Virgin Media 2012 Annual Report Download - page 113
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F-42
Deferred taxes
Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and
liabilities for financial reporting purposes and the amounts used for income tax purposes. Deferred tax assets are
reduced by a valuation allowance if, based upon the weight of available evidence, it is not more likely than not that we
will realize some portion or all of the deferred tax assets. Significant components of deferred tax liabilities and assets
are as follows (in millions):
December 31, 2012
UK Dual Resident US Total
Deferred tax assets:
Net operating losses £ 386.1 £ 184.6 £ 131.7 £ 702.4
Capital losses 2,786.0 — 0.1 2,786.1
Depreciation and amortization 2,056.2 — 0.3 2,056.5
Accrued expenses 24.6 — 2.6 27.2
Employee benefits 24.9 — — 24.9
Derivative instruments 16.5 — — 16.5
Capital costs and others 64.9 2.0 2.0 68.9
Total deferred tax assets 5,359.2 186.6 136.7 5,682.5
Valuation allowance for deferred tax assets (2,823.6) — (109.3) (2,932.9)
Total deferred tax assets, net of valuation allowance 2,535.6 186.6 27.4 2,749.6
Deferred tax liabilities:
Depreciation and amortization £ — £ 83.2 £ — £ 83.2
Convertible bond accretion — — 25.8 25.8
Unrealized foreign exchange differences — — 1.6 1.6
Total deferred tax liabilities £ — £ 83.2 £ 27.4 £ 110.6
Net deferred tax assets less deferred tax liabilities £ 2,535.6 £ 103.4 £ — £ 2,639.0
December 31, 2011
UK Dual Resident US Total
Deferred tax assets:
Net operating losses £ 548.8 £ 205.3 £ 110.2 £ 864.3
Capital losses 3,025.8 — 0.2 3,026.0
Depreciation and amortization 2,188.0 — 0.2 2,188.2
Accrued expenses 42.0 — 2.0 44.0
Employee benefits 23.5 — — 23.5
Derivative instruments 5.4 — — 5.4
Capital costs and others 78.2 1.4 2.1 81.7
Total deferred tax assets 5,911.7 206.7 114.7 6,233.1
Valuation allowance for deferred tax assets (5,911.7) (111.3) (80.8) (6,103.8)
Total deferred tax assets, net of valuation allowance — 95.4 33.9 129.3
Deferred tax liabilities:
Depreciation and amortization £ — £ 95.4 £ — £ 95.4
Convertible bond accretion — — 32.3 32.3
Unrealized foreign exchange differences — — 1.6 1.6
Total deferred tax liabilities — 95.4 33.9 129.3
Net deferred tax assets less deferred tax liabilities £ — £ — £ — £ —
Table of Contents
VIRGIN MEDIA INC. AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (continued)
Note 11—Income Taxes (continued)