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Washington, D.C. 20549
(Mark One)
For the quarterly period ended March 31, 2023
For the transition period from                       to       
Commission File Number
Exact Name of Registrant; State of
Incorporation; Address and Telephone
Number of Principal Executive Offices
I.R.S. Employer Identification No.
One Comcast Center
Philadelphia, PA 19103-2838

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 valueCMCSAThe Nasdaq Stock Market LLC
0.000% Notes due 2026CMCS26The Nasdaq Stock Market LLC
0.250% Notes due 2027CMCS27The Nasdaq Stock Market LLC
1.500% Notes due 2029CMCS29The Nasdaq Stock Market LLC
0.250% Notes due 2029CMCS29AThe Nasdaq Stock Market LLC
0.750% Notes due 2032CMCS32The Nasdaq Stock Market LLC
1.875% Notes due 2036CMCS36The Nasdaq Stock Market LLC
1.250% Notes due 2040CMCS40The Nasdaq Stock Market LLC
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 April 15, 2023, there were 4,159,383,013 shares of Comcast Corporation Class A common stock and 9,444,375 shares of Class B common stock outstanding.

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 months ended March 31, 2023. 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.”
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.

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,” “goal,” “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. 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:
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 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 on a per subscriber basis, which could adversely affect our video businesses
the success of our businesses depends on consumer acceptance of our content, and our businesses may be adversely affected if their content fails to achieve sufficient consumer acceptance
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 international transmission access agreements with satellite or telecommunications providers or the renewal of these agreements on less favorable terms could adversely affect 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
our businesses depend on keeping pace with technological developments
a cyber attack, information or security breach, or technology disruption or failure may negatively impact our ability to conduct our business or result in the misuse of confidential information, all of which could adversely affect our business, reputation and results of operations
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
natural disasters, severe weather and other uncontrollable events could adversely affect our business, reputation and results of operations
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

Comcast Corporation
Condensed Consolidated Statements of Income
 Three Months Ended
March 31,
(in millions, except per share data)20232022
Revenue$29,691 $31,010 
Costs and Expenses:
Programming and production9,004 10,570 
Marketing and promotion1,963 2,062 
Other operating and administrative9,301 9,260 
Depreciation2,264 2,213 
Amortization1,513 1,335 
Total costs and expenses24,045 25,440 
Operating income5,646 5,569 
Interest expense(1,010)(993)
Investment and other income (loss), net607 188 
Income before income taxes5,243 4,764 
Income tax expense(1,476)(1,288)
Net income 3,767 3,476 
Less: Net income (loss) attributable to noncontrolling interests(67)(73)
Net income attributable to Comcast Corporation$3,834 $3,549 
Basic earnings per common share attributable to Comcast Corporation shareholders$0.91 $0.79 
Diluted earnings per common share attributable to Comcast Corporation shareholders$0.91 $0.78 
See accompanying notes to condensed consolidated financial statements.

Comcast Corporation
Condensed Consolidated Statements of Comprehensive Income
 Three Months Ended
March 31,
(in millions)20232022
Net income$3,767 $3,476 
Currency translation adjustments, net of deferred taxes of $(2) and $247
778 (916)
Cash flow hedges:
Deferred gains (losses), net of deferred taxes of $9 and $(37)
Realized (gains) losses reclassified to net income, net of deferred taxes of $8 and $(5)
Employee benefit obligations and other, net of deferred taxes of $1 and $3
Comprehensive income4,478 2,699 
Less: Net income (loss) attributable to noncontrolling interests(67)(73)
Less: Other comprehensive income (loss) attributable to noncontrolling interests(3)28 
Comprehensive income attributable to Comcast Corporation$4,547 $2,744 
See accompanying notes to condensed consolidated financial statements.

Comcast Corporation
Condensed Consolidated Statements of Cash Flows
 Three Months Ended
March 31,
(in millions)20232022
Operating Activities
Net income$3,767 $3,476 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization3,777 3,548 
Share-based compensation359 376 
Noncash interest expense (income), net78 93 
Net (gain) loss on investment activity and other(517)(113)
Deferred income taxes82 106 
Changes in operating assets and liabilities, net of effects of acquisitions and divestitures:
Current and noncurrent receivables, net363 (527)
Film and television costs, net13 363 
Accounts payable and accrued expenses related to trade creditors(651)314 
Other operating assets and liabilities(43)(379)
Net cash provided by operating activities7,228 7,257 
Investing Activities
Capital expenditures(2,664)(1,856)
Cash paid for intangible assets(765)(641)
Construction of Universal Beijing Resort(87)(147)
Proceeds from sales of businesses and investments343 69 
Purchases of investments(149)(66)
Net cash provided by (used in) investing activities(3,370)(2,597)
Financing Activities
Proceeds from (repayments of) short-term borrowings, net(660) 
Proceeds from borrowings1,059 117 
Repurchases and repayments of debt(49)(104)
Repurchases of common stock under repurchase program and employee plans(2,176)(3,223)
Dividends paid(1,174)(1,166)
Net cash provided by (used in) financing activities(3,082)(4,490)
Impact of foreign currency on cash, cash equivalents and restricted cash20 (35)
Increase (decrease) in cash, cash equivalents and restricted cash796 135 
Cash, cash equivalents and restricted cash, beginning of period4,782 8,778 
Cash, cash equivalents and restricted cash, end of period$5,577 $8,914 
See accompanying notes to condensed consolidated financial statements.

Comcast Corporation
Condensed Consolidated Balance Sheets
(in millions, except share data)March 31,
December 31,
Current Assets:
Cash and cash equivalents$5,535 $4,749 
Receivables, net12,287 12,672 
Other current assets4,555 4,406 
Total current assets22,377 21,826 
Film and television costs12,612 12,560 
Investments7,834 7,250 
Investment securing collateralized obligation464 490 
Property and equipment, net of accumulated depreciation of $57,570 and $56,939
56,279 55,485 
Goodwill58,960 58,494 
Franchise rights59,365 59,365 
Other intangible assets, net of accumulated amortization of $27,135 and $25,860
29,004 29,308 
Other noncurrent assets, net12,535 12,497 
Total assets$259,429 $257,275 
Liabilities and Equity
Current Liabilities:
Accounts payable and accrued expenses related to trade creditors$12,159 $12,544 
Accrued participations and residuals1,641 1,770 
Deferred revenue2,663 2,380 
Accrued expenses and other current liabilities9,648 9,450 
Current portion of long-term debt1,130 1,743 
Collateralized obligation5,173  
Total current liabilities32,415 27,887 
Long-term debt, less current portion94,403 93,068 
Collateralized obligation 5,172 
Deferred income taxes28,804 28,714 
Other noncurrent liabilities20,353 20,395 
Commitments and contingencies
Redeemable noncontrolling interests422 411 
Preferred stock—authorized, 20,000,000 shares; issued, zero
Class A common stock, $0.01 par value—authorized, 7,500,000,000 shares; issued, 5,042,734,421 and 5,083,466,045; outstanding, 4,169,943,393 and 4,210,675,017
50 51 
Class B common stock, $0.01 par value—authorized, 75,000,000 shares; issued and outstanding, 9,444,375
Additional paid-in capital39,262 39,412 
Retained earnings52,524 51,609 
Treasury stock, 872,791,028 Class A common shares
Accumulated other comprehensive income (loss)(1,898)(2,611)
Total Comcast Corporation shareholders’ equity82,421 80,943 
Noncontrolling interests612 684 
Total equity83,033 81,627 
Total liabilities and equity$259,429 $257,275 
See accompanying notes to condensed consolidated financial statements.

Comcast Corporation
Condensed Consolidated Statements of Changes in Equity
Three Months Ended
March 31,
(in millions, except per share data)20232022
Redeemable Noncontrolling Interests
Balance, beginning of period$411 $519 
Contributions from (distributions to) noncontrolling interests, net
Net income (loss)17 18 
Balance, end of period$422 $513 
Class A Common Stock
Balance, beginning of period$51 $54 
Issuances (repurchases) of common stock under repurchase program and employee plans (1)
Balance, end of period$50 $53 
Additional Paid-In Capital
Balance, beginning of period$39,412 $40,173 
Share-based compensation293 286 
Repurchases of common stock under repurchase program and employee plans(521)(595)
Issuances of common stock under employee plans76 67 
Other2 (5)
Balance, end of period$39,262 $39,926 
Retained Earnings
Balance, beginning of period$51,609 $61,902 
Repurchases of common stock under repurchase program and employee plans(1,688)(2,670)
Dividends declared(1,231)(1,225)
Net income (loss)3,834 3,549 
Balance, end of period$52,524 $61,555 
Treasury Stock at Cost
Balance, beginning of period$(7,517)$(7,517)
Balance, end of period$(7,517)$(7,517)
Accumulated Other Comprehensive Income (Loss)
Balance, beginning of period$(2,611)$1,480 
Other comprehensive income (loss)713 (806)
Balance, end of period$(1,898)$674 
Noncontrolling Interests
Balance, beginning of period$684 $1,398 
Other comprehensive income (loss)(3)28 
Contributions from (distributions to) noncontrolling interests, net
15 (35)
Net income (loss)(84)(91)
Balance, end of period$612 $1,300 
Total equity$83,033 $95,992 
Cash dividends declared per common share$0.29 $0.27 
See accompanying notes to condensed consolidated financial statements.

Comcast Corporation
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 2022 Annual Report on Form 10-K and the notes within this Quarterly Report on Form 10-Q.
Reclassifications have been made to our notes to condensed consolidated financial statements for the prior year period to conform to classifications used in 2023. See Note 2 for a discussion of the changes in our presentation of segment operating results.
Note 2: Segment Information
Beginning in the first quarter of 2023, we changed our presentation of segment operating results around our two primary businesses: Connectivity & Platforms and Content & Experiences.
Connectivity & Platforms: Contains our broadband and wireless connectivity businesses operated under the Xfinity and Comcast brands in the United States and under the Sky brand in certain territories in Europe (the “Connectivity & Platforms markets”). Also includes our video services businesses and the operations of our Sky-branded entertainment television channels in the Connectivity & Platforms markets. Our Connectivity & Platforms business is reported in two reportable business segments:
Residential Connectivity & Platforms Segment: Includes our residential broadband and wireless connectivity services, residential and business video services, advertising sales and Sky channels. Revenue is generated primarily from customers that subscribe to our services and from the sale of advertising and wireless devices.
Business Services Connectivity Segment: Includes our connectivity services for small business locations in the United States, which include broadband, voice and wireless services, as well as our solutions for medium-sized customers and larger enterprises, and our small business connectivity service offerings for international locations. Revenue is generated primarily from customers that subscribe to our services.
Content & Experiences: Contains our media and entertainment businesses that develop, produce, and distribute entertainment, news and information, sports, and other content for global audiences and that own and operate theme parks in the United States and Asia. Our Content & Experiences business is reported in three reportable business segments:
Media Segment: Includes primarily NBCUniversals television and streaming business, including national and regional cable networks; the NBC and Telemundo broadcast networks; NBC and Telemundo owned local broadcast television stations; and Peacock, our direct-to-consumer streaming service. Also includes international networks, including most of the Sky Sports channels, and other digital properties. Revenue is generated primarily from the distribution of our television and streaming programming and from the sale of advertising on our television networks, Peacock and other digital properties.

Comcast Corporation
Studios Segment: Includes primarily our NBCUniversal and Sky film and television studio production and distribution operations. Revenue is generated primarily from licensing our owned film and television content in the United States and internationally; and from the worldwide distribution of our produced and acquired films for exhibition in movie theaters.
Theme Parks Segment: Includes primarily the operations of our Universal theme parks in Orlando, Florida; Hollywood, California; Osaka, Japan; and Beijing, China. Revenue is generated primarily from guest spending at our theme parks.
Our other business interests consist primarily of Sky operations outside of the Connectivity & Platforms markets, the operations of Comcast Spectacor, which owns the Philadelphia Flyers and the Wells Fargo Center arena in Philadelphia, Pennsylvania, and the operations of Xumo, our consolidated streaming platform joint venture with Charter Communications formed in June 2022.
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. Transactions between our Connectivity & Platforms and Content & Experiences businesses, and between segments within the Content & Experiences business, generally include intercompany profit consistent with third-party transactions. The segments within our Connectivity & Platforms business use certain shared infrastructure, including the cable distribution network in the United States, and each segment is presented with its direct costs and an allocation of shared costs, as well as revenue from its customers.
Our financial data by reportable business segment is presented in the tables below and has been updated to reflect our new segment presentation, including: (1) presentation of Cable Communications results in the Residential Connectivity & Platforms and Business Services Connectivity segments and (2) presentation of Skys results across the segments within the Connectivity & Platforms and Content & Experiences businesses, and Corporate and Other. We do not present asset information for our reportable business segments as this information is not used to allocate resources and capital.
Three Months Ended March 31,
(in millions)
Adjusted EBITDA(b)
Adjusted EBITDA(b)
Connectivity & Platforms
Residential Connectivity & Platforms$17,869 $6,762 $18,340 $6,611 
Business Services Connectivity2,283 1,332 2,172 1,233 
Connectivity & Platforms20,153 8,093 20,512 7,844 
Content & Experiences
Media6,152 880 7,758 1,181 
Studios2,956 277 2,907 245 
Theme Parks1,949 658 1,560 451 
Headquarters and Other19 (232)16 (191)
(817)24 (901)(62)
Content & Experiences10,259 1,607 11,339 1,623 
Corporate and Other707 (288)713 (235)
(1,427)3 (1,554)(82)
Comcast Consolidated$29,691 $9,415 $31,010 $9,150 
(a)Included in Eliminations are transactions that our segments enter into with one another. The most significant of these transactions include distribution revenue in Media related to fees from Residential Connectivity & Platforms for the rights to distribute television programming and content licensing revenue in Studios for licenses of owned content to Media. Revenue for licenses of content from Studios to Media 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 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.

Comcast Corporation
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
March 31,
(in millions)20232022
Connectivity & Platforms
Residential Connectivity & Platforms$53 $56 
Business Services Connectivity   
Content & Experiences
Media1,167 1,305 
Studios962 1,024 
Theme Parks  
Headquarters and Other8 12 
Corporate and Other54 58 
Total intersegment revenue$2,244 $2,455 
(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 within Corporate and Other. Our reconciliation of the aggregate amount of Adjusted EBITDA for our segments to consolidated income before income taxes is presented in the table below.
 Three Months Ended
March 31,
(in millions)
Adjusted EBITDA$9,415 $9,150 
Adjustments8 (33)
Interest expense
Investment and other income (loss), net607 188 
Income (loss) before income taxes$5,243 $4,764 
Adjustments represent the impact of certain events, gains, losses or other charges that are excluded from Adjusted EBITDA, including costs related to our investment portfolio.
Goodwill by Segment
The changes in the carrying amount of goodwill by segment for the three months ended March 31, 2023 are presented in the table below.
  Connectivity & PlatformsContent & Experiences  
(in billions)Cable
Residential Connectivity & PlatformsBusiness Services ConnectivityMediaStudiosTheme
and Other
Balance, December 31, 2022
Goodwill$16.2 $ $ $14.7 $3.7 $5.8 $26.0 $ $66.4 
Accumulated impairment losses(a)
      (7.9) (7.9)
$16.2 $ $ $14.7 $3.7 $5.8 $18.1 $ $58.5 
Segment change(16.2)27.4 2.2 4.7   (18.1)  
Foreign currency translation and other 0.4  0.1  (0.1)  0.5 
Balance, March 31, 2023
Goodwill$ $33.9 $2.2 $21.7 $3.7 $5.7 $ $ $67.3 
Accumulated impairment losses(a)
 (6.1) (2.2)    (8.3)
$ $27.8 $2.2 $19.5 $3.7 $5.7 $ $ $59.0 
(a) Amounts relate to 2022 impairment related to Sky allocated to the new segments on a consistent basis with goodwill. Amounts are impacted by foreign currency translation each period.


Comcast Corporation
Note 3: Revenue
Three Months Ended
March 31,
(in millions)20232022
Domestic broadband$6,343 $6,050 
Domestic wireless858 677 
International connectivity897 840 
Total residential connectivity8,099 7,568 
Video7,382 8,002 
Advertising907 1,073 
Other1,482 1,698 
Total Residential Connectivity & Platforms17,869 18,340 
Total Business Services Connectivity2,283 2,172 
Total Connectivity & Platforms20,153 20,512 
Domestic advertising2,025 3,310 
Domestic distribution2,709 2,938 
International networks1,008 995 
Other410 515 
Total Media6,152 7,758 
Content licensing2,344 2,429 
Theatrical319 168 
Other292 310 
Total Studios2,956 2,907 
Total Theme Parks1,949 1,560 
Headquarters and Other19 16 
Total Content & Experiences10,259 11,339 
Corporate and Other707 713 
Total revenue$29,691 $31,010 
(a)Included in Eliminations are transactions that our segments enter into with one another. See Note 2 for a description of these transactions.
Condensed Consolidated Balance Sheet
The following tables summarize our accounts receivable and other balances that are not separately presented in our condensed consolidated balance sheet that relate to the recognition of revenue and collection of the related cash.
(in millions)March 31,
December 31,
Receivables, gross$12,993 $13,407 
Less: Allowance for credit losses706 736 
Receivables, net$12,287 $12,672 
(in millions)March 31,
December 31,
Noncurrent receivables, net (included in other noncurrent assets, net)$1,983 $1,887 
Noncurrent deferred revenue (included in other noncurrent liabilities)$804 $735 

Comcast Corporation
Our accounts receivables include amounts not yet billed related to equipment installment plans, as summarized in the table below.
(in millions)March 31,
December 31,
Receivables, net$1,407 $1,388 
Noncurrent receivables, net (included in other noncurrent assets, net)1,051 1,023 
Total$2,458 $2,411 
Note 4: Programming and Production Costs
Three Months Ended
March 31,
(in millions)20232022
Video distribution programming$3,191 $3,426 
Film and television content:
2,734 2,508
   Licensed, including sports rights2,732 4,325
Other347 311
Total programming and production costs$9,004 $10,570 
(a) Amount includes amortization of owned content of $2.2 billion and $2.0 billion for the three months ended March 31, 2023 and 2022, respectively, as well as participations and residuals expenses.
Capitalized Film and Television Costs
(in millions)March 31,
December 31,
In production and in development$3,350 $3,210 
Completed, not released396 130 
Released, less amortization4,390 4,634 
8,136 7,974 
Licensed, including sports advances4,476 4,586 
Film and television costs$12,612 $12,560 
Note 5: Long-Term Debt
As of March 31, 2023, our debt had a carrying value of $95.5 billion and an estimated fair value of $89.9 billion. As of December 31, 2022, our debt had a carrying value of $94.8 billion and an estimated fair value of $86.9 billion. The estimated fair value of our publicly traded debt was primarily based on Level 1 inputs that use quoted market value for the debt. The estimated fair value of debt for which there are no quoted market prices was based on Level 2 inputs that use interest rates available to us for debt with similar terms and remaining maturities.
Note 6: Investments and Variable Interest Entities
Investment and Other Income (Loss), Net
 Three Months Ended
March 31,
(in millions)20232022
Equity in net income (losses) of investees, net$485 $133 
Realized and unrealized gains (losses) on equity securities, net
Other income (loss), net128 (62)
Investment and other income (loss), net$607 $188 
The amount of unrealized gains (losses), net recognized in the three months ended March 31, 2023 and 2022 that related to marketable and nonmarketable equity securities still held as of the end of each reporting period was $(24) million and $90 million, respectively.

Comcast Corporation
(in millions)March 31,
December 31,
Equity method$6,211 $5,421 
Marketable equity securities91 96 
Nonmarketable equity securities1,623 1,653 
Other investments471 972 
Total investments8,396 8,142 
Less: Current investments98 402 
Less: Investment securing collateralized obligation464 490 
Noncurrent investments$7,834 $7,250 
Equity Method Investments
The amount of cash distributions received from equity method investments presented within operating activities in the condensed consolidated statements of cash flows in the three months ended March 31, 2023 and 2022 was $20 million and $32 million, respectively.
Atairos is a variable interest entity (“VIE”) that follows investment company accounting and records its investments at their fair values each reporting period with the net gains or losses reflected in its statement of operations. We recognize our share of these gains and losses in equity in net income (losses) of investees, net. For the three months ended March 31, 2023 and 2022, we made cash capital contributions to Atairos totaling $14 million and $13 million, respectively. As of March 31, 2023 and December 31, 2022, our investment in Atairos, inclusive of certain distributions retained by Atairos on our behalf and classified as advances within other investments, was $4.8 billion and $4.3 billion, respectively. As of March 31, 2023, our remaining unfunded capital commitment was $1.5 billion.
Hulu and Collateralized Obligation
In 2019, we borrowed $5.2 billion under a term loan facility due March 2024 which is fully collateralized by the minimum guaranteed proceeds of the put/call option related to our investment in Hulu. As of both March 31, 2023 and December 31, 2022, the carrying value and estimated fair value of our collateralized obligation were each $5.2 billion. The estimated fair values were based on Level 2 inputs that use interest rates for debt with similar terms and remaining maturities. We present our investment in Hulu and the term loan separately in our condensed consolidated balance sheet in the captions “investment securing collateralized obligation” and “collateralized obligation,” respectively. The recorded value of our investment reflects our historical cost in applying the equity method and, as a result, is less than its fair value.
Other Investments
Other investments include investments in certain short-term instruments with maturities over three months when purchased, such as commercial paper, certificates of deposit and U.S. government obligations, which are generally accounted for at amortized cost. There were no such investments as of March 31, 2023. These short-term instruments totaled $304 million as of December 31, 2022. The carrying amounts of these investments approximate their fair values, which are primarily based on Level 2 inputs that use interest rates for instruments with similar terms and remaining maturities.
Consolidated Variable Interest Entity
Universal Beijing Resort
We own a 30% interest in a Universal theme park and resort in Beijing, China (“Universal Beijing Resort”), which opened in September 2021. Universal Beijing Resort is a consolidated VIE with the remaining interest owned by a consortium of Chinese state-owned companies. The construction was funded through a combination of debt financing and equity contributions from the partners in accordance with their equity interests. As of March 31, 2023, Universal Beijing Resort had $3.6 billion of debt outstanding, including $3.2 billion principal amount of a term loan outstanding under the debt financing agreement.
As of March 31, 2023, our condensed consolidated balance sheet included assets and liabilities of Universal Beijing Resort totaling $8.3 billion and $7.4 billion, respectively. The assets and liabilities of Universal Beijing Resort primarily consist of property and equipment, operating lease assets and liabilities, and debt.

Comcast Corporation
Note 7: Equity and Share-Based Compensation
Weighted-Average Common Shares Outstanding
Three Months Ended
March 31,
(in millions)20232022
Weighted-average number of common shares outstanding – basic4,208 4,512 
Effect of dilutive securities19 46 
Weighted-average number of common shares outstanding – diluted4,227 4,558 
Antidilutive securities20270
Diluted earnings per common share attributable to Comcast Corporation shareholders (“diluted EPS”) considers the impact of potentially dilutive securities using the treasury stock method. Antidilutive securities represent the number of potential common shares related to share-based compensation awards that were excluded from diluted EPS because their effect would have been antidilutive.
Accumulated Other Comprehensive Income (Loss)
(in millions)March 31,
December 31,
Cumulative translation adjustments$(2,313)$(3,093)
Deferred gains (losses) on cash flow hedges131 193 
Unrecognized gains (losses) on employee benefit obligations and other284 290 
Accumulated other comprehensive income (loss), net of deferred taxes$(1,898)$(2,611)
Share-Based Compensation
Our share-based compensation plans consist primarily of awards of restricted share units (“RSUs”) and stock options to certain employees and directors as part of our approach to long-term incentive compensation. Additionally, through our employee stock purchase plans, employees are able to purchase shares of our common stock at a discount through payroll deductions.
In March 2023, we granted 22 million RSUs and 57 million stock options related to our annual management awards. The weighted-average fair values associated with these grants were $36.62 per RSU and $8.33 per stock option.
During the three months ended March 31, 2023 and 2022, share-based compensation expense recognized in our condensed consolidated statements of income was $295 million and $300 million, respectively. As of March 31, 2023, we had unrecognized pretax compensation expense of $2.7 billion related to nonvested RSUs and nonvested stock options.
Note 8: Supplemental Financial Information
Cash Payments for Interest and Income Taxes
 Three Months Ended
March 31,
(in millions)20232022
Interest$766 $747 
Income taxes$148 $90 
Noncash Activities
During the three months ended March 31, 2023:
we acquired $2.1 billion of property and equipment and intangible assets that were accrued but unpaid
we recorded a liability of $1.2 billion for a quarterly cash dividend of $0.29 per common share paid in April 2023
During the three months ended March 31, 2022:
we acquired $1.9 billion of property and equipment and intangible assets that were accrued but unpaid
we recorded a liability of $1.2 billion for a quarterly cash dividend of $0.27 per common share paid in April 2022

Comcast Corporation
Cash, Cash Equivalents and Restricted Cash
The following table provides a reconciliation of cash, cash equivalents and restricted cash reported in the condensed consolidated balance sheet to the total of the amounts reported in our condensed consolidated statements of cash flows.
(in millions)March 31,
December 31,
Cash and cash equivalents$5,535 $4,749 
Restricted cash included in other current assets and other noncurrent assets, net42 33 
Cash, cash equivalents and restricted cash, end of period$5,577 $4,782 
Note 9: Commitments and Contingencies
We are subject to legal proceedings and claims that arise in the ordinary course of our business. While the amount of ultimate liability with respect to such actions is not expected to materially affect our results of operations, cash flows or financial position, any litigation resulting from any such legal proceedings or claims could be time-consuming and injure our reputation.