Comcast (CMCSA) 10-Q 28 Apr 10 2010 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information
	3 Months Ended Mar. 31, 2010
Document Type	10-Q
Amendment Flag	false
Document Period End Date	2010-03-31
Trading Symbol	CMCSA
Entity Registrant Name	COMCAST CORP
Entity Central Index Key	0001166691
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2,010
Document Fiscal Period Focus	Q1
Entity Filer Category	Large Accelerated Filer
Class A common stock
Entity Common Stock, Shares Outstanding	2,066,301,346
Class A Special common stock
Entity Common Stock, Shares Outstanding	745,871,969
Class B common stock
Entity Common Stock, Shares Outstanding	9,444,375

Condensed Consolidated Balance

Condensed Consolidated Balance Sheet (USD $)
In Millions	3 Months Ended Mar. 31, 2010	12 Months Ended Dec. 31, 2009
Assets
Cash and cash equivalents	$3,483	$671
Investments	41	50
Accounts receivable, less allowance for doubtful accounts of $161 and $175	1,581	1,711
Other current assets	863	791
Total current assets	5,968	3,223
Investments	6,267	5,947
Property and equipment, net of accumulated depreciation of $29,010 and $27,810	23,441	23,855
Franchise rights	59,452	59,452
Goodwill	15,029	14,933
Other intangible assets, net of accumulated amortization of $8,964 and $8,711	3,976	4,105
Other noncurrent assets, net	1,287	1,218
Total assets	115,420	112,733
Liabilities and Equity
Accounts payable and accrued expenses related to trade creditors	3,006	3,094
Accrued expenses and other current liabilities	3,272	2,999
Current portion of long-term debt	2,337	1,156
Total current liabilities	8,615	7,249
Long-term debt, less current portion	28,582	27,940
Deferred income taxes	27,756	27,800
Other noncurrent liabilities	7,140	6,767
Commitments and contingencies (Note 12)
Redeemable noncontrolling interests	148	166
Equity:
Preferred stock - authorized, 20,000,000 shares; issued, zero	0	0
Additional paid-in capital	40,097	40,247
Retained earnings	10,517	10,005
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)	(47)	(46)
Total Comcast Corporation shareholders' equity	43,082	42,721
Noncontrolling interests	97	90
Total equity	43,179	42,811
Total liabilities and equity	115,420	112,733
Class A common stock
Equity:
Common stock	24	24
Class A Special common stock
Equity:
Common stock	8	8
Class B common stock
Equity:
Common stock

1_Condensed Consolidated Balanc

Condensed Consolidated Balance Sheet (Parenthetical) (USD $)
In Millions, except Share data	Mar. 31, 2010	Dec. 31, 2009
Accounts receivable, allowance for doubtful accounts	$161	$175
Property and equipment, accumulated depreciation	29,010	27,810
Other intangible assets, accumulated amortization	$8,964	$8,711
Preferred stock, authorized	20,000,000	20,000,000
Preferred stock, issued	0	0
Class A common stock
Common stock, par value	0.01	0.01
Common stock, authorized	7,500,000,000	7,500,000,000
Common stock, issued	2,431,762,096	2,428,533,911
Common stock, outstanding	2,066,301,346	2,063,073,161
Treasury stock common shares	365,460,750	365,460,750
Class A Special common stock
Common stock, par value	0.01	0.01
Common stock, authorized	7,500,000,000	7,500,000,000
Common stock, issued	816,806,733	835,991,034
Common stock, outstanding	745,871,969	765,056,270
Treasury stock common shares	70,934,764	70,934,764
Class B common stock
Common stock, par value	0.01	0.01
Common stock, authorized	75,000,000	75,000,000
Common stock, issued	9,444,375	9,444,375
Common stock, outstanding	9,444,375	9,444,375

Condensed Consolidated Statemen

Condensed Consolidated Statement of Operations (USD $)
In Millions, except Per Share data	3 Months Ended Mar. 31, 2010	3 Months Ended Mar. 31, 2009
Revenue	$9,202	$8,866
Costs and Expenses:
Operating (excluding depreciation and amortization)	3,732	3,592
Selling, general and administrative	1,905	1,830
Depreciation	1,379	1,380
Amortization	251	253
Costs and expenses, total	7,267	7,055
Operating income	1,935	1,811
Other Income (Expense):
Interest expense	(524)	(570)
Investment income (loss), net	101	13
Equity in net income (losses) of affiliates, net	(32)	(14)
Other income (expense)	(10)	(1)
Nonoperating income (expense), total	(465)	(572)
Income before income taxes	1,470	1,239
Income tax expense	(591)	(461)
Net income from consolidated operations	879	778
Net (income) loss attributable to noncontrolling interests	(13)	(6)
Net income attributable to Comcast Corporation	$866	$772
Basic earnings per common share attributable to Comcast Corporation shareholders	0.31	0.27
Diluted earnings per common share attributable to Comcast Corporation shareholders	0.31	0.27
Dividends declared per common share attributable to Comcast Corporation shareholders	0.0945	0.0675

2_Condensed Consolidated Statem

Condensed Consolidated Statement of Cash Flows (USD $)
In Millions	3 Months Ended Mar. 31, 2010	3 Months Ended Mar. 31, 2009
Net cash provided by (used in) operating activities	$2,903	$2,512
Investing Activities
Capital expenditures	(925)	(1,160)
Cash paid for intangible assets	(117)	(133)
Acquisitions, net of cash acquired	(172)	(7)
Proceeds from sales of investments	1	7
Purchases of investments	(24)	(47)
Other	(19)	24
Net cash provided by (used in) investing activities	(1,256)	(1,316)
Financing Activities
Proceeds from borrowings	2,408	20
Repurchases and repayments of debt	(612)	(352)
Repurchases of common stock	(300)	0
Dividends paid	(268)	(180)
Other	(63)
Net cash provided by (used in) financing activities	1,165	(512)
Increase (decrease) in cash and cash equivalents	2,812	684
Cash and cash equivalents, beginning of period	671	1,195
Cash and cash equivalents, end of period	$3,483	$1,879

3_Condensed Consolidated Statem

Condensed Consolidated Statement of Changes in Equity (USD $)
In Millions	Redeemable Non-controlling Interests	Class A common stock	Class A Special common stock	Class B common stock	Additional Paid-In Capital	Retained Earnings	Treasury Stock at Cost	Accumulated Other Comprehensive Income (Loss)	Non-controlling Interests	Total
Balance at Dec. 31, 2008	$171	$24	$9		$40,620	$7,427	($7,517)	($113)	$126	$40,576
Stock compensation plans					3					3
Employee stock purchase plan					15					15
Dividends declared						(195)				(195)
Other comprehensive income (loss)								20		20
Sale (purchase) of subsidiary shares to (from) noncontrolling interests, net					30				(35)	(5)
Contributions from (distributions to) noncontrolling interests	3								(4)	(4)
Net income (loss)	(1)					772			7	779
Balance at Mar. 31, 2009	173	24	9		40,668	8,004	(7,517)	(93)	94	41,189
Balance at Dec. 31, 2009	166	24	8		40,247	10,005	(7,517)	(46)	90	42,811
Stock compensation plans					40	(2)				38
Repurchase of common stock					(215)	(85)				(300)
Employee stock purchase plan					14					14
Dividends declared						(267)				(267)
Other comprehensive income (loss)								(1)		(1)
Sale (purchase) of subsidiary shares to (from) noncontrolling interests, net	(20)				11					11
Contributions from (distributions to) noncontrolling interests									(4)	(4)
Net income (loss)	2					866			11	877
Balance at Mar. 31, 2010	$148	$24	$8		$40,097	$10,517	($7,517)	($47)	$97	$43,179

4_Condensed Consolidated Statem

Condensed Consolidated Statement of Comprehensive Income (USD $)
In Millions	3 Months Ended Mar. 31, 2010	3 Months Ended Mar. 31, 2009
Net income from consolidated operations	$879	$778
Holding gains (losses) during the period, net of deferred taxes of $- and $1	1	(1)
Reclassification adjustments for losses (gains) included in net income attributable to Comcast Corporation, net of deferred taxes of $(1) and $(12)	2	22
Cumulative translation adjustments	(4)	(1)
Comprehensive income	878	798
Net (income) loss attributable to noncontrolling interests	(13)	(6)
Comprehensive income attributable to Comcast Corporation	$865	$792

5_Condensed Consolidated Statem

Condensed Consolidated Statement of Comprehensive Income (Parenthetical) (USD $)
In Millions	3 Months Ended Mar. 31, 2010	3 Months Ended Mar. 31, 2009
Holding gains (losses) during the period, deferred taxes		$1
Reclassification adjustments for losses (gains) included in net income attributable to Comcast Corporation, deferred taxes	($1)	($12)

Condensed Consolidated Financia

Condensed Consolidated Financial Statements
	3 Months Ended Mar. 31, 2010
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 evaluated events or transactions that occurred after the balance sheet date through the issuance date of these financial statements 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 between revenue and operating expenses to conform to classifications used in 2010.

Recent Accounting Pronouncement

Recent Accounting Pronouncements
	3 Months Ended Mar. 31, 2010
Recent Accounting Pronouncements	Note 2: Recent Accounting Pronouncements Consolidation of Variable Interest Entities In June 2009, the Financial Accounting Standards Board (FASB) updated the accounting guidance related to the consolidation of variable interest entities (VIEs). The updated guidance (i) requires ongoing reassessments of whether an enterprise is the primary beneficiary of a VIE, (ii) changes the quantitative approach previously required for determining the primary beneficiary of a VIE and replaces it with a qualitative approach, and (iii) requires additional disclosure about an enterprises involvement in VIEs. We adopted the updated guidance on January 1, 2010 and it did not impact our consolidated financial statements.

Earnings Per Share

Earnings Per Share
	3 Months Ended Mar. 31, 2010
Earnings Per Share	Note 3: Earnings Per Share Basic earnings per common share attributable to Comcast Corporation shareholders (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 shareholders (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 excludes the impact of potential common shares related to our stock options in periods in which the option exercise price is greater than the average market price of our Class A common stock or our Class A Special common stock, as applicable. Diluted EPS for the three months ended March 31, 2010 and 2009 excludes approximately 192 million and 181 million, respectively, of potential common shares related to our share-based compensation plans, because the inclusion of the potential common shares would have had an antidilutive effect. Computation of Diluted EPS Three Months Ended March31 2010 2009 (in millions, except per share data) Net IncomeAttributableto ComcastCorporation Shares PerShareAmount Net IncomeAttributableto ComcastCorporation Shares PerShareAmount Basic EPS attributable to Comcast Corporation shareholders $ 866 2,829 $ 0.31 $ 772 2,885 $ 0.27 Effect of dilutive securities: Assumed exercise or issuance of shares relating to stock plans 8 5 Diluted EPS attributable to Comcast Corporation shareholders $ 866 2,837 $ 0.31 $ 772 2,890 $ 0.27

Acquisitions and Other Signific

Acquisitions and Other Significant Events
	3 Months Ended Mar. 31, 2010
Acquisitions and Other Significant Events	Note 4: Acquisitions and Other Significant Events 2009 NBC Universal Transaction We entered into agreements with General Electric Company (GE) in December 2009 to form a new company of which we will own 51% and control, with the remaining 49% to be owned by GE. Under the terms of the transaction, GE will contribute NBC Universals businesses, including its cable and broadcast networks, filmed entertainment, televised entertainment, theme parks and unconsolidated investments, as well as other GE assets used primarily in NBC Universals business. NBC Universal will borrow $9.1 billion from third party lenders and will distribute the proceeds to GE at the closing of the transaction. We will contribute our national programming networks, our regional sports networks and certain of our Internet businesses, as well as other assets used primarily in those businesses, collectively valued at approximately $7.25 billion. We will also make a cash payment to GE of $7.1 billion less certain adjustments primarily based on the free cash flow generated by NBC Universal between December 4, 2009 and the closing. GE will be entitled to cause the new company to redeem half of GEs interest 3.5 years after the closing and its remaining interest 7 years after the closing. If GE exercises its first redemption right, we have the right to purchase the remainder of GEs interest. If GE does not exercise its first redemption right, we have the right to purchase half of GEs interest 5 years after the closing. We also will have the right to purchase GEs remaining interest, if any, 8 years after the closing. The redemption and purchase price will equal the ownership percentage being acquired multiplied by 120% of the fully distributed public market trading value of the new company, less half of the excess of 120% of that value over $28.15 billion. Subject to various limitations, we are committed to fund up to $2.875 billion in cash or common stock for each of the two redemptions (for an aggregate of up to $5.75 billion), with amounts not used in the first redemption to be available for the second redemption. The transaction is subject to various regulatory approvals and is expected to close by the end of 2010. The results of operations for the new company will be consolidated with our results of operations, as we will control the new company. When the transaction is completed, the NBC Universal businesses will be recorded at their fair value and the businesses we contribute will be recorded at their historical or carry-over basis. GEs interest will be recorded as a redeemable noncontrolling interest in our consolidated financial statements. Other During the three months ended March 31, 2010, we acquired CIMCO Communications, Inc. (CIMCO), a phone and high-speed Internet service provider for businesses; Paciolan, Inc. (Paciolan), a developer of automated ticketing software; and New Global Telecom, Inc. (NGT), a phone service provider for small to medium-sized businesses; and made other smaller acquisitions for an aggregate purchase price of approximately $172 million. The results of operations for CIMCO and NGT are reported in our Ca

Investments

Investments
	3 Months Ended Mar. 31, 2010
Investments	Note 5: Investments (in millions) March31,2010 December31,2009 Fair value method $ 2,294 $ 1,933 Equity method, primarily SpectrumCo and Clearwire 2,300 2,341 Cost method, primarily AirTouch redeemable preferred shares 1,714 1,723 Total investments 6,308 5,997 Less: Current investments 41 50 Noncurrent investments $ 6,267 $ 5,947 As of March 31, 2010 and December 31, 2009, the estimated fair value of the AirTouch redeemable preferred stock was $1.535 billion and $1.524 billion, respectively, which exceeded our carrying basis as of each date. Components of Investment Income (Loss), Net ThreeMonthsEndedMarch31 (in millions) 2010 2009 Gains on sales and exchanges of investments, net $ 2 $ 3 Investment impairment losses (8 ) (16 ) Unrealized gains (losses) on securities underlying prepaid forward sale agreements 360 38 Mark to market adjustments on derivative component of prepaid forward sale agreements (277 ) (29 ) Mark to market adjustments on derivative component of ZONES 1 9 Interest and dividend income 22 27 Other, net 1 (19 ) Investment income (loss), net $ 101 $ 13

Goodwill

Goodwill
	3 Months Ended Mar. 31, 2010
Goodwill	Note 6: Goodwill (in millions) Cable Programming Corporateand Other Total Balance, December31, 2009(a) $ 12,828 $ 1,630 $ 475 $ 14,933 Acquisitions 76 3 19 98 Settlements and adjustments (1 ) (1 ) (2 ) Balance, March31, 2010 $ 12,903 $ 1,633 $ 493 $ 15,029 (a) The December31, 2009 Cable segment and Corporate and Other amounts have been adjusted for segment reclassifications to be consistent with our 2010 management reporting presentation. Cable segment acquisitions for the three months ended March 31, 2010 were related to the acquisitions of CIMCO and NGT. Corporate and Other acquisitions for the three months ended March 31, 2010 related to the acquisition of Paciolan.

Long-Term Debt

Long-Term Debt
	3 Months Ended Mar. 31, 2010
Long-Term Debt	Note 7: Long-Term Debt In March 2010, we issued $1.4 billion principal amount of 5.15% notes due 2020 and $1.0 billion principal amount of 6.4% notes due 2040. The net proceeds of these issuances will be used for working capital and general corporate purposes, which may include the repayment of debt at its maturity and funding a portion of our payment to GE due upon closing of the NBC Universal transaction.

Fair Value Measurements and Der

Fair Value Measurements and Derivative Financial Instruments
	3 Months Ended Mar. 31, 2010
Fair Value Measurements and Derivative Financial Instruments	Note 8: Fair Value Measurements and Derivative Financial Instruments 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 exposure 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. Derivative financial instruments 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. We manage our exposure to and benefits from price fluctuations in the common stock of some of our investments by using equity derivative financial instruments embedded in other contracts, such as prepaid forward sale agreements, whose values, in part, are derived from the market value of certain publicly traded common stock. 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 relating 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 financial instruments that are not designated as a hedge, changes in fair value are recognized on a current basis in earnings. As of March 31, 2010, our derivative financial instruments designated as hedges included (i) the derivative component of one of our prepaid forward sale agreements, which is 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 March 31, 2010, our derivative financial instruments not designated as hedges included (i) the derivative component of our indexed debt instruments (our ZONES debt), which is record

Noncontrolling Interests

Noncontrolling Interests
	3 Months Ended Mar. 31, 2010
Noncontrolling Interests	Note 9: 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 interest at fair value on the date of redemption. 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. In March 2010, we acquired all of the noncontrolling interest of one of our technology ventures, which had a carrying value of approximately $20 million, for approximately $9 million. The difference between the amount paid and the carrying value of the noncontrolling interest resulted in an increase of approximately $11 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) ThreeMonthsEndedMarch31, 2010 Net income attributable to Comcast Corporation $ 866 Transfers from (to) noncontrolling interests: Increase in Comcast Corporation additional paid-in capital resulting from the purchase of noncontrolling interest 11 Changes from net income attributable to Comcast Corporation and transfers from (to) noncontrolling interests $ 877

Equity

Equity
	3 Months Ended Mar. 31, 2010
Equity	Note 10: 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 Class A common stock at a discount through payroll deductions. In March 2010, we granted 30.9 million stock options and 8.4 million RSUs related to our annual management grant program. The fair values associated with these grants were $5.11 per stock option and $16.87 per RSU. Recognized Share-Based Compensation Expense Three Months EndedMarch 31 (in millions) 2010 2009 Stock options $ 28 $ 19 Restricted share units 35 13 Employee stock purchase plan 4 5 Total $ 67 $ 37 As of March 31, 2010, there was $429 million and $401 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 $15 million for the three months ended March 31, 2010. For the three months ended March 31, 2009, the employee cost was $17 million. Accumulated Other Comprehensive Income (Loss) ThreeMonthsEndedMarch 31 (in millions) 2010 2009 Unrealized gains (losses) on marketable securities $ 23 $ 22 Deferred gains (losses) on cash flow hedges (60 ) (79 ) Unrealized gains (losses) on employee benefit obligations (6 ) (31 ) Cumulative translation adjustments (4 ) (5 ) Accumulated other comprehensive income (loss), net of deferred taxes $ (47 ) $ (93 ) Deferred losses on cash flow hedges in the table above relate primarily to previous interest rate lock agreements entered into to fix the interest rates of certain of our debt obligations in advance of their issuance. As of March 31, 2010, 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.

Statement of Cash Flows - Suppl

Statement of Cash Flows - Supplemental Information
	3 Months Ended Mar. 31, 2010
Statement of Cash Flows - Supplemental Information	Note 11: 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. ThreeMonthsEndedMarch 31 (in millions) 2010 2009 Net income from consolidated operations $ 879 $ 778 Adjustments to reconcile net income from consolidated operations to net cash provided by operating activities: Depreciation 1,379 1,380 Amortization 251 253 Share-based compensation 82 54 Noncash interest expense (income), net 35 44 Equity in net (income) losses of affiliates, net 32 14 (Gains) losses on investments and noncash other (income) expense, net (67 ) 15 Deferred income taxes 214 Changes in operating assets and liabilities, net of effects of acquisitions and divestitures: Change in accounts receivable, net 143 143 Change in accounts payable and accrued expenses related to trade creditors (71 ) (94 ) Change in other operating assets and liabilities 240 (289 ) Net cash provided by operating activities $ 2,903 $ 2,512 Cash Payments for Interest and Income Taxes ThreeMonthsEndedMarch 31 (in millions) 2010 2009 Interest $ 615 $ 664 Income taxes $ 46 $ 161 Noncash Financing and Investing Activities During the three months ended March 31, 2010, we: recorded a liability of approximately $267million for a quarterly cash dividend of $0.0945 per common share paid in April 2010, which is a noncash financing activity acquired approximately $368 million of property and equipment and software that was accrued but unpaid, which is a noncash investing activity

Commitments and Contingencies

Commitments and Contingencies
	3 Months Ended Mar. 31, 2010
Commitments and Contingencies	Note 12: 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, which expires March 2011. Although there can be no assurance, we believe that this cable system will be able to support its debt compliance requirements on its own and that we will not be required to fund our obligation under this commitment. The total notional amount of our commitment was $410 million as of March 31, 2010, 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 customer base in the Boston Cluster area, and the potential class in the Pennsylvania case is our customer base in the Philadelphia and Chicago Clusters, as those terms are defined in the complaints. In each case, the plaintiffs allege that certain customer 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 customers 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. In January 2010, in its decision on the plaintiffs new motion, the Eastern District of Pennsylvania certified a class subject to certain limitations. In March 2010, we moved for summary judgment dismissing all of the plaintiffs claims in the Philadelphia Cluster. The plaintiffs claims concerning the other two clusters are stayed pending determination of the Philadelphia Cluster claims. We also are among the defendants in a purported class action filed in the United States District Court for the Central District of California 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 customers 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 customers on an unbundled basis. In October 2009, the Central District of California issued an order dismissing the plaintiffs complaint with prejudice. The plaintiffs have appealed that order to the Ninth Circuit Court of App

Financial Data by Business Segm

Financial Data by Business Segment
	3 Months Ended Mar. 31, 2010
Financial Data by Business Segment	Note 13: 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 the Cable segment. Our financial data by business segment is presented in the table below. (in millions) Cable(a)(b) Programming(c) CorporateandOther(d)(e) Eliminations(f) Total Three months ended March31, 2010 Revenue(g) $ 8,677 $ 385 $ 245 $ (105 ) $ 9,202 Operating income (loss) before depreciation and amortization(h) 3,542 121 (99 ) 1 3,565 Depreciation and amortization 1,555 54 29 (8 ) 1,630 Operating income (loss) 1,987 67 (128 ) 9 1,935 Capital expenditures 913 5 7 925 Three months ended March31, 2009 Revenue(g)(i)(j) $ 8,383 $ 361 $ 206 $ (84 ) $ 8,866 Operating income (loss) before depreciation and amortization(h)(i) 3,404 112 (70 ) (2 ) 3,444 Depreciation and amortization(i) 1,565 49 26 (7 ) 1,633 Operating income (loss)(i) 1,839 63 (96 ) 5 1,811 Capital expenditures 1,130 8 22 1,160 (a) Cable segment revenue was derived from the following services: ThreeMonthsEndedMarch 31 2010 2009 Video(j) 55.8 % 58.8 % High-speed Internet 23.9 % 22.8 % Phone 10.1 % 9.3 % Advertising(j) 4.2 % 3.5 % Franchise fees 2.8 % 2.8 % Other(j) 3.2 % 2.8 % Total 100.0 % 100.0 % Subscription revenue received from customers who purchase bundled services at a discounted rate is allocated proportionally to each service based on the individual services price on a stand-alone basis. (b) Our Cable segment includes our regional sports networks. (c) Our Programming segment consists primarily of our consolidated national programming networks, E!, Golf Channel, VERSUS, G4 and Style. (d) Corporate and Other activities include Comcast Interactive Media, Comcast Spectacor, a portion of operating results of our less than wholly owned technology development ventures (see (e) below), corporate activities and all other businesses not presented in our Cable or Programming segme

Condensed Consolidating Financi

Condensed Consolidating Financial Information
	3 Months Ended Mar. 31, 2010
Condensed Consolidating Financial Information	Note 14: 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. Comcast Corporation provides an unconditional subordinated guarantee of 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 consolidated financial information for all periods presented. Our condensed consolidating financial information is presented in the tables below. Condensed Consolidating Balance Sheet March 31, 2010 (in millions) Comcast Parent CCCL Parent Combined CCHMO Parents Comcast Holdings Non- Guarantor Subsidiaries Elimination and Consolidation Adjustments Consolidated Comcast Corporation ASSETS Cash and cash equivalents $ $ $ $ $ 3,483 $ $ 3,483 Investments 41 41 Accounts receivable, net 1,581 1,581 Other current assets 174 2 687 863 Total current assets 174 2 5,792 5,968 Investments 6,267 6,267 Investments in and amounts due from subsidiaries eliminated upon consolidation 67,011 82,244 47,649 71,945 5,117 (273,966 ) Property and equipment, net 292 23,149 23,441 Franchise rights 59,452 59,452 Goodwill 15,029 15,029 Other intangible assets, net 10 3,966 3,976 Other noncurrent assets, net 1,055 20 1 6 839 (634 ) 1,287 Total assets $ 68,542 $ 82,266 $ 47,650 $ 71,951 $ 119,611 $ (274,600 ) $ 115,420 LIABILITIES AND EQUITY Accounts payable and accrue