Comcast 2015 Annual Report Download - page 68

Acquisitions and Construction of Real Estate Properties
Acquisitions and construction of real estate properties in 2015 and 2014 include our investment in the con-
struction of the Comcast Innovation and Technology Center located in Philadelphia, Pennsylvania. In 2013,
acquisitions and construction of real estate properties included NBCUniversal’s purchases of the 30 Rock-
efeller Plaza properties it occupies and the property located at 10 Universal City Plaza, which is adjacent to
Universal Studios Hollywood in University City, California, and our purchase of an 80% interest in a business
whose primary asset is our corporate headquarters located in Philadelphia, Pennsylvania.
Acquisitions, Net of Cash Acquired
In November 2015, NBCUniversal acquired a 51% interest in Universal Studios Japan for $1.5 billion. The
acquisition was funded through cash on hand and borrowings under our commercial paper program.
Proceeds from Sales of Businesses and Investments
In 2015, proceeds from sales of businesses and investments were primarily related to the sale of our invest-
ment in TV One, LLC and the sale of a business, CTI Towers. In 2014, proceeds from sales of businesses
and investments were primarily related to the sale of our investment in Arris Group and the sale of equity
securities following the settlement of certain of our prepaid forward sale agreements. In 2013, proceeds from
sales of businesses and investments were primarily related to the redemption of our Liberty Media Series A
common stock by Liberty Media Corporation and the sale of our investment in Clearwire.
Purchases of Investments
Our purchases of investments in 2015 were primarily related to NBCUniversal’s investments in Vox Media,
Inc. and BuzzFeed, Inc. 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.
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 fac-
tors, 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 2015, we repurchased a total of 116 million shares of our Class A Special and Class A common stock for
$6.75 billion. Effective January 1, 2016, our Board of Directors increased our share repurchase program
authorization to a total of $10 billion, which does not have an expiration date. Under the authorization, we
may repurchase shares in the open market or in private transactions. We expect to repurchase $5 billion of
our Class A common stock during 2016, subject to market conditions.
Our Board of Directors declared quarterly dividends totaling $2.5 billion in 2015. We paid dividends of $2.4
billion in 2015. In January 2016, our Board of Directors approved an 10.0% increase in our dividend to $1.10
per share on an annualized basis and approved our first quarter dividend of $0.275 per share to be paid in
April 2016. We expect to continue to pay quarterly dividends, although each dividend is subject to approval
by our Board of Directors.
65 Comcast 2015 Annual Report on Form 10-K