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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2020
Or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                       to                      

 
comcastmcolorblk165a05.jpg
 
Commission File Number
Exact Name of Registrant; State of
Incorporation; Address and Telephone
Number of Principal Executive Offices
I.R.S. Employer Identification No.
001-32871
COMCAST CORPORATION
27-0000798
Pennsylvania
One Comcast Center
Philadelphia, PA 19103-2838
(215286-1700

Securities registered pursuant to Section 12(b) of the Act:
Title of each class
 
Trading Symbol(s)
 
Name of each exchange on which registered
Class A Common Stock, $0.01 par value
 
CMCSA
 
NASDAQ Global Select Market
0.250% Notes due 2027
 
CMCS27
 
NASDAQ Global Market
1.500% Notes due 2029
 
CMCS29
 
NASDAQ Global Market
0.750% Notes due 2032
 
CMCS32
 
NASDAQ Global Market
1.875% Notes due 2036
 
CMCS36
 
NASDAQ Global Market
1.250% Notes due 2040
 
CMCS40
 
NASDAQ Global Market
9.455% Guaranteed Notes due 2022
 
CMCSA/22
 
New York Stock Exchange
5.50% Notes due 2029
 
CCGBP29
 
New York Stock Exchange
2.0% Exchangeable Subordinated Debentures due 2029
 
CCZ
 
New York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding twelve months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
Accelerated filer
Non-accelerated filer
Smaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date:
As of June 30, 2020, there were 4,558,656,239 shares of Comcast Corporation Class A common stock and 9,444,375 shares of Class B common stock outstanding.

 



TABLE OF CONTENTS
  
  
Page
Number
Item 1.
 
 
 
 
 
 
Item 2.
Item 3.
Item 4.
Item 1.
Item 1A.
Item 5.
Item 6.
 
Explanatory Note
Beginning with our Quarterly Report on Form 10-Q for the quarter ended March 31, 2020, we are voluntarily complying with new disclosure rules for guarantors and issuers of guaranteed debt securities issued by the Securities and Exchange Commission (“SEC”) in March 2020, as permitted by the transition guidance contained in the SEC’s final rule release “Financial Disclosures about Guarantors and Issuers of Guaranteed Securities and Affiliates Whose Securities Collateralize a Registrant’s Securities.” As a result, this report includes disclosures related to our consolidated subsidiaries that guarantee or have issued guaranteed debt securities registered with the SEC that are included within our guarantee structure (refer to Guarantee Structure within the Liquidity and Capital Resources section of Item 2: Management’s Discussion and Analysis of Financial Condition and Results of Operations). As a result of these rules, NBCUniversal Media, LLC is no longer required to prepare stand-alone periodic reports under SEC rules, and our periodic reports are no longer prepared as a combined report being filed separately by Comcast Corporation and NBCUniversal Media, LLC.
Unless indicated otherwise, throughout this Quarterly Report on Form 10-Q, we refer to Comcast and its consolidated subsidiaries, as “Comcast,” “we,” “us” and “our;” Comcast Cable Communications, LLC and its consolidated subsidiaries as “Comcast Cable;” Comcast Holdings Corporation as “Comcast Holdings;” NBCUniversal, LLC as “NBCUniversal Holdings;” NBCUniversal Enterprise, Inc. as “NBCUniversal Enterprise;” NBCUniversal Media, LLC and its consolidated subsidiaries as “NBCUniversal;” and Sky Limited and its consolidated subsidiaries as “Sky.”
This Quarterly Report on Form 10-Q is for the three and six months ended June 30, 2020. This Quarterly Report on Form 10-Q modifies and supersedes documents filed before it. The SEC allows us to “incorporate by reference” information that we file with it, which means that we can disclose important information to you by referring you directly to those documents. Information incorporated by reference is considered to be part of this Quarterly Report on Form 10-Q. In addition, information that we file with the SEC in the future will automatically update and supersede information contained in this Quarterly Report on Form 10-Q.
You should carefully review the information contained in this Quarterly Report on Form 10-Q and particularly consider any risk factors set forth in this Quarterly Report on Form 10-Q and in other reports or documents that we file from time to time with the SEC. In this Quarterly Report on Form 10-Q, we state our beliefs of future events and of our future financial performance. In some cases, you can identify these so-called “forward-looking statements” by words such as “may,” “will,” “should,” “expects,” “believes,” “estimates,” “potential,” or “continue,” or the negative of these words, and other comparable words. You should be aware that these statements are only our predictions. In evaluating these statements, you should consider various factors, including



the risks outlined below and in other reports we file with the SEC. Actual events or our actual results could differ materially from our forward-looking statements as a result of any such factors, which could adversely affect our businesses, results of operations or financial condition. We undertake no obligation to update any forward-looking statements.
Our businesses may be affected by, among other things, the following:
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



Table of Contents

PART I: FINANCIAL INFORMATION
ITEM 1: FINANCIAL STATEMENTS
Comcast Corporation
Condensed Consolidated Statement of Income
(Unaudited)
 
Three Months Ended
June 30,
 
Six Months Ended
June 30,
(in millions, except per share data)
2020
 
2019
 
2020
 
2019
Revenue
$
23,715

 
$
26,858

 
$
50,324

 
$
53,717

Costs and Expenses:
 
 
 
 
 
 
 
Programming and production
6,817

 
8,255

 
15,118

 
16,824

Other operating and administrative
7,646

 
8,086

 
15,900

 
15,986

Advertising, marketing and promotion
1,341

 
1,885

 
3,279

 
3,773

Depreciation
2,099

 
2,197

 
4,206

 
4,437

Amortization
1,165

 
1,079

 
2,322

 
2,159

Total costs and expenses
19,068

 
21,502

 
40,825

 
43,179

Operating income
4,647

 
5,356

 
9,499

 
10,538

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

Income tax expense
(946
)
 
(961
)
 
(1,646
)
 
(2,037
)
Net income
3,009

 
3,203

 
5,233

 
6,835

Less: Net income (loss) attributable to noncontrolling interests and redeemable subsidiary preferred stock
21

 
78

 
98

 
157

Net income attributable to Comcast Corporation
$
2,988

 
$
3,125

 
$
5,135

 
$
6,678

Basic earnings per common share attributable to Comcast Corporation shareholders
$
0.65

 
$
0.69

 
$
1.12

 
$
1.47

Diluted earnings per common share attributable to Comcast Corporation shareholders
$
0.65

 
$
0.68

 
$
1.11

 
$
1.45

See accompanying notes to condensed consolidated financial statements.

1

Table of Contents

Comcast Corporation

Condensed Consolidated Statement of Comprehensive Income
(Unaudited) 
 
Three Months Ended
June 30,
 
Six Months Ended
June 30,
(in millions)
2020
 
2019
 
2020
 
2019
Net income
$
3,009

 
$
3,203

 
$
5,233

 
$
6,835

Unrealized gains (losses) on marketable securities, net of deferred taxes of $1, $—, $1 and $—
(3
)
 
1

 
(2
)
 
2

Deferred gains (losses) on cash flow hedges, net of deferred taxes of $7, $2, $17 and $11
(27
)
 
123

 
27

 
64

Amounts reclassified to net income:
 
 
 
 
 
 
 
Realized (gains) losses on cash flow hedges, net of deferred taxes of $4, $7, $21 and $(4)
(21
)
 
(45
)
 
(127
)
 
13

Employee benefit obligations, net of deferred taxes of
$2, $2, $5 and $5
(8
)
 
(9
)
 
(16
)
 
(16
)
Currency translation adjustments, net of deferred taxes of $(9), $(6), $(16) and $(18)
(74
)
 
(566
)
 
(2,231
)
 
241

Comprehensive income
2,876

 
2,707

 
2,884

 
7,139

Less: Net income (loss) attributable to noncontrolling interests and redeemable subsidiary preferred stock
21

 
78

 
98

 
157

Less: Other comprehensive income (loss) attributable to noncontrolling interests
2

 
(12
)
 
(23
)
 
(2
)
Comprehensive income (loss) attributable to Comcast Corporation
$
2,853

 
$
2,641

 
$
2,809

 
$
6,984

See accompanying notes to condensed consolidated financial statements.

2

Table of Contents

Comcast Corporation

Condensed Consolidated Statement of Cash Flows
(Unaudited) 
 
Six Months Ended
June 30,
(in millions)
2020
 
2019
Operating Activities
 
 
 
Net income
$
5,233

 
$
6,835

Adjustments to reconcile net income to net cash provided by operating activities:
 
 
 
Depreciation and amortization
6,528

 
6,596

Share-based compensation
621

 
533

Noncash interest expense (income), net
352

 
168

Net (gain) loss on investment activity and other
399

 
(367
)
Deferred income taxes
(84
)
 
466

Changes in operating assets and liabilities, net of effects of acquisitions and divestitures:
 
 
 
Current and noncurrent receivables, net
900

 
295

Film and television costs, net
573

 
970

Accounts payable and accrued expenses related to trade creditors
(879
)
 
(815
)
Other operating assets and liabilities
824

 
(410
)
Net cash provided by operating activities
14,467

 
14,271

Investing Activities
 
 
 
Capital expenditures
(3,957
)
 
(4,355
)
Cash paid for intangible assets
(1,219
)
 
(1,078
)
Construction of Universal Beijing Resort
(708
)
 
(450
)
Acquisitions, net of cash acquired
(198
)
 
(114
)
Proceeds from sales of businesses and investments
2,042

 
150

Purchases of investments
(471
)
 
(1,605
)
Other
33

 
38

Net cash provided by (used in) investing activities
(4,478
)
 
(7,414
)
Financing Activities
 
 
 
Proceeds from (repayments of) short-term borrowings, net

 
(801
)
Proceeds from borrowings
13,612

 
363

Repurchases and repayments of debt
(10,712
)
 
(4,156
)
Repurchases of common stock under employee plans
(269
)
 
(350
)
Dividends paid
(2,028
)
 
(1,823
)
Other
(2,128
)
 
35

Net cash provided by (used in) financing activities
(1,525
)
 
(6,732
)
Impact of foreign currency on cash, cash equivalents and restricted cash
(77
)
 
(15
)
Increase (decrease) in cash, cash equivalents and restricted cash
8,387

 
110

Cash, cash equivalents and restricted cash, beginning of period
5,589

 
3,909

Cash, cash equivalents and restricted cash, end of period
$
13,976

 
$
4,019

See accompanying notes to condensed consolidated financial statements.

3

Table of Contents

Comcast Corporation

Condensed Consolidated Balance Sheet
(Unaudited)
(in millions, except share data)
June 30,
2020
 
December 31,
2019
Assets
 
 
 
Current Assets:
 
 
 
Cash and cash equivalents
$
13,935

 
$
5,500

Receivables, net
10,227

 
11,292

Programming rights

 
3,877

Other current assets
3,323

 
4,723

Total current assets
27,485

 
25,392

Film and television costs
12,213

 
8,933

Investments
6,845

 
6,989

Investment securing collateralized obligation
533

 
694

Property and equipment, net of accumulated depreciation of $53,765 and $53,239
48,985

 
48,322

Goodwill
67,354

 
68,725

Franchise rights
59,365

 
59,365

Other intangible assets, net of accumulated amortization of $17,210 and $17,217
34,186

 
36,128

Other noncurrent assets, net
9,012

 
8,866

Total assets
$
265,978

 
$
263,414

Liabilities and Equity
 
 
 
Current Liabilities:
 
 
 
Accounts payable and accrued expenses related to trade creditors
$
10,426

 
$
10,826

Accrued participations and residuals
1,800

 
1,730

Deferred revenue
2,403

 
2,768

Accrued expenses and other current liabilities
9,770

 
10,516

Current portion of long-term debt
4,046

 
4,452

Total current liabilities
28,445

 
30,292

Long-term debt, less current portion
100,764

 
97,765

Collateralized obligation
5,167

 
5,166

Deferred income taxes
27,947

 
28,180

Other noncurrent liabilities
17,608

 
16,765

Commitments and contingencies (Note 12)


 


Redeemable noncontrolling interests and redeemable subsidiary preferred stock
1,256

 
1,372

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
54

 
54

Class B common stock, $0.01 par value—authorized, 75,000,000 shares; issued and outstanding, 9,444,375

 

Additional paid-in capital
38,936

 
38,447

Retained earnings
53,420

 
50,695

Treasury stock, 872,791,028 Class A common shares
(7,517
)
 
(7,517
)
Accumulated other comprehensive income (loss)
(1,279
)
 
1,047

Total Comcast Corporation shareholders’ equity
83,614

 
82,726

Noncontrolling interests
1,177

 
1,148

Total equity
84,791

 
83,874

Total liabilities and equity
$
265,978

 
$
263,414

See accompanying notes to condensed consolidated financial statements.

4

Table of Contents

Comcast Corporation

Condensed Consolidated Statement of Changes in Equity
(Unaudited)
 
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
$
1,259

$
1,316

 
$
1,372

$
1,316

Contributions from (distributions to) noncontrolling interests, net
(10
)
(17
)
 
(37
)
(37
)
Other
(12
)
(11
)
 
(165
)
(19
)
Net income (loss)
19

41

 
86

69

Balance, end of period
$
1,256

$
1,329

 
$
1,256

$
1,329

 
 
 
 
 
 
Class A common stock
 
 
 
 
 
Balance, beginning of period
$
54

$
54

 
$
54

$
54

Balance, end of period
$
54

$
54

 
$
54

$
54

 
 
 
 
 
 
Additional Paid-In Capital
 
 
 
 
 
Balance, beginning of period
$
38,597

$
37,621

 
$
38,447

$
37,461

Stock compensation plans
261

237

 
473

411

Repurchases of common stock under employee plans
(10
)
17

 
(103
)
(45
)
Employee stock purchase plans
79

67

 
133

115

Other
9

8

 
(14
)
8

Balance, end of period
$
38,936

$
37,950

 
$
38,936

$
37,950

 
 
 
 
 
 
Retained Earnings
 
 
 
 
 
Balance, beginning of period
$
51,516

$
44,379

 
$
50,695

$
41,983

Cumulative effects of adoption of accounting standards


 
(124
)

Repurchases of common stock under employee plans
(26
)
(112
)
 
(168
)
(305
)
Dividends declared
(1,061
)
(964
)
 
(2,125
)
(1,928
)
Other
3

(3
)
 
7

(3
)
Net income (loss)
2,988

3,125

 
5,135

6,678

Balance, end of period
$
53,420

$
46,425

 
$
53,420

$
46,425

 
 
 
 
 
 
Treasury Stock at Cost
 
 
 
 
 
Balance, beginning of period
$
(7,517
)
$
(7,517
)
 
$
(7,517
)
$
(7,517
)
Balance, end of period
$
(7,517
)
$
(7,517
)
 
$
(7,517
)
$
(7,517
)
 
 
 
 
 
 
Accumulated Other Comprehensive Income (Loss)
 
 
 
 
 
Balance, beginning of period
$
(1,144
)
$
422

 
$
1,047

$
(368
)
Other comprehensive income (loss)
(135
)
(484
)
 
(2,326
)
306

Balance, end of period
$
(1,279
)
$
(62
)
 
$
(1,279
)
$
(62
)
 
 
 
 
 
 
Noncontrolling Interests
 
 
 
 
 
Balance, beginning of period
$
1,277

$
903

 
$
1,148

$
889

Other comprehensive income (loss)
2

(12
)
 
(12
)
(2
)
Contributions from (distributions to) noncontrolling interests, net
(105
)
62

 
15

16

Other
1

(10
)
 
14

(11
)
Net income (loss)
2

37

 
12

88

Balance, end of period
$
1,177

$
980

 
$
1,177

$
980

Total equity
$
84,791

$
77,830

 
$
84,791

$
77,830

Cash dividends declared per common share
$
0.23

$
0.21

 
$
0.46

$
0.42

See accompanying notes to condensed consolidated financial statements.

5

Table of Contents

Comcast Corporation

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
Note 1: 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.
Note 2: 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.


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Comcast Corporation

 
Three Months Ended June 30, 2020
(in millions)
Revenue
Adjusted EBITDA(d)
Depreciation and Amortization
Capital
Expenditures
Cash Paid for Intangible Assets
Cable Communications
$
14,428

$
6,176

$
1,937

$
1,452

$
326

NBCUniversal
 
 
 
 
 
Cable Networks
2,515

1,243

190

5

5

Broadcast Television
2,364

641

39

20

2

Filmed Entertainment
1,194

228

23

3

5

Theme Parks
87

(399
)
193

295

16

Headquarters and Other(a)
24

(73
)
129

52

38

Eliminations(b)
(60
)
(2
)



NBCUniversal
6,124

1,638

574

375

66

Sky
4,079

749

720

215

170

Corporate and Other(c)
46

(506
)
33

34

39

Eliminations(b)
(962
)
(130
)



Comcast Consolidated
$
23,715

$
7,927

$
3,264

$
2,076

$
601

 
Three Months Ended June 30, 2019
(in millions)
Revenue
Adjusted EBITDA(d)
Depreciation and Amortization
Capital
Expenditures
Cash Paid for Intangible Assets
Cable Communications
$
14,450

$
5,854

$
2,036

$
1,594

$
303

NBCUniversal
 
 
 
 
 
Cable Networks
2,947

1,201

183

6

4

Broadcast Television
2,402

534

40

37

3

Filmed Entertainment
1,457

183

20

4

6

Theme Parks
1,464

590

170

378

17

Headquarters and Other(a)
22

(182
)
114

48

35

Eliminations(b)
(86
)
(2
)



NBCUniversal
8,206

2,324

527

473

65

Sky
4,828

772

673

177

152

Corporate and Other(c)
56

(213
)
40

19

11

Eliminations(b)
(682
)
(21
)



Comcast Consolidated
$
26,858

$
8,716

$
3,276

$
2,263

$
531

 
Six Months Ended June 30, 2020
(in millions)
Revenue
Adjusted EBITDA(d)
Depreciation and Amortization
Capital
Expenditures
Cash Paid for Intangible Assets
Cable Communications
$
29,346

$
12,252

$
3,883

$
2,721

$
682

NBCUniversal
 
 
 
 
 
Cable Networks
5,374

2,491

385

10

8

Broadcast Television
5,048

1,142

82

45

5

Filmed Entertainment
2,564

334

45

7

10

Theme Parks
956

(323
)
382

591

31

Headquarters and Other(a)
47

(260
)
245

99

79

Eliminations(b)
(131
)
1




NBCUniversal
13,858

3,385

1,139

752

133

Sky
8,596

1,300

1,438

412

336

Corporate and Other(c)
166

(758
)
68

72

68

Eliminations(b)
(1,642
)
(122
)



Comcast Consolidated
$
50,324

$
16,057

$
6,528

$
3,957

$
1,219


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Comcast Corporation

 
Six Months Ended June 30, 2019
(in millions)
Revenue
Adjusted EBITDA(d)
Depreciation and Amortization
Capital
Expenditures
Cash Paid for Intangible Assets
Cable Communications
$
28,730

$
11,582

$
4,071

$
2,957

$
626

NBCUniversal
 
 
 
 
 
Cable Networks
5,815

2,463

365

12

6

Broadcast Television
4,869

921

79

50

6

Filmed Entertainment
3,225

547

39

8

11

Theme Parks
2,740

1,088

332

772

36

Headquarters and Other(a)
39

(356
)
227

84

77

Eliminations(b)
(169
)
(2
)



NBCUniversal
16,519

4,661

1,042

926

136

Sky
9,625

1,435

1,414

436

303

Corporate and Other(c)
164

(400
)
69

36

13

Eliminations(b)
(1,321
)
(9
)



Comcast Consolidated
$
53,717

$
17,269

$
6,596

$
4,355

$
1,078


(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.
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:
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. 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.
 
Three Months Ended
June 30,
 
Six Months Ended
June 30,
(in millions)
2020
 
2019
 
2020
 
2019
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




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Comcast Corporation

Note 3: Revenue
 
Three Months Ended
June 30,
 
Six Months Ended
June 30,
(in millions)
2020
 
2019
 
2020
 
2019
Residential:
 
 
 
 
 
 
 
High-speed internet
$
5,000

 
$
4,663

 
$
10,001

 
$
9,240

Video
5,415

 
5,594

 
11,047

 
11,222

Voice
877

 
982

 
1,776

 
1,972

Wireless
326

 
244

 
669

 
469

Business services
2,004

 
1,933

 
4,047

 
3,824

Advertising
428

 
607

 
985

 
1,163

Other
378

 
427

 
821

 
840

Total Cable Communications(a)
14,428

 
14,450

 
29,346

 
28,730

 
 
 
 
 
 
 
 
Distribution
1,455

 
1,707

 
3,163

 
3,442

Advertising