Comcast 2011 Annual Report Download - page 128

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Note 21: Quarterly Financial Information (Unaudited)
(in millions, except per share data)
First
Quarter
Second
Quarter
Third
Quarter
Fourth
Quarter
Total
Year
2011
Revenue $ 12,128 $ 14,333 $ 14,339 $ 15,042 $ 55,842
Operating income $ 2,224 $ 2,938 $ 2,641 $ 2,918 $ 10,721
Net income attributable to Comcast Corporation $ 943 $ 1,022 $ 908 $ 1,287 $ 4,160
Basic earnings per common share attributable to
Comcast Corporation shareholders $ 0.34 $ 0.37 $ 0.33 $ 0.47 $ 1.51
Diluted earnings per common share attributable to
Comcast Corporation shareholders $ 0.34 $ 0.37 $ 0.33 $ 0.47 $ 1.50
Dividends declared per common share attributable to
Comcast Corporation shareholders $ 0.1125 $ 0.1125 $ 0.1125 $ 0.1125 $ 0.45
2010
Revenue $ 9,202 $ 9,525 $ 9,489 $ 9,721 $ 37,937
Operating income $ 1,935 $ 2,078 $ 1,954 $ 2,013 $ 7,980
Net income attributable to Comcast Corporation $ 866 $ 884 $ 867 $ 1,018 $ 3,635
Basic earnings per common share attributable to
Comcast Corporation shareholders $ 0.31 $ 0.31 $ 0.31 $ 0.37 $ 1.29
Diluted earnings per common share attributable to
Comcast Corporation shareholders $ 0.31 $ 0.31 $ 0.31 $ 0.36 $ 1.29
Dividends declared per common share attributable to
Comcast Corporation shareholders $ 0.0945 $ 0.0945 $ 0.0945 $ 0.0945 $ 0.378
Note 22: Condensed Consolidating Financial Information
Comcast Corporation and four of our 100% 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 other’s debt securities. Comcast MO Group, CCH and Comcast MO of Delaware are collec-
tively referred to as the “Combined CCHMO Parents.” The debt securities of the entities within the guarantee
structure have the following maturities: $580 million in 2012; $2.4 billion in 2013; $1.1 billion in 2014;
$2.3 billion in 2015; $1.8 billion in 2016; and $20.6 billion thereafter.
Comcast Corporation provides an unconditional subordinated guarantee of the $185 million principal amount
currently outstanding of Comcast Holdings’ ZONES due October 2029 and the $202 million principal amount
currently outstanding of Comcast Holdings’ 105/8% senior subordinated debentures due 2012. Comcast
Corporation does not guarantee the $62 million principal amount currently outstanding of Comcast Holdings’
ZONES due November 2029.
As a result of the NBCUniversal transaction on January 28, 2011, our investments in NBCUniversal Holdings
are held by the Comcast parent and Comcast Holdings. Certain entities of the Comcast Content Business
were subsidiaries of Comcast Holdings. Since these entities were contributed to NBCUniversal Holdings, they
are included with the Comcast Parent’s investment in NBCUniversal Holdings. However, the operations of
these businesses are presented in the nonguarantor subsidiaries column. Effective October 2011, NBCUni-
versal provided an unconditional guarantee of Universal Orlando’s senior and senior subordinated notes due
2015 and 2016. Comcast Corporation does not guarantee this obligation. The operations of NBCUniversal
and Universal Orlando are presented in the nonguarantor subsidiaries column. Our condensed consolidating
financial information is presented in the tables below.
Comcast 2011 Annual Report on Form 10-K 126