DIRECTV 2005 Annual Report Download - page 109

THE DIRECTV GROUP, INC.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS —(continued)
Estimated Future Benefit Payments
We expect the following benefit payments, which reflect expected future service, as appropriate, to
be paid by the plans during the years ending December 31:
Estimated Future Benefit
Payments
Pension Other Postretirement
Benefits Benefits
(Dollars in Millions)
2006 ................................................... $ 52.3 $2.6
2007 ................................................... 47.4 2.7
2008 ................................................... 42.5 2.7
2009 ................................................... 38.1 2.6
2010 ................................................... 25.4 2.6
2011-2015 ............................................... 124.9 8.8
We maintain 401(k) plans for qualified employees. We match a portion of our employee
contributions and our match amounted to $9.9 million in 2005, $13.3 million in 2004 and $8.2 million in
2003.
We have disclosed certain amounts associated with estimated future postretirement benefits other
than pensions and characterized such amounts as ‘‘other postretirement benefit obligation.’’
Notwithstanding the recording of such amounts and the use of these terms, we do not admit or
otherwise acknowledge that such amounts or existing postretirement benefit plans of our company
(other than pensions) represent legally enforceable liabilities of us.
Note 12: Stockholders’ Equity
Capital Stock and Additional Paid-In Capital
We are a publicly-traded company with our common stock listed as ‘‘DTV’’ on the New York
Stock Exchange. As part of the News Corporation transactions completed on December 22, 2003, we
amended our certificate of incorporation to provide for the following capital stock: common stock, par
value $0.01 per share, 3,000,000,000 shares authorized; Class B common stock, par value $0.01 per
share, 275,000,000 shares authorized; excess stock, par value $0.01 per share, 800,000,000 shares
authorized; and preferred stock, par value $0.01 per share, 9,000,000 shares authorized. As of
December 31, 2005 and 2004, there were no shares outstanding of the Class B common stock, excess
stock or preferred stock.
Prior to our split-off from GM on December 22, 2003, GM held all of our outstanding capital
stock. GM Class H common stock was a publicly-traded security of GM and was a ‘‘tracking stock’’
designed to provide holders with financial returns based on the financial performance of our company.
During April 2003, our Board of Directors approved the reclassification of the outstanding
Series B convertible preferred stock into Class B common stock of equivalent value, and a subsequent
stock split of our common stock and our Class B common stock through dividends of additional shares.
GM, in its capacity as the holder of all our outstanding capital stock, approved the reclassification.
Shortly thereafter, GM converted a portion of its common stock of holdings in us into an equivalent
number of shares of our Class B common stock. As a result of these transactions, we had issued and
outstanding 1,207,518,237 shares of common stock and 274,373,316 shares of Class B common stock, all
of which were owned by GM.
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