DIRECTV 2006 Annual Report Download - page 107

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THE DIRECTV GROUP, INC.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS —(continued)
Share Repurchase Program
On February 7, 2006, our Board of Directors authorized a share repurchase program which was
implemented on February 10, 2006 and completed in February 2007. Under the repurchase program,
we were authorized to spend up to $3.0 billion to repurchase outstanding shares of our common stock.
On February 27, 2007, our Board of Directors authorized the repurchase of an additional $1.0 billion of
our common stock. This program may be suspended or discontinued at any time. The source of funds
for the purchases is our existing cash on hand and cash from operations. Purchases are made in the
open market, through block trades and other negotiated transactions. Repurchased shares are retired
but remain authorized for registration and issuance in the future. Through December 31, 2006, we
repurchased 184.1 million shares for $2.98 billion, at an average price of $16.16 per share, resulting in a
decrease in Stockholders’ Equity. The $2.98 billion decrease in Stockholders’ Equity was recorded as a
decrease of $1,452.5 million to ‘‘Common stock and additional paid in capital’’ and an increase of
$1,524.6 million to ‘‘Accumulated deficit’’ in the Consolidated Balance Sheets during the year ended
December 31, 2006.
Other Comprehensive Income
The following represents the components of OCI, net of taxes, for the years ended December 31:
2006 2005 2004
Tax Ta x Tax
Pre-tax (Benefit) Net Pre-tax (Benefit) Net Pre-tax (Benefit) Net
Amount Expense Amount Amount Expense Amount Amount Expense Amount
(Dollars in Millions)
Minimum pension liability
adjustments ............ $37.8 $14.0 $ 23.8 $11.4 $4.4 $7.0 $ 11.4 $ 4.0 $ 7.4
Foreign currency translation
adjustments:
Unrealized gains .......... 2.2 — 2.2 2.6 — 2.6 14.8 — 14.8
Unrealized holding gains
(losses) on securities:
Unrealized holding gains
(losses) ................ (21.7) (8.0) (13.7) 1.1 0.4 0.7 (9.1) (3.5) (5.6)
Less: reclassification
adjustment for net losses
(gains) recognized during
the period ............. (1.0) (0.4) (0.6) 0.6 0.2 0.4 (243.8) — (243.8)
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