DIRECTV 2012 Annual Report Download - page 104
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DIRECTV
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS—(continued)
and vehicles as of December 31, 2012, along with total minimum lease payments We paid interest for capital leases of $47 million in 2012, $51 million in
for the each of the years ending December 31: 2011 and $55 million in 2010.
Minimum Lease Payments Note 14: Pension and Other Postretirement Benefit Plans
(Dollars in Millions)
Most of our employees are eligible to participate in our funded
2013 .................................... $100
non-contributory defined benefit pension plan, which provides defined benefits
2014 .................................... 96
based on either years of service and final average salary, or eligible compensation
2015 .................................... 90
while employed by us. Additionally, we maintain a funded contributory defined
2016 .................................... 84
benefit plan for employees who elected to participate prior to 1991, and an
2017 .................................... 79
unfunded, nonqualified pension plan for certain eligible employees. For participants
Thereafter ................................ 289
in the contributory pension plan, we also maintain a postretirement benefit plan for
Total minimum lease payments .................. 738 those retirees eligible to participate in health care and life insurance benefits
Less: Amount representing interest ................ (210) generally until they reach age 65. Participants may become eligible for these health
Present value of net minimum lease payments ......... $528 care and life insurance benefits if they retire from our company between the ages of
55 and 65. The health care plan is contributory with participants’ contributions
Excluded from the table above are future payments under the contract for the subject to adjustment annually; the life insurance plan is non-contributory.
lease of the ISDLA-1 and ISDLA-2 satellites currently under construction for
DIRECTV Latin America, which we expect to account for as a capital lease at the
time the satellites are placed into service. See Note 21 for further discussion.
We include assets held under capitalized leases in ‘‘Satellites, net’’ and
‘‘Property and Equipment, net’’ in our Consolidated Balance Sheets. The following
table sets forth assets held under capital leases as of December 31:
2012 2011
(Dollars in Millions)
Satellites under capital leases ....................... $509 $527
Less: Accumulated amortization ..................... (190) (140)
Satellites, net under capital leases .................... $319 $387
Property and equipment under capital leases ............. $129 $104
Less: Accumulated amortization ..................... (47) (38)
Property and equipment, net under capital leases .......... $ 82 $ 66
84