Comcast 2009 Annual Report Download - page 70

Table of Contents
61
Comcast 2009 Annual Report on Form 10-
K
Changes in Common Stock
Dividends
In December 2009, our Board of Directors increased the
quarterly dividend paid in January 2010 from $0.0675 per
share to $0.0945 per share. We expect to continue to pay
quarterly dividends, though each dividend is subject to
approval by our Board of Directors.
Accumulated Other Comprehensive Income (Loss)
Common Stock Share Class
(shares, in millions)
A
A Special
B
Balance, January 1, 2007
2,060
1,050
9
Stock compensation plans
17
6
—
Repurchase and retirement of
common stock
(25
)
(108
)
—
Employee stock purchase plan
2
—
—
Balance, December 31, 2007
2,054
948
9
Stock compensation plans
4
3
—
Repurchase and retirement of
common stock
(20
)
(121
)
—
Employee stock purchase plan
3
—
—
Share exchange
20
(20
)
—
Balance, December 31, 2008
2,061
810
9
Stock compensation plans
3
—
—
Repurchase and retirement of
common stock
(5
)
(45
)
—
Employee stock purchase plan
4
—
—
Balance, December 31, 2009
2,063
765
9
Period Declared
Per Share
Amount
February
$
0.0675
$
195
May
0.0675
194
August
0.0675
193
December (paid in January 2010)
0.0945
268
Total
$
0.2970
$
850
December 31 (in millions)
2009
2008
Unrealized gains (losses) on
marketable securities
$
22
$
19
Deferred gains (losses) on cash flow
hedges
(62
)
(97
)
Unrealized gains (losses) on
employee benefit obligations
(6
)
(31
)
Cumulative translation adjustments
—
(
4
)
Accumulated other comprehensive
income (loss), net of deferred
taxes
$
(46
)
$
(113
)
Deferred losses on cash flow hedges in the table above
relate primarily to previous interest rate lock agreements
entered into to fix the interest rates of certain of our debt
obligations in advance of their issuance. Unless we retire this
debt early, these unrealized losses will be reclassified as an
adjustment to interest expense, primarily through 2022, the
same period in which the related interest expense is
recognized in earnings. As of December 31, 2009, we expect
$16 million of unrealized losses, $10 million net of deferred
taxes, to be reclassified as an adjustment to interest expense
over the next 12 months.
Note 14: Share-Based Compensation
Our approach to long-term incentive compensation includes
the awarding of stock options and RSUs to certain
employees and directors. We grant these awards under
various plans. Additionally, through our employee stock
purchase plan, employees are able to purchase shares of
Comcast Class A common stock at a discount through payroll
deductions.
Recognized Share-Based Compensation Expense
As of December 31, 2009, we had unrecognized pretax
compensation expense of $320 million related to nonvested
stock options and unrecognized pretax compensation
expense of $307 million related to nonvested RSUs that will
be recognized over a weighted average period of
approximately 2.0 years and 1.7 years, respectively. The
amount of share-based compensation capitalized was not
material to our consolidated financial statements for the
periods presented.
When stock options are exercised or RSU awards are settled
through the issuance of shares, any income tax benefit
realized in excess of the amount associated with
compensation expense that was previously recognized for
financial reporting purposes is presented as a financing
activity rather than as an operating activity in our
consolidated statement of cash flows. There was no excess
cash income tax benefit classified as a financing cash inflow
in 2009. In 2008 and 2007, there was approximately $15
million and $33 million, respectively, of excess cash income
tax benefit classified as a financing cash inflow.
Year ended December 31 (in millions)
2009
2008
2007
Stock options
$
103
$
99
$
74
Restricted share units
93
96
79
Employee stock purchase
plan
13
13
11
Total
$
209
$
208
$
164
Tax benefit
$
73
$
71
$
56