DIRECTV 2009 Annual Report Download - page 144
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DIRECTV
SCHEDULE I—CONDENSED FINANCIAL INFORMATION OF THE REGISTRANT
CONDENSED STATEMENTS OF OPERATIONS
(Parent Company Only)
Years Ended December 31,
2009 2008 2007
(Dollars in Millions)
Operating costs and expenses
General and administrative expenses ............................ $ 80 $ 68 $ 87
Operating loss .............................................. (80) (68) (87)
Interest income ............................................. 14 35 43
Interest expense ............................................ (3) (3) (3)
Equity in net earnings of subsidiaries ............................. 2,223 2,430 2,434
Liberty transaction and related charges ............................ (384) — —
Other, net ................................................ (1) (15) (10)
Income from continuing operations before income taxes ............... 1,769 2,379 2,377
Income tax expense .......................................... (827) (864) (943)
Income from continuing operations .............................. 942 1,515 1,434
Income from discontinued operations, net of taxes ................... — 6 17
Net income ................................................ $ 942 $1,521 $1,451
CONDENSED BALANCE SHEETS
(Parent Company Only)
December 31,
2009 2008
(Dollars in Millions)
ASSETS
Current assets
Cash and cash equivalents ........................................ $ 557 $ 536
Accounts and interest receivables from subsidiaries ...................... 4 30
Deferred income taxes ........................................... 131 15
Prepaid expenses and other ....................................... 163 110
Total current assets ............................................ 855 691
Investments in subsidiaries .......................................... 3,314 5,134
Other assets .................................................... 5 67
Total assets ..................................................... $4,174 $5,892
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities
Accounts payable, and accrued liabilities .............................. $ 47 $ 112
Total current liabilities ............................................. 47 112
Deferred income taxes ............................................ 542 424
Other liabilities and deferred credits .................................. 274 400
Commitments and contingencies
Redeemable Noncontrolling Interest .................................. 400 325
Stockholders’ equity .............................................. 2,911 4,631
Total liabilities and stockholders’ equity ................................ $4,174 $5,892
Reference should be made to the Notes to the Condensed Financial Statements.
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