Activision 2008 Annual Report Download - page 105

Download and view the complete annual report

Please find page 105 of the 2008 Activision annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 116

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116

91
we had $874 million available for utilization under the buyback program and no outstanding stock
repurchase transactions.
21. Accumulated Other Comprehensive Income (Loss)
The components of accumulated other comprehensive income (loss) for the year ended
December 31, 2008 were as follows (amounts in millions):
Foreign
currency
translation
adjustment
Unrealized
appreciation
(depreciation)
on
investments
Accumulated
other
comprehensive
income (loss)
Balance at December 31, 2007........................................ $40 $— $40
Other comprehensive income (loss) ................................ (81) (2) (83)
Balance at December 31, 2008........................................ $(41) $(2) $(43)
Other comprehensive income (loss) is presented net of taxes of $2 million related to net
unrealized depreciation on investments for the year ended December 31, 2008. Income taxes were
not provided for foreign currency translation items as these are considered indefinite investments
in non-U.S. subsidiaries.
22. Supplemental Cash Flow Information
Non-cash investing and financing activities and supplemental cash flow information are
as follows (amounts in millions):
For the years ended
December 31,
2008 2007 2006
Supplemental cash flow information:
Cash paid for income taxes..................................................................................... $151 $22 $8
Cash paid for interest.............................................................................................. 2 (1) (1)
23. Related Party Transactions
Treasury Related Administration
Prior to the Business Combination, Vivendi maintained a centralized cash management
pool from which Vivendi Games borrowed and loaned cash on a daily basis. Net cash transfers,
under the cash pooling agreement, were included in owner’s equity as part of net transfers to
Vivendi. Vivendi charged Vivendi Games interest on the cumulative net cash transfers and such
charges are included in investment income (loss), net in the accompanying consolidated
statements of operations. Net interest earned from Vivendi for the year ended December 31, 2008
was $4 million. Net interest expense for the year ended December 31, 2007 was $3 million.
In addition, in accordance with the terms of the Business Combination Agreement,
Vivendi Games settled its payable to Vivendi S.A. and distributed its excess cash on-hand as
defined in the Business Combination Agreement immediately prior to the close of the transaction,