Twenty-First Century Fox 2006 Annual Report Download - page 109

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News Corporation
Notes totheConsolidated Financial Statements (CONTINUED)
NOTE 17. OTHER, NET
The following table sets forth the components of Other, net included in the accompanying consolidated statements of
operations:
Footnote
reference
For the years ended June 30,
2006 2005 2004
(in millions)
Loss on sale of RPP 3$—$(85) $ —
Gain on sale of Innova 6 206 — —
Gain on sale of China Netcom 652——
Loss on sale of Sky Multi-Country Partners 6—(55) —
Gain on sale of Rogers Sportsnet 6 —39 —
Gain on sale of Sky PerfecTV! 6——105
Monarchy dividend(a) ——52
World TradeCenter insurance settlement ——26
Change in fair value of Exchangeable securities(b) 10 (76) 246 18
Other 12 33 (15)
Total Other, net $194 $178 $186
(a) During fiscal 2004, the Company received a special dividend from Monarchy Enterprises Holdings B.V., acost based
investment. The portion of the dividend representing adistribution of the Company’s share of cumulative earnings of
the investee of $52 million is reflected as Other, net while the balance was areturn of capital.
(b) The Company has certain outstanding exchangeable debt securities which contain embedded derivatives. Pursuant to
SFAS No. 133, these embedded derivatives are not designated as hedges and, as such, changes in their fair value are
recognized in Other, net. Asignificant variance in the price of the underlying stock could have amaterial impact on
the operating results of the Company.
NOTE 18. INCOME TAXES
Income from continuing operations before income tax expense and minority interest in subsidiaries was attributable to the
following jurisdictions:
2006 2005 2004
For the years ended June 30, (in millions)
United States (including exports) $3,748 $2,896 $1,995
Foreign 657 665 760
Income from continuing operations before income tax expense and minority interest in
subsidiaries $4,405 $3,561 $2,755
Significant componentsofthe Company’s provisions for income taxes from continuing operations were as follows:
2006 2005 2004
For the years ended June 30, (in millions)
Current:
United States
Federal $145$51$—
State &local 66 45 38
Foreign 357 179401
Total current $568$275 $439
Deferred $958$945 $575
Total provision for income taxes $1,526 $1,220 $1,014
ANNUAL REPORT 109