Comcast 2012 Annual Report Download - page 115

Table of Contents
Note 18: Commitments and Contingencies
Commitments
NBCUniversal enters into long-
term commitments with third parties in the ordinary course of its business, including commitments to
acquire film and television programming, take-or-pay creative talent and employment agreements, and various other television-
related commitments. Many of NBCUniversal’
s employees, including writers, directors, actors, technical and production personnel,
and others, as well as some of its on-
air and creative talent, are covered by collective bargaining agreements or works councils. As
of December 31, 2012, the total number of NBCUniversal full-time, part-
time and hourly employees on its payroll covered by
collective bargaining agreements was 6,700 full-time equivalent employees. Of this total, approximately 18% of these full-
time
equivalent employees were covered by collective bargaining agreements that have expired or are scheduled to expire during 2013.
We, through Comcast-
Spectacor, have employment agreements with both players and coaches of the Philadelphia Flyers. 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.
The table below summarizes our minimum annual programming and talent commitments and our minimum annual rental
commitments for office space, equipment and transponder service agreements under operating leases. Programming and talent
commitments include acquired film and television programming, including U.S. television rights to the future Olympic Games through
2020, Sunday Night Football on NBC through the 2022-
23 season, and other programming commitments, as well as our various
contracts with creative talent and employment agreements under take-or-pay contracts.
The table below presents our rental expense charged to operations.
Station Venture
NBCUniversal owns a 79.62% equity interest and a 50% voting interest in Station Venture Holdings, LLC (“Station Venture”),
a VIE.
The remaining equity interests in Station Venture are held by LIN TV, Corp. (“LIN TV”).
Station Venture holds an indirect interest in
the NBC owned local broadcast television stations in Dallas, Texas and San Diego, California through its ownership interests in
Station Venture Operations, LP (“Station LP”),
a less than wholly owned consolidated subsidiary of NBCUniversal. Station Venture is
the obligor on an $816 million senior secured note that is due in 2023 to General Electric Capital Corporation (“GECC”),
as servicer.
The note is nonrecourse to NBCUniversal, guaranteed by LIN TV and collateralized by substantially all of the assets of Station
Venture and Station LP. In connection with the NBCUniversal transaction, GE indemnified NBCUniversal for all liabilities
NBCUniversal may incur as a result of any credit support, risk of loss or similar arrangement related to the senior secured note in
existence prior to the closing of that trans-
As of December 31, 2012 (in millions)
Programming and
Talent Commitments
Operating
Leases
2013
$
3,789
$
497
2014
$
3,495
$
439
2015 $
2,301
$
380
2016
$
3,291
$
354
2017
$
2,078
$
329
Thereafter
$
15,478
$
1,218
Year ended December 31 (in millions)
2012
2011
2010
Rental expense
$
688
$
570
$
424
Comcast 2012 Annual Report on Form 10-K
112