DIRECTV 2009 Annual Report Download - page 66
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DIRECTV
Other, net. The significant components of ‘‘Other, net’’ were as follows:
2009 2008 Change
(Dollars in Millions)
Equity in earnings of unconsolidated subsidiaries ........................ $51 $55 $ (4)
Net foreign currency transaction gain ................................ 62 — 62
Loss from impairment of investments ................................ (45) — (45)
Loss on early extinguishment of debt ................................. (34) — (34)
Net gain (loss) from sale of investments .............................. — 1 (1)
Other ....................................................... — (1) 1
Total ..................................................... $34 $55 $(21)
In 2009, Other, net decreased due primarily to the recognition of a charge for the other than
temporary impairment of investments, a loss on the early extinguishment of our 8.375% senior notes
and decreased earnings from our unconsolidated subsidiaries, partially offset by a foreign currency
transaction gain related to net U.S. dollar denominated liabilities held by Sky Brazil.
Income tax expense. The increase in the effective tax rate to 45% in 2009 from 35% in 2008 is
primarily attributable to the non-recoverability of Liberty Transaction related charges.
Income from discontinued operations, net of taxes. During 2008, we recorded a net $6 million
adjustment as a result of the expiration of the statute of limitations in the federal jurisdiction offset by
the write-off of foreign incentive income tax benefits related to previously divested businesses.
Noncontrolling interests in net earnings of subsidiaries. We recognized noncontrolling interest in net
earnings of subsidiaries of $65 million in 2009 and $92 million in 2008 at Sky Brazil. Noncontrolling
interest in net earnings of subsidiaries in 2009 decreased due to lower net income at Sky Brazil.
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