Comcast 2009 Annual Report Download - page 75

Table of Contents
Comcast 2009 Annual Report on Form 10-K
66
Note 16: Statement of Cash Flows
—
Supplemental
Information
Noncash Financing and Investing Activities
During 2009, we:
During 2008, we:
During 2007, we:
Year ended December 31 (in
millions)
2009
2008
2007
Interest
$
2,040
$
2,256
$
2,134
Income taxes
$
1,303
$
762
$
1,638
•
recorded a liability of approximately $268 million for a
quarterly cash dividend of $0.0945 per common share paid
in January 2010, which is a noncash financing activity
•
acquired approximately $389 million of property and
equipment and software that were accrued but unpaid,
which is a noncash investing activity
•
exchanged our 50% interest in the Insight asset pool for
Insight’
s 50% interest in the Comcast asset pool, which is a
noncash investing activity
•
recorded a liability of approximately $180 million for a
quarterly cash dividend of $0.0625 per common share paid
in January 2009, which is a noncash financing activity
•
acquired approximately $559 million of property and
equipment and software that were accrued but unpaid,
which is a noncash investing activity
•
issued an interest in a consolidated entity with a value of
approximately $145 million in exchange for certain
programming rights, which is a noncash investing activity
•
exchanged our 50% interest in the Kansas City asset pool
for TWC’
s 50% interest in the Houston asset pool, which is
a noncash investing activity
•
settled the remaining outstanding $49 million face amount
of exchangeable notes by delivering approximately
1.8 million of the 2.2 million underlying Vodafone ADRs to
the counterparty, which is a noncash financing and
investing activity
•
entered into capital leases totaling $46 million, which is a
noncash investing and financing activity
•
acquired approximately $593 million of property and
equipment and software that were accrued but unpaid,
which is a noncash investing activity
Note 17: Commitments and Contingencies
Commitments
Our programming networks have entered into license
agreements for programs and sporting events that are
available for telecast. In addition, we, through Comcast
Spectacor, have employment agreements with both players
and coaches of our professional sports teams. Certain of
these employment agreements, which provide for payments
that are guaranteed regardless of employee injury or
termination, are covered by disability insurance if certain
conditions are met.
One of our subsidiaries supports debt compliance with
respect to obligations of a cable system in which we hold an
ownership interest. Although there can be no assurance, we
believe that we will not be required to meet our obligation
under this commitment, which expires March 2011. The total
notional amount of our commitment was $410 million as of
December 31, 2009, at which time there were no quoted
market prices for similar agreements.
The table below summarizes our minimum annual
commitments under the programming license agreements of
our programming networks and regional sports networks and
our minimum annual rental commitments for office space,
equipment and transponder service agreements under
noncancelable operating leases.
The following table summarizes our rental expense and
programming license expense charged to operations:
Contingencies
We and the minority owner group in Comcast Spectacor each
have the right to initiate an exit process under which the fair
market value of Comcast Spectacor would be determined by
appraisal. Following such determination, we would have the
option to acquire the 24.3% interest in Comcast Spectacor
owned by the minority owner group based on the appraised
fair market value. In the event we do not exercise this option,
we and the minority owner group would then be required to
use our best efforts to sell Comcast Spectacor.
As of December 31, 2009 (in millions)
Programming
License
Agreements
Operating
Leases
2010
$
677
$
333
2011
$
654
$
257
2012
$
599
$
214
2013
$
604
$
181
2014
$
595
$
151
Thereafter
$
5,822
$
743
Year ended December 31 (in millions)
2009
2008
2007
Rental expense
$
418
$
436
$
358
Programming license expense
$
671
$
548
$
484