Comcast (CMCSA) 10-Q 4 Nov 09 2009 Q3 Quarterly report Financial data

Statement Of Financial Position

Statement Of Financial Position Classified (USD $)
In Millions	9 Months Ended Sep. 30, 2009	9 Months Ended Dec. 31, 2008
Current Assets:
Cash and cash equivalents	$862	$1,195
Investments	56	59
Accounts receivable, less allowance for doubtful accounts of $188 and $190	1,639	1,626
Other current assets	849	836
Total current assets	3,406	3,716
Investments	5,699	4,783
Property and equipment, net of accumulated depreciation of $26,716 and $23,235	23,605	24,444
Franchise rights	59,442	59,449
Goodwill	14,934	14,889
Other intangible assets, net of accumulated amortization of $8,624 and $8,160	4,209	4,558
Other noncurrent assets, net	1,168	1,178
Total assets	112,463	113,017
Current Liabilities:
Accounts payable and accrued expenses related to trade creditors	3,133	3,393
Accrued expenses and other current liabilities	3,005	3,268
Current portion of long-term debt	954	2,278
Total current liabilities	7,092	8,939
Long-term debt, less current portion	28,493	30,178
Deferred income taxes	27,566	26,982
Other noncurrent liabilities	6,763	6,171
Commitments and Contingencies (Note 11)	-	-
Redeemable noncontrolling interests	168	171
Equity:
Preferred stock-authorized, 20,000,000 shares; issued, zero	0	0
Additional paid-in capital	40,451	40,620
Retained earnings	9,416	7,427
Treasury stock-365,460,750 Class A common shares and 70,934,764 Class A Special common shares	(7,517)	(7,517)
Accumulated other comprehensive income (loss)	(72)	(113)
Total Comcast Corporation stockholders' equity	42,311	40,450
Noncontrolling interests	70	126
Total equity	42,381	40,576
Total liabilities and equity	$112,463	$113,017

1_Statement Of Financial Positi

Statement Of Financial Position Classified (Parenthetical) (USD $)
In Millions, except Share data	Sep. 30, 2009	Dec. 31, 2008
Accounts receivable, allowance for doubtful accounts	$188	$190
Property and equipment, accumulated depreciation	26,716	23,235
Other intangible assets, accumulated amortization	$8,624	$8,160
Preferred stock, authorized	20,000,000	20,000,000
Preferred stock, issued	0	0

Statement Of Income Alternative

Statement Of Income Alternative (USD $)
In Millions, except Per Share data	3 Months Ended Sep. 30, 2009	3 Months Ended Sep. 30, 2008	9 Months Ended Sep. 30, 2009	9 Months Ended Sep. 30, 2008
Revenue	$8,802	$8,549	$26,575	$25,491
Costs and Expenses:
Operating (excluding depreciation and amortization)	3,490	3,345	10,600	10,040
Selling, general and administrative	1,986	1,967	5,670	5,689
Depreciation	1,362	1,332	4,148	4,093
Amortization	253	235	760	694
Costs and Expenses, Total	7,091	6,879	21,178	20,516
Operating income	1,711	1,670	5,397	4,975
Other Income (Expense):
Interest expense	(707)	(601)	(1,828)	(1,840)
Investment income (loss), net	148	74	218	83
Equity in net income (losses) of affiliates, net	(17)	3	(44)	(36)
Other income (expense)	2	11	13	295
Nonoperating Income (Expense), Total	(574)	(513)	(1,641)	(1,498)
Income before income taxes	1,137	1,157	3,756	3,477
Income tax expense	(203)	(401)	(1,088)	(1,364)
Net income from consolidated operations	934	756	2,668	2,113
Net (income) loss attributable to noncontrolling interests	10	15	15	22
Net income attributable to Comcast Corporation	$944	$771	$2,683	$2,135
Basic earnings per common share attributable to Comcast Corporation stockholders	0.33	0.26	0.93	0.72
Diluted earnings per common share attributable to Comcast Corporation stockholders	0.33	0.26	0.93	0.72
Dividends declared per common share attributable to Comcast Corporation stockholders	0.07	0.06	0.2	0.19

Statement Of Cash Flows Indirec

Statement Of Cash Flows Indirect (USD $)
In Millions	9 Months Ended Sep. 30, 2009	9 Months Ended Sep. 30, 2008
Net cash provided by operating activities	$7,725	$7,373
Financing Activities
Proceeds from borrowings	1,843	3,513
Repurchases and repayments of debt	(4,709)	(1,143)
Repurchases of common stock	(438)	(2,800)
Dividends paid	(568)	(367)
Issuances of common stock	1	53
Other	(186)	(148)
Net cash provided by (used in) financing activities	(4,057)	(892)
Investing Activities
Capital expenditures	(3,508)	(4,037)
Cash paid for intangible assets	(383)	(376)
Acquisitions, net of cash acquired	(36)	(700)
Proceeds from sales of investments	31	452
Purchases of investments	(142)	(67)
Other	37	(2)
Net cash provided by (used in) investing activities	(4,001)	(4,730)
Increase (decrease) in cash and cash equivalents	(333)	1,751
Cash and cash equivalents, beginning of period	1,195	963
Cash and cash equivalents, end of period	$862	$2,714

Statement Of Shareholders Equit

Statement Of Shareholders Equity And Other Comprehensive Income (USD $)
In Millions	Class A common stock	Redeemable Noncontrolling Interests	Additional Paid-In Capital	Class A Special common stock	Class B common stock	Retained Earnings	Treasury Stock at Cost	Accumulated Other Comprehensive Income (Loss)	Noncontrolling Interests	Total
Beginning Balance at Dec. 31, 2007	$24	$101	$41,688	$10	$0	$7,191	($7,517)	($56)	$149	$41,489
Cumulative effect related to change in accounting principle on January 1, 2008						(132)				(132)
Stock compensation plans			215			(48)				167
Repurchase and retirement of common stock			(1,562)	(1)		(1,237)				(2,800)
Employee stock purchase plan			49							49
Share exchange			166			(166)				0
Dividends declared						(547)				(547)
Other comprehensive income (loss)								(8)		(8)
Sale (purchase) of subsidiary shares to (from) noncontrolling interests, net		88
Contributions from and (distributions to) noncontrolling interests		(1)							(17)	(17)
Net income (loss)		(19)				2,135			(3)	2,132
Ending Balance at Sep. 30, 2008	24	169	40,556	9	0	7,196	(7,517)	(64)	129	40,333
Beginning Balance at Dec. 31, 2008	24	171	40,620	9	0	7,427	(7,517)	(113)	126	40,576
Stock compensation plans			108							108
Repurchase and retirement of common stock			(353)			(112)				(465)
Employee stock purchase plan			46							46
Dividends declared						(582)				(582)
Other comprehensive income (loss)								41		41
Purchases of subsidiary shares from noncontrolling interests			30						(35)	(5)
Contributions from and (distributions to) noncontrolling interests		10							(19)	(19)
Net income (loss)		(13)				2,683			(2)	2,681
Ending Balance at Sep. 30, 2009	$24	$168	$40,451	$9	$0	$9,416	($7,517)	($72)	$70	$42,381

Statement Of Other Comprehensiv

Statement Of Other Comprehensive Income (USD $)
In Millions	3 Months Ended Sep. 30, 2009	3 Months Ended Sep. 30, 2008	9 Months Ended Sep. 30, 2009	9 Months Ended Sep. 30, 2008
Net income from consolidated operations	$934	$756	$2,668	$2,113
Holding gains (losses) during the period, net of deferred taxes of $(1), $3, $(2) and $9	2	(6)	6	(16)
Reclassification adjustments for losses (gains) included in net income attributable to Comcast Corporation, net of deferred taxes of $(3), $(2), $(17) and $(5)	6	4	31	10
Employee benefit obligations, net of deferred taxes	0	1	0	0
Cumulative translation adjustments	0	(4)	4	(2)
Comprehensive income	942	751	2,709	2,105
Net (income) loss attributable to noncontrolling interests	10	15	15	22
Comprehensive income attributable to Comcast Corporation	$952	$766	$2,724	$2,127

2_Statement Of Other Comprehens

Statement Of Other Comprehensive Income (Parenthetical) (USD $)
In Millions	3 Months Ended Sep. 30, 2009	3 Months Ended Sep. 30, 2008	9 Months Ended Sep. 30, 2009	9 Months Ended Sep. 30, 2008
Holding gains (losses) during the period, deferred taxes	($1)	$3	($2)	$9
Reclassification adjustments for losses (gains) included in net income attributable to Comcast Corporation, deferred taxes	($3)	($2)	($17)	($5)

Note 1: Condensed Consolidated

Note 1: Condensed Consolidated Financial Statements
	9 Months Ended Sep. 30, 2009 USD / shares
Notes to Financial Statements [Abstract]
Note 1: Condensed Consolidated Financial Statements	Note 1: Condensed Consolidated Financial Statements Basis of Presentation We have prepared these unaudited condensed consolidated financial statements based on Securities and Exchange Commission (SEC) rules that permit reduced disclosure for interim periods. These financial statements include all adjustments that are necessary for a fair presentation of our results of operations and financial condition for the periods shown, including normal, recurring accruals and other items. We also evaluate events or transactions that occur after the balance sheet date but before the financial statements are issued (subsequent events) to determine if financial statement recognition or additional disclosure is required. The results of operations for the interim periods presented are not necessarily indicative of results for the full year. The year-end condensed consolidated balance sheet was derived from audited financial statements but does not include all disclosures required by generally accepted accounting principles in the United States (GAAP). For a more complete discussion of our accounting policies and certain other information, refer to our annual financial statements for the preceding fiscal year as filed with the SEC. Reclassifications have been made to the prior years condensed consolidated financial statements primarily between operating expenses and selling, general and administrative expenses to conform to classifications used in 2009.

Note 2: Recent Accounting Prono

Note 2: Recent Accounting Pronouncements
	9 Months Ended Sep. 30, 2009 USD / shares
Notes to Financial Statements [Abstract]
Note 2: Recent Accounting Pronouncements	Note 2: Recent Accounting Pronouncements Noncontrolling Interests in Consolidated Financial Statements In November 2007, the Financial Accounting Standards Board (FASB) issued a new accounting standard that provides guidance on the accounting and reporting requirements for noncontrolling interests in consolidated financial statements. The guidance requires noncontrolling interests (previously referred to as minority interests) that are not redeemable to be separately reported in the equity section of an entitys consolidated balance sheet. Redeemable noncontrolling interests continue to be presented outside of equity. The guidance establishes accounting and reporting standards for (i)ownership interests in subsidiaries held by parties other than the parent, (ii)the amount of consolidated net income attributable to the parent and to the noncontrolling interests, (iii)changes in a parents ownership interest and (iv)the valuation of retained noncontrolling equity investments when a subsidiary is deconsolidated. In addition, it establishes disclosure requirements, including new financial statement captions that clearly distinguish between controlling and noncontrolling interests. These include a separate presentation of net income attributable to controlling and noncontrolling interests with the combined amounts labeled as Net income from consolidated operations in our statement of operations. Under the guidance, Net income from consolidated operations is comparable to what was previously presented as Income from continuing operations before minority interest and Net income attributable to Comcast Corporation is comparable to what was previously presented as Net income. We adopted the standard on January1, 2009, at which time we applied the new presentation and disclosure requirements. The new accounting standard requires the retrospective application of the new financial statement captions. The tables below reflect the revised presentations for our balance sheets as of December31, 2008 and 2007 and consolidated statements of operations for the years ended December31, 2008, 2007 and 2006. Revised Balance Sheet Captions December 31 (in millions) 2008 2007 Redeemable noncontrolling interests $ 171 $ 101 Noncontrolling interests (in equity) $ 126 $ 149 Revised Statement of Operations Captions Year Ended December31 (in millions, except per share data) 2008 2007 2006 Net income from consolidated operations $ 2,525 $ 2,549 $ 2,545 Net (income) loss attributable to noncontrolling interests 22 38 (12 ) Net income attributable to Comcast Corporation $ 2,547 $ 2,587 $ 2,533 Basic earnings per common share attributable to Comcast Corporation stockholders $ 0.87 $ 0.84 $ 0.80 Diluted earnings per common share attributable to Comcast Corporation stockholders $ 0.86 $ 0.83 $ 0.79 See Note 7 for further details on our noncontrolling interests. Consolidation of Variable Interest Entities In June 2009, the FASB updated the accounting standard related to the consolidation of vari

Note 3: Earnings Per Share

Note 3: Earnings Per Share
	9 Months Ended Sep. 30, 2009 USD / shares
Notes to Financial Statements [Abstract]
Note 3: Earnings Per Share	Note 3: Earnings Per Share Basic earnings per common share attributable to Comcast Corporation stockholders (Basic EPS) is computed by dividing net income attributable to Comcast Corporation by the weighted-average number of common shares outstanding during the period. Our potentially dilutive securities include potential common shares related to our stock options and our restricted share units (RSUs). Diluted earnings per common share attributable to Comcast Corporation stockholders (Diluted EPS) considers the impact of potentially dilutive securities using the treasury stock method, except in periods in which there is a loss, because the inclusion of the potential common shares would have an antidilutive effect. Diluted EPS for the three and nine months ended September30, 2009 excluded approximately 199million and 196million, respectively, of potential common shares related to our share-based compensation plans, because their inclusion would have had an antidilutive effect. For the three and nine months ended September30, 2008, Diluted EPS excluded approximately 142million and 127million potential common shares, respectively. Computation of Diluted EPS Three Months Ended September 30 2009 2008 (in millions, except per share data) Net Income Attributableto Comcast Corporation Shares PerShare Amount Net Income Attributableto Comcast Corporation Shares PerShare Amount Basic EPS attributable to Comcast Corporation stockholders $ 944 2,872 $ 0.33 $ 771 2,909 $ 0.26 Effect of dilutive securities: Assumed exercise or issuance of shares related to stock plans 5 11 Diluted EPS attributable to Comcast Corporation stockholders $ 944 2,877 $ 0.33 $ 771 2,920 $ 0.26 Nine Months Ended September30 2009 2008 (in millions, except per share data) Net Income Attributable to Comcast Corporation Shares PerShare Amount Net Income Attributable to Comcast Corporation Shares PerShare Amount Basic EPS attributable to Comcast Corporation stockholders $ 2,683 2,882 $ 0.93 $ 2,135 2,958 $ 0.72 Effect of dilutive securities: Assumed exercise or issuance of shares related to stock plans 8 15 Diluted EPS attributable to Comcast Corporation stockholders $ 2,683 2,890 $ 0.93 $ 2,135 2,973 $ 0.72

Note 4: Investments

Note 4: Investments
	9 Months Ended Sep. 30, 2009 USD / shares
Notes to Financial Statements [Abstract]
Note 4: Investments	Note 4: Investments (in millions) September30, 2009 December31, 2008 Fair value method $ 1,773 $ 943 Equity method, primarily SpectrumCo and Clearwire 2,189 2,177 Cost method, primarily AirTouch redeemable preferred shares 1,793 1,722 Total investments 5,755 4,842 Less: Current investments 56 59 Noncurrent investments $ 5,699 $ 4,783 As of September30, 2009 and December31, 2008, the estimated fair value of the AirTouch preferred stock was $1.541 billion and $1.357 billion, respectively. Components of Investment Income (Loss), Net ThreeMonthsEnded September30 NineMonthsEnded September30 (in millions) 2009 2008 2009 2008 Gains on sales and exchanges of investments, net $ 10 $ $ 14 $ 14 Investment impairment losses (2 ) (3 ) (21 ) (5 ) Unrealized gains (losses) on securities underlying prepaid forward sale agreements 456 (122 ) 836 (413 ) Mark to market adjustments on derivative component of prepaid forward sale agreements (357 ) 138 (697 ) 411 Mark to market adjustments on derivative component of ZONES 2 49 6 27 Interest and dividend income 25 35 79 108 Other 14 (23 ) 1 (59 ) Investment income (loss), net $ 148 $ 74 $ 218 $ 83

Note 5: Long-Term Debt

Note 5: Long-Term Debt
	9 Months Ended Sep. 30, 2009 USD / shares
Notes to Financial Statements [Abstract]
Note 5: Long-Term Debt	Note 5: Long-Term Debt Borrowings In June 2009, we issued $700 million principal amount of 5.70% notes due 2019 and $800 million principal amount of 6.55% notes due 2039. During the nine months ended September30, 2009, we issued $300 million face amount of commercial paper, net of repayments. The net proceeds of these issuances, together with cash on hand, were used for the purchase of notes included in the cash tender offer, as described below, as well as for the repayment of outstanding borrowings under our revolving credit facility, the repayment of debt at its maturity as well as working capital and general corporate purposes. Redemptions and Repayments In June 2009, we repaid at maturity $750 million principal amount of our 6.875% notes due 2009. In July 2009, we repaid at maturity $1.2 billion principal amount of our floating rate notes due 2009. In July 2009, we completed a cash tender to purchase $1.3 billion aggregate principal amount of certain of our outstanding notes consisting of approximately $621 million principal amount of our 8.375% notes due 2013, $367 million principal amount of our 7.125% notes due 2013 and $312 million principal amount of our 7.875% senior debentures due 2013. During the three months ended September30, 2009, we recognized approximately $180 million of interest expense primarily associated with the premiums incurred in the tender offer. During the nine months ended September30, 2009, we repaid all $1.0 billion of amounts outstanding under our revolving credit facility due 2013.

Note 6: Derivative Financial In

Note 6: Derivative Financial Instruments and Fair Value Measurements
	9 Months Ended Sep. 30, 2009 USD / shares
Notes to Financial Statements [Abstract]
Note 6: Derivative Financial Instruments and Fair Value Measurements	Note 6: Derivative Financial Instruments and Fair Value Measurements We use derivative financial instruments to manage our exposure to the risks associated with fluctuations in interest rates and equity prices. Our objective is to manage the financial and operational exposures arising from these risks by offsetting gains and losses on the underlying exposures with gains and losses on the derivatives used to economically hedge them. Our risk management control system is used to assist us in monitoring the hedging program, derivative positions and hedging strategies. Hedges that receive designated hedge accounting treatment are evaluated for effectiveness at the time they are designated, as well as throughout the hedging period. We do not engage in any speculative or leveraged derivative transactions. All derivative transactions must comply with a derivatives policy authorized by our Board of Directors. We manage the credit risks associated with our derivative financial instruments through the evaluation and monitoring of the creditworthiness of the counterparties. Although we may be exposed to losses in the event of nonperformance by the counterparties, we do not expect such losses, if any, to be significant. The valuation adjustments we recorded against the derivative assets to reflect counterparty credit risk are not significant. We periodically examine the instruments we use to hedge exposure to interest rate and equity price risks to ensure that the instruments are matched with underlying assets or liabilities, to reduce our risks related to changes in interest rates or equity prices and, through market value and sensitivity analysis, to maintain a high correlation to the risk inherent in the hedged item. For those instruments that do not meet the above conditions, and for those derivative instruments that are not designated as a hedge, changes in fair value are recognized on a current basis in earnings. As of September30, 2009, our derivatives designated as hedges included (i)the derivative component of our prepaid forward sale agreements, which are recorded to other noncurrent liabilities, and (ii)our interest rate swap agreements, which are recorded to other current or noncurrent assets or liabilities. Changes in the fair value of the derivative component of our prepaid forward sale agreements are recorded to investment income (loss). Changes in the fair value of our interest rate swap agreements are recorded to interest expense. These amounts are completely offset by changes in the fair value of the related debt because the swaps are deemed to be 100% effective. The difference between variable and fixed rates to be paid or received under the terms of the interest rate swap agreements is accrued as interest rates change and recognized as an adjustment to interest expense for the related debt. As of September30, 2009, our derivatives not designated as hedges included the derivative component of our ZONES debt, which is recorded to long-term debt. As of September30, 2009, our debt had an estimated fair value of $32.153 billion. The estimated fair value of our publicly traded debt is based on quoted market values for t

Note 7: Noncontrolling Interest

Note 7: Noncontrolling Interests
	9 Months Ended Sep. 30, 2009 USD / shares
Notes to Financial Statements [Abstract]
Note 7: Noncontrolling Interests	Note 7: Noncontrolling Interests Certain of our subsidiaries that we consolidate are not wholly owned. Some of the agreements with the minority partners of these subsidiaries contain redemption features whereby interests held by the minority partners are redeemable either (i)at the option of the holder or (ii)upon the occurrence of an event that is not solely within our control. If interests were to be redeemed under these agreements, we would generally be required to purchase the interests at fair value on the date of redemption. In accordance with the accounting guidance for the classification and measurement of redeemable interests, these interests are presented on the balance sheet outside of equity under the caption Redeemable noncontrolling interests. Noncontrolling interests that do not contain such redemption features are presented in equity. During the nine months ended September30, 2009, we purchased all of the noncontrolling interest of one of our technology ventures, which had a carrying value of approximately $35 million, for approximately $5 million and rights to existing intellectual property. The difference between the amount paid and the carrying value of the noncontrolling interest resulted in an increase of approximately $30 million to additional paid-in capital of Comcast Corporation. The table below presents the changes in equity resulting from net income attributable to Comcast Corporation and transfers to or from noncontrolling interests. (in millions) NineMonthsEnded September 30, 2009 Net income attributable to Comcast Corporation $ 2,683 Transfers from (to) noncontrolling interests: Increase in Comcast Corporation additional paid-in capital resulting from the purchase of noncontrolling interest 30 Changes from net income attributable to Comcast Corporation and transfers from (to) noncontrolling interests $ 2,713

Note 8: Equity

Note 8: Equity
	9 Months Ended Sep. 30, 2009 USD / shares
Notes to Financial Statements [Abstract]
Note 8: Equity	Note 8: Equity Share-Based Compensation Our Board of Directors may grant share-based awards, in the form of stock options and RSUs, to certain employees and directors. Additionally, through our employee stock purchase plan, employees are able to purchase shares of Comcast ClassA common stock at a discount through payroll deductions. In March 2009, we granted 29.5million stock options and 10.0million RSUs related to our annual management grant program. The fair values associated with these grants were $4.94 per stock option and $13.48 per RSU. Recognized Share-Based Compensation Expense ThreeMonthsEnded September30 NineMonthsEnded September30 (in millions) 2009 2008 2009 2008 Stock options $ 28 $ 29 $ 75 $ 73 Restricted share units 29 27 69 70 Employee stock purchase plan 3 4 10 12 Total $ 60 $ 60 $ 154 $ 155 As of September30, 2009, there was $344 million and $318 million of unrecognized pretax compensation cost related to nonvested stock options and nonvested RSUs, respectively. The employee cost associated with participation in the employee stock purchase plan was satisfied with payroll deductions of approximately $11 million and $38 million for the three and nine months ended September30, 2009, respectively. For the three and nine months ended September30, 2008, the employee cost was approximately $12 million and $40 million, respectively. Accumulated Other Comprehensive Income (Loss) The table below presents our accumulated other comprehensive income (loss), net of deferred taxes. September 30(in millions) 2009 2008 Unrealized gains (losses) on marketable securities $ 23 $ 12 Deferred gains (losses) on cash flow hedges (64 ) (100 ) Unrealized gains (losses) on employee benefit obligations (31 ) 23 Cumulative translation adjustments 1 Accumulated other comprehensive income (loss) $ (72 ) $ (64 ) Deferred losses on cash flow hedges in the table above relate primarily to previous interest rate lock agreements. As of September30, 2009, we expect $16 million of unrealized losses, $10 million net of deferred taxes, to be reclassified as an adjustment to interest expense over the next 12 months.

Note 9: Income Taxes

Note 9: Income Taxes
	9 Months Ended Sep. 30, 2009 USD / shares
Notes to Financial Statements [Abstract]
Note 9: Income Taxes	Note 9: Income Taxes Income tax expense for the three and nine months ended September30, 2009 was reduced by approximately $251 million and $436 million, respectively, primarily due to the recognition of tax benefits associated with uncertain tax positions and related interest and certain corporate reorganizations (see Note 13). The primary impacts of these adjustments were reductions to our deferred income tax and other long-term liabilities. These adjustments also reduced our unrecognized tax benefits, which were approximately $1.2 billion as of September30, 2009. In October 2009, we reached tentative settlements with various taxing authorities that are expected to result in recognition of additional tax benefits and a further reduction of our unrecognized tax benefits in 2009.

Note 10: Statement of Cash Flow

Note 10: Statement of Cash Flows-Supplemental Information
	9 Months Ended Sep. 30, 2009 USD / shares
Notes to Financial Statements [Abstract]
Note 10: Statement of Cash Flows-Supplemental Information	Note 10: Statement of Cash FlowsSupplemental Information The table below presents our adjustments to reconcile net income from consolidated operations to net cash provided by operating activities. NineMonthsEnded September 30 (in millions) 2009 2008 Net income from consolidated operations $ 2,668 $ 2,113 Adjustments to reconcile net income from consolidated operations to net cash provided by operating activities: Depreciation 4,148 4,093 Amortization 760 694 Share-based compensation 192 195 Noncash interest expense (income), net 125 164 Equity in net (income) losses of affiliates, net 44 36 (Gains) losses on investments and noncash other (income) expense, net (146 ) (287 ) Deferred income taxes 572 609 Changes in operating assets and liabilities, net of effects of acquisitions and divestitures: Change in accounts receivable, net (11 ) 4 Change in accounts payable and accrued expenses related to trade creditors (73 ) (21 ) Change in other operating assets and liabilities (554 ) (227 ) Net cash provided by operating activities $ 7,725 $ 7,373 Cash Payments for Interest and Income Taxes ThreeMonthsEnded September30 Nine MonthsEnded September30 (in millions) 2009 2008 2009 2008 Interest $ 615 $ 679 $ 1,678 $ 1,795 Income taxes $ 194 $ 234 $ 940 $ 589 Noncash Financing and Investing Activities During the nine months ended September30, 2009, we: recorded a liability of approximately $193 million for a quarterly cash dividend of $0.0675 per common share paid in October 2009, which is a noncash financing activity recorded a liability of approximately $27 million for share repurchases that settled in October 2009, which is a noncash financing activity acquired approximately $381 million of property and equipment and software that was accrued but unpaid, which is a noncash investing activity

Note 11: Commitments and Contin

Note 11: Commitments and Contingencies
	9 Months Ended Sep. 30, 2009 USD / shares
Notes to Financial Statements [Abstract]
Note 11: Commitments and Contingencies	Note 11: Commitments and Contingencies Commitments One of our subsidiaries supports debt compliance with respect to obligations of a cable system in which we hold an ownership interest. The obligation expires March 2011. Although there can be no assurance, we believe that we will not be required to meet our obligation under this commitment. The total notional amount of our commitment was $410 million as of September30, 2009, at which time there were no quoted market prices for similar agreements. Contingencies Antitrust Cases We are defendants in two purported class actions originally filed in December 2003 in the United States District Courts for the District of Massachusetts and the Eastern District of Pennsylvania. The potential class in the Massachusetts case, which has been transferred to the Eastern District of Pennsylvania, is our subscriber base in the Boston Cluster area, and the potential class in the Pennsylvania case is our subscriber base in the Philadelphia and Chicago Clusters, as those terms are defined in the complaints. In each case, the plaintiffs allege that certain subscriber exchange transactions with other cable providers resulted in unlawful horizontal market restraints in those areas and seek damages under antitrust statutes, including treble damages. Classes of Philadelphia Cluster and Chicago Cluster subscribers were certified in May 2007 and October 2007, respectively. In March 2009, as a result of a Third Circuit Court of Appeals decision clarifying the standards for class certification, the order certifying the Philadelphia Cluster class was vacated without prejudice to the plaintiffs filing a new motion. A hearing on the plaintiffs new motion, which was filed in April 2009, took place in October 2009, and a decision is pending. The plaintiffs claims concerning the other two clusters are stayed pending determination of the Philadelphia Cluster claims. In addition, we are among the defendants in a purported class action filed in the United States District Court for the Central District of California (Central District) in September 2007. The potential class is comprised of all persons residing in the United States who have subscribed to an expanded basic level of video service provided by one of the defendants. The plaintiffs allege that the defendants who produce video programming have entered into agreements with the defendants who distribute video programming via cable and satellite (including us), which preclude the distributor defendants from reselling channels to subscribers on an unbundled basis in violation of federal antitrust laws. The plaintiffs seek treble damages and injunctive relief requiring each distributor defendant to resell certain channels to its subscribers on an unbundled basis. In October 2009, the Central District issued an order dismissing the plaintiffs complaint with prejudice. Plaintiffs have appealed that order to the Ninth Circuit Court of Appeals. ERISA Litigation We and several of our current officers have been named as defendants in a purported class action lawsuit filed in the United States District Court for the Eastern District of Pennsylvania in Februar

Note 12: Financial Data by Busi

Note 12: Financial Data by Business Segment
	9 Months Ended Sep. 30, 2009 USD / shares
Notes to Financial Statements [Abstract]
Note 12: Financial Data by Business Segment	Note 12: Financial Data by Business Segment Our reportable segments consist of our Cable and Programming businesses. In evaluating the profitability of our segments, the components of net income (loss) below operating income (loss) before depreciation and amortization are not separately evaluated by our management. Assets are not allocated to segments for management reporting, although approximately 95% of our assets relate to our Cable segment. Our financial data by business segment is presented in the table below. (in millions) Cable(a)(b) Programming(c) Corporateand Other(d)(e) Eliminations(e)(f) Total Three months ended September30, 2009 Revenue(g) $ 8,356 $ 383 $ 156 $ (93 ) $ 8,802 Operating income (loss) before depreciation and amortization(h) 3,314 118 (107 ) 1 3,326 Depreciation and amortization 1,541 49 30 (5 ) 1,615 Operating income (loss) 1,773 69 (137 ) 6 1,711 Capital expenditures 1,212 9 6 1,227 Three months ended September30, 2008 Revenue(g) $ 8,131 $ 347 $ 128 $ (57 ) $ 8,549 Operating income (loss) before depreciation and amortization(h) 3,251 105 (119 ) 3,237 Depreciation and amortization 1,502 46 27 (8 ) 1,567 Operating income (loss) 1,749 59 (146 ) 8 1,670 Capital expenditures 1,268 12 26 1,306 Nine months ended September30, 2009 Revenue(g) $ 25,181 $ 1,128 $ 517 $ (251 ) $ 26,575 Operating income (loss) before depreciation and amortization(h) 10,221 343 (258 ) (1 ) 10,305 Depreciation and amortization 4,698 146 86 (22 ) 4,908 Operating income (loss) 5,523 197 (344 ) 21 5,397 Capital expenditures 3,450 23 35 3,508 Nine months ended September30, 2008 Revenue(g) $ 24,147 $ 1,076 $ 453 $ (185 ) $ 25,491 Operating income (loss) before depreciation and amortization(h) 9,755 307 (299 ) (1 ) 9,762 Depreciation and amortization 4,587 145 78 (23 ) 4,787 Operating income (loss) 5,168 162 (377 ) 22 4,975 Capital expenditures 3,877 22 138 4,037 (a) For the three and nine months ended September30, 2009 and 2008, Cable segment revenue was derived from the following services: ThreeMonthsEnded September30 NineMonthsEnded September30 2009 2008 2009 2008 Video 57.2 % 58.6 % 57.9 % 59.4 % High-speed Internet 23.1 22.4 22.9 22.2 Phone 9.9 8.5 9.6 7.9 Advertising 3.8 4.7 3.6 4.7 Franchise fees 2.8 2.8 2.8 2.8 Other 3.2 3.0 3.2 3.0 Total 100 %

Note 13: Condensed Consolidatin

Note 13: Condensed Consolidating Financial Information
	9 Months Ended Sep. 30, 2009 USD / shares
Notes to Financial Statements [Abstract]
Note 13: Condensed Consolidating Financial Information	Note 13: Condensed Consolidating Financial Information Comcast Corporation and four of our wholly owned cable holding company subsidiaries, Comcast Cable Communications, LLC (CCCL), Comcast MO Group, Inc. (Comcast MO Group), Comcast Cable Holdings, LLC (CCH) and Comcast MO of Delaware, LLC (Comcast MO of Delaware), have fully and unconditionally guaranteed each others debt securities. Comcast MO Group, CCH and Comcast MO of Delaware are collectively referred to as the Combined CCHMO Parents. On August31, 2009, we merged our wholly owned subsidiary Comcast Cable Communications Holdings, Inc. (CCCH), a guarantor prior to the merger, with and into CCCL. Accordingly, the financial information for the CCCL parent reflects both the former CCCH parent and the CCCL parent for all periods presented. Comcast Corporation unconditionally guarantees the $211 million principal amount currently outstanding of Comcast Holdings ZONES due October 2029 and the $202 million principal amount currently outstanding of Comcast Holdings 10 5/8% senior subordinated debentures due 2012. Comcast Corporation does not guarantee the $71 million principal amount outstanding of Comcast Holdings ZONES due November 2029. We have included Comcast Holdings condensed consolidating financial information for all periods presented. Our condensed consolidating financial information is presented in the tables below. Comcast Corporation Condensed Consolidating Balance Sheet September30, 2009 (inmillions) Comcast Parent CCCL Parent Combined CCHMO Parents Comcast Holdings Non- Guarantor Subsidiaries Elimination and Consolidation Adjustments Consolidated Comcast Corporation ASSETS Cash and cash equivalents $ $ $ $ $ 862 $ $ 862 Investments 56 56 Accounts receivable, net 1,639 1,639 Other current assets 188 2 659 849 Total current assets 188 2 3,216 3,406 Investments 5,699 5,699 Investments in and amounts due from subsidiaries eliminated upon consolidation 73,639 79,245 46,299 27,635 5,355 (232,173 ) Property and equipment, net 307 23,298 23,605 Franchise rights 59,442 59,442 Goodwill 14,934 14,934 Other intangible assets, net 11 4,198 4,209 Other noncurrent assets, net 406 15 9 738 1,168 Total assets $ 74,551 $ 79,262 $ 46,299 $ 27,644 $ 116,880 $ (232,173 ) $ 112,463 LIABILITIES AND EQUITY Accounts payable and accrued expenses related totradecreditors $ 198 $ $ $ $ 2,935 $ $ 3,133 Accrued expenses and other current liabilities 758 257 29 125 1,836 3,005 Current portion of long-term debt 9

Document Information

Document Information
	9 Months Ended Sep. 30, 2009 USD / shares
Document Information [Text Block]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	2009-09-30

Entity Information

Entity Information (USD $)
	9 Months Ended Sep. 30, 2009
Entity [Text Block]
Trading Symbol	CMCSA
Entity Registrant Name	COMCAST CORP
Entity Central Index Key	0001166691
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding	2,062,064,242
Class A Special common stock
Entity [Text Block]
Entity Common Stock, Shares Outstanding	783,174,865
Class B common stock
Entity [Text Block]
Entity Common Stock, Shares Outstanding	9,444,375