Cablevision 2013 Annual Report Download - page 94

(88)
The maturity, number of shares deliverable at the relevant maturity, hedge price per share, and the lowest
and highest cap prices received for each security monetized via an equity derivative prepaid forward
contract are summarized in the following table:
# of Shares Hedge Price Cap Price(b)
Security Deliverable Maturity
per Share(a)
Low
High
Comcast
8,069,934 2014 $28.89 - $34.03
$37.56
$44.24
13,407,684 2015 $38.68 - $49.01
$49.57
$58.81
___________________________
(a) Represents the price below which we are provided with downside protection and above which we retain upside
appreciation. Also represents the price used in determining the cash proceeds payable to us at inception of the
contracts.
(b) Represents the price up to which we receive the benefit of stock price appreciation.
Fair Value of Debt: Based on the level of interest rates prevailing at December 31, 2013, the fair value of
our fixed rate debt of $6,524,698 was more than its carrying value of $5,961,800 by $562,898. The fair
value of these financial instruments is estimated based on reference to quoted market prices for these or
comparable securities. Our floating rate borrowings bear interest in reference to current LIBOR-based
market rates and thus their carrying values approximate fair value. The effect of a hypothetical 100 basis
point decrease in interest rates prevailing at December 31, 2013 would increase the estimated fair value of
our fixed rate debt by $282,164 to $6,806,862. This estimate is based on the assumption of an immediate
and parallel shift in interest rates across all maturities.
Item 8. Financial Statements and Supplementary Data.
For information required by Item 8, refer to the Index to Financial Statements on page 103.
Item 9. Changes in and Disagreements with Accountants on Accounting and Financial
Disclosure.
None.
Item 9A. Controls and Procedures
Evaluation of Disclosure Controls and Procedures
An evaluation was carried out under the supervision and with the participation of Cablevision's
management, including our Chief Executive Officer and Chief Financial Officer, of the effectiveness of
the design and operation of our disclosure controls and procedures (as defined under SEC rules). Based
upon that evaluation, the Chief Executive Officer and Chief Financial Officer concluded that the design
and operation of these disclosure controls and procedures were effective as of December 31, 2013.
Management's Annual Report on Internal Control Over Financial Reporting
The Company's management is responsible for establishing and maintaining effective internal control
over financial reporting as defined in Rules 13a-15(f) under the Securities Exchange Act of 1934, as
amended. The Company's internal control over financial reporting is a process designed under the
supervision of the Company's Chief Executive Officer and Chief Financial Officer to provide reasonable
assurance to the Company's management and Board of Directors regarding the reliability of financial
reporting and the preparation of the Company's external financial statements, including estimates and
judgments, in accordance with accounting principles generally accepted in the United States of America.
Because of its inherent limitations, internal control over financial reporting may not prevent or detect
misstatements. Therefore, even those internal controls determined to be effective can provide only