DIRECTV 2007 Annual Report Download - page 99

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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)
2008 ................................................... $ 47 $3
2009 ................................................... 44 3
2010 ................................................... 41 3
2011 ................................................... 39 3
2012 ................................................... 39 2
2013-2017 ............................................... 212 9
We maintain 401(k) plans for qualified employees. We match a portion of our employee
contributions and our match amounted to $10 million in 2007, $8 million in 2006 and $10 million in
2005.
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 11: Stockholders’ Equity
Capital Stock and Additional Paid-In Capital
Our certificate of incorporation provides 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, 2007
and 2006, there were no shares outstanding of the Class B common stock, excess stock or preferred
stock.
Share Repurchase Program
During 2006 and 2007 our Board of Directors approved multiple authorizations for the repurchase
of a total of $5 billion of our common stock, the most recent of which was a $1 billion authorization in
August 2007 that was completed in December 2007. Subsequent to December 31, 2007, our Board of
Directors authorized the repurchase of an additional $1 billion of our common stock. The sources 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.
90