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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 September 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                      
cmcsa-20200930_g1.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
(215) 286-1700

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Class A Common Stock, $0.01 par valueCMCSANASDAQ Global Select Market
0.250% Notes due 2027CMCS27NASDAQ Global Market
1.500% Notes due 2029CMCS29NASDAQ Global Market
0.750% Notes due 2032CMCS32NASDAQ Global Market
1.875% Notes due 2036CMCS36NASDAQ Global Market
1.250% Notes due 2040CMCS40NASDAQ Global Market
9.455% Guaranteed Notes due 2022CMCSA/22New York Stock Exchange
5.50% Notes due 2029CCGBP29New York Stock Exchange
2.0% Exchangeable Subordinated Debentures due 2029CCZNew 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 September 30, 2020, there were 4,565,878,780 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 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 nine months ended September 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
September 30,		Nine Months Ended
September 30,
(in millions, except per share data)2020201920202019
Revenue$25,532 $26,827 $75,856 $80,544 
Costs and Expenses:
Programming and production8,565 8,316 23,683 25,140 
Other operating and administrative8,059 8,090 23,959 24,076 
Advertising, marketing and promotion1,512 1,901 4,791 5,674 
Depreciation2,122 2,124 6,328 6,561 
Amortization1,198 1,056 3,520 3,215 
Total costs and expenses21,456 21,487 62,281 64,666 
Operating income4,076 5,340 13,575 15,878 
Interest expense(1,220)(1,167)(3,544)(3,454)
Investment and other income (loss), net(86)(110)(382)511 
Income before income taxes2,770 4,063 9,649 12,935 
Income tax expense(739)(775)(2,385)(2,812)
Net income2,031 3,288 7,264 10,123 
Less: Net income (loss) attributable to noncontrolling interests and redeemable subsidiary preferred stock 12 71 110 228 
Net income attributable to Comcast Corporation$2,019 $3,217 $7,154 $9,895 
Basic earnings per common share attributable to Comcast Corporation shareholders$0.44 $0.71 $1.57 $2.18 
Diluted earnings per common share attributable to Comcast Corporation shareholders$0.44 $0.70 $1.55 $2.15 
See accompanying notes to condensed consolidated financial statements.
1
Table of Contents

Comcast Corporation
Condensed Consolidated Statement of Comprehensive Income
(Unaudited) 
 Three Months Ended
September 30,		Nine Months Ended
September 30,
(in millions)2020201920202019
Net income$2,031 $3,288 $7,264 $10,123 
Unrealized gains (losses) on marketable securities, net of deferred taxes of $—, $—, $1 and $—
1 2 (1)4 
Deferred gains (losses) on cash flow hedges, net of
   deferred taxes of $6, $(35), $23 and $(24)
(99)82 (72)146 
Amounts reclassified to net income:
Realized (gains) losses on cash flow hedges, net of
   deferred taxes of $8, $11, $29 and $7
(8)(52)(135)(39)
Employee benefit obligations, net of deferred taxes of
   $2, $3, $7 and $8
(8)(8)(24)(24)
Currency translation adjustments, net of deferred taxes
   of $40, $(80), $24 and $(98)
1,642 (1,144)(589)(903)
Comprehensive income3,559 2,168 6,443 9,307 
Less: Net income (loss) attributable to noncontrolling interests and redeemable subsidiary preferred stock12 71 110 228 
Less: Other comprehensive income (loss) attributable to noncontrolling interests37 (23)14 (25)
Comprehensive income (loss) attributable to Comcast Corporation$3,510 $2,120 $6,319 $9,104 
See accompanying notes to condensed consolidated financial statements.
2
Table of Contents

Comcast Corporation
Condensed Consolidated Statement of Cash Flows
(Unaudited) 
 Nine Months Ended
September 30,
(in millions)20202019
Operating Activities
Net income$7,264 $10,123 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization9,848 9,776 
Share-based compensation922 790 
Noncash interest expense (income), net606 310 
Net (gain) loss on investment activity and other514 (166)
Deferred income taxes(224)468 
Changes in operating assets and liabilities, net of effects of acquisitions and divestitures:
Current and noncurrent receivables, net982 360 
Film and television costs, net163 (321)
Accounts payable and accrued expenses related to trade creditors(545)(1,149)
Other operating assets and liabilities165 (729)
Net cash provided by operating activities19,695 19,462 
Investing Activities
Capital expenditures(6,344)(6,866)
Cash paid for intangible assets(1,771)(1,686)
Construction of Universal Beijing Resort(1,118)(736)
Acquisitions, net of cash acquired(225)(181)
Proceeds from sales of businesses and investments2,131 208 
Purchases of investments(545)(1,697)
Other(101)46 
Net cash provided by (used in) investing activities(7,973)(10,912)
Financing Activities
Proceeds from (repayments of) short-term borrowings, net— (1,288)
Proceeds from borrowings18,339 516 
Proceeds from collateralized obligation— 5,175 
Repurchases and repayments of debt(16,771)(9,975)
Repurchases of common stock under employee plans(429)(432)
Dividends paid(3,086)(2,778)
Other(1,644)(44)
Net cash provided by (used in) financing activities(3,591)(8,826)
Impact of foreign currency on cash, cash equivalents and restricted cash17 (31)
Increase (decrease) in cash, cash equivalents and restricted cash8,148 (307)
Cash, cash equivalents and restricted cash, beginning of period5,589 3,909 
Cash, cash equivalents and restricted cash, end of period$13,737 $3,602 
See accompanying notes to condensed consolidated financial statements.
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Comcast Corporation
Condensed Consolidated Balance Sheet
(Unaudited)
(in millions, except share data)September 30,
2020		December 31,
2019
Assets
Current Assets:
Cash and cash equivalents$13,707 $5,500 
Receivables, net10,310 11,292 
Programming rights— 3,877 
Other current assets3,352 4,723 
Total current assets27,369 25,392 
Film and television costs12,741 8,933 
Investments6,702 6,989 
Investment securing collateralized obligation429 694 
Property and equipment, net of accumulated depreciation of $53,959 and $53,239
50,466 48,322 
Goodwill68,898 68,725 
Franchise rights59,365 59,365 
Other intangible assets, net of accumulated amortization of $18,405 and $17,217
34,485 36,128 
Other noncurrent assets, net8,485 8,866 
Total assets$268,940 $263,414 
Liabilities and Equity
Current Liabilities:
Accounts payable and accrued expenses related to trade creditors$10,979 $10,826 
Accrued participations and residuals1,794 1,730 
Deferred revenue2,888 2,768 
Accrued expenses and other current liabilities9,421 10,516 
Current portion of long-term debt4,429 4,452 
Total current liabilities29,511 30,292 
Long-term debt, less current portion99,995 97,765 
Collateralized obligation5,167 5,166 
Deferred income taxes27,905 28,180 
Other noncurrent liabilities17,537 16,765 
Commitments and contingencies (Note 12)
Redeemable noncontrolling interests and redeemable subsidiary preferred stock1,254 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, 5,438,669,808 and 5,416,381,298; outstanding, 4,565,878,780 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 capital39,173 38,447 
Retained earnings54,254 50,695 
Treasury stock, 872,791,028 Class A common shares
(7,517)(7,517)
Accumulated other comprehensive income (loss)212 1,047 
Total Comcast Corporation shareholders’ equity86,176 82,726 
Noncontrolling interests1,395 1,148 
Total equity87,571 83,874 
Total liabilities and equity$268,940 $263,414 
See accompanying notes to condensed consolidated financial statements.
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Comcast Corporation
Condensed Consolidated Statement of Changes in Equity
(Unaudited)
Three Months Ended
September 30,		Nine Months Ended
September 30,
(in millions, except per share data)2020201920202019
Redeemable Noncontrolling Interests and Redeemable Subsidiary Preferred Stock
Balance, beginning of period$1,256 $1,329 $1,372 $1,316 
Contributions from (distributions to) noncontrolling interests, net
(9)(12)(46)(49)
Other(9)(9)(174)(28)
Net income (loss)16 60 102 129 
Balance, end of period$1,254 $1,368 $1,254 $1,368 
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$38,936 $37,950 $38,447 $37,461 
Stock compensation plans240 193 713 604 
Repurchases of common stock under employee plans
(61)6 (164)(39)
Employee stock purchase plans60 51 193 166 
Other(2)(4)(16)4 
Balance, end of period$39,173 $38,196 $39,173 $38,196 
Retained Earnings
Balance, beginning of period$53,420 $46,425 $50,695 $41,983 
Cumulative effects of adoption of accounting standards
— — (124)— 
Repurchases of common stock under employee plans
(113)(101)(281)(406)
Dividends declared(1,062)(965)(3,187)(2,893)
Other(10)(6)(3)(9)
Net income (loss)2,019 3,217 7,154 9,895 
Balance, end of period$54,254 $48,570 $54,254 $48,570 
Treasury Stock at Cost
Balance, beginning of period$(7,517)$(7,517)$(7,517)$(7,517)
Balance, end of period$(7,517)$(7,517)$(7,517)$(7,517)
Accumulated Other Comprehensive Income (Loss)
Balance, beginning of period$(1,279)$(62)$1,047 $(368)
Other comprehensive income (loss)1,491 (1,097)(835)(791)
Balance, end of period$212 $(1,159)$212 $(1,159)
Noncontrolling Interests
Balance, beginning of period$1,177 $980 $1,148 $889 
Other comprehensive income (loss)38 (22)14 (24)
Contributions from (distributions to) noncontrolling interests, net
185 50 200 66 
Other(1)(3)25 (14)
Net income (loss)(4)11 8 99 
Balance, end of period$1,395 $1,016 $1,395 $1,016 
Total equity$87,571 $79,160 $87,571 $79,160 
Cash dividends declared per common share$0.23 $0.21 $0.69 $0.63 
See accompanying notes to condensed consolidated financial statements.
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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 September 30, 2020
(in millions)Revenue
Adjusted EBITDA(d)
Depreciation and AmortizationCapital
Expenditures		Cash Paid for Intangible Assets
Cable Communications$15,000 $6,411 $1,952 $1,770 $296 
NBCUniversal
Cable Networks2,736 870 191 6 3 
Broadcast Television2,414 436 38 13 7 
Filmed Entertainment1,280 300 26 2 4 
Theme Parks311 (203)208 306 11 
Headquarters and Other(a)
32 (121)113 30 28 
Eliminations(b)
(49)(1)— — — 
NBCUniversal6,724 1,281 576 357 53 
Sky4,793 515 750 237 176 
Corporate and Other(c)
84 (496)42 23 27 
Eliminations(b)
(1,069)(128)— — — 
Comcast Consolidated$25,532 $7,583 $3,320 $2,387 $552 
 Three Months Ended September 30, 2019
(in millions)Revenue
Adjusted EBITDA(d)
Depreciation and AmortizationCapital
Expenditures		Cash Paid for Intangible Assets
Cable Communications$14,584 $5,801 $1,967 $1,814 $336 
NBCUniversal
Cable Networks2,771 955 184 9 4 
Broadcast Television2,230 338 36 36 3 
Filmed Entertainment1,706 195 21 5 5 
Theme Parks1,631 731 182 400 8 
Headquarters and Other(a)
21 (130)114 55 43 
Eliminations(b)
(64)2 — — — 
NBCUniversal8,295 2,091 537 505 63 
Sky4,554 899 644 104 188 
Corporate and Other(c)
42 (237)32 88 21 
Eliminations(b)
(648)(1)— — — 
Comcast Consolidated$26,827 $8,553 $3,180 $2,511 $608 
 Nine Months Ended September 30, 2020
(in millions)Revenue
Adjusted EBITDA(d)
Depreciation and Amortization
Capital
Expenditures
Cash Paid for Intangible Assets
Cable Communications$44,346 $18,663 $5,835 $4,491 $978 
NBCUniversal
Cable Networks8,110 3,361 576 16 11 
Broadcast Television7,462 1,578 120 58 12 
Filmed Entertainment3,844 634 71 9 14 
Theme Parks1,267 (526)590 897 42 
Headquarters and Other(a)
79 (381)358 129 107 
Eliminations(b)
(180)— — — — 
NBCUniversal20,582 4,666 1,715 1,109 186 
Sky13,389 1,815 2,188 649 512 
Corporate and Other(c)
250 (1,254)110 95 95 
Eliminations(b)
(2,711)(250)— — — 
Comcast Consolidated$75,856 $23,640 $9,848 $6,344 $1,771 
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Comcast Corporation
 Nine Months Ended September 30, 2019
(in millions)Revenue
Adjusted EBITDA(d)
Depreciation and Amortization
Capital
Expenditures
Cash Paid for Intangible Assets
Cable Communications$43,314 $17,383 $6,038 $4,771 $962 
NBCUniversal
Cable Networks8,586 3,418 549 21 10 
Broadcast Television7,099 1,259 115 86 9 
Filmed Entertainment4,931 742 60 13 16 
Theme Parks4,371 1,819 514 1,172 44 
Headquarters and Other(a)
60 (486)341 139 120 
Eliminations(b)
(233)— — — — 
NBCUniversal24,814 6,752 1,579 1,431 199 
Sky14,179 2,334 2,058 540 491 
Corporate and Other(c)
206 (637)101 124 34 
Eliminations(b)
(1,969)(10)— — — 
Comcast Consolidated$80,544 $25,822 $9,776 $6,866 $1,686 
(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
September 30,		Nine Months Ended
September 30,
(in millions)
2020201920202019
Adjusted EBITDA$7,583 $8,553 $23,640 $25,822 
Adjustment for potential legal settlement(177)— (177)— 
Adjustment for Sky transaction-related costs(10)(33)(40)(168)
Depreciation(2,122)(2,124)(6,328)(6,561)
Amortization(1,198)(1,056)(3,520)(3,215)
Interest expense
(1,220)(1,167)(3,544)(3,454)
Investment and other income (loss), net(86)(110)(382)511 
Income before income taxes$2,770 $4,063 $9,649 $12,935 

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Comcast Corporation
Note 3: Revenue
Three Months Ended
September 30,		Nine Months Ended
September 30,
(in millions)2020201920202019
Residential:
High-speed internet$5,198 $4,721 $15,199 $13,961 
Video5,421 5,541 16,468 16,763 
Voice876 963 2,652 2,935 
Wireless400 326 1,069 795 
Business services2,049 1,971 6,096 5,795 
Advertising674 603 1,659 1,766 
Other382 459 1,203 1,299 
Total Cable Communications(a)
15,000 14,584 44,346 43,314 
Distribution 1,617