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Headquarters, Other and Eliminations
Headquarters and Other operating costs and expenses incurred by our NBCUniversal businesses include
overhead, employee benefit expenses, expenses related to the NBCUniversal transaction and corporate ini-
tiatives. Our pro forma combined operating costs and expenses increased in 2011 primarily due to
transaction-related costs, including severance and other compensation-related costs.
Eliminations include the results of operations for Universal Orlando for the period January 29, 2011 through
June 30, 2011. Our Theme Parks segment includes the results of operations of Universal Orlando for this
period because these amounts reflect our current segment performance measure. These amounts are not
included when we measure total NBCUniversal and our consolidated results of operations because we
recorded Universal Orlando as an equity method investment for the period January 29, 2011 through
June 30, 2011.
Consolidated Other Income (Expense) Items
Year ended December 31 (in millions) 2011 2010 2009
Interest expense $ (2,505) $ (2,156) $ (2,348)
Investment income (loss), net 159 288 282
Equity in net income (losses) of investees, net (35) (141) (64)
Other income (expense), net (133) 133 22
Total $ (2,514) $ (1,876) $ (2,108)
Interest Expense
Interest expense increased in 2011 primarily due to the effects of the NBCUniversal and Universal Orlando
transactions and the consolidation of their respective outstanding debt obligations. Interest expense
decreased in 2010 primarily due to $175 million of early extinguishment losses, net of early extinguishment
gains, associated with the repayment of debt obligations prior to their scheduled maturity that were recog-
nized in 2009.
Investment Income (Loss), Net
The components of investment income (loss), net for 2011, 2010 and 2009 are presented in a table in Note 6
to our consolidated financial statements. We have entered into derivative financial instruments that we
account for at fair value and that economically hedge the market price fluctuations in the common stock of
substantially all of our investments accounted for as trading securities and available-for-sale securities. The
differences between the unrealized gains or losses on securities underlying prepaid forward sale agreements
and the mark to market adjustments on the derivative component of prepaid forward sale agreements result
from one or more of the following:
• there were unusual changes in the derivative valuation assumptions such as interest rates,
volatility and dividend policy
• the magnitude of the difference between the market price of the underlying security to
which the derivative relates and the strike price of the derivative
• the change in the time value component of the derivative value during the period
• the security to which the derivative relates changed due to a corporate reorganization of the
issuing company to a security with a different volatility rate
61 Comcast 2011 Annual Report on Form 10-K