Comcast 2011 Annual Report Download - page 97

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Preliminary Allocation of Purchase Price
Because we now control Universal Orlando, we have applied acquisition accounting and its results of oper-
ations are included in our consolidated results of operations following the acquisition date.
The carrying value of our investment in Universal Orlando on July 1, 2011 was $1 billion, which approximated
its fair value and, therefore, no gain or loss was recognized as a result of the acquisition. The estimated fair
values of the assets and liabilities acquired are not yet final and are subject to change. We will finalize the
amounts recognized as we obtain the information necessary to complete the analysis, but no later than 1 year
from the acquisition date.
The table below presents the fair value of the consideration transferred and the preliminary allocation of pur-
chase price to the assets and liabilities of Universal Orlando.
Consideration Transferred
(in millions)
Cash $ 1,019
Fair value of 50% equity method investment in Universal Orlando 1,039
$ 2,058
Preliminary Allocation of Purchase Price
(in millions)
Property and equipment (see Note 7) $ 2,409
Intangible assets (see Note 8) 492
Working capital 242
Long-term debt (see Note 9) (1,505)
Deferred revenue (89)
Other noncurrent assets and liabilities (626)
Noncontrolling interests acquired (5)
Fair value of identifiable net assets acquired 918
Goodwill (see Note 8) 1,140
$ 2,058
Due to the partnership structure of NBCUniversal Holdings, goodwill is not deductible for tax purposes.
Unaudited Actual and Pro Forma Information
Our consolidated revenue and net income (loss) attributable to Comcast Corporation for the year ended
December 31, 2011 included $14.5 billion and $493 million, respectively, from the NBCUniversal contributed
businesses.
Our consolidated revenue and net income (loss) attributable to Comcast Corporation for the year ended
December 31, 2011 included $712 million and $42 million, respectively, from the acquisition of the remaining
50% equity interest in Universal Orlando.
The following unaudited pro forma information has been presented as if both the NBCUniversal transaction
and the Universal Orlando transaction occurred on January 1, 2010. This information is based on historical
results of operations, adjusted for the allocation of purchase price and other acquisition accounting adjust-
95 Comcast 2011 Annual Report on Form 10-K