Segment Information (Tables)

12 Months Ended

Dec. 31, 2021

Our financial data by reportable segment is presented in the tables below. We do not present a measure of total assets for our reportable business segments as this information is not used by management to allocate resources and capital.


(in millions)	Revenue(a)		Adjusted EBITDA(b)		Depreciation and Amortization		Capital Expenditures		Cash Paid for Intangible Assets
2021
Cable Communications	$	64,328	$	28,097	$	7,811	$	6,930	$	1,438
NBCUniversal
Media	22,780		4,569		1,030		100		163

Studios	9,449		884		53		5		11
Theme Parks	5,051		1,267		906		614		43
Headquarters and Other	87		(840)		478		366		143
Eliminations(a)	(3,048)		(205)		—		—		—
NBCUniversal	34,319		5,675		2,466		1,086		360
Sky	20,285		2,359		3,379		948		814
Corporate and Other	461		(1,358)		147		210		272
Eliminations(a)	(3,008)		(65)		—		—		—
Comcast Consolidated	$	116,385	$	34,708	$	13,804	$	9,174	$	2,883


(in millions)	Revenue(a)		Adjusted EBITDA(b)		Depreciation and Amortization		Capital Expenditures		Cash Paid for Intangible Assets
2020
Cable Communications	$	60,051	$	25,270	$	7,753	$	6,605	$	1,333
NBCUniversal
Media	18,936		5,574		993		122		176

Studios	8,134		1,041		67		12		5
Theme Parks	2,094		(477)		772		1,171		56
Headquarters and Other	53		(563)		475		186		136
Eliminations(a)	(2,006)		(220)		—		—		—
NBCUniversal	27,211		5,355		2,307		1,491		373
Sky	18,594		1,954		3,034		959		741
Corporate and Other	248		(1,785)		6		124		8
Eliminations(a)	(2,540)		32		—		—		—
Comcast Consolidated	$	103,564	$	30,826	$	13,100	$	9,179	$	2,455


(in millions)	Revenue(a)		Adjusted EBITDA(b)		Depreciation and Amortization		Capital Expenditures		Cash Paid for Intangible Assets
2019
Cable Communications	$	58,082	$	23,266	$	7,994	$	6,909	$	1,426
NBCUniversal
Media	19,947		5,834		924		204		101

Studios	9,352		1,058		49		19		10
Theme Parks	6,213		2,498		697		1,605		60
Headquarters and Other	31		(690)		459		244		166
Eliminations(a)	(1,585)		11		—		—		—
NBCUniversal	33,958		8,711		2,129		2,072		337
Sky	19,219		3,099		2,699		768		707
Corporate and Other	333		(820)		131		204		5
Eliminations(a)	(2,650)		2		—		—		—
Comcast Consolidated	$	108,942	$	34,258	$	12,953	$	9,953	$	2,475

(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 in Media for fees received from Cable Communications for the sale of cable network programming and under retransmission consent agreements; content licensing revenue in Studios for licenses of owned content to Media and Sky; and advertising revenue in 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 in 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.


Year ended December 31 (in millions)	2021		2020		2019
Cable Communications	$	244	$	202	$	162
NBCUniversal
Media	2,330		1,965		2,202
Studios	3,186		2,214		1,727
Theme Parks	2		—		—
Headquarters and Other	68		31		1
Sky	32		17		21
Corporate and Other	193		117		121
Total intersegment revenue	$	6,055	$	4,546	$	4,235

(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.


Year ended December 31 (in millions)	2021		2020		2019
Adjusted EBITDA	$	34,708	$	30,826	$	34,258

Adjustments	(87)		(233)		(180)
Depreciation	(8,628)		(8,320)		(8,663)
Amortization	(5,176)		(4,780)		(4,290)

Interest expense	(4,281)		(4,588)		(4,567)
Investment and other income (loss), net	2,557		1,160		438
Income before income taxes	$	19,093	$	14,065	$	16,996

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. Adjustments for 2020 also include $177 million related to a legal settlement.

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.


Year ended December 31 (in millions)	2021		2020		2019
Adjusted EBITDA	$	34,708	$	30,826	$	34,258

Adjustments	(87)		(233)		(180)
Depreciation	(8,628)		(8,320)		(8,663)
Amortization	(5,176)		(4,780)		(4,290)

Interest expense	(4,281)		(4,588)		(4,567)
Investment and other income (loss), net	2,557		1,160		438
Income before income taxes	$	19,093	$	14,065	$	16,996