Comcast 2011 Annual Report Download - page 67

Cable Communications capital expenditures decreased slightly in 2011 primarily due to fewer equipment
purchases and improved equipment pricing, partially offset by increased investment in business services and
network capacity. Cable Communications capital expenditures decreased 3.5% in 2010 primarily due to
improved equipment pricing, partially offset by increased investment in business services and strategic ini-
tiatives such as our all digital conversion and the continued deployment of DOCSIS 3.0 wideband technology.
Capital expenditures in our NBCUniversal segments were not significant in 2011.
Capital expenditures for 2012 and for subsequent years will depend on numerous factors, including acquis-
itions, competition, changes in technology, regulatory changes and the timing and rate of deployment of new
services. In addition, we have invested and expect to continue to invest in existing and new attractions at our
theme parks.
Cash Paid for Intangible Assets
In 2011, cash paid for intangible assets consisted primarily of software, as well as payments associated with
the acquisition of intellectual property rights for use in our theme parks.
Acquisitions
On January 28, 2011, we closed the NBCUniversal transaction. On July 1, 2011, NBCUniversal acquired the
remaining 50% equity interest in Universal Orlando that it did not already own. Our 2010 and 2009 acquis-
itions were not significant. See Note 4 to our consolidated financial statements for additional information on
our acquisitions.
Proceeds from Sales of Businesses and Investments
In 2011, proceeds from sales of businesses and investments consisted primarily of the sale of the Phila-
delphia 76ers, NBCUniversal’s sale of a Spanish-language local television station, and other investments.
Purchases of Investments
In 2011, we did not purchase any individually significant investments. In 2010, purchases of investments
consisted primarily of the purchase of an equity method investment in the Houston Regional Sports Network.
In 2009, purchases of investments consisted primarily of our additional investment in Clearwire.
Financing Activities
Net cash used in financing activities consists primarily of repayments of debt, repurchases of our common
stock and dividend payments, offset by proceeds from borrowings, net of repayments. Proceeds from
borrowings fluctuate from year to year based on the amounts paid to fund acquisitions and debt repayments.
We have made, and may from time to time in the future make, optional repayments on our debt obligations,
which may include repurchases of our outstanding public notes and debentures, depending on various fac-
tors, such as market conditions.
See Note 9 to our consolidated financial statements for further discussion of our financing activities, including
details of our debt repayments and borrowings.
Share Repurchases and Dividends
In 2011, we repurchased 95 million shares of our Class A Special common stock for $2.1 billion, exhausting
the then remaining availability under our share repurchase authorization. In February 2012, our Board of
Directors approved a $6.5 billion share repurchase authorization, which does not have an expiration date.
Under this authorization, we may repurchase shares in the open market or in private transactions. We intend
to repurchase $3.0 billion during 2012, subject to market conditions.
65 Comcast 2011 Annual Report on Form 10-K