Shaw 2011 Annual Report Download - page 95

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Shaw Communications Inc.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
August 31, 2011, 2010 and 2009
[all amounts in thousands of Canadian dollars except share and per share amounts]
A summary of net assets acquired and allocation is as follows:
$
Net assets acquired at assigned fair values
Cash and cash equivalents 83,134
Receivables 296,665
Other current assets(1) 235,627
Future income taxes(7) 51,118
Derivative instrument 15,765
Investments and other assets 15,958
Property, plant and equipment 140,617
Intangibles(2) 1,567,259
Goodwill, not deductible for tax(3) 641,365
3,047,508
Current liabilities(1) (283,022)
Current debt(4) (399,065)
Derivative instruments(4) (81,975)
Non-current liabilities (104,509)
Future income taxes (311,298)
Long-term debt(5) (411,633)
Non-controlling interests(6) (245,714)
1,210,292
(1) The Company acquired a remaining tax indemnity amount of $25,906 as part of the
acquisition. The indemnity arose in 2007 as part of Canwest’s acquisition of Specialty
services where a wholly-owned subsidiary of CW Media entered into an agreement
pursuant to which certain of the parties agreed to indemnify the company in respect of
certain tax liabilities. A corresponding income tax liability was also assumed which
according to the terms of the agreement, will be recovered from other parties to the
agreement if and when the liabilities are settled.
(2) Intangibles include broadcast licenses, brands, program rights, a trademark and software
assets.
(3) Goodwill comprises the value of expected efficiencies from combining programming
content and distribution businesses into vertically integrated operations, growth
expectations and an assembled workforce.
(4) Current debt was comprised of a US $389,636 term loan. Shortly after closing the
acquisition, the Company repaid the term loan including breakage of the related currency
swaps.
(5) Long-term debt is comprised of US $338,306 13.5% senior unsecured notes due 2015.
The notes were subsequently redeemed (see note 10).
91