Comcast 2013 Annual Report Download - page 119

Table of Contents
Comcast Corporation
Note 17: Receivables Monetization
In December 2013, NBCUniversal terminated its programs under which it monetized certain of its accounts receivable with a
syndicate of banks. In connection with these terminations, NBCUniversal remitted final payments to the third-
party banks that
totaled $1.442 billion (the “termination payments”)
in order to acquire $1.078 billion of accounts receivables that had been
monetized and remained uncollected as of the date of the terminations and settle $364 million of cash receipts that we had
collected and had not yet remitted to the banks. The termination payments are included within net cash provided by operating
activities in our consolidated statement of cash flows.
Prior to the terminations, we accounted for receivables monetized through these programs as sales in accordance with the
appropriate accounting guidance. We received deferred consideration from the assets sold in the form of a receivable, which was
funded by residual cash flows after the senior interests had been fully paid. As of December 31, 2012, the deferred consideration
was included in receivables, net at its initial fair value, which reflects the net cash flows we expected to receive related to those
interests.
Receivables Monetized and Deferred Consideration
In addition to the amounts presented above, we had $882 million payable to our monetization programs as of December 31, 2012.
These amounts represented cash receipts that were not yet remitted to the monetization programs and were recorded to accounts
payable and accrued expenses related to trade creditors.
The net cash payments on transfers that are included within net cash provided by operating activities in our consolidated statement
of cash flows were $86 million and $237 million in 2012 and 2011, respectively. The receivables monetization programs did not
have a material effect on our consolidated statement of income for the periods presented.
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, 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, 2013, the total number of NBCUniversal full-time, part-
time and hourly employees on its payroll covered by collective
bargaining agreements was 7,200 full-time equivalent employees. Of this total, approximately 19% of these full-
time equivalent
employees were covered by collective bargaining agreements that have expired or are scheduled to expire during 2014.
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.
December 31 (in millions)
2012
Monetized receivables sold
$
791
Deferred consideration
$
274
Comcast 2013 Annual Report on Form 10
-
K
114