DIRECTV 2011 Annual Report Download - page 125

Download and view the complete annual report

Please find page 125 of the 2011 DIRECTV annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 152

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128
  • 129
  • 130
  • 131
  • 132
  • 133
  • 134
  • 135
  • 136
  • 137
  • 138
  • 139
  • 140
  • 141
  • 142
  • 143
  • 144
  • 145
  • 146
  • 147
  • 148
  • 149
  • 150
  • 151
  • 152

DIRECTV
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS—(continued)
Note 22: Condensed Consolidating Financial Statements or the Non-Guarantor Subsidiaries, and the eliminations necessary to present
DIRECTV’s financial statements on a consolidated basis. Prior to the completion of
As discussed above in Note 10, on November 14, 2011, DIRECTV provided the Liberty Transaction on November 19, 2009, The DIRECTV Group, Inc. was
a guarantee of all the outstanding senior notes of DIRECTV Holdings LLC and the parent registrant and has been included as the Parent Guarantor in these
DIRECTV Financing Co., Inc, or the Co-issuers. condensed consolidating financial statements for periods prior to that date as if the
The following condensed consolidating financial statements of DIRECTV and guarantee had been in place at that time. The Non-Guarantor Subsidiaries consist
subsidiaries have been prepared pursuant to rules regarding the preparation of primarily of DIRECTV’s direct-to-home digital television services throughout Latin
consolidating financial statements of Regulation S-X. For the periods prior to America which are held by DIRECTV Latin America Holdings, Inc. and its
November 14, 2011, the condensed consolidating financial statements have been subsidiaries. Subsequent to the completion of the Liberty Transaction, the
prepared as if the guarantee had been in place during that period. Non-Guarantor Subsidiaries also includes DIRECTV Sports Networks LLC and its
subsidiaries which are comprised primarily of three regional sports television
These condensed consolidating financial statements present the condensed networks.
consolidating statements of operations and condensed consolidating statements of
cash flows for the years ended December 31, 2011, 2010 and 2009, and the The accompanying condensed consolidating financial statements are presented
condensed consolidating balance sheets as of December 31, 2011 and based on the equity method of accounting for all periods presented. Under this
December 31, 2010. method, investments in subsidiaries are recorded at cost and adjusted for the
subsidiaries’ cumulative results of operations, capital contributions and distributions,
The condensed consolidating financial statements are comprised of DIRECTV, and other changes in equity. Elimination entries include consolidating and
or the Parent Guarantor, its indirect wholly-owned subsidiaries, DIRECTV eliminating entries for investments in subsidiaries, intercompany activity and
Holdings together with DIRECTV Financing and each of DIRECTV Holdings’ balances, and income taxes.
material subsidiaries (other than DIRECTV Financing), or the Guarantor
Subsidiaries, as well as other subsidiaries who are not guarantors of the senior notes,
101