Time Magazine 2009 Annual Report Download - page 130

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The minimum rental commitments under noncancelable long-term operating leases during the next five years are as
follows (millions):
2010 ............................................................... $ 424
2011 ............................................................... 383
2012 ............................................................... 353
2013 ............................................................... 336
2014 ............................................................... 314
Thereafter ........................................................... 922
Total ............................................................... $ 2,732
Additionally, as of December 31, 2009, the Company has future sublease income commitments of
$273 million.
Time Warner also has commitments under certain programming, network licensing, artist, franchise and other
agreements aggregating $16.589 billion at December 31, 2009, which are payable principally over a ten-year
period, as follows (millions):
2010 .............................................................. $ 4,137
2011-2012 .......................................................... 5,248
2013-2014 .......................................................... 3,956
Thereafter .......................................................... 3,248
Total .............................................................. $ 16,589
The Company also has certain contractual arrangements that would require it to make payments or provide
funding if certain circumstances occur (“contingent commitments”). Contingent commitments include contingent
consideration to be paid in connection with acquisitions and put/call arrangements on certain investment
transactions, which could require the Company to make payments to acquire certain assets or ownership interests.
The following table summarizes separately the Company’s contingent commitments at December 31, 2009. For
put/call options where payment obligations are outside the control of the Company, the timing of amounts presented
in the table represents the earliest period in which payment could be made. For other contingent commitments, the
timing of amounts presented in the table represents when the maximum contingent commitment will expire, but
does not mean that the Company expects to incur an obligation to make any payments within that time period. In
addition, amounts presented do not reflect the effects of any indemnification rights the Company might possess
(millions).
Nature of Contingent Commitments
Total
Commitments 2010 2011-2012 2013-2014 Thereafter
Guarantees
(a)
..................... $ 1,589 $ 322 $ 81 $ 172 $ 1,014
Letters of credit and other contingent
commitments................... 1,292 152 418 328 394
Total contingent commitments ........ $ 2,881 $ 474 $ 499 $ 500 $ 1,408
(a)
Amounts primarily reflect the Six Flags Guarantee and the guarantee of the AOL Revolving Facility discussed below.
118
TIME WARNER INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (Continued)