Cover Page
Cover Page - shares | 3 Months Ended | |
Mar. 31, 2024 | Apr. 15, 2024 | |
Document And Entity Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2024 | |
Document Transition Report | false | |
Entity File Number | 001-32871 | |
Entity Registrant Name | COMCAST CORPORATION | |
Entity Tax Identification Number | 27-0000798 | |
Entity Incorporation, State or Country Code | PA | |
Entity Address, Address Line One | One Comcast Center | |
Entity Address, City or Town | Philadelphia | |
Entity Address, State or Province | PA | |
Entity Address, Postal Zip Code | 19103-2838 | |
City Area Code | 215 | |
Local Phone Number | 286-1700 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2024 | |
Current Fiscal Year End Date | --12-31 | |
Entity Central Index Key | 0001166691 | |
Class A Common Stock, $0.01 par value | ||
Document And Entity Information [Line Items] | ||
Title of 12(b) Security | Class A Common Stock, $0.01 par value | |
Trading Symbol | CMCSA | |
Security Exchange Name | NASDAQ | |
Entity Common Stock, Shares Outstanding | 3,914,181,673 | |
0.000% Notes due 2026 | ||
Document And Entity Information [Line Items] | ||
Title of 12(b) Security | 0.000% Notes due 2026 | |
Trading Symbol | CMCS26 | |
Security Exchange Name | NASDAQ | |
0.250% Notes due 2027 | ||
Document And Entity Information [Line Items] | ||
Title of 12(b) Security | 0.250% Notes due 2027 | |
Trading Symbol | CMCS27 | |
Security Exchange Name | NASDAQ | |
1.500% Notes due 2029 | ||
Document And Entity Information [Line Items] | ||
Title of 12(b) Security | 1.500% Notes due 2029 | |
Trading Symbol | CMCS29 | |
Security Exchange Name | NASDAQ | |
0.250% Notes due 2029 | ||
Document And Entity Information [Line Items] | ||
Title of 12(b) Security | 0.250% Notes due 2029 | |
Trading Symbol | CMCS29A | |
Security Exchange Name | NASDAQ | |
0.750% Notes due 2032 | ||
Document And Entity Information [Line Items] | ||
Title of 12(b) Security | 0.750% Notes due 2032 | |
Trading Symbol | CMCS32 | |
Security Exchange Name | NASDAQ | |
1.875% Notes due 2036 | ||
Document And Entity Information [Line Items] | ||
Title of 12(b) Security | 1.875% Notes due 2036 | |
Trading Symbol | CMCS36 | |
Security Exchange Name | NASDAQ | |
1.250% Notes due 2040 | ||
Document And Entity Information [Line Items] | ||
Title of 12(b) Security | 1.250% Notes due 2040 | |
Trading Symbol | CMCS40 | |
Security Exchange Name | NASDAQ | |
5.50% Notes due 2029 | ||
Document And Entity Information [Line Items] | ||
Title of 12(b) Security | 5.50% Notes due 2029 | |
Trading Symbol | CCGBP29 | |
Security Exchange Name | NYSE | |
2.0% Exchangeable Subordinated Debentures due 2029 | ||
Document And Entity Information [Line Items] | ||
Title of 12(b) Security | 2.0% Exchangeable Subordinated Debentures due 2029 | |
Trading Symbol | CCZ | |
Security Exchange Name | NYSE | |
Class B Common Stock | ||
Document And Entity Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 9,444,375 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income (Unaudited) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Income Statement [Abstract] | ||
Revenue | $ 30,058 | $ 29,691 |
Costs and Expenses: | ||
Programming and production | 8,823 | 9,004 |
Marketing and promotion | 2,018 | 1,963 |
Other operating and administrative | 9,857 | 9,301 |
Depreciation | 2,175 | 2,264 |
Amortization | 1,376 | 1,513 |
Total costs and expenses | 24,248 | 24,045 |
Operating income | 5,810 | 5,646 |
Interest expense | (1,002) | (1,010) |
Investment and other income (loss), net | 298 | 607 |
Income before income taxes | 5,105 | 5,243 |
Income tax expense | (1,328) | (1,476) |
Net income | 3,777 | 3,767 |
Less: Net income (loss) attributable to noncontrolling interests | (79) | (67) |
Net income attributable to Comcast Corporation | $ 3,857 | $ 3,834 |
Basic earnings (loss) per common share attributable to Comcast Corporation shareholders (in dollars per share) | $ 0.97 | $ 0.91 |
Diluted earnings (loss) per common share attributable to Comcast Corporation shareholders (in dollars per share) | $ 0.97 | $ 0.91 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Statement of Comprehensive Income [Abstract] | ||
Net income | $ 3,777 | $ 3,767 |
Currency translation adjustments, net of deferred taxes of $(21) and $(2) | (436) | 778 |
Cash flow hedges: | ||
Deferred gains (losses), net of deferred taxes of $(1) and $9 | 19 | (14) |
Realized (gains) losses reclassified to net income, net of deferred taxes of $(1) and $8 | 1 | (47) |
Employee benefit obligations and other, net of deferred taxes of $5 and $1 | (24) | (6) |
Other comprehensive income (loss) | (440) | 711 |
Comprehensive income | 3,337 | 4,478 |
Less: Net income (loss) attributable to noncontrolling interests | (79) | (67) |
Less: Other comprehensive income (loss) attributable to noncontrolling interests | (13) | (3) |
Comprehensive income attributable to Comcast Corporation | $ 3,429 | $ 4,547 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Comprehensive Income (Unaudited) (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Statement of Comprehensive Income [Abstract] | ||
Currency translation adjustments, net of deferred taxes | $ (21) | $ (2) |
Deferred gains (losses) on cash flow hedges, deferred taxes | (1) | 9 |
Realized (gains) losses on cash flow hedges, deferred taxes | (1) | 8 |
Employee benefit obligations and other, deferred taxes | $ 5 | $ 1 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Operating Activities | ||
Net income | $ 3,777 | $ 3,767 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 3,551 | 3,777 |
Share-based compensation | 373 | 359 |
Noncash interest expense (income), net | 103 | 78 |
Net (gain) loss on investment activity and other | (164) | (517) |
Deferred income taxes | (17) | 82 |
Changes in operating assets and liabilities, net of effects of acquisitions and divestitures: | ||
Current and noncurrent receivables, net | 643 | 363 |
Film and television costs, net | 124 | 13 |
Accounts payable and accrued expenses related to trade creditors | (446) | (651) |
Other operating assets and liabilities | (97) | (43) |
Net cash provided by operating activities | 7,848 | 7,228 |
Investing Activities | ||
Capital expenditures | (2,630) | (2,664) |
Cash paid for intangible assets | (679) | (765) |
Construction of Universal Beijing Resort | (108) | (87) |
Proceeds from sales of businesses and investments | 274 | 343 |
Purchases of investments | (404) | (149) |
Other | 35 | (48) |
Net cash provided by (used in) investing activities | (3,511) | (3,370) |
Financing Activities | ||
Proceeds from (repayments of) short-term borrowings, net | 0 | (660) |
Proceeds from borrowings | 26 | 1,059 |
Repurchases and repayments of debt | (289) | (49) |
Repurchases of common stock under repurchase program and employee plans | (2,664) | (2,176) |
Dividends paid | (1,193) | (1,174) |
Other | 97 | (82) |
Net cash provided by (used in) financing activities | (4,023) | (3,082) |
Impact of foreign currency on cash, cash equivalents and restricted cash | (10) | 20 |
Increase (decrease) in cash, cash equivalents and restricted cash | 304 | 796 |
Cash, cash equivalents and restricted cash, beginning of period | 6,282 | 4,782 |
Cash, cash equivalents and restricted cash, end of period | $ 6,586 | $ 5,577 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Current Assets: | ||
Cash and cash equivalents | $ 6,515 | $ 6,215 |
Receivables, net | 13,144 | 13,813 |
Other current assets | 4,319 | 3,959 |
Total current assets | 23,978 | 23,987 |
Film and television costs | 12,757 | 12,920 |
Investments | 9,548 | 9,385 |
Property and equipment, net of accumulated depreciation of $59,163 and $58,701 | 59,918 | 59,686 |
Goodwill | 58,668 | 59,268 |
Franchise rights | 59,365 | 59,365 |
Other intangible assets, net of accumulated amortization of $31,023 and $30,290 | 27,063 | 27,867 |
Other noncurrent assets, net | 12,304 | 12,333 |
Total assets | 263,601 | 264,811 |
Current Liabilities: | ||
Accounts payable and accrued expenses related to trade creditors | 11,792 | 12,437 |
Accrued participations and residuals | 1,583 | 1,671 |
Deferred revenue | 3,446 | 3,242 |
Accrued expenses and other current liabilities | 11,834 | 11,613 |
Current portion of debt | 2,502 | 2,069 |
Advance on sale of investment | 9,167 | 9,167 |
Total current liabilities | 40,324 | 40,198 |
Noncurrent portion of debt | 94,071 | 95,021 |
Deferred income taxes | 25,978 | 26,003 |
Other noncurrent liabilities | 19,935 | 20,122 |
Commitments and contingencies | ||
Redeemable noncontrolling interests | 243 | 241 |
Equity: | ||
Preferred stock—authorized, 20,000,000 shares; issued, zero | 0 | 0 |
Additional paid-in capital | 38,274 | 38,533 |
Retained earnings | 53,425 | 52,892 |
Treasury stock, 872,791,028 Class A common shares | (7,517) | (7,517) |
Accumulated other comprehensive income (loss) | (1,680) | (1,253) |
Total Comcast Corporation shareholders’ equity | 82,549 | 82,703 |
Noncontrolling interests | 500 | 523 |
Total equity | 83,049 | 83,226 |
Total liabilities and equity | 263,601 | 264,811 |
Class A Common Stock | ||
Equity: | ||
Common stock | 48 | 48 |
Class B Common Stock | ||
Equity: | ||
Common stock | $ 0 | $ 0 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Property and equipment - accumulated depreciation | $ 59,163 | $ 58,701 |
Accumulated Amortization | $ 31,023 | $ 30,290 |
Preferred stock, shares authorized | 20,000,000 | 20,000,000 |
Preferred stock, shares issued | 0 | 0 |
Treasury shares | 872,791,028 | 872,791,028 |
Class A Common Stock | ||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 7,500,000,000 | 7,500,000,000 |
Common stock, shares issued | 4,798,654,750 | 4,842,108,959 |
Common stock, shares outstanding at end of period (in shares) | 3,925,863,722 | 3,969,317,931 |
Class B Common Stock | ||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 75,000,000 | 75,000,000 |
Common stock, shares issued | 9,444,375 | 9,444,375 |
Common stock, shares outstanding at end of period (in shares) | 9,444,375 | 9,444,375 |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Changes in Equity (Unaudited) - USD ($) $ in Millions | Total | Additional Paid-In Capital | Retained Earnings | Treasury Stock at Cost | Accumulated Other Comprehensive Income (Loss) | Noncontrolling Interests | Class A Common Stock Common Stock |
Balance, beginning of period at Dec. 31, 2022 | $ 411 | ||||||
Redeemable Noncontrolling Interests | |||||||
Contributions from (distributions to) noncontrolling interests, net | (7) | ||||||
Net income | 17 | ||||||
Balance, end of period at Mar. 31, 2023 | 422 | ||||||
Balance, beginning of period at Dec. 31, 2022 | $ 39,412 | $ 51,609 | $ (7,517) | $ (2,611) | $ 684 | $ 51 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Share-based compensation | 293 | ||||||
Repurchases of common stock under repurchase program and employee plans | (521) | (1,688) | 0 | ||||
Issuances of common stock under employee plans | 76 | ||||||
Other | 2 | ||||||
Dividends declared | (1,231) | ||||||
Net income | 3,834 | 3,834 | |||||
Other comprehensive income (loss) | 711 | 713 | (3) | ||||
Contributions from (distributions to) noncontrolling interests, net | 15 | ||||||
Net income (loss) | (67) | (84) | |||||
Balance, end of period at Mar. 31, 2023 | $ 83,033 | 39,262 | 52,524 | (7,517) | (1,898) | 612 | 50 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Cash dividends declared per common share (in dollars per share) | $ 0.29 | ||||||
Balance, beginning of period at Dec. 31, 2023 | $ 241 | ||||||
Redeemable Noncontrolling Interests | |||||||
Contributions from (distributions to) noncontrolling interests, net | (10) | ||||||
Net income | 12 | ||||||
Balance, end of period at Mar. 31, 2024 | 243 | ||||||
Balance, beginning of period at Dec. 31, 2023 | 83,226 | 38,533 | 52,892 | (7,517) | (1,253) | 523 | 48 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Share-based compensation | 323 | ||||||
Repurchases of common stock under repurchase program and employee plans | (645) | (2,082) | 0 | ||||
Issuances of common stock under employee plans | 62 | ||||||
Other | 1 | ||||||
Dividends declared | (1,243) | ||||||
Net income | 3,857 | 3,857 | |||||
Other comprehensive income (loss) | (440) | (427) | (13) | ||||
Contributions from (distributions to) noncontrolling interests, net | 81 | ||||||
Net income (loss) | (79) | (91) | |||||
Balance, end of period at Mar. 31, 2024 | $ 83,049 | $ 38,274 | $ 53,425 | $ (7,517) | $ (1,680) | $ 500 | $ 48 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Cash dividends declared per common share (in dollars per share) | $ 0.31 |
Condensed Consolidated Financia
Condensed Consolidated Financial Statements | 3 Months Ended |
Mar. 31, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Condensed Consolidated Financial Statements | Condensed Consolidated Financial Statements Basis of Presentation We have prepared these unaudited condensed consolidated financial statements based on SEC rules that permit reduced disclosure for interim periods. These financial statements include all adjustments that are necessary for a fair presentation of our consolidated results of operations, cash flows and financial condition for the periods shown, including normal, recurring accruals and other items. The consolidated results of operations for the interim periods presented are not necessarily indicative of results for the full year. The year-end condensed consolidated balance sheet was derived from audited financial statements but does not include all disclosures required by generally accepted accounting principles in the United States (“GAAP”). For a more complete discussion of our accounting policies and certain other information, refer to our consolidated financial statements included in our 2023 Annual Report on Form 10-K. 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. 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. |
Segment Information
Segment Information | 3 Months Ended |
Mar. 31, 2024 | |
Segment Reporting [Abstract] | |
Segment Information | Segment Information We are a global media and technology company with two primary businesses: Connectivity & Platforms and Content & Experiences. We 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. 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. Three Months Ended March 31, 2024 2023 (in millions) Revenue (a) Adjusted EBITDA (b) Revenue (a) Adjusted EBITDA (b) Connectivity & Platforms Residential Connectivity & Platforms $ 17,868 $ 6,852 $ 17,869 $ 6,762 Business Services Connectivity 2,407 1,366 2,283 1,332 Connectivity & Platforms 20,275 8,218 20,153 8,093 Content & Experiences Media 6,371 827 6,152 880 Studios 2,743 244 2,956 277 Theme Parks 1,979 632 1,949 658 Headquarters and Other 12 (243) 19 (232) Eliminations (a) (731) 33 (817) 24 Content & Experiences 10,374 1,493 10,259 1,607 Corporate and Other 767 (329) 707 (288) Eliminations (a) (1,358) (26) (1,427) 3 Comcast Consolidated $ 30,058 $ 9,355 $ 29,691 $ 9,415 (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. A summary of revenue for each of our segments resulting from transactions with other segments and eliminated in consolidation is presented in the table below. Three Months Ended (in millions) 2024 2023 Connectivity & Platforms Residential Connectivity & Platforms $ 38 $ 53 Business Services Connectivity 6 — Content & Experiences Media 1,149 1,167 Studios 838 962 Theme Parks — — Headquarters and Other 8 8 Corporate and Other 51 54 Total intersegment revenue $ 2,089 $ 2,244 (b) We use Adjusted EBITDA as the measure of profit or loss for our operating segments. From time to time we may report the impact of certain events, gains, losses or other charges related to our operating segments within Corporate and Other. Our reconciliation of the aggregate amount of Adjusted EBITDA for our segments to consolidated income before income taxes is presented in the table below. Three Months Ended (in millions) 2024 2023 Adjusted EBITDA $ 9,355 $ 9,415 Adjustments 6 8 Depreciation (2,175) (2,264) Amortization (1,376) (1,513) Interest expense (1,002) (1,010) Investment and other income (loss), net 298 607 Income (loss) before income taxes $ 5,105 $ 5,243 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. |
Revenue
Revenue | 3 Months Ended |
Mar. 31, 2024 | |
Revenues [Abstract] | |
Revenue | Revenue Three Months Ended (in millions) 2024 2023 Domestic broadband $ 6,591 $ 6,343 Domestic wireless 972 858 International connectivity 1,116 897 Total residential connectivity 8,679 8,099 Video 6,876 7,382 Advertising 951 907 Other 1,362 1,482 Total Residential Connectivity & Platforms 17,868 17,869 Total Business Services Connectivity 2,407 2,283 Total Connectivity & Platforms 20,275 20,153 Domestic advertising 2,025 2,025 Domestic distribution 2,906 2,709 International networks 1,021 1,008 Other 420 410 Total Media 6,371 6,152 Content licensing 2,101 2,344 Theatrical 330 319 Other 312 292 Total Studios 2,743 2,956 Total Theme Parks 1,979 1,949 Headquarters and Other 12 19 Eliminations (a) (731) (817) Total Content & Experiences 10,374 10,259 Corporate and Other 767 707 Eliminations (a) (1,358) (1,427) Total revenue $ 30,058 $ 29,691 (a) Included in Eliminations are transactions that our segments enter into with one another. See Note 2 for additional information on these transactions. Condensed Consolidated Balance Sheets (in millions) March 31, December 31, Receivables, gross $ 13,860 $ 14,511 Less: Allowance for credit losses 716 698 Receivables, net $ 13,144 $ 13,813 The following table summarizes our other balances that are not separately presented in our condensed consolidated balance sheets that relate to the recognition of revenue and collection of the related cash. (in millions) March 31, December 31, Noncurrent receivables, net (included in other noncurrent assets, net) $ 1,899 $ 1,914 Noncurrent deferred revenue (included in other noncurrent liabilities) $ 622 $ 618 Our accounts receivables include amounts not yet billed related to equipment installment plans, as summarized in the table below. (in millions) March 31, December 31, Receivables, net $ 1,708 $ 1,695 Noncurrent receivables, net (included in other noncurrent assets, net) 1,201 1,223 Total $ 2,909 $ 2,918 |
Programming and Production Cost
Programming and Production Costs | 3 Months Ended |
Mar. 31, 2024 | |
Other Industries [Abstract] | |
Programming and Production Costs | Programming and Production Costs Three Months Ended (in millions) 2024 2023 Video distribution programming $ 3,020 $ 3,191 Film and television content: Owned (a) 2,562 2,734 Licensed, including sports rights 2,924 2,732 Other 317 347 Total programming and production costs $ 8,823 $ 9,004 (a) Amount includes amortization of owned content of $2.1 billion and $2.2 billion for the three months ended March 31, 2024 and 2023, respectively, as well as participations and residuals expenses. Capitalized Film and Television Costs (in millions) March 31, December 31, Owned: In production and in development $ 2,821 $ 2,893 Completed, not released 383 317 Released, less amortization 4,188 4,340 7,392 7,551 Licensed, including sports advances 5,365 5,369 Film and television costs $ 12,757 $ 12,920 |
Debt
Debt | 3 Months Ended |
Mar. 31, 2024 | |
Debt Disclosure [Abstract] | |
Debt | DebtAs of March 31, 2024, our debt had a carrying value of $96.6 billion and an estimated fair value of $89.5 billion. As of December 31, 2023, our debt had a carrying value of $97.1 billion and an estimated fair value of $92.2 billion. The estimated fair value of our publicly traded debt was primarily based on Level 1 inputs that use quoted market value for the debt. The estimated fair value of debt for which there are no quoted market prices was based on Level 2 inputs that use interest rates available to us for debt with similar terms and remaining maturities. |
Investments and Variable Intere
Investments and Variable Interest Entities | 3 Months Ended |
Mar. 31, 2024 | |
Investments [Abstract] | |
Investments and Variable Interest Entities | Investments and Variable Interest Entities Investment and Other Income (Loss), Net Three Months Ended (in millions) 2024 2023 Equity in net income (losses) of investees, net $ 158 $ 485 Realized and unrealized gains (losses) on equity securities, net (51) (6) Other income (loss), net 191 128 Investment and other income (loss), net $ 298 $ 607 The amount of unrealized gains (losses), net recognized in the three months ended March 31, 2024 and 2023 that related to marketable and nonmarketable equity securities still held as of the end of each reporting period was $(70) million and $(24) million, respectively. Investments (in millions) March 31, December 31, Equity method $ 7,850 $ 7,615 Marketable equity securities 56 39 Nonmarketable equity securities 1,410 1,482 Other investments 562 559 Total investments 9,878 9,694 Less: Current investments 330 310 Noncurrent investments $ 9,548 $ 9,385 Equity Me thod Investments The amount of cash distributions received from equity method investments presented within operating activities in the condensed consolidated statements of cash flows in the three months ended March 31, 2024 and 2023 was $32 million and $20 million, respectively. Atairos Atairos is a variable interest entity (“VIE”) that follows investment company accounting and records its investments at their fair values each reporting period with the net gains or losses reflected in its statement of operations. We recognize our share of these gains and losses in equity in net income (losses) of investees, net. For the three months ended March 31, 2024 and 2023, we made cash capital contributions to Atairos totaling $13 million and $14 million, respectively. As of March 31, 2024 and December 31, 2023, our investment in Atairos, inclusive of certain distributions retained by Atairos on our behalf and classified as advances withi n other investments, was $5.7 billion and $5.5 billion, respectively. As of March 31, 2024, our remaining unfunded capital commitment was $1.4 billion. Other Investments Other investments also includes investments in certain short-term instruments, which totaled $259 million and $254 million as of March 31, 2024 and December 31, 2023, respectively. The carrying amounts of these investments approximate their fair values, which are primarily based on Level 2 inputs that use interest rates for instruments with similar terms and remaining maturities. Proceeds from short-term instruments for the three months ended March 31, 2024 and 2023 were $255 million and $304 million, respectively. Purchases of short-term instruments for the three months ended March 31, 2024 were $257 million. There were no purchases of short-term instruments for the three months ended March 31, 2023. Consolidated Variable Interest Entity Universal Beijing Resort We own a 30% interest in a Universal theme park and resort in Beijing, China (“Universal Beijing Resort”). Universal Beijing Resort is a consolidated VIE with the remaining interest owned by a consortium of Chinese state-owned companies. The construction was funded through a combination of debt financing and equity contributions from the partners in accordance with their equity interests. As of March 31, 2024, 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. As 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. As of March 31, 2024, our condensed consolidated balance sheets included assets and liabilities of Universal Beijing Resort totaling $7.5 billion and $7.1 billion, respectively. As of December 31, 2023, our condensed 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. |
Equity and Share-Based Compensa
Equity and Share-Based Compensation | 3 Months Ended |
Mar. 31, 2024 | |
Equity [Abstract] | |
Equity and Share-Based Compensation | Equity and Share-Based Compensation Weighted-Average Common Shares Outstanding Three Months Ended (in millions) 2024 2023 Weighted-average number of common shares outstanding – basic 3,959 4,208 Effect of dilutive securities 34 19 Weighted-average number of common shares outstanding – diluted 3,992 4,227 Antidilutive securities 162 202 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. Antidilutive securities represent the number of potential common shares related to share-based compensation awards that were excluded from diluted EPS because their effect would have been antidilutive. Accumulated Other Comprehensive Income (Loss) (in millions) March 31, December 31, Cumulative translation adjustments $ (2,019) $ (1,596) Deferred gains (losses) on cash flow hedges 70 49 Unrecognized gains (losses) on employee benefit obligations and other 269 293 Accumulated other comprehensive income (loss), net of deferred taxes $ (1,680) $ (1,253) Share-Based Compensation Our share-based compensation plans consist primarily of awards of restricted share units (“RSUs”) and stock options to certain employees and directors as part of our approach to long-term incentive compensation. Additionally, through our employee stock purchase plans, employees are able to purchase shares of our common stock at a discount through payroll deductions. In March 2024, we granted 31 million RSUs and 3 million stock options related to our annual management awards. The weighted-average fair values associated with these grants were $42.62 per RSU and $9.49 per stock option. During the three months ended March 31, 2024 and 2023, share-based compensation expense recognized in our condensed consolidated statements of income was $303 million and $295 million, respectively. As of March 31, 2024, we had unrecognized pretax compensation expense of $2.8 billion related to nonvested RSUs and nonvested stock options. |
Supplemental Financial Informat
Supplemental Financial Information | 3 Months Ended |
Mar. 31, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Supplemental Financial Information | Supplemental Financial Information Cash Payments for Interest and Income Taxes Three Months Ended (in millions) 2024 2023 Interest $ 731 $ 766 Income taxes $ 349 $ 148 Noncash Activities During the three months ended March 31, 2024: • we acquired $2.0 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 $0.31 per common share paid in April 2024 During the three months ended March 31, 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 April 2023 Cash, Cash Equivalents and Restricted Cash The following table provides a reconciliation of cash, cash equivalents and restricted cash reported in the condensed consolidated balance sheets to the total of the amounts reported in our condensed consolidated statements of cash flows. (in millions) March 31, December 31, Cash and cash equivalents $ 6,515 $ 6,215 Restricted cash included in other current assets and other noncurrent assets, net 71 67 Cash, cash equivalents and restricted cash, end of period $ 6,586 $ 6,282 |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Contingencies We are subject to legal proceedings and claims that arise in the ordinary course of our business. While the amount of ultimate liability with respect to such proceedings and claims is not expected to materially affect our |
Condensed Consolidated Financ_2
Condensed Consolidated Financial Statements (Policies) | 3 Months Ended |
Mar. 31, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | We have prepared these unaudited condensed consolidated financial statements based on SEC rules that permit reduced disclosure for interim periods. These financial statements include all adjustments that are necessary for a fair presentation of our consolidated results of operations, cash flows and financial condition for the periods shown, including normal, recurring accruals and other items. The consolidated results of operations for the interim periods presented are not necessarily indicative of results for the full year. |
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. 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. |
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. Antidilutive securities represent the number of potential common shares related to share-based compensation awards that were excluded from diluted EPS because their effect would have been antidilutive. |
Segment Information (Tables)
Segment Information (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Segment Reporting [Abstract] | |
Schedule of Financial Data by Business Segment | We are a global media and technology company with two primary businesses: Connectivity & Platforms and Content & Experiences. We 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. 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. Three Months Ended March 31, 2024 2023 (in millions) Revenue (a) Adjusted EBITDA (b) Revenue (a) Adjusted EBITDA (b) Connectivity & Platforms Residential Connectivity & Platforms $ 17,868 $ 6,852 $ 17,869 $ 6,762 Business Services Connectivity 2,407 1,366 2,283 1,332 Connectivity & Platforms 20,275 8,218 20,153 8,093 Content & Experiences Media 6,371 827 6,152 880 Studios 2,743 244 2,956 277 Theme Parks 1,979 632 1,949 658 Headquarters and Other 12 (243) 19 (232) Eliminations (a) (731) 33 (817) 24 Content & Experiences 10,374 1,493 10,259 1,607 Corporate and Other 767 (329) 707 (288) Eliminations (a) (1,358) (26) (1,427) 3 Comcast Consolidated $ 30,058 $ 9,355 $ 29,691 $ 9,415 (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. A summary of revenue for each of our segments resulting from transactions with other segments and eliminated in consolidation is presented in the table below. Three Months Ended (in millions) 2024 2023 Connectivity & Platforms Residential Connectivity & Platforms $ 38 $ 53 Business Services Connectivity 6 — Content & Experiences Media 1,149 1,167 Studios 838 962 Theme Parks — — Headquarters and Other 8 8 Corporate and Other 51 54 Total intersegment revenue $ 2,089 $ 2,244 (b) We use Adjusted EBITDA as the measure of profit or loss for our operating segments. From time to time we may report the impact of certain events, gains, losses or other charges related to our operating segments within Corporate and Other. Our reconciliation of the aggregate amount of Adjusted EBITDA for our segments to consolidated income before income taxes is presented in the table below. Three Months Ended (in millions) 2024 2023 Adjusted EBITDA $ 9,355 $ 9,415 Adjustments 6 8 Depreciation (2,175) (2,264) Amortization (1,376) (1,513) Interest expense (1,002) (1,010) Investment and other income (loss), net 298 607 Income (loss) before income taxes $ 5,105 $ 5,243 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. |
Schedule of Reconciliation of Adjusted EBITDA from Segments to Consolidated | Our reconciliation of the aggregate amount of Adjusted EBITDA for our segments to consolidated income before income taxes is presented in the table below. Three Months Ended (in millions) 2024 2023 Adjusted EBITDA $ 9,355 $ 9,415 Adjustments 6 8 Depreciation (2,175) (2,264) Amortization (1,376) (1,513) Interest expense (1,002) (1,010) Investment and other income (loss), net 298 607 Income (loss) before income taxes $ 5,105 $ 5,243 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. |
Revenue (Tables)
Revenue (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Revenues [Abstract] | |
Schedule of Disaggregation of Revenue | Three Months Ended (in millions) 2024 2023 Domestic broadband $ 6,591 $ 6,343 Domestic wireless 972 858 International connectivity 1,116 897 Total residential connectivity 8,679 8,099 Video 6,876 7,382 Advertising 951 907 Other 1,362 1,482 Total Residential Connectivity & Platforms 17,868 17,869 Total Business Services Connectivity 2,407 2,283 Total Connectivity & Platforms 20,275 20,153 Domestic advertising 2,025 2,025 Domestic distribution 2,906 2,709 International networks 1,021 1,008 Other 420 410 Total Media 6,371 6,152 Content licensing 2,101 2,344 Theatrical 330 319 Other 312 292 Total Studios 2,743 2,956 Total Theme Parks 1,979 1,949 Headquarters and Other 12 19 Eliminations (a) (731) (817) Total Content & Experiences 10,374 10,259 Corporate and Other 767 707 Eliminations (a) (1,358) (1,427) Total revenue $ 30,058 $ 29,691 (a) Included in Eliminations are transactions that our segments enter into with one another. See Note 2 for additional information on these transactions. |
Schedule of Receivables, Net | (in millions) March 31, December 31, Receivables, gross $ 13,860 $ 14,511 Less: Allowance for credit losses 716 698 Receivables, net $ 13,144 $ 13,813 |
Schedule of Other Balance Sheet Accounts | The following table summarizes our other balances that are not separately presented in our condensed consolidated balance sheets that relate to the recognition of revenue and collection of the related cash. (in millions) March 31, December 31, Noncurrent receivables, net (included in other noncurrent assets, net) $ 1,899 $ 1,914 Noncurrent deferred revenue (included in other noncurrent liabilities) $ 622 $ 618 Our accounts receivables include amounts not yet billed related to equipment installment plans, as summarized in the table below. (in millions) March 31, December 31, Receivables, net $ 1,708 $ 1,695 Noncurrent receivables, net (included in other noncurrent assets, net) 1,201 1,223 Total $ 2,909 $ 2,918 |
Programming and Production Co_2
Programming and Production Costs (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Other Industries [Abstract] | |
Schedule of Programming and Production Expense | Three Months Ended (in millions) 2024 2023 Video distribution programming $ 3,020 $ 3,191 Film and television content: Owned (a) 2,562 2,734 Licensed, including sports rights 2,924 2,732 Other 317 347 Total programming and production costs $ 8,823 $ 9,004 (a) Amount includes amortization of owned content of $2.1 billion and $2.2 billion for the three months ended March 31, 2024 and 2023, respectively, as well as participations and residuals expenses. |
Schedule of Capitalized Film and Television Costs | Capitalized Film and Television Costs (in millions) March 31, December 31, Owned: In production and in development $ 2,821 $ 2,893 Completed, not released 383 317 Released, less amortization 4,188 4,340 7,392 7,551 Licensed, including sports advances 5,365 5,369 Film and television costs $ 12,757 $ 12,920 |
Investments and Variable Inte_2
Investments and Variable Interest Entities (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Investments [Abstract] | |
Schedule of Investment and Other Income (Loss), Net | Investment and Other Income (Loss), Net Three Months Ended (in millions) 2024 2023 Equity in net income (losses) of investees, net $ 158 $ 485 Realized and unrealized gains (losses) on equity securities, net (51) (6) Other income (loss), net 191 128 Investment and other income (loss), net $ 298 $ 607 |
Schedule of Investment Summary | Investments (in millions) March 31, December 31, Equity method $ 7,850 $ 7,615 Marketable equity securities 56 39 Nonmarketable equity securities 1,410 1,482 Other investments 562 559 Total investments 9,878 9,694 Less: Current investments 330 310 Noncurrent investments $ 9,548 $ 9,385 |
Equity and Share-Based Compen_2
Equity and Share-Based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Equity [Abstract] | |
Schedule of Weighted Average Common Shares Outstanding | Weighted-Average Common Shares Outstanding Three Months Ended (in millions) 2024 2023 Weighted-average number of common shares outstanding – basic 3,959 4,208 Effect of dilutive securities 34 19 Weighted-average number of common shares outstanding – diluted 3,992 4,227 Antidilutive securities 162 202 |
Schedule of Accumulated Other Comprehensive Income (Loss) | Accumulated Other Comprehensive Income (Loss) (in millions) March 31, December 31, Cumulative translation adjustments $ (2,019) $ (1,596) Deferred gains (losses) on cash flow hedges 70 49 Unrecognized gains (losses) on employee benefit obligations and other 269 293 Accumulated other comprehensive income (loss), net of deferred taxes $ (1,680) $ (1,253) |
Supplemental Financial Inform_2
Supplemental Financial Information (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Cash Payments for Interest and Income Taxes | Cash Payments for Interest and Income Taxes Three Months Ended (in millions) 2024 2023 Interest $ 731 $ 766 Income taxes $ 349 $ 148 |
Schedule of Cash and Cash Equivalents | The following table provides a reconciliation of cash, cash equivalents and restricted cash reported in the condensed consolidated balance sheets to the total of the amounts reported in our condensed consolidated statements of cash flows. (in millions) March 31, December 31, Cash and cash equivalents $ 6,515 $ 6,215 Restricted cash included in other current assets and other noncurrent assets, net 71 67 Cash, cash equivalents and restricted cash, end of period $ 6,586 $ 6,282 |
Schedule of Restricted Cash | The following table provides a reconciliation of cash, cash equivalents and restricted cash reported in the condensed consolidated balance sheets to the total of the amounts reported in our condensed consolidated statements of cash flows. (in millions) March 31, December 31, Cash and cash equivalents $ 6,515 $ 6,215 Restricted cash included in other current assets and other noncurrent assets, net 71 67 Cash, cash equivalents and restricted cash, end of period $ 6,586 $ 6,282 |
Segment Information - Schedule
Segment Information - Schedule of Financial Data by Business Segment (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Segment Reporting Information [Line Items] | ||
Revenue | $ 30,058 | $ 29,691 |
Adjusted EBITDA | 9,355 | 9,415 |
Operating Segments | Connectivity & Platforms | ||
Segment Reporting Information [Line Items] | ||
Revenue | 20,275 | 20,153 |
Adjusted EBITDA | 8,218 | 8,093 |
Operating Segments | Content & Experiences | ||
Segment Reporting Information [Line Items] | ||
Revenue | 10,374 | 10,259 |
Adjusted EBITDA | 1,493 | 1,607 |
Headquarters/Corporate and Other | ||
Segment Reporting Information [Line Items] | ||
Revenue | 767 | 707 |
Adjusted EBITDA | (329) | (288) |
Headquarters/Corporate and Other | Content & Experiences | ||
Segment Reporting Information [Line Items] | ||
Revenue | 12 | 19 |
Adjusted EBITDA | (243) | (232) |
Eliminations | ||
Segment Reporting Information [Line Items] | ||
Revenue | 2,089 | 2,244 |
Eliminations | Content & Experiences | ||
Segment Reporting Information [Line Items] | ||
Revenue | (731) | (817) |
Adjusted EBITDA | 33 | 24 |
Eliminations | Inter-Business Unit Eliminations | ||
Segment Reporting Information [Line Items] | ||
Revenue | (1,358) | (1,427) |
Adjusted EBITDA | (26) | 3 |
Residential Connectivity & Platforms | Operating Segments | ||
Segment Reporting Information [Line Items] | ||
Revenue | 17,868 | 17,869 |
Adjusted EBITDA | 6,852 | 6,762 |
Residential Connectivity & Platforms | Operating Segments | Connectivity & Platforms | ||
Segment Reporting Information [Line Items] | ||
Revenue | 17,868 | 17,869 |
Business Services Connectivity | Operating Segments | ||
Segment Reporting Information [Line Items] | ||
Revenue | 2,407 | 2,283 |
Adjusted EBITDA | 1,366 | 1,332 |
Business Services Connectivity | Operating Segments | Connectivity & Platforms | ||
Segment Reporting Information [Line Items] | ||
Revenue | 2,407 | 2,283 |
Media | Operating Segments | ||
Segment Reporting Information [Line Items] | ||
Revenue | 6,371 | 6,152 |
Adjusted EBITDA | 827 | 880 |
Media | Operating Segments | Content & Experiences | ||
Segment Reporting Information [Line Items] | ||
Revenue | 6,371 | 6,152 |
Studios | Operating Segments | ||
Segment Reporting Information [Line Items] | ||
Revenue | 2,743 | 2,956 |
Adjusted EBITDA | 244 | 277 |
Studios | Operating Segments | Content & Experiences | ||
Segment Reporting Information [Line Items] | ||
Revenue | 2,743 | 2,956 |
Theme Parks | Operating Segments | ||
Segment Reporting Information [Line Items] | ||
Revenue | 1,979 | 1,949 |
Adjusted EBITDA | 632 | 658 |
Theme Parks | Operating Segments | Content & Experiences | ||
Segment Reporting Information [Line Items] | ||
Revenue | $ 1,979 | $ 1,949 |
Segment Information - Intersegm
Segment Information - Intersegment Revenue (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Segment Reporting Information [Line Items] | ||
Revenue | $ 30,058 | $ 29,691 |
Eliminations | ||
Segment Reporting Information [Line Items] | ||
Revenue | 2,089 | 2,244 |
Headquarters/Corporate and Other | ||
Segment Reporting Information [Line Items] | ||
Revenue | 51 | 54 |
Operating Segments | Residential Connectivity & Platforms | ||
Segment Reporting Information [Line Items] | ||
Revenue | 17,868 | 17,869 |
Operating Segments | Residential Connectivity & Platforms | Intersegment Customers | ||
Segment Reporting Information [Line Items] | ||
Revenue | 38 | 53 |
Operating Segments | Business Services Connectivity | ||
Segment Reporting Information [Line Items] | ||
Revenue | 2,407 | 2,283 |
Operating Segments | Business Services Connectivity | Intersegment Customers | ||
Segment Reporting Information [Line Items] | ||
Revenue | 6 | 0 |
Operating Segments | Media | ||
Segment Reporting Information [Line Items] | ||
Revenue | 6,371 | 6,152 |
Operating Segments | Media | Intersegment Customers | ||
Segment Reporting Information [Line Items] | ||
Revenue | 1,149 | 1,167 |
Operating Segments | Studios | ||
Segment Reporting Information [Line Items] | ||
Revenue | 2,743 | 2,956 |
Operating Segments | Studios | Intersegment Customers | ||
Segment Reporting Information [Line Items] | ||
Revenue | 838 | 962 |
Operating Segments | Theme Parks | ||
Segment Reporting Information [Line Items] | ||
Revenue | 1,979 | 1,949 |
Operating Segments | Theme Parks | Intersegment Customers | ||
Segment Reporting Information [Line Items] | ||
Revenue | 0 | 0 |
Connectivity & Platforms | Operating Segments | ||
Segment Reporting Information [Line Items] | ||
Revenue | 20,275 | 20,153 |
Connectivity & Platforms | Operating Segments | Residential Connectivity & Platforms | ||
Segment Reporting Information [Line Items] | ||
Revenue | 17,868 | 17,869 |
Connectivity & Platforms | Operating Segments | Business Services Connectivity | ||
Segment Reporting Information [Line Items] | ||
Revenue | 2,407 | 2,283 |
Content & Experiences | Eliminations | ||
Segment Reporting Information [Line Items] | ||
Revenue | (731) | (817) |
Content & Experiences | Headquarters/Corporate and Other | ||
Segment Reporting Information [Line Items] | ||
Revenue | 8 | 8 |
Content & Experiences | Operating Segments | ||
Segment Reporting Information [Line Items] | ||
Revenue | 10,374 | 10,259 |
Content & Experiences | Operating Segments | Media | ||
Segment Reporting Information [Line Items] | ||
Revenue | 6,371 | 6,152 |
Content & Experiences | Operating Segments | Studios | ||
Segment Reporting Information [Line Items] | ||
Revenue | 2,743 | 2,956 |
Content & Experiences | Operating Segments | Theme Parks | ||
Segment Reporting Information [Line Items] | ||
Revenue | $ 1,979 | $ 1,949 |
Segment Information - Reconcili
Segment Information - Reconciliation of Adjusted EBITDA from Segment to Consolidated Statements (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Segment Reporting [Abstract] | ||
Adjusted EBITDA | $ 9,355 | $ 9,415 |
Adjustments | 6 | 8 |
Depreciation | (2,175) | (2,264) |
Amortization | (1,376) | (1,513) |
Interest expense | (1,002) | (1,010) |
Investment and other income (loss), net | 298 | 607 |
Income before income taxes | $ 5,105 | $ 5,243 |
Segment Information - Narrative
Segment Information - Narrative (Details) | 3 Months Ended |
Mar. 31, 2024 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 |
Revenue - Schedule of Disaggreg
Revenue - Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Disaggregation of Revenue [Line Items] | ||
Revenue | $ 30,058 | $ 29,691 |
Operating Segments | Connectivity & Platforms | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 20,275 | 20,153 |
Operating Segments | Content & Experiences | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 10,374 | 10,259 |
Operating Segments | Residential Connectivity & Platforms | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 17,868 | 17,869 |
Operating Segments | Residential Connectivity & Platforms | Connectivity & Platforms | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 17,868 | 17,869 |
Operating Segments | Residential Connectivity & Platforms | Residential Connectivity | Connectivity & Platforms | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 8,679 | 8,099 |
Operating Segments | Residential Connectivity & Platforms | Domestic broadband | Connectivity & Platforms | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 6,591 | 6,343 |
Operating Segments | Residential Connectivity & Platforms | Domestic wireless | Connectivity & Platforms | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 972 | 858 |
Operating Segments | Residential Connectivity & Platforms | International connectivity | Connectivity & Platforms | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 1,116 | 897 |
Operating Segments | Residential Connectivity & Platforms | Video | Connectivity & Platforms | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 6,876 | 7,382 |
Operating Segments | Residential Connectivity & Platforms | Advertising | Connectivity & Platforms | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 951 | 907 |
Operating Segments | Residential Connectivity & Platforms | Other | Connectivity & Platforms | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 1,362 | 1,482 |
Operating Segments | Business Services Connectivity | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 2,407 | 2,283 |
Operating Segments | Business Services Connectivity | Connectivity & Platforms | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 2,407 | 2,283 |
Operating Segments | Media | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 6,371 | 6,152 |
Operating Segments | Media | Content & Experiences | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 6,371 | 6,152 |
Operating Segments | Media | Other | Content & Experiences | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 420 | 410 |
Operating Segments | Media | Domestic advertising | Content & Experiences | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 2,025 | 2,025 |
Operating Segments | Media | Domestic distribution | Content & Experiences | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 2,906 | 2,709 |
Operating Segments | Media | International networks | Content & Experiences | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 1,021 | 1,008 |
Operating Segments | Studios | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 2,743 | 2,956 |
Operating Segments | Studios | Content & Experiences | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 2,743 | 2,956 |
Operating Segments | Studios | Other | Content & Experiences | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 312 | 292 |
Operating Segments | Studios | Content licensing | Content & Experiences | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 2,101 | 2,344 |
Operating Segments | Studios | Theatrical | Content & Experiences | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 330 | 319 |
Operating Segments | Theme Parks | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 1,979 | 1,949 |
Operating Segments | Theme Parks | Content & Experiences | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 1,979 | 1,949 |
Headquarters/Corporate and Other | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 767 | 707 |
Headquarters/Corporate and Other | Content & Experiences | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 12 | 19 |
Eliminations | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 2,089 | 2,244 |
Eliminations | Content & Experiences | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | $ (731) | $ (817) |
Revenue - Schedule of Condensed
Revenue - Schedule of Condensed Consolidated Balance Sheets (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Revenues [Abstract] | ||
Receivables, gross | $ 13,860 | $ 14,511 |
Less: Allowance for credit losses | 716 | 698 |
Receivables, net | 13,144 | 13,813 |
Noncurrent receivables, net (included in other noncurrent assets, net) | 1,899 | 1,914 |
Noncurrent deferred revenue (included in other noncurrent liabilities) | $ 622 | $ 618 |
Revenue - Schedule of Accounts
Revenue - Schedule of Accounts Receivable (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Disaggregation of Revenue [Line Items] | ||
Receivables, net | $ 13,144 | $ 13,813 |
Noncurrent receivables, net (included in other noncurrent assets, net) | 1,899 | 1,914 |
Equipment Installment Plan | Notes Receivable | Unbilled Revenues | ||
Disaggregation of Revenue [Line Items] | ||
Receivables, net | 1,708 | 1,695 |
Noncurrent receivables, net (included in other noncurrent assets, net) | 1,201 | 1,223 |
Total | $ 2,909 | $ 2,918 |
Programming and Production Co_3
Programming and Production Costs - Schedule of Recognized Programming and Production Costs (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Other Industries [Abstract] | ||
Video distribution programming | $ 3,020 | $ 3,191 |
Film and television content: | ||
Owned | 2,562 | 2,734 |
Licensed, including sports rights | 2,924 | 2,732 |
Other | 317 | 347 |
Total programming and production costs | 8,823 | 9,004 |
Amortization of owned film and television costs | $ 2,100 | $ 2,200 |
Programming and Production Co_4
Programming and Production Costs - Schedule of Capitalized Film and Television Costs and Programming Rights (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Owned: | ||
In production and in development | $ 2,821 | $ 2,893 |
Completed, not released | 383 | 317 |
Released, less amortization | 4,188 | 4,340 |
Owned | 7,392 | 7,551 |
Licensed, including sports advances | 5,365 | 5,369 |
Film and television costs | $ 12,757 | $ 12,920 |
Debt (Details)
Debt (Details) - USD ($) $ in Billions | Mar. 31, 2024 | Dec. 31, 2023 |
Debt Disclosure [Abstract] | ||
Total carrying value of debt | $ 96.6 | $ 97.1 |
Total fair value of debt | $ 89.5 | $ 92.2 |
Investments and Variable Inte_3
Investments and Variable Interest Entities - Schedule of Investment and Other Income (Loss), Net (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Investments [Abstract] | ||
Equity in net income (losses) of investees, net | $ 158 | $ 485 |
Realized and unrealized gains (losses) on equity securities, net | (51) | (6) |
Other income (loss), net | 191 | 128 |
Investment and other income (loss), net | $ 298 | $ 607 |
Investments and Variable Inte_4
Investments and Variable Interest Entities - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Schedule of Equity Method Investments [Line Items] | |||
Unrealized gains (losses) recognized | $ (70) | $ (24) | |
Cash distribution received from equity method investments | 32 | 20 | |
Other investments | 562 | $ 559 | |
Assets | 263,601 | 264,811 | |
Short-Term Instruments | |||
Schedule of Equity Method Investments [Line Items] | |||
Other investments | 259 | 254 | |
Other Investments | |||
Schedule of Equity Method Investments [Line Items] | |||
Proceeds from short-term instruments | 255 | 304 | |
Purchase of short-term instruments | $ 257 | 0 | |
Variable Interest Entity, Primary Beneficiary | Universal Beijing Resort | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership percentage in variable interest entity | 30% | ||
Long-term debt | $ 3,500 | 3,500 | |
Assets | 7,500 | 7,800 | |
Consolidated variable interest entity's liabilities included in condensed consolidated balance sheet | 7,100 | 7,200 | |
Variable Interest Entity, Primary Beneficiary | Universal Beijing Resort | Universal Beijing Resort Term Loans | |||
Schedule of Equity Method Investments [Line Items] | |||
Long-term debt | 3,100 | 3,100 | |
Atairos | |||
Schedule of Equity Method Investments [Line Items] | |||
Cash capital contributions for equity method investments | 13 | $ 14 | |
Equity method investments and certain retained distributions | 5,700 | $ 5,500 | |
Atairos | Variable Interest Entity, Not Primary Beneficiary | |||
Schedule of Equity Method Investments [Line Items] | |||
Remaining unfunded capital commitment | $ 1,400 |
Investments and Variable Inte_5
Investments and Variable Interest Entities - Schedule of Investments (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Investments [Abstract] | ||
Equity method | $ 7,850 | $ 7,615 |
Marketable equity securities | 56 | 39 |
Nonmarketable equity securities | 1,410 | 1,482 |
Other investments | 562 | 559 |
Total investments | 9,878 | 9,694 |
Less: Current investments | 330 | 310 |
Noncurrent investments | $ 9,548 | $ 9,385 |
Equity and Share-Based Compen_3
Equity and Share-Based Compensation - Schedule of Weighted Average Common Shares Outstanding (Details) - shares shares in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Equity [Abstract] | ||
Weighted-average number of common shares outstanding – basic | 3,959 | 4,208 |
Effect of dilutive securities | 34 | 19 |
Weighted-average number of common shares outstanding – diluted | 3,992 | 4,227 |
Antidilutive securities | 162 | 202 |
Equity and Share-Based Compen_4
Equity and Share-Based Compensation - Narrative (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 1 Months Ended | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2024 | Mar. 31, 2023 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Recognized share-based compensation expense | $ 303 | $ 295 | |
Unrecognized pretax compensation expense on nonvested awards | $ 2,800 | $ 2,800 | |
Management Grant | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of stock options granted (in shares) | 3 | ||
Weighted-average fair value of stock options granted (in dollars per share) | $ 9.49 | ||
Restricted Stock Units (RSUs) | Management Grant | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of restricted share units granted (in shares) | 31 | ||
Weighted-average fair value of restricted share units granted (in dollars per share) | $ 42.62 |
Equity and Share-Based Compen_5
Equity and Share-Based Compensation - Schedule of Components of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 | Dec. 31, 2022 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Accumulated other comprehensive income (loss), net of deferred taxes | $ 83,049 | $ 83,226 | $ 83,033 | |
Cumulative translation adjustments | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Accumulated other comprehensive income (loss), net of deferred taxes | (2,019) | (1,596) | ||
Deferred gains (losses) on cash flow hedges | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Accumulated other comprehensive income (loss), net of deferred taxes | 70 | 49 | ||
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 | 269 | 293 | ||
Accumulated Other Comprehensive Income (Loss) | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Accumulated other comprehensive income (loss), net of deferred taxes | $ (1,680) | $ (1,253) | $ (1,898) | $ (2,611) |
Supplemental Financial Inform_3
Supplemental Financial Information - Schedule of Cash Payments for Interest and Income Taxes (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Interest | $ 731 | $ 766 |
Income taxes | $ 349 | $ 148 |
Supplemental Financial Inform_4
Supplemental Financial Information - Noncash Activities (Details) - USD ($) $ / shares in Units, $ in Billions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Property and equipment and intangible assets accrued but not yet paid | $ 2 | $ 2.1 |
Dividends payable | $ 1.2 | $ 1.2 |
Dividends payable (in dollars per share) | $ 0.31 | $ 0.29 |
Supplemental Financial Inform_5
Supplemental Financial Information - Schedule of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 | Dec. 31, 2022 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||
Cash and cash equivalents | $ 6,515 | $ 6,215 | ||
Restricted cash included in other current assets and other noncurrent assets, net | 71 | 67 | ||
Cash, cash equivalents and restricted cash, end of period | $ 6,586 | $ 6,282 | $ 5,577 | $ 4,782 |