Cover
Cover - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Jan. 15, 2024 | Jun. 30, 2023 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2023 | ||
Current Fiscal Year End Date | --12-31 | ||
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 Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
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 | ||
ICFR Auditor Attestation Flag | true | ||
Document Financial Statement Error Correction | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 170,209 | ||
Documents Incorporated by Reference | Comcast Corporation – Part III – The registrant’s definitive Proxy Statement for its annual meeting of shareholders. | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2023 | ||
Entity Central Index Key | 0001166691 | ||
Class A common stock, $0.01 par value—authorized, 7,500,000,000 shares; issued, 4,842,108,959 and 5,083,466,045; outstanding, 3,969,317,931 and 4,210,675,017 | |||
Document 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 | 3,962,412,964 | ||
0.000% Notes due 2026 | |||
Document 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 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 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 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 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 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 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 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 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 Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 9,444,375 |
Audit Information
Audit Information | 12 Months Ended |
Dec. 31, 2023 | |
Audit Information [Abstract] | |
Auditor Name | Deloitte & Touche LLP |
Auditor Firm ID | 34 |
Auditor Location | Philadelphia, Pennsylvania |
Consolidated Statement of Incom
Consolidated Statement of Income - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Statement [Abstract] | |||
Revenue | $ 121,572 | $ 121,427 | $ 116,385 |
Costs and Expenses: | |||
Programming and production | 36,762 | 38,213 | 38,450 |
Marketing and promotion | 7,971 | 8,506 | 7,695 |
Other operating and administrative | 39,190 | 38,263 | 35,619 |
Depreciation | 8,854 | 8,724 | 8,628 |
Amortization | 5,482 | 5,097 | 5,176 |
Goodwill and long-lived asset impairments | 0 | 8,583 | 0 |
Total costs and expenses | 98,258 | 107,385 | 95,568 |
Operating income | 23,314 | 14,041 | 20,817 |
Interest expense | (4,087) | (3,896) | (4,281) |
Investment and other income (loss), net | 1,252 | (861) | 2,557 |
Income before income taxes | 20,478 | 9,284 | 19,093 |
Income tax expense | (5,371) | (4,359) | (5,259) |
Net income | 15,107 | 4,925 | 13,833 |
Less: Net income (loss) attributable to noncontrolling interests | (282) | (445) | (325) |
Net income attributable to Comcast Corporation | $ 15,388 | $ 5,370 | $ 14,159 |
Basic earnings per common share attributable to Comcast Corporation shareholders (in dollars per share) | $ 3.73 | $ 1.22 | $ 3.09 |
Diluted earnings per common share attributable to Comcast Corporation shareholders (in dollars per share) | $ 3.71 | $ 1.21 | $ 3.04 |
Consolidated Statement of Compr
Consolidated Statement of Comprehensive Income - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 15,107 | $ 4,925 | $ 13,833 |
Currency translation adjustments, net of deferred taxes of $(29), $310 and $76 | 1,478 | (4,242) | (664) |
Cash flow hedges: | |||
Deferred gains (losses), net of deferred taxes of $8, $(18) and $(36) | 16 | 281 | 229 |
Realized (gains) losses reclassified to net income, net of deferred taxes of $38, $(3) and $(4) | (158) | (192) | (16) |
Employee benefit obligations and other, net of deferred taxes of $(2), $(11) and $(16) | 3 | 33 | 54 |
Other comprehensive income (loss) | 1,338 | (4,120) | (397) |
Comprehensive income (loss) | 16,445 | 805 | 13,436 |
Less: Net income (loss) attributable to noncontrolling interests | (282) | (445) | (325) |
Less: Other comprehensive income (loss) attributable to noncontrolling interests | (19) | (29) | 7 |
Comprehensive income attributable to Comcast Corporation | $ 16,746 | $ 1,280 | $ 13,755 |
Consolidated Statement of Com_2
Consolidated Statement of Comprehensive Income (Parenthetical) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Statement of Comprehensive Income [Abstract] | |||
Currency translation adjustments, deferred taxes | $ (29) | $ 310 | $ 76 |
Deferred gains (losses) on cash flow hedges, deferred taxes | (8) | 18 | 36 |
Realized (gains) losses on cash flow hedges, deferred taxes | 38 | (3) | (4) |
Employee benefit obligations, deferred taxes | $ (2) | $ (11) | $ (16) |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Operating Activities | |||
Net income | $ 15,107 | $ 4,925 | $ 13,833 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 14,336 | 13,821 | 13,804 |
Goodwill and long-lived asset impairments | 0 | 8,583 | 0 |
Share-based compensation | 1,241 | 1,336 | 1,315 |
Noncash interest expense (income), net | 316 | 309 | 482 |
Net (gain) loss on investment activity and other | (768) | 1,177 | (1,311) |
Deferred income taxes | (2,739) | (834) | 1,892 |
Changes in operating assets and liabilities, net of effects of acquisitions and divestitures: | |||
Current and noncurrent receivables, net | (996) | (1,327) | (1,335) |
Film and television costs, net | (260) | (451) | (680) |
Accounts payable and accrued expenses related to trade creditors | (520) | 497 | 765 |
Other operating assets and liabilities | 2,784 | (1,623) | 382 |
Net cash provided by operating activities | 28,501 | 26,413 | 29,146 |
Investing Activities | |||
Capital expenditures | (12,242) | (10,626) | (9,174) |
Cash paid for intangible assets | (3,298) | (3,141) | (2,883) |
Construction of Universal Beijing Resort | (137) | (330) | (976) |
Acquisitions, net of cash acquired | 0 | (12) | (1,374) |
Proceeds from sales of businesses and investments | 661 | 1,985 | 684 |
Advance on sale of investment | 8,610 | 0 | 0 |
Purchases of investments | (1,313) | (2,274) | (174) |
Other | 558 | 258 | 451 |
Net cash provided by (used in) investing activities | (7,161) | (14,140) | (13,446) |
Financing Activities | |||
Proceeds from (repayments of) short-term borrowings, net | (660) | 660 | 0 |
Proceeds from borrowings | 6,052 | 2,745 | 2,628 |
Repurchases and repayments of debt | (4,015) | (2,307) | (11,498) |
Repayment of collateralized obligation | (5,175) | 0 | 0 |
Repurchases of common stock under repurchase program and employee plans | (11,291) | (13,328) | (4,672) |
Dividends paid | (4,766) | (4,741) | (4,532) |
Other | 5 | 786 | (544) |
Net cash provided by (used in) financing activities | (19,850) | (16,184) | (18,618) |
Impact of foreign currency on cash, cash equivalents and restricted cash | 9 | (86) | (71) |
Increase (decrease) in cash, cash equivalents and restricted cash | 1,500 | (3,997) | (2,989) |
Cash, cash equivalents and restricted cash, beginning of year | 4,782 | 8,778 | 11,768 |
Cash, cash equivalents and restricted cash, end of year | $ 6,282 | $ 4,782 | $ 8,778 |
Consolidated Balance Sheet
Consolidated Balance Sheet - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Current Assets: | ||
Cash and cash equivalents | $ 6,215 | $ 4,749 |
Receivables, net | 13,813 | 12,672 |
Other current assets | 3,959 | 4,406 |
Total current assets | 23,987 | 21,826 |
Film and television costs | 12,920 | 12,560 |
Investments | 9,385 | 7,740 |
Property and equipment, net | 59,686 | 55,485 |
Goodwill | 59,268 | 58,494 |
Franchise rights | 59,365 | 59,365 |
Other intangible assets, net | 27,867 | 29,308 |
Other noncurrent assets, net | 12,333 | 12,497 |
Total assets | 264,811 | 257,275 |
Current Liabilities: | ||
Accounts payable and accrued expenses related to trade creditors | 12,437 | 12,544 |
Accrued participations and residuals | 1,671 | 1,770 |
Deferred revenue | 3,242 | 2,380 |
Accrued expenses and other current liabilities | 11,613 | 9,450 |
Current portion of long-term debt | 2,069 | 1,743 |
Advance on sale of investment | 9,167 | 0 |
Total current liabilities | 40,198 | 27,887 |
Long-term debt, less current portion | 95,021 | 93,068 |
Collateralized obligation | 0 | 5,172 |
Deferred income taxes | 26,003 | 28,714 |
Other noncurrent liabilities | 20,122 | 20,395 |
Commitments and contingencies | ||
Redeemable noncontrolling interests | 241 | 411 |
Equity: | ||
Preferred stock—authorized, 20,000,000 shares; issued, zero | 0 | 0 |
Additional paid-in capital | 38,533 | 39,412 |
Retained earnings | 52,892 | 51,609 |
Treasury stock, 872,791,028 Class A common shares | (7,517) | (7,517) |
Accumulated other comprehensive income (loss) | (1,253) | (2,611) |
Total Comcast Corporation shareholders’ equity | 82,703 | 80,943 |
Noncontrolling interests | 523 | 684 |
Total equity | 83,226 | 81,627 |
Total liabilities and equity | 264,811 | 257,275 |
Class A common stock, $0.01 par value—authorized, 7,500,000,000 shares; issued, 4,842,108,959 and 5,083,466,045; outstanding, 3,969,317,931 and 4,210,675,017 | ||
Equity: | ||
Common stock | $ 48 | $ 51 |
Common stock, shares outstanding (in shares) | 3,969,317,931 | 4,210,675,017 |
Common stock, shares issued (in shares) | 4,842,108,959 | 5,083,466,045 |
Class B Common Stock | ||
Equity: | ||
Common stock | $ 0 | $ 0 |
Common stock, shares outstanding (in shares) | 9,444,375 | 9,444,375 |
Common stock, shares issued (in shares) | 9,444,375 | 9,444,375 |
Consolidated Balance Sheet (Par
Consolidated Balance Sheet (Parenthetical) - $ / shares | Dec. 31, 2023 | Dec. 31, 2022 |
Preferred stock, shares authorized (in shares) | 20,000,000 | 20,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Treasury stock (in shares) | 872,791,028 | 872,791,028 |
Class A common stock, $0.01 par value—authorized, 7,500,000,000 shares; issued, 4,842,108,959 and 5,083,466,045; outstanding, 3,969,317,931 and 4,210,675,017 | ||
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) | 4,842,108,959 | 5,083,466,045 |
Common stock, shares outstanding (in shares) | 3,969,317,931 | 4,210,675,017 |
Class B Common Stock | ||
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 |
Consolidated Statement of Chang
Consolidated Statement of Changes in Equity - 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, $0.01 par value—authorized, 7,500,000,000 shares; issued, 4,842,108,959 and 5,083,466,045; outstanding, 3,969,317,931 and 4,210,675,017 Common Stock | Class B Common Stock Common Stock |
Balance, beginning of year at Dec. 31, 2020 | $ 1,280 | |||||||
Increase (Decrease) in Temporary Equity [Roll Forward] | ||||||||
Redemption of subsidiary preferred stock | (725) | |||||||
Contributions from (distributions to) noncontrolling interests, net | (77) | |||||||
Other | (10) | |||||||
Net income (loss) | 51 | |||||||
Balance, end of year at Dec. 31, 2021 | 519 | |||||||
Balance, beginning of year at Dec. 31, 2020 | $ 39,464 | $ 56,438 | $ (7,517) | $ 1,884 | $ 1,415 | $ 54 | $ 0 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Share-based compensation | 1,037 | |||||||
Repurchases of common stock under repurchase program and employee plans | (596) | (4,088) | 0 | |||||
Issuances of common stock under employee plans | 269 | |||||||
Dividends declared | (4,613) | |||||||
Other comprehensive income (loss) | (397) | (404) | 7 | |||||
Contributions from (distributions to) noncontrolling interests, net | 353 | |||||||
Other | (2) | 6 | 0 | |||||
Net income (loss) | 14,159 | (377) | ||||||
Balance, end of year at Dec. 31, 2021 | $ 97,490 | 40,173 | 61,902 | (7,517) | 1,480 | 1,398 | 54 | 0 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Cash dividends declared per common share (in dollars per share) | $ 1 | |||||||
Redemption of subsidiary preferred stock | $ 0 | |||||||
Contributions from (distributions to) noncontrolling interests, net | (77) | |||||||
Other | (80) | |||||||
Net income (loss) | 49 | |||||||
Balance, end of year at Dec. 31, 2022 | 411 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Share-based compensation | 1,055 | |||||||
Repurchases of common stock under repurchase program and employee plans | (2,431) | (10,897) | (3) | |||||
Issuances of common stock under employee plans | 278 | |||||||
Dividends declared | (4,757) | |||||||
Other comprehensive income (loss) | (4,120) | (4,091) | (29) | |||||
Contributions from (distributions to) noncontrolling interests, net | 89 | |||||||
Other | 337 | (10) | (280) | |||||
Net income (loss) | 5,370 | (495) | ||||||
Balance, end of year at Dec. 31, 2022 | $ 81,627 | 39,412 | 51,609 | (7,517) | (2,611) | 684 | 51 | 0 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Cash dividends declared per common share (in dollars per share) | $ 1.08 | |||||||
Redemption of subsidiary preferred stock | $ 0 | |||||||
Contributions from (distributions to) noncontrolling interests, net | (24) | |||||||
Other | (171) | |||||||
Net income (loss) | 25 | |||||||
Balance, end of year at Dec. 31, 2023 | 241 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Share-based compensation | 1,063 | |||||||
Repurchases of common stock under repurchase program and employee plans | (2,086) | (9,309) | (2) | |||||
Issuances of common stock under employee plans | 272 | |||||||
Dividends declared | (4,795) | |||||||
Other comprehensive income (loss) | 1,338 | 1,358 | (19) | |||||
Contributions from (distributions to) noncontrolling interests, net | 166 | |||||||
Other | (127) | (1) | 0 | |||||
Net income (loss) | 15,388 | (307) | ||||||
Balance, end of year at Dec. 31, 2023 | $ 83,226 | $ 38,533 | $ 52,892 | $ (7,517) | $ (1,253) | $ 523 | $ 48 | $ 0 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Cash dividends declared per common share (in dollars per share) | $ 1.16 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Note 1: Summary of Significant Accounting Policies Basis of Presentation The accompanying consolidated financial statements include all entities in which we have a controlling voting interest and variable interest entities (“VIEs”) required to be consolidated, including Universal Beijing Resort (see Note 8). We translate assets and liabilities of our foreign operations where the functional currency is the local currency into U.S. dollars at the exchange rate as of the balance sheet date and translate revenue and expenses using average periodic exchange rates. The related translation adjustments are recorded as a component of accumulated other comprehensive income (loss) in our consolidated balance sheets. Any foreign currency transaction gains or losses are included in our consolidated statements of income in investment and other income (loss), net. For disclosures containing future amounts where the functional currency is the local currency, we translate the amounts into U.S. dollars at the exchange rates as of the balance sheet date. Reclassifications Reclassifications have been made to our consolidated financial statements and related notes for the prior years to conform to classifications used in 2023. See Note 2 for a discussion of the changes in our presentation of segment operating results. Accounting Policies Our consolidated financial statements are prepared in accordance with GAAP, which require us to select accounting policies, including in certain cases industry-specific policies, and make estimates that affect the reported amount of assets, liabilities, revenue and expenses, and the related disclosure of contingent assets and contingent liabilities. Actual results could differ from these estimates. The following accounting policies are specific to the industries in which we operate: • capitalization and amortization of film and television costs (see Note 4) • costs for connecting customers to our HFC network (see Note 9) Information on other accounting policies and methods that we use in the preparation of our consolidated financial statements are included, where applicable, in their respective footnotes that follow. The collateralized obligation related to our investment in Hulu is discussed in Note 8 and our other long-term debt is discussed in Note 6. Below is a discussion of accounting policies and methods used in our consolidated financial statements that are not presented within other footnotes. Advertising Expenses Advertising costs are expensed as incurred. Derivative Financial Instruments We use derivative financial instruments to manage our exposure to the risks associated with fluctuations in foreign exchange rates and interest rates. Our objective is to manage the financial and operational exposure arising from these risks by offsetting gains and losses on the underlying exposures with gains and losses on the derivatives used to economically hedge them. Our derivative financial instruments are recorded in our consolidated balance sheets at fair value. We designate certain derivative instruments as fair value hedges of recognized assets or liabilities, such as non-functional currency receivables and payables, or as cash flow hedges of forecasted transactions, including foreign currency denominated cash flows associated with non-functional currency debt and non-functional currency revenue and expenses. Changes in the fair value of derivative instruments accounted for as fair value hedges are primarily recorded within earnings and changes in the fair value of cash flow hedges are recorded as a component of accumulated other comprehensive income (loss) until the hedged items affect earnings. We also designate certain derivative and non-derivative instruments as hedges of our net investments in certain foreign subsidiaries. Transaction gains and losses resulting from currency movements on debt and changes in the fair value of cross-currency swaps designated as net investment hedges are recorded within the currency translation adjustments component of accumulated other comprehensive income (loss). For derivatives not designated as hedges, changes in fair value are recognized in earnings. Refer to Note 6 for further information on certain derivative instruments related to debt and intercompany funding arrangements. The impact of our remaining derivative financial instruments was not material to our consolidated financial statements in any of the periods presented. Fair Value Measurements The accounting guidance related to fair value measurements establishes a hierarchy based on the types of inputs used for the various valuation techniques. The levels of the hierarchy are described below. • Level 1: Values are determined using quoted market prices for identical financial instruments in an active market. • Level 2: Values are determined using quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets. • Level 3: Values are determined using models that use significant inputs that are primarily unobservable, discounted cash flow methodologies or similar techniques, as well as instruments for which the determination of fair value requires significant management judgment or estimation. We use this three-tier fair value hierarchy to measure the fair value of certain financial instruments on a recurring basis, such as for investments (see Note 8); on a non-recurring basis, such as for acquisitions and impairment testing (see Note 10); and for disclosure purposes, such as for long-term debt (see Note 6). Our assessment of the significance of a particular input to the fair value measurement requires judgment and may affect the valuation and classification within the fair value hierarchy. Recent Accounting Pronouncements Segment Disclosures In November 2023, the Financial Accounting Standards Board (“FASB”) issued updated accounting guidance related to annual and interim segment disclosures. The updated accounting guidance, among other things, requires disclosure of certain significant segment expenses. We will adopt the updated accounting guidance in our Annual Report on Form 10-K for the year ended December 31, 2024. We are currently evaluating the impact the adoption of the new accounting guidance will have on our segment disclosures in Note 2. Income Tax Disclosures In December 2023, the FASB issued updated accounting guidance related to income tax disclosures. The updated accounting guidance, among other things, requires additional disclosure primarily related to the income tax rate reconciliation and income taxes paid. We will adopt the updated accounting guidance in our Annual Report on Form 10-K for the year ended December 31, 2025. We are currently evaluating the impact the adoption of the new accounting guidance will have on our income tax disclosures in Note 5. |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2023 | |
Segment Reporting [Abstract] | |
Segment Information | Note 2: Segment Information We are a global media and technology company with two primary businesses: Connectivity & Platforms and Content & Experiences. In 2023, we changed our presentation of segment operating results around our two primary businesses and now present the operations of (1) our Connectivity & Platforms business in two segments: Residential Connectivity & Platforms and Business Services Connectivity and (2) our Content & Experiences business in three segments: Media, Studios and Theme Parks. See Note 3 for a description of the various products and services within each segment. 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 our HFC 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 segment is presented in the tables below. We do not present asset information for our segments as this information is not used to allocate resources and capital. Year Ended December 31, 2023 2022 2021 (in millions) Revenue (a) Adjusted EBITDA (b) Revenue (a) Adjusted EBITDA (b) Revenue (a) Adjusted EBITDA (b) Connectivity & Platforms Residential Connectivity & Platforms $ 71,946 $ 26,948 $ 72,386 $ 26,111 $ 72,694 $ 25,188 Business Services Connectivity 9,255 5,291 8,819 5,060 8,056 4,682 Connectivity & Platforms 81,201 32,239 81,205 31,171 80,750 29,871 Content & Experiences Media 25,355 2,955 26,719 3,598 27,406 5,133 Studios 11,625 1,269 12,257 961 10,077 879 Theme Parks 8,947 3,345 7,541 2,683 5,051 1,267 Headquarters and Other 64 (946) 75 (881) 87 (840) Eliminations (a) (2,800) 77 (3,442) (2) (3,048) (205) Content & Experiences 43,191 6,700 43,151 6,360 39,574 6,234 Corporate and Other 2,763 (1,335) 2,662 (1,008) 2,844 (1,331) Eliminations (a) (5,583) 28 (5,590) (64) (6,783) (65) Comcast Consolidated $ 121,572 $ 37,633 $ 121,427 $ 36,459 $ 116,385 $ 34,708 (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. Year ended December 31 (in millions) 2023 2022 2021 Connectivity & Platforms Residential Connectivity & Platforms $ 207 $ 208 $ 219 Business Services Connectivity 22 21 25 Content & Experiences Media 4,621 4,572 5,776 Studios 3,317 3,963 3,548 Theme Parks (1) 1 2 Headquarters and Other 29 52 68 Corporate and Other 187 215 193 Total intersegment revenue $ 8,383 $ 9,032 $ 9,831 (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. Year ended December 31 (in millions) 2023 2022 2021 Adjusted EBITDA $ 37,633 $ 36,459 $ 34,708 Adjustments 16 (13) (87) Depreciation (8,854) (8,724) (8,628) Amortization (5,482) (5,097) (5,176) Goodwill and long-lived asset impairments — (8,583) — Interest expense (4,087) (3,896) (4,281) Investment and other income (loss), net 1,252 (861) 2,557 Income (loss) before income taxes $ 20,478 $ 9,284 $ 19,093 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. Refer to Note 10 for a discussion of impairment charges in 2022 related to goodwill and long-lived assets. |
Revenue
Revenue | 12 Months Ended |
Dec. 31, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | Note 3: Revenue Year ended December 31 (in millions) 2023 2022 2021 Domestic broadband $ 25,489 $ 24,469 $ 22,979 Domestic wireless 3,664 3,071 2,380 International connectivity 4,207 3,426 3,293 Total residential connectivity 33,359 30,966 28,652 Video 28,797 30,496 32,440 Advertising 3,969 4,546 4,507 Other 5,820 6,378 7,095 Total Residential Connectivity & Platforms 71,946 72,386 72,694 Total Business Services Connectivity 9,255 8,819 8,056 Total Connectivity & Platforms 81,201 81,205 80,750 Domestic advertising 8,600 10,360 10,177 Domestic distribution 10,663 10,525 10,080 International networks 4,109 3,729 5,060 Other 1,983 2,105 2,090 Total Media 25,355 26,719 27,406 Content licensing 8,231 9,348 8,193 Theatrical 2,079 1,607 691 Other 1,315 1,302 1,193 Total Studios 11,625 12,257 10,077 Total Theme Parks 8,947 7,541 5,051 Headquarters and Other 64 75 87 Eliminations (a) (2,800) (3,442) (3,048) Total Content & Experiences 43,191 43,151 39,574 Corporate and Other 2,763 2,662 2,844 Eliminations (a) (5,583) (5,590) (6,783) Total revenue $ 121,572 $ 121,427 $ 116,385 (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 Un ited States but also in select international markets. The table below summarizes our consolidated revenue from customers in certain geographic locations. Year ended December 31 (in millions) 2023 2022 2021 United States $ 94,375 $ 96,441 $ 90,926 United Kingdom 13,364 13,380 13,999 Other 13,833 11,606 11,460 Total revenue $ 121,572 $ 121,427 $ 116,385 Connectivity & Platforms Residential Connectivity & Platforms Segment Residential Connectivity & Platforms generates revenue from customers that subscribe to our residential broadband and wireless connectivity services, residential and business video services and residential wireline voice services in the United States, the United Kingdom and Italy. We offer these services individually and as bundled services at a discounted rate. Subscription rates and related charges vary according to the services and features customers receive, and customers are typically billed in advance and pay on a monthly basis. Revenue from customers that purchase bundled services at a discounted rate is allocated between the separate services based on the respective stand-alone selling prices. The stand-alone selling prices are determined based on the current prices at which we separately sell the services. Significant judgment is used to determine performance obligations that should be accounted for separately and the allocation of revenue when services are combined in a bundle. While a portion of our customers are subject to contracts for their services, which are typically 1 month to 2 years in length, based on our evaluation of the terms of these contracts, we recognize revenue for these services primarily on a basis that is consistent with our customers that are not subject to contracts and recognize revenue as the services are provided on a monthly basis. Installation fees for these customers are deferred and recognized as revenue over the period of benefit to the customer, which is less than a year. Certain international customers are under contracts, with terms typically ranging from rolling monthly to 18 months, depending on the service, and may only discontinue service in accordance with the terms of their contracts. We recognize revenue for these customers as the services are provided over the contract period. At any given time, the amount of future revenue to be earned from these customers related to existing agreements is equal to less than 10% of our annual Residential Connectivity & Platforms revenue and will generally be recognized within 18 months. Sales commissions are generally expensed as incurred, as the related period of benefit is less than a year. Sales commissions for the international customers under contract are generally deferred and recognized over the respective contract terms. Our services generally involve customer premise equip ment, such as wireless gateways, internet modems and set-top boxes, that are generally considered part of our services for revenue recognition. We recognize revenue from the sale of devices, including wireless devices and Sky Glass smart televisions, when they are transferred to the customer. Under an equipment installment plan, customers typically have the option to finance wireless devices and Sky Glass smart televisions interest-free over 24 months, and up to 48 months for international customers. Equipment installment plan receivables under these arrangements are recorded net of imputed interest when the devices are transferred to the customer. We also have arrangements to sell certain DTC streaming services t o our customers. We have concluded we are the sales agent in these arrangements, and we record net commission revenue as earned, which is generally as customers are billed on a monthly basis, within domestic broadband and international connectivity revenue. Under the terms of our domestic cable franchise agreements, we are generally required to pay the cable franchising authority an amount based on gross video revenue. We generally pass these and other similar fees through to our domestic customers and classify these fees in the respective Residential Connectivity & Platforms services revenue, with the corresponding costs included in other operating and administrative expenses. Advertising Revenue is generated from the sale of advertising and technology, tools and solutions relating to advertising businesses. As part of distribution agreements with domestic cable networks, we generally receive an allocation of scheduled advertising time that we sell to advertisers. In addition, we generate revenue from the sale of advertising on our owned Sky-branded entertainment television networks and our digital platforms. In most cases, the available advertising units are sold by our sales force. We also represent the advertising sales efforts of certain third parties. Since we are acting as the principal in these arrangements, we record the advertising that is sold in advertising revenue and the fees paid to the third parties in other operating and administrative expenses. In some cases, we work with representation firms as an extension of our sales force to sell a portion of the advertising units allocated to us and record the revenue net of agency commissions. We have determined that a contract exists for our advertising sales arrangements once all terms and conditions are agreed upon, typically when the number of advertising units is specifically identified and scheduled. Advertisements are generally aired or delivered within one year once all terms and conditions are agreed upon. Revenue from these arrangements is recognized in the period in which advertisements are aired or delivered. Payment terms vary by contract, although terms generally require payment within 30 to 60 days from when advertisements are aired or delivered. We also provide technology, tools, data-driven services and marketplace solutions to customers in the media industry to facilitate the more effective engagement of advertisers with their target audiences and recognize revenue when these services are provided. Business Services Connectivity Segment Business Services Connectivity generates revenue from subscribers to a variety of our products and services which are offered to businesses. Our connectivity service offerings for small business locations in the United States primarily include broadband, wireline voice and wireless services that are similar to those provided to our residential customers and include certain other features specific to businesses. Our medium-sized and enterprise customer offerings also include ethernet network services, advanced voice services and a software-defined networking product. We have also launched small business connectivity service offerings in the United Kingdom. We recognize revenue as the services are provided over the contract period. Substantially all of our customers are initially under contracts, with terms typically ranging from 2 years for small and medium-sized businesses to up to 5 years for larger enterprises. Customers with contracts may only discontinue service in accordance with the terms of their contracts. At any given time, the amount of future revenue to be earned related to fixed pricing under existing agreements is equal to approximately half of our annual Business Services Connectivity segment revenue, of which the substantial majority will be recognized within 2 years. Customers under contract typically pay on a monthly basis. Installation revenue and sales commissions are generally deferred and recognized over the respective contract terms. Content & Experiences Media Segment Advertising Media generates revenue from the sale of advertising on our linear television networks, Peacock and other digital properties. We have determined that a contract exists for our advertising sales once all terms and conditions are agreed upon, typically when the number of advertising units is specifically identified and scheduled. Advertisements are generally aired or delivered within one year once all terms and conditions are agreed upon. Revenue is recognized, net of agency commissions, in the period in which advertisements are aired or delivered and payment occurs thereafter, with payment generally required within 30 days. In some instances, we guarantee audience ratings for the advertisements. To the extent there is a shortfall in contracts where the ratings were guaranteed, a portion of the revenue is deferred until the shortfall is settled, typically by providing additional advertising units generally within one year of the original airing. Distribution Media generates revenue from the distribution of television programming in the United States and internationally to traditional multichannel video providers, such as our Residential Connectivity & Platforms segment, and to virtual multichannel video providers that offer streamed linear television networks. This revenue includes amounts under NBC and Telemundo retransmission consent agreements and we also receive associated fees from NBC-affiliated and Telemundo-affiliated local broadcast television stations. Additionally, we receive monthly retail or wholesale subscription fees for our Peacock service. Monthly fees received under distribution agreements with multichannel video providers are generally under multiyear agreements with revenue based on the number of subscribers receiving the programming on our television networks and a per subscriber fee, although revenue for certain of our television networks is based on a fixed fee. Payment terms and conditions vary by contract type, although terms generally include payment within 60 days. These arrangements are accounted for as licenses of functional intellectual property and revenue is recognized as programming is provided. Studios Segment Content Licensing Studios generates revenue from the licensing of our owned film and television content in the United States and internationally to television networks and DTC streaming service providers, as well as through video on demand and pay-per-view services provided by multichannel video providers. Our agreements generally include fixed pricing and span multiple years. For example, following a film’s theatrical release, Studios may license the exhibition rights of a film to different customers over multiple successive distribution windows. We recognize revenue when the content is delivered and available for use by the licensee. When the term of an existing agreement is renewed or extended, we recognize revenue when the licensed content becomes available under the renewal or extension. Payment terms and conditions vary by contract type, although payments are generally collected over the license term. The amount of future revenue to be earned related to fixed pricing under existing third-party agreements at any given time equals approximately one-half year to 1 year of annual Studios content licensing revenue, which is the segment with the largest portion of this future revenue. The majority of this revenue will be recognized within 2 years. This amount may fluctuate from period to period depending on the timing of the releases and the availability of content under existing agreements and may not represent the total revenue expected to be recognized as it does not include revenue from future agreements or from variable pricing or optional purchases under existing agreements. For our agreements that include variable pricing, such as pricing based on the number of subscribers to a DTC streaming service sold by our customers, we generally recognize revenue as our customers sell to their subscribers. Theatrical Studios generates revenue from the worldwide distribution of our produced and acquired films for exhibition in movie theaters. Our arrangements with exhibitors generally entitle us to a percentage of ticket sales. We recognize revenue as the films are viewed and exhibited in theaters and payment generally occurs within 30 days after exhibition. Theme Parks Segment Theme Parks generates revenue primarily from guest spending at our Universal theme parks in Orlando, Florida; Hollywood, California; Osaka, Japan; and Beijing, China. Guest spending includes ticket sales and in-park spending on food, beverages and merchandise. We also generate revenue from our consumer products business. Additionally, we license the right to use the Universal Studios brand name and other intellectual property and provide other services to third parties, including the party that owns and operates the Universal Studios Singapore theme park on Sentosa Island, Singapore. We recognize revenue from ticket sales when the tickets are used, generally within a year from the date of purchase. For annual passes, we generally recognize revenue on a straight-line basis over the period the pass is available to be used. We recognize revenue from in-park spending and consumer products at the point of sale. Consolidated Balance Sheets The table below summarizes our accounts receivable. December 31 (in millions) 2023 2022 Receivables, gross $ 14,511 $ 13,407 Less: Allowance for credit losses 698 736 Receivables, net $ 13,813 $ 12,672 The table below presents changes in our allowance for credit losses. (in millions) 2023 2022 2021 Beginning balance $ 736 $ 658 $ 807 Current-period provision for expected credit losses 775 758 336 Write-offs charged against the allowance, net of recoveries and other (812) (680) (485) Ending balance $ 698 $ 736 $ 658 The table below summarizes our other balances that are not separately presented in our consolidated balance sheets that relate to the recognition of revenue and collection of the related cash, as well as the deferred costs associated with our contracts with customers. December 31 (in millions) 2023 2022 Noncurrent receivables, net (included in other noncurrent assets, net) $ 1,914 $ 1,887 Contract acquisition and fulfillment costs (included in other noncurrent assets, net) (a) $ 1,088 $ 1,081 Noncurrent deferred revenue (included in other noncurrent liabilities) $ 618 $ 735 (a) Amortization of contract acquisition and fulfillment costs totaled $692 million, $707 million and $654 million in 2023, 2022 and 2021, respectively, included in marketing and promotion and other operating and administrative expenses. Our accounts receivables include amounts not yet billed related to equipment installment plans, as summarized in the table below. December 31 (in millions) 2023 2022 Receivables, net $ 1,695 $ 1,388 Noncurrent receivables, net (included in other noncurrent assets, net) 1,223 1,023 Total $ 2,918 $ 2,411 |
Programming and Production Cost
Programming and Production Costs | 12 Months Ended |
Dec. 31, 2023 | |
Other Industries [Abstract] | |
Programming and Production Costs | Note 4: Programming and Production Costs Year ended December 31 (in millions) 2023 2022 2021 Video distribution programming $ 12,460 $ 13,013 $ 13,550 Film and television content: Owned (a) 10,224 10,765 8,957 Licensed, including sports rights 12,619 13,151 14,733 Other 1,459 1,283 1,210 Total programming and production costs $ 36,762 $ 38,213 $ 38,450 (a) Amount includes amortization of owned content of $7.8 billion, $8.6 billion and $7.3 billion for the year ended December 31, 2023, 2022 and 2021, respectively, as well as participations and residuals expenses. Video Distribution Programming Expenses We incur programming expenses related to the license of the rights to distribute or integrate third-party programmed television networks, platforms and related content included in video services we sell to end consumers. Programming is generally acquired under multiyear distribution agreements, with fees typically based on the number of customers receiving the television network programming and a per subscriber fee. Programming distribution arrangements are accounted for as executory contracts with expenses generally recognized based on the rates in the agreements, and the arrangements are not subject to impairment. Film and Television Content We incur costs related to the production of owned content and the license of the rights to use content owned by third parties and sports rights on our owned television networks and digital properties, which are described as owned and licensed content, respectively. We have determined that the predominant monetization strategy for the substantial majority of our content is on an individual basis. Capitalized Film and Television Costs December 31 (in millions) 2023 2022 Owned: In production and in development $ 2,893 $ 3,210 Completed, not released 317 130 Released, less amortization 4,340 4,634 7,551 7,974 Licensed, including sports advances 5,369 4,586 Film and television costs $ 12,920 $ 12,560 Production tax incentives reduced capitalized owned film and television costs programming and production costs noncurrent assets The table below summarizes estimated future amortization expense for the capitalized film and television costs recorded in our consolidated balance sheets as of December 31, 2023. (in millions) Owned Licensed Completed, not released: 2024 $ 192 Released and licensed content: 2024 $ 2,258 $ 3,627 2025 $ 779 $ 1,002 2026 $ 421 $ 461 We have future minimum commitments for sports rights and for licensed content that are not recognized in our consolidated balance sheets as of December 31, 2023 totaling $64.6 billion and $3.3 billion, respectively. Capitalization and Recognition of Film and Television Content We capitalize costs for owned film and television content, including direct costs, production overhead, print costs, development costs and interest, as well as acquired libraries. Amortization for owned content predominantly monetized on an individual basis and accrued costs associated with participations and residuals payments are recorded using the individual film forecast computation method, which recognizes the costs in the same ratio as the associated ultimate revenue. Estimates of ultimate revenue and total costs are based on anticipated release patterns and distribution strategies, public acceptance and historical results for similar productions. Amortization for content predominantly monetized with other owned or licensed content is recorded based on estimated usage. In determining the method of amortization and estimated life of an acquired film or television library, we generally use the method and the life that most closely follow the undiscounted cash flows over the estimated life of the asset. We do not capitalize costs related to the distribution of a film in movie theaters or the licensing or sale of a film or television production, which primarily include costs associated with marketing and distribution. We capitalize the costs of licensed content when the license period begins, the content is made available for use and the costs of the licenses are known. Licensed content is amortized as the associated programs are used, incorporating estimated viewing patterns. Owned and licensed content are presented as noncurrent assets in film and television costs. We present amortization of owned and licensed content and accrued costs associated with participations and residuals payments in programming and production costs. Film and television productions may be eligible for tax incentives from certain state, local or foreign jurisdictions. These incentives generally provide for transferable or redeemable tax credits upon meeting established levels of qualified production spending within a participating jurisdiction. We record a receivable for a production tax incentive program when there is a reasonable assurance of collection with a corresponding reduction of capitalized film and television costs, and the related amortization. We may enter into co-financing arrangements with third parties to jointly finance or distribute certain of our film productions. These arrangements can take various forms, but in most cases involve the grant of an economic interest in a film to an investor who owns an undivided copyright interest in the film. The number of investors and the terms of these arrangements can vary, although investors generally assume the full risks and rewards of ownership proportionate to their ownership in the film. We account for the proceeds received from the investor under these arrangements as a reduction of our capitalized film costs and the investor’s interest in the profit or loss of the film is recorded as either a charge or a benefit, respectively, in programming and production costs. The investor’s interest in the profit or loss of a film is recorded each period using the individual film forecast computation method. When an event or a change in circumstance occurs that was known or knowable as of the balance sheet date and that indicates the fair value of either owned or licensed content is less than the unamortized costs in the balance sheet, we determine the fair value and record an impairment charge to the extent the unamortized costs exceed the fair value. Owned content is assessed either individually or in identified film groups, for content predominantly monetized on an individual basis or with other content, respectively. The substantial majority of our owned content is evaluated for impairment on an individual title basis. Licensed content that is not part of a film group is generally assessed in packages, channels or dayparts. A daypart is an aggregation of programs broadcast during a particular time of day or programs of a similar type. Licensed content is tested for impairment primarily on a channel, network or platform basis, with the exception of our broadcast networks and owned local broadcast television stations, which are tested on a daypart basis. Estimated fair values of owned and licensed content are generally based on Level 3 inputs including analysis of market participant estimates of future cash flows. We record charges related to impairments or content that is substantively abandoned to programming and production costs. Sports Rights We recognize the costs of multiyear, live-event sports rights as the rights are used over the contract term based on estimated relative value. Estimated relative value is generally based on the terms of the contract and the nature of and potential revenue generation of the deliverables within the contract. Sports rights are accounted for as executory contracts and are not subject to impairment. When cash payments, including advanc |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 5: Income Taxes Income (Loss) Before Income Taxes Year ended December 31 (in millions) 2023 2022 2021 Domestic $ 22,164 $ 19,329 $ 21,243 Foreign (1,686) (10,045) (2,150) $ 20,478 $ 9,284 $ 19,093 Components of Income Tax Expense Year ended December 31 (in millions) 2023 2022 2021 Current Expense (Benefit): Federal $ 6,270 $ 4,025 $ 2,355 State 1,591 961 669 Foreign 249 207 343 8,110 5,193 3,367 Deferred Expense (Benefit): Federal (2,126) (281) 1,504 State (468) (483) 255 Foreign (145) (70) 133 (2,739) (834) 1,892 Income tax expense (benefit) $ 5,371 $ 4,359 $ 5,259 Our income tax expense (benefit) differs from the federal statutory amount because of the effect of the items detailed in the table below. Year ended December 31 (in millions) 2023 2022 2021 Federal tax at statutory rate $ 4,300 $ 1,950 $ 4,009 State income taxes, net of federal benefit 418 454 464 Foreign income taxed at different rates 306 519 392 Adjustments to uncertain and effectively settled tax positions, net 353 179 238 Federal research and development credits (131) (104) (85) Excess tax benefits recognized on share-based compensation 4 (30) (209) Tax legislation 8 (287) 498 Goodwill impairment — 1,666 — Other 113 12 (48) Income tax expense (benefit) $ 5,371 $ 4,359 $ 5,259 We base our provision for income taxes on our current period income, changes in our deferred income tax assets and liabilities, income tax rates, changes in estimates of our uncertain tax positions, tax planning opportunities available in the jurisdictions in which we operate and excess tax benefits or deficiencies that arise when the tax consequences of share-based compensation differ from amounts previously recognized in the statements of income. We recognize deferred tax assets and liabilities when there are temporary differences between the financial reporting basis and tax basis of our assets and liabilities and for the expected benefits of using net operating loss carryforwards. When a change in the tax rate or tax law has an impact on deferred taxes, we apply the change based on the years in which the temporary differences are expected to reverse. We record the change in our consolidated financial statements in the period of enactment. The determination of the income tax consequences of a business combination includes identifying the tax basis of assets and liabilities acquired and any contingencies associated with uncertain tax positions assumed or resulting from the business combination. Deferred tax assets and liabilities related to temporary differences of an acquired entity are recorded as of the date of the business combination and are based on our estimate of the ultimate tax basis that will be accepted by the various tax authorities. We record liabilities for contingencies associated with prior tax returns filed by the acquired entity based on criteria set forth in the appropriate accounting guidance. We adjust the deferred tax accounts and the liabilities periodically to reflect any revised estimated tax basis and any estimated settlements with the various tax authorities. The effects of these adjustments are recorded to income tax expense. From time to time, we engage in transactions in which the tax consequences may be subject to uncertainty. In these cases, we evaluate our tax position using the recognition threshold and the measurement attribute in accordance with the accounting guidance related to uncertain tax positions. Examples of these transactions include business acquisitions and dispositions, including consideration paid or received in connection with these transactions, certain financing transactions, and the allocation of income among state and local tax jurisdictions. Significant judgment is required in assessing and estimating the tax consequences of these transactions. We determine whether it is more likely than not that a tax position will be sustained on examination, including the resolution of any related appeals or litigation processes, based on the technical merits of the position. A tax position that meets the more-likely-than-not recognition threshold is measured to determine the amount of benefit to be recognized in our consolidated financial statements. We classify interest and penalties, if any, associated with our uncertain tax positions as a component of income tax expense (benefit). Components of Net Deferred Tax Liability December 31 (in millions) 2023 2022 Deferred Tax Assets: Net operating loss and other loss carryforwards $ 3,530 $ 3,325 Advance on sale of investment (see Note 8) 2,367 — Nondeductible accruals and other 4,100 3,210 Less: Valuation allowance 3,679 3,295 6,318 3,240 Deferred Tax Liabilities: Property and equipment and intangible assets 29,337 29,688 Investments 1,002 265 Long-term debt 1,814 1,741 Foreign subsidiaries and undistributed foreign earnings 59 55 32,212 31,749 Net deferred tax liability $ 25,894 $ 28,509 The table below presents changes in our valuation allowance for deferred tax assets. (in millions) 2023 2022 2021 Beginning balance $ 3,295 $ 2,907 $ 2,312 Additions charged to income tax expense and other accounts 469 433 635 Deductions from reserves 84 45 40 Ending balance $ 3,679 $ 3,295 $ 2,907 Changes in our net deferred tax liability in 2023 that were not recorded as deferred income tax expense (benefit) are primarily related to an increase of $107 million associated with items included in other comprehensive income (loss). As of December 31, 2023, we had federal net operating loss carryforwards of $182 million, and various state net operating loss carryforwards, the majority of which expire in periods through 2043. As of December 31, 2023, we also had foreign net operating loss carryforwards of $11.4 billion related to our foreign operations, primarily at Sky and NBCUniversal, the majority of which can be carried forward indefinitely. The determination of the realization of the state and foreign net operating loss carryforwards is dependent on our subsidiaries’ taxable income or loss, apportionment percentages, redetermination from taxing authorities, and state and foreign laws that can change from year to year and impact the amount of such carryforwards. We recognize a valuation allowance if we determine it is more likely than not that some portion, or all, of a deferred tax asset will not be realized. As of December 31, 2023 and 2022, our valuation allowance was primarily related to foreign and state net operating loss carryforwards. Uncertain Tax Positions Reconciliation of Unrecognized Tax Benefits (in millions) 2023 2022 2021 Gross unrecognized tax benefits, January 1 $ 2,161 $ 2,042 $ 1,879 Additions based on tax positions related to the current year 546 380 352 Additions based on tax positions related to prior years 1 56 111 Reductions for tax positions of prior years (43) (145) (181) Reductions due to expiration of statutes of limitations (56) (148) (107) Settlements with tax authorities and other (15) (24) (12) Gross unrecognized tax benefits, December 31 $ 2,593 $ 2,161 $ 2,042 Our gross unrecognized tax benefits include both amounts related to positions for which we have recorded liabilities for potential payment obligations and those for which tax has been assessed and paid. The amounts exclude the federal benefits on state tax positions that were recorded to deferred income taxes. If we were to recognize our gross unrecognized tax benefits in the future, $2.0 billion would impact our effective tax rate and the remaining amount would increase our deferred income tax liability. The amount and timing of the recognition of any such tax benefit is dependent on the completion of examinations of our tax filings by the various tax authorities and the expiration of statutes of limitations. It is reasonably possible that certain tax contests could be resolved within the next 12 months that may result in a decrease in our effective tax rate. Accrued interest and penalties associated with our liability for uncertain tax positions were not material in any period presented. |
Long-Term Debt
Long-Term Debt | 12 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | Note 6: Long-Term Debt Long-Term Debt Outstanding December 31 (in billions) Weighted-Average Interest Rate as of December 31, 2023 Weighted-Average Interest Rate as of December 31, 2022 2023 (b) 2022 (b) Commercial paper — % 4.6 % $ — $ 0.7 Term loans 3.2 % 4.4 % 3.1 3.1 Senior notes with maturities of 5 years or less, at face value 3.5 % 3.3 % 25.9 22.6 Senior notes with maturities between 5 and 10 years, at face value 3.3 % 3.2 % 18.8 20.1 Senior notes with maturities greater than 10 years, at face value 3.8 % 3.8 % 53.4 52.8 Finance lease obligations and other 2.0 1.8 Debt issuance costs, premiums, discounts, fair value adjustments for acquisition accounting and hedged positions, net (6.1) (6.2) Total debt 4.0 % (a) 3.9 % (a) 97.1 94.8 Less: Current portion 2.1 1.7 Long-term debt $ 95.0 $ 93.1 (a) Rate represents an effective interest rate and includes the effects of amortization of debt issuance costs, premiums, discounts, fair value adjustments for acquisition accounting and hedged positions, as well as the effects of our derivative financial instruments. (b) As of December 31, 2023, included in our outstanding debt were foreign currency denominated senior notes and term loans with principal amounts of £2.6 billion, €6.7 billion and ¥22.1 billion RMB. As of December 31, 2022, included in our outstanding debt were foreign currency denominated senior notes and term loans with principal amounts of £2.6 billion, €7.5 billion and ¥21.6 billion RMB. Our senior notes are unsubordinated and unsecured obligations and are subject to parent and/or subsidiary guarantees. As of December 31, 2023 and 2022, substantially all of our debt obligations were fixed-rate debt and our debt had an estimated fair value of $92.2 billion and $86.9 billion, respectively. 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. Principal Maturities of Debt (in billions) 2024 $ 2.1 2025 $ 6.3 2026 $ 5.2 2027 $ 5.7 2028 $ 7.0 Thereafter $ 76.9 We use derivative contracts, such as foreign currency forwards and cross-currency swaps, to hedge our exposure to foreign exchange rate fluctuations resulting from certain foreign currency denominated debt obligations and intercompany funding arrangements denominated in a currency other than the functional currency of the transacting entity. As of December 31, 2023 and 2022, we had foreign currency forwards designated as fair value hedges on $2.0 billion and $5.4 billion of our foreign currency intercompany loans receivable, respectively, and the aggregate estimated fair value of these foreign currency forwards was a net liability of $15 million and $56 million, respectively. As of December 31, 2023 and 2022, we had cross-currency swaps designated as cash flow hedges on $797 million and $752 million of our foreign currency denominated debt, respectively, and the aggregate estimated fair value of these cross-currency swaps was a net liability of $211 million and $274 million, respectively. The other income (loss), net component of investment and other income (loss), net included net pre-tax gains (losses) from these derivative contracts of $0.3 billion, $0.6 billion, and $0.3 billion in 2023, 2022 and 2021, respectively. These amounts offset foreign currency remeasurement (losses) gains from foreign currency denominated debt obligations and intercompany funding arrangements denominated in a currency other than the functional currency of the transacting entity $(0.2) billion, $(0.6) billion and $(0.3) billion in 2023, 2022 and 2021, respectively. We are also exposed to foreign exchange risk on the consolidation of our foreign operations. We have foreign currency denominated debt and cross-currency swaps designated as hedges of our net investments in certain of these subsidiaries. As of December 31, 2023 and 2022, the amount of foreign currency denominated debt designated as hedges of our net investment in foreign subsidiaries was $7.4 billion and $7.6 billion, respectively, and the notional amount of cross-currency swaps designated as hedges of our net investment in foreign subsidiaries was $2.8 billion and $2.5 billion, respectively. As of December 31, 2023 and 2022, the aggregate estimated fair value of these cross-currency swaps was a net liability of $3 million and a net asset of $108 million, respectively. The amount of pre-tax gains (losses) related to net investment hedges recognized in the cumulative translation adjustments component of other comprehensive income (loss) were gains of $316 million in 2023, losses of $397 million in 2022 and gains of $760 million in 2021. We also use derivative contracts, such as interest rate swaps, to hedge our exposure to changes in interest rates. As of December 31, 2023 and 2022, we had fixed-to-variable interest rate swaps designated as fair value hedges on $2.5 billion of our fixed rate debt obligations. As of December 31, 2023 and 2022, the aggregate estimated fair value of interest rate swaps designated as fair value hedges was a net liability of $214 million and $282 million, respectively. Revolving Credit Facility and Commercial Paper Program In March 2021, we entered into a new $11 billion revolving credit facility, as it may be amended from time to time, due March 30, 2026 with a syndicate of banks that may be used for general corporate purposes. We may increase the commitments under the revolving credit facility up to a total of $14 billion, as well as extend the expiration date to no later than March 30, 2028, subject to approval of the lenders. The interest rate on the revolving credit facility consists of a benchmark rate plus a borrowing margin that is determined based on Comcast’s credit rating. As of December 31, 2023, the borrowing margin for borrowings based on an Adjusted Term Secured Overnight Financing Rate was 1.00%. Our revolving credit facility requires that we maintain a certain financial ratio based on debt and EBITDA, as defined in th e revolving credit facility. We were in compliance with this financial covenant and other covenants related to our debt for all periods presented. The new revolving credit facility replaced an aggregate $9.2 billion of existing revolving credit facilities due May 26, 2022, which were terminated. Our commercial paper program is supported by our revolving credit facility and provides a lower cost source of borrowing to fund short-term working capital requirements. There were no borrowings outstanding under our commercial paper program as of December 31, 2023. As of December 31, 2022, $665 million was outstanding under our commercial paper program. As of December 31, 2023 and 2022, we had no borrowings outstanding under our revolving credit facility. As of December 31, 2023, amounts available under our revolving credit facility, net of amounts outstanding under our commercial paper program and outstanding letters of credit and bank guarantees, totaled $11.0 billion. Letters of Credit and Bank Guarantees As of December 31, 2023, we and certain of our subsidiaries had undrawn irrevocable standby letters of credit and bank guarantees totaling $217 million to cover potential fundings under various agreements. |
Significant Transactions
Significant Transactions | 12 Months Ended |
Dec. 31, 2023 | |
Business Combination and Asset Acquisition [Abstract] | |
Significant Transactions | Note 7: Significant Transactions Acquisitions In October 2021, we acquired Masergy, a provider of software-defined networking and cloud platforms for global enterprises, for total cash consideration of $1.2 billion. The acquisition accelerates our growth in serving large and mid-sized companies, particularly U.S.-based organizations with multi-site global enterprises. Masergy’s results of operations are included in our consolidated results of operations since the acquisition date and are reported in our Business Services Connectivity segment. We recorded Masergy’s assets and liabilities at their estimated fair values with $853 million recorded to goodwill and the remainder primarily attributed to software and customer relationship intangible assets. The acquisition was not material to our consolidated results of operations. |
Investments and Variable Intere
Investments and Variable Interest Entities | 12 Months Ended |
Dec. 31, 2023 | |
Investments [Abstract] | |
Investments and Variable Interest Entities | Note 8: Investments and Variable Interest Entities Investment and Other Income (Loss), Net Year ended December 31 (in millions) 2023 2022 2021 Equity in net income (losses) of investees, net $ 789 $ (537) $ 2,006 Realized and unrealized gains (losses) on equity securities, net (130) (320) 339 Other income (loss), net 592 (3) 211 Investment and other income (loss), net $ 1,252 $ (861) $ 2,557 The amount of unrealized gains (losses), net recognized in 2023, 2022 and 2021 that related to marketable and nonmarketable equity securities still held as of the end of each reporting period was $(140) million, $(394) million and $(80) million, respectively. Investments December 31 (in millions) 2023 2022 Equity method $ 7,615 $ 5,421 Marketable equity securities 39 96 Nonmarketable equity securities 1,482 1,653 Other investments 559 972 Total investments 9,694 8,142 Less: Current investments 310 402 Noncurrent investments $ 9,385 $ 7,740 Equity Method We use the equity method to account for investments in which we have the ability to exercise significant influence over the investee’s operating and financial policies, or in which we hold a partnership or limited liability company interest in an entity with specific ownership accounts, unless we have virtually no influence over the investee’s operating and financial policies. Equity method investments are recorded at cost and are adjusted to recognize (1) our share, based on percentage ownership or other contractual basis, of the investee’s net income or loss after the date of investment, (2) amortization of the recorded investment that exceeds our share of the book value of the investee’s net assets, (3) additional contributions made and dividends or other distributions received, and (4) impairments resulting from other-than-temporary declines in fair value. For some investments, we record our share of the investee’s net income or loss one quarter in arrears due to the timing of our receipt of such information. Gains or losses on the sale of equity method investments are recorded to other income (loss), net. If an equity method investee were to issue additional securities that would change our proportionate share of the entity, we would recognize the change, if any, as a gain or loss to oth er income (loss), net. Cash distributions received from equity method investments are considered returns on investment and are presented within operating activities in the consolidated statements of cash flows to the extent of cumulative equity in net income of the investee. Additional distributions are presented as investing activities. Distributions presented within operating activities totaled $217 million, $162 million and $1.1 billion in 2023, 2022 and 2021, respectively. Atairos On January 1, 2016, we established Atairos Group, Inc., a strategic company focused on investing in and operating companies in a range of industries and business sectors, both domestically and internationally. Atairos is controlled by management companies led by our former CFO through interests that carry all of the voting rights. We are the only third-party investor in Atairos. In November 2020, we amended our agreement with Atairos, which primarily extended the investment term of the agreement from up to 12 years to up to 16.5 years, extended the period in which capital can be recycled to the full investment period and decreased our commitment to fund Atairos from up to $5 billion to up to $4.5 billion in the aggregate at any one time, subject to certain offsets, with the maximum amount of annual capital calls reduced to $400 million, plus certain amounts previously distributed. In addition, we have separately committed to fund Atairos $40 million annually for a management fee, subject to certain adjustments. The management company investors have committed to fund from $50 million to $100 million, with at least $40 million to be funded by our former CFO, subject to his continued role with Atairos. Our economic interests do not carry voting rights and obligate us to absorb approximately 99% of any losses and they provide us the right to receive approximately 86% of any residual returns in Atairos, in either case on a cumulative basis. We have concluded that Atairos is a VIE, that we do not have the power to direct the activities that most significantly impact the economic performance of Atairo s as we have no voting rights and only certain consent rights, and that we are not a related party with our former CFO or the management companies. We therefore do not consolidate Atairos and account for our investment as an equity method investment. Certain distributions retained by Atairos on our behalf are accounted for as advances and classified within other investments. Atairos may pledge our remaining unfunded capital commitment as security to lenders in connection with certain financing arrangem ents. This has no effect on our funding commitments. There are no other liquidity arrangements, guarantees or other financial commitments between Comcast and Atairos, and therefore our maximum risk of financial loss is our investment balance and our remaining unfunded capital commitment of $1.4 billion as of December 31, 2023. Atairos follows investment company accounting and records its inv estments 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. In 2023, 2022 and 2021, we made cash capital contributions totaling $145 million, $52 million and $47 million, respe ctively, to Atairos. As of December 31, 2023 and 2022, our investment, inclusive of advances classified within other investments, was $5.5 billion and $4.3 billion, respectively. Hulu and Collateralized Obligation In 2019, we entered into a series of agreements with The Walt Disney Company and certain of its subsidiaries, whereby we relinquished our board seats and substantially all voting rights associated with our investment in Hulu, and Disney assumed full operational control. Concurrent with these agreements, we also acquired additional ownership interest in Hulu previously held by AT&T. Following these transactions, our interest was approximately 33% and we had the right, but not the obligation, to fund our proportionate share of future equity capital calls. The agreements included put and call provisions regarding our ownership interest in Hulu, pursuant to which, as early as January 2024, we could require Disney to buy, and Disney could require us to sell our interest, in either case, for fair value at that future time subject to a minimum equity value of $27.5 billion for 100% of the equity of Hulu. In the third quarter of 2023, we amended these agreements and agreed, among other things, that the put/call provisions regarding our interest could be exercised in November 2023 (in addition to subsequent periods) and that we would fund our share of prior equity capital calls if the put/call was exercised in November 2023. In November 2023, we exercised our put right requiring Disney to purchase our interest in Hulu. As a result, in the fourth quarter of 2023, Disney paid us $8.6 billion, representing $9.2 billion for our share of Hulu’s minimum equity value, less $557 million for our share of prior capital calls. Additional proceeds for any excess of the fair value of our interest over the $9.2 billion minimum equity value will be due following final determination of Hulu’s fair value pursuant to a third-party appraisal process. In connection with the transaction, Disney also agreed to share with us 50% of the future tax benefits resulting from the purchase of our interest in Hulu. Because we continue to hold our interest in Hulu, the $9.2 billion payment from Disney is treated as an advance on the sale of our interest, which will be recognized following the finalization of the appraisal process. The receipt of the minimum proceeds resulted in a tax gain in 2023. The recorded value of our investment in Hulu of $863 million and $490 million as of December 31, 2023 and 2022, respectively, continues to reflect our historical cost in applying the equity method, and therefore, is less than its fair value. In 2019, we entered into a financing arrangement with a syndicate of banks whereby we received proceeds of $5.2 billion under a term loan facility, which was fully collateralized by the minimum guaranteed proceeds of the put/call option related to our investment in Hulu. The term loan was due at the earlier of March 2024 or upon receipt of the proceeds under the put/call provisions and was repaid in the fourth quarter of 2023. We present the advance on the sale of our investment and the term loan separately in our consolidated balance sheets in the captions “advance on sale of investment” and “collateralized obligation,” respectively. Marketable Equity Securities We classify investments with readily determinable fair values that are not accounted for under the equity method as marketable equity securities and the carrying values are primarily presented in other current assets. The changes in fair value of our marketable equity securities between measurement dates are recorded in realized and unrealized gains (losses) on equity securities, net. The fair values of our marketable equity securities are based on Level 1 inputs that use quoted market prices. Nonmarketable Equity Securities We classify investments without readily determinable fair values that are not accounted for under the equity method as nonmarketable equity securities. The accounting guidance requires nonmarketable equity securities to be recorded at cost and adjusted to fair value at each reporting period. However, the guidance allows for a measurement alternative, which is to record the investments at cost, less impairment, if any, and subsequently adjust for observable price changes of identical or similar investments of the same issuer. We generally apply the measurement alternative, adjusting the investments for observable price changes of identical or similar investments of the same issuer, to our nonmarketable equity securities. When an observable event occurs, we estimate the fair values of our nonmarketable equity securities primarily based on Level 2 inputs that are derived from observable price changes of similar securities adjusted for insignificant differences in rights and obligations. The changes in value are recorded in realized and unrealized gains (losses) on equity securities, net. Other Investments Other investments also includes 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, that are generally accounted for at amortized cost. These short-term instruments totaled $254 million and $304 million as of December 31, 2023 and 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 in 2023 and 2022 were $560 million and $1.6 billion, respectively. Purchases of short-term instruments in 2023 and 2022 were $506 million and $1.8 billion, respectively. There were no proceeds from or purchases of short-term instruments in 2021. Impairment Testing of Investments We review our investment portfolio, other than our marketable equity securities, each reporting period to determine whether there are identified events or circumstances that would indicate there is a decline in the fair value. For our nonpublic investments, if there are no identified events or circumstances that would have a significant adverse effect on the fair value of the investment, then the fair value is not estimated. For our equity method investments, if an investment is deemed to have experienced an other-than-temporary decline below its cost basis, we reduce the carrying amount of the investment to its quoted or estimated fair value, as applicable, and establish a new cost basis for the investment. For our nonmarketable equity securities, we record the impairment to realized and unrealized gains (losses) on equity securities, net. For our equity method investments, we record the impairment to other income (loss), net. Consolidated Variable Interest Entity Universal Beijing Resort In 2018, 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”), which opened in September 2021. We own a 30% interest in Universal Beijing Resort and the construction was funded through a combination of debt financing and equity contributions from the partners in accordance with their equity interests. The debt financing, which is being provided by a syndicate of Chinese financial institutions, contains certain covenants and a maximum borrowing limit of ¥29.7 billion RMB (approximately $4.2 billion). The debt financing is secured by the assets of Universal Beijing Resort and the equity interests of the inve stors. A s of December 31, 2023, Universal Beijing Resort had $3.5 billion of debt outstanding, including $3.1 billion principal amount of a term loan outstanding under the debt financing agreement. We have concluded that Universal Beijing Resort is a VIE 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 consolidated statements 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 the noncontrolling interests are included in other financing activities. As of December 31, 2023, our consolidated balance sheets included assets and liabilities of Universal Beijing Resort totaling $7.8 billion and $7.2 billion, respectively. The assets and liabilities of Universal Beijing Resort primarily consist of property and equipment, operating lease assets and liabilities, and debt. |
Property and Equipment
Property and Equipment | 12 Months Ended |
Dec. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | Note 9: Property and Equipment December 31 (in billions) Weighted-Average 2023 2022 Distribution systems 11 years $ 45.7 $ 43.0 Customer premise equipment 6 years 25.0 25.4 Buildings, theme park infrastructure and leasehold improvements 32 years 20.9 20.1 Other equipment 11 years 17.5 17.4 Construction in process N/A 7.1 4.9 Land N/A 2.2 1.7 Property and equipment, at cost 118.4 112.4 Less: Accumulated depreciation 58.7 56.9 Property and equipment, net $ 59.7 $ 55.5 The table below summarizes our property and equipment by geographic location. December 31 (in billions) 2023 2022 United States $ 48.7 $ 44.2 Other 11.0 11.3 Property and equipment, net $ 59.7 $ 55.5 Property and equipment are stated at cost. We capitalize improvements that extend asset lives and expense repairs and maintenance costs as incurred. We record depreciation using the straight-line method over the asset’s estimated useful life. For assets that are sold or retired, we remove the applicable cost and accumulated depreciation and, unless the gain or loss on disposition is presented separately, we recognize it as a component of depreciation expense. Capital expenditures for the construction of Universal Beijing Resort are presented separately in our consolidated statements of cash flows. Connectivity & Platforms capitalizes the costs associated with the construction of and improvements to our HFC network, including scalable infrastructure and line extensions; costs associated with acquiring and deploying new customer premise equipment; and costs associated with installation of our services, including the customer’s connection to our network, in accordance with the accounting guidance related to cable television companies. Costs capitalized include all direct costs for labor and materials, as well as various indirect costs. Costs incurred in connection with subsequent disconnects, and reconnects of previously deployed customer premise equipment, are expensed as they are incurred. We evaluate the recoverability of our property and equipment whenever events or substantive changes in circumstances indicate that the carrying amount may not be recoverable. The evaluation is based on the cash flows generated by the underlying asset groups, including estimated future operating results, trends or other determinants of fair value. If the total of the expected future undiscounted cash flows were less than the carrying amount of the asset group, we would recognize an impairment charge to the extent the carrying amount of the asset group exceeded its estimated fair value. Unless presented separately, the impairment charge is included as a component of depreciation expense. Certain of our cable franchise agreements and lease agreements contain provisions requiring us to restore facilities or remove property in the event that the franchise or lease agreement is not renewed. We expect to continually renew our cable franchise agreements and therefore cannot reasonably estimate liabilities associated with such agreements. A remote possibility exists that franchise agreements could be terminated unexpectedly, which could result in us incurring significant expense in complying with restoration or removal provisions. We do not have any material liabilities related to asset retirement obligations recorded in our consolidated financial statements. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 12 Months Ended |
Dec. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | Note 10: Goodwill and Intangible Assets Goodwill Connectivity & Platforms Content & Experiences (formerly NBCUniversal) (in billions) Cable Residential Connectivity & Platforms Business Services Connectivity Media Studios Theme Sky Corporate Total Balance, December 31, 2021 Goodwill $ 16.2 $ — $ — $ 14.7 $ 3.7 $ 6.4 $ 29.2 $ — $ 70.2 Accumulated impairment losses — — — — — — — — — $ 16.2 $ — $ — $ 14.7 $ 3.7 $ 6.4 $ 29.2 $ — $ 70.2 Impairment — — — — — — (8.1) — (8.1) Foreign currency translation and other — — — — — (0.7) (3.0) — (3.6) 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 0.8 — 0.3 — (0.3) — — 0.8 Balance, December 31, 2023 Goodwill $ — $ 34.5 $ 2.2 $ 21.9 $ 3.7 $ 5.4 $ — $ — $ 67.8 Accumulated impairment losses (a) — (6.3) — (2.2) — — — — (8.5) $ — $ 28.2 $ 2.2 $ 19.7 $ 3.7 $ 5.4 $ — $ — $ 59.3 (a) Amounts relate to the 2022 impairment related to Sky, with the 2023 amounts allocated to our new segments on a consistent basis with goodwill. Amounts are impacted by foreign currency translation each period. Goodwill is calculated as the excess of the consideration transferred over the identifiable net assets acquired in a business combination and represents the future economic benefits expected to arise from anticipated synergies and intangible assets acquired that do not qualify for separate recognition, including increased footprint, assembled workforce, noncontractual relationships and other agreements. We assess the recoverability of our goodwill annually, or more frequently whenever events or substantive changes in circumstances indicate that the carrying amount of a reporting unit may exceed its fair value. We test goodwill for impairment at the reporting unit level. To determine our reporting units, we evaluate the components one level below the segment level and we aggregate the components if they have similar economic characteristics. We evaluate the determination of our reporting units used to test for impairment periodically or whenever events or substantive changes in circumstances occur. The assessment of recoverability may first consider qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is more likely than not that the fair value of a reporting unit is less than its carrying amount. A quantitative assessment is performed if the qualitative assessment results in a more-likely-than-not determination or if a qualitative assessment is not performed. The quantitative assessment considers whether the carrying amount of a reporting unit exceeds its fair value, in which case an impairment charge is recorded to the extent the reporting unit’s carrying value exceeds its fair value. Unless presented separately, the impairment charge is included as a component of amortization expense. In 2022, we recorded a goodwill impairment of $8.1 billion in our Sky reporting unit. The fair value of the reporting unit was estimated using a discounted cash flow analysis. When performing this analysis, we also considered multiples of earnings from comparable public companies and recent market transactions. The decline in fair value primarily resulted from an increased discount rate and reduced estimated future cash flows as a result of macroeconomic conditions in the Sky territories. The impairment is presented in goodwill and long-lived asset impairments in the consolidated statements of income. Intangible Assets 2023 2022 December 31 (in billions) Weighted-Average Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Indefinite-Lived Intangible Assets: Franchise rights N/A $ 59.4 $ 59.4 FCC licenses N/A 2.8 2.8 Finite-Lived Intangible Assets: Customer relationships 14 years 20.8 $ (13.3) 20.4 $ (11.4) Software 5 years 23.2 (14.8) 20.9 (12.7) Other agreements and rights 26 years 11.3 (2.2) 11.1 (1.8) Total $ 117.5 $ (30.3) $ 114.5 $ (25.9) Indefinite-Lived Intangible Assets Indefinite-lived intangible assets consist primarily of our cable franchise rights. Our cable franchise rights represent the values we attributed to agreements with state and local authorities that allow access to homes and businesses in cable service areas acquired in business combinations. We do not amortize our cable franchise rights because we have determined that they meet the definition of indefinite-lived intangible assets since there are no legal, regulatory, contractual, competitive, economic or other factors that limit the period over which these rights will contribute to our cash flows. We reassess this determination periodically or whenever events or substantive changes in circumstances occur. The purchase of spectrum rights is presented separately in our consolidated statements of cash flows. We assess the recoverability of our cable franchise rights and other indefinite-lived intangible assets annually, or more frequently whenever events or substantive changes in circumstances indicate that the assets might be impaired. We evaluate the unit of account used to test for impairment of our cable franchise rights and other indefinite-lived intangible assets periodically or whenever events or substantive changes in circumstances occur to ensure impairment testing is performed at an appropriate level. The assessment of recoverability may first consider qualitative factors to determine whether it is more likely than not that the fair value of an indefinite-lived intangible asset is less than its carrying amount. A quantitative assessment is performed if the qualitative assessment results in a more-likely-than-not determination or if a qualitative assessment is not performed. When performing a quantitative assessment, we estimate the fair value of our cable franchise rights and other indefinite-lived intangible assets. If the fair value of our cable franchise rights or other indefinite-lived intangible assets were less than the carrying amount, we would recognize an impairment charge for the difference between the estimated fair value and the carrying value of the assets. Unless presented separately, the impairment charge is included as a component of amortization expense. Finite-Lived Intangible Assets Finite-lived intangible assets are subject to amortization and consist primarily of customer relationships acquired in business combinations, software, trade names and intellectual property rights. Our finite-lived intangible assets are amortized primarily on a straight-line basis over their estimated useful life or the term of the associated agreement. The table below presents the estimated amortization expense of our customer relationships and other agreements and rights, including trade names and intellectual property rights. Estimated Amortization Expense of Finite-Lived Intangible Assets (in billions) 2024 $ 2.1 2025 $ 2.1 2026 $ 1.9 2027 $ 1.3 2028 $ 1.3 We capitalize direct development costs associated with internal-use software, including external direct costs of material and services and payroll costs for employees devoting time to these software projects. We also capitalize costs associated with arrangements that constitute the purchase of, or convey a license to, software licenses. We generally amortize them on a straight-line basis over a period not to exceed five years. We expense maintenance and training costs, as well as costs incurred during the preliminary stage of a project, as they are incurred. We capitalize initial operating system software costs and amortize them over the life of the associated hardware. We evaluate the recoverability of our finite-lived intangible assets whenever events or substantive changes in circumstances indicate that the carrying amount may not be recoverable. The evaluation is based on the cash flows generated by the underlying asset groups, including estimated future operating results, trends or other determinants of fair value. If the total of the expected future undiscounted cash flows were less than the carrying amount of the asset group, we would recognize an impairment charge to the extent the carrying amount of the asset group exceeded its estimated fair value. Unless presented separately, the impairment charge is included as a component of amortization expense. goodwill and long-lived asset impairments |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2023 | |
Retirement Benefits [Abstract] | |
Employee Benefit Plans | Note 11: Employee Benefit Plans Deferred Compensation Plans Year ended December 31 (in millions) 2023 2022 2021 Benefit obligation $ 4,507 $ 4,158 $ 4,002 Interest expense $ 341 $ 272 $ 265 We maintain unfunded, nonqualified deferred compensation plans for certain members of management and nonemployee directors. The amount of compensation deferred by each participant is based on participant elections. Participant accounts are credited with income primarily based on a fixed annual rate. Participants are eligible to receive distributions from their account based on elected deferral periods that are consistent with the plans and applicable tax law. We have purchased life insurance policies to recover a portion of the future payments related to our deferred compensation plans. As of December 31, 2023 and 2022, the cash surrender value of these policies, which is recorded to other noncurrent assets, net, was $512 million and $449 million, respectively. Pension and Postretirement Benefit Plans We sponsor several 401(k) defined contribution retirement plans that allow eligible employees to contribute a portion of their compensation through payroll deductions in accordance with specified plan guidelines. We make contributions to the plans that include matching a percentage of the employees’ contributions up to certain limits. In 2023, 2022 and 2021, expenses related to these plans totaled $650 million, $632 million and $595 million, respectively. We participate in various multiemployer benefit plans, including pension and postretirement benefit plans, that cover some of our employees and temporary employees who are represented by labor unions. We also participate in other multiemployer benefit plans that provide health and welfare and retirement savings benefits to active and retired participants. If we cease to be obligated to make contributions or were to otherwise withdraw from participation in any of these plans, applicable law would require us to fund our allocable share of the unfunded vested benefits, which is known as a withdrawal liability. In addition, actions taken by other participating employers may lead to adverse changes in the financial condition of one of these plans, which could result in an increase in our withdrawal liability. Total contributions we made to multiemployer benefit plans and any potential withdrawal liabilities were not material in any of the periods presented. |
Equity
Equity | 12 Months Ended |
Dec. 31, 2023 | |
Equity [Abstract] | |
Equity | Note 12: Equity Common Stock In the aggregate, holders of our Class A common stock have 66 2 / 3 % of the voting power of our common stock and holders of our Class B common stock have 33 1 / 3 % of the voting power of our common stock, which percentage is generally non-dilutable under the terms of our articles of incorporation. Each share of our Class B common stock is entitled to 15 votes. The number of votes held by each share of our Class A common stock depends on the number of shares of Class A and Class B common stock outstanding at any given time. The 33 1 / 3 % aggregate voting power of our Class B common stock cannot be diluted by additional issuances of any other class of common stock. Our Class B common stock is convertible, share for share, into Class A common stock, subject to certain restrictions. Shares of Common Stock Outstanding (in millions) Class A Class B Balance, December 31, 2020 4,571 9 Stock compensation plans 21 — Repurchases and retirements of common stock (73) — Employee stock purchase plans 5 — Balance, December 31, 2021 4,524 9 Stock compensation plans 12 — Repurchases and retirements of common stock (332) — Employee stock purchase plans 7 — Balance, December 31, 2022 4,211 9 Stock compensation plans 14 — Repurchases and retirements of common stock (262) — Employee stock purchase plans 7 — Balance, December 31, 2023 3,969 9 Weighted-Average Common Shares Outstanding Year ended December 31 (in millions) 2023 2022 2021 Weighted-average number of common shares outstanding – basic 4,122 4,406 4,584 Effect of dilutive securities 25 24 70 Weighted-average number of common shares outstanding – diluted 4,148 4,430 4,654 Antidilutive securities 169 176 35 Weighted-average common shares outstanding used in calculating 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. 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) December 31 (in millions) 2023 2022 Cumulative translation adjustments $ (1,596) $ (3,093) Deferred gains (losses) on cash flow hedges $ 49 $ 193 Unrecognized gains (losses) on employee benefit obligations and other $ 293 $ 290 Accumulated other comprehensive income (loss), net of deferred taxes $ (1,253) $ (2,611) |
Share-Based Compensation
Share-Based Compensation | 12 Months Ended |
Dec. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Share-Based Compensation | Note 13: Share-Based Compensation Year ended December 31 (in millions) 2023 2022 2021 Share-based compensation expense $ 1,021 $ 1,100 $ 1,081 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. Awards generally vest over a period of 5 years and, in the case of stock options, have a 10 year term. Additionally, through our employee stock purchase plans, employees are able to purchase shares of our common stock at a discount through payroll deductions. As of December 31, 2023, virtually all of our stock options outstanding were net settled stock options, which result in fewer shares being issued and no cash proceeds being received by us when the options are exercised. Stock Options and Restricted Share Units As of December 31, 2023, unless otherwise stated (in millions, except per share data) Stock RSUs Awards granted during 2023 58 26 Weighted-average exercise price of awards granted during 2023 $ 36.58 Stock options outstanding and nonvested RSUs 257 50 Weighted-average exercise price of stock options outstanding $ 41.16 Weighted-average fair value at grant date of nonvested RSUs $ 42.21 The cost associated with our share-based compensation is based on an award’s estimated fair value at the date of grant and is recognized over the period in which any related services are provided. RSUs are valued based on the closing price of our common stock on the date of grant and are discounted for the lack of dividends, if any, during the vesting period. We use the Black-Scholes option pricing model to estimate the fair value of stock option awards. The table below presents the weighted-average fair value on the date of grant of RSUs and stock options awarded under our various plans and the related weighted-average valuation assumptions. Year ended December 31 2023 2022 2021 RSUs fair value $ 37.14 $ 45.20 $ 54.52 Stock options fair value $ 8.41 $ 8.77 $ 9.72 Stock Option Valuation Assumptions: Dividend yield 3.2 % 2.4 % 1.8 % Expected volatility 26.2 % 25.0 % 22.8 % Risk-free interest rate 4.2 % 1.8 % 0.9 % Expected option life (in years) 5.9 5.8 5.9 |
Supplemental Financial Informat
Supplemental Financial Information | 12 Months Ended |
Dec. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Supplemental Financial Information | Note 14: Supplemental Financial Information Cash Payments for Interest and Income Taxes Year ended December 31 (in millions) 2023 2022 2021 Interest $ 3,711 $ 3,413 $ 3,908 Income taxes $ 5,107 $ 5,265 $ 2,628 Noncash Activities During 2023: • we acquired $2.1 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 January 2024 During 2022: • we acquired $2.0 billion of property and equipment and intangible assets that were accrued but unpaid • we recorded a liability of $1.1 billion for a quarterly cash dividend of $0.27 per common share paid in January 2023 During 2021: • we acquired $2.0 billion of property and equipment and intangible assets that were accrued but unpaid • we recorded a liability of $1.1 billion for a quarterly cash dividend of $0.25 per common share paid in January 2022 Cash, Cash Equivalents and Restricted Cash The following table provides a reconciliation of cash, cash equivalents and restricted cash reported in the consolidated balance sheets to the total of the amounts reported in our consolidated statements of cash flows. December 31 (in millions) 2023 2022 Cash and cash equivalents $ 6,215 $ 4,749 Restricted cash included in other current assets and other noncurrent assets, net 67 33 Cash, cash equivalents and restricted cash, end of year $ 6,282 $ 4,782 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 15: Commitments and Contingencies Sports Rights and Licensed Content Our most significant fixed-price purchase obligations relate to long-term commitments for sports rights and licensed content. Refer to Note 4 for additional information. 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 use 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. For our operating leases recorded in the balance sheets, lease expense 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. In 2023, 2022 and 2021, operating lease expenses, inclusive of short-term and variable lease expenses, recognized in our consolidated statements of income were each $1.2 billion. The table below summarizes the operating lease assets and liabilities recorded in our consolidated balance sheets. December 31 (in millions) 2023 2022 Other noncurrent assets, net $ 5,786 $ 5,997 Accrued expenses and other current liabilities $ 748 $ 675 Other noncurrent liabilities $ 5,838 $ 6,107 The table below summarizes our future minimum lease commitments for operating leases as of December 31, 2023. (in millions) December 31, 2024 $ 994 2025 883 2026 781 2027 647 2028 513 Thereafter 6,531 Total future minimum lease payments 10,351 Less: imputed interest (3,765) Total liability $ 6,586 The weighted-average remaining lease terms for operating leases and the weighted-average discount rates used to calculate our operating lease liabilities as of December 31, 2023 were 17 years and 4.1%, respectively, and as of December 31, 2022 were 18 years and 4.0%, respectively. In 2023, 2022 and 2021, cash payments for operating leases recorded in the consolidated balance sheets were $963 million, $965 million and $987 million, respectively. We recognized operating lease assets and liabilities of $2.8 billion related to Universal Beijing Resort in 2021. Lease assets and liabilities associated with other operating leases entered into or modified were not material in any period presented. Contractual Obligation We are party to a contractual obligation that involves an interest held by a third party in the revenue of certain theme parks. The arrangement provides the counterparty with the right to periodic payments associated with current period revenue which are recorded as an operating expense, and beginning in June 2017, the option to require NBCUniversal to purchase the interest for cash in an amount based on a contractual formula. The contractual formula is based on an average of specified historical theme park revenue at the time of exercise, which amount could be significantly higher than our carrying value. As of December 31, 2023, our carrying value was $1.1 billion, and the estimated value of the contractual obligation was $1.7 billion based on inputs to the contractual formula as of that date. 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. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Basis of Presentation | The accompanying consolidated financial statements include all entities in which we have a controlling voting interest and variable interest entities (“VIEs”) required to be consolidated, including Universal Beijing Resort (see Note 8). |
Foreign Currency Translation | We translate assets and liabilities of our foreign operations where the functional currency is the local currency into U.S. dollars at the exchange rate as of the balance sheet date and translate revenue and expenses using average periodic exchange rates. The related translation adjustments are recorded as a component of accumulated other comprehensive income (loss) in our consolidated balance sheets. Any foreign currency transaction gains or losses are included in our consolidated statements of income in investment and other income (loss), net. For disclosures containing future amounts where the functional currency is the local currency, we translate the amounts into U.S. dollars at the exchange rates as of the balance sheet date. |
Reclassifications | Reclassifications have been made to our consolidated financial statements and related notes for the prior years to conform to classifications used in 2023. See Note 2 for a discussion of the changes in our presentation of segment operating results. |
Use of Estimates | Our consolidated financial statements are prepared in accordance with GAAP, which require us to select accounting policies, including in certain cases industry-specific policies, and make estimates that affect the reported amount of assets, liabilities, revenue and expenses, and the related disclosure of contingent assets and contingent liabilities. Actual results could differ from these estimates. The following accounting policies are specific to the industries in which we operate: • capitalization and amortization of film and television costs (see Note 4) • costs for connecting customers to our HFC network (see Note 9) |
Advertising Expenses | Advertising costs are expensed as incurred. |
Derivative Financial Instruments | We use derivative financial instruments to manage our exposure to the risks associated with fluctuations in foreign exchange rates and interest rates. Our objective is to manage the financial and operational exposure arising from these risks by offsetting gains and losses on the underlying exposures with gains and losses on the derivatives used to economically hedge them. Our derivative financial instruments are recorded in our consolidated balance sheets at fair value. We designate certain derivative instruments as fair value hedges of recognized assets or liabilities, such as non-functional currency receivables and payables, or as cash flow hedges of forecasted transactions, including foreign currency denominated cash flows associated with non-functional currency debt and non-functional currency revenue and expenses. Changes in the fair value of derivative instruments accounted for as fair value hedges are primarily recorded within earnings and changes in the fair value of cash flow hedges are recorded as a component of accumulated other comprehensive income (loss) until the hedged items affect earnings. We also designate certain derivative and non-derivative instruments as hedges of our net investments in certain foreign subsidiaries. Transaction gains and losses resulting from currency movements on debt and changes in the fair value of cross-currency swaps designated as net investment hedges are recorded within the currency translation adjustments component of accumulated other comprehensive income (loss). For derivatives not designated as hedges, changes in fair value are recognized in earnings. |
Fair Value Measurements | The accounting guidance related to fair value measurements establishes a hierarchy based on the types of inputs used for the various valuation techniques. The levels of the hierarchy are described below. • Level 1: Values are determined using quoted market prices for identical financial instruments in an active market. • Level 2: Values are determined using quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets. • Level 3: Values are determined using models that use significant inputs that are primarily unobservable, discounted cash flow methodologies or similar techniques, as well as instruments for which the determination of fair value requires significant management judgment or estimation. |
Recent Accounting Pronouncements | Segment Disclosures In November 2023, the Financial Accounting Standards Board (“FASB”) issued updated accounting guidance related to annual and interim segment disclosures. The updated accounting guidance, among other things, requires disclosure of certain significant segment expenses. We will adopt the updated accounting guidance in our Annual Report on Form 10-K for the year ended December 31, 2024. We are currently evaluating the impact the adoption of the new accounting guidance will have on our segment disclosures in Note 2. Income Tax Disclosures In December 2023, the FASB issued updated accounting guidance related to income tax disclosures. The updated accounting guidance, among other things, requires additional disclosure primarily related to the income tax rate reconciliation and income taxes paid. We will adopt the updated accounting guidance in our Annual Report on Form 10-K for the year ended December 31, 2025. We are currently evaluating the impact the adoption of the new accounting guidance will have on our income tax disclosures in Note 5. |
Revenue Recognition | Connectivity & Platforms Residential Connectivity & Platforms Segment Residential Connectivity & Platforms generates revenue from customers that subscribe to our residential broadband and wireless connectivity services, residential and business video services and residential wireline voice services in the United States, the United Kingdom and Italy. We offer these services individually and as bundled services at a discounted rate. Subscription rates and related charges vary according to the services and features customers receive, and customers are typically billed in advance and pay on a monthly basis. Revenue from customers that purchase bundled services at a discounted rate is allocated between the separate services based on the respective stand-alone selling prices. The stand-alone selling prices are determined based on the current prices at which we separately sell the services. Significant judgment is used to determine performance obligations that should be accounted for separately and the allocation of revenue when services are combined in a bundle. While a portion of our customers are subject to contracts for their services, which are typically 1 month to 2 years in length, based on our evaluation of the terms of these contracts, we recognize revenue for these services primarily on a basis that is consistent with our customers that are not subject to contracts and recognize revenue as the services are provided on a monthly basis. Installation fees for these customers are deferred and recognized as revenue over the period of benefit to the customer, which is less than a year. Certain international customers are under contracts, with terms typically ranging from rolling monthly to 18 months, depending on the service, and may only discontinue service in accordance with the terms of their contracts. We recognize revenue for these customers as the services are provided over the contract period. At any given time, the amount of future revenue to be earned from these customers related to existing agreements is equal to less than 10% of our annual Residential Connectivity & Platforms revenue and will generally be recognized within 18 months. Sales commissions are generally expensed as incurred, as the related period of benefit is less than a year. Sales commissions for the international customers under contract are generally deferred and recognized over the respective contract terms. Our services generally involve customer premise equip ment, such as wireless gateways, internet modems and set-top boxes, that are generally considered part of our services for revenue recognition. We recognize revenue from the sale of devices, including wireless devices and Sky Glass smart televisions, when they are transferred to the customer. Under an equipment installment plan, customers typically have the option to finance wireless devices and Sky Glass smart televisions interest-free over 24 months, and up to 48 months for international customers. Equipment installment plan receivables under these arrangements are recorded net of imputed interest when the devices are transferred to the customer. We also have arrangements to sell certain DTC streaming services t o our customers. We have concluded we are the sales agent in these arrangements, and we record net commission revenue as earned, which is generally as customers are billed on a monthly basis, within domestic broadband and international connectivity revenue. Under the terms of our domestic cable franchise agreements, we are generally required to pay the cable franchising authority an amount based on gross video revenue. We generally pass these and other similar fees through to our domestic customers and classify these fees in the respective Residential Connectivity & Platforms services revenue, with the corresponding costs included in other operating and administrative expenses. Advertising Revenue is generated from the sale of advertising and technology, tools and solutions relating to advertising businesses. As part of distribution agreements with domestic cable networks, we generally receive an allocation of scheduled advertising time that we sell to advertisers. In addition, we generate revenue from the sale of advertising on our owned Sky-branded entertainment television networks and our digital platforms. In most cases, the available advertising units are sold by our sales force. We also represent the advertising sales efforts of certain third parties. Since we are acting as the principal in these arrangements, we record the advertising that is sold in advertising revenue and the fees paid to the third parties in other operating and administrative expenses. In some cases, we work with representation firms as an extension of our sales force to sell a portion of the advertising units allocated to us and record the revenue net of agency commissions. We have determined that a contract exists for our advertising sales arrangements once all terms and conditions are agreed upon, typically when the number of advertising units is specifically identified and scheduled. Advertisements are generally aired or delivered within one year once all terms and conditions are agreed upon. Revenue from these arrangements is recognized in the period in which advertisements are aired or delivered. Payment terms vary by contract, although terms generally require payment within 30 to 60 days from when advertisements are aired or delivered. We also provide technology, tools, data-driven services and marketplace solutions to customers in the media industry to facilitate the more effective engagement of advertisers with their target audiences and recognize revenue when these services are provided. Business Services Connectivity Segment Business Services Connectivity generates revenue from subscribers to a variety of our products and services which are offered to businesses. Our connectivity service offerings for small business locations in the United States primarily include broadband, wireline voice and wireless services that are similar to those provided to our residential customers and include certain other features specific to businesses. Our medium-sized and enterprise customer offerings also include ethernet network services, advanced voice services and a software-defined networking product. We have also launched small business connectivity service offerings in the United Kingdom. We recognize revenue as the services are provided over the contract period. Substantially all of our customers are initially under contracts, with terms typically ranging from 2 years for small and medium-sized businesses to up to 5 years for larger enterprises. Customers with contracts may only discontinue service in accordance with the terms of their contracts. At any given time, the amount of future revenue to be earned related to fixed pricing under existing agreements is equal to approximately half of our annual Business Services Connectivity segment revenue, of which the substantial majority will be recognized within 2 years. Customers under contract typically pay on a monthly basis. Installation revenue and sales commissions are generally deferred and recognized over the respective contract terms. Content & Experiences Media Segment Advertising Media generates revenue from the sale of advertising on our linear television networks, Peacock and other digital properties. We have determined that a contract exists for our advertising sales once all terms and conditions are agreed upon, typically when the number of advertising units is specifically identified and scheduled. Advertisements are generally aired or delivered within one year once all terms and conditions are agreed upon. Revenue is recognized, net of agency commissions, in the period in which advertisements are aired or delivered and payment occurs thereafter, with payment generally required within 30 days. In some instances, we guarantee audience ratings for the advertisements. To the extent there is a shortfall in contracts where the ratings were guaranteed, a portion of the revenue is deferred until the shortfall is settled, typically by providing additional advertising units generally within one year of the original airing. Distribution Media generates revenue from the distribution of television programming in the United States and internationally to traditional multichannel video providers, such as our Residential Connectivity & Platforms segment, and to virtual multichannel video providers that offer streamed linear television networks. This revenue includes amounts under NBC and Telemundo retransmission consent agreements and we also receive associated fees from NBC-affiliated and Telemundo-affiliated local broadcast television stations. Additionally, we receive monthly retail or wholesale subscription fees for our Peacock service. Monthly fees received under distribution agreements with multichannel video providers are generally under multiyear agreements with revenue based on the number of subscribers receiving the programming on our television networks and a per subscriber fee, although revenue for certain of our television networks is based on a fixed fee. Payment terms and conditions vary by contract type, although terms generally include payment within 60 days. These arrangements are accounted for as licenses of functional intellectual property and revenue is recognized as programming is provided. Studios Segment Content Licensing Studios generates revenue from the licensing of our owned film and television content in the United States and internationally to television networks and DTC streaming service providers, as well as through video on demand and pay-per-view services provided by multichannel video providers. Our agreements generally include fixed pricing and span multiple years. For example, following a film’s theatrical release, Studios may license the exhibition rights of a film to different customers over multiple successive distribution windows. We recognize revenue when the content is delivered and available for use by the licensee. When the term of an existing agreement is renewed or extended, we recognize revenue when the licensed content becomes available under the renewal or extension. Payment terms and conditions vary by contract type, although payments are generally collected over the license term. The amount of future revenue to be earned related to fixed pricing under existing third-party agreements at any given time equals approximately one-half year to 1 year of annual Studios content licensing revenue, which is the segment with the largest portion of this future revenue. The majority of this revenue will be recognized within 2 years. This amount may fluctuate from period to period depending on the timing of the releases and the availability of content under existing agreements and may not represent the total revenue expected to be recognized as it does not include revenue from future agreements or from variable pricing or optional purchases under existing agreements. For our agreements that include variable pricing, such as pricing based on the number of subscribers to a DTC streaming service sold by our customers, we generally recognize revenue as our customers sell to their subscribers. Theatrical Studios generates revenue from the worldwide distribution of our produced and acquired films for exhibition in movie theaters. Our arrangements with exhibitors generally entitle us to a percentage of ticket sales. We recognize revenue as the films are viewed and exhibited in theaters and payment generally occurs within 30 days after exhibition. Theme Parks Segment Theme Parks generates revenue primarily from guest spending at our Universal theme parks in Orlando, Florida; Hollywood, California; Osaka, Japan; and Beijing, China. Guest spending includes ticket sales and in-park spending on food, beverages and merchandise. We also generate revenue from our consumer products business. Additionally, we license the right to use the Universal Studios brand name and other intellectual property and provide other services to third parties, including the party that owns and operates the Universal Studios Singapore theme park on Sentosa Island, Singapore. We recognize revenue from ticket sales when the tickets are used, generally within a year from the date of purchase. For annual passes, we generally recognize revenue on a straight-line basis over the period the pass is available to be used. We recognize revenue from in-park spending and consumer products at the point of sale. |
Film and Television Costs | Video Distribution Programming Expenses We incur programming expenses related to the license of the rights to distribute or integrate third-party programmed television networks, platforms and related content included in video services we sell to end consumers. Programming is generally acquired under multiyear distribution agreements, with fees typically based on the number of customers receiving the television network programming and a per subscriber fee. Programming distribution arrangements are accounted for as executory contracts with expenses generally recognized based on the rates in the agreements, and the arrangements are not subject to impairment. Film and Television Content We incur costs related to the production of owned content and the license of the rights to use content owned by third parties and sports rights on our owned television networks and digital properties, which are described as owned and licensed content, respectively. We have determined that the predominant monetization strategy for the substantial majority of our content is on an individual basis. We capitalize costs for owned film and television content, including direct costs, production overhead, print costs, development costs and interest, as well as acquired libraries. Amortization for owned content predominantly monetized on an individual basis and accrued costs associated with participations and residuals payments are recorded using the individual film forecast computation method, which recognizes the costs in the same ratio as the associated ultimate revenue. Estimates of ultimate revenue and total costs are based on anticipated release patterns and distribution strategies, public acceptance and historical results for similar productions. Amortization for content predominantly monetized with other owned or licensed content is recorded based on estimated usage. In determining the method of amortization and estimated life of an acquired film or television library, we generally use the method and the life that most closely follow the undiscounted cash flows over the estimated life of the asset. We do not capitalize costs related to the distribution of a film in movie theaters or the licensing or sale of a film or television production, which primarily include costs associated with marketing and distribution. We capitalize the costs of licensed content when the license period begins, the content is made available for use and the costs of the licenses are known. Licensed content is amortized as the associated programs are used, incorporating estimated viewing patterns. Owned and licensed content are presented as noncurrent assets in film and television costs. We present amortization of owned and licensed content and accrued costs associated with participations and residuals payments in programming and production costs. Film and television productions may be eligible for tax incentives from certain state, local or foreign jurisdictions. These incentives generally provide for transferable or redeemable tax credits upon meeting established levels of qualified production spending within a participating jurisdiction. We record a receivable for a production tax incentive program when there is a reasonable assurance of collection with a corresponding reduction of capitalized film and television costs, and the related amortization. We may enter into co-financing arrangements with third parties to jointly finance or distribute certain of our film productions. These arrangements can take various forms, but in most cases involve the grant of an economic interest in a film to an investor who owns an undivided copyright interest in the film. The number of investors and the terms of these arrangements can vary, although investors generally assume the full risks and rewards of ownership proportionate to their ownership in the film. We account for the proceeds received from the investor under these arrangements as a reduction of our capitalized film costs and the investor’s interest in the profit or loss of the film is recorded as either a charge or a benefit, respectively, in programming and production costs. The investor’s interest in the profit or loss of a film is recorded each period using the individual film forecast computation method. When an event or a change in circumstance occurs that was known or knowable as of the balance sheet date and that indicates the fair value of either owned or licensed content is less than the unamortized costs in the balance sheet, we determine the fair value and record an impairment charge to the extent the unamortized costs exceed the fair value. Owned content is assessed either individually or in identified film groups, for content predominantly monetized on an individual basis or with other content, respectively. The substantial majority of our owned content is evaluated for impairment on an individual title basis. Licensed content that is not part of a film group is generally assessed in packages, channels or dayparts. A daypart is an aggregation of programs broadcast during a particular time of day or programs of a similar type. Licensed content is tested for impairment primarily on a channel, network or platform basis, with the exception of our broadcast networks and owned local broadcast television stations, which are tested on a daypart basis. Estimated fair values of owned and licensed content are generally based on Level 3 inputs including analysis of market participant estimates of future cash flows. We record charges related to impairments or content that is substantively abandoned to programming and production costs. Sports Rights We recognize the costs of multiyear, live-event sports rights as the rights are used over the contract term based on estimated relative value. Estimated relative value is generally based on the terms of the contract and the nature of and potential revenue generation of the deliverables within the contract. Sports rights are accounted for as executory contracts and are not subject to impairment. When cash payments, including advanc |
Income Tax Disclosures | We base our provision for income taxes on our current period income, changes in our deferred income tax assets and liabilities, income tax rates, changes in estimates of our uncertain tax positions, tax planning opportunities available in the jurisdictions in which we operate and excess tax benefits or deficiencies that arise when the tax consequences of share-based compensation differ from amounts previously recognized in the statements of income. We recognize deferred tax assets and liabilities when there are temporary differences between the financial reporting basis and tax basis of our assets and liabilities and for the expected benefits of using net operating loss carryforwards. When a change in the tax rate or tax law has an impact on deferred taxes, we apply the change based on the years in which the temporary differences are expected to reverse. We record the change in our consolidated financial statements in the period of enactment. The determination of the income tax consequences of a business combination includes identifying the tax basis of assets and liabilities acquired and any contingencies associated with uncertain tax positions assumed or resulting from the business combination. Deferred tax assets and liabilities related to temporary differences of an acquired entity are recorded as of the date of the business combination and are based on our estimate of the ultimate tax basis that will be accepted by the various tax authorities. We record liabilities for contingencies associated with prior tax returns filed by the acquired entity based on criteria set forth in the appropriate accounting guidance. We adjust the deferred tax accounts and the liabilities periodically to reflect any revised estimated tax basis and any estimated settlements with the various tax authorities. The effects of these adjustments are recorded to income tax expense. From time to time, we engage in transactions in which the tax consequences may be subject to uncertainty. In these cases, we evaluate our tax position using the recognition threshold and the measurement attribute in accordance with the accounting guidance related to uncertain tax positions. Examples of these transactions include business acquisitions and dispositions, including consideration paid or received in connection with these transactions, certain financing transactions, and the allocation of income among state and local tax jurisdictions. Significant judgment is required in assessing and estimating the tax consequences of these transactions. We determine whether it is more likely than not that a tax position will be sustained on examination, including the resolution of any related appeals or litigation processes, based on the technical merits of the position. A tax position that meets the more-likely-than-not recognition threshold is measured to determine the amount of benefit to be recognized in our consolidated financial statements. We classify interest and penalties, if any, associated with our uncertain tax positions as a component of income tax expense (benefit). |
Investments | Equity Method We use the equity method to account for investments in which we have the ability to exercise significant influence over the investee’s operating and financial policies, or in which we hold a partnership or limited liability company interest in an entity with specific ownership accounts, unless we have virtually no influence over the investee’s operating and financial policies. Equity method investments are recorded at cost and are adjusted to recognize (1) our share, based on percentage ownership or other contractual basis, of the investee’s net income or loss after the date of investment, (2) amortization of the recorded investment that exceeds our share of the book value of the investee’s net assets, (3) additional contributions made and dividends or other distributions received, and (4) impairments resulting from other-than-temporary declines in fair value. For some investments, we record our share of the investee’s net income or loss one quarter in arrears due to the timing of our receipt of such information. Gains or losses on the sale of equity method investments are recorded to other income (loss), net. If an equity method investee were to issue additional securities that would change our proportionate share of the entity, we would recognize the change, if any, as a gain or loss to oth Marketable Equity Securities We classify investments with readily determinable fair values that are not accounted for under the equity method as marketable equity securities and the carrying values are primarily presented in other current assets. The changes in fair value of our marketable equity securities between measurement dates are recorded in realized and unrealized gains (losses) on equity securities, net. The fair values of our marketable equity securities are based on Level 1 inputs that use quoted market prices. Nonmarketable Equity Securities We classify investments without readily determinable fair values that are not accounted for under the equity method as nonmarketable equity securities. The accounting guidance requires nonmarketable equity securities to be recorded at cost and adjusted to fair value at each reporting period. However, the guidance allows for a measurement alternative, which is to record the investments at cost, less impairment, if any, and subsequently adjust for observable price changes of identical or similar investments of the same issuer. We generally apply the measurement alternative, adjusting the investments for observable price changes of identical or similar investments of the same issuer, to our nonmarketable equity securities. When an observable event occurs, we estimate the fair values of our nonmarketable equity securities primarily based on Level 2 inputs that are derived from observable price changes of similar securities adjusted for insignificant differences in rights and obligations. The changes in value are recorded in realized and unrealized gains (losses) on equity securities, net. We review our investment portfolio, other than our marketable equity securities, each reporting period to determine whether there are identified events or circumstances that would indicate there is a decline in the fair value. For our nonpublic investments, if there are no identified events or circumstances that would have a significant adverse effect on the fair value of the investment, then the fair value is not estimated. For our equity method investments, if an investment is deemed to have experienced an other-than-temporary decline below its cost basis, we reduce the carrying amount of the investment to its quoted or estimated fair value, as applicable, and establish a new cost basis for the investment. For our nonmarketable equity securities, we record the impairment to realized and unrealized gains (losses) on equity securities, net. For our equity method investments, we record the impairment to other income (loss), net. |
Property and Equipment | Property and equipment are stated at cost. We capitalize improvements that extend asset lives and expense repairs and maintenance costs as incurred. We record depreciation using the straight-line method over the asset’s estimated useful life. For assets that are sold or retired, we remove the applicable cost and accumulated depreciation and, unless the gain or loss on disposition is presented separately, we recognize it as a component of depreciation expense. Capital expenditures for the construction of Universal Beijing Resort are presented separately in our consolidated statements of cash flows. Connectivity & Platforms capitalizes the costs associated with the construction of and improvements to our HFC network, including scalable infrastructure and line extensions; costs associated with acquiring and deploying new customer premise equipment; and costs associated with installation of our services, including the customer’s connection to our network, in accordance with the accounting guidance related to cable television companies. Costs capitalized include all direct costs for labor and materials, as well as various indirect costs. Costs incurred in connection with subsequent disconnects, and reconnects of previously deployed customer premise equipment, are expensed as they are incurred. We evaluate the recoverability of our property and equipment whenever events or substantive changes in circumstances indicate that the carrying amount may not be recoverable. The evaluation is based on the cash flows generated by the underlying asset groups, including estimated future operating results, trends or other determinants of fair value. If the total of the expected future undiscounted cash flows were less than the carrying amount of the asset group, we would recognize an impairment charge to the extent the carrying amount of the asset group exceeded its estimated fair value. Unless presented separately, the impairment charge is included as a component of depreciation expense. Certain of our cable franchise agreements and lease agreements contain provisions requiring us to restore facilities or remove property in the event that the franchise or lease agreement is not renewed. We expect to continually renew our cable franchise agreements and therefore cannot reasonably estimate liabilities associated with such agreements. A remote possibility exists that franchise agreements could be terminated unexpectedly, which could result in us incurring significant expense in complying with restoration or removal provisions. We do not have any material liabilities related to asset retirement obligations recorded in our consolidated financial statements. |
Goodwill | Goodwill is calculated as the excess of the consideration transferred over the identifiable net assets acquired in a business combination and represents the future economic benefits expected to arise from anticipated synergies and intangible assets acquired that do not qualify for separate recognition, including increased footprint, assembled workforce, noncontractual relationships and other agreements. We assess the recoverability of our goodwill annually, or more frequently whenever events or substantive changes in circumstances indicate that the carrying amount of a reporting unit may exceed its fair value. We test goodwill for impairment at the reporting unit level. To determine our reporting units, we evaluate the components one level below the segment level and we aggregate the components if they have similar economic characteristics. We evaluate the determination of our reporting units used to test for impairment periodically or whenever events or substantive changes in circumstances occur. The assessment of recoverability may first consider qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is more likely than not that the fair value of a reporting unit is less than its carrying amount. A quantitative assessment is performed if the qualitative assessment results in a more-likely-than-not determination or if a qualitative assessment is not performed. The quantitative assessment considers whether the carrying amount of a reporting unit exceeds its fair value, in which case an impairment charge is recorded to the extent the reporting unit’s carrying value exceeds its fair value. Unless presented separately, the impairment charge is included as a component of amortization expense. In 2022, we recorded a goodwill impairment of $8.1 billion in our Sky reporting unit. The fair value of the reporting unit was estimated using a discounted cash flow analysis. When performing this analysis, we also considered multiples of earnings from comparable public companies and recent market transactions. The decline in fair value primarily resulted from an increased discount rate and reduced estimated future cash flows as a result of macroeconomic conditions in the Sky territories. The impairment is presented in goodwill and long-lived asset impairments in the consolidated statements of income. |
Indefinite-Lived Intangible Assets | Indefinite-lived intangible assets consist primarily of our cable franchise rights. Our cable franchise rights represent the values we attributed to agreements with state and local authorities that allow access to homes and businesses in cable service areas acquired in business combinations. We do not amortize our cable franchise rights because we have determined that they meet the definition of indefinite-lived intangible assets since there are no legal, regulatory, contractual, competitive, economic or other factors that limit the period over which these rights will contribute to our cash flows. We reassess this determination periodically or whenever events or substantive changes in circumstances occur. The purchase of spectrum rights is presented separately in our consolidated statements of cash flows. We assess the recoverability of our cable franchise rights and other indefinite-lived intangible assets annually, or more frequently whenever events or substantive changes in circumstances indicate that the assets might be impaired. We evaluate the unit of account used to test for impairment of our cable franchise rights and other indefinite-lived intangible assets periodically or whenever events or substantive changes in circumstances occur to ensure impairment testing is performed at an appropriate level. The assessment of recoverability may first consider qualitative factors to determine whether it is more likely than not that the fair value of an indefinite-lived intangible asset is less than its carrying amount. A quantitative assessment is performed if the qualitative assessment results in a more-likely-than-not determination or if a qualitative assessment is not performed. When performing a quantitative assessment, we estimate the fair value of our cable franchise rights and other indefinite-lived intangible assets. If the fair value of our cable franchise rights or other indefinite-lived intangible assets were less than the carrying amount, we would recognize an impairment charge for the difference between the estimated fair value and the carrying value of the assets. Unless presented separately, the impairment charge is included as a component of amortization expense. |
Finite-Lived Intangible Assets | Finite-lived intangible assets are subject to amortization and consist primarily of customer relationships acquired in business combinations, software, trade names and intellectual property rights. Our finite-lived intangible assets are amortized primarily on a straight-line basis over their estimated useful life or the term of the associated agreement. We capitalize direct development costs associated with internal-use software, including external direct costs of material and services and payroll costs for employees devoting time to these software projects. We also capitalize costs associated with arrangements that constitute the purchase of, or convey a license to, software licenses. We generally amortize them on a straight-line basis over a period not to exceed five years. We expense maintenance and training costs, as well as costs incurred during the preliminary stage of a project, as they are incurred. We capitalize initial operating system software costs and amortize them over the life of the associated hardware. We evaluate the recoverability of our finite-lived intangible assets whenever events or substantive changes in circumstances indicate that the carrying amount may not be recoverable. The evaluation is based on the cash flows generated by the underlying asset groups, including estimated future operating results, trends or other determinants of fair value. If the total of the expected future undiscounted cash flows were less than the carrying amount of the asset group, we would recognize an impairment charge to the extent the carrying amount of the asset group exceeded its estimated fair value. Unless presented separately, the impairment charge is included as a component of amortization expense. |
Postretirement and Pension Benefits | We sponsor several 401(k) defined contribution retirement plans that allow eligible employees to contribute a portion of their compensation through payroll deductions in accordance with specified plan guidelines. We make contributions to the plans that include matching a percentage of the employees’ contributions up to certain limits.We participate in various multiemployer benefit plans, including pension and postretirement benefit plans, that cover some of our employees and temporary employees who are represented by labor unions. We also participate in other multiemployer benefit plans that provide health and welfare and retirement savings benefits to active and retired participants. If we cease to be obligated to make contributions or were to otherwise withdraw from participation in any of these plans, applicable law would require us to fund our allocable share of the unfunded vested benefits, which is known as a withdrawal liability. In addition, actions taken by other participating employers may lead to adverse changes in the financial condition of one of these plans, which could result in an increase in our withdrawal liability. |
Earnings Per Share | Weighted-average common shares outstanding used in calculating 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. 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. |
Share-Based Compensation | The cost associated with our share-based compensation is based on an award’s estimated fair value at the date of grant and is recognized over the period in which any related services are provided. RSUs are valued based on the closing price of our common stock on the date of grant and are discounted for the lack of dividends, if any, during the vesting period. We use the Black-Scholes option pricing model to estimate the fair value of stock option awards. |
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 use 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. |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Segment Reporting [Abstract] | |
Financial Data by Business Segment | Our financial data by segment is presented in the tables below. We do not present asset information for our segments as this information is not used to allocate resources and capital. Year Ended December 31, 2023 2022 2021 (in millions) Revenue (a) Adjusted EBITDA (b) Revenue (a) Adjusted EBITDA (b) Revenue (a) Adjusted EBITDA (b) Connectivity & Platforms Residential Connectivity & Platforms $ 71,946 $ 26,948 $ 72,386 $ 26,111 $ 72,694 $ 25,188 Business Services Connectivity 9,255 5,291 8,819 5,060 8,056 4,682 Connectivity & Platforms 81,201 32,239 81,205 31,171 80,750 29,871 Content & Experiences Media 25,355 2,955 26,719 3,598 27,406 5,133 Studios 11,625 1,269 12,257 961 10,077 879 Theme Parks 8,947 3,345 7,541 2,683 5,051 1,267 Headquarters and Other 64 (946) 75 (881) 87 (840) Eliminations (a) (2,800) 77 (3,442) (2) (3,048) (205) Content & Experiences 43,191 6,700 43,151 6,360 39,574 6,234 Corporate and Other 2,763 (1,335) 2,662 (1,008) 2,844 (1,331) Eliminations (a) (5,583) 28 (5,590) (64) (6,783) (65) Comcast Consolidated $ 121,572 $ 37,633 $ 121,427 $ 36,459 $ 116,385 $ 34,708 (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. Year ended December 31 (in millions) 2023 2022 2021 Connectivity & Platforms Residential Connectivity & Platforms $ 207 $ 208 $ 219 Business Services Connectivity 22 21 25 Content & Experiences Media 4,621 4,572 5,776 Studios 3,317 3,963 3,548 Theme Parks (1) 1 2 Headquarters and Other 29 52 68 Corporate and Other 187 215 193 Total intersegment revenue $ 8,383 $ 9,032 $ 9,831 |
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. Year ended December 31 (in millions) 2023 2022 2021 Adjusted EBITDA $ 37,633 $ 36,459 $ 34,708 Adjustments 16 (13) (87) Depreciation (8,854) (8,724) (8,628) Amortization (5,482) (5,097) (5,176) Goodwill and long-lived asset impairments — (8,583) — Interest expense (4,087) (3,896) (4,281) Investment and other income (loss), net 1,252 (861) 2,557 Income (loss) before income taxes $ 20,478 $ 9,284 $ 19,093 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. Refer to Note 10 for a discussion of impairment charges in 2022 related to goodwill and long-lived assets. |
Revenue (Tables)
Revenue (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of revenue | Year ended December 31 (in millions) 2023 2022 2021 Domestic broadband $ 25,489 $ 24,469 $ 22,979 Domestic wireless 3,664 3,071 2,380 International connectivity 4,207 3,426 3,293 Total residential connectivity 33,359 30,966 28,652 Video 28,797 30,496 32,440 Advertising 3,969 4,546 4,507 Other 5,820 6,378 7,095 Total Residential Connectivity & Platforms 71,946 72,386 72,694 Total Business Services Connectivity 9,255 8,819 8,056 Total Connectivity & Platforms 81,201 81,205 80,750 Domestic advertising 8,600 10,360 10,177 Domestic distribution 10,663 10,525 10,080 International networks 4,109 3,729 5,060 Other 1,983 2,105 2,090 Total Media 25,355 26,719 27,406 Content licensing 8,231 9,348 8,193 Theatrical 2,079 1,607 691 Other 1,315 1,302 1,193 Total Studios 11,625 12,257 10,077 Total Theme Parks 8,947 7,541 5,051 Headquarters and Other 64 75 87 Eliminations (a) (2,800) (3,442) (3,048) Total Content & Experiences 43,191 43,151 39,574 Corporate and Other 2,763 2,662 2,844 Eliminations (a) (5,583) (5,590) (6,783) Total revenue $ 121,572 $ 121,427 $ 116,385 (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 Un ited States but also in select international markets. The table below summarizes our consolidated revenue from customers in certain geographic locations. Year ended December 31 (in millions) 2023 2022 2021 United States $ 94,375 $ 96,441 $ 90,926 United Kingdom 13,364 13,380 13,999 Other 13,833 11,606 11,460 Total revenue $ 121,572 $ 121,427 $ 116,385 |
Schedule of receivables, net | The table below summarizes our accounts receivable. December 31 (in millions) 2023 2022 Receivables, gross $ 14,511 $ 13,407 Less: Allowance for credit losses 698 736 Receivables, net $ 13,813 $ 12,672 |
Changes in the allowance for doubtful accounts | The table below presents changes in our allowance for credit losses. (in millions) 2023 2022 2021 Beginning balance $ 736 $ 658 $ 807 Current-period provision for expected credit losses 775 758 336 Write-offs charged against the allowance, net of recoveries and other (812) (680) (485) Ending balance $ 698 $ 736 $ 658 |
Other balance sheet accounts | The table below summarizes our other balances that are not separately presented in our consolidated balance sheets that relate to the recognition of revenue and collection of the related cash, as well as the deferred costs associated with our contracts with customers. December 31 (in millions) 2023 2022 Noncurrent receivables, net (included in other noncurrent assets, net) $ 1,914 $ 1,887 Contract acquisition and fulfillment costs (included in other noncurrent assets, net) (a) $ 1,088 $ 1,081 Noncurrent deferred revenue (included in other noncurrent liabilities) $ 618 $ 735 (a) Amortization of contract acquisition and fulfillment costs totaled $692 million, $707 million and $654 million in 2023, 2022 and 2021, respectively, included in marketing and promotion and other operating and administrative expenses. Our accounts receivables include amounts not yet billed related to equipment installment plans, as summarized in the table below. December 31 (in millions) 2023 2022 Receivables, net $ 1,695 $ 1,388 Noncurrent receivables, net (included in other noncurrent assets, net) 1,223 1,023 Total $ 2,918 $ 2,411 |
Programming and Production Co_2
Programming and Production Costs (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Other Industries [Abstract] | |
Programming and Production Cost | Year ended December 31 (in millions) 2023 2022 2021 Video distribution programming $ 12,460 $ 13,013 $ 13,550 Film and television content: Owned (a) 10,224 10,765 8,957 Licensed, including sports rights 12,619 13,151 14,733 Other 1,459 1,283 1,210 Total programming and production costs $ 36,762 $ 38,213 $ 38,450 (a) Amount includes amortization of owned content of $7.8 billion, $8.6 billion and $7.3 billion for the year ended December 31, 2023, 2022 and 2021, respectively, as well as participations and residuals expenses. |
Capitalized Film and Television Costs | Capitalized Film and Television Costs December 31 (in millions) 2023 2022 Owned: In production and in development $ 2,893 $ 3,210 Completed, not released 317 130 Released, less amortization 4,340 4,634 7,551 7,974 Licensed, including sports advances 5,369 4,586 Film and television costs $ 12,920 $ 12,560 Production tax incentives reduced capitalized owned film and television costs programming and production costs noncurrent assets |
Estimated Future Amortization Expense for Capitalized Film and Television Costs and Programming Rights | The table below summarizes estimated future amortization expense for the capitalized film and television costs recorded in our consolidated balance sheets as of December 31, 2023. (in millions) Owned Licensed Completed, not released: 2024 $ 192 Released and licensed content: 2024 $ 2,258 $ 3,627 2025 $ 779 $ 1,002 2026 $ 421 $ 461 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Schedule of income before income taxes | Income (Loss) Before Income Taxes Year ended December 31 (in millions) 2023 2022 2021 Domestic $ 22,164 $ 19,329 $ 21,243 Foreign (1,686) (10,045) (2,150) $ 20,478 $ 9,284 $ 19,093 |
Schedule for the components of income tax expense | Components of Income Tax Expense Year ended December 31 (in millions) 2023 2022 2021 Current Expense (Benefit): Federal $ 6,270 $ 4,025 $ 2,355 State 1,591 961 669 Foreign 249 207 343 8,110 5,193 3,367 Deferred Expense (Benefit): Federal (2,126) (281) 1,504 State (468) (483) 255 Foreign (145) (70) 133 (2,739) (834) 1,892 Income tax expense (benefit) $ 5,371 $ 4,359 $ 5,259 |
Schedule of items that effect income tax expense | Our income tax expense (benefit) differs from the federal statutory amount because of the effect of the items detailed in the table below. Year ended December 31 (in millions) 2023 2022 2021 Federal tax at statutory rate $ 4,300 $ 1,950 $ 4,009 State income taxes, net of federal benefit 418 454 464 Foreign income taxed at different rates 306 519 392 Adjustments to uncertain and effectively settled tax positions, net 353 179 238 Federal research and development credits (131) (104) (85) Excess tax benefits recognized on share-based compensation 4 (30) (209) Tax legislation 8 (287) 498 Goodwill impairment — 1,666 — Other 113 12 (48) Income tax expense (benefit) $ 5,371 $ 4,359 $ 5,259 |
Schedule of the components of net deferred tax liability | Components of Net Deferred Tax Liability December 31 (in millions) 2023 2022 Deferred Tax Assets: Net operating loss and other loss carryforwards $ 3,530 $ 3,325 Advance on sale of investment (see Note 8) 2,367 — Nondeductible accruals and other 4,100 3,210 Less: Valuation allowance 3,679 3,295 6,318 3,240 Deferred Tax Liabilities: Property and equipment and intangible assets 29,337 29,688 Investments 1,002 265 Long-term debt 1,814 1,741 Foreign subsidiaries and undistributed foreign earnings 59 55 32,212 31,749 Net deferred tax liability $ 25,894 $ 28,509 |
Schedule of changes in the valuation allowance for deferred tax assets | The table below presents changes in our valuation allowance for deferred tax assets. (in millions) 2023 2022 2021 Beginning balance $ 3,295 $ 2,907 $ 2,312 Additions charged to income tax expense and other accounts 469 433 635 Deductions from reserves 84 45 40 Ending balance $ 3,679 $ 3,295 $ 2,907 |
Reconciliation of unrecognized tax benefits | Reconciliation of Unrecognized Tax Benefits (in millions) 2023 2022 2021 Gross unrecognized tax benefits, January 1 $ 2,161 $ 2,042 $ 1,879 Additions based on tax positions related to the current year 546 380 352 Additions based on tax positions related to prior years 1 56 111 Reductions for tax positions of prior years (43) (145) (181) Reductions due to expiration of statutes of limitations (56) (148) (107) Settlements with tax authorities and other (15) (24) (12) Gross unrecognized tax benefits, December 31 $ 2,593 $ 2,161 $ 2,042 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
Schedule of Long-Term Debt | Long-Term Debt Outstanding December 31 (in billions) Weighted-Average Interest Rate as of December 31, 2023 Weighted-Average Interest Rate as of December 31, 2022 2023 (b) 2022 (b) Commercial paper — % 4.6 % $ — $ 0.7 Term loans 3.2 % 4.4 % 3.1 3.1 Senior notes with maturities of 5 years or less, at face value 3.5 % 3.3 % 25.9 22.6 Senior notes with maturities between 5 and 10 years, at face value 3.3 % 3.2 % 18.8 20.1 Senior notes with maturities greater than 10 years, at face value 3.8 % 3.8 % 53.4 52.8 Finance lease obligations and other 2.0 1.8 Debt issuance costs, premiums, discounts, fair value adjustments for acquisition accounting and hedged positions, net (6.1) (6.2) Total debt 4.0 % (a) 3.9 % (a) 97.1 94.8 Less: Current portion 2.1 1.7 Long-term debt $ 95.0 $ 93.1 (a) Rate represents an effective interest rate and includes the effects of amortization of debt issuance costs, premiums, discounts, fair value adjustments for acquisition accounting and hedged positions, as well as the effects of our derivative financial instruments. (b) As of December 31, 2023, included in our outstanding debt were foreign currency denominated senior notes and term loans with principal amounts of £2.6 billion, €6.7 billion and ¥22.1 billion RMB. As of December 31, 2022, included in our outstanding debt were foreign currency denominated senior notes and term loans with principal amounts of £2.6 billion, €7.5 billion and ¥21.6 billion RMB. |
Debt Maturities | Principal Maturities of Debt (in billions) 2024 $ 2.1 2025 $ 6.3 2026 $ 5.2 2027 $ 5.7 2028 $ 7.0 Thereafter $ 76.9 |
Investments and Variable Inte_2
Investments and Variable Interest Entities (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Investments [Abstract] | |
Investment and Other Income (Loss), Net | Investment and Other Income (Loss), Net Year ended December 31 (in millions) 2023 2022 2021 Equity in net income (losses) of investees, net $ 789 $ (537) $ 2,006 Realized and unrealized gains (losses) on equity securities, net (130) (320) 339 Other income (loss), net 592 (3) 211 Investment and other income (loss), net $ 1,252 $ (861) $ 2,557 |
Investment Summary | Investments December 31 (in millions) 2023 2022 Equity method $ 7,615 $ 5,421 Marketable equity securities 39 96 Nonmarketable equity securities 1,482 1,653 Other investments 559 972 Total investments 9,694 8,142 Less: Current investments 310 402 Noncurrent investments $ 9,385 $ 7,740 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | December 31 (in billions) Weighted-Average 2023 2022 Distribution systems 11 years $ 45.7 $ 43.0 Customer premise equipment 6 years 25.0 25.4 Buildings, theme park infrastructure and leasehold improvements 32 years 20.9 20.1 Other equipment 11 years 17.5 17.4 Construction in process N/A 7.1 4.9 Land N/A 2.2 1.7 Property and equipment, at cost 118.4 112.4 Less: Accumulated depreciation 58.7 56.9 Property and equipment, net $ 59.7 $ 55.5 |
Property and Equipment by Geographic Location | The table below summarizes our property and equipment by geographic location. December 31 (in billions) 2023 2022 United States $ 48.7 $ 44.2 Other 11.0 11.3 Property and equipment, net $ 59.7 $ 55.5 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill | Goodwill Connectivity & Platforms Content & Experiences (formerly NBCUniversal) (in billions) Cable Residential Connectivity & Platforms Business Services Connectivity Media Studios Theme Sky Corporate Total Balance, December 31, 2021 Goodwill $ 16.2 $ — $ — $ 14.7 $ 3.7 $ 6.4 $ 29.2 $ — $ 70.2 Accumulated impairment losses — — — — — — — — — $ 16.2 $ — $ — $ 14.7 $ 3.7 $ 6.4 $ 29.2 $ — $ 70.2 Impairment — — — — — — (8.1) — (8.1) Foreign currency translation and other — — — — — (0.7) (3.0) — (3.6) 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 0.8 — 0.3 — (0.3) — — 0.8 Balance, December 31, 2023 Goodwill $ — $ 34.5 $ 2.2 $ 21.9 $ 3.7 $ 5.4 $ — $ — $ 67.8 Accumulated impairment losses (a) — (6.3) — (2.2) — — — — (8.5) $ — $ 28.2 $ 2.2 $ 19.7 $ 3.7 $ 5.4 $ — $ — $ 59.3 (a) Amounts relate to the 2022 impairment related to Sky, with the 2023 amounts allocated to our new segments on a consistent basis with goodwill. Amounts are impacted by foreign currency translation each period. |
Summary of Intangible Assets | Intangible Assets 2023 2022 December 31 (in billions) Weighted-Average Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Indefinite-Lived Intangible Assets: Franchise rights N/A $ 59.4 $ 59.4 FCC licenses N/A 2.8 2.8 Finite-Lived Intangible Assets: Customer relationships 14 years 20.8 $ (13.3) 20.4 $ (11.4) Software 5 years 23.2 (14.8) 20.9 (12.7) Other agreements and rights 26 years 11.3 (2.2) 11.1 (1.8) Total $ 117.5 $ (30.3) $ 114.5 $ (25.9) |
Amortization of Intangible Assets | The table below presents the estimated amortization expense of our customer relationships and other agreements and rights, including trade names and intellectual property rights. Estimated Amortization Expense of Finite-Lived Intangible Assets (in billions) 2024 $ 2.1 2025 $ 2.1 2026 $ 1.9 2027 $ 1.3 2028 $ 1.3 |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Retirement Benefits [Abstract] | |
Deferred Compensation Plans | Year ended December 31 (in millions) 2023 2022 2021 Benefit obligation $ 4,507 $ 4,158 $ 4,002 Interest expense $ 341 $ 272 $ 265 |
Equity (Tables)
Equity (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Equity [Abstract] | |
Schedule of common stock outstanding | Shares of Common Stock Outstanding (in millions) Class A Class B Balance, December 31, 2020 4,571 9 Stock compensation plans 21 — Repurchases and retirements of common stock (73) — Employee stock purchase plans 5 — Balance, December 31, 2021 4,524 9 Stock compensation plans 12 — Repurchases and retirements of common stock (332) — Employee stock purchase plans 7 — Balance, December 31, 2022 4,211 9 Stock compensation plans 14 — Repurchases and retirements of common stock (262) — Employee stock purchase plans 7 — Balance, December 31, 2023 3,969 9 |
Schedule of weighted average common shares outstanding | Weighted-Average Common Shares Outstanding Year ended December 31 (in millions) 2023 2022 2021 Weighted-average number of common shares outstanding – basic 4,122 4,406 4,584 Effect of dilutive securities 25 24 70 Weighted-average number of common shares outstanding – diluted 4,148 4,430 4,654 Antidilutive securities 169 176 35 |
Schedule of accumulated other comprehensive income (loss) | Accumulated Other Comprehensive Income (Loss) December 31 (in millions) 2023 2022 Cumulative translation adjustments $ (1,596) $ (3,093) Deferred gains (losses) on cash flow hedges $ 49 $ 193 Unrecognized gains (losses) on employee benefit obligations and other $ 293 $ 290 Accumulated other comprehensive income (loss), net of deferred taxes $ (1,253) $ (2,611) |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Schedule of recognized share-based compensation expense | Year ended December 31 (in millions) 2023 2022 2021 Share-based compensation expense $ 1,021 $ 1,100 $ 1,081 |
Schedule of stock option and restricted share units activity | Stock Options and Restricted Share Units As of December 31, 2023, unless otherwise stated (in millions, except per share data) Stock RSUs Awards granted during 2023 58 26 Weighted-average exercise price of awards granted during 2023 $ 36.58 Stock options outstanding and nonvested RSUs 257 50 Weighted-average exercise price of stock options outstanding $ 41.16 Weighted-average fair value at grant date of nonvested RSUs $ 42.21 |
Schedule of stock option and restricted share units weighted-average fair value and significant assumptions | The table below presents the weighted-average fair value on the date of grant of RSUs and stock options awarded under our various plans and the related weighted-average valuation assumptions. Year ended December 31 2023 2022 2021 RSUs fair value $ 37.14 $ 45.20 $ 54.52 Stock options fair value $ 8.41 $ 8.77 $ 9.72 Stock Option Valuation Assumptions: Dividend yield 3.2 % 2.4 % 1.8 % Expected volatility 26.2 % 25.0 % 22.8 % Risk-free interest rate 4.2 % 1.8 % 0.9 % Expected option life (in years) 5.9 5.8 5.9 |
Supplemental Financial Inform_2
Supplemental Financial Information (Tables) | 12 Months Ended |
Dec. 31, 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 Year ended December 31 (in millions) 2023 2022 2021 Interest $ 3,711 $ 3,413 $ 3,908 Income taxes $ 5,107 $ 5,265 $ 2,628 |
Schedule of cash, cash equivalents and restricted cash | The following table provides a reconciliation of cash, cash equivalents and restricted cash reported in the consolidated balance sheets to the total of the amounts reported in our consolidated statements of cash flows. December 31 (in millions) 2023 2022 Cash and cash equivalents $ 6,215 $ 4,749 Restricted cash included in other current assets and other noncurrent assets, net 67 33 Cash, cash equivalents and restricted cash, end of year $ 6,282 $ 4,782 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Summary of operating lease assets and liabilities | The table below summarizes the operating lease assets and liabilities recorded in our consolidated balance sheets. December 31 (in millions) 2023 2022 Other noncurrent assets, net $ 5,786 $ 5,997 Accrued expenses and other current liabilities $ 748 $ 675 Other noncurrent liabilities $ 5,838 $ 6,107 |
Summary of future minimum rental commitments for operating leases under the new guidance | The table below summarizes our future minimum lease commitments for operating leases as of December 31, 2023. (in millions) December 31, 2024 $ 994 2025 883 2026 781 2027 647 2028 513 Thereafter 6,531 Total future minimum lease payments 10,351 Less: imputed interest (3,765) Total liability $ 6,586 |
Segment Information - Narrative
Segment Information - Narrative (Details) | 12 Months Ended |
Dec. 31, 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 - Reportabl
Segment Information - Reportable Segment (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Financial Data by Business Segment | |||
Revenue | $ 121,572 | $ 121,427 | $ 116,385 |
Adjusted EBITDA | 37,633 | 36,459 | 34,708 |
Operating Segments | Connectivity & Platforms | |||
Financial Data by Business Segment | |||
Revenue | 81,201 | 81,205 | 80,750 |
Adjusted EBITDA | 32,239 | 31,171 | 29,871 |
Operating Segments | Content & Experiences | |||
Financial Data by Business Segment | |||
Revenue | 43,191 | 43,151 | 39,574 |
Adjusted EBITDA | 6,700 | 6,360 | 6,234 |
Eliminations | |||
Financial Data by Business Segment | |||
Revenue | 8,383 | 9,032 | 9,831 |
Eliminations | Content & Experiences | |||
Financial Data by Business Segment | |||
Revenue | (2,800) | (3,442) | (3,048) |
Adjusted EBITDA | 77 | (2) | (205) |
Eliminations | Inter-Business Unit Eliminations | |||
Financial Data by Business Segment | |||
Revenue | (5,583) | (5,590) | (6,783) |
Adjusted EBITDA | 28 | (64) | (65) |
Headquarters/Corporate and Other | |||
Financial Data by Business Segment | |||
Revenue | 2,763 | 2,662 | 2,844 |
Adjusted EBITDA | (1,335) | (1,008) | (1,331) |
Headquarters/Corporate and Other | Content & Experiences | |||
Financial Data by Business Segment | |||
Revenue | 64 | 75 | 87 |
Adjusted EBITDA | (946) | (881) | (840) |
Residential Connectivity & Platforms | Operating Segments | Connectivity & Platforms | |||
Financial Data by Business Segment | |||
Revenue | 71,946 | 72,386 | 72,694 |
Adjusted EBITDA | 26,948 | 26,111 | 25,188 |
Residential Connectivity & Platforms | Eliminations | Connectivity & Platforms | |||
Financial Data by Business Segment | |||
Revenue | 207 | 208 | 219 |
Business Services Connectivity | Operating Segments | Connectivity & Platforms | |||
Financial Data by Business Segment | |||
Revenue | 9,255 | 8,819 | 8,056 |
Adjusted EBITDA | 5,291 | 5,060 | 4,682 |
Business Services Connectivity | Eliminations | Connectivity & Platforms | |||
Financial Data by Business Segment | |||
Revenue | 22 | 21 | 25 |
Media | Operating Segments | Content & Experiences | |||
Financial Data by Business Segment | |||
Revenue | 25,355 | 26,719 | 27,406 |
Adjusted EBITDA | 2,955 | 3,598 | 5,133 |
Media | Eliminations | Content & Experiences | |||
Financial Data by Business Segment | |||
Revenue | 4,621 | 4,572 | 5,776 |
Studios | Operating Segments | Content & Experiences | |||
Financial Data by Business Segment | |||
Revenue | 11,625 | 12,257 | 10,077 |
Adjusted EBITDA | 1,269 | 961 | 879 |
Studios | Eliminations | Content & Experiences | |||
Financial Data by Business Segment | |||
Revenue | 3,317 | 3,963 | 3,548 |
Theme Parks | Operating Segments | Content & Experiences | |||
Financial Data by Business Segment | |||
Revenue | 8,947 | 7,541 | 5,051 |
Adjusted EBITDA | 3,345 | 2,683 | 1,267 |
Theme Parks | Eliminations | Content & Experiences | |||
Financial Data by Business Segment | |||
Revenue | $ (1) | $ 1 | $ 2 |
Segment Information - Intersegm
Segment Information - Intersegment Eliminations (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Segment Reporting Information [Line Items] | |||
Revenue | $ 121,572 | $ 121,427 | $ 116,385 |
Eliminations | |||
Segment Reporting Information [Line Items] | |||
Revenue | 8,383 | 9,032 | 9,831 |
Eliminations | Content & Experiences | |||
Segment Reporting Information [Line Items] | |||
Revenue | (2,800) | (3,442) | (3,048) |
Corporate and Other | |||
Segment Reporting Information [Line Items] | |||
Revenue | 187 | 215 | 193 |
Corporate and Other | Content & Experiences | |||
Segment Reporting Information [Line Items] | |||
Revenue | 29 | 52 | 68 |
Residential Connectivity & Platforms | Eliminations | Connectivity & Platforms | |||
Segment Reporting Information [Line Items] | |||
Revenue | 207 | 208 | 219 |
Business Services Connectivity | Eliminations | Connectivity & Platforms | |||
Segment Reporting Information [Line Items] | |||
Revenue | 22 | 21 | 25 |
Media | Eliminations | Content & Experiences | |||
Segment Reporting Information [Line Items] | |||
Revenue | 4,621 | 4,572 | 5,776 |
Studios | Eliminations | Content & Experiences | |||
Segment Reporting Information [Line Items] | |||
Revenue | 3,317 | 3,963 | 3,548 |
Theme Parks | Eliminations | Content & Experiences | |||
Segment Reporting Information [Line Items] | |||
Revenue | $ (1) | $ 1 | $ 2 |
Segment Information - Reconcili
Segment Information - Reconciliation of Adjusted EBITDA from Segment to Consolidated Statements (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Segment Reporting [Abstract] | |||
Adjusted EBITDA | $ 37,633 | $ 36,459 | $ 34,708 |
Adjustments | 16 | (13) | (87) |
Depreciation | (8,854) | (8,724) | (8,628) |
Amortization | (5,482) | (5,097) | (5,176) |
Goodwill and long-lived asset impairments | 0 | (8,583) | 0 |
Interest expense | (4,087) | (3,896) | (4,281) |
Investment and other income (loss), net | 1,252 | (861) | 2,557 |
Income before income taxes | $ 20,478 | $ 9,284 | $ 19,093 |
Revenue - Disaggregation of Rev
Revenue - Disaggregation of Revenue (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disaggregation of Revenue [Line Items] | |||
Revenue | $ 121,572 | $ 121,427 | $ 116,385 |
Eliminations | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 8,383 | 9,032 | 9,831 |
Eliminations | Content & Experiences | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | (2,800) | (3,442) | (3,048) |
Eliminations | Inter-Business Unit Eliminations | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | (5,583) | (5,590) | (6,783) |
Eliminations | Residential Connectivity & Platforms | Connectivity & Platforms | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 207 | 208 | 219 |
Eliminations | Business Services Connectivity | Connectivity & Platforms | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 22 | 21 | 25 |
Eliminations | Media | Content & Experiences | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 4,621 | 4,572 | 5,776 |
Eliminations | Studios | Content & Experiences | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 3,317 | 3,963 | 3,548 |
Eliminations | Theme Parks | Content & Experiences | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | (1) | 1 | 2 |
Operating Segments | Connectivity & Platforms | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 81,201 | 81,205 | 80,750 |
Operating Segments | Content & Experiences | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 43,191 | 43,151 | 39,574 |
Operating Segments | Residential Connectivity & Platforms | Connectivity & Platforms | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 71,946 | 72,386 | 72,694 |
Operating Segments | Residential Connectivity & Platforms | Domestic broadband | Connectivity & Platforms | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 25,489 | 24,469 | 22,979 |
Operating Segments | Residential Connectivity & Platforms | Domestic wireless | Connectivity & Platforms | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 3,664 | 3,071 | 2,380 |
Operating Segments | Residential Connectivity & Platforms | International connectivity | Connectivity & Platforms | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 4,207 | 3,426 | 3,293 |
Operating Segments | Residential Connectivity & Platforms | Total residential connectivity | Connectivity & Platforms | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 33,359 | 30,966 | 28,652 |
Operating Segments | Residential Connectivity & Platforms | Video | Connectivity & Platforms | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 28,797 | 30,496 | 32,440 |
Operating Segments | Residential Connectivity & Platforms | Advertising | Connectivity & Platforms | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 3,969 | 4,546 | 4,507 |
Operating Segments | Residential Connectivity & Platforms | Other | Connectivity & Platforms | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 5,820 | 6,378 | 7,095 |
Operating Segments | Business Services Connectivity | Connectivity & Platforms | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 9,255 | 8,819 | 8,056 |
Operating Segments | Media | Content & Experiences | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 25,355 | 26,719 | 27,406 |
Operating Segments | Media | Other | Content & Experiences | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 1,983 | 2,105 | 2,090 |
Operating Segments | Media | Domestic advertising | Content & Experiences | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 8,600 | 10,360 | 10,177 |
Operating Segments | Media | Domestic distribution | Content & Experiences | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 10,663 | 10,525 | 10,080 |
Operating Segments | Media | International networks | Content & Experiences | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 4,109 | 3,729 | 5,060 |
Operating Segments | Studios | Content & Experiences | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 11,625 | 12,257 | 10,077 |
Operating Segments | Studios | Other | Content & Experiences | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 1,315 | 1,302 | 1,193 |
Operating Segments | Studios | Content licensing | Content & Experiences | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 8,231 | 9,348 | 8,193 |
Operating Segments | Studios | Theatrical | Content & Experiences | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 2,079 | 1,607 | 691 |
Operating Segments | Theme Parks | Content & Experiences | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 8,947 | 7,541 | 5,051 |
Headquarters/Corporate and Other | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 2,763 | 2,662 | 2,844 |
Headquarters/Corporate and Other | Content & Experiences | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | $ 64 | $ 75 | $ 87 |
Revenue - Revenue by Geographic
Revenue - Revenue by Geographic Location (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disaggregation of Revenue [Line Items] | |||
Revenue | $ 121,572 | $ 121,427 | $ 116,385 |
United States | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 94,375 | 96,441 | 90,926 |
United Kingdom | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 13,364 | 13,380 | 13,999 |
Other | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | $ 13,833 | $ 11,606 | $ 11,460 |
Revenue - Narrative (Details)
Revenue - Narrative (Details) | 12 Months Ended |
Dec. 31, 2023 | |
Residential Connectivity & Platforms | Minimum | Connectivity & Platforms | |
Revenue [Line Items] | |
Term of contract | 1 month |
Residential Connectivity & Platforms | Maximum | Connectivity & Platforms | |
Revenue [Line Items] | |
Term of contract | 2 years |
Term of sales commission | 1 year |
Residential Connectivity & Platforms | Advertising | Minimum | Connectivity & Platforms | Operating Segments | |
Revenue [Line Items] | |
Expected payment terms | 30 days |
Residential Connectivity & Platforms | Advertising | Maximum | Connectivity & Platforms | Operating Segments | |
Revenue [Line Items] | |
Expected payment terms | 60 days |
Residential Connectivity & Platforms | International connectivity | Minimum | Connectivity & Platforms | |
Revenue [Line Items] | |
Imputed interest free over period | 24 months |
Residential Connectivity & Platforms | International connectivity | Maximum | Connectivity & Platforms | |
Revenue [Line Items] | |
Imputed interest free over period | 48 months |
Residential Connectivity & Platforms | Certain International Customers Under Contract | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | Connectivity & Platforms | |
Revenue [Line Items] | |
Timing period of recognition | 18 months |
Residential Connectivity & Platforms | Certain International Customers Under Contract | Maximum | Connectivity & Platforms | |
Revenue [Line Items] | |
Term of contract | 18 months |
Backlog as a percent of annual revenue (in percent) | 10% |
Residential Connectivity & Platforms | Video | Minimum | Connectivity & Platforms | |
Revenue [Line Items] | |
Imputed interest free over period | 24 months |
Residential Connectivity & Platforms | Video | Maximum | Connectivity & Platforms | |
Revenue [Line Items] | |
Imputed interest free over period | 48 months |
Residential Connectivity & Platforms | Domestic wireless | Minimum | Connectivity & Platforms | |
Revenue [Line Items] | |
Imputed interest free over period | 24 months |
Residential Connectivity & Platforms | Domestic wireless | Maximum | Connectivity & Platforms | |
Revenue [Line Items] | |
Imputed interest free over period | 48 months |
Media Segments | Advertising | Content & Experiences | |
Revenue [Line Items] | |
Expected payment terms | 30 days |
Media Segments | Distribution | Content & Experiences | |
Revenue [Line Items] | |
Expected payment terms | 60 days |
Business Services Connectivity | Connectivity & Platforms | |
Revenue [Line Items] | |
Backlog as a percent of annual revenue (in percent) | 50% |
Business Services Connectivity | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | Connectivity & Platforms | |
Revenue [Line Items] | |
Timing period of recognition | 2 years |
Business Services Connectivity | Minimum | Connectivity & Platforms | |
Revenue [Line Items] | |
Term of contract | 2 years |
Business Services Connectivity | Maximum | Connectivity & Platforms | |
Revenue [Line Items] | |
Term of contract | 5 years |
Studios | Content licensing | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | Content & Experiences | |
Revenue [Line Items] | |
Timing period of recognition | 2 years |
Studios | Content licensing | Minimum | Content & Experiences | |
Revenue [Line Items] | |
Backlog as a percent of annual revenue (in percent) | 50% |
Studios | Content licensing | Maximum | Content & Experiences | |
Revenue [Line Items] | |
Backlog as a percent of annual revenue (in percent) | 100% |
Studios | Theatrical | Content & Experiences | |
Revenue [Line Items] | |
Expected payment terms | 30 days |
Revenue - Condensed Consolidate
Revenue - Condensed Consolidated Balance Sheet (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Revenue from Contract with Customer [Abstract] | ||
Receivables, gross | $ 14,511 | $ 13,407 |
Less: Allowance for credit losses | 698 | 736 |
Receivables, net | $ 13,813 | $ 12,672 |
Revenue - Changes in the Allowa
Revenue - Changes in the Allowance for Doubtful Accounts (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||
Beginning balance | $ 736 | $ 658 | $ 807 |
Current-period provision for expected credit losses | 775 | 758 | 336 |
Write-offs charged against the allowance, net of recoveries and other | (812) | (680) | (485) |
Ending balance | $ 698 | $ 736 | $ 658 |
Revenue - Deferred Costs Associ
Revenue - Deferred Costs Associated With Our Contracts With Customers (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | |||
Noncurrent receivables, net (included in other noncurrent assets, net) | $ 1,914 | $ 1,887 | |
Contract acquisition and fulfillment costs (included in other noncurrent assets, net) | 1,088 | 1,081 | |
Noncurrent deferred revenue (included in other noncurrent liabilities) | 618 | 735 | |
Amortization of contract acquisition and fulfillment costs | $ 692 | $ 707 | $ 654 |
Revenue - Receivables Not Yet B
Revenue - Receivables Not Yet Billed (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Condensed Consolidated Balance Sheet [Line Items] | ||
Receivables, net | $ 13,813 | $ 12,672 |
Noncurrent receivables, net (included in other noncurrent assets, net) | 1,914 | 1,887 |
Unbilled Revenues | Notes Receivable | Equipment Installment Plan | ||
Condensed Consolidated Balance Sheet [Line Items] | ||
Receivables, net | 1,695 | 1,388 |
Noncurrent receivables, net (included in other noncurrent assets, net) | 1,223 | 1,023 |
Total | $ 2,918 | $ 2,411 |
Programming and Production Co_3
Programming and Production Costs - Programming and Production Expense (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Other Industries [Abstract] | |||
Video distribution programming | $ 12,460 | $ 13,013 | $ 13,550 |
Film, Monetized on Its Own, Amortization Expense, Statement of Income or Comprehensive Income [Extensible Enumeration] | Total programming and production costs | Total programming and production costs | Total programming and production costs |
Film and television content: | |||
Owned | $ 10,224 | $ 10,765 | $ 8,957 |
Licensed, including sports rights | 12,619 | 13,151 | 14,733 |
Other | 1,459 | 1,283 | 1,210 |
Total programming and production costs | 36,762 | 38,213 | 38,450 |
Amortization of owned film and television costs | $ 7,800 | $ 8,600 | $ 7,300 |
Programming and Production Co_4
Programming and Production Costs - Capitalized Film and Television Costs (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Owned: | ||
In production and in development | $ 2,893 | $ 3,210 |
Completed, not released | 317 | 130 |
Released, less amortization | 4,340 | 4,634 |
Owned: | 7,551 | 7,974 |
Licensed, including sports advances | 5,369 | 4,586 |
Film and television costs | $ 12,920 | $ 12,560 |
Programming and Production Co_5
Programming and Production Costs - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Government Assistance [Line Items] | ||
Government Assistance, Noncurrent, Statement of Financial Position [Extensible Enumeration] | Film and television costs | |
Government Assistance, Statement of Income or Comprehensive Income [Extensible Enumeration] | Programming and production | |
Government Assistance, Statement of Financial Position [Extensible Enumeration] | Other noncurrent assets, net | |
Future minimum commitments for sports rights | $ 64,600 | |
Future minimum commitments for licensed content | 3,300 | |
Production Tax Incentives - Film and Television | ||
Government Assistance [Line Items] | ||
Capitalized film and television cost | 418 | $ 400 |
Production Tax Incentives - Programming and Production Costs | ||
Other Industries [Abstract] | ||
Production tax incentive | 578 | 733 |
Government Assistance [Line Items] | ||
Production tax incentive | 578 | 733 |
Production Tax Incentives - Receivable | ||
Government Assistance [Line Items] | ||
Production tax incentives receivable | $ 1,900 | $ 1,500 |
Programming and Production Co_6
Programming and Production Costs - Estimated Future Amortization Expense for Capitalized Film and Television Costs (Details) $ in Millions | Dec. 31, 2023 USD ($) |
Completed, not released: | |
2024 | $ 192 |
Released and licensed content: | |
2024 | 2,258 |
2025 | 779 |
2026 | 421 |
Released and licensed content: | |
2024 | 3,627 |
2025 | 1,002 |
2026 | $ 461 |
Income Taxes - Income Before In
Income Taxes - Income Before Income Taxes (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |||
Domestic | $ 22,164 | $ 19,329 | $ 21,243 |
Foreign | (1,686) | (10,045) | (2,150) |
Income before income taxes | $ 20,478 | $ 9,284 | $ 19,093 |
Income Taxes - Components of In
Income Taxes - Components of Income Tax Expense (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Current Expense (Benefit): | |||
Federal | $ 6,270 | $ 4,025 | $ 2,355 |
State | 1,591 | 961 | 669 |
Foreign | 249 | 207 | 343 |
Current income tax (benefit) expenses | 8,110 | 5,193 | 3,367 |
Deferred Expense (Benefit): | |||
Federal | (2,126) | (281) | 1,504 |
State | (468) | (483) | 255 |
Foreign | (145) | (70) | 133 |
Current income tax (benefit) expense | (2,739) | (834) | 1,892 |
Income tax expense (benefit) | $ 5,371 | $ 4,359 | $ 5,259 |
Income Taxes - Federal Statutor
Income Taxes - Federal Statutory (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |||
Federal tax at statutory rate | $ 4,300 | $ 1,950 | $ 4,009 |
State income taxes, net of federal benefit | 418 | 454 | 464 |
Foreign income taxed at different rates | 306 | 519 | 392 |
Adjustments to uncertain and effectively settled tax positions, net | 353 | 179 | 238 |
Federal research and development credits | (131) | (104) | (85) |
Excess tax benefits recognized on share-based compensation | 4 | (30) | (209) |
Tax legislation | 8 | (287) | 498 |
Goodwill impairment | 0 | 1,666 | 0 |
Other | 113 | 12 | (48) |
Income tax expense (benefit) | $ 5,371 | $ 4,359 | $ 5,259 |
Income Taxes - Components of Ne
Income Taxes - Components of Net Deferred Tax Liability (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Deferred Tax Assets: | ||||
Net operating loss and other loss carryforwards | $ 3,530 | $ 3,325 | ||
Advance on sale of investment (see Note 8) | 2,367 | 0 | ||
Nondeductible accruals and other | 4,100 | 3,210 | ||
Less: Valuation allowance | 3,679 | 3,295 | $ 2,907 | $ 2,312 |
Total deferred tax assets, net of valuation allowance | 6,318 | 3,240 | ||
Deferred Tax Liabilities: | ||||
Property and equipment and intangible assets | 29,337 | 29,688 | ||
Investments | 1,002 | 265 | ||
Long-term debt | 1,814 | 1,741 | ||
Foreign subsidiaries and undistributed foreign earnings | 59 | 55 | ||
Total deferred tax liabilities | 32,212 | 31,749 | ||
Net deferred tax liability | $ 25,894 | $ 28,509 |
Income Taxes - Changes in the V
Income Taxes - Changes in the Valuation Allowance for Deferred Tax Assets (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Changes In The Valuation Allowance For Deferred Tax Assets, Valuation Allowance [Roll Forward] | |||
Beginning balance | $ 3,295 | $ 2,907 | $ 2,312 |
Additions charged to income tax expense and other accounts | 469 | 433 | 635 |
Deductions from reserves | 84 | 45 | 40 |
Ending balance | $ 3,679 | $ 3,295 | $ 2,907 |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2023 USD ($) | |
Income Taxes [Line Items] | |
Deferred tax liability attributable to temporary differences in other comprehensive income (loss) | $ 107 |
Unrecognized tax benefits that would impact effective tax rate | 2,000 |
Federal Tax Authority | |
Income Taxes [Line Items] | |
Operating loss carryforwards | 182 |
Foreign Tax Authority | |
Income Taxes [Line Items] | |
Operating loss carryforwards | $ 11,400 |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of Unrecognized Tax Benefits (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Gross unrecognized tax benefits, January 1 | $ 2,161 | $ 2,042 | $ 1,879 |
Additions based on tax positions related to the current year | 546 | 380 | 352 |
Additions based on tax positions related to prior years | 1 | 56 | 111 |
Reductions for tax positions of prior years | (43) | (145) | (181) |
Reductions due to expiration of statutes of limitations | (56) | (148) | (107) |
Settlements with tax authorities and other | (15) | (24) | (12) |
Gross unrecognized tax benefits, December 31 | $ 2,593 | $ 2,161 | $ 2,042 |
Long-Term Debt - Schedule of De
Long-Term Debt - Schedule of Debt Outstanding (Details) € in Billions, ¥ in Billions, £ in Billions | Dec. 31, 2023 USD ($) | Dec. 31, 2023 GBP (£) | Dec. 31, 2023 EUR (€) | Dec. 31, 2023 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2022 GBP (£) | Dec. 31, 2022 EUR (€) | Dec. 31, 2022 CNY (¥) |
Debt Instrument [Line Items] | ||||||||
Interest rate | 4% | 4% | 4% | 4% | 3.90% | 3.90% | 3.90% | 3.90% |
Finance lease obligations and other | $ 2,000,000,000 | $ 1,800,000,000 | ||||||
Debt issuance costs, premiums, discounts, fair value adjustments for acquisition accounting and hedged positions, net | (6,100,000,000) | (6,200,000,000) | ||||||
Total debt | 97,100,000,000 | 94,800,000,000 | ||||||
Less: Current portion | 2,069,000,000 | 1,743,000,000 | ||||||
Long-term debt | $ 95,021,000,000 | $ 93,068,000,000 | ||||||
Commercial paper | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate | 0% | 0% | 0% | 0% | 4.60% | 4.60% | 4.60% | 4.60% |
Long-term debt, gross | $ 0 | $ 665,000,000 | ||||||
Term loans | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate | 3.20% | 3.20% | 3.20% | 3.20% | 4.40% | 4.40% | 4.40% | 4.40% |
Long-term debt, gross | $ 3,100,000,000 | $ 3,100,000,000 | ||||||
Denominated Senior Notes and Term Loans Member | ||||||||
Debt Instrument [Line Items] | ||||||||
Aggregate principal amount | £ 2.6 | € 6.7 | ¥ 22.1 | £ 2.6 | € 7.5 | ¥ 21.6 | ||
Senior notes with maturities of 5 years or less, at face value | Senior Notes | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate | 3.50% | 3.50% | 3.50% | 3.50% | 3.30% | 3.30% | 3.30% | 3.30% |
Long-term debt, gross | $ 25,900,000,000 | $ 22,600,000,000 | ||||||
Senior notes with maturities between 5 and 10 years, at face value | Senior Notes | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate | 3.30% | 3.30% | 3.30% | 3.30% | 3.20% | 3.20% | 3.20% | 3.20% |
Long-term debt, gross | $ 18,800,000,000 | $ 20,100,000,000 | ||||||
Senior notes with maturities greater than 10 years, at face value | Senior Notes | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate | 3.80% | 3.80% | 3.80% | 3.80% | 3.80% | 3.80% | 3.80% | 3.80% |
Long-term debt, gross | $ 53,400,000,000 | $ 52,800,000,000 |
Long-Term Debt - Narrative (Det
Long-Term Debt - Narrative (Details) - USD ($) | 12 Months Ended | ||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | May 26, 2022 | Mar. 31, 2021 | |
Debt Instrument [Line Items] | |||||
Total fair value of debt | $ 92,200,000,000 | $ 86,900,000,000 | |||
Cumulative translation gains (losses) related to net investment hedges recorded in other comprehensive income (loss) | 316,000,000 | (397,000,000) | $ 760,000,000 | ||
Amounts available under revolving credit facilities | 11,000,000,000 | ||||
Unused irrevocable standby letters of credit and bank guarantees | 217,000,000 | ||||
Foreign Currency Denominated Debt Obligations And Intercompany Funding Arrangements Denominated In A Currency Other Than Functional | |||||
Debt Instrument [Line Items] | |||||
Net pre-tax gains from derivative | 300,000,000 | 600,000,000 | 300,000,000 | ||
Foreign currency remeasurement gain (losses) | (200,000,000) | (600,000,000) | $ (300,000,000) | ||
Commercial paper | |||||
Debt Instrument [Line Items] | |||||
Long-term debt, gross | $ 0 | 665,000,000 | |||
Revolving Credit Facilities | |||||
Debt Instrument [Line Items] | |||||
Maximum borrowing capacity of revolving credit facilities | $ 9,200,000,000 | $ 11,000,000,000 | |||
Potential increase to max borrowing capacity | $ 14,000,000,000 | ||||
Secured Overnight Financing Rate (SOFR) | Revolving Credit Facilities | |||||
Debt Instrument [Line Items] | |||||
Borrowing margin for LIBOR based borrowings | 1% | ||||
Net Investment Hedging | Foreign Currency Denominated Debt | |||||
Debt Instrument [Line Items] | |||||
Amount of net investment in foreign subsidiaries hedged | $ 7,400,000,000 | 7,600,000,000 | |||
Net Investment Hedging | Currency Swap | |||||
Debt Instrument [Line Items] | |||||
Amount of net investment in foreign subsidiaries hedged | 2,800,000,000 | 2,500,000,000 | |||
Net Investment Hedging | Currency Swap | |||||
Debt Instrument [Line Items] | |||||
Aggregate asset (liability) fair value | (3,000,000) | 108,000,000 | |||
Cash Flow Hedging | |||||
Debt Instrument [Line Items] | |||||
Amount of foreign currency denominated debt hedged | 797,000,000 | 752,000,000 | |||
Cash Flow Hedging | Currency Swap | |||||
Debt Instrument [Line Items] | |||||
Aggregate asset (liability) fair value | (211,000,000) | (274,000,000) | |||
Fair Value Hedging | Interest Rate Swap | |||||
Debt Instrument [Line Items] | |||||
Aggregate asset (liability) fair value | (214,000,000) | (282,000,000) | |||
Amount of Interest Rate denominated debt that has been hedged. | 2,500,000,000 | 2,500,000,000 | |||
Fair Value Hedging | Foreign Exchange Forward | Foreign Currency Denominated Intercompany Loans | |||||
Debt Instrument [Line Items] | |||||
Amount of foreign currency denominated intercompany loans receivable hedged | 2,000,000,000 | 5,400,000,000 | |||
Aggregate asset (liability) fair value | $ (15,000,000) | $ (56,000,000) |
Long-Term Debt - Debt Maturitie
Long-Term Debt - Debt Maturities (Details) $ in Billions | Dec. 31, 2023 USD ($) |
Long-term Debt, Fiscal Year Maturity [Abstract] | |
2024 | $ 2.1 |
2025 | 6.3 |
2026 | 5.2 |
2027 | 5.7 |
2028 | 7 |
Thereafter | $ 76.9 |
Significant Transactions (Detai
Significant Transactions (Details) - USD ($) $ in Millions | 1 Months Ended | |||
Oct. 31, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Asset Acquisition [Line Items] | ||||
Goodwill | $ 59,268 | $ 58,494 | $ 70,200 | |
Masergy | ||||
Asset Acquisition [Line Items] | ||||
Payments to acquire business | $ 1,200 | |||
Goodwill | $ 853 |
Investments and Variable Inte_3
Investments and Variable Interest Entities - Investment and Other Income (Loss), Net (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Investments [Abstract] | |||
Equity in net income (losses) of investees, net | $ 789 | $ (537) | $ 2,006 |
Realized and unrealized gains (losses) on equity securities, net | (130) | (320) | 339 |
Other income (loss), net | 592 | (3) | 211 |
Investment and other income (loss), net | $ 1,252 | $ (861) | $ 2,557 |
Investments and Variable Inte_4
Investments and Variable Interest Entities - Narrative (Details) $ in Millions, ¥ in Billions | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||
Oct. 31, 2020 USD ($) | Nov. 30, 2020 USD ($) | Dec. 31, 2023 USD ($) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2019 USD ($) | Dec. 31, 2023 CNY (¥) | |
Schedule of Equity Method Investments [Line Items] | ||||||||
Unrealized gains (losses) recognized | $ (140) | $ (394) | $ (80) | |||||
Additional distributions from equity method investments | 217 | 162 | 1,100 | |||||
Advance on sale of investment | 8,610 | 0 | 0 | |||||
Advance on sale of investment | $ 9,167 | 9,167 | 0 | |||||
Equity method investments | 7,615 | 7,615 | 5,421 | |||||
Other investments | 559 | 559 | 972 | |||||
Consolidated variable interest entity's assets included in condensed consolidated balance sheet | 264,811 | 264,811 | 257,275 | |||||
Short-Term Instruments | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Other investments | $ 254 | 254 | 304 | |||||
Other Investments | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Proceeds from sale of short-term investments | 560 | 1,600 | ||||||
Payments to acquire short-term investments | $ 506 | 1,800 | ||||||
Variable Interest Entity, Primary Beneficiary | Universal Beijing Resort | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Ownership percentage in variable interest entity | 30% | 30% | 30% | |||||
Long-term debt | $ 3,500 | $ 3,500 | ||||||
Consolidated variable interest entity's assets included in condensed consolidated balance sheet | 7,800 | 7,800 | ||||||
Consolidated variable interest entity's liabilities the balance sheet | 7,200 | 7,200 | ||||||
Variable Interest Entity, Primary Beneficiary | Universal Beijing Resort | Term loans | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Maximum borrowing capacity of revolving credit facilities | 4,200 | 4,200 | ¥ 29.7 | |||||
Long-term debt | 3,100 | 3,100 | ||||||
Atairos | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Term of agreement | 12 years | 16 years 6 months | ||||||
Funding commitment | $ 5,000 | $ 4,500 | ||||||
Maximum amount of annual capital calls | $ 400 | |||||||
Management fee funding commitment | $ 40 | $ 40 | ||||||
Percent of losses | 99% | 99% | 99% | |||||
Percentage of residual returns | 86% | 86% | 86% | |||||
Cash capital contributions for equity method investments | $ 145 | 52 | $ 47 | |||||
Equity method investments | $ 5,500 | 5,500 | 4,300 | |||||
Atairos | Minimum | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Funding commitment by management company investors | 50 | 50 | ||||||
Atairos | Maximum | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Funding commitment by management company investors | 100 | 100 | ||||||
Atairos | Variable Interest Entity, Not Primary Beneficiary | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Unfunded capital commitment | 1,400 | 1,400 | ||||||
Hulu | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Ownership percentage | 33% | |||||||
Fair market value assessment floor for put and call option | $ 27,500 | |||||||
Ownership percentage representing fair market value floor for put and call option | 100% | |||||||
Advance on sale of investment | 8,600 | |||||||
Advance on sale of investment, gross | 9,200 | |||||||
Outstanding capital calls | 557 | |||||||
Equity method investments | $ 863 | $ 863 | $ 490 | |||||
Equity method investment, future tax benefits shared | 50% | 50% | 50% | |||||
Proceeds from collateralized obligation | $ 5,200 |
Investments and Variable Inte_5
Investments and Variable Interest Entities - Schedule of Investments (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Investments [Abstract] | ||
Equity method | $ 7,615 | $ 5,421 |
Marketable equity securities | 39 | 96 |
Nonmarketable equity securities | 1,482 | 1,653 |
Other investments | 559 | 972 |
Total investments | 9,694 | 8,142 |
Less: Current investments | 310 | 402 |
Noncurrent investments | $ 9,385 | $ 7,740 |
Property and Equipment (Details
Property and Equipment (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Property, Plant and Equipment [Line Items] | ||
Property and equipment, at cost | $ 118,400 | $ 112,400 |
Less: Accumulated depreciation | 58,700 | 56,900 |
Property and equipment, net | 59,686 | 55,485 |
United States | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, net | 48,700 | 44,200 |
Other | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, net | $ 11,000 | 11,300 |
Distribution systems | ||
Property, Plant and Equipment [Line Items] | ||
Weighted-Average Original Useful Life | 11 years | |
Property and equipment, at cost | $ 45,700 | 43,000 |
Customer premise equipment | ||
Property, Plant and Equipment [Line Items] | ||
Weighted-Average Original Useful Life | 6 years | |
Property and equipment, at cost | $ 25,000 | 25,400 |
Buildings, theme park infrastructure and leasehold improvements | ||
Property, Plant and Equipment [Line Items] | ||
Weighted-Average Original Useful Life | 32 years | |
Property and equipment, at cost | $ 20,900 | 20,100 |
Other equipment | ||
Property, Plant and Equipment [Line Items] | ||
Weighted-Average Original Useful Life | 11 years | |
Property and equipment, at cost | $ 17,500 | 17,400 |
Construction in process | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, at cost | 7,100 | 4,900 |
Land | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, at cost | $ 2,200 | $ 1,700 |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets - Change in Goodwill (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Goodwill [Roll Forward] | ||
Gross balance, beginning of period | $ 66,400 | $ 70,200 |
Accumulated impairment loss beginning of period | (7,900) | 0 |
Balance, beginning of period | 58,494 | 70,200 |
Impairment | (8,100) | |
Foreign currency translation and other | 800 | (3,600) |
Segment change | 0 | |
Gross balance, ending of period | 67,800 | 66,400 |
Accumulated impairment loss end of period | (8,500) | (7,900) |
Balance, end of period | 59,268 | 58,494 |
Operating Segments | Cable Communications | ||
Goodwill [Roll Forward] | ||
Gross balance, beginning of period | 16,200 | 16,200 |
Accumulated impairment loss beginning of period | 0 | 0 |
Balance, beginning of period | 16,200 | 16,200 |
Impairment | 0 | |
Foreign currency translation and other | 0 | |
Segment change | (16,200) | |
Gross balance, ending of period | 0 | 16,200 |
Accumulated impairment loss end of period | 0 | 0 |
Balance, end of period | 0 | 16,200 |
Operating Segments | Residential Connectivity & Platforms | Connectivity & Platforms | ||
Goodwill [Roll Forward] | ||
Gross balance, beginning of period | 0 | 0 |
Accumulated impairment loss beginning of period | 0 | 0 |
Balance, beginning of period | 0 | 0 |
Impairment | 0 | |
Foreign currency translation and other | 800 | 0 |
Segment change | 27,400 | |
Gross balance, ending of period | 34,500 | 0 |
Accumulated impairment loss end of period | (6,300) | 0 |
Balance, end of period | 28,200 | 0 |
Operating Segments | Business Services Connectivity | Connectivity & Platforms | ||
Goodwill [Roll Forward] | ||
Gross balance, beginning of period | 0 | 0 |
Accumulated impairment loss beginning of period | 0 | 0 |
Balance, beginning of period | 0 | 0 |
Impairment | 0 | |
Foreign currency translation and other | 0 | 0 |
Segment change | 2,200 | |
Gross balance, ending of period | 2,200 | 0 |
Accumulated impairment loss end of period | 0 | 0 |
Balance, end of period | 2,200 | 0 |
Operating Segments | Media | Content & Experiences | ||
Goodwill [Roll Forward] | ||
Gross balance, beginning of period | 14,700 | 14,700 |
Accumulated impairment loss beginning of period | 0 | 0 |
Balance, beginning of period | 14,700 | 14,700 |
Impairment | 0 | |
Foreign currency translation and other | 300 | 0 |
Segment change | 4,700 | |
Gross balance, ending of period | 21,900 | 14,700 |
Accumulated impairment loss end of period | (2,200) | 0 |
Balance, end of period | 19,700 | 14,700 |
Operating Segments | Studios | Content & Experiences | ||
Goodwill [Roll Forward] | ||
Gross balance, beginning of period | 3,700 | 3,700 |
Accumulated impairment loss beginning of period | 0 | 0 |
Balance, beginning of period | 3,700 | 3,700 |
Impairment | 0 | |
Foreign currency translation and other | 0 | 0 |
Segment change | 0 | |
Gross balance, ending of period | 3,700 | 3,700 |
Accumulated impairment loss end of period | 0 | 0 |
Balance, end of period | 3,700 | 3,700 |
Operating Segments | Theme Parks | Content & Experiences | ||
Goodwill [Roll Forward] | ||
Gross balance, beginning of period | 5,800 | 6,400 |
Accumulated impairment loss beginning of period | 0 | 0 |
Balance, beginning of period | 5,800 | 6,400 |
Impairment | 0 | |
Foreign currency translation and other | (300) | (700) |
Segment change | 0 | |
Gross balance, ending of period | 5,400 | 5,800 |
Accumulated impairment loss end of period | 0 | 0 |
Balance, end of period | 5,400 | 5,800 |
Operating Segments | Sky Limited Segment | ||
Goodwill [Roll Forward] | ||
Gross balance, beginning of period | 26,000 | 29,200 |
Accumulated impairment loss beginning of period | (7,900) | 0 |
Balance, beginning of period | 18,100 | 29,200 |
Impairment | (8,100) | |
Foreign currency translation and other | 0 | (3,000) |
Segment change | (18,100) | |
Gross balance, ending of period | 0 | 26,000 |
Accumulated impairment loss end of period | 0 | (7,900) |
Balance, end of period | 0 | 18,100 |
Headquarters/Corporate and Other | ||
Goodwill [Roll Forward] | ||
Gross balance, beginning of period | 0 | 0 |
Accumulated impairment loss beginning of period | 0 | 0 |
Balance, beginning of period | 0 | 0 |
Impairment | 0 | |
Foreign currency translation and other | 0 | 0 |
Segment change | 0 | |
Gross balance, ending of period | 0 | 0 |
Accumulated impairment loss end of period | 0 | 0 |
Balance, end of period | $ 0 | $ 0 |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets - Intangible Assets (Details) - USD ($) $ in Billions | Dec. 31, 2023 | Dec. 31, 2022 |
Estimated Amortization Expense of Finite-Lived Intangible Assets | ||
Accumulated Amortization | $ (30.3) | $ (25.9) |
Total | 117.5 | 114.5 |
Franchise rights | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 59.4 | 59.4 |
FCC licenses | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 2.8 | 2.8 |
Customer relationships | ||
Estimated Amortization Expense of Finite-Lived Intangible Assets | ||
Weighted-Average Original Useful Life | 14 years | |
Gross Carrying Amount | $ 20.8 | 20.4 |
Accumulated Amortization | $ (13.3) | (11.4) |
Software | ||
Estimated Amortization Expense of Finite-Lived Intangible Assets | ||
Weighted-Average Original Useful Life | 5 years | |
Gross Carrying Amount | $ 23.2 | 20.9 |
Accumulated Amortization | $ (14.8) | (12.7) |
Other agreements and rights | ||
Estimated Amortization Expense of Finite-Lived Intangible Assets | ||
Weighted-Average Original Useful Life | 26 years | |
Gross Carrying Amount | $ 11.3 | 11.1 |
Accumulated Amortization | $ (2.2) | $ (1.8) |
Goodwill and Intangible Asset_4
Goodwill and Intangible Assets - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2023 | |
Segment Reporting Information [Line Items] | ||
Impairment | $ (8,100) | |
Software | ||
Segment Reporting Information [Line Items] | ||
Finite-lived intangible asset amortization period (not to exceed) | 5 years | |
Sky Limited Segment | ||
Segment Reporting Information [Line Items] | ||
Impairment of intangible assets | $ 485 | |
Impairment, Intangible Asset, Finite-Lived, Statement of Income or Comprehensive Income [Extensible Enumeration] | Goodwill and long-lived asset impairments | |
Sky Limited Segment | Operating Segments | ||
Segment Reporting Information [Line Items] | ||
Impairment | $ (8,100) |
Goodwill and Intangible Asset_5
Goodwill and Intangible Assets - Amortization of Intangible Assets (Details) $ in Billions | Dec. 31, 2023 USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
2024 | $ 2.1 |
2025 | 2.1 |
2026 | 1.9 |
2027 | 1.3 |
2028 | $ 1.3 |
Employee Benefit Plans - Deferr
Employee Benefit Plans - Deferred Compensation Plans (Details) - Deferred Compensation Plans - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Benefit obligation | $ 4,507 | $ 4,158 | $ 4,002 |
Interest expense | $ 341 | $ 272 | $ 265 |
Employee Benefit Plans - Narrat
Employee Benefit Plans - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Retirement Benefits [Abstract] | |||
Cash surrender value of life insurance policies | $ 512 | $ 449 | |
Expenses related to retirement investment plans | $ 650 | $ 632 | $ 595 |
Equity - Narrative (Details)
Equity - Narrative (Details) | 12 Months Ended |
Dec. 31, 2023 vote | |
Class of Stock [Line Items] | |
Number of votes entitled of each class B common stock | 15 |
Class A common stock, $0.01 par value—authorized, 7,500,000,000 shares; issued, 4,842,108,959 and 5,083,466,045; outstanding, 3,969,317,931 and 4,210,675,017 | |
Class of Stock [Line Items] | |
Voting power | 66.66% |
Class B Common Stock | |
Class of Stock [Line Items] | |
Voting power | 33.33% |
Equity - Changes in Common Stoc
Equity - Changes in Common Stock (Details) - shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Class A common stock, $0.01 par value—authorized, 7,500,000,000 shares; issued, 4,842,108,959 and 5,083,466,045; outstanding, 3,969,317,931 and 4,210,675,017 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Common stock, outstanding at beginning of period (in shares) | 4,210,675,017 | 4,524,000,000 | 4,571,000,000 |
Stock compensation plans (in shares) | 14,000,000 | 12,000,000 | 21,000,000 |
Repurchases and retirements of common stock (in shares) | (262,000,000) | (332,000,000) | (73,000,000) |
Employee stock purchase plans (in shares) | 7,000,000 | 7,000,000 | 5,000,000 |
Common stock, outstanding at end of period (in shares) | 3,969,317,931 | 4,210,675,017 | 4,524,000,000 |
Class B Common Stock | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Common stock, outstanding at beginning of period (in shares) | 9,444,375 | 9,000,000 | 9,000,000 |
Stock compensation plans (in shares) | 0 | 0 | 0 |
Repurchases and retirements of common stock (in shares) | 0 | 0 | 0 |
Employee stock purchase plans (in shares) | 0 | 0 | 0 |
Common stock, outstanding at end of period (in shares) | 9,444,375 | 9,444,375 | 9,000,000 |
Equity - Weighted Average Commo
Equity - Weighted Average Common Shares Outstanding (Details) - shares shares in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Equity [Abstract] | |||
Weighted-average number of common shares outstanding – basic (in shares) | 4,122 | 4,406 | 4,584 |
Effect of dilutive securities (in shares) | 25 | 24 | 70 |
Weighted-average number of common shares outstanding – diluted (in shares) | 4,148 | 4,430 | 4,654 |
Antidilutive securities (in shares) | 169 | 176 | 35 |
Equity - Components of Accumula
Equity - Components of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Accumulated other comprehensive income (loss), net of deferred taxes | $ 83,226 | $ 81,627 | $ 97,490 | |
Cumulative translation adjustments | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Accumulated other comprehensive income (loss), net of deferred taxes | (1,596) | (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 | 49 | 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 | 293 | 290 | ||
Accumulated Other Comprehensive Income (Loss) | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Accumulated other comprehensive income (loss), net of deferred taxes | $ (1,253) | $ (2,611) | $ 1,480 | $ 1,884 |
Share-Based Compensation - Reco
Share-Based Compensation - Recognized Share-Based Compensation Expense (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Share-Based Payment Arrangement [Abstract] | |||
Share-based compensation expense | $ 1,021 | $ 1,100 | $ 1,081 |
Share-Based Compensation - Narr
Share-Based Compensation - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award vesting period in years | 5 years | ||
Unrecognized pretax compensation expense on nonvested awards | $ 2,000 | ||
Unrecognized pretax compensation expense on nonvested awards, weighted average period of recognition (in years) | 1 year 7 months 6 days | ||
Share-based payment arrangement, expense, tax benefit excess | $ (4) | $ 30 | $ 209 |
Employee Stock Option | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Period from grant date that an equity-based award expires | 10 years |
Share-Based Compensation - Stoc
Share-Based Compensation - Stock Options and Restricted Share Units (Details) shares in Millions | 12 Months Ended |
Dec. 31, 2023 $ / shares shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Stock options granted (in shares) | 58 |
Weighted-average exercise price of awards granted during the year (in dollars per share) | $ / shares | $ 36.58 |
Stock options outstanding (in shares) | 257 |
Weighted-average exercise price of shares outstanding (in dollars per share) | $ / shares | $ 41.16 |
Restricted Stock Units (RSUs) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Awards granted (in shares) | 26 |
Awards nonvested (in shares) | 50 |
Weighted-average fair value at grant date of nonvested awards (in dollars per share) | $ / shares | $ 42.21 |
Share-Based Compensation - Rest
Share-Based Compensation - Restricted Share Units and Stock Option Fair Value (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock option fair value (in dollars per share) | $ 8.41 | $ 8.77 | $ 9.72 |
Stock Option Valuation Assumptions: | |||
Dividend yield | 3.20% | 2.40% | 1.80% |
Expected volatility | 26.20% | 25% | 22.80% |
Risk-free interest rate | 4.20% | 1.80% | 0.90% |
Expected option life | 5 years 10 months 24 days | 5 years 9 months 18 days | 5 years 10 months 24 days |
Restricted Stock Units (RSUs) | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
RSUs fair value (in dollars per share) | $ 37.14 | $ 45.20 | $ 54.52 |
Supplemental Financial Inform_3
Supplemental Financial Information - Cash Payments for Interest and Income Taxes (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Cash Payments for Interest and Income Taxes | |||
Interest | $ 3,711 | $ 3,413 | $ 3,908 |
Income taxes | $ 5,107 | $ 5,265 | $ 2,628 |
Supplemental Financial Inform_4
Supplemental Financial Information - Noncash Investing and Financing Activities (Details) - USD ($) $ / shares in Units, $ in Billions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Property and equipment and intangible assets accrued but not yet paid | $ 2.1 | $ 2 | $ 2 |
Dividends payable | $ 1.2 | $ 1.1 | $ 1.1 |
Dividends payable (in dollars per share) | $ 0.29 | $ 0.27 | $ 0.25 |
Supplemental Financial Inform_5
Supplemental Financial Information - Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||
Cash and cash equivalents | $ 6,215 | $ 4,749 | ||
Restricted cash included in other current assets and other noncurrent assets, net | 67 | 33 | ||
Cash, cash equivalents and restricted cash, end of year | $ 6,282 | $ 4,782 | $ 8,778 | $ 11,768 |
Commitments and Contingencies_2
Commitments and Contingencies (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Commitments And Contingencies [Line Items] | |||
Operating lease expense inclusive of short-term and variable lease expenses | $ 1,200 | $ 1,200 | $ 1,200 |
Weighted average remaining lease term for operating leases | 17 years | 18 years | |
Weighted average discount rate used to calculate operating lease liabilities | 4.10% | 4% | |
Cash payments for operating leases | $ 963 | $ 965 | 987 |
Carrying value of contractual obligation | 1,100 | ||
Contractual value of a potential obligation | $ 1,700 | ||
Universal Beijing Resort | |||
Commitments And Contingencies [Line Items] | |||
Operating lease assets and liabilities recognized | $ 2,800 |
Commitments and Contingencies -
Commitments and Contingencies - Summary of Operating Lease Assets and Liabilities Recorded in the Consolidated Balance Sheets (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Commitments and Contingencies Disclosure [Abstract] | ||
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | Other noncurrent assets, net | Other noncurrent assets, net |
Other noncurrent assets, net | $ 5,786 | $ 5,997 |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] | Accrued expenses and other current liabilities | Accrued expenses and other current liabilities |
Accrued expenses and other current liabilities | $ 748 | $ 675 |
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] | Other noncurrent liabilities | Other noncurrent liabilities |
Other noncurrent liabilities | $ 5,838 | $ 6,107 |
Commitments and Contingencies_3
Commitments and Contingencies - Summary of Future Minimum Rental Commitments for Operating Leases (Details) $ in Millions | Dec. 31, 2023 USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
2024 | $ 994 |
2025 | 883 |
2026 | 781 |
2027 | 647 |
2028 | 513 |
Thereafter | 6,531 |
Total future minimum lease payments | 10,351 |
Less: imputed interest | (3,765) |
Total liability | $ 6,586 |