DIRECTV 2008 Annual Report Download - page 129
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THE DIRECTV GROUP, INC.
SCHEDULE I—CONDENSED FINANCIAL INFORMATION OF THE REGISTRANT
CONDENSED STATEMENTS OF OPERATIONS
(Parent Company Only)
Years Ended December 31,
2008 2007 2006
(Dollars in Millions)
Operating costs and expenses
General and administrative expenses ............................ $ 68 $ 87 $ 79
Operating loss .............................................. (68) (87) (79)
Interest income ............................................. 35 43 61
Interest expense ............................................ (3) (3) (5)
Equity in net earnings of subsidiaries ............................. 2,430 2,434 2,309
Other, net ................................................ (15) (10) —
Income from continuing operations before income taxes ............... 2,379 2,377 2,286
Income tax expense .......................................... (864) (943) (866)
Income from continuing operations .............................. 1,515 1,434 1,420
Income from discontinued operations, net of taxes ................... 6 17 —
Net income ................................................ $1,521 $1,451 $1,420
CONDENSED BALANCE SHEETS
(Parent Company Only)
December 31,
2008 2007
(Dollars in Millions)
ASSETS
Current assets
Cash and cash equivalents ........................................ $ 536 $ 74
Accounts and interest receivables from subsidiaries ...................... 30 29
Deferred income taxes ........................................... 15 53
Prepaid expenses and other ....................................... 110 15
Total current assets ............................................ 691 171
Investments in subsidiaries .......................................... 5,031 6,899
Other assets .................................................... 67 94
Total assets ..................................................... $5,789 $7,164
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities
Accounts payable, and accrued liabilities .............................. $ 112 $ 79
Total current liabilities ............................................. 112 79
Deferred income taxes ............................................ 424 474
Other liabilities and deferred credits .................................. 400 309
Commitments and contingencies
Stockholders’ equity .............................................. 4,853 6,302
Total liabilities and stockholders’ equity ................................ $5,789 $7,164
Reference should be made to the Notes to the Condensed Financial Statements.
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