Virgin Media 2011 Annual Report Download - page 137
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VIRGIN MEDIA INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)
Note 13—Income Taxes
The (expense) benefit for income taxes consists of the following (in millions):
Year ended December 31,
2011 2010 2009
Current:
Federal ............................................................ £ (1.0) £ (4.9) £ 1.5
State and local ...................................................... 0.0 0.3 (0.1)
Foreign ............................................................ 5.1 25.0 4.9
Total current ........................................................... 4.1 20.4 6.3
Deferred:
Federal ............................................................ 3.2 79.8 (3.8)
Foreign ............................................................ (23.3) 23.9 0.0
Total deferred .......................................................... (20.1) 103.7 (3.8)
Total .................................................................. £(16.0) £124.1 £ 2.5
The foreign deferred income tax expense for the year ended December 31, 2011 related primarily to our
discontinuance of hedge accounting for the swaps associated with the $550 million 9.125% senior notes that were
prepaid during the year, which resulted in a reclassification of tax effects associated with gains on those swaps
from accumulated other comprehensive income.
Based on the location of the entity to which earnings are attributable, consolidated loss from continuing
operations before income taxes for U.S. based operations was £122.4 million in 2011, £61.3 million in 2010 and
£34.9 million in 2009 and the corresponding amounts for non-U.S. based operations were income of
£215.5 million in 2011, and losses of £240.0 million and £317.9 million in 2010 and 2009 respectively. Where an
entity’s earnings are subject to taxation, however, may not correlate solely to where an entity is located and
because of this the split of income tax (expense) benefit shown above between U.S. and non-U.S. may not
correspond to the split of earnings shown above.
F-48