QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Commission File Number | Exact Name of Registrant; State of Incorporation; Address and Telephone Number of Principal Executive Offices | I.R.S. Employer Identification No. | ||||||
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
☒ | Accelerated filer | ☐ | Non-accelerated filer | ☐ | Smaller reporting company | Emerging growth company | |||||||||||||||||||||||
Page Number | ||||||||
Item 1. | ||||||||
Item 2. | ||||||||
Item 3. | ||||||||
Item 4. | ||||||||
Item 1. | ||||||||
Item 1A. | ||||||||
Item 2. | ||||||||
Item 6. | ||||||||
Three Months Ended March 31, | |||||||||||
(in millions, except per share data) | 2023 | 2022 | |||||||||
Revenue | $ | $ | |||||||||
Costs and Expenses: | |||||||||||
Programming and production | |||||||||||
Marketing and promotion | |||||||||||
Other operating and administrative | |||||||||||
Depreciation | |||||||||||
Amortization | |||||||||||
Total costs and expenses | |||||||||||
Operating income | |||||||||||
Interest expense | ( | ( | |||||||||
Investment and other income (loss), net | |||||||||||
Income before income taxes | |||||||||||
Income tax expense | ( | ( | |||||||||
Net income | |||||||||||
Less: Net income (loss) attributable to noncontrolling interests | ( | ( | |||||||||
Net income attributable to Comcast Corporation | $ | $ | |||||||||
Basic earnings per common share attributable to Comcast Corporation shareholders | $ | $ | |||||||||
Diluted earnings per common share attributable to Comcast Corporation shareholders | $ | $ | |||||||||
Three Months Ended March 31, | |||||||||||
(in millions) | 2023 | 2022 | |||||||||
Net income | $ | $ | |||||||||
Currency translation adjustments, net of deferred taxes of $( | ( | ||||||||||
Cash flow hedges: | |||||||||||
Deferred gains (losses), net of deferred taxes of $ | ( | ||||||||||
Realized (gains) losses reclassified to net income, net of deferred taxes of $ | ( | ( | |||||||||
Employee benefit obligations and other, net of deferred taxes of $ | ( | ( | |||||||||
Comprehensive income | |||||||||||
Less: Net income (loss) attributable to noncontrolling interests | ( | ( | |||||||||
Less: Other comprehensive income (loss) attributable to noncontrolling interests | ( | ||||||||||
Comprehensive income attributable to Comcast Corporation | $ | $ |
Three Months Ended March 31, | |||||||||||
(in millions) | 2023 | 2022 | |||||||||
Operating Activities | |||||||||||
Net income | $ | $ | |||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Depreciation and amortization | |||||||||||
Share-based compensation | |||||||||||
Noncash interest expense (income), net | |||||||||||
Net (gain) loss on investment activity and other | ( | ( | |||||||||
Deferred income taxes | |||||||||||
Changes in operating assets and liabilities, net of effects of acquisitions and divestitures: | |||||||||||
Current and noncurrent receivables, net | ( | ||||||||||
Film and television costs, net | |||||||||||
Accounts payable and accrued expenses related to trade creditors | ( | ||||||||||
Other operating assets and liabilities | ( | ( | |||||||||
Net cash provided by operating activities | |||||||||||
Investing Activities | |||||||||||
Capital expenditures | ( | ( | |||||||||
Cash paid for intangible assets | ( | ( | |||||||||
Construction of Universal Beijing Resort | ( | ( | |||||||||
Proceeds from sales of businesses and investments | |||||||||||
Purchases of investments | ( | ( | |||||||||
Other | ( | ||||||||||
Net cash provided by (used in) investing activities | ( | ( | |||||||||
Financing Activities | |||||||||||
Proceeds from (repayments of) short-term borrowings, net | ( | ||||||||||
Proceeds from borrowings | |||||||||||
Repurchases and repayments of debt | ( | ( | |||||||||
Repurchases of common stock under repurchase program and employee plans | ( | ( | |||||||||
Dividends paid | ( | ( | |||||||||
Other | ( | ( | |||||||||
Net cash provided by (used in) financing activities | ( | ( | |||||||||
Impact of foreign currency on cash, cash equivalents and restricted cash | ( | ||||||||||
Increase (decrease) in cash, cash equivalents and restricted cash | |||||||||||
Cash, cash equivalents and restricted cash, beginning of period | |||||||||||
Cash, cash equivalents and restricted cash, end of period | $ | $ |
(in millions, except share data) | March 31, 2023 | December 31, 2022 | |||||||||
Assets | |||||||||||
Current Assets: | |||||||||||
Cash and cash equivalents | $ | $ | |||||||||
Receivables, net | |||||||||||
Other current assets | |||||||||||
Total current assets | |||||||||||
Film and television costs | |||||||||||
Investments | |||||||||||
Investment securing collateralized obligation | |||||||||||
Property and equipment, net of accumulated depreciation of $ | |||||||||||
Goodwill | |||||||||||
Franchise rights | |||||||||||
Other intangible assets, net of accumulated amortization of $ | |||||||||||
Other noncurrent assets, net | |||||||||||
Total assets | $ | $ | |||||||||
Liabilities and Equity | |||||||||||
Current Liabilities: | |||||||||||
Accounts payable and accrued expenses related to trade creditors | $ | $ | |||||||||
Accrued participations and residuals | |||||||||||
Deferred revenue | |||||||||||
Accrued expenses and other current liabilities | |||||||||||
Current portion of long-term debt | |||||||||||
Collateralized obligation | |||||||||||
Total current liabilities | |||||||||||
Long-term debt, less current portion | |||||||||||
Collateralized obligation | |||||||||||
Deferred income taxes | |||||||||||
Other noncurrent liabilities | |||||||||||
Commitments and contingencies | |||||||||||
Redeemable noncontrolling interests | |||||||||||
Equity: | |||||||||||
Preferred stock—authorized, | |||||||||||
Class A common stock, $ | |||||||||||
Class B common stock, $ | |||||||||||
Additional paid-in capital | |||||||||||
Retained earnings | |||||||||||
Treasury stock, | ( | ( | |||||||||
Accumulated other comprehensive income (loss) | ( | ( | |||||||||
Total Comcast Corporation shareholders’ equity | |||||||||||
Noncontrolling interests | |||||||||||
Total equity | |||||||||||
Total liabilities and equity | $ | $ |
Three Months Ended March 31, | |||||||||||
(in millions, except per share data) | 2023 | 2022 | |||||||||
Redeemable Noncontrolling Interests | |||||||||||
Balance, beginning of period | $ | $ | |||||||||
Contributions from (distributions to) noncontrolling interests, net | ( | ( | |||||||||
Net income (loss) | |||||||||||
Balance, end of period | $ | $ | |||||||||
Class A Common Stock | |||||||||||
Balance, beginning of period | $ | $ | |||||||||
Issuances (repurchases) of common stock under repurchase program and employee plans | ( | ||||||||||
Balance, end of period | $ | $ | |||||||||
Additional Paid-In Capital | |||||||||||
Balance, beginning of period | $ | $ | |||||||||
Share-based compensation | |||||||||||
Repurchases of common stock under repurchase program and employee plans | ( | ( | |||||||||
Issuances of common stock under employee plans | |||||||||||
Other | ( | ||||||||||
Balance, end of period | $ | $ | |||||||||
Retained Earnings | |||||||||||
Balance, beginning of period | $ | $ | |||||||||
Repurchases of common stock under repurchase program and employee plans | ( | ( | |||||||||
Dividends declared | ( | ( | |||||||||
Net income (loss) | |||||||||||
Balance, end of period | $ | $ | |||||||||
Treasury Stock at Cost | |||||||||||
Balance, beginning of period | $ | ( | $ | ( | |||||||
Balance, end of period | $ | ( | $ | ( | |||||||
Accumulated Other Comprehensive Income (Loss) | |||||||||||
Balance, beginning of period | $ | ( | $ | ||||||||
Other comprehensive income (loss) | ( | ||||||||||
Balance, end of period | $ | ( | $ | ||||||||
Noncontrolling Interests | |||||||||||
Balance, beginning of period | $ | $ | |||||||||
Other comprehensive income (loss) | ( | ||||||||||
Contributions from (distributions to) noncontrolling interests, net | ( | ||||||||||
Net income (loss) | ( | ( | |||||||||
Balance, end of period | $ | $ | |||||||||
Total equity | $ | $ | |||||||||
Cash dividends declared per common share | $ | $ |
Three Months Ended March 31, | ||||||||||||||
2023 | 2022 | |||||||||||||
(in millions) | Revenue(a) | Adjusted EBITDA(b) | Revenue(a) | Adjusted EBITDA(b) | ||||||||||
Connectivity & Platforms | ||||||||||||||
Residential Connectivity & Platforms | $ | $ | $ | $ | ||||||||||
Business Services Connectivity | ||||||||||||||
Connectivity & Platforms | ||||||||||||||
Content & Experiences | ||||||||||||||
Media | ||||||||||||||
Studios | ||||||||||||||
Theme Parks | ||||||||||||||
Headquarters and Other | ( | ( | ||||||||||||
Eliminations(a) | ( | ( | ( | |||||||||||
Content & Experiences | ||||||||||||||
Corporate and Other | ( | ( | ||||||||||||
Eliminations(a) | ( | ( | ( | |||||||||||
Comcast Consolidated | $ | $ | $ | $ |
Three Months Ended March 31, | |||||||||||
(in millions) | 2023 | 2022 | |||||||||
Connectivity & Platforms | |||||||||||
Residential Connectivity & Platforms | $ | $ | |||||||||
Business Services Connectivity | |||||||||||
Content & Experiences | |||||||||||
Media | |||||||||||
Studios | |||||||||||
Theme Parks | |||||||||||
Headquarters and Other | |||||||||||
Corporate and Other | |||||||||||
Total intersegment revenue | $ | $ |
Three Months Ended March 31, | |||||||||||
(in millions) | 2023 | 2022 | |||||||||
Adjusted EBITDA | $ | $ | |||||||||
Adjustments | ( | ||||||||||
Depreciation | ( | ( | |||||||||
Amortization | ( | ( | |||||||||
Interest expense | ( | ( | |||||||||
Investment and other income (loss), net | |||||||||||
Income (loss) before income taxes | $ | $ | |||||||||
Connectivity & Platforms | Content & Experiences | ||||||||||||||||||||||||||||
(in billions) | Cable Communications | Residential Connectivity & Platforms | Business Services Connectivity | Media | Studios | Theme Parks | Sky | Corporate and Other | Total | ||||||||||||||||||||
Balance, December 31, 2022 | |||||||||||||||||||||||||||||
Goodwill | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||
Accumulated impairment losses(a) | ( | ( | |||||||||||||||||||||||||||
$ | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||
Segment change | ( | ( | |||||||||||||||||||||||||||
Foreign currency translation and other | ( | ||||||||||||||||||||||||||||
Balance, March 31, 2023 | |||||||||||||||||||||||||||||
Goodwill | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||
Accumulated impairment losses(a) | ( | ( | ( | ||||||||||||||||||||||||||
$ | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||
Three Months Ended March 31, | |||||||||||
(in millions) | 2023 | 2022 | |||||||||
Domestic broadband | $ | $ | |||||||||
Domestic wireless | |||||||||||
International connectivity | |||||||||||
Total residential connectivity | |||||||||||
Video | |||||||||||
Advertising | |||||||||||
Other | |||||||||||
Total Residential Connectivity & Platforms | |||||||||||
Total Business Services Connectivity | |||||||||||
Total Connectivity & Platforms | |||||||||||
Domestic advertising | |||||||||||
Domestic distribution | |||||||||||
International networks | |||||||||||
Other | |||||||||||
Total Media | |||||||||||
Content licensing | |||||||||||
Theatrical | |||||||||||
Other | |||||||||||
Total Studios | |||||||||||
Total Theme Parks | |||||||||||
Headquarters and Other | |||||||||||
Eliminations(a) | ( | ( | |||||||||
Total Content & Experiences | |||||||||||
Corporate and Other | |||||||||||
Eliminations(a) | ( | ( | |||||||||
Total revenue | $ | $ |
(in millions) | March 31, 2023 | December 31, 2022 | |||||||||
Receivables, gross | $ | $ | |||||||||
Less: Allowance for credit losses | |||||||||||
Receivables, net | $ | $ | |||||||||
(in millions) | March 31, 2023 | December 31, 2022 | |||||||||
Noncurrent receivables, net (included in other noncurrent assets, net) | $ | $ | |||||||||
Noncurrent deferred revenue (included in other noncurrent liabilities) | $ | $ |
(in millions) | March 31, 2023 | December 31, 2022 | |||||||||
Receivables, net | $ | $ | |||||||||
Noncurrent receivables, net (included in other noncurrent assets, net) | |||||||||||
Total | $ | $ |
Three Months Ended March 31, | |||||||||||
(in millions) | 2023 | 2022 | |||||||||
Video distribution programming | $ | $ | |||||||||
Film and television content: | |||||||||||
Owned(a) | |||||||||||
Licensed, including sports rights | |||||||||||
Other | |||||||||||
Total programming and production costs | $ | $ |
(in millions) | March 31, 2023 | December 31, 2022 | |||||||||
Owned: | |||||||||||
In production and in development | $ | $ | |||||||||
Completed, not released | |||||||||||
Released, less amortization | |||||||||||
Licensed, including sports advances | |||||||||||
Film and television costs | $ | $ |
Three Months Ended March 31, | |||||||||||
(in millions) | 2023 | 2022 | |||||||||
Equity in net income (losses) of investees, net | $ | $ | |||||||||
Realized and unrealized gains (losses) on equity securities, net | ( | ||||||||||
Other income (loss), net | ( | ||||||||||
Investment and other income (loss), net | $ | $ |
(in millions) | March 31, 2023 | December 31, 2022 | |||||||||
Equity method | $ | $ | |||||||||
Marketable equity securities | |||||||||||
Nonmarketable equity securities | |||||||||||
Other investments | |||||||||||
Total investments | |||||||||||
Less: Current investments | |||||||||||
Less: Investment securing collateralized obligation | |||||||||||
Noncurrent investments | $ | $ |
Three Months Ended March 31, | |||||||||||
(in millions) | 2023 | 2022 | |||||||||
Weighted-average number of common shares outstanding – basic | |||||||||||
Effect of dilutive securities | |||||||||||
Weighted-average number of common shares outstanding – diluted | |||||||||||
Antidilutive securities |
(in millions) | March 31, 2023 | December 31, 2022 | |||||||||
Cumulative translation adjustments | $ | ( | $ | ( | |||||||
Deferred gains (losses) on cash flow hedges | |||||||||||
Unrecognized gains (losses) on employee benefit obligations and other | |||||||||||
Accumulated other comprehensive income (loss), net of deferred taxes | $ | ( | $ | ( |
Three Months Ended March 31, | |||||||||||
(in millions) | 2023 | 2022 | |||||||||
Interest | $ | $ | |||||||||
Income taxes | $ | $ |
(in millions) | March 31, 2023 | December 31, 2022 | |||||||||
Cash and cash equivalents | $ | $ | |||||||||
Restricted cash included in other current assets and other noncurrent assets, net | |||||||||||
Cash, cash equivalents and restricted cash, end of period | $ | $ |
Three Months Ended March 31, | Change | ||||||||||||||||
(in millions, except per share data) | 2023 | 2022 | % | ||||||||||||||
Revenue | $ | 29,691 | $ | 31,010 | (4.3) | % | |||||||||||
Costs and Expenses: | |||||||||||||||||
Programming and production | 9,004 | 10,570 | (14.8) | ||||||||||||||
Marketing and promotion | 1,963 | 2,062 | (4.8) | ||||||||||||||
Other operating and administrative | 9,301 | 9,260 | 0.4 | ||||||||||||||
Depreciation | 2,264 | 2,213 | 2.3 | ||||||||||||||
Amortization | 1,513 | 1,335 | 13.3 | ||||||||||||||
Total costs and expenses | 24,045 | 25,440 | (5.5) | ||||||||||||||
Operating income | 5,646 | 5,569 | 1.4 | ||||||||||||||
Interest expense | (1,010) | (993) | 1.6 | ||||||||||||||
Investment and other income (loss), net | 607 | 188 | NM | ||||||||||||||
Income before income taxes | 5,243 | 4,764 | 10.1 | ||||||||||||||
Income tax expense | (1,476) | (1,288) | 14.6 | ||||||||||||||
Net income | 3,767 | 3,476 | 8.4 | ||||||||||||||
Less: Net income (loss) attributable to noncontrolling interests | (67) | (73) | (8.4) | ||||||||||||||
Net income attributable to Comcast Corporation | $ | 3,834 | $ | 3,549 | 8.0 | % | |||||||||||
Basic earnings per common share attributable to Comcast Corporation shareholders | $ | 0.91 | $ | 0.79 | 15.2 | % | |||||||||||
Diluted earnings per common share attributable to Comcast Corporation shareholders | $ | 0.91 | $ | 0.78 | 16.7 | % | |||||||||||
Adjusted EBITDA(a) | $ | 9,415 | $ | 9,150 | 2.9 | % |
Three Months Ended March 31, | |||||||||||
(in millions) | 2023 | 2022 | |||||||||
Equity in net income (losses) of investees, net | $ | 485 | $ | 133 | |||||||
Realized and unrealized gains (losses) on equity securities, net | (6) | 117 | |||||||||
Other income (loss), net | 128 | (62) | |||||||||
Total investment and other income (loss), net | $ | 607 | $ | 188 |
Three Months Ended March 31, | Change | Constant Currency Change(b) | |||||||||||||||||||||
(in millions) | 2023 | 2022 | % | % | |||||||||||||||||||
Revenue | |||||||||||||||||||||||
Residential Connectivity & Platforms | $ | 17,869 | $ | 18,340 | (2.6) | % | (0.7) | % | |||||||||||||||
Business Services Connectivity | 2,283 | 2,172 | 5.1 | 5.2 | |||||||||||||||||||
Total Connectivity & Platforms revenue | $ | 20,153 | $ | 20,512 | (1.8) | % | (0.1) | % | |||||||||||||||
Adjusted EBITDA | |||||||||||||||||||||||
Residential Connectivity & Platforms | $ | 6,762 | $ | 6,611 | 2.3 | % | 3.2 | % | |||||||||||||||
Business Services Connectivity | 1,332 | 1,233 | 8.0 | 7.9 | |||||||||||||||||||
Total Connectivity & Platforms Adjusted EBITDA | $ | 8,093 | $ | 7,844 | 3.2 | % | 3.9 | % | |||||||||||||||
Adjusted EBITDA Margin(a) | |||||||||||||||||||||||
Residential Connectivity & Platforms | 37.8 | % | 36.0 | % | 180 bps | 140 bps | |||||||||||||||||
Business Services Connectivity | 58.3 | 56.8 | 150 bps | 150 bps | |||||||||||||||||||
Total Connectivity & Platforms Adjusted EBITDA margin | 40.2 | % | 38.2 | % | 200 bps | 160 bps |
Net Additions / (Losses) | ||||||||||||||
March 31, | Three Months Ended March 31, | |||||||||||||
(in thousands) | 2023 | 2022(d) | 2023 | 2022(d) | ||||||||||
Customer relationships | ||||||||||||||
Domestic Residential Connectivity & Platforms customer relationships(a) | 31,826 | 31,993 | (34) | 184 | ||||||||||
International Residential Connectivity & Platforms customer relationships(a) | 18,051 | 17,908 | 111 | (122) | ||||||||||
Business Services Connectivity customer relationships(b) | 2,630 | 2,592 | 5 | 19 | ||||||||||
Total Connectivity & Platforms customer relationships | 52,507 | 52,494 | 82 | 81 | ||||||||||
Domestic broadband | ||||||||||||||
Residential customers | 29,815 | 29,836 | 3 | 253 | ||||||||||
Business customers | 2,508 | 2,485 | 2 | 12 | ||||||||||
Total domestic broadband customers | 32,324 | 32,320 | 5 | 264 | ||||||||||
Domestic wireless | ||||||||||||||
Total domestic wireless lines(c) | 5,668 | 4,298 | 355 | 318 | ||||||||||
Domestic video | ||||||||||||||
Total domestic video customers | 15,528 | 17,664 | (614) | (512) | ||||||||||
Three Months Ended March 31, | Change | Constant Currency Change(a) | ||||||||||||||||||
2023 | 2022 | % | % | |||||||||||||||||
Average monthly total Connectivity & Platforms revenue per customer relationship | $ | 128.04 | $ | 130.35 | (1.8) | % | (0.1) | % | ||||||||||||
Average monthly total Connectivity & Platforms Adjusted EBITDA per customer relationship | $ | 51.42 | $ | 49.85 | 3.1 | % | 3.9 | % |
Three Months Ended March 31, | Change | Constant Currency Change(g) | ||||||||||||||||||
(in millions) | 2023 | 2022 | % | % | ||||||||||||||||
Costs and Expenses | ||||||||||||||||||||
Programming(a) | $ | 4,600 | $ | 4,884 | (5.8) | % | (3.8) | % | ||||||||||||
Technical and support(b) | 1,830 | 1,949 | (6.1) | (4.8) | ||||||||||||||||
Direct product costs(c) | 1,401 | 1,339 | 4.7 | 10.2 | ||||||||||||||||
Marketing and promotion(d) | 1,202 | 1,332 | (9.7) | (7.9) | ||||||||||||||||
Customer service(e) | 709 | 736 | (3.6) | (1.8) | ||||||||||||||||
Other(f) | 2,317 | 2,429 | (4.6) | (2.5) | ||||||||||||||||
Total Connectivity & Platforms costs and expenses | $ | 12,059 | $ | 12,668 | (4.8) | % | (2.6) | % |
Three Months Ended March 31, | Change | Constant Currency Change(a) | ||||||||||||||||||
(in millions) | 2023 | 2022 | % | % | ||||||||||||||||
Revenue | ||||||||||||||||||||
Domestic broadband | $ | 6,343 | $ | 6,050 | 4.8 | % | 4.8 | % | ||||||||||||
Domestic wireless | 858 | 677 | 26.7 | 26.7 | ||||||||||||||||
International connectivity | 897 | 840 | 6.8 | 17.8 | ||||||||||||||||
Total residential connectivity | 8,099 | 7,568 | 7.0 | 8.1 | ||||||||||||||||
Video | 7,382 | 8,002 | (7.7) | (5.5) | ||||||||||||||||
Advertising | 907 | 1,073 | (15.5) | (12.7) | ||||||||||||||||
Other | 1,482 | 1,698 | (12.7) | (10.5) | ||||||||||||||||
Total revenue | 17,869 | 18,340 | (2.6) | (0.7) | ||||||||||||||||
Costs and Expenses | ||||||||||||||||||||
Programming | 4,600 | 4,884 | (5.8) | (3.8) | ||||||||||||||||
Other | 6,508 | 6,846 | (4.9) | (2.3) | ||||||||||||||||
Total costs and expenses | 11,108 | 11,729 | (5.3) | (2.9) | ||||||||||||||||
Adjusted EBITDA | $ | 6,762 | $ | 6,611 | 2.3 | % | 3.2 | % |
Three Months Ended March 31, | Change | ||||||||||||||||
(in millions) | 2023 | 2022 | % | ||||||||||||||
Revenue | $ | 2,283 | $ | 2,172 | 5.1 | % | |||||||||||
Costs and expenses | 952 | 938 | 1.4 | ||||||||||||||
Adjusted EBITDA | $ | 1,332 | $ | 1,233 | 8.0 | % |
Three Months Ended March 31, | Change | ||||||||||||||||
(in millions) | 2023 | 2022 | % | ||||||||||||||
Revenue | |||||||||||||||||
Media | $ | 6,152 | $ | 7,758 | (20.7) | % | |||||||||||
Studios | 2,956 | 2,907 | 1.7 | ||||||||||||||
Theme Parks | 1,949 | 1,560 | 24.9 | ||||||||||||||
Headquarters and Other | 19 | 16 | 16.3 | ||||||||||||||
Eliminations | (817) | (901) | 9.4 | ||||||||||||||
Total Content & Experiences revenue | $ | 10,259 | $ | 11,339 | (9.5) | % | |||||||||||
Adjusted EBITDA | |||||||||||||||||
Media | $ | 880 | $ | 1,181 | (25.5) | % | |||||||||||
Studios | 277 | 245 | 13.3 | ||||||||||||||
Theme Parks | 658 | 451 | 46.0 | ||||||||||||||
Headquarters and Other | (232) | (191) | (21.3) | ||||||||||||||
Eliminations | 24 | (62) | NM | ||||||||||||||
Total Content & Experiences Adjusted EBITDA | $ | 1,607 | $ | 1,623 | (1.0) | % |
Three Months Ended March 31, | Change | ||||||||||||||||
(in millions) | 2023 | 2022 | % | ||||||||||||||
Revenue | |||||||||||||||||
Domestic advertising | $ | 2,025 | $ | 3,310 | (38.8) | % | |||||||||||
Domestic distribution | 2,709 | 2,938 | (7.8) | ||||||||||||||
International networks | 1,008 | 995 | 1.3 | ||||||||||||||
Other | 410 | 515 | (20.5) | ||||||||||||||
Total revenue | 6,152 | 7,758 | (20.7) | ||||||||||||||
Costs and Expenses | |||||||||||||||||
Programming and production | 3,989 | 5,221 | (23.6) | ||||||||||||||
Marketing and promotion | 305 | 426 | (28.4) | ||||||||||||||
Other | 978 | 929 | 5.2 | ||||||||||||||
Total costs and expenses | 5,272 | 6,577 | (19.8) | ||||||||||||||
Adjusted EBITDA | $ | 880 | $ | 1,181 | (25.5) | % |
Three Months Ended March 31, | Change | |||||||||||||
(in millions) | 2023 | 2022 | % | |||||||||||
Total revenue | $ | 6,152 | $ | 7,758 | (20.7) | % | ||||||||
Olympics and Super Bowl | — | 1,481 | NM | |||||||||||
Total revenue, excluding Olympics and Super Bowl | $ | 6,152 | $ | 6,276 | (2.0) | % | ||||||||
Total domestic advertising revenue | $ | 2,025 | $ | 3,310 | (38.8) | % | ||||||||
Olympics and Super Bowl | — | 1,154 | NM | |||||||||||
Domestic advertising revenue, excluding Olympics and Super Bowl | $ | 2,025 | $ | 2,156 | (6.1) | % | ||||||||
Total domestic distribution revenue | $ | 2,709 | $ | 2,938 | (7.8) | % | ||||||||
Olympics | — | 327 | NM | |||||||||||
Domestic distribution revenue, excluding Olympics | $ | 2,709 | $ | 2,611 | 3.8 | % |
Three Months Ended March 31, | Change | ||||||||||||||||
(in millions) | 2023 | 2022 | % | ||||||||||||||
Revenue | |||||||||||||||||
Content licensing | $ | 2,344 | $ | 2,429 | (3.5) | % | |||||||||||
Theatrical | 319 | 168 | 90.1 | ||||||||||||||
Other | 292 | 310 | (5.6) | ||||||||||||||
Total revenue | 2,956 | 2,907 | 1.7 | ||||||||||||||
Costs and Expenses | |||||||||||||||||
Programming and production | 2,101 | 2,122 | (1.0) | ||||||||||||||
Marketing and promotion | 397 | 327 | 21.6 | ||||||||||||||
Other | 180 | 213 | (15.7) | ||||||||||||||
Total costs and expenses | 2,678 | 2,662 | 0.6 | ||||||||||||||
Adjusted EBITDA | $ | 277 | $ | 245 | 13.3 | % |
Three Months Ended March 31, | Change | ||||||||||||||||
(in millions) | 2023 | 2022 | % | ||||||||||||||
Revenue | $ | 1,949 | $ | 1,560 | 24.9 | % | |||||||||||
Costs and expenses | 1,291 | 1,109 | 16.4 | ||||||||||||||
Adjusted EBITDA | $ | 658 | $ | 451 | 46.0 | % |
Three Months Ended March 31, | Change | ||||||||||||||||
(in millions) | 2023 | 2022 | % | ||||||||||||||
Revenue | $ | 19 | $ | 16 | 16.3 | % | |||||||||||
Costs and expenses | 251 | 208 | 20.9 | ||||||||||||||
Adjusted EBITDA | $ | (232) | $ | (191) | (21.3) | % |
Three Months Ended March 31, | Change | ||||||||||||||||
(in millions) | 2023 | 2022 | % | ||||||||||||||
Revenue | $ | (817) | $ | (901) | (9.4) | % | |||||||||||
Costs and expenses | (841) | (839) | 0.3 | ||||||||||||||
Adjusted EBITDA | $ | 24 | $ | (62) | NM |
Three Months Ended March 31, | Change | ||||||||||||||||
(in millions) | 2023 | 2022 | % | ||||||||||||||
Revenue | $ | 707 | $ | 713 | (0.9) | % | |||||||||||
Costs and expenses | 995 | 948 | 5.0 | ||||||||||||||
Adjusted EBITDA | $ | (288) | $ | (235) | (22.9) | % |
Three Months Ended March 31, | Change | ||||||||||||||||
(in millions) | 2023 | 2022 | % | ||||||||||||||
Revenue | $ | (1,427) | $ | (1,554) | (8.2) | % | |||||||||||
Costs and expenses | (1,430) | (1,472) | (2.8) | ||||||||||||||
Adjusted EBITDA | $ | 3 | $ | (82) | NM |
Three Months Ended March 31, | |||||||||||
(in millions) | 2023 | 2022 | |||||||||
Net income (loss) attributable to Comcast Corporation | $ | 3,834 | $ | 3,549 | |||||||
Net income (loss) attributable to noncontrolling interests | (67) | (73) | |||||||||
Income tax expense | 1,476 | 1,288 | |||||||||
Interest expense | 1,010 | 993 | |||||||||
Investment and other (income) loss, net | (607) | (188) | |||||||||
Depreciation | 2,264 | 2,213 | |||||||||
Amortization | 1,513 | 1,335 | |||||||||
Adjustments(a) | (8) | 33 | |||||||||
Adjusted EBITDA | $ | 9,415 | $ | 9,150 |
Three Months Ended March 31, 2022 | |||||||||||||||||
(in millions, except per customer data) | As Reported | Effects of Foreign Currency | Constant Currency Amounts | ||||||||||||||
Revenue | |||||||||||||||||
Residential Connectivity & Platforms | $ | 18,340 | $ | (347) | $ | 17,993 | |||||||||||
Business Services Connectivity | 2,172 | (1) | 2,171 | ||||||||||||||
Total Connectivity & Platforms revenue | $ | 20,512 | $ | (349) | $ | 20,163 | |||||||||||
Adjusted EBITDA | |||||||||||||||||
Residential Connectivity & Platforms | $ | 6,611 | $ | (58) | $ | 6,553 | |||||||||||
Business Services Connectivity | 1,233 | 1 | 1,234 | ||||||||||||||
Total Connectivity & Platforms Adjusted EBITDA | $ | 7,844 | $ | (57) | $ | 7,787 | |||||||||||
Adjusted EBITDA Margin | |||||||||||||||||
Residential Connectivity & Platforms | 36.0 | % | 40 bps | 36.4 | % | ||||||||||||
Business Services Connectivity | 56.8 | - bps | 56.8 | ||||||||||||||
Total Connectivity & Platforms Adjusted EBITDA margin | 38.2 | % | 40 bps | 38.6 | % |
Three Months Ended March 31, 2022 | |||||||||||||||||
(in millions, except per customer data) | As Reported | Effects of Foreign Currency | Constant Currency Amounts | ||||||||||||||
Average monthly total Connectivity & Platforms revenue per customer relationship | $ | 130.35 | $ | (2.21) | $ | 128.14 | |||||||||||
Average monthly total Connectivity & Platforms Adjusted EBITDA per customer relationship | $ | 49.85 | $ | (0.37) | $ | 49.48 |
Three Months Ended March 31, 2022 | |||||||||||||||||
(in millions, except per customer data) | As Reported | Effects of Foreign Currency | Constant Currency Amounts | ||||||||||||||
Costs and expenses | |||||||||||||||||
Programming | $ | 4,884 | $ | (103) | $ | 4,781 | |||||||||||
Technical and support | 1,949 | (27) | 1,922 | ||||||||||||||
Direct product costs | 1,339 | (68) | 1,271 | ||||||||||||||
Marketing and promotion | 1,332 | (26) | 1,306 | ||||||||||||||
Customer service | 736 | (14) | 722 | ||||||||||||||
Other | 2,429 | (53) | 2,376 | ||||||||||||||
Total Connectivity & Platforms costs and expenses | $ | 12,668 | $ | (291) | $ | 12,377 |
Three Months Ended March 31, 2022 | |||||||||||||||||
(in millions, except per customer data) | As Reported | Effects of Foreign Currency | Constant Currency Amounts | ||||||||||||||
Revenue | |||||||||||||||||
Domestic broadband | $ | 6,050 | $ | — | $ | 6,050 | |||||||||||
Domestic wireless | 677 | — | 677 | ||||||||||||||
International connectivity | 840 | (78) | 762 | ||||||||||||||
Total residential connectivity | 7,568 | (78) | 7,489 | ||||||||||||||
Video | 8,002 | (191) | 7,811 | ||||||||||||||
Advertising | 1,073 | (35) | 1,038 | ||||||||||||||
Other | 1,698 | (43) | 1,655 | ||||||||||||||
Total revenue | 18,340 | (347) | 17,993 | ||||||||||||||
Costs and Expenses | |||||||||||||||||
Programming | 4,884 | (103) | 4,781 | ||||||||||||||
Other | 6,846 | (187) | 6,659 | ||||||||||||||
Total costs and expenses | 11,729 | (289) | 11,440 | ||||||||||||||
Adjusted EBITDA | $ | 6,611 | $ | (58) | $ | 6,553 |
Three Months Ended March 31, | |||||||||||
(in billions) | 2023 | 2022 | |||||||||
Cash provided by operating activities | $ | 7.2 | $ | 7.3 | |||||||
Cash used in investing activities | $ | (3.4) | $ | (2.6) | |||||||
Cash used in financing activities | $ | (3.1) | $ | (4.5) |
(in billions) | March 31, 2023 | December 31, 2022 | |||||||||
Cash and cash equivalents | $ | 5.5 | $ | 4.7 | |||||||
Short-term and long-term debt | $ | 95.5 | $ | 94.8 |
Three Months Ended March 31, | |||||||||||
(in millions) | 2023 | 2022 | |||||||||
Operating income | $ | 5,646 | $ | 5,569 | |||||||
Depreciation and amortization | 3,777 | 3,548 | |||||||||
Noncash share-based compensation | 359 | 376 | |||||||||
Changes in operating assets and liabilities | (1,731) | (1,475) | |||||||||
Payments of interest | (766) | (747) | |||||||||
Payments of income taxes | (148) | (90) | |||||||||
Proceeds from investments and other | 91 | 75 | |||||||||
Net cash provided by operating activities | $ | 7,228 | $ | 7,257 |
(in billions) | March 31, 2023 | December 31, 2022 | ||||||
Debt Subject to Cross-Guarantees | ||||||||
Comcast | $ | 88.9 | $ | 88.4 | ||||
Comcast Cable(a) | 0.9 | 0.9 | ||||||
NBCUniversal(a) | 1.6 | 1.6 | ||||||
91.4 | 90.9 | |||||||
Debt Subject to One-Way Guarantees | ||||||||
Sky | 5.3 | 5.2 | ||||||
Other(a) | 0.1 | 0.1 | ||||||
5.4 | 5.3 | |||||||
Debt Not Guaranteed | ||||||||
Universal Beijing Resort(b) | 3.6 | 3.5 | ||||||
Other | 1.3 | 1.3 | ||||||
4.9 | 4.8 | |||||||
Debt issuance costs, premiums, discounts, fair value adjustments for acquisition accounting and hedged positions, net | (6.1) | (6.2) | ||||||
Total debt | $ | 95.5 | $ | 94.8 | ||||
Period | Total Number of Shares Purchased | Average Price Per Share | Total Number of Shares Purchased as Part of Publicly Announced Authorization | Total Dollar Amount Purchased Under the Publicly Announced Authorization | Maximum Dollar Value of Shares That May Yet Be Purchased Under the Publicly Announced Authorization(a) | |||||||||||||||
January 1-31, 2023 | 18,067,935 | $ | 39.02 | 18,067,935 | $ | 704,999,938 | $ | 15,295,000,242 | ||||||||||||
February 1-28, 2023 | 18,484,904 | $ | 38.68 | 18,484,904 | $ | 714,999,672 | $ | 14,580,000,570 | ||||||||||||
March 1-31, 2023 | 15,992,196 | $ | 36.27 | 15,992,196 | $ | 579,999,715 | $ | 14,000,000,855 | ||||||||||||
Total | 52,545,035 | $ | 38.06 | 52,545,035 | $ | 1,999,999,325 | $ | 14,000,000,855 |
Exhibit No. | Description | |||||||
Subsidiary guarantors and issuers of guaranteed securities and affiliates whose securities collateralize securities of the registrant (incorporated by reference to Exhibit 22 to Comcast's Annual Report on Form 10-K for the year ended December 31, 2022). | ||||||||
Certification of Chief Executive Officer and Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | ||||||||
Certification of Chief Executive Officer and Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. | ||||||||
101 | The following financial statements from Comcast Corporation’s Quarterly Report on Form 10-Q for the three months ended March 31, 2023, filed with the Securities and Exchange Commission on April 27, 2023, formatted in Inline Extensible Business Reporting Language (iXBRL): (i) the Condensed Consolidated Statements of Income; (ii) the Condensed Consolidated Statements of Comprehensive Income; (iii) the Condensed Consolidated Statements of Cash Flows; (iv) the Condensed Consolidated Balance Sheets; (v) the Condensed Consolidated Statements of Changes in Equity; and (vi) the Notes to Condensed Consolidated Financial Statements. | |||||||
104 | Cover Page Interactive Data File (embedded within the iXBRL document). | |||||||
* | Constitutes a management contract or compensatory plan or arrangement. |
COMCAST CORPORATION | ||||||||
By: | /s/ DANIEL C. MURDOCK | |||||||
Daniel C. Murdock Executive Vice President, Chief Accounting Officer and Controller (Principal Accounting Officer) |
/s/ BRIAN L. ROBERTS | ||
Name: Brian L. Roberts | ||
Title: Chief Executive Officer |
/s/ JASON S. ARMSTRONG | ||
Name: Jason S. Armstrong | ||
Title: Chief Financial Officer |
/s/ BRIAN L. ROBERTS | ||
Name: Brian L. Roberts | ||
Title: Chief Executive Officer |
/s/ JASON S. ARMSTRONG | ||
Name: Jason S. Armstrong | ||
Title: Chief Financial Officer |
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Condensed Consolidated Statements of Income (Unaudited) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
|
Income Statement [Abstract] | ||
Revenue | $ 29,691 | $ 31,010 |
Costs and Expenses: | ||
Programming and production | 9,004 | 10,570 |
Marketing and promotion | 1,963 | 2,062 |
Other operating and administrative | 9,301 | 9,260 |
Depreciation | 2,264 | 2,213 |
Amortization | 1,513 | 1,335 |
Total costs and expenses | 24,045 | 25,440 |
Operating income | 5,646 | 5,569 |
Interest expense | (1,010) | (993) |
Investment and other income (loss), net | 607 | 188 |
Income before income taxes | 5,243 | 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 (in dollars per share) | $ 0.91 | $ 0.79 |
Diluted earnings per common share attributable to Comcast Corporation shareholders (in dollars per share) | $ 0.91 | $ 0.78 |
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
|
Statement of Comprehensive Income [Abstract] | ||
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) | (14) | 165 |
Realized (gains) losses reclassified to net income, net of deferred taxes of $8 and $(5) | (47) | (17) |
Employee benefit obligations and other, net of deferred taxes of $1 and $3 | (6) | (9) |
Comprehensive income | 4,478 | 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 |
Condensed Consolidated Statements of Comprehensive Income (Unaudited) (Parenthetical) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
|
Statement of Comprehensive Income [Abstract] | ||
Currency translation adjustments, net of deferred taxes | $ (2) | $ 247 |
Deferred gains (losses) on cash flow hedges, deferred taxes | 9 | (37) |
Realized (gains) losses on cash flow hedges, deferred taxes | 8 | (5) |
Employee benefit obligations and other, deferred taxes | $ 1 | $ 3 |
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Millions |
Mar. 31, 2023 |
Dec. 31, 2022 |
---|---|---|
Property and equipment - accumulated depreciation | $ 57,570 | $ 56,939 |
Other intangible assets - accumulated amortization | $ 27,135 | $ 25,860 |
Preferred stock, shares authorized (in shares) | 20,000,000 | 20,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Treasury stock (in shares) | 872,791,028 | 872,791,028 |
Class A Common Stock | ||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 7,500,000,000 | 7,500,000,000 |
Common stock, shares issued (in shares) | 5,042,734,421 | 5,083,466,045 |
Common stock, shares outstanding (in shares) | 4,169,943,393 | 4,210,675,017 |
Class B Common Stock | ||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 75,000,000 | 75,000,000 |
Common stock, shares issued (in shares) | 9,444,375 | 9,444,375 |
Common stock, shares outstanding (in shares) | 9,444,375 | 9,444,375 |
Condensed Consolidated Financial Statements |
3 Months Ended |
---|---|
Mar. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Condensed Consolidated Financial Statements | 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 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.
|
Segment Information |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Information | 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 NBCUniversal’s 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. •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 Sky’s 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.
(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. 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.
(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.
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.
(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.
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Revenue |
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Revenues [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue | Revenue
(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.
Our accounts receivables include amounts not yet billed related to equipment installment plans, as summarized in the table below.
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Programming and Production Costs |
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Other Industries [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Programming and Production Costs | Programming and Production Costs
(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
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Long-Term Debt |
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Mar. 31, 2023 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | Long-Term DebtAs 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. |
Investments and Variable Interest Entities |
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Investments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments and Variable Interest Entities | Investments and Variable Interest Entities Investment and Other Income (Loss), Net
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. Investments
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 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.
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Equity and Share-Based Compensation |
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Equity and Share-Based Compensation | Equity and Share-Based Compensation Weighted-Average Common Shares Outstanding
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)
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.
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Supplemental Financial Information |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Supplemental Financial Information | Supplemental Financial Information Cash Payments for Interest and Income Taxes
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 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.
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Commitments and Contingencies |
3 Months Ended |
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Mar. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies 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.
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Condensed Consolidated Financial Statements (Policies) |
3 Months Ended |
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Mar. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
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.
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Reclassifications | Reclassifications have been made to our notes to condensed consolidated financial statements for the prior year period to conform to classifications used in 2023. |
Earnings Per Share | 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. |
Segment Information (Tables) |
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Mar. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Financial Data by Business Segment | 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 Sky’s 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.
(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. 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.
(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.
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Schedule of Reconciliation of Adjusted EBITDA from Segments to Consolidated | Our reconciliation of the aggregate amount of Adjusted EBITDA for our segments to consolidated income before income taxes is presented in the table below.
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Schedule of Changes in the Carrying of Goodwill | The changes in the carrying amount of goodwill by segment for the three months ended March 31, 2023 are presented in the table below.
(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.
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Revenue (Tables) |
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Mar. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenues [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Disaggregation of Revenue |
(a)Included in Eliminations are transactions that our segments enter into with one another. See Note 2 for a description of these transactions.
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Schedule of Receivables, Net | 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.
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Schedule of Other Balance Sheet Accounts |
Our accounts receivables include amounts not yet billed related to equipment installment plans, as summarized in the table below.
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Programming and Production Costs (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Industries [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Programming and Production Expense |
(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.
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Capitalized Film and Television Costs | Capitalized Film and Television Costs
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Investments and Variable Interest Entities (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Investment and Other Income (Loss), Net | Investment and Other Income (Loss), Net
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Schedule of Investment Summary | Investments
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Equity and Share-Based Compensation (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Weighted Average Common Shares Outstanding | Weighted-Average Common Shares Outstanding
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Schedule of Accumulated Other Comprehensive Income (Loss) | Accumulated Other Comprehensive Income (Loss)
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Supplemental Financial Information (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Cash Payments for Interest and Income Taxes | Cash Payments for Interest and Income Taxes
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Schedule of Cash and Cash Equivalents | 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.
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Schedule of 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.
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Segment Information - Narrative (Details) |
3 Months Ended |
---|---|
Mar. 31, 2023
segment
business
| |
Segment Reporting Information [Line Items] | |
Number of primary businesses | business | 2 |
Connectivity & Platforms | |
Segment Reporting Information [Line Items] | |
Number of reportable segments | 2 |
Content & Experiences | |
Segment Reporting Information [Line Items] | |
Number of reportable segments | 3 |
Segment Information - Reconciliation of Adjusted EBITDA from Segment to Consolidated Statements (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
|
Segment Reporting [Abstract] | ||
Adjusted EBITDA | $ 9,415 | $ 9,150 |
Adjustments | 8 | (33) |
Depreciation | (2,264) | (2,213) |
Amortization | (1,513) | (1,335) |
Interest expense | (1,010) | (993) |
Investment and other income (loss), net | 607 | 188 |
Income before income taxes | $ 5,243 | $ 4,764 |
Revenue - Condensed Consolidated Balance Sheet (Details) - USD ($) $ in Millions |
Mar. 31, 2023 |
Dec. 31, 2022 |
---|---|---|
Revenues [Abstract] | ||
Receivables, gross | $ 12,993 | $ 13,407 |
Less: Allowance for credit losses | 706 | 736 |
Receivables, net | 12,287 | 12,672 |
Noncurrent receivables, net (included in other noncurrent assets, net) | 1,983 | 1,887 |
Noncurrent deferred revenue (included in other noncurrent liabilities) | $ 804 | $ 735 |
Revenue - Schedule of Accounts Receivable (Details) - USD ($) $ in Millions |
Mar. 31, 2023 |
Dec. 31, 2022 |
---|---|---|
Disaggregation of Revenue [Line Items] | ||
Receivables, net | $ 12,287 | $ 12,672 |
Noncurrent receivables, net (included in other noncurrent assets, net) | 1,983 | 1,887 |
Equipment Installment Plan | Notes Receivable | Unbilled Revenues | ||
Disaggregation of Revenue [Line Items] | ||
Receivables, net | 1,407 | 1,388 |
Noncurrent receivables, net (included in other noncurrent assets, net) | 1,051 | 1,023 |
Total | $ 2,458 | $ 2,411 |
Programming and Production Costs - Recognized Programming and Production Costs (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
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Other Industries [Abstract] | ||
Video distribution programming | $ 3,191 | $ 3,426 |
Film and television content: | ||
Owned | 2,734 | 2,508 |
Licensed, including sports rights | 2,732 | 4,325 |
Other | 347 | 311 |
Total programming and production costs | 9,004 | 10,570 |
Amortization of owned film and television costs | $ 2,200 | $ 2,000 |
Programming and Production Costs - Capitalized Film and Television Costs and Programming Rights (Details) - USD ($) $ in Millions |
Mar. 31, 2023 |
Dec. 31, 2022 |
---|---|---|
Owned: | ||
In production and in development | $ 3,350 | $ 3,210 |
Completed, not released | 396 | 130 |
Released, less amortization | 4,390 | 4,634 |
Owned | 8,136 | 7,974 |
Licensed, including sports advances | 4,476 | 4,586 |
Film and television costs | $ 12,612 | $ 12,560 |
Long-Term Debt - Narrative (Details) - USD ($) $ in Billions |
Mar. 31, 2023 |
Dec. 31, 2022 |
---|---|---|
Debt Disclosure [Abstract] | ||
Total carrying value of debt | $ 95.5 | $ 94.8 |
Total fair value of debt | $ 89.9 | $ 86.9 |
Investments and Variable Interest Entities - Investment and Other Income (Loss), Net (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
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Investments [Abstract] | ||
Equity in net income (losses) of investees, net | $ 485 | $ 133 |
Realized and unrealized gains (losses) on equity securities, net | (6) | 117 |
Other income (loss), net | 128 | (62) |
Investment and other income (loss), net | $ 607 | $ 188 |
Investments and Variable Interest Entities - Schedule of Investments (Details) - USD ($) $ in Millions |
Mar. 31, 2023 |
Dec. 31, 2022 |
---|---|---|
Investments [Abstract] | ||
Equity method | $ 6,211 | $ 5,421 |
Marketable equity securities | 91 | 96 |
Nonmarketable equity securities | 1,623 | 1,653 |
Other investments | 471 | 972 |
Total investments | 8,396 | 8,142 |
Less: Current investments | 98 | 402 |
Less: Investment securing collateralized obligation | 464 | 490 |
Noncurrent investments | $ 7,834 | $ 7,250 |
Equity and Share-Based Compensation - Weighted Average Common Shares Outstanding (Details) - shares shares in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
|
Equity [Abstract] | ||
Weighted average number of common shares outstanding – basic (in shares) | 4,208 | 4,512 |
Effect of dilutive securities (in shares) | 19 | 46 |
Weighted-average number of common shares outstanding – diluted (in shares) | 4,227 | 4,558 |
Antidilutive securities (in shares) | 202 | 70 |
Equity and Share-Based Compensation - Narrative (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions |
1 Months Ended | 3 Months Ended | |
---|---|---|---|
Mar. 31, 2023 |
Mar. 31, 2023 |
Mar. 31, 2022 |
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Recognized share-based compensation expense | $ 295 | $ 300 | |
Unrecognized pretax compensation expense on nonvested awards | $ 2,700 | $ 2,700 | |
Management Grant | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of stock options granted (in shares) | 57 | ||
Weighted-average fair value of stock options granted (in dollars per share) | $ 8.33 | ||
Restricted Stock Units (RSUs) | Management Grant | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of restricted share units granted (in shares) | 22 | ||
Weighted-average fair value of restricted share units granted (in dollars per share) | $ 36.62 |
Supplemental Financial Information - Cash Payments for Interest and Income Taxes (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
|
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Interest | $ 766 | $ 747 |
Income taxes | $ 148 | $ 90 |
Supplemental Financial Information - Noncash Activities (Details) - USD ($) $ / shares in Units, $ in Billions |
3 Months Ended | |
---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
|
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Property and equipment and intangible assets accrued but not yet paid | $ 2.1 | $ 1.9 |
Dividends payable | $ 1.2 | $ 1.2 |
Dividends payable (in dollars per share) | $ 0.29 | $ 0.27 |
Supplemental Financial Information - Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Millions |
Mar. 31, 2023 |
Dec. 31, 2022 |
Mar. 31, 2022 |
Dec. 31, 2021 |
---|---|---|---|---|
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||
Cash and cash equivalents | $ 5,535 | $ 4,749 | ||
Restricted cash included in other current assets and other noncurrent assets, net | 42 | 33 | ||
Cash, cash equivalents and restricted cash, end of period | $ 5,577 | $ 4,782 | $ 8,914 | $ 8,778 |
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