Cablevision 2011 Annual Report Download - page 176

COMBINED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)
(Dollars in thousands, except per share amounts)
I-52
2012 Notes have been recorded in loss on extinguishment of debt in the consolidated statement of income
for the year ended December 31, 2009.
Summary of Five Year Debt Maturities
Total amounts payable by the Company under its various debt obligations outstanding as of December 31,
2011, including notes payable, collateralized indebtedness (see Note 12), and capital leases, during the
five years subsequent to December 31, 2011, are as follows:
Years Ending December 31, Cablevision(a) CSC Holdings
2012 ................................................................................................................. $ 367,641 $ 340,816
2013 ................................................................................................................. 1,133,089 1,133,089
2014 ................................................................................................................. 864,815 864,815
2015 ................................................................................................................. 297,346 297,346
2016 ................................................................................................................. 3,125,235 3,125,235
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(a) Excludes the senior notes payable by Cablevision to Newsday Holdings LLC.
NOTE 12. DERIVATIVE CONTRACTS AND COLLATERALIZED INDEBTEDNESS
To manage interest rate risk, the Company has entered into interest rate swap contracts to adjust the
proportion of total debt that is subject to variable interest rates. Such contracts effectively fix the
borrowing rates on floating rate debt to limit the exposure against the risk of rising rates. The Company
does not enter into interest rate swap contracts for speculative or trading purposes and it has only entered
into transactions with counterparties that are rated investment grade. The Company monitors the
financial institutions that are counterparties to its interest rate swap contracts and it diversifies its swap
contracts among various counterparties to mitigate exposure to any single financial institution.
As of December 31, 2011, CSC Holdings was party to several interest rate swap contracts with an
aggregate notional amount of $2,600,000 that effectively fixed borrowing rates on a portion of the
Company's floating rate debt. Interest rate swap contracts with an aggregate notional amount of
$1,100,000 matured in March 2010. These contracts are not designated as hedges for accounting
purposes. As a result of the CSC Holdings interest rate swap transactions, the interest rate paid on
approximately 81% of the Company's outstanding debt (excluding capital leases and collateralized
indebtedness) is effectively fixed (56% being fixed rate obligations and 25% is effectively fixed through
utilization of these interest rate swap contracts) as of December 31, 2011.