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Comcast Corporation
2011 Annual Report on Form 10-K
Table of Contents
PART I
Item 1 Business 1
Item 1A Risk Factors 28
Item 1B Unresolved Staff Comments 37
Item 2 Properties 37
Item 3 Legal Proceedings 38
Item 4 Mine Safety Disclosures 38
PART II
Item 5 Market for the Registrant’s Common Equity, Related Stockholder Matters and Issuer
Purchases of Equity Securities 39
Item 6 Selected Financial Data 42
Item 7 Management’s Discussion and Analysis of Financial Condition and Results of Operations 43
Item 7A Quantitative and Qualitative Disclosures About Market Risk 71
Item 8 Financial Statements and Supplementary Data 74
Item 9 Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 135
Item 9A Controls and Procedures 135
Item 9B Other Information 135
PART III
Item 10 Directors, Executive Officers and Corporate Governance 136
Item 11 Executive Compensation 137
Item 12 Security Ownership of Certain Beneficial Owners and Management and Related Stockholder
Matters 137
Item 13 Certain Relationships and Related Transactions, and Director Independence 137
Item 14 Principal Accountant Fees and Services 137
PART IV
Item 15 Exhibits and Financial Statement Schedules 138
Signatures 143
This Annual Report on Form 10-K is for the year ended December 31, 2011. This Annual Report on Form
10-K modifies and supersedes documents filed before it. The Securities and Exchange Commission (“SEC”)
allows us to “incorporate by reference” information that we file with them, which means that we can disclose
important information to you by referring you directly to those documents. Information incorporated by refer-
ence is considered to be part of this Annual Report on Form 10-K. In addition, information that we file with
the SEC in the future will automatically update and supersede information contained in this Annual Report on
Form 10-K. Throughout this Annual Report on Form 10-K, we refer to Comcast Corporation as “Comcast;”
Comcast and its consolidated subsidiaries, including NBCUniversal following the closing of our transaction on
January 28, 2011, as “we,” “us” and “our;” and Comcast Holdings Corporation as “Comcast Holdings.”
Our registered trademarks include Comcast, NBCUniversal and the Comcast and NBCUniversal logos. This
Annual Report on Form 10-K also contains other trademarks, service marks and trade names owned by us,
as well as those owned by others.