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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, 2021
Or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                       to                      
cmcsa-20210630_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
(215286-1700

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 June 30, 2021, there were 4,580,292,854 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 2.
Item 6.
 
Explanatory Note
This Quarterly Report on Form 10-Q is for the three and six months ended June 30, 2021. This Quarterly Report on Form 10-Q modifies and supersedes documents filed before it. The U.S. Securities and Exchange Commission (“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.
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 Media, LLC and its consolidated subsidiaries as “NBCUniversal;” and Sky Limited and its consolidated subsidiaries as “Sky.”
Numerical information in this report is presented on a rounded basis using actual amounts. Minor differences in totals and percentage calculations may exist due to rounding.
CAUTION CONCERNING FORWARD-LOOKING STATEMENTS
This Quarterly Report on Form 10-Q includes statements that may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements are not historical facts or statements of current conditions, but instead represent only our beliefs regarding future events, many of which, by their nature, are inherently uncertain and outside of our control. These may include estimates, projections and statements relating to our business plans, objectives and expected operating results, which are based on current expectations and assumptions that are subject to risks and uncertainties that may cause actual results to differ materially. These forward-looking statements are generally identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “potential,” “strategy,” “future,” “opportunity,” “commit,” “plan,” “may,” “should,” “could,” “will,” “would,” “will be,” “will continue,” “will likely result” and similar expressions.
In evaluating forward-looking statements, you should consider various factors, including the risks and uncertainties we describe in the “Risk Factors” sections of our Forms 10-K and 10-Q and other reports we file with the SEC. Additionally, we operate in a highly competitive, consumer-driven and rapidly changing environment. This environment is affected by government regulation; economic, strategic, political and social conditions; consumer response to new and existing products and services; technological developments; and the ability to develop and protect intellectual property rights. Any of these factors could cause



our actual results to differ materially from our forward-looking statements, which could adversely affect our businesses, results of operations or financial condition. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date they are made. We undertake no obligation to update or revise publicly any forward-looking statements, whether because of new information, future events or otherwise.
Our businesses may be affected by, among other things, the following:
the COVID-19 pandemic has had, and will likely 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
programming expenses for our video services are increasing, which could adversely affect Cable Communications’ 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 European telecommunications access regulations, the loss of Sky’s transmission access agreements with satellite or telecommunications providers or the renewal of these agreements on less favorable terms could adversely affect Sky’s 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
our businesses depend on keeping pace with technological developments
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
the loss of key management personnel or popular on-air and creative talent could have an adverse effect on our businesses
we are subject to regulation by federal, state, local and foreign authorities, which impose additional costs and restrictions on 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
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)2021202020212020
Revenue$28,546 $23,715 $55,751 $50,324 
Costs and Expenses:
Programming and production9,256 6,817 18,175 15,118 
Other operating and administrative8,549 7,646 16,818 15,900 
Advertising, marketing and promotion1,851 1,341 3,467 3,279 
Depreciation2,113 2,099 4,231 4,206 
Amortization1,270 1,165 2,514 2,322 
Total costs and expenses23,039 19,068 45,205 40,825 
Operating income5,507 4,647 10,546 9,499 
Interest expense(1,093)(1,112)(2,112)(2,324)
Investment and other income (loss), net1,216 420 1,607 (296)
Income before income taxes5,630 3,955 10,042 6,879 
Income tax expense(2,000)(946)(3,119)(1,646)
Net income3,630 3,009 6,922 5,233 
Less: Net income (loss) attributable to noncontrolling interests and redeemable subsidiary preferred stock (108)21 (145)98 
Net income attributable to Comcast Corporation$3,738 $2,988 $7,067 $5,135 
Basic earnings per common share attributable to Comcast Corporation shareholders$0.81 $0.65 $1.54 $1.12 
Diluted earnings per common share attributable to Comcast Corporation shareholders$0.80 $0.65 $1.51 $1.11 
See accompanying notes to condensed consolidated financial statements.
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Condensed Consolidated Statement of Comprehensive Income
(Unaudited) 
 Three Months Ended
June 30,
Six Months Ended
June 30,
(in millions)2021202020212020
Net income$3,630 $3,009 $6,922 $5,233 
Currency translation adjustments, net of deferred taxes of $(17), $(9), $(109) and $(16)
61 (74)26 (2,231)
Cash flow hedges:
Deferred gains (losses), net of deferred taxes of $2, $7, $(17) and $17
(14)(27)105 27 
Realized (gains) losses reclassified to net income, net of deferred taxes of $, $4, $ and $21
4 (21)4 (127)
Employee benefit obligations and other, net of deferred taxes of $3, $3, $5 and $6
(7)(11)(17)(18)
Comprehensive income3,674 2,876 7,040 2,884 
Less: Net income (loss) attributable to noncontrolling interests and redeemable subsidiary preferred stock(108)21 (145)98 
Less: Other comprehensive income (loss) attributable to noncontrolling interests24 2 10 (23)
Comprehensive income (loss) attributable to Comcast Corporation$3,758 $2,853 $7,175 $2,809 
See accompanying notes to condensed consolidated financial statements.
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Condensed Consolidated Statement of Cash Flows
(Unaudited) 
 Six Months Ended
June 30,
(in millions)20212020
Operating Activities
Net income$6,922 $5,233 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization6,745 6,528 
Share-based compensation711 621 
Noncash interest expense (income), net210 352 
Net (gain) loss on investment activity and other(1,403)399 
Deferred income taxes1,297 (84)
Changes in operating assets and liabilities, net of effects of acquisitions and divestitures:
Current and noncurrent receivables, net137 900 
Film and television costs, net837 573 
Accounts payable and accrued expenses related to trade creditors299 (879)
Other operating assets and liabilities(398)824 
Net cash provided by operating activities15,357 14,467 
Investing Activities
Capital expenditures(4,003)(3,957)
Cash paid for intangible assets(1,283)(1,219)
Construction of Universal Beijing Resort(704)(708)
Acquisitions, net of cash acquired(168)(198)
Proceeds from sales of businesses and investments396 2,042 
Purchases of investments(86)(471)
Other217 33 
Net cash provided by (used in) investing activities(5,631)(4,478)
Financing Activities
Proceeds from borrowings383 13,612 
Repurchases and repayments of debt(5,785)(10,712)
Repurchases of common stock under repurchase program and employee plans(957)(269)
Dividends paid(2,230)(2,028)
Other(475)(2,128)
Net cash provided by (used in) financing activities(9,064)(1,525)
Impact of foreign currency on cash, cash equivalents and restricted cash(12)(77)
Increase (decrease) in cash, cash equivalents and restricted cash650 8,387 
Cash, cash equivalents and restricted cash, beginning of period11,768 5,589 
Cash, cash equivalents and restricted cash, end of period$12,418 $13,976 
See accompanying notes to condensed consolidated financial statements.
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Condensed Consolidated Balance Sheet
(Unaudited)
(in millions, except share data)June 30,
2021
December 31,
2020
Assets
Current Assets:
Cash and cash equivalents$12,378 $11,740 
Receivables, net11,110 11,466 
Other current assets3,558 3,535 
Total current assets27,046 26,741 
Film and television costs12,372 13,340 
Investments8,903 7,820 
Investment securing collateralized obligation564 447 
Property and equipment, net of accumulated depreciation of $55,217 and $54,388
52,769 51,995 
Goodwill70,429 70,669 
Franchise rights59,365 59,365 
Other intangible assets, net of accumulated amortization of $21,976 and $19,825
34,321 35,389 
Other noncurrent assets, net11,235 8,103 
Total assets$277,004 $273,869 
Liabilities and Equity
Current Liabilities:
Accounts payable and accrued expenses related to trade creditors$11,672 $11,364 
Accrued participations and residuals1,713 1,706 
Deferred revenue3,566 2,963 
Accrued expenses and other current liabilities8,956 9,617 
Current portion of long-term debt3,407 3,146 
Total current liabilities29,314 28,796 
Long-term debt, less current portion95,175 100,614 
Collateralized obligation5,169 5,168 
Deferred income taxes29,525 28,051 
Other noncurrent liabilities20,775 18,222 
Commitments and contingencies
Redeemable noncontrolling interests and redeemable subsidiary preferred stock530 1,280 
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, 5,453,083,882 and 5,444,002,825; outstanding, 4,580,292,854 and 4,571,211,797
55 54 
Class B common stock, $0.01 par value—authorized, 75,000,000 shares; issued and outstanding, 9,444,375
  
Additional paid-in capital40,046 39,464 
Retained earnings60,359 56,438 
Treasury stock, 872,791,028 Class A common shares
(7,517)(7,517)
Accumulated other comprehensive income (loss)1,992 1,884 
Total Comcast Corporation shareholders’ equity94,935 90,323 
Noncontrolling interests1,581 1,415 
Total equity96,516 91,738 
Total liabilities and equity$277,004 $273,869 
See accompanying notes to condensed consolidated financial statements.
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Condensed Consolidated Statement of Changes in Equity
(Unaudited)
Three Months Ended
June 30,
Six Months Ended
June 30,
(in millions, except per share data)2021202020212020
Redeemable Noncontrolling Interests and Redeemable Subsidiary Preferred Stock
Balance, beginning of period$546 $1,259 $1,280 $1,372 
Redemption of subsidiary preferred stock  (725) 
Contributions from (distributions to) noncontrolling interests, net
(13)(10)(40)(37)
Other (12)(10)(165)
Net income (loss)(3)19 24 86 
Balance, end of period$530 $1,256 $530 $1,256 
Class A Common Stock
Balance, beginning of period$55 $54 $54 $54 
Issuances of common stock under employee plans  1  
Balance, end of period$55 $54 $55 $54 
Additional Paid-In Capital
Balance, beginning of period$39,744 $38,597 $39,464 $38,447 
Stock compensation plans274 261 570 473 
Repurchases of common stock under repurchase program and employee plans(43)(10)(131)(103)
Employee stock purchase plans76 79 139 133 
Other(5)9 5 (14)
Balance, end of period$40,046 $38,936 $40,046 $38,936 
Retained Earnings
Balance, beginning of period$58,321 $51,516 $56,438 $50,695 
Cumulative effects of adoption of accounting standards
   (124)
Repurchases of common stock under repurchase program and employee plans(543)(26)(832)(168)
Dividends declared(1,156)(1,061)(2,317)(2,125)
Other 3 4 7 
Net income (loss)3,738 2,988 7,067 5,135 
Balance, end of period$60,359 $53,420 $60,359 $53,420 
Treasury Stock at Cost
Balance, beginning of period$(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$1,972 $(1,144)$1,884 $1,047 
Other comprehensive income (loss)20 (135)108 (2,326)
Balance, end of period$1,992 $(1,279)$1,992 $(1,279)
Noncontrolling Interests
Balance, beginning of period$1,525 $1,277 $1,415 $1,148 
Other comprehensive income (loss)24 2 10 (12)
Contributions from (distributions to) noncontrolling interests, net
135 (105)324 15 
Other2 1 1 14 
Net income (loss)(105)2 (169)12 
Balance, end of period$1,581 $1,177 $1,581 $1,177 
Total equity$96,516 $84,791 $96,516 $84,791 
Cash dividends declared per common share$0.25 $0.23 $0.50 $0.46 
See accompanying notes to condensed consolidated financial statements.
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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
Note 1: Condensed Consolidated Financial Statements
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 2020 Annual Report on Form 10-K and the notes within this Form 10-Q.
Reclassifications
Reclassifications have been made to our notes to condensed consolidated financial statements for the prior year period to conform to classifications used in 2021. See Note 2 for a discussion of the changes in our presentation of segment operating results.
Note 2: Segment Information
In the first quarter of 2021, we changed our presentation of segment operating results. We now present our operations in five reportable business segments: (1) Comcast Cable in one reportable business segment, referred to as Cable Communications; (2) NBCUniversal in three reportable business segments: Media, Studios and Theme Parks (collectively, the “NBCUniversal segments”); and (3) Sky in one reportable business segment. The changes reflect a reorganized operating structure in NBCUniversal’s television and streaming businesses and primarily include: (i) the combination of NBCUniversal’s television networks (previously reported in Cable Networks and Broadcast Television) with the operations of Peacock (previously reported in Corporate and Other) in the Media segment, and (ii) the presentation of NBCUniversal’s television studio production operations (previously reported in Cable Networks and Broadcast Television) with the studio operations of Filmed Entertainment in the Studios segment. Prior periods have been adjusted to reflect this presentation.
Cable Communications is a leading provider of broadband, 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. Revenue is generated primarily from residential and business customers that subscribe to our services, which are marketed individually and as bundled services, and from the sale of advertising.
Media consists primarily of NBCUniversal’s television and streaming platforms, including national, regional and international cable networks; the NBC and Telemundo broadcast networks; NBC and Telemundo owned local broadcast television stations; Peacock, our direct-to-consumer streaming service; and various digital properties. Revenue is generated primarily from the sale of advertising on our television networks, Peacock and digital properties; and the fees received from the distribution of our television network programming to traditional and virtual multichannel video providers and from NBC-affiliated and Telemundo-affiliated local broadcast television stations. Media also generates other revenue from various digital properties.
Studios consists primarily of NBCUniversal’s film and television studio production and distribution operations. Revenue is generated primarily from the licensing of our owned film and television content to broadcast, cable and premium networks, and to direct-to-consumer streaming service providers, as well as through video on demand and pay-per-view services provided by multichannel video providers and over-the-top service providers; from the worldwide distribution of our produced and acquired films for exhibition in movie theaters; and from the sale of owned content on DVDs, Blu-ray discs and through digital distribution services.
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. Revenue is generated primarily from guest spending at our Universal theme parks.
Sky is one of Europe’s leading entertainment companies, which primarily includes a direct-to-consumer business, providing video, broadband, voice and wireless phone services, and a content business, operating entertainment networks, the Sky News broadcast network and Sky Sports networks. Revenue is generated primarily from residential and business customers that
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subscribe to our services; from the distribution of Sky’s owned television networks on third-party platforms and the licensing of owned and acquired programming to third-party video providers; and from the sale of advertising.
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.
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 reportable segment is presented in the tables below.
 Three Months Ended June 30, 2021
(in millions)
Revenue(a)
Adjusted EBITDA(b)
Depreciation and AmortizationCapital
Expenditures
Cash Paid for Intangible Assets
Cable Communications$16,002 $7,073 $1,950 $1,695 $337 
NBCUniversal
Media5,148 1,378 254 19 42 
Studios2,224 156 12 1 5 
Theme Parks1,095 221 195 100 8 
Headquarters and Other22 (186)125 62 30 
Eliminations(a)
(534)(15)   
NBCUniversal7,955 1,553 586 182 86 
Sky5,220 560 826 184 211 
Corporate and Other92 (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 AmortizationCapital
Expenditures
Cash Paid for Intangible Assets
Cable Communications$14,428 $6,176 $1,937 $1,452 $326 
NBCUniversal
Media4,096 1,636 244 29 49 
Studios2,052 323 15 2 2 
Theme Parks136 (393)191 295 16 
Headquarters and Other11 (82)129 54 37 
Eliminations(a)
(580)(104)   
NBCUniversal5,715 1,380 579 380 104 
Sky4,079 749 720 215 170 
Corporate and Other40 (389)28 29 1 
Eliminations(a)
(547)11    
Comcast Consolidated$23,715 $7,927 $3,264 $2,076 $601 
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 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
Media10,184 2,851 501 29 75 
Studios4,620 653 25 2 7 
Theme Parks1,714 159 402 226 15 
Headquarters and Other38 (395)241 98 57 
Eliminations(a)
(1,576)(225)   
NBCUniversal14,980 3,043 1,168 354 153 
Sky10,217 924 1,640 455 412 
Corporate and Other181 (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
Media8,974 3,165 487 60 87 
Studios4,461 623 32 6 3 
Theme Parks1,061 (306)381 591 31 
Headquarters and Other20 (303)245 100 78 
Eliminations(a)
(1,072)(110)   
NBCUniversal13,444 3,069 1,145 757 199 
Sky8,596 1,300 1,438 412 336 
Corporate and Other160 (582)62 67 2 
Eliminations(a)
(1,222)18    
Comcast Consolidated$50,324 $16,057 $6,528 $3,957 $1,219 
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(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)2021202020212020
Cable Communications$47 $41 $93 $82 
NBCUniversal
Media543 426 1,082 967 
Studios589 625 1,678 1,165 
Theme Parks  1  
Headquarters and Other17 4 29 7 
Sky15 7 23 9 
Corporate and Other47 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)
2021202020212020
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), net1,216 420 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.
Goodwill by Segment
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
MediaStudiosTheme
Parks
SkyCorporate
and Other
Total
Balance, December 31, 2020$15.3 $14.0 $1.1 $