Comcast 2011 Annual Report Download - page 119

Components of Net Deferred Tax Liability
December 31 (in millions) 2011 2010
Deferred Tax Assets:
Net operating loss carryforwards $ 468 $ 343
Differences between book and tax basis of long-term debt 114 123
Nondeductible accruals and other 1,583 1,301
Less: Valuation allowance 297 207
1,868 1,560
Deferred Tax Liabilities:
Differences between book and tax basis of property and equipment and intangible assets 29,185 28,468
Differences between book and tax basis of investments 616 627
Differences between book and tax basis of indexed debt securities 560 537
Differences between book and tax outside basis of NBCUniversal 1,214 —
31,575 29,632
Net deferred tax liability $ 29,707 $ 28,072
Changes in net deferred income tax liabilities in 2011 that were not recorded as deferred income tax expense
are related to decreases of $32 million associated with items included in other comprehensive income (loss)
and to increases associated with the NBCUniversal transaction of $611 million. We accrued deferred tax
expense of $85 million for our allocable share of NBCUniversal’s undistributed foreign income. Our net
deferred tax liability includes $23 billion related to franchise rights that will remain unchanged unless we
recognize an impairment or dispose of a franchise.
Net deferred tax assets included in current assets are primarily related to our current investments and current
liabilities. As of December 31, 2011, we had federal net operating loss carryforwards of $166 million and vari-
ous state net operating loss carryforwards that expire in periods through 2031. As of December 31, 2011, we
also had foreign net operating loss carryforwards of $271 million, the majority of which expire in periods
through 2021, related to the foreign operations of NBCUniversal. The determination of the realization of the
state net operating loss carryforwards is dependent on our subsidiaries’ taxable income or loss, apportion-
ment percentages, and state laws that can change from year to year and impact the amount of such
carryforwards. We recognize a valuation allowance if we determine it is more likely than not that some por-
tion, or all, of a deferred tax asset will not be realized. As of December 31, 2011 and 2010, our valuation
allowance was related primarily to state and foreign net operating loss carryforwards. In 2011, 2010 and
2009, income tax benefits (expense) attributable to share-based compensation of approximately $(38) million,
$(3) million and $14 million, respectively, were allocated to shareholders’ equity.
Uncertain Tax Positions
Our uncertain tax positions as of December 31, 2011 totaled $1.4 billion, excluding the federal benefits on
state tax positions that have been recorded as deferred income taxes, including $50 million related to tax
positions of NBCUniversal for which we have been indemnified by GE. If we were to recognize the tax benefit
for our uncertain tax positions in the future, approximately $1.1 billion would impact our effective tax rate and
the remaining amount would increase our deferred income tax liability.
117 Comcast 2011 Annual Report on Form 10-K