Comcast 2014 Annual Report Download - page 79

Table of Contents
Return of Capital from Investees
Our return of capital from investees in 2014 was not significant. In 2013, our return of capital from investees consisted primarily of a
distribution received from The Weather Channel Holding Corp. In 2012, our return of capital from investees consisted primarily of
distributions received from the SpectrumCo transaction.
Purchases of Investments
Our purchases of investments in 2014 were not significant. In 2013, our purchases of investments were primarily related to equity
securities that were held as collateral for our prepaid forward sale agreements. Our purchases of investments in 2012 were not
significant.
Financing Activities
Net cash used in financing activities consisted primarily of repurchases of our common stock, repayments of debt and dividend
payments, which were partially offset by proceeds from new borrowings. 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 factors, such as market conditions. See Note
10 to Comcast’
s consolidated financial statements for additional information on our financing activities, including details of our debt
repayments and borrowings.
Share Repurchases and Dividends
In January 2014, our Board of Directors increased our share repurchase program authorization to $7.5 billion. The authorization
allows us to repurchase shares in the open market or in private transactions and does not have an expiration date. In 2014, we
repurchased a total of 81 million shares of our Class A Special and Class A common stock for $4.25 billion, which includes $1.25
billion of the additional $2.5 billion of shares we committed to repurchase following the shareholder approvals for the Time Warner
Cable merger. In addition, because we and Time Warner Cable have received shareholder approval for the merger, we intend to
repurchase an additional $1.25 billion of shares through the close of the Time Warner Cable merger in early 2015, subject to
market conditions. As of December 31, 2014, we had $3.25 billion remaining under the Board’s authorization.
In February 2015, our Board of Directors increased our share repurchase program authorization to $10 billion, which does not have
an expiration date. Under this authorization, we may repurchase shares in the open market or in private transactions. We expect to
repurchase $4.25 billion of shares during 2015, including the remaining $1.25 billion of additional shares we committed to
repurchase in connection with the Time Warner Cable merger, subject to market conditions. Additional share repurchases above
the $4.25 billion commitment in 2015 will be determined following the close of the Time Warner Cable merger and the related
divestiture transactions with Charter.
Our Board of Directors declared quarterly dividends totaling $2.3 billion in 2014. We paid dividends of $2.3 billion in 2014. In
February 2015, our Board of Directors approved an 11.1% increase in our dividend to $1.00 per share on an annualized basis and
approved our first quarter dividend of $0.25 per share to be paid in April 2015. We expect to continue to pay quarterly dividends,
although each dividend is subject to approval by our Board of Directors.
Comcast 2014 Annual Report on Form 10
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K
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