x | Quarterly Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 |
c | Transition Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 |
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Commission File Number | Exact Name of Registrant; State of Incorporation; Address and Telephone Number of Principal Executive Offices | I.R.S. Employer Identification No. |
001-32871 | COMCAST CORPORATION | 27-0000798 |
PENNSYLVANIA One Comcast Center Philadelphia, PA 19103-2838 (215) 286-1700 | ||
001-36438 | NBCUNIVERSAL MEDIA, LLC | 14-1682529 |
DELAWARE 30 Rockefeller Plaza New York, NY 10112-0015 (212) 664-4444 |
Comcast Corporation | Yes | x | No | c | ||||
NBCUniversal Media, LLC | Yes | x | No | c | ||||
Comcast Corporation | Yes | x | No | c | ||||
NBCUniversal Media, LLC | Yes | x | No | c |
Comcast Corporation | Large accelerated filer | x | Accelerated filer | c | Non-accelerated filer | c | Smaller reporting company | c | Emerging growth company | c |
NBCUniversal Media, LLC | Large accelerated filer | c | Accelerated filer | c | Non-accelerated filer | x | Smaller reporting company | c | Emerging growth company | c |
Comcast Corporation | c |
NBCUniversal Media, LLC | c |
Comcast Corporation | Yes | c | No | x | ||||
NBCUniversal Media, LLC | Yes | c | No | x |
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• | our businesses currently face a wide range of competition, and our businesses and results of operations could be adversely affected if we do not compete effectively |
• | changes in consumer behavior driven by new technologies and distribution platforms for viewing content may adversely affect our businesses and challenge existing business models |
• | a decline in advertisers’ expenditures or changes in advertising markets could negatively impact our businesses |
• | our businesses depend on keeping pace with technological developments |
• | we are subject to regulation by federal, state, local and foreign authorities, which may impose additional costs and restrictions on our businesses |
• | changes to existing statutes, rules, regulations, or interpretations thereof, or adoption of new ones, could have an adverse effect on our businesses |
• | programming expenses for our video services are increasing, which could adversely affect our Cable Communications segment’s video business |
• | NBCUniversal’s success depends on consumer acceptance of its content, and its businesses may be adversely affected if its content fails to achieve sufficient consumer acceptance or the costs to create or acquire content increase |
• | the loss of NBCUniversal’s programming distribution agreements, or the renewal of these agreements on less favorable terms, could adversely affect its businesses |
• | we rely on network and information systems and other technologies, as well as key properties, and a disruption, cyber attack, failure or destruction of such networks, systems, technologies or properties may disrupt our businesses |
• | we may be unable to obtain necessary hardware, software and operational support |
• | weak economic conditions may have a negative impact on our businesses |
• | our businesses depend on using and protecting certain intellectual property rights and on not infringing the intellectual property rights of others |
• | acquisitions and other strategic initiatives, including the launch of our wireless phone service, present many risks, and we may not realize the financial and strategic goals that we had contemplated |
• | labor disputes, whether involving employees or sports organizations, may disrupt our operations and adversely affect our businesses |
• | the loss of key management personnel or popular on-air and creative talent could have an adverse effect on our businesses |
• | we face risks relating to doing business internationally that could 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 |
(in millions, except share data) | March 31, 2017 | December 31, 2016 | ||||
Assets | ||||||
Current Assets: | ||||||
Cash and cash equivalents | $ | 4,022 | $ | 3,301 | ||
Receivables, net | 7,525 | 7,955 | ||||
Programming rights | 1,479 | 1,250 | ||||
Other current assets | 2,219 | 3,855 | ||||
Total current assets | 15,245 | 16,361 | ||||
Film and television costs | 6,968 | 7,252 | ||||
Investments | 5,938 | 5,247 | ||||
Property and equipment, net of accumulated depreciation of $49,991 and $49,694 | 36,626 | 36,253 | ||||
Franchise rights | 59,364 | 59,364 | ||||
Goodwill | 36,592 | 35,980 | ||||
Other intangible assets, net of accumulated amortization of $11,442 and $11,013 | 19,014 | 17,274 | ||||
Other noncurrent assets, net | 2,732 | 2,769 | ||||
Total assets | $ | 182,479 | $ | 180,500 | ||
Liabilities and Equity | ||||||
Current Liabilities: | ||||||
Accounts payable and accrued expenses related to trade creditors | $ | 6,658 | $ | 6,915 | ||
Accrued participations and residuals | 1,811 | 1,726 | ||||
Deferred revenue | 1,234 | 1,132 | ||||
Accrued expenses and other current liabilities | 5,862 | 6,282 | ||||
Current portion of long-term debt | 3,509 | 5,480 | ||||
Total current liabilities | 19,074 | 21,535 | ||||
Long-term debt, less current portion | 58,276 | 55,566 | ||||
Deferred income taxes | 35,348 | 34,854 | ||||
Other noncurrent liabilities | 10,677 | 10,925 | ||||
Commitments and contingencies (Note 10) | ||||||
Redeemable noncontrolling interests and redeemable subsidiary preferred stock | 1,456 | 1,446 | ||||
Equity: | ||||||
Preferred stock—authorized, 20,000,000 shares; issued, zero | — | — | ||||
Class A common stock, $0.01 par value—authorized, 7,500,000,000 shares; issued, 5,606,303,522 and 5,614,950,039; outstanding, 4,733,512,494 and 4,742,159,011 | 56 | 56 | ||||
Class B common stock, $0.01 par value—authorized, 75,000,000 shares; issued and outstanding, 9,444,375 | — | — | ||||
Additional paid-in capital | 38,115 | 38,230 | ||||
Retained earnings | 24,063 | 23,076 | ||||
Treasury stock, 872,791,028 Class A common shares | (7,517 | ) | (7,517 | ) | ||
Accumulated other comprehensive income (loss) | 342 | 98 | ||||
Total Comcast Corporation shareholders’ equity | 55,059 | 53,943 | ||||
Noncontrolling interests | 2,589 | 2,231 | ||||
Total equity | 57,648 | 56,174 | ||||
Total liabilities and equity | $ | 182,479 | $ | 180,500 |
Three Months Ended March 31 | ||||||
(in millions, except per share data) | 2017 | 2016 | ||||
Revenue | $ | 20,463 | $ | 18,790 | ||
Costs and Expenses: | ||||||
Programming and production | 6,074 | 5,431 | ||||
Other operating and administrative | 5,827 | 5,526 | ||||
Advertising, marketing and promotion | 1,530 | 1,466 | ||||
Depreciation | 1,915 | 1,785 | ||||
Amortization | 587 | 493 | ||||
15,933 | 14,701 | |||||
Operating income | 4,530 | 4,089 | ||||
Other Income (Expense): | ||||||
Interest expense | (755 | ) | (703 | ) | ||
Investment income (loss), net | 59 | 30 | ||||
Equity in net income (losses) of investees, net | 36 | (11 | ) | |||
Other income (expense), net | 35 | 130 | ||||
(625 | ) | (554 | ) | |||
Income before income taxes | 3,905 | 3,535 | ||||
Income tax expense | (1,258 | ) | (1,311 | ) | ||
Net income | 2,647 | 2,224 | ||||
Net (income) loss attributable to noncontrolling interests and redeemable subsidiary preferred stock | (81 | ) | (90 | ) | ||
Net income attributable to Comcast Corporation | $ | 2,566 | $ | 2,134 | ||
Basic earnings per common share attributable to Comcast Corporation shareholders | $ | 0.54 | $ | 0.44 | ||
Diluted earnings per common share attributable to Comcast Corporation shareholders | $ | 0.53 | $ | 0.43 | ||
Dividends declared per common share | $ | 0.1575 | $ | 0.1375 |
Three Months Ended March 31 | ||||||
(in millions) | 2017 | 2016 | ||||
Net income | $ | 2,647 | $ | 2,224 | ||
Unrealized gains (losses) on marketable securities, net of deferred taxes of $(61) and $(1) | 104 | 2 | ||||
Deferred gains (losses) on cash flow hedges, net of deferred taxes of $(4) and $18 | 7 | (31 | ) | |||
Amounts reclassified to net income: | ||||||
Realized (gains) losses on marketable securities, net of deferred taxes of $— and $1 | — | (1 | ) | |||
Realized (gains) losses on cash flow hedges, net of deferred taxes of $— and $(10) | — | 17 | ||||
Employee benefit obligations, net of deferred taxes of $(37) and $(2) | 63 | 2 | ||||
Currency translation adjustments, net of deferred taxes of $(41) and $(58) | 157 | 238 | ||||
Comprehensive income | 2,978 | 2,451 | ||||
Net (income) loss attributable to noncontrolling interests and redeemable subsidiary preferred stock | (81 | ) | (90 | ) | ||
Other comprehensive (income) loss attributable to noncontrolling interests | (87 | ) | (137 | ) | ||
Comprehensive income attributable to Comcast Corporation | $ | 2,810 | $ | 2,224 |
Three Months Ended March 31 | ||||||
(in millions) | 2017 | 2016 | ||||
Net cash provided by operating activities | $ | 5,656 | $ | 5,399 | ||
Investing Activities | ||||||
Capital expenditures | (2,078 | ) | (1,885 | ) | ||
Cash paid for intangible assets | (416 | ) | (378 | ) | ||
Acquisitions and construction of real estate properties | (130 | ) | (140 | ) | ||
Acquisitions, net of cash acquired | (216 | ) | (24 | ) | ||
Proceeds from sales of investments | 51 | 110 | ||||
Purchases of investments | (1,062 | ) | (448 | ) | ||
Other | 57 | 56 | ||||
Net cash provided by (used in) investing activities | (3,794 | ) | (2,709 | ) | ||
Financing Activities | ||||||
Proceeds from (repayments of) short-term borrowings, net | (1,893 | ) | (538 | ) | ||
Proceeds from borrowings | 3,500 | 3,323 | ||||
Repurchases and repayments of debt | (1,059 | ) | (48 | ) | ||
Repurchases of common stock under repurchase program and employee plans | (996 | ) | (1,427 | ) | ||
Dividends paid | (657 | ) | (611 | ) | ||
Issuances of common stock | — | 12 | ||||
Distributions to noncontrolling interests and dividends for redeemable subsidiary preferred stock | (72 | ) | (77 | ) | ||
Other | 36 | 9 | ||||
Net cash provided by (used in) financing activities | (1,141 | ) | 643 | |||
Increase (decrease) in cash and cash equivalents | 721 | 3,333 | ||||
Cash and cash equivalents, beginning of period | 3,301 | 2,295 | ||||
Cash and cash equivalents, end of period | $ | 4,022 | $ | 5,628 |
Redeemable Noncontrolling Interests and Redeemable Subsidiary Preferred Stock | Common Stock | Additional Paid-In Capital | Retained Earnings | Treasury Stock at Cost | Accumulated Other Comprehensive Income (Loss) | Non- controlling Interests | Total Equity | ||||||||||||||||||||
(in millions) | A | B | |||||||||||||||||||||||||
Balance, December 31, 2015 | $ | 1,221 | $ | 57 | $ | — | $ | 38,490 | $ | 21,413 | $ | (7,517 | ) | $ | (174 | ) | $ | 1,709 | $ | 53,978 | |||||||
Stock compensation plans | 228 | 228 | |||||||||||||||||||||||||
Repurchases of common stock under repurchase program and employee plans | (310 | ) | (1,127 | ) | (1,437 | ) | |||||||||||||||||||||
Employee stock purchase plans | 33 | 33 | |||||||||||||||||||||||||
Dividends declared | (670 | ) | (670 | ) | |||||||||||||||||||||||
Other comprehensive income (loss) | 90 | 137 | 227 | ||||||||||||||||||||||||
Contributions from (distributions to) noncontrolling interests, net | (5 | ) | (36 | ) | (36 | ) | |||||||||||||||||||||
Other | (10 | ) | (5 | ) | (5 | ) | |||||||||||||||||||||
Net income (loss) | 30 | 2,134 | 60 | 2,194 | |||||||||||||||||||||||
Balance, March 31, 2016 | $ | 1,236 | $ | 57 | $ | — | $ | 38,436 | $ | 21,750 | $ | (7,517 | ) | $ | (84 | ) | $ | 1,870 | $ | 54,512 | |||||||
Balance, December 31, 2016 | $ | 1,446 | $ | 56 | $ | — | $ | 38,230 | $ | 23,076 | $ | (7,517 | ) | $ | 98 | $ | 2,231 | $ | 56,174 | ||||||||
Stock compensation plans | 114 | 114 | |||||||||||||||||||||||||
Repurchases of common stock under repurchase program and employee plans | (178 | ) | (828 | ) | (1,006 | ) | |||||||||||||||||||||
Employee stock purchase plans | 39 | 39 | |||||||||||||||||||||||||
Dividends declared | (751 | ) | (751 | ) | |||||||||||||||||||||||
Other comprehensive income (loss) | 244 | 87 | 331 | ||||||||||||||||||||||||
Contributions from (distributions to) noncontrolling interests, net | (8 | ) | (34 | ) | (34 | ) | |||||||||||||||||||||
Other | (11 | ) | (90 | ) | 253 | 163 | |||||||||||||||||||||
Net income (loss) | 29 | 2,566 | 52 | 2,618 | |||||||||||||||||||||||
Balance, March 31, 2017 | $ | 1,456 | $ | 56 | $ | — | $ | 38,115 | $ | 24,063 | $ | (7,517 | ) | $ | 342 | $ | 2,589 | $ | 57,648 |
Three Months Ended March 31 | ||||||||||||||||
2017 | 2016 | |||||||||||||||
(in millions, except per share amounts) | Net Income Attributable to Comcast Corporation | Shares | Per Share Amount | Net Income Attributable to Comcast Corporation | Shares | Per Share Amount | ||||||||||
Basic EPS attributable to Comcast Corporation shareholders | $ | 2,566 | 4,747 | $ | 0.54 | $ | 2,134 | 4,868 | $ | 0.44 | ||||||
Effect of dilutive securities: | ||||||||||||||||
Assumed exercise or issuance of shares relating to stock plans | 85 | 57 | ||||||||||||||
Diluted EPS attributable to Comcast Corporation shareholders | $ | 2,566 | 4,832 | $ | 0.53 | $ | 2,134 | 4,925 | $ | 0.43 |
Preliminary Allocation of Purchase Price | |||
(in millions) | |||
Film and television costs | $ | 854 | |
Intangible assets | 362 | ||
Working capital | 232 | ||
Debt | (381 | ) | |
Tax receivable agreement | (146 | ) | |
Deferred income taxes | 293 | ||
Other noncurrent assets and liabilities | 114 | ||
Identifiable net assets (liabilities) acquired | 1,328 | ||
Noncontrolling interests | (337 | ) | |
Goodwill | 2,782 | ||
Cash consideration transferred | $ | 3,773 |
(in millions) | March 31, 2017 | December 31, 2016 | ||||
Film Costs: | ||||||
Released, less amortization | $ | 1,657 | $ | 1,750 | ||
Completed, not released | 469 | 50 | ||||
In production and in development | 982 | 1,310 | ||||
3,108 | 3,110 | |||||
Television Costs: | ||||||
Released, less amortization | 2,008 | 1,953 | ||||
In production and in development | 729 | 853 | ||||
2,737 | 2,806 | |||||
Programming rights, less amortization | 2,602 | 2,586 | ||||
8,447 | 8,502 | |||||
Less: Current portion of programming rights | 1,479 | 1,250 | ||||
Film and television costs | $ | 6,968 | $ | 7,252 |
(in millions) | March 31, 2017 | December 31, 2016 | ||||
Fair Value Method: | ||||||
Snap | $ | 662 | $ | — | ||
Other | 161 | 198 | ||||
823 | 198 | |||||
Equity Method: | ||||||
Atairos | 1,624 | 1,601 | ||||
Hulu | 171 | 225 | ||||
Other | 631 | 550 | ||||
2,426 | 2,376 | |||||
Cost Method: | ||||||
AirTouch | 1,602 | 1,599 | ||||
BuzzFeed | 400 | 400 | ||||
Other | 698 | 771 | ||||
2,700 | 2,770 | |||||
Total investments | 5,949 | 5,344 | ||||
Less: Current investments | 11 | 97 | ||||
Noncurrent investments | $ | 5,938 | $ | 5,247 |
Three Months Ended March 31 | ||||||
(in millions) | 2017 | 2016 | ||||
Gains (losses) on sales and exchanges of investments, net | $ | (1 | ) | $ | 2 | |
Investment impairment losses | (4 | ) | (20 | ) | ||
Interest and dividend income | 33 | 29 | ||||
Other, net | 31 | 19 | ||||
Investment income (loss), net | $ | 59 | $ | 30 |
Three Months Ended March 31 | ||||||
(in millions) | 2017 | 2016 | ||||
Restricted share units | $ | 74 | $ | 70 | ||
Stock options | 40 | 37 | ||||
Employee stock purchase plans | 10 | 8 | ||||
Total | $ | 124 | $ | 115 |
(in millions) | March 31, 2017 | December 31, 2016 | ||||
Receivables, gross | $ | 8,111 | $ | 8,622 | ||
Less: Allowance for returns and customer incentives | 347 | 417 | ||||
Less: Allowance for doubtful accounts | 239 | 250 | ||||
Receivables, net | $ | 7,525 | $ | 7,955 |
(in millions) | March 31, 2017 | March 31, 2016 | ||||
Unrealized gains (losses) on marketable securities | $ | 104 | $ | 2 | ||
Deferred gains (losses) on cash flow hedges | (7 | ) | (60 | ) | ||
Unrecognized gains (losses) on employee benefit obligations | 282 | 8 | ||||
Cumulative translation adjustments | (37 | ) | (34 | ) | ||
Accumulated other comprehensive income (loss), net of deferred taxes | $ | 342 | $ | (84 | ) |
Three Months Ended March 31 | ||||||
(in millions) | 2017 | 2016 | ||||
Net income | $ | 2,647 | $ | 2,224 | ||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||
Depreciation and amortization | 2,502 | 2,278 | ||||
Share-based compensation | 173 | 153 | ||||
Noncash interest expense (income), net | 58 | 55 | ||||
Equity in net (income) losses of investees, net | (36 | ) | 11 | |||
Cash received from investees | 17 | 16 | ||||
Net (gain) loss on investment activity and other | (53 | ) | (126 | ) | ||
Deferred income taxes | 265 | 217 | ||||
Changes in operating assets and liabilities, net of effects of acquisitions and divestitures: | ||||||
Current and noncurrent receivables, net | 465 | 562 | ||||
Film and television costs, net | 46 | (80 | ) | |||
Accounts payable and accrued expenses related to trade creditors | (190 | ) | 12 | |||
Other operating assets and liabilities | (238 | ) | 77 | |||
Net cash provided by operating activities | $ | 5,656 | $ | 5,399 |
Three Months Ended March 31 | ||||||
(in millions) | 2017 | 2016 | ||||
Interest | $ | 895 | $ | 723 | ||
Income taxes | $ | 132 | $ | 190 |
• | we acquired $1.2 billion of property and equipment and intangible assets that were accrued but unpaid |
• | we recorded a liability of $747 million for a quarterly cash dividend of $0.1575 per common share to be paid in April 2017 |
• | Cable Communications: Consists of the operations of Comcast Cable, which is one of the nation’s largest providers of video, high-speed Internet, voice, and security and automation services to residential customers under the XFINITY brand; we also provide these and other services to business customers and sell advertising. |
• | Cable Networks: Consists primarily of our national cable networks, our regional sports and news networks, our international cable networks, and our cable television studio production operations. |
• | Broadcast Television: Consists primarily of the NBC and Telemundo broadcast networks, our NBC and Telemundo owned local broadcast television stations, the NBC Universo national cable network, and our broadcast television studio production operations. |
• | Filmed Entertainment: Consists primarily of the operations of Universal Pictures, which produces, acquires, markets and distributes filmed entertainment worldwide; our films are also produced under the Illumination, Focus Features and DreamWorks Animation names. |
• | Theme Parks: Consists primarily of our Universal theme parks in Orlando, Florida; Hollywood, California; and Osaka, Japan. |
Three Months Ended March 31, 2017 | ||||||||||||||||||
(in millions) | Revenue(e) | Adjusted EBITDA(f) | Depreciation and Amortization | Operating Income (Loss) | Capital Expenditures | Cash Paid for Intangible Assets | ||||||||||||
Cable Communications(a) | $ | 12,912 | $ | 5,198 | $ | 1,980 | $ | 3,218 | $ | 1,781 | $ | 352 | ||||||
NBCUniversal | ||||||||||||||||||
Cable Networks | 2,641 | 1,116 | 214 | 902 | 2 | 3 | ||||||||||||
Broadcast Television | 2,208 | 322 | 32 | 290 | 29 | 3 | ||||||||||||
Filmed Entertainment | 1,981 | 368 | 21 | 347 | 10 | 5 | ||||||||||||
Theme Parks | 1,118 | 397 | 142 | 255 | 229 | 13 | ||||||||||||
Headquarters and Other(b) | 8 | (185 | ) | 99 | (284 | ) | 15 | 31 | ||||||||||
Eliminations(c) | (88 | ) | (1 | ) | — | (1 | ) | — | — | |||||||||
NBCUniversal | 7,868 | 2,017 | 508 | 1,509 | 285 | 55 | ||||||||||||
Corporate and Other(d) | 208 | (194 | ) | 14 | (208 | ) | 12 | 9 | ||||||||||
Eliminations(c) | (525 | ) | 11 | — | 11 | — | — | |||||||||||
Comcast Consolidated | $ | 20,463 | $ | 7,032 | $ | 2,502 | $ | 4,530 | $ | 2,078 | $ | 416 |
Three Months Ended March 31, 2016 | ||||||||||||||||||
(in millions) | Revenue(e) | Adjusted EBITDA(f) | Depreciation and Amortization | Operating Income (Loss) | Capital Expenditures | Cash Paid for Intangible Assets | ||||||||||||
Cable Communications(a) | $ | 12,204 | $ | 4,889 | $ | 1,843 | $ | 3,046 | $ | 1,576 | $ | 324 | ||||||
NBCUniversal | ||||||||||||||||||
Cable Networks | 2,453 | 956 | 190 | 766 | 1 | 1 | ||||||||||||
Broadcast Television | 2,084 | 284 | 32 | 252 | 19 | 3 | ||||||||||||
Filmed Entertainment | 1,383 | 167 | 8 | 159 | 3 | 3 | ||||||||||||
Theme Parks | 1,026 | 375 | 98 | 277 | 200 | 9 | ||||||||||||
Headquarters and Other(b) | 3 | (160 | ) | 86 | (246 | ) | 72 | 36 | ||||||||||
Eliminations(c) | (88 | ) | — | — | — | — | — | |||||||||||
NBCUniversal | 6,861 | 1,622 | 414 | 1,208 | 295 | 52 | ||||||||||||
Corporate and Other(d) | 199 | (154 | ) | 21 | (175 | ) | 14 | 2 | ||||||||||
Eliminations(c) | (474 | ) | 10 | — | 10 | — | — | |||||||||||
Comcast Consolidated | $ | 18,790 | $ | 6,367 | $ | 2,278 | $ | 4,089 | $ | 1,885 | $ | 378 |
(a) | For the three months ended March 31, 2017 and 2016, Cable Communications segment revenue was derived from the following sources: |
Three Months Ended March 31 | ||||
2017 | 2016 | |||
Residential: | ||||
Video | 44.7 | % | 45.4 | % |
High-speed Internet | 27.9 | % | 26.8 | % |
Voice | 6.7 | % | 7.3 | % |
Business services | 11.5 | % | 10.7 | % |
Advertising | 4.0 | % | 4.5 | % |
Other | 5.2 | % | 5.3 | % |
Total | 100.0 | % | 100.0 | % |
(b) | NBCUniversal Headquarters and Other activities include costs associated with overhead, allocations, personnel costs and headquarter initiatives. |
(c) | Included in Eliminations are transactions that our segments enter into with one another. The most common types of transactions are the following: |
• | our Cable Networks segment generates revenue by selling programming to our Cable Communications segment, which represents a substantial majority of the revenue elimination amount |
• | our Broadcast Television segment generates revenue from the fees received under retransmission consent agreements with our Cable Communications segment |
• | our Cable Communications segment generates revenue by selling advertising and by selling the use of satellite feeds to our Cable Networks segment |
• | our Filmed Entertainment and Broadcast Television segments generate revenue from the licensing of film and television content to our Cable Networks segment |
(d) | Corporate and Other activities include costs associated with overhead and personnel, the costs of corporate initiatives and branding, including our new wireless phone service, and the operations of Comcast Spectacor, which owns the Philadelphia Flyers and the Wells Fargo Center arena in Philadelphia, Pennsylvania and operates arena management-related businesses. |
(e) | No single customer accounted for a significant amount of revenue in any period. |
(f) | We use Adjusted EBITDA as the measure of profit or loss for our operating segments. Adjusted EBITDA is defined as net income attributable to Comcast Corporation before net (income) loss attributable to noncontrolling interests and redeemable subsidiary preferred stock, income tax expense, other income (expense) items, net, and depreciation and amortization, and excluding impairment charges related to fixed and intangible assets and gains or losses on the sale of long-lived assets, if any. Other income (expense) items, net include interest expense, investment income (loss), equity in net income (losses) of investees, and other income (expense), net (as stated in our condensed consolidated statement of income). This measure eliminates the significant level of noncash depreciation and amortization expense that results from the capital-intensive nature of certain of our businesses and from intangible assets recognized in business combinations. Additionally, it is unaffected by our capital and tax structures and by our investment activities. We use this measure to evaluate our consolidated operating performance and the operating performance of our operating segments and to allocate resources and capital to our operating segments. It is also a significant performance measure in our annual incentive compensation programs. We believe that this measure is useful to investors because it is one of the bases for comparing our operating performance with that of other companies in our industries, although our measure may not be directly comparable to similar measures used by other companies. This measure should not be considered a substitute for operating income (loss), net income (loss), net income (loss) attributable to Comcast Corporation, net cash provided by operating activities, or other measures of performance or liquidity we have reported in accordance with GAAP. Our reconciliation of the aggregate amount of Adjusted EBITDA for our reportable segments to consolidated income before income taxes is presented in the table below. |
Three Months Ended March 31 | ||||||
(in millions) | 2017 | 2016 | ||||
Adjusted EBITDA | $ | 7,032 | $ | 6,367 | ||
Depreciation | (1,915 | ) | (1,785 | ) | ||
Amortization | (587 | ) | (493 | ) | ||
Other income (expense) items, net | (625 | ) | (554 | ) | ||
Income before income taxes | $ | 3,905 | $ | 3,535 |
(in millions) | Comcast Parent | Comcast Holdings | CCCL Parent | NBCUniversal Media Parent | Non- Guarantor Subsidiaries | Elimination and Consolidation Adjustments | Consolidated Comcast Corporation | ||||||||||||||
Assets | |||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | — | $ | — | $ | 270 | $ | 3,752 | $ | — | $ | 4,022 | |||||||
Receivables, net | — | — | — | — | 7,525 | — | 7,525 | ||||||||||||||
Programming rights | — | — | — | — | 1,479 | — | 1,479 | ||||||||||||||
Other current assets | 96 | — | — | 60 | 2,063 | — | 2,219 | ||||||||||||||
Total current assets | 96 | — | — | 330 | 14,819 | — | 15,245 | ||||||||||||||
Film and television costs | — | — | — | — | 6,968 | — | 6,968 | ||||||||||||||
Investments | 84 | — | 10 | 657 | 5,187 | — | 5,938 | ||||||||||||||
Investments in and amounts due from subsidiaries eliminated upon consolidation | 100,103 | 123,806 | 120,362 | 49,537 | 104,918 | (498,726 | ) | — | |||||||||||||
Property and equipment, net | 364 | — | — | — | 36,262 | — | 36,626 | ||||||||||||||
Franchise rights | — | — | — | — | 59,364 | — | 59,364 | ||||||||||||||
Goodwill | — | — | — | — | 36,592 | — | 36,592 | ||||||||||||||
Other intangible assets, net | 12 | — | — | — | 19,002 | — | 19,014 | ||||||||||||||
Other noncurrent assets, net | 1,115 | 666 | — | 80 | 1,876 | (1,005 | ) | 2,732 | |||||||||||||
Total assets | $ | 101,774 | $ | 124,472 | $ | 120,372 | $ | 50,604 | $ | 284,988 | $ | (499,731 | ) | $ | 182,479 | ||||||
Liabilities and Equity | |||||||||||||||||||||
Accounts payable and accrued expenses related to trade creditors | $ | 17 | $ | — | $ | — | $ | — | $ | 6,641 | $ | — | $ | 6,658 | |||||||
Accrued participations and residuals | — | — | — | — | 1,811 | — | 1,811 | ||||||||||||||
Accrued expenses and other current liabilities | 1,582 | — | 211 | 361 | 4,942 | — | 7,096 | ||||||||||||||
Current portion of long-term debt | 1,905 | — | 550 | 4 | 1,050 | — | 3,509 | ||||||||||||||
Total current liabilities | 3,504 | — | 761 | 365 | 14,444 | — | 19,074 | ||||||||||||||
Long-term debt, less current portion | 40,711 | 143 | 2,100 | 8,204 | 7,118 | — | 58,276 | ||||||||||||||
Deferred income taxes | — | 524 | — | 69 | 35,760 | (1,005 | ) | 35,348 | |||||||||||||
Other noncurrent liabilities | 2,500 | — | — | 1,103 | 7,074 | — | 10,677 | ||||||||||||||
Redeemable noncontrolling interests and redeemable subsidiary preferred stock | — | — | — | — | 1,456 | — | 1,456 | ||||||||||||||
Equity: | |||||||||||||||||||||
Common stock | 56 | — | — | — | — | — | 56 | ||||||||||||||
Other shareholders’ equity | 55,003 | 123,805 | 117,511 | 40,863 | 216,547 | (498,726 | ) | 55,003 | |||||||||||||
Total Comcast Corporation shareholders’ equity | 55,059 | 123,805 | 117,511 | 40,863 | 216,547 | (498,726 | ) | 55,059 | |||||||||||||
Noncontrolling interests | — | — | — | — | 2,589 | — | 2,589 | ||||||||||||||
Total equity | 55,059 | 123,805 | 117,511 | 40,863 | 219,136 | (498,726 | ) | 57,648 | |||||||||||||
Total liabilities and equity | $ | 101,774 | $ | 124,472 | $ | 120,372 | $ | 50,604 | $ | 284,988 | $ | (499,731 | ) | $ | 182,479 |
(in millions) | Comcast Parent | Comcast Holdings | CCCL Parent | NBCUniversal Media Parent | Non- Guarantor Subsidiaries | Elimination and Consolidation Adjustments | Consolidated Comcast Corporation | ||||||||||||||
Assets | |||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | — | $ | — | $ | 482 | $ | 2,819 | $ | — | $ | 3,301 | |||||||
Receivables, net | — | — | — | — | 7,955 | — | 7,955 | ||||||||||||||
Programming rights | — | — | — | — | 1,250 | — | 1,250 | ||||||||||||||
Other current assets | 151 | — | — | 36 | 3,668 | — | 3,855 | ||||||||||||||
Total current assets | 151 | — | — | 518 | 15,692 | — | 16,361 | ||||||||||||||
Film and television costs | — | — | — | — | 7,252 | — | 7,252 | ||||||||||||||
Investments | 75 | — | — | 651 | 4,521 | — | 5,247 | ||||||||||||||
Investments in and amounts due from subsidiaries eliminated upon consolidation | 98,350 | 120,071 | 117,696 | 47,393 | 97,704 | (481,214 | ) | — | |||||||||||||
Property and equipment, net | 298 | — | — | — | 35,955 | — | 36,253 | ||||||||||||||
Franchise rights | — | — | — | — | 59,364 | — | 59,364 | ||||||||||||||
Goodwill | — | — | — | — | 35,980 | — | 35,980 | ||||||||||||||
Other intangible assets, net | 13 | — | — | — | 17,261 | — | 17,274 | ||||||||||||||
Other noncurrent assets, net | 1,138 | 638 | — | 89 | 1,921 | (1,017 | ) | 2,769 | |||||||||||||
Total assets | $ | 100,025 | $ | 120,709 | $ | 117,696 | $ | 48,651 | $ | 275,650 | $ | (482,231 | ) | $ | 180,500 | ||||||
Liabilities and Equity | |||||||||||||||||||||
Accounts payable and accrued expenses related to trade creditors | $ | 23 | $ | — | $ | — | $ | — | $ | 6,892 | $ | — | $ | 6,915 | |||||||
Accrued participations and residuals | — | — | — | — | 1,726 | — | 1,726 | ||||||||||||||
Accrued expenses and other current liabilities | 1,726 | — | 341 | 302 | 5,045 | — | 7,414 | ||||||||||||||
Current portion of long-term debt | 3,739 | — | 550 | 4 | 1,187 | — | 5,480 | ||||||||||||||
Total current liabilities | 5,488 | — | 891 | 306 | 14,850 | — | 21,535 | ||||||||||||||
Long-term debt, less current portion | 38,123 | 141 | 2,100 | 8,208 | 6,994 | — | 55,566 | ||||||||||||||
Deferred income taxes | — | 542 | — | 70 | 35,259 | (1,017 | ) | 34,854 | |||||||||||||
Other noncurrent liabilities | 2,471 | — | — | 1,166 | 7,288 | — | 10,925 | ||||||||||||||
Redeemable noncontrolling interests and redeemable subsidiary preferred stock | — | — | — | — | 1,446 | — | 1,446 | ||||||||||||||
Equity: | |||||||||||||||||||||
Common stock | 56 | — | — | — | — | — | 56 | ||||||||||||||
Other shareholders’ equity | 53,887 | 120,026 | 114,705 | 38,901 | 207,582 | (481,214 | ) | 53,887 | |||||||||||||
Total Comcast Corporation shareholders’ equity | 53,943 | 120,026 | 114,705 | 38,901 | 207,582 | (481,214 | ) | 53,943 | |||||||||||||
Noncontrolling interests | — | — | — | — | 2,231 | — | 2,231 | ||||||||||||||
Total equity | 53,943 | 120,026 | 114,705 | 38,901 | 209,813 | (481,214 | ) | 56,174 | |||||||||||||
Total liabilities and equity | $ | 100,025 | $ | 120,709 | $ | 117,696 | $ | 48,651 | $ | 275,650 | $ | (482,231 | ) | $ | 180,500 |
(in millions) | Comcast Parent | Comcast Holdings | CCCL Parent | NBCUniversal Media Parent | Non- Guarantor Subsidiaries | Elimination and Consolidation Adjustments | Consolidated Comcast Corporation | ||||||||||||||
Revenue: | |||||||||||||||||||||
Service revenue | $ | — | $ | — | $ | — | $ | — | $ | 20,463 | $ | — | $ | 20,463 | |||||||
Management fee revenue | 275 | — | 270 | — | — | (545 | ) | — | |||||||||||||
275 | — | 270 | — | 20,463 | (545 | ) | 20,463 | ||||||||||||||
Costs and Expenses: | |||||||||||||||||||||
Programming and production | — | — | — | — | 6,074 | — | 6,074 | ||||||||||||||
Other operating and administrative | 170 | — | 270 | 306 | 5,626 | (545 | ) | 5,827 | |||||||||||||
Advertising, marketing and promotion | — | — | — | — | 1,530 | — | 1,530 | ||||||||||||||
Depreciation | 7 | — | — | — | 1,908 | — | 1,915 | ||||||||||||||
Amortization | 2 | — | — | — | 585 | — | 587 | ||||||||||||||
179 | — | 270 | 306 | 15,723 | (545 | ) | 15,933 | ||||||||||||||
Operating income (loss) | 96 | — | — | (306 | ) | 4,740 | — | 4,530 | |||||||||||||
Other Income (Expense): | |||||||||||||||||||||
Interest expense | (517 | ) | (3 | ) | (60 | ) | (112 | ) | (63 | ) | — | (755 | ) | ||||||||
Investment income (loss), net | 1 | 28 | — | (4 | ) | 34 | — | 59 | |||||||||||||
Equity in net income (losses) of investees, net | 2,839 | 2,650 | 2,320 | 1,597 | 1,236 | (10,606 | ) | 36 | |||||||||||||
Other income (expense), net | — | — | — | 28 | 7 | — | 35 | ||||||||||||||
2,323 | 2,675 | 2,260 | 1,509 | 1,214 | (10,606 | ) | (625 | ) | |||||||||||||
Income (loss) before income taxes | 2,419 | 2,675 | 2,260 | 1,203 | 5,954 | (10,606 | ) | 3,905 | |||||||||||||
Income tax (expense) benefit | 147 | (9 | ) | 21 | (3 | ) | (1,414 | ) | — | (1,258 | ) | ||||||||||
Net income (loss) | 2,566 | 2,666 | 2,281 | 1,200 | 4,540 | (10,606 | ) | 2,647 | |||||||||||||
Net (income) loss attributable to noncontrolling interests and redeemable subsidiary preferred stock | — | — | — | — | (81 | ) | — | (81 | ) | ||||||||||||
Net income (loss) attributable to Comcast Corporation | $ | 2,566 | $ | 2,666 | $ | 2,281 | $ | 1,200 | $ | 4,459 | $ | (10,606 | ) | $ | 2,566 | ||||||
Comprehensive income (loss) attributable to Comcast Corporation | $ | 2,810 | $ | 2,716 | $ | 2,282 | $ | 1,406 | $ | 4,703 | $ | (11,107 | ) | $ | 2,810 |
(in millions) | Comcast Parent | Comcast Holdings | CCCL Parent | NBCUniversal Media Parent | Non- Guarantor Subsidiaries | Elimination and Consolidation Adjustments | Consolidated Comcast Corporation | ||||||||||||||
Revenue: | |||||||||||||||||||||
Service revenue | $ | — | $ | — | $ | — | $ | — | $ | 18,790 | $ | — | $ | 18,790 | |||||||
Management fee revenue | 259 | — | 254 | — | — | (513 | ) | — | |||||||||||||
259 | — | 254 | — | 18,790 | (513 | ) | 18,790 | ||||||||||||||
Costs and Expenses: | |||||||||||||||||||||
Programming and production | — | — | — | — | 5,431 | — | 5,431 | ||||||||||||||
Other operating and administrative | 156 | — | 254 | 295 | 5,334 | (513 | ) | 5,526 | |||||||||||||
Advertising, marketing and promotion | — | — | — | — | 1,466 | — | 1,466 | ||||||||||||||
Depreciation | 8 | — | — | — | 1,777 | — | 1,785 | ||||||||||||||
Amortization | 1 | — | — | — | 492 | — | 493 | ||||||||||||||
165 | — | 254 | 295 | 14,500 | (513 | ) | 14,701 | ||||||||||||||
Operating income (loss) | 94 | — | — | (295 | ) | 4,290 | — | 4,089 | |||||||||||||
Other Income (Expense): | |||||||||||||||||||||
Interest expense | (451 | ) | (3 | ) | (59 | ) | (117 | ) | (73 | ) | — | (703 | ) | ||||||||
Investment income (loss), net | — | — | — | (2 | ) | 32 | — | 30 | |||||||||||||
Equity in net income (losses) of investees, net | 2,366 | 2,264 | 2,114 | 1,297 | 991 | (9,043 | ) | (11 | ) | ||||||||||||
Other income (expense), net | — | — | — | 124 | 6 | — | 130 | ||||||||||||||
1,915 | 2,261 | 2,055 | 1,302 | 956 | (9,043 | ) | (554 | ) | |||||||||||||
Income (loss) before income taxes | 2,009 | 2,261 | 2,055 | 1,007 | 5,246 | (9,043 | ) | 3,535 | |||||||||||||
Income tax (expense) benefit | 125 | 1 | 21 | (5 | ) | (1,453 | ) | — | (1,311 | ) | |||||||||||
Net income (loss) | 2,134 | 2,262 | 2,076 | 1,002 | 3,793 | (9,043 | ) | 2,224 | |||||||||||||
Net (income) loss attributable to noncontrolling interests and redeemable subsidiary preferred stock | — | — | — | — | (90 | ) | — | (90 | ) | ||||||||||||
Net income (loss) attributable to Comcast Corporation | $ | 2,134 | $ | 2,262 | $ | 2,076 | $ | 1,002 | $ | 3,703 | $ | (9,043 | ) | $ | 2,134 | ||||||
Comprehensive income (loss) attributable to Comcast Corporation | $ | 2,224 | $ | 2,306 | $ | 2,078 | $ | 1,146 | $ | 3,705 | $ | (9,235 | ) | $ | 2,224 |
(in millions) | Comcast Parent | Comcast Holdings | CCCL Parent | NBCUniversal Media Parent | Non- Guarantor Subsidiaries | Elimination and Consolidation Adjustments | Consolidated Comcast Corporation | ||||||||||||||
Net cash provided by (used in) operating activities | $ | (453 | ) | $ | (10 | ) | $ | (168 | ) | $ | (330 | ) | $ | 6,617 | $ | — | $ | 5,656 | |||
Investing Activities | |||||||||||||||||||||
Net transactions with affiliates | 1,385 | 10 | 168 | 115 | (1,678 | ) | — | — | |||||||||||||
Capital expenditures | (1 | ) | — | — | — | (2,077 | ) | — | (2,078 | ) | |||||||||||
Cash paid for intangible assets | — | — | — | — | (416 | ) | — | (416 | ) | ||||||||||||
Acquisitions and construction of real estate properties | (69 | ) | — | — | — | (61 | ) | — | (130 | ) | |||||||||||
Acquisitions, net of cash acquired | — | — | — | — | (216 | ) | — | (216 | ) | ||||||||||||
Proceeds from sales of investments | — | — | — | 10 | 41 | — | 51 | ||||||||||||||
Purchases of investments | (9 | ) | — | — | (4 | ) | (1,049 | ) | — | (1,062 | ) | ||||||||||
Other | 55 | — | — | — | 2 | — | 57 | ||||||||||||||
Net cash provided by (used in) investing activities | 1,361 | 10 | 168 | 121 | (5,454 | ) | — | (3,794 | ) | ||||||||||||
Financing Activities | |||||||||||||||||||||
Proceeds from (repayments of) short-term borrowings, net | (1,739 | ) | — | — | — | (154 | ) | — | (1,893 | ) | |||||||||||
Proceeds from borrowings | 3,500 | — | — | — | — | — | 3,500 | ||||||||||||||
Repurchases and repayments of debt | (1,000 | ) | — | — | (3 | ) | (56 | ) | — | (1,059 | ) | ||||||||||
Repurchases of common stock under repurchase program and employee plans | (996 | ) | — | — | — | — | — | (996 | ) | ||||||||||||
Dividends paid | (657 | ) | — | — | — | — | — | (657 | ) | ||||||||||||
Issuances of common stock | — | — | — | — | — | — | — | ||||||||||||||
Distributions to noncontrolling interests and dividends for redeemable subsidiary preferred stock | — | — | — | — | (72 | ) | — | (72 | ) | ||||||||||||
Other | (16 | ) | — | — | — | 52 | — | 36 | |||||||||||||
Net cash provided by (used in) financing activities | (908 | ) | — | — | (3 | ) | (230 | ) | — | (1,141 | ) | ||||||||||
Increase (decrease) in cash and cash equivalents | — | — | — | (212 | ) | 933 | — | 721 | |||||||||||||
Cash and cash equivalents, beginning of period | — | — | — | 482 | 2,819 | — | 3,301 | ||||||||||||||
Cash and cash equivalents, end of period | $ | — | $ | — | $ | — | $ | 270 | $ | 3,752 | $ | — | $ | 4,022 |
(in millions) | Comcast Parent | Comcast Holdings | CCCL Parent | NBCUniversal Media Parent | Non- Guarantor Subsidiaries | Elimination and Consolidation Adjustments | Consolidated Comcast Corporation | ||||||||||||||
Net cash provided by (used in) operating activities | $ | (201 | ) | $ | — | $ | 78 | $ | (391 | ) | $ | 5,913 | $ | — | $ | 5,399 | |||||
Investing Activities | |||||||||||||||||||||
Net transactions with affiliates | (679 | ) | — | (78 | ) | 63 | 694 | — | — | ||||||||||||
Capital expenditures | (3 | ) | — | — | — | (1,882 | ) | — | (1,885 | ) | |||||||||||
Cash paid for intangible assets | — | — | — | — | (378 | ) | — | (378 | ) | ||||||||||||
Acquisitions and construction of real estate properties | — | — | — | — | (140 | ) | — | (140 | ) | ||||||||||||
Acquisitions, net of cash acquired | — | — | — | — | (24 | ) | — | (24 | ) | ||||||||||||
Proceeds from sales of investments | — | — | — | 101 | 9 | — | 110 | ||||||||||||||
Purchases of investments | (7 | ) | — | — | — | (441 | ) | — | (448 | ) | |||||||||||
Other | 7 | — | — | (5 | ) | 54 | — | 56 | |||||||||||||
Net cash provided by (used in) investing activities | (682 | ) | — | (78 | ) | 159 | (2,108 | ) | — | (2,709 | ) | ||||||||||
Financing Activities | |||||||||||||||||||||
Proceeds from (repayments of) short-term borrowings, net | (400 | ) | — | — | — | (138 | ) | — | (538 | ) | |||||||||||
Proceeds from borrowings | 3,323 | — | — | — | — | — | 3,323 | ||||||||||||||
Repurchases and repayments of debt | — | — | — | (4 | ) | (44 | ) | — | (48 | ) | |||||||||||
Repurchases of common stock under repurchase program and employee plans | (1,427 | ) | — | — | — | — | — | (1,427 | ) | ||||||||||||
Dividends paid | (611 | ) | — | — | — | — | — | (611 | ) | ||||||||||||
Issuances of common stock | 12 | — | — | — | — | — | 12 | ||||||||||||||
Distributions to noncontrolling interests and dividends for redeemable subsidiary preferred stock | — | — | — | — | (77 | ) | — | (77 | ) | ||||||||||||
Other | (14 | ) | — | — | — | 23 | — | 9 | |||||||||||||
Net cash provided by (used in) financing activities | 883 | — | — | (4 | ) | (236 | ) | — | 643 | ||||||||||||
Increase (decrease) in cash and cash equivalents | — | — | — | (236 | ) | 3,569 | — | 3,333 | |||||||||||||
Cash and cash equivalents, beginning of period | — | — | — | 414 | 1,881 | — | 2,295 | ||||||||||||||
Cash and cash equivalents, end of period | $ | — | $ | — | $ | — | $ | 178 | $ | 5,450 | $ | — | $ | 5,628 |
Three Months Ended March 31 | Increase/ (Decrease) | ||||||||||
(in millions) | 2017 | 2016 | |||||||||
Revenue | $ | 20,463 | $ | 18,790 | 8.9 | % | |||||
Costs and Expenses: | |||||||||||
Programming and production | 6,074 | 5,431 | 11.8 | ||||||||
Other operating and administrative | 5,827 | 5,526 | 5.4 | ||||||||
Advertising, marketing and promotion | 1,530 | 1,466 | 4.4 | ||||||||
Depreciation | 1,915 | 1,785 | 7.3 | ||||||||
Amortization | 587 | 493 | 19.0 | ||||||||
Operating income | 4,530 | 4,089 | 10.8 | ||||||||
Other income (expense) items, net | (625 | ) | (554 | ) | 13.0 | ||||||
Income before income taxes | 3,905 | 3,535 | 10.4 | ||||||||
Income tax expense | (1,258 | ) | (1,311 | ) | (4.1 | ) | |||||
Net income | 2,647 | 2,224 | 19.0 | ||||||||
Net (income) loss attributable to noncontrolling interests and redeemable subsidiary preferred stock | (81 | ) | (90 | ) | (10.2 | ) | |||||
Net income attributable to Comcast Corporation | $ | 2,566 | $ | 2,134 | 20.2 | % |
Three Months Ended March 31 | Increase/ (Decrease) | ||||||||||
(in millions) | 2017 | 2016 | |||||||||
Cable Communications | $ | 1,980 | $ | 1,843 | 7.4 | % | |||||
NBCUniversal | 508 | 414 | 22.8 | ||||||||
Corporate and Other | 14 | 21 | (35.0 | ) | |||||||
Total | $ | 2,502 | $ | 2,278 | 9.8 | % |
Three Months Ended March 31 | Increase/ (Decrease) | |||||||||||||
(in millions) | 2017 | 2016 | $ | % | ||||||||||
Revenue | ||||||||||||||
Residential: | ||||||||||||||
Video | $ | 5,774 | $ | 5,538 | $ | 236 | 4.3 | % | ||||||
High-speed Internet | 3,606 | 3,275 | 331 | 10.1 | ||||||||||
Voice | 863 | 896 | (33 | ) | (3.6 | ) | ||||||||
Business services | 1,490 | 1,311 | 179 | 13.6 | ||||||||||
Advertising | 512 | 546 | (34 | ) | (6.3 | ) | ||||||||
Other | 667 | 638 | 29 | 4.4 | ||||||||||
Total revenue | 12,912 | 12,204 | 708 | 5.8 | ||||||||||
Operating costs and expenses | ||||||||||||||
Programming | 3,228 | 2,891 | 337 | 11.7 | ||||||||||
Technical and product support | 1,560 | 1,518 | 42 | 2.8 | ||||||||||
Customer service | 621 | 628 | (7 | ) | (1.1 | ) | ||||||||
Advertising, marketing and promotion | 859 | 836 | 23 | 2.8 | ||||||||||
Franchise and other regulatory fees | 381 | 365 | 16 | 4.4 | ||||||||||
Other | 1,065 | 1,077 | (12 | ) | (1.1 | ) | ||||||||
Total operating costs and expenses | 7,714 | 7,315 | 399 | 5.5 | ||||||||||
Adjusted EBITDA | $ | 5,198 | $ | 4,889 | $ | 309 | 6.3 | % |
Total Customers | Net Additional Customers | |||||||||
March 31 | Three Months Ended March 31 | |||||||||
(in thousands, except per customer amounts) | 2017 | 2016 | 2017 | 2016 | ||||||
Video | ||||||||||
Video residential customers | 21,520 | 21,422 | 32 | 37 | ||||||
Video business services customers | 1,030 | 978 | 10 | 16 | ||||||
Total video customers | 22,549 | 22,400 | 42 | 53 | ||||||
High-Speed Internet | ||||||||||
High-speed Internet residential customers | 23,224 | 22,013 | 397 | 403 | ||||||
High-speed Internet business services customers | 1,907 | 1,754 | 32 | 35 | ||||||
Total high-speed Internet customers | 25,131 | 23,767 | 429 | 438 | ||||||
Voice | ||||||||||
Voice residential customers | 10,520 | 10,516 | (27 | ) | 80 | |||||
Voice business services customers | 1,162 | 1,061 | 22 | 22 | ||||||
Total voice customers | 11,681 | 11,577 | (5 | ) | 102 | |||||
Security and Automation | ||||||||||
Security and automation customers | 957 | 668 | 66 | 56 | ||||||
Customer Relationships | ||||||||||
Residential customer relationships | 26,797 | 26,065 | 263 | 237 | ||||||
Business services customer relationships | 2,078 | 1,921 | 34 | 34 | ||||||
Total customer relationships | 28,875 | 27,986 | 297 | 271 | ||||||
Residential customer relationships mix | ||||||||||
Single product customers | 7,861 | 7,681 | 104 | 34 | ||||||
Double product customers | 8,938 | 8,572 | 141 | 94 | ||||||
Triple and quad product customers | 9,998 | 9,812 | 18 | 109 | ||||||
Average monthly total revenue per customer relationship | $ | 149.83 | $ | 146.07 |
Three Months Ended March 31 | Increase/ (Decrease) | ||||||||||
(in millions) | 2017 | 2016 | $ | % | |||||||
Revenue | |||||||||||
Cable Networks | $ | 2,641 | $ | 2,453 | $ | 188 | 7.6 | % | |||
Broadcast Television | 2,208 | 2,084 | 124 | 5.9 | |||||||
Filmed Entertainment | 1,981 | 1,383 | 598 | 43.2 | |||||||
Theme Parks | 1,118 | 1,026 | 92 | 9.0 | |||||||
Headquarters, other and eliminations | (80 | ) | (85 | ) | 5 | NM | |||||
Total revenue | $ | 7,868 | $ | 6,861 | $ | 1,007 | 14.7 | % | |||
Adjusted EBITDA | |||||||||||
Cable Networks | $ | 1,116 | $ | 956 | $ | 160 | 16.8 | % | |||
Broadcast Television | 322 | 284 | 38 | 13.4 | |||||||
Filmed Entertainment | 368 | 167 | 201 | 120.6 | |||||||
Theme Parks | 397 | 375 | 22 | 6.1 | |||||||
Headquarters, other and eliminations | (186 | ) | (160 | ) | (26 | ) | NM | ||||
Total Adjusted EBITDA | $ | 2,017 | $ | 1,622 | $ | 395 | 24.4 | % |
Three Months Ended March 31 | Increase/ (Decrease) | ||||||||||
(in millions) | 2017 | 2016 | $ | % | |||||||
Revenue | |||||||||||
Distribution | $ | 1,562 | $ | 1,438 | $ | 124 | 8.6 | % | |||
Advertising | 826 | 851 | (25 | ) | (2.9 | ) | |||||
Content licensing and other | 253 | 164 | 89 | 54.0 | |||||||
Total revenue | 2,641 | 2,453 | 188 | 7.6 | |||||||
Operating costs and expenses | |||||||||||
Programming and production | 1,083 | 1,058 | 25 | 2.3 | |||||||
Other operating and administrative | 321 | 307 | 14 | 4.4 | |||||||
Advertising, marketing and promotion | 121 | 132 | (11 | ) | (8.4 | ) | |||||
Total operating costs and expenses | 1,525 | 1,497 | 28 | 1.8 | |||||||
Adjusted EBITDA | $ | 1,116 | $ | 956 | $ | 160 | 16.8 | % |
Three Months Ended March 31 | Increase/ (Decrease) | ||||||||||
(in millions) | 2017 | 2016 | $ | % | |||||||
Revenue | |||||||||||
Advertising | $ | 1,279 | $ | 1,275 | $ | 4 | 0.3 | % | |||
Content licensing | 503 | 490 | 13 | 2.6 | |||||||
Distribution and other | 426 | 319 | 107 | 33.4 | |||||||
Total revenue | 2,208 | 2,084 | 124 | 5.9 | |||||||
Operating costs and expenses | |||||||||||
Programming and production | 1,432 | 1,363 | 69 | 5.0 | |||||||
Other operating and administrative | 336 | 318 | 18 | 5.6 | |||||||
Advertising, marketing and promotion | 118 | 119 | (1 | ) | (0.6 | ) | |||||
Total operating costs and expenses | 1,886 | 1,800 | 86 | 4.8 | |||||||
Adjusted EBITDA | $ | 322 | $ | 284 | $ | 38 | 13.4 | % |
Three Months Ended March 31 | Increase/ (Decrease) | ||||||||||
(in millions) | 2017 | 2016 | $ | % | |||||||
Revenue | |||||||||||
Theatrical | $ | 651 | $ | 236 | $ | 415 | 176.2 | % | |||
Content licensing | 731 | 652 | 79 | 12.1 | |||||||
Home entertainment | 299 | 275 | 24 | 8.8 | |||||||
Other | 300 | 220 | 80 | 35.9 | |||||||
Total revenue | 1,981 | 1,383 | 598 | 43.2 | |||||||
Operating costs and expenses | |||||||||||
Programming and production | 875 | 622 | 253 | 40.7 | |||||||
Other operating and administrative | 330 | 209 | 121 | 57.0 | |||||||
Advertising, marketing and promotion | 408 | 385 | 23 | 6.2 | |||||||
Total operating costs and expenses | 1,613 | 1,216 | 397 | 32.6 | |||||||
Adjusted EBITDA | $ | 368 | $ | 167 | $ | 201 | 120.6 | % |
Three Months Ended March 31 | Increase/ (Decrease) | ||||||||||
(in millions) | 2017 | 2016 | $ | % | |||||||
Revenue | $ | 1,118 | $ | 1,026 | $ | 92 | 9.0 | % | |||
Operating costs and expenses | 721 | 651 | 70 | 10.7 | |||||||
Adjusted EBITDA | $ | 397 | $ | 375 | $ | 22 | 6.1 | % |
Three Months Ended March 31 | Increase/ (Decrease) | |||||||||||||
(in millions) | 2017 | 2016 | $ | % | ||||||||||
Revenue | $ | 208 | $ | 199 | $ | 9 | 4.2 | % | ||||||
Operating costs and expenses | 402 | 353 | 49 | 13.8 | ||||||||||
Adjusted EBITDA | $ | (194 | ) | $ | (154 | ) | $ | (40 | ) | (26.2 | )% |
Three Months Ended March 31 | |||||||
(in millions) | 2017 | 2016 | |||||
Interest expense | $ | (755 | ) | $ | (703 | ) | |
Investment income (loss), net | 59 | 30 | |||||
Equity in net income (losses) of investees, net | 36 | (11 | ) | ||||
Other income (expense), net | 35 | 130 | |||||
Total | $ | (625 | ) | $ | (554 | ) |
Three Months Ended March 31 | ||||||
(in millions) | 2017 | 2016 | ||||
Operating income | $ | 4,530 | $ | 4,089 | ||
Depreciation and amortization | 2,502 | 2,278 | ||||
Noncash share-based compensation | 173 | 153 | ||||
Changes in operating assets and liabilities | (580 | ) | (258 | ) | ||
Payments of interest | (895 | ) | (723 | ) | ||
Payments of income taxes | (132 | ) | (190 | ) | ||
Other | 58 | 50 | ||||
Net cash provided by operating activities | $ | 5,656 | $ | 5,399 |
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 Publcly Announced Authorization | Maximum Dollar Value of Shares That May Yet Be Purchased Under the Publicly Announced Authorization(a) | |||||||||
January 1-31, 2017 | — | $ | — | — | $ | — | $ | 12,000,000,000 | ||||||
February 1-28, 2017 | 13,837,918 | (b) | $ | 36.48 | 13,711,242 | $ | 500,000,000 | $ | 11,500,000,000 | |||||
March 1-31, 2017 | 6,694,676 | $ | 37.34 | 6,694,676 | $ | 249,999,994 | $ | 11,250,000,006 | ||||||
Total | 20,532,594 | $ | 36.76 | 20,405,918 | $ | 749,999,994 | $ | 11,250,000,006 |
(a) | Effective January 1, 2017, our Board of Directors increased our share repurchase program authorization to $12 billion, which does not have an expiration date. Under this authorization, we may repurchase shares in the open market or in private transactions. We expect to make $4.25 billion more in repurchases under this authorization during the remainder of 2017, subject to market conditions. |
(b) | Includes 126,676 shares received in the administration of employee share-based compensation plans. |
Exhibit No. | Description | |
10.1* | Employment Agreement between Comcast Corporation and Neil Smit, dated as of April 25, 2017. | |
10.2* | Form of Restricted Stock Unit Award and Long-Term Incentive Awards Summary Schedule under the Comcast Corporation 2002 Restricted Stock Plan. | |
31.1 | Certification of Chief Executive Officer and Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | |
32.1 | 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, 2017, filed with the Securities and Exchange Commission on April 27, 2017, formatted in XBRL (eXtensible Business Reporting Language): (i) the Condensed Consolidated Balance Sheet; (ii) the Condensed Consolidated Statement of Income; (iii) the Condensed Consolidated Statement of Comprehensive Income; (iv) the Condensed Consolidated Statement of Cash Flows; (v) the Condensed Consolidated Statement of Changes in Equity; and (vi) the Notes to Condensed Consolidated Financial Statements. | |
* Constitutes a management contract or compensatory plan or arrangement. |
Exhibit No. | Description | |
31.2 | Certification of Principal Executive Officer and Principal Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | |
32.2 | Certification of Principal Executive Officer and Principal Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. | |
101 | The following financial statements from NBCUniversal Media, LLC’s Quarterly Report on Form 10-Q for the three months ended March 31, 2017, filed with the Securities and Exchange Commission on April 27, 2017, formatted in XBRL (eXtensible Business Reporting Language): (i) the Condensed Consolidated Balance Sheet; (ii) the Condensed Consolidated Statement of Income; (iii) the Condensed Consolidated Statement of Comprehensive Income; (iv) the Condensed Consolidated Statement of Cash Flows; (v) the Condensed Consolidated Statement of Changes in Equity; and (vi) the Notes to Condensed Consolidated Financial Statements. |
COMCAST CORPORATION | ||
By: | /s/ DANIEL C. MURDOCK | |
Daniel C. Murdock Senior Vice President, Chief Accounting Officer and Controller (Principal Accounting Officer) |
NBCUNIVERSAL MEDIA, LLC | ||
By: | /s/ DANIEL C. MURDOCK | |
Daniel C. Murdock Senior Vice President (Principal Accounting Officer) |
Index | Page |
(in millions) | March 31, 2017 | December 31, 2016 | ||||
Assets | ||||||
Current Assets: | ||||||
Cash and cash equivalents | $ | 1,882 | $ | 1,966 | ||
Receivables, net | 6,227 | 6,302 | ||||
Programming rights | 1,471 | 1,241 | ||||
Other current assets | 1,164 | 938 | ||||
Total current assets | 10,744 | 10,447 | ||||
Film and television costs | 6,961 | 7,245 | ||||
Investments | 1,940 | 1,263 | ||||
Property and equipment, net of accumulated depreciation of $3,567 and $3,350 | 10,695 | 10,511 | ||||
Goodwill | 23,793 | 23,323 | ||||
Intangible assets, net of accumulated amortization of $6,854 and $6,568 | 13,655 | 13,777 | ||||
Other noncurrent assets, net | 1,561 | 1,688 | ||||
Total assets | $ | 69,349 | $ | 68,254 | ||
Liabilities and Equity | ||||||
Current Liabilities: | ||||||
Accounts payable and accrued expenses related to trade creditors | $ | 1,487 | $ | 1,647 | ||
Accrued participations and residuals | 1,811 | 1,726 | ||||
Program obligations | 681 | 807 | ||||
Deferred revenue | 1,143 | 1,016 | ||||
Accrued expenses and other current liabilities | 1,573 | 1,888 | ||||
Note payable to Comcast | 1,853 | 2,703 | ||||
Current portion of long-term debt | 115 | 127 | ||||
Total current liabilities | 8,663 | 9,914 | ||||
Long-term debt, less current portion | 11,623 | 11,461 | ||||
Accrued participations, residuals and program obligations | 1,164 | 1,202 | ||||
Other noncurrent liabilities | 4,039 | 4,130 | ||||
Commitments and contingencies | ||||||
Redeemable noncontrolling interests | 527 | 530 | ||||
Equity: | ||||||
Member’s capital | 40,792 | 39,036 | ||||
Accumulated other comprehensive income (loss) | 71 | (135 | ) | |||
Total NBCUniversal member’s equity | 40,863 | 38,901 | ||||
Noncontrolling interests | 2,470 | 2,116 | ||||
Total equity | 43,333 | 41,017 | ||||
Total liabilities and equity | $ | 69,349 | $ | 68,254 |
Three Months Ended March 31 | ||||||
(in millions) | 2017 | 2016 | ||||
Revenue | $ | 7,868 | $ | 6,861 | ||
Costs and Expenses: | ||||||
Programming and production | 3,313 | 2,965 | ||||
Other operating and administrative | 1,832 | 1,595 | ||||
Advertising, marketing and promotion | 706 | 679 | ||||
Depreciation | 231 | 192 | ||||
Amortization | 277 | 222 | ||||
6,359 | 5,653 | |||||
Operating income | 1,509 | 1,208 | ||||
Other Income (Expense): | ||||||
Interest expense | (143 | ) | (147 | ) | ||
Investment income (loss), net | 14 | 6 | ||||
Equity in net income (losses) of investees, net | (26 | ) | (2 | ) | ||
Other income (expense), net | 11 | 115 | ||||
(144 | ) | (28 | ) | |||
Income before income taxes | 1,365 | 1,180 | ||||
Income tax expense | (92 | ) | (98 | ) | ||
Net income | 1,273 | 1,082 | ||||
Net (income) loss attributable to noncontrolling interests | (73 | ) | (80 | ) | ||
Net income attributable to NBCUniversal | $ | 1,200 | $ | 1,002 |
Three Months Ended March 31 | ||||||
(in millions) | 2017 | 2016 | ||||
Net income | $ | 1,273 | $ | 1,082 | ||
Unrealized gains (losses) on marketable securities, net | 1 | — | ||||
Deferred gains (losses) on cash flow hedges, net | (14 | ) | (18 | ) | ||
Employee benefit obligations, net | 106 | 4 | ||||
Currency translation adjustments, net | 200 | 295 | ||||
Comprehensive income | 1,566 | 1,363 | ||||
Net (income) loss attributable to noncontrolling interests | (73 | ) | (80 | ) | ||
Other comprehensive (income) loss attributable to noncontrolling interests | (87 | ) | (137 | ) | ||
Comprehensive income attributable to NBCUniversal | $ | 1,406 | $ | 1,146 |
Three Months Ended March 31 | ||||||
(in millions) | 2017 | 2016 | ||||
Net cash provided by operating activities | $ | 1,477 | $ | 1,177 | ||
Investing Activities | ||||||
Capital expenditures | (285 | ) | (295 | ) | ||
Cash paid for intangible assets | (55 | ) | (52 | ) | ||
Acquisitions of real estate properties | — | (78 | ) | |||
Proceeds from sales of investments | 10 | 101 | ||||
Other | (105 | ) | (14 | ) | ||
Net cash provided by (used in) investing activities | (435 | ) | (338 | ) | ||
Financing Activities | ||||||
Repurchases and repayments of debt | (49 | ) | (35 | ) | ||
Proceeds from (repayments of) borrowings from Comcast, net | (849 | ) | (875 | ) | ||
Distributions to member | (195 | ) | (195 | ) | ||
Distributions to noncontrolling interests | (61 | ) | (63 | ) | ||
Other | 28 | — | ||||
Net cash provided by (used in) financing activities | (1,126 | ) | (1,168 | ) | ||
Increase (decrease) in cash and cash equivalents | (84 | ) | (329 | ) | ||
Cash and cash equivalents, beginning of period | 1,966 | 1,410 | ||||
Cash and cash equivalents, end of period | $ | 1,882 | $ | 1,081 |
(in millions) | Redeemable Noncontrolling Interests | Member’s Capital | Accumulated Other Comprehensive Income (Loss) | Noncontrolling Interests | Total Equity | ||||||||||
Balance, December 31, 2015 | $ | 372 | $ | 32,834 | $ | (212 | ) | $ | 1,681 | $ | 34,303 | ||||
Dividends declared | (195 | ) | (195 | ) | |||||||||||
Contributions from (distributions to) noncontrolling interests, net | (22 | ) | (41 | ) | (41 | ) | |||||||||
Other comprehensive income (loss) | 144 | 137 | 281 | ||||||||||||
Other | 1 | 1 | |||||||||||||
Net income (loss) | 19 | 1,002 | 61 | 1,063 | |||||||||||
Balance, March 31, 2016 | $ | 369 | $ | 33,642 | $ | (68 | ) | $ | 1,838 | $ | 35,412 | ||||
Balance, December 31, 2016 | $ | 530 | $ | 39,036 | $ | (135 | ) | $ | 2,116 | $ | 41,017 | ||||
Dividends declared | (195 | ) | (195 | ) | |||||||||||
Contributions from (distributions to) noncontrolling interests, net | (20 | ) | (41 | ) | (41 | ) | |||||||||
Contribution from member | 662 | 662 | |||||||||||||
Other comprehensive income (loss) | 206 | 87 | 293 | ||||||||||||
Other | (1 | ) | 89 | 253 | 342 | ||||||||||
Net income (loss) | 18 | 1,200 | 55 | 1,255 | |||||||||||
Balance, March 31, 2017 | $ | 527 | $ | 40,792 | $ | 71 | $ | 2,470 | $ | 43,333 |
Preliminary Allocation of Purchase Price | |||
(in millions) | |||
Film and television costs | $ | 854 | |
Intangible assets | 362 | ||
Working capital | 232 | ||
Debt | (381 | ) | |
Tax receivable agreement(a) | (146 | ) | |
Other noncurrent assets and liabilities and other(b) | 407 | ||
Identifiable net assets (liabilities) acquired | 1,328 | ||
Noncontrolling interests | (337 | ) | |
Goodwill | 2,782 | ||
Cash consideration transferred | $ | 3,773 |
(a) | The tax receivable agreement was settled immediately following the acquisition and the payment was recorded as an operating activity in our condensed consolidated statement of cash flows in the third quarter of 2016. Comcast made a separate cash capital contribution of $146 million to fund the settlement which was recorded as a financing activity in our condensed consolidated statement of cash flows in the third quarter of 2016. |
(b) | Other included $281 million recorded to member’s capital that represented deferred income tax assets and other tax-related items recorded by Comcast but excluded from the net assets contributed to us. |
(in millions) | March 31, 2017 | December 31, 2016 | ||||
Transactions with Comcast and Consolidated Subsidiaries | ||||||
Receivables, net | $ | 322 | $ | 285 | ||
Accounts payable and accrued expenses related to trade creditors | $ | 42 | $ | 55 | ||
Accrued expenses and other current liabilities | $ | 19 | $ | 4 | ||
Note payable to Comcast | $ | 1,853 | $ | 2,703 | ||
Other noncurrent liabilities | $ | 389 | $ | 389 |
Three Months Ended March 31 | ||||||
(in millions) | 2017 | 2016 | ||||
Transactions with Comcast and Consolidated Subsidiaries | ||||||
Revenue | $ | 459 | $ | 406 | ||
Operating costs and expenses | $ | (61 | ) | $ | (60 | ) |
Other income (expense) | $ | (19 | ) | $ | (13 | ) |
(in millions) | March 31, 2017 | December 31, 2016 | ||||
Film Costs: | ||||||
Released, less amortization | $ | 1,657 | $ | 1,750 | ||
Completed, not released | 469 | 50 | ||||
In production and in development | 982 | 1,310 | ||||
3,108 | 3,110 | |||||
Television Costs: | ||||||
Released, less amortization | 2,008 | 1,953 | ||||
In production and in development | 729 | 853 | ||||
2,737 | 2,806 | |||||
Programming rights, less amortization | 2,587 | 2,570 | ||||
8,432 | 8,486 | |||||
Less: Current portion of programming rights | 1,471 | 1,241 | ||||
Film and television costs | $ | 6,961 | $ | 7,245 |
(in millions) | March 31, 2017 | December 31, 2016 | ||||
Fair Value Method: | ||||||
Snap | $ | 662 | $ | — | ||
Other | 7 | 6 | ||||
669 | 6 | |||||
Equity Method: | ||||||
Hulu | 171 | 225 | ||||
Other | 400 | 336 | ||||
571 | 561 | |||||
Cost Method: | ||||||
BuzzFeed | 400 | 400 | ||||
Other | 300 | 296 | ||||
700 | 696 | |||||
Total investments | $ | 1,940 | $ | 1,263 |
Three Months Ended March 31 | ||||||
(in millions) | 2017 | 2016 | ||||
Restricted share units | $ | 20 | $ | 18 | ||
Stock options | 2 | 2 | ||||
Employee stock purchase plans | 3 | 3 | ||||
Total | $ | 25 | $ | 23 |
(in millions) | March 31, 2017 | December 31, 2016 | ||||
Receivables, gross | $ | 6,647 | $ | 6,799 | ||
Less: Allowance for returns and customer incentives | 343 | 413 | ||||
Less: Allowance for doubtful accounts | 77 | 84 | ||||
Receivables, net | $ | 6,227 | $ | 6,302 |
(in millions) | March 31, 2017 | March 31, 2016 | ||||
Unrealized gains (losses) on marketable securities | $ | 1 | $ | — | ||
Deferred gains (losses) on cash flow hedges | 9 | (19 | ) | |||
Unrecognized gains (losses) on employee benefit obligations | 120 | 3 | ||||
Cumulative translation adjustments | (59 | ) | (52 | ) | ||
Accumulated other comprehensive income (loss) | $ | 71 | $ | (68 | ) |
Three Months Ended March 31 | ||||||
(in millions) | 2017 | 2016 | ||||
Net income | $ | 1,273 | $ | 1,082 | ||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||
Depreciation and amortization | 508 | 414 | ||||
Equity in net (income) losses of investees, net | 26 | 2 | ||||
Cash received from investees | 14 | 12 | ||||
Net (gain) loss on investment activity and other | (18 | ) | (114 | ) | ||
Deferred income taxes | 9 | 48 | ||||
Changes in operating assets and liabilities, net of effects of acquisitions and divestitures: | ||||||
Current and noncurrent receivables, net | 104 | 349 | ||||
Film and television costs, net | 46 | (84 | ) | |||
Accounts payable and accrued expenses related to trade creditors | (190 | ) | (139 | ) | ||
Other operating assets and liabilities | (295 | ) | (393 | ) | ||
Net cash provided by operating activities | $ | 1,477 | $ | 1,177 |
Three Months Ended March 31 | ||||||
(in millions) | 2017 | 2016 | ||||
Interest | $ | 77 | $ | 66 | ||
Income taxes | $ | 52 | $ | 59 |
• | we acquired $216 million of property and equipment and intangible assets that were accrued but unpaid |
• | Comcast contributed its investment in Snap to us at its fair value as of March 31, 2017, which was a noncash transaction (see Note 6 for additional information) |
• | Cable Networks: Consists primarily of our national cable networks, our regional sports and news networks, our international cable networks, and our cable television studio production operations. |
• | Broadcast Television: Consists primarily of the NBC and Telemundo broadcast networks, our NBC and Telemundo owned local broadcast television stations, the NBC Universo national cable network, and our broadcast television studio production operations. |
• | Filmed Entertainment: Consists primarily of the operations of Universal Pictures, which produces, acquires, markets and distributes filmed entertainment worldwide; our films are also produced under the Illumination, Focus Features and DreamWorks Animation names. |
• | Theme Parks: Consists primarily of our Universal theme parks in Orlando, Florida; Hollywood, California; and Osaka, Japan. |
Three Months Ended March 31, 2017 | ||||||||||||||||||
(in millions) | Revenue(c) | Adjusted EBITDA(d) | Depreciation and Amortization | Operating Income (Loss) | Capital Expenditures | Cash Paid for Intangible Assets | ||||||||||||
Cable Networks | $ | 2,641 | $ | 1,116 | $ | 214 | $ | 902 | $ | 2 | $ | 3 | ||||||
Broadcast Television | 2,208 | 322 | 32 | 290 | 29 | 3 | ||||||||||||
Filmed Entertainment | 1,981 | 368 | 21 | 347 | 10 | 5 | ||||||||||||
Theme Parks | 1,118 | 397 | 142 | 255 | 229 | 13 | ||||||||||||
Headquarters and Other(a) | 8 | (185 | ) | 99 | (284 | ) | 15 | 31 | ||||||||||
Eliminations(b) | (88 | ) | (1 | ) | — | (1 | ) | — | — | |||||||||
Total | $ | 7,868 | $ | 2,017 | $ | 508 | $ | 1,509 | $ | 285 | $ | 55 |
Three Months Ended March 31, 2016 | ||||||||||||||||||
(in millions) | Revenue(c) | Adjusted EBITDA(d) | Depreciation and Amortization | Operating Income (Loss) | Capital Expenditures | Cash Paid for Intangible Assets | ||||||||||||
Cable Networks | $ | 2,453 | $ | 956 | $ | 190 | $ | 766 | $ | 1 | $ | 1 | ||||||
Broadcast Television | 2,084 | 284 | 32 | 252 | 19 | 3 | ||||||||||||
Filmed Entertainment | 1,383 | 167 | 8 | 159 | 3 | 3 | ||||||||||||
Theme Parks | 1,026 | 375 | 98 | 277 | 200 | 9 | ||||||||||||
Headquarters and Other(a) | 3 | (160 | ) | 86 | (246 | ) | 72 | 36 | ||||||||||
Eliminations(b) | (88 | ) | — | — | — | — | — | |||||||||||
Total | $ | 6,861 | $ | 1,622 | $ | 414 | $ | 1,208 | $ | 295 | $ | 52 |
(a) | Headquarters and Other activities include costs associated with overhead, allocations, personnel costs and headquarter initiatives. |
(b) | Included in Eliminations are transactions that our segments enter into with one another, which consist primarily of the licensing of film and television content from our Filmed Entertainment and Broadcast Television segments to our Cable Networks segment. |
(c) | No single customer accounted for a significant amount of revenue in any period. |
(d) | We use Adjusted EBITDA as the measure of profit or loss for our operating segments. Adjusted EBITDA is defined as net income attributable to NBCUniversal before net (income) loss attributable to noncontrolling interests, income tax expense, other income (expense) items, net, and depreciation and amortization, and excluding impairment charges related to fixed and intangible assets and gains or losses on the sale of long-lived assets, if any. Other income (expense) items, net include interest expense, investment income (loss), equity in net income (losses) of investees, and other income (expense), net (as stated in our condensed consolidated statement of income). This measure eliminates the significant level of noncash amortization expense that results from intangible assets recognized in connection with business combinations. Additionally, it is unaffected by our capital and tax structures and by our investment activities. We use this measure to evaluate our consolidated operating performance and the operating performance of our operating segments and to allocate resources and capital to our operating segments. It is also a significant performance measure in our annual incentive compensation programs. We believe that this measure is useful to investors because it is one of the bases for comparing our operating performance with that of other companies in our industries, although our measure may not be directly comparable to similar measures used by other companies. This measure should not be considered a substitute for operating income (loss), net income (loss), net income (loss) attributable to NBCUniversal, net cash provided by operating activities, or other measures of performance or liquidity we have reported in accordance with GAAP. Our reconciliation of the aggregate amount of Adjusted EBITDA for our reportable segments to consolidated income before income taxes is presented in the table below. |
Three Months Ended March 31 | ||||||
(in millions) | 2017 | 2016 | ||||
Adjusted EBITDA | $ | 2,017 | $ | 1,622 | ||
Depreciation | (231 | ) | (192 | ) | ||
Amortization | (277 | ) | (222 | ) | ||
Other income (expense) items, net | (144 | ) | (28 | ) | ||
Income before income taxes | $ | 1,365 | $ | 1,180 |
1. | Relate at the time of conception or reduction to practice of the invention to the Company’s business, or actual demonstrably anticipated research or development of the Company; or |
2. | Result from any work performed by you for the Company. |
COMCAST CORPORATION | |
BY: | |
ATTEST: |
Grantee: | [________________] |
Date of Grant: | [_______________] |
Common Stock: | Comcast Corporation Class A Common Stock |
Number of Restricted Stock Units Granted: | ___ at Tier Two Performance Goal ( the “Target Performance Goal”) [__]% of [___] at Tier Three Performance Goal |
[YEAR 1] RSUs | [__]% of the Restricted Stock Units, determined at the Target Performance Goal. |
[YEAR 2] RSUs | [__]% of the Restricted Stock Units, determined at the Target Performance Goal. |
[YEAR 3] RSUs | [__]% of the Restricted Stock Units, determined at the Target Performance Goal. |
[YEAR 4] RSUs | [__]% of the Restricted Stock Units, determined at the Target Performance Goal. |
[YEAR 5] RSUs | [__]% of the Restricted Stock Units, determined at the Target Performance Goal. |
Vesting Dates and Vesting Percentages of Restricted Stock Units: | The vesting percentage for any Performance Period shall be mathematically interpolated for achievement between: -- the lowest performance level of the Tier One Performance Goal ([__]% year over year increase in Operating Cash Flow) and the lowest level of achievement of the Tier Two Performance Goal ([__]% year over year increase in Operating Cash Flow). The interpolation of vesting shall range from [__]% to [__]%; -- the highest performance level of the Tier Two Performance Goal ([__]% year over year increase in Operating Cash Flow) and the lowest performance level of the Tier Three Performance Goal ([__]% year over year increase in Operating Cash Flow) The interpolation of vesting shall range from [__]% to [__]%. Fractional results shall be rounded to next lower full Share. (1) [YEAR 1] RSUs: On [________] FROM DATE OF GRANT]: [__]%, provided that the Tier One Performance Goal is satisfied; [__]%, provided that the Tier Two Performance Goal is satisfied; [__]%, provided that the Tier Three Performance Goal is satisfied. For Year 1 RSUs, the Performance Period is the 12-consecutive month period beginning April 1, 20__ and ending the next following March 31. (2) [YEAR 2] RSUs: On [________] of Date of Grant, the greater of the vesting percentage as determined for [YEAR 1] RSUs, or [__]%, provided that the Tier One Performance Goal is satisfied; [__]%, provided that the Tier Two Performance Goal is satisfied; [__]%, provided that the Tier Three Performance Goal is satisfied. For Year 2 RSUs, the Performance Period is the calendar year 20__. (3) [YEAR 3] RSUs On [________] of Date of Grant, the greater of the vesting percentages as determined for [YEAR 2] RSUs or: [__]%, provided that the Tier One Performance Goal is satisfied; [__]%, provided that the Tier Two Performance Goal is satisfied; [__]%, provided that the Tier Three Performance Goal is satisfied. For Year 3 RSUs, the Performance Period is the calendar year 20__. (4) [YEAR 4] RSUs On [________] of Date of Grant, the greater of the vesting percentages as determined for [YEAR 3] RSUs or [__]%, provided that the Tier One Performance Goal is satisfied; [__]%, provided that the Tier Two Performance Goal is satisfied; [__]%, provided that the Tier Three Performance Goal is satisfied. For Year 4 RSUs, the Performance Period is the calendar year 20__. (5) [YEAR 5] RSUs On [________] of Date of Grant, the greater of the vesting percentages as determined for [YEAR 4] RSUs or [__]%, provided that the Tier One Performance Goal is satisfied; [__]%, provided that the Tier Two Performance Goal is satisfied; [__]%, provided that the Tier Three Performance Goal is satisfied. For Year 5 RSUs, the Performance Period is the calendar year 20__. |
Notwithstanding anything herein to the contrary, to the extent a Vesting Date for any RSUs has not occurred because of the failure to satisfy an applicable Performance Goal for any year by the applicable Scheduled Vesting Date, such RSUs which have not vested and become nonforfeitable shall immediately and automatically, without any action on the part of the Grantee or the Company, be forfeited by the Grantee and deemed canceled. |
1. | I have reviewed this Quarterly Report on Form 10-Q of Comcast Corporation; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a) | designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b) | designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c) | evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d) | disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an Annual Report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. | The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
a) | all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
b) | any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
/s/ BRIAN L. ROBERTS |
Name: Brian L. Roberts |
Title: Chief Executive Officer |
1. | I have reviewed this Quarterly Report on Form 10-Q of Comcast Corporation; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a) | designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b) | designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c) | evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d) | disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an Annual Report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. | The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
a) | all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
b) | any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
/s/ MICHAEL J. CAVANAGH |
Name: Michael J. Cavanagh |
Title: Chief Financial Officer |
1. | I have reviewed this Quarterly Report on Form 10-Q of NBCUniversal Media, LLC; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a) | designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b) | designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c) | evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d) | disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an Annual Report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. | The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
a) | all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
b) | any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
/s/ BRIAN L. ROBERTS |
Name: Brian L. Roberts |
Title: Principal Executive Officer |
1. | I have reviewed this Quarterly Report on Form 10-Q of NBCUniversal Media, LLC; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a) | designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b) | designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c) | evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d) | disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an Annual Report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. | The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
a) | all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
b) | any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
/s/ MICHAEL J. CAVANAGH |
Name: Michael J. Cavanagh |
Title: Principal Financial Officer |
1. | The Report fully complies with the requirements of Section 13(a) or 15(d) of the Exchange Act; and |
2. | The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of Comcast Corporation. |
/s/ BRIAN L. ROBERTS |
Name: Brian L. Roberts |
Title: Chief Executive Officer |
/s/ MICHAEL J. CAVANAGH |
Name: Michael J. Cavanagh |
Title: Chief Financial Officer |
1. | The Report fully complies with the requirements of Section 13(a) or 15(d) of the Exchange Act; and |
2. | The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of NBCUniversal Media, LLC. |
/s/ BRIAN L. ROBERTS |
Name: Brian L. Roberts |
Title: Principal Executive Officer |
/s/ MICHAEL J. CAVANAGH |
Name: Michael J. Cavanagh |
Title: Principal Financial Officer |
Document and Entity Information |
3 Months Ended |
---|---|
Mar. 31, 2017
shares
| |
Document And Entity Information [Line Items] | |
Document Type | 10-Q |
Amendment Flag | false |
Document Period End Date | Mar. 31, 2017 |
Document Fiscal Year Focus | 2017 |
Document Fiscal Period Focus | Q1 |
Trading Symbol | cmcsa |
Entity Registrant Name | COMCAST CORP |
Entity Central Index Key | 0001166691 |
Current Fiscal Year End Date | --12-31 |
Entity Filer Category | Large Accelerated Filer |
NBCUniversal Media LLC [Member] | |
Document And Entity Information [Line Items] | |
Entity Registrant Name | NBCUniversal Media, LLC |
Entity Central Index Key | 0000902739 |
Entity Filer Category | Non-accelerated Filer |
Class A Common Stock [Member] | |
Document And Entity Information [Line Items] | |
Entity Common Stock, Shares Outstanding | 4,733,512,494 |
Class B Common Stock [Member] | |
Document And Entity Information [Line Items] | |
Entity Common Stock, Shares Outstanding | 9,444,375 |
Condensed Consolidated Statement of Comprehensive Income (Unaudited) (Parenthetical) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2017 |
Mar. 31, 2016 |
|
Unrealized gains (losses) on marketable securities, deferred taxes | $ (61) | $ (1) |
Deferred gains (losses) on cash flow hedges, deferred taxes | (4) | 18 |
Realized (gains) losses on marketable securities, deferred taxes | 0 | 1 |
Realized (gains) losses on cash flow hedges, deferred taxes | 0 | (10) |
Employee benefit obligations, deferred taxes | (37) | (2) |
Currency translation adjustments, deferred taxes | $ (41) | $ (58) |
Condensed Consolidated Statement of Changes in Equity (Unaudited) - USD ($) $ in Millions |
Total |
Redeemable Noncontrolling Interests And Redeemable Subsidiary Preferred Stock [Member] |
Additional Paid-in Capital [Member] |
Retained Earnings [Member] |
Treasury Stock at Cost [Member] |
Accumulated Other Comprehensive Income (Loss) [Member] |
Noncontrolling Interest [Member] |
NBCUniversal Media LLC [Member] |
NBCUniversal Media LLC [Member]
Redeemable Noncontrolling Interest [Member]
|
NBCUniversal Media LLC [Member]
Member's Capital [Member]
|
NBCUniversal Media LLC [Member]
Accumulated Other Comprehensive Income (Loss) [Member]
|
NBCUniversal Media LLC [Member]
Noncontrolling Interest [Member]
|
Class A Common Stock [Member]
Common Stock [Member]
|
Class B Common Stock [Member]
Common Stock [Member]
|
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Beginning balance at Dec. 31, 2015 | $ 34,303 | $ 32,834 | $ (212) | $ 1,681 | ||||||||||
Beginning balance at Dec. 31, 2015 | $ 53,978 | $ 38,490 | $ 21,413 | $ (7,517) | $ (174) | $ 1,709 | $ 57 | $ 0 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||
Stock compensation plans | 228 | 228 | ||||||||||||
Repurchases of common stock under repurchase program and employee plans | (1,437) | (310) | (1,127) | |||||||||||
Employee stock purchase plans | 33 | 33 | ||||||||||||
Dividends declared | (670) | (670) | (195) | (195) | ||||||||||
Contributions from (distributions to) noncontrolling interests, net | (36) | (36) | (41) | (41) | ||||||||||
Other comprehensive income (loss) | 227 | 90 | 137 | 281 | 144 | 137 | ||||||||
Other | (5) | (5) | 1 | 1 | ||||||||||
Net income (loss) | 2,194 | 2,134 | 60 | 1,063 | 1,002 | 61 | ||||||||
Ending balance at Mar. 31, 2016 | 54,512 | 38,436 | 21,750 | (7,517) | (84) | 1,870 | 57 | 0 | ||||||
Ending balance at Mar. 31, 2016 | 35,412 | 33,642 | (68) | 1,838 | ||||||||||
Beginning balance at Dec. 31, 2015 | $ 1,221 | $ 372 | ||||||||||||
Increase (Decrease) in Temporary Equity [Roll Forward] | ||||||||||||||
Contributions from (distributions to) noncontrolling interests, net | (5) | (22) | ||||||||||||
Other | (10) | |||||||||||||
Net income (loss) | 30 | 19 | ||||||||||||
Ending balance at Mar. 31, 2016 | 1,236 | 369 | ||||||||||||
Beginning balance at Dec. 31, 2016 | 41,017 | 39,036 | (135) | 2,116 | ||||||||||
Beginning balance at Dec. 31, 2016 | 56,174 | 38,230 | 23,076 | (7,517) | 98 | 2,231 | 56 | 0 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||
Stock compensation plans | 114 | 114 | ||||||||||||
Repurchases of common stock under repurchase program and employee plans | (1,006) | (178) | (828) | |||||||||||
Employee stock purchase plans | 39 | 39 | ||||||||||||
Dividends declared | (751) | (751) | (195) | (195) | ||||||||||
Contributions from (distributions to) noncontrolling interests, net | (34) | (34) | (41) | (41) | ||||||||||
Contribution from member | 662 | 662 | ||||||||||||
Other comprehensive income (loss) | 331 | 244 | 87 | 293 | 206 | 87 | ||||||||
Other | 163 | (90) | 253 | 342 | 89 | 253 | ||||||||
Net income (loss) | 2,618 | 2,566 | 52 | 1,255 | 1,200 | 55 | ||||||||
Ending balance at Mar. 31, 2017 | 57,648 | $ 38,115 | $ 24,063 | $ (7,517) | $ 342 | $ 2,589 | $ 56 | $ 0 | ||||||
Ending balance at Mar. 31, 2017 | 43,333 | $ 40,792 | $ 71 | $ 2,470 | ||||||||||
Beginning balance at Dec. 31, 2016 | 1,446 | 1,446 | 530 | 530 | ||||||||||
Increase (Decrease) in Temporary Equity [Roll Forward] | ||||||||||||||
Contributions from (distributions to) noncontrolling interests, net | (8) | (20) | ||||||||||||
Other | (11) | (1) | ||||||||||||
Net income (loss) | 29 | 18 | ||||||||||||
Ending balance at Mar. 31, 2017 | $ 1,456 | $ 1,456 | $ 527 | $ 527 |
Condensed Consolidated Financial Statements |
3 Months Ended |
---|---|
Mar. 31, 2017 | |
Condensed Consolidated Financial Statements [Line Items] | |
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, financial condition and cash flows 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 2016 Annual Report on Form 10-K. Stock Split On January 24, 2017, our Board of Directors approved a two-for-one stock split in the form of a 100% stock dividend that was distributed on February 17, 2017 to shareholders of record as of February 8, 2017. The stock split was in the form of one additional share for every share held and was payable in shares of Class A common stock on the existing Class A common stock and Class B common stock. All share-based data, including the number of shares outstanding and per share amounts, have been adjusted to reflect the stock split for all periods presented. Reclassifications Reclassifications have been made to our condensed consolidated financial statements for the prior year period to conform to classifications used in 2017. |
NBCUniversal Media LLC [Member] | |
Condensed Consolidated Financial Statements [Line Items] | |
Condensed Consolidated Financial Statements | Condensed Consolidated Financial Statements Basis of Presentation Unless indicated otherwise, throughout these notes to the condensed consolidated financial statements, we refer to NBCUniversal and its consolidated subsidiaries as “we,” “us” and “our.” 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, financial condition and cash flows 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 2016 Annual Report on Form 10-K. |
Recent Accounting Pronouncements |
3 Months Ended |
---|---|
Mar. 31, 2017 | |
Recent Accounting Pronouncements [Line Items] | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements Revenue Recognition In May 2014, the Financial Accounting Standards Board (“FASB”) updated the accounting guidance related to revenue recognition. The updated accounting guidance provides a single, contract-based revenue recognition model to help improve financial reporting by providing clearer guidance on when an entity should recognize revenue and by reducing the number of standards to which an entity has to refer. The updated accounting guidance is effective for us as of January 1, 2018. We have reviewed a majority of our revenue arrangements and expect our review to be completed in the second quarter of 2017. As a result of our review, we do not expect any material impact on our financial position or results of operations. However, we do expect that the new standard will impact the timing of recognition for (1) our Cable Communications segment’s installation revenue and commission expenses, which upon adoption will be recognized as revenue and costs over a period of time instead of immediately, and (2) our Cable Networks, Broadcast Television and Filmed Entertainment segments’ content licensing revenue associated with renewals or extensions of existing program licensing agreements, which upon adoption will be recognized as revenue when the licensed content becomes available under the renewal or extension instead of when the agreement is renewed or extended. The updated guidance also requires additional disclosures regarding our revenue transactions. The updated guidance provides companies with alternative methods of adoption and we are in the process of determining our method of adoption, which depends in part upon our completion of the evaluation of our remaining revenue arrangements. Financial Assets and Financial Liabilities In January 2016, the FASB updated the accounting guidance related to the recognition and measurement of financial assets and financial liabilities. The updated accounting guidance, among other things, requires that all nonconsolidated equity investments, except those accounted for under the equity method, be measured at fair value and that the changes in fair value be recognized in net income. The updated guidance is effective for us as of January 1, 2018. The updated accounting guidance requires a cumulative effect adjustment to beginning retained earnings in the year the guidance is adopted with certain exceptions. If we had adopted the provisions of the updated guidance as of January 1, 2017 for our equity investments classified as available-for-sale securities, net income attributable to Comcast Corporation would have increased by $104 million for the three months ended March 31, 2017. We are currently in the process of determining the impact that the updated accounting guidance will have on our cost method investments. Leases In February 2016, the FASB updated the accounting guidance related to leases. The updated accounting guidance requires lessees to recognize a right-of-use asset and a lease liability on the balance sheet for all leases with the exception of short-term leases. The asset and liability are initially measured based on the present value of committed lease payments. For a lessee, the recognition, measurement and presentation of expenses and cash flows arising from a lease do not significantly change from previous guidance. For a lessor, the accounting applied is also largely unchanged from previous guidance. The updated guidance is effective for us as of January 1, 2019 and early adoption is permitted. The updated accounting guidance must be adopted using a modified retrospective approach for leases that exist or are entered into after the beginning of the earliest comparative period in the financial statements. We are currently in the process of determining the impact that the updated accounting guidance will have on our consolidated financial statements. Share-Based Compensation In March 2016, the FASB updated the accounting guidance that affects several aspects of the accounting for share-based compensation. The most significant change for us relates to the presentation of the income and withholding tax consequences of share-based compensation in our consolidated financial statements. Among the changes, the updated guidance requires that the excess income tax benefits or deficiencies that arise when the tax consequences of share-based compensation differ from amounts previously recognized in the statement of income be recognized as income tax benefit or expense in the statement of income rather than as additional paid-in capital in the balance sheet. The guidance also states that excess income tax benefits should not be presented separately from other income taxes in the statement of cash flows and, thus, should be classified as an operating activity rather than a financing activity as they were under the prior guidance. In addition, the updated guidance requires that, when an employer withholds shares upon exercise of options or the vesting of restricted stock for the purpose of meeting withholding tax requirements, the cash paid for withholding taxes be classified as a financing activity and we include these amounts in the caption “repurchases of common stock under repurchase program and employee plans” in our consolidated statement of cash flows. We previously recorded these amounts as operating activities. We adopted the updated guidance as of January 1, 2017 and as required, we prospectively adopted the provisions that relate to the recognition of the excess income tax benefits or deficiencies in the statement of income. The excess tax benefits resulted in a decrease to income tax expense of $139 million and an increase to diluted earnings per common share attributable to Comcast Corporation shareholders of $0.03 for the three months ended March 31, 2017. The prior year period in our consolidated statement of income was not adjusted as a result of these provisions. In addition, we retrospectively adopted the provisions of this guidance related to changes to the statement of cash flows for all periods presented. This resulted in increases to net cash provided by operating activities and decreases to net cash provided by (used in) financing activities of $385 million and $289 million for the three months ended March 31, 2017 and 2016, respectively. |
NBCUniversal Media LLC [Member] | |
Recent Accounting Pronouncements [Line Items] | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements Revenue Recognition In May 2014, the Financial Accounting Standards Board (“FASB”) updated the accounting guidance related to revenue recognition. The updated accounting guidance provides a single, contract-based revenue recognition model to help improve financial reporting by providing clearer guidance on when an entity should recognize revenue and by reducing the number of standards to which an entity has to refer. The updated accounting guidance is effective for us as of January 1, 2018. We have reviewed a majority of our revenue arrangements and expect our review to be completed in the second quarter of 2017. As a result of our review, we do not expect any material impact on our financial position or results of operations. However, we do expect that the new standard will impact the timing of recognition for our Cable Networks, Broadcast Television and Filmed Entertainment segments’ content licensing revenue associated with renewals or extensions of existing program licensing agreements, which upon adoption will be recognized as revenue when the licensed content becomes available under the renewal or extension instead of when the agreement is renewed or extended. The updated guidance also requires additional disclosures regarding our revenue transactions. The updated guidance provides companies with alternative methods of adoption and we are in the process of determining our method of adoption, which depends in part upon our completion of the evaluation of our remaining revenue arrangements. Financial Assets and Financial Liabilities In January 2016, the FASB updated the accounting guidance related to the recognition and measurement of financial assets and financial liabilities. The updated accounting guidance, among other things, requires that all nonconsolidated equity investments, except those accounted for under the equity method, be measured at fair value and that the changes in fair value be recognized in net income, such as changes in the fair value of our investment in Snap Inc. (see Note 6). The updated guidance is effective for us as of January 1, 2018. The updated accounting guidance requires a cumulative effect adjustment to beginning retained earnings in the year the guidance is adopted with certain exceptions. We are currently in the process of determining the impact that the updated accounting guidance will have on our consolidated financial statements. Leases In February 2016, the FASB updated the accounting guidance related to leases. The updated accounting guidance requires lessees to recognize a right-of-use asset and a lease liability on the balance sheet for all leases with the exception of short-term leases. The asset and liability are initially measured based on the present value of committed lease payments. For a lessee, the recognition, measurement and presentation of expenses and cash flows arising from a lease do not significantly change from previous guidance. For a lessor, the accounting applied is also largely unchanged from previous guidance. The updated guidance is effective for us as of January 1, 2019 and early adoption is permitted. The updated accounting guidance must be adopted using a modified retrospective approach for leases that exist or are entered into after the beginning of the earliest comparative period in the financial statements. We are currently in the process of determining the impact that the updated accounting guidance will have on our consolidated financial statements. |
Earnings Per Share |
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Earnings Per Share | Earnings Per Share Computation of Diluted EPS
Diluted earnings per common share attributable to Comcast Corporation shareholders (“diluted EPS”) considers the impact of potentially dilutive securities using the treasury stock method. Our potentially dilutive securities include potential common shares related to our stock options and our restricted share units (“RSUs”). The amount of potential common shares related to our share-based compensation plans that were excluded from diluted EPS because their effect would have been antidilutive was not material for the three months ended March 31, 2017 and 2016. |
Significant Transactions |
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Significant Transactions | Significant Transactions FCC Spectrum Auction On April 13, 2017, the Federal Communications Commission (“FCC”) announced the results of its spectrum auction. In the auction, NBCUniversal agreed to relinquish FCC licenses for spectrum in the New York, Philadelphia and Chicago designated market areas (“DMAs”) and will receive proceeds of $482 million. As of March 31, 2017, the book value of these licenses was $144 million and was recorded in other current assets in the condensed consolidated balance sheet. NBCUniversal will share broadcast signals for its NBC and Telemundo stations in these DMAs. In connection with the auction, we also agreed to acquire $1.7 billion of spectrum. We had previously made a deposit of $1.8 billion to participate in the auction, which was recorded in other intangible assets in the condensed consolidated balance sheet as of March 31, 2017. Universal Studios Japan On April 6, 2017, we acquired the remaining interests in Universal Studios Japan that we did not already own for approximately $2.3 billion. The acquisition was funded through cash on hand and borrowings under our commercial paper program. During the second quarter of 2017, we obtained commitments from lenders to refinance the Universal Studios Japan term loans, which we expect will, among other things, increase the borrowings, extend the maturity date and include a guarantee from us. We expect to use a portion of the Universal Studios Japan term loans proceeds to repay a portion of amounts outstanding under our commercial paper program. DreamWorks Animation On August 22, 2016, we acquired all of the outstanding stock of DreamWorks Animation for $3.8 billion. DreamWorks Animation’s stockholders received $41 in cash for each share of DreamWorks Animation common stock. DreamWorks Animation creates animated feature films, television series and specials, live entertainment, and related consumer products. The results of operations for DreamWorks Animation are reported in our Filmed Entertainment segment following the acquisition date. Preliminary Allocation of Purchase Price The transaction was accounted for under the acquisition method of accounting and, accordingly, the assets and liabilities are to be recorded at their fair market values as of the acquisition date. We recorded the acquired assets and liabilities of DreamWorks Animation at their estimated fair values based on preliminary valuation analyses. In valuing acquired assets and liabilities, fair value estimates were primarily based on Level 3 inputs, including future expected cash flows, market rate assumptions and discount rates. The fair value of the assumed debt was primarily based on quoted market values. The fair value of the liability related to a tax receivable agreement that DreamWorks Animation had previously entered into with one of its former stockholders (the “tax receivable agreement”) was based on the contractual settlement provisions in the agreement. Further, we recorded the deferred income taxes based on our estimates of the tax basis of the acquired net assets and the valuation allowances based on the expected use of net operating loss carryforwards. The goodwill is not deductible for tax purposes. During the three months ended March 31, 2017, we updated the preliminary allocation of purchase price for DreamWorks Animation, which primarily resulted in increases to intangible assets, noncontrolling interests and goodwill and a decrease in deferred income tax assets. The changes did not have a material impact on our condensed consolidated financial statements. We may adjust these amounts further as valuations are finalized and we obtain information necessary to complete the analyses, but no later than one year from the acquisition date. The table below presents the preliminary allocation of the purchase price to the assets and liabilities of DreamWorks Animation.
The tax receivable agreement was settled immediately following the acquisition and the payment was recorded as an operating activity in our condensed consolidated statement of cash flows in the third quarter of 2016. In addition, we repaid all of the assumed debt of DreamWorks Animation in the third quarter of 2016. Revenue and net income attributable to the acquisition of DreamWorks Animation were not material for the three months ended March 31, 2017. |
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Significant Transactions | Significant Transactions FCC Spectrum Auction On April 13, 2017, the Federal Communications Commission (“FCC”) announced the results of its spectrum auction. In the auction, we agreed to relinquish FCC licenses for spectrum in the New York, Philadelphia and Chicago designated market areas (“DMAs”) and will receive proceeds of $482 million. As of March 31, 2017, the book value of these licenses was $144 million and was recorded in other current assets in the condensed consolidated balance sheet. We will share broadcast signals for our NBC and Telemundo stations in these DMAs. Universal Studios Japan On April 6, 2017, we acquired the remaining interests in Universal Studios Japan that we did not already own for approximately $2.3 billion. The acquisition was funded through borrowings under our revolving credit agreement with Comcast. During the second quarter of 2017, we obtained commitments from lenders to refinance the Universal Studios Japan term loans, which we expect will, among other things, increase the borrowings, extend the maturity date and include a guarantee from Comcast. We expect to use a portion of the Universal Studios Japan term loans proceeds to repay a portion of amounts outstanding under our revolving credit agreement with Comcast. DreamWorks Animation On August 22, 2016, Comcast acquired all of the outstanding stock of DreamWorks Animation for $3.8 billion. DreamWorks Animation’s stockholders received $41 in cash for each share of DreamWorks Animation common stock. DreamWorks Animation creates animated feature films, television series and specials, live entertainment, and related consumer products. Following the acquisition, Comcast converted DreamWorks Animation to a limited liability company and contributed its equity to us as a capital contribution. The net assets contributed to us excluded deferred income taxes and other tax-related items recorded by Comcast. The results of operations for DreamWorks Animation are reported in our Filmed Entertainment segment following the acquisition date and are presented as if the initial equity contribution occurred on the date of Comcast’s acquisition. Preliminary Allocation of Purchase Price The transaction was accounted for under the acquisition method of accounting and, accordingly, the assets and liabilities are to be recorded at their fair market values as of the acquisition date. We recorded the acquired assets and liabilities of DreamWorks Animation at their estimated fair values based on preliminary valuation analyses. In valuing acquired assets and liabilities, fair value estimates were primarily based on Level 3 inputs, including future expected cash flows, market rate assumptions and discount rates. The fair value of the assumed debt was primarily based on quoted market values. The fair value of the liability related to a tax receivable agreement that DreamWorks Animation had previously entered into with one of its former stockholders (the “tax receivable agreement”) was based on the contractual settlement provisions in the agreement. During the three months ended March 31, 2017, we updated the preliminary allocation of purchase price for DreamWorks Animation, which primarily resulted in increases to intangible assets, noncontrolling interests and goodwill. The changes did not have a material impact on our condensed consolidated financial statements. We may adjust these amounts further as valuations are finalized and we obtain information necessary to complete the analyses, but no later than one year from the acquisition date. The table below presents the preliminary allocation of the purchase price to the assets and liabilities of DreamWorks Animation.
Revenue and net income attributable to the acquisition of DreamWorks Animation were not material for the three months ended March 31, 2017. |
Related Party Transactions |
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Related Party Transactions | Related Party Transactions In the ordinary course of our business, we enter into transactions with Comcast. We generate revenue from Comcast primarily from the distribution of our cable network programming, the fees received under retransmission consent agreements in our Broadcast Television segment and, to a lesser extent, the sale of advertising and our owned programming, and we incur expenses primarily related to advertising and various support services provided by Comcast to us. Comcast is also the counterparty to one of our contractual obligations. As of March 31, 2017, the carrying value of the liability associated with this contractual obligation was $383 million. The following tables present transactions with Comcast and its consolidated subsidiaries that are included in our condensed consolidated financial statements. Condensed Consolidated Balance Sheet
Condensed Consolidated Statement of Income
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Film and Television Costs |
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Film And Television Costs | Film and Television Costs
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Film And Television Costs | Film and Television Costs
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Investments |
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Investments | Investments
Investment Income (Loss), Net
Fair Value Method Snap In March 2017, we acquired an interest in Snap Inc. for $500 million as part of its initial public offering, which we have classified as available for sale. Snap is a camera company whose primary product is Snapchat, a camera app that was created to help people communicate through short videos and images. Equity Method Atairos For the three months ended March 31, 2017, we made cash capital contributions totaling $457 million to Atairos Group, Inc., which included amounts accrued as of December 31, 2016. Atairos 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 income. 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, 2017, we recognized our share of Atairos income of $57 million. For the three months ended March 31, 2016, we recognized our share of Atairos losses of $15 million. The Weather Channel In January 2016, following a legal restructuring at The Weather Channel, we and the other investors sold the entity holding The Weather Channel’s product and technology businesses to IBM. Following the close of the transaction, we continue to hold an investment in The Weather Channel cable network through a new holding company. As a result of the sale of our investment, we recognized a pretax gain of $108 million in other income (expense), net for the three months ended March 31, 2016. Cost Method AirTouch We hold two series of preferred stock of Verizon Americas, Inc., formerly known as AirTouch Communications, Inc. (“AirTouch”), a subsidiary of Verizon Communications Inc., which are redeemable in April 2020. As of March 31, 2017, the estimated fair value of the AirTouch preferred stock and the estimated fair value of the associated liability related to the redeemable subsidiary preferred shares issued by one of our consolidated subsidiaries were each $1.8 billion. The estimated fair values are based on Level 2 inputs that use pricing models whose inputs are derived primarily from or corroborated by observable market data through correlation or other means for substantially the full term of the financial instrument. |
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Investments | Investments
Fair Value Method Snap In March 2017, Comcast acquired an interest in Snap Inc. as part of its initial public offering. On March 31, 2017, Comcast contributed its investment in Snap to us as an equity contribution which was recorded in our condensed consolidated statement of equity based on the fair value of the investment as of March 31, 2017. We have classified our investment as available for sale. Snap is a camera company whose primary product is Snapchat, a camera app that was created to help people communicate through short videos and images. Equity Method The Weather Channel In January 2016, following a legal restructuring at The Weather Channel, we and the other investors sold the entity holding The Weather Channel’s product and technology businesses to IBM. Following the close of the transaction, we continue to hold an investment in The Weather Channel cable network through a new holding company. As a result of the sale of our investment, we recognized a pretax gain of $108 million in other income (expense), net for the three months ended March 31, 2016. |
Long-Term Debt |
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Debt Instrument [Line Items] | |
Long-Term Debt | Long-Term Debt As of March 31, 2017, our debt had a carrying value of $61.8 billion and an estimated fair value of $66.7 billion. The estimated fair value of our publicly traded debt was primarily based on Level 1 inputs that use quoted market values 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. Debt Borrowings and Repayments In March 2017, we issued $1.005 billion aggregate principal amount of 4.45% senior notes due 2047. In January 2017, we issued $1.25 billion aggregate principal amount of 3.00% senior notes due 2024 and $1.25 billion aggregate principal amount of 3.30% senior notes due 2027. In January 2017, we repaid at maturity $1.0 billion aggregate principal amount of 6.50% senior notes due 2017. Revolving Credit Facilities As of March 31, 2017, amounts available under our consolidated revolving credit facilities, net of amounts outstanding under our commercial paper programs and outstanding letters of credit, totaled $7.4 billion, which included $585 million available under NBCUniversal Enterprise’s revolving credit facility. Commercial Paper Programs As of March 31, 2017, NBCUniversal Enterprise had $915 million face amount of commercial paper outstanding. Comcast had no commercial paper outstanding. |
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Debt Instrument [Line Items] | |
Long-Term Debt | Long-Term Debt As of March 31, 2017, our debt, excluding the note payable to Comcast, had a carrying value of $11.7 billion and an estimated fair value of $12.6 billion. The estimated fair value of our publicly traded debt was primarily based on Level 1 inputs that use quoted market values 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. Cross-Guarantee Structure We, Comcast and a 100% owned cable holding company subsidiary of Comcast (“CCCL Parent”) have fully and unconditionally guaranteed each other’s debt securities, including the $7 billion Comcast revolving credit facility due 2021. As of March 31, 2017, outstanding debt securities of $45.5 billion of Comcast and CCCL Parent were subject to the guarantee structure. We do not, however, guarantee the obligations of NBCUniversal Enterprise with respect to its $3.3 billion aggregate principal amount of senior notes, $1.5 billion revolving credit facility, commercial paper program, or $725 million liquidation preference of Series A cumulative preferred stock. None of Comcast, CCCL Parent nor NBCUniversal guarantee the $3.4 billion of Universal Studios Japan term loans. |
Share-Based Compensation |
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Share-Based Compensation | Share-Based Compensation Our share-based compensation plans consist primarily of awards of 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 2017, we granted 10.6 million RSUs and 39.1 million stock options related to our annual management awards. The weighted-average fair values associated with these grants were $37.42 per RSU and $7.01 per stock option. Recognized Share-Based Compensation Expense
As of March 31, 2017, we had unrecognized pretax compensation expense of $1.0 billion and $569 million related to nonvested RSUs and nonvested stock options, respectively. |
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Share-Based Compensation | Share-Based Compensation Comcast maintains share-based compensation plans that consist primarily of awards of restricted share units and stock options to certain employees and directors as part of its approach to long-term incentive compensation. Additionally, through its employee stock purchase plans, employees are able to purchase shares of Comcast common stock at a discount through payroll deductions. Certain of our employees participate in these plans and the expense associated with their participation is settled in cash with Comcast. Recognized Share-Based Compensation Expense
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Supplemental Financial Information |
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Supplemental Financial Information | Supplemental Financial Information Receivables
Accumulated Other Comprehensive Income (Loss)
Net Cash Provided by Operating Activities
Cash Payments for Interest and Income Taxes
Noncash Investing and Financing Activities During the three months ended March 31, 2017:
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Supplemental Financial Information | Supplemental Financial Information Receivables
Accumulated Other Comprehensive Income (Loss)
Net Cash Provided by Operating Activities
Cash Payments for Interest and Income Taxes
Noncash Investing and Financing Activities During the three months ended March 31, 2017:
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Commitments and Contingencies |
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Mar. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Redeemable Subsidiary Preferred Stock As of March 31, 2017, the fair value of the NBCUniversal Enterprise redeemable subsidiary preferred stock was $763 million. The estimated fair value is based on Level 2 inputs that use pricing models whose inputs are derived primarily from or corroborated by observable market data through correlation or other means for substantially the full term of the financial instrument. Contingencies We are a defendant in a lawsuit filed in December 2011 by Sprint Communications Company L.P. (“Sprint”) in the United States District Court for the District of Kansas. Sprint’s initial complaint alleged that Comcast Digital Voice and XFINITY Voice infringe twelve Sprint patents covering various aspects of a telecommunications system. In March 2015, Sprint withdrew its allegations of infringement for two of the patents. In December 2016, the Court granted summary judgment for Comcast with respect to non-infringement of one of the patents and granted summary judgment for Sprint of one of the patents as to infringement, but not as to the patent’s validity, with respect to some but not all of Comcast’s accused telecommunications systems. In January 2017, the Court entered judgment in favor of Comcast on Sprint’s claims for infringement of two of the patents. In March 2017, Sprint indicated that it would not proceed to trial on three of the patents. Trial with respect to the four remaining patents, including the patent for which the Court granted partial summary judgment to Sprint, is set to begin in late October 2017. Sprint seeks approximately $950 million in damages, plus pre-judgment interest. Sprint has further indicated that it may seek to add an allegation that Comcast willfully infringed Sprint’s patents and should be subject to increased damages, which could as much as triple the amount of any damages awarded. We believe the claims in the Sprint lawsuit are without merit and are defending the action vigorously. We cannot predict the outcome of the Sprint lawsuit, estimate a range of possible loss or determine how the final resolution of the action would affect our results of operations or cash flows for any one period or our consolidated financial position. In addition, as any action nears a trial, there is an increased possibility that the action may be settled by the parties. Nevertheless, we do not expect the final disposition of the Sprint lawsuit to have a material adverse effect on our consolidated financial position, but it could be material to our consolidated results of operations or cash flows for any one period. We also are a defendant in several unrelated lawsuits claiming infringement of various patents relating to various aspects of our businesses. In certain of these cases, other industry participants are also defendants, and also in certain of these cases, we expect that any potential liability would be in part or in whole the responsibility of our equipment and technology vendors under applicable contractual indemnification provisions, including the Sprint lawsuit above. In addition, we are subject to other 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. |
Financial Data by Business Segment |
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Segment Reporting Information [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial Data by Business Segment | Financial Data by Business Segment We present our operations in five reportable business segments:
We use Adjusted EBITDA (formerly operating income before depreciation and amortization) to evaluate the profitability of our operating segments and the components of net income attributable to Comcast Corporation below Adjusted EBITDA are not separately evaluated by our management. Our financial data by business segment is presented in the tables below.
Subscription revenue received from customers who purchase bundled services at a discounted rate is allocated proportionally to each cable service based on the individual service’s price on a stand-alone basis. For the three months ended March 31, 2017 and 2016, 2.8% and 2.9%, respectively, of Cable Communications segment revenue was derived from franchise and other regulatory fees.
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Financial Data by Business Segment | Financial Data by Business Segment We present our operations in four reportable business segments:
We use Adjusted EBITDA (formerly operating income before depreciation and amortization) to evaluate the profitability of our operating segments and the components of net income attributable to NBCUniversal below Adjusted EBITDA are not separately evaluated by our management. Our financial data by business segment is presented in the tables below.
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Condensed Consolidating Financial Information |
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Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Condensed Consolidating Financial Information | Condensed Consolidating Financial Information Comcast (“Comcast Parent”), Comcast Cable Communications, LLC (“CCCL Parent”), and NBCUniversal (“NBCUniversal Media Parent”) have fully and unconditionally guaranteed each other’s debt securities, including the Comcast revolving credit facility. Comcast Parent and CCCL Parent also fully and unconditionally guarantee NBCUniversal Enterprise’s $3.3 billion principal amount of senior notes, revolving credit facility and commercial paper program. NBCUniversal Media Parent does not guarantee the NBCUniversal Enterprise senior notes, revolving credit facility or commercial paper program. Comcast Parent provides an unconditional subordinated guarantee of the $185 million principal amount currently outstanding of Comcast Holdings’ ZONES due October 2029. Neither CCCL Parent nor NBCUniversal Media Parent guarantee the Comcast Holdings’ ZONES due October 2029. None of Comcast Parent, CCCL Parent nor NBCUniversal Media Parent guarantee the $62 million principal amount currently outstanding of Comcast Holdings’ ZONES due November 2029 or the $3.4 billion of Universal Studios Japan term loans. Condensed Consolidating Balance Sheet March 31, 2017
Condensed Consolidating Balance Sheet December 31, 2016
Condensed Consolidating Statement of Income For the Three Months Ended March 31, 2017
Condensed Consolidating Statement of Income For the Three Months Ended March 31, 2016
Condensed Consolidating Statement of Cash Flows For the Three Months Ended March 31, 2017
Condensed Consolidating Statement of Cash Flows For the Three Months Ended March 31, 2016
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Earnings Per Share (Tables) |
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Computation of diluted EPS | Computation of Diluted EPS
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Significant Transactions (Tables) - DreamWorks Animation [Member] |
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Business Acquisition [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Business Acquisitions, by Acquisition | The table below presents the preliminary allocation of the purchase price to the assets and liabilities of DreamWorks Animation.
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Schedule of Business Acquisitions, by Acquisition | The table below presents the preliminary allocation of the purchase price to the assets and liabilities of DreamWorks Animation.
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Related Party Transactions (Tables) |
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Related Party Transaction [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Related Party Transactions Condensed Financial Statements | The following tables present transactions with Comcast and its consolidated subsidiaries that are included in our condensed consolidated financial statements. Condensed Consolidated Balance Sheet
Condensed Consolidated Statement of Income
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Film and Television Costs (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Film and Television Costs |
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Film and Television Costs |
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Investments (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Investment Summary |
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Investment Income (Loss), Net | Investment Income (Loss), Net
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Investment Summary |
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Share-Based Compensation (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of recognized share-based compensation expense | Recognized Share-Based Compensation Expense
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Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of recognized share-based compensation expense | Recognized Share-Based Compensation Expense
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Supplemental Financial Information (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Supplemental Financial Information [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of receivables, net | Receivables
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Schedule of accumulated other comprehensive income (loss) | Accumulated Other Comprehensive Income (Loss)
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Schedule of adjustments to reconcile net income to net cash provided by operating activities | Net Cash Provided by Operating Activities
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Schedule of cash payments for interest and income taxes | Cash Payments for Interest and Income Taxes
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Schedule of receivables, net | Receivables
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Schedule of accumulated other comprehensive income (loss) | Accumulated Other Comprehensive Income (Loss)
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Schedule of adjustments to reconcile net income to net cash provided by operating activities | Net Cash Provided by Operating Activities
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Schedule of cash payments for interest and income taxes | Cash Payments for Interest and Income Taxes
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Financial Data by Business Segment (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Segment Reporting Information [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial Data by Business Segment | We use Adjusted EBITDA (formerly operating income before depreciation and amortization) to evaluate the profitability of our operating segments and the components of net income attributable to Comcast Corporation below Adjusted EBITDA are not separately evaluated by our management. Our financial data by business segment is presented in the tables below.
Subscription revenue received from customers who purchase bundled services at a discounted rate is allocated proportionally to each cable service based on the individual service’s price on a stand-alone basis. For the three months ended March 31, 2017 and 2016, 2.8% and 2.9%, respectively, of Cable Communications segment revenue was derived from franchise and other regulatory fees.
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Cable Communications Segment Revenue Sources |
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Reconciliation of Adjusted EBITDA from Segments to Consolidated | Our reconciliation of the aggregate amount of Adjusted EBITDA for our reportable segments to consolidated income before income taxes is presented in the table below.
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Financial Data by Business Segment |
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Reconciliation of Adjusted EBITDA from Segments to Consolidated | Our reconciliation of the aggregate amount of Adjusted EBITDA for our reportable segments to consolidated income before income taxes is presented in the table below.
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Condensed Consolidating Financial Information (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Condensed Consolidating Financial Statements | Condensed Consolidating Balance Sheet March 31, 2017
Condensed Consolidating Balance Sheet December 31, 2016
Condensed Consolidating Statement of Income For the Three Months Ended March 31, 2017
Condensed Consolidating Statement of Income For the Three Months Ended March 31, 2016
Condensed Consolidating Statement of Cash Flows For the Three Months Ended March 31, 2017
Condensed Consolidating Statement of Cash Flows For the Three Months Ended March 31, 2016
|
Condensed Consolidated Financial Statements (Details) |
Jan. 24, 2017 |
---|---|
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Stockholders' Equity Note, Stock Split, Conversion Ratio | 2 |
Recent Accounting Pronouncements (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2017 |
Mar. 31, 2016 |
|
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Net cash provided by operating activities | $ 5,656 | $ 5,399 |
Net cash provided by (used in) financing activities | (1,141) | 643 |
Financial Assets and Financial Liabilities New Accounting Pronouncement [Member] | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
New Accounting Pronouncement impact on net income if adopted | 104 | |
Share Based Compensation New Accounting Pronouncement [Member] | Effect of Adoption [Member] | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Decrease in income tax expense | $ 139 | |
Increase in diluted earnings per share (in dollars per share) | $ 0.03 | |
Net cash provided by operating activities | $ 385 | 289 |
Net cash provided by (used in) financing activities | $ (385) | $ (289) |
Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2017 |
Mar. 31, 2016 |
|
Earnings Per Share [Abstract] | ||
Net income attributable to parent | $ 2,566 | $ 2,134 |
Basic EPS attributable to Comcast Corporation shareholders (in shares) | 4,747 | 4,868 |
Assumed exercise or issuance of shares relating to stock plans (in shares) | 85 | 57 |
Diluted EPS attributable to Comcast Corporation shareholders (in shares) | 4,832 | 4,925 |
Basic earnings per common share attributable to Comcast Corporation shareholders (in dollars per share) | $ 0.54 | $ 0.44 |
Diluted earnings per common share attributable to Comcast Corporation shareholders (in dollars per share) | $ 0.53 | $ 0.43 |
Significant Transactions Schedule of FCC Spectrum Auction (Details) - Subsequent Event [Member] - FCC Spectrum Auction [Member] $ in Millions |
Apr. 13, 2017
USD ($)
|
---|---|
FCC Spectrum Auction [Line Items] | |
Expected Proceeds From Spectrum Auction | $ 482 |
Assets Held-for-sale, Not Part of Disposal Group, Current, Other | 144 |
Amount to acquire broadcast spectrum | 1,700 |
Deposit To Acquire Intangible Asset | 1,800 |
NBCUniversal Media LLC [Member] | |
FCC Spectrum Auction [Line Items] | |
Expected Proceeds From Spectrum Auction | 482 |
Assets Held-for-sale, Not Part of Disposal Group, Current, Other | $ 144 |
Related Party Transactions (Narrative) (Details) - USD ($) $ in Millions |
Mar. 31, 2017 |
Dec. 31, 2016 |
---|---|---|
Related Party Transaction [Line Items] | ||
Other noncurrent liabilities | $ 10,677 | $ 10,925 |
NBCUniversal Media LLC [Member] | ||
Related Party Transaction [Line Items] | ||
Other noncurrent liabilities | 4,039 | $ 4,130 |
NBCUniversal Media LLC [Member] | Carrying Value Of Related Party Contractual Obligation [Member] | ||
Related Party Transaction [Line Items] | ||
Other noncurrent liabilities | $ 383 |
Related Party Transactions (Condensed Consolidated Statement of Income) (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2017 |
Mar. 31, 2016 |
|
Related Party Transaction [Line Items] | ||
Revenue | $ 20,463 | $ 18,790 |
NBCUniversal Media LLC [Member] | ||
Related Party Transaction [Line Items] | ||
Revenue | 7,868 | 6,861 |
Comcast And Consolidated Subsidiaries [Member] | NBCUniversal Media LLC [Member] | ||
Related Party Transaction [Line Items] | ||
Revenue | 459 | 406 |
Operating costs and expenses | (61) | (60) |
Other income (expense) | $ (19) | $ (13) |
Investments (Investment Income (Loss), Net) (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2017 |
Mar. 31, 2016 |
|
Investments, Debt and Equity Securities [Abstract] | ||
Gains (losses) on sales and exchanges of investments, net | $ (1) | $ 2 |
Investment impairment losses | (4) | (20) |
Interest and dividend income | 33 | 29 |
Other, net | 31 | 19 |
Investment income (loss), net | $ 59 | $ 30 |
Investments (Fair Value Method Investments) (Details) $ in Millions |
1 Months Ended |
---|---|
Mar. 31, 2017
USD ($)
| |
Snap [Member] | |
Schedule of Fair Value Method Investments [Line Items] | |
Payments to acquire available-for-sale securities | $ 500 |
Investments (Equity Method Investments) (Details) - USD ($) $ in Millions |
1 Months Ended | 3 Months Ended | |
---|---|---|---|
Jan. 31, 2016 |
Mar. 31, 2017 |
Mar. 31, 2016 |
|
Schedule of Equity Method Investments [Line Items] | |||
Equity in net income (losses) of investees | $ 36 | $ (11) | |
Atairos [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Purchases of investments | 457 | ||
Equity in net income (losses) of investees | 57 | (15) | |
The Weather Channel [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Pretax gain on sale of investment | $ 108 | ||
NBCUniversal Media LLC [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity in net income (losses) of investees | $ (26) | $ (2) | |
NBCUniversal Media LLC [Member] | The Weather Channel [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Pretax gain on sale of investment | $ 108 |
Investments (Cost Method Investments) (Details) $ in Billions |
3 Months Ended |
---|---|
Mar. 31, 2017
USD ($)
preferred_stock_series
| |
AirTouch [Member] | |
Schedule of Cost-method Investments [Line Items] | |
Number of Preferred Stock Series | preferred_stock_series | 2 |
Level 2 [Member] | AirTouch [Member] | |
Schedule of Cost-method Investments [Line Items] | |
Fair Value Of Cost Method Investment Redeemable Preferred Shares | $ 1.8 |
AirTouch [Member] | Level 2 [Member] | |
Schedule of Cost-method Investments [Line Items] | |
Fair value of redeemable preferred shares | $ 1.8 |
Long-Term Debt (Debt Borrowings)(Details) - USD ($) $ in Millions |
Mar. 31, 2017 |
Jan. 31, 2017 |
---|---|---|
Senior 4.45% Notes Due 2047 [Member] | ||
Debt Instrument [Line Items] | ||
Debt face amount | $ 1,005 | |
Interest rate | 4.45% | |
Senior 3.0% Notes Due 2024 [Member] | ||
Debt Instrument [Line Items] | ||
Debt face amount | $ 1,250 | |
Interest rate | 3.00% | |
Senior 3.3% Notes Due 2027 [Member] | ||
Debt Instrument [Line Items] | ||
Debt face amount | $ 1,250 | |
Interest rate | 3.30% |
Long-term Debt (Debt Repayments) (Details) - USD ($) $ in Millions |
1 Months Ended | 3 Months Ended | |
---|---|---|---|
Jan. 31, 2017 |
Mar. 31, 2017 |
Mar. 31, 2016 |
|
Debt Instrument [Line Items] | |||
Repurchases and repayments of debt | $ 1,059 | $ 48 | |
Senior 6.50% Notes Due 2017 [Member] | |||
Debt Instrument [Line Items] | |||
Repurchases and repayments of debt | $ 1,000 | ||
Interest rate | 6.50% |
Supplemental Financial Information (Receivables)(Details) - USD ($) $ in Millions |
Mar. 31, 2017 |
Dec. 31, 2016 |
---|---|---|
Supplemental Financial Information [Line Items] | ||
Receivables, gross | $ 8,111 | $ 8,622 |
Less: Allowance for returns and customer incentives | 347 | 417 |
Less: Allowance for doubtful accounts | 239 | 250 |
Receivables, net | 7,525 | 7,955 |
NBCUniversal Media LLC [Member] | ||
Supplemental Financial Information [Line Items] | ||
Receivables, gross | 6,647 | 6,799 |
Less: Allowance for returns and customer incentives | 343 | 413 |
Less: Allowance for doubtful accounts | 77 | 84 |
Receivables, net | $ 6,227 | $ 6,302 |
Supplemental Financial Information (Components of Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Millions |
Mar. 31, 2017 |
Dec. 31, 2016 |
Mar. 31, 2016 |
---|---|---|---|
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Unrealized gains (losses) on marketable securities | $ 104 | $ 2 | |
Deferred gains (losses) on cash flow hedges | (7) | (60) | |
Unrecognized gains (losses) on employee benefit obligations | 282 | 8 | |
Cumulative translation adjustments | (37) | (34) | |
Accumulated other comprehensive income (loss) | 342 | $ 98 | (84) |
NBCUniversal Media LLC [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Unrealized gains (losses) on marketable securities | 1 | 0 | |
Deferred gains (losses) on cash flow hedges | 9 | (19) | |
Unrecognized gains (losses) on employee benefit obligations | 120 | 3 | |
Cumulative translation adjustments | (59) | (52) | |
Accumulated other comprehensive income (loss) | $ 71 | $ (135) | $ (68) |
Supplemental Financial Information (Cash Payments for Interest and Income Taxes)(Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2017 |
Mar. 31, 2016 |
|
Cash Payments for Interest and Income Taxes | ||
Interest | $ 895 | $ 723 |
Income taxes | 132 | 190 |
NBCUniversal Media LLC [Member] | ||
Cash Payments for Interest and Income Taxes | ||
Interest | 77 | 66 |
Income taxes | $ 52 | $ 59 |
Supplemental Financial Information (Noncash Investing and Financing Activities)(Details) $ / shares in Units, $ in Millions |
3 Months Ended |
---|---|
Mar. 31, 2017
USD ($)
$ / shares
| |
Supplemental Financial Information [Line Items] | |
Capital expenditures incurred but not yet paid | $ 1,200 |
Dividends payable | $ 747 |
Dividends payable (in dollars per share) | $ / shares | $ 0.1575 |
NBCUniversal Media LLC [Member] | |
Supplemental Financial Information [Line Items] | |
Capital expenditures incurred but not yet paid | $ 216 |
Commitments and Contingencies (Narrative) (Details) $ in Millions |
3 Months Ended |
---|---|
Mar. 31, 2017
USD ($)
| |
Commitment And Contingencies [Line Items] | |
Loss Contingency, Damages Sought, Value | $ 950 |
Level 2 [Member] | Redeemable Preferred Stock [Member] | NBCUniversal Enterprise [Member] | |
Commitment And Contingencies [Line Items] | |
Temporary Equity, Fair Value Of Redeemable Subsidiary Preferred Stock | $ 763 |
Financial Data by Business Segment Financial Data by Business Segment (Reconciliation of Adjusted EBITDA from Segment to Consolidated Statements) (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2017 |
Mar. 31, 2016 |
|
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Adjusted EBITDA | $ 7,032 | $ 6,367 |
Depreciation | (1,915) | (1,785) |
Amortization | (587) | (493) |
Other income (expense) items, net | (625) | (554) |
Income before income taxes | 3,905 | 3,535 |
NBCUniversal Media LLC [Member] | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Adjusted EBITDA | 2,017 | 1,622 |
Depreciation | (231) | (192) |
Amortization | (277) | (222) |
Other income (expense) items, net | (144) | (28) |
Income before income taxes | $ 1,365 | $ 1,180 |
Condensed Consolidating Financial Information (Narrative) (Details) $ in Millions |
Mar. 31, 2017
USD ($)
|
---|---|
NBCUniversal Enterprise Senior Debt Securities [Member] | |
Debt Instrument [Line Items] | |
Principal amount of debt securities subject to guarantee | $ 3,300 |
Comcast Holdings' ZONES due October 2029 [Member] | |
Debt Instrument [Line Items] | |
Principal amount of debt securities subject to guarantee | 185 |
Comcast Holdings' ZONES due November 2029 [Member] | |
Debt Instrument [Line Items] | |
Principal amount of debt securities not subject to guarantee | 62 |
Universal Studios Japan Term Loans [Member] | |
Debt Instrument [Line Items] | |
Principal amount of debt securities not subject to guarantee | $ 3,400 |
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