Comcast 2011 Annual Report Download - page 108
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ologies, or similar techniques, as well as instruments for which the determination of fair
value requires significant management judgment or estimation.
Our assessment of the significance of a particular input to the fair value measurement requires judgment and
may affect the valuation of financial instruments and their classification within the fair value hierarchy. Finan-
cial instruments are classified in their entirety based on the lowest level of input that is significant to the fair
value measurement. There have been no changes in the classification of any financial instruments within the
fair value hierarchy in the periods presented. Our financial instruments that are accounted for at fair value on
a recurring basis are presented in the table below.
Recurring Fair Value Measures
Fair Value as of December 31, 2011 Fair Value as of December 31, 2010
(in millions) Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total
Assets
Trading securities $ 2,895 $ — $ — $ 2,895 $ 2,688 $ — $ — $ 2,688
Available-for-sale
securities 90 20 21 131 126 — — 126
Equity warrants —— 2 2——1 1
Interest rate swap
agreements — 246 — 246 — 232 — 232
Foreign exchange
contracts —10—10————
$ 2,985 $ 276 $ 23 $ 3,284 $ 2,814 $ 232 $ 1 $ 3,047
Liabilities
Derivative component of
prepaid forward sale
agreements and
indexed debt
instruments $ — $ 1,234 $ — $ 1,234 $ — $ 1,029 $ — $ 1,029
Contingent consideration — — 583 583 ————
Contractual obligations — — 1,004 1,004 ————
Cross-currency swap
agreements —69—69—29—29
Foreign exchange
contracts —8—8————
$ — $ 1,311 $ 1,587 $ 2,898 $ — $ 1,058 $ — $ 1,058
Our financial instruments included in Level 3 primarily consist of contingent consideration and contractual
obligations assumed as a result of the NBCUniversal and Universal Orlando transactions. See Note 4 and 19
for additional information on these obligations.
We have assets and liabilities required to be recorded at fair value on a nonrecurring basis when certain cir-
cumstances occur. In the case of film production costs, upon the occurrence of an event or change in
circumstance that may indicate that the fair value of a film is less than its unamortized costs, we determine
the fair value of the film and record an impairment charge for the amount by which the unamortized cap-
italized costs exceed the film’s fair value. The estimate of fair value of a film production is determined using
Level 3 inputs, primarily an analysis of future expected cash flows. Impairment charges of $57 million were
recorded in 2011 as a result of this analysis. In 2010, we recorded impairment charges to goodwill of $76
Comcast 2011 Annual Report on Form 10-K 106