Rogers 2007 Annual Report Download - page 101

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ROGERS COMMUNICATIONS INC. 2007 ANNUAL REPORT 97
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
of transaction costs of $39 million at December 31, 2006, net of
income taxes of $20 million, was charged to opening deficit on
January 1, 2007 (note 2(h)(i)).
The Company has committed to the CRTC to spend an aggregate
of $137 million in operating funds to provide certain benefits
to the Canadian broadcasting system. During 2007, the CRTC
commitment increased by $63 million due to the acquisition of
five Citytv stations across Canada ($61 million over seven years)
and five radio stations in Northern Alberta ($2 million over seven
years). In prior years, the Company agreed to pay $50 million in
public benefits over seven years relating to the CRTC grant of a new
television licence in Toronto and $6 million relating to the purchase
of 13 radio stations. The remainder of the commitments relate
to a CRTC decision permitting the purchase of Rogers Sportsnet
Inc. The liability for this committed expenditure is recorded upon
granting of the licence with a corresponding asset. The liability is
reduced as the qualifying expenditures are made. The amount of
these liabilities, included in accounts payable and accrued liabilities
and other long-term liabilities, is $87 million at December 31, 2007
(2006 – $32 million). Deferred charges related to these commitments
are being amortized over periods ranging from six to seven years.
14. OTHER LONG-TERM ASSETS:
15. LONG-TERM DEBT:
2007 2006
Acquired program rights $ 41 $ 26
Deferred pension asset (note 18) 39 34
Indefeasible right of use agreement 30 16
Deferred compensation 29 16
Cash surrender value of life insurance 16 14
Long-term debt prepayment option (note 2(h)(i)(C)) 13 –
Long-term receivables 12 10
Long-term deposits 2 32
Other 2 4
$ 184 $ 152
Due Principal Interest
date amount rate 2007 2006
Corporate:
Bank credit facility Floating $ 1,240 $ –
Formerly Rogers Wireless Inc.:
Floating Rate Senior Notes 2010 $ U.S. 550 Floating – 641
Senior Notes 2011 U.S. 490 9.625% 484 571
Senior Notes 2011 460 7.625% 460 460
Senior Notes 2012 U.S. 470 7.25% 464 548
Senior Notes 2014 U.S. 750 6.375% 741 874
Senior Notes 2015 U.S. 550 7.50% 543 641
Senior Debentures 2016 U.S. 155 9.75% – 181
Senior Subordinated Notes 2012 U.S. 400 8.00% 395 466
Fair value increment arising from purchase accounting 17 36
Formerly Rogers Cable Inc.:
Senior Notes 2007 450 7.60% – 450
Senior Notes 2011 175 7.25% 175 175
Senior Notes 2012 U.S. 350 7.875% 346 408
Senior Notes 2013 U.S. 350 6.25% 346 408
Senior Notes 2014 U.S. 350 5.50% 346 408
Senior Notes 2015 U.S. 280 6.75% 277 326
Senior Debentures 2032 U.S. 200 8.75% 198 233
Media:
Bank credit facility Floating – 160
Capital leases and other Various 1 2
6,033 6,988
Less current portion 1 451
$ 6,032 $ 6,537