Comcast 2013 Annual Report Download - page 176

Table of Contents
NBCUniversal Media, LLC
Note 16: Receivables Monetization
In December 2013, we terminated the programs under which we monetized certain of our accounts receivable with a syndicate of
banks. In connection with these terminations, we 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 17: Commitments and Contingencies
Commitments
We enter into long-
term commitments with third parties in the ordinary course of our business, including commitments to acquire
film and television programming, creative talent and employment agreements, and various other television-
related commitments.
Many of our employees, including writers, directors, actors, technical and production personnel, and others, as well as some of our
on-
air and creative talent, are covered by collective bargaining agreements or works councils. As of December 31, 2013, the total
number of full-time, part-time and hourly employees on our 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.
Successor
December 31 (in millions)
2012
Monetized receivables sold
$
791
Deferred consideration
$
274
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Comcast 2013 Annual Report on Form 10
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