Twenty-First Century Fox 2008 Annual Report Download - page 103

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NEWSCORP
Notes to the Consolidated Financial Statements (continued)
Summarized financial information
Summarized financial information for significant equity affiliates, determined in accordance with Regulation S-X of the Securities Exchange Act of
1934, as amended, accounted for under the equity method is as follows:
2008 2007 2006
For the years ended June 30, (in millions)
Revenues $19,122 $24,682 $ 21,109
Operating income 2,633 4,100 3,068
Income from continuing operations 411 2,457 1,889
Net income 411 2,473 1,889
2008 2007
As of June 30, (in millions)
Current assets $ 6,531 $ 6,430
Non-current assets 17,894 17,885
Current liabilities 7,208 6,181
Non-current liabilities 10,026 10,064
On February 27, 2008, the Company closed the transaction contemplated by the Share Exchange Agreement in which the Company exchanged
100% of the stock of a wholly-owned subsidiary that held the Company’s approximate 41% interest in DIRECTV (approximately 470 million shares)
and other assets for Liberty’s entire interest in the Company’s common stock (See Note 3—Acquisitions, Disposals and Other Transactions for
further discussion of the Share Exchange Agreement). The full, unaudited financial statements of DIRECTV for the period from July 1, 2007 to
February 27, 2008 were not produced by DIRECTV in the ordinary course of business and as such are not available. Since the financial information
for the 58 days ended February 27, 2008 was not available, the financial information for DIRECTV included above is for the six months ended
December 31, 2007. However, DIRECTV is a separate reporting company whose financial statements are publicly available at www.sec.gov.
Note 7 PROPERTY, PLANT AND EQUIPMENT
Useful Lives 2008 2007
As of June 30, (in millions)
Land $ 395 $ 305
Buildings and leaseholds 2 to 50 years 3,777 2,864
Machinery and equipment 2 to 30 years 8,326 6,394
12,498 9,563
Less accumulated depreciation and amortization (5,960) (4,838)
6,538 4,725
Construction in progress 483 892
Total property, plant and equipment, net $ 7,021 $ 5,617
Depreciation and amortization related to property, plant and equipment was $1,009 million, $769 million and $676 million for the fiscal years
ended June 30, 2008, 2007, and 2006, respectively. This includes depreciation of set-top boxes at the DBS segment of $142 million, $119 million
and $100 million for the fiscal years ended June 30, 2008, 2007 and 2006, respectively.
Total operating lease expense was approximately $497 million, $432 million and $358 million for the fiscal years ended June 30, 2008, 2007
and 2006, respectively.
102 NEWSCORP 2008 Annual Report