DIRECTV 2004 Annual Report Download - page 89

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THE DIRECTV GROUP, INC.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS — (continued)
Note 8: Accrued Liabilities and Deferred Credits
Accrued Liabilities and Other
December 31,
2004
2003
(Dollars in Millions)
Payroll and other compensation
$
253.4
$
321.3
Programming contract liabilities
76.7
133.2
Third party commissions
154.1
75.9
Interest payable
36.5
41.9
Other
361.0
365.2
Total
$
881.7
$
937.5
Other Liabilities and Deferred Credits
Included in “Other Liabilities and Deferred Credits” in the Consolidated Balance Sheets are obligations under programming
contracts, NRTC contract rights and NRTC subscriber payments related to the NRTC transactions of $410.0 million, satellite
transponder lease obligations of $80.3 million resulting from the consolidation of the PanAmericana entities and a provision for
long-term programming contracts with above-market rates of $86.1 million, established as part of the USSB and PRIMESTAR
acquisitions in 1999, which totaled $859.0 million at December 31, 2004. Included in “Other Liabilities and Deferred Credits”
at December 31, 2003 are obligations under programming contracts and a provision for long-term programming contracts with
above-market rates, discussed above, of $291.1 million.
Note 9: Short-Term Borrowings and Long-Term Debt
Short-Term Borrowings and Current Portion of Long-Term Debt
December 31,
Interest Rates at
December 31, 2004
2004
2003
(Dollars in Millions)
Short-term borrowings
4.00%-16.00%
$
8.4
$
10.6
Current portion of long-term debt
4.40%-9.87%
11.4
215.6
Total short-term borrowings and current portion of long-term debt
$
19.8
$
226.2
Long-Term Debt
December 31,
Interest Rates at
December 31, 2004
2004
2003
(Dollars in Millions)
Notes payable
8.375%
$
1,400.0
$
1,400.0
Credit facilities
4.40%
1,011.8
1,225.0
Other debt
4.92%-11.25%
9.1
25.4
Total debt
2,420.9
2,650.4
Less current portion
11.4
215.6
Total long-term debt
$
2,409.5
$
2,434.8