Segment Information (Tables)

6 Months Ended

Jun. 30, 2021

Our financial data by reportable segment is presented in the tables below.


	Three Months Ended June 30, 2021
(in millions)	Revenue(a)		Adjusted EBITDA(b)		Depreciation and Amortization		Capital Expenditures		Cash Paid for Intangible Assets
Cable Communications	$	16,002	$	7,073	$	1,950	$	1,695	$	337
NBCUniversal
Media	5,148		1,378		254		19		42
Studios	2,224		156		12		1		5
Theme Parks	1,095		221		195		100		8
Headquarters and Other	22		(186)		125		62		30
Eliminations(a)	(534)		(15)		—		—		—
NBCUniversal	7,955		1,553		586		182		86
Sky	5,220		560		826		184		211
Corporate and Other	92		(261)		21		83		37
Eliminations(a)	(723)		2		—		—		—
Comcast Consolidated	$	28,546	$	8,927	$	3,383	$	2,144	$	671


	Three Months Ended June 30, 2020
(in millions)	Revenue(a)		Adjusted EBITDA(b)		Depreciation and Amortization		Capital Expenditures		Cash Paid for Intangible Assets
Cable Communications	$	14,428	$	6,176	$	1,937	$	1,452	$	326
NBCUniversal
Media	4,096		1,636		244		29		49
Studios	2,052		323		15		2		2
Theme Parks	136		(393)		191		295		16
Headquarters and Other	11		(82)		129		54		37
Eliminations(a)	(580)		(104)		—		—		—
NBCUniversal	5,715		1,380		579		380		104
Sky	4,079		749		720		215		170
Corporate and Other	40		(389)		28		29		1
Eliminations(a)	(547)		11		—		—		—
Comcast Consolidated	$	23,715	$	7,927	$	3,264	$	2,076	$	601


	Six Months Ended June 30, 2021
(in millions)	Revenue(a)		Adjusted EBITDA(b)		Depreciation and Amortization		Capital Expenditures		Cash Paid for Intangible Assets
Cable Communications	$	31,807	$	13,903	$	3,880	$	3,065	$	652
NBCUniversal
Media	10,184		2,851		501		29		75
Studios	4,620		653		25		2		7
Theme Parks	1,714		159		402		226		15
Headquarters and Other	38		(395)		241		98		57
Eliminations(a)	(1,576)		(225)		—		—		—
NBCUniversal	14,980		3,043		1,168		354		153
Sky	10,217		924		1,640		455		412
Corporate and Other	181		(541)		57		128		65
Eliminations(a)	(1,434)		11		—		—		—
Comcast Consolidated	$	55,751	$	17,339	$	6,745	$	4,003	$	1,283


	Six Months Ended June 30, 2020
(in millions)	Revenue(a)		Adjusted EBITDA(b)		Depreciation and Amortization		Capital Expenditures		Cash Paid for Intangible Assets
Cable Communications	$	29,346	$	12,252	$	3,883	$	2,721	$	682
NBCUniversal
Media	8,974		3,165		487		60		87
Studios	4,461		623		32		6		3
Theme Parks	1,061		(306)		381		591		31
Headquarters and Other	20		(303)		245		100		78
Eliminations(a)	(1,072)		(110)		—		—		—
NBCUniversal	13,444		3,069		1,145		757		199
Sky	8,596		1,300		1,438		412		336
Corporate and Other	160		(582)		62		67		2
Eliminations(a)	(1,222)		18		—		—		—
Comcast Consolidated	$	50,324	$	16,057	$	6,528	$	3,957	$	1,219

(a)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 Media for fees received from Cable Communications for the sale of cable network programming and under retransmission consent agreements; content licensing revenue at Studios for licenses of owned content to Media and Sky; and advertising revenue at Media and Cable Communications. Revenue for licenses of content from Studios to Media and Sky is 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 Media 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 (losses) on these transactions are deferred in our consolidated results and recognized as the content is used over the license period. Under the previous segment structure, revenue for licenses of content between our previous NBCUniversal segments was recognized over time to correspond with the amortization of the costs of licensed content over the license period.

A summary of revenue for each of our segments resulting from transactions with other segments and eliminated in consolidation is presented in the table below.


	Three Months Ended June 30,				Six Months Ended June 30,
(in millions)	2021		2020		2021		2020
Cable Communications	$	47	$	41	$	93	$	82
NBCUniversal
Media	543		426		1,082		967
Studios	589		625		1,678		1,165
Theme Parks	—		—		1		—
Headquarters and Other	17		4		29		7
Sky	15		7		23		9
Corporate and Other	47		24		105		64
Total intersegment revenue	$	1,257	$	1,127	$	3,010	$	2,294

(b)We use Adjusted EBITDA as the measure of profit or loss for our operating segments. From time to time we may report the impact of certain events, gains, losses or other charges related to our operating segments (such as certain costs incurred in response to COVID-19, including severance charges), within Corporate and Other. 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)	2021		2020		2021		2020
Adjusted EBITDA	$	8,927	$	7,927	$	17,339	$	16,057

Adjustments	(36)		(16)		(48)		(30)
Depreciation	(2,113)		(2,099)		(4,231)		(4,206)
Amortization	(1,270)		(1,165)		(2,514)		(2,322)


Interest expense	(1,093)		(1,112)		(2,112)		(2,324)
Investment and other income (loss), net	1,216		420		1,607		(296)

Income before income taxes	$	5,630	$	3,955	$	10,042	$	6,879

Adjustments represent the impacts of certain events, gains, losses or other charges that are excluded from Adjusted EBITDA, including Sky transaction-related costs and costs related to our investment portfolio.

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.


	Three Months Ended June 30,				Six Months Ended June 30,
(in millions)	2021		2020		2021		2020
Adjusted EBITDA	$	8,927	$	7,927	$	17,339	$	16,057

Adjustments	(36)		(16)		(48)		(30)
Depreciation	(2,113)		(2,099)		(4,231)		(4,206)
Amortization	(1,270)		(1,165)		(2,514)		(2,322)


Interest expense	(1,093)		(1,112)		(2,112)		(2,324)
Investment and other income (loss), net	1,216		420		1,607		(296)

Income before income taxes	$	5,630	$	3,955	$	10,042	$	6,879

Schedule of Goodwill

The changes in the carrying amount of goodwill by segment for the six months ended June 30, 2021 are as follows:


			NBCUniversal
(in billions)	Cable Communications		Cable Networks		Broadcast Television		Filmed Entertainment		Media		Studios		Theme Parks		Sky		Corporate and Other		Total





Balance, December 31, 2020	$	15.3	$	14.0	$	1.1	$	3.3	$	—	$	—	$	7.0	$	30.0	$	—	$	70.7
Segment change	—		(14.0)		(1.1)		(3.3)		14.7		3.7		—		—		—		—



Foreign currency translation and other	0.1		—		—		—		—		—		(0.4)		0.1		—		(0.2)
Balance, June 30, 2021	$	15.4	$	—	$	—	$	—	$	14.7	$	3.7	$	6.6	$	30.0	$	—	$	70.4