DIRECTV 2007 Annual Report Download - page 91
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THE DIRECTV GROUP, INC.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS—(continued)
Our income tax expense consisted of the following for the years ended December 31:
2007 2006 2005
(Dollars in Millions)
Current tax (expense) benefit:
U.S. federal .............................................. $(450) $ (20) $ 14
Foreign ................................................. (73) (16) 7
State and local ............................................ (103) (32) (1)
Total ................................................ (626) (68) 20
Deferred tax (expense) benefit:
U.S. federal .............................................. (285) (704) (169)
Foreign ................................................. 5 — —
State and local ............................................ (37) (94) (23)
Total ................................................ (317) (798) (192)
Total income tax expense ................................. $(943) $(866) $(172)
‘‘Income from continuing operations before income taxes and minority interests’’ in our
Consolidated Statements of Operations included the following components for the years ended
December 31:
2007 2006 2005
(Dollars in Millions)
U.S. income ................................................ $2,154 $2,162 $524
Foreign income (loss) ......................................... 234 137 (44)
Total .................................................. $2,388 $2,299 $480
Our income tax expense was different than the amount computed using the U.S. federal statutory
income tax rate for the reasons set forth in the following table for the years ended December 31:
2007 2006 2005
(Dollars in Millions)
Expected expense at U.S. federal statutory income tax rate ............... $(836) $(804) $(168)
U.S. state and local income tax expense ............................. (91) (82) (15)
Unrecognized tax benefits ....................................... (18) — —
Tax basis differences attributable to divestitures ....................... — 25 —
Tax credits and other ........................................... 2 (5) 11
Total income tax expense .................................... $(943) $(866) $(172)
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