Cover Page
Cover Page - shares | 6 Months Ended | |
Jun. 30, 2023 | Jul. 15, 2023 | |
Document And Entity Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2023 | |
Document Transition Report | false | |
Entity File Number | 001-32871 | |
Entity Registrant Name | COMCAST CORPORATION | |
Entity Tax Identification Number | 27-0000798 | |
Entity Incorporation, State or Country Code | PA | |
Entity Address, Address Line One | One Comcast Center | |
Entity Address, City or Town | Philadelphia | |
Entity Address, State or Province | PA | |
Entity Address, Postal Zip Code | 19103-2838 | |
City Area Code | 215 | |
Local Phone Number | 286-1700 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2023 | |
Current Fiscal Year End Date | --12-31 | |
Entity Central Index Key | 0001166691 | |
Class A Common Stock, $0.01 par value | ||
Document And Entity Information [Line Items] | ||
Title of 12(b) Security | Class A Common Stock, $0.01 par value | |
Trading Symbol | CMCSA | |
Security Exchange Name | NASDAQ | |
Entity Common Stock, Shares Outstanding | 4,115,688,549 | |
0.000% Notes due 2026 | ||
Document And Entity Information [Line Items] | ||
Title of 12(b) Security | 0.000% Notes due 2026 | |
Trading Symbol | CMCS26 | |
Security Exchange Name | NASDAQ | |
0.250% Notes due 2027 | ||
Document And Entity Information [Line Items] | ||
Title of 12(b) Security | 0.250% Notes due 2027 | |
Trading Symbol | CMCS27 | |
Security Exchange Name | NASDAQ | |
1.500% Notes due 2029 | ||
Document And Entity Information [Line Items] | ||
Title of 12(b) Security | 1.500% Notes due 2029 | |
Trading Symbol | CMCS29 | |
Security Exchange Name | NASDAQ | |
0.250% Notes due 2029 | ||
Document And Entity Information [Line Items] | ||
Title of 12(b) Security | 0.250% Notes due 2029 | |
Trading Symbol | CMCS29A | |
Security Exchange Name | NASDAQ | |
0.750% Notes due 2032 | ||
Document And Entity Information [Line Items] | ||
Title of 12(b) Security | 0.750% Notes due 2032 | |
Trading Symbol | CMCS32 | |
Security Exchange Name | NASDAQ | |
1.875% Notes due 2036 | ||
Document And Entity Information [Line Items] | ||
Title of 12(b) Security | 1.875% Notes due 2036 | |
Trading Symbol | CMCS36 | |
Security Exchange Name | NASDAQ | |
1.250% Notes due 2040 | ||
Document And Entity Information [Line Items] | ||
Title of 12(b) Security | 1.250% Notes due 2040 | |
Trading Symbol | CMCS40 | |
Security Exchange Name | NASDAQ | |
5.50% Notes due 2029 | ||
Document And Entity Information [Line Items] | ||
Title of 12(b) Security | 5.50% Notes due 2029 | |
Trading Symbol | CCGBP29 | |
Security Exchange Name | NYSE | |
2.0% Exchangeable Subordinated Debentures due 2029 | ||
Document And Entity Information [Line Items] | ||
Title of 12(b) Security | 2.0% Exchangeable Subordinated Debentures due 2029 | |
Trading Symbol | CCZ | |
Security Exchange Name | NYSE | |
Class B Common Stock | ||
Document And Entity Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 9,444,375 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income (Unaudited) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Income Statement [Abstract] | ||||
Revenue | $ 30,513 | $ 30,016 | $ 60,205 | $ 61,026 |
Costs and Expenses: | ||||
Programming and production | 8,849 | 8,887 | 17,853 | 19,457 |
Marketing and promotion | 2,100 | 2,196 | 4,063 | 4,258 |
Other operating and administrative | 9,317 | 9,098 | 18,618 | 18,358 |
Depreciation | 2,195 | 2,162 | 4,459 | 4,375 |
Amortization | 1,343 | 1,306 | 2,856 | 2,641 |
Total costs and expenses | 23,804 | 23,649 | 47,849 | 49,089 |
Operating income | 6,709 | 6,367 | 12,355 | 11,936 |
Interest expense | (998) | (968) | (2,007) | (1,962) |
Investment and other income (loss), net | 15 | (897) | 622 | (709) |
Income before income taxes | 5,726 | 4,502 | 10,970 | 9,266 |
Income tax expense | (1,537) | (1,261) | (3,013) | (2,548) |
Net income | 4,189 | 3,241 | 7,957 | 6,717 |
Less: Net income (loss) attributable to noncontrolling interests | (59) | (155) | (126) | (227) |
Net income attributable to Comcast Corporation | $ 4,248 | $ 3,396 | $ 8,082 | $ 6,945 |
Basic earnings per common share attributable to Comcast Corporation shareholders (in dollars per share) | $ 1.02 | $ 0.76 | $ 1.93 | $ 1.55 |
Diluted earnings per common share attributable to Comcast Corporation shareholders (in dollars per share) | $ 1.02 | $ 0.76 | $ 1.92 | $ 1.54 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 4,189 | $ 3,241 | $ 7,957 | $ 6,717 |
Currency translation adjustments, net of deferred taxes of $(20), $42, $(22) and $289 | 490 | (2,957) | 1,268 | (3,873) |
Cash flow hedges: | ||||
Deferred gains (losses), net of deferred taxes of $14, $(1), $23 and $(38) | (7) | 129 | (22) | 294 |
Realized (gains) losses reclassified to net income, net of deferred taxes of $8, $(11), $16 and $(16) | (50) | (45) | (97) | (62) |
Employee benefit obligations and other, net of deferred taxes of $1, $2, $3 and $5 | (4) | (12) | (10) | (21) |
Comprehensive income | 4,619 | 356 | 9,096 | 3,055 |
Less: Net income (loss) attributable to noncontrolling interests | (59) | (155) | (126) | (227) |
Less: Other comprehensive income (loss) attributable to noncontrolling interests | (36) | (41) | (39) | (13) |
Comprehensive income attributable to Comcast Corporation | $ 4,714 | $ 552 | $ 9,261 | $ 3,295 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Comprehensive Income (Unaudited) (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Statement of Comprehensive Income [Abstract] | ||||
Currency translation adjustments, net of deferred taxes | $ (20) | $ 42 | $ (22) | $ 289 |
Deferred gains (losses) on cash flow hedges, deferred taxes | 14 | (1) | 23 | (38) |
Realized (gains) losses on cash flow hedges, deferred taxes | (8) | 11 | (16) | 16 |
Employee benefit obligations and other, deferred taxes | $ 1 | $ 2 | $ 3 | $ 5 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Operating Activities | ||
Net income | $ 7,957 | $ 6,717 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 7,315 | 7,016 |
Share-based compensation | 668 | 675 |
Noncash interest expense (income), net | 140 | 165 |
Net (gain) loss on investment activity and other | (354) | 864 |
Deferred income taxes | 296 | (31) |
Changes in operating assets and liabilities, net of effects of acquisitions and divestitures: | ||
Current and noncurrent receivables, net | (92) | (338) |
Film and television costs, net | 58 | 651 |
Accounts payable and accrued expenses related to trade creditors | (718) | 78 |
Other operating assets and liabilities | (843) | (2,214) |
Net cash provided by operating activities | 14,426 | 13,584 |
Investing Activities | ||
Capital expenditures | (5,627) | (4,270) |
Cash paid for intangible assets | (1,577) | (1,383) |
Construction of Universal Beijing Resort | (104) | (168) |
Proceeds from sales of businesses and investments | 369 | 108 |
Purchases of investments | (593) | (1,164) |
Other | 6 | 86 |
Net cash provided by (used in) investing activities | (7,528) | (6,792) |
Financing Activities | ||
Proceeds from (repayments of) short-term borrowings, net | (660) | 0 |
Proceeds from borrowings | 6,044 | 166 |
Repurchases and repayments of debt | (3,001) | (254) |
Repurchases of common stock under repurchase program and employee plans | (4,227) | (6,288) |
Dividends paid | (2,387) | (2,377) |
Other | (260) | 116 |
Net cash provided by (used in) financing activities | (4,492) | (8,636) |
Impact of foreign currency on cash, cash equivalents and restricted cash | 14 | (76) |
Increase (decrease) in cash, cash equivalents and restricted cash | 2,420 | (1,920) |
Cash, cash equivalents and restricted cash, beginning of period | 4,782 | 8,778 |
Cash, cash equivalents and restricted cash, end of period | $ 7,202 | $ 6,859 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Current Assets: | ||
Cash and cash equivalents | $ 7,146 | $ 4,749 |
Receivables, net | 12,980 | 12,672 |
Other current assets | 4,796 | 4,406 |
Total current assets | 24,922 | 21,826 |
Film and television costs | 12,641 | 12,560 |
Investments | 7,761 | 7,250 |
Investment securing collateralized obligation | 480 | 490 |
Property and equipment, net of accumulated depreciation of $57,955 and $56,939 | 56,851 | 55,485 |
Goodwill | 59,042 | 58,494 |
Franchise rights | 59,365 | 59,365 |
Other intangible assets, net of accumulated amortization of $28,411 and $25,860 | 28,761 | 29,308 |
Other noncurrent assets, net | 12,323 | 12,497 |
Total assets | 262,147 | 257,275 |
Current Liabilities: | ||
Accounts payable and accrued expenses related to trade creditors | 12,213 | 12,544 |
Accrued participations and residuals | 1,812 | 1,770 |
Deferred revenue | 3,327 | 2,380 |
Accrued expenses and other current liabilities | 7,876 | 9,450 |
Current portion of long-term debt | 2,524 | 1,743 |
Collateralized obligation | 5,173 | 0 |
Total current liabilities | 32,925 | 27,887 |
Long-term debt, less current portion | 94,972 | 93,068 |
Collateralized obligation | 0 | 5,172 |
Deferred income taxes | 29,052 | 28,714 |
Other noncurrent liabilities | 20,280 | 20,395 |
Commitments and contingencies | ||
Redeemable noncontrolling interests | 239 | 411 |
Equity: | ||
Preferred stock—authorized, 20,000,000 shares; issued, zero | 0 | 0 |
Additional paid-in capital | 39,118 | 39,412 |
Retained earnings | 53,900 | 51,609 |
Treasury stock, 872,791,028 Class A common shares | (7,517) | (7,517) |
Accumulated other comprehensive income (loss) | (1,432) | (2,611) |
Total Comcast Corporation shareholders’ equity | 84,119 | 80,943 |
Noncontrolling interests | 559 | 684 |
Total equity | 84,679 | 81,627 |
Total liabilities and equity | 262,147 | 257,275 |
Class A Common Stock | ||
Equity: | ||
Common stock | 50 | 51 |
Class B Common Stock | ||
Equity: | ||
Common stock | $ 0 | $ 0 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Property and equipment - accumulated depreciation | $ 57,955 | $ 56,939 |
Other intangible assets - accumulated amortization | $ 28,411 | $ 25,860 |
Preferred stock, shares authorized | 20,000,000 | 20,000,000 |
Preferred stock, shares issued | 0 | 0 |
Treasury stock | 872,791,028 | 872,791,028 |
Class A Common Stock | ||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 7,500,000,000 | 7,500,000,000 |
Common stock, shares issued | 4,995,591,433 | 5,083,466,045 |
Common stock, shares outstanding | 4,122,800,405 | 4,210,675,017 |
Class B Common Stock | ||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 75,000,000 | 75,000,000 |
Common stock, shares issued | 9,444,375 | 9,444,375 |
Common stock, shares outstanding | 9,444,375 | 9,444,375 |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Changes in Equity (Unaudited) - USD ($) $ in Millions | Total | Additional Paid-In Capital | Retained Earnings | Treasury Stock at Cost | Accumulated Other Comprehensive Income (Loss) | Noncontrolling Interests | Class A Common Stock Class A Common Stock |
Balance, beginning of period at Dec. 31, 2021 | $ 519 | ||||||
Increase (Decrease) in Temporary Equity [Roll Forward] | |||||||
Contributions from (distributions to) noncontrolling interests, net | (33) | ||||||
Other | 0 | ||||||
Net income (loss) | 27 | ||||||
Balance, end of period at Jun. 30, 2022 | 513 | ||||||
Balance, beginning of period at Dec. 31, 2021 | $ 40,173 | $ 61,902 | $ (7,517) | $ 1,480 | $ 1,398 | $ 54 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Issuances (repurchases) of common stock under repurchase program and employee plans | (1) | ||||||
Share-based compensation | 521 | ||||||
Repurchases of common stock under repurchase program and employee plans | (1,076) | (5,210) | |||||
Issuances of common stock under employee plans | 150 | ||||||
Other comprehensive income (loss) | (3,650) | (13) | |||||
Contributions from (distributions to) noncontrolling interests, net | 0 | ||||||
Other | 83 | 1 | |||||
Dividends declared | (2,428) | ||||||
Net income | 6,945 | 6,945 | |||||
Net income (loss) | (227) | (254) | |||||
Balance, end of period at Jun. 30, 2022 | $ 92,558 | 39,852 | 61,209 | (7,517) | (2,170) | 1,132 | 53 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Cash dividends declared per common share (in dollars per share) | $ 0.54 | ||||||
Balance, beginning of period at Mar. 31, 2022 | $ 513 | ||||||
Increase (Decrease) in Temporary Equity [Roll Forward] | |||||||
Contributions from (distributions to) noncontrolling interests, net | (8) | ||||||
Other | 0 | ||||||
Net income (loss) | 8 | ||||||
Balance, end of period at Jun. 30, 2022 | 513 | ||||||
Balance, beginning of period at Mar. 31, 2022 | 39,926 | 61,555 | (7,517) | 674 | 1,300 | 53 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Issuances (repurchases) of common stock under repurchase program and employee plans | (1) | ||||||
Share-based compensation | 235 | ||||||
Repurchases of common stock under repurchase program and employee plans | (481) | (2,540) | |||||
Issuances of common stock under employee plans | 83 | ||||||
Other comprehensive income (loss) | (2,844) | (41) | |||||
Contributions from (distributions to) noncontrolling interests, net | 35 | ||||||
Other | 88 | 1 | |||||
Dividends declared | (1,203) | ||||||
Net income | 3,396 | 3,396 | |||||
Net income (loss) | (155) | (163) | |||||
Balance, end of period at Jun. 30, 2022 | $ 92,558 | 39,852 | 61,209 | (7,517) | (2,170) | 1,132 | 53 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Cash dividends declared per common share (in dollars per share) | $ 0.27 | ||||||
Balance, beginning of period at Dec. 31, 2022 | $ 411 | ||||||
Increase (Decrease) in Temporary Equity [Roll Forward] | |||||||
Contributions from (distributions to) noncontrolling interests, net | (15) | ||||||
Other | (171) | ||||||
Net income (loss) | 14 | ||||||
Balance, end of period at Jun. 30, 2023 | 239 | ||||||
Balance, beginning of period at Dec. 31, 2022 | 81,627 | 39,412 | 51,609 | (7,517) | (2,611) | 684 | 51 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Issuances (repurchases) of common stock under repurchase program and employee plans | (1) | ||||||
Share-based compensation | 543 | ||||||
Repurchases of common stock under repurchase program and employee plans | (907) | (3,352) | |||||
Issuances of common stock under employee plans | 158 | ||||||
Other comprehensive income (loss) | 1,179 | (39) | |||||
Contributions from (distributions to) noncontrolling interests, net | 56 | ||||||
Other | (87) | (2) | |||||
Dividends declared | (2,439) | ||||||
Net income | 8,082 | 8,082 | |||||
Net income (loss) | (126) | (139) | |||||
Balance, end of period at Jun. 30, 2023 | $ 84,679 | 39,118 | 53,900 | (7,517) | (1,432) | 559 | 50 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Cash dividends declared per common share (in dollars per share) | $ 0.58 | ||||||
Balance, beginning of period at Mar. 31, 2023 | $ 422 | ||||||
Increase (Decrease) in Temporary Equity [Roll Forward] | |||||||
Contributions from (distributions to) noncontrolling interests, net | (8) | ||||||
Other | (171) | ||||||
Net income (loss) | (3) | ||||||
Balance, end of period at Jun. 30, 2023 | 239 | ||||||
Balance, beginning of period at Mar. 31, 2023 | 39,262 | 52,524 | (7,517) | (1,898) | 612 | 50 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Issuances (repurchases) of common stock under repurchase program and employee plans | 0 | ||||||
Share-based compensation | 250 | ||||||
Repurchases of common stock under repurchase program and employee plans | (386) | (1,664) | |||||
Issuances of common stock under employee plans | 82 | ||||||
Other comprehensive income (loss) | 466 | (36) | |||||
Contributions from (distributions to) noncontrolling interests, net | 41 | ||||||
Other | (89) | (2) | |||||
Dividends declared | (1,208) | ||||||
Net income | 4,248 | 4,248 | |||||
Net income (loss) | (59) | (55) | |||||
Balance, end of period at Jun. 30, 2023 | $ 84,679 | $ 39,118 | $ 53,900 | $ (7,517) | $ (1,432) | $ 559 | $ 50 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Cash dividends declared per common share (in dollars per share) | $ 0.29 |
Condensed Consolidated Financia
Condensed Consolidated Financial Statements | 6 Months Ended |
Jun. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Condensed Consolidated Financial Statements | Condensed Consolidated Financial Statements 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 sheets were 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 2022 Annual Report on Form 10-K and the notes within this Quarterly Report on Form 10-Q. Reclassifications |
Segment Information
Segment Information | 6 Months Ended |
Jun. 30, 2023 | |
Segment Reporting [Abstract] | |
Segment Information | Segment Information Beginning in the first quarter of 2023, we changed our presentation of segment operating results around our two primary businesses: Connectivity & Platforms and Content & Experiences. Connectivity & Platforms: Contains our broadband and wireless connectivity businesses operated under the Xfinity and Comcast brands in the United States and under the Sky brand in certain territories in Europe (the “Connectivity & Platforms markets”). Also includes our video services businesses and the operations of our Sky-branded entertainment television channels in the Connectivity & Platforms markets. Our Connectivity & Platforms business is reported in two reportable business segments: • Residential Connectivity & Platforms Segment: Includes our residential broadband and wireless connectivity services, residential and business video services, advertising sales and Sky channels. Revenue is generated primarily from customers that subscribe to our services and from the sale of advertising and wireless devices. • Business Services Connectivity Segment: Includes our connectivity services for small business locations in the United States, which include broadband, voice and wireless services, as well as our solutions for medium-sized customers and larger enterprises, and our small business connectivity service offerings for international locations. Revenue is generated primarily from customers that subscribe to our services. Content & Experiences: Contains our media and entertainment businesses that develop, produce, and distribute entertainment, news and information, sports, and other content for global audiences and that own and operate theme parks in the United States and Asia. Our Content & Experiences business is reported in three reportable business segments: • Media Segment: Includes primarily NBCUniversal ’ s television and streaming business, including national and regional cable networks; the NBC and Telemundo broadcast networks; NBC and Telemundo owned local broadcast television stations; and Peacock, our direct-to-consumer streaming service. Also includes international networks, including most of the Sky Sports channels, and other digital properties. Revenue is generated primarily from the distribution of our television and streaming programming and from the sale of advertising on our television networks, Peacock and other digital properties. • Studios Segment: Includes primarily our NBCUniversal and Sky film and television studio production and distribution operations. Revenue is generated primarily from licensing our owned film and television content in the United States and internationally; and from the worldwide distribution of our produced and acquired films for exhibition in movie theaters. • Theme Parks Segment: Includes primarily the operations of our Universal theme parks in Orlando, Florida; Hollywood, California; Osaka, Japan; and Beijing, China. Revenue is generated primarily from guest spending at our theme parks. Our other business interests consist primarily of Sky operations outside of the Connectivity & Platforms markets, the operations of Comcast Spectacor, which owns the Philadelphia Flyers and the Wells Fargo Center arena in Philadelphia, Pennsylvania, and the operations of Xumo, our consolidated streaming platform joint venture with Charter Communications formed in June 2022. Our segments generally report transactions with one another as if they were stand-alone businesses in accordance with GAAP, and these transactions are eliminated in consolidation. When multiple segments enter into transactions to provide products and services to third parties, revenue is generally allocated to our segments based on relative value. Transactions between our Connectivity & Platforms and Content & Experiences businesses, and between segments within the Content & Experiences business, generally include intercompany profit consistent with third-party transactions. The segments within our Connectivity & Platforms business use certain shared infrastructure, including the cable distribution network in the United States, and each segment is presented with its direct costs and an allocation of shared costs, as well as revenue from its customers. Our financial data by reportable business segment is presented in the tables below and has been updated to reflect our new segment presentation, including: (1) presentation of Cable Communications results in the Residential Connectivity & Platforms and Business Services Connectivity segments and (2) presentation of Sky ’ s results across the segments within the Connectivity & Platforms and Content & Experiences businesses, and Corporate and Other. We do not present asset information for our reportable business segments as this information is not used to allocate resources and capital. Three Months Ended June 30, 2023 2022 (in millions) Revenue (a) Adjusted EBITDA (b) Revenue (a) Adjusted EBITDA (b) Connectivity & Platforms Residential Connectivity & Platforms $ 18,068 $ 7,024 $ 18,131 $ 6,733 Business Services Connectivity 2,292 1,322 2,203 1,263 Connectivity & Platforms 20,360 8,346 20,335 7,995 Content & Experiences Media 6,195 1,244 6,188 1,520 Studios 3,087 255 3,117 (3) Theme Parks 2,209 833 1,804 632 Headquarters and Other 13 (200) 8 (137) Eliminations (a) (631) 56 (664) 23 Content & Experiences 10,873 2,187 10,453 2,034 Corporate and Other 654 (303) 617 (167) Eliminations (a) (1,373) 14 (1,389) (36) Comcast Consolidated $ 30,513 $ 10,244 $ 30,016 $ 9,827 Six Months Ended June 30, 2023 2022 (in millions) Revenue (a) Adjusted EBITDA (b) Revenue (a) Adjusted EBITDA (b) Connectivity & Platforms Residential Connectivity & Platforms $ 35,937 $ 13,785 $ 36,472 $ 13,344 Business Services Connectivity 4,575 2,654 4,375 2,496 Connectivity & Platforms 40,512 16,439 40,846 15,840 Content & Experiences Media 12,347 2,124 13,946 2,701 Studios 6,043 532 6,023 242 Theme Parks 4,158 1,490 3,364 1,082 Headquarters and Other 31 (432) 24 (329) Eliminations (a) (1,448) 81 (1,566) (39) Content & Experiences 21,131 3,795 21,792 3,658 Corporate and Other 1,360 (591) 1,330 (402) Eliminations (a) (2,799) 17 (2,943) (119) Comcast Consolidated $ 60,205 $ 19,659 $ 61,026 $ 18,977 (a) Included in Eliminations are transactions that our segments enter into with one another. The most significant of these transactions include distribution revenue in Media related to fees from Residential Connectivity & Platforms for the rights to distribute television programming and content licensing revenue in Studios for licenses of owned content to Media. Revenue for licenses of content from Studios to Media is generally recognized at a point in time, consistent with the recognition of transactions with third parties, when the content is delivered and made available for use. The costs of these licenses in Media are recognized as the content is used over the license period. The difference in timing of recognition between segments results in an Adjusted EBITDA impact in eliminations, as the profits (losses) on these transactions are deferred in our consolidated results and recognized as the content is used over the license period. A summary of revenue for each of our segments resulting from transactions with other segments and eliminated in consolidation is presented in the table below. Three Months Ended Six Months Ended (in millions) 2023 2022 2023 2022 Connectivity & Platforms Residential Connectivity & Platforms $ 43 $ 50 $ 96 $ 107 Business Services Connectivity 11 11 11 11 Content & Experiences Media 1,164 1,117 2,332 2,420 Studios 747 833 1,709 1,858 Theme Parks — — — — Headquarters and Other 5 6 13 18 Corporate and Other 33 36 87 94 Total intersegment revenue $ 2,003 $ 2,053 $ 4,247 $ 4,509 (b) We use Adjusted EBITDA as the measure of profit or loss for our operating segments. From time to time we may report the impact of certain events, gains, losses or other charges related to our operating segments within Corporate and Other. Our reconciliation of the aggregate amount of Adjusted EBITDA for our segments to consolidated income before income taxes is presented in the table below. Three Months Ended Six Months Ended (in millions) 2023 2022 2023 2022 Adjusted EBITDA $ 10,244 $ 9,827 $ 19,659 $ 18,977 Adjustments 3 9 11 (24) Depreciation (2,195) (2,162) (4,459) (4,375) Amortization (1,343) (1,306) (2,856) (2,641) Interest expense (998) (968) (2,007) (1,962) Investment and other income (loss), net 15 (897) 622 (709) Income (loss) before income taxes $ 5,726 $ 4,502 $ 10,970 $ 9,266 Adjustments represent the impact of certain events, gains, losses or other charges that are excluded from Adjusted EBITDA, including costs related to our investment portfolio. Goodwill by Segment The changes in the carrying amount of goodwill by segment for the six months ended June 30, 2023 are presented in the table below. Connectivity & Platforms Content & Experiences (in billions) Cable Residential Connectivity & Platforms Business Services Connectivity Media Studios Theme Sky Corporate Total Balance, December 31, 2022 Goodwill $ 16.2 $ — $ — $ 14.7 $ 3.7 $ 5.8 $ 26.0 $ — $ 66.4 Accumulated impairment losses (a) — — — — — — (7.9) — (7.9) $ 16.2 $ — $ — $ 14.7 $ 3.7 $ 5.8 $ 18.1 $ — $ 58.5 Segment change (16.2) 27.4 2.2 4.7 — — (18.1) — — Foreign currency translation and other — 0.7 — 0.3 — (0.4) — — 0.5 Balance, June 30, 2023 Goodwill $ — $ 34.4 $ 2.2 $ 21.9 $ 3.7 $ 5.3 $ — $ — $ 67.5 Accumulated impairment losses (a) — (6.3) — (2.2) — — — — (8.5) $ — $ 28.1 $ 2.2 $ 19.7 $ 3.7 $ 5.3 $ — $ — $ 59.0 (a) Amounts relate to 2022 impairment related to Sky allocated to the new segments on a consistent basis with goodwill. Amounts are impacted by foreign currency translation each period. |
Revenue
Revenue | 6 Months Ended |
Jun. 30, 2023 | |
Revenues [Abstract] | |
Revenue | Revenue Three Months Ended Six Months Ended (in millions) 2023 2022 2023 2022 Domestic broadband $ 6,377 $ 6,107 $ 12,720 $ 12,158 Domestic wireless 869 722 1,727 1,399 International connectivity 1,002 791 1,900 1,631 Total residential connectivity 8,248 7,620 16,346 15,187 Video 7,358 7,793 14,741 15,795 Advertising 993 1,112 1,900 2,185 Other 1,469 1,607 2,950 3,305 Total Residential Connectivity & Platforms 18,068 18,131 35,937 36,472 Total Business Services Connectivity 2,292 2,203 4,575 4,375 Total Connectivity & Platforms 20,360 20,335 40,512 40,846 Domestic advertising 2,027 2,131 4,051 5,441 Domestic distribution 2,615 2,558 5,325 5,496 International networks 1,035 970 2,043 1,965 Other 518 529 928 1,044 Total Media 6,195 6,188 12,347 13,946 Content licensing 1,821 2,269 4,165 4,698 Theatrical 913 550 1,232 718 Other 354 298 646 607 Total Studios 3,087 3,117 6,043 6,023 Total Theme Parks 2,209 1,804 4,158 3,364 Headquarters and Other 13 8 31 24 Eliminations (a) (631) (664) (1,448) (1,566) Total Content & Experiences 10,873 10,453 21,131 21,792 Corporate and Other 654 617 1,360 1,330 Eliminations (a) (1,373) (1,389) (2,799) (2,943) Total revenue $ 30,513 $ 30,016 $ 60,205 $ 61,026 (a) Included in Eliminations are transactions that our segments enter into with one another. See Note 2 for a description of these transactions. Condensed Consolidated Balance Sheets The following tables summarize our accounts receivable and other balances that are not separately presented in our condensed consolidated balance sheets that relate to the recognition of revenue and collection of the related cash. (in millions) June 30, December 31, Receivables, gross $ 13,692 $ 13,407 Less: Allowance for credit losses 713 736 Receivables, net $ 12,980 $ 12,672 (in millions) June 30, December 31, Noncurrent receivables, net (included in other noncurrent assets, net) $ 1,838 $ 1,887 Noncurrent deferred revenue (included in other noncurrent liabilities) $ 781 $ 735 Our accounts receivables include amounts not yet billed related to equipment installment plans, as summarized in the table below. (in millions) June 30, December 31, Receivables, net $ 1,523 $ 1,388 Noncurrent receivables, net (included in other noncurrent assets, net) 1,065 1,023 Total $ 2,588 $ 2,411 |
Programming and Production Cost
Programming and Production Costs | 6 Months Ended |
Jun. 30, 2023 | |
Other Industries [Abstract] | |
Programming and Production Costs | Programming and Production Costs Three Months Ended Six Months Ended (in millions) 2023 2022 2023 2022 Video distribution programming $ 3,191 $ 3,288 $ 6,381 $ 6,713 Film and television content: Owned (a) 2,804 2,919 5,539 5,426 Licensed, including sports rights 2,461 2,377 5,193 6,702 Other 393 304 740 616 Total programming and production costs $ 8,849 $ 8,887 $ 17,853 $ 19,457 (a) Amount includes amortization of owned content of $2.0 billion and $4.3 billion for the three and six months ended June 30, 2023, respectively, and $2.4 billion and $4.4 billion for the three and six months ended June 30, 2022, respectively, as well as participations and residuals expenses. Capitalized Film and Television Costs (in millions) June 30, December 31, Owned: In production and in development $ 3,126 $ 3,210 Completed, not released 367 130 Released, less amortization 4,465 4,634 7,958 7,974 Licensed, including sports advances 4,683 4,586 Film and television costs $ 12,641 $ 12,560 |
Long-Term Debt
Long-Term Debt | 6 Months Ended |
Jun. 30, 2023 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | Long-Term DebtAs of June 30, 2023, our debt had a carrying value of $97.5 billion and an estimated fair value of $90.5 billion. As of December 31, 2022, our debt had a carrying value of $94.8 billion and an estimated fair value of $86.9 billion. The estimated fair value of our publicly traded debt was primarily based on Level 1 inputs that use quoted market value 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. |
Investments and Variable Intere
Investments and Variable Interest Entities | 6 Months Ended |
Jun. 30, 2023 | |
Investments [Abstract] | |
Investments and Variable Interest Entities | Investments and Variable Interest Entities Investment and Other Income (Loss), Net Three Months Ended Six Months Ended (in millions) 2023 2022 2023 2022 Equity in net income (losses) of investees, net $ (80) $ (413) $ 405 $ (280) Realized and unrealized gains (losses) on equity securities, net (38) (321) (44) (205) Other income (loss), net 133 (162) 261 (224) Investment and other income (loss), net $ 15 $ (897) $ 622 $ (709) The amount of unrealized gains (losses), net recognized in the three months ended June 30, 2023 and 2022 that related to marketable and nonmarketable equity securities still held as of the end of each reporting period was $(41) million and $(333) million, respectively. The amount of unrealized gains (losses), net recognized in the six months ended June 30, 2023 and 2022 that related to marketable and nonmarketable equity securities still held as of the end of each reporting period was $(66) million and $(251) million, respectively. Investments (in millions) June 30, December 31, Equity method $ 6,500 $ 5,421 Marketable equity securities 82 96 Nonmarketable equity securities 1,526 1,653 Other investments 380 972 Total investments 8,488 8,142 Less: Current investments 247 402 Less: Investment securing collateralized obligation 480 490 Noncurrent investments $ 7,761 $ 7,250 Equity Me thod Investments The amount of cash distributions received from equity method investments presented within operating activities in the condensed consolidated statements of cash flows in the six months ended June 30, 2023 and 2022 was $142 million and $67 million, respectively. Atairos Atairos is a variable interest entity (“VIE”) that 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 share of these gains and losses in equity in net income (losses) of investees, net. For the six months ended June 30, 2023 and 2022, we made cash capital contributions to Atairos totaling $28 million and $26 million, respectively. As of June 30, 2023 and December 31, 2022, our investment in Atairos, inclusive of certain distributions retained by Atairos on our behalf and classified as advances within other investments, was $4.7 billion and $4.3 billion, respectively. As of June 30, 2023, our remaining unfunded capital commitment was $1.5 billion. Hulu and Collateralized Obligation In 2019, we borrowed $5.2 billion under a term loan facility due March 2024 which is fully collateralized by the minimum guaranteed proceeds of the put/call option related to our investment in Hulu. As of both June 30, 2023 and December 31, 2022, the carrying value and estimated fair value of our collateralized obligation were each $5.2 billion. The estimated fair values were based on Level 2 inputs that use interest rates for debt with similar terms and remaining maturities. We present our investment in Hulu and the term loan separately in our condensed consolidated balance sheets in the captions “investment securing collateralized obligation” and “collateralized obligation,” respectively. The recorded value of our investment reflects our historical cost in applying the equity method and, as a result, is less than its fair value. Other Investments Other investments include investments in certain short-term instruments with maturities over three months when purchased, such as commercial paper, certificates of deposit and U.S. government obligations, which are generally accounted for at amortized cost. These short-term instruments totaled $162 million and $304 million as of June 30, 2023 and December 31, 2022, respectively. The carrying amounts of these investments approximate their fair values, which are primarily based on Level 2 inputs that use interest rates for instruments with similar terms and remaining maturities. Proceeds from short-term instruments for the six months ended June 30, 2023 were $304 million and there were no proceeds for the six months ended June 30, 2022. Purchases of short-term instruments for the six months ended June 30, 2023 and 2022 were $162 million and $1.0 billion, respectively. Consolidated Variable Interest Entity Universal Beijing Resort We own a 30% interest in a Universal theme park and resort in Beijing, China (“Universal Beijing Resort”), which opened in September 2021. Universal Beijing Resort is a consolidated VIE with the remaining interest owned by a consortium of Chinese state-owned companies. The construction was funded through a combination of debt financing and equity contributions from the partners in accordance with their equity interests. As of June 30, 2023, Universal Beijing Resort had $3.4 billion of debt outstanding, including $3.0 billion principal amount of a term loan outstanding under the debt financing agreement. As of June 30, 2023, our condensed consolidated balance sheets included assets and liabilities of Universal Beijing Resort totaling $7.8 billion and $7.1 billion, respectively. The assets and liabilities of Universal Beijing Resort primarily consist of property and equipment, operating lease assets and liabilities, and debt. |
Equity and Share-Based Compensa
Equity and Share-Based Compensation | 6 Months Ended |
Jun. 30, 2023 | |
Equity [Abstract] | |
Equity and Share-Based Compensation | Equity and Share-Based Compensation Weighted-Average Common Shares Outstanding Three Months Ended Six Months Ended (in millions) 2023 2022 2023 2022 Weighted-average number of common shares outstanding – basic 4,165 4,457 4,186 4,485 Effect of dilutive securities 18 25 19 35 Weighted-average number of common shares outstanding – diluted 4,183 4,482 4,205 4,520 Antidilutive securities 230 182 216 126 Diluted earnings per common share attributable to Comcast Corporation shareholders (“diluted EPS”) considers the impact of potentially dilutive securities using the treasury stock method. Antidilutive securities represent the number of potential common shares related to share-based compensation awards that were excluded from diluted EPS because their effect would have been antidilutive. Accumulated Other Comprehensive Income (Loss) (in millions) June 30, December 31, Cumulative translation adjustments $ (1,786) $ (3,093) Deferred gains (losses) on cash flow hedges 74 193 Unrecognized gains (losses) on employee benefit obligations and other 280 290 Accumulated other comprehensive income (loss), net of deferred taxes $ (1,432) $ (2,611) Share-Based Compensation Our share-based compensation plans consist primarily of awards of restricted share units (“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 2023, we granted 22 million RSUs and 57 million stock options related to our annual management awards. The weighted-average fair values associated with these grants were $36.62 per RSU and $8.33 per stock option. |
Supplemental Financial Informat
Supplemental Financial Information | 6 Months Ended |
Jun. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Supplemental Financial Information | Supplemental Financial Information Cash Payments for Interest and Income Taxes Six Months Ended (in millions) 2023 2022 Interest $ 1,823 $ 1,644 Income taxes $ 2,384 $ 2,841 Noncash Activities During the six months ended June 30, 2023: • we acquired $2.2 billion of property and equipment and intangible assets that were accrued but unpaid • we recorded a liability of $1.2 billion for a quarterly cash dividend of $0.29 per common share paid in July 2023 During the six months ended June 30, 2022: • we acquired $1.9 billion of property and equipment and intangible assets that were accrued but unpaid • we recorded a liability of $1.2 billion for a quarterly cash dividend of $0.27 per common share paid in July 2022 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 sheets to the total of the amounts reported in our condensed consolidated statements of cash flows. (in millions) June 30, December 31, Cash and cash equivalents $ 7,146 $ 4,749 Restricted cash included in other current assets and other noncurrent assets, net 55 33 Cash, cash equivalents and restricted cash, end of period $ 7,202 $ 4,782 |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Contingencies We are subject to legal proceedings and claims that arise in the ordinary course of our business. While the amount of ultimate liability with respect to such proceedings and claims 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. |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Pay vs Performance Disclosure | ||||
Net income | $ 4,248 | $ 3,396 | $ 8,082 | $ 6,945 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Jun. 30, 2023 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Condensed Consolidated Financ_2
Condensed Consolidated Financial Statements (Policies) | 6 Months Ended |
Jun. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
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 sheets were 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 2022 Annual Report on Form 10-K and the notes within this Quarterly Report on Form 10-Q. |
Reclassifications | Reclassifications have been made to our notes to condensed consolidated financial statements for the prior year periods to conform to classifications used in 2023. |
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. Antidilutive securities represent the number of potential common shares related to share-based compensation awards that were excluded from diluted EPS because their effect would have been antidilutive. |
Segment Information (Tables)
Segment Information (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Segment Reporting [Abstract] | |
Schedule of Financial Data by Business Segment | Our financial data by reportable business segment is presented in the tables below and has been updated to reflect our new segment presentation, including: (1) presentation of Cable Communications results in the Residential Connectivity & Platforms and Business Services Connectivity segments and (2) presentation of Sky ’ s results across the segments within the Connectivity & Platforms and Content & Experiences businesses, and Corporate and Other. We do not present asset information for our reportable business segments as this information is not used to allocate resources and capital. Three Months Ended June 30, 2023 2022 (in millions) Revenue (a) Adjusted EBITDA (b) Revenue (a) Adjusted EBITDA (b) Connectivity & Platforms Residential Connectivity & Platforms $ 18,068 $ 7,024 $ 18,131 $ 6,733 Business Services Connectivity 2,292 1,322 2,203 1,263 Connectivity & Platforms 20,360 8,346 20,335 7,995 Content & Experiences Media 6,195 1,244 6,188 1,520 Studios 3,087 255 3,117 (3) Theme Parks 2,209 833 1,804 632 Headquarters and Other 13 (200) 8 (137) Eliminations (a) (631) 56 (664) 23 Content & Experiences 10,873 2,187 10,453 2,034 Corporate and Other 654 (303) 617 (167) Eliminations (a) (1,373) 14 (1,389) (36) Comcast Consolidated $ 30,513 $ 10,244 $ 30,016 $ 9,827 Six Months Ended June 30, 2023 2022 (in millions) Revenue (a) Adjusted EBITDA (b) Revenue (a) Adjusted EBITDA (b) Connectivity & Platforms Residential Connectivity & Platforms $ 35,937 $ 13,785 $ 36,472 $ 13,344 Business Services Connectivity 4,575 2,654 4,375 2,496 Connectivity & Platforms 40,512 16,439 40,846 15,840 Content & Experiences Media 12,347 2,124 13,946 2,701 Studios 6,043 532 6,023 242 Theme Parks 4,158 1,490 3,364 1,082 Headquarters and Other 31 (432) 24 (329) Eliminations (a) (1,448) 81 (1,566) (39) Content & Experiences 21,131 3,795 21,792 3,658 Corporate and Other 1,360 (591) 1,330 (402) Eliminations (a) (2,799) 17 (2,943) (119) Comcast Consolidated $ 60,205 $ 19,659 $ 61,026 $ 18,977 (a) Included in Eliminations are transactions that our segments enter into with one another. The most significant of these transactions include distribution revenue in Media related to fees from Residential Connectivity & Platforms for the rights to distribute television programming and content licensing revenue in Studios for licenses of owned content to Media. Revenue for licenses of content from Studios to Media is generally recognized at a point in time, consistent with the recognition of transactions with third parties, when the content is delivered and made available for use. The costs of these licenses in Media are recognized as the content is used over the license period. The difference in timing of recognition between segments results in an Adjusted EBITDA impact in eliminations, as the profits (losses) on these transactions are deferred in our consolidated results and recognized as the content is used over the license period. A summary of revenue for each of our segments resulting from transactions with other segments and eliminated in consolidation is presented in the table below. Three Months Ended Six Months Ended (in millions) 2023 2022 2023 2022 Connectivity & Platforms Residential Connectivity & Platforms $ 43 $ 50 $ 96 $ 107 Business Services Connectivity 11 11 11 11 Content & Experiences Media 1,164 1,117 2,332 2,420 Studios 747 833 1,709 1,858 Theme Parks — — — — Headquarters and Other 5 6 13 18 Corporate and Other 33 36 87 94 Total intersegment revenue $ 2,003 $ 2,053 $ 4,247 $ 4,509 (b) We use Adjusted EBITDA as the measure of profit or loss for our operating segments. From time to time we may report the impact of certain events, gains, losses or other charges related to our operating segments within Corporate and Other. Our reconciliation of the aggregate amount of Adjusted EBITDA for our segments to consolidated income before income taxes is presented in the table below. Three Months Ended Six Months Ended (in millions) 2023 2022 2023 2022 Adjusted EBITDA $ 10,244 $ 9,827 $ 19,659 $ 18,977 Adjustments 3 9 11 (24) Depreciation (2,195) (2,162) (4,459) (4,375) Amortization (1,343) (1,306) (2,856) (2,641) Interest expense (998) (968) (2,007) (1,962) Investment and other income (loss), net 15 (897) 622 (709) Income (loss) before income taxes $ 5,726 $ 4,502 $ 10,970 $ 9,266 |
Schedule of Reconciliation of Adjusted EBITDA from Segments to Consolidated | Our reconciliation of the aggregate amount of Adjusted EBITDA for our segments to consolidated income before income taxes is presented in the table below. Three Months Ended Six Months Ended (in millions) 2023 2022 2023 2022 Adjusted EBITDA $ 10,244 $ 9,827 $ 19,659 $ 18,977 Adjustments 3 9 11 (24) Depreciation (2,195) (2,162) (4,459) (4,375) Amortization (1,343) (1,306) (2,856) (2,641) Interest expense (998) (968) (2,007) (1,962) Investment and other income (loss), net 15 (897) 622 (709) Income (loss) before income taxes $ 5,726 $ 4,502 $ 10,970 $ 9,266 |
Schedule of Changes in the Carrying of Goodwill | The changes in the carrying amount of goodwill by segment for the six months ended June 30, 2023 are presented in the table below. Connectivity & Platforms Content & Experiences (in billions) Cable Residential Connectivity & Platforms Business Services Connectivity Media Studios Theme Sky Corporate Total Balance, December 31, 2022 Goodwill $ 16.2 $ — $ — $ 14.7 $ 3.7 $ 5.8 $ 26.0 $ — $ 66.4 Accumulated impairment losses (a) — — — — — — (7.9) — (7.9) $ 16.2 $ — $ — $ 14.7 $ 3.7 $ 5.8 $ 18.1 $ — $ 58.5 Segment change (16.2) 27.4 2.2 4.7 — — (18.1) — — Foreign currency translation and other — 0.7 — 0.3 — (0.4) — — 0.5 Balance, June 30, 2023 Goodwill $ — $ 34.4 $ 2.2 $ 21.9 $ 3.7 $ 5.3 $ — $ — $ 67.5 Accumulated impairment losses (a) — (6.3) — (2.2) — — — — (8.5) $ — $ 28.1 $ 2.2 $ 19.7 $ 3.7 $ 5.3 $ — $ — $ 59.0 (a) Amounts relate to 2022 impairment related to Sky allocated to the new segments on a consistent basis with goodwill. Amounts are impacted by foreign currency translation each period. |
Revenue (Tables)
Revenue (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Revenues [Abstract] | |
Schedule of Disaggregation of Revenue | Three Months Ended Six Months Ended (in millions) 2023 2022 2023 2022 Domestic broadband $ 6,377 $ 6,107 $ 12,720 $ 12,158 Domestic wireless 869 722 1,727 1,399 International connectivity 1,002 791 1,900 1,631 Total residential connectivity 8,248 7,620 16,346 15,187 Video 7,358 7,793 14,741 15,795 Advertising 993 1,112 1,900 2,185 Other 1,469 1,607 2,950 3,305 Total Residential Connectivity & Platforms 18,068 18,131 35,937 36,472 Total Business Services Connectivity 2,292 2,203 4,575 4,375 Total Connectivity & Platforms 20,360 20,335 40,512 40,846 Domestic advertising 2,027 2,131 4,051 5,441 Domestic distribution 2,615 2,558 5,325 5,496 International networks 1,035 970 2,043 1,965 Other 518 529 928 1,044 Total Media 6,195 6,188 12,347 13,946 Content licensing 1,821 2,269 4,165 4,698 Theatrical 913 550 1,232 718 Other 354 298 646 607 Total Studios 3,087 3,117 6,043 6,023 Total Theme Parks 2,209 1,804 4,158 3,364 Headquarters and Other 13 8 31 24 Eliminations (a) (631) (664) (1,448) (1,566) Total Content & Experiences 10,873 10,453 21,131 21,792 Corporate and Other 654 617 1,360 1,330 Eliminations (a) (1,373) (1,389) (2,799) (2,943) Total revenue $ 30,513 $ 30,016 $ 60,205 $ 61,026 (a) Included in Eliminations are transactions that our segments enter into with one another. See Note 2 for a description of these transactions. |
Schedule of Receivables, Net | The following tables summarize our accounts receivable and other balances that are not separately presented in our condensed consolidated balance sheets that relate to the recognition of revenue and collection of the related cash. (in millions) June 30, December 31, Receivables, gross $ 13,692 $ 13,407 Less: Allowance for credit losses 713 736 Receivables, net $ 12,980 $ 12,672 |
Schedule of Other Balance Sheet Accounts | (in millions) June 30, December 31, Noncurrent receivables, net (included in other noncurrent assets, net) $ 1,838 $ 1,887 Noncurrent deferred revenue (included in other noncurrent liabilities) $ 781 $ 735 Our accounts receivables include amounts not yet billed related to equipment installment plans, as summarized in the table below. (in millions) June 30, December 31, Receivables, net $ 1,523 $ 1,388 Noncurrent receivables, net (included in other noncurrent assets, net) 1,065 1,023 Total $ 2,588 $ 2,411 |
Programming and Production Co_2
Programming and Production Costs (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Other Industries [Abstract] | |
Schedule of Programming and Production Expense | Three Months Ended Six Months Ended (in millions) 2023 2022 2023 2022 Video distribution programming $ 3,191 $ 3,288 $ 6,381 $ 6,713 Film and television content: Owned (a) 2,804 2,919 5,539 5,426 Licensed, including sports rights 2,461 2,377 5,193 6,702 Other 393 304 740 616 Total programming and production costs $ 8,849 $ 8,887 $ 17,853 $ 19,457 (a) Amount includes amortization of owned content of $2.0 billion and $4.3 billion for the three and six months ended June 30, 2023, respectively, and $2.4 billion and $4.4 billion for the three and six months ended June 30, 2022, respectively, as well as participations and residuals expenses. |
Schedule of Capitalized Film and Television Costs | Capitalized Film and Television Costs (in millions) June 30, December 31, Owned: In production and in development $ 3,126 $ 3,210 Completed, not released 367 130 Released, less amortization 4,465 4,634 7,958 7,974 Licensed, including sports advances 4,683 4,586 Film and television costs $ 12,641 $ 12,560 |
Investments and Variable Inte_2
Investments and Variable Interest Entities (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Investments [Abstract] | |
Schedule of Investment and Other Income (Loss), Net | Investment and Other Income (Loss), Net Three Months Ended Six Months Ended (in millions) 2023 2022 2023 2022 Equity in net income (losses) of investees, net $ (80) $ (413) $ 405 $ (280) Realized and unrealized gains (losses) on equity securities, net (38) (321) (44) (205) Other income (loss), net 133 (162) 261 (224) Investment and other income (loss), net $ 15 $ (897) $ 622 $ (709) |
Schedule of Investment Summary | Investments (in millions) June 30, December 31, Equity method $ 6,500 $ 5,421 Marketable equity securities 82 96 Nonmarketable equity securities 1,526 1,653 Other investments 380 972 Total investments 8,488 8,142 Less: Current investments 247 402 Less: Investment securing collateralized obligation 480 490 Noncurrent investments $ 7,761 $ 7,250 |
Equity and Share-Based Compen_2
Equity and Share-Based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Equity [Abstract] | |
Schedule of Weighted Average Common Shares Outstanding | Weighted-Average Common Shares Outstanding Three Months Ended Six Months Ended (in millions) 2023 2022 2023 2022 Weighted-average number of common shares outstanding – basic 4,165 4,457 4,186 4,485 Effect of dilutive securities 18 25 19 35 Weighted-average number of common shares outstanding – diluted 4,183 4,482 4,205 4,520 Antidilutive securities 230 182 216 126 |
Schedule of Accumulated Other Comprehensive Income (Loss) | Accumulated Other Comprehensive Income (Loss) (in millions) June 30, December 31, Cumulative translation adjustments $ (1,786) $ (3,093) Deferred gains (losses) on cash flow hedges 74 193 Unrecognized gains (losses) on employee benefit obligations and other 280 290 Accumulated other comprehensive income (loss), net of deferred taxes $ (1,432) $ (2,611) |
Supplemental Financial Inform_2
Supplemental Financial Information (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Cash Payments for Interest and Income Taxes | Cash Payments for Interest and Income Taxes Six Months Ended (in millions) 2023 2022 Interest $ 1,823 $ 1,644 Income taxes $ 2,384 $ 2,841 |
Schedule of Cash and Cash Equivalents | The following table provides a reconciliation of cash, cash equivalents and restricted cash reported in the condensed consolidated balance sheets to the total of the amounts reported in our condensed consolidated statements of cash flows. (in millions) June 30, December 31, Cash and cash equivalents $ 7,146 $ 4,749 Restricted cash included in other current assets and other noncurrent assets, net 55 33 Cash, cash equivalents and restricted cash, end of period $ 7,202 $ 4,782 |
Schedule of Restricted Cash | The following table provides a reconciliation of cash, cash equivalents and restricted cash reported in the condensed consolidated balance sheets to the total of the amounts reported in our condensed consolidated statements of cash flows. (in millions) June 30, December 31, Cash and cash equivalents $ 7,146 $ 4,749 Restricted cash included in other current assets and other noncurrent assets, net 55 33 Cash, cash equivalents and restricted cash, end of period $ 7,202 $ 4,782 |
Segment Information - Narrative
Segment Information - Narrative (Details) | 6 Months Ended |
Jun. 30, 2023 segment business | |
Segment Reporting Information [Line Items] | |
Number of primary businesses | business | 2 |
Connectivity & Platforms | |
Segment Reporting Information [Line Items] | |
Number of reportable segments | 2 |
Content & Experiences | |
Segment Reporting Information [Line Items] | |
Number of reportable segments | 3 |
Segment Information - Schedule
Segment Information - Schedule of Financial Data by Business Segment (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Segment Reporting Information [Line Items] | ||||
Revenue | $ 30,513 | $ 30,016 | $ 60,205 | $ 61,026 |
Adjusted EBITDA | 10,244 | 9,827 | 19,659 | 18,977 |
Operating Segments | Connectivity & Platforms | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 20,360 | 20,335 | 40,512 | 40,846 |
Adjusted EBITDA | 8,346 | 7,995 | 16,439 | 15,840 |
Operating Segments | Content & Experiences | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 10,873 | 10,453 | 21,131 | 21,792 |
Adjusted EBITDA | 2,187 | 2,034 | 3,795 | 3,658 |
Headquarters/Corporate and Other | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 654 | 617 | 1,360 | 1,330 |
Adjusted EBITDA | (303) | (167) | (591) | (402) |
Headquarters/Corporate and Other | Content & Experiences | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 13 | 8 | 31 | 24 |
Adjusted EBITDA | (200) | (137) | (432) | (329) |
Eliminations | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 2,003 | 2,053 | 4,247 | 4,509 |
Eliminations | Content & Experiences | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | (631) | (664) | (1,448) | (1,566) |
Adjusted EBITDA | 56 | 23 | 81 | (39) |
Eliminations | Inter-Business Unit Eliminations | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | (1,373) | (1,389) | (2,799) | (2,943) |
Adjusted EBITDA | 14 | (36) | 17 | (119) |
Residential Connectivity & Platforms | Operating Segments | Connectivity & Platforms | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 18,068 | 18,131 | 35,937 | 36,472 |
Adjusted EBITDA | 7,024 | 6,733 | 13,785 | 13,344 |
Residential Connectivity & Platforms | Eliminations | Connectivity & Platforms | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 43 | 50 | 96 | 107 |
Business Services Connectivity | Operating Segments | Connectivity & Platforms | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 2,292 | 2,203 | 4,575 | 4,375 |
Adjusted EBITDA | 1,322 | 1,263 | 2,654 | 2,496 |
Business Services Connectivity | Eliminations | Connectivity & Platforms | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 11 | 11 | 11 | 11 |
Media | Operating Segments | Content & Experiences | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 6,195 | 6,188 | 12,347 | 13,946 |
Adjusted EBITDA | 1,244 | 1,520 | 2,124 | 2,701 |
Media | Eliminations | Content & Experiences | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 1,164 | 1,117 | 2,332 | 2,420 |
Studios | Operating Segments | Content & Experiences | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 3,087 | 3,117 | 6,043 | 6,023 |
Adjusted EBITDA | 255 | (3) | 532 | 242 |
Studios | Eliminations | Content & Experiences | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 747 | 833 | 1,709 | 1,858 |
Theme Parks | Operating Segments | Content & Experiences | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 2,209 | 1,804 | 4,158 | 3,364 |
Adjusted EBITDA | 833 | 632 | 1,490 | 1,082 |
Theme Parks | Eliminations | Content & Experiences | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | $ 0 | $ 0 | $ 0 | $ 0 |
Segment Information - Intersegm
Segment Information - Intersegment Revenue (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Segment Reporting Information [Line Items] | ||||
Revenue | $ 30,513 | $ 30,016 | $ 60,205 | $ 61,026 |
Eliminations | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 2,003 | 2,053 | 4,247 | 4,509 |
Headquarters/Corporate and Other | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 33 | 36 | 87 | 94 |
Connectivity & Platforms | Eliminations | Residential Connectivity & Platforms | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 43 | 50 | 96 | 107 |
Connectivity & Platforms | Eliminations | Business Services Connectivity | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 11 | 11 | 11 | 11 |
Content & Experiences | Eliminations | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | (631) | (664) | (1,448) | (1,566) |
Content & Experiences | Eliminations | Media | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 1,164 | 1,117 | 2,332 | 2,420 |
Content & Experiences | Eliminations | Studios | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 747 | 833 | 1,709 | 1,858 |
Content & Experiences | Eliminations | Theme Parks | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 0 | 0 | 0 | 0 |
Content & Experiences | Headquarters/Corporate and Other | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | $ 5 | $ 6 | $ 13 | $ 18 |
Segment Information - Reconcili
Segment Information - Reconciliation of Adjusted EBITDA from Segment to Consolidated Statements (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Segment Reporting [Abstract] | ||||
Adjusted EBITDA | $ 10,244 | $ 9,827 | $ 19,659 | $ 18,977 |
Adjustments | 3 | 9 | 11 | (24) |
Depreciation | (2,195) | (2,162) | (4,459) | (4,375) |
Amortization | (1,343) | (1,306) | (2,856) | (2,641) |
Interest expense | (998) | (968) | (2,007) | (1,962) |
Investment and other income (loss), net | 15 | (897) | 622 | (709) |
Income before income taxes | $ 5,726 | $ 4,502 | $ 10,970 | $ 9,266 |
Segment Information - Schedul_2
Segment Information - Schedule of Changes in the Carrying of Goodwill (Details) $ in Millions | 6 Months Ended |
Jun. 30, 2023 USD ($) | |
Goodwill [Roll Forward] | |
Goodwill gross, beginning of the period | $ 66,400 |
Accumulated impairment losses, beginning of period | (7,900) |
Goodwill, beginning of period | 58,494 |
Segment change | 0 |
Foreign currency translation and other | 500 |
Goodwill gross, end of the period | 67,500 |
Accumulated impairment losses, end of period | (8,500) |
Goodwill, end of period | 59,042 |
Operating Segments | Cable Communications | |
Goodwill [Roll Forward] | |
Goodwill gross, beginning of the period | 16,200 |
Accumulated impairment losses, beginning of period | 0 |
Goodwill, beginning of period | 16,200 |
Segment change | (16,200) |
Foreign currency translation and other | 0 |
Goodwill gross, end of the period | 0 |
Accumulated impairment losses, end of period | 0 |
Goodwill, end of period | 0 |
Operating Segments | Residential Connectivity & Platforms | Connectivity & Platforms | |
Goodwill [Roll Forward] | |
Goodwill gross, beginning of the period | 0 |
Accumulated impairment losses, beginning of period | 0 |
Goodwill, beginning of period | 0 |
Segment change | 27,400 |
Foreign currency translation and other | 700 |
Goodwill gross, end of the period | 34,400 |
Accumulated impairment losses, end of period | (6,300) |
Goodwill, end of period | 28,100 |
Operating Segments | Business Services Connectivity | Connectivity & Platforms | |
Goodwill [Roll Forward] | |
Goodwill gross, beginning of the period | 0 |
Accumulated impairment losses, beginning of period | 0 |
Goodwill, beginning of period | 0 |
Segment change | 2,200 |
Foreign currency translation and other | 0 |
Goodwill gross, end of the period | 2,200 |
Accumulated impairment losses, end of period | 0 |
Goodwill, end of period | 2,200 |
Operating Segments | Media | Content & Experiences | |
Goodwill [Roll Forward] | |
Goodwill gross, beginning of the period | 14,700 |
Accumulated impairment losses, beginning of period | 0 |
Goodwill, beginning of period | 14,700 |
Segment change | 4,700 |
Foreign currency translation and other | 300 |
Goodwill gross, end of the period | 21,900 |
Accumulated impairment losses, end of period | (2,200) |
Goodwill, end of period | 19,700 |
Operating Segments | Studios | Content & Experiences | |
Goodwill [Roll Forward] | |
Goodwill gross, beginning of the period | 3,700 |
Accumulated impairment losses, beginning of period | 0 |
Goodwill, beginning of period | 3,700 |
Segment change | 0 |
Foreign currency translation and other | 0 |
Goodwill gross, end of the period | 3,700 |
Accumulated impairment losses, end of period | 0 |
Goodwill, end of period | 3,700 |
Operating Segments | Theme Parks | Content & Experiences | |
Goodwill [Roll Forward] | |
Goodwill gross, beginning of the period | 5,800 |
Accumulated impairment losses, beginning of period | 0 |
Goodwill, beginning of period | 5,800 |
Segment change | 0 |
Foreign currency translation and other | (400) |
Goodwill gross, end of the period | 5,300 |
Accumulated impairment losses, end of period | 0 |
Goodwill, end of period | 5,300 |
Operating Segments | Sky | |
Goodwill [Roll Forward] | |
Goodwill gross, beginning of the period | 26,000 |
Accumulated impairment losses, beginning of period | (7,900) |
Goodwill, beginning of period | 18,100 |
Segment change | (18,100) |
Foreign currency translation and other | 0 |
Goodwill gross, end of the period | 0 |
Accumulated impairment losses, end of period | 0 |
Goodwill, end of period | 0 |
Corporate and Other | |
Goodwill [Roll Forward] | |
Goodwill gross, beginning of the period | 0 |
Accumulated impairment losses, beginning of period | 0 |
Goodwill, beginning of period | 0 |
Segment change | 0 |
Foreign currency translation and other | 0 |
Goodwill gross, end of the period | 0 |
Accumulated impairment losses, end of period | 0 |
Goodwill, end of period | $ 0 |
Revenue - Disaggregation of Rev
Revenue - Disaggregation of Revenue (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Disaggregation of Revenue [Line Items] | ||||
Revenue | $ 30,513 | $ 30,016 | $ 60,205 | $ 61,026 |
Operating Segments | Connectivity & Platforms | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 20,360 | 20,335 | 40,512 | 40,846 |
Operating Segments | Content & Experiences | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 10,873 | 10,453 | 21,131 | 21,792 |
Operating Segments | Residential Connectivity & Platforms | Connectivity & Platforms | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 18,068 | 18,131 | 35,937 | 36,472 |
Operating Segments | Residential Connectivity & Platforms | Residential Connectivity | Connectivity & Platforms | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 8,248 | 7,620 | 16,346 | 15,187 |
Operating Segments | Residential Connectivity & Platforms | Domestic broadband | Connectivity & Platforms | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 6,377 | 6,107 | 12,720 | 12,158 |
Operating Segments | Residential Connectivity & Platforms | Domestic wireless | Connectivity & Platforms | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 869 | 722 | 1,727 | 1,399 |
Operating Segments | Residential Connectivity & Platforms | International connectivity | Connectivity & Platforms | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 1,002 | 791 | 1,900 | 1,631 |
Operating Segments | Residential Connectivity & Platforms | Video | Connectivity & Platforms | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 7,358 | 7,793 | 14,741 | 15,795 |
Operating Segments | Residential Connectivity & Platforms | Advertising | Connectivity & Platforms | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 993 | 1,112 | 1,900 | 2,185 |
Operating Segments | Residential Connectivity & Platforms | Other | Connectivity & Platforms | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 1,469 | 1,607 | 2,950 | 3,305 |
Operating Segments | Business Services Connectivity | Connectivity & Platforms | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 2,292 | 2,203 | 4,575 | 4,375 |
Operating Segments | Media | Content & Experiences | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 6,195 | 6,188 | 12,347 | 13,946 |
Operating Segments | Media | Other | Content & Experiences | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 518 | 529 | 928 | 1,044 |
Operating Segments | Media | Domestic advertising | Content & Experiences | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 2,027 | 2,131 | 4,051 | 5,441 |
Operating Segments | Media | Domestic distribution | Content & Experiences | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 2,615 | 2,558 | 5,325 | 5,496 |
Operating Segments | Media | International networks | Content & Experiences | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 1,035 | 970 | 2,043 | 1,965 |
Operating Segments | Studios | Content & Experiences | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 3,087 | 3,117 | 6,043 | 6,023 |
Operating Segments | Studios | Other | Content & Experiences | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 354 | 298 | 646 | 607 |
Operating Segments | Studios | Content licensing | Content & Experiences | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 1,821 | 2,269 | 4,165 | 4,698 |
Operating Segments | Studios | Theatrical | Content & Experiences | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 913 | 550 | 1,232 | 718 |
Operating Segments | Theme Parks | Content & Experiences | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 2,209 | 1,804 | 4,158 | 3,364 |
Headquarters/Corporate and Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 654 | 617 | 1,360 | 1,330 |
Headquarters/Corporate and Other | Content & Experiences | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 13 | 8 | 31 | 24 |
Eliminations | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 2,003 | 2,053 | 4,247 | 4,509 |
Eliminations | Content & Experiences | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | (631) | (664) | (1,448) | (1,566) |
Eliminations | Inter-Business Unit Eliminations | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | (1,373) | (1,389) | (2,799) | (2,943) |
Eliminations | Residential Connectivity & Platforms | Connectivity & Platforms | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 43 | 50 | 96 | 107 |
Eliminations | Business Services Connectivity | Connectivity & Platforms | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 11 | 11 | 11 | 11 |
Eliminations | Media | Content & Experiences | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 1,164 | 1,117 | 2,332 | 2,420 |
Eliminations | Studios | Content & Experiences | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 747 | 833 | 1,709 | 1,858 |
Eliminations | Theme Parks | Content & Experiences | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | $ 0 | $ 0 | $ 0 | $ 0 |
Revenue - Condensed Consolidate
Revenue - Condensed Consolidated Balance Sheets (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Revenues [Abstract] | ||
Receivables, gross | $ 13,692 | $ 13,407 |
Less: Allowance for credit losses | 713 | 736 |
Receivables, net | 12,980 | 12,672 |
Noncurrent receivables, net (included in other noncurrent assets, net) | 1,838 | 1,887 |
Noncurrent deferred revenue (included in other noncurrent liabilities) | $ 781 | $ 735 |
Revenue - Schedule of Accounts
Revenue - Schedule of Accounts Receivable (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Disaggregation of Revenue [Line Items] | ||
Receivables, net | $ 12,980 | $ 12,672 |
Noncurrent receivables, net (included in other noncurrent assets, net) | 1,838 | 1,887 |
Equipment Installment Plan | Notes Receivable | Unbilled Revenues | ||
Disaggregation of Revenue [Line Items] | ||
Receivables, net | 1,523 | 1,388 |
Noncurrent receivables, net (included in other noncurrent assets, net) | 1,065 | 1,023 |
Total | $ 2,588 | $ 2,411 |
Programming and Production Co_3
Programming and Production Costs - Recognized Programming and Production Costs (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Other Industries [Abstract] | ||||
Video distribution programming | $ 3,191 | $ 3,288 | $ 6,381 | $ 6,713 |
Film and television content: | ||||
Owned | 2,804 | 2,919 | 5,539 | 5,426 |
Licensed, including sports rights | 2,461 | 2,377 | 5,193 | 6,702 |
Other | 393 | 304 | 740 | 616 |
Total programming and production costs | 8,849 | 8,887 | 17,853 | 19,457 |
Amortization of owned film and television costs | $ 2,000 | $ 2,400 | $ 4,300 | $ 4,400 |
Programming and Production Co_4
Programming and Production Costs - Capitalized Film and Television Costs and Programming Rights (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Owned: | ||
In production and in development | $ 3,126 | $ 3,210 |
Completed, not released | 367 | 130 |
Released, less amortization | 4,465 | 4,634 |
Owned | 7,958 | 7,974 |
Licensed, including sports advances | 4,683 | 4,586 |
Film and television costs | $ 12,641 | $ 12,560 |
Long-Term Debt (Details)
Long-Term Debt (Details) - USD ($) $ in Billions | Jun. 30, 2023 | Dec. 31, 2022 |
Debt Disclosure [Abstract] | ||
Total carrying value of debt | $ 97.5 | $ 94.8 |
Total fair value of debt | $ 90.5 | $ 86.9 |
Investments and Variable Inte_3
Investments and Variable Interest Entities - Investment and Other Income (Loss), Net (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Investments [Abstract] | ||||
Equity in net income (losses) of investees, net | $ (80) | $ (413) | $ 405 | $ (280) |
Realized and unrealized gains (losses) on equity securities, net | (38) | (321) | (44) | (205) |
Other income (loss), net | 133 | (162) | 261 | (224) |
Investment and other income (loss), net | $ 15 | $ (897) | $ 622 | $ (709) |
Investments and Variable Inte_4
Investments and Variable Interest Entities - Narrative (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2019 | Dec. 31, 2022 | |
Schedule of Equity Method Investments [Line Items] | ||||||
Unrealized gains (losses) recognized | $ (41,000,000) | $ (333,000,000) | $ (66,000,000) | $ (251,000,000) | ||
Cash distribution received from equity method investments | 142,000,000 | 67,000,000 | ||||
Collateralized obligation | 0 | 0 | $ 5,172,000,000 | |||
Other investments | 380,000,000 | 380,000,000 | 972,000,000 | |||
Assets | 262,147,000,000 | 262,147,000,000 | 257,275,000,000 | |||
Short-Term Instruments | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Other investments | $ 162,000,000 | 162,000,000 | 304,000,000 | |||
Other Investments | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Proceeds from short-term instruments | 304,000,000 | 0 | ||||
Purchase of short-term instruments | $ 162,000,000 | 1,000,000,000 | ||||
Variable Interest Entity, Primary Beneficiary | Universal Beijing Resort | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Ownership percentage in variable interest entity | 30% | 30% | ||||
Principal amount of term loan outstanding | $ 3,400,000,000 | $ 3,400,000,000 | ||||
Assets | 7,800,000,000 | 7,800,000,000 | ||||
Consolidated variable interest entity's liabilities included in condensed consolidated balance sheet | 7,100,000,000 | 7,100,000,000 | ||||
Variable Interest Entity, Primary Beneficiary | Universal Beijing Resort | Universal Beijing Resort Term Loans | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Principal amount of term loan outstanding | 3,000,000,000 | 3,000,000,000 | ||||
Atairos | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Cash capital contributions for equity method investments | 28,000,000 | $ 26,000,000 | ||||
Equity method investments and certain retained distributions | 4,700,000,000 | 4,700,000,000 | 4,300,000,000 | |||
Atairos | Variable Interest Entity, Not Primary Beneficiary | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Remaining unfunded capital commitment | 1,500,000,000 | 1,500,000,000 | ||||
Hulu | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Proceeds from collateralized obligation | $ 5,200,000,000 | |||||
Collateralized obligation | 5,200,000,000 | 5,200,000,000 | 5,200,000,000 | |||
Fair value of collateralized obligation | $ 5,200,000,000 | $ 5,200,000,000 | $ 5,200,000,000 |
Investments and Variable Inte_5
Investments and Variable Interest Entities - Schedule of Investments (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Investments [Abstract] | ||
Equity method | $ 6,500 | $ 5,421 |
Marketable equity securities | 82 | 96 |
Nonmarketable equity securities | 1,526 | 1,653 |
Other investments | 380 | 972 |
Total investments | 8,488 | 8,142 |
Less: Current investments | 247 | 402 |
Less: Investment securing collateralized obligation | 480 | 490 |
Noncurrent investments | $ 7,761 | $ 7,250 |
Equity and Share-Based Compen_3
Equity and Share-Based Compensation - Weighted Average Common Shares Outstanding (Details) - shares shares in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Equity [Abstract] | ||||
Weighted-average number of common shares outstanding – basic | 4,165 | 4,457 | 4,186 | 4,485 |
Effect of dilutive securities | 18 | 25 | 19 | 35 |
Weighted-average number of common shares outstanding – diluted | 4,183 | 4,482 | 4,205 | 4,520 |
Antidilutive securities | 230 | 182 | 216 | 126 |
Equity and Share-Based Compen_4
Equity and Share-Based Compensation - Components of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Accumulated other comprehensive income (loss), net of deferred taxes | $ 84,679 | $ 81,627 | $ 92,558 | |||
Cumulative translation adjustments | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Accumulated other comprehensive income (loss), net of deferred taxes | (1,786) | (3,093) | ||||
Deferred gains (losses) on cash flow hedges | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Accumulated other comprehensive income (loss), net of deferred taxes | 74 | 193 | ||||
Unrecognized gains (losses) on employee benefit obligations and other | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Accumulated other comprehensive income (loss), net of deferred taxes | 280 | 290 | ||||
Accumulated Other Comprehensive Income (Loss) | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Accumulated other comprehensive income (loss), net of deferred taxes | $ (1,432) | $ (1,898) | $ (2,611) | $ (2,170) | $ 674 | $ 1,480 |
Equity and Share-Based Compen_5
Equity and Share-Based Compensation - Narrative (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 1 Months Ended | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2023 | Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Recognized share-based compensation expense | $ 252 | $ 246 | $ 547 | $ 546 | |
Unrecognized pretax compensation expense on nonvested awards | $ 2,400 | $ 2,400 | |||
Management Grant | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of stock options granted (in shares) | 57 | ||||
Weighted-average fair value of stock options granted (in dollars per share) | $ 8.33 | ||||
Restricted Stock Units (RSUs) | Management Grant | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of restricted share units granted (in shares) | 22 | ||||
Weighted-average fair value of restricted share units granted (in dollars per share) | $ 36.62 |
Supplemental Financial Inform_3
Supplemental Financial Information - Cash Payments for Interest and Income Taxes (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Interest | $ 1,823 | $ 1,644 |
Income taxes | $ 2,384 | $ 2,841 |
Supplemental Financial Inform_4
Supplemental Financial Information - Noncash Activities (Details) - USD ($) $ / shares in Units, $ in Billions | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Property and equipment and intangible assets accrued but not yet paid | $ 2.2 | $ 1.9 |
Dividends payable | $ 1.2 | $ 1.2 |
Dividends payable (in dollars per share) | $ 0.29 | $ 0.27 |
Supplemental Financial Inform_5
Supplemental Financial Information - Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 | Jun. 30, 2022 | Dec. 31, 2021 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||
Cash and cash equivalents | $ 7,146 | $ 4,749 | ||
Restricted cash included in other current assets and other noncurrent assets, net | 55 | 33 | ||
Cash, cash equivalents and restricted cash, end of period | $ 7,202 | $ 4,782 | $ 6,859 | $ 8,778 |