Condensed Consolidating Financial Information

9 Months Ended

Sep. 30, 2019

Condensed Financial Information Disclosure [Abstract]

Condensed Consolidating Financial Information

Condensed Consolidating Financial Information

Comcast (“Comcast Parent”), Comcast Cable Communications, LLC (“CCCL Parent”) and NBCUniversal (“NBCUniversal Media Parent”) have fully and unconditionally guaranteed each other’s debt. See Note 5 for additional information on the cross-guarantee structure.

Condensed Consolidating Statement of Income

For the Three Months Ended September 30, 2019

(in millions)	Comcast Parent			Comcast Holdings			CCCL Parent			NBCUniversal Media Parent			Non- Guarantor Subsidiaries			Elimination and Consolidation Adjustments			Consolidated Comcast Corporation
Revenue:
Service revenue	$	—		$	—		$	—		$	—		$	26,827		$	—		$	26,827
Management fee revenue	326			—			319			—			—			(645		)	—
Total revenue	326			—			319			—			26,827			(645		)	26,827
Costs and Expenses:
Programming and production	—			—			—			—			8,316			—			8,316
Other operating and administrative	209			—			319			230			7,977			(645		)	8,090
Advertising, marketing and promotion	—			—			—			—			1,901			—			1,901
Depreciation	14			—			—			—			2,110			—			2,124
Amortization	1			—			—			—			1,055			—			1,056
Total costs and expenses	224			—			319			230			21,359			(645		)	21,487
Operating income (loss)	102			—			—			(230		)	5,468			—			5,340
Interest expense	(873		)	(3		)	(47		)	(140		)	(104		)	—			(1,167		)
Investment and other income (loss), net	3,776			3,729			3,620			1,632			1,390			(14,257		)	(110		)
Income (loss) before income taxes	3,005			3,726			3,573			1,262			6,754			(14,257		)	4,063
Income tax (expense) benefit	212			(2		)	10			(6		)	(989		)	—			(775		)
Net income (loss)	3,217			3,724			3,583			1,256			5,765			(14,257		)	3,288
Less: Net income (loss) attributable to noncontrolling interests and redeemable subsidiary preferred stock	—			—			—			—			71			—			71
Net income (loss) attributable to Comcast Corporation	$	3,217		$	3,724		$	3,583		$	1,256		$	5,694		$	(14,257	)	$	3,217
Comprehensive income (loss) attributable to Comcast Corporation	$	2,120		$	3,722		$	3,584		$	1,244		$	4,397		$	(12,947	)	$	2,120

Condensed Consolidating Statement of Income

For the Three Months Ended September 30, 2018

(in millions)	Comcast Parent			Comcast Holdings			CCCL Parent			NBCUniversal Media Parent			Non- Guarantor Subsidiaries			Elimination and Consolidation Adjustments			Consolidated Comcast Corporation
Revenue:
Service revenue	$	—		$	—		$	—		$	—		$	22,135		$	—		$	22,135
Management fee revenue	299			—			294			—			—			(593		)	—
Total revenue	299			—			294			—			22,135			(593		)	22,135
Costs and Expenses:
Programming and production	—			—			—			—			6,711			—			6,711
Other operating and administrative	208			—			294			230			6,305			(593		)	6,444
Advertising, marketing and promotion	—			—			—			—			1,667			—			1,667
Depreciation	12			—			—			—			2,026			—			2,038
Amortization	1			—			—			—			579			—			580
Other operating gains	—			—			—			—			(141		)	—			(141		)
Total costs and expenses	221			—			294			230			17,147			(593		)	17,299
Operating income (loss)	78			—			—			(230		)	4,988			—			4,836
Interest expense	(600		)	(3		)	(48		)	(113		)	(66		)	—			(830		)
Investment and other income (loss), net	3,299			3,380			3,007			1,576			1,065			(12,438		)	(111		)
Income (loss) before income taxes	2,777			3,377			2,959			1,233			5,987			(12,438		)	3,895
Income tax (expense) benefit	109			(1		)	10			(2		)	(1,115		)	—			(999		)
Net income (loss)	2,886			3,376			2,969			1,231			4,872			(12,438		)	2,896
Less: Net income (loss) attributable to noncontrolling interests and redeemable subsidiary preferred stock	—			—			—			—			10			—			10
Net income (loss) attributable to Comcast Corporation	$	2,886		$	3,376		$	2,969		$	1,231		$	4,862		$	(12,438	)	$	2,886
Comprehensive income (loss) attributable to Comcast Corporation	$	2,799		$	3,349		$	2,974		$	1,112		$	4,663		$	(12,098	)	$	2,799

Condensed Consolidating Statement of Income

For the Nine Months Ended September 30, 2019 

(in millions)	Comcast Parent			Comcast Holdings			CCCL Parent			NBCUniversal Media Parent			Non- Guarantor Subsidiaries			Elimination and Consolidation Adjustments			Consolidated Comcast Corporation
Revenue:
Service revenue	$	—		$	—		$	—		$	—		$	80,544		$	—		$	80,544
Management fee revenue	940			—			921			—			—			(1,861		)	—
Total revenue	940			—			921			—			80,544			(1,861		)	80,544
Costs and Expenses:
Programming and production	—			—			—			—			25,140			—			25,140
Other operating and administrative	575			—			921			726			23,715			(1,861		)	24,076
Advertising, marketing and promotion	—			—			—			—			5,674			—			5,674
Depreciation	44			—			—			—			6,517			—			6,561
Amortization	4			—			—			—			3,211			—			3,215
Total costs and expenses	623			—			921			726			64,257			(1,861		)	64,666
Operating income (loss)	317			—			—			(726		)	16,287			—			15,878
Interest expense	(2,646		)	(9		)	(143		)	(377		)	(279		)	—			(3,454		)
Investment and other income (loss), net	11,683			11,602			10,310			5,731			5,287			(44,102		)	511
Income (loss) before income taxes	9,354			11,593			10,167			4,628			21,295			(44,102		)	12,935
Income tax (expense) benefit	541			(9		)	30			(17		)	(3,357		)	—			(2,812		)
Net income (loss)	9,895			11,584			10,197			4,611			17,938			(44,102		)	10,123
Less: Net income (loss) attributable to noncontrolling interests and redeemable subsidiary preferred stock	—			—			—			—			228			—			228
Net income (loss) attributable to Comcast Corporation	$	9,895		$	11,584		$	10,197		$	4,611		$	17,710		$	(44,102	)	$	9,895
Comprehensive income (loss) attributable to Comcast Corporation	$	9,104		$	11,600		$	10,201		$	4,640		$	16,857		$	(43,298	)	$	9,104

Condensed Consolidating Statement of Income

For the Nine Months Ended September 30, 2018

(in millions)	Comcast Parent			Comcast Holdings			CCCL Parent			NBCUniversal Media Parent			Non- Guarantor Subsidiaries			Elimination and Consolidation Adjustments			Consolidated Comcast Corporation
Revenue:
Service revenue	$	—		$	—		$	—		$	—		$	66,661		$	—		$	66,661
Management fee revenue	889			—			873			—			—			(1,762		)	—
Total revenue	889			—			873			—			66,661			(1,762		)	66,661
Costs and Expenses:
Programming and production	—			—			—			—			20,440			—			20,440
Other operating and administrative	626			—			873			772			18,814			(1,762		)	19,323
Advertising, marketing and promotion	—			—			—			—			4,924			—			4,924
Depreciation	34			—			—			—			6,036			—			6,070
Amortization	4			—			—			—			1,746			—			1,750
Other operating gains	—			—			—			—			(341		)	—			(341		)
Total costs and expenses	664			—			873			772			51,619			(1,762		)	52,166
Operating income (loss)	225			—			—			(772		)	15,042			—			14,495
Interest expense	(1,739		)	(9		)	(143		)	(332		)	(190		)	—			(2,413		)
Investment and other income (loss), net	10,416			10,279			8,832			5,107			3,977			(38,519		)	92
Income (loss) before income taxes	8,902			10,270			8,689			4,003			18,829			(38,519		)	12,174
Income tax (expense) benefit	318			—			29			(12		)	(3,229		)	—			(2,894		)
Net income (loss)	9,220			10,270			8,718			3,991			15,600			(38,519		)	9,280
Less: Net income (loss) attributable to noncontrolling interests and redeemable subsidiary preferred stock	—			—			—			—			60			—			60
Net income (loss) attributable to Comcast Corporation	$	9,220		$	10,270		$	8,718		$	3,991		$	15,540		$	(38,519	)	$	9,220
Comprehensive income (loss) attributable to Comcast Corporation	$	9,139		$	10,245		$	8,723		$	3,877		$	15,357		$	(38,202	)	$	9,139

Condensed Consolidating Statement of Cash Flows

For the Nine Months Ended September 30, 2019 

(in millions)	Comcast Parent			Comcast Holdings			CCCL Parent			NBCUniversal Media Parent			Non- Guarantor Subsidiaries			Elimination and Consolidation Adjustments		Consolidated Comcast Corporation
Net cash provided by (used in) operating activities	$	(1,522	)	$	293		$	(217	)	$	(910	)	$	21,818		$	—	$	19,462
Investing Activities:
Net transactions with affiliates	10,333			(293		)	217			2,883			(13,140		)	—		—
Capital expenditures	(20		)	—			—			—			(6,846		)	—		(6,866		)
Cash paid for intangible assets	(2		)	—			—			—			(1,684		)	—		(1,686		)
Acquisitions and construction of real estate properties	(35		)	—			—			—			(5		)	—		(40		)
Construction of Universal Beijing Resort	—			—			—			—			(736		)	—		(736		)
Acquisitions, net of cash acquired	—			—			—			—			(181		)	—		(181		)
Proceeds from sales of businesses and investments	—			—			—			—			208			—		208
Purchases of investments	(25		)	—			—			(67		)	(1,605		)	—		(1,697		)
Other	—			—			—			—			86			—		86
Net cash provided by (used in) investing activities	10,251			(293		)	217			2,816			(23,903		)	—		(10,912		)
Financing Activities:
Proceeds from (repayments of) short-term borrowings, net	—			—			—			—			(1,288		)	—		(1,288		)
Proceeds from borrowings	—			—			—			—			516			—		516
Proceeds from collateralized obligation	—			—			—			—			5,175			—		5,175
Repurchases and repayments of debt	(5,513		)	—			—			(2,008		)	(2,454		)	—		(9,975		)
Repurchases of common stock under repurchase program and employee plans	(432		)	—			—			—			—			—		(432		)
Dividends paid	(2,778		)	—			—			—			—			—		(2,778		)
Distributions to noncontrolling interests and dividends for redeemable subsidiary preferred stock	—			—			—			—			(235		)	—		(235		)
Other	(5		)	—			—			(40		)	236			—		191
Net cash provided by (used in) financing activities	(8,728		)	—			—			(2,048		)	1,950			—		(8,826		)
Impact of foreign currency on cash, cash equivalents and restricted cash	(1		)	—			—			—			(30		)	—		(31		)
Increase (decrease) in cash, cash equivalents and restricted cash	—			—			—			(142		)	(165		)	—		(307		)
Cash, cash equivalents and restricted cash, beginning of period	—			—			—			416			3,493			—		3,909
Cash, cash equivalents and restricted cash, end of period	$	—		$	—		$	—		$	274		$	3,328		$	—	$	3,602

Condensed Consolidating Statement of Cash Flows

For the Nine Months Ended September 30, 2018

(in millions)	Comcast Parent			Comcast Holdings			CCCL Parent			NBCUniversal Media Parent			Non- Guarantor Subsidiaries			Elimination and Consolidation Adjustments		Consolidated Comcast Corporation
Net cash provided by (used in) operating activities	$	(1,461	)	$	137		$	(206	)	$	(1,047	)	$	21,084		$	—	$	18,507
Investing Activities:
Net transactions with affiliates	(1,087		)	(586		)	206			800			667			—		—
Capital expenditures	(15		)	—			—			—			(6,592		)	—		(6,607		)
Cash paid for intangible assets	(3		)	—			—			—			(1,372		)	—		(1,375		)
Acquisitions and construction of real estate properties	(94		)	—			—			—			(35		)	—		(129		)
Construction of Universal Beijing Resort	—			—			—			—			(257		)	—		(257		)
Acquisitions, net of cash acquired	—			—			—			—			(88		)	—		(88		)
Proceeds from sales of investments	—			—			—			67			60			—		127
Purchases of investments	(118		)	—			—			(50		)	(672		)	—		(840		)
Other	—			449			—			—			130			—		579
Net cash provided by (used in) investing activities	(1,317		)	(137		)	206			817			(8,159		)	—		(8,590		)
Financing Activities:
Proceeds from (repayments of) short-term borrowings, net	2,117			—			—			—			792			—		2,909
Proceeds from borrowings	9,386			—			—			—			464			—		9,850
Repurchases and repayments of debt	(1,900		)	—			—			(3		)	(2,502		)	—		(4,405		)
Repurchases of common stock under repurchase program and employee plans	(4,282		)	—			—			—			—			—		(4,282		)
Dividends paid	(2,487		)	—			—			—			—			—		(2,487		)
Distributions to noncontrolling interests and dividends for redeemable subsidiary preferred stock	—			—			—			—			(209		)	—		(209		)
Other	(56		)	—			—			—			(186		)	—		(242		)
Net cash provided by (used in) financing activities	2,778			—			—			(3		)	(1,641		)	—		1,134
Increase (decrease) in cash, cash equivalents and restricted cash	—			—			—			(233		)	11,284			—		11,051
Cash, cash equivalents and restricted cash, beginning of period	—			—			—			496			3,075			—		3,571
Cash, cash equivalents and restricted cash, end of period	$	—		$	—		$	—		$	263		$	14,359		$	—	$	14,622

Condensed Consolidating Balance Sheet

September 30, 2019

(in millions)	Comcast Parent		Comcast Holdings		CCCL Parent		NBCUniversal Media Parent		Non- Guarantor Subsidiaries		Elimination and Consolidation Adjustments			Consolidated Comcast Corporation
Assets
Cash and cash equivalents	$	—	$	—	$	—	$	274	$	3,233	$	—		$	3,507
Receivables, net	—		—		—		—		10,684		—			10,684
Programming rights	—		—		—		—		3,457		—			3,457
Other current assets	128		22		—		23		4,502		—			4,675
Total current assets	128		22		—		297		21,876		—			22,323
Film and television costs	—		—		—		—		8,647		—			8,647
Investments	275		12		159		1,039		5,988		—			7,473
Investment securing collateralized obligation	—		—		—		—		816		—			816
Investments in and amounts due from subsidiaries eliminated upon consolidation	158,369		149,186		132,753		54,857		98,744		(593,909		)	—
Property and equipment, net	664		—		—		—		46,126		—			46,790
Franchise rights	—		—		—		—		59,365		—			59,365
Goodwill	—		—		—		—		66,913		—			66,913
Other intangible assets, net	8		—		—		—		35,156		—			35,164
Other noncurrent assets, net	1,025		166		—		95		8,014		(417		)	8,883
Total assets	$	160,469	$	149,386	$	132,912	$	56,288	$	351,645	$	(594,326	)	$	256,374
Liabilities and Equity
Accounts payable and accrued expenses related to trade creditors	$	—	$	—	$	—	$	—	$	10,198	$	—		$	10,198
Accrued participations and residuals	—		—		—		—		1,615		—			1,615
Deferred revenue	—		—		—		—		2,944		—			2,944
Accrued expenses and other current liabilities	2,421		244		256		415		6,857		—			10,193
Current portion of long-term debt	—		—		—		7		1,032		—			1,039
Total current liabilities	2,421		244		256		422		22,646		—			25,989
Long-term debt, less current portion	76,654		152		2,100		5,751		15,190		—			99,847
Collateralized obligation	—		—		—		—		5,165		—			5,165
Deferred income taxes	—		344		—		68		28,142		(562		)	27,992
Other noncurrent liabilities	3,250		—		—		1,555		11,903		145			16,853
Redeemable noncontrolling interests and redeemable subsidiary preferred stock	—		—		—		—		1,368		—			1,368
Equity:
Common stock	54		—		—		—		—		—			54
Other shareholders’ equity	78,090		148,646		130,556		48,492		266,215		(593,909		)	78,090
Total Comcast Corporation shareholders’ equity	78,144		148,646		130,556		48,492		266,215		(593,909		)	78,144
Noncontrolling interests	—		—		—		—		1,016		—			1,016
Total equity	78,144		148,646		130,556		48,492		267,231		(593,909		)	79,160
Total liabilities and equity	$	160,469	$	149,386	$	132,912	$	56,288	$	351,645	$	(594,326	)	$	256,374

Condensed Consolidating Balance Sheet

December 31, 2018

(in millions)	Comcast Parent		Comcast Holdings		CCCL Parent		NBCUniversal Media Parent		Non- Guarantor Subsidiaries		Elimination and Consolidation Adjustments			Consolidated Comcast Corporation
Assets
Cash and cash equivalents	$	—	$	—	$	—	$	416	$	3,398	$	—		$	3,814
Receivables, net	—		—		—		—		11,104		—			11,104
Programming rights	—		—		—		—		3,746		—			3,746
Other current assets	66		20		—		28		3,070		—			3,184
Total current assets	66		20		—		444		21,318		—			21,848
Film and television costs	—		—		—		—		7,837		—			7,837
Investments	270		11		143		790		6,669		—			7,883
Investments in and amounts due from subsidiaries eliminated upon consolidation	157,264		147,028		130,214		53,853		97,872		(586,231		)	—
Property and equipment, net	670		—		—		—		43,767		—			44,437
Franchise rights	—		—		—		—		59,365		—			59,365
Goodwill	—		—		—		—		66,154		—			66,154
Other intangible assets, net	11		—		—		—		38,347		—			38,358
Other noncurrent assets, net	1,057		208		—		85		4,910		(458		)	5,802
Total assets	$	159,338	$	147,267	$	130,357	$	55,172	$	346,239	$	(586,689	)	$	251,684
Liabilities and Equity
Accounts payable and accrued expenses related to trade creditors	$	2	$	—	$	—	$	—	$	8,492	$	—		$	8,494
Accrued participations and residuals	—		—		—		—		1,808		—			1,808
Deferred revenue	—		—		—		—		2,182		—			2,182
Accrued expenses and other current liabilities	2,357		150		360		282		7,572		—			10,721
Current portion of long-term debt	699		—		—		4		3,695		—			4,398
Total current liabilities	3,058		150		360		286		23,749		—			27,603
Long-term debt, less current portion	81,661		146		2,100		7,748		15,690		—			107,345
Deferred income taxes	—		314		—		65		27,734		(524		)	27,589
Other noncurrent liabilities	3,006		—		—		1,201		11,056		66			15,329
Redeemable noncontrolling interests and redeemable subsidiary preferred stock	—		—		—		—		1,316		—			1,316
Equity:
Common stock	54		—		—		—		—		—			54
Other shareholders’ equity	71,559		146,657		127,897		45,872		265,805		(586,231		)	71,559
Total Comcast Corporation shareholders’ equity	71,613		146,657		127,897		45,872		265,805		(586,231		)	71,613
Noncontrolling interests	—		—		—		—		889		—			889
Total equity	71,613		146,657		127,897		45,872		266,694		(586,231		)	72,502
Total liabilities and equity	$	159,338	$	147,267	$	130,357	$	55,172	$	346,239	$	(586,689	)	$	251,684