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The comparability of our consolidated results of operations was impacted by the NBCUniversal transaction,
which closed on January 28, 2011, and the Universal Orlando transaction, which closed on July 1, 2011.
NBCUniversal’s and Universal Orlando’s results of operations are included in our consolidated financial
statements following their respective acquisition dates.
2011 Consolidated Operating Results
Revenue
Cable
Communications
Segment
NBCUniversal
Segments
Operating Income Before
Depreciation and Amortization
Operating Income
Consolidated Revenue
The increase in consolidated revenue for 2011 was primarily due to the NBCUniversal transaction and an
increase in our Cable Communications segment revenue. The NBCUniversal contributed businesses
accounted for $14.5 billion of the increase in consolidated revenue. In 2010, our Cable Communications
segment and our Cable Networks segment accounted for substantially all of the increase in consolidated
revenue. The remaining changes in consolidated revenue for both 2011 and 2010 related to our other busi-
ness activities, primarily Comcast Spectacor. Revenue for our Cable Communications and NBCUniversal
segments are discussed separately under the heading “Segment Operating Results.”
Consolidated Operating Costs and Expenses
The increase in consolidated operating costs and expenses for 2011 was primarily due to the NBCUniversal
transaction and an increase in our Cable Communications segment. The NBCUniversal contributed busi-
nesses accounted for $12.3 billion of the increase in consolidated operating costs and expenses. For 2010,
our Cable Communications segment and our Cable Networks segment accounted for substantially all of the
increase in consolidated operating costs and expenses. The remaining changes in consolidated operating
costs and expenses for both 2011 and 2010 related to our other business activities, primarily Comcast Spec-
tacor, and costs associated with the NBCUniversal transaction. Operating costs and expenses for our Cable
Communications and NBCUniversal segments are discussed separately under the heading “Segment Operat-
ing Results.”
Consolidated Depreciation and Amortization
Consolidated depreciation and amortization increased for 2011 primarily as a result of the NBCUniversal trans-
action. For 2011, $976 million of the increases in consolidated depreciation and amortization were related to
the addition of the NBCUniversal contributed businesses, including the impact of acquisition accounting
adjustments, as well as from the addition of Universal Orlando since July 2011.
Depreciation expense for 2010 remained relatively stable primarily due to decreases in capital spending in
recent years. The increase in amortization expense for 2010 was primarily related to goodwill impairment
charges taken in our Cable Networks segment totaling $76 million.
47 Comcast 2011 Annual Report on Form 10-K