DIRECTV 2008 Annual Report Download - page 104

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
Other Postretirement
Pension Benefits Benefits
(Dollars in Millions)
2009 ......................................... $ 43 $ 3
2010 ......................................... 36 3
2011 ......................................... 31 2
2012 ......................................... 31 2
2013 ......................................... 31 2
2014-2017 ..................................... 179 10
We maintain 401(k) plans for qualified employees. We match a portion of our employee
contributions and our match amounted to $12 million in 2008, $10 million in 2007 and $8 million in
2006.
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
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, 2008
and 2007, there were no shares outstanding of the Class B common stock, excess stock or preferred
stock.
Share Repurchase Program
During 2006, 2007 and 2008 our Board of Directors approved multiple authorizations for the
repurchase of a total of $8.2 billion of our common stock, including a $3 billion authorization in May
2008 that was completed in December 2008. Subsequent to December 31, 2008, our Board of Directors
authorized the repurchase of an additional $2 billion of our common stock. The authorizations allow us
to repurchase our common stock from time to time through open market purchases and negotiated
transactions, or otherwise. The timing, nature and amount of such transactions will depend on a variety
of factors, including market conditions, and the program may be suspended, discontinued or
accelerated at any time. The sources of funds for the purchases under the remaining authorizations are
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.
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