10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2019

Or

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from                       to                      

Commission File Number	Exact Name of Registrant; State of Incorporation; Address and Telephone Number of Principal Executive Offices	I.R.S. Employer Identification No.
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

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Class A Common Stock, $0.01 par value	CMCSA	NASDAQ Global Select Market
2.0% Exchangeable Subordinated Debentures due 2029	CCZ	New York Stock Exchange
5.50% Notes due 2029	CCGBP29	New York Stock Exchange
9.455% Guaranteed Notes due 2022	CMCSA/22	New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding twelve months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Comcast Corporation	Yes	☒	No	☐
NBCUniversal Media, LLC	Yes	☒	No	☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Comcast Corporation	Yes	☒	No	☐
NBCUniversal Media, LLC	Yes	☒	No	☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Comcast Corporation	Large accelerated filer	☒	Accelerated filer	☐	Non-accelerated filer	☐	Smaller reporting company	☐	Emerging growth company	☐
NBCUniversal Media, LLC	Large accelerated filer	☐	Accelerated filer	☐	Non-accelerated filer	☒	Smaller reporting company	☐	Emerging growth company	☐

If an emerging growth company, indicate by check mark whether the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Comcast Corporation	☐
NBCUniversal Media, LLC	☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).

Comcast Corporation	Yes	☐	No	☒
NBCUniversal Media, LLC	Yes	☐	No	☒

Indicate the number of shares outstanding of each of the registrant’s classes of stock, as of the latest practicable date:

As of September 30, 2019, there were 4,539,805,879 shares of Comcast Corporation Class A common stock and 9,444,375 shares of Class B common stock outstanding.

Not applicable for NBCUniversal Media, LLC.

NBCUniversal Media, LLC meets the conditions set forth in General Instruction H(1)(a) and (b) of Form 10-Q and is therefore filing this form with the reduced disclosure format.

TABLE OF CONTENTS

		Page Number
PART I. FINANCIAL INFORMATION
Item 1.	Comcast Corporation Financial Statements	1
	Condensed Consolidated Statement of Income (Unaudited)	1
	Condensed Consolidated Statement of Comprehensive Income (Unaudited)	2
	Condensed Consolidated Statement of Cash Flows (Unaudited)	3
	Condensed Consolidated Balance Sheet (Unaudited)	4
	Condensed Consolidated Statement of Changes in Equity (Unaudited)	5
	Notes to Condensed Consolidated Financial Statements (Unaudited)	6
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	28
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	47
Item 4.	Controls and Procedures	47
PART II. OTHER INFORMATION
Item 1.	Legal Proceedings	49
Item 1A.	Risk Factors	49
Item 6.	Exhibits	49
SIGNATURES		50
NBCUniversal Media, LLC Financial Statements		51

Explanatory Note

This Quarterly Report on Form 10-Q is a combined report being filed separately by Comcast Corporation (“Comcast”) and NBCUniversal Media, LLC (“NBCUniversal”). Comcast owns all of the common equity interests in NBCUniversal, and NBCUniversal meets the conditions set forth in General Instruction H(1)(a) and (b) of Form 10-Q and is therefore filing its information within this Form 10-Q with the reduced disclosure format. Each of Comcast and NBCUniversal is filing on its own behalf the information contained in this report that relates to itself, and neither company makes any representation as to information relating to the other company. Where information or an explanation is provided that is substantially the same for each company, such information or explanation has been combined in this report. Where information or an explanation is not substantially the same for each company, separate information and explanation has been provided. In addition, separate condensed consolidated financial statements for each company, along with notes to the condensed consolidated financial statements, are included in this report.

Unless indicated otherwise, throughout this Quarterly Report on Form 10-Q, we refer to Comcast and its consolidated subsidiaries, including NBCUniversal and its consolidated subsidiaries, as “we,” “us” and “our;” Comcast Cable Communications, LLC and its consolidated subsidiaries as “Comcast Cable;” Comcast Holdings Corporation as “Comcast Holdings;” NBCUniversal, LLC as “NBCUniversal Holdings;” NBCUniversal Enterprise, Inc. as “NBCUniversal Enterprise;” and Sky Limited and its consolidated subsidiaries as “Sky.”

This Quarterly Report on Form 10-Q is for the three and nine months ended September 30, 2019. This Quarterly Report on Form 10-Q modifies and supersedes documents filed before it. The Securities and Exchange Commission (“SEC”) allows us to “incorporate by reference” information that we file with it, which means that we can disclose important information to you by referring you directly to those documents. Information incorporated by reference is considered to be part of this Quarterly Report on Form 10-Q. In addition, information that we file with the SEC in the future will automatically update and supersede information contained in this Quarterly Report on Form 10-Q.

You should carefully review the information contained in this Quarterly Report on Form 10-Q and particularly consider any risk factors set forth in this Quarterly Report on Form 10-Q and in other reports or documents that we file from time to time with the SEC. In this Quarterly Report on Form 10-Q, we state our beliefs of future events and of our future financial performance. In some cases, you can identify these so-called “forward-looking statements” by words such as “may,” “will,” “should,” “expects,” “believes,” “estimates,” “potential,” or “continue,” or the negative of these words, and other comparable words. You should be aware that these statements are only our predictions. In evaluating these statements, you should consider various factors, including

the risks outlined below and in other reports we file with the SEC. Actual events or our actual results could differ materially from our forward-looking statements as a result of any such factors, which could adversely affect our businesses, results of operations or financial condition. We undertake no obligation to update any forward-looking statements.

Our businesses may be affected by, among other things, the following:

• 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 online video distribution platforms for viewing content could 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 impose additional costs and restrictions on our businesses

• programming expenses for our video services are increasing, which could adversely affect Cable Communications’ and Sky’s video businesses

• NBCUniversal’s and Sky’s success depends on consumer acceptance of their content, and their businesses may be adversely affected if their content fails to achieve sufficient consumer acceptance or the costs to create or acquire content increase

• the loss of NBCUniversal’s programming distribution agreements, or the renewal of these agreements on less favorable terms, could adversely affect our businesses

• less favorable regulation, the loss of Sky’s transmission agreements with satellite or telecommunications providers or the renewal of these agreements on less favorable terms, could adversely affect Sky’s businesses

• the loss of Sky’s wholesale distribution agreements with traditional multichannel video providers could adversely affect Sky’s 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

• our businesses depend on using and protecting certain intellectual property rights and on not infringing the intellectual property rights of others

• we may be unable to obtain necessary hardware, software and operational support

• weak economic conditions may have a negative impact on our businesses

• acquisitions, including our acquisition of Sky, and other strategic initiatives present many risks, and we may not realize the financial and strategic goals that we had contemplated

• unfavorable litigation or governmental investigation results could require us to pay significant amounts or lead to onerous operating procedures

• labor disputes, whether involving employees or sports organizations, may disrupt our operations and adversely affect our businesses

• 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

PART I: FINANCIAL INFORMATION

ITEM 1: FINANCIAL STATEMENTS

Comcast Corporation

Condensed Consolidated Statement of Income

(Unaudited)

	Three Months Ended September 30						Nine Months Ended September 30
(in millions, except per share data)	2019			2018			2019			2018
Revenue	$	26,827		$	22,135		$	80,544		$	66,661
Costs and Expenses:
Programming and production	8,316			6,711			25,140			20,440
Other operating and administrative	8,090			6,444			24,076			19,323
Advertising, marketing and promotion	1,901			1,667			5,674			4,924
Depreciation	2,124			2,038			6,561			6,070
Amortization	1,056			580			3,215			1,750
Other operating gains	—			(141		)	—			(341		)
Total costs and expenses	21,487			17,299			64,666			52,166
Operating income	5,340			4,836			15,878			14,495
Interest expense	(1,167		)	(830		)	(3,454		)	(2,413		)
Investment and other income (loss), net	(110		)	(111		)	511			92
Income before income taxes	4,063			3,895			12,935			12,174
Income tax expense	(775		)	(999		)	(2,812		)	(2,894		)
Net income	3,288			2,896			10,123			9,280
Less: Net income (loss) attributable to noncontrolling interests and redeemable subsidiary preferred stock	71			10			228			60
Net income attributable to Comcast Corporation	$	3,217		$	2,886		$	9,895		$	9,220
Basic earnings per common share attributable to Comcast Corporation shareholders	$	0.71		$	0.63		$	2.18		$	2.00
Diluted earnings per common share attributable to Comcast Corporation shareholders	$	0.70		$	0.62		$	2.15		$	1.98

See accompanying notes to condensed consolidated financial statements.

1

Comcast Corporation

Condensed Consolidated Statement of Comprehensive Income

(Unaudited) 

	Three Months Ended September 30						Nine Months Ended September 30
(in millions)	2019			2018			2019			2018
Net income	$	3,288		$	2,896		$	10,123		$	9,280
Unrealized gains (losses) on marketable securities, net of deferred taxes of $—, $(1), $— and $(1)	2			2			4			—
Deferred gains (losses) on cash flow hedges, net of deferred taxes of $(35), $5, $(24) and $8	82			(15		)	146			(26		)
Amounts reclassified to net income:
Realized (gains) losses on cash flow hedges, net of deferred taxes of $11, $(5), $7 and $(13)	(52		)	17			(39		)	43
Employee benefit obligations, net of deferred taxes of $3, $2, $8 and $7	(8		)	(8		)	(24		)	(24		)
Currency translation adjustments, net of deferred taxes of $(80), $25, $(98) and $22	(1,144		)	(103		)	(903		)	(119		)
Comprehensive income	2,168			2,789			9,307			9,154
Less: Net income (loss) attributable to noncontrolling interests and redeemable subsidiary preferred stock	71			10			228			60
Less: Other comprehensive income (loss) attributable to noncontrolling interests	(23		)	(20		)	(25		)	(45		)
Comprehensive income attributable to Comcast Corporation	$	2,120		$	2,799		$	9,104		$	9,139

See accompanying notes to condensed consolidated financial statements.

2

Comcast Corporation

Condensed Consolidated Statement of Cash Flows

(Unaudited) 

	Nine Months Ended September 30
(in millions)	2019			2018
Operating Activities
Net income	$	10,123		$	9,280
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, amortization and other operating gains	9,776			7,479
Share-based compensation	790			607
Noncash interest expense (income), net	310			289
Net (gain) loss on investment activity and other	(166		)	118
Deferred income taxes	468			877
Changes in operating assets and liabilities, net of effects of acquisitions and divestitures:
Current and noncurrent receivables, net	360			(225		)
Film and television costs, net	(321		)	64
Accounts payable and accrued expenses related to trade creditors	(1,149		)	(85		)
Other operating assets and liabilities	(729		)	103
Net cash provided by operating activities	19,462			18,507
Investing Activities
Capital expenditures	(6,866		)	(6,607		)
Cash paid for intangible assets	(1,686		)	(1,375		)
Acquisitions and construction of real estate properties	(40		)	(129		)
Construction of Universal Beijing Resort	(736		)	(257		)
Acquisitions, net of cash acquired	(181		)	(88		)
Proceeds from sales of businesses and investments	208			127
Purchases of investments	(1,697		)	(840		)
Other	86			579
Net cash provided by (used in) investing activities	(10,912		)	(8,590		)
Financing Activities
Proceeds from (repayments of) short-term borrowings, net	(1,288		)	2,909
Proceeds from borrowings	516			9,850
Proceeds from collateralized obligation	5,175			—
Repurchases and repayments of debt	(9,975		)	(4,405		)
Repurchases of common stock under repurchase program and employee plans	(432		)	(4,282		)
Dividends paid	(2,778		)	(2,487		)
Distributions to noncontrolling interests and dividends for redeemable subsidiary preferred stock	(235		)	(209		)
Other	191			(242		)
Net cash provided by (used in) financing activities	(8,826		)	1,134
Impact of foreign currency on cash, cash equivalents and restricted cash	(31		)	—
Increase (decrease) in cash, cash equivalents and restricted cash	(307		)	11,051
Cash, cash equivalents and restricted cash, beginning of period	3,909			3,571
Cash, cash equivalents and restricted cash, end of period	$	3,602		$	14,622

See accompanying notes to condensed consolidated financial statements.

3

Comcast Corporation

Condensed Consolidated Balance Sheet

(Unaudited)

(in millions, except share data)	September 30, 2019			December 31, 2018
Assets
Current Assets:
Cash and cash equivalents	$	3,507		$	3,814
Receivables, net	10,684			11,104
Programming rights	3,457			3,746
Other current assets	4,675			3,184
Total current assets	22,323			21,848
Film and television costs	8,647			7,837
Investments	7,473			7,883
Investment securing collateralized obligation	816			—
Property and equipment, net of accumulated depreciation of $52,983 and $51,306	46,790			44,437
Franchise rights	59,365			59,365
Goodwill	66,913			66,154
Other intangible assets, net of accumulated amortization of $16,764 and $14,194	35,164			38,358
Other noncurrent assets, net	8,883			5,802
Total assets	$	256,374		$	251,684
Liabilities and Equity
Current Liabilities:
Accounts payable and accrued expenses related to trade creditors	$	10,198		$	8,494
Accrued participations and residuals	1,615			1,808
Deferred revenue	2,944			2,182
Accrued expenses and other current liabilities	10,193			10,721
Current portion of long-term debt	1,039			4,398
Total current liabilities	25,989			27,603
Long-term debt, less current portion	99,847			107,345
Collateralized obligation	5,165			—
Deferred income taxes	27,992			27,589
Other noncurrent liabilities	16,853			15,329
Commitments and contingencies (Note 12)
Redeemable noncontrolling interests and redeemable subsidiary preferred stock	1,368			1,316
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, 5,412,596,907 and 5,389,309,175; outstanding, 4,539,805,879 and 4,516,518,147	54			54
Class B common stock, $0.01 par value—authorized, 75,000,000 shares; issued and outstanding, 9,444,375	—			—
Additional paid-in capital	38,196			37,461
Retained earnings	48,570			41,983
Treasury stock, 872,791,028 Class A common shares	(7,517		)	(7,517		)
Accumulated other comprehensive income (loss)	(1,159		)	(368		)
Total Comcast Corporation shareholders’ equity	78,144			71,613
Noncontrolling interests	1,016			889
Total equity	79,160			72,502
Total liabilities and equity	$	256,374		$	251,684

See accompanying notes to condensed consolidated financial statements.

4

Comcast Corporation

Condensed Consolidated Statement of Changes in Equity

(Unaudited)

	Three Months Ended September 30						Nine Months Ended September 30
(in millions, except per share data)	2019			2018			2019			2018
Redeemable Noncontrolling Interests and Redeemable Subsidiary Preferred Stock
Balance, beginning of period	$	1,329		$	1,343		$	1,316		$	1,357
Contributions from (distributions to) noncontrolling interests, net	(12		)	(11		)	(49		)	(42		)
Other	(9		)	(11		)	(28		)	(35		)
Net income (loss)	60			(4		)	129			37
Balance, end of period	$	1,368		$	1,317		$	1,368		$	1,317
Class A common stock
Balance, beginning of period	$	54		$	54		$	54		$	55
Repurchases of common stock under repurchase program and employee plans	—			—			—			(1		)
Balance, end of period	$	54		$	54		$	54		$	54
Additional Paid-In Capital
Balance, beginning of period	$	37,950		$	37,427		$	37,461		$	37,497
Stock compensation plans	193			144			604			434
Repurchases of common stock under repurchase program and employee plans	6			(228		)	(39		)	(757		)
Employee stock purchase plans	51			49			166			161
Other	(4		)	2			4			59
Balance, end of period	$	38,196		$	37,394		$	38,196		$	37,394
Retained Earnings
Balance, beginning of period	$	46,425		$	40,269		$	41,983		$	38,202
Cumulative effects of adoption of accounting standards	—			—			—			(43		)
Repurchases of common stock under repurchase program and employee plans	(101		)	(1,064		)	(406		)	(3,530		)
Dividends declared	(965		)	(871		)	(2,893		)	(2,631		)
Other	(6		)	(2		)	(9		)	—
Net income (loss)	3,217			2,886			9,895			9,220
Balance, end of period	$	48,570		$	41,218		$	48,570		$	41,218
Treasury Stock at Cost
Balance, beginning of period	$	(7,517	)	$	(7,517	)	$	(7,517	)	$	(7,517	)
Balance, end of period	$	(7,517	)	$	(7,517	)	$	(7,517	)	$	(7,517	)
Accumulated Other Comprehensive Income (Loss)
Balance, beginning of period	$	(62	)	$	461		$	(368	)	$	379
Cumulative effects of adoption of accounting standards	—			—			—			76
Other comprehensive income (loss)	(1,097		)	(87		)	(791		)	(81		)
Balance, end of period	$	(1,159	)	$	374		$	(1,159	)	$	374
Noncontrolling Interests
Balance, beginning of period	$	980		$	1,049		$	889		$	843
Other comprehensive income (loss)	(22		)	(20		)	(24		)	(45		)
Contributions from (distributions to) noncontrolling interests, net	50			(40		)	66			277
Other	(3		)	(181		)	(14		)	(276		)
Net income (loss)	11			14			99			23
Balance, end of period	$	1,016		$	822		$	1,016		$	822
Total equity	$	79,160		$	72,345		$	79,160		$	72,345
Cash dividends declared per common share	$	0.21		$	0.19		$	0.63		$	0.57

See accompanying notes to condensed consolidated financial statements.

5

Comcast Corporation

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

Note 1: Condensed Consolidated Financial Statements

Business and Basis of Presentation

We have prepared these unaudited condensed consolidated financial statements based on SEC rules that permit reduced disclosure for interim periods. These financial statements include all adjustments that are necessary for a fair presentation of our consolidated results of operations, cash flows and financial condition for the periods shown, including normal, recurring accruals and other items. The consolidated results of operations for the interim periods presented are not necessarily indicative of results for the full year.

The year-end condensed consolidated balance sheet was derived from audited financial statements but does not include all disclosures required by generally accepted accounting principles in the United States (“GAAP”). For a more complete discussion of our accounting policies and certain other information, refer to our consolidated financial statements included in our 2018 Annual Report on Form 10-K and the notes within this Form 10-Q.

In the fourth quarter of 2018, we acquired a 100% interest in Sky through a series of transactions, for total cash consideration of £30.2 billion (approximately $39.4 billion using the exchange rates on the purchase dates). See Note 6 for additional information on the transaction.

Reclassifications

Reclassifications have been made to our condensed consolidated financial statements for the prior year periods to conform to classifications used in 2019. See Note 7 for a discussion of the effects of the adoption of new accounting pronouncements on our condensed consolidated financial statements.

Note 2: Segment Information

We present our operations in six reportable business segments: (1) Comcast Cable in one reportable business segment, referred to as Cable Communications; (2) NBCUniversal in four reportable business segments: Cable Networks, Broadcast Television, Filmed Entertainment and Theme Parks (collectively, the “NBCUniversal segments”); and (3) Sky in one reportable business segment.

Our Cable Communications segment consists of the operations of Comcast Cable, which is one of the nation’s largest providers of high-speed internet, video, voice, wireless, and security and automation services (“cable services”) to residential customers under the Xfinity brand; we also provide these and other services to business customers and sell advertising.

Our Cable Networks segment consists primarily of our national cable networks that provide a variety of entertainment, news and information, and sports content; our regional sports and news networks; our international cable networks; our cable television studio production operations and various digital properties.

Our Broadcast Television segment consists primarily of the NBC and Telemundo broadcast networks, our NBC and Telemundo owned local broadcast television stations, the NBC Universo national cable network, our broadcast television studio production operations, and various digital properties.

Our Filmed Entertainment segment 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, DreamWorks Animation and Focus Features names.

Our Theme Parks segment consists primarily of our Universal theme parks in Orlando, Florida; Hollywood, California; and Osaka, Japan. In addition, along with a consortium of Chinese state-owned companies, we are developing a Universal theme park and resort in Beijing, China.

Our Sky segment consists of the operations of Sky, one of Europe’s leading entertainment companies, which primarily includes a direct-to-consumer business, providing video, high-speed internet, voice and wireless phone services, and a content business, operating entertainment networks, the Sky News broadcast network and Sky Sports networks.

We use Adjusted EBITDA to evaluate the profitability of our operating segments and the components of net income attributable to Comcast Corporation excluded from Adjusted EBITDA are not separately evaluated. Beginning in the first quarter of 2019, Comcast Cable’s wireless phone service and certain other Cable-related business development initiatives are now presented in the Cable Communications segment. Results were previously presented in Corporate and Other. Prior periods have been adjusted to reflect this presentation. To be consistent with our current management reporting presentation, certain 2018 operating results were reclassified related to certain NBCUniversal businesses now presented in the Sky segment. Our financial data by business segment is presented in the tables below.

6

Comcast Corporation

	Three Months Ended September 30, 2019
(in millions)	Revenue			Adjusted EBITDA(d)			Depreciation and Amortization		Capital Expenditures		Cash Paid for Intangible Assets
Cable Communications	$	14,584		$	5,801		$	1,967	$	1,814	$	336
NBCUniversal
Cable Networks	2,771			955			184		9		4
Broadcast Television	2,230			338			36		36		3
Filmed Entertainment	1,706			195			21		5		5
Theme Parks	1,631			731			182		400		8
Headquarters and Other(a)	21			(130		)	114		55		43
Eliminations(b)	(64		)	2			—		—		—
NBCUniversal	8,295			2,091			537		505		63
Sky	4,554			899			644		104		188
Corporate and Other(c)	42			(237		)	32		88		21
Eliminations(b)	(648		)	(1		)	—		—		—
Comcast Consolidated	$	26,827		$	8,553		$	3,180	$	2,511	$	608

	Three Months Ended September 30, 2018
(in millions)	Revenue			Adjusted EBITDA(d)			Depreciation and Amortization		Capital Expenditures		Cash Paid for Intangible Assets
Cable Communications	$	14,023		$	5,434		$	2,077	$	1,945	$	367
NBCUniversal
Cable Networks	2,850			959			180		11		6
Broadcast Television	2,452			321			32		37		—
Filmed Entertainment	1,819			214			26		9		6
Theme Parks	1,528			725			170		269		23
Headquarters and Other(a)	15			(161		)	106		79		43
Eliminations(b)	(68		)	(1		)	—		—		—
NBCUniversal	8,596			2,057			514		405		78
Corporate and Other(c)	73			(188		)	27		34		—
Eliminations(b)	(557		)	10			—		—		—
Comcast Consolidated	$	22,135		$	7,313		$	2,618	$	2,384	$	445

	Nine Months Ended September 30, 2019
(in millions)	Revenue			Adjusted EBITDA(d)			Depreciation and Amortization		Capital Expenditures		Cash Paid for Intangible Assets
Cable Communications	$	43,314		$	17,383		$	6,038	$	4,771	$	962
NBCUniversal
Cable Networks	8,586			3,418			549		21		10
Broadcast Television	7,099			1,259			115		86		9
Filmed Entertainment	4,931			742			60		13		16
Theme Parks	4,371			1,819			514		1,172		44
Headquarters and Other(a)	60			(486		)	341		139		120
Eliminations(b)	(233		)	—			—		—		—
NBCUniversal	24,814			6,752			1,579		1,431		199
Sky	14,179			2,334			2,058		540		491
Corporate and Other(c)	206			(637		)	101		124		34
Eliminations(b)	(1,969		)	(10		)	—		—		—
Comcast Consolidated	$	80,544		$	25,822		$	9,776	$	6,866	$	1,686

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Comcast Corporation

	Nine Months Ended September 30, 2018
(in millions)	Revenue			Adjusted EBITDA(d)			Depreciation and Amortization		Capital Expenditures		Cash Paid for Intangible Assets
Cable Communications	$	41,638		$	16,100		$	6,161	$	5,403	$	998
NBCUniversal
Cable Networks(e)	8,881			3,389			548		22		15
Broadcast Television(e)	8,340			1,245			106		99		75
Filmed Entertainment	5,176			555			117		24		20
Theme Parks	4,170			1,789			492		811		158
Headquarters and Other(a)	44			(497		)	314		179		106
Eliminations(b)(e)	(245		)	(3		)	—		—		—
NBCUniversal	26,366			6,478			1,577		1,135		374
Corporate and Other(c)	412			(566		)	82		69		3
Eliminations(b)(e)	(1,755		)	(38		)	—		—		—
Comcast Consolidated	$	66,661		$	21,974		$	7,820	$	6,607	$	1,375

(a) NBCUniversal 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. 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 Cable Networks and Broadcast Television segments generate revenue by selling advertising to our Cable Communications segment

• our Filmed Entertainment and Broadcast Television segments generate revenue by licensing content to our Cable Networks segment; for segment reporting, this revenue is recognized as the programming rights asset for the licensed content is amortized based on third party revenue

• our Filmed Entertainment, Cable Networks and Broadcast Television segments generate revenue by licensing content to our Sky segment

(c) Corporate and Other activities include costs associated with overhead and personnel, revenue and expenses associated with the operations of Comcast Spectacor, which owns the Philadelphia Flyers and the Wells Fargo Center arena in Philadelphia, Pennsylvania, and other business initiatives, such as the development of Peacock, NBCUniversal’s direct-to-consumer streaming service.

(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 Comcast Corporation before net income (loss) attributable to noncontrolling interests and redeemable subsidiary preferred stock, income tax expense, investment and other income (loss), net, interest expense, depreciation and amortization expense, and other operating gains and losses (such as impairment charges related to fixed and intangible assets and gains or losses on the sale of long-lived assets), if any. From time to time, we may exclude from Adjusted EBITDA the impact of certain events, gains, losses or other charges (such as significant legal settlements) that affect the period-to-period comparability of our operating performance. 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 September 30						Nine Months Ended September 30
(in millions)	2019			2018			2019			2018
Adjusted EBITDA	$	8,553		$	7,313		$	25,822		$	21,974
Adjustment for Sky transaction-related costs	(33		)	—			(168		)	—
Depreciation	(2,124		)	(2,038		)	(6,561		)	(6,070		)
Amortization	(1,056		)	(580		)	(3,215		)	(1,750		)
Other operating gains	—			141			—			341
Interest expense	(1,167		)	(830		)	(3,454		)	(2,413		)
Investment and other income (loss), net	(110		)	(111		)	511			92
Income before income taxes	$	4,063		$	3,895		$	12,935		$	12,174

(e) The revenue and operating costs and expenses associated with our broadcast of the 2018 PyeongChang Olympics were reported in our Cable Networks and Broadcast Television segments. The revenue and operating costs and expenses associated with our broadcast of the 2018 Super Bowl were reported in our Broadcast Television segment. Included in Eliminations are transactions relating to these events that our Broadcast Television and Cable Networks segments enter into with our other segments.

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Comcast Corporation

Note 3: Revenue

	Three Months Ended September 30						Nine Months Ended September 30
(in millions)	2019			2018			2019			2018
Residential:
High-speed internet	$	4,721		$	4,321		$	13,961		$	12,740
Video	5,541			5,591			16,763			16,878
Voice	963			982			2,935			2,982
Wireless	326			236			795			623
Business services	1,971			1,803			5,795			5,290
Advertising	603			684			1,766			1,932
Other	459			406			1,299			1,193
Total Cable Communications(a)(b)	14,584			14,023			43,314			41,638
Distribution	1,681			1,655			5,123			5,166
Advertising	809			812			2,592			2,718
Content licensing and other	281			383			871			997
Total Cable Networks	2,771			2,850			8,586			8,881
Advertising	1,191			1,355			3,837			5,107
Content licensing	447			538			1,479			1,541
Distribution and other	592			559			1,783			1,692
Total Broadcast Television	2,230			2,452			7,099			8,340
Theatrical	549			601			1,246			1,564
Content licensing	737			719			2,266			2,100
Home entertainment	185			260			681			733
Other	235			239			738			779
Total Filmed Entertainment	1,706			1,819			4,931			5,176
Total Theme Parks	1,631			1,528			4,371			4,170
Headquarters and Other	21			15			60			44
Eliminations(c)	(64		)	(68		)	(233		)	(245		)
Total NBCUniversal	8,295			8,596			24,814			26,366
Direct-to-consumer	3,793			—			11,516			—
Content	315			—			1,061			—
Advertising	446			—			1,602			—
Total Sky	4,554			—			14,179			—
Corporate and Other(b)	42			73			206			412
Eliminations(c)	(648		)	(557		)	(1,969		)	(1,755		)
Total revenue	$	26,827		$	22,135		$	80,544		$	66,661

(a) For both the three and nine months ended September 30, 2019, 2.6% of Cable Communications segment revenue was derived from franchise and other regulatory fees. For the three and nine months ended September 30, 2018, 2.6% and 2.7%, respectively, of Cable Communications segment revenue was derived from franchise and other regulatory fees.

(b) Comcast Cable’s wireless phone service is now presented in the Cable Communications segment. Results were previously presented in Corporate and Other. We recognize revenue from our wireless phone service as the services are provided, similar to how we recognize revenue for other residential cable services. We recognize revenue from the sale of handsets at the point of sale.

(c) Included in Eliminations are transactions that our segments enter into with one another. See Note 2 for a description of these transactions.

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Comcast Corporation

We operate primarily in the United States but also in select international markets. The table below summarizes revenue by geographic location.

	Three Months Ended September 30				Nine Months Ended September 30
(in millions)	2019		2018		2019		2018
United States	$	20,398	$	20,244	$	61,394	$	61,060
Europe	5,211		825		15,878		2,345
Other	1,218		1,066		3,272		3,256
Total revenue	$	26,827	$	22,135	$	80,544	$	66,661

No single customer accounted for a significant amount of revenue in any period presented.

Condensed Consolidated Balance Sheet

The following tables summarize our accounts receivable and other balances that are not separately presented in our condensed consolidated balance sheet that relate to the recognition of revenue and collection of the related cash, as well as deferred costs associated with our contracts with customers.

(in millions)	September 30, 2019		December 31, 2018
Receivables, gross	$	11,159	$	11,456
Less: Allowance for doubtful accounts	475		352
Receivables, net	$	10,684	$	11,104

(in millions)	September 30, 2019		December 31, 2018
Noncurrent receivables, net (included in other noncurrent assets, net)	$	1,261	$	1,399
Contract acquisition and fulfillment costs (included in other noncurrent assets, net)	$	1,055	$	991
Noncurrent deferred revenue (included in other noncurrent liabilities)	$	663	$	650

Note 4: Earnings Per Share

Computation of Diluted EPS

	Three Months Ended September 30
	2019					2018
(in millions, except per share data)	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	$	3,217	4,551	$	0.71	$	2,886	4,564	$	0.63
Effect of dilutive securities:
Assumed exercise or issuance of shares relating to stock plans			68					55
Diluted EPS attributable to Comcast Corporation shareholders	$	3,217	4,619	$	0.70	$	2,886	4,619	$	0.62

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Comcast Corporation

	Nine Months Ended September 30
	2019					2018
(in millions, except per share data)	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	$	9,895	4,544	$	2.18	$	9,220	4,599	$	2.00
Effect of dilutive securities:
Assumed exercise or issuance of shares relating to stock plans			62					56
Diluted EPS attributable to Comcast Corporation shareholders	$	9,895	4,606	$	2.15	$	9,220	4,655	$	1.98

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”). Diluted EPS excludes the impact of potential common shares related to our stock options in periods in which the combination of the option exercise price and the associated unrecognized compensation expense is greater than the average market price of our common stock. 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 and nine months ended September 30, 2019 or 2018.

Note 5: Long-Term Debt

As of September 30, 2019, our debt had a carrying value of $100.9 billion and an estimated fair value of $114.1 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

For the nine months ended September 30, 2019, we had borrowings of $516 million primarily related to the Universal Beijing Resort term loans.

For the nine months ended September 30, 2019, we made repayments of $10.0 billion, including the early redemptions of $3.4 billion of senior notes due 2020 and the partial repayment of a term loan, both of which were funded using proceeds from our collateralized obligation (see Note 9).

Guarantee Structure

Comcast, Comcast Cable and NBCUniversal fully and unconditionally guarantee each other’s debt securities, including the Comcast revolving credit facility. As of September 30, 2019, the principal amount of debt securities outstanding within the cross-guarantee structure totaled $86.4 billion.

Comcast and Comcast Cable fully and unconditionally guarantee NBCUniversal Enterprise’s debt securities, including its revolving credit facility. As of September 30, 2019, the principal amount of debt securities guaranteed by Comcast and Comcast Cable totaled $1.5 billion. NBCUniversal does not guarantee NBCUniversal Enterprise’s debt securities.

Comcast fully and unconditionally guarantees Universal Studios Japan’s yen-denominated ¥379 billion (approximately $3.5 billion using exchange rates as of September 30, 2019) term loans with a final maturity of March 2022. None of Comcast, Comcast Cable nor NBCUniversal guarantee the ¥7.4 billion RMB (approximately $1.0 billion using exchange rates as of September 30, 2019) principal amount of Universal Beijing Resort term loans outstanding.

In May 2019, Comcast provided a full and unconditional guarantee of Sky’s debt (approximately $9.0 billion using exchange rates as of September 30, 2019) in connection with Sky’s noteholders consenting to (i) the transfer of the listing of three series of notes from the Main Market of the London Stock Exchange to the Professional Securities Market of the London Stock Exchange and (ii) amending certain terms of the Sky notes.

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Comcast Corporation

Note 6: Significant Transactions

Sky Transaction

On October 9, 2018, in connection with our offer to acquire the share capital of Sky, we acquired a controlling interest in Sky through a series of purchases of Sky shares at our offer price of £17.28 per share. In the fourth quarter of 2018, we acquired the remaining Sky shares and now own 100% of Sky’s equity interests. Total cash consideration was £30.2 billion (approximately $39.4 billion using the exchange rates on the purchase dates). We financed the acquisition through a combination of new fixed and floating rate notes, issuance of term loans and cash on hand. Sky is one of Europe’s leading entertainment companies, which primarily includes a direct-to-consumer business, providing video, high-speed internet, voice and wireless phone services, and a content business, operating entertainment networks, the Sky News broadcast network and Sky Sports networks.

Allocation of Purchase Price

We have applied acquisition accounting to Sky. Sky’s results of operations are included in our consolidated results of operations since the acquisition date and are reported in our Sky segment. The net assets of Sky were recorded at their estimated fair value using primarily Level 3 inputs. In valuing acquired assets and liabilities, fair value estimates are based on, but are not limited to, future expected cash flows, market rate assumptions for contractual obligations and appropriate discount rates.

During the first quarter of 2019, we revised our estimates of fair value, primarily related to intangible assets, property and equipment, and investments (included below in other noncurrent assets and (liabilities), net), and recorded corresponding adjustments to deferred taxes. We also recorded an additional valuation allowance of approximately $1.2 billion associated with our assessment of the realization of Sky’s deferred tax assets, primarily related to net operating losses. These changes resulted in an increase in goodwill of approximately $1.4 billion and an adjustment in the first quarter of 2019 related to the fourth quarter of 2018 that resulted in an increase to depreciation and amortization expense of $53 million.

The table below presents the allocation of the all-cash purchase price of £30.2 billion, or $39.4 billion, to the assets and liabilities of Sky as a result of the transaction.

Allocation of Purchase Price
(in millions)
Consideration transferred	$	39,387
Allocation of purchase price
Cash	$	1,283
Accounts receivable and other current assets	2,359
Film and television costs	2,512
Property and equipment	4,127
Intangible assets	19,539
Accounts payable, accrued liabilities and other current liabilities	(5,885		)
Long-term debt	(11,468		)
Deferred tax assets (liabilities), net	(2,974		)
Other noncurrent assets and (liabilities), net	(1,398		)
Fair value of identifiable net assets acquired	8,095
Goodwill	$	31,292

Property and Equipment

Property and equipment includes customer premise equipment with a carrying value of $1.4 billion, which have original estimated useful lives of 5 to 7 years. The remaining property and equipment includes network assets, real estate, and other machinery and equipment.

Intangible Assets

Finite-lived intangible assets primarily consist of customer relationships with a carrying amount of $9.5 billion and developed technology and software with a carrying amount of $4.3 billion, with original estimated useful lives between 6 and 19 years and 4 and 9 years, respectively. Indefinite-lived assets consist of trade names with a carrying amount of $5.8 billion.

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Comcast Corporation

Goodwill

Goodwill consists primarily of intangible assets that do not qualify for separate recognition, including increased footprint, assembled workforce, noncontractual relationships and agreements. The acquired goodwill is not expected to be deductible for tax purposes.

Acquisition-Related Costs

As a result of the Sky transaction, we incurred expenses in 2018 related to legal, accounting, valuation and other professional services, which are reflected in other operating and administrative expenses. We also incurred certain financing costs associated with our borrowings, which are reflected in interest expense. The table below presents the amounts related to these expenses included in our condensed consolidated statement of income.

(in millions)	Three Months Ended September 30, 2018		Nine Months Ended September 30, 2018
Other operating and administrative expenses	$	8	$	29
Interest expense	$	34	$	45

Unaudited Pro Forma Information

The following unaudited pro forma information has been presented as if the Sky transaction occurred on January 1, 2017. This information is based on historical results of operations, adjusted for allocation of purchase price and other acquisition accounting adjustments, and is not necessarily indicative of what the results would have been had we operated the business since January 1, 2017. For pro forma purposes, 2018 earnings were adjusted to exclude the acquisition-related costs. No pro forma adjustments have been made for cost savings or synergies that have been or may be achieved by the combined businesses.

(in millions, except per share data)	Three Months Ended September 30, 2018		Nine Months Ended September 30, 2018
Revenue	$	26,824	$	81,239
Net income attributable to Comcast Corporation	$	3,448	$	9,388
Basic earnings per common share attributable to Comcast Corporation shareholders	$	0.75	$	2.04
Diluted earnings per common share attributable to Comcast Corporation shareholders	$	0.74	$	2.01

Universal Beijing Resort

We entered into an agreement with a consortium of Chinese state-owned companies to build and operate a Universal theme park and resort in Beijing, China (“Universal Beijing Resort”). We own a 30% interest in Universal Beijing Resort and the construction is being funded through a combination of debt financing and equity contributions from the investors in accordance with their equity interests. The debt financing, which is being provided by a syndicate of Chinese financial institutions, contains certain financial and operating covenants and a maximum borrowing limit of ¥26.6 billion RMB (approximately $4 billion). The debt financing is secured by the assets of Universal Beijing Resort and the equity interests of the investors. As of September 30, 2019, Universal Beijing Resort had $1 billion principal amount of term loans outstanding under the debt financing agreements.

We have concluded that Universal Beijing Resort is a variable interest entity based on its governance structure, and we consolidate it because we have the power to direct activities that most significantly impact its economic performance. There are no liquidity arrangements, guarantees or other financial commitments between us and Universal Beijing Resort, and therefore our maximum risk of financial loss is our 30% interest. Universal Beijing Resort’s results of operations are reported in our Theme Parks segment. Our condensed consolidated statement of cash flows includes the costs of construction and related borrowings in the “construction of Universal Beijing Resort” and “proceeds from borrowings” captions, respectively, and equity contributions from our investing partner are included in other financing activities.

In March 2018, Universal Beijing Resort received initial equity investments through a combination of cash and noncash contributions from the investors. As of September 30, 2019, our condensed consolidated balance sheet included assets, primarily property and equipment, and liabilities, including the term loans, of Universal Beijing Resort totaling $2.4 billion and $1.7 billion, respectively.

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Comcast Corporation

Note 7: Recent Accounting Pronouncements

Leases

In February 2016, the Financial Accounting Standards Board (“FASB”) updated the accounting guidance related to leases. The most significant change in the updated accounting guidance requires lessees to recognize lease assets and liabilities on the balance sheet for all operating leases with the exception of short-term leases. The standard also expands the disclosures regarding the amount, timing and uncertainty of cash flows arising from leases. For a lessee, the recognition, measurement and presentation of expenses and cash flows arising from a lease did not significantly change from previous guidance. We adopted the updated guidance on January 1, 2019 on a prospective basis and as a result, prior period amounts were not adjusted to reflect the impacts of the updated guidance. In addition, as permitted under the transition guidance within the new standard, prior scoping and classification conclusions were carried forward for leases existing as of the adoption date.

Upon adoption, we recorded $4.2 billion and $4.8 billion for operating lease assets and liabilities, respectively, which includes the impact of fair value adjustments, prepaid and deferred rent and lease incentives. The adoption of the updated accounting guidance did not significantly impact our recognition of finance leases, which were previously described as capital leases. As of the date of adoption, our liabilities for finance leases were $787 million, including $229 million of additional contracts determined to be leases in connection with the Sky transaction, which were recorded in long-term debt, and the related assets were recorded in property and equipment, net. Our finance leases were not considered material for further disclosure. The adoption of the new accounting guidance did not have a material impact on our consolidated results of operations or cash flows. See Note 12 for further information.

Film and Television Costs

In March 2019, the FASB updated the accounting guidance related to film and television costs. The updated guidance aligns the accounting for production costs of episodic television series with those of films, allowing for costs to be capitalized in excess of amounts of revenue contracted for each episode. The updated guidance also updates certain presentation and disclosure requirements for capitalized film and television costs, and requires impairment testing to be performed at a group level for capitalized film and television costs when the content is predominantly monetized with other owned or licensed content. The updated guidance is effective for us as of January 1, 2020 and early adoption is permitted. We are currently in the process of determining the impact that the updated accounting guidance will have on our consolidated financial statements.

Note 8: Film and Television Costs

(in millions)	September 30, 2019		December 31, 2018
Film Costs:
Released, less amortization	$	1,615	$	1,600
Completed, not released	124		144
In production and in development	1,282		1,063
	3,021		2,807
Television Costs:
Released, less amortization	2,514		2,289
In production and in development	1,228		953
	3,742		3,242
Programming rights, less amortization	5,341		5,534
	12,104		11,583
Less: Current portion of programming rights	3,457		3,746
Film and television costs	$	8,647	$	7,837

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Comcast Corporation

Note 9: Investments

Investment and Other Income (Loss), Net

	Three Months Ended September 30						Nine Months Ended September 30
(in millions)	2019			2018			2019			2018
Equity in net income (losses) of investees, net	$	(355	)	$	(76	)	$	(295	)	$	(56	)
Realized and unrealized gains (losses) on equity securities, net	174			(38		)	582			(50		)
Other income (loss), net	71			3			224			198
Investment and other income (loss), net	$	(110	)	$	(111	)	$	511		$	92

(in millions)	September 30, 2019		December 31, 2018
Equity method	$	5,363	$	4,035
Marketable equity securities	862		341
Nonmarketable equity securities	1,933		1,805
Other investments	1,841		1,796
Total investments	9,999		7,977
Less: Current investments	1,710		94
Less: Investment securing collateralized obligation	816		—
Noncurrent investments	$	7,473	$	7,883

Equity Method

Atairos

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 operations. We recognize our share of these gains and losses in equity in net income (losses) of investees, net. For the three and nine months ended September 30, 2019, we recognized losses of $262 million and income of $6 million, respectively. For the three and nine months ended September 30, 2018, we recognized income of $38 million and $224 million, respectively. For the nine months ended September 30, 2019 and 2018, we made cash capital contributions totaling $475 million and $133 million, respectively, to Atairos. As of September 30, 2019 and December 31, 2018, our investment was $3.2 billion and $2.7 billion, respectively.

In April 2018, we sold a controlling interest in our arena management-related businesses to Atairos and received as consideration additional equity interests in Atairos. In connection with the sale of the businesses, we recognized a pre-tax gain of $200 million in other operating gains.

Hulu and Collateralized Obligation

In May 2019, we entered into a series of agreements (the “Hulu Transaction”) with The Walt Disney Company and certain of its subsidiaries (“Disney”), whereby we relinquished our board seats and substantially all voting rights associated with our investment in Hulu, LLC (“Hulu”), and Disney assumed full operational control. We also acquired our proportionate share of the approximate 10% interest in Hulu previously held by AT&T Inc. (“AT&T”) for approximately $477 million, increasing our ownership interest to approximately 33% from approximately 30%.

Following the Hulu Transaction, future capital calls are limited to $1.5 billion in the aggregate each year, with any excess funding requirements funded with member loans. We have the right, but not the obligation, to fund our proportionate share of these capital calls, and if we elect not to fund our share of future equity capital calls, our ownership interest will be diluted, subject to an ownership floor of 21%. The Hulu Transaction agreements include put and call provisions regarding our ownership interest in Hulu, pursuant to which, as early as January 2024, we can require Disney to buy, and Disney can require us to sell our interest, in either case, for fair value at that future time subject to a minimum equity value of $27.5 billion for 100% of the equity of Hulu. The minimum total equity value and ownership floor guarantee minimum proceeds of approximately $5.8 billion upon exercise of the put or call.

In connection with the Hulu Transaction, we agreed to extend certain licenses of NBCUniversal content until late 2024. We can terminate most of our content license agreements with Hulu beginning in 2022, and beginning in 2020, we have the right to modify certain content licenses that are currently exclusive to Hulu, so that we can exhibit the content on our platforms in return for reducing the license fee.

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Comcast Corporation

In August 2019, we entered into a financing arrangement with a syndicate of banks whereby we received proceeds of $5.2 billion under a term loan facility due March 2024. The principal amount of the term loan is secured by the proceeds guaranteed by Disney under the put/call provisions related to our investment in Hulu. The proceeds from the put/call provisions are available only for the repayment of the term loan and are not available to us unless and until the bank lenders are fully paid under the term loan provisions. The bank lenders have no rights to proceeds from the put/call provisions in excess of amounts owed under the term loan. As a result of this transaction, we now present our investment in Hulu and the term loan separately in our condensed consolidated balance sheet in the captions “investment securing collateralized obligation” and “collateralized obligation”, respectively. The recorded value of our investment reflects our historical cost in applying the equity method, and as a result, is less than its fair value. As of September 30, 2019, our collateralized obligation had a carrying value of $5.2 billion and an estimated fair value of $5.2 billion. The estimated fair value was based on Level 2 inputs that use interest rates for debt with similar terms and remaining maturities.

We account for our investment using the equity method. For the three and nine months ended September 30, 2019, we recognized losses of $101 million and $351 million, respectively, in equity in net income (losses) of investees, net. For the three and nine months ended September 30, 2018, we recognized losses of $132 million and $370 million, respectively. For the nine months ended September 30, 2019 and 2018, we made cash capital contributions totaling $903 million, inclusive of the funding for the acquisition of the AT&T interest, and $341 million, respectively, to Hulu. As of September 30, 2019 and December 31, 2018, our investment was $816 million and $248 million, respectively.

In August 2016, Time Warner Inc., which was acquired by AT&T in 2018, acquired a 10% interest in Hulu, diluting our interest at that time from approximately 33% to approximately 30%. Given the contingent nature of put and call options related to that interest, we recorded a deferred gain as a result of the dilution. In the first quarter of 2019, the put and call options expired unexercised and we recognized the previously deferred gain of $159 million in other income (loss), net.

The Weather Channel

In March 2018, we sold our investment in The Weather Channel cable network and recognized a pretax gain of $64 million in other income (loss), net.

Marketable Equity Securities

Snap

For the three and nine months ended September 30, 2019, we recognized unrealized gains of $45 million and $303 million, respectively, in realized and unrealized gains (losses) on equity securities, net. For the three and nine months ended September 30, 2018, we recognized unrealized losses of $135 million and $180 million, respectively. As of September 30, 2019 and December 31, 2018, our investment was $465 million and $162 million, respectively.

Peloton

In September 2019, as a result of Peloton’s initial public offering, we recognized unrealized gains of $150 million related to our investment in realized and unrealized gains (losses) on equity securities, net. Following the initial public offering, we now present our investment in marketable equity securities, which was previously presented in non-marketable equity securities. As of September 30, 2019 and December 31, 2018, our investment was $260 million and $110 million, respectively.

Other Investments

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 both September 30, 2019 and December 31, 2018, our investment in AirTouch was $1.6 billion. We account for our investment in AirTouch as a held to maturity investment using the cost method. As of September 30, 2019, 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 $1.7 billion. The estimated fair values were 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.

16

Comcast Corporation

Note 10: Goodwill

				NBCUniversal
(in millions)	Cable Communications			Cable Networks			Broadcast Television			Filmed Entertainment			Theme Parks		Sky			Corporate and Other		Total
Balance, December 31, 2018	$	12,784		$	13,407		$	843		$	3,184		$	6,684	$	29,250		$	2	$	66,154
Acquisitions	131			—			13			—			—		10			—		154
Dispositions	—			—			—			—			—		(12		)	—		(12		)
Adjustments(a)	2,166			490			199			138			—		(1,555		)	2		1,440
Foreign currency translation	(116		)	(34		)	(11		)	(11		)	106		(757		)	—		(823		)
Balance, September 30, 2019	$	14,965		$	13,863		$	1,044		$	3,311		$	6,790	$	26,936		$	4	$	66,913

(a) Adjustments during the nine months ended September 30, 2019 primarily included 1) measurement period adjustments resulting from finalization of acquisition accounting for Sky and 2) the final assignment of goodwill resulting from the Sky transaction to our reporting units.

We performed our annual impairment testing of goodwill and cable franchise rights and other indefinite-lived intangible assets as of July 1, 2019 and no impairment charge was required.

Note 11: Supplemental Financial Information

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 2019, we granted 12.4 million RSUs and 41.9 million stock options related to our annual management awards. The weighted-average fair values associated with these grants were $39.88 per RSU and $7.91 per stock option.

Recognized Share-Based Compensation Expense

	Three Months Ended September 30				Nine Months Ended September 30
(in millions)	2019		2018		2019		2018
Restricted share units	$	143	$	94	$	437	$	279
Stock options	57		50		176		155
Employee stock purchase plans	8		7		23		24
Total	$	208	$	151	$	636	$	458

As of September 30, 2019, we had unrecognized pretax compensation expense of $1.2 billion and $529 million related to nonvested RSUs and nonvested stock options, respectively.

Cash Payments for Interest and Income Taxes 

	Nine Months Ended September 30
(in millions)	2019		2018
Interest	$	3,167	$	2,240
Income taxes	$	2,490	$	1,533

Noncash Activities

During the nine months ended September 30, 2019:

• we acquired $2.0 billion of property and equipment and intangible assets that were accrued but unpaid

• we recorded a liability of $955 million for a quarterly cash dividend of $0.21 per common share to be paid in October 2019

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Comcast Corporation

Cash, Cash Equivalents and Restricted Cash

The following table provides a reconciliation of cash, cash equivalents and restricted cash reported in the condensed consolidated balance sheet to the total of the amounts reported in our condensed consolidated statement of cash flows.

(in millions)	September 30, 2019		December 31, 2018
Cash and cash equivalents	$	3,507	$	3,814
Restricted cash included in other current assets	47		46
Restricted cash included in other noncurrent assets, net	48		49
Cash, cash equivalents and restricted cash, end of period	$	3,602	$	3,909

Accumulated Other Comprehensive Income (Loss)

(in millions)	September 30, 2019			September 30, 2018
Unrealized gains (losses) on marketable securities	$	7		$	2
Deferred gains (losses) on cash flow hedges	162			28
Unrecognized gains (losses) on employee benefit obligations	301			294
Cumulative translation adjustments	(1,629		)	50
Accumulated other comprehensive income (loss), net of deferred taxes	$	(1,159	)	$	374

Note 12: Commitments and Contingencies

Leases

Our leases consist primarily of real estate, vehicles and other equipment. We determine if an arrangement is a lease at inception. Lease assets and liabilities are recognized upon commencement of the lease based on the present value of the future minimum lease payments over the lease term. The lease term includes options to extend the lease when it is reasonably certain that we will exercise that option. We generally utilize our incremental borrowing rate based on information available at the commencement of the lease in determining the present value of future payments. The lease asset also includes any lease payments made and initial direct costs incurred and excludes lease incentives. Lease assets and liabilities are not recorded for leases with an initial term of one year or less. Lease expense for operating leases recorded in the balance sheet is included in operating costs and expenses and is based on the future minimum lease payments recognized on a straight-line basis over the term of the lease plus any variable lease costs. Operating lease expenses, inclusive of short-term and variable lease expenses, recognized in our condensed consolidated statement of income for the three and nine months ended September 30, 2019 were $268 million and $806 million, respectively. These amounts do not include lease costs associated with production activities or other amounts capitalized in our condensed consolidated balance sheet, which are not material.

The table below summarizes the operating lease assets and liabilities recorded in our condensed consolidated balance sheet.

Condensed Consolidated Balance Sheet

(in millions)	September 30, 2019
Other noncurrent assets, net	$	4,011
Accrued expenses and other current liabilities	$	696
Other noncurrent liabilities	$	3,863

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Comcast Corporation

The table below summarizes our future minimum rental commitments for operating leases as of September 30, 2019 applying the new accounting guidance.

(in millions)	September 30, 2019
Remaining three months of 2019	$	182
2020	880
2021	763
2022	633
2023	530
Thereafter	2,606
Total future minimum lease payments	5,594
Less: imputed interest	1,035
Total liability	$	4,559

The weighted average remaining lease term for operating leases and the weighted average discount rate used to calculate our operating lease liabilities as of September 30, 2019 were 10 years and 3.78%, respectively.

For the nine months ended September 30, 2019, cash payments for operating leases recorded in the condensed consolidated balance sheet were $700 million. Leases that have not yet commenced and lease assets and liabilities associated with leases entered into during the period were not material.

The tables below summarize our future minimum rental commitments for operating leases as of December 31, 2018 and rent expense for operating leases for the three and nine months ended September 30, 2018 using the accounting guidance in effect at that time. These amounts have been updated to include $804 million of future cash payments related to additional contracts determined to be operating leases in connection with the Sky transaction.

(in millions)			December 31, 2018
2019			$	891
2020			$	824
2021			$	722
2022			$	592
2023			$	513
Thereafter			$	2,608
(in millions)	Three Months Ended September 30, 2018		Nine Months Ended September 30, 2018
Rental expense	$	178	$	548

Redeemable Subsidiary Preferred Stock

As of September 30, 2019, the fair value of the NBCUniversal Enterprise redeemable subsidiary preferred stock was $743 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 several 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. 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.

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Comcast Corporation

Note 13: 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. See Note 5 for additional information on the cross-guarantee structure.

Condensed Consolidating Statement of Income

For the Three Months Ended September 30, 2019

(in millions)	Comcast Parent			Comcast Holdings			CCCL Parent			NBCUniversal Media Parent			Non- Guarantor Subsidiaries			Elimination and Consolidation Adjustments			Consolidated Comcast Corporation
Revenue:
Service revenue	$	—		$	—		$	—		$	—		$	26,827		$	—		$	26,827
Management fee revenue	326			—			319			—			—			(645		)	—
Total revenue	326			—			319			—			26,827			(645		)	26,827
Costs and Expenses:
Programming and production	—			—			—			—			8,316			—			8,316
Other operating and administrative	209			—			319			230			7,977			(645		)	8,090
Advertising, marketing and promotion	—			—			—			—			1,901			—			1,901
Depreciation	14			—			—			—			2,110			—			2,124
Amortization	1			—			—			—			1,055			—			1,056
Total costs and expenses	224			—			319			230			21,359			(645		)	21,487
Operating income (loss)	102			—			—			(230		)	5,468			—			5,340
Interest expense	(873		)	(3		)	(47		)	(140		)	(104		)	—			(1,167		)
Investment and other income (loss), net	3,776			3,729			3,620			1,632			1,390			(14,257		)	(110		)
Income (loss) before income taxes	3,005			3,726			3,573			1,262			6,754			(14,257		)	4,063
Income tax (expense) benefit	212			(2		)	10			(6		)	(989		)	—			(775		)
Net income (loss)	3,217			3,724			3,583			1,256			5,765			(14,257		)	3,288
Less: Net income (loss) attributable to noncontrolling interests and redeemable subsidiary preferred stock	—			—			—			—			71			—			71
Net income (loss) attributable to Comcast Corporation	$	3,217		$	3,724		$	3,583		$	1,256		$	5,694		$	(14,257	)	$	3,217
Comprehensive income (loss) attributable to Comcast Corporation	$	2,120		$	3,722		$	3,584		$	1,244		$	4,397		$	(12,947	)	$	2,120

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Comcast Corporation

Condensed Consolidating Statement of Income

For the Three Months Ended September 30, 2018

(in millions)	Comcast Parent			Comcast Holdings			CCCL Parent			NBCUniversal Media Parent			Non- Guarantor Subsidiaries			Elimination and Consolidation Adjustments			Consolidated Comcast Corporation
Revenue:
Service revenue	$	—		$	—		$	—		$	—		$	22,135		$	—		$	22,135
Management fee revenue	299			—			294			—			—			(593		)	—
Total revenue	299			—			294			—			22,135			(593		)	22,135
Costs and Expenses:
Programming and production	—			—			—			—			6,711			—			6,711
Other operating and administrative	208			—			294			230			6,305			(593		)	6,444
Advertising, marketing and promotion	—			—			—			—			1,667			—			1,667
Depreciation	12			—			—			—			2,026			—			2,038
Amortization	1			—			—			—			579			—			580
Other operating gains	—			—			—			—			(141		)	—			(141		)
Total costs and expenses	221			—			294			230			17,147			(593		)	17,299
Operating income (loss)	78			—			—			(230		)	4,988			—			4,836
Interest expense	(600		)	(3		)	(48		)	(113		)	(66		)	—			(830		)
Investment and other income (loss), net	3,299			3,380			3,007			1,576			1,065			(12,438		)	(111		)
Income (loss) before income taxes	2,777			3,377			2,959			1,233			5,987			(12,438		)	3,895
Income tax (expense) benefit	109			(1		)	10			(2		)	(1,115		)	—			(999		)
Net income (loss)	2,886			3,376			2,969			1,231			4,872			(12,438		)	2,896
Less: Net income (loss) attributable to noncontrolling interests and redeemable subsidiary preferred stock	—			—			—			—			10			—			10
Net income (loss) attributable to Comcast Corporation	$	2,886		$	3,376		$	2,969		$	1,231		$	4,862		$	(12,438	)	$	2,886
Comprehensive income (loss) attributable to Comcast Corporation	$	2,799		$	3,349		$	2,974		$	1,112		$	4,663		$	(12,098	)	$	2,799

21

Comcast Corporation

Condensed Consolidating Statement of Income

For the Nine Months Ended September 30, 2019 

(in millions)	Comcast Parent			Comcast Holdings			CCCL Parent			NBCUniversal Media Parent			Non- Guarantor Subsidiaries			Elimination and Consolidation Adjustments			Consolidated Comcast Corporation
Revenue:
Service revenue	$	—		$	—		$	—		$	—		$	80,544		$	—		$	80,544
Management fee revenue	940			—			921			—			—			(1,861		)	—
Total revenue	940			—			921			—			80,544			(1,861		)	80,544
Costs and Expenses:
Programming and production	—			—			—			—			25,140			—			25,140
Other operating and administrative	575			—			921			726			23,715			(1,861		)	24,076
Advertising, marketing and promotion	—			—			—			—			5,674			—			5,674
Depreciation	44			—			—			—			6,517			—			6,561
Amortization	4			—			—			—			3,211			—			3,215
Total costs and expenses	623			—			921			726			64,257			(1,861		)	64,666
Operating income (loss)	317			—			—			(726		)	16,287			—			15,878
Interest expense	(2,646		)	(9		)	(143		)	(377		)	(279		)	—			(3,454		)
Investment and other income (loss), net	11,683			11,602			10,310			5,731			5,287			(44,102		)	511
Income (loss) before income taxes	9,354			11,593			10,167			4,628			21,295			(44,102		)	12,935
Income tax (expense) benefit	541			(9		)	30			(17		)	(3,357		)	—			(2,812		)
Net income (loss)	9,895			11,584			10,197			4,611			17,938			(44,102		)	10,123
Less: Net income (loss) attributable to noncontrolling interests and redeemable subsidiary preferred stock	—			—			—			—			228			—			228
Net income (loss) attributable to Comcast Corporation	$	9,895		$	11,584		$	10,197		$	4,611		$	17,710		$	(44,102	)	$	9,895
Comprehensive income (loss) attributable to Comcast Corporation	$	9,104		$	11,600		$	10,201		$	4,640		$	16,857		$	(43,298	)	$	9,104

22

Comcast Corporation

Condensed Consolidating Statement of Income

For the Nine Months Ended September 30, 2018

(in millions)	Comcast Parent			Comcast Holdings			CCCL Parent			NBCUniversal Media Parent			Non- Guarantor Subsidiaries			Elimination and Consolidation Adjustments			Consolidated Comcast Corporation
Revenue:
Service revenue	$	—		$	—		$	—		$	—		$	66,661		$	—		$	66,661
Management fee revenue	889			—			873			—			—			(1,762		)	—
Total revenue	889			—			873			—			66,661			(1,762		)	66,661
Costs and Expenses:
Programming and production	—			—			—			—			20,440			—			20,440
Other operating and administrative	626			—			873			772			18,814			(1,762		)	19,323
Advertising, marketing and promotion	—			—			—			—			4,924			—			4,924
Depreciation	34			—			—			—			6,036			—			6,070
Amortization	4			—			—			—			1,746			—			1,750
Other operating gains	—			—			—			—			(341		)	—			(341		)
Total costs and expenses	664			—			873			772			51,619			(1,762		)	52,166
Operating income (loss)	225			—			—			(772		)	15,042			—			14,495
Interest expense	(1,739		)	(9		)	(143		)	(332		)	(190		)	—			(2,413		)
Investment and other income (loss), net	10,416			10,279			8,832			5,107			3,977			(38,519		)	92
Income (loss) before income taxes	8,902			10,270			8,689			4,003			18,829			(38,519		)	12,174
Income tax (expense) benefit	318			—			29			(12		)	(3,229		)	—			(2,894		)
Net income (loss)	9,220			10,270			8,718			3,991			15,600			(38,519		)	9,280
Less: Net income (loss) attributable to noncontrolling interests and redeemable subsidiary preferred stock	—			—			—			—			60			—			60
Net income (loss) attributable to Comcast Corporation	$	9,220		$	10,270		$	8,718		$	3,991		$	15,540		$	(38,519	)	$	9,220
Comprehensive income (loss) attributable to Comcast Corporation	$	9,139		$	10,245		$	8,723		$	3,877		$	15,357		$	(38,202	)	$	9,139

23

Comcast Corporation

Condensed Consolidating Statement of Cash Flows

For the Nine Months Ended September 30, 2019 

(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	$	(1,522	)	$	293		$	(217	)	$	(910	)	$	21,818		$	—	$	19,462
Investing Activities:
Net transactions with affiliates	10,333			(293		)	217			2,883			(13,140		)	—		—
Capital expenditures	(20		)	—			—			—			(6,846		)	—		(6,866		)
Cash paid for intangible assets	(2		)	—			—			—			(1,684		)	—		(1,686		)
Acquisitions and construction of real estate properties	(35		)	—			—			—			(5		)	—		(40		)
Construction of Universal Beijing Resort	—			—			—			—			(736		)	—		(736		)
Acquisitions, net of cash acquired	—			—			—			—			(181		)	—		(181		)
Proceeds from sales of businesses and investments	—			—			—			—			208			—		208
Purchases of investments	(25		)	—			—			(67		)	(1,605		)	—		(1,697		)
Other	—			—			—			—			86			—		86
Net cash provided by (used in) investing activities	10,251			(293		)	217			2,816			(23,903		)	—		(10,912		)
Financing Activities:
Proceeds from (repayments of) short-term borrowings, net	—			—			—			—			(1,288		)	—		(1,288		)
Proceeds from borrowings	—			—			—			—			516			—		516
Proceeds from collateralized obligation	—			—			—			—			5,175			—		5,175
Repurchases and repayments of debt	(5,513		)	—			—			(2,008		)	(2,454		)	—		(9,975		)
Repurchases of common stock under repurchase program and employee plans	(432		)	—			—			—			—			—		(432		)
Dividends paid	(2,778		)	—			—			—			—			—		(2,778		)
Distributions to noncontrolling interests and dividends for redeemable subsidiary preferred stock	—			—			—			—			(235		)	—		(235		)
Other	(5		)	—			—			(40		)	236			—		191
Net cash provided by (used in) financing activities	(8,728		)	—			—			(2,048		)	1,950			—		(8,826		)
Impact of foreign currency on cash, cash equivalents and restricted cash	(1		)	—			—			—			(30		)	—		(31		)
Increase (decrease) in cash, cash equivalents and restricted cash	—			—			—			(142		)	(165		)	—		(307		)
Cash, cash equivalents and restricted cash, beginning of period	—			—			—			416			3,493			—		3,909
Cash, cash equivalents and restricted cash, end of period	$	—		$	—		$	—		$	274		$	3,328		$	—	$	3,602

24

Comcast Corporation

Condensed Consolidating Statement of Cash Flows

For the Nine Months Ended September 30, 2018

(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	$	(1,461	)	$	137		$	(206	)	$	(1,047	)	$	21,084		$	—	$	18,507
Investing Activities:
Net transactions with affiliates	(1,087		)	(586		)	206			800			667			—		—
Capital expenditures	(15		)	—			—			—			(6,592		)	—		(6,607		)
Cash paid for intangible assets	(3		)	—			—			—			(1,372		)	—		(1,375		)
Acquisitions and construction of real estate properties	(94		)	—			—			—			(35		)	—		(129		)
Construction of Universal Beijing Resort	—			—			—			—			(257		)	—		(257		)
Acquisitions, net of cash acquired	—			—			—			—			(88		)	—		(88		)
Proceeds from sales of investments	—			—			—			67			60			—		127
Purchases of investments	(118		)	—			—			(50		)	(672		)	—		(840		)
Other	—			449			—			—			130			—		579
Net cash provided by (used in) investing activities	(1,317		)	(137		)	206			817			(8,159		)	—		(8,590		)
Financing Activities:
Proceeds from (repayments of) short-term borrowings, net	2,117			—			—			—			792			—		2,909
Proceeds from borrowings	9,386			—			—			—			464			—		9,850
Repurchases and repayments of debt	(1,900		)	—			—			(3		)	(2,502		)	—		(4,405		)
Repurchases of common stock under repurchase program and employee plans	(4,282		)	—			—			—			—			—		(4,282		)
Dividends paid	(2,487		)	—			—			—			—			—		(2,487		)
Distributions to noncontrolling interests and dividends for redeemable subsidiary preferred stock	—			—			—			—			(209		)	—		(209		)
Other	(56		)	—			—			—			(186		)	—		(242		)
Net cash provided by (used in) financing activities	2,778			—			—			(3		)	(1,641		)	—		1,134
Increase (decrease) in cash, cash equivalents and restricted cash	—			—			—			(233		)	11,284			—		11,051
Cash, cash equivalents and restricted cash, beginning of period	—			—			—			496			3,075			—		3,571
Cash, cash equivalents and restricted cash, end of period	$	—		$	—		$	—		$	263		$	14,359		$	—	$	14,622

25

Comcast Corporation

Condensed Consolidating Balance Sheet

September 30, 2019

(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	$	—	$	—	$	—	$	274	$	3,233	$	—		$	3,507
Receivables, net	—		—		—		—		10,684		—			10,684
Programming rights	—		—		—		—		3,457		—			3,457
Other current assets	128		22		—		23		4,502		—			4,675
Total current assets	128		22		—		297		21,876		—			22,323
Film and television costs	—		—		—		—		8,647		—			8,647
Investments	275		12		159		1,039		5,988		—			7,473
Investment securing collateralized obligation	—		—		—		—		816		—			816
Investments in and amounts due from subsidiaries eliminated upon consolidation	158,369		149,186		132,753		54,857		98,744		(593,909		)	—
Property and equipment, net	664		—		—		—		46,126		—			46,790
Franchise rights	—		—		—		—		59,365		—			59,365
Goodwill	—		—		—		—		66,913		—			66,913
Other intangible assets, net	8		—		—		—		35,156		—			35,164
Other noncurrent assets, net	1,025		166		—		95		8,014		(417		)	8,883
Total assets	$	160,469	$	149,386	$	132,912	$	56,288	$	351,645	$	(594,326	)	$	256,374
Liabilities and Equity
Accounts payable and accrued expenses related to trade creditors	$	—	$	—	$	—	$	—	$	10,198	$	—		$	10,198
Accrued participations and residuals	—		—		—		—		1,615		—			1,615
Deferred revenue	—		—		—		—		2,944		—			2,944
Accrued expenses and other current liabilities	2,421		244		256		415		6,857		—			10,193
Current portion of long-term debt	—		—		—		7		1,032		—			1,039
Total current liabilities	2,421		244		256		422		22,646		—			25,989
Long-term debt, less current portion	76,654		152		2,100		5,751		15,190		—			99,847
Collateralized obligation	—		—		—		—		5,165		—			5,165
Deferred income taxes	—		344		—		68		28,142		(562		)	27,992
Other noncurrent liabilities	3,250		—		—		1,555		11,903		145			16,853
Redeemable noncontrolling interests and redeemable subsidiary preferred stock	—		—		—		—		1,368		—			1,368
Equity:
Common stock	54		—		—		—		—		—			54
Other shareholders’ equity	78,090		148,646		130,556		48,492		266,215		(593,909		)	78,090
Total Comcast Corporation shareholders’ equity	78,144		148,646		130,556		48,492		266,215		(593,909		)	78,144
Noncontrolling interests	—		—		—		—		1,016		—			1,016
Total equity	78,144		148,646		130,556		48,492		267,231		(593,909		)	79,160
Total liabilities and equity	$	160,469	$	149,386	$	132,912	$	56,288	$	351,645	$	(594,326	)	$	256,374

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Comcast Corporation

Condensed Consolidating Balance Sheet

December 31, 2018

(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	$	—	$	—	$	—	$	416	$	3,398	$	—		$	3,814
Receivables, net	—		—		—		—		11,104		—			11,104
Programming rights	—		—		—		—		3,746		—			3,746
Other current assets	66		20		—		28		3,070		—			3,184
Total current assets	66		20		—		444		21,318		—			21,848
Film and television costs	—		—		—		—		7,837		—			7,837
Investments	270		11		143		790		6,669		—			7,883
Investments in and amounts due from subsidiaries eliminated upon consolidation	157,264		147,028		130,214		53,853		97,872		(586,231		)	—
Property and equipment, net	670		—		—		—		43,767		—			44,437
Franchise rights	—		—		—		—		59,365		—			59,365
Goodwill	—		—		—		—		66,154		—			66,154
Other intangible assets, net	11		—		—		—		38,347		—			38,358
Other noncurrent assets, net	1,057		208		—		85		4,910		(458		)	5,802
Total assets	$	159,338	$	147,267	$	130,357	$	55,172	$	346,239	$	(586,689	)	$	251,684
Liabilities and Equity
Accounts payable and accrued expenses related to trade creditors	$	2	$	—	$	—	$	—	$	8,492	$	—		$	8,494
Accrued participations and residuals	—		—		—		—		1,808		—			1,808
Deferred revenue	—		—		—		—		2,182		—			2,182
Accrued expenses and other current liabilities	2,357		150		360		282		7,572		—			10,721
Current portion of long-term debt	699		—		—		4		3,695		—			4,398
Total current liabilities	3,058		150		360		286		23,749		—			27,603
Long-term debt, less current portion	81,661		146		2,100		7,748		15,690		—			107,345
Deferred income taxes	—		314		—		65		27,734		(524		)	27,589
Other noncurrent liabilities	3,006		—		—		1,201		11,056		66			15,329
Redeemable noncontrolling interests and redeemable subsidiary preferred stock	—		—		—		—		1,316		—			1,316
Equity:
Common stock	54		—		—		—		—		—			54
Other shareholders’ equity	71,559		146,657		127,897		45,872		265,805		(586,231		)	71,559
Total Comcast Corporation shareholders’ equity	71,613		146,657		127,897		45,872		265,805		(586,231		)	71,613
Noncontrolling interests	—		—		—		—		889		—			889
Total equity	71,613		146,657		127,897		45,872		266,694		(586,231		)	72,502
Total liabilities and equity	$	159,338	$	147,267	$	130,357	$	55,172	$	346,239	$	(586,689	)	$	251,684

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ITEM 2: MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Overview

We are a global media and technology company with three primary businesses: Comcast Cable, NBCUniversal, and Sky. We present our operations for (1) Comcast Cable in one reportable business segment, referred to as Cable Communications; (2) NBCUniversal in four reportable business segments: Cable Networks, Broadcast Television, Filmed Entertainment and Theme Parks (collectively, the “NBCUniversal segments”); and (3) Sky in one reportable business segment.

On October 9, 2018, in connection with our offer to acquire the share capital of Sky, we acquired a controlling interest in Sky through a series of purchases of Sky shares at our offer price of £17.28 per share. In the fourth quarter of 2018, we acquired the remaining Sky shares and now own 100% of Sky’s equity interests. Total cash consideration was £30.2 billion (approximately $39.4 billion using the exchange rates on the purchase dates). We financed the acquisition through a combination of new fixed and floating rate notes, issuance of term loans and cash on hand.

Cable Communications Segment

Comcast Cable is one of the nation’s largest providers of high-speed internet, video, voice, wireless, and security and automation services (“cable services”) to residential customers under the Xfinity brand; we also provide these and other services to business customers and sell advertising. As of September 30, 2019, our cable systems had 31.2 million total customer relationships, including 28.8 million residential and 2.4 million business customer relationships, and passed approximately 59 million homes and businesses. Our Cable Communications segment generates revenue primarily from residential and business customers that subscribe to our cable services, which we market individually and as bundled services, and from the sale of advertising.

NBCUniversal Segments

NBCUniversal is one of the world’s leading media and entertainment companies that develops, produces and distributes entertainment, news and information, sports, and other content for global audiences, and owns and operates theme parks worldwide.

Cable Networks

Our Cable Networks segment consists primarily of a diversified portfolio of cable television networks. Our cable networks are comprised of our national cable networks that provide a variety of entertainment, news and information, and sports content; our regional sports and news networks; our international cable networks; our cable television studio production operations; and our various digital properties. Our Cable Networks segment generates revenue primarily from the distribution of our cable network programming to traditional and virtual multichannel video providers; from the sale of advertising on our cable networks and digital properties; from the licensing of our owned programming, including programming from our cable television studio production operations, to cable and broadcast networks and subscription video on demand services; and from the sale of our owned programming on standard-definition digital video discs and Blu-ray discs (together, “DVDs”) and through digital distribution services such as iTunes.

Broadcast Television

Our Broadcast Television segment consists primarily of the NBC and Telemundo broadcast networks, our NBC and Telemundo owned local broadcast television stations, the NBC Universo national cable network, our broadcast television studio production operations, and our various digital properties. Our Broadcast Television segment generates revenue primarily from the sale of advertising on our broadcast networks, owned local broadcast television stations and digital properties; from the licensing of our owned programming by our broadcast television studio production operations to various distribution platforms, including to cable and broadcast networks as well as to subscription video on demand services; from the fees received under retransmission consent agreements and associated fees received from NBC-affiliated local broadcast television stations; and from the sale of our owned programming on DVDs and through digital distribution services.

Filmed Entertainment

Our Filmed Entertainment segment primarily produces, acquires, markets and distributes filmed entertainment worldwide. Our films are produced primarily under the Universal Pictures, Illumination, DreamWorks Animation and Focus Features names. Our Filmed Entertainment segment generates revenue primarily from the worldwide distribution of our produced and acquired films for exhibition in movie theaters, from the licensing of produced and acquired films through various distribution platforms, and from the sale of produced and acquired films on DVDs and through digital distribution services. Our Filmed Entertainment segment also generates revenue from Fandango, a movie ticketing and entertainment business, the sale of consumer products, the production and licensing of live stage plays, and the distribution of filmed entertainment produced by third parties.

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Theme Parks

Our Theme Parks segment consists primarily of our Universal theme parks in Orlando, Florida; Hollywood, California; and Osaka, Japan. In addition, we are developing a theme park in Beijing, China along with a consortium of Chinese state-owned companies, and an additional theme park in Orlando, Florida. Our Theme Parks segment generates revenue primarily from ticket sales and guest spending at our Universal theme parks.

Sky Segment

Our Sky segment consists of the operations of Sky, one of Europe’s leading entertainment companies, which primarily includes a direct-to-consumer business, providing video, high-speed internet, voice and wireless phone services, and a content business, operating entertainment networks, the Sky News broadcast network and Sky Sports networks. As of September 30, 2019, Sky had 23.9 million retail customer relationships.

Corporate and Other

Our other business interests consist primarily of the operations of Comcast Spectacor, which owns the Philadelphia Flyers and the Wells Fargo Center arena in Philadelphia, Pennsylvania. We are also pursuing other business initiatives, such as the development of Peacock, NBCUniversal’s direct-to-consumer streaming service.

Competition

The results of operations of our reportable business segments are affected by competition, as all of our businesses operate in intensely competitive, consumer-driven and rapidly changing environments and compete with a growing number of companies that provide a broad range of communications products and services and entertainment, news and information content to consumers. Technological changes are further intensifying and complicating the competitive landscape and challenging existing business models. In particular, consumers are increasingly turning to online sources for viewing and purchasing content, which has and likely will continue to reduce the number of our video customers and subscribers to our cable networks even as it makes our high-speed internet services more valuable to consumers. In addition, the increasing number of entertainment choices available has intensified audience fragmentation, which has and likely will continue to adversely affect the audience ratings of NBCUniversal’s cable networks and broadcast television programming and Sky’s owned television channels.

For additional information on the competition our businesses face, see our 2018 Annual Report on Form 10-K and refer to Item 1: Business and Item 1A: Risk Factors. Within the Business section, refer to the “Competition” discussion, and within the Risk Factors section, refer to the risk factors entitled “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” and “Changes in consumer behavior driven by online distribution platforms for viewing content could adversely affect our businesses and challenge existing business models.”

Seasonality and Cyclicality

Each of our businesses is subject to seasonal and cyclical variations. In our Cable Communications segment, our results are impacted by the seasonal nature of residential customers receiving our cable services in college and vacation markets. This generally results in fewer net customer relationship additions in the second quarter of each year. In our Sky segment, our results are impacted by the seasonal nature of residential customers receiving direct-to-home (“DTH”) and over the top (“OTT”) video services, including the start of the new soccer seasons and the Christmas holiday. This generally results in greater net customer relationship additions and higher subscriber acquisition costs in the fourth quarter of each year due to higher marketing expenses.

Revenue in our Cable Communications, Cable Networks, Broadcast Television and Sky segments is subject to cyclical advertising patterns and changes in viewership levels. Advertising revenue in the U.S. is generally higher in the second and fourth quarters of each year, due in part to increases in consumer advertising in the spring and in the period leading up to and including the holiday season. Advertising revenue in the U.S. is also cyclical, with a benefit in even-numbered years due to advertising related to candidates running for political office and issue-oriented advertising. Revenue in our Cable Networks and Broadcast Television segments fluctuates depending on the timing of when our programming is aired, which typically results in higher advertising revenue in the second and fourth quarters of each year. The results of Sky’s advertising business are subject to cyclical advertising patterns and changes in viewership levels. This includes seasonally higher audience levels in winter months and increased competition during major sporting events where public service broadcasters lease the rights, such as the Olympic Games and the FIFA World Cup™. The results for Sky’s content business are also subject to fluctuations as a result of changes in timing, nature and quantity of original programming distributed to other markets.

Our revenue and operating costs and expenses (comprised of total costs and expenses, excluding depreciation and amortization expense and other operating gains) are cyclical as a result of our periodic broadcasts of major sporting events, such as the Olympic Games, which affect our Cable Networks and Broadcast Television segments, and the Super Bowl, which affects our Broadcast Television segment. In particular, our advertising revenue increases due to increased demand for advertising time and our distribution

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revenue increases in the period of these broadcasts. Our operating costs and expenses also increase as a result of our production costs for these broadcasts and the amortization of the related rights fees.

Revenue in our Filmed Entertainment segment fluctuates due to the timing, nature and number of films released in movie theaters, on DVDs, and through various other distribution platforms. Release dates are determined by several factors, including competition and the timing of vacation and holiday periods. As a result, revenue tends to be seasonal, with increases experienced each year during the summer months and around the holiday season. Content licensing revenue in our Cable Networks, Broadcast Television and Filmed Entertainment segments also fluctuates due to the timing of when our content is made available to licensees.

Revenue in our Theme Parks segment fluctuates with changes in theme park attendance that result from the seasonal nature of vacation travel and weather variations, local entertainment offerings and the opening of new attractions, as well as with changes in currency exchange rates. Our theme parks generally experience peak attendance during the spring holiday period, the summer months when schools are closed and the holiday season.

Exclusive tier one sports rights, such as local European and UEFA Champions League soccer, Formula 1, and English cricket, play a key role within Sky’s wider content strategy. In Europe broadcasting rights for tier one sports are usually tendered through a competitive auction process, with the winning bidder or bidders acquiring rights over a three to five-year period. This creates some level of cyclicality for Sky, although the staggered timing of tier one sports rights auctions usually gives Sky time to react to any material changes in the competitive dynamics of the prevailing market.

Consolidated Operating Results

	Three Months Ended September 30						Increase/ (Decrease)		Nine Months Ended September 30						Increase/ (Decrease)
(in millions)	2019			2018			%		2019			2018			%
Revenue	$	26,827		$	22,135		21.2	%	$	80,544		$	66,661		20.8	%
Costs and Expenses:
Programming and production	8,316			6,711			23.9		25,140			20,440			23.0
Other operating and administrative	8,090			6,444			25.5		24,076			19,323			24.6
Advertising, marketing and promotion	1,901			1,667			14.1		5,674			4,924			15.2
Depreciation	2,124			2,038			4.2		6,561			6,070			8.1
Amortization	1,056			580			81.5		3,215			1,750			83.6
Other operating gains	—			(141		)	NM		—			(341		)	NM
Operating income	5,340			4,836			10.4		15,878			14,495			9.5
Interest expense	(1,167		)	(830		)	40.6		(3,454		)	(2,413		)	43.1
Investment and other income (loss), net	(110		)	(111		)	(0.3	)	511			92			NM
Income before income taxes	4,063			3,895			4.3		12,935			12,174			6.2
Income tax expense	(775		)	(999		)	(22.5	)	(2,812		)	(2,894		)	(2.8	)
Net income	3,288			2,896			13.6		10,123			9,280			9.1
Less: Net income attributable to noncontrolling interests and redeemable subsidiary preferred stock	71			10			NM		228			60			NM
Net income attributable to Comcast Corporation	$	3,217		$	2,886		11.5	%	$	9,895		$	9,220		7.3	%
Basic earnings per common share attributable to Comcast Corporation shareholders	$	0.71		$	0.63		12.7	%	$	2.18		$	2.00		9.0	%
Diluted earnings per common share attributable to Comcast Corporation shareholders	$	0.70		$	0.62		12.9	%	$	2.15		$	1.98		8.6	%
Adjusted EBITDA(a)	$	8,553		$	7,313		17.0	%	$	25,822		$	21,974		17.5	%

All percentages are calculated based on actual amounts. Minor differences may exist due to rounding. Percentage changes that are considered not meaningful are denoted with NM.

(a) Adjusted EBITDA is a non-GAAP financial measure. Refer to the “Non-GAAP Financial Measures” section on page 44 for additional information, including our definition and our use of Adjusted EBITDA, and for a reconciliation from net income attributable to Comcast Corporation to Adjusted EBITDA.

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The comparability of our consolidated results of operations was impacted by the Sky transaction in the fourth quarter of 2018. Sky’s results of operations are included in our condensed consolidated financial statements following the October 9, 2018 acquisition date.

Consolidated Revenue

Consolidated revenue increased for the three and nine months ended September 30, 2019 primarily due to the acquisition of Sky. Our Cable Communications and Theme Parks segments accounted for the remaining increase in consolidated revenue for the three and nine months ended September 30, 2019, which was partially offset by decreases in revenue in our Broadcast Television, Filmed Entertainment and Cable Networks segments. Consolidated revenue for the nine months ended September 30, 2018 included revenue associated with our broadcasts of the 2018 PyeongChang Olympics and the 2018 Super Bowl in February 2018.

Revenue for our segments is discussed separately below under the heading “Segment Operating Results.” Revenue for our business development initiatives and other businesses is discussed separately below under the heading “Corporate and Other Results of Operations.”

Consolidated Costs and Expenses

Consolidated operating costs and expenses increased for the three and nine months ended September 30, 2019 primarily due to the acquisition of Sky. Our Cable Communications and Theme Parks segments accounted for the remaining increase in consolidated operating costs and expenses for the three and nine months ended September 30, 2019, which was partially offset by decreases in operating costs and expenses in our Broadcast Television, Filmed Entertainment and Cable Networks segments. Consolidated operating costs and expenses for the nine months ended September 30, 2018 included costs associated with our broadcasts of the 2018 PyeongChang Olympics and the 2018 Super Bowl in February 2018.

Operating costs and expenses for our segments are discussed separately below under the heading “Segment Operating Results.” Operating costs and expenses for our corporate operations, businesses development initiatives and other businesses are discussed separately below under the heading “Corporate and Other Results of Operations.”

Consolidated Depreciation and Amortization Expense

	Three Months Ended September 30				Increase/ (Decrease)		Nine Months Ended September 30				Increase/ (Decrease)
(in millions)	2019		2018		%		2019		2018		%
Cable Communications	$	1,967	$	2,077	(5.3	)%	$	6,038	$	6,161	(2.0	)%
NBCUniversal	537		514		4.3		1,579		1,577		—
Sky	644		—		NM		2,058		—		NM
Corporate and Other	32		27		18.6		101		82		26.0
Total	$	3,180	$	2,618	21.4	%	$	9,776	$	7,820	25.0	%

Consolidated depreciation and amortization expense increased for the three and nine months ended September 30, 2019 primarily due to depreciation and amortization expense related to Sky. During the first quarter of 2019, we recorded adjustments to the purchase price allocation of Sky, primarily related to intangible assets and property and equipment. This change resulted in an adjustment recorded in the first quarter of 2019 related to the fourth quarter of 2018 that increased depreciation and amortization expense by $53 million.

Amortization expense from acquisition-related intangible assets, such as customer relationships, totaled $486 million and $1.5 billion for the three and nine months ended September 30, 2019, respectively. Amortization expense from acquisition-related intangible assets, such as customer relationships, totaled $198 million and $639 million for the three and nine months ended September 30, 2018, respectively. Amounts primarily relate to customer relationship intangible assets recorded in connection with the Sky transaction in the fourth quarter of 2018 and the NBCUniversal transaction in 2011 (see Note 6 to Comcast’s condensed consolidated financial statements for additional information on the Sky transaction).

Consolidated Other Operating Gains

Consolidated other operating gains for the three and nine months ended September 30, 2018 included $141 million related to the sale of a business in our Filmed Entertainment segment. The nine months ended September 30, 2018 also included $200 million related to the sale of a controlling interest in our arena management-related businesses in Corporate and Other (see Note 9 to Comcast’s condensed consolidated financial statements).

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Consolidated Interest Expense

Consolidated interest expense increased for the three and nine months ended September 30, 2019 compared to the same periods in 2018 primarily due to increases in our debt outstanding associated with the financing of and debt assumed in connection with the Sky transaction in the fourth quarter of 2018, as well as a $56 million charge recorded in the third quarter of 2019 related to the early redemption of debt.

Consolidated Investment and Other Income (Loss), Net

	Three Months Ended September 30						Nine Months Ended September 30
(in millions)	2019			2018			2019			2018
Equity in net income (losses) of investees, net	$	(355	)	$	(76	)	$	(295	)	$	(56	)
Realized and unrealized gains (losses) on equity securities, net	174			(38		)	582			(50		)
Other income (loss), net	71			3			224			198
Total	$	(110	)	$	(111	)	$	511		$	92

Equity in Net Income (Losses) of Investees, Net

The changes in equity in net income (losses) of investees, net for the three and nine months ended September 30, 2019 compared to the same periods in 2018 were primarily related to our equity method investments in Atairos and Hulu. The income (losses) at Atairos were driven by fair value adjustments on its underlying investments. The losses at Hulu were primarily due to programming, advertising and marketing costs, and higher other administrative expenses. The equity in net income (losses) of Atairos and Hulu for the three and nine months ended September 30, 2019 and 2018 are presented in the table below.

	Three Months Ended September 30						Nine Months Ended September 30
(in millions)	2019			2018			2019			2018
Atairos	$	(262	)	$	38		$	6		$	224
Hulu	$	(101	)	$	(132	)	$	(351	)	$	(370	)

Realized and Unrealized Gains (Losses) on Equity Securities, Net

The realized and unrealized gains (losses) on equity securities, net for the three and nine months ended September 30, 2019 were primarily due to unrealized gains of $45 million and $303 million, respectively, related to our investment in Snap, and a $150 million gain related to our investment in Peloton as a result of its initial public offering in the third quarter of 2019.

Other Income (Loss), Net

Other income (loss), net included $219 million of gains recorded in the first and third quarters of 2019 related to the dilution of our Hulu ownership and $90 million of losses due to equity method investment impairments in the second and third quarters of 2019. Other income (loss), net included a $64 million gain related to the sale of our investment in the Weather Channel cable network in the first quarter of 2018. See Note 9 to Comcast’s condensed consolidated financial statements and Note 8 to NBCUniversal’s condensed consolidated financial statements for further information.

Consolidated Income Tax Expense

Income tax expense for the three and nine months ended September 30, 2019 and 2018 reflects an effective income tax rate that differs from the federal statutory rate primarily due to state and foreign income taxes and adjustments associated with uncertain tax positions. The decrease in income tax expense for the three and nine months ended September 30, 2019 compared to the same periods in 2018 was primarily due to state and federal tax law changes that were enacted in 2018 resulting in $148 million of higher income tax expense in the third quarter of 2018 and $125 million of benefits related to state income tax adjustments recognized in the third quarter of 2019, partially offset by higher taxable income from operations. We also recognized an income tax benefit of $128 million during the first quarter of 2018 related to the enactment of federal tax legislation in 2018.

Segment Operating Results

Our segment operating results are presented based on how we assess operating performance and internally report financial information. We use Adjusted EBITDA as the measure of profit or loss for our operating segments. See Note 2 to both Comcast’s and NBCUniversal’s condensed consolidated financial statements for our definition of Adjusted EBITDA and a reconciliation from the aggregate amount of Adjusted EBITDA for our reportable business segments to consolidated income before income taxes.

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Beginning in the first quarter of 2019, Comcast Cable’s wireless phone service and certain other Cable-related business development initiatives are now presented in the Cable Communications segment. Results were previously presented in Corporate and Other. Prior periods have been adjusted to reflect this presentation. To be consistent with our current management reporting presentation, certain 2018 operating results were reclassified related to certain NBCUniversal businesses now presented in the Sky segment.

Cable Communications Segment Results of Operations

	Three Months Ended September 30				Increase/ (Decrease)
(in millions)	2019		2018		$			%
Revenue
Residential:
High-speed internet	$	4,721	$	4,321	$	400		9.3	%
Video	5,541		5,591		(50		)	(0.9	)
Voice	963		982		(19		)	(1.9	)
Wireless	326		236		90			38.1
Business services	1,971		1,803		168			9.3
Advertising	603		684		(81		)	(11.9	)
Other	459		406		53			13.4
Total revenue	14,584		14,023		561			4.0
Operating costs and expenses
Programming	3,315		3,309		6			0.2
Technical and product support	2,066		1,885		181			9.6
Customer service	628		636		(8		)	(1.3	)
Advertising, marketing and promotion	1,024		1,007		17			1.7
Franchise and other regulatory fees	408		393		15			4.1
Other	1,342		1,359		(17		)	(1.2	)
Total operating costs and expenses	8,783		8,589		194			2.3
Adjusted EBITDA	$	5,801	$	5,434	$	367		6.7	%

	Nine Months Ended September 30				Increase/ (Decrease)
(in millions)	2019		2018		$			%
Revenue
Residential:
High-speed internet	$	13,961	$	12,740	$	1,221		9.6	%
Video	16,763		16,878		(115		)	(0.7	)
Voice	2,935		2,982		(47		)	(1.6	)
Wireless	795		623		172			27.6
Business services	5,795		5,290		505			9.5
Advertising	1,766		1,932		(166		)	(8.6	)
Other	1,299		1,193		106			8.8
Total revenue	43,314		41,638		1,676			4.0
Operating costs and expenses
Programming	10,106		9,947		159			1.6
Technical and product support	5,844		5,583		261			4.7
Customer service	1,877		1,912		(35		)	(1.8	)
Advertising, marketing and promotion	3,000		2,966		34			1.2
Franchise and other regulatory fees	1,189		1,188		1			0.2
Other	3,915		3,942		(27		)	(0.7	)
Total operating costs and expenses	25,931		25,538		393			1.5
Adjusted EBITDA	$	17,383	$	16,100	$	1,283		8.0	%

33

Customer Metrics

			Net Additions
	September 30		Three Months Ended September 30				Nine Months Ended September 30
(in thousands)	2019	2018	2019		2018		2019		2018
Customer relationships
Residential customer relationships	28,797	27,869	288		270		688		685
Business services customer relationships	2,377	2,274	21		30		74		94
Total customer relationships	31,173	30,143	309		299		762		779
Residential customer relationships mix
One product customers	9,905	8,864	379		270		890		689
Two product customers	8,915	8,958	(38	)	(22	)	(78	)	(60	)
Three or more product customers	9,977	10,047	(53	)	22		(125	)	55
High-speed internet
Residential customers	25,990	24,774	359		334		893		910
Business services customers	2,197	2,098	20		29		71		92
Total high-speed internet customers	28,186	26,871	379		363		964		1,002
Video
Residential customers	20,421	20,978	(222	)	(95	)	(539	)	(325	)
Business services customers	983	1,037	(16	)	(11	)	(45	)	(17	)
Total video customers	21,403	22,015	(238	)	(106	)	(583	)	(342	)
Voice
Residential customers	9,945	10,164	(63	)	(49	)	(208	)	(151	)
Business services customers	1,334	1,283	10		13		37		46
Total voice customers	11,278	11,447	(53	)	(35	)	(171	)	(105	)
Security and automation
Security and automation customers	1,365	1,277	8		42		48		147
Wireless
Wireless lines	1,791	1,009	204		228		555		628

Customer metrics are presented based on actual amounts. Minor differences may exist due to rounding. Customer relationships represent the number of residential and business customers that subscribe to at least one of our cable services. One product, two product, and three or more product customers represent residential customers that subscribe to one, two, or three or more of our cable services, respectively. For multiple dwelling units (“MDUs”), including buildings located on college campuses, whose residents have the ability to receive additional cable services, such as additional programming choices or our high-definition video (“HD”) or digital video recorder (“DVR”) advanced services, we count and report customers based on the number of potential billable relationships within each MDU. For MDUs whose residents are not able to receive additional cable services, the MDU is counted as a single customer. Residential high-speed internet and video customers as of September 30, 2019 included prepaid customers totaling approximately 184,000 and 6,000, respectively. Wireless lines represent the number of activated eligible wireless devices on customers’ accounts. Individual customer relationships may have multiple wireless lines.

Average monthly total revenue per customer relationship for the three and nine months ended September 30, 2019 was $156.72 and $156.29, respectively. Average monthly total revenue per customer relationship for the three and nine months ended September 30, 2018 was $155.84 and $155.49, respectively. This metric is impacted by rate adjustments and changes in the types and levels of services received by our residential and business services customers, as well as changes in advertising revenue. While revenue from our high-speed internet, video, voice and wireless services is also impacted by changes in the allocation of revenue among services sold in a bundle, the allocation does not impact average monthly total revenue per customer relationship.

Average monthly Adjusted EBITDA per customer relationship for the three and nine months ended September 30, 2019 was $62.34 and $62.72, respectively. Average monthly Adjusted EBITDA per customer relationship for the three and nine months ended September 30, 2018 was $60.39 and $60.13, respectively. Each of our cable services has a different contribution to operating margin. We use average monthly Adjusted EBITDA per customer relationship to evaluate the profitability of our customer base across our service offerings. We believe this metric is useful particularly as we continue to focus on growing our higher-margin businesses, including residential high-speed internet and business services.

34

Cable Communications Segment – Revenue

High-Speed Internet

High-speed internet revenue increased 9.3% and 9.6% for the three and nine months ended September 30, 2019, respectively, compared to the same periods in 2018. Increases in the number of residential customers receiving our high-speed internet services accounted for increases in revenue of 4.9% and 5.0% for the three and nine months ended September 30, 2019, respectively. The remaining increases in revenue for the three and nine months ended September 30, 2019 were primarily due to increases in average rates.

Video

Video revenue was flat for the three and nine months ended September 30, 2019 compared to the same periods in 2018 primarily due to declines in the number of residential video customers, partially offset by increases in average rates.

We have experienced, and expect that we will continue to experience, declines in the number of residential video customers due to competitive pressures, and we expect that our video revenue will continue to decline as a result of the competitive environment and shifting video consumption patterns. We believe our X1 platform helps us compete more effectively against this competition, and have also continued to employ sales and marketing programs, such as promotions, bundled service offerings and service offerings targeted at specific market segments.

Voice

Voice revenue decreased 1.9% and 1.6% for the three and nine months ended September 30, 2019, respectively, compared to the same periods in 2018 primarily due to declines in the number of residential voice customers. We expect that the number of residential voice customers and voice revenue will continue to decline.

Wireless

Wireless revenue increased 38.1% and 27.6% for the three and nine months ended September 30, 2019, respectively, compared to the same periods in 2018 primarily due to increases in the number of customer lines. For the nine months ended September 30, 2019, while the number of customer lines increased, the sales of handsets declined due to customers electing to bring their own device.

Business Services

Business services revenue increased 9.3% and 9.5% for the three and nine months ended September 30, 2019, respectively, compared to the same periods in 2018. The increases were primarily due to increases in the number of customers receiving our services and increases in average rates.

Advertising

Advertising revenue decreased 11.9% and 8.6% for the three and nine months ended September 30, 2019, respectively, compared to the same periods in 2018 primarily due to decreases in political advertising revenue. Excluding the impact of political advertising revenue, advertising revenue increased 1.2% for the three months ended September 30, 2019 and decreased 1.1% for the nine months ended September 30, 2019, compared to the same periods in 2018.

For the three and nine months ended September 30, 2019, 8% and 6% of our Cable Communications segment advertising revenue was generated from our NBCUniversal segments, respectively. For both the three and nine months ended September 30, 2018, 4% of our Cable Communications segment advertising revenue was generated from our NBCUniversal segments. These amounts are eliminated in our condensed consolidated financial statements but are included in the amounts presented above.

Other

Other revenue increased 13.4% and 8.8% for the three and nine months ended September 30, 2019, respectively, compared to the same periods in 2018 primarily due to increases from the timing of revenue from the licensing of our technology platforms to other multichannel video providers and from our security and automation services.

Cable Communications Segment – Operating Costs and Expenses

Programming expenses were flat for the three months ended September 30, 2019 compared to the same period in 2018 primarily due to increases in retransmission consent and sports programming fees, offset by declines in the number of video subscribers. Programming expenses increased for the nine months ended September 30, 2019 compared to the same period in 2018 primarily due to increases in retransmission consent and sports programming fees, partially offset by declines in the number of video subscribers. We anticipate that our programming expenses will continue to increase, which may be at rates higher than those experienced recently, due to the timing of contract renewals in the future.

35

Technical and product support expenses increased for the three and nine months ended September 30, 2019 compared to the same periods in 2018. The increases were primarily due to expenses related to the continued development, deployment and support of our products and services, expenses related to the continued growth in business services and increased costs associated with our wireless phone service. The increases in wireless phone service costs were primarily due to increases in the number of lines. For the nine months ended September 30, 2019, while customer lines increased, the costs of handsets sold decreased due to customers electing to bring their own device, which partially offset an increase in variable network fees.

Customer service expenses decreased for the three and nine months ended September 30, 2019 compared to the same periods in 2018 primarily due to lower personnel costs.

Advertising, marketing and promotion expenses increased for the three and nine months ended September 30, 2019 compared to the same periods in 2018 primarily due to increases in spending associated with attracting new customers. The increase for the nine months ended September 30, 2019 was partially offset by the absence of advertising expenses associated with the 2018 PyeongChang Olympics.

Franchise and other regulatory fees increased for the three months ended September 30, 2019 compared to the same period in 2018 primarily due to an increase in the related rates of these fees, partially offset by a decrease in the revenue to which the fees apply. Franchise and other regulatory fees were flat for the nine months ended September 30, 2019 compared to the same period in 2018.

Other operating costs and expenses were flat for the three and nine months ended September 30, 2019 compared to the same periods in 2018.

Cable Communications Segment – Operating Margin

Our Cable Communications segment operating margin is Adjusted EBITDA as a percentage of revenue. The most significant operating costs and expenses for our Cable Communications segment are the programming expenses we incur to provide content to our video customers.

Our Cable Communications segment operating margin for the three and nine months ended September 30, 2019 was 39.8% and 40.1%, respectively. Our Cable Communications segment operating margin for the three and nine months ended September 30, 2018 was 38.8% and 38.7%, respectively. We continue to focus on growing our higher-margin businesses, particularly residential high-speed internet and business services, and on improving losses related to our wireless phone service and overall operating cost management. Losses from our wireless phone service were $94 million and $285 million for the three and nine months ended September 30, 2019, respectively, compared to losses of $178 million and $552 million for the three and nine months ended September 30, 2018, respectively.

NBCUniversal Segments Results of Operations

	Three Months Ended September 30						Increase/ (Decrease)
(in millions)	2019			2018			$			%
Revenue
Cable Networks	$	2,771		$	2,850		$	(79	)	(2.8	)%
Broadcast Television	2,230			2,452			(222		)	(9.1	)
Filmed Entertainment	1,706			1,819			(113		)	(6.2	)
Theme Parks	1,631			1,528			103			6.8
Headquarters, other and eliminations	(43		)	(53		)	10			NM
Total revenue	$	8,295		$	8,596		$	(301	)	(3.5	)%
Adjusted EBITDA
Cable Networks	$	955		$	959		$	(4	)	(0.4	)%
Broadcast Television	338			321			17			5.1
Filmed Entertainment	195			214			(19		)	(8.7	)
Theme Parks	731			725			6			0.9
Headquarters, other and eliminations	(128		)	(162		)	34			NM
Total Adjusted EBITDA	$	2,091		$	2,057		$	34		1.6	%

36

	Nine Months Ended September 30						Increase/ (Decrease)
(in millions)	2019			2018			$			%
Revenue
Cable Networks	$	8,586		$	8,881		$	(295	)	(3.3	)%
Broadcast Television	7,099			8,340			(1,241		)	(14.9	)
Filmed Entertainment	4,931			5,176			(245		)	(4.7	)
Theme Parks	4,371			4,170			201			4.8
Headquarters, other and eliminations	(173		)	(201		)	28			NM
Total revenue	$	24,814		$	26,366		$	(1,552	)	(5.9	)%
Adjusted EBITDA
Cable Networks	$	3,418		$	3,389		$	29		0.9	%
Broadcast Television	1,259			1,245			14			1.1
Filmed Entertainment	742			555			187			33.7
Theme Parks	1,819			1,789			30			1.7
Headquarters, other and eliminations	(486		)	(500		)	14			NM
Total Adjusted EBITDA	$	6,752		$	6,478		$	274		4.2	%

Percentage changes that are considered not meaningful are denoted with NM.

Cable Networks Segment Results of Operations

	Three Months Ended September 30				Increase/ (Decrease)
(in millions)	2019		2018		$			%
Revenue
Distribution	$	1,681	$	1,655	$	26		1.6	%
Advertising	809		812		(3		)	(0.3	)
Content licensing and other	281		383		(102		)	(27.2	)
Total revenue	2,771		2,850		(79		)	(2.8	)
Operating costs and expenses
Programming and production	1,323		1,393		(70		)	(5.0	)
Other operating and administrative	375		366		9			2.3
Advertising, marketing and promotion	118		132		(14		)	(10.6	)
Total operating costs and expenses	1,816		1,891		(75		)	(4.0	)
Adjusted EBITDA	$	955	$	959	$	(4	)	(0.4	)%

	Nine Months Ended September 30				Increase/ (Decrease)
(in millions)	2019		2018		$			%
Revenue
Distribution	$	5,123	$	5,166	$	(43	)	(0.8	)%
Advertising	2,592		2,718		(126		)	(4.6	)
Content licensing and other	871		997		(126		)	(12.8	)
Total revenue	8,586		8,881		(295		)	(3.3	)
Operating costs and expenses
Programming and production	3,740		4,033		(293		)	(7.3	)
Other operating and administrative	1,104		1,092		12			0.9
Advertising, marketing and promotion	324		367		(43		)	(11.7	)
Total operating costs and expenses	5,168		5,492		(324		)	(5.9	)
Adjusted EBITDA	$	3,418	$	3,389	$	29		0.9	%

37

Cable Networks Segment – Revenue

Cable Networks revenue decreased for the three months ended September 30, 2019 compared to the same period in 2018 primarily due to decreases in content licensing and other revenue, partially offset by an increase in distribution revenue. The decrease in content licensing and other revenue was due to the timing of content provided under our licensing agreements. The increase in distribution revenue was primarily due to increases in the contractual rates charged under distribution agreements and the timing of contract renewals, which were partially offset by increased declines in the number of subscribers at our cable networks. Advertising revenue was flat compared to the same period in 2018 due to higher prices for advertising units sold, which were offset by audience ratings declines at our networks.

Cable Networks revenue decreased for the nine months ended September 30, 2019 compared to the same period in 2018 due to decreases in advertising revenue, content licensing and other revenue, and distribution revenue. The decrease in advertising and distribution revenue was due to the absence of revenue resulting from our broadcast of the 2018 PyeongChang Olympics. Excluding $378 million of revenue associated with our broadcast of the 2018 PyeongChang Olympics, Cable Networks revenue increased by 1.0% for the nine months ended September 30, 2019 compared to the same period in 2018.

	Three Months Ended September 30				Increase/ (Decrease)		Nine Months Ended September 30				Increase/ (Decrease)
(in millions)	2019		2018		%		2019		2018		%
Advertising	$	809	$	812	(0.3	)%	$	2,592	$	2,718	(4.6	)%
Advertising, excluding 2018 PyeongChang Olympics	809		812		(0.3	)	2,592		2,576		0.6

Advertising revenue decreased for the nine months ended September 30, 2019 compared to the same period in 2018 primarily due to our broadcast of the 2018 PyeongChang Olympics. Excluding $142 million of revenue associated with our broadcast of the 2018 PyeongChang Olympics, advertising revenue was flat compared to prior year period reflecting higher prices for advertising units sold offset by declines in audience ratings at our networks.

Content licensing revenue and other decreased for the nine months ended September 30, 2019 compared to the same period in 2018 primarily due to the timing of content provided under our licensing agreements.

	Three Months Ended September 30				Increase/ (Decrease)		Nine Months Ended September 30				Increase/ (Decrease)
(in millions)	2019		2018		%		2019		2018		%
Distribution	$	1,681	$	1,655	1.6	%	$	5,123	$	5,166	(0.8	)%
Distribution, excluding 2018 PyeongChang Olympics	1,681		1,655		1.6		5,123		4,930		3.9

Distribution revenue decreased for the nine months ended September 30, 2019 compared to the same period in 2018 primarily due to our broadcast of the 2018 PyeongChang Olympics. Excluding $236 million of revenue associated with our broadcast of the 2018 PyeongChang Olympics, distribution revenue increased primarily due to increases in contractual rates charged under distribution agreements and the timing of contract renewals, partially offset by increased declines in the number of subscribers at our cable networks during the quarter.

For the three and nine months ended September 30, 2019, 16% and 15%, respectively, of our Cable Networks segment revenue was generated from our Cable Communications segment. For both the three and nine months ended September 30, 2018, 15% of our Cable Networks segment revenue was generated from our Cable Communications segment. These amounts are eliminated in our condensed consolidated financial statements but are included in the amounts presented above.

Cable Networks Segment – Operating Costs and Expenses

Operating costs and expenses decreased for the three months ended September 30, 2019 compared to the same period in 2018 due to decreases in programming and production costs, and advertising, marketing and promotion costs, partially offset by an increase in other operating and administrative costs. The decrease in programming and production costs was primarily due to decreases in studio production costs. The decrease in advertising, marketing and promotion costs was primarily due to lower spending on marketing related to our cable networks programming and our digital properties. The increase in other operating and administrative costs was primarily due to employee-related costs.

Operating costs and expenses decreased for the nine months ended September 30, 2019 compared to the same period in 2018 due to decreases in programming and production costs, and advertising, marketing and promotion costs, partially offset by an increase in other operating and administrative costs. The decrease in programming and production costs was primarily due to the absence of costs associated with our broadcast of the 2018 PyeongChang Olympics. The decrease in advertising, marketing and promotion costs was due to lower spending on marketing related to our cable networks programming and our digital properties. The increase in other operating and administrative costs was primarily due to employee-related costs.

38

Broadcast Television Segment Results of Operations

	Three Months Ended September 30				Increase/ (Decrease)
(in millions)	2019		2018		$			%
Revenue
Advertising	$	1,191	$	1,355	$	(164	)	(12.1	)%
Content licensing	447		538		(91		)	(17.0	)
Distribution and other	592		559		33			5.8
Total revenue	2,230		2,452		(222		)	(9.1	)
Operating costs and expenses
Programming and production	1,398		1,640		(242		)	(14.8	)
Other operating and administrative	373		373		—			(0.2	)
Advertising, marketing and promotion	121		118		3			3.1
Total operating costs and expenses	1,892		2,131		(239		)	(11.2	)
Adjusted EBITDA	$	338	$	321	$	17		5.1	%

	Nine Months Ended September 30				Increase/ (Decrease)
(in millions)	2019		2018		$			%
Revenue
Advertising	$	3,837	$	5,107	$	(1,270	)	(24.9	)%
Content licensing	1,479		1,541		(62		)	(4.0	)
Distribution and other	1,783		1,692		91			5.3
Total revenue	7,099		8,340		(1,241		)	(14.9	)
Operating costs and expenses
Programming and production	4,344		5,604		(1,260		)	(22.5	)
Other operating and administrative	1,150		1,129		21			1.8
Advertising, marketing and promotion	346		362		(16		)	(4.3	)
Total operating costs and expenses	5,840		7,095		(1,255		)	(17.7	)
Adjusted EBITDA	$	1,259	$	1,245	$	14		1.1	%

Broadcast Television Segment – Revenue

Broadcast Television revenue decreased for the three months ended September 30, 2019 compared to the same period in 2018 due to decreases in advertising revenue and content licensing revenue, partially offset by an increase in distribution and other revenue. The decrease in advertising revenue was primarily due to the absence of revenue associated with Telemundo’s broadcast of the 2018 FIFA World Cup Russia™. Excluding this event, advertising revenue decreased reflecting continued ratings declines, partially offset by higher pricing for advertising units sold. The decrease in content licensing revenue was primarily due to timing of content provided under our licensing agreements. The increase in distribution and other revenue was primarily due to increases in fees recognized under our retransmission consent agreements.

Broadcast Television revenue decreased for the nine months ended September 30, 2019 compared to the same period in 2018 due to decreases in advertising revenue resulting from our broadcasts of the 2018 PyeongChang Olympics and the 2018 Super Bowl, as well as content licensing revenue, which were partially offset by an increase in distribution and other revenue. Excluding $1.2 billion of revenue associated with our broadcasts of the 2018 PyeongChang Olympics and the 2018 Super Bowl, Broadcast Television revenue decreased 0.7% for the nine months ended September 30, 2019 compared to the same period in 2018.

	Three Months Ended September 30				Increase/ (Decrease)		Nine Months Ended September 30				Increase/ (Decrease)
(in millions)	2019		2018		%		2019		2018		%
Advertising	$	1,191	$	1,355	(12.1	)%	$	3,837	$	5,107	(24.9	)%
Advertising, excluding 2018 PyeongChang Olympics and 2018 Super Bowl	1,191		1,355		(12.1	)	3,837		4,026		(4.7	)

Advertising revenue decreased for the nine months ended September 30, 2019 compared to the same period in 2018 primarily due to the absence of revenue associated with our broadcasts of the 2018 PyeongChang Olympics and the 2018 Super Bowl. Excluding $1.1 billion of revenue associated with our broadcasts of the 2018 PyeongChang Olympics and the 2018 Super Bowl, advertising revenue decreased due to the absence of revenue associated with Telemundo’s broadcast of the 2018 FIFA World Cup Russia™, as well as the impact of continued declines in audience ratings, partially offset by higher pricing for advertising units sold.

39

Content licensing revenue increased for the nine months ended September 30, 2019 compared to the same period in 2018 primarily due to the timing of content provided under our licensing agreements.

	Three Months Ended September 30				Increase/ (Decrease)		Nine Months Ended September 30				Increase/ (Decrease)
(in millions)	2019		2018		%		2019		2018		%
Distribution and other	$	592	$	559	5.8	%	$	1,783	$	1,692	5.3	%
Distribution and other, excluding 2018 PyeongChang Olympics	592		559		5.8		1,783		1,580		12.8

Distribution and other revenue increased for the nine months ended September 30, 2019 compared to the same period in 2018 primarily due to increases in fees recognized under our retransmission consent agreements, which was partially offset by the absence of $112 million of revenue resulting from our broadcast of the 2018 PyeongChang Olympics.

Broadcast Television Segment – Operating Costs and Expenses

Operating costs and expenses decreased for the three months ended September 30, 2019 compared to the same period in 2018 primarily due to the decrease in programming and production costs. The decrease in programming and production costs was due to the absence of programming and production costs associated with Telemundo’s broadcast of the 2018 FIFA World Cup Russia™ and lower studio production costs in the current year period compared to the same period in 2018.

Operating costs and expenses decreased for the nine months ended September 30, 2019 compared to the same period in 2018 primarily due to a decrease in programming and production costs. The decrease in programming and production costs was primarily due to the absence of costs associated with our broadcasts of the 2018 PyeongChang Olympics and the 2018 Super Bowl.

Filmed Entertainment Segment Results of Operations

	Three Months Ended September 30				Increase/ (Decrease)
(in millions)	2019		2018		$			%
Revenue
Theatrical	$	549	$	601	$	(52	)	(8.8	)%
Content licensing	737		719		18			2.6
Home entertainment	185		260		(75		)	(28.5	)
Other	235		239		(4		)	(2.1	)
Total revenue	1,706		1,819		(113		)	(6.2	)
Operating costs and expenses
Programming and production	867		914		(47		)	(5.1	)
Other operating and administrative	277		267		10			3.0
Advertising, marketing and promotion	367		424		(57		)	(13.4	)
Total operating costs and expenses	1,511		1,605		(94		)	(5.9	)
Adjusted EBITDA	$	195	$	214	$	(19	)	(8.7	)%

	Nine Months Ended September 30				Increase/ (Decrease)
(in millions)	2019		2018		$			%
Revenue
Theatrical	$	1,246	$	1,564	$	(318	)	(20.3	)%
Content licensing	2,266		2,100		166			7.9
Home entertainment	681		733		(52		)	(7.0	)
Other	738		779		(41		)	(5.3	)
Total revenue	4,931		5,176		(245		)	(4.7	)
Operating costs and expenses
Programming and production	2,201		2,492		(291		)	(11.7	)
Other operating and administrative	832		869		(37		)	(4.3	)
Advertising, marketing and promotion	1,156		1,260		(104		)	(8.2	)
Total operating costs and expenses	4,189		4,621		(432		)	(9.3	)
Adjusted EBITDA	$	742	$	555	$	187		33.7	%

40

Filmed Entertainment Segment – Revenue

Filmed Entertainment revenue decreased for the three months ended September 30, 2019 compared to the same period in 2018 primarily due to decreases in home entertainment and theatrical revenue, which were partially offset by an increase in content licensing revenue. The decrease in home entertainment revenue was primarily due to higher sales of 2018 releases, including Jurassic World: Fallen Kingdom, compared to the sales of 2019 releases, including Secret Life of Pets 2. The decrease in theatrical revenue was primarily due to the strength and volume of releases in the prior year period, including Jurassic World: Fallen Kingdom and Mamma Mia! Here We Go Again, which were partially offset by releases in our 2019 film slate, including Fast & Furious Presents: Hobbs & Shaw. The increase in content licensing revenue was primarily due to the timing of when content was made available under licensing agreements.

Filmed Entertainment revenue decreased for the nine months ended September 30, 2019 compared to the same period in 2018 due to decreases in theatrical, home entertainment, and other revenue, which were partially offset by an increase in content licensing revenue. The decrease in theatrical revenue was due to the strong performances of several releases in our 2018 film slate, including Jurassic World: Fallen Kingdom and Mamma Mia! Here We Go Again, which were partially offset by releases in our 2019 film slate, including Fast & Furious Presents: Hobbs & Shaw, How to Train Your Dragon: The Hidden World, and Secret Life of Pets 2. The decrease in home entertainment revenue was primarily due to higher sales of 2018 releases, including Jurassic World: Fallen Kingdom, compared to the sales of 2019 releases, including How to Train Your Dragon: The Hidden World, Dr. Seuss’ The Grinch, and Secret Life of Pets 2. The decrease in other revenue was primarily due to the absence of revenue associated with the sale of a business in 2018. The increase in content licensing revenue was primarily due to the timing of when content was made available under licensing agreements.

Filmed Entertainment Segment – Operating Costs and Expenses

Operating costs and expenses decreased for the three months ended September 30, 2019 compared to the same period in 2018 primarily due to decreases in advertising, marketing and promotion costs and programming and production costs. The decrease in advertising, marketing and promotion costs was due to higher spending on the marketing of prior period releases. The decrease in programming and production costs was primarily due to higher amortization of film production costs in the prior year period.

Operating costs and expenses decreased for the nine months ended September 30, 2019 compared to the same period in 2018 due to decreases in programming and productions costs, advertising, marketing and promotion costs, and other operating and administrative costs. The decrease in programming and production costs was primarily due to higher amortization of film production costs in the prior year period. The decrease in advertising, marketing and promotion costs was due to a higher spending on the marketing of prior period releases. The decrease in other operating and administrative costs was due to the absence of expenses associated with the sale of a business in 2018 and a reduction in employee-related costs.

Theme Parks Segment Results of Operations

	Three Months Ended September 30				Increase/ (Decrease)
(in millions)	2019		2018		$		%
Revenue	$	1,631	$	1,528	$	103	6.8	%
Operating costs and expenses	900		803		97		12.0
Adjusted EBITDA	$	731	$	725	$	6	0.9	%

	Nine Months Ended September 30				Increase/ (Decrease)
(in millions)	2019		2018		$		%
Revenue	$	4,371	$	4,170	$	201	4.8	%
Operating costs and expenses	2,552		2,381		171		7.2
Adjusted EBITDA	$	1,819	$	1,789	$	30	1.7	%

Theme Parks Segment – Revenue

Theme Parks revenue increased for the three and nine months ended September 30, 2019 compared to the same periods in 2018 primarily reflecting higher attendance in 2019 due, in part, to natural disasters that negatively impacted attendance in Japan in the prior year periods.

Theme Parks Segment – Operating Costs and Expenses

Theme Parks operating costs and expenses increased for the three and nine months ended September 30, 2019 compared to the same periods in 2018 primarily due to higher costs to operate the parks and attractions.

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Sky Segment Results of Operations

The discussion below compares Sky’s actual results for the three and nine months ended September 30, 2019 to pro forma results for Sky for the three and nine months ended September 30, 2018. The pro forma segment information includes adjustments as if the Sky transaction occurred on January 1, 2017. Our pro forma data is also adjusted for the effects of acquisition accounting and eliminating the costs and expenses directly related to the transaction but does not include adjustments for costs related to integration activities, cost savings or synergies that have been or may be achieved by the combined business. Pro forma amounts are not necessarily indicative of what our results would have been had we operated the Sky business since January 1, 2017, nor of our future results.

	Three Months Ended September 30
	Actual		Pro Forma		Increase/ (Decrease)					Constant Currency Growth(a)
(in millions)	2019		2018		$			%		%
Revenue
Direct-to-consumer	$	3,793	$	3,920	$	(127	)	(3.2	)%	1.9	%
Content	315		288		27			9.4		15.4
Advertising	446		545		(99		)	(18.2	)	(13.8	)
Total revenue	4,554		4,753		(199		)	(4.2	)	0.9
Operating costs and expenses
Programming and production	2,003		1,957		46			2.4		7.6
Direct network costs	419		405		14			3.5		9.2
Other	1,233		1,741		(508		)	(29.1	)	(25.3	)
Total operating costs and expenses	3,655		4,103		(448		)	(10.9	)	(6.2	)
Adjusted EBITDA	$	899	$	650	$	249		38.3	%	46.0	%

	Nine Months Ended September 30
	Actual		Pro Forma		Increase/ (Decrease)					Constant Currency Growth(a)
(in millions)	2019		2018		$			%		%
Revenue
Direct-to-consumer	$	11,516	$	12,101	$	(585	)	(4.8	)%	1.1	%
Content	1,061		885		176			20.0		26.9
Advertising	1,602		1,807		(205		)	(11.3	)	(6.0	)
Total revenue	14,179		14,793		(614		)	(4.1	)	1.8
Operating costs and expenses
Programming and production	6,543		6,440		103			1.6		7.9
Direct network costs	1,218		1,206		12			1.0		7.2
Other	4,084		5,018		(934		)	(18.6	)	(13.7	)
Total operating costs and expenses	11,845		12,664		(819		)	(6.5	)	(0.7	)
Adjusted EBITDA	$	2,334	$	2,129	$	205		9.6	%	16.7	%

All percentages are calculated based on actual amounts. Minor differences may exist due to rounding

(a) Constant currency growth is a non-GAAP financial measure. Refer to the “Non-GAAP Financial Measures” section on page 44 for additional information, including our definition and our use of constant currency, and for a reconciliation of Sky’s constant currency growth rates.

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Customer Metrics

			Net Additions
	September 30		Three Months Ended September 30			Nine Months Ended September 30
	Actual	Pro Forma	Actual		Pro Forma	Actual	Pro Forma
(in thousands)	2019	2018	2019		2018	2019	2018
Total customer relationships	23,918	23,436	(99	)	426	317	571

Sky customer relationships represent the number of residential retail customers that subscribe to at least one of Sky’s four primary services of video, high-speed internet, voice and wireless phone service. Commercial retail customers include hotels, bars, workplaces and restaurants with an active subscription for the purpose of providing Sky services to third party customers. We report commercial customers based on the number of commercial agreements per venue in the U.K., a residential equivalent unit based upon the multiple of residential customer revenue in Italy and the number of active venues (bars and restaurants) or rooms (hotels and clinics) in Germany.

Sky Segment – Revenue

Direct-to-Consumer

Direct-to-consumer revenue decreased 3.2% and 4.8% for the three and nine months ended September 30, 2019, respectively, compared to the same periods in 2018. Excluding the impact of foreign currency, direct-to-consumer revenue increased 1.9% and 1.1% for the three and nine months ended September 30, 2019, respectively, compared to the same periods in 2018, primarily due to increases in customer relationships, partially offset by decreases in average revenue per customer relationship.

Content

Content revenue increased 9.4% and 20.0% for the three and nine months ended September 30, 2019, respectively, compared to the same periods in 2018. Excluding the impact of foreign currency, content revenue increased 15.4% and 26.9% for the three and nine months ended September 30, 2019, respectively, compared to the same periods in 2018, reflecting the monetization of our slate of original programming and the wholesaling of sports programming, including exclusive sports rights recently acquired in Italy and Germany.

Advertising

Advertising revenue decreased 18.2% and 11.3% for the three and nine months ended September 30, 2019, respectively, compared to the same periods in 2018. Excluding the impact of foreign currency, advertising revenue decreased 13.8% and 6.0% for the three and nine months ended September 30, 2019, respectively, compared to the same periods in 2018, reflecting the impact of changes in legislation related to gambling advertisements in the U.K. and Italy that occurred in the third quarter of 2019, as well as overall market weakness.

Sky Segment – Operating Costs and Expenses

Programming and production costs increased 2.4% and 1.6% for the three and nine months ended September 30, 2019, compared to the same periods in 2018. Excluding the impact of foreign currency, programming and production costs increased 7.6% and 7.9% for the three and nine months ended September 30, 2019, respectively, compared to the same periods in 2018 primarily due to sports programming contracts.

Direct network costs increased 3.5% for the three months ended September 30, 2019 and were flat for the nine months ended September 30, 2019 compared to the same periods in 2018. Excluding the impact of foreign currency, direct network costs increased 9.2% and 7.2% for the three and nine months ended September 30, 2019, respectively, compared to the same periods in 2018 primarily due to increases in costs associated with Sky’s wireless phone service as a result of increases in the number of customers receiving the service.

Other expenses decreased 29.1% and 18.6% for the three and nine months ended September 30, 2019, respectively, compared to the same periods in 2018. Excluding the impact of foreign currency, other expenses decreased 25.3% and 13.7% for the three and nine months ended September 30, 2019, respectively, compared to the same periods in 2018 primarily due to contract termination costs and costs related to a settlement in the prior year periods, and a favorable settlement in the current year period.

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Corporate and Other Results of Operations

	Three Months Ended September 30						Increase/ (Decrease)
(in millions)	2019			2018			$			%
Revenue	$	42		$	73		$	(31	)	(42.5	)%
Operating costs and expenses	312			261			51			19.3
Adjustment for Sky transaction-related costs	(33		)	—			(33		)	NM
Adjusted EBITDA	$	(237	)	$	(188	)	$	(49	)	(25.9	)%

	Nine Months Ended September 30						Increase/ (Decrease)
(in millions)	2019			2018			$			%
Revenue	$	206		$	412		$	(206	)	(49.9	)%
Operating costs and expenses	1,011			978			33			3.5
Adjustment for Sky transaction-related costs	(168		)	—			(168		)	NM
Adjusted EBITDA	$	(637	)	$	(566	)	$	(71	)	(12.7	)%

Corporate and Other – Revenue

Other revenue primarily relates to revenue from Comcast Spectacor, which owns the Philadelphia Flyers and the Wells Fargo Center arena in Philadelphia, Pennsylvania. We sold a controlling interest in our arena management-related businesses in the second quarter of 2018.

Corporate and Other – Operating Costs and Expenses

Operating costs and expenses primarily include overhead, personnel costs, the costs of other business initiatives, such as the development of Peacock, NBCUniversal’s direct-to-consumer streaming service, and operating costs and expenses associated with Comcast Spectacor.

Operating costs and expenses increased for the three months ended September 30, 2019 compared to the same period in 2018 primarily due to transaction-related costs of $33 million directly related to the Sky transaction, including expenses resulting from the replacement of share-based compensation awards and costs related to integration activities, as well as costs associated with the development of Peacock.

Operating costs and expenses increased for the nine months ended September 30, 2019 compared to the same period in 2018 primarily due to transaction-related costs of $168 million directly related to the Sky transaction, including expenses resulting from the replacement of share-based compensation awards and costs related to integration activities, which were partially offset by the sale of a controlling interest in our arena management-related businesses in the second quarter of 2018.

Adjusted EBITDA excludes transaction-related costs directly related to the Sky transaction.

Non-GAAP Financial Measures

Consolidated Adjusted EBITDA

Consolidated Adjusted EBITDA is a non-GAAP financial measure and is the primary basis used to measure the operational strength and performance of our businesses as well as to assist in the evaluation of underlying trends in our businesses. 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. It is also unaffected by our capital and tax structures, and by our investment activities, including the results of entities that we do not consolidate, as our management excludes these results when evaluating our operating performance. Our management and Board of Directors use this financial 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. Additionally, we believe that consolidated Adjusted EBITDA 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 of consolidated Adjusted EBITDA may not be directly comparable to similar measures used by other companies.

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We define consolidated Adjusted EBITDA as net income attributable to Comcast Corporation before net income (loss) attributable to noncontrolling interests and redeemable subsidiary preferred stock, income tax expense, investment and other income (loss), net, interest expense, depreciation and amortization expense, and other operating gains and losses (such as impairment charges related to fixed and intangible assets and gains or losses on the sale of long-lived assets), if any. From time to time, we may exclude from consolidated Adjusted EBITDA the impact of certain events, gains, losses or other charges (such as significant legal settlements) that affect the period-to-period comparability of our operating performance.

We reconcile consolidated Adjusted EBITDA to net income attributable to Comcast Corporation. This measure should not be considered a substitute for operating income, net income, net income attributable to Comcast Corporation, or net cash provided by operating activities that we have reported in accordance with GAAP.

Reconciliation from Net Income Attributable to Comcast Corporation to Adjusted EBITDA

	Three Months Ended September 30					Nine Months Ended September 30
(in millions)	2019		2018			2019			2018
Net income attributable to Comcast Corporation	$	3,217	$	2,886		$	9,895		$	9,220
Net income (loss) attributable to noncontrolling interests and redeemable subsidiary preferred stock	71		10			228			60
Income tax expense	775		999			2,812			2,894
Interest expense	1,167		830			3,454			2,413
Investment and other (income) loss, net	110		111			(511		)	(92		)
Depreciation	2,124		2,038			6,561			6,070
Amortization	1,056		580			3,215			1,750
Other operating gains	—		(141		)	—			(341		)
Adjustment for Sky transaction-related costs	33		—			168			—
Adjusted EBITDA	$	8,553	$	7,313		$	25,822		$	21,974

Constant Currency

Constant currency and constant currency growth rates are non-GAAP financial measures that present our results of operations excluding the estimated effects of foreign currency exchange rate fluctuations. Certain of our businesses, including Sky, have operations outside the United States that are conducted in local currencies. As a result, the comparability of the financial results reported in U.S. dollars is affected by changes in foreign currency exchange rates. In our Sky segment, we use constant currency and constant currency growth rates to evaluate the underlying performance of the business, and we believe it is helpful for investors to present operating results on a comparable basis period over period to evaluate its underlying performance.

Constant currency and constant currency growth rates are calculated by comparing the comparative period results in the prior year adjusted to reflect the average exchange rates from the current year period rather than the actual exchange rates in effect during the respective prior year periods.

Reconciliation of Sky Constant Currency Growth Rates

	Three Months Ended September 30						Nine Months Ended September 30
	Actual		Constant Currency		Constant Currency Growth		Actual		Constant Currency		Constant Currency Growth
(in millions)	2019		2018		%		2019		2018		%
Revenue
Direct-to-consumer	$	3,793	$	3,722	1.9	%	$	11,516	$	11,395	1.1	%
Content	315		273		15.4		1,061		835		26.9
Advertising	446		517		(13.8	)	1,602		1,701		(6.0	)
Total revenue	4,554		4,512		0.9		14,179		13,931		1.8
Operating costs and expenses
Programming and production	2,003		1,859		7.6		6,543		6,057		7.9
Direct network costs	419		384		9.2		1,218		1,137		7.2
Other	1,233		1,652		(25.3	)	4,084		4,732		(13.7	)
Total operating costs and expenses	3,655		3,895		(6.2	)	11,845		11,926		(0.7	)
Adjusted EBITDA	$	899	$	617	46.0	%	$	2,334	$	2,005	16.7	%

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Liquidity and Capital Resources

Our businesses generate significant cash flows from operating activities. We believe that we will be able to continue to meet our current and long-term liquidity and capital requirements, including fixed charges, through our cash flows from operating activities; existing cash, cash equivalents and investments; available borrowings under our existing credit facilities; and our ability to obtain future external financing. We anticipate that we will continue to use a substantial portion of our cash flows in repaying our debt obligations, funding our capital expenditures, investing in business opportunities and returning capital to shareholders.

Operating Activities

Components of Net Cash Provided by Operating Activities

	Nine Months Ended September 30
(in millions)	2019			2018
Operating income	$	15,878		$	14,495
Depreciation, amortization and other operating gains	9,776			7,479
Noncash share-based compensation	790			607
Changes in operating assets and liabilities	(1,670		)	(511		)
Payments of interest	(3,167		)	(2,240		)
Payments of income taxes	(2,490		)	(1,533		)
Other	345			210
Net cash provided by operating activities	$	19,462		$	18,507

The variance in changes in operating assets and liabilities for the nine months ended September 30, 2019 compared to the same period in 2018 was primarily due to the timing of film and television costs at NBCUniversal and Sky, our broadcast of the 2018 Super Bowl in the prior year period, partially offset by the timing of collection on our receivables, our broadcast of the 2018 PyeongChang Olympics in the prior year period and a reduction in Cable Communications wireless inventory.

Investing Activities

Net cash used in investing activities for the nine months ended September 30, 2019 consisted primarily of capital expenditures, purchases of investments, cash paid for intangible assets and the construction of Universal Beijing Resort. Capital expenditures increased for the nine months ended September 30, 2019 compared to the same period in 2018 primarily due to the inclusion of spending at Sky and an increase in spending by our Theme Parks segment, partially offset by a decrease in spending by our Cable Communications segment due to lower spending on scalable infrastructure and customer premise equipment. Purchases of investments for the nine months ended September 30, 2019 consisted primarily of our cash capital contributions of $903 million to Hulu and $475 million to Atairos.

Financing Activities

Net cash used in financing activities for the nine months ended September 30, 2019 consisted primarily of repayments of debt, dividend payments and repurchases of common stock under our employee plans, partially offset by proceeds from a collateralized obligation. In August 2019, we received proceeds of $5.2 billion under a term loan facility, which is fully secured, primarily by the minimum guaranteed proceeds from Disney under the put/call provisions related to our investment in Hulu. The proceeds from the collateralized obligation were used to redeem $3.4 billion of 5.15% senior notes due 2020, and to repay $906 million of our sterling-denominated term loan and our outstanding commercial paper. See Note 9 to Comcast’s condensed consolidated financial statements and Note 8 to NBCUniversal’s condensed consolidated financial statements for additional information.

We have made, and may from time to time in the future make, optional repayments on our debt obligations, which may include repayments of our term loans and repurchases or exchanges of our outstanding public notes and debentures, depending on various factors, such as market conditions. See Notes 5 and 6 to Comcast’s condensed consolidated financial statements and Notes 4 and 5 to NBCUniversal’s condensed consolidated financial statements for additional information on our financing activities, including details of our debt repayments and borrowings.

Available Borrowings Under Credit Facilities

We also maintain significant availability under our commercial paper programs and revolving credit facilities to meet our short-term liquidity requirements.

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Commercial Paper Programs

For the nine months ended September 30, 2019, we made net repayments of $673 million under our commercial paper programs. As of September 30, 2019, we had no commercial paper outstanding.

Revolving Credit Facilities

For the nine months ended September 30, 2019, we made net repayments of $615 million under Sky’s £1 billion revolving credit facility, which was terminated in February 2019. In June 2019, we amended the terms of our Comcast and NBCUniversal Enterprise revolving credit facilities to extend both facilities’ expiration dates from May 26, 2021 to May 26, 2022. As of September 30, 2019, there were no amounts outstanding under our revolving credit facilities. Amounts available under our revolving credit facilities, net of amounts outstanding under our commercial paper programs and outstanding letters of credit and bank guarantees, totaled $9.2 billion.

Share Repurchases and Dividends

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 the authorization, we may repurchase shares in the open market or in private transactions. We have paused our share repurchase program for 2019 in order to accelerate the reduction of indebtedness we incurred in connection with the acquisition of Sky and no common stock share repurchases were made under this authorization for the nine months ended September 30, 2019.

We paid $431 million for the nine months ended September 30, 2019 related to employee taxes associated with the administration of our share-based compensation plans.

In January 2019, our Board of Directors approved a 10% increase in our dividend to $0.84 per share on an annualized basis. In July 2019, our Board of Directors approved our third quarter dividend of $0.21 per share to be paid in October 2019. We expect to continue to pay quarterly dividends, although each dividend is subject to approval by our Board of Directors. On July 24, 2019, we paid dividends totaling $955 million.

Critical Accounting Judgments and Estimates

The preparation of our condensed consolidated financial statements requires us to make estimates that affect the reported amounts of assets, liabilities, revenue and expenses, and the related disclosure of contingent assets and contingent liabilities. We base our judgments on our historical experience and on various other assumptions that we believe are reasonable under the circumstances, the results of which form the basis for making estimates about the carrying value of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions.

We believe our judgments and related estimates associated with the valuation and impairment testing of our cable franchise rights and accounting for film and television costs are critical in the preparation of our condensed consolidated financial statements. We performed our annual impairment testing of our cable franchise rights as of July 1, 2019 and no impairment charge was required.

For a more complete discussion of the accounting judgments and estimates that we have identified as critical in the preparation of our condensed consolidated financial statements, please refer to our Management’s Discussion and Analysis of Financial Condition and Results of Operations in our 2018 Annual Report on Form 10-K.

Recent Accounting Pronouncements

See Note 7 to Comcast’s condensed consolidated financial statements and Note 6 to NBCUniversal’s condensed consolidated financial statements for additional information related to recent accounting pronouncements.

ITEM 3: QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

We have evaluated the information required under this item that was disclosed in our 2018 Annual Report on Form 10-K and there have been no significant changes to this information.

ITEM 4: CONTROLS AND PROCEDURES

Comcast Corporation

Conclusions regarding disclosure controls and procedures

Our principal executive and principal financial officers, after evaluating the effectiveness of Comcast’s disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) as of the end of the period covered by this report, have

47

concluded that, based on the evaluation of these controls and procedures required by paragraph (b) of Exchange Act Rules 13a-15 or 15d-15, Comcast’s disclosure controls and procedures were effective.

Changes in internal control over financial reporting

There were no changes in Comcast’s internal control over financial reporting identified in connection with the evaluation required by paragraph (d) of Exchange Act Rules 13a-15 or 15d-15 that occurred during Comcast’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, Comcast’s internal control over financial reporting, except as noted below. On October 9, 2018, we acquired a controlling interest in Sky. See Note 6 to Comcast’s condensed consolidated financial statements for additional information. In connection with the integration of Sky, we are in the process of analyzing and evaluating our internal controls over financial reporting. This process may result in additions or changes to our internal control over financial reporting.

NBCUniversal Media, LLC

Conclusions regarding disclosure controls and procedures

Our principal executive and principal financial officers, after evaluating the effectiveness of NBCUniversal’s disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) of the Exchange Act) as of the end of the period covered by this report, have concluded that, based on the evaluation of these controls and procedures required by paragraph (b) of Exchange Act Rules 13a-15 or 15d-15, NBCUniversal’s disclosure controls and procedures were effective.

Changes in internal control over financial reporting

There were no changes in NBCUniversal’s internal control over financial reporting identified in connection with the evaluation required by paragraph (d) of Exchange Act Rules 13a-15 or 15d-15 that occurred during NBCUniversal’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, NBCUniversal’s internal control over financial reporting.

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PART II: OTHER INFORMATION

ITEM 1: LEGAL PROCEEDINGS

Refer to Note 12 to Comcast’s condensed consolidated financial statements included in this Quarterly Report on Form 10-Q for a discussion of legal proceedings.

NBCUniversal is subject to legal proceedings and claims that arise in the ordinary course of its business and does not expect the final disposition of these matters to have a material adverse effect on its results of operations, cash flows or financial condition, although any such matters could be time-consuming and costly and could injure its reputation.

ITEM 1A: RISK FACTORS

There have been no significant changes from the risk factors previously disclosed in Item 1A of our 2018 Annual Report on Form 10-K.

ITEM 6: EXHIBITS

Comcast

Exhibit No.	Description
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 and nine months ended September 30, 2019, filed with the Securities and Exchange Commission on October 24, 2019, formatted in XBRL (eXtensible Business Reporting Language): (i) the Condensed Consolidated Statement of Income; (ii) the Condensed Consolidated Statement of Comprehensive Income; (iii) the Condensed Consolidated Statement of Cash Flows; (iv) the Condensed Consolidated Balance Sheet; (v) the Condensed Consolidated Statement of Changes in Equity; and (vi) the Notes to Condensed Consolidated Financial Statements.

NBCUniversal

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 and nine months ended September 30, 2019, filed with the Securities and Exchange Commission on October 24, 2019, formatted in XBRL (eXtensible Business Reporting Language): (i) the Condensed Consolidated Statement of Income; (ii) the Condensed Consolidated Statement of Comprehensive Income; (iii) the Condensed Consolidated Statement of Cash Flows; (iv) the Condensed Consolidated Balance Sheet; (v) the Condensed Consolidated Statement of Changes in Equity; and (vi) the Notes to Condensed Consolidated Financial Statements.

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SIGNATURES

Comcast

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

	COMCAST CORPORATION
By:	/s/ DANIEL C. MURDOCK
	Daniel C. Murdock Senior Vice President, Chief Accounting Officer and Controller (Principal Accounting Officer)

Date: October 24, 2019

NBCUniversal

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

	NBCUNIVERSAL MEDIA, LLC
By:	/s/ DANIEL C. MURDOCK
	Daniel C. Murdock Senior Vice President (Principal Accounting Officer)

Date: October 24, 2019

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NBCUniversal Media, LLC Financial Statements

Index	Page
Condensed Consolidated Statement of Income (Unaudited)	52
Condensed Consolidated Statement of Comprehensive Income (Unaudited)	53
Condensed Consolidated Statement of Cash Flows (Unaudited)	54
Condensed Consolidated Balance Sheet (Unaudited)	55
Condensed Consolidated Statement of Changes in Equity (Unaudited)	56
Notes to Condensed Consolidated Financial Statements (Unaudited)	57

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NBCUniversal Media, LLC

Condensed Consolidated Statement of Income

(Unaudited) 

	Three Months Ended September 30						Nine Months Ended September 30
(in millions)	2019			2018			2019			2018
Revenue	$	8,294		$	8,625		$	24,866		$	26,468
Costs and Expenses:
Programming and production	3,531			3,896			10,182			11,947
Other operating and administrative	2,013			1,959			5,943			5,886
Advertising, marketing and promotion	661			704			1,994			2,124
Depreciation	259			250			755			750
Amortization	278			264			824			827
Other operating gains	—			(141		)	—			(141		)
Total costs and expenses	6,742			6,932			19,698			21,393
Operating income	1,552			1,693			5,168			5,075
Interest expense	(348		)	(134		)	(601		)	(394		)
Investment and other income (loss), net	169			(205		)	449			(377		)
Income before income taxes	1,373			1,354			5,016			4,304
Income tax expense	(63		)	(112		)	(239		)	(291		)
Net income	1,310			1,242			4,777			4,013
Less: Net income (loss) attributable to noncontrolling interests	54			11			166			22
Net income attributable to NBCUniversal	$	1,256		$	1,231		$	4,611		$	3,991

See accompanying notes to condensed consolidated financial statements.

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NBCUniversal Media, LLC

Condensed Consolidated Statement of Comprehensive Income

(Unaudited) 

	Three Months Ended September 30						Nine Months Ended September 30
(in millions)	2019			2018			2019			2018
Net income	$	1,310		$	1,242		$	4,777		$	4,013
Deferred gains (losses) on cash flow hedges, net	—			(2		)	(3		)	(4		)
Employee benefit obligations, net	(4		)	(4		)	(9		)	(11		)
Currency translation adjustments, net	(31		)	(133		)	16			(144		)
Comprehensive income	1,275			1,103			4,781			3,854
Less: Net income (loss) attributable to noncontrolling interests	54			11			166			22
Less: Other comprehensive income (loss) attributable to noncontrolling interests	(23		)	(20		)	(25		)	(45		)
Comprehensive income attributable to NBCUniversal	$	1,244		$	1,112		$	4,640		$	3,877

See accompanying notes to condensed consolidated financial statements.

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Condensed Consolidated Statement of Cash Flows

(Unaudited) 

	Nine Months Ended September 30
(in millions)	2019			2018
Operating Activities
Net income	$	4,777		$	4,013
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, amortization and other operating gains	1,579			1,436
Net (gain) loss on investment activity and other	(12		)	497
Deferred income taxes	(13		)	21
Changes in operating assets and liabilities, net of effects of acquisitions and divestitures:
Current and noncurrent receivables, net	284			90
Film and television costs, net	(656		)	69
Accounts payable and accrued expenses related to trade creditors	(180		)	(123		)
Other operating assets and liabilities	(367		)	(165		)
Net cash provided by operating activities	5,412			5,838
Investing Activities
Capital expenditures	(1,431		)	(1,135		)
Cash paid for intangible assets	(199		)	(374		)
Note receivable from Comcast	(3,238		)	(1,522		)
Construction of Universal Beijing Resort	(736		)	(257		)
Purchases of investments	(1,017		)	(450		)
Other	(5		)	(45		)
Net cash provided by (used in) investing activities	(6,626		)	(3,783		)
Financing Activities
Proceeds from borrowings	572			485
Proceeds from collateralized obligation	5,175			—
Repurchases and repayments of debt	(2,739		)	(387		)
Proceeds from (repayments of) borrowings from Comcast, net	(79		)	(1,791		)
Distributions to member	(1,775		)	(1,228		)
Distributions to noncontrolling interests	(183		)	(163		)
Other	(44		)	(147		)
Net cash provided by (used in) financing activities	927			(3,231		)
Increase (decrease) in cash, cash equivalents and restricted cash	(287		)	(1,176		)
Cash, cash equivalents and restricted cash, beginning of period	1,464			2,377
Cash, cash equivalents and restricted cash, end of period	$	1,177		$	1,201

See accompanying notes to condensed consolidated financial statements.

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NBCUniversal Media, LLC

Condensed Consolidated Balance Sheet

(Unaudited)

(in millions)	September 30, 2019		December 31, 2018
Assets
Current Assets:
Cash and cash equivalents	$	1,157	$	1,444
Receivables, net	7,040		7,293
Programming rights	1,461		1,323
Notes receivable from Comcast	4,192		2,054
Other current assets	1,126		1,133
Total current assets	14,976		13,247
Film and television costs	7,776		7,292
Investments	1,993		1,680
Investment securing collateralized obligation	816		—
Note receivable from Comcast	1,101		—
Property and equipment, net of accumulated depreciation of $5,639 and $4,994	14,853		13,189
Goodwill	24,128		24,118
Intangible assets, net of accumulated amortization of $9,420 and $8,590	13,100		13,666
Other noncurrent assets, net	3,444		1,822
Total assets	$	82,187	$	75,014
Liabilities and Equity
Current Liabilities:
Accounts payable and accrued expenses related to trade creditors	$	1,944	$	1,933
Accrued participations and residuals	1,615		1,808
Program obligations	608		965
Deferred revenue	1,820		1,118
Accrued expenses and other current liabilities	2,052		2,195
Notes payable to Comcast	91		54
Current portion of long-term debt	246		151
Total current liabilities	8,376		8,224
Long-term debt, less current portion	10,574		12,731
Collateralized obligation	5,165		—
Accrued participations, residuals and program obligations	1,674		1,712
Other noncurrent liabilities	6,451		5,177
Commitments and contingencies
Redeemable noncontrolling interests	442		389
Equity:
Member’s capital	48,209		45,618
Accumulated other comprehensive income (loss)	283		254
Total NBCUniversal member’s equity	48,492		45,872
Noncontrolling interests	1,013		909
Total equity	49,505		46,781
Total liabilities and equity	$	82,187	$	75,014

See accompanying notes to condensed consolidated financial statements.

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Condensed Consolidated Statement of Changes in Equity

(Unaudited)

	Three Months Ended September 30						Nine Months Ended September 30
(in millions)	2019			2018			2019			2018
Redeemable Noncontrolling Interests
Balance, beginning of period	$	401		$	391		$	389		$	409
Contributions from (distributions to) noncontrolling interests, net	(13		)	(10		)	(51		)	(43		)
Other	3			—			3			(5		)
Net income (loss)	51			6			101			26
Balance, end of period	$	442		$	387		$	442		$	387
Member’s Capital
Balance, beginning of period	$	47,529		$	43,777		$	45,618		$	42,148
Cumulative effects of adoption of accounting standards	—			—			—			(232		)
Distributions to member	(576		)	(238		)	(2,020		)	(1,228		)
Other	—			1			—			92
Net income (loss)	1,256			1,231			4,611			3,991
Balance, end of period	$	48,209		$	44,771		$	48,209		$	44,771
Accumulated Other Comprehensive Income (Loss)
Balance, beginning of period	$	295		$	218		$	254		$	(20	)
Cumulative effects of adoption of accounting standards	—			—			—			232
Other comprehensive income (loss)	(12		)	(120		)	29			(114		)
Balance, end of period	$	283		$	98		$	283		$	98
Noncontrolling Interests
Balance, beginning of period	$	988		$	1,090		$	909		$	913
Contributions from (distributions to) noncontrolling interests, net	51			(41		)	76			272
Other comprehensive income (loss)	(23		)	(20		)	(25		)	(45		)
Other	(6		)	(191		)	(12		)	(293		)
Net income (loss)	3			5			65			(4		)
Balance, end of period	$	1,013		$	843		$	1,013		$	843
Total equity	$	49,505		$	45,712		$	49,505		$	45,712

See accompanying notes to condensed consolidated financial statements.

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

Note 1: Condensed Consolidated Financial Statements

Basis of Presentation

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, cash flows and financial condition for the periods shown, including normal, recurring accruals and other items. The consolidated results of operations for the interim periods presented are not necessarily indicative of results for the full year.

The year-end condensed consolidated balance sheet was derived from audited financial statements but does not include all disclosures required by generally accepted accounting principles in the United States (“GAAP”). For a more complete discussion of our accounting policies and certain other information, refer to our consolidated financial statements included in our 2018 Annual Report on Form 10-K and the notes within this Form 10-Q.

See Note 6 for a discussion of the effects of the adoption of new accounting pronouncements on our condensed consolidated financial statements.

Note 2: Segment Information

We present our operations in four reportable business segments:

Our Cable Networks segment consists primarily of our national cable networks that provide a variety of entertainment, news and information, and sports content; our regional sports and news networks; our international cable networks; our cable television studio production operations and various digital properties.

Our Broadcast Television segment consists primarily of the NBC and Telemundo broadcast networks, our NBC and Telemundo owned local broadcast television stations, the NBC Universo national cable network, our broadcast television studio production operations, and various digital properties.

Our Filmed Entertainment segment 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, DreamWorks Animation and Focus Features names.

Our Theme Parks segment consists primarily of our Universal theme parks in Orlando, Florida; Hollywood, California; and Osaka, Japan. In addition, along with a consortium of Chinese state-owned companies, we are developing a Universal theme park and resort in Beijing, China.

We use Adjusted EBITDA to evaluate the profitability of our operating segments and the components of net income attributable to NBCUniversal excluded from Adjusted EBITDA are not separately evaluated. To be consistent with our current management reporting presentation, 2018 operating results were reclassified related to certain NBCUniversal businesses now presented in Headquarters and Other. Our financial data by business segment is presented in the tables below.

	Three Months Ended September 30, 2019
(in millions)	Revenue			Adjusted EBITDA(c)			Depreciation and Amortization		Capital Expenditures		Cash Paid for Intangible Assets
Cable Networks	$	2,771		$	955		$	184	$	9	$	4
Broadcast Television	2,230			338			36		36		3
Filmed Entertainment	1,706			195			21		5		5
Theme Parks	1,631			731			182		400		8
Headquarters and Other(a)	21			(133		)	114		55		43
Eliminations(b)	(65		)	3			—		—		—
Total	$	8,294		$	2,089		$	537	$	505	$	63

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	Three Months Ended September 30, 2018
(in millions)	Revenue			Adjusted EBITDA(c)			Depreciation and Amortization		Capital Expenditures		Cash Paid for Intangible Assets
Cable Networks	$	2,850		$	959		$	180	$	11	$	6
Broadcast Television	2,452			321			32		37		—
Filmed Entertainment	1,819			214			26		9		6
Theme Parks	1,528			725			170		269		23
Headquarters and Other(a)	49			(152		)	106		79		43
Eliminations(b)	(73		)	(1		)	—		—		—
Total	$	8,625		$	2,066		$	514	$	405	$	78

	Nine Months Ended September 30, 2019
(in millions)	Revenue			Adjusted EBITDA(c)			Depreciation and Amortization		Capital Expenditures		Cash Paid for Intangible Assets
Cable Networks	$	8,586		$	3,418		$	549	$	21	$	10
Broadcast Television	7,099			1,259			115		86		9
Filmed Entertainment	4,931			742			60		13		16
Theme Parks	4,371			1,819			514		1,172		44
Headquarters and Other(a)	117			(492		)	341		139		120
Eliminations(b)	(238		)	1			—		—		—
Total	$	24,866		$	6,747		$	1,579	$	1,431	$	199

 

	Nine Months Ended September 30, 2018
(in millions)	Revenue			Adjusted EBITDA(c)			Depreciation and Amortization		Capital Expenditures		Cash Paid for Intangible Assets
Cable Networks(d)	$	8,881		$	3,389		$	548	$	22	$	15
Broadcast Television(d)	8,340			1,245			106		99		75
Filmed Entertainment	5,176			555			117		24		20
Theme Parks	4,170			1,789			492		811		158
Headquarters and Other(a)	157			(464		)	314		179		106
Eliminations(b)(d)	(256		)	(3		)	—		—		—
Total	$	26,468		$	6,511		$	1,577	$	1,135	$	374

(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 consisted primarily of the licensing of film and television content from our Filmed Entertainment and Broadcast Television segments to our Cable Networks segment; for segment reporting, this revenue is recognized as the programming rights asset for the licensed content is amortized based on third party revenue.

(c) 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, investment and other income (loss), net, interest expense, depreciation and amortization expense, and other operating gains and losses (such as impairment charges related to fixed and intangible assets and gains or losses on the sale of long-lived assets), if any. From time to time, we may exclude from Adjusted EBITDA the impact of certain events, gains, losses or other charges (such as significant legal settlements) that affect the period-to-period comparability of our operating performance. 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 September 30						Nine Months Ended September 30
(in millions)	2019			2018			2019			2018
Adjusted EBITDA	$	2,089		$	2,066		$	6,747		$	6,511
Depreciation	(259		)	(250		)	(755		)	(750		)
Amortization	(278		)	(264		)	(824		)	(827		)
Other operating gains	—			141			—			141
Interest expense	(348		)	(134		)	(601		)	(394		)
Investment and other income (loss), net	169			(205		)	449			(377		)
Income before income taxes	$	1,373		$	1,354		$	5,016		$	4,304

(d) The revenue and operating costs and expenses associated with our broadcast of the 2018 PyeongChang Olympics were reported in our Cable Networks and Broadcast Television segments. The revenue and operating costs and expenses associated with our broadcast of the 2018 Super Bowl were reported in our Broadcast Television segment. Included in Eliminations are transactions relating to these events that our Broadcast Television and Cable Networks segments entered into with our other segments.

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Note 3: Revenue

	Three Months Ended September 30						Nine Months Ended September 30
(in millions)	2019			2018			2019			2018
Distribution	$	1,681		$	1,655		$	5,123		$	5,166
Advertising	809			812			2,592			2,718
Content licensing and other	281			383			871			997
Total Cable Networks	2,771			2,850			8,586			8,881
Advertising	1,191			1,355			3,837			5,107
Content licensing	447			538			1,479			1,541
Distribution and other	592			559			1,783			1,692
Total Broadcast Television	2,230			2,452			7,099			8,340
Theatrical	549			601			1,246			1,564
Content licensing	737			719			2,266			2,100
Home entertainment	185			260			681			733
Other	235			239			738			779
Total Filmed Entertainment	1,706			1,819			4,931			5,176
Total Theme Parks	1,631			1,528			4,371			4,170
Headquarters and Other	21			49			117			157
Eliminations(a)	(65		)	(73		)	(238		)	(256		)
Total revenue	$	8,294		$	8,625		$	24,866		$	26,468

(a) Included in Eliminations are transactions that our segments enter into with one another. See Note 2 for a description of these transactions.

We operate primarily in the United States, but also in select international markets primarily in Europe and Asia. The table below summarizes revenue by geographic location.

	Three Months Ended September 30				Nine Months Ended September 30
(in millions)	2019		2018		2019		2018
United States	$	6,382	$	6,758	$	19,674	$	20,945
Foreign	1,912		1,867		5,192		5,523
Total revenue	$	8,294	$	8,625	$	24,866	$	26,468

No single customer accounted for a significant amount of revenue in any period presented.

Condensed Consolidated Balance Sheet

The following tables summarize our accounts receivable and other balances that are not separately presented in our condensed consolidated balance sheet that relate to the recognition of revenue and collection of the related cash.

(in millions)	September 30, 2019		December 31, 2018
Receivables, gross	$	7,139	$	7,392
Less: Allowance for doubtful accounts	99		99
Receivables, net	$	7,040	$	7,293

(in millions)	September 30, 2019		December 31, 2018
Noncurrent receivables, net (included in other noncurrent assets, net)	$	1,097	$	1,180
Noncurrent deferred revenue (included in other noncurrent liabilities)	$	422	$	481

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Note 4: Long-Term Debt

As of September 30, 2019, our debt, excluding our revolving credit agreement with Comcast, had a carrying value of $10.8 billion and an estimated fair value of $11.8 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

For the nine months ended September 30, 2019, we had borrowings of $572 million primarily related to the Universal Beijing Resort term loans.

For the nine months ended September 30, 2019, we made repayments of $2.7 billion including the early redemptions of $2.0 billion of senior notes due 2020 and $610 million of notes due 2049 to Comcast. The early redemptions were funded using proceeds from our collateralized obligation (see Note 8) and were accounted for as debt extinguishments, resulting in a charge of $213 million to interest expense in the third quarter of 2019, of which $178 million related to the notes due to Comcast.

Guarantee Structure

We, Comcast and a 100% owned cable holding company subsidiary of Comcast (“CCCL Parent”) fully and unconditionally guarantee each other’s debt securities, including the $7.6 billion Comcast revolving credit facility due 2022. As of September 30, 2019, $80.6 billion principal amount of outstanding debt securities of Comcast and CCCL Parent were subject to the cross-guarantee structure.

We do not, however, guarantee the obligations of NBCUniversal Enterprise with respect to its $1.5 billion outstanding debt securities, including its senior notes, revolving credit facility, commercial paper program nor its $725 million liquidation preference of Series A cumulative preferred stock.

The Universal Studios Japan term loans are not subject to the cross-guarantee structure, however they have a separate guarantee from Comcast.

The Universal Beijing Resort term loans are not guaranteed.

Note 5: Significant Transactions

Universal Beijing Resort

We entered into an agreement with a consortium of Chinese state-owned companies to build and operate a Universal theme park and resort in Beijing, China (“Universal Beijing Resort”). We own a 30% interest in Universal Beijing Resort and the construction is being funded through a combination of debt financing and equity contributions from the investors in accordance with their equity interests. The debt financing, which is being provided by a syndicate of Chinese financial institutions, contains certain financial and operating covenants and a maximum borrowing limit of ¥26.6 billion RMB (approximately $4 billion). The debt financing is secured by the assets of Universal Beijing Resort and the equity interests of the investors. As of September 30, 2019, Universal Beijing Resort had $1 billion principal amount of term loans outstanding under the debt financing agreements.

We have concluded that Universal Beijing Resort is a variable interest entity based on its governance structure, and we consolidate it because we have the power to direct activities that most significantly impact its economic performance. There are no liquidity arrangements, guarantees or other financial commitments between us and Universal Beijing Resort, and therefore our maximum risk of financial loss is our 30% interest. Universal Beijing Resort’s results of operations are reported in our Theme Parks segment. Our condensed consolidated statement of cash flows includes the costs of construction and related borrowings in the “construction of Universal Beijing Resort” and “proceeds from borrowings” captions, respectively, and equity contributions from our investing partner are included in other financing activities.

In March 2018, Universal Beijing Resort received initial equity investments through a combination of cash and noncash contributions from the investors. As of September 30, 2019, our condensed consolidated balance sheet included assets, primarily property and equipment, and liabilities, including the term loans, of Universal Beijing Resort totaling $2.4 billion and $1.7 billion, respectively.

Note 6: Recent Accounting Pronouncements

Leases

In February 2016, the Financial Accounting Standards Board (“FASB”) updated the accounting guidance related to leases. The most significant change in the updated accounting guidance requires lessees to recognize lease assets and liabilities on the balance sheet for all operating leases with the exception of short-term leases. The standard also expands the disclosures regarding the amount, timing and uncertainty of cash flows arising from leases. For a lessee, the recognition, measurement and presentation of

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expenses and cash flows arising from a lease did not significantly change from previous guidance. We adopted the updated guidance on January 1, 2019 on a prospective basis and as a result, prior period amounts were not adjusted to reflect the impacts of the updated guidance. In addition, as permitted under the transition guidance within the new standard, prior scoping and classification conclusions were carried forward for leases existing as of the adoption date.

Upon adoption, we recorded approximately $1.7 billion and $1.8 billion of operating lease assets and liabilities, respectively, which includes the impact of fair value adjustments, prepaid rent and lease incentives. The adoption of the updated accounting guidance did not impact our recognition of finance leases, which were previously described as capital leases. As of the date of adoption, our liabilities for finance leases were $332 million, which were recorded in long-term debt, and the related assets were recorded in property and equipment, net. Our finance leases were not considered material for further disclosure. The adoption of the new accounting guidance did not have a material impact on our consolidated results of operations or cash flows. See Note 9 for further information.

Film and Television Costs

In March 2019, the FASB updated the accounting guidance related to film and television costs. The updated guidance aligns the accounting for production costs of episodic television series with those of films, allowing for costs to be capitalized in excess of amounts of revenue contracted for each episode. The updated guidance also updates certain presentation and disclosure requirements for capitalized film and television costs, and requires impairment testing to be performed at a group level for capitalized film and television costs when the content is predominantly monetized with other owned or licensed content. The updated guidance is effective for us as of January 1, 2020 and early adoption is permitted. We are currently in the process of determining the impact that the updated accounting guidance will have on our consolidated financial statements.

Note 7: Film and Television Costs

(in millions)	September 30, 2019		December 31, 2018
Film Costs:
Released, less amortization	$	1,615	$	1,600
Completed, not released	124		144
In production and in development	1,282		1,063
	3,021		2,807
Television Costs:
Released, less amortization	2,410		2,161
In production and in development	1,228		953
	3,638		3,114
Programming rights, less amortization	2,578		2,694
	9,237		8,615
Less: Current portion of programming rights	1,461		1,323
Film and television costs	$	7,776	$	7,292

Note 8: Investments

Investment and Other Income (Loss), Net

	Three Months Ended September 30						Nine Months Ended September 30
(in millions)	2019			2018			2019			2018
Equity in net income (losses) of investees, net	$	(88	)	$	(119	)	$	(299	)	$	(306	)
Realized and unrealized gains (losses) on equity securities, net	178			(91		)	436			(128		)
Other income (loss), net	79			5			312			57
Investment and other income (loss), net	$	169		$	(205	)	$	449		$	(377	)

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(in millions)	September 30, 2019		December 31, 2018
Equity method	$	1,290	$	707
Marketable equity securities	725		162
Nonmarketable equity securities	794		811
Total investments	2,809		1,680
Less: Investment securing collateralized obligation	816		—
Noncurrent investments	$	1,993	$	1,680

Equity Method

Hulu and Collateralized Obligation

In May 2019, we entered into a series of agreements (the “Hulu Transaction”) with The Walt Disney Company and certain of its subsidiaries (“Disney”), whereby we relinquished our board seats and substantially all voting rights associated with our investment in Hulu, LLC (“Hulu”), and Disney assumed full operational control. We also acquired our proportionate share of the approximate 10% interest in Hulu previously held by AT&T Inc. (“AT&T”) for approximately $477 million, increasing our ownership interest to approximately 33% from approximately 30%.

Following the Hulu Transaction, future capital calls are limited to $1.5 billion in the aggregate each year, with any excess funding requirements funded with member loans. We have the right, but not the obligation, to fund our proportionate share of these capital calls, and if we elect not to fund our share of future equity capital calls, our ownership interest will be diluted, subject to an ownership floor of 21%. The Hulu Transaction agreements include put and call provisions regarding our ownership interest in Hulu, pursuant to which, as early as January 2024, we can require Disney to buy, and Disney can require us to sell our interest, in either case, for fair value at that future time subject to a minimum equity value of $27.5 billion for 100% of the equity of Hulu. The minimum total equity value and ownership floor guarantee minimum proceeds of approximately $5.8 billion upon exercise of the put or call.

In connection with the Hulu Transaction, we agreed to extend certain licenses of NBCUniversal content until late 2024. We can terminate most of our content license agreements with Hulu beginning in 2022, and beginning in 2020, we have the right to modify certain content licenses that are currently exclusive to Hulu, so that we can exhibit the content on our platforms in return for reducing the license fee.

In August 2019, we entered into a financing arrangement with a syndicate of banks whereby we received proceeds of $5.2 billion under a term loan facility due March 2024. The principal amount of the term loan is secured by the proceeds guaranteed by Disney under the put/call provisions related to our investment in Hulu. The proceeds from the put/call provisions are available only for the repayment of the term loan and are not available to us unless and until the bank lenders are fully paid under the term loan provisions. The bank lenders have no rights to proceeds from the put/call provisions in excess of amounts owed under the term loan. As a result of this transaction, we now present our investment in Hulu and the term loan separately in our condensed consolidated balance sheet in the captions “investment securing collateralized obligation” and “collateralized obligation”, respectively. The recorded value of our investment reflects our historical cost in applying the equity method, and as a result, is less than its fair value. As of September 30, 2019, our collateralized obligation had a carrying value of $5.2 billion and an estimated fair value of $5.2 billion. The estimated fair value was based on Level 2 inputs that use interest rates for debt with similar terms and remaining maturities.

We account for our investment using the equity method. For the three and nine months ended September 30, 2019, we recognized losses of $101 million and $351 million, respectively, in equity in net income (losses) of investees, net. For the three and nine months ended September 30, 2018, we recognized losses of $132 million and $370 million, respectively. For the nine months ended September 30, 2019 and 2018, we made cash capital contributions totaling $903 million, inclusive of the funding for the acquisition of the AT&T interest, and $341 million, respectively, to Hulu. As of September 30, 2019 and December 31, 2018, our investment was $816 million and $248 million, respectively.

In August 2016, Time Warner Inc., which was acquired by AT&T in 2018, acquired a 10% interest in Hulu, diluting our interest at that time from approximately 33% to approximately 30%. Given the contingent nature of put and call options related to that interest, we recorded a deferred gain as a result of the dilution. In the first quarter of 2019, the put and call options expired unexercised and we recognized the previously deferred gain of $159 million in other income (loss), net.

The Weather Channel

In March 2018, we sold our investment in The Weather Channel cable network and recognized a pretax gain of $64 million in other income (loss), net.

62

NBCUniversal Media, LLC

Marketable Equity Securities

Snap

For the three and nine months ended September 30, 2019, we recognized unrealized gains of $45 million and $303 million, respectively, in realized and unrealized gains (losses) on equity securities, net. For the three and nine months ended September 30, 2018, we recognized unrealized losses of $135 million and $180 million, respectively. As of September 30, 2019 and December 31, 2018, our investment was $465 million and $162 million, respectively.

Peloton

In September 2019, as a result of Peloton’s initial public offering, we recognized unrealized gains of $150 million related to our investment in realized and unrealized gains (losses) on equity securities, net. Following the initial public offering, we now present our investment in marketable equity securities, which was previously presented in non-marketable equity securities. As of September 30, 2019 and December 31, 2018, our investment was $260 million and $110 million, respectively.

Note 9: Supplemental Financial Information

Leases

Our leases consist primarily of real estate and equipment. We determine if an arrangement is a lease at inception. Lease assets and liabilities are recognized upon commencement of the lease based on the present value of the future minimum lease payments over the lease term. The lease term includes options to extend the lease when it is reasonably certain that we will exercise that option. We generally utilize our incremental borrowing rate based on information available at the commencement of the lease in determining the present value of future payments. The lease asset also includes any lease payments made and initial direct costs incurred and excludes lease incentives. Lease assets and liabilities are not recorded for leases with an initial term of one year or less. Lease expense for operating leases recorded in the balance sheet is included in operating costs and expenses and is based on the future minimum lease payments recognized on a straight-line basis over the term of the lease plus any variable lease costs. Operating lease expenses, inclusive of short-term and variable lease expenses, recognized in our condensed consolidated statement of income for the three and nine months ended September 30, 2019 were $110 million and $331 million, respectively. These amounts do not include lease costs associated with production activities or other amounts capitalized in our condensed consolidated balance sheet, which are not material.

The table below summarizes the operating lease assets and liabilities recorded in our condensed consolidated balance sheet.

Condensed Consolidated Balance Sheet

(in millions)	September 30, 2019
Other noncurrent assets, net	$	1,589
Accrued expenses and other current liabilities	$	183
Other noncurrent liabilities	$	1,514

The table below summarizes our future minimum rental commitments for operating leases as of September 30, 2019 applying the new accounting guidance.

(in millions)	September 30, 2019
Remaining three months of 2019	$	56
2020	258
2021	223
2022	185
2023	159
Thereafter	1,473
Total future minimum lease payments	2,354
Less: imputed interest	657
Total liability	$	1,697

The weighted average remaining lease term for operating leases and the weighted average discount rate used to calculate our operating lease liabilities as of September 30, 2019 were 15 years and 4.10%, respectively.

63

NBCUniversal Media, LLC

For the nine months ended September 30, 2019, cash payments for operating leases recorded in the condensed consolidated balance sheet were $199 million. Leases that have not yet commenced and lease assets and liabilities associated with leases entered into during the period were not material.

The tables below summarize our future minimum rental commitments for operating leases as of December 31, 2018 and rent expense for operating leases for the three and nine months ended September 30, 2018 using the accounting guidance in effect at that time.

(in millions)			December 31, 2018
2019			$	248
2020			$	232
2021			$	199
2022			$	168
2023			$	144
Thereafter			$	1,380
(in millions)	Three Months Ended September 30, 2018		Nine Months Ended September 30, 2018
Rental expense	$	69	$	212

Cash Payments for Interest and Income Taxes

	Nine Months Ended September 30
(in millions)	2019		2018
Interest	$	314	$	253
Income taxes	$	292	$	373

Noncash Activities

During the nine months ended September 30, 2019, we acquired $755 million of property and equipment and intangible assets that were accrued but unpaid.

Cash, Cash Equivalents and Restricted Cash

The following table provides a reconciliation of cash, cash equivalents and restricted cash reported in the condensed consolidated balance sheet to the total of the amounts reported in our condensed consolidated statement of cash flows.

(in millions)	September 30, 2019		December 31, 2018
Cash and cash equivalents	$	1,157	$	1,444
Restricted cash included in other noncurrent assets, net	20		20
Cash, cash equivalents and restricted cash, end of period	$	1,177	$	1,464

Accumulated Other Comprehensive Income (Loss)

(in millions)	September 30, 2019		September 30, 2018
Deferred gains (losses) on cash flow hedges	$	9	$	5
Unrecognized gains (losses) on employee benefit obligations	131		115
Cumulative translation adjustments	143		(22		)
Accumulated other comprehensive income (loss)	$	283	$	98

Note 10: 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.

64

NBCUniversal Media, LLC

As part of the Comcast cash management process, we and Comcast have a revolving credit agreement with a maturity date of 2026 that allows us to borrow from Comcast and for Comcast to borrow from us up to $5 billion. Depending on the receivable or payable position, amounts owed by us to Comcast or to us by Comcast under the revolving credit agreements are presented under the captions “notes payable to Comcast” and “notes receivable from Comcast,” respectively, in our condensed consolidated balance sheet and are presented as current since the amounts include daily borrowings and repayments throughout the year based on our working capital needs.

In the third quarter of 2019, using a portion of the proceeds from a collateralized obligation, we issued $1.3 billion of non-interest bearing notes due 2024 to Comcast, repaid $1.0 billion under our revolving credit agreement with Comcast, and repaid the $610 million 4.00% notes due 2049 to Comcast.

Comcast is also the counterparty to one of our contractual obligations. As of September 30, 2019, 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 Statement of Income

	Three Months Ended September 30						Nine Months Ended September 30
(in millions)	2019			2018			2019			2018
Transactions with Comcast and Consolidated Subsidiaries
Revenue	$	597		$	506		$	1,808		$	1,580
Total costs and expenses	$	(73	)	$	(59	)	$	(198	)	$	(162	)
Interest expense and investment and other income (loss), net	$	(162	)	$	(9	)	$	(148	)	$	(52	)

Condensed Consolidated Balance Sheet

(in millions)	September 30, 2019		December 31, 2018
Transactions with Comcast and Consolidated Subsidiaries
Receivables, net	$	533	$	464
Notes receivable from Comcast, current	$	4,192	$	2,054
Film and television costs	$	21	$	27
Note receivable from Comcast, noncurrent	$	1,101	$	—
Other noncurrent assets, net	$	71	$	—
Accounts payable and accrued expenses related to trade creditors	$	75	$	78
Accrued expenses and other current liabilities	$	84	$	32
Notes payable to Comcast	$	91	$	54
Long-term debt (See Note 4)	$	158	$	701
Other noncurrent liabilities	$	459	$	410

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. For the three months ended September 30, 2019 and 2018, we recognized share-based compensation expense of $45 million and $37 million, respectively. For the nine months ended September 30, 2019 and 2018, we recognized share-based compensation expense of $141 million and $115 million, respectively.

65

EX-31.1

Exhibit 31.1

CERTIFICATIONS

I, Brian L. Roberts, certify that:

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.

Date: October 24, 2019

/s/ BRIAN L. ROBERTS

Name: Brian L. Roberts

Title: Chief Executive Officer

I, Michael J. Cavanagh, certify that:

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.

Date: October 24, 2019

/s/ MICHAEL J. CAVANAGH

Name: Michael J. Cavanagh

Title: Chief Financial Officer

EX-31.2

Exhibit 31.2

CERTIFICATIONS

I, Brian L. Roberts, certify that:

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.

Date: October 24, 2019

/s/ BRIAN L. ROBERTS

Name: Brian L. Roberts

Title: Principal Executive Officer

I, Michael J. Cavanagh, certify that:

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.

Date: October 24, 2019

/s/ MICHAEL J. CAVANAGH

Name: Michael J. Cavanagh

Title: Principal Financial Officer

EX-32.1

Exhibit 32.1

CERTIFICATION PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT

October 24, 2019

Securities and Exchange Commission

100 F Street, N.E.

Washington, D.C. 20549

Ladies and Gentlemen:

The certification set forth below is being submitted in connection with the Quarterly Report on Form 10-Q of Comcast Corporation (the “Report”) for the purpose of complying with Rule 13a-14(b) or Rule 15d-14(b) of the Securities Exchange Act of 1934 (the “Exchange Act”) and Section 1350 of Chapter 63 of Title 18 of the United States Code.

Brian L. Roberts, the Chief Executive Officer and Michael J. Cavanagh, the Chief Financial Officer of Comcast Corporation, each certifies that, to the best of his knowledge:

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

EX-32.2

Exhibit 32.2

CERTIFICATION PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT

October 24, 2019

Securities and Exchange Commission

100 F Street, N.E.

Washington, D.C. 20549

Ladies and Gentlemen:

The certification set forth below is being submitted in connection with the Quarterly Report on Form 10-Q of NBCUniversal Media, LLC (the “Report”) for the purpose of complying with Rule 13a-14(b) or Rule 15d-14(b) of the Securities Exchange Act of 1934 (the “Exchange Act”) and Section 1350 of Chapter 63 of Title 18 of the United States Code.

Brian L. Roberts, the Principal Executive Officer and Michael J. Cavanagh, the Principal Financial Officer of NBCUniversal Media, LLC, each certifies that, to the best of his knowledge:

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

XML

Investments (Equity Method Investments) (Details) - USD ($)	1 Months Ended				3 Months Ended			9 Months Ended
	Aug. 31, 2019	May 31, 2019	Apr. 30, 2018	Mar. 31, 2018	Sep. 30, 2019	Mar. 31, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Apr. 30, 2019	Dec. 31, 2018	Aug. 31, 2016	Jul. 31, 2016
Schedule of Equity Method Investments [Line Items]
Equity in net income (losses) of investees, net					$ (355,000,000)		$ (76,000,000)	$ (295,000,000)	$ (56,000,000)
Equity method investments					5,363,000,000			5,363,000,000			$ 4,035,000,000
Investment securing collateralized obligation					816,000,000			816,000,000			0
Proceeds from collateralized obligation	$ 5,200,000,000							5,175,000,000	0
Collateralized obligation					5,165,000,000			5,165,000,000			0
Atairos [Member]
Schedule of Equity Method Investments [Line Items]
Pretax gain, sale of business to Atairos			$ 200,000,000
Atairos [Member]
Schedule of Equity Method Investments [Line Items]
Equity in net income (losses) of investees, net					(262,000,000)		38,000,000	6,000,000	224,000,000
Cash capital contributions for equity method investments								475,000,000	133,000,000
Equity method investments					3,200,000,000			3,200,000,000			2,700,000,000
Hulu [Member]
Schedule of Equity Method Investments [Line Items]
Equity in net income (losses) of investees, net					(101,000,000)		(132,000,000)	(351,000,000)	(370,000,000)
Equity method investments											248,000,000
Ownership percentage		33.00%								30.00%		30.00%	33.00%
Cash capital contributions for equity method investments		$ 477,000,000						903,000,000	341,000,000
Maximum total capital call in annual period		$ 1,500,000,000
Ownership percentage floor		21.00%
Fair market value assessment floor for put and call option		$ 27,500,000,000
Ownership percentage representing fair market value floor for put and call option		100.00%
Minimum guaranteed proceeds floor for put and call option		$ 5,800,000,000
Recognition of previously deferred gain						$ 159,000,000
Hulu [Member] | AT&T Inc. [Member]
Schedule of Equity Method Investments [Line Items]
Ownership percentage		10.00%
Hulu [Member] | Time Warner, Inc. [Member]
Schedule of Equity Method Investments [Line Items]
Ownership percentage												10.00%
The Weather Channel [Member]
Schedule of Equity Method Investments [Line Items]
Pretax gain on sale of investment				$ 64,000,000
NBCUniversal Media LLC [Member]
Schedule of Equity Method Investments [Line Items]
Equity in net income (losses) of investees, net					(88,000,000)		(119,000,000)	(299,000,000)	(306,000,000)
Equity method investments					1,290,000,000			1,290,000,000			707,000,000
Investment securing collateralized obligation					816,000,000			816,000,000			0
Proceeds from collateralized obligation	$ 5,200,000,000							5,175,000,000	0
Collateralized obligation					5,165,000,000			5,165,000,000			0
NBCUniversal Media LLC [Member] | Hulu [Member]
Schedule of Equity Method Investments [Line Items]
Equity in net income (losses) of investees, net					(101,000,000)		$ (132,000,000)	(351,000,000)	(370,000,000)
Equity method investments											$ 248,000,000
Ownership percentage		33.00%								30.00%		30.00%	33.00%
Cash capital contributions for equity method investments		$ 477,000,000						903,000,000	$ 341,000,000
Maximum total capital call in annual period		$ 1,500,000,000
Ownership percentage floor		21.00%
Fair market value assessment floor for put and call option		$ 27,500,000,000
Ownership percentage representing fair market value floor for put and call option		100.00%
Minimum guaranteed proceeds floor for put and call option		$ 5,800,000,000
Recognition of previously deferred gain						$ 159,000,000
NBCUniversal Media LLC [Member] | Hulu [Member] | AT&T Inc. [Member]
Schedule of Equity Method Investments [Line Items]
Ownership percentage		10.00%
NBCUniversal Media LLC [Member] | Hulu [Member] | Time Warner, Inc. [Member]
Schedule of Equity Method Investments [Line Items]
Ownership percentage												10.00%
NBCUniversal Media LLC [Member] | The Weather Channel [Member]
Schedule of Equity Method Investments [Line Items]
Pretax gain on sale of investment				$ 64,000,000
Level 2 [Member]
Schedule of Equity Method Investments [Line Items]
Estimated fair value of collateralized obligation					5,200,000,000			5,200,000,000
Level 2 [Member] | NBCUniversal Media LLC [Member]
Schedule of Equity Method Investments [Line Items]
Estimated fair value of collateralized obligation					$ 5,200,000,000			$ 5,200,000,000

XML

Supplemental Financial Information (Leases Narrative) (Details) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2019 USD ($)	Sep. 30, 2019 USD ($)
Lessee, Lease, Description [Line Items]
Operating lease expense inclusive of short-term and variable lease expenses	$ 268	$ 806
Weighted average remaining lease term for operating leases	10 years	10 years
Weighted average discount rate used to calculate operating lease liabilities	3.78%	3.78%
Cash payments for operating leases		$ 700
NBCUniversal Media LLC [Member]
Lessee, Lease, Description [Line Items]
Operating lease expense inclusive of short-term and variable lease expenses	$ 110	$ 331
Weighted average remaining lease term for operating leases	15 years	15 years
Weighted average discount rate used to calculate operating lease liabilities	4.10%	4.10%
Cash payments for operating leases		$ 199

XML

Condensed Consolidated Statement of Income - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Revenue	$ 26,827	$ 22,135	$ 80,544	$ 66,661
Costs and Expenses:
Programming and production	8,316	6,711	25,140	20,440
Other operating and administrative	8,090	6,444	24,076	19,323
Advertising, marketing and promotion	1,901	1,667	5,674	4,924
Depreciation	2,124	2,038	6,561	6,070
Amortization	1,056	580	3,215	1,750
Other operating gains	0	(141)	0	(341)
Total costs and expenses	21,487	17,299	64,666	52,166
Operating income (loss)	5,340	4,836	15,878	14,495
Interest expense	(1,167)	(830)	(3,454)	(2,413)
Investment and other income (loss), net	(110)	(111)	511	92
Income (loss) before income taxes	4,063	3,895	12,935	12,174
Income tax expense	(775)	(999)	(2,812)	(2,894)
Net income (loss)	3,288	2,896	10,123	9,280
Less: Net income (loss) attributable to noncontrolling interests and redeemable subsidiary preferred stock	71	10	228	60
Net income (loss) attributable to Comcast Corporation	$ 3,217	$ 2,886	$ 9,895	$ 9,220
Basic earnings per common share attributable to Comcast Corporation shareholders (in dollars per share)	$ 0.71	$ 0.63	$ 2.18	$ 2.00
Diluted earnings per common share attributable to Comcast Corporation shareholders (in dollars per share)	$ 0.70	$ 0.62	$ 2.15	$ 1.98
NBCUniversal Media LLC [Member]
Revenue	$ 8,294	$ 8,625	$ 24,866	$ 26,468
Costs and Expenses:
Programming and production	3,531	3,896	10,182	11,947
Other operating and administrative	2,013	1,959	5,943	5,886
Advertising, marketing and promotion	661	704	1,994	2,124
Depreciation	259	250	755	750
Amortization	278	264	824	827
Other operating gains	0	(141)	0	(141)
Total costs and expenses	6,742	6,932	19,698	21,393
Operating income (loss)	1,552	1,693	5,168	5,075
Interest expense	(348)	(134)	(601)	(394)
Investment and other income (loss), net	169	(205)	449	(377)
Income (loss) before income taxes	1,373	1,354	5,016	4,304
Income tax expense	(63)	(112)	(239)	(291)
Net income (loss)	1,310	1,242	4,777	4,013
Less: Net income (loss) attributable to noncontrolling interests	54	11	166	22
Net income (loss) attributable to Comcast Corporation	$ 1,256	$ 1,231	$ 4,611	$ 3,991

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Condensed Consolidated Balance Sheet - USD ($) $ in Millions	Sep. 30, 2019	Dec. 31, 2018
Current Assets:
Cash and cash equivalents	$ 3,507	$ 3,814
Receivables, net	10,684	11,104
Programming rights	3,457	3,746
Other current assets	4,675	3,184
Total current assets	22,323	21,848
Film and television costs	8,647	7,837
Investments	7,473	7,883
Investment securing collateralized obligation	816	0
Property and equipment, net	46,790	44,437
Franchise rights	59,365	59,365
Goodwill	66,913	66,154
Other intangible assets, net	35,164	38,358
Other noncurrent assets, net	8,883	5,802
Total assets	256,374	251,684
Current Liabilities:
Accounts payable and accrued expenses related to trade creditors	10,198	8,494
Accrued participations and residuals	1,615	1,808
Deferred revenue	2,944	2,182
Accrued expenses and other current liabilities	10,193	10,721
Current portion of long-term debt	1,039	4,398
Total current liabilities	25,989	27,603
Long-term debt, less current portion	99,847	107,345
Collateralized obligation	5,165	0
Deferred income taxes	27,992	27,589
Other noncurrent liabilities	16,853	15,329
Commitments and contingencies (Note 12)
Redeemable noncontrolling interests	1,368	1,316
Equity:
Preferred stock—authorized, 20,000,000 shares; issued, zero	0	0
Common stock	54	54
Additional paid-in capital	38,196	37,461
Retained earnings	48,570	41,983
Treasury stock, 872,791,028 Class A common shares	(7,517)	(7,517)
Accumulated other comprehensive income (loss)	(1,159)	(368)
Total Comcast Corporation shareholders’ equity	78,144	71,613
Noncontrolling interests	1,016	889
Total equity	79,160	72,502
Total liabilities and equity	256,374	251,684
NBCUniversal Media LLC [Member]
Current Assets:
Cash and cash equivalents	1,157	1,444
Receivables, net	7,040	7,293
Programming rights	1,461	1,323
Notes receivable from Comcast	4,192	2,054
Other current assets	1,126	1,133
Total current assets	14,976	13,247
Film and television costs	7,776	7,292
Investments	1,993	1,680
Investment securing collateralized obligation	816	0
Note receivable from Comcast	1,101	0
Property and equipment, net	14,853	13,189
Goodwill	24,128	24,118
Intangible assets, net	13,100	13,666
Other noncurrent assets, net	3,444	1,822
Total assets	82,187	75,014
Current Liabilities:
Accounts payable and accrued expenses related to trade creditors	1,944	1,933
Accrued participations and residuals	1,615	1,808
Program obligations	608	965
Deferred revenue	1,820	1,118
Accrued expenses and other current liabilities	2,052	2,195
Notes payable to Comcast	91	54
Current portion of long-term debt	246	151
Total current liabilities	8,376	8,224
Long-term debt, less current portion	10,574	12,731
Collateralized obligation	5,165	0
Accrued participations, residuals and program obligations	1,674	1,712
Other noncurrent liabilities	6,451	5,177
Commitments and contingencies (Note 12)
Redeemable noncontrolling interests	442	389
Equity:
Member’s capital	48,209	45,618
Accumulated other comprehensive income (loss)	283	254
Total NBCUniversal member’s equity	48,492	45,872
Noncontrolling interests	1,013	909
Total equity	49,505	46,781
Total liabilities and equity	82,187	75,014
Class A Common Stock [Member]
Equity:
Common stock	54	54
Class B Common Stock [Member]
Equity:
Common stock	$ 0	$ 0

XML

Condensed Consolidating Financial Information (Condensed Consolidating Statement of Cash Flows) (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended		9 Months Ended
	Aug. 31, 2019	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Net Cash Provided by (Used in) Operating Activities [Abstract]
Net cash provided by (used in) operating activities				$ 19,462	$ 18,507
Investing Activities
Net transactions with affiliates				0	0
Capital expenditures		$ (2,511)	$ (2,384)	(6,866)	(6,607)
Cash paid for intangible assets		(608)	(445)	(1,686)	(1,375)
Acquisitions and construction of real estate properties				(40)	(129)
Construction of Universal Beijing Resort				(736)	(257)
Acquisitions, net of cash acquired				(181)	(88)
Proceeds from sales of businesses and investments				208	127
Purchases of investments				(1,697)	(840)
Other				86	579
Net cash provided by (used in) investing activities				(10,912)	(8,590)
Financing Activities
Proceeds from (repayments of) short-term borrowings, net				(1,288)	2,909
Proceeds from borrowings				516	9,850
Proceeds from collateralized obligation	$ 5,200			5,175	0
Repurchases and repayments of debt				(9,975)	(4,405)
Repurchases of common stock under repurchase program and employee plans				(432)	(4,282)
Dividends paid				(2,778)	(2,487)
Distributions to noncontrolling interests and dividends for redeemable subsidiary preferred stock				(235)	(209)
Other				191	(242)
Net cash provided by (used in) financing activities				(8,826)	1,134
Impact of foreign currency on cash, cash equivalents and restricted cash				(31)	0
Increase (decrease) in cash, cash equivalents and restricted cash				(307)	11,051
Cash, cash equivalents and restricted cash, beginning of period				3,909	3,571
Cash, cash equivalents and restricted cash, end of period		3,602	14,622	3,602	14,622
Elimination and Consolidation Adjustments [Member]
Net Cash Provided by (Used in) Operating Activities [Abstract]
Net cash provided by (used in) operating activities				0	0
Investing Activities
Net transactions with affiliates				0	0
Capital expenditures				0	0
Cash paid for intangible assets				0	0
Acquisitions and construction of real estate properties				0	0
Construction of Universal Beijing Resort				0	0
Acquisitions, net of cash acquired				0	0
Proceeds from sales of businesses and investments				0	0
Purchases of investments				0	0
Other				0	0
Net cash provided by (used in) investing activities				0	0
Financing Activities
Proceeds from (repayments of) short-term borrowings, net				0	0
Proceeds from borrowings				0	0
Proceeds from collateralized obligation				0
Repurchases and repayments of debt				0	0
Repurchases of common stock under repurchase program and employee plans				0	0
Dividends paid				0	0
Distributions to noncontrolling interests and dividends for redeemable subsidiary preferred stock				0	0
Other				0	0
Net cash provided by (used in) financing activities				0	0
Impact of foreign currency on cash, cash equivalents and restricted cash				0
Increase (decrease) in cash, cash equivalents and restricted cash				0	0
Cash, cash equivalents and restricted cash, beginning of period				0	0
Cash, cash equivalents and restricted cash, end of period		0	0	0	0
Comcast Parent [Member] | Reportable Legal Entities [Member]
Net Cash Provided by (Used in) Operating Activities [Abstract]
Net cash provided by (used in) operating activities				(1,522)	(1,461)
Investing Activities
Net transactions with affiliates				10,333	(1,087)
Capital expenditures				(20)	(15)
Cash paid for intangible assets				(2)	(3)
Acquisitions and construction of real estate properties				(35)	(94)
Construction of Universal Beijing Resort				0	0
Acquisitions, net of cash acquired				0	0
Proceeds from sales of businesses and investments				0	0
Purchases of investments				(25)	(118)
Other				0	0
Net cash provided by (used in) investing activities				10,251	(1,317)
Financing Activities
Proceeds from (repayments of) short-term borrowings, net				0	2,117
Proceeds from borrowings				0	9,386
Proceeds from collateralized obligation				0
Repurchases and repayments of debt				(5,513)	(1,900)
Repurchases of common stock under repurchase program and employee plans				(432)	(4,282)
Dividends paid				(2,778)	(2,487)
Distributions to noncontrolling interests and dividends for redeemable subsidiary preferred stock				0	0
Other				(5)	(56)
Net cash provided by (used in) financing activities				(8,728)	2,778
Impact of foreign currency on cash, cash equivalents and restricted cash				(1)
Increase (decrease) in cash, cash equivalents and restricted cash				0	0
Cash, cash equivalents and restricted cash, beginning of period				0	0
Cash, cash equivalents and restricted cash, end of period		0	0	0	0
Non-Guarantor Subsidiaries [Member] | Reportable Legal Entities [Member]
Net Cash Provided by (Used in) Operating Activities [Abstract]
Net cash provided by (used in) operating activities				21,818	21,084
Investing Activities
Net transactions with affiliates				(13,140)	667
Capital expenditures				(6,846)	(6,592)
Cash paid for intangible assets				(1,684)	(1,372)
Acquisitions and construction of real estate properties				(5)	(35)
Construction of Universal Beijing Resort				(736)	(257)
Acquisitions, net of cash acquired				(181)	(88)
Proceeds from sales of businesses and investments				208	60
Purchases of investments				(1,605)	(672)
Other				86	130
Net cash provided by (used in) investing activities				(23,903)	(8,159)
Financing Activities
Proceeds from (repayments of) short-term borrowings, net				(1,288)	792
Proceeds from borrowings				516	464
Proceeds from collateralized obligation				5,175
Repurchases and repayments of debt				(2,454)	(2,502)
Repurchases of common stock under repurchase program and employee plans				0	0
Dividends paid				0	0
Distributions to noncontrolling interests and dividends for redeemable subsidiary preferred stock				(235)	(209)
Other				236	(186)
Net cash provided by (used in) financing activities				1,950	(1,641)
Impact of foreign currency on cash, cash equivalents and restricted cash				(30)
Increase (decrease) in cash, cash equivalents and restricted cash				(165)	11,284
Cash, cash equivalents and restricted cash, beginning of period				3,493	3,075
Cash, cash equivalents and restricted cash, end of period		3,328	14,359	3,328	14,359
Comcast Holdings [Member] | Subsidiary Issuer [Member] | Reportable Legal Entities [Member]
Net Cash Provided by (Used in) Operating Activities [Abstract]
Net cash provided by (used in) operating activities				293	137
Investing Activities
Net transactions with affiliates				(293)	(586)
Capital expenditures				0	0
Cash paid for intangible assets				0	0
Acquisitions and construction of real estate properties				0	0
Construction of Universal Beijing Resort				0	0
Acquisitions, net of cash acquired				0	0
Proceeds from sales of businesses and investments				0	0
Purchases of investments				0	0
Other				0	449
Net cash provided by (used in) investing activities				(293)	(137)
Financing Activities
Proceeds from (repayments of) short-term borrowings, net				0	0
Proceeds from borrowings				0	0
Proceeds from collateralized obligation				0
Repurchases and repayments of debt				0	0
Repurchases of common stock under repurchase program and employee plans				0	0
Dividends paid				0	0
Distributions to noncontrolling interests and dividends for redeemable subsidiary preferred stock				0	0
Other				0	0
Net cash provided by (used in) financing activities				0	0
Impact of foreign currency on cash, cash equivalents and restricted cash				0
Increase (decrease) in cash, cash equivalents and restricted cash				0	0
Cash, cash equivalents and restricted cash, beginning of period				0	0
Cash, cash equivalents and restricted cash, end of period		0	0	0	0
CCCL Parent [Member] | Guarantor Subsidiaries [Member] | Reportable Legal Entities [Member]
Net Cash Provided by (Used in) Operating Activities [Abstract]
Net cash provided by (used in) operating activities				(217)	(206)
Investing Activities
Net transactions with affiliates				217	206
Capital expenditures				0	0
Cash paid for intangible assets				0	0
Acquisitions and construction of real estate properties				0	0
Construction of Universal Beijing Resort				0	0
Acquisitions, net of cash acquired				0	0
Proceeds from sales of businesses and investments				0	0
Purchases of investments				0	0
Other				0	0
Net cash provided by (used in) investing activities				217	206
Financing Activities
Proceeds from (repayments of) short-term borrowings, net				0	0
Proceeds from borrowings				0	0
Proceeds from collateralized obligation				0
Repurchases and repayments of debt				0	0
Repurchases of common stock under repurchase program and employee plans				0	0
Dividends paid				0	0
Distributions to noncontrolling interests and dividends for redeemable subsidiary preferred stock				0	0
Other				0	0
Net cash provided by (used in) financing activities				0	0
Impact of foreign currency on cash, cash equivalents and restricted cash				0
Increase (decrease) in cash, cash equivalents and restricted cash				0	0
Cash, cash equivalents and restricted cash, beginning of period				0	0
Cash, cash equivalents and restricted cash, end of period		0	0	0	0
NBCUniversal Media Parent [Member] | Guarantor Subsidiaries [Member] | Reportable Legal Entities [Member]
Net Cash Provided by (Used in) Operating Activities [Abstract]
Net cash provided by (used in) operating activities				(910)	(1,047)
Investing Activities
Net transactions with affiliates				2,883	800
Capital expenditures				0	0
Cash paid for intangible assets				0	0
Acquisitions and construction of real estate properties				0	0
Construction of Universal Beijing Resort				0	0
Acquisitions, net of cash acquired				0	0
Proceeds from sales of businesses and investments				0	67
Purchases of investments				(67)	(50)
Other				0	0
Net cash provided by (used in) investing activities				2,816	817
Financing Activities
Proceeds from (repayments of) short-term borrowings, net				0	0
Proceeds from borrowings				0	0
Proceeds from collateralized obligation				0
Repurchases and repayments of debt				(2,008)	(3)
Repurchases of common stock under repurchase program and employee plans				0	0
Dividends paid				0	0
Distributions to noncontrolling interests and dividends for redeemable subsidiary preferred stock				0	0
Other				(40)	0
Net cash provided by (used in) financing activities				(2,048)	(3)
Impact of foreign currency on cash, cash equivalents and restricted cash				0
Increase (decrease) in cash, cash equivalents and restricted cash				(142)	(233)
Cash, cash equivalents and restricted cash, beginning of period				416	496
Cash, cash equivalents and restricted cash, end of period		$ 274	$ 263	$ 274	$ 263

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Commitments and Contingencies (Summary of Operating Lease Assets and Liabilities Recorded in the Consolidated Balance Sheets) (Details) - Accounting Standards Update 2016-02 [Member] - USD ($) $ in Millions	Sep. 30, 2019	Jan. 01, 2019
Lessee, Lease, Description [Line Items]
Operating lease assets		$ 4,200
Other Noncurrent Assets, Net [Member]
Lessee, Lease, Description [Line Items]
Operating lease assets	$ 4,011
Accrued Expenses and Other Current Liabilities [Member]
Lessee, Lease, Description [Line Items]
Operating lease liabilities, current	696
Other Noncurrent Liabilities [Member]
Lessee, Lease, Description [Line Items]
Operating lease liabilities, noncurrent	$ 3,863

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Revenue

9 Months Ended

Sep. 30, 2019

Revenue [Line Items]

Revenue

Revenue

	Three Months Ended September 30						Nine Months Ended September 30
(in millions)	2019			2018			2019			2018
Residential:
High-speed internet	$	4,721		$	4,321		$	13,961		$	12,740
Video	5,541			5,591			16,763			16,878
Voice	963			982			2,935			2,982
Wireless	326			236			795			623
Business services	1,971			1,803			5,795			5,290
Advertising	603			684			1,766			1,932
Other	459			406			1,299			1,193
Total Cable Communications(a)(b)	14,584			14,023			43,314			41,638
Distribution	1,681			1,655			5,123			5,166
Advertising	809			812			2,592			2,718
Content licensing and other	281			383			871			997
Total Cable Networks	2,771			2,850			8,586			8,881
Advertising	1,191			1,355			3,837			5,107
Content licensing	447			538			1,479			1,541
Distribution and other	592			559			1,783			1,692
Total Broadcast Television	2,230			2,452			7,099			8,340
Theatrical	549			601			1,246			1,564
Content licensing	737			719			2,266			2,100
Home entertainment	185			260			681			733
Other	235			239			738			779
Total Filmed Entertainment	1,706			1,819			4,931			5,176
Total Theme Parks	1,631			1,528			4,371			4,170
Headquarters and Other	21			15			60			44
Eliminations(c)	(64		)	(68		)	(233		)	(245		)
Total NBCUniversal	8,295			8,596			24,814			26,366
Direct-to-consumer	3,793			—			11,516			—
Content	315			—			1,061			—
Advertising	446			—			1,602			—
Total Sky	4,554			—			14,179			—
Corporate and Other(b)	42			73			206			412
Eliminations(c)	(648		)	(557		)	(1,969		)	(1,755		)
Total revenue	$	26,827		$	22,135		$	80,544		$	66,661

(a) For both the three and nine months ended September 30, 2019, 2.6% of Cable Communications segment revenue was derived from franchise and other regulatory fees. For the three and nine months ended September 30, 2018, 2.6% and 2.7%, respectively, of Cable Communications segment revenue was derived from franchise and other regulatory fees.

(b) Comcast Cable’s wireless phone service is now presented in the Cable Communications segment. Results were previously presented in Corporate and Other. We recognize revenue from our wireless phone service as the services are provided, similar to how we recognize revenue for other residential cable services. We recognize revenue from the sale of handsets at the point of sale.

(c) Included in Eliminations are transactions that our segments enter into with one another. See Note 2 for a description of these transactions.

We operate primarily in the United States but also in select international markets. The table below summarizes revenue by geographic location.

	Three Months Ended September 30				Nine Months Ended September 30
(in millions)	2019		2018		2019		2018
United States	$	20,398	$	20,244	$	61,394	$	61,060
Europe	5,211		825		15,878		2,345
Other	1,218		1,066		3,272		3,256
Total revenue	$	26,827	$	22,135	$	80,544	$	66,661

No single customer accounted for a significant amount of revenue in any period presented.

Condensed Consolidated Balance Sheet

The following tables summarize our accounts receivable and other balances that are not separately presented in our condensed consolidated balance sheet that relate to the recognition of revenue and collection of the related cash, as well as deferred costs associated with our contracts with customers.

(in millions)	September 30, 2019		December 31, 2018
Receivables, gross	$	11,159	$	11,456
Less: Allowance for doubtful accounts	475		352
Receivables, net	$	10,684	$	11,104

(in millions)	September 30, 2019		December 31, 2018
Noncurrent receivables, net (included in other noncurrent assets, net)	$	1,261	$	1,399
Contract acquisition and fulfillment costs (included in other noncurrent assets, net)	$	1,055	$	991
Noncurrent deferred revenue (included in other noncurrent liabilities)	$	663	$	650

NBCUniversal Media LLC [Member]

Revenue [Line Items]

Revenue

Revenue

	Three Months Ended September 30						Nine Months Ended September 30
(in millions)	2019			2018			2019			2018
Distribution	$	1,681		$	1,655		$	5,123		$	5,166
Advertising	809			812			2,592			2,718
Content licensing and other	281			383			871			997
Total Cable Networks	2,771			2,850			8,586			8,881
Advertising	1,191			1,355			3,837			5,107
Content licensing	447			538			1,479			1,541
Distribution and other	592			559			1,783			1,692
Total Broadcast Television	2,230			2,452			7,099			8,340
Theatrical	549			601			1,246			1,564
Content licensing	737			719			2,266			2,100
Home entertainment	185			260			681			733
Other	235			239			738			779
Total Filmed Entertainment	1,706			1,819			4,931			5,176
Total Theme Parks	1,631			1,528			4,371			4,170
Headquarters and Other	21			49			117			157
Eliminations(a)	(65		)	(73		)	(238		)	(256		)
Total revenue	$	8,294		$	8,625		$	24,866		$	26,468

(a) Included in Eliminations are transactions that our segments enter into with one another. See Note 2 for a description of these transactions.

We operate primarily in the United States, but also in select international markets primarily in Europe and Asia. The table below summarizes revenue by geographic location.

	Three Months Ended September 30				Nine Months Ended September 30
(in millions)	2019		2018		2019		2018
United States	$	6,382	$	6,758	$	19,674	$	20,945
Foreign	1,912		1,867		5,192		5,523
Total revenue	$	8,294	$	8,625	$	24,866	$	26,468

No single customer accounted for a significant amount of revenue in any period presented.

Condensed Consolidated Balance Sheet

The following tables summarize our accounts receivable and other balances that are not separately presented in our condensed consolidated balance sheet that relate to the recognition of revenue and collection of the related cash.

(in millions)	September 30, 2019		December 31, 2018
Receivables, gross	$	7,139	$	7,392
Less: Allowance for doubtful accounts	99		99
Receivables, net	$	7,040	$	7,293

(in millions)	September 30, 2019		December 31, 2018
Noncurrent receivables, net (included in other noncurrent assets, net)	$	1,097	$	1,180
Noncurrent deferred revenue (included in other noncurrent liabilities)	$	422	$	481

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Recent Accounting Pronouncements

9 Months Ended

Sep. 30, 2019

New Accounting Pronouncements or Change in Accounting Principle [Line Items]

Recent Accounting Pronouncements

Recent Accounting Pronouncements

Leases

In February 2016, the Financial Accounting Standards Board (“FASB”) updated the accounting guidance related to leases. The most significant change in the updated accounting guidance requires lessees to recognize lease assets and liabilities on the balance sheet for all operating leases with the exception of short-term leases. The standard also expands the disclosures regarding the amount, timing and uncertainty of cash flows arising from leases. For a lessee, the recognition, measurement and presentation of expenses and cash flows arising from a lease did not significantly change from previous guidance. We adopted the updated guidance on January 1, 2019 on a prospective basis and as a result, prior period amounts were not adjusted to reflect the impacts of the updated guidance. In addition, as permitted under the transition guidance within the new standard, prior scoping and classification conclusions were carried forward for leases existing as of the adoption date.

Upon adoption, we recorded $4.2 billion and $4.8 billion for operating lease assets and liabilities, respectively, which includes the impact of fair value adjustments, prepaid and deferred rent and lease incentives. The adoption of the updated accounting guidance did not significantly impact our recognition of finance leases, which were previously described as capital leases. As of the date of adoption, our liabilities for finance leases were $787 million, including $229 million of additional contracts determined to be leases in connection with the Sky transaction, which were recorded in long-term debt, and the related assets were recorded in property and equipment, net. Our finance leases were not considered material for further disclosure. The adoption of the new accounting guidance did not have a material impact on our consolidated results of operations or cash flows. See Note 12 for further information.

Film and Television Costs

In March 2019, the FASB updated the accounting guidance related to film and television costs. The updated guidance aligns the accounting for production costs of episodic television series with those of films, allowing for costs to be capitalized in excess of amounts of revenue contracted for each episode. The updated guidance also updates certain presentation and disclosure requirements for capitalized film and television costs, and requires impairment testing to be performed at a group level for capitalized film and television costs when the content is predominantly monetized with other owned or licensed content. The updated guidance is effective for us as of January 1, 2020 and early adoption is permitted. We are currently in the process of determining the impact that the updated accounting guidance will have on our consolidated financial statements.

NBCUniversal Media LLC [Member]

New Accounting Pronouncements or Change in Accounting Principle [Line Items]

Recent Accounting Pronouncements

Recent Accounting Pronouncements

Leases

In February 2016, the Financial Accounting Standards Board (“FASB”) updated the accounting guidance related to leases. The most significant change in the updated accounting guidance requires lessees to recognize lease assets and liabilities on the balance sheet for all operating leases with the exception of short-term leases. The standard also expands the disclosures regarding the amount, timing and uncertainty of cash flows arising from leases. For a lessee, the recognition, measurement and presentation of

expenses and cash flows arising from a lease did not significantly change from previous guidance. We adopted the updated guidance on January 1, 2019 on a prospective basis and as a result, prior period amounts were not adjusted to reflect the impacts of the updated guidance. In addition, as permitted under the transition guidance within the new standard, prior scoping and classification conclusions were carried forward for leases existing as of the adoption date.

Upon adoption, we recorded approximately $1.7 billion and $1.8 billion of operating lease assets and liabilities, respectively, which includes the impact of fair value adjustments, prepaid rent and lease incentives. The adoption of the updated accounting guidance did not impact our recognition of finance leases, which were previously described as capital leases. As of the date of adoption, our liabilities for finance leases were $332 million, which were recorded in long-term debt, and the related assets were recorded in property and equipment, net. Our finance leases were not considered material for further disclosure. The adoption of the new accounting guidance did not have a material impact on our consolidated results of operations or cash flows. See Note 9 for further information.

Film and Television Costs

In March 2019, the FASB updated the accounting guidance related to film and television costs. The updated guidance aligns the accounting for production costs of episodic television series with those of films, allowing for costs to be capitalized in excess of amounts of revenue contracted for each episode. The updated guidance also updates certain presentation and disclosure requirements for capitalized film and television costs, and requires impairment testing to be performed at a group level for capitalized film and television costs when the content is predominantly monetized with other owned or licensed content. The updated guidance is effective for us as of January 1, 2020 and early adoption is permitted. We are currently in the process of determining the impact that the updated accounting guidance will have on our consolidated financial statements.

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Supplemental Financial Information

9 Months Ended

Sep. 30, 2019

Supplemental Financial Information [Line Items]

Supplemental Financial Information

Supplemental Financial Information

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 2019, we granted 12.4 million RSUs and 41.9 million stock options related to our annual management awards. The weighted-average fair values associated with these grants were $39.88 per RSU and $7.91 per stock option.

Recognized Share-Based Compensation Expense

	Three Months Ended September 30				Nine Months Ended September 30
(in millions)	2019		2018		2019		2018
Restricted share units	$	143	$	94	$	437	$	279
Stock options	57		50		176		155
Employee stock purchase plans	8		7		23		24
Total	$	208	$	151	$	636	$	458

As of September 30, 2019, we had unrecognized pretax compensation expense of $1.2 billion and $529 million related to nonvested RSUs and nonvested stock options, respectively.

Cash Payments for Interest and Income Taxes 

	Nine Months Ended September 30
(in millions)	2019		2018
Interest	$	3,167	$	2,240
Income taxes	$	2,490	$	1,533

Noncash Activities

During the nine months ended September 30, 2019:

• we acquired $2.0 billion of property and equipment and intangible assets that were accrued but unpaid

• we recorded a liability of $955 million for a quarterly cash dividend of $0.21 per common share to be paid in October 2019

Cash, Cash Equivalents and Restricted Cash

The following table provides a reconciliation of cash, cash equivalents and restricted cash reported in the condensed consolidated balance sheet to the total of the amounts reported in our condensed consolidated statement of cash flows.

(in millions)	September 30, 2019		December 31, 2018
Cash and cash equivalents	$	3,507	$	3,814
Restricted cash included in other current assets	47		46
Restricted cash included in other noncurrent assets, net	48		49
Cash, cash equivalents and restricted cash, end of period	$	3,602	$	3,909

Accumulated Other Comprehensive Income (Loss)

(in millions)	September 30, 2019			September 30, 2018
Unrealized gains (losses) on marketable securities	$	7		$	2
Deferred gains (losses) on cash flow hedges	162			28
Unrecognized gains (losses) on employee benefit obligations	301			294
Cumulative translation adjustments	(1,629		)	50
Accumulated other comprehensive income (loss), net of deferred taxes	$	(1,159	)	$	374

NBCUniversal Media LLC [Member]

Supplemental Financial Information [Line Items]

Supplemental Financial Information

Supplemental Financial Information

Leases

Our leases consist primarily of real estate and equipment. We determine if an arrangement is a lease at inception. Lease assets and liabilities are recognized upon commencement of the lease based on the present value of the future minimum lease payments over the lease term. The lease term includes options to extend the lease when it is reasonably certain that we will exercise that option. We generally utilize our incremental borrowing rate based on information available at the commencement of the lease in determining the present value of future payments. The lease asset also includes any lease payments made and initial direct costs incurred and excludes lease incentives. Lease assets and liabilities are not recorded for leases with an initial term of one year or less. Lease expense for operating leases recorded in the balance sheet is included in operating costs and expenses and is based on the future minimum lease payments recognized on a straight-line basis over the term of the lease plus any variable lease costs. Operating lease expenses, inclusive of short-term and variable lease expenses, recognized in our condensed consolidated statement of income for the three and nine months ended September 30, 2019 were $110 million and $331 million, respectively. These amounts do not include lease costs associated with production activities or other amounts capitalized in our condensed consolidated balance sheet, which are not material.

The table below summarizes the operating lease assets and liabilities recorded in our condensed consolidated balance sheet.

Condensed Consolidated Balance Sheet

(in millions)	September 30, 2019
Other noncurrent assets, net	$	1,589
Accrued expenses and other current liabilities	$	183
Other noncurrent liabilities	$	1,514

The table below summarizes our future minimum rental commitments for operating leases as of September 30, 2019 applying the new accounting guidance.

(in millions)	September 30, 2019
Remaining three months of 2019	$	56
2020	258
2021	223
2022	185
2023	159
Thereafter	1,473
Total future minimum lease payments	2,354
Less: imputed interest	657
Total liability	$	1,697

The weighted average remaining lease term for operating leases and the weighted average discount rate used to calculate our operating lease liabilities as of September 30, 2019 were 15 years and 4.10%, respectively.

For the nine months ended September 30, 2019, cash payments for operating leases recorded in the condensed consolidated balance sheet were $199 million. Leases that have not yet commenced and lease assets and liabilities associated with leases entered into during the period were not material.

The tables below summarize our future minimum rental commitments for operating leases as of December 31, 2018 and rent expense for operating leases for the three and nine months ended September 30, 2018 using the accounting guidance in effect at that time.

(in millions)			December 31, 2018
2019			$	248
2020			$	232
2021			$	199
2022			$	168
2023			$	144
Thereafter			$	1,380
(in millions)	Three Months Ended September 30, 2018		Nine Months Ended September 30, 2018
Rental expense	$	69	$	212

Cash Payments for Interest and Income Taxes

	Nine Months Ended September 30
(in millions)	2019		2018
Interest	$	314	$	253
Income taxes	$	292	$	373

Noncash Activities

During the nine months ended September 30, 2019, we acquired $755 million of property and equipment and intangible assets that were accrued but unpaid.

Cash, Cash Equivalents and Restricted Cash

The following table provides a reconciliation of cash, cash equivalents and restricted cash reported in the condensed consolidated balance sheet to the total of the amounts reported in our condensed consolidated statement of cash flows.

(in millions)	September 30, 2019		December 31, 2018
Cash and cash equivalents	$	1,157	$	1,444
Restricted cash included in other noncurrent assets, net	20		20
Cash, cash equivalents and restricted cash, end of period	$	1,177	$	1,464

Accumulated Other Comprehensive Income (Loss)

(in millions)	September 30, 2019		September 30, 2018
Deferred gains (losses) on cash flow hedges	$	9	$	5
Unrecognized gains (losses) on employee benefit obligations	131		115
Cumulative translation adjustments	143		(22		)
Accumulated other comprehensive income (loss)	$	283	$	98

XML

Segment Information (Details) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019 USD ($)	Sep. 30, 2018 USD ($)	Sep. 30, 2019 USD ($) segment	Sep. 30, 2018 USD ($)
Segment Reporting Information [Line Items]
Number of reportable segments | segment			6
Financial Data by Business Segment
Revenue	$ 26,827	$ 22,135	$ 80,544	$ 66,661
Adjusted EBITDA	8,553	7,313	25,822	21,974
Depreciation and Amortization	3,180	2,618	9,776	7,820
Capital Expenditures	2,511	2,384	6,866	6,607
Cash Paid for Intangible Assets	608	445	$ 1,686	1,375
NBCUniversal Media LLC [Member]
Segment Reporting Information [Line Items]
Number of reportable segments | segment			4
Financial Data by Business Segment
Revenue	8,294	8,625	$ 24,866	26,468
Adjusted EBITDA	2,089	2,066	6,747	6,511
Depreciation and Amortization	537	514	1,579	1,577
Capital Expenditures	505	405	1,431	1,135
Cash Paid for Intangible Assets	63	78	199	374
Cable Communications [Member]
Financial Data by Business Segment
Revenue	14,584	14,023	43,314	41,638
Cable Networks [Member]
Financial Data by Business Segment
Revenue	2,771	2,850	8,586	8,881
Cable Networks [Member] | NBCUniversal Media LLC [Member]
Financial Data by Business Segment
Revenue	2,771	2,850	8,586	8,881
Broadcast Television [Member]
Financial Data by Business Segment
Revenue	2,230	2,452	7,099	8,340
Broadcast Television [Member] | NBCUniversal Media LLC [Member]
Financial Data by Business Segment
Revenue	2,230	2,452	7,099	8,340
Filmed Entertainment [Member]
Financial Data by Business Segment
Revenue	1,706	1,819	4,931	5,176
Filmed Entertainment [Member] | NBCUniversal Media LLC [Member]
Financial Data by Business Segment
Revenue	1,706	1,819	4,931	5,176
Theme Parks [Member]
Financial Data by Business Segment
Revenue	1,631	1,528	4,371	4,170
Theme Parks [Member] | NBCUniversal Media LLC [Member]
Financial Data by Business Segment
Revenue	1,631	1,528	4,371	4,170
NBCUniversal Segments [Member]
Financial Data by Business Segment
Revenue	8,295	8,596	24,814	26,366
Adjusted EBITDA	2,091	2,057	6,752	6,478
Depreciation and Amortization	537	514	1,579	1,577
Capital Expenditures	505	405	1,431	1,135
Cash Paid for Intangible Assets	63	78	199	374
Sky Limited [Member]
Financial Data by Business Segment
Revenue	4,554	0	14,179	0
Operating Segments [Member] | Cable Communications [Member]
Financial Data by Business Segment
Revenue	14,584	14,023	43,314	41,638
Adjusted EBITDA	5,801	5,434	17,383	16,100
Depreciation and Amortization	1,967	2,077	6,038	6,161
Capital Expenditures	1,814	1,945	4,771	5,403
Cash Paid for Intangible Assets	336	367	962	998
Operating Segments [Member] | Cable Networks [Member]
Financial Data by Business Segment
Revenue	2,771	2,850	8,586	8,881
Adjusted EBITDA	955	959	3,418	3,389
Depreciation and Amortization	184	180	549	548
Capital Expenditures	9	11	21	22
Cash Paid for Intangible Assets	4	6	10	15
Operating Segments [Member] | Cable Networks [Member] | NBCUniversal Media LLC [Member]
Financial Data by Business Segment
Revenue	2,771	2,850	8,586	8,881
Adjusted EBITDA	955	959	3,418	3,389
Depreciation and Amortization	184	180	549	548
Capital Expenditures	9	11	21	22
Cash Paid for Intangible Assets	4	6	10	15
Operating Segments [Member] | Broadcast Television [Member]
Financial Data by Business Segment
Revenue	2,230	2,452	7,099	8,340
Adjusted EBITDA	338	321	1,259	1,245
Depreciation and Amortization	36	32	115	106
Capital Expenditures	36	37	86	99
Cash Paid for Intangible Assets	3	0	9	75
Operating Segments [Member] | Broadcast Television [Member] | NBCUniversal Media LLC [Member]
Financial Data by Business Segment
Revenue	2,230	2,452	7,099	8,340
Adjusted EBITDA	338	321	1,259	1,245
Depreciation and Amortization	36	32	115	106
Capital Expenditures	36	37	86	99
Cash Paid for Intangible Assets	3	0	9	75
Operating Segments [Member] | Filmed Entertainment [Member]
Financial Data by Business Segment
Revenue	1,706	1,819	4,931	5,176
Adjusted EBITDA	195	214	742	555
Depreciation and Amortization	21	26	60	117
Capital Expenditures	5	9	13	24
Cash Paid for Intangible Assets	5	6	16	20
Operating Segments [Member] | Filmed Entertainment [Member] | NBCUniversal Media LLC [Member]
Financial Data by Business Segment
Revenue	1,706	1,819	4,931	5,176
Adjusted EBITDA	195	214	742	555
Depreciation and Amortization	21	26	60	117
Capital Expenditures	5	9	13	24
Cash Paid for Intangible Assets	5	6	16	20
Operating Segments [Member] | Theme Parks [Member]
Financial Data by Business Segment
Revenue	1,631	1,528	4,371	4,170
Adjusted EBITDA	731	725	1,819	1,789
Depreciation and Amortization	182	170	514	492
Capital Expenditures	400	269	1,172	811
Cash Paid for Intangible Assets	8	23	44	158
Operating Segments [Member] | Theme Parks [Member] | NBCUniversal Media LLC [Member]
Financial Data by Business Segment
Revenue	1,631	1,528	4,371	4,170
Adjusted EBITDA	731	725	1,819	1,789
Depreciation and Amortization	182	170	514	492
Capital Expenditures	400	269	1,172	811
Cash Paid for Intangible Assets	8	23	44	158
Operating Segments [Member] | Sky Limited [Member]
Financial Data by Business Segment
Revenue	4,554		14,179
Adjusted EBITDA	899		2,334
Depreciation and Amortization	644		2,058
Capital Expenditures	104		540
Cash Paid for Intangible Assets	188		491
Corporate, Non-Segment [Member]
Financial Data by Business Segment
Revenue	42	73	206	412
Adjusted EBITDA	(237)	(188)	(637)	(566)
Depreciation and Amortization	32	27	101	82
Capital Expenditures	88	34	124	69
Cash Paid for Intangible Assets	21	0	34	3
Corporate, Non-Segment [Member] | NBCUniversal Media LLC [Member]
Financial Data by Business Segment
Revenue	21	49	117	157
Adjusted EBITDA	(133)	(152)	(492)	(464)
Depreciation and Amortization	114	106	341	314
Capital Expenditures	55	79	139	179
Cash Paid for Intangible Assets	43	43	120	106
Corporate, Non-Segment [Member] | NBCUniversal Segments [Member]
Financial Data by Business Segment
Revenue	21	15	60	44
Adjusted EBITDA	(130)	(161)	(486)	(497)
Depreciation and Amortization	114	106	341	314
Capital Expenditures	55	79	139	179
Cash Paid for Intangible Assets	43	43	120	106
Eliminations [Member]
Financial Data by Business Segment
Revenue	(648)	(557)	(1,969)	(1,755)
Adjusted EBITDA	(1)	10	(10)	(38)
Depreciation and Amortization	0	0	0	0
Capital Expenditures	0	0	0	0
Cash Paid for Intangible Assets	0	0	0	0
Eliminations [Member] | NBCUniversal Media LLC [Member]
Financial Data by Business Segment
Revenue	(65)	(73)	(238)	(256)
Adjusted EBITDA	3	(1)	1	(3)
Depreciation and Amortization	0	0	0	0
Capital Expenditures	0	0	0	0
Cash Paid for Intangible Assets	0	0	0	0
Eliminations [Member] | NBCUniversal Segments [Member]
Financial Data by Business Segment
Revenue	(64)	(68)	(233)	(245)
Adjusted EBITDA	2	(1)	0	(3)
Depreciation and Amortization	0	0	0	0
Capital Expenditures	0	0	0	0
Cash Paid for Intangible Assets	$ 0	$ 0	$ 0	$ 0

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Related Party Transactions (Tables)

9 Months Ended

Sep. 30, 2019

NBCUniversal Media LLC [Member]

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 Statement of Income

	Three Months Ended September 30						Nine Months Ended September 30
(in millions)	2019			2018			2019			2018
Transactions with Comcast and Consolidated Subsidiaries
Revenue	$	597		$	506		$	1,808		$	1,580
Total costs and expenses	$	(73	)	$	(59	)	$	(198	)	$	(162	)
Interest expense and investment and other income (loss), net	$	(162	)	$	(9	)	$	(148	)	$	(52	)

Condensed Consolidated Balance Sheet

(in millions)	September 30, 2019		December 31, 2018
Transactions with Comcast and Consolidated Subsidiaries
Receivables, net	$	533	$	464
Notes receivable from Comcast, current	$	4,192	$	2,054
Film and television costs	$	21	$	27
Note receivable from Comcast, noncurrent	$	1,101	$	—
Other noncurrent assets, net	$	71	$	—
Accounts payable and accrued expenses related to trade creditors	$	75	$	78
Accrued expenses and other current liabilities	$	84	$	32
Notes payable to Comcast	$	91	$	54
Long-term debt (See Note 4)	$	158	$	701
Other noncurrent liabilities	$	459	$	410

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Recent Accounting Pronouncements (Policies)

9 Months Ended

Sep. 30, 2019

Accounting Policies [Line Items]

Basis of Presentation

We have prepared these unaudited condensed consolidated financial statements based on SEC rules that permit reduced disclosure for interim periods. These financial statements include all adjustments that are necessary for a fair presentation of our consolidated results of operations, cash flows and financial condition for the periods shown, including normal, recurring accruals and other items. The consolidated results of operations for the interim periods presented are not necessarily indicative of results for the full year.

The year-end condensed consolidated balance sheet was derived from audited financial statements but does not include all disclosures required by generally accepted accounting principles in the United States (“GAAP”). For a more complete discussion of our accounting policies and certain other information, refer to our consolidated financial statements included in our 2018 Annual Report on Form 10-K and the notes within this Form 10-Q.

Earnings Per Share

Diluted earnings per common share attributable to Comcast Corporation shareholders (“diluted EPS”) considers the impact of potentially dilutive securities using the treasury stock method. Our potentially dilutive securities include potential common shares related to our stock options and our restricted share units (“RSUs”). Diluted EPS excludes the impact of potential common shares related to our stock options in periods in which the combination of the option exercise price and the associated unrecognized compensation expense is greater than the average market price of our common stock.

Recent Accounting Pronouncements

Leases

In February 2016, the Financial Accounting Standards Board (“FASB”) updated the accounting guidance related to leases. The most significant change in the updated accounting guidance requires lessees to recognize lease assets and liabilities on the balance sheet for all operating leases with the exception of short-term leases. The standard also expands the disclosures regarding the amount, timing and uncertainty of cash flows arising from leases. For a lessee, the recognition, measurement and presentation of expenses and cash flows arising from a lease did not significantly change from previous guidance. We adopted the updated guidance on January 1, 2019 on a prospective basis and as a result, prior period amounts were not adjusted to reflect the impacts of the updated guidance. In addition, as permitted under the transition guidance within the new standard, prior scoping and classification conclusions were carried forward for leases existing as of the adoption date.

Upon adoption, we recorded $4.2 billion and $4.8 billion for operating lease assets and liabilities, respectively, which includes the impact of fair value adjustments, prepaid and deferred rent and lease incentives. The adoption of the updated accounting guidance did not significantly impact our recognition of finance leases, which were previously described as capital leases. As of the date of adoption, our liabilities for finance leases were $787 million, including $229 million of additional contracts determined to be leases in connection with the Sky transaction, which were recorded in long-term debt, and the related assets were recorded in property and equipment, net. Our finance leases were not considered material for further disclosure. The adoption of the new accounting guidance did not have a material impact on our consolidated results of operations or cash flows. See Note 12 for further information.

Film and Television Costs

In March 2019, the FASB updated the accounting guidance related to film and television costs. The updated guidance aligns the accounting for production costs of episodic television series with those of films, allowing for costs to be capitalized in excess of amounts of revenue contracted for each episode. The updated guidance also updates certain presentation and disclosure requirements for capitalized film and television costs, and requires impairment testing to be performed at a group level for capitalized film and television costs when the content is predominantly monetized with other owned or licensed content. The updated guidance is effective for us as of January 1, 2020 and early adoption is permitted. We are currently in the process of determining the impact that the updated accounting guidance will have on our consolidated financial statements.

Leases

Our leases consist primarily of real estate, vehicles and other equipment. We determine if an arrangement is a lease at inception. Lease assets and liabilities are recognized upon commencement of the lease based on the present value of the future minimum lease payments over the lease term. The lease term includes options to extend the lease when it is reasonably certain that we will exercise that option. We generally utilize our incremental borrowing rate based on information available at the commencement of the lease in determining the present value of future payments. The lease asset also includes any lease payments made and initial direct costs incurred and excludes lease incentives. Lease assets and liabilities are not recorded for leases with an initial term of one year or less. Lease expense for operating leases recorded in the balance sheet is included in operating costs and expenses and is based on the future minimum lease payments recognized on a straight-line basis over the term of the lease plus any variable lease costs. Operating lease expenses, inclusive of short-term and variable lease expenses, recognized in our condensed consolidated statement of income for the three and nine months ended September 30, 2019 were $268 million and $806 million, respectively. These amounts do not include lease costs associated with production activities or other amounts capitalized in our condensed consolidated balance sheet, which are not material.

NBCUniversal Media LLC [Member]

Accounting Policies [Line Items]

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, cash flows and financial condition for the periods shown, including normal, recurring accruals and other items. The consolidated results of operations for the interim periods presented are not necessarily indicative of results for the full year.

The year-end condensed consolidated balance sheet was derived from audited financial statements but does not include all disclosures required by generally accepted accounting principles in the United States (“GAAP”). For a more complete discussion of our accounting policies and certain other information, refer to our consolidated financial statements included in our 2018 Annual Report on Form 10-K and the notes within this Form 10-Q.

Recent Accounting Pronouncements

Leases

In February 2016, the Financial Accounting Standards Board (“FASB”) updated the accounting guidance related to leases. The most significant change in the updated accounting guidance requires lessees to recognize lease assets and liabilities on the balance sheet for all operating leases with the exception of short-term leases. The standard also expands the disclosures regarding the amount, timing and uncertainty of cash flows arising from leases. For a lessee, the recognition, measurement and presentation of

expenses and cash flows arising from a lease did not significantly change from previous guidance. We adopted the updated guidance on January 1, 2019 on a prospective basis and as a result, prior period amounts were not adjusted to reflect the impacts of the updated guidance. In addition, as permitted under the transition guidance within the new standard, prior scoping and classification conclusions were carried forward for leases existing as of the adoption date.

Upon adoption, we recorded approximately $1.7 billion and $1.8 billion of operating lease assets and liabilities, respectively, which includes the impact of fair value adjustments, prepaid rent and lease incentives. The adoption of the updated accounting guidance did not impact our recognition of finance leases, which were previously described as capital leases. As of the date of adoption, our liabilities for finance leases were $332 million, which were recorded in long-term debt, and the related assets were recorded in property and equipment, net. Our finance leases were not considered material for further disclosure. The adoption of the new accounting guidance did not have a material impact on our consolidated results of operations or cash flows. See Note 9 for further information.

Film and Television Costs

In March 2019, the FASB updated the accounting guidance related to film and television costs. The updated guidance aligns the accounting for production costs of episodic television series with those of films, allowing for costs to be capitalized in excess of amounts of revenue contracted for each episode. The updated guidance also updates certain presentation and disclosure requirements for capitalized film and television costs, and requires impairment testing to be performed at a group level for capitalized film and television costs when the content is predominantly monetized with other owned or licensed content. The updated guidance is effective for us as of January 1, 2020 and early adoption is permitted. We are currently in the process of determining the impact that the updated accounting guidance will have on our consolidated financial statements.

Leases

Our leases consist primarily of real estate and equipment. We determine if an arrangement is a lease at inception. Lease assets and liabilities are recognized upon commencement of the lease based on the present value of the future minimum lease payments over the lease term. The lease term includes options to extend the lease when it is reasonably certain that we will exercise that option. We generally utilize our incremental borrowing rate based on information available at the commencement of the lease in determining the present value of future payments. The lease asset also includes any lease payments made and initial direct costs incurred and excludes lease incentives. Lease assets and liabilities are not recorded for leases with an initial term of one year or less. Lease expense for operating leases recorded in the balance sheet is included in operating costs and expenses and is based on the future minimum lease payments recognized on a straight-line basis over the term of the lease plus any variable lease costs. Operating lease expenses, inclusive of short-term and variable lease expenses, recognized in our condensed consolidated statement of income for the three and nine months ended September 30, 2019 were $110 million and $331 million, respectively. These amounts do not include lease costs associated with production activities or other amounts capitalized in our condensed consolidated balance sheet, which are not material.

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Significant Transactions (Tables)

9 Months Ended

Sep. 30, 2019

Business Combinations [Abstract]

Allocation of Purchase Price

The table below presents the allocation of the all-cash purchase price of £30.2 billion, or $39.4 billion, to the assets and liabilities of Sky as a result of the transaction.

Allocation of Purchase Price
(in millions)
Consideration transferred	$	39,387
Allocation of purchase price
Cash	$	1,283
Accounts receivable and other current assets	2,359
Film and television costs	2,512
Property and equipment	4,127
Intangible assets	19,539
Accounts payable, accrued liabilities and other current liabilities	(5,885		)
Long-term debt	(11,468		)
Deferred tax assets (liabilities), net	(2,974		)
Other noncurrent assets and (liabilities), net	(1,398		)
Fair value of identifiable net assets acquired	8,095
Goodwill	$	31,292

Amounts Related to Expenses Included in Consolidated Statement of Operations

The table below presents the amounts related to these expenses included in our condensed consolidated statement of income.

(in millions)	Three Months Ended September 30, 2018		Nine Months Ended September 30, 2018
Other operating and administrative expenses	$	8	$	29
Interest expense	$	34	$	45

Unaudited Pro Forma Information

The following unaudited pro forma information has been presented as if the Sky transaction occurred on January 1, 2017. This information is based on historical results of operations, adjusted for allocation of purchase price and other acquisition accounting adjustments, and is not necessarily indicative of what the results would have been had we operated the business since January 1, 2017. For pro forma purposes, 2018 earnings were adjusted to exclude the acquisition-related costs. No pro forma adjustments have been made for cost savings or synergies that have been or may be achieved by the combined businesses.

(in millions, except per share data)	Three Months Ended September 30, 2018		Nine Months Ended September 30, 2018
Revenue	$	26,824	$	81,239
Net income attributable to Comcast Corporation	$	3,448	$	9,388
Basic earnings per common share attributable to Comcast Corporation shareholders	$	0.75	$	2.04
Diluted earnings per common share attributable to Comcast Corporation shareholders	$	0.74	$	2.01

XML

Significant Transactions (Acquisition-Related Expenses) (Details) - Sky Limited [Member] - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2018
Business Acquisition [Line Items]
Other operating and administrative expenses	$ 8	$ 29
Interest expense	$ 34	$ 45

XML

Long-Term Debt (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2019	Sep. 30, 2018
Debt Instrument [Line Items]
Total carrying value of debt	$ 100,900	$ 100,900
Total fair value of debt	114,100	114,100
Borrowings		516	$ 9,850
Repayments of debt		9,975	4,405
NBCUniversal Media LLC [Member]
Debt Instrument [Line Items]
Total carrying value of debt	10,800	10,800
Total fair value of debt	11,800	11,800
Borrowings		572	485
Repayments of debt		2,739	$ 387
Senior Notes And Notes Payable, Other Payables [Member] | Senior Notes Due 2020 and Notes Due 2049 [Member] | NBCUniversal Media LLC [Member]
Debt Instrument [Line Items]
Charge to interest expense upon early redemption of debt	213	213
Senior Notes [Member] | Senior Notes Due 2020 [Member]
Debt Instrument [Line Items]
Repayments of debt		3,400
Senior Notes [Member] | Senior Notes Due 2020 [Member] | NBCUniversal Media LLC [Member]
Debt Instrument [Line Items]
Repayments of debt		2,000
Comcast and Consolidated Subsidiaries [Member] | Notes Payable [Member] | Notes Due 2049 [Member] | NBCUniversal Media LLC [Member]
Debt Instrument [Line Items]
Repayments of debt		610
Charge to interest expense upon early redemption of debt	$ 178	$ 178

XML

Supplemental Financial Information (Share-Based Compensation) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	1 Months Ended	3 Months Ended		9 Months Ended
	Mar. 31, 2019	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Recognized share-based compensation expense		$ 208	$ 151	$ 636	$ 458
Restricted share units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Recognized share-based compensation expense		143	94	437	279
Unrecognized pretax compensation expense on nonvested awards		1,200		1,200
Stock options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Recognized share-based compensation expense		57	50	176	155
Unrecognized pretax compensation expense on nonvested awards		529		529
Employee stock purchase plans [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Recognized share-based compensation expense		$ 8	$ 7	$ 23	$ 24
Management Grant [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of stock options granted (in shares)	41.9
Weighted-average fair value of stock options granted (in dollars per share)	$ 7.91
Management Grant [Member] | Restricted share units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of restricted share units granted (in shares)	12.4
Weighted-average fair value of restricted share units granted (in dollars per share)	$ 39.88

XML

Supplemental Financial Information (Components of Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Millions	Sep. 30, 2019	Dec. 31, 2018	Sep. 30, 2018
Accumulated Other Comprehensive Income (Loss) [Line Items]
Unrealized gains (losses) on marketable securities	$ 7		$ 2
Deferred gains (losses) on cash flow hedges	162		28
Unrecognized gains (losses) on employee benefit obligations	301		294
Cumulative translation adjustments	(1,629)		50
Accumulated other comprehensive income (loss), net of deferred taxes	(1,159)	$ (368)	374
NBCUniversal Media LLC [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Deferred gains (losses) on cash flow hedges	9		5
Unrecognized gains (losses) on employee benefit obligations	131		115
Cumulative translation adjustments	143		(22)
Accumulated other comprehensive income (loss), net of deferred taxes	$ 283	$ 254	$ 98

XML

Commitments and Contingencies (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018
Commitment And Contingencies [Line Items]
Operating lease expense inclusive of short-term and variable lease expenses	$ 268		$ 806
Weighted average remaining lease term for operating leases	10 years		10 years
Weighted average discount rate used to calculate operating lease liabilities	3.78%		3.78%
Cash payments for operating leases			$ 700
Rental expense		$ 178		$ 548
Redeemable Subsidiary Preferred Stock [Member] | Level 2 [Member]
Commitment And Contingencies [Line Items]
Temporary equity, fair value of redeemable subsidiary preferred stock	$ 743		$ 743
Sky Limited [Member]
Commitment And Contingencies [Line Items]
Future cash payments related to additional contracts determined to be operating leases					$ 804

XML

Condensed Consolidating Financial Information

9 Months Ended

Sep. 30, 2019

Condensed Financial Information 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. See Note 5 for additional information on the cross-guarantee structure.

Condensed Consolidating Statement of Income

For the Three Months Ended September 30, 2019

(in millions)	Comcast Parent			Comcast Holdings			CCCL Parent			NBCUniversal Media Parent			Non- Guarantor Subsidiaries			Elimination and Consolidation Adjustments			Consolidated Comcast Corporation
Revenue:
Service revenue	$	—		$	—		$	—		$	—		$	26,827		$	—		$	26,827
Management fee revenue	326			—			319			—			—			(645		)	—
Total revenue	326			—			319			—			26,827			(645		)	26,827
Costs and Expenses:
Programming and production	—			—			—			—			8,316			—			8,316
Other operating and administrative	209			—			319			230			7,977			(645		)	8,090
Advertising, marketing and promotion	—			—			—			—			1,901			—			1,901
Depreciation	14			—			—			—			2,110			—			2,124
Amortization	1			—			—			—			1,055			—			1,056
Total costs and expenses	224			—			319			230			21,359			(645		)	21,487
Operating income (loss)	102			—			—			(230		)	5,468			—			5,340
Interest expense	(873		)	(3		)	(47		)	(140		)	(104		)	—			(1,167		)
Investment and other income (loss), net	3,776			3,729			3,620			1,632			1,390			(14,257		)	(110		)
Income (loss) before income taxes	3,005			3,726			3,573			1,262			6,754			(14,257		)	4,063
Income tax (expense) benefit	212			(2		)	10			(6		)	(989		)	—			(775		)
Net income (loss)	3,217			3,724			3,583			1,256			5,765			(14,257		)	3,288
Less: Net income (loss) attributable to noncontrolling interests and redeemable subsidiary preferred stock	—			—			—			—			71			—			71
Net income (loss) attributable to Comcast Corporation	$	3,217		$	3,724		$	3,583		$	1,256		$	5,694		$	(14,257	)	$	3,217
Comprehensive income (loss) attributable to Comcast Corporation	$	2,120		$	3,722		$	3,584		$	1,244		$	4,397		$	(12,947	)	$	2,120

Condensed Consolidating Statement of Income

For the Three Months Ended September 30, 2018

(in millions)	Comcast Parent			Comcast Holdings			CCCL Parent			NBCUniversal Media Parent			Non- Guarantor Subsidiaries			Elimination and Consolidation Adjustments			Consolidated Comcast Corporation
Revenue:
Service revenue	$	—		$	—		$	—		$	—		$	22,135		$	—		$	22,135
Management fee revenue	299			—			294			—			—			(593		)	—
Total revenue	299			—			294			—			22,135			(593		)	22,135
Costs and Expenses:
Programming and production	—			—			—			—			6,711			—			6,711
Other operating and administrative	208			—			294			230			6,305			(593		)	6,444
Advertising, marketing and promotion	—			—			—			—			1,667			—			1,667
Depreciation	12			—			—			—			2,026			—			2,038
Amortization	1			—			—			—			579			—			580
Other operating gains	—			—			—			—			(141		)	—			(141		)
Total costs and expenses	221			—			294			230			17,147			(593		)	17,299
Operating income (loss)	78			—			—			(230		)	4,988			—			4,836
Interest expense	(600		)	(3		)	(48		)	(113		)	(66		)	—			(830		)
Investment and other income (loss), net	3,299			3,380			3,007			1,576			1,065			(12,438		)	(111		)
Income (loss) before income taxes	2,777			3,377			2,959			1,233			5,987			(12,438		)	3,895
Income tax (expense) benefit	109			(1		)	10			(2		)	(1,115		)	—			(999		)
Net income (loss)	2,886			3,376			2,969			1,231			4,872			(12,438		)	2,896
Less: Net income (loss) attributable to noncontrolling interests and redeemable subsidiary preferred stock	—			—			—			—			10			—			10
Net income (loss) attributable to Comcast Corporation	$	2,886		$	3,376		$	2,969		$	1,231		$	4,862		$	(12,438	)	$	2,886
Comprehensive income (loss) attributable to Comcast Corporation	$	2,799		$	3,349		$	2,974		$	1,112		$	4,663		$	(12,098	)	$	2,799

Condensed Consolidating Statement of Income

For the Nine Months Ended September 30, 2019 

(in millions)	Comcast Parent			Comcast Holdings			CCCL Parent			NBCUniversal Media Parent			Non- Guarantor Subsidiaries			Elimination and Consolidation Adjustments			Consolidated Comcast Corporation
Revenue:
Service revenue	$	—		$	—		$	—		$	—		$	80,544		$	—		$	80,544
Management fee revenue	940			—			921			—			—			(1,861		)	—
Total revenue	940			—			921			—			80,544			(1,861		)	80,544
Costs and Expenses:
Programming and production	—			—			—			—			25,140			—			25,140
Other operating and administrative	575			—			921			726			23,715			(1,861		)	24,076
Advertising, marketing and promotion	—			—			—			—			5,674			—			5,674
Depreciation	44			—			—			—			6,517			—			6,561
Amortization	4			—			—			—			3,211			—			3,215
Total costs and expenses	623			—			921			726			64,257			(1,861		)	64,666
Operating income (loss)	317			—			—			(726		)	16,287			—			15,878
Interest expense	(2,646		)	(9		)	(143		)	(377		)	(279		)	—			(3,454		)
Investment and other income (loss), net	11,683			11,602			10,310			5,731			5,287			(44,102		)	511
Income (loss) before income taxes	9,354			11,593			10,167			4,628			21,295			(44,102		)	12,935
Income tax (expense) benefit	541			(9		)	30			(17		)	(3,357		)	—			(2,812		)
Net income (loss)	9,895			11,584			10,197			4,611			17,938			(44,102		)	10,123
Less: Net income (loss) attributable to noncontrolling interests and redeemable subsidiary preferred stock	—			—			—			—			228			—			228
Net income (loss) attributable to Comcast Corporation	$	9,895		$	11,584		$	10,197		$	4,611		$	17,710		$	(44,102	)	$	9,895
Comprehensive income (loss) attributable to Comcast Corporation	$	9,104		$	11,600		$	10,201		$	4,640		$	16,857		$	(43,298	)	$	9,104

Condensed Consolidating Statement of Income

For the Nine Months Ended September 30, 2018

(in millions)	Comcast Parent			Comcast Holdings			CCCL Parent			NBCUniversal Media Parent			Non- Guarantor Subsidiaries			Elimination and Consolidation Adjustments			Consolidated Comcast Corporation
Revenue:
Service revenue	$	—		$	—		$	—		$	—		$	66,661		$	—		$	66,661
Management fee revenue	889			—			873			—			—			(1,762		)	—
Total revenue	889			—			873			—			66,661			(1,762		)	66,661
Costs and Expenses:
Programming and production	—			—			—			—			20,440			—			20,440
Other operating and administrative	626			—			873			772			18,814			(1,762		)	19,323
Advertising, marketing and promotion	—			—			—			—			4,924			—			4,924
Depreciation	34			—			—			—			6,036			—			6,070
Amortization	4			—			—			—			1,746			—			1,750
Other operating gains	—			—			—			—			(341		)	—			(341		)
Total costs and expenses	664			—			873			772			51,619			(1,762		)	52,166
Operating income (loss)	225			—			—			(772		)	15,042			—			14,495
Interest expense	(1,739		)	(9		)	(143		)	(332		)	(190		)	—			(2,413		)
Investment and other income (loss), net	10,416			10,279			8,832			5,107			3,977			(38,519		)	92
Income (loss) before income taxes	8,902			10,270			8,689			4,003			18,829			(38,519		)	12,174
Income tax (expense) benefit	318			—			29			(12		)	(3,229		)	—			(2,894		)
Net income (loss)	9,220			10,270			8,718			3,991			15,600			(38,519		)	9,280
Less: Net income (loss) attributable to noncontrolling interests and redeemable subsidiary preferred stock	—			—			—			—			60			—			60
Net income (loss) attributable to Comcast Corporation	$	9,220		$	10,270		$	8,718		$	3,991		$	15,540		$	(38,519	)	$	9,220
Comprehensive income (loss) attributable to Comcast Corporation	$	9,139		$	10,245		$	8,723		$	3,877		$	15,357		$	(38,202	)	$	9,139

Condensed Consolidating Statement of Cash Flows

For the Nine Months Ended September 30, 2019 

(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	$	(1,522	)	$	293		$	(217	)	$	(910	)	$	21,818		$	—	$	19,462
Investing Activities:
Net transactions with affiliates	10,333			(293		)	217			2,883			(13,140		)	—		—
Capital expenditures	(20		)	—			—			—			(6,846		)	—		(6,866		)
Cash paid for intangible assets	(2		)	—			—			—			(1,684		)	—		(1,686		)
Acquisitions and construction of real estate properties	(35		)	—			—			—			(5		)	—		(40		)
Construction of Universal Beijing Resort	—			—			—			—			(736		)	—		(736		)
Acquisitions, net of cash acquired	—			—			—			—			(181		)	—		(181		)
Proceeds from sales of businesses and investments	—			—			—			—			208			—		208
Purchases of investments	(25		)	—			—			(67		)	(1,605		)	—		(1,697		)
Other	—			—			—			—			86			—		86
Net cash provided by (used in) investing activities	10,251			(293		)	217			2,816			(23,903		)	—		(10,912		)
Financing Activities:
Proceeds from (repayments of) short-term borrowings, net	—			—			—			—			(1,288		)	—		(1,288		)
Proceeds from borrowings	—			—			—			—			516			—		516
Proceeds from collateralized obligation	—			—			—			—			5,175			—		5,175
Repurchases and repayments of debt	(5,513		)	—			—			(2,008		)	(2,454		)	—		(9,975		)
Repurchases of common stock under repurchase program and employee plans	(432		)	—			—			—			—			—		(432		)
Dividends paid	(2,778		)	—			—			—			—			—		(2,778		)
Distributions to noncontrolling interests and dividends for redeemable subsidiary preferred stock	—			—			—			—			(235		)	—		(235		)
Other	(5		)	—			—			(40		)	236			—		191
Net cash provided by (used in) financing activities	(8,728		)	—			—			(2,048		)	1,950			—		(8,826		)
Impact of foreign currency on cash, cash equivalents and restricted cash	(1		)	—			—			—			(30		)	—		(31		)
Increase (decrease) in cash, cash equivalents and restricted cash	—			—			—			(142		)	(165		)	—		(307		)
Cash, cash equivalents and restricted cash, beginning of period	—			—			—			416			3,493			—		3,909
Cash, cash equivalents and restricted cash, end of period	$	—		$	—		$	—		$	274		$	3,328		$	—	$	3,602

Condensed Consolidating Statement of Cash Flows

For the Nine Months Ended September 30, 2018

(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	$	(1,461	)	$	137		$	(206	)	$	(1,047	)	$	21,084		$	—	$	18,507
Investing Activities:
Net transactions with affiliates	(1,087		)	(586		)	206			800			667			—		—
Capital expenditures	(15		)	—			—			—			(6,592		)	—		(6,607		)
Cash paid for intangible assets	(3		)	—			—			—			(1,372		)	—		(1,375		)
Acquisitions and construction of real estate properties	(94		)	—			—			—			(35		)	—		(129		)
Construction of Universal Beijing Resort	—			—			—			—			(257		)	—		(257		)
Acquisitions, net of cash acquired	—			—			—			—			(88		)	—		(88		)
Proceeds from sales of investments	—			—			—			67			60			—		127
Purchases of investments	(118		)	—			—			(50		)	(672		)	—		(840		)
Other	—			449			—			—			130			—		579
Net cash provided by (used in) investing activities	(1,317		)	(137		)	206			817			(8,159		)	—		(8,590		)
Financing Activities:
Proceeds from (repayments of) short-term borrowings, net	2,117			—			—			—			792			—		2,909
Proceeds from borrowings	9,386			—			—			—			464			—		9,850
Repurchases and repayments of debt	(1,900		)	—			—			(3		)	(2,502		)	—		(4,405		)
Repurchases of common stock under repurchase program and employee plans	(4,282		)	—			—			—			—			—		(4,282		)
Dividends paid	(2,487		)	—			—			—			—			—		(2,487		)
Distributions to noncontrolling interests and dividends for redeemable subsidiary preferred stock	—			—			—			—			(209		)	—		(209		)
Other	(56		)	—			—			—			(186		)	—		(242		)
Net cash provided by (used in) financing activities	2,778			—			—			(3		)	(1,641		)	—		1,134
Increase (decrease) in cash, cash equivalents and restricted cash	—			—			—			(233		)	11,284			—		11,051
Cash, cash equivalents and restricted cash, beginning of period	—			—			—			496			3,075			—		3,571
Cash, cash equivalents and restricted cash, end of period	$	—		$	—		$	—		$	263		$	14,359		$	—	$	14,622

Condensed Consolidating Balance Sheet

September 30, 2019

(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	$	—	$	—	$	—	$	274	$	3,233	$	—		$	3,507
Receivables, net	—		—		—		—		10,684		—			10,684
Programming rights	—		—		—		—		3,457		—			3,457
Other current assets	128		22		—		23		4,502		—			4,675
Total current assets	128		22		—		297		21,876		—			22,323
Film and television costs	—		—		—		—		8,647		—			8,647
Investments	275		12		159		1,039		5,988		—			7,473
Investment securing collateralized obligation	—		—		—		—		816		—			816
Investments in and amounts due from subsidiaries eliminated upon consolidation	158,369		149,186		132,753		54,857		98,744		(593,909		)	—
Property and equipment, net	664		—		—		—		46,126		—			46,790
Franchise rights	—		—		—		—		59,365		—			59,365
Goodwill	—		—		—		—		66,913		—			66,913
Other intangible assets, net	8		—		—		—		35,156		—			35,164
Other noncurrent assets, net	1,025		166		—		95		8,014		(417		)	8,883
Total assets	$	160,469	$	149,386	$	132,912	$	56,288	$	351,645	$	(594,326	)	$	256,374
Liabilities and Equity
Accounts payable and accrued expenses related to trade creditors	$	—	$	—	$	—	$	—	$	10,198	$	—		$	10,198
Accrued participations and residuals	—		—		—		—		1,615		—			1,615
Deferred revenue	—		—		—		—		2,944		—			2,944
Accrued expenses and other current liabilities	2,421		244		256		415		6,857		—			10,193
Current portion of long-term debt	—		—		—		7		1,032		—			1,039
Total current liabilities	2,421		244		256		422		22,646		—			25,989
Long-term debt, less current portion	76,654		152		2,100		5,751		15,190		—			99,847
Collateralized obligation	—		—		—		—		5,165		—			5,165
Deferred income taxes	—		344		—		68		28,142		(562		)	27,992
Other noncurrent liabilities	3,250		—		—		1,555		11,903		145			16,853
Redeemable noncontrolling interests and redeemable subsidiary preferred stock	—		—		—		—		1,368		—			1,368
Equity:
Common stock	54		—		—		—		—		—			54
Other shareholders’ equity	78,090		148,646		130,556		48,492		266,215		(593,909		)	78,090
Total Comcast Corporation shareholders’ equity	78,144		148,646		130,556		48,492		266,215		(593,909		)	78,144
Noncontrolling interests	—		—		—		—		1,016		—			1,016
Total equity	78,144		148,646		130,556		48,492		267,231		(593,909		)	79,160
Total liabilities and equity	$	160,469	$	149,386	$	132,912	$	56,288	$	351,645	$	(594,326	)	$	256,374

Condensed Consolidating Balance Sheet

December 31, 2018

(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	$	—	$	—	$	—	$	416	$	3,398	$	—		$	3,814
Receivables, net	—		—		—		—		11,104		—			11,104
Programming rights	—		—		—		—		3,746		—			3,746
Other current assets	66		20		—		28		3,070		—			3,184
Total current assets	66		20		—		444		21,318		—			21,848
Film and television costs	—		—		—		—		7,837		—			7,837
Investments	270		11		143		790		6,669		—			7,883
Investments in and amounts due from subsidiaries eliminated upon consolidation	157,264		147,028		130,214		53,853		97,872		(586,231		)	—
Property and equipment, net	670		—		—		—		43,767		—			44,437
Franchise rights	—		—		—		—		59,365		—			59,365
Goodwill	—		—		—		—		66,154		—			66,154
Other intangible assets, net	11		—		—		—		38,347		—			38,358
Other noncurrent assets, net	1,057		208		—		85		4,910		(458		)	5,802
Total assets	$	159,338	$	147,267	$	130,357	$	55,172	$	346,239	$	(586,689	)	$	251,684
Liabilities and Equity
Accounts payable and accrued expenses related to trade creditors	$	2	$	—	$	—	$	—	$	8,492	$	—		$	8,494
Accrued participations and residuals	—		—		—		—		1,808		—			1,808
Deferred revenue	—		—		—		—		2,182		—			2,182
Accrued expenses and other current liabilities	2,357		150		360		282		7,572		—			10,721
Current portion of long-term debt	699		—		—		4		3,695		—			4,398
Total current liabilities	3,058		150		360		286		23,749		—			27,603
Long-term debt, less current portion	81,661		146		2,100		7,748		15,690		—			107,345
Deferred income taxes	—		314		—		65		27,734		(524		)	27,589
Other noncurrent liabilities	3,006		—		—		1,201		11,056		66			15,329
Redeemable noncontrolling interests and redeemable subsidiary preferred stock	—		—		—		—		1,316		—			1,316
Equity:
Common stock	54		—		—		—		—		—			54
Other shareholders’ equity	71,559		146,657		127,897		45,872		265,805		(586,231		)	71,559
Total Comcast Corporation shareholders’ equity	71,613		146,657		127,897		45,872		265,805		(586,231		)	71,613
Noncontrolling interests	—		—		—		—		889		—			889
Total equity	71,613		146,657		127,897		45,872		266,694		(586,231		)	72,502
Total liabilities and equity	$	159,338	$	147,267	$	130,357	$	55,172	$	346,239	$	(586,689	)	$	251,684

XML

Earnings Per Share (Tables)

9 Months Ended

Sep. 30, 2019

Earnings Per Share [Abstract]

Computation of diluted EPS

Computation of Diluted EPS

	Three Months Ended September 30
	2019					2018
(in millions, except per share data)	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	$	3,217	4,551	$	0.71	$	2,886	4,564	$	0.63
Effect of dilutive securities:
Assumed exercise or issuance of shares relating to stock plans			68					55
Diluted EPS attributable to Comcast Corporation shareholders	$	3,217	4,619	$	0.70	$	2,886	4,619	$	0.62

	Nine Months Ended September 30
	2019					2018
(in millions, except per share data)	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	$	9,895	4,544	$	2.18	$	9,220	4,599	$	2.00
Effect of dilutive securities:
Assumed exercise or issuance of shares relating to stock plans			62					56
Diluted EPS attributable to Comcast Corporation shareholders	$	9,895	4,606	$	2.15	$	9,220	4,655	$	1.98

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Significant Transactions (Unaudited Pro Forma Information) (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2018
Business Combinations [Abstract]
Revenue	$ 26,824	$ 81,239
Net income attributable to Comcast Corporation	$ 3,448	$ 9,388
Basic earnings per common share attributable to Comcast Corporation shareholders (in dollars per share)	$ 0.75	$ 2.04
Diluted earnings per common share attributable to Comcast Corporation shareholders (in dollars per share)	$ 0.74	$ 2.01

XML

Long-Term Debt (Guarantee Structure) (Details) $ in Millions, ¥ in Billions, ¥ in Billions	Sep. 30, 2019 USD ($)	Sep. 30, 2019 JPY (¥)	Sep. 30, 2019 CNY (¥)
Guarantor Subsidiaries [Member]
Debt Instrument [Line Items]
Principal amount of debt securities subject to guarantee	$ 86,400
NBCUniversal Enterprise Debt Securities [Member]
Debt Instrument [Line Items]
Principal amount of debt securities subject to guarantee	1,500
Universal Studios Japan Term Loans Maturing March 2022 [Member]
Debt Instrument [Line Items]
Principal amount of debt securities subject to guarantee	3,500	¥ 379
Universal Beijing Resort Term Loans [Member]
Debt Instrument [Line Items]
Principal amount of debt securities not subject to guarantee	1,000		¥ 7.4
Sky Senior Notes [Member]
Debt Instrument [Line Items]
Principal amount of debt securities subject to guarantee	$ 9,000
NBCUniversal Media LLC [Member]
Debt Instrument [Line Items]
Ownership in cable holding company subsidiaries	100.00%	100.00%	100.00%
NBCUniversal Media LLC [Member] | NBCUniversal Enterprise [Member]
Debt Instrument [Line Items]
Related party aggregate principal amount debt securities not subject to guarantee	$ 1,500
Related party liquidation preference preferred stock not subject to guarantee	725
NBCUniversal Media LLC [Member] | Comcast and Comcast Cable Debt Securities [Member]
Debt Instrument [Line Items]
Principal amount of debt securities subject to guarantee	80,600
NBCUniversal Media LLC [Member] | Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Guarantee obligations, maximum capacity of credit facility	$ 7,600

XML

Related Party Transactions (Condensed Consolidated Balance Sheet) (Details) - USD ($) $ in Millions	Sep. 30, 2019	Dec. 31, 2018
Related Party Transaction [Line Items]
Receivables, net	$ 10,684	$ 11,104
Film and television costs	8,647	7,837
Other noncurrent assets, net	8,883	5,802
Accounts payable and accrued expenses related to trade creditors	10,198	8,494
Accrued expenses and other current liabilities	10,193	10,721
Long-term debt, less current portion	99,847	107,345
Other noncurrent liabilities	16,853	15,329
NBCUniversal Media LLC [Member]
Related Party Transaction [Line Items]
Receivables, net	7,040	7,293
Notes receivable from Comcast, current	4,192	2,054
Film and television costs	7,776	7,292
Note receivable from Comcast, noncurrent	1,101	0
Other noncurrent assets, net	3,444	1,822
Accounts payable and accrued expenses related to trade creditors	1,944	1,933
Accrued expenses and other current liabilities	2,052	2,195
Notes payable to Comcast	91	54
Long-term debt, less current portion	10,574	12,731
Other noncurrent liabilities	6,451	5,177
Comcast and Consolidated Subsidiaries [Member] | NBCUniversal Media LLC [Member]
Related Party Transaction [Line Items]
Receivables, net	533	464
Notes receivable from Comcast, current	4,192	2,054
Film and television costs	21	27
Note receivable from Comcast, noncurrent	1,101	0
Other noncurrent assets, net	71	0
Accounts payable and accrued expenses related to trade creditors	75	78
Accrued expenses and other current liabilities	84	32
Notes payable to Comcast	91	54
Long-term debt, less current portion	158	701
Other noncurrent liabilities	$ 459	$ 410

XML

Supplemental Financial Information (Summary of Future Minimum Rental Commitments and Rent Expense for Operating Leases Under Previous Accounting Guidance) (Details) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2018	Dec. 31, 2018
Commitment And Contingencies [Line Items]
2019			$ 891
2020			824
2021			722
2022			592
2023			513
Thereafter			2,608
Rental expense	$ 178	$ 548
NBCUniversal Media LLC [Member]
Commitment And Contingencies [Line Items]
2019			248
2020			232
2021			199
2022			168
2023			144
Thereafter			$ 1,380
Rental expense	$ 69	$ 212

XML

Supplemental Financial Information (Cash, Cash Equivalents and Restricted Cash) (Details) - USD ($) $ in Millions	Sep. 30, 2019	Dec. 31, 2018	Sep. 30, 2018	Dec. 31, 2017
Supplemental Financial Information [Line Items]
Cash and cash equivalents	$ 3,507	$ 3,814
Restricted cash included in other current assets	47	46
Restricted cash included in other noncurrent assets, net	48	49
Cash, cash equivalents and restricted cash, end of period	3,602	3,909	$ 14,622	$ 3,571
NBCUniversal Media LLC [Member]
Supplemental Financial Information [Line Items]
Cash and cash equivalents	1,157	1,444
Restricted cash included in other noncurrent assets, net	20	20
Cash, cash equivalents and restricted cash, end of period	$ 1,177	$ 1,464	$ 1,201	$ 2,377

XML

Investments (Schedule of Investments) (Details) - USD ($) $ in Millions	Sep. 30, 2019	Dec. 31, 2018
Schedule of Investments [Line Items]
Equity method	$ 5,363	$ 4,035
Marketable equity securities	862	341
Nonmarketable equity securities	1,933	1,805
Other investments	1,841	1,796
Total investments	9,999	7,977
Less: Current investments	1,710	94
Less: Investment securing collateralized obligation	816	0
Noncurrent investments	7,473	7,883
NBCUniversal Media LLC [Member]
Schedule of Investments [Line Items]
Equity method	1,290	707
Marketable equity securities	725	162
Nonmarketable equity securities	794	811
Total investments	2,809	1,680
Less: Investment securing collateralized obligation	816	0
Noncurrent investments	$ 1,993	$ 1,680

XML

Goodwill (Schedule of Change in Goodwill) (Details) $ in Millions	9 Months Ended
	Sep. 30, 2019 USD ($)
Goodwill [Roll Forward]
Balance, beginning of period	$ 66,154
Acquisitions	154
Dispositions	(12)
Adjustments	1,440
Foreign currency translation	(823)
Balance, end of period	66,913
Corporate, Non-Segment [Member]
Goodwill [Roll Forward]
Balance, beginning of period	2
Acquisitions	0
Dispositions	0
Adjustments	2
Foreign currency translation	0
Balance, end of period	4
Cable Communications [Member] | Operating Segments [Member]
Goodwill [Roll Forward]
Balance, beginning of period	12,784
Acquisitions	131
Dispositions	0
Adjustments	2,166
Foreign currency translation	(116)
Balance, end of period	14,965
Cable Networks [Member] | Operating Segments [Member]
Goodwill [Roll Forward]
Balance, beginning of period	13,407
Acquisitions	0
Dispositions	0
Adjustments	490
Foreign currency translation	(34)
Balance, end of period	13,863
Broadcast Television [Member] | Operating Segments [Member]
Goodwill [Roll Forward]
Balance, beginning of period	843
Acquisitions	13
Dispositions	0
Adjustments	199
Foreign currency translation	(11)
Balance, end of period	1,044
Filmed Entertainment [Member] | Operating Segments [Member]
Goodwill [Roll Forward]
Balance, beginning of period	3,184
Acquisitions	0
Dispositions	0
Adjustments	138
Foreign currency translation	(11)
Balance, end of period	3,311
Theme Parks [Member] | Operating Segments [Member]
Goodwill [Roll Forward]
Balance, beginning of period	6,684
Acquisitions	0
Dispositions	0
Adjustments	0
Foreign currency translation	106
Balance, end of period	6,790
Sky Limited [Member] | Operating Segments [Member]
Goodwill [Roll Forward]
Balance, beginning of period	29,250
Acquisitions	10
Dispositions	(12)
Adjustments	(1,555)
Foreign currency translation	(757)
Balance, end of period	$ 26,936

XML

Label	Element	Value
Retained Earnings [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	$ 0
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	0
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	(43,000,000)
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	0
AOCI Attributable to Parent [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	0
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	0
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	0
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	76,000,000
AOCI Attributable to Parent [Member] | NBCUniversal Media LLC [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	0
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	0
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	232,000,000
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	0
Member's Capital [Member] | NBCUniversal Media LLC [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	0
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	(232,000,000)
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	0
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	$ 0

XML

Condensed Consolidating Financial Information (Condensed Consolidating Balance Sheet) (Details) - USD ($) $ in Millions	Sep. 30, 2019	Dec. 31, 2018	Sep. 30, 2018
Assets
Cash and cash equivalents	$ 3,507	$ 3,814
Receivables, net	10,684	11,104
Programming rights	3,457	3,746
Other current assets	4,675	3,184
Total current assets	22,323	21,848
Film and television costs	8,647	7,837
Investments	7,473	7,883
Investment securing collateralized obligation	816	0
Investments in and amounts due from subsidiaries eliminated upon consolidation	0	0
Property and equipment, net	46,790	44,437
Franchise rights	59,365	59,365
Goodwill	66,913	66,154
Other intangible assets, net	35,164	38,358
Other noncurrent assets, net	8,883	5,802
Total assets	256,374	251,684
Liabilities and Equity
Accounts payable and accrued expenses related to trade creditors	10,198	8,494
Accrued participations and residuals	1,615	1,808
Deferred revenue	2,944	2,182
Accrued expenses and other current liabilities	10,193	10,721
Current portion of long-term debt	1,039	4,398
Total current liabilities	25,989	27,603
Long-term debt, less current portion	99,847	107,345
Collateralized obligation	5,165	0
Deferred income taxes	27,992	27,589
Other noncurrent liabilities	16,853	15,329
Redeemable noncontrolling interests	1,368	1,316
Equity:
Common stock	54	54
Other shareholders’ equity	78,090	71,559
Total Comcast Corporation shareholders’ equity	78,144	71,613
Noncontrolling interests	1,016	889
Total equity	79,160	72,502	$ 72,345
Total liabilities and equity	256,374	251,684
Elimination and Consolidation Adjustments [Member]
Assets
Cash and cash equivalents	0	0
Receivables, net	0	0
Programming rights	0	0
Other current assets	0	0
Total current assets	0	0
Film and television costs	0	0
Investments	0	0
Investment securing collateralized obligation	0
Investments in and amounts due from subsidiaries eliminated upon consolidation	(593,909)	(586,231)
Property and equipment, net	0	0
Franchise rights	0	0
Goodwill	0	0
Other intangible assets, net	0	0
Other noncurrent assets, net	(417)	(458)
Total assets	(594,326)	(586,689)
Liabilities and Equity
Accounts payable and accrued expenses related to trade creditors	0	0
Accrued participations and residuals	0	0
Deferred revenue	0	0
Accrued expenses and other current liabilities	0	0
Current portion of long-term debt	0	0
Total current liabilities	0	0
Long-term debt, less current portion	0	0
Collateralized obligation	0
Deferred income taxes	(562)	(524)
Other noncurrent liabilities	145	66
Redeemable noncontrolling interests	0	0
Equity:
Common stock	0	0
Other shareholders’ equity	(593,909)	(586,231)
Total Comcast Corporation shareholders’ equity	(593,909)	(586,231)
Noncontrolling interests	0	0
Total equity	(593,909)	(586,231)
Total liabilities and equity	(594,326)	(586,689)
Comcast Parent [Member] | Reportable Legal Entities [Member]
Assets
Cash and cash equivalents	0	0
Receivables, net	0	0
Programming rights	0	0
Other current assets	128	66
Total current assets	128	66
Film and television costs	0	0
Investments	275	270
Investment securing collateralized obligation	0
Investments in and amounts due from subsidiaries eliminated upon consolidation	158,369	157,264
Property and equipment, net	664	670
Franchise rights	0	0
Goodwill	0	0
Other intangible assets, net	8	11
Other noncurrent assets, net	1,025	1,057
Total assets	160,469	159,338
Liabilities and Equity
Accounts payable and accrued expenses related to trade creditors	0	2
Accrued participations and residuals	0	0
Deferred revenue	0	0
Accrued expenses and other current liabilities	2,421	2,357
Current portion of long-term debt	0	699
Total current liabilities	2,421	3,058
Long-term debt, less current portion	76,654	81,661
Collateralized obligation	0
Deferred income taxes	0	0
Other noncurrent liabilities	3,250	3,006
Redeemable noncontrolling interests	0	0
Equity:
Common stock	54	54
Other shareholders’ equity	78,090	71,559
Total Comcast Corporation shareholders’ equity	78,144	71,613
Noncontrolling interests	0	0
Total equity	78,144	71,613
Total liabilities and equity	160,469	159,338
Non-Guarantor Subsidiaries [Member] | Reportable Legal Entities [Member]
Assets
Cash and cash equivalents	3,233	3,398
Receivables, net	10,684	11,104
Programming rights	3,457	3,746
Other current assets	4,502	3,070
Total current assets	21,876	21,318
Film and television costs	8,647	7,837
Investments	5,988	6,669
Investment securing collateralized obligation	816
Investments in and amounts due from subsidiaries eliminated upon consolidation	98,744	97,872
Property and equipment, net	46,126	43,767
Franchise rights	59,365	59,365
Goodwill	66,913	66,154
Other intangible assets, net	35,156	38,347
Other noncurrent assets, net	8,014	4,910
Total assets	351,645	346,239
Liabilities and Equity
Accounts payable and accrued expenses related to trade creditors	10,198	8,492
Accrued participations and residuals	1,615	1,808
Deferred revenue	2,944	2,182
Accrued expenses and other current liabilities	6,857	7,572
Current portion of long-term debt	1,032	3,695
Total current liabilities	22,646	23,749
Long-term debt, less current portion	15,190	15,690
Collateralized obligation	5,165
Deferred income taxes	28,142	27,734
Other noncurrent liabilities	11,903	11,056
Redeemable noncontrolling interests	1,368	1,316
Equity:
Common stock	0	0
Other shareholders’ equity	266,215	265,805
Total Comcast Corporation shareholders’ equity	266,215	265,805
Noncontrolling interests	1,016	889
Total equity	267,231	266,694
Total liabilities and equity	351,645	346,239
Comcast Holdings [Member] | Subsidiary Issuer [Member] | Reportable Legal Entities [Member]
Assets
Cash and cash equivalents	0	0
Receivables, net	0	0
Programming rights	0	0
Other current assets	22	20
Total current assets	22	20
Film and television costs	0	0
Investments	12	11
Investment securing collateralized obligation	0
Investments in and amounts due from subsidiaries eliminated upon consolidation	149,186	147,028
Property and equipment, net	0	0
Franchise rights	0	0
Goodwill	0	0
Other intangible assets, net	0	0
Other noncurrent assets, net	166	208
Total assets	149,386	147,267
Liabilities and Equity
Accounts payable and accrued expenses related to trade creditors	0	0
Accrued participations and residuals	0	0
Deferred revenue	0	0
Accrued expenses and other current liabilities	244	150
Current portion of long-term debt	0	0
Total current liabilities	244	150
Long-term debt, less current portion	152	146
Collateralized obligation	0
Deferred income taxes	344	314
Other noncurrent liabilities	0	0
Redeemable noncontrolling interests	0	0
Equity:
Common stock	0	0
Other shareholders’ equity	148,646	146,657
Total Comcast Corporation shareholders’ equity	148,646	146,657
Noncontrolling interests	0	0
Total equity	148,646	146,657
Total liabilities and equity	149,386	147,267
CCCL Parent [Member] | Guarantor Subsidiaries [Member] | Reportable Legal Entities [Member]
Assets
Cash and cash equivalents	0	0
Receivables, net	0	0
Programming rights	0	0
Other current assets	0	0
Total current assets	0	0
Film and television costs	0	0
Investments	159	143
Investment securing collateralized obligation	0
Investments in and amounts due from subsidiaries eliminated upon consolidation	132,753	130,214
Property and equipment, net	0	0
Franchise rights	0	0
Goodwill	0	0
Other intangible assets, net	0	0
Other noncurrent assets, net	0	0
Total assets	132,912	130,357
Liabilities and Equity
Accounts payable and accrued expenses related to trade creditors	0	0
Accrued participations and residuals	0	0
Deferred revenue	0	0
Accrued expenses and other current liabilities	256	360
Current portion of long-term debt	0	0
Total current liabilities	256	360
Long-term debt, less current portion	2,100	2,100
Collateralized obligation	0
Deferred income taxes	0	0
Other noncurrent liabilities	0	0
Redeemable noncontrolling interests	0	0
Equity:
Common stock	0	0
Other shareholders’ equity	130,556	127,897
Total Comcast Corporation shareholders’ equity	130,556	127,897
Noncontrolling interests	0	0
Total equity	130,556	127,897
Total liabilities and equity	132,912	130,357
NBCUniversal Media Parent [Member] | Guarantor Subsidiaries [Member] | Reportable Legal Entities [Member]
Assets
Cash and cash equivalents	274	416
Receivables, net	0	0
Programming rights	0	0
Other current assets	23	28
Total current assets	297	444
Film and television costs	0	0
Investments	1,039	790
Investment securing collateralized obligation	0
Investments in and amounts due from subsidiaries eliminated upon consolidation	54,857	53,853
Property and equipment, net	0	0
Franchise rights	0	0
Goodwill	0	0
Other intangible assets, net	0	0
Other noncurrent assets, net	95	85
Total assets	56,288	55,172
Liabilities and Equity
Accounts payable and accrued expenses related to trade creditors	0	0
Accrued participations and residuals	0	0
Deferred revenue	0	0
Accrued expenses and other current liabilities	415	282
Current portion of long-term debt	7	4
Total current liabilities	422	286
Long-term debt, less current portion	5,751	7,748
Collateralized obligation	0
Deferred income taxes	68	65
Other noncurrent liabilities	1,555	1,201
Redeemable noncontrolling interests	0	0
Equity:
Common stock	0	0
Other shareholders’ equity	48,492	45,872
Total Comcast Corporation shareholders’ equity	48,492	45,872
Noncontrolling interests	0	0
Total equity	48,492	45,872
Total liabilities and equity	$ 56,288	$ 55,172

XML

Commitments and Contingencies (Summary of Future Minimum Rental Commitments for Operating Leases Under New Accounting Guidance) (Details) $ in Millions	Sep. 30, 2019 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Remaining three months of 2019	$ 182
2020	880
2021	763
2022	633
2023	530
Thereafter	2,606
Total future minimum lease payments	5,594
Less: imputed interest	1,035
Total liability	$ 4,559

XML

Condensed Consolidated Statement of Comprehensive Income - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Net income	$ 3,288	$ 2,896	$ 10,123	$ 9,280
Unrealized gains (losses) on marketable securities, net of deferred taxes	2	2	4	0
Deferred gains (losses) on cash flow hedges, net of deferred taxes	82	(15)	146	(26)
Amounts reclassified to net income:
Realized (gains) losses on cash flow hedges, net of deferred taxes	(52)	17	(39)	43
Employee benefit obligations, net of deferred taxes	(8)	(8)	(24)	(24)
Currency translation adjustments, net of deferred taxes	(1,144)	(103)	(903)	(119)
Comprehensive income	2,168	2,789	9,307	9,154
Less: Net income (loss) attributable to noncontrolling interests and redeemable subsidiary preferred stock	71	10	228	60
Less: Other comprehensive income (loss) attributable to noncontrolling interests	(23)	(20)	(25)	(45)
Comprehensive income (loss) attributable to Comcast Corporation	2,120	2,799	9,104	9,139
NBCUniversal Media LLC [Member]
Net income	1,310	1,242	4,777	4,013
Deferred gains (losses) on cash flow hedges, net of deferred taxes	0	(2)	(3)	(4)
Amounts reclassified to net income:
Employee benefit obligations, net of deferred taxes	(4)	(4)	(9)	(11)
Currency translation adjustments, net of deferred taxes	(31)	(133)	16	(144)
Comprehensive income	1,275	1,103	4,781	3,854
Less: Net income (loss) attributable to noncontrolling interests	54	11	166	22
Less: Other comprehensive income (loss) attributable to noncontrolling interests	(23)	(20)	(25)	(45)
Comprehensive income (loss) attributable to Comcast Corporation	$ 1,244	$ 1,112	$ 4,640	$ 3,877

XML

Condensed Consolidated Balance Sheet (Parenthetical) - USD ($) $ in Millions	Sep. 30, 2019	Dec. 31, 2018
Property and equipment - accumulated depreciation	$ 52,983	$ 51,306
Other intangible assets - accumulated amortization	$ 16,764	$ 14,194
Preferred stock, shares authorized (in shares)	20,000,000	20,000,000
Preferred stock, shares issued (in shares)	0	0
NBCUniversal Media LLC [Member]
Property and equipment - accumulated depreciation	$ 5,639	$ 4,994
Other intangible assets - accumulated amortization	$ 9,420	$ 8,590
Class A Common Stock [Member]
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	7,500,000,000	7,500,000,000
Common stock, shares issued (in shares)	5,412,596,907	5,389,309,175
Common stock, shares outstanding (in shares)	4,539,805,879	4,516,518,147
Treasury stock (in shares)	872,791,028	872,791,028
Class B Common Stock [Member]
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	75,000,000	75,000,000
Common stock, shares issued (in shares)	9,444,375	9,444,375
Common stock, shares outstanding (in shares)	9,444,375	9,444,375

XML

Goodwill

9 Months Ended

Sep. 30, 2019

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill

Goodwill

				NBCUniversal
(in millions)	Cable Communications			Cable Networks			Broadcast Television			Filmed Entertainment			Theme Parks		Sky			Corporate and Other		Total
Balance, December 31, 2018	$	12,784		$	13,407		$	843		$	3,184		$	6,684	$	29,250		$	2	$	66,154
Acquisitions	131			—			13			—			—		10			—		154
Dispositions	—			—			—			—			—		(12		)	—		(12		)
Adjustments(a)	2,166			490			199			138			—		(1,555		)	2		1,440
Foreign currency translation	(116		)	(34		)	(11		)	(11		)	106		(757		)	—		(823		)
Balance, September 30, 2019	$	14,965		$	13,863		$	1,044		$	3,311		$	6,790	$	26,936		$	4	$	66,913

(a) Adjustments during the nine months ended September 30, 2019 primarily included 1) measurement period adjustments resulting from finalization of acquisition accounting for Sky and 2) the final assignment of goodwill resulting from the Sky transaction to our reporting units.

We performed our annual impairment testing of goodwill and cable franchise rights and other indefinite-lived intangible assets as of July 1, 2019 and no impairment charge was required.

XML

Segment Information

9 Months Ended

Sep. 30, 2019

Segment Reporting Information [Line Items]

Segment Information

Segment Information

We present our operations in six reportable business segments: (1) Comcast Cable in one reportable business segment, referred to as Cable Communications; (2) NBCUniversal in four reportable business segments: Cable Networks, Broadcast Television, Filmed Entertainment and Theme Parks (collectively, the “NBCUniversal segments”); and (3) Sky in one reportable business segment.

Our Cable Communications segment consists of the operations of Comcast Cable, which is one of the nation’s largest providers of high-speed internet, video, voice, wireless, and security and automation services (“cable services”) to residential customers under the Xfinity brand; we also provide these and other services to business customers and sell advertising.

Our Cable Networks segment consists primarily of our national cable networks that provide a variety of entertainment, news and information, and sports content; our regional sports and news networks; our international cable networks; our cable television studio production operations and various digital properties.

Our Broadcast Television segment consists primarily of the NBC and Telemundo broadcast networks, our NBC and Telemundo owned local broadcast television stations, the NBC Universo national cable network, our broadcast television studio production operations, and various digital properties.

Our Filmed Entertainment segment 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, DreamWorks Animation and Focus Features names.

Our Theme Parks segment consists primarily of our Universal theme parks in Orlando, Florida; Hollywood, California; and Osaka, Japan. In addition, along with a consortium of Chinese state-owned companies, we are developing a Universal theme park and resort in Beijing, China.

Our Sky segment consists of the operations of Sky, one of Europe’s leading entertainment companies, which primarily includes a direct-to-consumer business, providing video, high-speed internet, voice and wireless phone services, and a content business, operating entertainment networks, the Sky News broadcast network and Sky Sports networks.

We use Adjusted EBITDA to evaluate the profitability of our operating segments and the components of net income attributable to Comcast Corporation excluded from Adjusted EBITDA are not separately evaluated. Beginning in the first quarter of 2019, Comcast Cable’s wireless phone service and certain other Cable-related business development initiatives are now presented in the Cable Communications segment. Results were previously presented in Corporate and Other. Prior periods have been adjusted to reflect this presentation. To be consistent with our current management reporting presentation, certain 2018 operating results were reclassified related to certain NBCUniversal businesses now presented in the Sky segment. Our financial data by business segment is presented in the tables below.

	Three Months Ended September 30, 2019
(in millions)	Revenue			Adjusted EBITDA(d)			Depreciation and Amortization		Capital Expenditures		Cash Paid for Intangible Assets
Cable Communications	$	14,584		$	5,801		$	1,967	$	1,814	$	336
NBCUniversal
Cable Networks	2,771			955			184		9		4
Broadcast Television	2,230			338			36		36		3
Filmed Entertainment	1,706			195			21		5		5
Theme Parks	1,631			731			182		400		8
Headquarters and Other(a)	21			(130		)	114		55		43
Eliminations(b)	(64		)	2			—		—		—
NBCUniversal	8,295			2,091			537		505		63
Sky	4,554			899			644		104		188
Corporate and Other(c)	42			(237		)	32		88		21
Eliminations(b)	(648		)	(1		)	—		—		—
Comcast Consolidated	$	26,827		$	8,553		$	3,180	$	2,511	$	608

	Three Months Ended September 30, 2018
(in millions)	Revenue			Adjusted EBITDA(d)			Depreciation and Amortization		Capital Expenditures		Cash Paid for Intangible Assets
Cable Communications	$	14,023		$	5,434		$	2,077	$	1,945	$	367
NBCUniversal
Cable Networks	2,850			959			180		11		6
Broadcast Television	2,452			321			32		37		—
Filmed Entertainment	1,819			214			26		9		6
Theme Parks	1,528			725			170		269		23
Headquarters and Other(a)	15			(161		)	106		79		43
Eliminations(b)	(68		)	(1		)	—		—		—
NBCUniversal	8,596			2,057			514		405		78
Corporate and Other(c)	73			(188		)	27		34		—
Eliminations(b)	(557		)	10			—		—		—
Comcast Consolidated	$	22,135		$	7,313		$	2,618	$	2,384	$	445

	Nine Months Ended September 30, 2019
(in millions)	Revenue			Adjusted EBITDA(d)			Depreciation and Amortization		Capital Expenditures		Cash Paid for Intangible Assets
Cable Communications	$	43,314		$	17,383		$	6,038	$	4,771	$	962
NBCUniversal
Cable Networks	8,586			3,418			549		21		10
Broadcast Television	7,099			1,259			115		86		9
Filmed Entertainment	4,931			742			60		13		16
Theme Parks	4,371			1,819			514		1,172		44
Headquarters and Other(a)	60			(486		)	341		139		120
Eliminations(b)	(233		)	—			—		—		—
NBCUniversal	24,814			6,752			1,579		1,431		199
Sky	14,179			2,334			2,058		540		491
Corporate and Other(c)	206			(637		)	101		124		34
Eliminations(b)	(1,969		)	(10		)	—		—		—
Comcast Consolidated	$	80,544		$	25,822		$	9,776	$	6,866	$	1,686

	Nine Months Ended September 30, 2018
(in millions)	Revenue			Adjusted EBITDA(d)			Depreciation and Amortization		Capital Expenditures		Cash Paid for Intangible Assets
Cable Communications	$	41,638		$	16,100		$	6,161	$	5,403	$	998
NBCUniversal
Cable Networks(e)	8,881			3,389			548		22		15
Broadcast Television(e)	8,340			1,245			106		99		75
Filmed Entertainment	5,176			555			117		24		20
Theme Parks	4,170			1,789			492		811		158
Headquarters and Other(a)	44			(497		)	314		179		106
Eliminations(b)(e)	(245		)	(3		)	—		—		—
NBCUniversal	26,366			6,478			1,577		1,135		374
Corporate and Other(c)	412			(566		)	82		69		3
Eliminations(b)(e)	(1,755		)	(38		)	—		—		—
Comcast Consolidated	$	66,661		$	21,974		$	7,820	$	6,607	$	1,375

(a) NBCUniversal 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. 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 Cable Networks and Broadcast Television segments generate revenue by selling advertising to our Cable Communications segment

• our Filmed Entertainment and Broadcast Television segments generate revenue by licensing content to our Cable Networks segment; for segment reporting, this revenue is recognized as the programming rights asset for the licensed content is amortized based on third party revenue

• our Filmed Entertainment, Cable Networks and Broadcast Television segments generate revenue by licensing content to our Sky segment

(c) Corporate and Other activities include costs associated with overhead and personnel, revenue and expenses associated with the operations of Comcast Spectacor, which owns the Philadelphia Flyers and the Wells Fargo Center arena in Philadelphia, Pennsylvania, and other business initiatives, such as the development of Peacock, NBCUniversal’s direct-to-consumer streaming service.

(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 Comcast Corporation before net income (loss) attributable to noncontrolling interests and redeemable subsidiary preferred stock, income tax expense, investment and other income (loss), net, interest expense, depreciation and amortization expense, and other operating gains and losses (such as impairment charges related to fixed and intangible assets and gains or losses on the sale of long-lived assets), if any. From time to time, we may exclude from Adjusted EBITDA the impact of certain events, gains, losses or other charges (such as significant legal settlements) that affect the period-to-period comparability of our operating performance. 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 September 30						Nine Months Ended September 30
(in millions)	2019			2018			2019			2018
Adjusted EBITDA	$	8,553		$	7,313		$	25,822		$	21,974
Adjustment for Sky transaction-related costs	(33		)	—			(168		)	—
Depreciation	(2,124		)	(2,038		)	(6,561		)	(6,070		)
Amortization	(1,056		)	(580		)	(3,215		)	(1,750		)
Other operating gains	—			141			—			341
Interest expense	(1,167		)	(830		)	(3,454		)	(2,413		)
Investment and other income (loss), net	(110		)	(111		)	511			92
Income before income taxes	$	4,063		$	3,895		$	12,935		$	12,174

(e)

The revenue and operating costs and expenses associated with our broadcast of the 2018 PyeongChang Olympics were reported in our Cable Networks and Broadcast Television segments. The revenue and operating costs and expenses associated with our broadcast of the 2018 Super Bowl were reported in our Broadcast Television segment. Included in Eliminations are transactions relating to these events that our Broadcast Television and Cable Networks segments enter into with our other segments.

NBCUniversal Media LLC [Member]

Segment Reporting Information [Line Items]

Segment Information

Segment Information

We present our operations in four reportable business segments:

Our Cable Networks segment consists primarily of our national cable networks that provide a variety of entertainment, news and information, and sports content; our regional sports and news networks; our international cable networks; our cable television studio production operations and various digital properties.

Our Broadcast Television segment consists primarily of the NBC and Telemundo broadcast networks, our NBC and Telemundo owned local broadcast television stations, the NBC Universo national cable network, our broadcast television studio production operations, and various digital properties.

Our Filmed Entertainment segment 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, DreamWorks Animation and Focus Features names.

Our Theme Parks segment consists primarily of our Universal theme parks in Orlando, Florida; Hollywood, California; and Osaka, Japan. In addition, along with a consortium of Chinese state-owned companies, we are developing a Universal theme park and resort in Beijing, China.

We use Adjusted EBITDA to evaluate the profitability of our operating segments and the components of net income attributable to NBCUniversal excluded from Adjusted EBITDA are not separately evaluated. To be consistent with our current management reporting presentation, 2018 operating results were reclassified related to certain NBCUniversal businesses now presented in Headquarters and Other. Our financial data by business segment is presented in the tables below.

	Three Months Ended September 30, 2019
(in millions)	Revenue			Adjusted EBITDA(c)			Depreciation and Amortization		Capital Expenditures		Cash Paid for Intangible Assets
Cable Networks	$	2,771		$	955		$	184	$	9	$	4
Broadcast Television	2,230			338			36		36		3
Filmed Entertainment	1,706			195			21		5		5
Theme Parks	1,631			731			182		400		8
Headquarters and Other(a)	21			(133		)	114		55		43
Eliminations(b)	(65		)	3			—		—		—
Total	$	8,294		$	2,089		$	537	$	505	$	63

	Three Months Ended September 30, 2018
(in millions)	Revenue			Adjusted EBITDA(c)			Depreciation and Amortization		Capital Expenditures		Cash Paid for Intangible Assets
Cable Networks	$	2,850		$	959		$	180	$	11	$	6
Broadcast Television	2,452			321			32		37		—
Filmed Entertainment	1,819			214			26		9		6
Theme Parks	1,528			725			170		269		23
Headquarters and Other(a)	49			(152		)	106		79		43
Eliminations(b)	(73		)	(1		)	—		—		—
Total	$	8,625		$	2,066		$	514	$	405	$	78

	Nine Months Ended September 30, 2019
(in millions)	Revenue			Adjusted EBITDA(c)			Depreciation and Amortization		Capital Expenditures		Cash Paid for Intangible Assets
Cable Networks	$	8,586		$	3,418		$	549	$	21	$	10
Broadcast Television	7,099			1,259			115		86		9
Filmed Entertainment	4,931			742			60		13		16
Theme Parks	4,371			1,819			514		1,172		44
Headquarters and Other(a)	117			(492		)	341		139		120
Eliminations(b)	(238		)	1			—		—		—
Total	$	24,866		$	6,747		$	1,579	$	1,431	$	199

 

	Nine Months Ended September 30, 2018
(in millions)	Revenue			Adjusted EBITDA(c)			Depreciation and Amortization		Capital Expenditures		Cash Paid for Intangible Assets
Cable Networks(d)	$	8,881		$	3,389		$	548	$	22	$	15
Broadcast Television(d)	8,340			1,245			106		99		75
Filmed Entertainment	5,176			555			117		24		20
Theme Parks	4,170			1,789			492		811		158
Headquarters and Other(a)	157			(464		)	314		179		106
Eliminations(b)(d)	(256		)	(3		)	—		—		—
Total	$	26,468		$	6,511		$	1,577	$	1,135	$	374

(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 consisted primarily of the licensing of film and television content from our Filmed Entertainment and Broadcast Television segments to our Cable Networks segment; for segment reporting, this revenue is recognized as the programming rights asset for the licensed content is amortized based on third party revenue.

(c) 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, investment and other income (loss), net, interest expense, depreciation and amortization expense, and other operating gains and losses (such as impairment charges related to fixed and intangible assets and gains or losses on the sale of long-lived assets), if any. From time to time, we may exclude from Adjusted EBITDA the impact of certain events, gains, losses or other charges (such as significant legal settlements) that affect the period-to-period comparability of our operating performance. 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 September 30						Nine Months Ended September 30
(in millions)	2019			2018			2019			2018
Adjusted EBITDA	$	2,089		$	2,066		$	6,747		$	6,511
Depreciation	(259		)	(250		)	(755		)	(750		)
Amortization	(278		)	(264		)	(824		)	(827		)
Other operating gains	—			141			—			141
Interest expense	(348		)	(134		)	(601		)	(394		)
Investment and other income (loss), net	169			(205		)	449			(377		)
Income before income taxes	$	1,373		$	1,354		$	5,016		$	4,304

(d)

The revenue and operating costs and expenses associated with our broadcast of the 2018 PyeongChang Olympics were reported in our Cable Networks and Broadcast Television segments. The revenue and operating costs and expenses associated with our broadcast of the 2018 Super Bowl were reported in our Broadcast Television segment. Included in Eliminations are transactions relating to these events that our Broadcast Television and Cable Networks segments entered into with our other segments.

XML

Significant Transactions

9 Months Ended

Sep. 30, 2019

Business Acquisition [Line Items]

Significant Transactions

Significant Transactions

Sky Transaction

On October 9, 2018, in connection with our offer to acquire the share capital of Sky, we acquired a controlling interest in Sky through a series of purchases of Sky shares at our offer price of £17.28 per share. In the fourth quarter of 2018, we acquired the remaining Sky shares and now own 100% of Sky’s equity interests. Total cash consideration was £30.2 billion (approximately $39.4 billion using the exchange rates on the purchase dates). We financed the acquisition through a combination of new fixed and floating rate notes, issuance of term loans and cash on hand. Sky is one of Europe’s leading entertainment companies, which primarily includes a direct-to-consumer business, providing video, high-speed internet, voice and wireless phone services, and a content business, operating entertainment networks, the Sky News broadcast network and Sky Sports networks.

Allocation of Purchase Price

We have applied acquisition accounting to Sky. Sky’s results of operations are included in our consolidated results of operations since the acquisition date and are reported in our Sky segment. The net assets of Sky were recorded at their estimated fair value using primarily Level 3 inputs. In valuing acquired assets and liabilities, fair value estimates are based on, but are not limited to, future expected cash flows, market rate assumptions for contractual obligations and appropriate discount rates.

During the first quarter of 2019, we revised our estimates of fair value, primarily related to intangible assets, property and equipment, and investments (included below in other noncurrent assets and (liabilities), net), and recorded corresponding adjustments to deferred taxes. We also recorded an additional valuation allowance of approximately $1.2 billion associated with our assessment of the realization of Sky’s deferred tax assets, primarily related to net operating losses. These changes resulted in an increase in goodwill of approximately $1.4 billion and an adjustment in the first quarter of 2019 related to the fourth quarter of 2018 that resulted in an increase to depreciation and amortization expense of $53 million.

The table below presents the allocation of the all-cash purchase price of £30.2 billion, or $39.4 billion, to the assets and liabilities of Sky as a result of the transaction.

Allocation of Purchase Price
(in millions)
Consideration transferred	$	39,387
Allocation of purchase price
Cash	$	1,283
Accounts receivable and other current assets	2,359
Film and television costs	2,512
Property and equipment	4,127
Intangible assets	19,539
Accounts payable, accrued liabilities and other current liabilities	(5,885		)
Long-term debt	(11,468		)
Deferred tax assets (liabilities), net	(2,974		)
Other noncurrent assets and (liabilities), net	(1,398		)
Fair value of identifiable net assets acquired	8,095
Goodwill	$	31,292

Property and Equipment

Property and equipment includes customer premise equipment with a carrying value of $1.4 billion, which have original estimated useful lives of 5 to 7 years. The remaining property and equipment includes network assets, real estate, and other machinery and equipment.

Intangible Assets

Finite-lived intangible assets primarily consist of customer relationships with a carrying amount of $9.5 billion and developed technology and software with a carrying amount of $4.3 billion, with original estimated useful lives between 6 and 19 years and 4 and 9 years, respectively. Indefinite-lived assets consist of trade names with a carrying amount of $5.8 billion.

Goodwill

Goodwill consists primarily of intangible assets that do not qualify for separate recognition, including increased footprint, assembled workforce, noncontractual relationships and agreements. The acquired goodwill is not expected to be deductible for tax purposes.

Acquisition-Related Costs

As a result of the Sky transaction, we incurred expenses in 2018 related to legal, accounting, valuation and other professional services, which are reflected in other operating and administrative expenses. We also incurred certain financing costs associated with our borrowings, which are reflected in interest expense. The table below presents the amounts related to these expenses included in our condensed consolidated statement of income.

(in millions)	Three Months Ended September 30, 2018		Nine Months Ended September 30, 2018
Other operating and administrative expenses	$	8	$	29
Interest expense	$	34	$	45

Unaudited Pro Forma Information

The following unaudited pro forma information has been presented as if the Sky transaction occurred on January 1, 2017. This information is based on historical results of operations, adjusted for allocation of purchase price and other acquisition accounting adjustments, and is not necessarily indicative of what the results would have been had we operated the business since January 1, 2017. For pro forma purposes, 2018 earnings were adjusted to exclude the acquisition-related costs. No pro forma adjustments have been made for cost savings or synergies that have been or may be achieved by the combined businesses.

(in millions, except per share data)	Three Months Ended September 30, 2018		Nine Months Ended September 30, 2018
Revenue	$	26,824	$	81,239
Net income attributable to Comcast Corporation	$	3,448	$	9,388
Basic earnings per common share attributable to Comcast Corporation shareholders	$	0.75	$	2.04
Diluted earnings per common share attributable to Comcast Corporation shareholders	$	0.74	$	2.01

Universal Beijing Resort

We entered into an agreement with a consortium of Chinese state-owned companies to build and operate a Universal theme park and resort in Beijing, China (“Universal Beijing Resort”). We own a 30% interest in Universal Beijing Resort and the construction is being funded through a combination of debt financing and equity contributions from the investors in accordance with their equity interests. The debt financing, which is being provided by a syndicate of Chinese financial institutions, contains certain financial and operating covenants and a maximum borrowing limit of ¥26.6 billion RMB (approximately $4 billion). The debt financing is secured by the assets of Universal Beijing Resort and the equity interests of the investors. As of September 30, 2019, Universal Beijing Resort had $1 billion principal amount of term loans outstanding under the debt financing agreements.

We have concluded that Universal Beijing Resort is a variable interest entity based on its governance structure, and we consolidate it because we have the power to direct activities that most significantly impact its economic performance. There are no liquidity arrangements, guarantees or other financial commitments between us and Universal Beijing Resort, and therefore our maximum risk of financial loss is our 30% interest. Universal Beijing Resort’s results of operations are reported in our Theme Parks segment. Our condensed consolidated statement of cash flows includes the costs of construction and related borrowings in the “construction of Universal Beijing Resort” and “proceeds from borrowings” captions, respectively, and equity contributions from our investing partner are included in other financing activities.

In March 2018, Universal Beijing Resort received initial equity investments through a combination of cash and noncash contributions from the investors. As of September 30, 2019, our condensed consolidated balance sheet included assets, primarily property and equipment, and liabilities, including the term loans, of Universal Beijing Resort totaling $2.4 billion and $1.7 billion, respectively.

NBCUniversal Media LLC [Member]

Business Acquisition [Line Items]

Significant Transactions

Significant Transactions

Universal Beijing Resort

We entered into an agreement with a consortium of Chinese state-owned companies to build and operate a Universal theme park and resort in Beijing, China (“Universal Beijing Resort”). We own a 30% interest in Universal Beijing Resort and the construction is being funded through a combination of debt financing and equity contributions from the investors in accordance with their equity interests. The debt financing, which is being provided by a syndicate of Chinese financial institutions, contains certain financial and operating covenants and a maximum borrowing limit of ¥26.6 billion RMB (approximately $4 billion). The debt financing is secured by the assets of Universal Beijing Resort and the equity interests of the investors. As of September 30, 2019, Universal Beijing Resort had $1 billion principal amount of term loans outstanding under the debt financing agreements.

We have concluded that Universal Beijing Resort is a variable interest entity based on its governance structure, and we consolidate it because we have the power to direct activities that most significantly impact its economic performance. There are no liquidity arrangements, guarantees or other financial commitments between us and Universal Beijing Resort, and therefore our maximum risk of financial loss is our 30% interest. Universal Beijing Resort’s results of operations are reported in our Theme Parks segment. Our condensed consolidated statement of cash flows includes the costs of construction and related borrowings in the “construction of Universal Beijing Resort” and “proceeds from borrowings” captions, respectively, and equity contributions from our investing partner are included in other financing activities.

In March 2018, Universal Beijing Resort received initial equity investments through a combination of cash and noncash contributions from the investors. As of September 30, 2019, our condensed consolidated balance sheet included assets, primarily property and equipment, and liabilities, including the term loans, of Universal Beijing Resort totaling $2.4 billion and $1.7 billion, respectively.

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Segment Information (Reconciliation of Adjusted EBITDA from Segment to Consolidated Statements) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Adjusted EBITDA	$ 8,553	$ 7,313	$ 25,822	$ 21,974
Adjustment for Sky transaction-related costs	(33)	0	(168)	0
Depreciation	(2,124)	(2,038)	(6,561)	(6,070)
Amortization	(1,056)	(580)	(3,215)	(1,750)
Other operating gains	0	141	0	341
Interest expense	(1,167)	(830)	(3,454)	(2,413)
Investment and other income (loss), net	(110)	(111)	511	92
Income (loss) before income taxes	4,063	3,895	12,935	12,174
NBCUniversal Media LLC [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Adjusted EBITDA	2,089	2,066	6,747	6,511
Depreciation	(259)	(250)	(755)	(750)
Amortization	(278)	(264)	(824)	(827)
Other operating gains	0	141	0	141
Interest expense	(348)	(134)	(601)	(394)
Investment and other income (loss), net	169	(205)	449	(377)
Income (loss) before income taxes	$ 1,373	$ 1,354	$ 5,016	$ 4,304

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Commitments and Contingencies (Tables)

9 Months Ended

Sep. 30, 2019

Commitment And Contingencies [Line Items]

Schedule of future minimum rental commitments for operating leases under new accounting guidance

The table below summarizes our future minimum rental commitments for operating leases as of September 30, 2019 applying the new accounting guidance.

(in millions)	September 30, 2019
Remaining three months of 2019	$	182
2020	880
2021	763
2022	633
2023	530
Thereafter	2,606
Total future minimum lease payments	5,594
Less: imputed interest	1,035
Total liability	$	4,559

Schedule of future minimum rental commitments and rent expense for operating leases under previous accounting guidance

The tables below summarize our future minimum rental commitments for operating leases as of December 31, 2018 and rent expense for operating leases for the three and nine months ended September 30, 2018 using the accounting guidance in effect at that time. These amounts have been updated to include $804 million of future cash payments related to additional contracts determined to be operating leases in connection with the Sky transaction.

(in millions)			December 31, 2018
2019			$	891
2020			$	824
2021			$	722
2022			$	592
2023			$	513
Thereafter			$	2,608
(in millions)	Three Months Ended September 30, 2018		Nine Months Ended September 30, 2018
Rental expense	$	178	$	548

Accounting Standards Update 2016-02 [Member]

Commitment And Contingencies [Line Items]

Schedule of operating lease assets and liabilities

The table below summarizes the operating lease assets and liabilities recorded in our condensed consolidated balance sheet.

Condensed Consolidated Balance Sheet

(in millions)	September 30, 2019
Other noncurrent assets, net	$	4,011
Accrued expenses and other current liabilities	$	696
Other noncurrent liabilities	$	3,863

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Related Party Transactions

9 Months Ended

Sep. 30, 2019

NBCUniversal Media LLC [Member]

Related Party Transaction [Line Items]

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.

As part of the Comcast cash management process, we and Comcast have a revolving credit agreement with a maturity date of 2026 that allows us to borrow from Comcast and for Comcast to borrow from us up to $5 billion. Depending on the receivable or payable position, amounts owed by us to Comcast or to us by Comcast under the revolving credit agreements are presented under the captions “notes payable to Comcast” and “notes receivable from Comcast,” respectively, in our condensed consolidated balance sheet and are presented as current since the amounts include daily borrowings and repayments throughout the year based on our working capital needs.

In the third quarter of 2019, using a portion of the proceeds from a collateralized obligation, we issued $1.3 billion of non-interest bearing notes due 2024 to Comcast, repaid $1.0 billion under our revolving credit agreement with Comcast, and repaid the $610 million 4.00% notes due 2049 to Comcast.

Comcast is also the counterparty to one of our contractual obligations. As of September 30, 2019, 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 Statement of Income

	Three Months Ended September 30						Nine Months Ended September 30
(in millions)	2019			2018			2019			2018
Transactions with Comcast and Consolidated Subsidiaries
Revenue	$	597		$	506		$	1,808		$	1,580
Total costs and expenses	$	(73	)	$	(59	)	$	(198	)	$	(162	)
Interest expense and investment and other income (loss), net	$	(162	)	$	(9	)	$	(148	)	$	(52	)

Condensed Consolidated Balance Sheet

(in millions)	September 30, 2019		December 31, 2018
Transactions with Comcast and Consolidated Subsidiaries
Receivables, net	$	533	$	464
Notes receivable from Comcast, current	$	4,192	$	2,054
Film and television costs	$	21	$	27
Note receivable from Comcast, noncurrent	$	1,101	$	—
Other noncurrent assets, net	$	71	$	—
Accounts payable and accrued expenses related to trade creditors	$	75	$	78
Accrued expenses and other current liabilities	$	84	$	32
Notes payable to Comcast	$	91	$	54
Long-term debt (See Note 4)	$	158	$	701
Other noncurrent liabilities	$	459	$	410

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. For the three months ended September 30, 2019 and 2018, we recognized share-based compensation expense of $45 million and $37 million, respectively. For the nine months ended September 30, 2019 and 2018, we recognized share-based compensation expense of $141 million and $115 million, respectively.

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Segment Information (Tables)

9 Months Ended

Sep. 30, 2019

Segment Reporting Information [Line Items]

Financial Data by Business Segment

Our financial data by business segment is presented in the tables below.

	Three Months Ended September 30, 2019
(in millions)	Revenue			Adjusted EBITDA(d)			Depreciation and Amortization		Capital Expenditures		Cash Paid for Intangible Assets
Cable Communications	$	14,584		$	5,801		$	1,967	$	1,814	$	336
NBCUniversal
Cable Networks	2,771			955			184		9		4
Broadcast Television	2,230			338			36		36		3
Filmed Entertainment	1,706			195			21		5		5
Theme Parks	1,631			731			182		400		8
Headquarters and Other(a)	21			(130		)	114		55		43
Eliminations(b)	(64		)	2			—		—		—
NBCUniversal	8,295			2,091			537		505		63
Sky	4,554			899			644		104		188
Corporate and Other(c)	42			(237		)	32		88		21
Eliminations(b)	(648		)	(1		)	—		—		—
Comcast Consolidated	$	26,827		$	8,553		$	3,180	$	2,511	$	608

	Three Months Ended September 30, 2018
(in millions)	Revenue			Adjusted EBITDA(d)			Depreciation and Amortization		Capital Expenditures		Cash Paid for Intangible Assets
Cable Communications	$	14,023		$	5,434		$	2,077	$	1,945	$	367
NBCUniversal
Cable Networks	2,850			959			180		11		6
Broadcast Television	2,452			321			32		37		—
Filmed Entertainment	1,819			214			26		9		6
Theme Parks	1,528			725			170		269		23
Headquarters and Other(a)	15			(161		)	106		79		43
Eliminations(b)	(68		)	(1		)	—		—		—
NBCUniversal	8,596			2,057			514		405		78
Corporate and Other(c)	73			(188		)	27		34		—
Eliminations(b)	(557		)	10			—		—		—
Comcast Consolidated	$	22,135		$	7,313		$	2,618	$	2,384	$	445

	Nine Months Ended September 30, 2019
(in millions)	Revenue			Adjusted EBITDA(d)			Depreciation and Amortization		Capital Expenditures		Cash Paid for Intangible Assets
Cable Communications	$	43,314		$	17,383		$	6,038	$	4,771	$	962
NBCUniversal
Cable Networks	8,586			3,418			549		21		10
Broadcast Television	7,099			1,259			115		86		9
Filmed Entertainment	4,931			742			60		13		16
Theme Parks	4,371			1,819			514		1,172		44
Headquarters and Other(a)	60			(486		)	341		139		120
Eliminations(b)	(233		)	—			—		—		—
NBCUniversal	24,814			6,752			1,579		1,431		199
Sky	14,179			2,334			2,058		540		491
Corporate and Other(c)	206			(637		)	101		124		34
Eliminations(b)	(1,969		)	(10		)	—		—		—
Comcast Consolidated	$	80,544		$	25,822		$	9,776	$	6,866	$	1,686

	Nine Months Ended September 30, 2018
(in millions)	Revenue			Adjusted EBITDA(d)			Depreciation and Amortization		Capital Expenditures		Cash Paid for Intangible Assets
Cable Communications	$	41,638		$	16,100		$	6,161	$	5,403	$	998
NBCUniversal
Cable Networks(e)	8,881			3,389			548		22		15
Broadcast Television(e)	8,340			1,245			106		99		75
Filmed Entertainment	5,176			555			117		24		20
Theme Parks	4,170			1,789			492		811		158
Headquarters and Other(a)	44			(497		)	314		179		106
Eliminations(b)(e)	(245		)	(3		)	—		—		—
NBCUniversal	26,366			6,478			1,577		1,135		374
Corporate and Other(c)	412			(566		)	82		69		3
Eliminations(b)(e)	(1,755		)	(38		)	—		—		—
Comcast Consolidated	$	66,661		$	21,974		$	7,820	$	6,607	$	1,375

(a) NBCUniversal 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. 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 Cable Networks and Broadcast Television segments generate revenue by selling advertising to our Cable Communications segment

• our Filmed Entertainment and Broadcast Television segments generate revenue by licensing content to our Cable Networks segment; for segment reporting, this revenue is recognized as the programming rights asset for the licensed content is amortized based on third party revenue

• our Filmed Entertainment, Cable Networks and Broadcast Television segments generate revenue by licensing content to our Sky segment

(c) Corporate and Other activities include costs associated with overhead and personnel, revenue and expenses associated with the operations of Comcast Spectacor, which owns the Philadelphia Flyers and the Wells Fargo Center arena in Philadelphia, Pennsylvania, and other business initiatives, such as the development of Peacock, NBCUniversal’s direct-to-consumer streaming service.

(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 Comcast Corporation before net income (loss) attributable to noncontrolling interests and redeemable subsidiary preferred stock, income tax expense, investment and other income (loss), net, interest expense, depreciation and amortization expense, and other operating gains and losses (such as impairment charges related to fixed and intangible assets and gains or losses on the sale of long-lived assets), if any. From time to time, we may exclude from Adjusted EBITDA the impact of certain events, gains, losses or other charges (such as significant legal settlements) that affect the period-to-period comparability of our operating performance. 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 September 30						Nine Months Ended September 30
(in millions)	2019			2018			2019			2018
Adjusted EBITDA	$	8,553		$	7,313		$	25,822		$	21,974
Adjustment for Sky transaction-related costs	(33		)	—			(168		)	—
Depreciation	(2,124		)	(2,038		)	(6,561		)	(6,070		)
Amortization	(1,056		)	(580		)	(3,215		)	(1,750		)
Other operating gains	—			141			—			341
Interest expense	(1,167		)	(830		)	(3,454		)	(2,413		)
Investment and other income (loss), net	(110		)	(111		)	511			92
Income before income taxes	$	4,063		$	3,895		$	12,935		$	12,174

(e)

The revenue and operating costs and expenses associated with our broadcast of the 2018 PyeongChang Olympics were reported in our Cable Networks and Broadcast Television segments. The revenue and operating costs and expenses associated with our broadcast of the 2018 Super Bowl were reported in our Broadcast Television segment. Included in Eliminations are transactions relating to these events that our Broadcast Television and Cable Networks segments enter into with our other segments.

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.

	Three Months Ended September 30						Nine Months Ended September 30
(in millions)	2019			2018			2019			2018
Adjusted EBITDA	$	8,553		$	7,313		$	25,822		$	21,974
Adjustment for Sky transaction-related costs	(33		)	—			(168		)	—
Depreciation	(2,124		)	(2,038		)	(6,561		)	(6,070		)
Amortization	(1,056		)	(580		)	(3,215		)	(1,750		)
Other operating gains	—			141			—			341
Interest expense	(1,167		)	(830		)	(3,454		)	(2,413		)
Investment and other income (loss), net	(110		)	(111		)	511			92
Income before income taxes	$	4,063		$	3,895		$	12,935		$	12,174

NBCUniversal Media LLC [Member]

Segment Reporting Information [Line Items]

Financial Data by Business Segment

We use Adjusted EBITDA to evaluate the profitability of our operating segments and the components of net income attributable to NBCUniversal excluded from Adjusted EBITDA are not separately evaluated. To be consistent with our current management reporting presentation, 2018 operating results were reclassified related to certain NBCUniversal businesses now presented in Headquarters and Other. Our financial data by business segment is presented in the tables below.

	Three Months Ended September 30, 2019
(in millions)	Revenue			Adjusted EBITDA(c)			Depreciation and Amortization		Capital Expenditures		Cash Paid for Intangible Assets
Cable Networks	$	2,771		$	955		$	184	$	9	$	4
Broadcast Television	2,230			338			36		36		3
Filmed Entertainment	1,706			195			21		5		5
Theme Parks	1,631			731			182		400		8
Headquarters and Other(a)	21			(133		)	114		55		43
Eliminations(b)	(65		)	3			—		—		—
Total	$	8,294		$	2,089		$	537	$	505	$	63

	Three Months Ended September 30, 2018
(in millions)	Revenue			Adjusted EBITDA(c)			Depreciation and Amortization		Capital Expenditures		Cash Paid for Intangible Assets
Cable Networks	$	2,850		$	959		$	180	$	11	$	6
Broadcast Television	2,452			321			32		37		—
Filmed Entertainment	1,819			214			26		9		6
Theme Parks	1,528			725			170		269		23
Headquarters and Other(a)	49			(152		)	106		79		43
Eliminations(b)	(73		)	(1		)	—		—		—
Total	$	8,625		$	2,066		$	514	$	405	$	78

	Nine Months Ended September 30, 2019
(in millions)	Revenue			Adjusted EBITDA(c)			Depreciation and Amortization		Capital Expenditures		Cash Paid for Intangible Assets
Cable Networks	$	8,586		$	3,418		$	549	$	21	$	10
Broadcast Television	7,099			1,259			115		86		9
Filmed Entertainment	4,931			742			60		13		16
Theme Parks	4,371			1,819			514		1,172		44
Headquarters and Other(a)	117			(492		)	341		139		120
Eliminations(b)	(238		)	1			—		—		—
Total	$	24,866		$	6,747		$	1,579	$	1,431	$	199

 

	Nine Months Ended September 30, 2018
(in millions)	Revenue			Adjusted EBITDA(c)			Depreciation and Amortization		Capital Expenditures		Cash Paid for Intangible Assets
Cable Networks(d)	$	8,881		$	3,389		$	548	$	22	$	15
Broadcast Television(d)	8,340			1,245			106		99		75
Filmed Entertainment	5,176			555			117		24		20
Theme Parks	4,170			1,789			492		811		158
Headquarters and Other(a)	157			(464		)	314		179		106
Eliminations(b)(d)	(256		)	(3		)	—		—		—
Total	$	26,468		$	6,511		$	1,577	$	1,135	$	374

(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 consisted primarily of the licensing of film and television content from our Filmed Entertainment and Broadcast Television segments to our Cable Networks segment; for segment reporting, this revenue is recognized as the programming rights asset for the licensed content is amortized based on third party revenue.

(c) 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, investment and other income (loss), net, interest expense, depreciation and amortization expense, and other operating gains and losses (such as impairment charges related to fixed and intangible assets and gains or losses on the sale of long-lived assets), if any. From time to time, we may exclude from Adjusted EBITDA the impact of certain events, gains, losses or other charges (such as significant legal settlements) that affect the period-to-period comparability of our operating performance. 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 September 30						Nine Months Ended September 30
(in millions)	2019			2018			2019			2018
Adjusted EBITDA	$	2,089		$	2,066		$	6,747		$	6,511
Depreciation	(259		)	(250		)	(755		)	(750		)
Amortization	(278		)	(264		)	(824		)	(827		)
Other operating gains	—			141			—			141
Interest expense	(348		)	(134		)	(601		)	(394		)
Investment and other income (loss), net	169			(205		)	449			(377		)
Income before income taxes	$	1,373		$	1,354		$	5,016		$	4,304

(d)

The revenue and operating costs and expenses associated with our broadcast of the 2018 PyeongChang Olympics were reported in our Cable Networks and Broadcast Television segments. The revenue and operating costs and expenses associated with our broadcast of the 2018 Super Bowl were reported in our Broadcast Television segment. Included in Eliminations are transactions relating to these events that our Broadcast Television and Cable Networks segments entered into with our other segments.

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.

	Three Months Ended September 30						Nine Months Ended September 30
(in millions)	2019			2018			2019			2018
Adjusted EBITDA	$	2,089		$	2,066		$	6,747		$	6,511
Depreciation	(259		)	(250		)	(755		)	(750		)
Amortization	(278		)	(264		)	(824		)	(827		)
Other operating gains	—			141			—			141
Interest expense	(348		)	(134		)	(601		)	(394		)
Investment and other income (loss), net	169			(205		)	449			(377		)
Income before income taxes	$	1,373		$	1,354		$	5,016		$	4,304

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Film and Television Costs (Tables)

9 Months Ended

Sep. 30, 2019

Film And Television Costs [Line Items]

Film and Television Costs

(in millions)	September 30, 2019		December 31, 2018
Film Costs:
Released, less amortization	$	1,615	$	1,600
Completed, not released	124		144
In production and in development	1,282		1,063
	3,021		2,807
Television Costs:
Released, less amortization	2,514		2,289
In production and in development	1,228		953
	3,742		3,242
Programming rights, less amortization	5,341		5,534
	12,104		11,583
Less: Current portion of programming rights	3,457		3,746
Film and television costs	$	8,647	$	7,837

NBCUniversal Media LLC [Member]

Film And Television Costs [Line Items]

Film and Television Costs

(in millions)	September 30, 2019		December 31, 2018
Film Costs:
Released, less amortization	$	1,615	$	1,600
Completed, not released	124		144
In production and in development	1,282		1,063
	3,021		2,807
Television Costs:
Released, less amortization	2,410		2,161
In production and in development	1,228		953
	3,638		3,114
Programming rights, less amortization	2,578		2,694
	9,237		8,615
Less: Current portion of programming rights	1,461		1,323
Film and television costs	$	7,776	$	7,292

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Supplemental Financial Information (Cash Payments for Interest and Income Taxes) (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Cash Payments for Interest and Income Taxes
Interest	$ 3,167	$ 2,240
Income taxes	2,490	1,533
NBCUniversal Media LLC [Member]
Cash Payments for Interest and Income Taxes
Interest	314	253
Income taxes	$ 292	$ 373

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Related Party Transactions (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018
Related Party Transaction [Line Items]
Repayments of debt			$ 9,975	$ 4,405
Other noncurrent liabilities	$ 16,853		16,853		$ 15,329
Recognized share-based compensation expense	208	$ 151	636	458
NBCUniversal Media LLC [Member]
Related Party Transaction [Line Items]
Note receivable from Comcast	1,101		1,101		0
Repayments of debt			2,739	387
Other noncurrent liabilities	6,451		6,451		5,177
Recognized share-based compensation expense	45	$ 37	141	$ 115
Comcast and Consolidated Subsidiaries [Member] | NBCUniversal Media LLC [Member]
Related Party Transaction [Line Items]
Note receivable from Comcast	1,101		1,101		0
Other noncurrent liabilities	459		459		$ 410
Carrying Value of Related Party Contractual Obligation [Member] | NBCUniversal Media LLC [Member]
Related Party Transaction [Line Items]
Other noncurrent liabilities	383		$ 383
4.00% Notes Due 2049 [Member] | Notes Payable [Member] | Comcast and Consolidated Subsidiaries [Member] | NBCUniversal Media LLC [Member]
Related Party Transaction [Line Items]
Repayments of debt	$ 610
Interest rate	4.00%		4.00%
Comcast and NBCUniveral Revolving Credit Agreements [Member] | NBCUniversal Media LLC [Member]
Related Party Transaction [Line Items]
Revolving credit agreement capacity	$ 5,000		$ 5,000
Repayments of debt	1,000
Non-Interest Bearing Notes Due 2024 [Member] | NBCUniversal Media LLC [Member]
Related Party Transaction [Line Items]
Note receivable from Comcast	$ 1,300		$ 1,300

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Recent Accounting Pronouncements (Narrative) (Details) - USD ($) $ in Millions	Sep. 30, 2019	Jan. 01, 2019
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating lease liabilities	$ 4,559
NBCUniversal Media LLC [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating lease liabilities	$ 1,697
Accounting Standards Update 2016-02 [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating lease assets		$ 4,200
Operating lease liabilities		4,800
Finance lease liabilities		787
Accounting Standards Update 2016-02 [Member] | Sky Limited [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Additional finance lease liability		229
Accounting Standards Update 2016-02 [Member] | NBCUniversal Media LLC [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating lease assets		1,700
Operating lease liabilities		1,800
Finance lease liabilities		$ 332

XML

Significant Transactions (Allocation of Purchase Price) (Details) $ in Millions, £ in Billions			9 Months Ended
	Oct. 09, 2018 USD ($)	Oct. 09, 2018 GBP (£)	Sep. 30, 2019 USD ($)
Business Acquisition [Line Items]
Goodwill			$ 154
Sky Limited [Member]
Business Acquisition [Line Items]
Consideration transferred	$ 39,387	£ 30.2
Cash	1,283
Accounts receivable and other current assets	2,359
Film and television costs	2,512
Property and equipment	4,127
Intangible assets	19,539
Accounts payable, accrued liabilities and other current liabilities	(5,885)
Long-term debt	(11,468)
Deferred tax assets (liabilities), net	(2,974)
Other noncurrent assets and (liabilities), net	(1,398)
Fair value of identifiable net assets acquired	8,095
Goodwill	$ 31,292

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Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Earnings Per Share [Abstract]
Net Income Attributable to Comcast Corporation	$ 3,217	$ 2,886	$ 9,895	$ 9,220
Basic EPS attributable to Comcast Corporation shareholders (in shares)	4,551	4,564	4,544	4,599
Basic earnings per common share attributable to Comcast Corporation shareholders (in dollars per share)	$ 0.71	$ 0.63	$ 2.18	$ 2.00
Effect of dilutive securities:
Net Income Attributable to Comcast Corporation	$ 3,217	$ 2,886	$ 9,895	$ 9,220
Assumed exercise or issuance of shares relating to stock plans (in shares)	68	55	62	56
Diluted EPS attributable to Comcast Corporation shareholders (in shares)	4,619	4,619	4,606	4,655
Diluted earnings per common share attributable to Comcast Corporation shareholders (in dollars per share)	$ 0.70	$ 0.62	$ 2.15	$ 1.98

XML

Condensed Consolidated Financial Statements

9 Months Ended

Sep. 30, 2019

Condensed Consolidated Financial Statements [Line Items]

Condensed Consolidated Financial Statements

Condensed Consolidated Financial Statements

Business and Basis of Presentation

We have prepared these unaudited condensed consolidated financial statements based on SEC rules that permit reduced disclosure for interim periods. These financial statements include all adjustments that are necessary for a fair presentation of our consolidated results of operations, cash flows and financial condition for the periods shown, including normal, recurring accruals and other items. The consolidated results of operations for the interim periods presented are not necessarily indicative of results for the full year.

The year-end condensed consolidated balance sheet was derived from audited financial statements but does not include all disclosures required by generally accepted accounting principles in the United States (“GAAP”). For a more complete discussion of our accounting policies and certain other information, refer to our consolidated financial statements included in our 2018 Annual Report on Form 10-K and the notes within this Form 10-Q.

In the fourth quarter of 2018, we acquired a 100% interest in Sky through a series of transactions, for total cash consideration of £30.2 billion (approximately $39.4 billion using the exchange rates on the purchase dates). See Note 6 for additional information on the transaction.

Reclassifications

Reclassifications have been made to our condensed consolidated financial statements for the prior year periods to conform to classifications used in 2019. See Note 7 for a discussion of the effects of the adoption of new accounting pronouncements on our condensed consolidated financial statements.

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, cash flows and financial condition for the periods shown, including normal, recurring accruals and other items. The consolidated results of operations for the interim periods presented are not necessarily indicative of results for the full year.

The year-end condensed consolidated balance sheet was derived from audited financial statements but does not include all disclosures required by generally accepted accounting principles in the United States (“GAAP”). For a more complete discussion of our accounting policies and certain other information, refer to our consolidated financial statements included in our 2018 Annual Report on Form 10-K and the notes within this Form 10-Q.

See Note 6 for a discussion of the effects of the adoption of new accounting pronouncements on our condensed consolidated financial statements.

XML

Condensed Consolidating Financial Information (Condensed Consolidating Statement of Income) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Revenue:
Revenue	$ 26,827	$ 22,135	$ 80,544	$ 66,661
Costs and Expenses:
Programming and production	8,316	6,711	25,140	20,440
Other operating and administrative	8,090	6,444	24,076	19,323
Advertising, marketing and promotion	1,901	1,667	5,674	4,924
Depreciation	2,124	2,038	6,561	6,070
Amortization	1,056	580	3,215	1,750
Other operating gains	0	(141)	0	(341)
Total costs and expenses	21,487	17,299	64,666	52,166
Operating income (loss)	5,340	4,836	15,878	14,495
Interest expense	(1,167)	(830)	(3,454)	(2,413)
Investment and other income (loss), net	(110)	(111)	511	92
Income (loss) before income taxes	4,063	3,895	12,935	12,174
Income tax (expense) benefit	(775)	(999)	(2,812)	(2,894)
Net income (loss)	3,288	2,896	10,123	9,280
Less: Net income (loss) attributable to noncontrolling interests and redeemable subsidiary preferred stock	71	10	228	60
Net income (loss) attributable to Comcast Corporation	3,217	2,886	9,895	9,220
Comprehensive income (loss) attributable to Comcast Corporation	2,120	2,799	9,104	9,139
Elimination and Consolidation Adjustments [Member]
Revenue:
Revenue	(645)	(593)	(1,861)	(1,762)
Costs and Expenses:
Programming and production	0	0	0	0
Other operating and administrative	(645)	(593)	(1,861)	(1,762)
Advertising, marketing and promotion	0	0	0	0
Depreciation	0	0	0	0
Amortization	0	0	0	0
Other operating gains		0		0
Total costs and expenses	(645)	(593)	(1,861)	(1,762)
Operating income (loss)	0	0	0	0
Interest expense	0	0	0	0
Investment and other income (loss), net	(14,257)	(12,438)	(44,102)	(38,519)
Income (loss) before income taxes	(14,257)	(12,438)	(44,102)	(38,519)
Income tax (expense) benefit	0	0	0	0
Net income (loss)	(14,257)	(12,438)	(44,102)	(38,519)
Less: Net income (loss) attributable to noncontrolling interests and redeemable subsidiary preferred stock	0	0	0	0
Net income (loss) attributable to Comcast Corporation	(14,257)	(12,438)	(44,102)	(38,519)
Comprehensive income (loss) attributable to Comcast Corporation	(12,947)	(12,098)	(43,298)	(38,202)
Comcast Parent [Member] | Reportable Legal Entities [Member]
Revenue:
Revenue	326	299	940	889
Costs and Expenses:
Programming and production	0	0	0	0
Other operating and administrative	209	208	575	626
Advertising, marketing and promotion	0	0	0	0
Depreciation	14	12	44	34
Amortization	1	1	4	4
Other operating gains		0		0
Total costs and expenses	224	221	623	664
Operating income (loss)	102	78	317	225
Interest expense	(873)	(600)	(2,646)	(1,739)
Investment and other income (loss), net	3,776	3,299	11,683	10,416
Income (loss) before income taxes	3,005	2,777	9,354	8,902
Income tax (expense) benefit	212	109	541	318
Net income (loss)	3,217	2,886	9,895	9,220
Less: Net income (loss) attributable to noncontrolling interests and redeemable subsidiary preferred stock	0	0	0	0
Net income (loss) attributable to Comcast Corporation	3,217	2,886	9,895	9,220
Comprehensive income (loss) attributable to Comcast Corporation	2,120	2,799	9,104	9,139
Non-Guarantor Subsidiaries [Member] | Reportable Legal Entities [Member]
Revenue:
Revenue	26,827	22,135	80,544	66,661
Costs and Expenses:
Programming and production	8,316	6,711	25,140	20,440
Other operating and administrative	7,977	6,305	23,715	18,814
Advertising, marketing and promotion	1,901	1,667	5,674	4,924
Depreciation	2,110	2,026	6,517	6,036
Amortization	1,055	579	3,211	1,746
Other operating gains		(141)		(341)
Total costs and expenses	21,359	17,147	64,257	51,619
Operating income (loss)	5,468	4,988	16,287	15,042
Interest expense	(104)	(66)	(279)	(190)
Investment and other income (loss), net	1,390	1,065	5,287	3,977
Income (loss) before income taxes	6,754	5,987	21,295	18,829
Income tax (expense) benefit	(989)	(1,115)	(3,357)	(3,229)
Net income (loss)	5,765	4,872	17,938	15,600
Less: Net income (loss) attributable to noncontrolling interests and redeemable subsidiary preferred stock	71	10	228	60
Net income (loss) attributable to Comcast Corporation	5,694	4,862	17,710	15,540
Comprehensive income (loss) attributable to Comcast Corporation	4,397	4,663	16,857	15,357
Comcast Holdings [Member] | Subsidiary Issuer [Member] | Reportable Legal Entities [Member]
Revenue:
Revenue	0	0	0	0
Costs and Expenses:
Programming and production	0	0	0	0
Other operating and administrative	0	0	0	0
Advertising, marketing and promotion	0	0	0	0
Depreciation	0	0	0	0
Amortization	0	0	0	0
Other operating gains		0		0
Total costs and expenses	0	0	0	0
Operating income (loss)	0	0	0	0
Interest expense	(3)	(3)	(9)	(9)
Investment and other income (loss), net	3,729	3,380	11,602	10,279
Income (loss) before income taxes	3,726	3,377	11,593	10,270
Income tax (expense) benefit	(2)	(1)	(9)	0
Net income (loss)	3,724	3,376	11,584	10,270
Less: Net income (loss) attributable to noncontrolling interests and redeemable subsidiary preferred stock	0	0	0	0
Net income (loss) attributable to Comcast Corporation	3,724	3,376	11,584	10,270
Comprehensive income (loss) attributable to Comcast Corporation	3,722	3,349	11,600	10,245
CCCL Parent [Member] | Guarantor Subsidiaries [Member] | Reportable Legal Entities [Member]
Revenue:
Revenue	319	294	921	873
Costs and Expenses:
Programming and production	0	0	0	0
Other operating and administrative	319	294	921	873
Advertising, marketing and promotion	0	0	0	0
Depreciation	0	0	0	0
Amortization	0	0	0	0
Other operating gains		0		0
Total costs and expenses	319	294	921	873
Operating income (loss)	0	0	0	0
Interest expense	(47)	(48)	(143)	(143)
Investment and other income (loss), net	3,620	3,007	10,310	8,832
Income (loss) before income taxes	3,573	2,959	10,167	8,689
Income tax (expense) benefit	10	10	30	29
Net income (loss)	3,583	2,969	10,197	8,718
Less: Net income (loss) attributable to noncontrolling interests and redeemable subsidiary preferred stock	0	0	0	0
Net income (loss) attributable to Comcast Corporation	3,583	2,969	10,197	8,718
Comprehensive income (loss) attributable to Comcast Corporation	3,584	2,974	10,201	8,723
NBCUniversal Media Parent [Member] | Guarantor Subsidiaries [Member] | Reportable Legal Entities [Member]
Revenue:
Revenue	0	0	0	0
Costs and Expenses:
Programming and production	0	0	0	0
Other operating and administrative	230	230	726	772
Advertising, marketing and promotion	0	0	0	0
Depreciation	0	0	0	0
Amortization	0	0	0	0
Other operating gains		0		0
Total costs and expenses	230	230	726	772
Operating income (loss)	(230)	(230)	(726)	(772)
Interest expense	(140)	(113)	(377)	(332)
Investment and other income (loss), net	1,632	1,576	5,731	5,107
Income (loss) before income taxes	1,262	1,233	4,628	4,003
Income tax (expense) benefit	(6)	(2)	(17)	(12)
Net income (loss)	1,256	1,231	4,611	3,991
Less: Net income (loss) attributable to noncontrolling interests and redeemable subsidiary preferred stock	0	0	0	0
Net income (loss) attributable to Comcast Corporation	1,256	1,231	4,611	3,991
Comprehensive income (loss) attributable to Comcast Corporation	1,244	1,112	4,640	3,877
Service [Member]
Revenue:
Revenue	26,827	22,135	80,544	66,661
Service [Member] | Elimination and Consolidation Adjustments [Member]
Revenue:
Revenue	0	0	0	0
Service [Member] | Comcast Parent [Member] | Reportable Legal Entities [Member]
Revenue:
Revenue	0	0	0	0
Service [Member] | Non-Guarantor Subsidiaries [Member] | Reportable Legal Entities [Member]
Revenue:
Revenue	26,827	22,135	80,544	66,661
Service [Member] | Comcast Holdings [Member] | Subsidiary Issuer [Member] | Reportable Legal Entities [Member]
Revenue:
Revenue	0	0	0	0
Service [Member] | CCCL Parent [Member] | Guarantor Subsidiaries [Member] | Reportable Legal Entities [Member]
Revenue:
Revenue	0	0	0	0
Service [Member] | NBCUniversal Media Parent [Member] | Guarantor Subsidiaries [Member] | Reportable Legal Entities [Member]
Revenue:
Revenue	0	0	0	0
Management Fee [Member]
Revenue:
Revenue	0	0	0	0
Management Fee [Member] | Elimination and Consolidation Adjustments [Member]
Revenue:
Revenue	(645)	(593)	(1,861)	(1,762)
Management Fee [Member] | Comcast Parent [Member] | Reportable Legal Entities [Member]
Revenue:
Revenue	326	299	940	889
Management Fee [Member] | Non-Guarantor Subsidiaries [Member] | Reportable Legal Entities [Member]
Revenue:
Revenue	0	0	0	0
Management Fee [Member] | Comcast Holdings [Member] | Subsidiary Issuer [Member] | Reportable Legal Entities [Member]
Revenue:
Revenue	0	0	0	0
Management Fee [Member] | CCCL Parent [Member] | Guarantor Subsidiaries [Member] | Reportable Legal Entities [Member]
Revenue:
Revenue	319	294	921	873
Management Fee [Member] | NBCUniversal Media Parent [Member] | Guarantor Subsidiaries [Member] | Reportable Legal Entities [Member]
Revenue:
Revenue	$ 0	$ 0	$ 0	$ 0

XML

Document and Entity Information	9 Months Ended
	Sep. 30, 2019 shares
Document And Entity Information [Line Items]
Document Type	10-Q
Document Fiscal Period Focus	Q3
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2019
Document Transition Report	false
Amendment Flag	false
Document Fiscal Year Focus	2019
Current Fiscal Year End Date	--12-31
Entity File Number	001-32871
Entity Registrant Name	COMCAST CORPORATION
Entity Central Index Key	0001166691
Entity Tax Identification Number	27-0000798
Entity Incorporation, State or Country Code	PA
Entity Address, Address Line One	One Comcast Center
Entity Address, City or Town	Philadelphia
Entity Address, State or Province	PA
Entity Address, Postal Zip Code	19103-2838
City Area Code	215
Local Phone Number	286-1700
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
NBCUniversal Media LLC [Member]
Document And Entity Information [Line Items]
Entity File Number	001-36438
Entity Registrant Name	NBCUNIVERSAL MEDIA, LLC
Entity Central Index Key	0000902739
Entity Tax Identification Number	14-1682529
Entity Incorporation, State or Country Code	DE
Entity Address, Address Line One	30 Rockefeller Plaza
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10112-0015
City Area Code	212
Local Phone Number	664-4444
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Class A Common Stock [Member]
Document And Entity Information [Line Items]
Title of 12(b) Security	Class A Common Stock, $0.01 par value
Trading Symbol	CMCSA
Security Exchange Name	NASDAQ
Entity Common Stock, Shares Outstanding	4,539,805,879
2.0% Exchangeable Subordinated Debentures Due 2029 [Member]
Document And Entity Information [Line Items]
Title of 12(b) Security	2.0% Exchangeable Subordinated Debentures due 2029
Trading Symbol	CCZ
Security Exchange Name	NYSE
5.50% Notes Due 2029 [Member]
Document And Entity Information [Line Items]
Title of 12(b) Security	5.50% Notes due 2029
Trading Symbol	CCGBP29
Security Exchange Name	NYSE
9.455% Guaranteed Notes Due 2022 [Member]
Document And Entity Information [Line Items]
Title of 12(b) Security	9.455% Guaranteed Notes due 2022
Trading Symbol	CMCSA/22
Security Exchange Name	NYSE
Class B Common Stock [Member]
Document And Entity Information [Line Items]
Entity Common Stock, Shares Outstanding	9,444,375

XML

Condensed Consolidated Statement of Cash Flows - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Operating Activities
Net income	$ 10,123	$ 9,280
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, amortization and other operating gains	9,776	7,479
Share-based compensation	790	607
Noncash interest expense (income), net	310	289
Net (gain) loss on investment activity and other	(166)	118
Deferred income taxes	468	877
Changes in operating assets and liabilities, net of effects of acquisitions and divestitures:
Current and noncurrent receivables, net	360	(225)
Film and television costs, net	(321)	64
Accounts payable and accrued expenses related to trade creditors	(1,149)	(85)
Other operating assets and liabilities	(729)	103
Net cash provided by operating activities	19,462	18,507
Investing Activities
Capital expenditures	(6,866)	(6,607)
Cash paid for intangible assets	(1,686)	(1,375)
Acquisitions and construction of real estate properties	(40)	(129)
Construction of Universal Beijing Resort	(736)	(257)
Acquisitions, net of cash acquired	(181)	(88)
Proceeds from sales of businesses and investments	208	127
Purchases of investments	(1,697)	(840)
Other	86	579
Net cash provided by (used in) investing activities	(10,912)	(8,590)
Financing Activities
Proceeds from (repayments of) short-term borrowings, net	(1,288)	2,909
Proceeds from borrowings	516	9,850
Proceeds from collateralized obligation	5,175	0
Repurchases and repayments of debt	(9,975)	(4,405)
Repurchases of common stock under repurchase program and employee plans	(432)	(4,282)
Dividends paid	(2,778)	(2,487)
Distributions to noncontrolling interests and dividends for redeemable subsidiary preferred stock	(235)	(209)
Other	191	(242)
Net cash provided by (used in) financing activities	(8,826)	1,134
Impact of foreign currency on cash, cash equivalents and restricted cash	(31)	0
Increase (decrease) in cash, cash equivalents and restricted cash	(307)	11,051
Cash, cash equivalents and restricted cash, beginning of period	3,909	3,571
Cash, cash equivalents and restricted cash, end of period	3,602	14,622
NBCUniversal Media LLC [Member]
Operating Activities
Net income	4,777	4,013
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	1,579	1,436
Net (gain) loss on investment activity and other	(12)	497
Deferred income taxes	(13)	21
Changes in operating assets and liabilities, net of effects of acquisitions and divestitures:
Current and noncurrent receivables, net	284	90
Film and television costs, net	(656)	69
Accounts payable and accrued expenses related to trade creditors	(180)	(123)
Other operating assets and liabilities	(367)	(165)
Net cash provided by operating activities	5,412	5,838
Investing Activities
Capital expenditures	(1,431)	(1,135)
Cash paid for intangible assets	(199)	(374)
Note receivable from Comcast	(3,238)	(1,522)
Construction of Universal Beijing Resort	(736)	(257)
Purchases of investments	(1,017)	(450)
Other	(5)	(45)
Net cash provided by (used in) investing activities	(6,626)	(3,783)
Financing Activities
Proceeds from borrowings	572	485
Proceeds from collateralized obligation	5,175	0
Repurchases and repayments of debt	(2,739)	(387)
Proceeds from (repayments of) borrowings from Comcast, net	(79)	(1,791)
Distributions to member	(1,775)	(1,228)
Distributions to noncontrolling interests	(183)	(163)
Other	(44)	(147)
Net cash provided by (used in) financing activities	927	(3,231)
Increase (decrease) in cash, cash equivalents and restricted cash	(287)	(1,176)
Cash, cash equivalents and restricted cash, beginning of period	1,464	2,377
Cash, cash equivalents and restricted cash, end of period	$ 1,177	$ 1,201

XML

Film and Television Costs (Film and Television Costs) (Details) - USD ($) $ in Millions	Sep. 30, 2019	Dec. 31, 2018
Film Costs:
Released, less amortization	$ 1,615	$ 1,600
Completed, not released	124	144
In production and in development	1,282	1,063
Total film costs	3,021	2,807
Television Costs:
Released, less amortization	2,514	2,289
In production and in development	1,228	953
Total television costs	3,742	3,242
Programming rights, less amortization	5,341	5,534
Total film costs, television costs and programming rights	12,104	11,583
Less: Current portion of programming rights	3,457	3,746
Film and television costs	8,647	7,837
NBCUniversal Media LLC [Member]
Film Costs:
Released, less amortization	1,615	1,600
Completed, not released	124	144
In production and in development	1,282	1,063
Total film costs	3,021	2,807
Television Costs:
Released, less amortization	2,410	2,161
In production and in development	1,228	953
Total television costs	3,638	3,114
Programming rights, less amortization	2,578	2,694
Total film costs, television costs and programming rights	9,237	8,615
Less: Current portion of programming rights	1,461	1,323
Film and television costs	$ 7,776	$ 7,292

XML

Investments (Marketable Equity Securities) (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018
Schedule of Marketable Equity Securities [Line Items]
Marketable equity securities	$ 862	$ 862		$ 862		$ 341
Realized and unrealized gains (losses) on equity securities, net		174	$ (38)	582	$ (50)
Nonmarketable equity securities	1,933	1,933		1,933		1,805
NBCUniversal Media LLC [Member]
Schedule of Marketable Equity Securities [Line Items]
Marketable equity securities	725	725		725		162
Realized and unrealized gains (losses) on equity securities, net		178	(91)	436	(128)
Nonmarketable equity securities	794	794		794		811
Snap [Member]
Schedule of Marketable Equity Securities [Line Items]
Marketable equity securities, recognized unrealized gains (losses)		45	(135)	303	(180)
Marketable equity securities	465	465		465		162
Snap [Member] | NBCUniversal Media LLC [Member]
Schedule of Marketable Equity Securities [Line Items]
Marketable equity securities, recognized unrealized gains (losses)		45	$ (135)	303	$ (180)
Marketable equity securities	465	465		465		162
Peloton [Member]
Schedule of Marketable Equity Securities [Line Items]
Marketable equity securities	260	260		260
Realized and unrealized gains (losses) on equity securities, net	150
Nonmarketable equity securities						110
Peloton [Member] | NBCUniversal Media LLC [Member]
Schedule of Marketable Equity Securities [Line Items]
Marketable equity securities	260	$ 260		$ 260
Realized and unrealized gains (losses) on equity securities, net	$ 150
Nonmarketable equity securities						$ 110

XML

Supplemental Financial Information (Summary of Operating Lease Assets and Liabilities Recorded in the Consolidated Balance Sheets) (Details) - Accounting Standards Update 2016-02 [Member] - USD ($) $ in Millions	Sep. 30, 2019	Jan. 01, 2019
Lessee, Lease, Description [Line Items]
Operating lease assets		$ 4,200
Other Noncurrent Assets, Net [Member]
Lessee, Lease, Description [Line Items]
Operating lease assets	$ 4,011
Accrued Expenses and Other Current Liabilities [Member]
Lessee, Lease, Description [Line Items]
Operating lease liabilities, current	696
Other Noncurrent Liabilities [Member]
Lessee, Lease, Description [Line Items]
Operating lease liabilities, noncurrent	3,863
NBCUniversal Media LLC [Member]
Lessee, Lease, Description [Line Items]
Operating lease assets		$ 1,700
NBCUniversal Media LLC [Member] | Other Noncurrent Assets, Net [Member]
Lessee, Lease, Description [Line Items]
Operating lease assets	1,589
NBCUniversal Media LLC [Member] | Accrued Expenses and Other Current Liabilities [Member]
Lessee, Lease, Description [Line Items]
Operating lease liabilities, current	183
NBCUniversal Media LLC [Member] | Other Noncurrent Liabilities [Member]
Lessee, Lease, Description [Line Items]
Operating lease liabilities, noncurrent	$ 1,514

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Revenue (Revenue by Geographic Location) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Disaggregation of Revenue [Line Items]
Revenue	$ 26,827	$ 22,135	$ 80,544	$ 66,661
United States [Member]
Disaggregation of Revenue [Line Items]
Revenue	20,398	20,244	61,394	61,060
Europe [Member]
Disaggregation of Revenue [Line Items]
Revenue	5,211	825	15,878	2,345
Other [Member]
Disaggregation of Revenue [Line Items]
Revenue	1,218	1,066	3,272	3,256
NBCUniversal Media LLC [Member]
Disaggregation of Revenue [Line Items]
Revenue	8,294	8,625	24,866	26,468
NBCUniversal Media LLC [Member] | United States [Member]
Disaggregation of Revenue [Line Items]
Revenue	6,382	6,758	19,674	20,945
NBCUniversal Media LLC [Member] | Foreign [Member]
Disaggregation of Revenue [Line Items]
Revenue	$ 1,912	$ 1,867	$ 5,192	$ 5,523

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Condensed Consolidated Financial Statements (Details) - Sky Limited [Member] $ in Millions, £ in Billions	Oct. 09, 2018 USD ($)	Oct. 09, 2018 GBP (£)
Business Acquisition [Line Items]
Interest in business acquired in acquisition	100.00%	100.00%
Cash consideration transferred by Comcast	$ 39,387	£ 30.2

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Supplemental Financial Information (Tables)

9 Months Ended

Sep. 30, 2019

Supplemental Financial Information [Line Items]

Schedule of operating lease assets and liabilities

(in millions)	September 30, 2019		December 31, 2018
Noncurrent receivables, net (included in other noncurrent assets, net)	$	1,261	$	1,399
Contract acquisition and fulfillment costs (included in other noncurrent assets, net)	$	1,055	$	991
Noncurrent deferred revenue (included in other noncurrent liabilities)	$	663	$	650

Schedule of future minimum rental commitments for operating leases under new accounting guidance

The table below summarizes our future minimum rental commitments for operating leases as of September 30, 2019 applying the new accounting guidance.

(in millions)	September 30, 2019
Remaining three months of 2019	$	182
2020	880
2021	763
2022	633
2023	530
Thereafter	2,606
Total future minimum lease payments	5,594
Less: imputed interest	1,035
Total liability	$	4,559

Schedule of future minimum rental commitments and rent expense for operating leases under previous accounting guidance

The tables below summarize our future minimum rental commitments for operating leases as of December 31, 2018 and rent expense for operating leases for the three and nine months ended September 30, 2018 using the accounting guidance in effect at that time. These amounts have been updated to include $804 million of future cash payments related to additional contracts determined to be operating leases in connection with the Sky transaction.

(in millions)			December 31, 2018
2019			$	891
2020			$	824
2021			$	722
2022			$	592
2023			$	513
Thereafter			$	2,608
(in millions)	Three Months Ended September 30, 2018		Nine Months Ended September 30, 2018
Rental expense	$	178	$	548

Schedule of recognized share-based compensation expense

Recognized Share-Based Compensation Expense

	Three Months Ended September 30				Nine Months Ended September 30
(in millions)	2019		2018		2019		2018
Restricted share units	$	143	$	94	$	437	$	279
Stock options	57		50		176		155
Employee stock purchase plans	8		7		23		24
Total	$	208	$	151	$	636	$	458

Schedule of cash payments for interest and income taxes

Cash Payments for Interest and Income Taxes 

	Nine Months Ended September 30
(in millions)	2019		2018
Interest	$	3,167	$	2,240
Income taxes	$	2,490	$	1,533

Schedule of cash, cash equivalents and restricted cash

The following table provides a reconciliation of cash, cash equivalents and restricted cash reported in the condensed consolidated balance sheet to the total of the amounts reported in our condensed consolidated statement of cash flows.

(in millions)	September 30, 2019		December 31, 2018
Cash and cash equivalents	$	3,507	$	3,814
Restricted cash included in other current assets	47		46
Restricted cash included in other noncurrent assets, net	48		49
Cash, cash equivalents and restricted cash, end of period	$	3,602	$	3,909

Schedule of accumulated other comprehensive income (loss)

Accumulated Other Comprehensive Income (Loss)

(in millions)	September 30, 2019			September 30, 2018
Unrealized gains (losses) on marketable securities	$	7		$	2
Deferred gains (losses) on cash flow hedges	162			28
Unrecognized gains (losses) on employee benefit obligations	301			294
Cumulative translation adjustments	(1,629		)	50
Accumulated other comprehensive income (loss), net of deferred taxes	$	(1,159	)	$	374

NBCUniversal Media LLC [Member]

Supplemental Financial Information [Line Items]

Schedule of operating lease assets and liabilities

(in millions)	September 30, 2019		December 31, 2018
Noncurrent receivables, net (included in other noncurrent assets, net)	$	1,097	$	1,180
Noncurrent deferred revenue (included in other noncurrent liabilities)	$	422	$	481

Schedule of future minimum rental commitments for operating leases under new accounting guidance

The table below summarizes our future minimum rental commitments for operating leases as of September 30, 2019 applying the new accounting guidance.

(in millions)	September 30, 2019
Remaining three months of 2019	$	56
2020	258
2021	223
2022	185
2023	159
Thereafter	1,473
Total future minimum lease payments	2,354
Less: imputed interest	657
Total liability	$	1,697

Schedule of future minimum rental commitments and rent expense for operating leases under previous accounting guidance

The tables below summarize our future minimum rental commitments for operating leases as of December 31, 2018 and rent expense for operating leases for the three and nine months ended September 30, 2018 using the accounting guidance in effect at that time.

(in millions)			December 31, 2018
2019			$	248
2020			$	232
2021			$	199
2022			$	168
2023			$	144
Thereafter			$	1,380
(in millions)	Three Months Ended September 30, 2018		Nine Months Ended September 30, 2018
Rental expense	$	69	$	212

Schedule of cash payments for interest and income taxes

Cash Payments for Interest and Income Taxes

	Nine Months Ended September 30
(in millions)	2019		2018
Interest	$	314	$	253
Income taxes	$	292	$	373

Schedule of cash, cash equivalents and restricted cash

The following table provides a reconciliation of cash, cash equivalents and restricted cash reported in the condensed consolidated balance sheet to the total of the amounts reported in our condensed consolidated statement of cash flows.

(in millions)	September 30, 2019		December 31, 2018
Cash and cash equivalents	$	1,157	$	1,444
Restricted cash included in other noncurrent assets, net	20		20
Cash, cash equivalents and restricted cash, end of period	$	1,177	$	1,464

Schedule of accumulated other comprehensive income (loss)

Accumulated Other Comprehensive Income (Loss)

(in millions)	September 30, 2019		September 30, 2018
Deferred gains (losses) on cash flow hedges	$	9	$	5
Unrecognized gains (losses) on employee benefit obligations	131		115
Cumulative translation adjustments	143		(22		)
Accumulated other comprehensive income (loss)	$	283	$	98

NBCUniversal Media LLC [Member] | Accounting Standards Update 2016-02 [Member]

Supplemental Financial Information [Line Items]

Schedule of operating lease assets and liabilities

The table below summarizes the operating lease assets and liabilities recorded in our condensed consolidated balance sheet.

Condensed Consolidated Balance Sheet

(in millions)	September 30, 2019
Other noncurrent assets, net	$	1,589
Accrued expenses and other current liabilities	$	183
Other noncurrent liabilities	$	1,514

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Earnings Per Share

9 Months Ended

Sep. 30, 2019

Earnings Per Share [Abstract]

Earnings Per Share

Earnings Per Share

Computation of Diluted EPS

	Three Months Ended September 30
	2019					2018
(in millions, except per share data)	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	$	3,217	4,551	$	0.71	$	2,886	4,564	$	0.63
Effect of dilutive securities:
Assumed exercise or issuance of shares relating to stock plans			68					55
Diluted EPS attributable to Comcast Corporation shareholders	$	3,217	4,619	$	0.70	$	2,886	4,619	$	0.62

	Nine Months Ended September 30
	2019					2018
(in millions, except per share data)	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	$	9,895	4,544	$	2.18	$	9,220	4,599	$	2.00
Effect of dilutive securities:
Assumed exercise or issuance of shares relating to stock plans			62					56
Diluted EPS attributable to Comcast Corporation shareholders	$	9,895	4,606	$	2.15	$	9,220	4,655	$	1.98

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”). Diluted EPS excludes the impact of potential common shares related to our stock options in periods in which the combination of the option exercise price and the associated unrecognized compensation expense is greater than the average market price of our common stock. 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 and nine months ended September 30, 2019 or 2018.

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Film and Television Costs

9 Months Ended

Sep. 30, 2019

Film And Television Costs [Line Items]

Film And Television Costs

Film and Television Costs

(in millions)	September 30, 2019		December 31, 2018
Film Costs:
Released, less amortization	$	1,615	$	1,600
Completed, not released	124		144
In production and in development	1,282		1,063
	3,021		2,807
Television Costs:
Released, less amortization	2,514		2,289
In production and in development	1,228		953
	3,742		3,242
Programming rights, less amortization	5,341		5,534
	12,104		11,583
Less: Current portion of programming rights	3,457		3,746
Film and television costs	$	8,647	$	7,837

NBCUniversal Media LLC [Member]

Film And Television Costs [Line Items]

Film And Television Costs

Film and Television Costs

(in millions)	September 30, 2019		December 31, 2018
Film Costs:
Released, less amortization	$	1,615	$	1,600
Completed, not released	124		144
In production and in development	1,282		1,063
	3,021		2,807
Television Costs:
Released, less amortization	2,410		2,161
In production and in development	1,228		953
	3,638		3,114
Programming rights, less amortization	2,578		2,694
	9,237		8,615
Less: Current portion of programming rights	1,461		1,323
Film and television costs	$	7,776	$	7,292

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Condensed Consolidated Statement of Comprehensive Income (Parenthetical) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Statement of Comprehensive Income [Abstract]
Unrealized gains (losses) on marketable securities, deferred taxes	$ 0	$ (1)	$ 0	$ (1)
Deferred gains (losses) on cash flow hedges, deferred taxes	(35)	5	(24)	8
Realized (gains) losses on cash flow hedges, deferred taxes	11	(5)	7	(13)
Employee benefit obligations, deferred taxes	3	2	8	7
Currency translation adjustments, deferred taxes	$ (80)	$ 25	$ (98)	$ 22

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Condensed Consolidated Statement of Changes in Equity - 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]
Beginning balance at Dec. 31, 2017		$ 1,357							$ 409
Increase (Decrease) in Temporary Equity [Roll Forward]
Contributions from (distributions to) noncontrolling interests, net		(42)							(43)
Other		(35)							(5)
Net income (loss)		37							26
Ending balance at Sep. 30, 2018		1,317							387
Beginning balance at Dec. 31, 2017			$ 37,497	$ 38,202	$ (7,517)	$ 379	$ 843						$ 55
Beginning balance at Dec. 31, 2017										$ 42,148	$ (20)	$ 913
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Distributions to member										(1,228)
Stock compensation plans			434
Repurchases of common stock under repurchase program and employee plans			(757)	(3,530)									(1)
Employee stock purchase plans			161
Dividends declared				(2,631)
Other comprehensive income (loss)						(81)	(45)				(114)	(45)
Contributions from (distributions to) noncontrolling interests, net							277					272
Other			59	0			(276)			92		(293)
Net income (loss)				9,220			23			3,991		(4)
Ending balance at Sep. 30, 2018	$ 72,345		37,394	41,218	(7,517)	374	822						54
Ending balance at Sep. 30, 2018								$ 45,712		44,771	98	843
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cash dividends declared per common share (in dollars per share)	$ 0.57
Beginning balance at Jun. 30, 2018		1,343							391
Increase (Decrease) in Temporary Equity [Roll Forward]
Contributions from (distributions to) noncontrolling interests, net		(11)							(10)
Other		(11)							0
Net income (loss)		(4)							6
Ending balance at Sep. 30, 2018		1,317							387
Beginning balance at Jun. 30, 2018			37,427	40,269	(7,517)	461	1,049						54
Beginning balance at Jun. 30, 2018										43,777	218	1,090
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Distributions to member										(238)
Stock compensation plans			144
Repurchases of common stock under repurchase program and employee plans			(228)	(1,064)									0
Employee stock purchase plans			49
Dividends declared				(871)
Other comprehensive income (loss)						(87)	(20)				(120)	(20)
Contributions from (distributions to) noncontrolling interests, net							(40)					(41)
Other			2	(2)			(181)			1		(191)
Net income (loss)				2,886			14			1,231		5
Ending balance at Sep. 30, 2018	$ 72,345		37,394	41,218	(7,517)	374	822						54
Ending balance at Sep. 30, 2018								45,712		44,771	98	843
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cash dividends declared per common share (in dollars per share)	$ 0.19
Beginning balance at Dec. 31, 2018	$ 1,316	1,316						389	389
Increase (Decrease) in Temporary Equity [Roll Forward]
Contributions from (distributions to) noncontrolling interests, net		(49)							(51)
Other		(28)							3
Net income (loss)		129							101
Ending balance at Sep. 30, 2019	1,368	1,368						442	442
Beginning balance at Dec. 31, 2018	72,502		37,461	41,983	(7,517)	(368)	889						54
Beginning balance at Dec. 31, 2018								46,781		45,618	254	909
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Distributions to member										(2,020)
Stock compensation plans			604
Repurchases of common stock under repurchase program and employee plans			(39)	(406)									0
Employee stock purchase plans			166
Dividends declared				(2,893)
Other comprehensive income (loss)						(791)	(24)				29	(25)
Contributions from (distributions to) noncontrolling interests, net							66					76
Other			4	(9)			(14)			0		(12)
Net income (loss)				9,895			99			4,611		65
Ending balance at Sep. 30, 2019	$ 79,160		38,196	48,570	(7,517)	(1,159)	1,016						54
Ending balance at Sep. 30, 2019								49,505		48,209	283	1,013
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cash dividends declared per common share (in dollars per share)	$ 0.63
Beginning balance at Jun. 30, 2019		1,329							401
Increase (Decrease) in Temporary Equity [Roll Forward]
Contributions from (distributions to) noncontrolling interests, net		(12)							(13)
Other		(9)							3
Net income (loss)		60							51
Ending balance at Sep. 30, 2019	$ 1,368	$ 1,368						442	$ 442
Beginning balance at Jun. 30, 2019			37,950	46,425	(7,517)	(62)	980						54
Beginning balance at Jun. 30, 2019										47,529	295	988
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Distributions to member										(576)
Stock compensation plans			193
Repurchases of common stock under repurchase program and employee plans			6	(101)									0
Employee stock purchase plans			51
Dividends declared				(965)
Other comprehensive income (loss)						(1,097)	(22)				(12)	(23)
Contributions from (distributions to) noncontrolling interests, net							50					51
Other			(4)	(6)			(3)			0		(6)
Net income (loss)				3,217			11			1,256		3
Ending balance at Sep. 30, 2019	$ 79,160		$ 38,196	$ 48,570	$ (7,517)	$ (1,159)	$ 1,016						$ 54
Ending balance at Sep. 30, 2019								$ 49,505		$ 48,209	$ 283	$ 1,013
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cash dividends declared per common share (in dollars per share)	$ 0.21

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Commitments and Contingencies (Summary of Future Minimum Rental Commitments for Operating Leases Under Previous Accounting Guidance and Rent Expense) (Details) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2018	Dec. 31, 2018
Commitments and Contingencies Disclosure [Abstract]
2019			$ 891
2020			824
2021			722
2022			592
2023			513
Thereafter			$ 2,608
Rental expense	$ 178	$ 548

XML

Supplemental Financial Information (Summary of Future Minimum Rental Commitments for Operating Leases Under New Accounting Guidance) (Details) $ in Millions	Sep. 30, 2019 USD ($)
Lessee, Lease, Description [Line Items]
Remaining three months of 2019	$ 182
2020	880
2021	763
2022	633
2023	530
Thereafter	2,606
Total future minimum lease payments	5,594
Less: imputed interest	1,035
Total liability	4,559
NBCUniversal Media LLC [Member]
Lessee, Lease, Description [Line Items]
Remaining three months of 2019	56
2020	258
2021	223
2022	185
2023	159
Thereafter	1,473
Total future minimum lease payments	2,354
Less: imputed interest	657
Total liability	$ 1,697

XML

Investments (Investment and Other Income (Loss), Net) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Investment and Other Income (Loss), Net [Line Items]
Equity in net income (losses) of investees, net	$ (355)	$ (76)	$ (295)	$ (56)
Realized and unrealized gains (losses) on equity securities, net	174	(38)	582	(50)
Other income (loss), net	71	3	224	198
Investment and other income (loss), net	(110)	(111)	511	92
NBCUniversal Media LLC [Member]
Investment and Other Income (Loss), Net [Line Items]
Equity in net income (losses) of investees, net	(88)	(119)	(299)	(306)
Realized and unrealized gains (losses) on equity securities, net	178	(91)	436	(128)
Other income (loss), net	79	5	312	57
Investment and other income (loss), net	$ 169	$ (205)	$ 449	$ (377)

XML

Investments (Other Investments) (Details) $ in Billions	Sep. 30, 2019 USD ($) preferred_stock_series	Dec. 31, 2018 USD ($)
AirTouch [Member]
Schedule of Other Investments [Line Items]
Number of series of preferred stock | preferred_stock_series	2
Held to maturity investment	$ 1.6	$ 1.6
AirTouch [Member] | Level 2 [Member]
Schedule of Other Investments [Line Items]
Fair value of held to maturity investment redeemable preferred shares	1.7
AirTouch [Member] | Level 2 [Member]
Schedule of Other Investments [Line Items]
Fair value of redeemable preferred shares	$ 1.7

XML

Condensed Consolidating Financial Information (Tables)

9 Months Ended

Sep. 30, 2019

Condensed Financial Information Disclosure [Abstract]

Condensed Consolidating Statement of Income

Condensed Consolidating Statement of Income

For the Three Months Ended September 30, 2019

(in millions)	Comcast Parent			Comcast Holdings			CCCL Parent			NBCUniversal Media Parent			Non- Guarantor Subsidiaries			Elimination and Consolidation Adjustments			Consolidated Comcast Corporation
Revenue:
Service revenue	$	—		$	—		$	—		$	—		$	26,827		$	—		$	26,827
Management fee revenue	326			—			319			—			—			(645		)	—
Total revenue	326			—			319			—			26,827			(645		)	26,827
Costs and Expenses:
Programming and production	—			—			—			—			8,316			—			8,316
Other operating and administrative	209			—			319			230			7,977			(645		)	8,090
Advertising, marketing and promotion	—			—			—			—			1,901			—			1,901
Depreciation	14			—			—			—			2,110			—			2,124
Amortization	1			—			—			—			1,055			—			1,056
Total costs and expenses	224			—			319			230			21,359			(645		)	21,487
Operating income (loss)	102			—			—			(230		)	5,468			—			5,340
Interest expense	(873		)	(3		)	(47		)	(140		)	(104		)	—			(1,167		)
Investment and other income (loss), net	3,776			3,729			3,620			1,632			1,390			(14,257		)	(110		)
Income (loss) before income taxes	3,005			3,726			3,573			1,262			6,754			(14,257		)	4,063
Income tax (expense) benefit	212			(2		)	10			(6		)	(989		)	—			(775		)
Net income (loss)	3,217			3,724			3,583			1,256			5,765			(14,257		)	3,288
Less: Net income (loss) attributable to noncontrolling interests and redeemable subsidiary preferred stock	—			—			—			—			71			—			71
Net income (loss) attributable to Comcast Corporation	$	3,217		$	3,724		$	3,583		$	1,256		$	5,694		$	(14,257	)	$	3,217
Comprehensive income (loss) attributable to Comcast Corporation	$	2,120		$	3,722		$	3,584		$	1,244		$	4,397		$	(12,947	)	$	2,120

Condensed Consolidating Statement of Income

For the Three Months Ended September 30, 2018

(in millions)	Comcast Parent			Comcast Holdings			CCCL Parent			NBCUniversal Media Parent			Non- Guarantor Subsidiaries			Elimination and Consolidation Adjustments			Consolidated Comcast Corporation
Revenue:
Service revenue	$	—		$	—		$	—		$	—		$	22,135		$	—		$	22,135
Management fee revenue	299			—			294			—			—			(593		)	—
Total revenue	299			—			294			—			22,135			(593		)	22,135
Costs and Expenses:
Programming and production	—			—			—			—			6,711			—			6,711
Other operating and administrative	208			—			294			230			6,305			(593		)	6,444
Advertising, marketing and promotion	—			—			—			—			1,667			—			1,667
Depreciation	12			—			—			—			2,026			—			2,038
Amortization	1			—			—			—			579			—			580
Other operating gains	—			—			—			—			(141		)	—			(141		)
Total costs and expenses	221			—			294			230			17,147			(593		)	17,299
Operating income (loss)	78			—			—			(230		)	4,988			—			4,836
Interest expense	(600		)	(3		)	(48		)	(113		)	(66		)	—			(830		)
Investment and other income (loss), net	3,299			3,380			3,007			1,576			1,065			(12,438		)	(111		)
Income (loss) before income taxes	2,777			3,377			2,959			1,233			5,987			(12,438		)	3,895
Income tax (expense) benefit	109			(1		)	10			(2		)	(1,115		)	—			(999		)
Net income (loss)	2,886			3,376			2,969			1,231			4,872			(12,438		)	2,896
Less: Net income (loss) attributable to noncontrolling interests and redeemable subsidiary preferred stock	—			—			—			—			10			—			10
Net income (loss) attributable to Comcast Corporation	$	2,886		$	3,376		$	2,969		$	1,231		$	4,862		$	(12,438	)	$	2,886
Comprehensive income (loss) attributable to Comcast Corporation	$	2,799		$	3,349		$	2,974		$	1,112		$	4,663		$	(12,098	)	$	2,799

Condensed Consolidating Statement of Income

For the Nine Months Ended September 30, 2019 

(in millions)	Comcast Parent			Comcast Holdings			CCCL Parent			NBCUniversal Media Parent			Non- Guarantor Subsidiaries			Elimination and Consolidation Adjustments			Consolidated Comcast Corporation
Revenue:
Service revenue	$	—		$	—		$	—		$	—		$	80,544		$	—		$	80,544
Management fee revenue	940			—			921			—			—			(1,861		)	—
Total revenue	940			—			921			—			80,544			(1,861		)	80,544
Costs and Expenses:
Programming and production	—			—			—			—			25,140			—			25,140
Other operating and administrative	575			—			921			726			23,715			(1,861		)	24,076
Advertising, marketing and promotion	—			—			—			—			5,674			—			5,674
Depreciation	44			—			—			—			6,517			—			6,561
Amortization	4			—			—			—			3,211			—			3,215
Total costs and expenses	623			—			921			726			64,257			(1,861		)	64,666
Operating income (loss)	317			—			—			(726		)	16,287			—			15,878
Interest expense	(2,646		)	(9		)	(143		)	(377		)	(279		)	—			(3,454		)
Investment and other income (loss), net	11,683			11,602			10,310			5,731			5,287			(44,102		)	511
Income (loss) before income taxes	9,354			11,593			10,167			4,628			21,295			(44,102		)	12,935
Income tax (expense) benefit	541			(9		)	30			(17		)	(3,357		)	—			(2,812		)
Net income (loss)	9,895			11,584			10,197			4,611			17,938			(44,102		)	10,123
Less: Net income (loss) attributable to noncontrolling interests and redeemable subsidiary preferred stock	—			—			—			—			228			—			228
Net income (loss) attributable to Comcast Corporation	$	9,895		$	11,584		$	10,197		$	4,611		$	17,710		$	(44,102	)	$	9,895
Comprehensive income (loss) attributable to Comcast Corporation	$	9,104		$	11,600		$	10,201		$	4,640		$	16,857		$	(43,298	)	$	9,104

Condensed Consolidating Statement of Income

For the Nine Months Ended September 30, 2018

(in millions)	Comcast Parent			Comcast Holdings			CCCL Parent			NBCUniversal Media Parent			Non- Guarantor Subsidiaries			Elimination and Consolidation Adjustments			Consolidated Comcast Corporation
Revenue:
Service revenue	$	—		$	—		$	—		$	—		$	66,661		$	—		$	66,661
Management fee revenue	889			—			873			—			—			(1,762		)	—
Total revenue	889			—			873			—			66,661			(1,762		)	66,661
Costs and Expenses:
Programming and production	—			—			—			—			20,440			—			20,440
Other operating and administrative	626			—			873			772			18,814			(1,762		)	19,323
Advertising, marketing and promotion	—			—			—			—			4,924			—			4,924
Depreciation	34			—			—			—			6,036			—			6,070
Amortization	4			—			—			—			1,746			—			1,750
Other operating gains	—			—			—			—			(341		)	—			(341		)
Total costs and expenses	664			—			873			772			51,619			(1,762		)	52,166
Operating income (loss)	225			—			—			(772		)	15,042			—			14,495
Interest expense	(1,739		)	(9		)	(143		)	(332		)	(190		)	—			(2,413		)
Investment and other income (loss), net	10,416			10,279			8,832			5,107			3,977			(38,519		)	92
Income (loss) before income taxes	8,902			10,270			8,689			4,003			18,829			(38,519		)	12,174
Income tax (expense) benefit	318			—			29			(12		)	(3,229		)	—			(2,894		)
Net income (loss)	9,220			10,270			8,718			3,991			15,600			(38,519		)	9,280
Less: Net income (loss) attributable to noncontrolling interests and redeemable subsidiary preferred stock	—			—			—			—			60			—			60
Net income (loss) attributable to Comcast Corporation	$	9,220		$	10,270		$	8,718		$	3,991		$	15,540		$	(38,519	)	$	9,220
Comprehensive income (loss) attributable to Comcast Corporation	$	9,139		$	10,245		$	8,723		$	3,877		$	15,357		$	(38,202	)	$	9,139

Condensed Consolidating Statement of Cash Flows

Condensed Consolidating Statement of Cash Flows

For the Nine Months Ended September 30, 2019 

(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	$	(1,522	)	$	293		$	(217	)	$	(910	)	$	21,818		$	—	$	19,462
Investing Activities:
Net transactions with affiliates	10,333			(293		)	217			2,883			(13,140		)	—		—
Capital expenditures	(20		)	—			—			—			(6,846		)	—		(6,866		)
Cash paid for intangible assets	(2		)	—			—			—			(1,684		)	—		(1,686		)
Acquisitions and construction of real estate properties	(35		)	—			—			—			(5		)	—		(40		)
Construction of Universal Beijing Resort	—			—			—			—			(736		)	—		(736		)
Acquisitions, net of cash acquired	—			—			—			—			(181		)	—		(181		)
Proceeds from sales of businesses and investments	—			—			—			—			208			—		208
Purchases of investments	(25		)	—			—			(67		)	(1,605		)	—		(1,697		)
Other	—			—			—			—			86			—		86
Net cash provided by (used in) investing activities	10,251			(293		)	217			2,816			(23,903		)	—		(10,912		)
Financing Activities:
Proceeds from (repayments of) short-term borrowings, net	—			—			—			—			(1,288		)	—		(1,288		)
Proceeds from borrowings	—			—			—			—			516			—		516
Proceeds from collateralized obligation	—			—			—			—			5,175			—		5,175
Repurchases and repayments of debt	(5,513		)	—			—			(2,008		)	(2,454		)	—		(9,975		)
Repurchases of common stock under repurchase program and employee plans	(432		)	—			—			—			—			—		(432		)
Dividends paid	(2,778		)	—			—			—			—			—		(2,778		)
Distributions to noncontrolling interests and dividends for redeemable subsidiary preferred stock	—			—			—			—			(235		)	—		(235		)
Other	(5		)	—			—			(40		)	236			—		191
Net cash provided by (used in) financing activities	(8,728		)	—			—			(2,048		)	1,950			—		(8,826		)
Impact of foreign currency on cash, cash equivalents and restricted cash	(1		)	—			—			—			(30		)	—		(31		)
Increase (decrease) in cash, cash equivalents and restricted cash	—			—			—			(142		)	(165		)	—		(307		)
Cash, cash equivalents and restricted cash, beginning of period	—			—			—			416			3,493			—		3,909
Cash, cash equivalents and restricted cash, end of period	$	—		$	—		$	—		$	274		$	3,328		$	—	$	3,602

Condensed Consolidating Statement of Cash Flows

For the Nine Months Ended September 30, 2018

(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	$	(1,461	)	$	137		$	(206	)	$	(1,047	)	$	21,084		$	—	$	18,507
Investing Activities:
Net transactions with affiliates	(1,087		)	(586		)	206			800			667			—		—
Capital expenditures	(15		)	—			—			—			(6,592		)	—		(6,607		)
Cash paid for intangible assets	(3		)	—			—			—			(1,372		)	—		(1,375		)
Acquisitions and construction of real estate properties	(94		)	—			—			—			(35		)	—		(129		)
Construction of Universal Beijing Resort	—			—			—			—			(257		)	—		(257		)
Acquisitions, net of cash acquired	—			—			—			—			(88		)	—		(88		)
Proceeds from sales of investments	—			—			—			67			60			—		127
Purchases of investments	(118		)	—			—			(50		)	(672		)	—		(840		)
Other	—			449			—			—			130			—		579
Net cash provided by (used in) investing activities	(1,317		)	(137		)	206			817			(8,159		)	—		(8,590		)
Financing Activities:
Proceeds from (repayments of) short-term borrowings, net	2,117			—			—			—			792			—		2,909
Proceeds from borrowings	9,386			—			—			—			464			—		9,850
Repurchases and repayments of debt	(1,900		)	—			—			(3		)	(2,502		)	—		(4,405		)
Repurchases of common stock under repurchase program and employee plans	(4,282		)	—			—			—			—			—		(4,282		)
Dividends paid	(2,487		)	—			—			—			—			—		(2,487		)
Distributions to noncontrolling interests and dividends for redeemable subsidiary preferred stock	—			—			—			—			(209		)	—		(209		)
Other	(56		)	—			—			—			(186		)	—		(242		)
Net cash provided by (used in) financing activities	2,778			—			—			(3		)	(1,641		)	—		1,134
Increase (decrease) in cash, cash equivalents and restricted cash	—			—			—			(233		)	11,284			—		11,051
Cash, cash equivalents and restricted cash, beginning of period	—			—			—			496			3,075			—		3,571
Cash, cash equivalents and restricted cash, end of period	$	—		$	—		$	—		$	263		$	14,359		$	—	$	14,622

Condensed Consolidating Balance Sheet

Condensed Consolidating Balance Sheet

September 30, 2019

(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	$	—	$	—	$	—	$	274	$	3,233	$	—		$	3,507
Receivables, net	—		—		—		—		10,684		—			10,684
Programming rights	—		—		—		—		3,457		—			3,457
Other current assets	128		22		—		23		4,502		—			4,675
Total current assets	128		22		—		297		21,876		—			22,323
Film and television costs	—		—		—		—		8,647		—			8,647
Investments	275		12		159		1,039		5,988		—			7,473
Investment securing collateralized obligation	—		—		—		—		816		—			816
Investments in and amounts due from subsidiaries eliminated upon consolidation	158,369		149,186		132,753		54,857		98,744		(593,909		)	—
Property and equipment, net	664		—		—		—		46,126		—			46,790
Franchise rights	—		—		—		—		59,365		—			59,365
Goodwill	—		—		—		—		66,913		—			66,913
Other intangible assets, net	8		—		—		—		35,156		—			35,164
Other noncurrent assets, net	1,025		166		—		95		8,014		(417		)	8,883
Total assets	$	160,469	$	149,386	$	132,912	$	56,288	$	351,645	$	(594,326	)	$	256,374
Liabilities and Equity
Accounts payable and accrued expenses related to trade creditors	$	—	$	—	$	—	$	—	$	10,198	$	—		$	10,198
Accrued participations and residuals	—		—		—		—		1,615		—			1,615
Deferred revenue	—		—		—		—		2,944		—			2,944
Accrued expenses and other current liabilities	2,421		244		256		415		6,857		—			10,193
Current portion of long-term debt	—		—		—		7		1,032		—			1,039
Total current liabilities	2,421		244		256		422		22,646		—			25,989
Long-term debt, less current portion	76,654		152		2,100		5,751		15,190		—			99,847
Collateralized obligation	—		—		—		—		5,165		—			5,165
Deferred income taxes	—		344		—		68		28,142		(562		)	27,992
Other noncurrent liabilities	3,250		—		—		1,555		11,903		145			16,853
Redeemable noncontrolling interests and redeemable subsidiary preferred stock	—		—		—		—		1,368		—			1,368
Equity:
Common stock	54		—		—		—		—		—			54
Other shareholders’ equity	78,090		148,646		130,556		48,492		266,215		(593,909		)	78,090
Total Comcast Corporation shareholders’ equity	78,144		148,646		130,556		48,492		266,215		(593,909		)	78,144
Noncontrolling interests	—		—		—		—		1,016		—			1,016
Total equity	78,144		148,646		130,556		48,492		267,231		(593,909		)	79,160
Total liabilities and equity	$	160,469	$	149,386	$	132,912	$	56,288	$	351,645	$	(594,326	)	$	256,374

Condensed Consolidating Balance Sheet

December 31, 2018

(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	$	—	$	—	$	—	$	416	$	3,398	$	—		$	3,814
Receivables, net	—		—		—		—		11,104		—			11,104
Programming rights	—		—		—		—		3,746		—			3,746
Other current assets	66		20		—		28		3,070		—			3,184
Total current assets	66		20		—		444		21,318		—			21,848
Film and television costs	—		—		—		—		7,837		—			7,837
Investments	270		11		143		790		6,669		—			7,883
Investments in and amounts due from subsidiaries eliminated upon consolidation	157,264		147,028		130,214		53,853		97,872		(586,231		)	—
Property and equipment, net	670		—		—		—		43,767		—			44,437
Franchise rights	—		—		—		—		59,365		—			59,365
Goodwill	—		—		—		—		66,154		—			66,154
Other intangible assets, net	11		—		—		—		38,347		—			38,358
Other noncurrent assets, net	1,057		208		—		85		4,910		(458		)	5,802
Total assets	$	159,338	$	147,267	$	130,357	$	55,172	$	346,239	$	(586,689	)	$	251,684
Liabilities and Equity
Accounts payable and accrued expenses related to trade creditors	$	2	$	—	$	—	$	—	$	8,492	$	—		$	8,494
Accrued participations and residuals	—		—		—		—		1,808		—			1,808
Deferred revenue	—		—		—		—		2,182		—			2,182
Accrued expenses and other current liabilities	2,357		150		360		282		7,572		—			10,721
Current portion of long-term debt	699		—		—		4		3,695		—			4,398
Total current liabilities	3,058		150		360		286		23,749		—			27,603
Long-term debt, less current portion	81,661		146		2,100		7,748		15,690		—			107,345
Deferred income taxes	—		314		—		65		27,734		(524		)	27,589
Other noncurrent liabilities	3,006		—		—		1,201		11,056		66			15,329
Redeemable noncontrolling interests and redeemable subsidiary preferred stock	—		—		—		—		1,316		—			1,316
Equity:
Common stock	54		—		—		—		—		—			54
Other shareholders’ equity	71,559		146,657		127,897		45,872		265,805		(586,231		)	71,559
Total Comcast Corporation shareholders’ equity	71,613		146,657		127,897		45,872		265,805		(586,231		)	71,613
Noncontrolling interests	—		—		—		—		889		—			889
Total equity	71,613		146,657		127,897		45,872		266,694		(586,231		)	72,502
Total liabilities and equity	$	159,338	$	147,267	$	130,357	$	55,172	$	346,239	$	(586,689	)	$	251,684

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Goodwill (Tables)

9 Months Ended

Sep. 30, 2019

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill

				NBCUniversal
(in millions)	Cable Communications			Cable Networks			Broadcast Television			Filmed Entertainment			Theme Parks		Sky			Corporate and Other		Total
Balance, December 31, 2018	$	12,784		$	13,407		$	843		$	3,184		$	6,684	$	29,250		$	2	$	66,154
Acquisitions	131			—			13			—			—		10			—		154
Dispositions	—			—			—			—			—		(12		)	—		(12		)
Adjustments(a)	2,166			490			199			138			—		(1,555		)	2		1,440
Foreign currency translation	(116		)	(34		)	(11		)	(11		)	106		(757		)	—		(823		)
Balance, September 30, 2019	$	14,965		$	13,863		$	1,044		$	3,311		$	6,790	$	26,936		$	4	$	66,913

(a)

Adjustments during the nine months ended September 30, 2019 primarily included 1) measurement period adjustments resulting from finalization of acquisition accounting for Sky and 2) the final assignment of goodwill resulting from the Sky transaction to our reporting units.

XML

Revenue (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Disaggregation of Revenue [Line Items]
Revenue	$ 26,827	$ 22,135	$ 80,544	$ 66,661
Cable Communications [Member]
Disaggregation of Revenue [Line Items]
Revenue	14,584	14,023	43,314	41,638
Cable Communications [Member] | Residential, High-Speed Internet [Member]
Disaggregation of Revenue [Line Items]
Revenue	4,721	4,321	13,961	12,740
Cable Communications [Member] | Residential, Video [Member]
Disaggregation of Revenue [Line Items]
Revenue	5,541	5,591	16,763	16,878
Cable Communications [Member] | Residential, Voice [Member]
Disaggregation of Revenue [Line Items]
Revenue	963	982	2,935	2,982
Cable Communications [Member] | Residential, Wireless [Member]
Disaggregation of Revenue [Line Items]
Revenue	326	236	795	623
Cable Communications [Member] | Business Services [Member]
Disaggregation of Revenue [Line Items]
Revenue	1,971	1,803	5,795	5,290
Cable Communications [Member] | Advertising [Member]
Disaggregation of Revenue [Line Items]
Revenue	603	684	1,766	1,932
Cable Communications [Member] | Other [Member]
Disaggregation of Revenue [Line Items]
Revenue	$ 459	$ 406	$ 1,299	$ 1,193
Cable Communications [Member] | Franchise And Other Regulatory Fees [Member]
Disaggregation of Revenue [Line Items]
Cable segment revenue types as percentage of total cable revenue	2.60%	2.60%	2.60%	2.70%
Cable Networks [Member]
Disaggregation of Revenue [Line Items]
Revenue	$ 2,771	$ 2,850	$ 8,586	$ 8,881
Cable Networks [Member] | Distribution [Member]
Disaggregation of Revenue [Line Items]
Revenue	1,681	1,655	5,123	5,166
Cable Networks [Member] | Advertising [Member]
Disaggregation of Revenue [Line Items]
Revenue	809	812	2,592	2,718
Cable Networks [Member] | Content Licensing And Other [Member]
Disaggregation of Revenue [Line Items]
Revenue	281	383	871	997
Broadcast Television [Member]
Disaggregation of Revenue [Line Items]
Revenue	2,230	2,452	7,099	8,340
Broadcast Television [Member] | Advertising [Member]
Disaggregation of Revenue [Line Items]
Revenue	1,191	1,355	3,837	5,107
Broadcast Television [Member] | Content Licensing [Member]
Disaggregation of Revenue [Line Items]
Revenue	447	538	1,479	1,541
Broadcast Television [Member] | Distribution And Other [Member]
Disaggregation of Revenue [Line Items]
Revenue	592	559	1,783	1,692
Filmed Entertainment [Member]
Disaggregation of Revenue [Line Items]
Revenue	1,706	1,819	4,931	5,176
Filmed Entertainment [Member] | Content Licensing [Member]
Disaggregation of Revenue [Line Items]
Revenue	737	719	2,266	2,100
Filmed Entertainment [Member] | Theatrical [Member]
Disaggregation of Revenue [Line Items]
Revenue	549	601	1,246	1,564
Filmed Entertainment [Member] | Home Entertainment [Member]
Disaggregation of Revenue [Line Items]
Revenue	185	260	681	733
Filmed Entertainment [Member] | Other [Member]
Disaggregation of Revenue [Line Items]
Revenue	235	239	738	779
Theme Parks [Member]
Disaggregation of Revenue [Line Items]
Revenue	1,631	1,528	4,371	4,170
NBCUniversal Segments [Member]
Disaggregation of Revenue [Line Items]
Revenue	8,295	8,596	24,814	26,366
Sky Limited [Member]
Disaggregation of Revenue [Line Items]
Revenue	4,554	0	14,179	0
Sky Limited [Member] | Advertising [Member]
Disaggregation of Revenue [Line Items]
Revenue	446	0	1,602	0
Sky Limited [Member] | Direct To Consumer [Member]
Disaggregation of Revenue [Line Items]
Revenue	3,793	0	11,516	0
Sky Limited [Member] | Content [Member]
Disaggregation of Revenue [Line Items]
Revenue	315	0	1,061	0
Corporate, Non-Segment [Member]
Disaggregation of Revenue [Line Items]
Revenue	42	73	206	412
Corporate, Non-Segment [Member] | NBCUniversal Segments [Member]
Disaggregation of Revenue [Line Items]
Revenue	21	15	60	44
Eliminations [Member]
Disaggregation of Revenue [Line Items]
Revenue	(648)	(557)	(1,969)	(1,755)
Eliminations [Member] | NBCUniversal Segments [Member]
Disaggregation of Revenue [Line Items]
Revenue	(64)	(68)	(233)	(245)
NBCUniversal Media LLC [Member]
Disaggregation of Revenue [Line Items]
Revenue	8,294	8,625	24,866	26,468
NBCUniversal Media LLC [Member] | Cable Networks [Member]
Disaggregation of Revenue [Line Items]
Revenue	2,771	2,850	8,586	8,881
NBCUniversal Media LLC [Member] | Cable Networks [Member] | Distribution [Member]
Disaggregation of Revenue [Line Items]
Revenue	1,681	1,655	5,123	5,166
NBCUniversal Media LLC [Member] | Cable Networks [Member] | Advertising [Member]
Disaggregation of Revenue [Line Items]
Revenue	809	812	2,592	2,718
NBCUniversal Media LLC [Member] | Cable Networks [Member] | Content Licensing And Other [Member]
Disaggregation of Revenue [Line Items]
Revenue	281	383	871	997
NBCUniversal Media LLC [Member] | Broadcast Television [Member]
Disaggregation of Revenue [Line Items]
Revenue	2,230	2,452	7,099	8,340
NBCUniversal Media LLC [Member] | Broadcast Television [Member] | Advertising [Member]
Disaggregation of Revenue [Line Items]
Revenue	1,191	1,355	3,837	5,107
NBCUniversal Media LLC [Member] | Broadcast Television [Member] | Content Licensing [Member]
Disaggregation of Revenue [Line Items]
Revenue	447	538	1,479	1,541
NBCUniversal Media LLC [Member] | Broadcast Television [Member] | Distribution And Other [Member]
Disaggregation of Revenue [Line Items]
Revenue	592	559	1,783	1,692
NBCUniversal Media LLC [Member] | Filmed Entertainment [Member]
Disaggregation of Revenue [Line Items]
Revenue	1,706	1,819	4,931	5,176
NBCUniversal Media LLC [Member] | Filmed Entertainment [Member] | Content Licensing [Member]
Disaggregation of Revenue [Line Items]
Revenue	737	719	2,266	2,100
NBCUniversal Media LLC [Member] | Filmed Entertainment [Member] | Theatrical [Member]
Disaggregation of Revenue [Line Items]
Revenue	549	601	1,246	1,564
NBCUniversal Media LLC [Member] | Filmed Entertainment [Member] | Home Entertainment [Member]
Disaggregation of Revenue [Line Items]
Revenue	185	260	681	733
NBCUniversal Media LLC [Member] | Filmed Entertainment [Member] | Other [Member]
Disaggregation of Revenue [Line Items]
Revenue	235	239	738	779
NBCUniversal Media LLC [Member] | Theme Parks [Member]
Disaggregation of Revenue [Line Items]
Revenue	1,631	1,528	4,371	4,170
NBCUniversal Media LLC [Member] | Corporate, Non-Segment [Member]
Disaggregation of Revenue [Line Items]
Revenue	21	49	117	157
NBCUniversal Media LLC [Member] | Eliminations [Member]
Disaggregation of Revenue [Line Items]
Revenue	$ (65)	$ (73)	$ (238)	$ (256)

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Long-Term Debt

9 Months Ended

Sep. 30, 2019

Debt Instrument [Line Items]

Long-Term Debt

Long-Term Debt

As of September 30, 2019, our debt had a carrying value of $100.9 billion and an estimated fair value of $114.1 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

For the nine months ended September 30, 2019, we had borrowings of $516 million primarily related to the Universal Beijing Resort term loans.

For the nine months ended September 30, 2019, we made repayments of $10.0 billion, including the early redemptions of $3.4 billion of senior notes due 2020 and the partial repayment of a term loan, both of which were funded using proceeds from our collateralized obligation (see Note 9).

Guarantee Structure

Comcast, Comcast Cable and NBCUniversal fully and unconditionally guarantee each other’s debt securities, including the Comcast revolving credit facility. As of September 30, 2019, the principal amount of debt securities outstanding within the cross-guarantee structure totaled $86.4 billion.

Comcast and Comcast Cable fully and unconditionally guarantee NBCUniversal Enterprise’s debt securities, including its revolving credit facility. As of September 30, 2019, the principal amount of debt securities guaranteed by Comcast and Comcast Cable totaled $1.5 billion. NBCUniversal does not guarantee NBCUniversal Enterprise’s debt securities.

Comcast fully and unconditionally guarantees Universal Studios Japan’s yen-denominated ¥379 billion (approximately $3.5 billion using exchange rates as of September 30, 2019) term loans with a final maturity of March 2022. None of Comcast, Comcast Cable nor NBCUniversal guarantee the ¥7.4 billion RMB (approximately $1.0 billion using exchange rates as of September 30, 2019) principal amount of Universal Beijing Resort term loans outstanding.

In May 2019, Comcast provided a full and unconditional guarantee of Sky’s debt (approximately $9.0 billion using exchange rates as of September 30, 2019) in connection with Sky’s noteholders consenting to (i) the transfer of the listing of three series of notes from the Main Market of the London Stock Exchange to the Professional Securities Market of the London Stock Exchange and (ii) amending certain terms of the Sky notes.

NBCUniversal Media LLC [Member]

Debt Instrument [Line Items]

Long-Term Debt

Long-Term Debt

As of September 30, 2019, our debt, excluding our revolving credit agreement with Comcast, had a carrying value of $10.8 billion and an estimated fair value of $11.8 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

For the nine months ended September 30, 2019, we had borrowings of $572 million primarily related to the Universal Beijing Resort term loans.

For the nine months ended September 30, 2019, we made repayments of $2.7 billion including the early redemptions of $2.0 billion of senior notes due 2020 and $610 million of notes due 2049 to Comcast. The early redemptions were funded using proceeds from our collateralized obligation (see Note 8) and were accounted for as debt extinguishments, resulting in a charge of $213 million to interest expense in the third quarter of 2019, of which $178 million related to the notes due to Comcast.

Guarantee Structure

We, Comcast and a 100% owned cable holding company subsidiary of Comcast (“CCCL Parent”) fully and unconditionally guarantee each other’s debt securities, including the $7.6 billion Comcast revolving credit facility due 2022. As of September 30, 2019, $80.6 billion principal amount of outstanding debt securities of Comcast and CCCL Parent were subject to the cross-guarantee structure.

We do not, however, guarantee the obligations of NBCUniversal Enterprise with respect to its $1.5 billion outstanding debt securities, including its senior notes, revolving credit facility, commercial paper program nor its $725 million liquidation preference of Series A cumulative preferred stock.

The Universal Studios Japan term loans are not subject to the cross-guarantee structure, however they have a separate guarantee from Comcast.

The Universal Beijing Resort term loans are not guaranteed.

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Investments

9 Months Ended

Sep. 30, 2019

Investments [Line Items]

Investments

Investments

Investment and Other Income (Loss), Net

	Three Months Ended September 30						Nine Months Ended September 30
(in millions)	2019			2018			2019			2018
Equity in net income (losses) of investees, net	$	(355	)	$	(76	)	$	(295	)	$	(56	)
Realized and unrealized gains (losses) on equity securities, net	174			(38		)	582			(50		)
Other income (loss), net	71			3			224			198
Investment and other income (loss), net	$	(110	)	$	(111	)	$	511		$	92

(in millions)	September 30, 2019		December 31, 2018
Equity method	$	5,363	$	4,035
Marketable equity securities	862		341
Nonmarketable equity securities	1,933		1,805
Other investments	1,841		1,796
Total investments	9,999		7,977
Less: Current investments	1,710		94
Less: Investment securing collateralized obligation	816		—
Noncurrent investments	$	7,473	$	7,883

Equity Method

Atairos

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 operations. We recognize our share of these gains and losses in equity in net income (losses) of investees, net. For the three and nine months ended September 30, 2019, we recognized losses of $262 million and income of $6 million, respectively. For the three and nine months ended September 30, 2018, we recognized income of $38 million and $224 million, respectively. For the nine months ended September 30, 2019 and 2018, we made cash capital contributions totaling $475 million and $133 million, respectively, to Atairos. As of September 30, 2019 and December 31, 2018, our investment was $3.2 billion and $2.7 billion, respectively.

In April 2018, we sold a controlling interest in our arena management-related businesses to Atairos and received as consideration additional equity interests in Atairos. In connection with the sale of the businesses, we recognized a pre-tax gain of $200 million in other operating gains.

Hulu and Collateralized Obligation

In May 2019, we entered into a series of agreements (the “Hulu Transaction”) with The Walt Disney Company and certain of its subsidiaries (“Disney”), whereby we relinquished our board seats and substantially all voting rights associated with our investment in Hulu, LLC (“Hulu”), and Disney assumed full operational control. We also acquired our proportionate share of the approximate 10% interest in Hulu previously held by AT&T Inc. (“AT&T”) for approximately $477 million, increasing our ownership interest to approximately 33% from approximately 30%.

Following the Hulu Transaction, future capital calls are limited to $1.5 billion in the aggregate each year, with any excess funding requirements funded with member loans. We have the right, but not the obligation, to fund our proportionate share of these capital calls, and if we elect not to fund our share of future equity capital calls, our ownership interest will be diluted, subject to an ownership floor of 21%. The Hulu Transaction agreements include put and call provisions regarding our ownership interest in Hulu, pursuant to which, as early as January 2024, we can require Disney to buy, and Disney can require us to sell our interest, in either case, for fair value at that future time subject to a minimum equity value of $27.5 billion for 100% of the equity of Hulu. The minimum total equity value and ownership floor guarantee minimum proceeds of approximately $5.8 billion upon exercise of the put or call.

In connection with the Hulu Transaction, we agreed to extend certain licenses of NBCUniversal content until late 2024. We can terminate most of our content license agreements with Hulu beginning in 2022, and beginning in 2020, we have the right to modify certain content licenses that are currently exclusive to Hulu, so that we can exhibit the content on our platforms in return for reducing the license fee.

In August 2019, we entered into a financing arrangement with a syndicate of banks whereby we received proceeds of $5.2 billion under a term loan facility due March 2024. The principal amount of the term loan is secured by the proceeds guaranteed by Disney under the put/call provisions related to our investment in Hulu. The proceeds from the put/call provisions are available only for the repayment of the term loan and are not available to us unless and until the bank lenders are fully paid under the term loan provisions. The bank lenders have no rights to proceeds from the put/call provisions in excess of amounts owed under the term loan. As a result of this transaction, we now present our investment in Hulu and the term loan separately in our condensed consolidated balance sheet in the captions “investment securing collateralized obligation” and “collateralized obligation”, respectively. The recorded value of our investment reflects our historical cost in applying the equity method, and as a result, is less than its fair value. As of September 30, 2019, our collateralized obligation had a carrying value of $5.2 billion and an estimated fair value of $5.2 billion. The estimated fair value was based on Level 2 inputs that use interest rates for debt with similar terms and remaining maturities.

We account for our investment using the equity method. For the three and nine months ended September 30, 2019, we recognized losses of $101 million and $351 million, respectively, in equity in net income (losses) of investees, net. For the three and nine months ended September 30, 2018, we recognized losses of $132 million and $370 million, respectively. For the nine months ended September 30, 2019 and 2018, we made cash capital contributions totaling $903 million, inclusive of the funding for the acquisition of the AT&T interest, and $341 million, respectively, to Hulu. As of September 30, 2019 and December 31, 2018, our investment was $816 million and $248 million, respectively.

In August 2016, Time Warner Inc., which was acquired by AT&T in 2018, acquired a 10% interest in Hulu, diluting our interest at that time from approximately 33% to approximately 30%. Given the contingent nature of put and call options related to that interest, we recorded a deferred gain as a result of the dilution. In the first quarter of 2019, the put and call options expired unexercised and we recognized the previously deferred gain of $159 million in other income (loss), net.

The Weather Channel

In March 2018, we sold our investment in The Weather Channel cable network and recognized a pretax gain of $64 million in other income (loss), net.

Marketable Equity Securities

Snap

For the three and nine months ended September 30, 2019, we recognized unrealized gains of $45 million and $303 million, respectively, in realized and unrealized gains (losses) on equity securities, net. For the three and nine months ended September 30, 2018, we recognized unrealized losses of $135 million and $180 million, respectively. As of September 30, 2019 and December 31, 2018, our investment was $465 million and $162 million, respectively.

Peloton

In September 2019, as a result of Peloton’s initial public offering, we recognized unrealized gains of $150 million related to our investment in realized and unrealized gains (losses) on equity securities, net. Following the initial public offering, we now present our investment in marketable equity securities, which was previously presented in non-marketable equity securities. As of September 30, 2019 and December 31, 2018, our investment was $260 million and $110 million, respectively.

Other Investments

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 both September 30, 2019 and December 31, 2018, our investment in AirTouch was $1.6 billion. We account for our investment in AirTouch as a held to maturity investment using the cost method. As of September 30, 2019, 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 $1.7 billion. The estimated fair values were 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.

NBCUniversal Media LLC [Member]

Investments [Line Items]

Investments

Investments

Investment and Other Income (Loss), Net

	Three Months Ended September 30						Nine Months Ended September 30
(in millions)	2019			2018			2019			2018
Equity in net income (losses) of investees, net	$	(88	)	$	(119	)	$	(299	)	$	(306	)
Realized and unrealized gains (losses) on equity securities, net	178			(91		)	436			(128		)
Other income (loss), net	79			5			312			57
Investment and other income (loss), net	$	169		$	(205	)	$	449		$	(377	)

(in millions)	September 30, 2019		December 31, 2018
Equity method	$	1,290	$	707
Marketable equity securities	725		162
Nonmarketable equity securities	794		811
Total investments	2,809		1,680
Less: Investment securing collateralized obligation	816		—
Noncurrent investments	$	1,993	$	1,680

Equity Method

Hulu and Collateralized Obligation

In May 2019, we entered into a series of agreements (the “Hulu Transaction”) with The Walt Disney Company and certain of its subsidiaries (“Disney”), whereby we relinquished our board seats and substantially all voting rights associated with our investment in Hulu, LLC (“Hulu”), and Disney assumed full operational control. We also acquired our proportionate share of the approximate 10% interest in Hulu previously held by AT&T Inc. (“AT&T”) for approximately $477 million, increasing our ownership interest to approximately 33% from approximately 30%.

Following the Hulu Transaction, future capital calls are limited to $1.5 billion in the aggregate each year, with any excess funding requirements funded with member loans. We have the right, but not the obligation, to fund our proportionate share of these capital calls, and if we elect not to fund our share of future equity capital calls, our ownership interest will be diluted, subject to an ownership floor of 21%. The Hulu Transaction agreements include put and call provisions regarding our ownership interest in Hulu, pursuant to which, as early as January 2024, we can require Disney to buy, and Disney can require us to sell our interest, in either case, for fair value at that future time subject to a minimum equity value of $27.5 billion for 100% of the equity of Hulu. The minimum total equity value and ownership floor guarantee minimum proceeds of approximately $5.8 billion upon exercise of the put or call.

In connection with the Hulu Transaction, we agreed to extend certain licenses of NBCUniversal content until late 2024. We can terminate most of our content license agreements with Hulu beginning in 2022, and beginning in 2020, we have the right to modify certain content licenses that are currently exclusive to Hulu, so that we can exhibit the content on our platforms in return for reducing the license fee.

In August 2019, we entered into a financing arrangement with a syndicate of banks whereby we received proceeds of $5.2 billion under a term loan facility due March 2024. The principal amount of the term loan is secured by the proceeds guaranteed by Disney under the put/call provisions related to our investment in Hulu. The proceeds from the put/call provisions are available only for the repayment of the term loan and are not available to us unless and until the bank lenders are fully paid under the term loan provisions. The bank lenders have no rights to proceeds from the put/call provisions in excess of amounts owed under the term loan. As a result of this transaction, we now present our investment in Hulu and the term loan separately in our condensed consolidated balance sheet in the captions “investment securing collateralized obligation” and “collateralized obligation”, respectively. The recorded value of our investment reflects our historical cost in applying the equity method, and as a result, is less than its fair value. As of September 30, 2019, our collateralized obligation had a carrying value of $5.2 billion and an estimated fair value of $5.2 billion. The estimated fair value was based on Level 2 inputs that use interest rates for debt with similar terms and remaining maturities.

We account for our investment using the equity method. For the three and nine months ended September 30, 2019, we recognized losses of $101 million and $351 million, respectively, in equity in net income (losses) of investees, net. For the three and nine months ended September 30, 2018, we recognized losses of $132 million and $370 million, respectively. For the nine months ended September 30, 2019 and 2018, we made cash capital contributions totaling $903 million, inclusive of the funding for the acquisition of the AT&T interest, and $341 million, respectively, to Hulu. As of September 30, 2019 and December 31, 2018, our investment was $816 million and $248 million, respectively.

In August 2016, Time Warner Inc., which was acquired by AT&T in 2018, acquired a 10% interest in Hulu, diluting our interest at that time from approximately 33% to approximately 30%. Given the contingent nature of put and call options related to that interest, we recorded a deferred gain as a result of the dilution. In the first quarter of 2019, the put and call options expired unexercised and we recognized the previously deferred gain of $159 million in other income (loss), net.

The Weather Channel

In March 2018, we sold our investment in The Weather Channel cable network and recognized a pretax gain of $64 million in other income (loss), net.

Marketable Equity Securities

Snap

For the three and nine months ended September 30, 2019, we recognized unrealized gains of $45 million and $303 million, respectively, in realized and unrealized gains (losses) on equity securities, net. For the three and nine months ended September 30, 2018, we recognized unrealized losses of $135 million and $180 million, respectively. As of September 30, 2019 and December 31, 2018, our investment was $465 million and $162 million, respectively.

Peloton

In September 2019, as a result of Peloton’s initial public offering, we recognized unrealized gains of $150 million related to our investment in realized and unrealized gains (losses) on equity securities, net. Following the initial public offering, we now present our investment in marketable equity securities, which was previously presented in non-marketable equity securities. As of September 30, 2019 and December 31, 2018, our investment was $260 million and $110 million, respectively.

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Investments (Tables)

9 Months Ended

Sep. 30, 2019

Investments [Line Items]

Investment and Other Income (Loss), Net

Investment and Other Income (Loss), Net

	Three Months Ended September 30						Nine Months Ended September 30
(in millions)	2019			2018			2019			2018
Equity in net income (losses) of investees, net	$	(355	)	$	(76	)	$	(295	)	$	(56	)
Realized and unrealized gains (losses) on equity securities, net	174			(38		)	582			(50		)
Other income (loss), net	71			3			224			198
Investment and other income (loss), net	$	(110	)	$	(111	)	$	511		$	92

Investment Summary

(in millions)	September 30, 2019		December 31, 2018
Equity method	$	5,363	$	4,035
Marketable equity securities	862		341
Nonmarketable equity securities	1,933		1,805
Other investments	1,841		1,796
Total investments	9,999		7,977
Less: Current investments	1,710		94
Less: Investment securing collateralized obligation	816		—
Noncurrent investments	$	7,473	$	7,883

NBCUniversal Media LLC [Member]

Investments [Line Items]

Investment and Other Income (Loss), Net

Investment and Other Income (Loss), Net

	Three Months Ended September 30						Nine Months Ended September 30
(in millions)	2019			2018			2019			2018
Equity in net income (losses) of investees, net	$	(88	)	$	(119	)	$	(299	)	$	(306	)
Realized and unrealized gains (losses) on equity securities, net	178			(91		)	436			(128		)
Other income (loss), net	79			5			312			57
Investment and other income (loss), net	$	169		$	(205	)	$	449		$	(377	)

Investment Summary

(in millions)	September 30, 2019		December 31, 2018
Equity method	$	1,290	$	707
Marketable equity securities	725		162
Nonmarketable equity securities	794		811
Total investments	2,809		1,680
Less: Investment securing collateralized obligation	816		—
Noncurrent investments	$	1,993	$	1,680

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Commitments and Contingencies

9 Months Ended

Sep. 30, 2019

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Commitments and Contingencies

Leases

Our leases consist primarily of real estate, vehicles and other equipment. We determine if an arrangement is a lease at inception. Lease assets and liabilities are recognized upon commencement of the lease based on the present value of the future minimum lease payments over the lease term. The lease term includes options to extend the lease when it is reasonably certain that we will exercise that option. We generally utilize our incremental borrowing rate based on information available at the commencement of the lease in determining the present value of future payments. The lease asset also includes any lease payments made and initial direct costs incurred and excludes lease incentives. Lease assets and liabilities are not recorded for leases with an initial term of one year or less. Lease expense for operating leases recorded in the balance sheet is included in operating costs and expenses and is based on the future minimum lease payments recognized on a straight-line basis over the term of the lease plus any variable lease costs. Operating lease expenses, inclusive of short-term and variable lease expenses, recognized in our condensed consolidated statement of income for the three and nine months ended September 30, 2019 were $268 million and $806 million, respectively. These amounts do not include lease costs associated with production activities or other amounts capitalized in our condensed consolidated balance sheet, which are not material.

The table below summarizes the operating lease assets and liabilities recorded in our condensed consolidated balance sheet.

Condensed Consolidated Balance Sheet

(in millions)	September 30, 2019
Other noncurrent assets, net	$	4,011
Accrued expenses and other current liabilities	$	696
Other noncurrent liabilities	$	3,863

The table below summarizes our future minimum rental commitments for operating leases as of September 30, 2019 applying the new accounting guidance.

(in millions)	September 30, 2019
Remaining three months of 2019	$	182
2020	880
2021	763
2022	633
2023	530
Thereafter	2,606
Total future minimum lease payments	5,594
Less: imputed interest	1,035
Total liability	$	4,559

The weighted average remaining lease term for operating leases and the weighted average discount rate used to calculate our operating lease liabilities as of September 30, 2019 were 10 years and 3.78%, respectively.

For the nine months ended September 30, 2019, cash payments for operating leases recorded in the condensed consolidated balance sheet were $700 million. Leases that have not yet commenced and lease assets and liabilities associated with leases entered into during the period were not material.

The tables below summarize our future minimum rental commitments for operating leases as of December 31, 2018 and rent expense for operating leases for the three and nine months ended September 30, 2018 using the accounting guidance in effect at that time. These amounts have been updated to include $804 million of future cash payments related to additional contracts determined to be operating leases in connection with the Sky transaction.

(in millions)			December 31, 2018
2019			$	891
2020			$	824
2021			$	722
2022			$	592
2023			$	513
Thereafter			$	2,608
(in millions)	Three Months Ended September 30, 2018		Nine Months Ended September 30, 2018
Rental expense	$	178	$	548

Redeemable Subsidiary Preferred Stock

As of September 30, 2019, the fair value of the NBCUniversal Enterprise redeemable subsidiary preferred stock was $743 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 several 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. 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.

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Revenue (Tables)

9 Months Ended

Sep. 30, 2019

Revenue [Line Items]

Disaggregation of revenue

	Three Months Ended September 30						Nine Months Ended September 30
(in millions)	2019			2018			2019			2018
Residential:
High-speed internet	$	4,721		$	4,321		$	13,961		$	12,740
Video	5,541			5,591			16,763			16,878
Voice	963			982			2,935			2,982
Wireless	326			236			795			623
Business services	1,971			1,803			5,795			5,290
Advertising	603			684			1,766			1,932
Other	459			406			1,299			1,193
Total Cable Communications(a)(b)	14,584			14,023			43,314			41,638
Distribution	1,681			1,655			5,123			5,166
Advertising	809			812			2,592			2,718
Content licensing and other	281			383			871			997
Total Cable Networks	2,771			2,850			8,586			8,881
Advertising	1,191			1,355			3,837			5,107
Content licensing	447			538			1,479			1,541
Distribution and other	592			559			1,783			1,692
Total Broadcast Television	2,230			2,452			7,099			8,340
Theatrical	549			601			1,246			1,564
Content licensing	737			719			2,266			2,100
Home entertainment	185			260			681			733
Other	235			239			738			779
Total Filmed Entertainment	1,706			1,819			4,931			5,176
Total Theme Parks	1,631			1,528			4,371			4,170
Headquarters and Other	21			15			60			44
Eliminations(c)	(64		)	(68		)	(233		)	(245		)
Total NBCUniversal	8,295			8,596			24,814			26,366
Direct-to-consumer	3,793			—			11,516			—
Content	315			—			1,061			—
Advertising	446			—			1,602			—
Total Sky	4,554			—			14,179			—
Corporate and Other(b)	42			73			206			412
Eliminations(c)	(648		)	(557		)	(1,969		)	(1,755		)
Total revenue	$	26,827		$	22,135		$	80,544		$	66,661

(a) For both the three and nine months ended September 30, 2019, 2.6% of Cable Communications segment revenue was derived from franchise and other regulatory fees. For the three and nine months ended September 30, 2018, 2.6% and 2.7%, respectively, of Cable Communications segment revenue was derived from franchise and other regulatory fees.

(b) Comcast Cable’s wireless phone service is now presented in the Cable Communications segment. Results were previously presented in Corporate and Other. We recognize revenue from our wireless phone service as the services are provided, similar to how we recognize revenue for other residential cable services. We recognize revenue from the sale of handsets at the point of sale.

(c) Included in Eliminations are transactions that our segments enter into with one another. See Note 2 for a description of these transactions.

We operate primarily in the United States but also in select international markets. The table below summarizes revenue by geographic location.

	Three Months Ended September 30				Nine Months Ended September 30
(in millions)	2019		2018		2019		2018
United States	$	20,398	$	20,244	$	61,394	$	61,060
Europe	5,211		825		15,878		2,345
Other	1,218		1,066		3,272		3,256
Total revenue	$	26,827	$	22,135	$	80,544	$	66,661

Schedule of receivables, net

The following tables summarize our accounts receivable and other balances that are not separately presented in our condensed consolidated balance sheet that relate to the recognition of revenue and collection of the related cash, as well as deferred costs associated with our contracts with customers.

(in millions)	September 30, 2019		December 31, 2018
Receivables, gross	$	11,159	$	11,456
Less: Allowance for doubtful accounts	475		352
Receivables, net	$	10,684	$	11,104

Other balance sheet accounts

(in millions)	September 30, 2019		December 31, 2018
Noncurrent receivables, net (included in other noncurrent assets, net)	$	1,261	$	1,399
Contract acquisition and fulfillment costs (included in other noncurrent assets, net)	$	1,055	$	991
Noncurrent deferred revenue (included in other noncurrent liabilities)	$	663	$	650

NBCUniversal Media LLC [Member]

Revenue [Line Items]

Disaggregation of revenue

	Three Months Ended September 30						Nine Months Ended September 30
(in millions)	2019			2018			2019			2018
Distribution	$	1,681		$	1,655		$	5,123		$	5,166
Advertising	809			812			2,592			2,718
Content licensing and other	281			383			871			997
Total Cable Networks	2,771			2,850			8,586			8,881
Advertising	1,191			1,355			3,837			5,107
Content licensing	447			538			1,479			1,541
Distribution and other	592			559			1,783			1,692
Total Broadcast Television	2,230			2,452			7,099			8,340
Theatrical	549			601			1,246			1,564
Content licensing	737			719			2,266			2,100
Home entertainment	185			260			681			733
Other	235			239			738			779
Total Filmed Entertainment	1,706			1,819			4,931			5,176
Total Theme Parks	1,631			1,528			4,371			4,170
Headquarters and Other	21			49			117			157
Eliminations(a)	(65		)	(73		)	(238		)	(256		)
Total revenue	$	8,294		$	8,625		$	24,866		$	26,468

(a) Included in Eliminations are transactions that our segments enter into with one another. See Note 2 for a description of these transactions.

We operate primarily in the United States, but also in select international markets primarily in Europe and Asia. The table below summarizes revenue by geographic location.

	Three Months Ended September 30				Nine Months Ended September 30
(in millions)	2019		2018		2019		2018
United States	$	6,382	$	6,758	$	19,674	$	20,945
Foreign	1,912		1,867		5,192		5,523
Total revenue	$	8,294	$	8,625	$	24,866	$	26,468

Schedule of receivables, net

The following tables summarize our accounts receivable and other balances that are not separately presented in our condensed consolidated balance sheet that relate to the recognition of revenue and collection of the related cash.

(in millions)	September 30, 2019		December 31, 2018
Receivables, gross	$	7,139	$	7,392
Less: Allowance for doubtful accounts	99		99
Receivables, net	$	7,040	$	7,293

Other balance sheet accounts

(in millions)	September 30, 2019		December 31, 2018
Noncurrent receivables, net (included in other noncurrent assets, net)	$	1,097	$	1,180
Noncurrent deferred revenue (included in other noncurrent liabilities)	$	422	$	481

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Supplemental Financial Information (Noncash Activities) (Details) $ / shares in Units, $ in Millions	9 Months Ended
	Sep. 30, 2019 USD ($) $ / shares
Supplemental Financial Information [Line Items]
Property and equipment and intangible assets accrued but not yet paid	$ 2,000
Dividends payable	$ 955
Dividends payable (in dollars per share) | $ / shares	$ 0.21
NBCUniversal Media LLC [Member]
Supplemental Financial Information [Line Items]
Property and equipment and intangible assets accrued but not yet paid	$ 755

XML

Related Party Transactions (Condensed Consolidated Statement of Income) (Details) - USD ($) $ in Millions	3 Months Ended			6 Months Ended	9 Months Ended
	Sep. 30, 2019	Jun. 30, 2019	Sep. 30, 2018	Jun. 30, 2019	Sep. 30, 2019	Sep. 30, 2018
Related Party Transaction [Line Items]
Revenue	$ 26,827		$ 22,135		$ 80,544	$ 66,661
Total costs and expenses	(21,487)		(17,299)		(64,666)	(52,166)
NBCUniversal Media LLC [Member]
Related Party Transaction [Line Items]
Revenue	8,294		8,625		24,866	26,468
Total costs and expenses	$ (6,742)		(6,932)		$ (19,698)	(21,393)
Comcast and Consolidated Subsidiaries [Member] | NBCUniversal Media LLC [Member]
Related Party Transaction [Line Items]
Revenue		$ 597	506	$ 1,808		1,580
Total costs and expenses		(73)	(59)	(198)		(162)
Interest expense and investment and other income (loss), net		$ (162)	$ (9)	$ (148)		$ (52)

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Significant Transactions (Sky Transaction) (Details) - Sky Limited [Member] £ / shares in Units, $ in Millions, £ in Billions			3 Months Ended
	Oct. 09, 2018 USD ($)	Oct. 09, 2018 GBP (£)	Mar. 31, 2019 USD ($)	Oct. 09, 2018 £ / shares
Business Acquisition [Line Items]
Shares acquired, share price (in gbp per share) | £ / shares				£ 17.28
Percentage of voting interests acquired in period	100.00%	100.00%
Cash consideration	$ 39,387	£ 30.2
Deferred tax assets related to net operating losses			$ 1,200
Goodwill purchase accounting adjustment			1,400
Incremental depreciation and amortization			$ 53
Property and equipment	4,127
Trade Names [Member]
Business Acquisition [Line Items]
Indefinite-lived intangible assets acquired	5,800
Customer Relationships [Member]
Business Acquisition [Line Items]
Finite-lived intangible assets acquired	$ 9,500
Customer Relationships [Member] | Minimum [Member]
Business Acquisition [Line Items]
Estimated weighted average useful life	6 years	6 years
Customer Relationships [Member] | Maximum [Member]
Business Acquisition [Line Items]
Estimated weighted average useful life	19 years	19 years
Developed Technology and Software [Member]
Business Acquisition [Line Items]
Finite-lived intangible assets acquired	$ 4,300
Developed Technology and Software [Member] | Minimum [Member]
Business Acquisition [Line Items]
Estimated weighted average useful life	4 years	4 years
Developed Technology and Software [Member] | Maximum [Member]
Business Acquisition [Line Items]
Estimated weighted average useful life	9 years	9 years
Customer Premise Equipment [Member]
Business Acquisition [Line Items]
Property and equipment	$ 1,400
Customer Premise Equipment [Member] | Minimum [Member]
Business Acquisition [Line Items]
Estimated useful lives	5 years	5 years
Customer Premise Equipment [Member] | Maximum [Member]
Business Acquisition [Line Items]
Estimated useful lives	7 years	7 years

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Revenue (Condensed Consolidated Balance Sheet) (Details) - USD ($) $ in Millions	Sep. 30, 2019	Dec. 31, 2018
Condensed Consolidated Balance Sheet [Line Items]
Receivables, gross	$ 11,159	$ 11,456
Less: Allowance for doubtful accounts	475	352
Receivables, net	10,684	11,104
Noncurrent receivables, net (included in other noncurrent assets, net)	1,261	1,399
Contract acquisition and fulfillment costs (included in other noncurrent assets, net)	1,055	991
Noncurrent deferred revenue (included in other noncurrent liabilities)	663	650
NBCUniversal Media LLC [Member]
Condensed Consolidated Balance Sheet [Line Items]
Receivables, gross	7,139	7,392
Less: Allowance for doubtful accounts	99	99
Receivables, net	7,040	7,293
Noncurrent receivables, net (included in other noncurrent assets, net)	1,097	1,180
Noncurrent deferred revenue (included in other noncurrent liabilities)	$ 422	$ 481

XML

Significant Transactions (Universal Beijing Resort) (Details) - Universal Beijing Resort [Member] - Variable Interest Entity, Primary Beneficiary [Member] ¥ in Billions, $ in Billions	Sep. 30, 2019 USD ($)	Sep. 30, 2019 CNY (¥)
Variable Interest Entity [Line Items]
Ownership percentage in variable interest entity	30.00%	30.00%
Maximum borrowing capacity of variable interest entity	$ 4.0	¥ 26.6
Consolidated variable interest entity's assets included in condensed consolidated balance sheet	2.4
Consolidated variable interest entity's liabilities included in condensed consolidated balance sheet	$ 1.7
NBCUniversal Media LLC [Member]
Variable Interest Entity [Line Items]
Ownership percentage in variable interest entity	30.00%	30.00%
Maximum borrowing capacity of variable interest entity	$ 4.0	¥ 26.6
Consolidated variable interest entity's assets included in condensed consolidated balance sheet	2.4
Consolidated variable interest entity's liabilities included in condensed consolidated balance sheet	1.7
Universal Beijing Resort Term Loans [Member]
Variable Interest Entity [Line Items]
Proceeds from borrowings	1.0
Universal Beijing Resort Term Loans [Member] | NBCUniversal Media LLC [Member]
Variable Interest Entity [Line Items]
Proceeds from borrowings	$ 1.0