Document and Entity Information
Document and Entity Information | 3 Months Ended |
Mar. 31, 2019shares | |
Document And Entity Information [Line Items] | |
Entity Registrant Name | COMCAST CORP |
Entity Central Index Key | 0001166691 |
Trading Symbol | cmcsa |
Current Fiscal Year End Date | --12-31 |
Entity Filer Category | Large Accelerated Filer |
Entity Emerging Growth Company | false |
Entity Small Business | false |
Document Type | 10-Q |
Document Period End Date | Mar. 31, 2019 |
Document Fiscal Year Focus | 2019 |
Document Fiscal Period Focus | Q1 |
Amendment Flag | false |
NBCUniversal Media LLC [Member] | |
Document And Entity Information [Line Items] | |
Entity Registrant Name | NBCUniversal Media, LLC |
Entity Central Index Key | 0000902739 |
Entity Filer Category | Non-accelerated Filer |
Entity Emerging Growth Company | false |
Entity Small Business | false |
Class A Common Stock [Member] | |
Document And Entity Information [Line Items] | |
Entity Common Stock, Shares Outstanding | 4,529,070,833 |
Class B Common Stock [Member] | |
Document And Entity Information [Line Items] | |
Entity Common Stock, Shares Outstanding | 9,444,375 |
Condensed Consolidated Statemen
Condensed Consolidated Statement of Income - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Revenue | $ 26,859 | $ 22,791 |
Costs and Expenses: | ||
Programming and production | 8,569 | 7,429 |
Other operating and administrative | 7,900 | 6,514 |
Advertising, marketing and promotion | 1,888 | 1,604 |
Depreciation | 2,240 | 2,011 |
Amortization | 1,080 | 588 |
Total costs and expenses | 21,677 | 18,146 |
Operating income | 5,182 | 4,645 |
Interest expense | (1,150) | (777) |
Investment and other income (loss), net | 676 | 126 |
Income before income taxes | 4,708 | 3,994 |
Income tax expense | (1,076) | (818) |
Net income | 3,632 | 3,176 |
Less: Net income (loss) attributable to noncontrolling interests and redeemable subsidiary preferred stock | 79 | 58 |
Net income attributable to Comcast Corporation | $ 3,553 | $ 3,118 |
Basic earnings per common share attributable to Comcast Corporation shareholders (in dollars per share) | $ 0.78 | $ 0.67 |
Diluted earnings per common share attributable to Comcast Corporation shareholders (in dollars per share) | $ 0.77 | $ 0.66 |
NBCUniversal Media LLC [Member] | ||
Revenue | $ 8,345 | $ 9,530 |
Costs and Expenses: | ||
Programming and production | 3,434 | 4,573 |
Other operating and administrative | 1,882 | 1,972 |
Advertising, marketing and promotion | 682 | 700 |
Depreciation | 243 | 242 |
Amortization | 272 | 268 |
Total costs and expenses | 6,513 | 7,755 |
Operating income | 1,832 | 1,775 |
Interest expense | (131) | (127) |
Investment and other income (loss), net | 240 | (4) |
Income before income taxes | 1,941 | 1,644 |
Income tax expense | (103) | (91) |
Net income | 1,838 | 1,553 |
Less: Net income attributable to noncontrolling interests | 54 | 40 |
Net income attributable to Comcast Corporation | $ 1,784 | $ 1,513 |
Condensed Consolidated Statem_2
Condensed Consolidated Statement of Comprehensive Income - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Net income | $ 3,632 | $ 3,176 |
Unrealized gains (losses) on marketable securities, net of deferred taxes | 1 | (1) |
Deferred gains (losses) on cash flow hedges, net of deferred taxes | (59) | 29 |
Amounts reclassified to net income: | ||
Realized (gains) losses on cash flow hedges, net of deferred taxes | 58 | (20) |
Employee benefit obligations, net of deferred taxes | (7) | (8) |
Currency translation adjustments, net of deferred taxes | 807 | 157 |
Comprehensive income | 4,432 | 3,333 |
Less: Net income (loss) attributable to noncontrolling interests and redeemable subsidiary preferred stock | 79 | 58 |
Less: Other comprehensive income (loss) attributable to noncontrolling interests | 10 | 4 |
Comprehensive income (loss) attributable to Comcast Corporation | 4,343 | 3,271 |
NBCUniversal Media LLC [Member] | ||
Net income | 1,838 | 1,553 |
Deferred gains (losses) on cash flow hedges, net of deferred taxes | (1) | (13) |
Amounts reclassified to net income: | ||
Employee benefit obligations, net of deferred taxes | (2) | (4) |
Currency translation adjustments, net of deferred taxes | (19) | 204 |
Comprehensive income | 1,816 | 1,740 |
Less: Net income attributable to noncontrolling interests | 54 | 40 |
Less: Other comprehensive income (loss) attributable to noncontrolling interests | 10 | 4 |
Comprehensive income (loss) attributable to Comcast Corporation | $ 1,752 | $ 1,696 |
Condensed Consolidated Statem_3
Condensed Consolidated Statement of Comprehensive Income (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Statement of Comprehensive Income [Abstract] | ||
Unrealized gains (losses) on marketable securities, deferred taxes | $ 0 | $ 0 |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification, Tax | (9) | 9 |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, Tax | (11) | 6 |
Employee benefit obligations, deferred taxes | 3 | 2 |
Currency translation adjustments, deferred taxes | $ (12) | $ (47) |
Condensed Consolidated Statem_4
Condensed Consolidated Statement of Cash Flows - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Operating Activities | ||
Net income | $ 3,632 | $ 3,176 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 3,320 | 2,599 |
Share-based compensation | 245 | 199 |
Noncash interest expense (income), net | 77 | 75 |
Net (gain) loss on investment activity and other | (498) | (74) |
Deferred income taxes | 271 | 389 |
Changes in operating assets and liabilities, net of effects of acquisitions and divestitures: | ||
Current and noncurrent receivables, net | 449 | 85 |
Film and television costs, net | 559 | (45) |
Accounts payable and accrued expenses related to trade creditors | (574) | 200 |
Other operating assets and liabilities | (250) | (1,130) |
Net cash provided by operating activities | 7,231 | 5,474 |
Investing Activities | ||
Capital expenditures | (2,092) | (1,973) |
Cash paid for intangible assets | (547) | (419) |
Acquisitions and construction of real estate properties | (16) | (59) |
Construction of Universal Beijing Resort | (220) | (42) |
Acquisitions, net of cash acquired | (48) | (89) |
Proceeds from sales of investments | 37 | 81 |
Purchases of investments | (439) | (220) |
Other | 99 | 429 |
Net cash provided by (used in) investing activities | (3,226) | (2,292) |
Financing Activities | ||
Proceeds from (repayments of) short-term borrowings, net | (1,288) | (902) |
Proceeds from borrowings | 222 | 4,043 |
Repurchases and repayments of debt | (2,084) | (1,265) |
Repurchases of common stock under repurchase program and employee plans | (247) | (1,729) |
Dividends paid | (869) | (738) |
Distributions to noncontrolling interests and dividends for redeemable subsidiary preferred stock | (85) | (79) |
Other | 26 | 94 |
Net cash provided by (used in) financing activities | (4,325) | (576) |
Impact of foreign currency on cash, cash equivalents and restricted cash | 8 | 0 |
Increase (decrease) in cash, cash equivalents and restricted cash | (312) | 2,606 |
Cash, cash equivalents and restricted cash, beginning of period | 3,909 | 3,571 |
Cash, cash equivalents and restricted cash, end of period | 3,597 | 6,177 |
NBCUniversal Media LLC [Member] | ||
Operating Activities | ||
Net income | 1,838 | 1,553 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 515 | 510 |
Net (gain) loss on investment activity and other | (164) | 24 |
Deferred income taxes | 9 | 1 |
Changes in operating assets and liabilities, net of effects of acquisitions and divestitures: | ||
Current and noncurrent receivables, net | 25 | (200) |
Film and television costs, net | 17 | (47) |
Accounts payable and accrued expenses related to trade creditors | (86) | (24) |
Other operating assets and liabilities | (503) | (551) |
Net cash provided by operating activities | 1,651 | 1,266 |
Investing Activities | ||
Capital expenditures | (453) | (269) |
Cash paid for intangible assets | (71) | (130) |
Note receivable from Comcast | (870) | 0 |
Construction of Universal Beijing Resort | (220) | (42) |
Purchases of investments | (323) | (133) |
Other | 28 | (71) |
Net cash provided by (used in) investing activities | (1,909) | (645) |
Financing Activities | ||
Proceeds from borrowings | 285 | 10 |
Repurchases and repayments of debt | (56) | (55) |
Proceeds from (repayments of) borrowings from Comcast, net | 14 | (547) |
Distributions to member | (238) | (195) |
Distributions to noncontrolling interests | (69) | (62) |
Other | (6) | 107 |
Net cash provided by (used in) financing activities | (70) | (742) |
Increase (decrease) in cash, cash equivalents and restricted cash | (328) | (121) |
Cash, cash equivalents and restricted cash, beginning of period | 1,464 | 2,377 |
Cash, cash equivalents and restricted cash, end of period | $ 1,136 | $ 2,256 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheet - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 |
Current Assets: | ||
Cash and cash equivalents | $ 3,498 | $ 3,814 |
Receivables, net | 10,736 | 11,104 |
Programming rights | 2,942 | 3,746 |
Other current assets | 3,097 | 3,184 |
Total current assets | 20,273 | 21,848 |
Film and television costs | 8,051 | 7,837 |
Investments | 9,159 | 7,883 |
Property and equipment, net | 45,721 | 44,437 |
Franchise rights | 59,365 | 59,365 |
Goodwill | 68,073 | 66,154 |
Other intangible assets, net | 36,902 | 38,358 |
Other noncurrent assets, net | 8,645 | 5,802 |
Total assets | 256,189 | 251,684 |
Current Liabilities: | ||
Accounts payable and accrued expenses related to trade creditors | 10,232 | 8,494 |
Accrued participations and residuals | 1,739 | 1,808 |
Deferred revenue | 2,485 | 2,182 |
Accrued expenses and other current liabilities | 8,832 | 10,721 |
Current portion of long-term debt | 4,629 | 4,398 |
Total current liabilities | 27,917 | 27,603 |
Long-term debt, less current portion | 104,464 | 107,345 |
Deferred income taxes | 27,819 | 27,589 |
Other noncurrent liabilities | 18,811 | 15,329 |
Commitments and contingencies (Note 11) | ||
Redeemable noncontrolling interests | 1,316 | 1,316 |
Equity: | ||
Preferred stock—authorized, 20,000,000 shares; issued, zero | 0 | 0 |
Common stock | 54 | 54 |
Additional paid-in capital | 37,621 | 37,461 |
Retained earnings | 44,379 | 41,983 |
Treasury stock, 872,791,028 Class A common shares | (7,517) | (7,517) |
Accumulated other comprehensive income (loss) | 422 | (368) |
Total Comcast Corporation shareholders’ equity | 74,959 | 71,613 |
Noncontrolling interests | 903 | 889 |
Total equity | 75,862 | 72,502 |
Total liabilities and equity | 256,189 | 251,684 |
NBCUniversal Media LLC [Member] | ||
Current Assets: | ||
Cash and cash equivalents | 1,114 | 1,444 |
Receivables, net | 7,270 | 7,293 |
Programming rights | 1,303 | 1,323 |
Note receivable from Comcast | 2,925 | 2,054 |
Other current assets | 1,185 | 1,133 |
Total current assets | 13,797 | 13,247 |
Film and television costs | 7,302 | 7,292 |
Investments | 2,067 | 1,680 |
Property and equipment, net | 13,767 | 13,189 |
Goodwill | 24,078 | 24,118 |
Intangible assets, net | 13,532 | 13,666 |
Other noncurrent assets, net | 3,454 | 1,822 |
Total assets | 77,997 | 75,014 |
Current Liabilities: | ||
Accounts payable and accrued expenses related to trade creditors | 1,954 | 1,933 |
Accrued participations and residuals | 1,739 | 1,808 |
Program obligations | 856 | 965 |
Deferred revenue | 1,331 | 1,118 |
Accrued expenses and other current liabilities | 1,925 | 2,195 |
Note payable to Comcast | 68 | 54 |
Current portion of long-term debt | 138 | 151 |
Total current liabilities | 8,011 | 8,224 |
Long-term debt, less current portion | 13,003 | 12,731 |
Accrued participations, residuals and program obligations | 1,672 | 1,712 |
Other noncurrent liabilities | 6,635 | 5,177 |
Commitments and contingencies (Note 11) | ||
Redeemable noncontrolling interests | 382 | 389 |
Equity: | ||
Member’s capital | 47,164 | 45,618 |
Accumulated other comprehensive income (loss) | 222 | 254 |
Total NBCUniversal member’s equity | 47,386 | 45,872 |
Noncontrolling interests | 908 | 909 |
Total equity | 48,294 | 46,781 |
Total liabilities and equity | 77,997 | 75,014 |
Class A Common Stock [Member] | ||
Equity: | ||
Common stock | 54 | 54 |
Class B Common Stock [Member] | ||
Equity: | ||
Common stock | $ 0 | $ 0 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheet (Parenthetical) - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 |
Property and equipment - accumulated depreciation | $ 51,932 | $ 51,306 |
Other intangible assets - accumulated amortization | $ 15,042 | $ 14,194 |
Preferred stock, shares authorized (in shares) | 20,000,000 | 20,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
NBCUniversal Media LLC [Member] | ||
Property and equipment - accumulated depreciation | $ 5,203 | $ 4,994 |
Other intangible assets - accumulated amortization | $ 8,861 | $ 8,590 |
Class A Common Stock [Member] | ||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 7,500,000,000 | 7,500,000,000 |
Common stock, shares issued (in shares) | 5,401,861,861 | 5,389,309,175 |
Common stock, shares outstanding (in shares) | 4,529,070,833 | 4,516,518,147 |
Treasury stock (in shares) | 872,791,028 | 872,791,028 |
Class B Common Stock [Member] | ||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 75,000,000 | 75,000,000 |
Common stock, shares issued (in shares) | 9,444,375 | 9,444,375 |
Common stock, shares outstanding (in shares) | 9,444,375 | 9,444,375 |
Condensed Consolidated Statem_5
Condensed Consolidated Statement of Changes in Equity - USD ($) $ in Millions | Total | Redeemable Noncontrolling Interests and Redeemable Subsidiary Preferred Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Treasury Stock at Cost [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Noncontrolling Interest [Member] | NBCUniversal Media LLC [Member] | NBCUniversal Media LLC [Member]Redeemable Noncontrolling Interest [Member] | NBCUniversal Media LLC [Member]Member's Capital [Member] | NBCUniversal Media LLC [Member]Accumulated Other Comprehensive Income (Loss) [Member] | NBCUniversal Media LLC [Member]Noncontrolling Interest [Member] | Class A Common Stock [Member]Common Stock [Member] | Class B Common Stock [Member]Common Stock [Member] |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||
Cumulative effects of adoption of accounting standards | $ 33 | $ (43) | $ 76 | $ 0 | $ (232) | $ 232 | ||||||||
Beginning balance at Dec. 31, 2017 | 69,459 | $ 37,497 | 38,202 | $ (7,517) | 379 | $ 843 | $ 55 | $ 0 | ||||||
Beginning balance at Dec. 31, 2017 | 43,041 | 42,148 | (20) | $ 913 | ||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||
Stock compensation plans | 127 | 127 | ||||||||||||
Repurchases of common stock under repurchase program and employee plans | (1,726) | (294) | (1,432) | |||||||||||
Employee stock purchase plans | 48 | 48 | ||||||||||||
Dividends declared | (884) | (884) | (195) | (195) | ||||||||||
Other comprehensive income (loss) | 157 | 153 | 4 | 188 | 184 | 4 | ||||||||
Contributions from (distributions to) noncontrolling interests, net | 350 | 350 | 346 | 346 | ||||||||||
Other | (6) | (3) | (3) | (10) | (6) | (4) | ||||||||
Net income (loss) | 3,152 | 3,118 | 34 | 1,540 | 1,513 | 27 | ||||||||
Ending balance at Mar. 31, 2018 | 70,710 | 37,375 | 38,961 | (7,517) | 608 | 1,228 | 55 | 0 | ||||||
Ending balance at Mar. 31, 2018 | 44,910 | 43,228 | 396 | 1,286 | ||||||||||
Beginning balance at Dec. 31, 2017 | $ 1,357 | $ 409 | ||||||||||||
Increase (Decrease) in Temporary Equity [Roll Forward] | ||||||||||||||
Contributions from (distributions to) noncontrolling interests, net | (17) | (17) | ||||||||||||
Other | (10) | |||||||||||||
Net income (loss) | 24 | 13 | ||||||||||||
Ending balance at Mar. 31, 2018 | 1,354 | 405 | ||||||||||||
Beginning balance at Dec. 31, 2018 | 72,502 | 37,461 | 41,983 | (7,517) | (368) | 889 | 54 | 0 | ||||||
Beginning balance at Dec. 31, 2018 | 46,781 | 45,618 | 254 | 909 | ||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||
Stock compensation plans | 174 | 174 | ||||||||||||
Repurchases of common stock under repurchase program and employee plans | (255) | (62) | (193) | |||||||||||
Employee stock purchase plans | 48 | 48 | ||||||||||||
Dividends declared | (964) | (964) | (238) | (238) | ||||||||||
Other comprehensive income (loss) | 800 | 790 | 10 | (22) | (32) | 10 | ||||||||
Contributions from (distributions to) noncontrolling interests, net | (46) | (46) | (46) | (46) | ||||||||||
Other | (1) | (1) | (3) | (3) | ||||||||||
Net income (loss) | 3,604 | 3,553 | 51 | 1,822 | 1,784 | 38 | ||||||||
Ending balance at Mar. 31, 2019 | 75,862 | $ 37,621 | $ 44,379 | $ (7,517) | $ 422 | $ 903 | $ 54 | $ 0 | ||||||
Ending balance at Mar. 31, 2019 | 48,294 | $ 47,164 | $ 222 | $ 908 | ||||||||||
Beginning balance at Dec. 31, 2018 | 1,316 | 1,316 | 389 | 389 | ||||||||||
Increase (Decrease) in Temporary Equity [Roll Forward] | ||||||||||||||
Contributions from (distributions to) noncontrolling interests, net | (20) | (23) | ||||||||||||
Other | (8) | |||||||||||||
Net income (loss) | 28 | 16 | ||||||||||||
Ending balance at Mar. 31, 2019 | $ 1,316 | $ 1,316 | $ 382 | $ 382 |
Condensed Consolidated Statem_6
Condensed Consolidated Statement of Changes in Equity (Parenthetical) - $ / shares | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Statement of Stockholders' Equity [Abstract] | ||
Dividends declared (in dollars per share) | $ 0.21 | $ 0.19 |
Condensed Consolidated Financia
Condensed Consolidated Financial Statements | 3 Months Ended |
Mar. 31, 2019 | |
Condensed Consolidated Financial Statements [Line Items] | |
Condensed Consolidated Financial Statements | Condensed Consolidated Financial Statements Business and Basis of Presentation We have prepared these unaudited condensed consolidated financial statements based on SEC rules that permit reduced disclosure for interim periods. These financial statements include all adjustments that are necessary for a fair presentation of our consolidated results of operations, cash flows and financial condition for the periods shown, including normal, recurring accruals and other items. The consolidated results of operations for the interim periods presented are not necessarily indicative of results for the full year. The year-end condensed consolidated balance sheet was derived from audited financial statements but does not include all disclosures required by generally accepted accounting principles in the United States (“GAAP”). For a more complete discussion of our accounting policies and certain other information, refer to our consolidated financial statements included in our 2018 Annual Report on Form 10-K and the notes within this Form 10-Q. In the fourth quarter of 2018, we acquired a 100% interest in Sky through a series of transactions, for total cash consideration of £30.2 billion (approximately $39.4 billion using the exchange rates on the purchase dates). See Note 6 for additional information on the transaction. Reclassifications Reclassifications have been made to our condensed consolidated financial statements for the prior year period to conform to classifications used in 2019 . See Note 7 for a discussion of the effects of the adoption of new accounting pronouncements on our condensed consolidated financial statements. |
NBCUniversal Media LLC [Member] | |
Condensed Consolidated Financial Statements [Line Items] | |
Condensed Consolidated Financial Statements | Condensed Consolidated Financial Statements Basis of Presentation Unless indicated otherwise, throughout these notes to the condensed consolidated financial statements, we refer to NBCUniversal and its consolidated subsidiaries as “we,” “us” and “our.” We have prepared these unaudited condensed consolidated financial statements based on SEC rules that permit reduced disclosure for interim periods. These financial statements include all adjustments that are necessary for a fair presentation of our consolidated results of operations, cash flows and financial condition for the periods shown, including normal, recurring accruals and other items. The consolidated results of operations for the interim periods presented are not necessarily indicative of results for the full year. The year-end condensed consolidated balance sheet was derived from audited financial statements but does not include all disclosures required by generally accepted accounting principles in the United States (“GAAP”). For a more complete discussion of our accounting policies and certain other information, refer to our consolidated financial statements included in our 2018 Annual Report on Form 10-K and the notes within this Form 10-Q. See Note 6 for a discussion of the effects of the adoption of new accounting pronouncements on our condensed consolidated financial statements. |
Segment Information
Segment Information | 3 Months Ended |
Mar. 31, 2019 | |
Segment Reporting Information [Line Items] | |
Segment Information | Segment Information We present our operations in six reportable business segments: (1) Comcast Cable in one reportable business segment, referred to as Cable Communications; (2) NBCUniversal in four reportable business segments: Cable Networks, Broadcast Television, Filmed Entertainment and Theme Parks (collectively, the “NBCUniversal segments”); and (3) Sky in one reportable business segment. Our Cable Communications segment consists of the operations of Comcast Cable, which is one of the nation’s largest providers of high-speed internet, video, voice, wireless, and security and automation services (“cable services”) to residential customers under the Xfinity brand ; we also provide these and other services to business customers and sell advertising. Our Cable Networks segment consists primarily of our national cable networks that provide a variety of entertainment, news and information, and sports content, our regional sports and news networks, our international cable networks, our cable television studio production operations, and various digital properties. Our Broadcast Television segment consists primarily of the NBC and Telemundo broadcast networks, our NBC and Telemundo owned local broadcast television stations, the NBC Universo national cable network, our broadcast television studio production operations, and various digital properties. Our Filmed Entertainment segment consists primarily of the operations of Universal Pictures, which produces, acquires, markets and distributes filmed entertainment worldwide; our films are also produced under the Illumination, DreamWorks Animation and Focus Features names. Our Theme Parks segment consists primarily of our Universal theme parks in Orlando, Florida; Hollywood, California; and Osaka, Japan. In addition, along with a consortium of Chinese state-owned companies, we are developing a Universal theme park and resort in Beijing, China. Our Sky segment consists of the operations of Sky, one of Europe’s leading entertainment companies, which primarily includes a direct-to-consumer business, providing video, high-speed internet, voice and wireless phone services, and a content business, operating entertainment networks, the Sky News broadcast network and Sky Sports networks. Our other business interests consist primarily of the operations of Comcast Spectacor, which owns the Philadelphia Flyers and the Wells Fargo Center arena in Philadelphia, Pennsylvania. We use Adjusted EBITDA to evaluate the profitability of our operating segments and the components of net income attributable to Comcast Corporation excluded from Adjusted EBITDA are not separately evaluated. Beginning in the first quarter of 2019, Comcast Cable’s wireless phone service and certain other Cable-related business development initiatives are now presented in the Cable Communications segment. Results were previously presented in Corporate and Other. Prior periods have been adjusted to reflect this presentation. To be consistent with our current management reporting presentation, certain 2018 operating results were reclassified related to certain NBCUniversal businesses now presented in the Sky segment. Our financial data by business segment is presented in the tables below. Three Months Ended March 31, 2019 (in millions) Revenue Adjusted EBITDA (d) Depreciation and Amortization Capital Expenditures Cash Paid for Intangible Assets Cable Communications $ 14,280 $ 5,728 $ 2,035 $ 1,363 $ 323 NBCUniversal Cable Networks 2,868 1,262 182 6 2 Broadcast Television 2,467 387 39 13 3 Filmed Entertainment 1,768 364 19 4 5 Theme Parks 1,276 498 162 394 19 Headquarters and Other (a) 17 (174 ) 113 36 42 Eliminations (b) (83 ) — — — — NBCUniversal 8,313 2,337 515 453 71 Sky 4,797 663 741 259 151 Corporate and Other (c) 108 (187 ) 29 17 2 Eliminations (b) (639 ) 12 — — — Comcast Consolidated $ 26,859 $ 8,553 $ 3,320 $ 2,092 $ 547 Three Months Ended March 31, 2018 (in millions) Revenue Adjusted EBITDA (d) Depreciation and Amortization Capital Expenditures Cash Paid for Intangible Assets Cable Communications $ 13,703 $ 5,217 $ 2,061 $ 1,691 $ 287 NBCUniversal Cable Networks (e) 3,157 1,254 189 3 4 Broadcast Television (e) 3,497 507 34 30 72 Filmed Entertainment 1,647 203 28 7 6 Theme Parks 1,281 495 155 182 16 Headquarters and Other (a) 14 (188 ) 104 47 32 Eliminations (b)(e) (99 ) — — — — NBCUniversal 9,497 2,271 510 269 130 Corporate and Other (c) 243 (185 ) 28 13 2 Eliminations (b)(e) (652 ) (59 ) — — — Comcast Consolidated $ 22,791 $ 7,244 $ 2,599 $ 1,973 $ 419 (a) NBCUniversal Headquarters and Other activities include costs associated with overhead, allocations, personnel costs and headquarter initiatives. (b) Included in Eliminations are transactions that our segments enter into with one another. The most common types of transactions are the following: • our Cable Networks segment generates revenue by selling programming to our Cable Communications segment, which represents a substantial majority of the revenue elimination amount • our Broadcast Television segment generates revenue from the fees received under retransmission consent agreements with our Cable Communications segment • our Cable Communications segment generates revenue by selling advertising and by selling the use of satellite feeds to our Cable Networks segment • our Cable Networks and Broadcast Television segments generate revenue by selling advertising to our Cable Communications segment • our Filmed Entertainment and Broadcast Television segments generate revenue by licensing content to our Cable Networks segment; for segment reporting, this revenue is recognized as the programming rights asset for the licensed content is amortized based on third party revenue • our Filmed Entertainment, Cable Networks and Broadcast Television segments generate revenue by licensing content to our Sky segment (c) Corporate and Other activities include costs associated with overhead and personnel, revenue and expenses associated with operations of Comcast Spectacor, which owns the Philadelphia Flyers and the Wells Fargo Center arena in Philadelphia, Pennsylvania, as well as other business development initiatives. (d) We use Adjusted EBITDA as the measure of profit or loss for our operating segments. Adjusted EBITDA is defined as net income attributable to Comcast Corporation before net income (loss) attributable to noncontrolling interests and redeemable subsidiary preferred stock, income tax expense, investment and other income (loss), net, interest expense, depreciation and amortization expense, and other operating gains and losses (such as impairment charges related to fixed and intangible assets and gains or losses on the sale of long-lived assets), if any. From time to time we may exclude from Adjusted EBITDA the impact of certain events, gains, losses or other charges (such as significant legal settlements) that affect the period-to-period comparability of our operating performance. Our reconciliation of the aggregate amount of Adjusted EBITDA for our reportable segments to consolidated income before income taxes is presented in the table below. Three Months Ended (in millions) 2019 2018 Adjusted EBITDA $ 8,553 $ 7,244 Adjustment for Sky transaction-related costs (51 ) — Depreciation (2,240 ) (2,011 ) Amortization (1,080 ) (588 ) Interest expense (1,150 ) (777 ) Investment and other income (loss), net 676 126 Income before income taxes $ 4,708 $ 3,994 (e) The revenue and operating costs and expenses associated with our broadcast of the 2018 PyeongChang Olympics were reported in our Cable Networks and Broadcast Television segments. The revenue and operating costs and expenses associated with our broadcast of the 2018 Super Bowl were reported in our Broadcast Television segment. Included in Eliminations are transactions relating to these events that our Broadcast Television and Cable Networks segments enter into with our other segments. |
NBCUniversal Media LLC [Member] | |
Segment Reporting Information [Line Items] | |
Segment Information | Segment Information We present our operations in four reportable business segments: Our Cable Networks segment consists primarily of our national cable networks that provide a variety of entertainment, news and information, and sports content, our regional sports and news networks, our international cable networks, our cable television studio production operations, and various digital properties. Our Broadcast Television segment consists primarily of the NBC and Telemundo broadcast networks, our NBC and Telemundo owned local broadcast television stations, the NBC Universo national cable network, our broadcast television studio production operations, and various digital properties. Our Filmed Entertainment segment consists primarily of the operations of Universal Pictures, which produces, acquires, markets and distributes filmed entertainment worldwide; our films are also produced under the Illumination, DreamWorks Animation and Focus Features names. Our Theme Parks segment consists primarily of our Universal theme parks in Orlando, Florida; Hollywood, California; and Osaka, Japan. In addition, along with a consortium of Chinese state-owned companies, we are developing a Universal theme park and resort in Beijing, China. We use Adjusted EBITDA to evaluate the profitability of our operating segments and the components of net income attributable to NBCUniversal excluded from Adjusted EBITDA are not separately evaluated. To be consistent with our current management reporting presentation, 2018 operating results were reclassified related to certain NBCUniversal businesses now presented in Headquarters and Other. Our financial data by business segment is presented in the tables below. Three Months Ended March 31, 2019 (in millions) Revenue Adjusted EBITDA (c) Depreciation and Amortization Capital Expenditures Cash Paid for Intangible Assets Cable Networks $ 2,868 $ 1,262 $ 182 $ 6 $ 2 Broadcast Television 2,467 387 39 13 3 Filmed Entertainment 1,768 364 19 4 5 Theme Parks 1,276 498 162 394 19 Headquarters and Other (a) 51 (164 ) 113 36 42 Eliminations (b) (85 ) — — — — Total $ 8,345 $ 2,347 $ 515 $ 453 $ 71 Three Months Ended March 31, 2018 (in millions) Revenue Adjusted EBITDA (c) Depreciation and Amortization Capital Expenditures Cash Paid for Intangible Assets Cable Networks (d) $ 3,157 $ 1,254 $ 189 $ 3 $ 4 Broadcast Television (d) 3,497 507 34 30 72 Filmed Entertainment 1,647 203 28 7 6 Theme Parks 1,281 495 155 182 16 Headquarters and Other (a) 51 (174 ) 104 47 32 Eliminations (b)(d) (103 ) — — — — Total $ 9,530 $ 2,285 $ 510 $ 269 $ 130 (a) Headquarters and Other activities include costs associated with overhead, allocations, personnel costs and headquarter initiatives. (b) Included in Eliminations are transactions that our segments enter into with one another, which consisted primarily of the licensing of film and television content from our Filmed Entertainment and Broadcast Television segments to our Cable Networks segment; for segment reporting, this revenue is recognized as the programming rights asset for the licensed content is amortized based on third party revenue. (c) We use Adjusted EBITDA as the measure of profit or loss for our operating segments. Adjusted EBITDA is defined as net income attributable to NBCUniversal before net income (loss) attributable to noncontrolling interests, income tax expense, investment and other income (loss), net, interest expense, depreciation and amortization expense, and other operating gains and losses (such as impairment charges related to fixed and intangible assets and gains or losses on the sale of long-lived assets), if any. From time to time we may exclude from Adjusted EBITDA the impact of certain events, gains, losses or other charges (such as significant legal settlements) that affect the period-to-period comparability of our operating performance. Our reconciliation of the aggregate amount of Adjusted EBITDA for our reportable segments to consolidated income before income taxes is presented in the table below. Three Months Ended (in millions) 2019 2018 Adjusted EBITDA $ 2,347 $ 2,285 Depreciation (243 ) (242 ) Amortization (272 ) (268 ) Interest expense (131 ) (127 ) Investment and other income (loss), net 240 (4 ) Income before income taxes $ 1,941 $ 1,644 (d) The revenue and operating costs and expenses associated with our broadcast of the 2018 PyeongChang Olympics were reported in our Cable Networks and Broadcast Television segments. The revenue and operating costs and expenses associated with our broadcast of the 2018 Super Bowl were reported in our Broadcast Television segment. Included in Eliminations are transactions relating to these events that our Broadcast Television and Cable Networks segments enter into with our other segments. |
Revenue
Revenue | 3 Months Ended |
Mar. 31, 2019 | |
Revenue [Line Items] | |
Revenue | Revenue Three Months Ended (in millions) 2019 2018 Residential: High-speed internet $ 4,577 $ 4,157 Video 5,628 5,659 Voice 990 1,006 Wireless 225 185 Business services 1,891 1,726 Advertising 556 582 Other 413 388 Total Cable Communications (a)(b) 14,280 13,703 Distribution 1,735 1,861 Advertising 852 977 Content licensing and other 281 319 Total Cable Networks 2,868 3,157 Advertising 1,317 2,365 Content licensing 560 522 Distribution and other 590 610 Total Broadcast Television 2,467 3,497 Theatrical 445 423 Content licensing 817 733 Home entertainment 267 248 Other 239 243 Total Filmed Entertainment 1,768 1,647 Total Theme Parks 1,276 1,281 Headquarters and Other 17 14 Eliminations (c) (83 ) (99 ) Total NBCUniversal 8,313 9,497 Direct-to-consumer 3,834 — Content 370 — Advertising 593 — Total Sky 4,797 — Corporate and Other (b) 108 243 Eliminations (c) (639 ) (652 ) Total revenue $ 26,859 $ 22,791 (a) For the three months ended March 31, 2019 and 2018 , 2.6% and 2.7% , respectively, of Cable Communications segment revenue was derived from franchise and other regulatory fees. (b) Comcast Cable’s wireless phone service is now presented in the Cable Communications segment. Results were previously presented in Corporate and Other. We recognize revenue from our wireless phone service as the services are provided, similar to how we recognize revenue for other residential cable services. We recognize revenue from the sale of handsets at the point of sale. (c) Included in Eliminations are transactions that our segments enter into with one another. See Note 2 for a description of these transactions. We operate primarily in the United States but also in select international markets. The table below summarizes revenue by geographic location. Three Months Ended (in millions) 2019 2018 United States $ 20,457 $ 20,885 Europe 5,370 821 Other 1,032 1,085 Total revenue $ 26,859 $ 22,791 No single customer accounted for a significant amount of revenue in any period presented. Condensed Consolidated Balance Sheet The following tables summarize our accounts receivable and other balances that are not separately presented in our condensed consolidated balance sheet that relate to the recognition of revenue and collection of the related cash , as well as deferred costs associated with our contracts with customers. (in millions) March 31, December 31, Receivables, gross $ 11,161 $ 11,456 Less: Allowance for doubtful accounts 425 352 Receivables, net $ 10,736 $ 11,104 (in millions) March 31, December 31, Noncurrent receivables, net (included in other noncurrent assets, net) $ 1,379 $ 1,399 Contract acquisition and fulfillment costs (included in other noncurrent assets, net) $ 1,001 $ 991 Noncurrent deferred revenue (included in other noncurrent liabilities) $ 786 $ 650 |
NBCUniversal Media LLC [Member] | |
Revenue [Line Items] | |
Revenue | Revenue Three Months Ended (in millions) 2019 2018 Distribution $ 1,735 $ 1,861 Advertising 852 977 Content licensing and other 281 319 Total Cable Networks 2,868 3,157 Advertising 1,317 2,365 Content licensing 560 522 Distribution and other 590 610 Total Broadcast Television 2,467 3,497 Theatrical 445 423 Content licensing 817 733 Home entertainment 267 248 Other 239 243 Total Filmed Entertainment 1,768 1,647 Total Theme Parks 1,276 1,281 Headquarters and Other 51 51 Eliminations (a) (85 ) (103 ) Total revenue $ 8,345 $ 9,530 (a) Included in Eliminations are transactions that our segments enter into with one another. See Note 2 for a description of these transactions. We operate primarily in the United States, but also in select international markets primarily in Europe and Asia. The table below summarizes revenue by geographic location. Three Months Ended (in millions) 2019 2018 United States $ 6,623 $ 7,654 Foreign 1,722 1,876 Total revenue $ 8,345 $ 9,530 No single customer accounted for a significant amount of revenue in any period presented. Condensed Consolidated Balance Sheet The following tables summarize our accounts receivable and other balances that are not separately presented in our condensed consolidated balance sheet that relate to the recognition of revenue and collection of the related cash . (in millions) March 31, December 31, Receivables, gross $ 7,376 $ 7,392 Less: Allowance for doubtful accounts 106 99 Receivables, net $ 7,270 $ 7,293 (in millions) March 31, December 31, Noncurrent receivables, net (included in other noncurrent assets, net) $ 1,185 $ 1,180 Noncurrent deferred revenue (included in other noncurrent liabilities) $ 568 $ 481 |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Mar. 31, 2019 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per Share Computation of Diluted EPS Three Months Ended March 31 2019 2018 (in millions, except per share data) Net Income Shares Per Share Net Income Shares Per Share Basic EPS attributable to Comcast Corporation shareholders $ 3,553 4,534 $ 0.78 $ 3,118 4,633 $ 0.67 Effect of dilutive securities: Assumed exercise or issuance of shares relating to stock plans 60 72 Diluted EPS attributable to Comcast Corporation shareholders $ 3,553 4,594 $ 0.77 $ 3,118 4,705 $ 0.66 Diluted earnings per common share attributable to Comcast Corporation shareholders (“diluted EPS”) considers the impact of potentially dilutive securities using the treasury stock method. Our potentially dilutive securities include potential common shares related to our stock options and our restricted share units (“RSUs”). Diluted EPS excludes the impact of potential common shares related to our stock options in periods in which the combination of the option exercise price and the associated unrecognized compensation expense is greater than the average market price of our common stock. The amount of potential common shares related to our share-based compensation plans that were excluded from diluted EPS because their effect would have been antidilutive was not material for the three months ended March 31, 2019 or 2018 . |
Long-Term Debt
Long-Term Debt | 3 Months Ended |
Mar. 31, 2019 | |
Debt Instrument [Line Items] | |
Long-Term Debt | Long-Term Debt As of March 31, 2019 , our debt had a carrying value of $109.1 billion and an estimated fair value of $115.8 billion . The estimated fair value of our publicly traded debt was primarily based on Level 1 inputs that use quoted market values for the debt. The estimated fair value of debt for which there are no quoted market prices was based on Level 2 inputs that use interest rates available to us for debt with similar terms and remaining maturities. Debt Borrowings and Repayments For the three months ended March 31, 2019 , we had borrowings of $222 million related to the Universal Beijing Resort term loans. For the three months ended March 31, 2019 , we made debt repayments of $2.1 billion primarily related to our dollar-denominated term loan due 2022. Revolving Credit Facilities For the three months ended March 31, 2019 , we made net repayments of $615 million under Sky’s £1 billion revolving credit facility due 2021, which was terminated in February 2019. As of March 31, 2019 , there were no amounts outstanding under our revolving credit facilities. Amounts available under our revolving credit facilities, net of amounts outstanding under our commercial paper programs and outstanding letters of credit and bank guarantees, totaled $9.2 billion . Commercial Paper Programs For the three months ended March 31, 2019 , we made net repayments of $673 million under our commercial paper programs. As of March 31, 2019 , we had no commercial paper outstanding. Guarantee Structure Comcast, Comcast Cable and NBCUniversal have fully and unconditionally guaranteed each other’s debt securities, including the Comcast revolving credit facility. As of March 31, 2019 , the principal amount of debt securities within the cross-guarantee structure totaled $92.3 billion . Comcast and Comcast Cable fully and unconditionally guarantee NBCUniversal Enterprise’s $3.0 billion aggregate principal amount of senior notes, its revolving credit facility and its commercial paper program. NBCUniversal does not guarantee the NBCUniversal Enterprise senior notes, revolving credit facility or commercial paper program. Comcast Parent provides an unconditional guarantee of the Universal Studios Japan yen-denominated ¥385 billion (approximately $3.5 billion using exchange rates as of March 31, 2019 ) term loans with a final maturity of March 2022. None of Comcast, Comcast Cable nor NBCUniversal guarantee the ¥5.5 billion RMB ( $815 million using exchange rates as of March 31, 2019 ) principal amount of Universal Beijing Resort term loans outstanding. In March 2019, Sky announced a series of consent solicitations for holders of all of its outstanding debt (approximately $10.0 billion using exchange rates as of March 31, 2019). If all of the consent solicitations are successful, Comcast Parent will provide a full and unconditional guarantee of the Sky notes in exchange for noteholders consenting to (i) the transfer of the listing of three series of notes from the Main Market of the London Stock Exchange to the Professional Securities Market of the London Stock Exchange and (ii) amending certain terms of the Sky notes. |
NBCUniversal Media LLC [Member] | |
Debt Instrument [Line Items] | |
Long-Term Debt | Long-Term Debt As of March 31, 2019 , our debt, excluding our revolving credit agreement with Comcast, had a carrying value of $13.1 billion and an estimated fair value of $13.7 billion . The estimated fair value of our publicly traded debt was primarily based on Level 1 inputs that use quoted market values for the debt. The estimated fair value of debt for which there are no quoted market prices was based on Level 2 inputs that use interest rates available to us for debt with similar terms and remaining maturities. For the three months ended March 31, 2019 , Universal Beijing Resort borrowed $222 million under its debt financing agreement to fund the construction of a Universal theme park and resort in Beijing, China (see Note 5). For the three months ended March 31, 2019 , we repaid $45 million of Universal Studios Japan term loans maturing 2022. Guarantee Structure We, Comcast and a 100% owned cable holding company subsidiary of Comcast (“CCCL Parent”) have fully and unconditionally guaranteed each other’s debt securities, including the $7.6 billion Comcast revolving credit facility due 2021. As of March 31, 2019 , $84.6 billion principal amount of outstanding debt securities of Comcast and CCCL Parent were subject to the cross-guarantee structure. We do not, however, guarantee the obligations of NBCUniversal Enterprise with respect to its $3.0 billion aggregate principal amount of senior notes, its revolving credit facility, its commercial paper program, nor its $725 million liquidation preference of Series A cumulative preferred stock. The Universal Studios Japan term loans are not subject to the cross-guarantee structure, however they have a separate guarantee from Comcast. The Universal Beijing Resort term loans are not guaranteed. |
Significant Transactions
Significant Transactions | 3 Months Ended |
Mar. 31, 2019 | |
Business Acquisition [Line Items] | |
Significant Transactions | Significant Transactions Sky Transaction On October 9, 2018, in connection with our offer to acquire the share capital of Sky, we acquired a controlling interest in Sky through a series of purchases of Sky shares at our offer price of £17.28 per Sky share. In the fourth quarter of 2018, we acquired the remaining Sky shares and now own 100% of Sky’s equity interests. Total cash consideration was £30.2 billion (approximately $39.4 billion using the exchange rates on the purchase dates). We financed the acquisition through a combination of new fixed and floating rate notes, issuance of term loans and cash on hand. Sky is one of Europe’s leading entertainment companies, which primarily includes a direct-to-consumer business, providing video, high-speed internet, voice and wireless phone services, and a content business, operating entertainment networks, the Sky News broadcast network and Sky Sports networks. Allocation of Purchase Price We have applied acquisition accounting to Sky. Sky’s results of operations are included in our consolidated results of operations since the acquisition date and are reported in our Sky segment. The net assets of Sky were recorded at their estimated fair value using primarily Level 3 inputs. In valuing acquired assets and liabilities, fair value estimates are based on, but are not limited to, future expected cash flows, market rate assumptions for contractual obligations and appropriate discount rates. During the first quarter 2019, we revised our estimates of fair value, primarily related to intangible assets, property and equipment, and investments (included below in other noncurrent assets and (liabilities), net), and recorded corresponding updates to deferred taxes. We also recorded an additional valuation allowance of approximately $1.2 billion associated with our assessment of the realization of Sky’s deferred tax assets, primarily related to net operating losses. These changes resulted in an increase in goodwill of approximately $1.4 billion and an adjustment in the current period related to the fourth quarter of 2018 that resulted in an increase to depreciation and amortization expense of $53 million . The table below presents the allocation of the all-cash purchase price of £30.2 billion , or $39.4 billion , to the assets and liabilities of Sky as a result of the transaction. Allocation of Purchase Price (in millions) Consideration transferred $ 39,387 Allocation of purchase price Cash $ 1,283 Accounts receivable and other current assets 2,359 Film and television costs 2,512 Property and equipment 4,127 Intangible assets 19,539 Accounts payable, accrued liabilities and other current liabilities (5,885 ) Long-term debt (11,468 ) Deferred tax assets (liabilities), net (2,974 ) Other noncurrent assets and (liabilities), net (1,398 ) Fair value of identifiable net assets acquired 8,095 Goodwill $ 31,292 Property and Equipment Property and equipment includes customer premise equipment with a carrying value of $1.4 billion , which have original estimated useful lives of 5 to 7 years . The remaining property and equipment consists of real estate and improvements, network assets and other equipment. Intangible Assets Finite-lived intangible assets primarily consist of customer relationships with a carrying amount of $9.5 billion and developed technology and software with a carrying amount of $4.3 billion , with original estimated useful lives between 6 and 19 years and 4 to 9 years , respectively. Indefinite-lived assets consist of trade names with a carrying amount of $5.8 billion . Goodwill Goodwill consists primarily of intangible assets that do not qualify for separate recognition, including increased footprint, assembled workforce, noncontractual relationships and agreements. The acquired goodwill is not expected to be deductible for tax purposes. Unaudited Pro Forma Information The following unaudited pro forma information has been presented as if the Sky transaction occurred on January 1, 2017. This information is based on historical results of operations, adjusted for allocation of purchase price and other acquisition accounting adjustments, and is not necessarily indicative of what the results would have been had we operated the business since January 1, 2017. For pro forma purposes, 2018 earnings were adjusted to exclude transaction-related costs. No pro forma adjustments have been made for cost savings or synergies that have been or may be achieved by the combined businesses. (in millions, except per share data) Three Months Ended Revenue $ 27,762 Net income attributable to Comcast Corporation $ 2,983 Basic earnings per common share attributable to Comcast Corporation shareholders $ 0.64 Diluted earnings per common share attributable to Comcast Corporation shareholders $ 0.63 Universal Beijing Resort We entered into an agreement with a consortium of Chinese state-owned companies to build and operate a Universal theme park and resort in Beijing, China (“Universal Beijing Resort”). We own a 30% interest in Universal Beijing Resort and the construction is being funded through a combination of debt financing and equity contributions from the investors in accordance with their equity interests. The debt financing, which is being provided by a syndicate of Chinese financial institutions, contains certain financial and operating covenants and a maximum borrowing limit of ¥ 26.6 billion RMB (approximately $4 billion ). The debt financing is secured by the assets of Universal Beijing Resort and the equity interests of the investors. As of March 31, 2019 , Universal Beijing Resort had $815 million principal amount of term loans outstanding under the debt financing agreements. We have concluded that Universal Beijing Resort is a variable interest entity based on its governance structure, and we consolidate it because we have the power to direct activities that most significantly impact its economic performance. There are no liquidity arrangements, guarantees or other financial commitments between us and Universal Beijing Resort, and therefore our maximum risk of financial loss is our 30% interest. Universal Beijing Resort’s results of operations are reported in our Theme Parks segment. Our condensed consolidated statement of cash flows includes the costs of construction and related borrowings in the "construction of Universal Beijing Resort" and "proceeds from borrowings" captions, respectively, and equity contributions from our investing partner are included in other financing activities. In March 2018, Universal Beijing Resort received initial equity investments through a combination of cash and noncash contributions from the investors. As of March 31, 2019 , our condensed consolidated balance sheet included assets, primarily property and equipment, and liabilities, including the term loans, of Universal Beijing Resort totaling $1.8 billion and $1.3 billion , respectively. |
NBCUniversal Media LLC [Member] | |
Business Acquisition [Line Items] | |
Significant Transactions | Significant Transactions Universal Beijing Resort We entered into an agreement with a consortium of Chinese state-owned companies to build and operate a Universal theme park and resort in Beijing, China (“Universal Beijing Resort”). We own a 30% interest in Universal Beijing Resort and the construction is being funded through a combination of debt financing and equity contributions from the investors in accordance with their equity interests. The debt financing, which is being provided by a syndicate of Chinese financial institutions, contains certain financial and operating covenants and a maximum borrowing limit of ¥ 26.6 billion RMB (approximately $4 billion ). The debt financing is secured by the assets of Universal Beijing Resort and the equity interests of the investors. As of March 31, 2019 , Universal Beijing Resort had $815 million principal amount of term loans outstanding under the debt financing agreements. We have concluded that Universal Beijing Resort is a variable interest entity based on its governance structure, and we consolidate it because we have the power to direct activities that most significantly impact its economic performance. There are no liquidity arrangements, guarantees or other financial commitments between us and Universal Beijing Resort, and therefore our maximum risk of financial loss is our 30% interest. Universal Beijing Resort’s results of operations are reported in our Theme Parks segment. Our condensed consolidated statement of cash flows includes the costs of construction and related borrowings in the "construction of Universal Beijing Resort" and "proceeds from borrowings" captions, respectively, and equity contributions from our investing partner are included in other financing activities. In March 2018, Universal Beijing Resort received initial equity investments through a combination of cash and noncash contributions from the investors. As of March 31, 2019 , our condensed consolidated balance sheet included assets, primarily property and equipment, and liabilities, including the term loans, of Universal Beijing Resort totaling $1.8 billion and $1.3 billion , respectively. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 3 Months Ended |
Mar. 31, 2019 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements Leases In February 2016, the FASB updated the accounting guidance related to leases. The most significant change in the updated accounting guidance requires lessees to recognize lease assets and liabilities on the balance sheet for all operating leases with the exception of short-term leases. The standard also expands the disclosures regarding the amount, timing and uncertainty of cash flows arising from leases. For a lessee, the recognition, measurement and presentation of expenses and cash flows arising from a lease did not significantly change from previous guidance. We adopted the updated guidance on January 1, 2019 on a prospective basis and as a result, prior period amounts were not adjusted to reflect the impacts of the updated guidance. In addition, as permitted under the transition guidance within the new standard, prior scoping and classification conclusions were carried forward for leases existing as of the adoption date. Upon adoption, we recorded $4.2 billion and $4.8 billion for operating lease assets and liabilities, respectively, which includes the impact of fair value adjustments, prepaid and deferred rent and lease incentives. The adoption of the updated accounting guidance did not significantly impact our recognition of finance leases, which were previously described as capital leases. As of the date of adoption, our liabilities for finance leases were $787 million , including $229 million of additional contracts determined to be leases in connection with the Sky transaction , which were recorded in long-term debt, and the related assets were recorded in property and equipment, net. Our finance leases were not considered material for further disclosure. The adoption of the new accounting guidance did not have a material impact on our consolidated results of operations or cash flows. See Note 11 for further information. Film and Television Costs In March 2019, the FASB updated the accounting guidance related to film and television costs. The updated guidance aligns the accounting for production costs of episodic television series with those of films, allowing for costs to be capitalized in excess of amounts of revenue contracted for each episode. The updated guidance also updates certain presentation and disclosure requirements for capitalized film and television costs, and requires impairment testing to be performed at a group level for capitalized film and television costs when the content is predominately monetized with other owned or licensed content. The updated guidance is effective for us as of January 1, 2020 and early adoption is permitted. We are currently in the process of determining the impact that the updated accounting guidance will have on our consolidated financial statements, however we do not expect there to be a material impact on our consolidated results of operations or cash flows. |
NBCUniversal Media LLC [Member] | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements Leases In February 2016, the FASB updated the accounting guidance related to leases. The most significant change in the updated accounting guidance requires lessees to recognize lease assets and liabilities on the balance sheet for all operating leases with the exception of short-term leases. The standard also expands the disclosures regarding the amount, timing and uncertainty of cash flows arising from leases. For a lessee, the recognition, measurement and presentation of expenses and cash flows arising from a lease did not significantly change from previous guidance. We adopted the updated guidance on January 1, 2019 on a prospective basis and as a result, prior period amounts were not adjusted to reflect the impacts of the updated guidance. In addition, as permitted under the transition guidance within the new standard, prior scoping and classification conclusions were carried forward for leases existing as of the adoption date. Upon adoption, we recorded approximately $1.7 billion and $1.8 billion of operating lease assets and liabilities, respectively, which includes the impact of fair value adjustments, prepaid rent and lease incentives. The adoption of the updated accounting guidance did not impact our recognition of finance leases, which were previously described as capital leases. As of the date of adoption, our liabilities for finance leases were $332 million , which were recorded in long-term debt, and the related assets were recorded in property and equipment, net. Our finance leases were not considered material for further disclosure. The adoption of the new accounting guidance did not have a material impact on our consolidated results of operations or cash flows. See Note 9 for further information. Film and Television Costs In March 2019, the FASB updated the accounting guidance related to film and television costs. The updated guidance aligns the accounting for production costs of episodic television series with those of films, allowing for costs to be capitalized in excess of amounts of revenue contracted for each episode. The updated guidance also updates certain presentation and disclosure requirements for capitalized film and television costs, and requires impairment testing to be performed at a group level for capitalized film and television costs when the content is predominately monetized with other owned or licensed content. The updated guidance is effective for us as of January 1, 2020 and early adoption is permitted. We are currently in the process of determining the impact that the updated accounting guidance will have on our consolidated financial statements, however we do not expect there to be a material impact on our consolidated results of operations or cash flows. |
Film and Television Costs
Film and Television Costs | 3 Months Ended |
Mar. 31, 2019 | |
Film And Television Cost [Line Items] | |
Film And Television Costs | Film and Television Costs (in millions) March 31, December 31, Film Costs: Released, less amortization $ 1,544 $ 1,600 Completed, not released 40 144 In production and in development 1,267 1,063 2,851 2,807 Television Costs: Released, less amortization 2,390 2,289 In production and in development 820 953 3,210 3,242 Programming rights, less amortization 4,932 5,534 10,993 11,583 Less: Current portion of programming rights 2,942 3,746 Film and television costs $ 8,051 $ 7,837 |
NBCUniversal Media LLC [Member] | |
Film And Television Cost [Line Items] | |
Film And Television Costs | Film and Television Costs (in millions) March 31, December 31, Film Costs: Released, less amortization $ 1,544 $ 1,600 Completed, not released 40 144 In production and in development 1,267 1,063 2,851 2,807 Television Costs: Released, less amortization 2,296 2,161 In production and in development 820 953 3,116 3,114 Programming rights, less amortization 2,638 2,694 8,605 8,615 Less: Current portion of programming rights 1,303 1,323 Film and television costs $ 7,302 $ 7,292 |
Investments
Investments | 3 Months Ended |
Mar. 31, 2019 | |
Investments [Line Items] | |
Investments | Investments Investment and Other Income (Loss), Net Three Months Ended (in millions) 2019 2018 Equity in net income (losses) of investees, net $ 262 $ (49 ) Realized and unrealized gains (losses) on equity securities, net 214 28 Other income (loss), net 200 147 Investment and other income (loss), net $ 676 $ 126 (in millions) March 31, December 31, Equity method $ 4,960 $ 4,035 Marketable equity securities 538 341 Nonmarketable equity securities 1,942 1,805 Other investments 1,805 1,796 Total investments 9,245 7,977 Less: Current investments 86 94 Noncurrent investments $ 9,159 $ 7,883 Equity Method Atairos Atairos follows investment company accounting and records its investments at their fair values each reporting period with the net gains or losses reflected in its statement of operations. We recognize our proportionate share of these gains and losses in equity in net income (losses) of investees, net. For the three months ended March 31, 2019 and 2018 , we recognized our proportionate share of Atairos’ income of $374 million and $35 million , respectively. For the three months ended March 31, 2019 and 2018 , we made cash capital contributions to Atairos totaling $37 million and $31 million , respectively. As of March 31, 2019 and December 31, 2018 , our investment in Atairos was $3.1 billion and $2.7 billion , respectively. Hulu For the three months ended March 31, 2019 and 2018 , we recognized our proportionate share of Hulu’s losses of $141 million and $131 million , respectively, in equity in net income (losses) of investees, net. For the three months ended March 31, 2019 and 2018 , we made cash capital contributions to Hulu totaling $233 million and $114 million , respectively. As of March 31, 2019 and December 31, 2018 , our investment in Hulu was $341 million and $248 million , respectively. In August 2016, Time Warner Inc. acquired a 10% interest in Hulu, which diluted our interest in Hulu from 33% to 30% . Given the contingent nature of put and call options related to its shares, we recorded a deferred gain as a result of the dilution. In the first quarter of 2019, the put and call options expired unexercised and we recognized the previously deferred gain of $159 million in other income (loss), net. The Weather Channel In March 2018, we sold our investment in The Weather Channel cable network and recognized a pretax gain of $64 million in other income (loss), net. Marketable Equity Securities Snap For the three months ended March 31, 2019 and 2018 , we recognized unrealized gains of $162 million and $37 million , respectively, in realized and unrealized gains (losses) on equity securities, net related to our investment in Snap. As of March 31, 2019 and December 31, 2018 , our investment in Snap was $324 million and $162 million , respectively. Other Investments AirTouch We hold two series of preferred stock of Verizon Americas, Inc., formerly known as AirTouch Communications, Inc. (“AirTouch”), a subsidiary of Verizon Communications Inc., which are redeemable in April 2020. As of both March 31, 2019 and December 31, 2018 , our investment in AirTouch was $1.6 billion . We account for our investment in AirTouch as a held to maturity investment using the cost method. As of March 31, 2019 , the estimated fair value of the AirTouch preferred stock and the estimated fair value of the associated liability related to the redeemable subsidiary preferred shares issued by one of our consolidated subsidiaries were each $1.7 billion . The estimated fair values are based on Level 2 inputs that use pricing models whose inputs are derived primarily from or corroborated by observable market data through correlation or other means for substantially the full term of the financial instrument. |
NBCUniversal Media LLC [Member] | |
Investments [Line Items] | |
Investments | Investments Investment and Other Income (Loss), Net Three Months Ended (in millions) 2019 2018 Equity in net income (losses) of investees, net $ (120 ) $ (100 ) Realized and unrealized gains (losses) on equity securities, net 161 37 Other income (loss), net 199 59 Investment and other income (loss), net $ 240 $ (4 ) (in millions) March 31, December 31, Equity method $ 831 $ 707 Marketable equity securities 324 162 Nonmarketable equity securities 912 811 Total investments $ 2,067 $ 1,680 Equity Method Hulu For the three months ended March 31, 2019 and 2018 , we recognized our proportionate share of Hulu’s losses of $141 million and $131 million , respectively, in equity in net income (losses) of investees, net. For the three months ended March 31, 2019 and 2018 , we made cash capital contributions to Hulu totaling $233 million and $114 million , respectively. As of March 31, 2019 and December 31, 2018 , our investment in Hulu was $341 million and $248 million , respectively. In August 2016, Time Warner Inc. acquired a 10% interest in Hulu, which diluted our interest in Hulu from 33% to 30% . Given the contingent nature of put and call options related to its shares, we recorded a deferred gain as a result of the dilution. In the first quarter of 2019, the put and call options expired unexercised and we recognized the previously deferred gain of $159 million in other income (loss), net. The Weather Channel In March 2018, we sold our investment in The Weather Channel cable network and recognized a pretax gain of $64 million in other income (loss), net. Marketable Equity Securities Snap For the three months ended March 31, 2019 and 2018 , we recognized unrealized gains of $162 million and $37 million , respectively, in realized and unrealized gains (losses) on equity securities, net related to our investment in Snap. As of March 31, 2019 and December 31, 2018 , our investment in Snap was $324 million and $162 million , respectively. |
Supplemental Financial Informat
Supplemental Financial Information | 3 Months Ended |
Mar. 31, 2019 | |
Supplemental Financial Information [Line Items] | |
Supplemental Financial Information | Supplemental Financial Information Share-Based Compensation Our share-based compensation plans consist primarily of awards of RSUs and stock options to certain employees and directors as part of our approach to long-term incentive compensation. Additionally, through our employee stock purchase plans, employees are able to purchase shares of our common stock at a discount through payroll deductions. In March 2019 , we granted 12.4 million RSUs and 41.9 million stock options related to our annual management awards. The weighted-average fair values associated with these grants were $39.88 per RSU and $7.91 per stock option. Recognized Share-Based Compensation Expense Three Months Ended (in millions) 2019 2018 Restricted share units $ 127 $ 83 Stock options 47 44 Employee stock purchase plans 9 12 Total $ 183 $ 139 As of March 31, 2019 , we had unrecognized pretax compensation expense of $1.5 billion and $670 million related to nonvested RSUs and nonvested stock options, respectively. Cash Payments for Interest and Income Taxes Three Months Ended (in millions) 2019 2018 Interest $ 970 $ 854 Income taxes $ 189 $ 162 Noncash Activities During the three months ended March 31, 2019 : • we acquired $1.6 billion of property and equipment and intangible assets that were accrued but unpaid • we recorded a liability of $953 million for a quarterly cash dividend of $0.21 per common share to be paid in April 2019 Cash, Cash Equivalents and Restricted Cash The following table provides a reconciliation of cash, cash equivalents and restricted cash reported in the condensed consolidated balance sheet to the total of the amounts reported in our condensed consolidated statement of cash flows. (in millions) March 31, December 31, Cash and cash equivalents $ 3,498 $ 3,814 Restricted cash included in other current assets 49 46 Restricted cash included in other noncurrent assets, net 50 49 Cash, cash equivalents and restricted cash, end of period $ 3,597 $ 3,909 Accumulated Other Comprehensive Income (Loss) (in millions) March 31, March 31, Unrealized gains (losses) on marketable securities $ 4 $ 1 Deferred gains (losses) on cash flow hedges 54 20 Unrecognized gains (losses) on employee benefit obligations 318 310 Cumulative translation adjustments 46 277 Accumulated other comprehensive income (loss), net of deferred taxes $ 422 $ 608 |
NBCUniversal Media LLC [Member] | |
Supplemental Financial Information [Line Items] | |
Supplemental Financial Information | Supplemental Financial Information Leases Our leases consist primarily of real estate and equipment. We determine if an arrangement is a lease at inception. Lease assets and liabilities are recognized upon commencement of the lease based on the present value of the future minimum lease payments over the lease term. The lease term includes options to extend the lease when it is reasonably certain that we will exercise that option. We generally utilize our incremental borrowing rate based on information available at the commencement of the lease in determining the present value of future payments. The lease asset also includes any lease payments made and initial direct costs incurred and excludes lease incentives. Lease assets and liabilities are not recorded for leases with an initial term of one year or less. Lease expense for operating leases recorded in the balance sheet is included in operating costs and expenses and is based on the future minimum lease payments recognized on a straight-line basis over the term of the lease plus any variable lease costs. Operating lease expenses, inclusive of short-term and variable lease expenses, recognized in our condensed consolidated statement of income for the three months ended March 31, 2019 were $111 million . These amounts do not include lease costs associated with production activities or other amounts capitalized in our condensed consolidated balance sheet, which are not material. The table below summarizes the operating lease assets and liabilities recorded in our condensed consolidated balance sheet. Condensed Consolidated Balance Sheet (in millions) March 31, Other noncurrent assets, net $ 1,599 Accrued expenses and other current liabilities $ 177 Other noncurrent liabilities $ 1,525 The table below summarizes our future minimum rental commitments for operating leases as of March 31, 2019 applying the new accounting guidance. (in millions) March 31, Remaining nine months of 2019 $ 175 2020 243 2021 210 2022 176 2023 152 Thereafter 1,397 Total future minimum lease payments 2,353 Less: imputed interest 651 Total liability $ 1,702 The weighted average remaining lease term for operating leases and the weighted average discount rate used to calculate our operating lease liabilities as of March 31, 2019 were 15 years and 4.03% , respectively. For the three months ended March 31, 2019 , cash payments for operating leases recorded in the condensed consolidated balance sheet were $64 million . Leases that have not yet commenced and lease assets and liabilities associated with leases entered into during the period were not material. The tables below summarize our future minimum rental commitments for operating leases as of December 31, 2018 and rent expense for operating leases for the three months ended March 31, 2018 using the accounting guidance in effect at that time. (in millions) December 31, 2019 $ 248 2020 $ 232 2021 $ 199 2022 $ 168 2023 $ 144 Thereafter $ 1,380 (in millions) Three Months Ended Rental expense $ 69 Cash Payments for Interest and Income Taxes Three Months Ended (in millions) 2019 2018 Interest $ 35 $ 51 Income taxes $ 118 $ 173 Noncash Activities During the three months ended March 31, 2019 , we acquired $633 million of property and equipment and intangible assets that were accrued but unpaid. Cash, Cash Equivalents and Restricted Cash The following table provides a reconciliation of cash, cash equivalents and restricted cash reported in the condensed consolidated balance sheet to the total of the amounts reported in our condensed consolidated statement of cash flows. (in millions) March 31, December 31, Cash and cash equivalents $ 1,114 $ 1,444 Restricted cash included in other noncurrent assets, net 22 20 Cash, cash equivalents and restricted cash, end of period $ 1,136 $ 1,464 Accumulated Other Comprehensive Income (Loss) (in millions) March 31, March 31, Deferred gains (losses) on cash flow hedges $ 11 $ (3 ) Unrecognized gains (losses) on employee benefit obligations 138 122 Cumulative translation adjustments 73 277 Accumulated other comprehensive income (loss) $ 222 $ 396 |
Related Party Transactions
Related Party Transactions | 3 Months Ended |
Mar. 31, 2019 | |
NBCUniversal Media LLC [Member] | |
Related Party Transaction [Line Items] | |
Related Party Transactions | Related Party Transactions In the ordinary course of our business, we enter into transactions with Comcast. We generate revenue from Comcast primarily from the distribution of our cable network programming, the fees received under retransmission consent agreements in our Broadcast Television segment and, to a lesser extent, the sale of advertising and our owned programming, and we incur expenses primarily related to advertising and various support services provided by Comcast to us. Comcast is also the counterparty to one of our contractual obligations. As of March 31, 2019 , the carrying value of the liability associated with this contractual obligation was $383 million . The following tables present transactions with Comcast and its consolidated subsidiaries that are included in our condensed consolidated financial statements. Condensed Consolidated Statement of Income Three Months Ended (in millions) 2019 2018 Transactions with Comcast and Consolidated Subsidiaries Revenue $ 604 $ 594 Total costs and expenses $ (65 ) $ (61 ) Interest expense and investment and other income (loss), net $ 8 $ (23 ) Condensed Consolidated Balance Sheet (in millions) March 31, December 31, Transactions with Comcast and Consolidated Subsidiaries Receivables, net $ 477 $ 464 Note receivable from Comcast $ 2,925 $ 2,054 Film and television costs $ 25 $ 27 Accounts payable and accrued expenses related to trade creditors $ 68 $ 78 Accrued expenses and other current liabilities $ 51 $ 32 Note payable to Comcast $ 68 $ 54 Long-term debt $ 763 $ 701 Other noncurrent liabilities $ 417 $ 410 Share-Based Compensation Comcast maintains share-based compensation plans that consist primarily of awards of restricted share units and stock options to certain employees and directors as part of its approach to long-term incentive compensation. Additionally, through its employee stock purchase plans, employees are able to purchase shares of Comcast common stock at a discount through payroll deductions. Certain of our employees participate in these plans and the expense associated with their participation is settled in cash with Comcast. For the three months ended March 31, 2019 and 2018 , we recognized share-based compensation expense of $39 million and $32 million , respectively. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Leases Our leases consist primarily of real estate, vehicles and other equipment. We determine if an arrangement is a lease at inception. Lease assets and liabilities are recognized upon commencement of the lease based on the present value of the future minimum lease payments over the lease term. The lease term includes options to extend the lease when it is reasonably certain that we will exercise that option. We generally utilize our incremental borrowing rate based on information available at the commencement of the lease in determining the present value of future payments. The lease asset also includes any lease payments made and initial direct costs incurred and excludes lease incentives. Lease assets and liabilities are not recorded for leases with an initial term of one year or less. Lease expense for operating leases recorded in the balance sheet is included in operating costs and expenses and is based on the future minimum lease payments recognized on a straight-line basis over the term of the lease plus any variable lease costs. Operating lease expenses, inclusive of short-term and variable lease expenses, recognized in our condensed consolidated statement of income for the three months ended March 31, 2019 were $274 million . These amounts do not include lease costs associated with production activities or other amounts capitalized in our condensed consolidated balance sheet, which are not material. The table below summarizes the operating lease assets and liabilities recorded in our condensed consolidated balance sheet. Condensed Consolidated Balance Sheet (in millions) March 31, Other noncurrent assets, net $ 4,100 Accrued expenses and other current liabilities $ 693 Other noncurrent liabilities $ 4,014 The table below summarizes our future minimum rental commitments for operating leases as of March 31, 2019 applying the new accounting guidance. (in millions) March 31, Remaining nine months of 2019 $ 669 2020 832 2021 724 2022 592 2023 501 Thereafter 2,536 Total future minimum lease payments 5,854 Less: imputed interest 1,147 Total liability $ 4,707 The weighted average remaining lease term for operating leases and the weighted average discount rate used to calculate our operating lease liabilities as of March 31, 2019 were 10 years and 3.84% , respectively. For the three months ended March 31, 2019 , cash payments for operating leases recorded in the condensed consolidated balance sheet were $213 million . Leases that have not yet commenced and lease assets and liabilities associated with leases entered into during the period were not material. The tables below summarize our future minimum rental commitments for operating leases as of December 31, 2018 and rent expense for operating leases for the three months ended March 31, 2018 using the accounting guidance in effect at that time. These amounts have been updated to include $804 million of future cash payments related to additional contracts determined to be operating leases in connection with the Sky transaction. (in millions) December 31, 2019 $ 891 2020 $ 824 2021 $ 722 2022 $ 592 2023 $ 513 Thereafter $ 2,608 (in millions) Three Months Ended Rental expense $ 186 Redeemable Subsidiary Preferred Stock As of March 31, 2019 , the fair value of the NBCUniversal Enterprise redeemable subsidiary preferred stock was $739 million . The estimated fair value is based on Level 2 inputs that use pricing models whose inputs are derived primarily from or corroborated by observable market data through correlation or other means for substantially the full term of the financial instrument. Contingencies We are a defendant in several unrelated lawsuits claiming infringement of various patents relating to various aspects of our businesses. In certain of these cases, other industry participants are also defendants, and also in certain of these cases, we expect that any potential liability would be in part or in whole the responsibility of our equipment and technology vendors under applicable contractual indemnification provisions. In addition, we are subject to other legal proceedings and claims that arise in the ordinary course of our business. While the amount of ultimate liability with respect to such actions is not expected to materially affect our results of operations, cash flows or financial position, any litigation resulting from any such legal proceedings or claims could be time-consuming and injure our reputation. |
Condensed Consolidating Financi
Condensed Consolidating Financial Information | 3 Months Ended |
Mar. 31, 2019 | |
Condensed Financial Information Disclosure [Abstract] | |
Condensed Consolidating Financial Information | Condensed Consolidating Financial Information Comcast (“Comcast Parent”), Comcast Cable Communications, LLC (“CCCL Parent”) and NBCUniversal (“NBCUniversal Media Parent”) have fully and unconditionally guaranteed each other’s debt. See Note 5 for additional information on the cross-guarantee structure. Condensed Consolidating Statement of Income For the Three Months Ended March 31, 2019 (in millions) Comcast Comcast CCCL NBCUniversal Non- Elimination Consolidated Revenue: Service revenue $ — $ — $ — $ — $ 26,859 $ — $ 26,859 Management fee revenue 305 — 299 — — (604 ) — Total revenue 305 — 299 — 26,859 (604 ) 26,859 Costs and Expenses: Programming and production — — — — 8,569 — 8,569 Other operating and administrative 188 — 299 271 7,746 (604 ) 7,900 Advertising, marketing and promotion — — — — 1,888 — 1,888 Depreciation 14 — — — 2,226 — 2,240 Amortization 1 — — — 1,079 — 1,080 Total cost and expenses 203 — 299 271 21,508 (604 ) 21,677 Operating income (loss) 102 — — (271 ) 5,351 — 5,182 Interest expense (896 ) (3 ) (49 ) (120 ) (82 ) — (1,150 ) Investment and other income (loss), net 4,215 4,143 3,314 2,181 2,238 (15,415 ) 676 Income (loss) before income taxes 3,421 4,140 3,265 1,790 7,507 (15,415 ) 4,708 Income tax (expense) benefit 132 (6 ) 10 (6 ) (1,206 ) — (1,076 ) Net income (loss) 3,553 4,134 3,275 1,784 6,301 (15,415 ) 3,632 Less: Net income (loss) attributable to noncontrolling interests and redeemable subsidiary preferred stock — — — — 79 — 79 Net income (loss) attributable to Comcast Corporation $ 3,553 $ 4,134 $ 3,275 $ 1,784 $ 6,222 $ (15,415 ) $ 3,553 Comprehensive income (loss) attributable to Comcast Corporation $ 4,343 $ 4,122 $ 3,275 $ 1,752 $ 7,160 $ (16,309 ) $ 4,343 Condensed Consolidating Statement of Income For the Three Months Ended March 31, 2018 (in millions) Comcast Comcast CCCL NBCUniversal Non- Elimination Consolidated Revenue: Service revenue $ — $ — $ — $ — $ 22,791 $ — $ 22,791 Management fee revenue 292 — 286 — — (578 ) — Total revenue 292 — 286 — 22,791 (578 ) 22,791 Costs and Expenses: Programming and production — — — — 7,429 — 7,429 Other operating and administrative 228 — 286 318 6,260 (578 ) 6,514 Advertising, marketing and promotion — — — — 1,604 — 1,604 Depreciation 11 — — — 2,000 — 2,011 Amortization 1 — — — 587 — 588 Total costs and expenses 240 — 286 318 17,880 (578 ) 18,146 Operating income (loss) 52 — — (318 ) 4,911 — 4,645 Interest expense (561 ) (3 ) (47 ) (106 ) (60 ) — (777 ) Investment and other income (loss), net 3,520 3,319 2,826 1,942 1,588 (13,069 ) 126 Income (loss) before income taxes 3,011 3,316 2,779 1,518 6,439 (13,069 ) 3,994 Income tax (expense) benefit 107 — 9 (5 ) (929 ) — (818 ) Net income (loss) 3,118 3,316 2,788 1,513 5,510 (13,069 ) 3,176 Less: Net income (loss) attributable to noncontrolling interests and redeemable subsidiary preferred stock — — — — 58 — 58 Net income (loss) attributable to Comcast Corporation $ 3,118 $ 3,316 $ 2,788 $ 1,513 $ 5,452 $ (13,069 ) $ 3,118 Comprehensive income (loss) attributable to Comcast Corporation $ 3,271 $ 3,369 $ 2,789 $ 1,696 $ 5,791 $ (13,645 ) $ 3,271 Condensed Consolidating Statement of Cash Flows For the Three Months Ended March 31, 2019 (in millions) Comcast Comcast CCCL NBCUniversal Non- Elimination Consolidated Net cash provided by (used in) operating activities $ (759 ) $ 135 $ (119 ) $ (279 ) $ 8,253 $ — $ 7,231 Investing Activities: Net transactions with affiliates 3,908 (135 ) 119 140 (4,032 ) — — Capital expenditures (2 ) — — — (2,090 ) — (2,092 ) Cash paid for intangible assets (1 ) — — — (546 ) — (547 ) Acquisitions and construction of real estate properties (13 ) — — — (3 ) — (16 ) Construction of Universal Beijing Resort — — — — (220 ) — (220 ) Acquisitions, net of cash acquired — — — — (48 ) — (48 ) Proceeds from sales of investments — — — — 37 — 37 Purchases of investments (13 ) — — (58 ) (368 ) — (439 ) Other — — — — 99 — 99 Net cash provided by (used in) investing activities 3,879 (135 ) 119 82 (7,171 ) — (3,226 ) Financing Activities: Proceeds from (repayments of) short-term borrowings, net — — — — (1,288 ) — (1,288 ) Proceeds from borrowings — — — — 222 — 222 Repurchases and repayments of debt (2,000 ) — — (5 ) (79 ) — (2,084 ) Repurchases of common stock under repurchase program and employee plans (247 ) — — — — — (247 ) Dividends paid (869 ) — — — — — (869 ) Distributions to noncontrolling interests and dividends for redeemable subsidiary preferred stock — — — — (85 ) — (85 ) Other (3 ) — — — 29 — 26 Net cash provided by (used in) financing activities (3,119 ) — — (5 ) (1,201 ) — (4,325 ) Impact of foreign currency on cash, cash equivalents and restricted cash (1 ) — — — 9 — 8 Increase (decrease) in cash, cash equivalents and restricted cash — — — (202 ) (110 ) — (312 ) Cash, cash equivalents and restricted cash, beginning of period — — — 416 3,493 — 3,909 Cash, cash equivalents and restricted cash, end of period $ — $ — $ — $ 214 $ 3,383 $ — $ 3,597 Condensed Consolidating Statement of Cash Flows For the Three Months Ended March 31, 2018 (in millions) Comcast Comcast CCCL NBCUniversal Non- Elimination Consolidated Net cash provided by (used in) operating activities $ (270 ) $ 453 $ (149 ) $ (382 ) $ 5,822 $ — $ 5,474 Investing Activities: Net transactions with affiliates 640 (897 ) 149 347 (239 ) — — Capital expenditures — — — — (1,973 ) — (1,973 ) Cash paid for intangible assets (2 ) — — — (417 ) — (419 ) Acquisitions and construction of real estate properties (39 ) — — — (20 ) — (59 ) Construction of Universal Beijing Resort — — — — (42 ) — (42 ) Acquisitions, net of cash acquired — — — — (89 ) — (89 ) Proceeds from sales of investments — — — 57 24 — 81 Purchases of investments (11 ) — — (5 ) (204 ) — (220 ) Other — 444 — — (15 ) — 429 Net cash provided by (used in) investing activities 588 (453 ) 149 399 (2,975 ) — (2,292 ) Financing Activities: Proceeds from (repayments of) short-term borrowings, net (902 ) — — — — — (902 ) Proceeds from borrowings 3,973 — — — 70 — 4,043 Repurchases and repayments of debt (900 ) — — (3 ) (362 ) — (1,265 ) Repurchases of common stock under repurchase program and employee plans (1,729 ) — — — — — (1,729 ) Dividends paid (738 ) — — — — — (738 ) Distributions to noncontrolling interests and dividends for redeemable subsidiary preferred stock — — — — (79 ) — (79 ) Other (22 ) — — — 116 — 94 Net cash provided by (used in) financing activities (318 ) — — (3 ) (255 ) — (576 ) Increase (decrease) in cash, cash equivalents and restricted cash — — — 14 2,592 — 2,606 Cash, cash equivalents and restricted cash, beginning of period — — — 496 3,075 — 3,571 Cash, cash equivalents and restricted cash, end of period $ — $ — $ — $ 510 $ 5,667 $ — $ 6,177 Condensed Consolidating Balance Sheet March 31, 2019 (in millions) Comcast Comcast CCCL NBCUniversal Non- Elimination Consolidated Assets Cash and cash equivalents $ — $ — $ — $ 214 $ 3,284 $ — $ 3,498 Receivables, net — — — — 10,736 — 10,736 Programming rights — — — — 2,942 — 2,942 Other current assets 72 25 — 26 2,974 — 3,097 Total current assets 72 25 — 240 19,936 — 20,273 Film and television costs — — — — 8,051 — 8,051 Investments 280 11 147 895 7,826 — 9,159 Investments in and amounts due from subsidiaries eliminated upon consolidation 158,868 147,534 129,829 56,005 98,613 (590,849 ) — Property and equipment, net 663 — — — 45,058 — 45,721 Franchise rights — — — — 59,365 — 59,365 Goodwill — — — — 68,073 — 68,073 Other intangible assets, net 10 — — — 36,892 — 36,902 Other noncurrent assets, net 1,163 233 — 93 7,642 (486 ) 8,645 Total assets $ 161,056 $ 147,803 $ 129,976 $ 57,233 $ 351,456 $ (591,335 ) $ 256,189 Liabilities and Equity Accounts payable and accrued expenses related to trade creditors $ — $ — $ — $ — $ 10,232 $ — $ 10,232 Accrued participations and residuals — — — — 1,739 — 1,739 Deferred revenue — — — — 2,485 — 2,485 Accrued expenses and other current liabilities 2,405 149 245 438 5,595 — 8,832 Current portion of long-term debt 2,099 — — 7 2,523 — 4,629 Total current liabilities 4,504 149 245 445 22,574 — 27,917 Long-term debt, less current portion 78,460 149 2,100 7,756 15,999 — 104,464 Deferred income taxes — 324 — 67 27,980 (552 ) 27,819 Other noncurrent liabilities 3,133 — — 1,579 14,033 66 18,811 Redeemable noncontrolling interests and redeemable subsidiary preferred stock — — — — 1,316 — 1,316 Equity: Common stock 54 — — — — — 54 Other shareholders’ equity 74,905 147,181 127,631 47,386 268,651 (590,849 ) 74,905 Total Comcast Corporation shareholders’ equity 74,959 147,181 127,631 47,386 268,651 (590,849 ) 74,959 Noncontrolling interests — — — — 903 — 903 Total equity 74,959 147,181 127,631 47,386 269,554 (590,849 ) 75,862 Total liabilities and equity $ 161,056 $ 147,803 $ 129,976 $ 57,233 $ 351,456 $ (591,335 ) $ 256,189 Condensed Consolidating Balance Sheet December 31, 2018 (in millions) Comcast Comcast CCCL NBCUniversal Non- Elimination Consolidated Assets Cash and cash equivalents $ — $ — $ — $ 416 $ 3,398 $ — $ 3,814 Receivables, net — — — — 11,104 — 11,104 Programming rights — — — — 3,746 — 3,746 Other current assets 66 20 — 28 3,070 — 3,184 Total current assets 66 20 — 444 21,318 — 21,848 Film and television costs — — — — 7,837 — 7,837 Investments 270 11 143 790 6,669 — 7,883 Investments in and amounts due from subsidiaries eliminated upon consolidation 157,264 147,028 130,214 53,853 97,872 (586,231 ) — Property and equipment, net 670 — — — 43,767 — 44,437 Franchise rights — — — — 59,365 — 59,365 Goodwill — — — — 66,154 — 66,154 Other intangible assets, net 11 — — — 38,347 — 38,358 Other noncurrent assets, net 1,057 208 — 85 4,910 (458 ) 5,802 Total assets $ 159,338 $ 147,267 $ 130,357 $ 55,172 $ 346,239 $ (586,689 ) $ 251,684 Liabilities and Equity Accounts payable and accrued expenses related to trade creditors $ 2 $ — $ — $ — $ 8,492 $ — $ 8,494 Accrued participations and residuals — — — — 1,808 — 1,808 Deferred revenue — — — — 2,182 — 2,182 Accrued expenses and other current liabilities 2,357 150 360 282 7,572 — 10,721 Current portion of long-term debt 699 — — 4 3,695 — 4,398 Total current liabilities 3,058 150 360 286 23,749 — 27,603 Long-term debt, less current portion 81,661 146 2,100 7,748 15,690 — 107,345 Deferred income taxes — 314 — 65 27,734 (524 ) 27,589 Other noncurrent liabilities 3,006 — — 1,201 11,056 66 15,329 Redeemable noncontrolling interests and redeemable subsidiary preferred stock — — — — 1,316 — 1,316 Equity: Common stock 54 — — — — — 54 Other shareholders’ equity 71,559 146,657 127,897 45,872 265,805 (586,231 ) 71,559 Total Comcast Corporation shareholders’ equity 71,613 146,657 127,897 45,872 265,805 (586,231 ) 71,613 Noncontrolling interests — — — — 889 — 889 Total equity 71,613 146,657 127,897 45,872 266,694 (586,231 ) 72,502 Total liabilities and equity $ 159,338 $ 147,267 $ 130,357 $ 55,172 $ 346,239 $ (586,689 ) $ 251,684 |
Recent Accounting Pronounceme_2
Recent Accounting Pronouncements (Policies) | 3 Months Ended |
Mar. 31, 2019 | |
Accounting Policies [Line Items] | |
Basis of Presentation | We have prepared these unaudited condensed consolidated financial statements based on SEC rules that permit reduced disclosure for interim periods. These financial statements include all adjustments that are necessary for a fair presentation of our consolidated results of operations, cash flows and financial condition for the periods shown, including normal, recurring accruals and other items. The consolidated results of operations for the interim periods presented are not necessarily indicative of results for the full year. The year-end condensed consolidated balance sheet was derived from audited financial statements but does not include all disclosures required by generally accepted accounting principles in the United States (“GAAP”). For a more complete discussion of our accounting policies and certain other information, refer to our consolidated financial statements included in our 2018 Annual Report on Form 10-K and the notes within this Form 10-Q. |
Earnings Per Share | Diluted earnings per common share attributable to Comcast Corporation shareholders (“diluted EPS”) considers the impact of potentially dilutive securities using the treasury stock method. Our potentially dilutive securities include potential common shares related to our stock options and our restricted share units (“RSUs”). Diluted EPS excludes the impact of potential common shares related to our stock options in periods in which the combination of the option exercise price and the associated unrecognized compensation expense is greater than the average market price of our common stock. |
Recent Accounting Pronouncements | In February 2016, the FASB updated the accounting guidance related to leases. The most significant change in the updated accounting guidance requires lessees to recognize lease assets and liabilities on the balance sheet for all operating leases with the exception of short-term leases. The standard also expands the disclosures regarding the amount, timing and uncertainty of cash flows arising from leases. For a lessee, the recognition, measurement and presentation of expenses and cash flows arising from a lease did not significantly change from previous guidance. We adopted the updated guidance on January 1, 2019 on a prospective basis and as a result, prior period amounts were not adjusted to reflect the impacts of the updated guidance. In addition, as permitted under the transition guidance within the new standard, prior scoping and classification conclusions were carried forward for leases existing as of the adoption date. Upon adoption, we recorded $4.2 billion and $4.8 billion for operating lease assets and liabilities, respectively, which includes the impact of fair value adjustments, prepaid and deferred rent and lease incentives. The adoption of the updated accounting guidance did not significantly impact our recognition of finance leases, which were previously described as capital leases. As of the date of adoption, our liabilities for finance leases were $787 million , including $229 million of additional contracts determined to be leases in connection with the Sky transaction , which were recorded in long-term debt, and the related assets were recorded in property and equipment, net. Our finance leases were not considered material for further disclosure. The adoption of the new accounting guidance did not have a material impact on our consolidated results of operations or cash flows. See Note 11 for further information. Film and Television Costs In March 2019, the FASB updated the accounting guidance related to film and television costs. The updated guidance aligns the accounting for production costs of episodic television series with those of films, allowing for costs to be capitalized in excess of amounts of revenue contracted for each episode. The updated guidance also updates certain presentation and disclosure requirements for capitalized film and television costs, and requires impairment testing to be performed at a group level for capitalized film and television costs when the content is predominately monetized with other owned or licensed content. The updated guidance is effective for us as of January 1, 2020 and early adoption is permitted. We are currently in the process of determining the impact that the updated accounting guidance will have on our consolidated financial statements, however we do not expect there to be a material impact on our consolidated results of operations or cash flows. |
Leases | Our leases consist primarily of real estate, vehicles and other equipment. We determine if an arrangement is a lease at inception. Lease assets and liabilities are recognized upon commencement of the lease based on the present value of the future minimum lease payments over the lease term. The lease term includes options to extend the lease when it is reasonably certain that we will exercise that option. We generally utilize our incremental borrowing rate based on information available at the commencement of the lease in determining the present value of future payments. The lease asset also includes any lease payments made and initial direct costs incurred and excludes lease incentives. Lease assets and liabilities are not recorded for leases with an initial term of one year or less. Lease expense for operating leases recorded in the balance sheet is included in operating costs and expenses and is based on the future minimum lease payments recognized on a straight-line basis over the term of the lease plus any variable lease costs. Operating lease expenses, inclusive of short-term and variable lease expenses, recognized in our condensed consolidated statement of income for the three months ended March 31, 2019 were $274 million . These amounts do not include lease costs associated with production activities or other amounts capitalized in our condensed consolidated balance sheet, which are not material. |
NBCUniversal Media LLC [Member] | |
Accounting Policies [Line Items] | |
Basis of Presentation | Unless indicated otherwise, throughout these notes to the condensed consolidated financial statements, we refer to NBCUniversal and its consolidated subsidiaries as “we,” “us” and “our.” We have prepared these unaudited condensed consolidated financial statements based on SEC rules that permit reduced disclosure for interim periods. These financial statements include all adjustments that are necessary for a fair presentation of our consolidated results of operations, cash flows and financial condition for the periods shown, including normal, recurring accruals and other items. The consolidated results of operations for the interim periods presented are not necessarily indicative of results for the full year. The year-end condensed consolidated balance sheet was derived from audited financial statements but does not include all disclosures required by generally accepted accounting principles in the United States (“GAAP”). For a more complete discussion of our accounting policies and certain other information, refer to our consolidated financial statements included in our 2018 Annual Report on Form 10-K and the notes within this Form 10-Q. |
Recent Accounting Pronouncements | In February 2016, the FASB updated the accounting guidance related to leases. The most significant change in the updated accounting guidance requires lessees to recognize lease assets and liabilities on the balance sheet for all operating leases with the exception of short-term leases. The standard also expands the disclosures regarding the amount, timing and uncertainty of cash flows arising from leases. For a lessee, the recognition, measurement and presentation of expenses and cash flows arising from a lease did not significantly change from previous guidance. We adopted the updated guidance on January 1, 2019 on a prospective basis and as a result, prior period amounts were not adjusted to reflect the impacts of the updated guidance. In addition, as permitted under the transition guidance within the new standard, prior scoping and classification conclusions were carried forward for leases existing as of the adoption date. Upon adoption, we recorded approximately $1.7 billion and $1.8 billion of operating lease assets and liabilities, respectively, which includes the impact of fair value adjustments, prepaid rent and lease incentives. The adoption of the updated accounting guidance did not impact our recognition of finance leases, which were previously described as capital leases. As of the date of adoption, our liabilities for finance leases were $332 million , which were recorded in long-term debt, and the related assets were recorded in property and equipment, net. Our finance leases were not considered material for further disclosure. The adoption of the new accounting guidance did not have a material impact on our consolidated results of operations or cash flows. See Note 9 for further information. Film and Television Costs In March 2019, the FASB updated the accounting guidance related to film and television costs. The updated guidance aligns the accounting for production costs of episodic television series with those of films, allowing for costs to be capitalized in excess of amounts of revenue contracted for each episode. The updated guidance also updates certain presentation and disclosure requirements for capitalized film and television costs, and requires impairment testing to be performed at a group level for capitalized film and television costs when the content is predominately monetized with other owned or licensed content. The updated guidance is effective for us as of January 1, 2020 and early adoption is permitted. We are currently in the process of determining the impact that the updated accounting guidance will have on our consolidated financial statements, however we do not expect there to be a material impact on our consolidated results of operations or cash flows. |
Leases | Our leases consist primarily of real estate and equipment. We determine if an arrangement is a lease at inception. Lease assets and liabilities are recognized upon commencement of the lease based on the present value of the future minimum lease payments over the lease term. The lease term includes options to extend the lease when it is reasonably certain that we will exercise that option. We generally utilize our incremental borrowing rate based on information available at the commencement of the lease in determining the present value of future payments. The lease asset also includes any lease payments made and initial direct costs incurred and excludes lease incentives. Lease assets and liabilities are not recorded for leases with an initial term of one year or less. Lease expense for operating leases recorded in the balance sheet is included in operating costs and expenses and is based on the future minimum lease payments recognized on a straight-line basis over the term of the lease plus any variable lease costs. Operating lease expenses, inclusive of short-term and variable lease expenses, recognized in our condensed consolidated statement of income for the three months ended March 31, 2019 were $111 million . These amounts do not include lease costs associated with production activities or other amounts capitalized in our condensed consolidated balance sheet, which are not material. |
Segment Information (Tables)
Segment Information (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Segment Reporting Information [Line Items] | |
Financial Data by Business Segment | Our financial data by business segment is presented in the tables below. Three Months Ended March 31, 2019 (in millions) Revenue Adjusted EBITDA (d) Depreciation and Amortization Capital Expenditures Cash Paid for Intangible Assets Cable Communications $ 14,280 $ 5,728 $ 2,035 $ 1,363 $ 323 NBCUniversal Cable Networks 2,868 1,262 182 6 2 Broadcast Television 2,467 387 39 13 3 Filmed Entertainment 1,768 364 19 4 5 Theme Parks 1,276 498 162 394 19 Headquarters and Other (a) 17 (174 ) 113 36 42 Eliminations (b) (83 ) — — — — NBCUniversal 8,313 2,337 515 453 71 Sky 4,797 663 741 259 151 Corporate and Other (c) 108 (187 ) 29 17 2 Eliminations (b) (639 ) 12 — — — Comcast Consolidated $ 26,859 $ 8,553 $ 3,320 $ 2,092 $ 547 Three Months Ended March 31, 2018 (in millions) Revenue Adjusted EBITDA (d) Depreciation and Amortization Capital Expenditures Cash Paid for Intangible Assets Cable Communications $ 13,703 $ 5,217 $ 2,061 $ 1,691 $ 287 NBCUniversal Cable Networks (e) 3,157 1,254 189 3 4 Broadcast Television (e) 3,497 507 34 30 72 Filmed Entertainment 1,647 203 28 7 6 Theme Parks 1,281 495 155 182 16 Headquarters and Other (a) 14 (188 ) 104 47 32 Eliminations (b)(e) (99 ) — — — — NBCUniversal 9,497 2,271 510 269 130 Corporate and Other (c) 243 (185 ) 28 13 2 Eliminations (b)(e) (652 ) (59 ) — — — Comcast Consolidated $ 22,791 $ 7,244 $ 2,599 $ 1,973 $ 419 (a) NBCUniversal Headquarters and Other activities include costs associated with overhead, allocations, personnel costs and headquarter initiatives. (b) Included in Eliminations are transactions that our segments enter into with one another. The most common types of transactions are the following: • our Cable Networks segment generates revenue by selling programming to our Cable Communications segment, which represents a substantial majority of the revenue elimination amount • our Broadcast Television segment generates revenue from the fees received under retransmission consent agreements with our Cable Communications segment • our Cable Communications segment generates revenue by selling advertising and by selling the use of satellite feeds to our Cable Networks segment • our Cable Networks and Broadcast Television segments generate revenue by selling advertising to our Cable Communications segment • our Filmed Entertainment and Broadcast Television segments generate revenue by licensing content to our Cable Networks segment; for segment reporting, this revenue is recognized as the programming rights asset for the licensed content is amortized based on third party revenue • our Filmed Entertainment, Cable Networks and Broadcast Television segments generate revenue by licensing content to our Sky segment (c) Corporate and Other activities include costs associated with overhead and personnel, revenue and expenses associated with operations of Comcast Spectacor, which owns the Philadelphia Flyers and the Wells Fargo Center arena in Philadelphia, Pennsylvania, as well as other business development initiatives. (d) We use Adjusted EBITDA as the measure of profit or loss for our operating segments. Adjusted EBITDA is defined as net income attributable to Comcast Corporation before net income (loss) attributable to noncontrolling interests and redeemable subsidiary preferred stock, income tax expense, investment and other income (loss), net, interest expense, depreciation and amortization expense, and other operating gains and losses (such as impairment charges related to fixed and intangible assets and gains or losses on the sale of long-lived assets), if any. From time to time we may exclude from Adjusted EBITDA the impact of certain events, gains, losses or other charges (such as significant legal settlements) that affect the period-to-period comparability of our operating performance. Our reconciliation of the aggregate amount of Adjusted EBITDA for our reportable segments to consolidated income before income taxes is presented in the table below. Three Months Ended (in millions) 2019 2018 Adjusted EBITDA $ 8,553 $ 7,244 Adjustment for Sky transaction-related costs (51 ) — Depreciation (2,240 ) (2,011 ) Amortization (1,080 ) (588 ) Interest expense (1,150 ) (777 ) Investment and other income (loss), net 676 126 Income before income taxes $ 4,708 $ 3,994 (e) The revenue and operating costs and expenses associated with our broadcast of the 2018 PyeongChang Olympics were reported in our Cable Networks and Broadcast Television segments. The revenue and operating costs and expenses associated with our broadcast of the 2018 Super Bowl were reported in our Broadcast Television segment. Included in Eliminations are transactions relating to these events that our Broadcast Television and Cable Networks segments enter into with our other segments. |
Reconciliation of Adjusted EBITDA from Segments to Consolidated | Our reconciliation of the aggregate amount of Adjusted EBITDA for our reportable segments to consolidated income before income taxes is presented in the table below. Three Months Ended (in millions) 2019 2018 Adjusted EBITDA $ 8,553 $ 7,244 Adjustment for Sky transaction-related costs (51 ) — Depreciation (2,240 ) (2,011 ) Amortization (1,080 ) (588 ) Interest expense (1,150 ) (777 ) Investment and other income (loss), net 676 126 Income before income taxes $ 4,708 $ 3,994 |
NBCUniversal Media LLC [Member] | |
Segment Reporting Information [Line Items] | |
Financial Data by Business Segment | We use Adjusted EBITDA to evaluate the profitability of our operating segments and the components of net income attributable to NBCUniversal excluded from Adjusted EBITDA are not separately evaluated. To be consistent with our current management reporting presentation, 2018 operating results were reclassified related to certain NBCUniversal businesses now presented in Headquarters and Other. Our financial data by business segment is presented in the tables below. Three Months Ended March 31, 2019 (in millions) Revenue Adjusted EBITDA (c) Depreciation and Amortization Capital Expenditures Cash Paid for Intangible Assets Cable Networks $ 2,868 $ 1,262 $ 182 $ 6 $ 2 Broadcast Television 2,467 387 39 13 3 Filmed Entertainment 1,768 364 19 4 5 Theme Parks 1,276 498 162 394 19 Headquarters and Other (a) 51 (164 ) 113 36 42 Eliminations (b) (85 ) — — — — Total $ 8,345 $ 2,347 $ 515 $ 453 $ 71 Three Months Ended March 31, 2018 (in millions) Revenue Adjusted EBITDA (c) Depreciation and Amortization Capital Expenditures Cash Paid for Intangible Assets Cable Networks (d) $ 3,157 $ 1,254 $ 189 $ 3 $ 4 Broadcast Television (d) 3,497 507 34 30 72 Filmed Entertainment 1,647 203 28 7 6 Theme Parks 1,281 495 155 182 16 Headquarters and Other (a) 51 (174 ) 104 47 32 Eliminations (b)(d) (103 ) — — — — Total $ 9,530 $ 2,285 $ 510 $ 269 $ 130 (a) Headquarters and Other activities include costs associated with overhead, allocations, personnel costs and headquarter initiatives. (b) Included in Eliminations are transactions that our segments enter into with one another, which consisted primarily of the licensing of film and television content from our Filmed Entertainment and Broadcast Television segments to our Cable Networks segment; for segment reporting, this revenue is recognized as the programming rights asset for the licensed content is amortized based on third party revenue. (c) We use Adjusted EBITDA as the measure of profit or loss for our operating segments. Adjusted EBITDA is defined as net income attributable to NBCUniversal before net income (loss) attributable to noncontrolling interests, income tax expense, investment and other income (loss), net, interest expense, depreciation and amortization expense, and other operating gains and losses (such as impairment charges related to fixed and intangible assets and gains or losses on the sale of long-lived assets), if any. From time to time we may exclude from Adjusted EBITDA the impact of certain events, gains, losses or other charges (such as significant legal settlements) that affect the period-to-period comparability of our operating performance. Our reconciliation of the aggregate amount of Adjusted EBITDA for our reportable segments to consolidated income before income taxes is presented in the table below. Three Months Ended (in millions) 2019 2018 Adjusted EBITDA $ 2,347 $ 2,285 Depreciation (243 ) (242 ) Amortization (272 ) (268 ) Interest expense (131 ) (127 ) Investment and other income (loss), net 240 (4 ) Income before income taxes $ 1,941 $ 1,644 (d) The revenue and operating costs and expenses associated with our broadcast of the 2018 PyeongChang Olympics were reported in our Cable Networks and Broadcast Television segments. The revenue and operating costs and expenses associated with our broadcast of the 2018 Super Bowl were reported in our Broadcast Television segment. Included in Eliminations are transactions relating to these events that our Broadcast Television and Cable Networks segments enter into with our other segments. |
Reconciliation of Adjusted EBITDA from Segments to Consolidated | Our reconciliation of the aggregate amount of Adjusted EBITDA for our reportable segments to consolidated income before income taxes is presented in the table below. Three Months Ended (in millions) 2019 2018 Adjusted EBITDA $ 2,347 $ 2,285 Depreciation (243 ) (242 ) Amortization (272 ) (268 ) Interest expense (131 ) (127 ) Investment and other income (loss), net 240 (4 ) Income before income taxes $ 1,941 $ 1,644 |
Revenue (Tables)
Revenue (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Revenue [Line Items] | |
Disaggregation of revenue | Three Months Ended (in millions) 2019 2018 Residential: High-speed internet $ 4,577 $ 4,157 Video 5,628 5,659 Voice 990 1,006 Wireless 225 185 Business services 1,891 1,726 Advertising 556 582 Other 413 388 Total Cable Communications (a)(b) 14,280 13,703 Distribution 1,735 1,861 Advertising 852 977 Content licensing and other 281 319 Total Cable Networks 2,868 3,157 Advertising 1,317 2,365 Content licensing 560 522 Distribution and other 590 610 Total Broadcast Television 2,467 3,497 Theatrical 445 423 Content licensing 817 733 Home entertainment 267 248 Other 239 243 Total Filmed Entertainment 1,768 1,647 Total Theme Parks 1,276 1,281 Headquarters and Other 17 14 Eliminations (c) (83 ) (99 ) Total NBCUniversal 8,313 9,497 Direct-to-consumer 3,834 — Content 370 — Advertising 593 — Total Sky 4,797 — Corporate and Other (b) 108 243 Eliminations (c) (639 ) (652 ) Total revenue $ 26,859 $ 22,791 (a) For the three months ended March 31, 2019 and 2018 , 2.6% and 2.7% , respectively, of Cable Communications segment revenue was derived from franchise and other regulatory fees. (b) Comcast Cable’s wireless phone service is now presented in the Cable Communications segment. Results were previously presented in Corporate and Other. We recognize revenue from our wireless phone service as the services are provided, similar to how we recognize revenue for other residential cable services. We recognize revenue from the sale of handsets at the point of sale. (c) Included in Eliminations are transactions that our segments enter into with one another. See Note 2 for a description of these transactions. We operate primarily in the United States but also in select international markets. The table below summarizes revenue by geographic location. Three Months Ended (in millions) 2019 2018 United States $ 20,457 $ 20,885 Europe 5,370 821 Other 1,032 1,085 Total revenue $ 26,859 $ 22,791 |
Schedule of receivables, net | (in millions) March 31, December 31, Receivables, gross $ 11,161 $ 11,456 Less: Allowance for doubtful accounts 425 352 Receivables, net $ 10,736 $ 11,104 |
Other balance sheet accounts | (in millions) March 31, December 31, Noncurrent receivables, net (included in other noncurrent assets, net) $ 1,379 $ 1,399 Contract acquisition and fulfillment costs (included in other noncurrent assets, net) $ 1,001 $ 991 Noncurrent deferred revenue (included in other noncurrent liabilities) $ 786 $ 650 |
NBCUniversal Media LLC [Member] | |
Revenue [Line Items] | |
Disaggregation of revenue | Three Months Ended (in millions) 2019 2018 Distribution $ 1,735 $ 1,861 Advertising 852 977 Content licensing and other 281 319 Total Cable Networks 2,868 3,157 Advertising 1,317 2,365 Content licensing 560 522 Distribution and other 590 610 Total Broadcast Television 2,467 3,497 Theatrical 445 423 Content licensing 817 733 Home entertainment 267 248 Other 239 243 Total Filmed Entertainment 1,768 1,647 Total Theme Parks 1,276 1,281 Headquarters and Other 51 51 Eliminations (a) (85 ) (103 ) Total revenue $ 8,345 $ 9,530 (a) Included in Eliminations are transactions that our segments enter into with one another. See Note 2 for a description of these transactions. We operate primarily in the United States, but also in select international markets primarily in Europe and Asia. The table below summarizes revenue by geographic location. Three Months Ended (in millions) 2019 2018 United States $ 6,623 $ 7,654 Foreign 1,722 1,876 Total revenue $ 8,345 $ 9,530 |
Schedule of receivables, net | (in millions) March 31, December 31, Receivables, gross $ 7,376 $ 7,392 Less: Allowance for doubtful accounts 106 99 Receivables, net $ 7,270 $ 7,293 |
Other balance sheet accounts | (in millions) March 31, December 31, Noncurrent receivables, net (included in other noncurrent assets, net) $ 1,185 $ 1,180 Noncurrent deferred revenue (included in other noncurrent liabilities) $ 568 $ 481 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Earnings Per Share [Abstract] | |
Computation of diluted EPS | Computation of Diluted EPS Three Months Ended March 31 2019 2018 (in millions, except per share data) Net Income Shares Per Share Net Income Shares Per Share Basic EPS attributable to Comcast Corporation shareholders $ 3,553 4,534 $ 0.78 $ 3,118 4,633 $ 0.67 Effect of dilutive securities: Assumed exercise or issuance of shares relating to stock plans 60 72 Diluted EPS attributable to Comcast Corporation shareholders $ 3,553 4,594 $ 0.77 $ 3,118 4,705 $ 0.66 |
Significant Transactions (Table
Significant Transactions (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Business Combinations [Abstract] | |
Allocation of Purchase Price | The table below presents the allocation of the all-cash purchase price of £30.2 billion , or $39.4 billion , to the assets and liabilities of Sky as a result of the transaction. Allocation of Purchase Price (in millions) Consideration transferred $ 39,387 Allocation of purchase price Cash $ 1,283 Accounts receivable and other current assets 2,359 Film and television costs 2,512 Property and equipment 4,127 Intangible assets 19,539 Accounts payable, accrued liabilities and other current liabilities (5,885 ) Long-term debt (11,468 ) Deferred tax assets (liabilities), net (2,974 ) Other noncurrent assets and (liabilities), net (1,398 ) Fair value of identifiable net assets acquired 8,095 Goodwill $ 31,292 |
Unaudited Pro Forma Information | The following unaudited pro forma information has been presented as if the Sky transaction occurred on January 1, 2017. This information is based on historical results of operations, adjusted for allocation of purchase price and other acquisition accounting adjustments, and is not necessarily indicative of what the results would have been had we operated the business since January 1, 2017. For pro forma purposes, 2018 earnings were adjusted to exclude transaction-related costs. No pro forma adjustments have been made for cost savings or synergies that have been or may be achieved by the combined businesses. (in millions, except per share data) Three Months Ended Revenue $ 27,762 Net income attributable to Comcast Corporation $ 2,983 Basic earnings per common share attributable to Comcast Corporation shareholders $ 0.64 Diluted earnings per common share attributable to Comcast Corporation shareholders $ 0.63 |
Film and Television Costs (Tabl
Film and Television Costs (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Film And Television Cost [Line Items] | |
Film and Television Costs | (in millions) March 31, December 31, Film Costs: Released, less amortization $ 1,544 $ 1,600 Completed, not released 40 144 In production and in development 1,267 1,063 2,851 2,807 Television Costs: Released, less amortization 2,390 2,289 In production and in development 820 953 3,210 3,242 Programming rights, less amortization 4,932 5,534 10,993 11,583 Less: Current portion of programming rights 2,942 3,746 Film and television costs $ 8,051 $ 7,837 |
NBCUniversal Media LLC [Member] | |
Film And Television Cost [Line Items] | |
Film and Television Costs | (in millions) March 31, December 31, Film Costs: Released, less amortization $ 1,544 $ 1,600 Completed, not released 40 144 In production and in development 1,267 1,063 2,851 2,807 Television Costs: Released, less amortization 2,296 2,161 In production and in development 820 953 3,116 3,114 Programming rights, less amortization 2,638 2,694 8,605 8,615 Less: Current portion of programming rights 1,303 1,323 Film and television costs $ 7,302 $ 7,292 |
Investments (Tables)
Investments (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Investments [Line Items] | |
Investment and Other Income (Loss), Net | Investment and Other Income (Loss), Net Three Months Ended (in millions) 2019 2018 Equity in net income (losses) of investees, net $ 262 $ (49 ) Realized and unrealized gains (losses) on equity securities, net 214 28 Other income (loss), net 200 147 Investment and other income (loss), net $ 676 $ 126 |
Investment Summary | (in millions) March 31, December 31, Equity method $ 4,960 $ 4,035 Marketable equity securities 538 341 Nonmarketable equity securities 1,942 1,805 Other investments 1,805 1,796 Total investments 9,245 7,977 Less: Current investments 86 94 Noncurrent investments $ 9,159 $ 7,883 |
NBCUniversal Media LLC [Member] | |
Investments [Line Items] | |
Investment and Other Income (Loss), Net | Investment and Other Income (Loss), Net Three Months Ended (in millions) 2019 2018 Equity in net income (losses) of investees, net $ (120 ) $ (100 ) Realized and unrealized gains (losses) on equity securities, net 161 37 Other income (loss), net 199 59 Investment and other income (loss), net $ 240 $ (4 ) |
Investment Summary | (in millions) March 31, December 31, Equity method $ 831 $ 707 Marketable equity securities 324 162 Nonmarketable equity securities 912 811 Total investments $ 2,067 $ 1,680 |
Supplemental Financial Inform_2
Supplemental Financial Information (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Supplemental Financial Information [Line Items] | |
Schedule of operating lease assets and liabilities | (in millions) March 31, December 31, Noncurrent receivables, net (included in other noncurrent assets, net) $ 1,379 $ 1,399 Contract acquisition and fulfillment costs (included in other noncurrent assets, net) $ 1,001 $ 991 Noncurrent deferred revenue (included in other noncurrent liabilities) $ 786 $ 650 |
Schedule of future minimum rental commitments for operating leases under new accounting guidance | The table below summarizes our future minimum rental commitments for operating leases as of March 31, 2019 applying the new accounting guidance. (in millions) March 31, Remaining nine months of 2019 $ 669 2020 832 2021 724 2022 592 2023 501 Thereafter 2,536 Total future minimum lease payments 5,854 Less: imputed interest 1,147 Total liability $ 4,707 |
Schedule of future minimum rental commitments and rent expense for operating leases under previous guidance | The tables below summarize our future minimum rental commitments for operating leases as of December 31, 2018 and rent expense for operating leases for the three months ended March 31, 2018 using the accounting guidance in effect at that time. These amounts have been updated to include $804 million of future cash payments related to additional contracts determined to be operating leases in connection with the Sky transaction. (in millions) December 31, 2019 $ 891 2020 $ 824 2021 $ 722 2022 $ 592 2023 $ 513 Thereafter $ 2,608 (in millions) Three Months Ended Rental expense $ 186 |
Schedule of recognized share-based compensation expense | Recognized Share-Based Compensation Expense Three Months Ended (in millions) 2019 2018 Restricted share units $ 127 $ 83 Stock options 47 44 Employee stock purchase plans 9 12 Total $ 183 $ 139 |
Schedule of cash payments for interest and income taxes | Cash Payments for Interest and Income Taxes Three Months Ended (in millions) 2019 2018 Interest $ 970 $ 854 Income taxes $ 189 $ 162 |
Schedule of cash, cash equivalents and restricted cash | The following table provides a reconciliation of cash, cash equivalents and restricted cash reported in the condensed consolidated balance sheet to the total of the amounts reported in our condensed consolidated statement of cash flows. (in millions) March 31, December 31, Cash and cash equivalents $ 3,498 $ 3,814 Restricted cash included in other current assets 49 46 Restricted cash included in other noncurrent assets, net 50 49 Cash, cash equivalents and restricted cash, end of period $ 3,597 $ 3,909 |
Schedule of accumulated other comprehensive income (loss) | Accumulated Other Comprehensive Income (Loss) (in millions) March 31, March 31, Unrealized gains (losses) on marketable securities $ 4 $ 1 Deferred gains (losses) on cash flow hedges 54 20 Unrecognized gains (losses) on employee benefit obligations 318 310 Cumulative translation adjustments 46 277 Accumulated other comprehensive income (loss), net of deferred taxes $ 422 $ 608 |
Accounting Standards Update 2016-02 [Member] | |
Supplemental Financial Information [Line Items] | |
Schedule of operating lease assets and liabilities | The table below summarizes the operating lease assets and liabilities recorded in our condensed consolidated balance sheet. Condensed Consolidated Balance Sheet (in millions) March 31, Other noncurrent assets, net $ 4,100 Accrued expenses and other current liabilities $ 693 Other noncurrent liabilities $ 4,014 |
NBCUniversal Media LLC [Member] | |
Supplemental Financial Information [Line Items] | |
Schedule of operating lease assets and liabilities | (in millions) March 31, December 31, Noncurrent receivables, net (included in other noncurrent assets, net) $ 1,185 $ 1,180 Noncurrent deferred revenue (included in other noncurrent liabilities) $ 568 $ 481 |
Schedule of future minimum rental commitments for operating leases under new accounting guidance | The table below summarizes our future minimum rental commitments for operating leases as of March 31, 2019 applying the new accounting guidance. (in millions) March 31, Remaining nine months of 2019 $ 175 2020 243 2021 210 2022 176 2023 152 Thereafter 1,397 Total future minimum lease payments 2,353 Less: imputed interest 651 Total liability $ 1,702 |
Schedule of future minimum rental commitments and rent expense for operating leases under previous guidance | The tables below summarize our future minimum rental commitments for operating leases as of December 31, 2018 and rent expense for operating leases for the three months ended March 31, 2018 using the accounting guidance in effect at that time. (in millions) December 31, 2019 $ 248 2020 $ 232 2021 $ 199 2022 $ 168 2023 $ 144 Thereafter $ 1,380 (in millions) Three Months Ended Rental expense $ 69 |
Schedule of cash payments for interest and income taxes | Cash Payments for Interest and Income Taxes Three Months Ended (in millions) 2019 2018 Interest $ 35 $ 51 Income taxes $ 118 $ 173 |
Schedule of cash, cash equivalents and restricted cash | The following table provides a reconciliation of cash, cash equivalents and restricted cash reported in the condensed consolidated balance sheet to the total of the amounts reported in our condensed consolidated statement of cash flows. (in millions) March 31, December 31, Cash and cash equivalents $ 1,114 $ 1,444 Restricted cash included in other noncurrent assets, net 22 20 Cash, cash equivalents and restricted cash, end of period $ 1,136 $ 1,464 |
Schedule of accumulated other comprehensive income (loss) | Accumulated Other Comprehensive Income (Loss) (in millions) March 31, March 31, Deferred gains (losses) on cash flow hedges $ 11 $ (3 ) Unrecognized gains (losses) on employee benefit obligations 138 122 Cumulative translation adjustments 73 277 Accumulated other comprehensive income (loss) $ 222 $ 396 |
NBCUniversal Media LLC [Member] | Accounting Standards Update 2016-02 [Member] | |
Supplemental Financial Information [Line Items] | |
Schedule of operating lease assets and liabilities | The table below summarizes the operating lease assets and liabilities recorded in our condensed consolidated balance sheet. Condensed Consolidated Balance Sheet (in millions) March 31, Other noncurrent assets, net $ 1,599 Accrued expenses and other current liabilities $ 177 Other noncurrent liabilities $ 1,525 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
NBCUniversal Media LLC [Member] | |
Related Party Transaction [Line Items] | |
Related Party Transactions Condensed Financial Statements | The following tables present transactions with Comcast and its consolidated subsidiaries that are included in our condensed consolidated financial statements. Condensed Consolidated Statement of Income Three Months Ended (in millions) 2019 2018 Transactions with Comcast and Consolidated Subsidiaries Revenue $ 604 $ 594 Total costs and expenses $ (65 ) $ (61 ) Interest expense and investment and other income (loss), net $ 8 $ (23 ) Condensed Consolidated Balance Sheet (in millions) March 31, December 31, Transactions with Comcast and Consolidated Subsidiaries Receivables, net $ 477 $ 464 Note receivable from Comcast $ 2,925 $ 2,054 Film and television costs $ 25 $ 27 Accounts payable and accrued expenses related to trade creditors $ 68 $ 78 Accrued expenses and other current liabilities $ 51 $ 32 Note payable to Comcast $ 68 $ 54 Long-term debt $ 763 $ 701 Other noncurrent liabilities $ 417 $ 410 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Commitment And Contingencies [Line Items] | |
Schedule of operating lease assets and liabilities | (in millions) March 31, December 31, Noncurrent receivables, net (included in other noncurrent assets, net) $ 1,379 $ 1,399 Contract acquisition and fulfillment costs (included in other noncurrent assets, net) $ 1,001 $ 991 Noncurrent deferred revenue (included in other noncurrent liabilities) $ 786 $ 650 |
Schedule of future minimum rental commitments for operating leases under new accounting guidance | The table below summarizes our future minimum rental commitments for operating leases as of March 31, 2019 applying the new accounting guidance. (in millions) March 31, Remaining nine months of 2019 $ 669 2020 832 2021 724 2022 592 2023 501 Thereafter 2,536 Total future minimum lease payments 5,854 Less: imputed interest 1,147 Total liability $ 4,707 |
Schedule of future minimum rental commitments and rent expense for operating leases under previous guidance | The tables below summarize our future minimum rental commitments for operating leases as of December 31, 2018 and rent expense for operating leases for the three months ended March 31, 2018 using the accounting guidance in effect at that time. These amounts have been updated to include $804 million of future cash payments related to additional contracts determined to be operating leases in connection with the Sky transaction. (in millions) December 31, 2019 $ 891 2020 $ 824 2021 $ 722 2022 $ 592 2023 $ 513 Thereafter $ 2,608 (in millions) Three Months Ended Rental expense $ 186 |
Accounting Standards Update 2016-02 [Member] | |
Commitment And Contingencies [Line Items] | |
Schedule of operating lease assets and liabilities | The table below summarizes the operating lease assets and liabilities recorded in our condensed consolidated balance sheet. Condensed Consolidated Balance Sheet (in millions) March 31, Other noncurrent assets, net $ 4,100 Accrued expenses and other current liabilities $ 693 Other noncurrent liabilities $ 4,014 |
Condensed Consolidating Finan_2
Condensed Consolidating Financial Information (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Condensed Financial Information Disclosure [Abstract] | |
Condensed Consolidating Statement of Income | Condensed Consolidating Statement of Income For the Three Months Ended March 31, 2019 (in millions) Comcast Comcast CCCL NBCUniversal Non- Elimination Consolidated Revenue: Service revenue $ — $ — $ — $ — $ 26,859 $ — $ 26,859 Management fee revenue 305 — 299 — — (604 ) — Total revenue 305 — 299 — 26,859 (604 ) 26,859 Costs and Expenses: Programming and production — — — — 8,569 — 8,569 Other operating and administrative 188 — 299 271 7,746 (604 ) 7,900 Advertising, marketing and promotion — — — — 1,888 — 1,888 Depreciation 14 — — — 2,226 — 2,240 Amortization 1 — — — 1,079 — 1,080 Total cost and expenses 203 — 299 271 21,508 (604 ) 21,677 Operating income (loss) 102 — — (271 ) 5,351 — 5,182 Interest expense (896 ) (3 ) (49 ) (120 ) (82 ) — (1,150 ) Investment and other income (loss), net 4,215 4,143 3,314 2,181 2,238 (15,415 ) 676 Income (loss) before income taxes 3,421 4,140 3,265 1,790 7,507 (15,415 ) 4,708 Income tax (expense) benefit 132 (6 ) 10 (6 ) (1,206 ) — (1,076 ) Net income (loss) 3,553 4,134 3,275 1,784 6,301 (15,415 ) 3,632 Less: Net income (loss) attributable to noncontrolling interests and redeemable subsidiary preferred stock — — — — 79 — 79 Net income (loss) attributable to Comcast Corporation $ 3,553 $ 4,134 $ 3,275 $ 1,784 $ 6,222 $ (15,415 ) $ 3,553 Comprehensive income (loss) attributable to Comcast Corporation $ 4,343 $ 4,122 $ 3,275 $ 1,752 $ 7,160 $ (16,309 ) $ 4,343 Condensed Consolidating Statement of Income For the Three Months Ended March 31, 2018 (in millions) Comcast Comcast CCCL NBCUniversal Non- Elimination Consolidated Revenue: Service revenue $ — $ — $ — $ — $ 22,791 $ — $ 22,791 Management fee revenue 292 — 286 — — (578 ) — Total revenue 292 — 286 — 22,791 (578 ) 22,791 Costs and Expenses: Programming and production — — — — 7,429 — 7,429 Other operating and administrative 228 — 286 318 6,260 (578 ) 6,514 Advertising, marketing and promotion — — — — 1,604 — 1,604 Depreciation 11 — — — 2,000 — 2,011 Amortization 1 — — — 587 — 588 Total costs and expenses 240 — 286 318 17,880 (578 ) 18,146 Operating income (loss) 52 — — (318 ) 4,911 — 4,645 Interest expense (561 ) (3 ) (47 ) (106 ) (60 ) — (777 ) Investment and other income (loss), net 3,520 3,319 2,826 1,942 1,588 (13,069 ) 126 Income (loss) before income taxes 3,011 3,316 2,779 1,518 6,439 (13,069 ) 3,994 Income tax (expense) benefit 107 — 9 (5 ) (929 ) — (818 ) Net income (loss) 3,118 3,316 2,788 1,513 5,510 (13,069 ) 3,176 Less: Net income (loss) attributable to noncontrolling interests and redeemable subsidiary preferred stock — — — — 58 — 58 Net income (loss) attributable to Comcast Corporation $ 3,118 $ 3,316 $ 2,788 $ 1,513 $ 5,452 $ (13,069 ) $ 3,118 Comprehensive income (loss) attributable to Comcast Corporation $ 3,271 $ 3,369 $ 2,789 $ 1,696 $ 5,791 $ (13,645 ) $ 3,271 |
Condensed Consolidating Statement of Cash Flows | Condensed Consolidating Statement of Cash Flows For the Three Months Ended March 31, 2019 (in millions) Comcast Comcast CCCL NBCUniversal Non- Elimination Consolidated Net cash provided by (used in) operating activities $ (759 ) $ 135 $ (119 ) $ (279 ) $ 8,253 $ — $ 7,231 Investing Activities: Net transactions with affiliates 3,908 (135 ) 119 140 (4,032 ) — — Capital expenditures (2 ) — — — (2,090 ) — (2,092 ) Cash paid for intangible assets (1 ) — — — (546 ) — (547 ) Acquisitions and construction of real estate properties (13 ) — — — (3 ) — (16 ) Construction of Universal Beijing Resort — — — — (220 ) — (220 ) Acquisitions, net of cash acquired — — — — (48 ) — (48 ) Proceeds from sales of investments — — — — 37 — 37 Purchases of investments (13 ) — — (58 ) (368 ) — (439 ) Other — — — — 99 — 99 Net cash provided by (used in) investing activities 3,879 (135 ) 119 82 (7,171 ) — (3,226 ) Financing Activities: Proceeds from (repayments of) short-term borrowings, net — — — — (1,288 ) — (1,288 ) Proceeds from borrowings — — — — 222 — 222 Repurchases and repayments of debt (2,000 ) — — (5 ) (79 ) — (2,084 ) Repurchases of common stock under repurchase program and employee plans (247 ) — — — — — (247 ) Dividends paid (869 ) — — — — — (869 ) Distributions to noncontrolling interests and dividends for redeemable subsidiary preferred stock — — — — (85 ) — (85 ) Other (3 ) — — — 29 — 26 Net cash provided by (used in) financing activities (3,119 ) — — (5 ) (1,201 ) — (4,325 ) Impact of foreign currency on cash, cash equivalents and restricted cash (1 ) — — — 9 — 8 Increase (decrease) in cash, cash equivalents and restricted cash — — — (202 ) (110 ) — (312 ) Cash, cash equivalents and restricted cash, beginning of period — — — 416 3,493 — 3,909 Cash, cash equivalents and restricted cash, end of period $ — $ — $ — $ 214 $ 3,383 $ — $ 3,597 Condensed Consolidating Statement of Cash Flows For the Three Months Ended March 31, 2018 (in millions) Comcast Comcast CCCL NBCUniversal Non- Elimination Consolidated Net cash provided by (used in) operating activities $ (270 ) $ 453 $ (149 ) $ (382 ) $ 5,822 $ — $ 5,474 Investing Activities: Net transactions with affiliates 640 (897 ) 149 347 (239 ) — — Capital expenditures — — — — (1,973 ) — (1,973 ) Cash paid for intangible assets (2 ) — — — (417 ) — (419 ) Acquisitions and construction of real estate properties (39 ) — — — (20 ) — (59 ) Construction of Universal Beijing Resort — — — — (42 ) — (42 ) Acquisitions, net of cash acquired — — — — (89 ) — (89 ) Proceeds from sales of investments — — — 57 24 — 81 Purchases of investments (11 ) — — (5 ) (204 ) — (220 ) Other — 444 — — (15 ) — 429 Net cash provided by (used in) investing activities 588 (453 ) 149 399 (2,975 ) — (2,292 ) Financing Activities: Proceeds from (repayments of) short-term borrowings, net (902 ) — — — — — (902 ) Proceeds from borrowings 3,973 — — — 70 — 4,043 Repurchases and repayments of debt (900 ) — — (3 ) (362 ) — (1,265 ) Repurchases of common stock under repurchase program and employee plans (1,729 ) — — — — — (1,729 ) Dividends paid (738 ) — — — — — (738 ) Distributions to noncontrolling interests and dividends for redeemable subsidiary preferred stock — — — — (79 ) — (79 ) Other (22 ) — — — 116 — 94 Net cash provided by (used in) financing activities (318 ) — — (3 ) (255 ) — (576 ) Increase (decrease) in cash, cash equivalents and restricted cash — — — 14 2,592 — 2,606 Cash, cash equivalents and restricted cash, beginning of period — — — 496 3,075 — 3,571 Cash, cash equivalents and restricted cash, end of period $ — $ — $ — $ 510 $ 5,667 $ — $ 6,177 |
Condensed Consolidating Balance Sheet | Condensed Consolidating Balance Sheet March 31, 2019 (in millions) Comcast Comcast CCCL NBCUniversal Non- Elimination Consolidated Assets Cash and cash equivalents $ — $ — $ — $ 214 $ 3,284 $ — $ 3,498 Receivables, net — — — — 10,736 — 10,736 Programming rights — — — — 2,942 — 2,942 Other current assets 72 25 — 26 2,974 — 3,097 Total current assets 72 25 — 240 19,936 — 20,273 Film and television costs — — — — 8,051 — 8,051 Investments 280 11 147 895 7,826 — 9,159 Investments in and amounts due from subsidiaries eliminated upon consolidation 158,868 147,534 129,829 56,005 98,613 (590,849 ) — Property and equipment, net 663 — — — 45,058 — 45,721 Franchise rights — — — — 59,365 — 59,365 Goodwill — — — — 68,073 — 68,073 Other intangible assets, net 10 — — — 36,892 — 36,902 Other noncurrent assets, net 1,163 233 — 93 7,642 (486 ) 8,645 Total assets $ 161,056 $ 147,803 $ 129,976 $ 57,233 $ 351,456 $ (591,335 ) $ 256,189 Liabilities and Equity Accounts payable and accrued expenses related to trade creditors $ — $ — $ — $ — $ 10,232 $ — $ 10,232 Accrued participations and residuals — — — — 1,739 — 1,739 Deferred revenue — — — — 2,485 — 2,485 Accrued expenses and other current liabilities 2,405 149 245 438 5,595 — 8,832 Current portion of long-term debt 2,099 — — 7 2,523 — 4,629 Total current liabilities 4,504 149 245 445 22,574 — 27,917 Long-term debt, less current portion 78,460 149 2,100 7,756 15,999 — 104,464 Deferred income taxes — 324 — 67 27,980 (552 ) 27,819 Other noncurrent liabilities 3,133 — — 1,579 14,033 66 18,811 Redeemable noncontrolling interests and redeemable subsidiary preferred stock — — — — 1,316 — 1,316 Equity: Common stock 54 — — — — — 54 Other shareholders’ equity 74,905 147,181 127,631 47,386 268,651 (590,849 ) 74,905 Total Comcast Corporation shareholders’ equity 74,959 147,181 127,631 47,386 268,651 (590,849 ) 74,959 Noncontrolling interests — — — — 903 — 903 Total equity 74,959 147,181 127,631 47,386 269,554 (590,849 ) 75,862 Total liabilities and equity $ 161,056 $ 147,803 $ 129,976 $ 57,233 $ 351,456 $ (591,335 ) $ 256,189 Condensed Consolidating Balance Sheet December 31, 2018 (in millions) Comcast Comcast CCCL NBCUniversal Non- Elimination Consolidated Assets Cash and cash equivalents $ — $ — $ — $ 416 $ 3,398 $ — $ 3,814 Receivables, net — — — — 11,104 — 11,104 Programming rights — — — — 3,746 — 3,746 Other current assets 66 20 — 28 3,070 — 3,184 Total current assets 66 20 — 444 21,318 — 21,848 Film and television costs — — — — 7,837 — 7,837 Investments 270 11 143 790 6,669 — 7,883 Investments in and amounts due from subsidiaries eliminated upon consolidation 157,264 147,028 130,214 53,853 97,872 (586,231 ) — Property and equipment, net 670 — — — 43,767 — 44,437 Franchise rights — — — — 59,365 — 59,365 Goodwill — — — — 66,154 — 66,154 Other intangible assets, net 11 — — — 38,347 — 38,358 Other noncurrent assets, net 1,057 208 — 85 4,910 (458 ) 5,802 Total assets $ 159,338 $ 147,267 $ 130,357 $ 55,172 $ 346,239 $ (586,689 ) $ 251,684 Liabilities and Equity Accounts payable and accrued expenses related to trade creditors $ 2 $ — $ — $ — $ 8,492 $ — $ 8,494 Accrued participations and residuals — — — — 1,808 — 1,808 Deferred revenue — — — — 2,182 — 2,182 Accrued expenses and other current liabilities 2,357 150 360 282 7,572 — 10,721 Current portion of long-term debt 699 — — 4 3,695 — 4,398 Total current liabilities 3,058 150 360 286 23,749 — 27,603 Long-term debt, less current portion 81,661 146 2,100 7,748 15,690 — 107,345 Deferred income taxes — 314 — 65 27,734 (524 ) 27,589 Other noncurrent liabilities 3,006 — — 1,201 11,056 66 15,329 Redeemable noncontrolling interests and redeemable subsidiary preferred stock — — — — 1,316 — 1,316 Equity: Common stock 54 — — — — — 54 Other shareholders’ equity 71,559 146,657 127,897 45,872 265,805 (586,231 ) 71,559 Total Comcast Corporation shareholders’ equity 71,613 146,657 127,897 45,872 265,805 (586,231 ) 71,613 Noncontrolling interests — — — — 889 — 889 Total equity 71,613 146,657 127,897 45,872 266,694 (586,231 ) 72,502 Total liabilities and equity $ 159,338 $ 147,267 $ 130,357 $ 55,172 $ 346,239 $ (586,689 ) $ 251,684 |
Condensed Consolidated Financ_2
Condensed Consolidated Financial Statements (Details) - Sky Limited [Member] $ in Millions, £ in Billions | Oct. 09, 2018USD ($) | Oct. 09, 2018GBP (£) |
Business Acquisition [Line Items] | ||
Interest in business acquired in acquisition | 100.00% | 100.00% |
Cash consideration transferred by Comcast | $ 39,400 | £ 30.2 |
Segment Information (Details)
Segment Information (Details) $ in Millions | 3 Months Ended | |
Mar. 31, 2019USD ($)segment | Mar. 31, 2018USD ($) | |
Segment Reporting Information [Line Items] | ||
Number of reportable segments | segment | 6 | |
Financial Data by Business Segment | ||
Revenue | $ 26,859 | $ 22,791 |
Adjusted EBITDA | 8,553 | 7,244 |
Depreciation and Amortization | 3,320 | 2,599 |
Capital Expenditures | 2,092 | 1,973 |
Cash Paid for Intangible Assets | $ 547 | 419 |
NBCUniversal Media LLC [Member] | ||
Segment Reporting Information [Line Items] | ||
Number of reportable segments | segment | 4 | |
Financial Data by Business Segment | ||
Revenue | $ 8,345 | 9,530 |
Adjusted EBITDA | 2,347 | 2,285 |
Depreciation and Amortization | 515 | 510 |
Capital Expenditures | 453 | 269 |
Cash Paid for Intangible Assets | 71 | 130 |
Cable Communications [Member] | ||
Financial Data by Business Segment | ||
Revenue | 14,280 | 13,703 |
Cable Networks [Member] | ||
Financial Data by Business Segment | ||
Revenue | 2,868 | 3,157 |
Cable Networks [Member] | NBCUniversal Media LLC [Member] | ||
Financial Data by Business Segment | ||
Revenue | 2,868 | 3,157 |
Broadcast Television [Member] | ||
Financial Data by Business Segment | ||
Revenue | 2,467 | 3,497 |
Broadcast Television [Member] | NBCUniversal Media LLC [Member] | ||
Financial Data by Business Segment | ||
Revenue | 2,467 | 3,497 |
Filmed Entertainment [Member] | ||
Financial Data by Business Segment | ||
Revenue | 1,768 | 1,647 |
Filmed Entertainment [Member] | NBCUniversal Media LLC [Member] | ||
Financial Data by Business Segment | ||
Revenue | 1,768 | 1,647 |
Theme Parks [Member] | ||
Financial Data by Business Segment | ||
Revenue | 1,276 | 1,281 |
Theme Parks [Member] | NBCUniversal Media LLC [Member] | ||
Financial Data by Business Segment | ||
Revenue | 1,276 | 1,281 |
NBCUniversal Segments [Member] | ||
Financial Data by Business Segment | ||
Revenue | 8,313 | 9,497 |
Adjusted EBITDA | 2,337 | 2,271 |
Depreciation and Amortization | 515 | 510 |
Capital Expenditures | 453 | 269 |
Cash Paid for Intangible Assets | 71 | 130 |
Sky Limited [Member] | ||
Financial Data by Business Segment | ||
Revenue | 4,797 | 0 |
Operating Segments [Member] | Cable Communications [Member] | ||
Financial Data by Business Segment | ||
Revenue | 14,280 | 13,703 |
Adjusted EBITDA | 5,728 | 5,217 |
Depreciation and Amortization | 2,035 | 2,061 |
Capital Expenditures | 1,363 | 1,691 |
Cash Paid for Intangible Assets | 323 | 287 |
Operating Segments [Member] | Cable Networks [Member] | ||
Financial Data by Business Segment | ||
Revenue | 2,868 | 3,157 |
Adjusted EBITDA | 1,262 | 1,254 |
Depreciation and Amortization | 182 | 189 |
Capital Expenditures | 6 | 3 |
Cash Paid for Intangible Assets | 2 | 4 |
Operating Segments [Member] | Cable Networks [Member] | NBCUniversal Media LLC [Member] | ||
Financial Data by Business Segment | ||
Revenue | 2,868 | 3,157 |
Adjusted EBITDA | 1,262 | 1,254 |
Depreciation and Amortization | 182 | 189 |
Capital Expenditures | 6 | 3 |
Cash Paid for Intangible Assets | 2 | 4 |
Operating Segments [Member] | Broadcast Television [Member] | ||
Financial Data by Business Segment | ||
Revenue | 2,467 | 3,497 |
Adjusted EBITDA | 387 | 507 |
Depreciation and Amortization | 39 | 34 |
Capital Expenditures | 13 | 30 |
Cash Paid for Intangible Assets | 3 | 72 |
Operating Segments [Member] | Broadcast Television [Member] | NBCUniversal Media LLC [Member] | ||
Financial Data by Business Segment | ||
Revenue | 2,467 | 3,497 |
Adjusted EBITDA | 387 | 507 |
Depreciation and Amortization | 39 | 34 |
Capital Expenditures | 13 | 30 |
Cash Paid for Intangible Assets | 3 | 72 |
Operating Segments [Member] | Filmed Entertainment [Member] | ||
Financial Data by Business Segment | ||
Revenue | 1,768 | 1,647 |
Adjusted EBITDA | 364 | 203 |
Depreciation and Amortization | 19 | 28 |
Capital Expenditures | 4 | 7 |
Cash Paid for Intangible Assets | 5 | 6 |
Operating Segments [Member] | Filmed Entertainment [Member] | NBCUniversal Media LLC [Member] | ||
Financial Data by Business Segment | ||
Revenue | 1,768 | 1,647 |
Adjusted EBITDA | 364 | 203 |
Depreciation and Amortization | 19 | 28 |
Capital Expenditures | 4 | 7 |
Cash Paid for Intangible Assets | 5 | 6 |
Operating Segments [Member] | Theme Parks [Member] | ||
Financial Data by Business Segment | ||
Revenue | 1,276 | 1,281 |
Adjusted EBITDA | 498 | 495 |
Depreciation and Amortization | 162 | 155 |
Capital Expenditures | 394 | 182 |
Cash Paid for Intangible Assets | 19 | 16 |
Operating Segments [Member] | Theme Parks [Member] | NBCUniversal Media LLC [Member] | ||
Financial Data by Business Segment | ||
Revenue | 1,276 | 1,281 |
Adjusted EBITDA | 498 | 495 |
Depreciation and Amortization | 162 | 155 |
Capital Expenditures | 394 | 182 |
Cash Paid for Intangible Assets | 19 | 16 |
Operating Segments [Member] | Sky Limited [Member] | ||
Financial Data by Business Segment | ||
Revenue | 4,797 | |
Adjusted EBITDA | 663 | |
Depreciation and Amortization | 741 | |
Capital Expenditures | 259 | |
Cash Paid for Intangible Assets | 151 | |
Corporate, Non-Segment [Member] | ||
Financial Data by Business Segment | ||
Revenue | 108 | 243 |
Adjusted EBITDA | (187) | (185) |
Depreciation and Amortization | 29 | 28 |
Capital Expenditures | 17 | 13 |
Cash Paid for Intangible Assets | 2 | 2 |
Corporate, Non-Segment [Member] | NBCUniversal Media LLC [Member] | ||
Financial Data by Business Segment | ||
Revenue | 51 | 51 |
Adjusted EBITDA | (164) | (174) |
Depreciation and Amortization | 113 | 104 |
Capital Expenditures | 36 | 47 |
Cash Paid for Intangible Assets | 42 | 32 |
Corporate, Non-Segment [Member] | NBCUniversal Segments [Member] | ||
Financial Data by Business Segment | ||
Revenue | 17 | 14 |
Adjusted EBITDA | (174) | (188) |
Depreciation and Amortization | 113 | 104 |
Capital Expenditures | 36 | 47 |
Cash Paid for Intangible Assets | 42 | 32 |
Eliminations [Member] | ||
Financial Data by Business Segment | ||
Revenue | (639) | (652) |
Adjusted EBITDA | 12 | (59) |
Depreciation and Amortization | 0 | 0 |
Capital Expenditures | 0 | 0 |
Cash Paid for Intangible Assets | 0 | 0 |
Eliminations [Member] | NBCUniversal Media LLC [Member] | ||
Financial Data by Business Segment | ||
Revenue | (85) | (103) |
Adjusted EBITDA | 0 | 0 |
Depreciation and Amortization | 0 | 0 |
Capital Expenditures | 0 | 0 |
Cash Paid for Intangible Assets | 0 | 0 |
Eliminations [Member] | NBCUniversal Segments [Member] | ||
Financial Data by Business Segment | ||
Revenue | (83) | (99) |
Adjusted EBITDA | 0 | 0 |
Depreciation and Amortization | 0 | 0 |
Capital Expenditures | 0 | 0 |
Cash Paid for Intangible Assets | $ 0 | $ 0 |
Segment Information (Reconcilia
Segment Information (Reconciliation of Adjusted EBITDA from Segment to Consolidated Statements) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Adjusted EBITDA | $ 8,553 | $ 7,244 |
Adjustment for Sky transaction-related costs | (51) | 0 |
Depreciation | (2,240) | (2,011) |
Amortization | (1,080) | (588) |
Interest expense | (1,150) | (777) |
Investment and other income (loss), net | 676 | 126 |
Income before income taxes | 4,708 | 3,994 |
NBCUniversal Media LLC [Member] | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Adjusted EBITDA | 2,347 | 2,285 |
Depreciation | (243) | (242) |
Amortization | (272) | (268) |
Interest expense | (131) | (127) |
Investment and other income (loss), net | 240 | (4) |
Income before income taxes | $ 1,941 | $ 1,644 |
Revenue (Details)
Revenue (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Disaggregation of Revenue [Line Items] | ||
Revenue | $ 26,859 | $ 22,791 |
Cable Communications [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 14,280 | 13,703 |
Cable Communications [Member] | Residential, High-Speed Internet [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 4,577 | 4,157 |
Cable Communications [Member] | Residential, Video [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 5,628 | 5,659 |
Cable Communications [Member] | Residential, Voice [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 990 | 1,006 |
Cable Communications [Member] | Residential, Wireless [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 225 | 185 |
Cable Communications [Member] | Business Services [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 1,891 | 1,726 |
Cable Communications [Member] | Advertising [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 556 | 582 |
Cable Communications [Member] | Other [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | $ 413 | $ 388 |
Cable Communications [Member] | Franchise And Other Regulatory Fees [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Cable segment revenue types as percentage of total cable revenue | 2.60% | 2.70% |
Cable Networks [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | $ 2,868 | $ 3,157 |
Cable Networks [Member] | Distribution [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 1,735 | 1,861 |
Cable Networks [Member] | Advertising [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 852 | 977 |
Cable Networks [Member] | Content Licensing And Other [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 281 | 319 |
Broadcast Television [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 2,467 | 3,497 |
Broadcast Television [Member] | Advertising [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 1,317 | 2,365 |
Broadcast Television [Member] | Content Licensing [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 560 | 522 |
Broadcast Television [Member] | Distribution And Other [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 590 | 610 |
Filmed Entertainment [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 1,768 | 1,647 |
Filmed Entertainment [Member] | Content Licensing [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 817 | 733 |
Filmed Entertainment [Member] | Theatrical [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 445 | 423 |
Filmed Entertainment [Member] | Home Entertainment [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 267 | 248 |
Filmed Entertainment [Member] | Other [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 239 | 243 |
Theme Parks [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 1,276 | 1,281 |
NBCUniversal Segments [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 8,313 | 9,497 |
Sky Limited [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 4,797 | 0 |
Sky Limited [Member] | Advertising [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 593 | 0 |
Sky Limited [Member] | Direct To Consumer [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 3,834 | 0 |
Sky Limited [Member] | Content [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 370 | 0 |
Corporate, Non-Segment [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 108 | 243 |
Corporate, Non-Segment [Member] | NBCUniversal Segments [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 17 | 14 |
Eliminations [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | (639) | (652) |
Eliminations [Member] | NBCUniversal Segments [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | (83) | (99) |
NBCUniversal Media LLC [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 8,345 | 9,530 |
NBCUniversal Media LLC [Member] | Cable Networks [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 2,868 | 3,157 |
NBCUniversal Media LLC [Member] | Cable Networks [Member] | Distribution [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 1,735 | 1,861 |
NBCUniversal Media LLC [Member] | Cable Networks [Member] | Advertising [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 852 | 977 |
NBCUniversal Media LLC [Member] | Cable Networks [Member] | Content Licensing And Other [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 281 | 319 |
NBCUniversal Media LLC [Member] | Broadcast Television [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 2,467 | 3,497 |
NBCUniversal Media LLC [Member] | Broadcast Television [Member] | Advertising [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 1,317 | 2,365 |
NBCUniversal Media LLC [Member] | Broadcast Television [Member] | Content Licensing [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 560 | 522 |
NBCUniversal Media LLC [Member] | Broadcast Television [Member] | Distribution And Other [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 590 | 610 |
NBCUniversal Media LLC [Member] | Filmed Entertainment [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 1,768 | 1,647 |
NBCUniversal Media LLC [Member] | Filmed Entertainment [Member] | Content Licensing [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 817 | 733 |
NBCUniversal Media LLC [Member] | Filmed Entertainment [Member] | Theatrical [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 445 | 423 |
NBCUniversal Media LLC [Member] | Filmed Entertainment [Member] | Home Entertainment [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 267 | 248 |
NBCUniversal Media LLC [Member] | Filmed Entertainment [Member] | Other [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 239 | 243 |
NBCUniversal Media LLC [Member] | Theme Parks [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 1,276 | 1,281 |
NBCUniversal Media LLC [Member] | Corporate, Non-Segment [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 51 | 51 |
NBCUniversal Media LLC [Member] | Eliminations [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | $ (85) | $ (103) |
Revenue (Revenue by Geographic
Revenue (Revenue by Geographic Location) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Disaggregation of Revenue [Line Items] | ||
Revenue | $ 26,859 | $ 22,791 |
United States [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 20,457 | 20,885 |
Europe [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 5,370 | 821 |
Other [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 1,032 | 1,085 |
NBCUniversal Media LLC [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 8,345 | 9,530 |
NBCUniversal Media LLC [Member] | United States [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 6,623 | 7,654 |
NBCUniversal Media LLC [Member] | Foreign [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | $ 1,722 | $ 1,876 |
Revenue (Condensed Consolidated
Revenue (Condensed Consolidated Balance Sheet) (Details) - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 |
Condensed Consolidated Balance Sheet [Line Items] | ||
Receivables, gross | $ 11,161 | $ 11,456 |
Less: Allowance for doubtful accounts | 425 | 352 |
Receivables, net | 10,736 | 11,104 |
Noncurrent receivables, net (included in other noncurrent assets, net) | 1,379 | 1,399 |
Contract acquisition and fulfillment costs (included in other noncurrent assets, net) | 1,001 | 991 |
Noncurrent deferred revenue (included in other noncurrent liabilities) | 786 | 650 |
NBCUniversal Media LLC [Member] | ||
Condensed Consolidated Balance Sheet [Line Items] | ||
Receivables, gross | 7,376 | 7,392 |
Less: Allowance for doubtful accounts | 106 | 99 |
Receivables, net | 7,270 | 7,293 |
Noncurrent receivables, net (included in other noncurrent assets, net) | 1,185 | 1,180 |
Noncurrent deferred revenue (included in other noncurrent liabilities) | $ 568 | $ 481 |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Earnings Per Share [Abstract] | ||
Net Income Attributable to Comcast Corporation | $ 3,553 | $ 3,118 |
Basic EPS attributable to Comcast Corporation shareholders (in shares) | 4,534 | 4,633 |
Basic earnings per common share attributable to Comcast Corporation shareholders (in dollars per share) | $ 0.78 | $ 0.67 |
Effect of dilutive securities: | ||
Net Income Attributable to Comcast Corporation | $ 3,553 | $ 3,118 |
Assumed exercise or issuance of shares relating to stock plans (in shares) | 60 | 72 |
Diluted EPS attributable to Comcast Corporation shareholders (in shares) | 4,594 | 4,705 |
Diluted earnings per common share attributable to Comcast Corporation shareholders (in dollars per share) | $ 0.77 | $ 0.66 |
Long-Term Debt (Narrative) (Det
Long-Term Debt (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Debt Instrument [Line Items] | ||
Total debt | $ 109,100 | |
Fair value of debt | 115,800 | |
Borrowings | 222 | $ 4,043 |
Repayments of debt | 2,084 | 1,265 |
NBCUniversal Media LLC [Member] | ||
Debt Instrument [Line Items] | ||
Total debt | 13,100 | |
Fair value of debt | 13,700 | |
Borrowings | 285 | 10 |
Repayments of debt | 56 | $ 55 |
Universal Beijing Resort Term Loans [Member] | NBCUniversal Media LLC [Member] | ||
Debt Instrument [Line Items] | ||
Borrowings | 222 | |
Universal Studios Japan Term Loans Maturing 2022 [Member] | NBCUniversal Media LLC [Member] | ||
Debt Instrument [Line Items] | ||
Repayments of debt | $ 45 |
Long-Term Debt (Revolving Credi
Long-Term Debt (Revolving Credit Facilities) (Details) $ in Millions, £ in Billions | 3 Months Ended | |
Mar. 31, 2019USD ($) | Feb. 28, 2019GBP (£) | |
Sky Revolving Credit Facility [Member] | ||
Line of Credit Facility [Line Items] | ||
Net repayments of credit facility | $ 615 | |
Credit facility terminated | £ | £ 1 | |
Revolving Credit Facility [Member] | ||
Line of Credit Facility [Line Items] | ||
Amount outstanding under credit facility | 0 | |
Amounts available under revolving credit facilities | $ 9,200 |
Long-Term Debt (Commercial Pape
Long-Term Debt (Commercial Paper Programs) (Details) | 3 Months Ended |
Mar. 31, 2019USD ($) | |
Short-term Debt [Line Items] | |
Net repayments of commercial paper | $ 673,000,000 |
Commercial Paper [Member] | |
Short-term Debt [Line Items] | |
Commercial paper outstanding | $ 0 |
Long-Term Debt (Guarantee Struc
Long-Term Debt (Guarantee Structure) (Details) $ in Millions, ¥ in Billions, ¥ in Billions | Mar. 31, 2019JPY (¥) | Mar. 31, 2019CNY (¥) | Mar. 31, 2019USD ($) |
Guarantor Subsidiaries [Member] | |||
Debt Instrument [Line Items] | |||
Principal amount of debt securities subject to guarantee | $ 92,300 | ||
NBCUniversal Enterprise Senior Notes [Member] | |||
Debt Instrument [Line Items] | |||
Principal amount of debt securities subject to guarantee | 3,000 | ||
Universal Studios Japan Term Loan Maturing March 2022 [Member] | |||
Debt Instrument [Line Items] | |||
Guarantee obligations, term loans | ¥ 385 | 3,500 | |
Universal Beijing Resort Term Loans [Member] | |||
Debt Instrument [Line Items] | |||
Principal amount of debt securities not subject to guarantee | ¥ 5.5 | 815 | |
Sky Outstanding Indebtedness [Member] | |||
Debt Instrument [Line Items] | |||
Principal amount of debt securities not subject to guarantee | $ 10,000 | ||
NBCUniversal Media LLC [Member] | |||
Debt Instrument [Line Items] | |||
Ownership in cable holding company subsidiaries | 100.00% | 100.00% | 100.00% |
NBCUniversal Media LLC [Member] | NBCUniversal Enterprise [Member] | |||
Debt Instrument [Line Items] | |||
Related party aggregate principal amount senior notes not subject to guarantee | $ 3,000 | ||
Related party liquidation preference preferred stock not subject to guarantee | 725 | ||
NBCUniversal Media LLC [Member] | Comcast and Comcast Cable Debt Securities [Member] | |||
Debt Instrument [Line Items] | |||
Principal amount of debt securities subject to guarantee | 84,600 | ||
NBCUniversal Media LLC [Member] | Revolving Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
Guarantee obligations, maximum capacity of credit facility | $ 7,600 |
Significant Transactions (Sky T
Significant Transactions (Sky Transaction) (Details) - Sky Limited [Member] £ / shares in Units, $ in Millions, £ in Billions | Oct. 09, 2018USD ($) | Oct. 09, 2018GBP (£)£ / shares | Mar. 31, 2019USD ($) | Oct. 09, 2018USD ($) |
Business Acquisition [Line Items] | ||||
Shares acquired, share price (in gbp per share) | £ / shares | £ 17.28 | |||
Percentage of voting interests acquired in period | 100.00% | 100.00% | ||
Cash consideration | $ 39,400 | £ 30.2 | ||
Deferred tax assets related to net operating losses | $ 1,200 | |||
Goodwill purchase accounting adjustment | 1,400 | |||
Incremental depreciation and amortization | $ 53 | |||
Property and equipment | $ 4,127 | |||
Trade Names [Member] | ||||
Business Acquisition [Line Items] | ||||
Indefinite-lived intangible assets acquired | 5,800 | |||
Customer Relationships [Member] | ||||
Business Acquisition [Line Items] | ||||
Finite-lived intangible assets acquired | $ 9,500 | |||
Customer Relationships [Member] | Minimum [Member] | ||||
Business Acquisition [Line Items] | ||||
Estimated weighted average useful life | 6 years | 6 years | ||
Customer Relationships [Member] | Maximum [Member] | ||||
Business Acquisition [Line Items] | ||||
Estimated weighted average useful life | 19 years | 19 years | ||
Developed Technology [Member] | ||||
Business Acquisition [Line Items] | ||||
Finite-lived intangible assets acquired | $ 4,300 | |||
Developed Technology [Member] | Minimum [Member] | ||||
Business Acquisition [Line Items] | ||||
Estimated weighted average useful life | 4 years | 4 years | ||
Developed Technology [Member] | Maximum [Member] | ||||
Business Acquisition [Line Items] | ||||
Estimated weighted average useful life | 9 years | 9 years | ||
Customer Premise Equipment [Member] | ||||
Business Acquisition [Line Items] | ||||
Property and equipment | $ 1,400 | |||
Customer Premise Equipment [Member] | Minimum [Member] | ||||
Business Acquisition [Line Items] | ||||
Estimated useful lives | 5 years | 5 years | ||
Customer Premise Equipment [Member] | Maximum [Member] | ||||
Business Acquisition [Line Items] | ||||
Estimated useful lives | 7 years | 7 years |
Significant Transactions (Alloc
Significant Transactions (Allocation of Purchase Price) (Details) - Oct. 09, 2018 - Sky Limited [Member] $ in Millions, £ in Billions | USD ($) | GBP (£) |
Business Acquisition [Line Items] | ||
Consideration transferred | $ 39,400 | £ 30.2 |
Cash | 1,283 | |
Accounts receivable and other current assets | 2,359 | |
Film and television costs | 2,512 | |
Property and equipment | 4,127 | |
Intangible assets | 19,539 | |
Accounts payable, accrued liabilities and other current liabilities | (5,885) | |
Long-term debt | (11,468) | |
Deferred tax assets (liabilities), net | (2,974) | |
Other noncurrent assets and (liabilities), net | (1,398) | |
Fair value of identifiable net assets acquired | 8,095 | |
Goodwill, Acquired During Period | $ 31,292 |
Significant Transactions (Unaud
Significant Transactions (Unaudited Pro Forma Information) (Details) $ / shares in Units, $ in Millions | 3 Months Ended |
Mar. 31, 2018USD ($)$ / shares | |
Business Combinations [Abstract] | |
Revenue | $ | $ 27,762 |
Net income attributable to Comcast Corporation | $ | $ 2,983 |
Basic earnings per common share attributable to Comcast Corporation shareholders (in dollars per share) | $ / shares | $ 0.64 |
Diluted earnings per common share attributable to Comcast Corporation shareholders (in dollars per share) | $ / shares | $ 0.63 |
Significant Transactions (Unive
Significant Transactions (Universal Beijing Resort) (Details) $ in Millions, ¥ in Billions | Mar. 31, 2019CNY (¥) | Mar. 31, 2019USD ($) |
Universal Beijing Resort [Member] | ||
Variable Interest Entity [Line Items] | ||
Ownership percentage in variable interest entity | 30.00% | 30.00% |
Maximum borrowing capacity of variable interest entity | ¥ 26.6 | $ 4,000 |
Consolidated variable interest entity's assets included in condensed consolidated balance sheet | 1,800 | |
Consolidated variable interest entity's liabilities included in condensed consolidated balance sheet | $ 1,300 | |
NBCUniversal Media LLC [Member] | Universal Beijing Resort [Member] | ||
Variable Interest Entity [Line Items] | ||
Ownership percentage in variable interest entity | 30.00% | 30.00% |
Maximum borrowing capacity of variable interest entity | ¥ 26.6 | $ 4,000 |
Consolidated variable interest entity's assets included in condensed consolidated balance sheet | 1,800 | |
Consolidated variable interest entity's liabilities included in condensed consolidated balance sheet | 1,300 | |
NBCUniversal Media LLC [Member] | Universal Beijing Resort term loans [Member] | ||
Variable Interest Entity [Line Items] | ||
Proceeds from borrowings | 815 | |
Universal Beijing Resort term loans [Member] | ||
Variable Interest Entity [Line Items] | ||
Proceeds from borrowings | $ 815 |
Recent Accounting Pronounceme_3
Recent Accounting Pronouncements (Narrative) (Details) - USD ($) $ in Millions | Mar. 31, 2019 | Jan. 01, 2019 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Operating lease liabilities | $ 4,707 | |
NBCUniversal Media LLC [Member] | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Operating lease liabilities | $ 1,702 | |
Accounting Standards Update 2016-02 [Member] | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Operating lease assets | $ 4,200 | |
Operating lease liabilities | 4,800 | |
Finance lease liabilities | 787 | |
Accounting Standards Update 2016-02 [Member] | Sky Limited [Member] | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Additional finance lease liability | 229 | |
Accounting Standards Update 2016-02 [Member] | NBCUniversal Media LLC [Member] | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Operating lease assets | 1,700 | |
Operating lease liabilities | 1,800 | |
Finance lease liabilities | $ 332 |
Film and Television Costs (Film
Film and Television Costs (Film and Television Costs) (Details) - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 |
Film Costs: | ||
Released, less amortization | $ 1,544 | $ 1,600 |
Completed, not released | 40 | 144 |
In production and in development | 1,267 | 1,063 |
Total film costs | 2,851 | 2,807 |
Television Costs: | ||
Released, less amortization | 2,390 | 2,289 |
In production and in development | 820 | 953 |
Total television costs | 3,210 | 3,242 |
Programming rights, less amortization | 4,932 | 5,534 |
Total film costs, television costs and programming rights | 10,993 | 11,583 |
Less: Current portion of programming rights | 2,942 | 3,746 |
Film and television costs | 8,051 | 7,837 |
NBCUniversal Media LLC [Member] | ||
Film Costs: | ||
Released, less amortization | 1,544 | 1,600 |
Completed, not released | 40 | 144 |
In production and in development | 1,267 | 1,063 |
Total film costs | 2,851 | 2,807 |
Television Costs: | ||
Released, less amortization | 2,296 | 2,161 |
In production and in development | 820 | 953 |
Total television costs | 3,116 | 3,114 |
Programming rights, less amortization | 2,638 | 2,694 |
Total film costs, television costs and programming rights | 8,605 | 8,615 |
Less: Current portion of programming rights | 1,303 | 1,323 |
Film and television costs | $ 7,302 | $ 7,292 |
Investments (Investment and Oth
Investments (Investment and Other Income (Loss), Net) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Investment and Other Income (Loss), Net [Line Items] | ||
Equity in net income (losses) of investees, net | $ 262 | $ (49) |
Realized and unrealized gains (losses) on equity securities, net | 214 | 28 |
Other income (loss), net | 200 | 147 |
Investment and other income (loss), net | 676 | 126 |
NBCUniversal Media LLC [Member] | ||
Investment and Other Income (Loss), Net [Line Items] | ||
Equity in net income (losses) of investees, net | (120) | (100) |
Realized and unrealized gains (losses) on equity securities, net | 161 | 37 |
Other income (loss), net | 199 | 59 |
Investment and other income (loss), net | $ 240 | $ (4) |
Investments (Schedule of Invest
Investments (Schedule of Investments) (Details) - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 |
Schedule of Investments [Line Items] | ||
Equity method | $ 4,960 | $ 4,035 |
Marketable equity securities | 538 | 341 |
Nonmarketable equity securities | 1,942 | 1,805 |
Other investments | 1,805 | 1,796 |
Total investments | 9,245 | 7,977 |
Less: Current investments | 86 | 94 |
Noncurrent investments | 9,159 | 7,883 |
NBCUniversal Media LLC [Member] | ||
Schedule of Investments [Line Items] | ||
Equity method | 831 | 707 |
Marketable equity securities | 324 | 162 |
Nonmarketable equity securities | 912 | 811 |
Total investments | 2,067 | 1,680 |
Noncurrent investments | $ 2,067 | $ 1,680 |
Investments (Equity Method Inve
Investments (Equity Method Investments) (Details) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | ||||
Mar. 31, 2018 | Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | Aug. 31, 2016 | Jul. 31, 2016 | |
Schedule of Equity Method Investments [Line Items] | ||||||
Equity in net income (losses) of investees, net | $ 262 | $ (49) | ||||
Equity method investments | 4,960 | $ 4,035 | ||||
NBCUniversal Media LLC [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Equity in net income (losses) of investees, net | (120) | (100) | ||||
Equity method investments | 831 | 707 | ||||
Atairos [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Equity in net income (losses) of investees, net | 374 | 35 | ||||
Cash capital contributions for equity method investments | 37 | 31 | ||||
Equity method investments | 3,100 | 2,700 | ||||
Hulu [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Equity in net income (losses) of investees, net | (141) | (131) | ||||
Cash capital contributions for equity method investments | 233 | 114 | ||||
Equity method investments | 341 | 248 | ||||
Ownership percentage | 30.00% | 33.00% | ||||
Hulu [Member] | NBCUniversal Media LLC [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Equity in net income (losses) of investees, net | (141) | (131) | ||||
Cash capital contributions for equity method investments | 233 | $ 114 | ||||
Equity method investments | 341 | $ 248 | ||||
Ownership percentage | 30.00% | 33.00% | ||||
Hulu [Member] | Equity Method Investments [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Recognition of previously deferred gain | 159 | |||||
Hulu [Member] | Equity Method Investments [Member] | NBCUniversal Media LLC [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Recognition of previously deferred gain | $ 159 | |||||
Hulu [Member] | Time Warner, Inc. [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Ownership percentage | 10.00% | |||||
Hulu [Member] | Time Warner, Inc. [Member] | NBCUniversal Media LLC [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Ownership percentage | 10.00% | |||||
The Weather Channel [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Pretax gain on sale of investment | $ 64 | |||||
The Weather Channel [Member] | NBCUniversal Media LLC [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Pretax gain on sale of investment | $ 64 |
Investments (Marketable Equity
Investments (Marketable Equity Securities) (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | |
Schedule of Marketable Equity Securities [Line Items] | |||
Marketable equity securities | $ 538 | $ 341 | |
NBCUniversal Media LLC [Member] | |||
Schedule of Marketable Equity Securities [Line Items] | |||
Marketable equity securities | 324 | 162 | |
Snap [Member] | |||
Schedule of Marketable Equity Securities [Line Items] | |||
Marketable securities, recognized unrealized gains (losses) | 162 | $ 37 | |
Marketable equity securities | 324 | 162 | |
Snap [Member] | NBCUniversal Media LLC [Member] | |||
Schedule of Marketable Equity Securities [Line Items] | |||
Marketable securities, recognized unrealized gains (losses) | 162 | $ 37 | |
Marketable equity securities | $ 324 | $ 162 |
Investments (Other Investments)
Investments (Other Investments) (Details) $ in Billions | Mar. 31, 2019USD ($)preferred_stock_series | Dec. 31, 2018USD ($) |
AirTouch [Member] | ||
Schedule of Other Investments [Line Items] | ||
Number of series of preferred stock | preferred_stock_series | 2 | |
Held to maturity investment | $ 1.6 | $ 1.6 |
AirTouch [Member] | Level 2 [Member] | ||
Schedule of Other Investments [Line Items] | ||
Fair value of held to maturity investment redeemable preferred shares | 1.7 | |
AirTouch [Member] | Level 2 [Member] | ||
Schedule of Other Investments [Line Items] | ||
Fair value of redeemable preferred shares | $ 1.7 |
Supplemental Financial Inform_3
Supplemental Financial Information (Leases Narrative) (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2019USD ($) | |
Lessee, Lease, Description [Line Items] | |
Operating Lease Expense Inclusive Of Short Term And Variable Lease Expenses | $ 274 |
Weighted average remaining lease term for operating leases | 10 years |
Weighted average discount rate used to calculate operating lease liabilities | 3.84% |
Cash payments for operating leases | $ 213 |
NBCUniversal Media LLC [Member] | |
Lessee, Lease, Description [Line Items] | |
Operating Lease Expense Inclusive Of Short Term And Variable Lease Expenses | $ 111 |
Weighted average remaining lease term for operating leases | 15 years |
Weighted average discount rate used to calculate operating lease liabilities | 4.03% |
Cash payments for operating leases | $ 64 |
Supplemental Financial Inform_4
Supplemental Financial Information (Summary of Operating Lease Assets and Liabilities Recorded in the Consolidated Balance Sheets) (Details) - Accounting Standards Update 2016-02 [Member] - USD ($) $ in Millions | Mar. 31, 2019 | Jan. 01, 2019 |
Lessee, Lease, Description [Line Items] | ||
Operating lease assets | $ 4,200 | |
Other Noncurrent Assets, Net [Member] | ||
Lessee, Lease, Description [Line Items] | ||
Operating lease assets | $ 4,100 | |
Accrued Expenses and Other Current Liabilities [Member] | ||
Lessee, Lease, Description [Line Items] | ||
Operating lease liabilities, current | 693 | |
Other Noncurrent Liabilities [Member] | ||
Lessee, Lease, Description [Line Items] | ||
Operating lease liabilities, noncurrent | 4,014 | |
NBCUniversal Media LLC [Member] | ||
Lessee, Lease, Description [Line Items] | ||
Operating lease assets | $ 1,700 | |
NBCUniversal Media LLC [Member] | Other Noncurrent Assets, Net [Member] | ||
Lessee, Lease, Description [Line Items] | ||
Operating lease assets | 1,599 | |
NBCUniversal Media LLC [Member] | Accrued Expenses and Other Current Liabilities [Member] | ||
Lessee, Lease, Description [Line Items] | ||
Operating lease liabilities, current | 177 | |
NBCUniversal Media LLC [Member] | Other Noncurrent Liabilities [Member] | ||
Lessee, Lease, Description [Line Items] | ||
Operating lease liabilities, noncurrent | $ 1,525 |
Supplemental Financial Inform_5
Supplemental Financial Information (Summary of Future Minimum Rental Commitments for Operating Leases Under New Accounting Guidance) (Details) $ in Millions | Mar. 31, 2019USD ($) |
Lessee, Lease, Description [Line Items] | |
Remaining nine months of 2019 | $ 669 |
2020 | 832 |
2021 | 724 |
2022 | 592 |
2023 | 501 |
Thereafter | 2,536 |
Total future minimum lease payments | 5,854 |
Less: imputed interest | 1,147 |
Total liability | 4,707 |
NBCUniversal Media LLC [Member] | |
Lessee, Lease, Description [Line Items] | |
Remaining nine months of 2019 | 175 |
2020 | 243 |
2021 | 210 |
2022 | 176 |
2023 | 152 |
Thereafter | 1,397 |
Total future minimum lease payments | 2,353 |
Less: imputed interest | 651 |
Total liability | $ 1,702 |
Supplemental Financial Inform_6
Supplemental Financial Information (Summary of Future Minimum Rental Commitments and Rent Expense for Operating Leases Under Previous Accounting Guidance) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2018 | Dec. 31, 2018 | |
Commitment And Contingencies [Line Items] | ||
2019 | $ 891 | |
2020 | 824 | |
2021 | 722 | |
2022 | 592 | |
2023 | 513 | |
Thereafter | 2,608 | |
Rental expense | $ 186 | |
NBCUniversal Media LLC [Member] | ||
Commitment And Contingencies [Line Items] | ||
2019 | 248 | |
2020 | 232 | |
2021 | 199 | |
2022 | 168 | |
2023 | 144 | |
Thereafter | $ 1,380 | |
Rental expense | $ 69 |
Supplemental Financial Inform_7
Supplemental Financial Information (Share-Based Compensation) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 1 Months Ended | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2019 | Mar. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Recognized share-based compensation expense | $ 183 | $ 139 | |
Restricted share units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Recognized share-based compensation expense | 127 | 83 | |
Unrecognized pretax compensation expense on nonvested awards | $ 1,500 | 1,500 | |
Stock options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Recognized share-based compensation expense | 47 | 44 | |
Unrecognized pretax compensation expense on nonvested awards | $ 670 | 670 | |
Employee stock purchase plans [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Recognized share-based compensation expense | $ 9 | $ 12 | |
Management Grant [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of stock options granted (in shares) | 41.9 | ||
Weighted average fair value of stock options granted (in dollars per share) | $ 7.91 | ||
Management Grant [Member] | Restricted share units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of restricted share units granted (in shares) | 12.4 | ||
Weighted average fair value of restricted share units granted (in dollars per share) | $ 39.88 |
Supplemental Financial Inform_8
Supplemental Financial Information (Cash Payments for Interest and Income Taxes) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Cash Payments for Interest and Income Taxes | ||
Interest | $ 970 | $ 854 |
Income taxes | 189 | 162 |
NBCUniversal Media LLC [Member] | ||
Cash Payments for Interest and Income Taxes | ||
Interest | 35 | 51 |
Income taxes | $ 118 | $ 173 |
Supplemental Financial Inform_9
Supplemental Financial Information (Noncash Activities) (Details) $ / shares in Units, $ in Millions | 3 Months Ended |
Mar. 31, 2019USD ($)$ / shares | |
Supplemental Financial Information [Line Items] | |
Property and equipment and intangible assets accrued but not yet paid | $ 1,600 |
Dividends payable | $ 953 |
Dividends payable (in dollars per share) | $ / shares | $ 0.21 |
NBCUniversal Media LLC [Member] | |
Supplemental Financial Information [Line Items] | |
Property and equipment and intangible assets accrued but not yet paid | $ 633 |
Supplemental Financial Infor_10
Supplemental Financial Information (Cash, Cash Equivalents and Restricted Cash) (Details) - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2018 | Dec. 31, 2017 |
Supplemental Financial Information [Line Items] | ||||
Cash and cash equivalents | $ 3,498 | $ 3,814 | ||
Restricted cash included in other current assets | 49 | 46 | ||
Restricted cash included in other noncurrent assets, net | 50 | 49 | ||
Cash, cash equivalents and restricted cash, end of period | 3,597 | 3,909 | $ 6,177 | $ 3,571 |
NBCUniversal Media LLC [Member] | ||||
Supplemental Financial Information [Line Items] | ||||
Cash and cash equivalents | 1,114 | 1,444 | ||
Restricted cash included in other noncurrent assets, net | 22 | 20 | ||
Cash, cash equivalents and restricted cash, end of period | $ 1,136 | $ 1,464 | $ 2,256 | $ 2,377 |
Supplemental Financial Infor_11
Supplemental Financial Information (Components of Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2018 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Unrealized gains (losses) on marketable securities | $ 4 | $ 1 | |
Deferred gains (losses) on cash flow hedges | 54 | 20 | |
Unrecognized gains (losses) on employee benefit obligations | 318 | 310 | |
Cumulative translation adjustments | 46 | 277 | |
Accumulated other comprehensive income (loss), net of deferred taxes | 422 | $ (368) | 608 |
NBCUniversal Media LLC [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Deferred gains (losses) on cash flow hedges | 11 | (3) | |
Unrecognized gains (losses) on employee benefit obligations | 138 | 122 | |
Cumulative translation adjustments | 73 | 277 | |
Accumulated other comprehensive income (loss), net of deferred taxes | $ 222 | $ 254 | $ 396 |
Related Party Transactions (Nar
Related Party Transactions (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | |
Related Party Transaction [Line Items] | |||
Other noncurrent liabilities | $ 18,811 | $ 15,329 | |
Recognized share-based compensation expense | 183 | $ 139 | |
NBCUniversal Media LLC [Member] | |||
Related Party Transaction [Line Items] | |||
Other noncurrent liabilities | 6,635 | $ 5,177 | |
Recognized share-based compensation expense | 39 | $ 32 | |
Carrying Value of Related Party Contractual Obligation [Member] | NBCUniversal Media LLC [Member] | |||
Related Party Transaction [Line Items] | |||
Other noncurrent liabilities | $ 383 |
Related Party Transactions (Con
Related Party Transactions (Condensed Consolidated Statement of Income) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Related Party Transaction [Line Items] | ||
Revenue | $ 26,859 | $ 22,791 |
Total costs and expenses | (21,677) | (18,146) |
NBCUniversal Media LLC [Member] | ||
Related Party Transaction [Line Items] | ||
Revenue | 8,345 | 9,530 |
Total costs and expenses | (6,513) | (7,755) |
Comcast and Consolidated Subsidiaries [Member] | NBCUniversal Media LLC [Member] | ||
Related Party Transaction [Line Items] | ||
Revenue | 604 | 594 |
Total costs and expenses | (65) | (61) |
Interest expense and investment and other income (loss), net | $ 8 | $ (23) |
Related Party Transactions (C_2
Related Party Transactions (Condensed Consolidated Balance Sheet) (Details) - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 |
Related Party Transaction [Line Items] | ||
Receivables, net | $ 10,736 | $ 11,104 |
Film and television costs | 3,210 | 3,242 |
Accounts payable and accrued expenses related to trade creditors | 10,232 | 8,494 |
Accrued expenses and other current liabilities | 8,832 | 10,721 |
Long-term debt, less current portion | 104,464 | 107,345 |
Other noncurrent liabilities | 18,811 | 15,329 |
NBCUniversal Media LLC [Member] | ||
Related Party Transaction [Line Items] | ||
Receivables, net | 7,270 | 7,293 |
Note receivable from Comcast | 2,925 | 2,054 |
Film and television costs | 3,116 | 3,114 |
Accounts payable and accrued expenses related to trade creditors | 1,954 | 1,933 |
Accrued expenses and other current liabilities | 1,925 | 2,195 |
Note payable to Comcast | 68 | 54 |
Long-term debt, less current portion | 13,003 | 12,731 |
Other noncurrent liabilities | 6,635 | 5,177 |
Comcast and Consolidated Subsidiaries [Member] | NBCUniversal Media LLC [Member] | ||
Related Party Transaction [Line Items] | ||
Receivables, net | 477 | 464 |
Note receivable from Comcast | 2,925 | 2,054 |
Film and television costs | 25 | 27 |
Accounts payable and accrued expenses related to trade creditors | 68 | 78 |
Accrued expenses and other current liabilities | 51 | 32 |
Note payable to Comcast | 68 | 54 |
Long-term debt, less current portion | 763 | 701 |
Other noncurrent liabilities | $ 417 | $ 410 |
Commitments and Contingencies_2
Commitments and Contingencies (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | |
Commitment And Contingencies [Line Items] | |||
Operating Lease Expense Inclusive Of Short Term And Variable Lease Expenses | $ 274 | ||
Weighted average remaining lease term for operating leases | 10 years | ||
Weighted average discount rate used to calculate operating lease liabilities | 3.84% | ||
Cash payments for operating leases | $ 213 | ||
Operating lease expense | $ 186 | ||
Redeemable Subsidiary Preferred Stock [Member] | Level 2 [Member] | |||
Commitment And Contingencies [Line Items] | |||
Temporary equity, fair value of redeemable subsidiary preferred stock | $ 739 | ||
Sky Limited [Member] | |||
Commitment And Contingencies [Line Items] | |||
Future cash payments related to additional contracts determined to be operating leases | $ 804 |
Commitments and Contingencies_3
Commitments and Contingencies (Summary of Operating Lease Assets and Liabilities Recorded in the Consolidated Balance Sheets) (Details) - Accounting Standards Update 2016-02 [Member] - USD ($) $ in Millions | Mar. 31, 2019 | Jan. 01, 2019 |
Lessee, Lease, Description [Line Items] | ||
Operating lease assets | $ 4,200 | |
Other Noncurrent Assets, Net [Member] | ||
Lessee, Lease, Description [Line Items] | ||
Operating lease assets | $ 4,100 | |
Accrued Expenses and Other Current Liabilities [Member] | ||
Lessee, Lease, Description [Line Items] | ||
Operating lease liabilities, current | 693 | |
Other Noncurrent Liabilities [Member] | ||
Lessee, Lease, Description [Line Items] | ||
Operating lease liabilities, noncurrent | $ 4,014 |
Commitments and Contingencies_4
Commitments and Contingencies (Summary of Future Minimum Rental Commitments for Operating Leases Under New Accounting Guidance) (Details) $ in Millions | Mar. 31, 2019USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
Remaining nine months of 2019 | $ 669 |
2020 | 832 |
2021 | 724 |
2022 | 592 |
2023 | 501 |
Thereafter | 2,536 |
Total future minimum lease payments | 5,854 |
Less: imputed interest | 1,147 |
Total liability | $ 4,707 |
Commitments and Contingencies_5
Commitments and Contingencies (Summary of Future Minimum Rental Commitments for Operating Leases Under Previous Accounting Guidance and Rent Expense) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2018 | Dec. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | ||
2019 | $ 891 | |
2020 | 824 | |
2021 | 722 | |
2022 | 592 | |
2023 | 513 | |
Thereafter | $ 2,608 | |
Rental expense | $ 186 |
Condensed Consolidating Finan_3
Condensed Consolidating Financial Information (Condensed Consolidating Statement of Income) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Revenue: | ||
Revenue | $ 26,859 | $ 22,791 |
Costs and Expenses: | ||
Programming and production | 8,569 | 7,429 |
Other operating and administrative | 7,900 | 6,514 |
Advertising, marketing and promotion | 1,888 | 1,604 |
Depreciation | 2,240 | 2,011 |
Amortization | 1,080 | 588 |
Total costs and expenses | 21,677 | 18,146 |
Operating income | 5,182 | 4,645 |
Interest expense | (1,150) | (777) |
Investment and other income (loss), net | 676 | 126 |
Income before income taxes | 4,708 | 3,994 |
Income tax expense | (1,076) | (818) |
Net income | 3,632 | 3,176 |
Less: Net income (loss) attributable to noncontrolling interests and redeemable subsidiary preferred stock | 79 | 58 |
Net income attributable to Comcast Corporation | 3,553 | 3,118 |
Comprehensive income (loss) attributable to Comcast Corporation | 4,343 | 3,271 |
Elimination and Consolidation Adjustments [Member] | ||
Revenue: | ||
Revenue | (604) | (578) |
Costs and Expenses: | ||
Programming and production | 0 | 0 |
Other operating and administrative | (604) | (578) |
Advertising, marketing and promotion | 0 | 0 |
Depreciation | 0 | 0 |
Amortization | 0 | 0 |
Total costs and expenses | (604) | (578) |
Operating income | 0 | 0 |
Interest expense | 0 | 0 |
Investment and other income (loss), net | (15,415) | (13,069) |
Income before income taxes | (15,415) | (13,069) |
Income tax expense | 0 | 0 |
Net income | (15,415) | (13,069) |
Less: Net income (loss) attributable to noncontrolling interests and redeemable subsidiary preferred stock | 0 | 0 |
Net income attributable to Comcast Corporation | (15,415) | (13,069) |
Comprehensive income (loss) attributable to Comcast Corporation | (16,309) | (13,645) |
Comcast Parent [Member] | Reportable Legal Entities [Member] | ||
Revenue: | ||
Revenue | 305 | 292 |
Costs and Expenses: | ||
Programming and production | 0 | 0 |
Other operating and administrative | 188 | 228 |
Advertising, marketing and promotion | 0 | 0 |
Depreciation | 14 | 11 |
Amortization | 1 | 1 |
Total costs and expenses | 203 | 240 |
Operating income | 102 | 52 |
Interest expense | (896) | (561) |
Investment and other income (loss), net | 4,215 | 3,520 |
Income before income taxes | 3,421 | 3,011 |
Income tax expense | 132 | 107 |
Net income | 3,553 | 3,118 |
Less: Net income (loss) attributable to noncontrolling interests and redeemable subsidiary preferred stock | 0 | 0 |
Net income attributable to Comcast Corporation | 3,553 | 3,118 |
Comprehensive income (loss) attributable to Comcast Corporation | 4,343 | 3,271 |
Non-Guarantor Subsidiaries [Member] | Reportable Legal Entities [Member] | ||
Revenue: | ||
Revenue | 26,859 | 22,791 |
Costs and Expenses: | ||
Programming and production | 8,569 | 7,429 |
Other operating and administrative | 7,746 | 6,260 |
Advertising, marketing and promotion | 1,888 | 1,604 |
Depreciation | 2,226 | 2,000 |
Amortization | 1,079 | 587 |
Total costs and expenses | 21,508 | 17,880 |
Operating income | 5,351 | 4,911 |
Interest expense | (82) | (60) |
Investment and other income (loss), net | 2,238 | 1,588 |
Income before income taxes | 7,507 | 6,439 |
Income tax expense | (1,206) | (929) |
Net income | 6,301 | 5,510 |
Less: Net income (loss) attributable to noncontrolling interests and redeemable subsidiary preferred stock | 79 | 58 |
Net income attributable to Comcast Corporation | 6,222 | 5,452 |
Comprehensive income (loss) attributable to Comcast Corporation | 7,160 | 5,791 |
Comcast Holdings [Member] | Subsidiary Issuer [Member] | Reportable Legal Entities [Member] | ||
Revenue: | ||
Revenue | 0 | 0 |
Costs and Expenses: | ||
Programming and production | 0 | 0 |
Other operating and administrative | 0 | 0 |
Advertising, marketing and promotion | 0 | 0 |
Depreciation | 0 | 0 |
Amortization | 0 | 0 |
Total costs and expenses | 0 | 0 |
Operating income | 0 | 0 |
Interest expense | (3) | (3) |
Investment and other income (loss), net | 4,143 | 3,319 |
Income before income taxes | 4,140 | 3,316 |
Income tax expense | (6) | 0 |
Net income | 4,134 | 3,316 |
Less: Net income (loss) attributable to noncontrolling interests and redeemable subsidiary preferred stock | 0 | 0 |
Net income attributable to Comcast Corporation | 4,134 | 3,316 |
Comprehensive income (loss) attributable to Comcast Corporation | 4,122 | 3,369 |
CCCL Parent [Member] | Guarantor Subsidiaries [Member] | Reportable Legal Entities [Member] | ||
Revenue: | ||
Revenue | 299 | 286 |
Costs and Expenses: | ||
Programming and production | 0 | 0 |
Other operating and administrative | 299 | 286 |
Advertising, marketing and promotion | 0 | 0 |
Depreciation | 0 | 0 |
Amortization | 0 | 0 |
Total costs and expenses | 299 | 286 |
Operating income | 0 | 0 |
Interest expense | (49) | (47) |
Investment and other income (loss), net | 3,314 | 2,826 |
Income before income taxes | 3,265 | 2,779 |
Income tax expense | 10 | 9 |
Net income | 3,275 | 2,788 |
Less: Net income (loss) attributable to noncontrolling interests and redeemable subsidiary preferred stock | 0 | 0 |
Net income attributable to Comcast Corporation | 3,275 | 2,788 |
Comprehensive income (loss) attributable to Comcast Corporation | 3,275 | 2,789 |
NBCUniversal Media Parent [Member] | Guarantor Subsidiaries [Member] | Reportable Legal Entities [Member] | ||
Revenue: | ||
Revenue | 0 | 0 |
Costs and Expenses: | ||
Programming and production | 0 | 0 |
Other operating and administrative | 271 | 318 |
Advertising, marketing and promotion | 0 | 0 |
Depreciation | 0 | 0 |
Amortization | 0 | 0 |
Total costs and expenses | 271 | 318 |
Operating income | (271) | (318) |
Interest expense | (120) | (106) |
Investment and other income (loss), net | 2,181 | 1,942 |
Income before income taxes | 1,790 | 1,518 |
Income tax expense | (6) | (5) |
Net income | 1,784 | 1,513 |
Less: Net income (loss) attributable to noncontrolling interests and redeemable subsidiary preferred stock | 0 | 0 |
Net income attributable to Comcast Corporation | 1,784 | 1,513 |
Comprehensive income (loss) attributable to Comcast Corporation | 1,752 | 1,696 |
Service [Member] | ||
Revenue: | ||
Revenue | 26,859 | 22,791 |
Service [Member] | Elimination and Consolidation Adjustments [Member] | ||
Revenue: | ||
Revenue | 0 | 0 |
Service [Member] | Comcast Parent [Member] | Reportable Legal Entities [Member] | ||
Revenue: | ||
Revenue | 0 | 0 |
Service [Member] | Non-Guarantor Subsidiaries [Member] | Reportable Legal Entities [Member] | ||
Revenue: | ||
Revenue | 26,859 | 22,791 |
Service [Member] | Comcast Holdings [Member] | Subsidiary Issuer [Member] | Reportable Legal Entities [Member] | ||
Revenue: | ||
Revenue | 0 | 0 |
Service [Member] | CCCL Parent [Member] | Guarantor Subsidiaries [Member] | Reportable Legal Entities [Member] | ||
Revenue: | ||
Revenue | 0 | 0 |
Service [Member] | NBCUniversal Media Parent [Member] | Guarantor Subsidiaries [Member] | Reportable Legal Entities [Member] | ||
Revenue: | ||
Revenue | 0 | 0 |
Management Fee [Member] | ||
Revenue: | ||
Revenue | 0 | 0 |
Management Fee [Member] | Elimination and Consolidation Adjustments [Member] | ||
Revenue: | ||
Revenue | (604) | (578) |
Management Fee [Member] | Comcast Parent [Member] | Reportable Legal Entities [Member] | ||
Revenue: | ||
Revenue | 305 | 292 |
Management Fee [Member] | Non-Guarantor Subsidiaries [Member] | Reportable Legal Entities [Member] | ||
Revenue: | ||
Revenue | 0 | 0 |
Management Fee [Member] | Comcast Holdings [Member] | Subsidiary Issuer [Member] | Reportable Legal Entities [Member] | ||
Revenue: | ||
Revenue | 0 | 0 |
Management Fee [Member] | CCCL Parent [Member] | Guarantor Subsidiaries [Member] | Reportable Legal Entities [Member] | ||
Revenue: | ||
Revenue | 299 | 286 |
Management Fee [Member] | NBCUniversal Media Parent [Member] | Guarantor Subsidiaries [Member] | Reportable Legal Entities [Member] | ||
Revenue: | ||
Revenue | $ 0 | $ 0 |
Condensed Consolidating Finan_4
Condensed Consolidating Financial Information (Condensed Consolidating Statement of Cash Flows) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Net Cash Provided by (Used in) Operating Activities [Abstract] | ||
Net cash provided by operating activities | $ 7,231 | $ 5,474 |
Investing Activities | ||
Net transactions with affiliates | 0 | 0 |
Capital expenditures | (2,092) | (1,973) |
Cash paid for intangible assets | (547) | (419) |
Acquisitions and construction of real estate properties | (16) | (59) |
Construction of Universal Beijing Resort | (220) | (42) |
Acquisitions, net of cash acquired | (48) | (89) |
Proceeds from sales of investments | 37 | 81 |
Purchases of investments | (439) | (220) |
Other | 99 | 429 |
Net cash provided by (used in) investing activities | (3,226) | (2,292) |
Financing Activities | ||
Proceeds from (repayments of) short-term borrowings, net | (1,288) | (902) |
Proceeds from borrowings | 222 | 4,043 |
Repurchases and repayments of debt | (2,084) | (1,265) |
Repurchases of common stock under repurchase program and employee plans | (247) | (1,729) |
Dividends paid | (869) | (738) |
Distributions to noncontrolling interests and dividends for redeemable subsidiary preferred stock | (85) | (79) |
Other | 26 | 94 |
Net cash provided by (used in) financing activities | (4,325) | (576) |
Impact of foreign currency on cash, cash equivalents and restricted cash | 8 | 0 |
Increase (decrease) in cash, cash equivalents and restricted cash | (312) | 2,606 |
Cash, cash equivalents and restricted cash, beginning of period | 3,909 | 3,571 |
Cash, cash equivalents and restricted cash, end of period | 3,597 | 6,177 |
Elimination and Consolidation Adjustments [Member] | ||
Net Cash Provided by (Used in) Operating Activities [Abstract] | ||
Net cash provided by operating activities | 0 | 0 |
Investing Activities | ||
Net transactions with affiliates | 0 | 0 |
Capital expenditures | 0 | 0 |
Cash paid for intangible assets | 0 | 0 |
Acquisitions and construction of real estate properties | 0 | 0 |
Construction of Universal Beijing Resort | 0 | 0 |
Acquisitions, net of cash acquired | 0 | 0 |
Proceeds from sales of investments | 0 | 0 |
Purchases of investments | 0 | 0 |
Other | 0 | 0 |
Net cash provided by (used in) investing activities | 0 | 0 |
Financing Activities | ||
Proceeds from (repayments of) short-term borrowings, net | 0 | 0 |
Proceeds from borrowings | 0 | 0 |
Repurchases and repayments of debt | 0 | 0 |
Repurchases of common stock under repurchase program and employee plans | 0 | 0 |
Dividends paid | 0 | 0 |
Distributions to noncontrolling interests and dividends for redeemable subsidiary preferred stock | 0 | 0 |
Other | 0 | 0 |
Net cash provided by (used in) financing activities | 0 | 0 |
Impact of foreign currency on cash, cash equivalents and restricted cash | 0 | |
Increase (decrease) in cash, cash equivalents and restricted cash | 0 | 0 |
Cash, cash equivalents and restricted cash, beginning of period | 0 | 0 |
Cash, cash equivalents and restricted cash, end of period | 0 | 0 |
Comcast Parent [Member] | Reportable Legal Entities [Member] | ||
Net Cash Provided by (Used in) Operating Activities [Abstract] | ||
Net cash provided by operating activities | (759) | (270) |
Investing Activities | ||
Net transactions with affiliates | 3,908 | 640 |
Capital expenditures | (2) | 0 |
Cash paid for intangible assets | (1) | (2) |
Acquisitions and construction of real estate properties | (13) | (39) |
Construction of Universal Beijing Resort | 0 | 0 |
Acquisitions, net of cash acquired | 0 | 0 |
Proceeds from sales of investments | 0 | 0 |
Purchases of investments | (13) | (11) |
Other | 0 | 0 |
Net cash provided by (used in) investing activities | 3,879 | 588 |
Financing Activities | ||
Proceeds from (repayments of) short-term borrowings, net | 0 | (902) |
Proceeds from borrowings | 0 | 3,973 |
Repurchases and repayments of debt | (2,000) | (900) |
Repurchases of common stock under repurchase program and employee plans | (247) | (1,729) |
Dividends paid | (869) | (738) |
Distributions to noncontrolling interests and dividends for redeemable subsidiary preferred stock | 0 | 0 |
Other | (3) | (22) |
Net cash provided by (used in) financing activities | (3,119) | (318) |
Impact of foreign currency on cash, cash equivalents and restricted cash | (1) | |
Increase (decrease) in cash, cash equivalents and restricted cash | 0 | 0 |
Cash, cash equivalents and restricted cash, beginning of period | 0 | 0 |
Cash, cash equivalents and restricted cash, end of period | 0 | 0 |
Non-Guarantor Subsidiaries [Member] | Reportable Legal Entities [Member] | ||
Net Cash Provided by (Used in) Operating Activities [Abstract] | ||
Net cash provided by operating activities | 8,253 | 5,822 |
Investing Activities | ||
Net transactions with affiliates | (4,032) | (239) |
Capital expenditures | (2,090) | (1,973) |
Cash paid for intangible assets | (546) | (417) |
Acquisitions and construction of real estate properties | (3) | (20) |
Construction of Universal Beijing Resort | (220) | (42) |
Acquisitions, net of cash acquired | (48) | (89) |
Proceeds from sales of investments | 37 | 24 |
Purchases of investments | (368) | (204) |
Other | 99 | (15) |
Net cash provided by (used in) investing activities | (7,171) | (2,975) |
Financing Activities | ||
Proceeds from (repayments of) short-term borrowings, net | (1,288) | 0 |
Proceeds from borrowings | 222 | 70 |
Repurchases and repayments of debt | (79) | (362) |
Repurchases of common stock under repurchase program and employee plans | 0 | 0 |
Dividends paid | 0 | 0 |
Distributions to noncontrolling interests and dividends for redeemable subsidiary preferred stock | (85) | (79) |
Other | 29 | 116 |
Net cash provided by (used in) financing activities | (1,201) | (255) |
Impact of foreign currency on cash, cash equivalents and restricted cash | 9 | |
Increase (decrease) in cash, cash equivalents and restricted cash | (110) | 2,592 |
Cash, cash equivalents and restricted cash, beginning of period | 3,493 | 3,075 |
Cash, cash equivalents and restricted cash, end of period | 3,383 | 5,667 |
Comcast Holdings [Member] | Subsidiary Issuer [Member] | Reportable Legal Entities [Member] | ||
Net Cash Provided by (Used in) Operating Activities [Abstract] | ||
Net cash provided by operating activities | 135 | 453 |
Investing Activities | ||
Net transactions with affiliates | (135) | (897) |
Capital expenditures | 0 | 0 |
Cash paid for intangible assets | 0 | 0 |
Acquisitions and construction of real estate properties | 0 | 0 |
Construction of Universal Beijing Resort | 0 | 0 |
Acquisitions, net of cash acquired | 0 | 0 |
Proceeds from sales of investments | 0 | 0 |
Purchases of investments | 0 | 0 |
Other | 0 | 444 |
Net cash provided by (used in) investing activities | (135) | (453) |
Financing Activities | ||
Proceeds from (repayments of) short-term borrowings, net | 0 | 0 |
Proceeds from borrowings | 0 | 0 |
Repurchases and repayments of debt | 0 | 0 |
Repurchases of common stock under repurchase program and employee plans | 0 | 0 |
Dividends paid | 0 | 0 |
Distributions to noncontrolling interests and dividends for redeemable subsidiary preferred stock | 0 | 0 |
Other | 0 | 0 |
Net cash provided by (used in) financing activities | 0 | 0 |
Impact of foreign currency on cash, cash equivalents and restricted cash | 0 | |
Increase (decrease) in cash, cash equivalents and restricted cash | 0 | 0 |
Cash, cash equivalents and restricted cash, beginning of period | 0 | 0 |
Cash, cash equivalents and restricted cash, end of period | 0 | 0 |
CCCL Parent [Member] | Guarantor Subsidiaries [Member] | Reportable Legal Entities [Member] | ||
Net Cash Provided by (Used in) Operating Activities [Abstract] | ||
Net cash provided by operating activities | (119) | (149) |
Investing Activities | ||
Net transactions with affiliates | 119 | 149 |
Capital expenditures | 0 | 0 |
Cash paid for intangible assets | 0 | 0 |
Acquisitions and construction of real estate properties | 0 | 0 |
Construction of Universal Beijing Resort | 0 | 0 |
Acquisitions, net of cash acquired | 0 | 0 |
Proceeds from sales of investments | 0 | 0 |
Purchases of investments | 0 | 0 |
Other | 0 | 0 |
Net cash provided by (used in) investing activities | 119 | 149 |
Financing Activities | ||
Proceeds from (repayments of) short-term borrowings, net | 0 | 0 |
Proceeds from borrowings | 0 | 0 |
Repurchases and repayments of debt | 0 | 0 |
Repurchases of common stock under repurchase program and employee plans | 0 | 0 |
Dividends paid | 0 | 0 |
Distributions to noncontrolling interests and dividends for redeemable subsidiary preferred stock | 0 | 0 |
Other | 0 | 0 |
Net cash provided by (used in) financing activities | 0 | 0 |
Impact of foreign currency on cash, cash equivalents and restricted cash | 0 | |
Increase (decrease) in cash, cash equivalents and restricted cash | 0 | 0 |
Cash, cash equivalents and restricted cash, beginning of period | 0 | 0 |
Cash, cash equivalents and restricted cash, end of period | 0 | 0 |
NBCUniversal Media Parent [Member] | Guarantor Subsidiaries [Member] | Reportable Legal Entities [Member] | ||
Net Cash Provided by (Used in) Operating Activities [Abstract] | ||
Net cash provided by operating activities | (279) | (382) |
Investing Activities | ||
Net transactions with affiliates | 140 | 347 |
Capital expenditures | 0 | 0 |
Cash paid for intangible assets | 0 | 0 |
Acquisitions and construction of real estate properties | 0 | 0 |
Construction of Universal Beijing Resort | 0 | 0 |
Acquisitions, net of cash acquired | 0 | 0 |
Proceeds from sales of investments | 0 | 57 |
Purchases of investments | (58) | (5) |
Other | 0 | 0 |
Net cash provided by (used in) investing activities | 82 | 399 |
Financing Activities | ||
Proceeds from (repayments of) short-term borrowings, net | 0 | 0 |
Proceeds from borrowings | 0 | 0 |
Repurchases and repayments of debt | (5) | (3) |
Repurchases of common stock under repurchase program and employee plans | 0 | 0 |
Dividends paid | 0 | 0 |
Distributions to noncontrolling interests and dividends for redeemable subsidiary preferred stock | 0 | 0 |
Other | 0 | 0 |
Net cash provided by (used in) financing activities | (5) | (3) |
Impact of foreign currency on cash, cash equivalents and restricted cash | 0 | |
Increase (decrease) in cash, cash equivalents and restricted cash | (202) | 14 |
Cash, cash equivalents and restricted cash, beginning of period | 416 | 496 |
Cash, cash equivalents and restricted cash, end of period | $ 214 | $ 510 |
Condensed Consolidating Finan_5
Condensed Consolidating Financial Information (Condensed Consolidating Balance Sheet) (Details) - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2018 | Dec. 31, 2017 |
Assets | ||||
Cash and cash equivalents | $ 3,498 | $ 3,814 | ||
Receivables, net | 10,736 | 11,104 | ||
Programming rights | 2,942 | 3,746 | ||
Other current assets | 3,097 | 3,184 | ||
Total current assets | 20,273 | 21,848 | ||
Film and television costs | 8,051 | 7,837 | ||
Investments | 9,159 | 7,883 | ||
Investments in and amounts due from subsidiaries eliminated upon consolidation | 0 | 0 | ||
Property and equipment, net | 45,721 | 44,437 | ||
Franchise rights | 59,365 | 59,365 | ||
Goodwill | 68,073 | 66,154 | ||
Other intangible assets, net | 36,902 | 38,358 | ||
Other noncurrent assets, net | 8,645 | 5,802 | ||
Total assets | 256,189 | 251,684 | ||
Liabilities and Equity | ||||
Accounts payable and accrued expenses related to trade creditors | 10,232 | 8,494 | ||
Accrued participations and residuals | 1,739 | 1,808 | ||
Deferred revenue | 2,485 | 2,182 | ||
Accrued expenses and other current liabilities | 8,832 | 10,721 | ||
Current portion of long-term debt | 4,629 | 4,398 | ||
Total current liabilities | 27,917 | 27,603 | ||
Long-term debt, less current portion | 104,464 | 107,345 | ||
Deferred income taxes | 27,819 | 27,589 | ||
Other noncurrent liabilities | 18,811 | 15,329 | ||
Redeemable noncontrolling interests | 1,316 | 1,316 | ||
Equity: | ||||
Common stock | 54 | 54 | ||
Other shareholders’ equity | 74,905 | 71,559 | ||
Total Comcast Corporation shareholders’ equity | 74,959 | 71,613 | ||
Noncontrolling interests | 903 | 889 | ||
Total equity | 75,862 | 72,502 | $ 70,710 | $ 69,459 |
Total liabilities and equity | 256,189 | 251,684 | ||
Elimination and Consolidation Adjustments [Member] | ||||
Assets | ||||
Cash and cash equivalents | 0 | 0 | ||
Receivables, net | 0 | 0 | ||
Programming rights | 0 | 0 | ||
Other current assets | 0 | 0 | ||
Total current assets | 0 | 0 | ||
Film and television costs | 0 | 0 | ||
Investments | 0 | 0 | ||
Investments in and amounts due from subsidiaries eliminated upon consolidation | (590,849) | (586,231) | ||
Property and equipment, net | 0 | 0 | ||
Franchise rights | 0 | 0 | ||
Goodwill | 0 | 0 | ||
Other intangible assets, net | 0 | 0 | ||
Other noncurrent assets, net | (486) | (458) | ||
Total assets | (591,335) | (586,689) | ||
Liabilities and Equity | ||||
Accounts payable and accrued expenses related to trade creditors | 0 | 0 | ||
Accrued participations and residuals | 0 | 0 | ||
Deferred revenue | 0 | 0 | ||
Accrued expenses and other current liabilities | 0 | 0 | ||
Current portion of long-term debt | 0 | 0 | ||
Total current liabilities | 0 | 0 | ||
Long-term debt, less current portion | 0 | 0 | ||
Deferred income taxes | (552) | (524) | ||
Other noncurrent liabilities | 66 | 66 | ||
Redeemable noncontrolling interests | 0 | 0 | ||
Equity: | ||||
Common stock | 0 | 0 | ||
Other shareholders’ equity | (590,849) | (586,231) | ||
Total Comcast Corporation shareholders’ equity | (590,849) | (586,231) | ||
Noncontrolling interests | 0 | 0 | ||
Total equity | (590,849) | (586,231) | ||
Total liabilities and equity | (591,335) | (586,689) | ||
Comcast Parent [Member] | Reportable Legal Entities [Member] | ||||
Assets | ||||
Cash and cash equivalents | 0 | 0 | ||
Receivables, net | 0 | 0 | ||
Programming rights | 0 | 0 | ||
Other current assets | 72 | 66 | ||
Total current assets | 72 | 66 | ||
Film and television costs | 0 | 0 | ||
Investments | 280 | 270 | ||
Investments in and amounts due from subsidiaries eliminated upon consolidation | 158,868 | 157,264 | ||
Property and equipment, net | 663 | 670 | ||
Franchise rights | 0 | 0 | ||
Goodwill | 0 | 0 | ||
Other intangible assets, net | 10 | 11 | ||
Other noncurrent assets, net | 1,163 | 1,057 | ||
Total assets | 161,056 | 159,338 | ||
Liabilities and Equity | ||||
Accounts payable and accrued expenses related to trade creditors | 0 | 2 | ||
Accrued participations and residuals | 0 | 0 | ||
Deferred revenue | 0 | 0 | ||
Accrued expenses and other current liabilities | 2,405 | 2,357 | ||
Current portion of long-term debt | 2,099 | 699 | ||
Total current liabilities | 4,504 | 3,058 | ||
Long-term debt, less current portion | 78,460 | 81,661 | ||
Deferred income taxes | 0 | 0 | ||
Other noncurrent liabilities | 3,133 | 3,006 | ||
Redeemable noncontrolling interests | 0 | 0 | ||
Equity: | ||||
Common stock | 54 | 54 | ||
Other shareholders’ equity | 74,905 | 71,559 | ||
Total Comcast Corporation shareholders’ equity | 74,959 | 71,613 | ||
Noncontrolling interests | 0 | 0 | ||
Total equity | 74,959 | 71,613 | ||
Total liabilities and equity | 161,056 | 159,338 | ||
Non-Guarantor Subsidiaries [Member] | Reportable Legal Entities [Member] | ||||
Assets | ||||
Cash and cash equivalents | 3,284 | 3,398 | ||
Receivables, net | 10,736 | 11,104 | ||
Programming rights | 2,942 | 3,746 | ||
Other current assets | 2,974 | 3,070 | ||
Total current assets | 19,936 | 21,318 | ||
Film and television costs | 8,051 | 7,837 | ||
Investments | 7,826 | 6,669 | ||
Investments in and amounts due from subsidiaries eliminated upon consolidation | 98,613 | 97,872 | ||
Property and equipment, net | 45,058 | 43,767 | ||
Franchise rights | 59,365 | 59,365 | ||
Goodwill | 68,073 | 66,154 | ||
Other intangible assets, net | 36,892 | 38,347 | ||
Other noncurrent assets, net | 7,642 | 4,910 | ||
Total assets | 351,456 | 346,239 | ||
Liabilities and Equity | ||||
Accounts payable and accrued expenses related to trade creditors | 10,232 | 8,492 | ||
Accrued participations and residuals | 1,739 | 1,808 | ||
Deferred revenue | 2,485 | 2,182 | ||
Accrued expenses and other current liabilities | 5,595 | 7,572 | ||
Current portion of long-term debt | 2,523 | 3,695 | ||
Total current liabilities | 22,574 | 23,749 | ||
Long-term debt, less current portion | 15,999 | 15,690 | ||
Deferred income taxes | 27,980 | 27,734 | ||
Other noncurrent liabilities | 14,033 | 11,056 | ||
Redeemable noncontrolling interests | 1,316 | 1,316 | ||
Equity: | ||||
Common stock | 0 | 0 | ||
Other shareholders’ equity | 268,651 | 265,805 | ||
Total Comcast Corporation shareholders’ equity | 268,651 | 265,805 | ||
Noncontrolling interests | 903 | 889 | ||
Total equity | 269,554 | 266,694 | ||
Total liabilities and equity | 351,456 | 346,239 | ||
Comcast Holdings [Member] | Subsidiary Issuer [Member] | Reportable Legal Entities [Member] | ||||
Assets | ||||
Cash and cash equivalents | 0 | 0 | ||
Receivables, net | 0 | 0 | ||
Programming rights | 0 | 0 | ||
Other current assets | 25 | 20 | ||
Total current assets | 25 | 20 | ||
Film and television costs | 0 | 0 | ||
Investments | 11 | 11 | ||
Investments in and amounts due from subsidiaries eliminated upon consolidation | 147,534 | 147,028 | ||
Property and equipment, net | 0 | 0 | ||
Franchise rights | 0 | 0 | ||
Goodwill | 0 | 0 | ||
Other intangible assets, net | 0 | 0 | ||
Other noncurrent assets, net | 233 | 208 | ||
Total assets | 147,803 | 147,267 | ||
Liabilities and Equity | ||||
Accounts payable and accrued expenses related to trade creditors | 0 | 0 | ||
Accrued participations and residuals | 0 | 0 | ||
Deferred revenue | 0 | 0 | ||
Accrued expenses and other current liabilities | 149 | 150 | ||
Current portion of long-term debt | 0 | 0 | ||
Total current liabilities | 149 | 150 | ||
Long-term debt, less current portion | 149 | 146 | ||
Deferred income taxes | 324 | 314 | ||
Other noncurrent liabilities | 0 | 0 | ||
Redeemable noncontrolling interests | 0 | 0 | ||
Equity: | ||||
Common stock | 0 | 0 | ||
Other shareholders’ equity | 147,181 | 146,657 | ||
Total Comcast Corporation shareholders’ equity | 147,181 | 146,657 | ||
Noncontrolling interests | 0 | 0 | ||
Total equity | 147,181 | 146,657 | ||
Total liabilities and equity | 147,803 | 147,267 | ||
CCCL Parent [Member] | Guarantor Subsidiaries [Member] | Reportable Legal Entities [Member] | ||||
Assets | ||||
Cash and cash equivalents | 0 | 0 | ||
Receivables, net | 0 | 0 | ||
Programming rights | 0 | 0 | ||
Other current assets | 0 | 0 | ||
Total current assets | 0 | 0 | ||
Film and television costs | 0 | 0 | ||
Investments | 147 | 143 | ||
Investments in and amounts due from subsidiaries eliminated upon consolidation | 129,829 | 130,214 | ||
Property and equipment, net | 0 | 0 | ||
Franchise rights | 0 | 0 | ||
Goodwill | 0 | 0 | ||
Other intangible assets, net | 0 | 0 | ||
Other noncurrent assets, net | 0 | 0 | ||
Total assets | 129,976 | 130,357 | ||
Liabilities and Equity | ||||
Accounts payable and accrued expenses related to trade creditors | 0 | 0 | ||
Accrued participations and residuals | 0 | 0 | ||
Deferred revenue | 0 | 0 | ||
Accrued expenses and other current liabilities | 245 | 360 | ||
Current portion of long-term debt | 0 | 0 | ||
Total current liabilities | 245 | 360 | ||
Long-term debt, less current portion | 2,100 | 2,100 | ||
Deferred income taxes | 0 | 0 | ||
Other noncurrent liabilities | 0 | 0 | ||
Redeemable noncontrolling interests | 0 | 0 | ||
Equity: | ||||
Common stock | 0 | 0 | ||
Other shareholders’ equity | 127,631 | 127,897 | ||
Total Comcast Corporation shareholders’ equity | 127,631 | 127,897 | ||
Noncontrolling interests | 0 | 0 | ||
Total equity | 127,631 | 127,897 | ||
Total liabilities and equity | 129,976 | 130,357 | ||
NBCUniversal Media Parent [Member] | Guarantor Subsidiaries [Member] | Reportable Legal Entities [Member] | ||||
Assets | ||||
Cash and cash equivalents | 214 | 416 | ||
Receivables, net | 0 | 0 | ||
Programming rights | 0 | 0 | ||
Other current assets | 26 | 28 | ||
Total current assets | 240 | 444 | ||
Film and television costs | 0 | 0 | ||
Investments | 895 | 790 | ||
Investments in and amounts due from subsidiaries eliminated upon consolidation | 56,005 | 53,853 | ||
Property and equipment, net | 0 | 0 | ||
Franchise rights | 0 | 0 | ||
Goodwill | 0 | 0 | ||
Other intangible assets, net | 0 | 0 | ||
Other noncurrent assets, net | 93 | 85 | ||
Total assets | 57,233 | 55,172 | ||
Liabilities and Equity | ||||
Accounts payable and accrued expenses related to trade creditors | 0 | 0 | ||
Accrued participations and residuals | 0 | 0 | ||
Deferred revenue | 0 | 0 | ||
Accrued expenses and other current liabilities | 438 | 282 | ||
Current portion of long-term debt | 7 | 4 | ||
Total current liabilities | 445 | 286 | ||
Long-term debt, less current portion | 7,756 | 7,748 | ||
Deferred income taxes | 67 | 65 | ||
Other noncurrent liabilities | 1,579 | 1,201 | ||
Redeemable noncontrolling interests | 0 | 0 | ||
Equity: | ||||
Common stock | 0 | 0 | ||
Other shareholders’ equity | 47,386 | 45,872 | ||
Total Comcast Corporation shareholders’ equity | 47,386 | 45,872 | ||
Noncontrolling interests | 0 | 0 | ||
Total equity | 47,386 | 45,872 | ||
Total liabilities and equity | $ 57,233 | $ 55,172 |