QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Commission File Number | Exact Name of Registrant; State of Incorporation; Address and Telephone Number of Principal Executive Offices | I.R.S. Employer Identification No. |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||
☒ | Accelerated filer | ☐ | Non-accelerated filer | ☐ | Smaller reporting company | Emerging growth company |
Page Number | ||
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• | the COVID-19 pandemic has had, and we expect will continue to have, a material adverse effect on our businesses and results of operations |
• | our businesses operate in highly competitive and dynamic industries, and our businesses and results of operations could be adversely affected if we do not compete effectively |
• | changes in consumer behavior driven by online video distribution platforms for viewing content continue to adversely affect our businesses and challenge existing business models |
• | a decline in advertisers’ expenditures or changes in advertising markets could negatively impact our businesses |
• | our businesses depend on keeping pace with technological developments |
• | we are subject to regulation by federal, state, local and foreign authorities, which impose additional costs and restrictions on our businesses |
• | programming expenses for our video services are increasing, which could adversely affect Cable Communications’ and Sky’s video businesses |
• | NBCUniversal’s and Sky’s success depends on consumer acceptance of their content, and their businesses may be adversely affected if their content fails to achieve sufficient consumer acceptance or the costs to create or acquire content increase |
• | the loss of programming distribution and licensing agreements, or the renewal of these agreements on less favorable terms, could adversely affect our businesses |
• | less favorable telecommunications access regulations, the loss of Sky’s transmission agreements with satellite or telecommunications providers or the renewal of these agreements on less favorable terms could adversely affect Sky’s businesses |
• | we rely on network and information systems and other technologies, as well as key properties, and a disruption, cyber attack, failure or destruction of such networks, systems, technologies or properties may disrupt our businesses |
• | our businesses depend on using and protecting certain intellectual property rights and on not infringing the intellectual property rights of others |
• | we may be unable to obtain necessary hardware, software and operational support |
• | weak economic conditions may have a negative impact on our businesses |
• | acquisitions and other strategic initiatives present many risks, and we may not realize the financial and strategic goals that we had contemplated |
• | we face risks relating to doing business internationally that could adversely affect our businesses |
• | unfavorable litigation or governmental investigation results could require us to pay significant amounts or lead to onerous operating procedures |
• | labor disputes, whether involving employees or sports organizations, may disrupt our operations and adversely affect our businesses |
• | the loss of key management personnel or popular on-air and creative talent could have an adverse effect on our businesses |
• | our Class B common stock has substantial voting rights and separate approval rights over several potentially material transactions, and our Chairman and CEO has considerable influence over our company through his beneficial ownership of our Class B common stock |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
(in millions, except per share data) | 2020 | 2019 | 2020 | 2019 | |||||||||||
Revenue | $ | $ | $ | $ | |||||||||||
Costs and Expenses: | |||||||||||||||
Programming and production | |||||||||||||||
Other operating and administrative | |||||||||||||||
Advertising, marketing and promotion | |||||||||||||||
Depreciation | |||||||||||||||
Amortization | |||||||||||||||
Total costs and expenses | |||||||||||||||
Operating income | |||||||||||||||
Interest expense | ( | ) | ( | ) | ( | ) | ( | ) | |||||||
Investment and other income (loss), net | ( | ) | ( | ) | |||||||||||
Income before income taxes | |||||||||||||||
Income tax expense | ( | ) | ( | ) | ( | ) | ( | ) | |||||||
Net income | |||||||||||||||
Less: Net income (loss) attributable to noncontrolling interests and redeemable subsidiary preferred stock | |||||||||||||||
Net income attributable to Comcast Corporation | $ | $ | $ | $ | |||||||||||
Basic earnings per common share attributable to Comcast Corporation shareholders | $ | $ | $ | $ | |||||||||||
Diluted earnings per common share attributable to Comcast Corporation shareholders | $ | $ | $ | $ |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
(in millions) | 2020 | 2019 | 2020 | 2019 | |||||||||||
Net income | $ | $ | $ | $ | |||||||||||
Unrealized gains (losses) on marketable securities, net of deferred taxes of $1, $—, $1 and $— | ( | ) | ( | ) | |||||||||||
Deferred gains (losses) on cash flow hedges, net of deferred taxes of $7, $2, $17 and $11 | ( | ) | |||||||||||||
Amounts reclassified to net income: | |||||||||||||||
Realized (gains) losses on cash flow hedges, net of deferred taxes of $4, $7, $21 and $(4) | ( | ) | ( | ) | ( | ) | |||||||||
Employee benefit obligations, net of deferred taxes of $2, $2, $5 and $5 | ( | ) | ( | ) | ( | ) | ( | ) | |||||||
Currency translation adjustments, net of deferred taxes of $(9), $(6), $(16) and $(18) | ( | ) | ( | ) | ( | ) | |||||||||
Comprehensive income | |||||||||||||||
Less: Net income (loss) attributable to noncontrolling interests and redeemable subsidiary preferred stock | |||||||||||||||
Less: Other comprehensive income (loss) attributable to noncontrolling interests | ( | ) | ( | ) | ( | ) | |||||||||
Comprehensive income (loss) attributable to Comcast Corporation | $ | $ | $ | $ |
Six Months Ended June 30, | |||||||
(in millions) | 2020 | 2019 | |||||
Operating Activities | |||||||
Net income | $ | $ | |||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||
Depreciation and amortization | |||||||
Share-based compensation | |||||||
Noncash interest expense (income), net | |||||||
Net (gain) loss on investment activity and other | ( | ) | |||||
Deferred income taxes | ( | ) | |||||
Changes in operating assets and liabilities, net of effects of acquisitions and divestitures: | |||||||
Current and noncurrent receivables, net | |||||||
Film and television costs, net | |||||||
Accounts payable and accrued expenses related to trade creditors | ( | ) | ( | ) | |||
Other operating assets and liabilities | ( | ) | |||||
Net cash provided by operating activities | |||||||
Investing Activities | |||||||
Capital expenditures | ( | ) | ( | ) | |||
Cash paid for intangible assets | ( | ) | ( | ) | |||
Construction of Universal Beijing Resort | ( | ) | ( | ) | |||
Acquisitions, net of cash acquired | ( | ) | ( | ) | |||
Proceeds from sales of businesses and investments | |||||||
Purchases of investments | ( | ) | ( | ) | |||
Other | |||||||
Net cash provided by (used in) investing activities | ( | ) | ( | ) | |||
Financing Activities | |||||||
Proceeds from (repayments of) short-term borrowings, net | ( | ) | |||||
Proceeds from borrowings | |||||||
Repurchases and repayments of debt | ( | ) | ( | ) | |||
Repurchases of common stock under employee plans | ( | ) | ( | ) | |||
Dividends paid | ( | ) | ( | ) | |||
Other | ( | ) | |||||
Net cash provided by (used in) financing activities | ( | ) | ( | ) | |||
Impact of foreign currency on cash, cash equivalents and restricted cash | ( | ) | ( | ) | |||
Increase (decrease) in cash, cash equivalents and restricted cash | |||||||
Cash, cash equivalents and restricted cash, beginning of period | |||||||
Cash, cash equivalents and restricted cash, end of period | $ | $ |
(in millions, except share data) | June 30, 2020 | December 31, 2019 | |||||
Assets | |||||||
Current Assets: | |||||||
Cash and cash equivalents | $ | $ | |||||
Receivables, net | |||||||
Programming rights | |||||||
Other current assets | |||||||
Total current assets | |||||||
Film and television costs | |||||||
Investments | |||||||
Investment securing collateralized obligation | |||||||
Property and equipment, net of accumulated depreciation of $53,765 and $53,239 | |||||||
Goodwill | |||||||
Franchise rights | |||||||
Other intangible assets, net of accumulated amortization of $17,210 and $17,217 | |||||||
Other noncurrent assets, net | |||||||
Total assets | $ | $ | |||||
Liabilities and Equity | |||||||
Current Liabilities: | |||||||
Accounts payable and accrued expenses related to trade creditors | $ | $ | |||||
Accrued participations and residuals | |||||||
Deferred revenue | |||||||
Accrued expenses and other current liabilities | |||||||
Current portion of long-term debt | |||||||
Total current liabilities | |||||||
Long-term debt, less current portion | |||||||
Collateralized obligation | |||||||
Deferred income taxes | |||||||
Other noncurrent liabilities | |||||||
Commitments and contingencies (Note 12) | |||||||
Redeemable noncontrolling interests and redeemable subsidiary preferred stock | |||||||
Equity: | |||||||
Preferred stock—authorized, 20,000,000 shares; issued, zero | |||||||
Class A common stock, $0.01 par value—authorized, 7,500,000,000 shares; issued, 5,431,447,267 and 5,416,381,298; outstanding, 4,558,656,239 and 4,543,590,270 | |||||||
Class B common stock, $0.01 par value—authorized, 75,000,000 shares; issued and outstanding, 9,444,375 | |||||||
Additional paid-in capital | |||||||
Retained earnings | |||||||
Treasury stock, 872,791,028 Class A common shares | ( | ) | ( | ) | |||
Accumulated other comprehensive income (loss) | ( | ) | |||||
Total Comcast Corporation shareholders’ equity | |||||||
Noncontrolling interests | |||||||
Total equity | |||||||
Total liabilities and equity | $ | $ |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||
(in millions, except per share data) | 2020 | 2019 | 2020 | 2019 | |||||||||
Redeemable Noncontrolling Interests and Redeemable Subsidiary Preferred Stock | |||||||||||||
Balance, beginning of period | $ | $ | $ | $ | |||||||||
Contributions from (distributions to) noncontrolling interests, net | ( | ) | ( | ) | ( | ) | ( | ) | |||||
Other | ( | ) | ( | ) | ( | ) | ( | ) | |||||
Net income (loss) | |||||||||||||
Balance, end of period | $ | $ | $ | $ | |||||||||
Class A common stock | |||||||||||||
Balance, beginning of period | $ | $ | $ | $ | |||||||||
Balance, end of period | $ | $ | $ | $ | |||||||||
Additional Paid-In Capital | |||||||||||||
Balance, beginning of period | $ | $ | $ | $ | |||||||||
Stock compensation plans | |||||||||||||
Repurchases of common stock under employee plans | ( | ) | ( | ) | ( | ) | |||||||
Employee stock purchase plans | |||||||||||||
Other | ( | ) | |||||||||||
Balance, end of period | $ | $ | $ | $ | |||||||||
Retained Earnings | |||||||||||||
Balance, beginning of period | $ | $ | $ | $ | |||||||||
Cumulative effects of adoption of accounting standards | ( | ) | |||||||||||
Repurchases of common stock under employee plans | ( | ) | ( | ) | ( | ) | ( | ) | |||||
Dividends declared | ( | ) | ( | ) | ( | ) | ( | ) | |||||
Other | ( | ) | ( | ) | |||||||||
Net income (loss) | |||||||||||||
Balance, end of period | $ | $ | $ | $ | |||||||||
Treasury Stock at Cost | |||||||||||||
Balance, beginning of period | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | ( | ) | |
Balance, end of period | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | ( | ) | |
Accumulated Other Comprehensive Income (Loss) | |||||||||||||
Balance, beginning of period | $ | ( | ) | $ | $ | $ | ( | ) | |||||
Other comprehensive income (loss) | ( | ) | ( | ) | ( | ) | |||||||
Balance, end of period | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | ( | ) | |
Noncontrolling Interests | |||||||||||||
Balance, beginning of period | $ | $ | $ | $ | |||||||||
Other comprehensive income (loss) | ( | ) | ( | ) | ( | ) | |||||||
Contributions from (distributions to) noncontrolling interests, net | ( | ) | |||||||||||
Other | ( | ) | ( | ) | |||||||||
Net income (loss) | |||||||||||||
Balance, end of period | $ | $ | $ | $ | |||||||||
Total equity | $ | $ | $ | $ | |||||||||
Cash dividends declared per common share | $ | $ | $ | $ |
Three Months Ended June 30, 2020 | |||||||||||||||
(in millions) | Revenue | Adjusted EBITDA(d) | Depreciation and Amortization | Capital Expenditures | Cash Paid for Intangible Assets | ||||||||||
Cable Communications | $ | $ | $ | $ | $ | ||||||||||
NBCUniversal | |||||||||||||||
Cable Networks | |||||||||||||||
Broadcast Television | |||||||||||||||
Filmed Entertainment | |||||||||||||||
Theme Parks | ( | ) | |||||||||||||
Headquarters and Other(a) | ( | ) | |||||||||||||
Eliminations(b) | ( | ) | ( | ) | |||||||||||
NBCUniversal | |||||||||||||||
Sky | |||||||||||||||
Corporate and Other(c) | ( | ) | |||||||||||||
Eliminations(b) | ( | ) | ( | ) | |||||||||||
Comcast Consolidated | $ | $ | $ | $ | $ |
Three Months Ended June 30, 2019 | |||||||||||||||
(in millions) | Revenue | Adjusted EBITDA(d) | Depreciation and Amortization | Capital Expenditures | Cash Paid for Intangible Assets | ||||||||||
Cable Communications | $ | $ | $ | $ | $ | ||||||||||
NBCUniversal | |||||||||||||||
Cable Networks | |||||||||||||||
Broadcast Television | |||||||||||||||
Filmed Entertainment | |||||||||||||||
Theme Parks | |||||||||||||||
Headquarters and Other(a) | ( | ) | |||||||||||||
Eliminations(b) | ( | ) | ( | ) | |||||||||||
NBCUniversal | |||||||||||||||
Sky | |||||||||||||||
Corporate and Other(c) | ( | ) | |||||||||||||
Eliminations(b) | ( | ) | ( | ) | |||||||||||
Comcast Consolidated | $ | $ | $ | $ | $ |
Six Months Ended June 30, 2020 | |||||||||||||||
(in millions) | Revenue | Adjusted EBITDA(d) | Depreciation and Amortization | Capital Expenditures | Cash Paid for Intangible Assets | ||||||||||
Cable Communications | $ | $ | $ | $ | $ | ||||||||||
NBCUniversal | |||||||||||||||
Cable Networks | |||||||||||||||
Broadcast Television | |||||||||||||||
Filmed Entertainment | |||||||||||||||
Theme Parks | ( | ) | |||||||||||||
Headquarters and Other(a) | ( | ) | |||||||||||||
Eliminations(b) | ( | ) | |||||||||||||
NBCUniversal | |||||||||||||||
Sky | |||||||||||||||
Corporate and Other(c) | ( | ) | |||||||||||||
Eliminations(b) | ( | ) | ( | ) | |||||||||||
Comcast Consolidated | $ | $ | $ | $ | $ |
Six Months Ended June 30, 2019 | |||||||||||||||
(in millions) | Revenue | Adjusted EBITDA(d) | Depreciation and Amortization | Capital Expenditures | Cash Paid for Intangible Assets | ||||||||||
Cable Communications | $ | $ | $ | $ | $ | ||||||||||
NBCUniversal | |||||||||||||||
Cable Networks | |||||||||||||||
Broadcast Television | |||||||||||||||
Filmed Entertainment | |||||||||||||||
Theme Parks | |||||||||||||||
Headquarters and Other(a) | ( | ) | |||||||||||||
Eliminations(b) | ( | ) | ( | ) | |||||||||||
NBCUniversal | |||||||||||||||
Sky | |||||||||||||||
Corporate and Other(c) | ( | ) | |||||||||||||
Eliminations(b) | ( | ) | ( | ) | |||||||||||
Comcast Consolidated | $ | $ | $ | $ | $ |
(a) | NBCUniversal Headquarters and Other activities include costs associated with overhead, allocations, personnel costs and headquarter initiatives. |
(b) | Included in Eliminations are transactions that our segments enter into with one another. 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. |
• | Revenue for licenses of content from NBCUniversal segments to Peacock and Sky are 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 at Peacock and Sky 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 on these transactions are deferred in our consolidated results and recognized as the content is used over the license period. |
• | Revenue for licenses of content between NBCUniversal segments is recognized over time to correspond with the amortization of the programming rights asset for the licensed content as the content is used over the license period. |
(c) | Corporate and Other activities include costs associated with overhead and personnel, revenue and expenses associated with our other business interests, including Peacock. |
(d) | We use Adjusted EBITDA as the measure of profit or loss for our operating segments. Adjusted EBITDA is defined as net income attributable to Comcast Corporation before net income (loss) attributable to noncontrolling interests and redeemable subsidiary preferred stock, income tax expense, investment and other income (loss), net, interest expense, depreciation and amortization expense, and other operating gains and losses (such as impairment charges related to fixed and intangible assets and gains or losses on the sale of long-lived assets), if any. From time to time, we may exclude from Adjusted EBITDA the impact of certain events, gains, losses or other charges (such as significant legal settlements) that affect the period-to-period comparability of our operating performance. |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
(in millions) | 2020 | 2019 | 2020 | 2019 | |||||||||||
Adjusted EBITDA | $ | $ | $ | $ | |||||||||||
Adjustment for Sky transaction-related costs | ( | ) | ( | ) | ( | ) | ( | ) | |||||||
Depreciation | ( | ) | ( | ) | ( | ) | ( | ) | |||||||
Amortization | ( | ) | ( | ) | ( | ) | ( | ) | |||||||
Interest expense | ( | ) | ( | ) | ( | ) | ( | ) | |||||||
Investment and other income (loss), net | ( | ) | ( | ) | |||||||||||
Income before income taxes | $ | $ | $ | $ |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
(in millions) | 2020 | 2019 | 2020 | 2019 | |||||||||||
Residential: | |||||||||||||||
High-speed internet | $ | $ | $ | $ | |||||||||||
Video | |||||||||||||||
Voice | |||||||||||||||
Wireless | |||||||||||||||
Business services | |||||||||||||||
Advertising | |||||||||||||||
Other | |||||||||||||||
Total Cable Communications(a) | |||||||||||||||
Distribution | |||||||||||||||
Advertising | |||||||||||||||
Content licensing and other | |||||||||||||||
Total Cable Networks | |||||||||||||||
Advertising | |||||||||||||||
Content licensing | |||||||||||||||
Distribution and other | |||||||||||||||
Total Broadcast Television | |||||||||||||||
Theatrical | |||||||||||||||
Content licensing | |||||||||||||||
Home entertainment | |||||||||||||||
Other | |||||||||||||||
Total Filmed Entertainment | |||||||||||||||
Total Theme Parks | |||||||||||||||
Headquarters and Other | |||||||||||||||
Eliminations(b) | ( | ) | ( | ) | ( | ) | ( | ) | |||||||
Total NBCUniversal | |||||||||||||||
Direct-to-consumer | |||||||||||||||
Content | |||||||||||||||
Advertising | |||||||||||||||
Total Sky | |||||||||||||||
Corporate and Other | |||||||||||||||
Eliminations(b) | ( | ) | ( | ) | ( | ) | ( | ) | |||||||
Total revenue | $ | $ | $ | $ |
(a) | For both the three and six months ended June 30, 2020, |
(b) | Included in Eliminations are transactions that our segments enter into with one another. See Note 2 for a description of these transactions. |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
(in millions) | 2020 | 2019 | 2020 | 2019 | |||||||||||
United States | $ | $ | $ | $ | |||||||||||
Europe | |||||||||||||||
Other | |||||||||||||||
Total revenue | $ | $ | $ | $ |
(in millions) | June 30, 2020 | December 31, 2019 | |||||
Receivables, gross | $ | $ | |||||
Less: Allowance for doubtful accounts | |||||||
Receivables, net | $ | $ |
(in millions) | June 30, 2020 | December 31, 2019 | |||||
Noncurrent receivables, net (included in other noncurrent assets, net) | $ | $ | |||||
Contract acquisition and fulfillment costs (included in other noncurrent assets, net) | $ | $ | |||||
Noncurrent deferred revenue (included in other noncurrent liabilities) | $ | $ |
(in millions) | Three Months Ended June 30, 2020 | Six Months Ended June 30, 2020 | |||||
Owned film and television costs | $ | $ | |||||
Programming rights | $ | $ |
June 30, 2020 | December 31, 2019 | ||||||||||||||
(in millions) | Film and Television Costs | Film Costs | Television Costs | Total | |||||||||||
Owned film and television costs: | |||||||||||||||
Released, less amortization | $ | $ | $ | $ | |||||||||||
Completed, not released | |||||||||||||||
In production and in development | |||||||||||||||
Programming rights, less amortization | |||||||||||||||
Less: Current portion of programming rights | |||||||||||||||
Film and television costs | $ | $ |
(in millions) | Owned Film and Television Costs | Programming Rights | |||||
Completed, not released: | |||||||
Remaining six months of 2020 | $ | ||||||
Released and programming rights: | |||||||
Remaining six months of 2020 | $ | $ | |||||
2021 | $ | $ | |||||
2022 | $ | $ |
Three Months Ended June 30, | |||||||||||||||||||||
2020 | 2019 | ||||||||||||||||||||
(in millions, except per share data) | Net Income Attributable to Comcast Corporation | Shares | Per Share Amount | Net Income Attributable to Comcast Corporation | Shares | Per Share Amount | |||||||||||||||
Basic EPS attributable to Comcast Corporation shareholders | $ | $ | $ | $ | |||||||||||||||||
Effect of dilutive securities: | |||||||||||||||||||||
Assumed exercise or issuance of shares relating to stock plans | |||||||||||||||||||||
Diluted EPS attributable to Comcast Corporation shareholders | $ | $ | $ | $ |
Six Months Ended June 30, | |||||||||||||||||||||
2020 | 2019 | ||||||||||||||||||||
(in millions, except per share data) | Net Income Attributable to Comcast Corporation | Shares | Per Share Amount | Net Income Attributable to Comcast Corporation | Shares | Per Share Amount | |||||||||||||||
Basic EPS attributable to Comcast Corporation shareholders | $ | $ | $ | $ | |||||||||||||||||
Effect of dilutive securities: | |||||||||||||||||||||
Assumed exercise or issuance of shares relating to stock plans | |||||||||||||||||||||
Diluted EPS attributable to Comcast Corporation shareholders | $ | $ | $ | $ |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
(in millions) | 2020 | 2019 | 2020 | 2019 | |||||||||||
Equity in net income (losses) of investees, net | $ | $ | ( | ) | $ | ( | ) | $ | |||||||
Realized and unrealized gains (losses) on equity securities, net | ( | ) | |||||||||||||
Other income (loss), net | ( | ) | |||||||||||||
Investment and other income (loss), net | $ | $ | ( | ) | $ | ( | ) | $ |
(in millions) | June 30, 2020 | December 31, 2019 | |||||
Equity method | $ | $ | |||||
Marketable equity securities | |||||||
Nonmarketable equity securities | |||||||
Other investments | |||||||
Total investments | |||||||
Less: Current investments | |||||||
Less: Investment securing collateralized obligation | |||||||
Noncurrent investments | $ | $ |
June 30, 2020 | December 31, 2019 | ||||||||||||
(in millions) | Weighted-Average Original Useful Life as of June 30, 2020 | Gross Carrying Amount | Accumulated Amortization | Gross Carrying Amount | Accumulated Amortization | ||||||||
Indefinite-Lived Intangible Assets: | |||||||||||||
Franchise rights | N/A | $ | $ | ||||||||||
Trade names | N/A | ||||||||||||
FCC licenses | N/A | ||||||||||||
Finite-Lived Intangible Assets: | |||||||||||||
Customer relationships | $ | ( | ) | $ | ( | ) | |||||||
Software | ( | ) | ( | ) | |||||||||
Other agreements and rights | ( | ) | ( | ) | |||||||||
Total | $ | $ | ( | ) | $ | $ | ( | ) |
(in millions) | |||
Remaining six months of 2020 | $ | ||
2021 | $ | ||
2022 | $ | ||
2023 | $ | ||
2024 | $ |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
(in millions) | 2020 | 2019 | 2020 | 2019 | |||||||||||
Restricted share units | $ | $ | $ | $ | |||||||||||
Stock options | |||||||||||||||
Employee stock purchase plans | |||||||||||||||
Total | $ | $ | $ | $ |
Six Months Ended June 30, | |||||||
(in millions) | 2020 | 2019 | |||||
Interest | $ | $ | |||||
Income taxes | $ | $ |
• | we acquired $ |
• | we recorded a liability of $ |
(in millions) | June 30, 2020 | December 31, 2019 | |||||
Cash and cash equivalents | $ | $ | |||||
Restricted cash included in other current assets | |||||||
Restricted cash included in other noncurrent assets, net | |||||||
Cash, cash equivalents and restricted cash, end of period | $ | $ |
(in millions) | June 30, 2020 | June 30, 2019 | |||||
Unrealized gains (losses) on marketable securities | $ | $ | |||||
Deferred gains (losses) on cash flow hedges | |||||||
Unrecognized gains (losses) on employee benefit obligations | |||||||
Cumulative translation adjustments | ( | ) | ( | ) | |||
Accumulated other comprehensive income (loss), net of deferred taxes | $ | ( | ) | $ | ( | ) |
• | Our distribution network to date has performed well under the stress of increased traffic and peak usage driven by increased video streaming, gaming and videoconferencing as more customers work and learn remotely from home. |
• | We incurred costs during the first half of 2020 associated with compensating personnel in roles affected by COVID-19. These costs included additional compensation for frontline personnel who worked to keep our customers connected to our services and compensation for certain personnel who were unable to work due to the closing or suspension of operations. |
• | We have pledged, continuing through the end of December 2020, that new qualifying customers for Internet Essentials, our low-income internet adoption program, will receive 60 days of free internet services. We also pledged through the end of June 2020 to waive certain fees and to not disconnect internet, voice or wireless services for customers for nonpayment, and are providing these customers a variety of flexible and extended payment options. As a result, our customer metrics for the first half of 2020 do not include certain high-risk customers who continue to receive service following nonpayment or customers in the free Internet Essentials offer. |
• | Many professional sports leagues have resumed or have announced plans to resume, some with a reduced schedule for the remainder of the interrupted seasons. Certain of our programming distribution agreements with regional sports networks include contractual adjustment provisions if a minimum number of sporting events does not occur. In the second quarter of 2020, our programming expenses were reduced as a result of these provisions, and our revenue was negatively impacted in similar amounts as a result of adjustments that we anticipate passing through to our customers. These provisions are also expected to impact future period revenue and expenses in 2020. The ultimate amounts and timing of the adjustments are dependent upon the extent to which the sports leagues are able to resume the interrupted seasons. |
• | The deterioration of economic conditions and increased economic uncertainty resulting from COVID-19 have resulted in reduced demand for our residential and business services and reduced spending from advertisers, which have had, and likely will continue to have, negative impacts on our revenue over the near to medium term. In addition, we believe there is increased risk associated with collections on our outstanding receivables, and we have incurred, and expect to continue to incur, increases in our bad debt expense compared to the prior year periods. |
• | The temporary closure of all of our theme parks in the first and second quarters of 2020 had the most significant impact on our revenue and Adjusted EBITDA for the three and six months ended June 30, 2020 on a consolidated basis. Our parks in Orlando and Japan reopened with limited capacity in June 2020, while our park in Hollywood remains closed. We expect the results of operations at our theme parks will continue to be negatively impacted in the near to medium term, and we cannot predict when the Hollywood park will reopen, if any reopened parks will remain open or the level of attendance at any reopened parks. In addition, although we currently expect that Universal Beijing Resort will open in 2021, we have delayed certain construction projects, including the development of the Epic Universe theme park in Orlando. |
• | The deterioration of economic conditions caused by COVID-19 resulted in significant reductions in advertising spend by our customers in the Cable Networks and Broadcast Television segments in the second quarter of 2020, and we expect |
• | We incurred costs during the first half of 2020 associated with compensating personnel who were unable to work due to the closing or suspension of operations, including at our theme parks and at our production studios. |
• | The postponement and cancellation of many sporting events and professional sports seasons impacted our first and second quarter 2020 results of operations, since both advertising revenues and costs associated with broadcasting these programs were not recognized. Many professional sports leagues have resumed or have announced plans to resume, some with reduced numbers of events for the remainder of the interrupted seasons. Certain of our sports programming rights agreements and distribution agreements with multichannel video providers include contractual provisions if a minimum number of events does not occur. Our distribution revenue in the second quarter of 2020 was negatively impacted as a result of credits accrued relating to these provisions, and the programming costs that we will recognize as the remaining events occur, which are now expected to be primarily in the third quarter of 2020, will also be impacted. When, or the extent to which, sporting events will occur in 2020 will impact the timing, and potentially the amount, of revenue and expense recognition. In addition, the 2020 Tokyo Olympics have been postponed from the third quarter of 2020 to the third quarter of 2021, which will result in a corresponding delay of the associated revenue and costs. |
• | The creation and availability of our film and television programming in the United States and globally have been disrupted, including from the suspension of studio production operations. Additionally, with the temporary closure of many movie theaters worldwide, we have delayed or altered the theatrical distribution strategy for certain of our films, both domestically and internationally. Delays in theatrical releases will affect both current and future periods as a result of corresponding delays in subsequent content licensing windows. We expect results of operations in our Filmed Entertainment segment to continue to be negatively impacted over the near to medium term as a result of COVID-19. |
• | Many sporting events and professional sports seasons were postponed beginning in the second half of the first quarter of 2020, with certain sports, including European soccer, resuming in May and June 2020, which resulted in significant impacts on Sky’s results of operations in the first and second quarters of 2020. Direct-to-consumer revenue has been negatively impacted as a result of lower sports subscription revenue and we expect continued negative impacts as a result of the impacts of COVID-19 on the reopening plans of our commercial customers. Additionally, significant costs associated with broadcasting these programs were not recognized as a result of the sporting events not occurring in the first quarter of 2020 and for most of the second quarter. Although sporting events have resumed, COVID-19 continues to result in uncertainty in the ultimate timing of when, or the extent to which, sporting events will occur in 2020; their broadcast is expected to impact the timing, and potentially the amount, of revenue and expense recognition. |
• | We temporarily suspended certain sales channels due to COVID-19, which negatively impacted net customer additions and revenue in the first and second quarters of 2020. Our sales channels generally resumed operations in June. |
• | COVID-19 has resulted in the deterioration of economic conditions and increased economic uncertainty in the U.K. and Europe, intensifying what was an already deteriorating economic and advertising environment. These conditions negatively impacted revenue in the first and second quarters of 2020, and we expect will continue to reduce advertising spend and consumer demand for our services for the remainder of 2020. In addition, there is increased risk associated with collections on our outstanding receivables, and we have incurred and expect to continue to incur increases in our bad debt expense. |
Three Months Ended June 30, | Increase/ (Decrease) | Six Months Ended June 30, | Increase/ (Decrease) | ||||||||||||||||||
(in millions, except per share data) | 2020 | 2019 | % | 2020 | 2019 | % | |||||||||||||||
Revenue | $ | 23,715 | $ | 26,858 | (11.7 | )% | $ | 50,324 | $ | 53,717 | (6.3 | )% | |||||||||
Costs and Expenses: | |||||||||||||||||||||
Programming and production | 6,817 | 8,255 | (17.4 | ) | 15,118 | 16,824 | (10.1 | ) | |||||||||||||
Other operating and administrative | 7,646 | 8,086 | (5.5 | ) | 15,900 | 15,986 | (0.5 | ) | |||||||||||||
Advertising, marketing and promotion | 1,341 | 1,885 | (28.9 | ) | 3,279 | 3,773 | (13.1 | ) | |||||||||||||
Depreciation | 2,099 | 2,197 | (4.5 | ) | 4,206 | 4,437 | (5.2 | ) | |||||||||||||
Amortization | 1,165 | 1,079 | 8.1 | 2,322 | 2,159 | 7.6 | |||||||||||||||
Operating income | 4,647 | 5,356 | (13.2 | ) | 9,499 | 10,538 | (9.9 | ) | |||||||||||||
Interest expense | (1,112 | ) | (1,137 | ) | (2.1 | ) | (2,324 | ) | (2,287 | ) | 1.6 | ||||||||||
Investment and other income (loss), net | 420 | (55 | ) | NM | (296 | ) | 621 | (147.7 | ) | ||||||||||||
Income before income taxes | 3,955 | 4,164 | (5.0 | ) | 6,879 | 8,872 | (22.5 | ) | |||||||||||||
Income tax expense | (946 | ) | (961 | ) | (1.5 | ) | (1,646 | ) | (2,037 | ) | (19.2 | ) | |||||||||
Net income | 3,009 | 3,203 | (6.0 | ) | 5,233 | 6,835 | (23.4 | ) | |||||||||||||
Less: Net income attributable to noncontrolling interests and redeemable subsidiary preferred stock | 21 | 78 | (73.6 | ) | 98 | 157 | (37.5 | ) | |||||||||||||
Net income attributable to Comcast Corporation | $ | 2,988 | $ | 3,125 | (4.4 | )% | $ | 5,135 | $ | 6,678 | (23.1 | )% | |||||||||
Basic earnings per common share attributable to Comcast Corporation shareholders | $ | 0.65 | $ | 0.69 | (5.8 | )% | $ | 1.12 | $ | 1.47 | (23.8 | )% | |||||||||
Diluted earnings per common share attributable to Comcast Corporation shareholders | $ | 0.65 | $ | 0.68 | (4.4 | )% | $ | 1.11 | $ | 1.45 | (23.4 | )% | |||||||||
Adjusted EBITDA(a) | $ | 7,927 | $ | 8,716 | (9.1 | )% | $ | 16,057 | $ | 17,269 | (7.0 | )% |
(a) | Adjusted EBITDA is a non-GAAP financial measure. Refer to the “Non-GAAP Financial Measures” section on page 35 for additional information, including our definition and our use of Adjusted EBITDA, and for a reconciliation from net income attributable to Comcast Corporation to Adjusted EBITDA. |
Three Months Ended June 30, | Increase/ (Decrease) | Six Months Ended June 30, | Increase/ (Decrease) | ||||||||||||||||||
(in millions) | 2020 | 2019 | % | 2020 | 2019 | % | |||||||||||||||
Cable Communications | $ | 1,937 | $ | 2,036 | (4.9 | )% | $ | 3,883 | $ | 4,071 | (4.6 | )% | |||||||||
NBCUniversal | 574 | 527 | 8.9 | 1,139 | 1,042 | 9.3 | |||||||||||||||
Sky | 720 | 673 | 7.0 | 1,438 | 1,414 | 1.7 | |||||||||||||||
Corporate and Other | 33 | 40 | (18.1 | ) | 68 | 69 | (0.8 | ) | |||||||||||||
Comcast Consolidated | $ | 3,264 | $ | 3,276 | (0.4 | )% | $ | 6,528 | $ | 6,596 | (1.0 | )% |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
(in millions) | 2020 | 2019 | 2020 | 2019 | |||||||||||
Equity in net income (losses) of investees, net | $ | 300 | $ | (202 | ) | $ | (368 | ) | $ | 60 | |||||
Realized and unrealized gains (losses) on equity securities, net | 5 | 194 | (53 | ) | 408 | ||||||||||
Other income (loss), net | 115 | (47 | ) | 125 | 153 | ||||||||||
Total investment and other income (loss), net | $ | 420 | $ | (55 | ) | $ | (296 | ) | $ | 621 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
(in millions) | 2020 | 2019 | 2020 | 2019 | |||||||||||
Atairos | $ | 446 | $ | (106 | ) | $ | (135 | ) | $ | 268 | |||||
Hulu | $ | (79 | ) | $ | (109 | ) | $ | (161 | ) | $ | (250 | ) |
Three Months Ended June 30, | Increase/ (Decrease) | |||||||||||||
(in millions) | 2020 | 2019 | $ | % | ||||||||||
Revenue | ||||||||||||||
Residential: | ||||||||||||||
High-speed internet | $ | 5,000 | $ | 4,663 | $ | 337 | 7.2 | % | ||||||
Video | 5,415 | 5,594 | (179 | ) | (3.2 | ) | ||||||||
Voice | 877 | 982 | (105 | ) | (10.7 | ) | ||||||||
Wireless | 326 | 244 | 82 | 33.9 | ||||||||||
Business services | 2,004 | 1,933 | 71 | 3.6 | ||||||||||
Advertising | 428 | 607 | (179 | ) | (29.6 | ) | ||||||||
Other | 378 | 427 | (49 | ) | (11.0 | ) | ||||||||
Total revenue | 14,428 | 14,450 | (22 | ) | (0.2 | ) | ||||||||
Operating costs and expenses | ||||||||||||||
Programming | 3,203 | 3,372 | (169 | ) | (5.0 | ) | ||||||||
Technical and product support | 1,933 | 1,898 | 35 | 1.8 | ||||||||||
Customer service | 601 | 624 | (23 | ) | (3.7 | ) | ||||||||
Advertising, marketing and promotion | 834 | 1,004 | (170 | ) | (16.9 | ) | ||||||||
Franchise and other regulatory fees | 398 | 390 | 8 | 2.0 | ||||||||||
Other | 1,283 | 1,308 | (25 | ) | (1.9 | ) | ||||||||
Total operating costs and expenses | 8,252 | 8,596 | (344 | ) | (4.0 | ) | ||||||||
Adjusted EBITDA | $ | 6,176 | $ | 5,854 | $ | 322 | 5.5 | % |
Six Months Ended June 30, | Increase/ (Decrease) | |||||||||||||
(in millions) | 2020 | 2019 | $ | % | ||||||||||
Revenue | ||||||||||||||
Residential: | ||||||||||||||
High-speed internet | $ | 10,001 | $ | 9,240 | $ | 761 | 8.2 | % | ||||||
Video | 11,047 | 11,222 | (175 | ) | (1.6 | ) | ||||||||
Voice | 1,776 | 1,972 | (196 | ) | (9.9 | ) | ||||||||
Wireless | 669 | 469 | 200 | 42.6 | ||||||||||
Business services | 4,047 | 3,824 | 223 | 5.8 | ||||||||||
Advertising | 985 | 1,163 | (178 | ) | (15.3 | ) | ||||||||
Other | 821 | 840 | (19 | ) | (2.1 | ) | ||||||||
Total revenue | 29,346 | 28,730 | 616 | 2.1 | ||||||||||
Operating costs and expenses | ||||||||||||||
Programming | 6,682 | 6,791 | (109 | ) | (1.6 | ) | ||||||||
Technical and product support | 3,945 | 3,778 | 167 | 4.4 | ||||||||||
Customer service | 1,238 | 1,249 | (11 | ) | (0.9 | ) | ||||||||
Advertising, marketing and promotion | 1,788 | 1,976 | (188 | ) | (9.5 | ) | ||||||||
Franchise and other regulatory fees | 804 | 781 | 23 | 2.9 | ||||||||||
Other | 2,637 | 2,573 | 64 | 2.5 | ||||||||||
Total operating costs and expenses | 17,094 | 17,148 | (54 | ) | (0.3 | ) | ||||||||
Adjusted EBITDA | $ | 12,252 | $ | 11,582 | $ | 670 | 5.8 | % |
Net Additions | ||||||||||||
June 30, | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||
(in thousands) | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | ||||||
Customer relationships | ||||||||||||
Residential customer relationships | 29,750 | 28,508 | 241 | 123 | 601 | 399 | ||||||
Business services customer relationships | 2,384 | 2,356 | (24 | ) | 29 | (12 | ) | 53 | ||||
Total customer relationships | 32,134 | 30,864 | 217 | 152 | 589 | 453 | ||||||
Residential customer relationships mix | ||||||||||||
One product customers | 11,332 | 9,526 | 531 | 231 | 1,085 | 512 | ||||||
Two product customers | 8,742 | 8,952 | (107 | ) | (57 | ) | (181 | ) | (40 | ) | ||
Three or more product customers | 9,676 | 10,030 | (184 | ) | (50 | ) | (303 | ) | (72 | ) | ||
High-speed internet | ||||||||||||
Residential customers | 27,220 | 25,631 | 340 | 182 | 806 | 534 | ||||||
Business services customers | 2,209 | 2,176 | (17 | ) | 28 | (6 | ) | 51 | ||||
Total high-speed internet customers | 29,429 | 27,807 | 323 | 209 | 800 | 584 | ||||||
Video | ||||||||||||
Residential customers | 19,473 | 20,642 | (427 | ) | (209 | ) | (814 | ) | (317 | ) | ||
Business services customers | 894 | 999 | (51 | ) | (15 | ) | (72 | ) | (28 | ) | ||
Total video customers | 20,367 | 21,641 | (477 | ) | (224 | ) | (887 | ) | (345 | ) | ||
Voice | ||||||||||||
Residential customers | 9,698 | 10,008 | (142 | ) | (82 | ) | (236 | ) | (145 | ) | ||
Business services customers | 1,331 | 1,324 | (16 | ) | 17 | (12 | ) | 27 | ||||
Total voice customers | 11,029 | 11,331 | (158 | ) | (65 | ) | (248 | ) | (118 | ) | ||
Wireless | ||||||||||||
Wireless lines | 2,393 | 1,586 | 126 | 181 | 342 | 351 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||
Average monthly total revenue per customer relationship | $ | 150.17 | $ | 156.44 | $ | 153.61 | $ | 156.29 | |||||||
Average monthly Adjusted EBITDA per customer relationship | $ | 64.28 | $ | 63.38 | $ | 64.13 | $ | 63.01 |
Three Months Ended June 30, | Increase/ (Decrease) | ||||||||||||
(in millions) | 2020 | 2019 | $ | % | |||||||||
Revenue | |||||||||||||
Cable Networks | $ | 2,515 | $ | 2,947 | $ | (432 | ) | (14.7 | )% | ||||
Broadcast Television | 2,364 | 2,402 | (38 | ) | (1.6 | ) | |||||||
Filmed Entertainment | 1,194 | 1,457 | (263 | ) | (18.1 | ) | |||||||
Theme Parks | 87 | 1,464 | (1,377 | ) | (94.1 | ) | |||||||
Headquarters, other and eliminations | (36 | ) | (64 | ) | 28 | NM | |||||||
Total revenue | $ | 6,124 | $ | 8,206 | $ | (2,082 | ) | (25.4 | )% | ||||
Adjusted EBITDA | |||||||||||||
Cable Networks | $ | 1,243 | $ | 1,201 | $ | 42 | 3.5 | % | |||||
Broadcast Television | 641 | 534 | 107 | 20.0 | |||||||||
Filmed Entertainment | 228 | 183 | 45 | 24.8 | |||||||||
Theme Parks | (399 | ) | 590 | (989 | ) | (167.7 | ) | ||||||
Headquarters, other and eliminations | (75 | ) | (184 | ) | 109 | NM | |||||||
Total Adjusted EBITDA | $ | 1,638 | $ | 2,324 | $ | (686 | ) | (29.5 | )% |
Six Months Ended June 30, | Increase/ (Decrease) | ||||||||||||
(in millions) | 2020 | 2019 | $ | % | |||||||||
Revenue | |||||||||||||
Cable Networks | $ | 5,374 | $ | 5,815 | $ | (441 | ) | (7.6 | )% | ||||
Broadcast Television | 5,048 | 4,869 | 179 | 3.7 | |||||||||
Filmed Entertainment | 2,564 | 3,225 | (661 | ) | (20.5 | ) | |||||||
Theme Parks | 956 | 2,740 | (1,784 | ) | (65.1 | ) | |||||||
Headquarters, other and eliminations | (84 | ) | (130 | ) | 46 | NM | |||||||
Total revenue | $ | 13,858 | $ | 16,519 | $ | (2,661 | ) | (16.1 | )% | ||||
Adjusted EBITDA | |||||||||||||
Cable Networks | $ | 2,491 | $ | 2,463 | $ | 28 | 1.1 | % | |||||
Broadcast Television | 1,142 | 921 | 221 | 24.0 | |||||||||
Filmed Entertainment | 334 | 547 | (213 | ) | (38.8 | ) | |||||||
Theme Parks | (323 | ) | 1,088 | (1,411 | ) | (129.7 | ) | ||||||
Headquarters, other and eliminations | (259 | ) | (358 | ) | 99 | NM | |||||||
Total Adjusted EBITDA | $ | 3,385 | $ | 4,661 | $ | (1,276 | ) | (27.4 | )% |
Three Months Ended June 30, | Increase/ (Decrease) | ||||||||||||
(in millions) | 2020 | 2019 | $ | % | |||||||||
Revenue | |||||||||||||
Distribution | $ | 1,455 | $ | 1,707 | $ | (252 | ) | (14.8 | )% | ||||
Advertising | 679 | 931 | (252 | ) | (27.0 | ) | |||||||
Content licensing and other | 381 | 309 | 72 | 23.1 | |||||||||
Total revenue | 2,515 | 2,947 | (432 | ) | (14.7 | ) | |||||||
Operating costs and expenses | |||||||||||||
Programming and production | 881 | 1,274 | (393 | ) | (30.9 | ) | |||||||
Other operating and administrative | 333 | 370 | (37 | ) | (10.2 | ) | |||||||
Advertising, marketing and promotion | 58 | 102 | (44 | ) | (42.9 | ) | |||||||
Total operating costs and expenses | 1,272 | 1,746 | (474 | ) | (27.2 | ) | |||||||
Adjusted EBITDA | $ | 1,243 | $ | 1,201 | $ | 42 | 3.5 | % |
Six Months Ended June 30, | Increase/ (Decrease) | ||||||||||||
(in millions) | 2020 | 2019 | $ | % | |||||||||
Revenue | |||||||||||||
Distribution | $ | 3,163 | $ | 3,442 | $ | (279 | ) | (8.1 | )% | ||||
Advertising | 1,513 | 1,783 | (270 | ) | (15.1 | ) | |||||||
Content licensing and other | 698 | 590 | 108 | 18.3 | |||||||||
Total revenue | 5,374 | 5,815 | (441 | ) | (7.6 | ) | |||||||
Operating costs and expenses | |||||||||||||
Programming and production | 1,999 | 2,417 | (418 | ) | (17.3 | ) | |||||||
Other operating and administrative | 719 | 729 | (10 | ) | (1.3 | ) | |||||||
Advertising, marketing and promotion | 165 | 206 | (41 | ) | (19.9 | ) | |||||||
Total operating costs and expenses | 2,883 | 3,352 | (469 | ) | (14.0 | ) | |||||||
Adjusted EBITDA | $ | 2,491 | $ | 2,463 | $ | 28 | 1.1 | % |
Three Months Ended June 30, | Increase/ (Decrease) | ||||||||||||
(in millions) | 2020 | 2019 | $ | % | |||||||||
Revenue | |||||||||||||
Advertising | $ | 959 | $ | 1,329 | $ | (370 | ) | (27.9 | )% | ||||
Content licensing | 749 | 472 | 277 | 58.5 | |||||||||
Distribution and other | 656 | 601 | 55 | 9.2 | |||||||||
Total revenue | 2,364 | 2,402 | (38 | ) | (1.6 | ) | |||||||
Operating costs and expenses | |||||||||||||
Programming and production | 1,323 | 1,369 | (46 | ) | (3.4 | ) | |||||||
Other operating and administrative | 357 | 395 | (38 | ) | (9.7 | ) | |||||||
Advertising, marketing and promotion | 43 | 104 | (61 | ) | (58.4 | ) | |||||||
Total operating costs and expenses | 1,723 | 1,868 | (145 | ) | (7.8 | ) | |||||||
Adjusted EBITDA | $ | 641 | $ | 534 | $ | 107 | 20.0 | % |
Six Months Ended June 30, | Increase/ (Decrease) | ||||||||||||
(in millions) | 2020 | 2019 | $ | % | |||||||||
Revenue | |||||||||||||
Advertising | $ | 2,277 | $ | 2,646 | $ | (369 | ) | (13.9 | )% | ||||
Content licensing | 1,484 | 1,032 | 452 | 43.7 | |||||||||
Distribution and other | 1,287 | 1,191 | 96 | 8.1 | |||||||||
Total revenue | 5,048 | 4,869 | 179 | 3.7 | |||||||||
Operating costs and expenses | |||||||||||||
Programming and production | 2,975 | 2,946 | 29 | 1.0 | |||||||||
Other operating and administrative | 768 | 777 | (9 | ) | (1.2 | ) | |||||||
Advertising, marketing and promotion | 163 | 225 | (62 | ) | (27.6 | ) | |||||||
Total operating costs and expenses | 3,906 | 3,948 | (42 | ) | (1.1 | ) | |||||||
Adjusted EBITDA | $ | 1,142 | $ | 921 | $ | 221 | 24.0 | % |
Three Months Ended June 30, | Increase/ (Decrease) | ||||||||||||
(in millions) | 2020 | 2019 | $ | % | |||||||||
Revenue | |||||||||||||
Theatrical | $ | 8 | $ | 252 | $ | (244 | ) | (96.8 | )% | ||||
Content licensing | 850 | 712 | 138 | 19.5 | |||||||||
Home entertainment | 229 | 229 | — | 0.2 | |||||||||
Other | 107 | 264 | (157 | ) | (59.6 | ) | |||||||
Total revenue | 1,194 | 1,457 | (263 | ) | (18.1 | ) | |||||||
Operating costs and expenses | |||||||||||||
Programming and production | 594 | 601 | (7 | ) | (1.0 | ) | |||||||
Other operating and administrative | 206 | 294 | (88 | ) | (30.5 | ) | |||||||
Advertising, marketing and promotion | 166 | 379 | (213 | ) | (56.1 | ) | |||||||
Total operating costs and expenses | 966 | 1,274 | (308 | ) | (24.2 | ) | |||||||
Adjusted EBITDA | $ | 228 | $ | 183 | $ | 45 | 24.8 | % |
Six Months Ended June 30, | Increase/ (Decrease) | ||||||||||||
(in millions) | 2020 | 2019 | $ | % | |||||||||
Revenue | |||||||||||||
Theatrical | $ | 325 | $ | 697 | $ | (372 | ) | (53.4 | )% | ||||
Content licensing | 1,541 | 1,529 | 12 | 0.8 | |||||||||
Home entertainment | 400 | 496 | (96 | ) | (19.2 | ) | |||||||
Other | 298 | 503 | (205 | ) | (40.8 | ) | |||||||
Total revenue | 2,564 | 3,225 | (661 | ) | (20.5 | ) | |||||||
Operating costs and expenses | |||||||||||||
Programming and production | 1,202 | 1,334 | (132 | ) | (9.9 | ) | |||||||
Other operating and administrative | 470 | 555 | (85 | ) | (15.6 | ) | |||||||
Advertising, marketing and promotion | 558 | 789 | (231 | ) | (29.2 | ) | |||||||
Total operating costs and expenses | 2,230 | 2,678 | (448 | ) | (16.8 | ) | |||||||
Adjusted EBITDA | $ | 334 | $ | 547 | $ | (213 | ) | (38.8 | )% |
Three Months Ended June 30, | Increase/ (Decrease) | ||||||||||||
(in millions) | 2020 | 2019 | $ | % | |||||||||
Revenue | $ | 87 | $ | 1,464 | $ | (1,377 | ) | (94.1 | )% | ||||
Operating costs and expenses | 486 | 874 | (388 | ) | (44.3 | ) | |||||||
Adjusted EBITDA | $ | (399 | ) | $ | 590 | $ | (989 | ) | (167.7 | )% |
Six Months Ended June 30, | Increase/ (Decrease) | ||||||||||||
(in millions) | 2020 | 2019 | $ | % | |||||||||
Revenue | $ | 956 | $ | 2,740 | $ | (1,784 | ) | (65.1 | )% | ||||
Operating costs and expenses | 1,279 | 1,652 | (373 | ) | (22.6 | ) | |||||||
Adjusted EBITDA | $ | (323 | ) | $ | 1,088 | $ | (1,411 | ) | (129.7 | )% |
Three Months Ended June 30, | Increase/ (Decrease) | Constant Currency Growth(a) | ||||||||||||||
(in millions) | 2020 | 2019 | $ | % | % | |||||||||||
Revenue | ||||||||||||||||
Direct-to-consumer | $ | 3,524 | $ | 3,889 | $ | (365 | ) | (9.4 | )% | (6.7 | )% | |||||
Content | 234 | 376 | (142 | ) | (37.7 | ) | (35.7 | ) | ||||||||
Advertising | 321 | 563 | (242 | ) | (43.0 | ) | (41.2 | ) | ||||||||
Total revenue | 4,079 | 4,828 | (749 | ) | (15.5 | ) | (12.9 | ) | ||||||||
Operating costs and expenses | ||||||||||||||||
Programming and production | 1,543 | 2,239 | (696 | ) | (31.0 | ) | (29.0 | ) | ||||||||
Direct network costs | 498 | 414 | 84 | 20.4 | 24.7 | |||||||||||
Other | 1,289 | 1,403 | (114 | ) | (8.3 | ) | (5.5 | ) | ||||||||
Total operating costs and expenses | 3,330 | 4,056 | (726 | ) | (17.9 | ) | (15.5 | ) | ||||||||
Adjusted EBITDA | $ | 749 | $ | 772 | $ | (23 | ) | (2.9 | )% | 0.2 | % |
Six Months Ended June 30, | Increase/ (Decrease) | Constant Currency Growth(a) | ||||||||||||||
(in millions) | 2020 | 2019 | $ | % | % | |||||||||||
Revenue | ||||||||||||||||
Direct-to-consumer | $ | 7,203 | $ | 7,723 | $ | (520 | ) | (6.7 | )% | (4.3 | )% | |||||
Content | 559 | 746 | (187 | ) | (25.1 | ) | (23.3 | ) | ||||||||
Advertising | 834 | 1,156 | (322 | ) | (27.9 | ) | (26.1 | ) | ||||||||
Total revenue | 8,596 | 9,625 | (1,029 | ) | (10.7 | ) | (8.4 | ) | ||||||||
Operating costs and expenses | ||||||||||||||||
Programming and production | 3,607 | 4,540 | (933 | ) | (20.5 | ) | (18.5 | ) | ||||||||
Direct network costs | 955 | 799 | 156 | 19.6 | 22.9 | |||||||||||
Other | 2,734 | 2,851 | (117 | ) | (4.1 | ) | (1.7 | ) | ||||||||
Total operating costs and expenses | 7,296 | 8,190 | (894 | ) | (10.9 | ) | (8.6 | ) | ||||||||
Adjusted EBITDA | $ | 1,300 | $ | 1,435 | $ | (135 | ) | (9.4 | )% | (7.2 | )% |
(a) | Constant currency growth is a non-GAAP financial measure. Refer to the “Non-GAAP Financial Measures” section on page 35 for additional information, including our definition and our use of constant currency, and for a reconciliation of Sky’s constant currency growth rates. |
Net Additions | ||||||||||||
June 30, | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||
(in thousands) | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | ||||||
Total customer relationships | 23,716 | 24,016 | (214 | ) | 304 | (279 | ) | 416 |
Three Months Ended June 30, | Increase/ (Decrease) | Constant Currency Growth(a) | Six Months Ended June 30, | Increase/ (Decrease) | Constant Currency Growth(a) | ||||||||||||||||
2020 | 2019 | % | % | 2020 | 2019 | % | % | ||||||||||||||
Average monthly direct-to-consumer revenue per customer relationship | $ | 49.29 | $ | 54.31 | (9.2 | )% | (6.5 | )% | $ | 50.32 | $ | 54.06 | (6.9 | )% | (4.5 | )% |
(a) | Constant currency growth is a non-GAAP financial measure. Refer to the “Non-GAAP Financial Measures” section on page 35 for additional information, including our definition and our use of constant currency, and for a reconciliation of Sky’s constant currency growth rates. |
Three Months Ended June 30, | Increase/ (Decrease) | ||||||||||||
(in millions) | 2020 | 2019 | $ | % | |||||||||
Revenue | $ | 46 | $ | 56 | $ | (10 | ) | (16.7 | )% | ||||
Operating costs and expenses | 568 | 353 | 215 | 60.5 | |||||||||
Adjustment for Sky transaction-related costs | (16 | ) | (84 | ) | 68 | NM | |||||||
Adjusted EBITDA | $ | (506 | ) | $ | (213 | ) | $ | (293 | ) | (136.9 | )% |
Six Months Ended June 30, | Increase/ (Decrease) | ||||||||||||
(in millions) | 2020 | 2019 | $ | % | |||||||||
Revenue | $ | 166 | $ | 164 | $ | 2 | 1.3 | % | |||||
Operating costs and expenses | 954 | 699 | 255 | 36.3 | |||||||||
Adjustment for Sky transaction-related costs | (30 | ) | (135 | ) | 105 | NM | |||||||
Adjusted EBITDA | $ | (758 | ) | $ | (400 | ) | $ | (358 | ) | (89.2 | )% |
Three Months Ended June 30, | Increase/ (Decrease) | ||||||||||||
(in millions) | 2020 | 2019 | $ | % | |||||||||
Revenue | $ | (962 | ) | $ | (682 | ) | $ | 280 | 41.0 | % | |||
Operating costs and expenses | (832 | ) | (661 | ) | 171 | 25.7 | |||||||
Adjusted EBITDA | $ | (130 | ) | $ | (21 | ) | $ | 109 | NM |
Six Months Ended June 30, | Increase/ (Decrease) | ||||||||||||
(in millions) | 2020 | 2019 | $ | % | |||||||||
Revenue | $ | (1,642 | ) | $ | (1,321 | ) | $ | 321 | 24.2 | % | |||
Operating costs and expenses | (1,520 | ) | (1,312 | ) | 208 | 15.8 | |||||||
Adjusted EBITDA | $ | (122 | ) | $ | (9 | ) | $ | 113 | NM |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
(in millions) | 2020 | 2019 | 2020 | 2019 | |||||||||||
Net income attributable to Comcast Corporation | $ | 2,988 | $ | 3,125 | $ | 5,135 | $ | 6,678 | |||||||
Net income (loss) attributable to noncontrolling interests and redeemable subsidiary preferred stock | 21 | 78 | 98 | 157 | |||||||||||
Income tax expense | 946 | 961 | 1,646 | 2,037 | |||||||||||
Investment and other (income) loss, net | (420 | ) | 55 | 296 | (621 | ) | |||||||||
Interest expense | 1,112 | 1,137 | 2,324 | 2,287 | |||||||||||
Depreciation | 2,099 | 2,197 | 4,206 | 4,437 | |||||||||||
Amortization | 1,165 | 1,079 | 2,322 | 2,159 | |||||||||||
Adjustment for Sky transaction-related costs | 16 | 84 | 30 | 135 | |||||||||||
Adjusted EBITDA | $ | 7,927 | $ | 8,716 | $ | 16,057 | $ | 17,269 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||
Actual | Constant Currency | Constant Currency Growth | Actual | Constant Currency | Constant Currency Growth | ||||||||||||||||
(in millions, except per customer data) | 2020 | 2019 | % | 2020 | 2019 | % | |||||||||||||||
Revenue | |||||||||||||||||||||
Direct-to-consumer | $ | 3,524 | $ | 3,774 | (6.7 | )% | $ | 7,203 | $ | 7,525 | (4.3 | )% | |||||||||
Content | 234 | 364 | (35.7 | ) | 559 | 727 | (23.3 | ) | |||||||||||||
Advertising | 321 | 547 | (41.2 | ) | 834 | 1,127 | (26.1 | ) | |||||||||||||
Total revenue | 4,079 | 4,685 | (12.9 | ) | 8,596 | 9,379 | (8.4 | ) | |||||||||||||
Operating costs and expenses | |||||||||||||||||||||
Programming and production | 1,543 | 2,176 | (29.0 | ) | 3,607 | 4,424 | (18.5 | ) | |||||||||||||
Direct network costs | 498 | 400 | 24.7 | 955 | 778 | 22.9 | |||||||||||||||
Other | 1,289 | 1,362 | (5.5 | ) | 2,734 | 2,778 | (1.7 | ) | |||||||||||||
Total operating costs and expenses | 3,330 | 3,938 | (15.5 | ) | 7,296 | 7,980 | (8.6 | ) | |||||||||||||
Adjusted EBITDA | $ | 749 | $ | 747 | 0.2 | % | $ | 1,300 | $ | 1,399 | (7.2 | )% | |||||||||
Average monthly direct-to-consumer revenue per customer relationship | $ | 49.29 | $ | 52.72 | (6.5 | )% | $ | 50.32 | $ | 52.68 | (4.5 | )% |
Six Months Ended June 30, | |||||||
(in millions) | 2020 | 2019 | |||||
Operating income | $ | 9,499 | $ | 10,538 | |||
Depreciation and amortization | 6,528 | 6,596 | |||||
Noncash share-based compensation | 621 | 533 | |||||
Changes in operating assets and liabilities | (15 | ) | 95 | ||||
Payments of interest | (1,936 | ) | (2,111 | ) | |||
Payments of income taxes | (333 | ) | (1,634 | ) | |||
Other | 103 | 254 | |||||
Net cash provided by operating activities | $ | 14,467 | $ | 14,271 |
(in billions) | June 30, 2020 | December 31, 2019 | ||||
Debt subject to cross-guarantees | ||||||
Comcast | $ | 86.5 | $ | 80.4 | ||
NBCUniversal(a) | 3.8 | 5.8 | ||||
Comcast Cable(a) | 2.1 | 2.1 | ||||
92.4 | 88.3 | |||||
Debt subject to one-way guarantees | ||||||
Sky | 8.5 | 9.2 | ||||
Other(a) | 2.9 | 4.1 | ||||
11.4 | 13.3 | |||||
Debt not guaranteed | ||||||
Universal Beijing Resort(b) | 1.8 | 1.3 | ||||
Other | 0.9 | 1.0 | ||||
2.7 | 2.3 | |||||
Debt issuance costs, premiums, discounts, fair value adjustments for acquisition accounting and hedged positions, net | (1.7 | ) | (1.7 | ) | ||
Total debt | $ | 104.8 | $ | 102.2 |
(a) | NBCUniversal, Comcast Cable and Comcast Holdings (included within other debt subject to one-way guarantees) are each consolidated subsidiaries subject to the periodic reporting requirements of the SEC. The guarantee structures and related disclosures in this section, together with Exhibit 22, satisfy these reporting obligations. |
(b) | Universal Beijing Resort debt financing is secured by the assets of Universal Beijing Resort and the equity interests of the investors. See Note 7 for additional information. |
Exhibit No. | Description | |
Amendment No. 5 to Employment Agreement with Stephen B. Burke, dated as of July 27, 2020 | ||
Amendment No. 2 to Employment Agreement with David L. Cohen, dated as of July 27, 2020 | ||
Subsidiary guarantors and issuers of guaranteed securities and affiliates whose securities collateralize securities of the registrant (incorporated by reference to Exhibit 22.1 to Comcast’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2020) | ||
Certification of Chief Executive Officer and Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 | ||
Certification of Chief Executive Officer and Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 | ||
101 | The following financial statements from Comcast Corporation’s Quarterly Report on Form 10-Q for the three and six months ended June 30, 2020, filed with the Securities and Exchange Commission on July 30, 2020, formatted in Inline Extensible Business Reporting Language (iXBRL): (i) the Condensed Consolidated Statement of Income; (ii) the Condensed Consolidated Statement of Comprehensive Income; (iii) the Condensed Consolidated Statement of Cash Flows; (iv) the Condensed Consolidated Balance Sheet; (v) the Condensed Consolidated Statement of Changes in Equity; and (vi) the Notes to Condensed Consolidated Financial Statements. | |
104 | Cover Page Interactive Data File (embedded within the iXBRL document) | |
* | Constitutes a management contract or compensatory plan or arrangement. |
COMCAST CORPORATION | ||
By: | /s/ DANIEL C. MURDOCK | |
Daniel C. Murdock Executive Vice President, Chief Accounting Officer and Controller (Principal Accounting Officer) |
1. | Clauses (a) and (b) of paragraph 1 of the Agreement shall be amended and restated to read in their entirety as follows: |
(a) | Employee shall serve and the Company shall employ Employee in the position of Senior Advisor. Employee shall report directly to the Company’s Chief Executive Officer (currently Brian L. Roberts), in Philadelphia, Pennsylvania. The duties of Employee from time to time hereunder will be those assigned by the Company commensurate with Employee’s education, skills and experience. |
(b) | Employee shall work part-time and during working hours devote Employee’s reasonable best efforts to the business of the Company in a manner that will further the interests of the Company. Without the prior written consent of the Company, Employee shall not work in self-employment nor, directly or indirectly, work for or otherwise provide services to or on behalf of any person or entity, other than the Company. Notwithstanding the foregoing, Employee may engage in non-compensatory civic and charitable activities with the consent of the Company, which consent shall not be unreasonably withheld or delayed. |
2. | Paragraph 2 of the Agreement shall be amended and restated to read in its entirety as follows: |
2. | Term. The term of this Agreement (the “Term”) shall be from January 1, 2021 (the “Commencement Date”) through the first to occur of: (a) the date Employee’s employment is terminated in accordance with Paragraph 6; or (b) December 31, 2025 (the date specified in subparagraph (b) above is referred to as the “Regular End Date”). Notwithstanding the |
3. | Paragraph 3 of the Agreement shall be amended and restated to read in its entirety as follows: |
3. | Compensation. Employee’s cash compensation for each year during the Term shall be a Base Salary of $350,000. Base Salary, less normal deductions, shall be paid to Employee in accordance with the Company’s payroll practices in effect from time to time. During the Term, Employee shall be permitted, in accordance with the terms and conditions of the Company’s deferred compensation plans in effect on the date hereof, to redefer existing balances into any investment alternative other than the Income Fund, as defined therein, but shall not be entitled to participate in the Company’s annual Cash Bonus Plan or any grant programs under the Company’s Restricted Stock Plan or Stock Option Plan (or any successor equity-based compensation plans) beyond the first quarter of 2021. |
4. | Other than as amended hereby, the Agreement remains in full force and effect. |
1. | Clauses (a) and (b) of paragraph 1 of the Agreement shall be amended and restated to read in their entirety as follows: |
(a) | Employee shall serve and the Company shall employ Employee in the position of Senior Advisor to the CEO. Employee shall report directly to the Company’s Chief Executive Officer (currently Brian L. Roberts), in Philadelphia, Pennsylvania. The duties of Employee from time to time hereunder will be those assigned by the Company commensurate with Employee’s education, skills and experience. |
(b) | Employee shall work part-time and during working hours devote Employee’s reasonable best efforts to the business of the Company in a manner that will further the interests of the Company. Without the prior written consent of the Company, Employee shall not work in self-employment nor, directly or indirectly, work for or otherwise provide services to or on behalf of any person or entity, other than the Company. Notwithstanding the foregoing, Employee may engage in non-compensatory civic and charitable activities with the consent of the Company, which consent shall not be unreasonably withheld or delayed. |
2. | Paragraph 2 of the Agreement shall be amended and restated to read in its entirety as follows: |
2. | Term. The term of this Agreement (the “Term”) shall be from January 1, 2021 (the “Commencement Date”) through the first to occur of: (a) the date Employee’s employment is terminated in accordance with Paragraph 6; or (b) December 31, 2025 (the date specified in subparagraph (b) above is referred to as the “Regular End Date”). Notwithstanding the end of the Term, the Company’s obligations to make any payments expressly set forth |
3. | Paragraph 3 of the Agreement shall be amended and restated to read in its entirety as follows: |
3. | Compensation. Employee’s cash compensation for each year during the Term shall be a Base Salary of $350,000. Base Salary, less normal deductions, shall be paid to Employee in accordance with the Company’s payroll practices in effect from time to time. During the Term, Employee shall be permitted, in accordance with the terms and conditions of the Company’s deferred compensation plans in effect on the date hereof, to redefer existing balances into any investment alternative other than the Income Fund, as defined therein, but shall not be entitled to participate in the Company’s annual Cash Bonus Plan or any grant programs under the Company’s Restricted Stock Plan or Stock Option Plan (or any successor equity-based compensation plans) beyond the first quarter of 2021. |
4. | Paragraph 6 of the Agreement shall be amended and restated to delete clauses (b) and (d)(i) in their entirety. |
5. | Other than as amended hereby, the Agreement remains in full force and effect. |
1. | I have reviewed this Quarterly Report on Form 10-Q of Comcast Corporation; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a) | designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b) | designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c) | evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d) | disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an Annual Report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. | The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
a) | all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
b) | any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
/s/ BRIAN L. ROBERTS |
Name: Brian L. Roberts |
Title: Chief Executive Officer |
1. | I have reviewed this Quarterly Report on Form 10-Q of Comcast Corporation; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a) | designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b) | designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c) | evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d) | disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an Annual Report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. | The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
a) | all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
b) | any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
/s/ MICHAEL J. CAVANAGH |
Name: Michael J. Cavanagh |
Title: Chief Financial Officer |
1. | The Report fully complies with the requirements of Section 13(a) or 15(d) of the Exchange Act; and |
2. | The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of Comcast Corporation. |
/s/ BRIAN L. ROBERTS |
Name: Brian L. Roberts |
Title: Chief Executive Officer |
/s/ MICHAEL J. CAVANAGH |
Name: Michael J. Cavanagh |
Title: Chief Financial Officer |
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Condensed Consolidated Statement of Comprehensive Income (Parenthetical) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2020 |
Jun. 30, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
|
Statement of Comprehensive Income [Abstract] | ||||
Unrealized gains (losses) on marketable securities, deferred taxes | $ 1 | $ 0 | $ 1 | $ 0 |
Deferred gains (losses) on cash flow hedges, deferred taxes | 7 | 2 | 17 | 11 |
Realized (gains) losses on cash flow hedges, deferred taxes | 4 | 7 | 21 | (4) |
Employee benefit obligations, deferred taxes | 2 | 2 | 5 | 5 |
Currency translation adjustments, deferred taxes | $ (9) | $ (6) | $ (16) | $ (18) |
Condensed Consolidated Balance Sheet (Parenthetical) - USD ($) $ in Millions |
Jun. 30, 2020 |
Dec. 31, 2019 |
---|---|---|
Property and equipment - accumulated depreciation | $ 53,765 | $ 53,239 |
Other intangible assets - accumulated amortization | $ 17,210 | $ 17,217 |
Preferred stock, shares authorized (in shares) | 20,000,000 | 20,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Class A Common Stock [Member] | ||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 7,500,000,000 | 7,500,000,000 |
Common stock, shares issued (in shares) | 5,431,447,267 | 5,416,381,298 |
Common stock, shares outstanding (in shares) | 4,558,656,239 | 4,543,590,270 |
Treasury stock (in shares) | 872,791,028 | 872,791,028 |
Class B Common Stock [Member] | ||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 75,000,000 | 75,000,000 |
Common stock, shares issued (in shares) | 9,444,375 | 9,444,375 |
Common stock, shares outstanding (in shares) | 9,444,375 | 9,444,375 |
Condensed Consolidated Financial Statements |
6 Months Ended |
---|---|
Jun. 30, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Condensed Consolidated Financial Statements | Condensed Consolidated Financial Statements Business and Basis of Presentation We have prepared these unaudited condensed consolidated financial statements based on SEC rules that permit reduced disclosure for interim periods. These financial statements include all adjustments that are necessary for a fair presentation of our consolidated results of operations, cash flows and financial condition for the periods shown, including normal, recurring accruals and other items. The consolidated results of operations for the interim periods presented are not necessarily indicative of results for the full year. The year-end condensed consolidated balance sheet was derived from audited financial statements but does not include all disclosures required by generally accepted accounting principles in the United States (“GAAP”). For a more complete discussion of our accounting policies and certain other information, refer to our consolidated financial statements included in our 2019 Annual Report on Form 10-K and the notes within this Form 10-Q.
|
Segment Information |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Information | Segment Information We present our operations in six reportable business segments: (1) Comcast Cable in one reportable business segment, referred to as Cable Communications; (2) NBCUniversal in four reportable business segments: Cable Networks, Broadcast Television, Filmed Entertainment and Theme Parks (collectively, the “NBCUniversal segments”); and (3) Sky in one reportable business segment. Cable Communications is a leading provider of high-speed internet, video, voice, wireless, and security and automation services to residential customers under the Xfinity brand; we also provide these and other services to business customers and sell advertising. Cable Networks consists primarily of our national cable networks that provide a variety of entertainment, news and information, and sports content; our regional sports and news networks; our international cable networks; our cable television studio production operations; and various digital properties. Broadcast Television consists primarily of the NBC and Telemundo broadcast networks, our NBC and Telemundo owned local broadcast television stations, the NBC Universo national cable network, our broadcast television studio production operations, and various digital properties. Filmed Entertainment consists primarily of the operations of Universal Pictures, which produces, acquires, markets and distributes filmed entertainment worldwide; our films are also produced under the Illumination, DreamWorks Animation and Focus Features names. Theme Parks consists primarily of our Universal theme parks in Orlando, Florida; Hollywood, California; and Osaka, Japan. In addition, we are developing a theme park in Beijing, China along with a consortium of Chinese state-owned companies, and an additional theme park in Orlando, Florida. Sky is one of Europe’s leading entertainment companies, which primarily includes a direct-to-consumer business, providing video, high-speed internet, voice and wireless phone services, and a content business, operating entertainment networks, the Sky News broadcast network and Sky Sports networks. Our other business interests consist primarily of the operations of Comcast Spectacor, which owns the Philadelphia Flyers and the Wells Fargo Center arena in Philadelphia, Pennsylvania, and other business initiatives, such as Peacock, our new direct-to-consumer streaming service that primarily features NBCUniversal content. We use Adjusted EBITDA to evaluate the profitability of our operating segments and the components of net income attributable to Comcast Corporation excluded from Adjusted EBITDA are not separately evaluated. Our financial data by business segment is presented in the tables below.
The most significant transactions between our segments include distribution revenue at Cable Networks for the sale of programming to Cable Communications; content licensing revenue in our NBCUniversal segments (Broadcast Television, Filmed Entertainment and Cable Networks) for the license of owned content to Peacock and Sky, and for licenses of owned content to other NBCUniversal segments; advertising revenue at Cable Communications, Cable Networks and Broadcast Television; and distribution revenue at Broadcast Television for fees received under retransmission consent agreements from Cable Communications. For segment reporting purposes, we account for intercompany content licenses as follows:
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Revenue |
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Revenues [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue | Revenue
We operate primarily in the United States but also in select international markets. The table below summarizes revenue by geographic location.
No single customer accounted for a significant amount of revenue in any period presented. Condensed Consolidated Balance Sheet The following tables summarize our accounts receivable and other balances that are not separately presented in our condensed consolidated balance sheet that relate to the recognition of revenue and collection of the related cash, as well as deferred costs associated with our contracts with customers.
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Programming and Production Costs |
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Other Industries [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Programming and Production Costs | Programming and Production Costs Film and Television Costs Cable Networks, Broadcast Television, Filmed Entertainment and Sky produce owned content or acquire the rights to programming from third parties, which are described as owned film and television costs and programming rights, respectively. We adopted new accounting guidance related to film and television costs in the first quarter of 2020 (see Note 8), and accordingly amounts presented below for periods in 2020 and the policy discussion reflect the updated accounting guidance, and amounts presented for 2019 reflect the accounting guidance in effect at that time. Under the new accounting guidance, we have determined that the predominant monetization strategy for the substantial majority of our content is on an individual basis. Amortization of Film and Television Costs
Capitalized Film and Television Costs
The table below summarizes estimated future amortization expense for the capitalized film and television costs recorded in our condensed consolidated balance sheet as of June 30, 2020.
Capitalization and Recognition of Film and Television Costs 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 content predominantly monetized on an individual basis and accrued costs associated with participations and residual 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, 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 may enter into cofinancing arrangements with third parties to jointly finance or distribute certain of our film productions. Cofinancing 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 for the portion of the film acquired in these arrangements. 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. We capitalize the costs of programming rights for content that we license but do not own when the license period begins, the content is made available for use and the costs of programming licenses are known. Programming rights are amortized as the associated programs are broadcast. Owned film and television costs and programming rights are presented as noncurrent assets in film and television costs. We present amortization of film and television costs and accrued costs associated with participation and residual payments in programming and production costs. 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 film and television content or programming rights 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 film and television costs are 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 film and television costs are evaluated for impairment on an individual title basis. Programming rights that are not part of a film group are 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. Programming rights licensed by Cable Networks are primarily tested on a channel basis for impairment, whereas programming rights licensed by Broadcast Television are tested on a daypart basis. Estimated fair values of owned film and television costs or programming rights 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. Impairments of capitalized film and television costs were not material in any of the periods presented. Sports Programming Rights We recognize the costs of multiyear, live-event sports programming rights as the rights are utilized over the contract term based on estimated relative value. Estimated relative value is generally based on the ratio of the current period revenue to the estimated ultimate revenue or the terms of the contract. When cash payments, including advanced payments, exceed the relative value of the programming delivered, we recognize an asset in programming rights. Production costs incurred in advance of airing are also presented in programming rights.
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Earnings Per Share |
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Earnings Per Share | Earnings Per Share Computation of Diluted EPS
Diluted earnings per common share attributable to Comcast Corporation shareholders (“diluted EPS”) considers the impact of potentially dilutive securities using the treasury stock method. Our potentially dilutive securities include potential common shares related to our stock options and our restricted share units (“RSUs”). Diluted EPS excludes the impact of potential common shares related to our stock options in periods in which the combination of the option exercise price and the associated unrecognized compensation expense is greater than the average market price of our common stock. The amount of potential common shares related to our share-based compensation plans that were excluded from diluted EPS because their effect would have been antidilutive was not material for the three and six months ended June 30, 2020 or 2019.
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Long-Term Debt |
6 Months Ended |
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Jun. 30, 2020 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | Long-Term DebtAs of June 30, 2020, our debt had a carrying value of $104.8 billion and an estimated fair value of $124.7 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. |
Significant Transactions |
6 Months Ended |
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Jun. 30, 2020 | |
Business Combinations [Abstract] | |
Significant Transactions | Significant Transactions Universal Beijing Resort We entered into an agreement with a consortium of Chinese state-owned companies to build and operate a Universal theme park and resort in Beijing, China (“Universal Beijing Resort”). We own a 30% interest in Universal Beijing Resort and the construction is being funded through a combination of debt financing and equity contributions from the investors in accordance with their equity interests. As of June 30, 2020, Universal Beijing Resort had $1.8 billion principal amount of a term loan outstanding under the debt financing agreement. As of June 30, 2020, our condensed consolidated balance sheet included assets, primarily property and equipment, and liabilities, including the term loan, of Universal Beijing Resort totaling $3.7 billion and $2.6 billion, respectively.
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Recent Accounting Pronouncements |
6 Months Ended |
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Jun. 30, 2020 | |
Accounting Policies [Abstract] | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements Film and Television Costs In March 2019, the Financial Accounting Standards Board (“FASB”) updated the accounting guidance related to film and television costs. The updated guidance aligned the accounting for production costs of episodic television series with those of films, allowing for costs to be capitalized in excess of amounts of revenue contracted for each episode. The guidance also updated certain presentation and disclosure requirements for capitalized film and television costs, and when content is predominantly monetized with other owned or licensed content the guidance requires impairment testing for capitalized film and television costs to be performed at a film group level and amortization to be based on usage. We adopted the updated guidance on January 1, 2020 on a prospective basis and as a result, prior period amounts were not adjusted. Following the adoption, we now present all film and television costs, including acquired programming rights previously classified as current, as noncurrent in the condensed consolidated balance sheet. The adoption of the updated accounting guidance did not have a material impact on our consolidated results of operations or financial position. See Note 4 for further information. Credit Losses In June 2016, the FASB updated the accounting guidance related to the measurement of credit losses on financial instruments, including trade receivables and loans. The updated guidance requires the recognition of credit losses on financial instruments based on an estimate of expected losses, replacing the incurred loss model in the prior guidance. We adopted the updated guidance on January 1, 2020 on a prospective basis, recording $124 million, net of tax, as a cumulative effect adjustment to retained earnings and as a result, prior period amounts were not adjusted. The adoption of the updated accounting guidance did not have a material impact on our consolidated results of operations or financial position for any periods presented.
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Investments |
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Investments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments | Investments Investment and Other Income (Loss), Net
Equity Method Atairos Atairos follows investment company accounting and records its investments at their fair values each reporting period with the net gains or losses reflected in its statement of operations. We recognize our share of these gains and losses in equity in net income (losses) of investees, net. For the three and six months ended June 30, 2020, we recognized income of $446 million and a loss of $135 million, respectively. For the three and six months ended June 30, 2019, we recognized a loss of $106 million and income of $268 million, respectively. For the six months ended June 30, 2020 and 2019, we made cash capital contributions to Atairos totaling $172 million and $463 million, respectively. As of both June 30, 2020 and December 31, 2019, our investment in Atairos was $3.2 billion. Hulu and Collateralized Obligation For the three and six months ended June 30, 2020, we recognized losses of $79 million and $161 million, respectively, in equity in net income (losses) of investees, net. For the three and six months ended June 30, 2019, we recognized losses of $109 million and $250 million, respectively, and in the first quarter 2019, we recognized a previously deferred dilution gain of $159 million in other income (loss), net. For the six months ended June 30, 2019, we made cash capital contributions totaling $903 million to Hulu, inclusive of the funding to acquire our proportionate share of AT&T’s previously held 10% interest. There were no cash capital contributions made during the six months ended June 30, 2020. As of June 30, 2020 and December 31, 2019, our investment was $533 million and $694 million, respectively. In 2019, we borrowed $5.2 billion under a term loan facility due March 2024 which is fully collateralized by the minimum guaranteed proceeds of the put/call option related to our investment in Hulu. As of June 30, 2020, both the carrying value and fair value of our collateralized obligation was $5.2 billion. The estimated fair value was based on level 2 inputs that use interest rates for debt with similar terms and remaining maturities. We present our investment in Hulu and the term loan separately in our condensed consolidated balance sheet in the captions “investment securing collateralized obligation” and “collateralized obligation,” respectively. The recorded value of our investment reflects our historical cost in applying the equity method, and as a result, is less than its fair value. Marketable Equity Securities Peloton Following Peloton’s initial public offering in September 2019, we presented our investment in Peloton in marketable equity securities, which was previously presented in nonmarketable equity securities. In the second quarter of 2020, we sold our investment in Peloton. For the three and six months ended June 30, 2020, we recognized gains of $86 million and $67 million, respectively, in realized and unrealized gains (losses) on equity securities, net. As of December 31, 2019, our investment in Peloton was $294 million. Snap In the fourth quarter of 2019, we sold our investment in Snap. For the three and six months ended June 30, 2019, we recognized unrealized gains of $96 million and $258 million, respectively, in realized and unrealized gains (losses) on equity securities, net. Other Investments AirTouch In April 2020, Verizon Americas, Inc., formerly known as AirTouch Communications, Inc. (“AirTouch”), redeemed the two series of preferred stock and we received cash payments totaling $1.7 billion. Subsequently, we redeemed and repurchased the three series of preferred shares issued by one of our consolidated subsidiaries and made cash payments totaling $1.8 billion. As of December 31, 2019, our AirTouch investment was $1.6 billion, and the associated liability related to redeemable subsidiary preferred shares was $1.7 billion.
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Intangible Assets |
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Intangible Assets, Net (Excluding Goodwill) [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Intangible Assets | Intangible Assets
Estimated Amortization Expense of Finite-Lived Intangible Assets
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Supplemental Financial Information |
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Supplemental Financial Information | Supplemental Financial Information Share-Based Compensation Our share-based compensation plans consist primarily of awards of RSUs and stock options to certain employees and directors as part of our approach to long-term incentive compensation. Additionally, through our employee stock purchase plans, employees are able to purchase shares of our common stock at a discount through payroll deductions. In March 2020, we granted 15.8 million RSUs and 59.9 million stock options related to our annual management awards. The weighted-average fair values associated with these grants were $42.47 per RSU and $6.53 per stock option. Recognized Share-Based Compensation Expense
As of June 30, 2020, we had unrecognized pretax compensation expense of $1.4 billion and $684 million related to nonvested RSUs and nonvested stock options, respectively. Cash Payments for Interest and Income Taxes
Noncash Activities During the six months ended June 30, 2020:
Cash, Cash Equivalents and Restricted Cash The following table provides a reconciliation of cash, cash equivalents and restricted cash reported in the condensed consolidated balance sheet to the total of the amounts reported in our condensed consolidated statement of cash flows.
Accumulated Other Comprehensive Income (Loss)
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Commitments and Contingencies |
6 Months Ended |
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Jun. 30, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Redeemable Subsidiary Preferred Stock None of the holders of the Series A cumulative preferred stock of NBCUniversal Enterprise exercised their right to cause NBCUniversal Enterprise to redeem their shares during the first 30 day election period beginning March 19, 2020. As of June 30, 2020, the fair value of the NBCUniversal Enterprise redeemable subsidiary preferred stock was $728 million. The estimated fair value is based on level 2 inputs that use pricing models whose inputs are derived primarily from or corroborated by observable market data through correlation or other means for substantially the full term of the financial instrument. Contingencies We are 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 actions is not expected to materially affect our results of operations, cash flows or financial position, any litigation resulting from any such legal proceedings or claims could be time-consuming and injure our reputation.
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Recent Accounting Pronouncements (Policies) |
6 Months Ended |
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Jun. 30, 2020 | |
Accounting Policies [Abstract] | |
Basis of Presentation | We have prepared these unaudited condensed consolidated financial statements based on SEC rules that permit reduced disclosure for interim periods. These financial statements include all adjustments that are necessary for a fair presentation of our consolidated results of operations, cash flows and financial condition for the periods shown, including normal, recurring accruals and other items. The consolidated results of operations for the interim periods presented are not necessarily indicative of results for the full year. The year-end condensed consolidated balance 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 2019 Annual Report on Form 10-K and the notes within this Form 10-Q.
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Film and Television Costs | 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 content predominantly monetized on an individual basis and accrued costs associated with participations and residual 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, 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 may enter into cofinancing arrangements with third parties to jointly finance or distribute certain of our film productions. Cofinancing 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 for the portion of the film acquired in these arrangements. 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.
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Entertainment Entities | We capitalize the costs of programming rights for content that we license but do not own when the license period begins, the content is made available for use and the costs of programming licenses are known. Programming rights are amortized as the associated programs are broadcast. |
Film Costs and Entertainment Entities | Owned film and television costs and programming rights are presented as noncurrent assets in film and television costs. We present amortization of film and television costs and accrued costs associated with participation and residual payments in programming and production costs. 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 film and television content or programming rights 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 film and television costs are 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 film and television costs are evaluated for impairment on an individual title basis. Programming rights that are not part of a film group are 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. Programming rights licensed by Cable Networks are primarily tested on a channel basis for impairment, whereas programming rights licensed by Broadcast Television are tested on a daypart basis. Estimated fair values of owned film and television costs or programming rights 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. Impairments of capitalized film and television costs were not material in any of the periods presented. Sports Programming Rights We recognize the costs of multiyear, live-event sports programming rights as the rights are utilized over the contract term based on estimated relative value. Estimated relative value is generally based on the ratio of the current period revenue to the estimated ultimate revenue or the terms of the contract. When cash payments, including advanced payments, exceed the relative value of the programming delivered, we recognize an asset in programming rights. Production costs incurred in advance of airing are also presented in programming rights.
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Earnings Per Share | Diluted earnings per common share attributable to Comcast Corporation shareholders (“diluted EPS”) considers the impact of potentially dilutive securities using the treasury stock method. Our potentially dilutive securities include potential common shares related to our stock options and our restricted share units (“RSUs”). Diluted EPS excludes the impact of potential common shares related to our stock options in periods in which the combination of the option exercise price and the associated unrecognized compensation expense is greater than the average market price of our common stock. |
Recent Accounting Pronouncements | Film and Television Costs In March 2019, the Financial Accounting Standards Board (“FASB”) updated the accounting guidance related to film and television costs. The updated guidance aligned the accounting for production costs of episodic television series with those of films, allowing for costs to be capitalized in excess of amounts of revenue contracted for each episode. The guidance also updated certain presentation and disclosure requirements for capitalized film and television costs, and when content is predominantly monetized with other owned or licensed content the guidance requires impairment testing for capitalized film and television costs to be performed at a film group level and amortization to be based on usage. We adopted the updated guidance on January 1, 2020 on a prospective basis and as a result, prior period amounts were not adjusted. Following the adoption, we now present all film and television costs, including acquired programming rights previously classified as current, as noncurrent in the condensed consolidated balance sheet. The adoption of the updated accounting guidance did not have a material impact on our consolidated results of operations or financial position. See Note 4 for further information. Credit Losses In June 2016, the FASB updated the accounting guidance related to the measurement of credit losses on financial instruments, including trade receivables and loans. The updated guidance requires the recognition of credit losses on financial instruments based on an estimate of expected losses, replacing the incurred loss model in the prior guidance. We adopted the updated guidance on January 1, 2020 on a prospective basis, recording $124 million, net of tax, as a cumulative effect adjustment to retained earnings and as a result, prior period amounts were not adjusted. The adoption of the updated accounting guidance did not have a material impact on our consolidated results of operations or financial position for any periods presented.
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Segment Information (Tables) |
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Jun. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial Data by Business Segment | Our financial data by business segment is presented in the tables below.
The most significant transactions between our segments include distribution revenue at Cable Networks for the sale of programming to Cable Communications; content licensing revenue in our NBCUniversal segments (Broadcast Television, Filmed Entertainment and Cable Networks) for the license of owned content to Peacock and Sky, and for licenses of owned content to other NBCUniversal segments; advertising revenue at Cable Communications, Cable Networks and Broadcast Television; and distribution revenue at Broadcast Television for fees received under retransmission consent agreements from Cable Communications. For segment reporting purposes, we account for intercompany content licenses as follows:
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Reconciliation of Adjusted EBITDA from Segments to Consolidated | Our reconciliation of the aggregate amount of Adjusted EBITDA for our reportable segments to consolidated income before income taxes is presented in the table below.
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Revenue (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenues [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disaggregation of revenue |
We operate primarily in the United States but also in select international markets. The table below summarizes revenue by geographic location.
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Schedule of receivables, net | The following tables summarize our accounts receivable and other balances that are not separately presented in our condensed consolidated balance sheet that relate to the recognition of revenue and collection of the related cash, as well as deferred costs associated with our contracts with customers.
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Other balance sheet accounts |
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Programming and Production Costs (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Industries [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amortization of Film and Television Costs | Amortization of Film and Television Costs
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Capitalized Film and Television Costs and Programming Rights | Capitalized Film and Television Costs
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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 condensed consolidated balance sheet as of June 30, 2020.
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Earnings Per Share (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Computation of diluted EPS | Computation of Diluted EPS
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Investments (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Investments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment and Other Income (Loss), Net | Investment and Other Income (Loss), Net
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Investment Summary |
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Intangible Assets (Tables) |
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Intangible Assets, Net (Excluding Goodwill) [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Intangible Assets |
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Amortization of Intangible Assets | Estimated Amortization Expense of Finite-Lived Intangible Assets
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Supplemental Financial Information (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Supplemental Financial Information [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of recognized share-based compensation expense | Recognized Share-Based Compensation Expense
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Schedule of cash payments for interest and income taxes | Cash Payments for Interest and Income Taxes
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Schedule of cash, cash equivalents and restricted cash | The following table provides a reconciliation of cash, cash equivalents and restricted cash reported in the condensed consolidated balance sheet to the total of the amounts reported in our condensed consolidated statement of cash flows.
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Schedule of accumulated other comprehensive income (loss) | Accumulated Other Comprehensive Income (Loss)
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Segment Information (Reconciliation of Adjusted EBITDA from Segment to Consolidated Statements) (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
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Jun. 30, 2020 |
Jun. 30, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
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Segment Reporting [Abstract] | ||||
Adjusted EBITDA | $ 7,927 | $ 8,716 | $ 16,057 | $ 17,269 |
Adjustment for Sky transaction-related costs | (16) | (84) | (30) | (135) |
Depreciation | (2,099) | (2,197) | (4,206) | (4,437) |
Amortization | (1,165) | (1,079) | (2,322) | (2,159) |
Interest expense | (1,112) | (1,137) | (2,324) | (2,287) |
Investment and other income (loss), net | 420 | (55) | (296) | 621 |
Income before income taxes | $ 3,955 | $ 4,164 | $ 6,879 | $ 8,872 |
Revenue (Revenue by Geographic Location) (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2020 |
Jun. 30, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
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Disaggregation of Revenue [Line Items] | ||||
Revenue | $ 23,715 | $ 26,858 | $ 50,324 | $ 53,717 |
United States [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 18,656 | 20,539 | 39,346 | 40,996 |
Europe [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 4,621 | 5,297 | 9,654 | 10,667 |
Other [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | $ 438 | $ 1,022 | $ 1,324 | $ 2,054 |
Revenue (Condensed Consolidated Balance Sheet) (Details) - USD ($) $ in Millions |
Jun. 30, 2020 |
Dec. 31, 2019 |
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Revenues [Abstract] | ||
Receivables, gross | $ 11,013 | $ 11,711 |
Less: Allowance for doubtful accounts | 786 | 419 |
Receivables, net | 10,227 | 11,292 |
Noncurrent receivables, net (included in other noncurrent assets, net) | 1,218 | 1,337 |
Contract acquisition and fulfillment costs (included in other noncurrent assets, net) | 1,040 | 1,083 |
Noncurrent deferred revenue (included in other noncurrent liabilities) | $ 904 | $ 618 |
Programming and Production Costs (Recognized Programming and Production Costs) (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended |
---|---|---|
Jun. 30, 2020 |
Jun. 30, 2020 |
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Other Industries [Abstract] | ||
Owned film and television costs | $ 1,539 | $ 3,327 |
Programming rights | $ 1,584 | $ 4,248 |
Programming and Production Costs (Estimated Future Amortization Expense for Capitalized Film and Television Costs and Programming Rights) (Details) $ in Millions |
Jun. 30, 2020
USD ($)
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Completed, not released: | |
Remaining six months of 2020 | $ 22 |
Released and programming rights: | |
Remaining six months of 2020 | 976 |
2021 | 809 |
2022 | 471 |
Released and programming rights: | |
Remaining six months of 2020 | 2,786 |
2021 | 1,510 |
2022 | $ 664 |
Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2020 |
Jun. 30, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
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Earnings Per Share [Abstract] | ||||
Net Income Attributable to Comcast Corporation | $ 2,988 | $ 3,125 | $ 5,135 | $ 6,678 |
Basic EPS attributable to Comcast Corporation shareholders (in shares) | 4,570 | 4,547 | 4,566 | 4,540 |
Basic earnings per common share attributable to Comcast Corporation shareholders (in dollars per share) | $ 0.65 | $ 0.69 | $ 1.12 | $ 1.47 |
Effect of dilutive securities: | ||||
Net Income Attributable to Comcast Corporation | $ 2,988 | $ 3,125 | $ 5,135 | $ 6,678 |
Assumed exercise or issuance of shares relating to stock plans (in shares) | 37 | 60 | 45 | 60 |
Diluted EPS attributable to Comcast Corporation shareholders (in shares) | 4,607 | 4,607 | 4,611 | 4,600 |
Diluted earnings per common share attributable to Comcast Corporation shareholders (in dollars per share) | $ 0.65 | $ 0.68 | $ 1.11 | $ 1.45 |
Long-Term Debt (Narrative) (Details) $ in Billions |
Jun. 30, 2020
USD ($)
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Debt Disclosure [Abstract] | |
Total carrying value of debt | $ 104.8 |
Total fair value of debt | $ 124.7 |
Investments (Investment and Other Income (Loss), Net) (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2020 |
Jun. 30, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
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Investments [Abstract] | ||||
Equity in net income (losses) of investees, net | $ 300 | $ (202) | $ (368) | $ 60 |
Realized and unrealized gains (losses) on equity securities, net | 5 | 194 | (53) | 408 |
Other income (loss), net | 115 | (47) | 125 | 153 |
Investment and other income (loss), net | $ 420 | $ (55) | $ (296) | $ 621 |
Investments (Schedule of Investments) (Details) - USD ($) $ in Millions |
Jun. 30, 2020 |
Dec. 31, 2019 |
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Investments [Abstract] | ||
Equity method | $ 5,387 | $ 5,347 |
Marketable equity securities | 41 | 353 |
Nonmarketable equity securities | 1,859 | 1,896 |
Other investments | 138 | 1,796 |
Total investments | 7,425 | 9,392 |
Less: Current investments | 47 | 1,709 |
Less: Investment securing collateralized obligation | 533 | 694 |
Noncurrent investments | $ 6,845 | $ 6,989 |
Investments (Marketable Equity Securities) (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Jun. 30, 2020 |
Jun. 30, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
Dec. 31, 2019 |
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Schedule of Marketable Equity Securities [Line Items] | |||||
Marketable equity securities | $ 41 | $ 41 | $ 353 | ||
Peloton [Member] | |||||
Schedule of Marketable Equity Securities [Line Items] | |||||
Marketable equity securities, recognized realized gains (losses) | $ 86 | $ 67 | |||
Marketable equity securities | $ 294 | ||||
Snap [Member] | |||||
Schedule of Marketable Equity Securities [Line Items] | |||||
Marketable equity securities, recognized unrealized gains (losses) | $ 96 | $ 258 |
Investments (Other Investments) (Details) $ in Billions |
1 Months Ended | ||
---|---|---|---|
Apr. 30, 2020
USD ($)
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Jun. 30, 2020
preferred_stock_series
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Dec. 31, 2019
USD ($)
|
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Schedule of Other Investments [Line Items] | |||
Cash payments for the redemption of redeemable preferred shares | $ 1.8 | ||
Air Touch [Member] | |||
Schedule of Other Investments [Line Items] | |||
Number of series of preferred stock | preferred_stock_series | 3 | ||
Redeemable subsidiary preferred shares | $ 1.7 | ||
Air Touch [Member] | |||
Schedule of Other Investments [Line Items] | |||
Number of series of preferred stock | preferred_stock_series | 2 | ||
Cash payments received upon redemption of preferred stock | $ 1.7 | ||
Held to maturity investment | $ 1.6 |
Intangible Assets (Amortization of Intangible Assets) (Details) $ in Millions |
Jun. 30, 2020
USD ($)
|
---|---|
Intangible Assets, Net (Excluding Goodwill) [Abstract] | |
Remaining six months of 2020 | $ 2,285 |
2021 | 4,218 |
2022 | 3,650 |
2023 | 3,029 |
2024 | $ 2,456 |
Supplemental Financial Information (Cash Payments for Interest and Income Taxes) (Details) - USD ($) $ in Millions |
6 Months Ended | |
---|---|---|
Jun. 30, 2020 |
Jun. 30, 2019 |
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Cash Payments for Interest and Income Taxes | ||
Interest | $ 1,936 | $ 2,111 |
Income taxes | $ 333 | $ 1,634 |
Supplemental Financial Information (Noncash Activities) (Details) $ / shares in Units, $ in Billions |
6 Months Ended |
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Jun. 30, 2020
USD ($)
$ / shares
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Supplemental Financial Information [Abstract] | |
Property and equipment and intangible assets accrued but not yet paid | $ 1.8 |
Dividends payable | $ 1.1 |
Dividends payable (in dollars per share) | $ / shares | $ 0.23 |
Supplemental Financial Information (Cash, Cash Equivalents and Restricted Cash) (Details) - USD ($) $ in Millions |
Jun. 30, 2020 |
Dec. 31, 2019 |
Jun. 30, 2019 |
Dec. 31, 2018 |
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Supplemental Financial Information [Abstract] | ||||
Cash and cash equivalents | $ 13,935 | $ 5,500 | ||
Restricted cash included in other current assets | 22 | 42 | ||
Restricted cash included in other noncurrent assets, net | 19 | 47 | ||
Cash, cash equivalents and restricted cash, end of period | $ 13,976 | $ 5,589 | $ 4,019 | $ 3,909 |
Supplemental Financial Information (Components of Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Millions |
Jun. 30, 2020 |
Dec. 31, 2019 |
Jun. 30, 2019 |
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Supplemental Financial Information [Abstract] | |||
Unrealized gains (losses) on marketable securities | $ 4 | $ 5 | |
Deferred gains (losses) on cash flow hedges | 39 | 132 | |
Unrecognized gains (losses) on employee benefit obligations | 249 | 309 | |
Cumulative translation adjustments | (1,571) | (508) | |
Accumulated other comprehensive income (loss), net of deferred taxes | $ (1,279) | $ 1,047 | $ (62) |
Commitments and Contingencies (Narrative) (Details) - NBCUniversal Enterprise [Member] - Redeemable Subsidiary Preferred Stock [Member] $ in Millions |
6 Months Ended |
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Jun. 30, 2020
USD ($)
| |
Commitments And Contingencies [Line Items] | |
Redeemable subsidiary preferred stock, put period | 30 days |
Level 2 [Member] | |
Commitments And Contingencies [Line Items] | |
Temporary equity, fair value of redeemable subsidiary preferred stock | $ 728 |