Comcast 2013 Annual Report Download - page 165

Table of Contents
NBCUniversal Media, LLC
a significant adverse effect on the fair value of the investment, then the fair value is not estimated. If an investment is deemed to
have experienced an other-than-
temporary decline below its cost basis, we reduce the carrying amount of the investment to its
quoted or estimated fair value, as applicable, and establish a new cost basis for the investment. For our AFS and cost method
investments, we record the impairment to investment income (loss), net. For our equity method investments, we record the
impairment to other income (expense), net. During 2013, we recorded $249 million of impairment charges to our equity method
investments, which were primarily related to a regional sports cable network based in Houston, Texas.
Note 7: Property and Equipment
Property and equipment are stated at cost. We capitalize improvements that extend asset lives and expense repairs and
maintenance costs as incurred. We record depreciation using the straight-line method over the asset’
s estimated useful life. For
assets that are sold or retired, we remove the applicable cost and accumulated depreciation and, unless the gain or loss on
disposition is presented separately, we recognize it as a component of depreciation expense.
We evaluate the recoverability of our property and equipment whenever events or substantive changes in circumstances indicate
that the carrying amount may not be recoverable. The evaluation is based on the cash flows generated by the underlying asset
groups, including estimated future operating results, trends or other determinants of fair value. If the total of the expected future
undiscounted cash flows were less than the carrying amount of the asset group, we would recognize an impairment charge to the
extent the carrying amount of the asset group exceeded its estimated fair value. Unless presented separately, the impairment
charge is included as a component of depreciation expense.
Acquisitions of Real Estate Properties
Real estate acquisitions for 2013 primarily included our purchase from GE of certain properties we occupy at 30 Rockefeller Plaza
in New York City and CNBC’
s headquarters in Englewood Cliffs, New Jersey. The CNBC property was previously recorded as a
capital lease in our consolidated balance sheet. Other acquisitions included our purchase in September 2013 of a business whose
primary asset is a property located at 10 Universal City Plaza, which is adjacent to Universal Studios in Hollywood, California.
These purchases resulted in increases of $1.7 billion in property and equipment which are included, as applicable, within the
captions “buildings and leasehold improvements” and “land” in the table above.
Weighted-
Average
Original Useful Life
As of December 31, 2013
Successor
December 31 (in millions)
2013
2012
Buildings and leasehold improvements
20 years
$
5,239
$
3,223
Furniture, fixtures and equipment
6 years
2,383
1,961
Construction in process —
828
552
Land —
799
728
Property and equipment, at cost
9,249
6,464
Less: Accumulated depreciation
1,599
1,083
Property and equipment, net
$
7,650
$
5,381
Comcast 2013 Annual Report on Form 10
-
K
160