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 June 30, 20202021
Or
☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                       to                      

cmcsa-20210630_g1.jpg
Commission File Number
Exact Name of Registrant; State of
Incorporation; Address and Telephone
Number of Principal Executive Offices
I.R.S. Employer Identification No.
001-32871COMCAST CORPORATION27-0000798
Pennsylvania
One Comcast Center
Philadelphia, PA 19103-2838
(215) 286-1700

Philadelphia, PA19103-2838
(215) 286-1700

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Class A Common Stock, $0.01 par valueCMCSANASDAQ Global Select Market
0.250% Notes due 2027CMCS27NASDAQ Global Market
1.500% Notes due 2029CMCS29NASDAQ Global Market
0.750% Notes due 2032CMCS32NASDAQ Global Market
1.875% Notes due 2036CMCS36NASDAQ Global Market
1.250% Notes due 2040CMCS40NASDAQ Global Market
9.455% Guaranteed Notes due 2022CMCSA/22New York Stock Exchange
5.50% Notes due 2029CCGBP29New York Stock Exchange
2.0% Exchangeable Subordinated Debentures due 2029CCZNew York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding twelve months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§(§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer☒Accelerated filer☐Non-accelerated filer☐Smaller reporting company☐Emerging growth company☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date:
As of June 30, 2020,2021, there were 4,558,656,2394,580,292,854 shares of Comcast Corporation Class A common stock and 9,444,375 shares of Class B common stock outstanding.




TABLE OF CONTENTS
  
  
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Item 1.
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Item 2.
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Item 3.
4031
Item 4.
4031
Item 1.
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Item 1A.
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Item 5.2.
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Item 6.
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4233
 
Explanatory Note
Beginning with our Quarterly Report on Form 10-Q for the quarter ended March 31, 2020, we are voluntarily complying with new disclosure rules for guarantors and issuers of guaranteed debt securities issued by the Securities and Exchange Commission (“SEC”) in March 2020, as permitted by the transition guidance contained in the SEC’s final rule release “Financial Disclosures about Guarantors and Issuers of Guaranteed Securities and Affiliates Whose Securities Collateralize a Registrant’s Securities.” As a result, this report includes disclosures related to our consolidated subsidiaries that guarantee or have issued guaranteed debt securities registered with the SEC that are included within our guarantee structure (refer to Guarantee Structure within the Liquidity and Capital Resources section of Item 2: Management’s Discussion and Analysis of Financial Condition and Results of Operations). As a result of these rules, NBCUniversal Media, LLC is no longer required to prepare stand-alone periodic reports under SEC rules, and our periodic reports are no longer prepared as a combined report being filed separately by Comcast Corporation and NBCUniversal Media, LLC.
Unless indicated otherwise, throughout this Quarterly Report on Form 10-Q, we refer to Comcast and its consolidated subsidiaries, as “Comcast,” “we,” “us” and “our;” 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;” NBCUniversal Media, LLC and its consolidated subsidiaries as “NBCUniversal;” and Sky Limited and its consolidated subsidiaries as “Sky.”
This Quarterly Report on Form 10-Q is for the three and six months ended June 30, 2020.2021. This Quarterly Report on Form 10-Q modifies and supersedes documents filed before it. The SECU.S. Securities and Exchange Commission (“SEC”) allows us to “incorporate by reference” information that we file with it, which means that we can disclose important information to you by referring you directly to those documents. Information incorporated by reference is considered to be part of this Quarterly Report on Form 10-Q. In addition, information that we file with the SEC in the future will automatically update and supersede information contained in this Quarterly Report on Form 10-Q.
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. InUnless indicated otherwise, throughout this Quarterly Report on Form 10-Q, we staterefer to Comcast and its consolidated subsidiaries, as “Comcast,” “we,” “us” and “our;” Comcast Cable Communications, LLC and its consolidated subsidiaries as “Comcast Cable;” Comcast Holdings Corporation as “Comcast Holdings;” NBCUniversal Media, LLC and its consolidated subsidiaries as “NBCUniversal;” and Sky Limited and its consolidated subsidiaries as “Sky.”
Numerical information in this report is presented on a rounded basis using actual amounts. Minor differences in totals and percentage calculations may exist due to rounding.
CAUTION CONCERNING FORWARD-LOOKING STATEMENTS
This Quarterly Report on Form 10-Q includes statements that may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements are not historical facts or statements of current conditions, but instead represent only our beliefs ofregarding future events, many of which, by their nature, are inherently uncertain and outside of our future financial performance. In some cases, you can identify these so-called “forward-looking statements”control. These may include estimates, projections and statements relating to our business plans, objectives and expected operating results, which are based on current expectations and assumptions that are subject to risks and uncertainties that may cause actual results to differ materially. These forward-looking statements are generally identified by the words such as“believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “potential,” “strategy,” “future,” “opportunity,” “commit,” “plan,” “may,” “should,” “could,” “will,” “should,“would,” “expects,“will be,” “believes,“will continue,” “estimates,” “potential,” or “continue,” or the negative of these words,“will likely result” and other comparable words. You should be aware that these statements are only our predictions. similar expressions.
In evaluating theseforward-looking statements, you should consider various factors, including


the risks outlined below and uncertainties we describe in the “Risk Factors” sections of our Forms 10-K and 10-Q and other reports we file with the SEC. Actual events or Additionally, we operate in a highly competitive, consumer-driven and rapidly changing environment. This environment is affected by government regulation; economic, strategic, political and social conditions; consumer response to new and existing products and services; technological developments; and the ability to develop and protect intellectual property rights. Any of these factors could cause


our actual results couldto 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. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date they are made. We undertake no obligation to update or revise publicly any forward-looking statements.statements, whether because of new information, future events or otherwise.
Our businesses may be affected by, among other things, the following:
•the COVID-19 pandemic has had, and we expect will likely continue to have, a material adverse effect on our businesses and results of operations
•our businesses operate in highly competitive and dynamic industries, and our businesses and results of operations could be adversely affected if we do not compete effectively
•changes in consumer behavior driven by online video distribution platforms for viewing content continue to adversely affect our businesses and challenge existing business models
•a decline in advertisers’ expenditures or changes in advertising markets could negatively impact our businesses
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 programming distribution and licensing agreements, or the renewal of these agreements on less favorable terms, could adversely affect our businesses
•less favorable European telecommunications access regulations, the loss of Sky’s transmission access agreements with satellite or telecommunications providers or the renewal of these agreements on less favorable terms could adversely affect Sky’s 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 and other strategic initiatives present many risks, and we may not realize the financial and strategic goals that we had contemplated
•we face risks relating to doing business internationally that could adversely affect our businesses
•our businesses depend on keeping pace with technological developments
•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 and other strategic initiatives present many risks, and we may not realize the financial and strategic goals that we had contemplated
we face risks relating to doing business internationally that could adversely affect our businesses
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 are subject to regulation by federal, state, local and foreign authorities, which impose additional costs and restrictions on our businesses
•unfavorable litigation or governmental investigation results could require us to pay significant amounts or lead to onerous operating procedures
•labor disputes, whether involving employees or sports organizations, may disrupt our operations and adversely affect our businesses
•our Class B common stock has substantial voting rights and separate approval rights over several potentially material transactions, and our Chairman and CEO has considerable influence over our company through his beneficial ownership of our Class B common stock


Table of Contents

PART I: FINANCIAL INFORMATION
ITEM 1: FINANCIAL STATEMENTS
Comcast Corporation
Condensed Consolidated Statement of Income
(Unaudited)
Three Months Ended
June 30,		 Six Months Ended
June 30,		 Three Months Ended
June 30,		Six Months Ended
June 30,
(in millions, except per share data)2020 2019 2020 2019(in millions, except per share data)2021202020212020
Revenue$23,715
 $26,858
 $50,324
 $53,717
Revenue$28,546 $23,715 $55,751 $50,324 
Costs and Expenses:       Costs and Expenses:
Programming and production6,817
 8,255
 15,118
 16,824
Programming and production9,256 6,817 18,175 15,118 
Other operating and administrative7,646
 8,086
 15,900
 15,986
Other operating and administrative8,549 7,646 16,818 15,900 
Advertising, marketing and promotion1,341
 1,885
 3,279
 3,773
Advertising, marketing and promotion1,851 1,341 3,467 3,279 
Depreciation2,099
 2,197
 4,206
 4,437
Depreciation2,113 2,099 4,231 4,206 
Amortization1,165
 1,079
 2,322
 2,159
Amortization1,270 1,165 2,514 2,322 
Total costs and expenses19,068
 21,502
 40,825
 43,179
Total costs and expenses23,039 19,068 45,205 40,825 
Operating income4,647
 5,356
 9,499
 10,538
Operating income5,507 4,647 10,546 9,499 
Interest expense(1,112) (1,137) (2,324) (2,287)Interest expense(1,093)(1,112)(2,112)(2,324)
Investment and other income (loss), net420
 (55) (296) 621
Investment and other income (loss), net1,216 420 1,607 (296)
Income before income taxes3,955
 4,164
 6,879
 8,872
Income before income taxes5,630 3,955 10,042 6,879 
Income tax expense(946) (961) (1,646) (2,037)Income tax expense(2,000)(946)(3,119)(1,646)
Net income3,009
 3,203
 5,233
 6,835
Net income3,630 3,009 6,922 5,233 
Less: Net income (loss) attributable to noncontrolling interests and redeemable subsidiary preferred stock21
 78
 98
 157
Less: Net income (loss) attributable to noncontrolling interests and redeemable subsidiary preferred stock(108)21 (145)98 
Net income attributable to Comcast Corporation$2,988
 $3,125
 $5,135
 $6,678
Net income attributable to Comcast Corporation$3,738 $2,988 $7,067 $5,135 
Basic earnings per common share attributable to Comcast Corporation shareholders$0.65
 $0.69
 $1.12
 $1.47
Basic earnings per common share attributable to Comcast Corporation shareholders$0.81 $0.65 $1.54 $1.12 
Diluted earnings per common share attributable to Comcast Corporation shareholders$0.65
 $0.68
 $1.11
 $1.45
Diluted earnings per common share attributable to Comcast Corporation shareholders$0.80 $0.65 $1.51 $1.11 
See accompanying notes to condensed consolidated financial statements.

1
Table of Contents

Comcast Corporation

Condensed Consolidated Statement of Comprehensive Income
(Unaudited) 
Three Months Ended
June 30,		 Six Months Ended
June 30,		 Three Months Ended
June 30,		Six Months Ended
June 30,
(in millions)2020 2019 2020 2019(in millions)2021202020212020
Net income$3,009
 $3,203
 $5,233
 $6,835
Net income$3,630 $3,009 $6,922 $5,233 
Unrealized gains (losses) on marketable securities, net of deferred taxes of $1, $—, $1 and $—(3) 1
 (2) 2
Deferred gains (losses) on cash flow hedges, net of deferred taxes of $7, $2, $17 and $11(27) 123
 27
 64
Amounts reclassified to net income:       
Realized (gains) losses on cash flow hedges, net of deferred taxes of $4, $7, $21 and $(4)(21) (45) (127) 13
Employee benefit obligations, net of deferred taxes of
$2, $2, $5 and $5		(8) (9) (16) (16)
Currency translation adjustments, net of deferred taxes of $(9), $(6), $(16) and $(18)(74) (566) (2,231) 241
Currency translation adjustments, net of deferred taxes of $(17), $(9), $(109) and $(16)Currency translation adjustments, net of deferred taxes of $(17), $(9), $(109) and $(16)61 (74)26 (2,231)
Cash flow hedges:Cash flow hedges:
Deferred gains (losses), net of deferred taxes of $2, $7, $(17) and $17Deferred gains (losses), net of deferred taxes of $2, $7, $(17) and $17(14)(27)105 27 
Realized (gains) losses reclassified to net income, net of deferred taxes of $0, $4, $0 and $21Realized (gains) losses reclassified to net income, net of deferred taxes of $0, $4, $0 and $214 (21)4 (127)
Employee benefit obligations and other, net of deferred taxes of $3, $3, $5 and $6Employee benefit obligations and other, net of deferred taxes of $3, $3, $5 and $6(7)(11)(17)(18)
Comprehensive income2,876
 2,707
 2,884
 7,139
Comprehensive income3,674 2,876 7,040 2,884 
Less: Net income (loss) attributable to noncontrolling interests and redeemable subsidiary preferred stock21
 78
 98
 157
Less: Net income (loss) attributable to noncontrolling interests and redeemable subsidiary preferred stock(108)21 (145)98 
Less: Other comprehensive income (loss) attributable to noncontrolling interests2
 (12) (23) (2)Less: Other comprehensive income (loss) attributable to noncontrolling interests24 2 10 (23)
Comprehensive income (loss) attributable to Comcast Corporation$2,853
 $2,641
 $2,809
 $6,984
Comprehensive income (loss) attributable to Comcast Corporation$3,758 $2,853 $7,175 $2,809 
See accompanying notes to condensed consolidated financial statements.

2
Table of Contents

Comcast Corporation

Condensed Consolidated Statement of Cash Flows
(Unaudited) 
Six Months Ended
June 30,		 Six Months Ended
June 30,
(in millions)2020 2019(in millions)20212020
Operating Activities   Operating Activities
Net income$5,233
 $6,835
Net income$6,922 $5,233 
Adjustments to reconcile net income to net cash provided by operating activities:   Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization6,528
 6,596
Depreciation and amortization6,745 6,528 
Share-based compensation621
 533
Share-based compensation711 621 
Noncash interest expense (income), net352
 168
Noncash interest expense (income), net210 352 
Net (gain) loss on investment activity and other399
 (367)Net (gain) loss on investment activity and other(1,403)399 
Deferred income taxes(84) 466
Deferred income taxes1,297 (84)
Changes in operating assets and liabilities, net of effects of acquisitions and divestitures:   Changes in operating assets and liabilities, net of effects of acquisitions and divestitures:
Current and noncurrent receivables, net900
 295
Current and noncurrent receivables, net137 900 
Film and television costs, net573
 970
Film and television costs, net837 573 
Accounts payable and accrued expenses related to trade creditors(879) (815)Accounts payable and accrued expenses related to trade creditors299 (879)
Other operating assets and liabilities824
 (410)Other operating assets and liabilities(398)824 
Net cash provided by operating activities14,467
 14,271
Net cash provided by operating activities15,357 14,467 
Investing Activities   Investing Activities
Capital expenditures(3,957) (4,355)Capital expenditures(4,003)(3,957)
Cash paid for intangible assets(1,219) (1,078)Cash paid for intangible assets(1,283)(1,219)
Construction of Universal Beijing Resort(708) (450)Construction of Universal Beijing Resort(704)(708)
Acquisitions, net of cash acquired(198) (114)Acquisitions, net of cash acquired(168)(198)
Proceeds from sales of businesses and investments2,042
 150
Proceeds from sales of businesses and investments396 2,042 
Purchases of investments(471) (1,605)Purchases of investments(86)(471)
Other33
 38
Other217 33 
Net cash provided by (used in) investing activities(4,478) (7,414)Net cash provided by (used in) investing activities(5,631)(4,478)
Financing Activities   Financing Activities
Proceeds from (repayments of) short-term borrowings, net—
 (801)
Proceeds from borrowings13,612
 363
Proceeds from borrowings383 13,612 
Repurchases and repayments of debt(10,712) (4,156)Repurchases and repayments of debt(5,785)(10,712)
Repurchases of common stock under employee plans(269) (350)
Repurchases of common stock under repurchase program and employee plansRepurchases of common stock under repurchase program and employee plans(957)(269)
Dividends paid(2,028) (1,823)Dividends paid(2,230)(2,028)
Other(2,128) 35
Other(475)(2,128)
Net cash provided by (used in) financing activities(1,525) (6,732)Net cash provided by (used in) financing activities(9,064)(1,525)
Impact of foreign currency on cash, cash equivalents and restricted cash(77) (15)Impact of foreign currency on cash, cash equivalents and restricted cash(12)(77)
Increase (decrease) in cash, cash equivalents and restricted cash8,387
 110
Increase (decrease) in cash, cash equivalents and restricted cash650 8,387 
Cash, cash equivalents and restricted cash, beginning of period5,589
 3,909
Cash, cash equivalents and restricted cash, beginning of period11,768 5,589 
Cash, cash equivalents and restricted cash, end of period$13,976
 $4,019
Cash, cash equivalents and restricted cash, end of period$12,418 $13,976 
See accompanying notes to condensed consolidated financial statements.

3
Table of Contents

Comcast Corporation

Condensed Consolidated Balance Sheet
(Unaudited)
(in millions, except share data)June 30,
2020		 December 31,
2019		(in millions, except share data)June 30,
2021		December 31,
2020
Assets   Assets
Current Assets:   Current Assets:
Cash and cash equivalents$13,935
 $5,500
Cash and cash equivalents$12,378 $11,740 
Receivables, net10,227
 11,292
Receivables, net11,110 11,466 
Programming rights—
 3,877
Other current assets3,323
 4,723
Other current assets3,558 3,535 
Total current assets27,485
 25,392
Total current assets27,046 26,741 
Film and television costs12,213
 8,933
Film and television costs12,372 13,340 
Investments6,845
 6,989
Investments8,903 7,820 
Investment securing collateralized obligation533
 694
Investment securing collateralized obligation564 447 
Property and equipment, net of accumulated depreciation of $53,765 and $53,23948,985
 48,322
Property and equipment, net of accumulated depreciation of $55,217 and $54,388Property and equipment, net of accumulated depreciation of $55,217 and $54,38852,769 51,995 
Goodwill67,354
 68,725
Goodwill70,429 70,669 
Franchise rights59,365
 59,365
Franchise rights59,365 59,365 
Other intangible assets, net of accumulated amortization of $17,210 and $17,21734,186
 36,128
Other intangible assets, net of accumulated amortization of $21,976 and $19,825Other intangible assets, net of accumulated amortization of $21,976 and $19,82534,321 35,389 
Other noncurrent assets, net9,012
 8,866
Other noncurrent assets, net11,235 8,103 
Total assets$265,978
 $263,414
Total assets$277,004 $273,869 
Liabilities and Equity   Liabilities and Equity
Current Liabilities:   Current Liabilities:
Accounts payable and accrued expenses related to trade creditors$10,426
 $10,826
Accounts payable and accrued expenses related to trade creditors$11,672 $11,364 
Accrued participations and residuals1,800
 1,730
Accrued participations and residuals1,713 1,706 
Deferred revenue2,403
 2,768
Deferred revenue3,566 2,963 
Accrued expenses and other current liabilities9,770
 10,516
Accrued expenses and other current liabilities8,956 9,617 
Current portion of long-term debt4,046
 4,452
Current portion of long-term debt3,407 3,146 
Total current liabilities28,445
 30,292
Total current liabilities29,314 28,796 
Long-term debt, less current portion100,764
 97,765
Long-term debt, less current portion95,175 100,614 
Collateralized obligation5,167
 5,166
Collateralized obligation5,169 5,168 
Deferred income taxes27,947
 28,180
Deferred income taxes29,525 28,051 
Other noncurrent liabilities17,608
 16,765
Other noncurrent liabilities20,775 18,222 
Commitments and contingencies (Note 12)


 


Commitments and contingenciesCommitments and contingencies00
Redeemable noncontrolling interests and redeemable subsidiary preferred stock1,256
 1,372
Redeemable noncontrolling interests and redeemable subsidiary preferred stock530 1,280 
Equity:   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, 5,431,447,267 and 5,416,381,298; outstanding, 4,558,656,239 and 4,543,590,27054
 54
Preferred stock—authorized, 20,000,000 shares; issued, 0Preferred stock—authorized, 20,000,000 shares; issued, 00 0 
Class A common stock, $0.01 par value—authorized, 7,500,000,000 shares; issued, 5,453,083,882 and 5,444,002,825; outstanding, 4,580,292,854 and 4,571,211,797Class A common stock, $0.01 par value—authorized, 7,500,000,000 shares; issued, 5,453,083,882 and 5,444,002,825; outstanding, 4,580,292,854 and 4,571,211,79755 54 
Class B common stock, $0.01 par value—authorized, 75,000,000 shares; issued and outstanding, 9,444,375—
 —
Class B common stock, $0.01 par value—authorized, 75,000,000 shares; issued and outstanding, 9,444,3750 0 
Additional paid-in capital38,936
 38,447
Additional paid-in capital40,046 39,464 
Retained earnings53,420
 50,695
Retained earnings60,359 56,438 
Treasury stock, 872,791,028 Class A common shares(7,517) (7,517)Treasury stock, 872,791,028 Class A common shares(7,517)(7,517)
Accumulated other comprehensive income (loss)(1,279) 1,047
Accumulated other comprehensive income (loss)1,992 1,884 
Total Comcast Corporation shareholders’ equity83,614
 82,726
Total Comcast Corporation shareholders’ equity94,935 90,323 
Noncontrolling interests1,177
 1,148
Noncontrolling interests1,581 1,415 
Total equity84,791
 83,874
Total equity96,516 91,738 
Total liabilities and equity$265,978
 $263,414
Total liabilities and equity$277,004 $273,869 
See accompanying notes to condensed consolidated financial statements.

4
Table of Contents

Comcast Corporation

Condensed Consolidated Statement of Changes in Equity
(Unaudited)
Three Months Ended
June 30,		 Six Months Ended
June 30,		Three Months Ended
June 30,		Six Months Ended
June 30,
(in millions, except per share data)20202019 20202019(in millions, except per share data)2021202020212020
Redeemable Noncontrolling Interests and Redeemable Subsidiary Preferred Stock   Redeemable Noncontrolling Interests and Redeemable Subsidiary Preferred Stock
Balance, beginning of period$1,259
$1,316
 $1,372
$1,316
Balance, beginning of period$546 $1,259 $1,280 $1,372 
Redemption of subsidiary preferred stockRedemption of subsidiary preferred stock0 0 (725)0 
Contributions from (distributions to) noncontrolling interests, net(10)(17) (37)(37)Contributions from (distributions to) noncontrolling interests, net(13)(10)(40)(37)
Other(12)(11) (165)(19)Other0 (12)(10)(165)
Net income (loss)19
41
 86
69
Net income (loss)(3)19 24 86 
Balance, end of period$1,256
$1,329
 $1,256
$1,329
Balance, end of period$530 $1,256 $530 $1,256 
   
Class A common stock   
Class A Common StockClass A Common Stock
Balance, beginning of period$54
$54
 $54
$54
Balance, beginning of period$55 $54 $54 $54 
Issuances of common stock under employee plansIssuances of common stock under employee plans0 0 1 0 
Balance, end of period$54
$54
 $54
$54
Balance, end of period$55 $54 $55 $54 
   
Additional Paid-In Capital   Additional Paid-In Capital
Balance, beginning of period$38,597
$37,621
 $38,447
$37,461
Balance, beginning of period$39,744 $38,597 $39,464 $38,447 
Stock compensation plans261
237
 473
411
Stock compensation plans274 261 570 473 
Repurchases of common stock under employee plans(10)17
 (103)(45)
Repurchases of common stock under repurchase program and employee plansRepurchases of common stock under repurchase program and employee plans(43)(10)(131)(103)
Employee stock purchase plans79
67
 133
115
Employee stock purchase plans76 79 139 133 
Other9
8
 (14)8
Other(5)9 5 (14)
Balance, end of period$38,936
$37,950
 $38,936
$37,950
Balance, end of period$40,046 $38,936 $40,046 $38,936 
   
Retained Earnings   Retained Earnings
Balance, beginning of period$51,516
$44,379
 $50,695
$41,983
Balance, beginning of period$58,321 $51,516 $56,438 $50,695 
Cumulative effects of adoption of accounting standards—
—
 (124)—
Cumulative effects of adoption of accounting standards0 0 0 (124)
Repurchases of common stock under employee plans(26)(112) (168)(305)
Repurchases of common stock under repurchase program and employee plansRepurchases of common stock under repurchase program and employee plans(543)(26)(832)(168)
Dividends declared(1,061)(964) (2,125)(1,928)Dividends declared(1,156)(1,061)(2,317)(2,125)
Other3
(3) 7
(3)Other0 3 4 7 
Net income (loss)2,988
3,125
 5,135
6,678
Net income (loss)3,738 2,988 7,067 5,135 
Balance, end of period$53,420
$46,425
 $53,420
$46,425
Balance, end of period$60,359 $53,420 $60,359 $53,420 
   
Treasury Stock at Cost   Treasury Stock at Cost
Balance, beginning of period$(7,517)$(7,517) $(7,517)$(7,517)Balance, beginning of period$(7,517)$(7,517)$(7,517)$(7,517)
Balance, end 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)   Accumulated Other Comprehensive Income (Loss)
Balance, beginning of period$(1,144)$422
 $1,047
$(368)Balance, beginning of period$1,972 $(1,144)$1,884 $1,047 
Other comprehensive income (loss)(135)(484) (2,326)306
Other comprehensive income (loss)20 (135)108 (2,326)
Balance, end of period$(1,279)$(62) $(1,279)$(62)Balance, end of period$1,992 $(1,279)$1,992 $(1,279)
   
Noncontrolling Interests   Noncontrolling Interests
Balance, beginning of period$1,277
$903
 $1,148
$889
Balance, beginning of period$1,525 $1,277 $1,415 $1,148 
Other comprehensive income (loss)2
(12) (12)(2)Other comprehensive income (loss)24 2 10 (12)
Contributions from (distributions to) noncontrolling interests, net(105)62
 15
16
Contributions from (distributions to) noncontrolling interests, net135 (105)324 15 
Other1
(10) 14
(11)Other2 1 1 14 
Net income (loss)2
37
 12
88
Net income (loss)(105)2 (169)12 
Balance, end of period$1,177
$980
 $1,177
$980
Balance, end of period$1,581 $1,177 $1,581 $1,177 
Total equity$84,791
$77,830
 $84,791
$77,830
Total equity$96,516 $84,791 $96,516 $84,791 
Cash dividends declared per common share$0.23
$0.21
 $0.46
$0.42
Cash dividends declared per common share$0.25 $0.23 $0.50 $0.46 
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
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 20192020 Annual Report on Form 10-K and the notes within this Form 10-Q.
Reclassifications
Reclassifications have been made to our notes to condensed consolidated financial statements for the prior year period to conform to classifications used in 2021. See Note 2 for a discussion of the changes in our presentation of segment operating results.
Note 2: Segment Information
In the first quarter of 2021, we changed our presentation of segment operating results. We now present our operations in 65 reportable business segments: (1) Comcast Cable in one1 reportable business segment, referred to as Cable Communications; (2) NBCUniversal in four3 reportable business segments: Cable Networks, Broadcast Television, Filmed EntertainmentMedia, Studios and Theme Parks (collectively, the “NBCUniversal segments”); and (3) Sky in one1 reportable business segment. The changes reflect a reorganized operating structure in NBCUniversal’s television and streaming businesses and primarily include: (i) the combination of NBCUniversal’s television networks (previously reported in Cable Networks and Broadcast Television) with the operations of Peacock (previously reported in Corporate and Other) in the Media segment, and (ii) the presentation of NBCUniversal’s television studio production operations (previously reported in Cable Networks and Broadcast Television) with the studio operations of Filmed Entertainment in the Studios segment. Prior periods have been adjusted to reflect this presentation.
Cable Communications is a leading provider of high-speed internet,broadband, video, voice, wireless, and security and automation services to residential customers under the Xfinity brand; we also provide these and other services to business customers and sell advertising. Revenue is generated primarily from residential and business customers that subscribe to our services, which are marketed individually and as bundled services, and from the sale of advertising.
Cable NetworksMedia consists primarily of ourNBCUniversal’s television and streaming platforms, including national, cable networks that provide a variety of entertainment, newsregional 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.
Broadcast Television consists primarily of the NBC and Telemundo broadcast networks, ournetworks; NBC and Telemundo owned local broadcast television stations,stations; Peacock, our direct-to-consumer streaming service; and various digital properties. Revenue is generated primarily from the NBC Universo national cablesale of advertising on our television networks, Peacock and digital properties; and the fees received from the distribution of our television network ourprogramming to traditional and virtual multichannel video providers and from NBC-affiliated and Telemundo-affiliated local broadcast television stations. Media also generates other revenue from various digital properties.
Studios consists primarily of NBCUniversal’s film and television studio production operations, and variousdistribution operations. Revenue is generated primarily from the licensing of our owned film and television content to broadcast, cable and premium networks, and to direct-to-consumer streaming service providers, as well as through video on demand and pay-per-view services provided by multichannel video providers and over-the-top service providers; from the worldwide distribution of our produced and acquired films for exhibition in movie theaters; and from the sale of owned content on DVDs, Blu-ray discs and through digital properties.distribution services.
Filmed Entertainment consists primarily of the operations of Universal Pictures, which produces, acquires, markets and distributes filmed entertainment worldwide; our films are also produced under the Illumination, DreamWorks Animation and Focus Features names.
Theme Parks 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. Revenue is generated primarily from guest spending at our Universal theme parks.
Sky is one of Europe’s leading entertainment companies, which primarily includes a direct-to-consumer business, providing video, high-speed internet,broadband, voice and wireless phone services, and a content business, operating entertainment networks, the Sky News broadcast network and Sky Sports networks. Revenue is generated primarily from residential and business customers that
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subscribe to our services; from the distribution of Sky’s owned television networks on third-party platforms and the licensing of owned and acquired programming to third-party video providers; and from the sale of advertising.
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, and other business initiatives, such as Peacock, our new direct-to-consumer streaming service that primarily features NBCUniversal content.initiatives.
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. Our financial data by businessreportable segment is presented in the tables below.

 Three Months Ended June 30, 2021
(in millions)
Revenue(a)
Adjusted EBITDA(b)
Depreciation and AmortizationCapital
Expenditures		Cash Paid for Intangible Assets
Cable Communications$16,002 $7,073 $1,950 $1,695 $337 
NBCUniversal
Media5,148 1,378 254 19 42 
Studios2,224 156 12 1 5 
Theme Parks1,095 221 195 100 8 
Headquarters and Other22 (186)125 62 30 
Eliminations(a)
(534)(15)0 0 0 
NBCUniversal7,955 1,553 586 182 86 
Sky5,220 560 826 184 211 
Corporate and Other92 (261)21 83 37 
Eliminations(a)
(723)2 0 0 0 
Comcast Consolidated$28,546 $8,927 $3,383 $2,144 $671 

 Three Months Ended June 30, 2020
(in millions)
Revenue(a)
Adjusted EBITDA(b)
Depreciation and AmortizationCapital
Expenditures		Cash Paid for Intangible Assets
Cable Communications$14,428 $6,176 $1,937 $1,452 $326 
NBCUniversal
Media4,096 1,636 244 29 49 
Studios2,052 323 15 2 2 
Theme Parks136 (393)191 295 16 
Headquarters and Other11 (82)129 54 37 
Eliminations(a)
(580)(104)0 0 0 
NBCUniversal5,715 1,380 579 380 104 
Sky4,079 749 720 215 170 
Corporate and Other40 (389)28 29 1 
Eliminations(a)
(547)11 0 0 0 
Comcast Consolidated$23,715 $7,927 $3,264 $2,076 $601 
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 Six Months Ended June 30, 2021
(in millions)
Revenue(a)
Adjusted EBITDA(b)
Depreciation and Amortization
Capital
Expenditures
Cash Paid for Intangible Assets
Cable Communications$31,807 $13,903 $3,880 $3,065 $652 
NBCUniversal
Media10,184 2,851 501 29 75 
Studios4,620 653 25 2 7 
Theme Parks1,714 159 402 226 15 
Headquarters and Other38 (395)241 98 57 
Eliminations(a)
(1,576)(225)0 0 0 
NBCUniversal14,980 3,043 1,168 354 153 
Sky10,217 924 1,640 455 412 
Corporate and Other181 (541)57 128 65 
Eliminations(a)
(1,434)11 0 0 0 
Comcast Consolidated$55,751 $17,339 $6,745 $4,003 $1,283 
 Six Months Ended June 30, 2020
(in millions)
Revenue(a)
Adjusted EBITDA(b)
Depreciation and Amortization
Capital
Expenditures
Cash Paid for Intangible Assets
Cable Communications$29,346 $12,252 $3,883 $2,721 $682 
NBCUniversal
Media8,974 3,165 487 60 87 
Studios4,461 623 32 6 3 
Theme Parks1,061 (306)381 591 31 
Headquarters and Other20 (303)245 100 78 
Eliminations(a)
(1,072)(110)0 0 0 
NBCUniversal13,444 3,069 1,145 757 199 
Sky8,596 1,300 1,438 412 336 
Corporate and Other160 (582)62 67 2 
Eliminations(a)
(1,222)18 0 0 0 
Comcast Consolidated$50,324 $16,057 $6,528 $3,957 $1,219 
8
 Three Months Ended June 30, 2020
(in millions)Revenue
Adjusted EBITDA(d)
Depreciation and AmortizationCapital
Expenditures		Cash Paid for Intangible Assets
Cable Communications$14,428
$6,176
$1,937
$1,452
$326
NBCUniversal     
Cable Networks2,515
1,243
190
5
5
Broadcast Television2,364
641
39
20
2
Filmed Entertainment1,194
228
23
3
5
Theme Parks87
(399)193
295
16
Headquarters and Other(a)
24
(73)129
52
38
Eliminations(b)
(60)(2)—
—
—
NBCUniversal6,124
1,638
574
375
66
Sky4,079
749
720
215
170
Corporate and Other(c)
46
(506)33
34
39
Eliminations(b)
(962)(130)—
—
—
Comcast Consolidated$23,715
$7,927
$3,264
$2,076
$601
 Three Months Ended June 30, 2019
(in millions)Revenue
Adjusted EBITDA(d)
Depreciation and AmortizationCapital
Expenditures		Cash Paid for Intangible Assets
Cable Communications$14,450
$5,854
$2,036
$1,594
$303
NBCUniversal     
Cable Networks2,947
1,201
183
6
4
Broadcast Television2,402
534
40
37
3
Filmed Entertainment1,457
183
20
4
6
Theme Parks1,464
590
170
378
17
Headquarters and Other(a)
22
(182)114
48
35
Eliminations(b)
(86)(2)—
—
—
NBCUniversal8,206
2,324
527
473
65
Sky4,828
772
673
177
152
Corporate and Other(c)
56
(213)40
19
11
Eliminations(b)
(682)(21)—
—
—
Comcast Consolidated$26,858
$8,716
$3,276
$2,263
$531
 Six Months Ended June 30, 2020
(in millions)Revenue
Adjusted EBITDA(d)
Depreciation and Amortization
Capital
Expenditures
Cash Paid for Intangible Assets
Cable Communications$29,346
$12,252
$3,883
$2,721
$682
NBCUniversal     
Cable Networks5,374
2,491
385
10
8
Broadcast Television5,048
1,142
82
45
5
Filmed Entertainment2,564
334
45
7
10
Theme Parks956
(323)382
591
31
Headquarters and Other(a)
47
(260)245
99
79
Eliminations(b)
(131)1
—
—
—
NBCUniversal13,858
3,385
1,139
752
133
Sky8,596
1,300
1,438
412
336
Corporate and Other(c)
166
(758)68
72
68
Eliminations(b)
(1,642)(122)—
—
—
Comcast Consolidated$50,324
$16,057
$6,528
$3,957
$1,219

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 Six Months Ended June 30, 2019
(in millions)Revenue
Adjusted EBITDA(d)
Depreciation and Amortization
Capital
Expenditures
Cash Paid for Intangible Assets
Cable Communications$28,730
$11,582
$4,071
$2,957
$626
NBCUniversal     
Cable Networks5,815
2,463
365
12
6
Broadcast Television4,869
921
79
50
6
Filmed Entertainment3,225
547
39
8
11
Theme Parks2,740
1,088
332
772
36
Headquarters and Other(a)
39
(356)227
84
77
Eliminations(b)
(169)(2)—
—
—
NBCUniversal16,519
4,661
1,042
926
136
Sky9,625
1,435
1,414
436
303
Corporate and Other(c)
164
(400)69
36
13
Eliminations(b)
(1,321)(9)—
—
—
Comcast Consolidated$53,717
$17,269
$6,596
$4,355
$1,078

(a)
(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. Our segments generally report transactions with one another as if they were stand-alone businesses in accordance with GAAP, and these transactions are eliminated in consolidation. When multiple segments enter into transactions to provide products and services to third parties, revenue is generally allocated to our segments based on relative value.
Included in Eliminations are transactions that our segments enter into with one another. Our segments generally report transactions with one another as if they were stand-alone businesses in accordance with GAAP, and these transactions are eliminated in consolidation. When multiple segments enter into transactions to provide products and services to third parties, revenue is generally allocated to our segments based on relative value. The most significant transactions between our segments include distribution revenue at Media for fees received from Cable NetworksCommunications for the sale of cable network programming to Cable Communications;and under retransmission consent agreements; content licensing revenue in our NBCUniversal segments (Broadcast Television, Filmed Entertainment and Cable Networks) for the license of owned content to Peacock and Sky, andat Studios for licenses of owned content to other NBCUniversal segments;Media and Sky; and advertising revenue at Cable Communications, Cable NetworksMedia and Broadcast Television; and distribution revenue at Broadcast Television for fees received under retransmission consent agreements from Cable Communications. For segment reporting purposes, we account for intercompany content licenses as follows:
Revenue for licenses of content from NBCUniversal segmentsStudios to PeacockMedia and Sky areis generally recognized at a point in time, consistent with the recognition of transactions with third parties, when the content is delivered and made available for use. The costs of these licenses at PeacockMedia and Sky are recognized as the content is used over the license period. The difference in timing of recognition between segments results in an Adjusted EBITDA impact in eliminations, as the profits (losses) on these transactions are deferred in our consolidated results and recognized as the content is used over the license period.
Revenue Under the previous segment structure, revenue for licenses of content between our previous NBCUniversal segments iswas recognized over time to correspond with the amortization of the programming rights asset for thecosts of licensed content as the content is used over the license period.
(c)Corporate and Other activities include costs associated with overhead and personnel, revenue and expenses associated with our other business interests, including Peacock.
(d)
A summary of revenue for each of our segments resulting from transactions with other segments and eliminated in consolidation is presented in the table below.
Three Months Ended
June 30,		Six Months Ended
June 30,
(in millions)2021202020212020
Cable Communications$47 $41 $93 $82 
NBCUniversal
Media543 426 1,082 967 
Studios589 625 1,678 1,165 
Theme Parks0 0 1 0 
Headquarters and Other17 4 29 7 
Sky15 7 23 9 
Corporate and Other47 24 105 64 
Total intersegment revenue$1,257 $1,127 $3,010 $2,294 
(b)We use Adjusted EBITDA as the measure of profit or loss for our operating segments. From time to time we may report the impact of certain events, gains, losses or other charges related to our operating segments (such as certain costs incurred in response to COVID-19, including severance charges), within Corporate and Other. Our reconciliation of the aggregate amount of Adjusted EBITDA for our reportable segments to consolidated income before income taxes is presented in the table below.
 Three Months Ended
June 30,		Six Months Ended
June 30,
(in millions)2021202020212020
Adjusted EBITDA$8,927 $7,927 $17,339 $16,057 
Adjustments(36)(16)(48)(30)
Depreciation(2,113)(2,099)(4,231)(4,206)
Amortization(1,270)(1,165)(2,514)(2,322)
Interest expense(1,093)(1,112)(2,112)(2,324)
Investment and other income (loss), net1,216 420 1,607 (296)
Income before income taxes$5,630 $3,955 $10,042 $6,879 
Adjustments represent the impacts of certain events, gains, losses or other charges that are excluded from Adjusted EBITDA, including Sky transaction-related costs and costs related to our investment portfolio.
Goodwill by Segment
The changes in the carrying amount of goodwill by segment for the six months ended June 30, 2021 are as follows:
  NBCUniversal  
(in billions)Cable
Communications		Cable
Networks		Broadcast
Television		Filmed
Entertainment		MediaStudiosTheme
Parks		SkyCorporate
and Other		Total
Balance, December 31, 2020$15.3 $14.0 $1.1 $3.3 $0 $0 $7.0 $30.0 $0 $70.7 
Segment change0 (14.0)(1.1)(3.3)14.7 3.7 0 0 0 0 
Foreign currency translation and other0.1 0 0 0 0 0 (0.4)0.1 0 (0.2)
Balance, June 30, 2021$15.4 $0 $0 $0 $14.7 $3.7 $6.6 $30.0 $0 $70.4 
We use Adjusted EBITDA as the measure of profit or loss for our operating segments. Adjusted EBITDA is definedas 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 fromAdjusted 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
June 30,		 Six Months Ended
June 30,
(in millions)2020 2019 2020 2019
Adjusted EBITDA$7,927
 $8,716
 $16,057
 $17,269
Adjustment for Sky transaction-related costs(16) (84) (30) (135)
Depreciation(2,099) (2,197) (4,206) (4,437)
Amortization(1,165) (1,079) (2,322) (2,159)
Interest expense(1,112) (1,137) (2,324) (2,287)
Investment and other income (loss), net420
 (55) (296) 621
Income before income taxes$3,955
 $4,164
 $6,879
 $8,872


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Note 3: Revenue
Three Months Ended
June 30,		Six Months Ended
June 30,
(in millions)2021202020212020
Residential:
Broadband$5,717 $5,000 $11,317 $10,001 
Video5,554 5,415 11,177 11,047 
Voice870 877 1,741 1,776 
Wireless556 326 1,069 669 
Business services2,202 2,004 4,369 4,047 
Advertising679 428 1,296 985 
Other425 378 838 821 
Total Cable Communications16,002 14,428 31,807 29,346 
Advertising2,189 1,648 4,282 3,815 
Distribution2,452 2,060 4,947 4,347 
Other507 388 955 812 
Total Media5,148 4,096 10,184 8,974 
Content licensing1,781 1,746 3,855 3,565 
Theatrical198 7 237 323 
Home entertainment and other245 299 527 573 
Total Studios2,224 2,052 4,620 4,461 
Total Theme Parks1,095 136 1,714 1,061 
Headquarters and Other22 11 38 20 
Eliminations(a)
(534)(580)(1,576)(1,072)
Total NBCUniversal7,955 5,715 14,980 13,444 
Direct-to-consumer4,222 3,524 8,288 7,203 
Content355 234 713 559 
Advertising643 321 1,216 834 
Total Sky5,220 4,079 10,217 8,596 
Corporate and Other92 40 181 160 
Eliminations(a)
(723)(547)(1,434)(1,222)
Total revenue$28,546 $23,715 $55,751 $50,324 
 Three Months Ended
June 30,		 Six Months Ended
June 30,
(in millions)2020 2019 2020 2019
Residential:       
High-speed internet$5,000
 $4,663
 $10,001
 $9,240
Video5,415
 5,594
 11,047
 11,222
Voice877
 982
 1,776
 1,972
Wireless326
 244
 669
 469
Business services2,004
 1,933
 4,047
 3,824
Advertising428
 607
 985
 1,163
Other378
 427
 821
 840
Total Cable Communications(a)
14,428
 14,450
 29,346
 28,730
        
Distribution1,455
 1,707
 3,163
 3,442
Advertising679
 931
 1,513
 1,783
Content licensing and other381
 309
 698
 590
Total Cable Networks2,515
 2,947
 5,374
 5,815
        
Advertising959
 1,329
 2,277
 2,646
Content licensing749
 472
 1,484
 1,032
Distribution and other656
 601
 1,287
 1,191
Total Broadcast Television2,364
 2,402
 5,048
 4,869
        
Theatrical8
 252
 325
 697
Content licensing850
 712
 1,541
 1,529
Home entertainment229
 229
 400
 496
Other107
 264
 298
 503
Total Filmed Entertainment1,194
 1,457
 2,564
 3,225
        
Total Theme Parks87
 1,464
 956
 2,740
Headquarters and Other24
 22
 47
 39
Eliminations(b)
(60) (86) (131) (169)
Total NBCUniversal6,124
 8,206
 13,858
 16,519
        
Direct-to-consumer3,524
 3,889
 7,203
 7,723
Content234
 376
 559
 746
Advertising321
 563
 834
 1,156
Total Sky4,079
 4,828
 8,596
 9,625
        
Corporate and Other46
 56
 166
 164
Eliminations(b)
(962) (682) (1,642) (1,321)
Total revenue$23,715
 $26,858
 $50,324
 $53,717
(a)Included in Eliminations are transactions that our segments enter into with one another. See Note 2 for a description of these transactions.
(a)For both the three and six months ended June 30, 2020, 2.6% of Cable Communications segment revenue was derived from franchise and other regulatory fees. For both the three and six months ended June 30, 2019, 2.5% of Cable Communications segment revenue was derived from franchise and other regulatory fees.
(b)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
June 30,		 Six Months Ended
June 30,
(in millions)2020 2019 2020 2019
United States$18,656
 $20,539
 $39,346
 $40,996
Europe4,621
 5,297
 9,654
 10,667
Other438
 1,022
 1,324
 2,054
Total revenue$23,715
 $26,858
 $50,324
 $53,717

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

Three Months Ended
June 30,		Six Months Ended
June 30,
(in millions)2021202020212020
United States$22,182 $18,656 $43,338 $39,346 
Europe5,683 4,621 11,035 9,654 
Other681 438 1,378 1,324 
Total revenue$28,546 $23,715 $55,751 $50,324 
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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 the deferred costs associated with our contracts with customers.
(in millions)June 30,
2020		 December 31,
2019
Receivables, gross$11,013
 $11,711
Less: Allowance for doubtful accounts786
 419
Receivables, net$10,227
 $11,292

(in millions)June 30,
2021		December 31,
2020
Receivables, gross$11,841 $12,273 
Less: Allowance for doubtful accounts730 807 
Receivables, net$11,110 $11,466 
(in millions)June 30,
2020		 December 31,
2019
Noncurrent receivables, net (included in other noncurrent assets, net)$1,218
 $1,337
Contract acquisition and fulfillment costs (included in other noncurrent assets, net)$1,040
 $1,083
Noncurrent deferred revenue (included in other noncurrent liabilities)$904
 $618

(in millions)June 30,
2021		December 31,
2020
Noncurrent receivables, net (included in other noncurrent assets, net)$1,091 $1,091 
Contract acquisition and fulfillment costs (included in other noncurrent assets, net)$1,022 $1,060 
Noncurrent deferred revenue (included in other noncurrent liabilities)$719 $750 
Note 4: Programming and Production Costs
Film and Television Costs
Three Months Ended
June 30,		Six Months Ended
June 30,
(in millions)2021202020212020
Video distribution programming$3,414 $3,046 $6,930 $6,261 
Film and television content:
Owned(a)
2,227 1,936 4,191 4,063
   Licensed, including sports rights3,318 1,584 6,492 4,248
Other297 251 562 547
Total programming and production costs$9,256 $6,817 $18,175 $15,118 
Cable Networks, Broadcast Television, Filmed Entertainment and Sky produce(a) Amount includes amortization of owned content or acquire the rights to programming from third parties, which are described as owned filmof $1.8 billion and television costs and programming rights, respectively. We adopted new accounting guidance related to film and television costs in the first quarter of 2020 (see Note 8), and accordingly amounts presented below for periods in 2020 and the policy discussion reflect the updated accounting guidance, and amounts presented for 2019 reflect the accounting guidance in effect at that time. Under the new accounting guidance, we have determined that the predominant monetization strategy$3.5 billion for the substantial majority of our content is on an individual basis.
Amortization of Filmthree and Television Costs
(in millions)Three Months Ended June 30, 2020 Six Months Ended June 30, 2020
Owned film and television costs$1,539
 $3,327
Programming rights$1,584
 $4,248

Capitalized Film and Television Costs
 June 30, 2020 December 31, 2019
(in millions)Film and Television Costs Film Costs Television Costs Total
Owned film and television costs:       
Released, less amortization$3,929
 $1,551
 $2,810
 $4,361
Completed, not released73
 187
 —
 187
In production and in development2,439
 1,314
 1,162
 2,476
 6,441
 3,052
 3,972
 7,024
Programming rights, less amortization5,772
     5,786
 12,213
     12,810
Less: Current portion of programming rights—
     3,877
Film and television costs$12,213
     $8,933


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The table below summarizes estimated future amortization expense for the capitalized film and television costs recorded in our condensed consolidated balance sheet as ofsix months ended June 30, 2020.
(in millions)Owned Film and Television Costs Programming Rights
Completed, not released:   
Remaining six months of 2020$22
  
    
Released and programming rights:   
Remaining six months of 2020$976
 $2,786
2021$809
 $1,510
2022$471
 $664

Capitalization2021, respectively, and Recognition of Film$1.5 billion and Television Costs
We capitalize costs for owned film and television content, including direct costs, production overhead, print costs, development costs and interest, as well as acquired libraries. Amortization for content predominantly monetized on an individual basis and accrued costs associated with participations and residual payments are recorded using the individual film forecast computation method, which recognizes the costs in the same ratio as the associated ultimate revenue. Estimates of ultimate revenue and total costs are based on anticipated release patterns, public acceptance and historical results for similar productions. Amortization for content predominantly monetized with other owned or licensed content is recorded based on estimated usage. In determining the method of amortization and estimated life of an acquired film or television library, we generally use the method and the life that most closely follow the undiscounted cash flows over the estimated life of the asset. We do not capitalize costs related to the distribution of a film in movie theaters or the licensing or sale of a film or television production, which primarily include costs associated with marketing and distribution.
We may enter into cofinancing arrangements with third parties to jointly finance or distribute certain of our film productions. Cofinancing arrangements can take various forms, but in most cases involve the grant of an economic interest in a film to an investor who owns an undivided copyright interest in the film. The number of investors and the terms of these arrangements can vary, although investors generally assume the full risks and rewards for the portion of the film acquired in these arrangements. We account for the proceeds received from the investor under these arrangements as a reduction of our capitalized film costs and the investor’s interest in the profit or loss of the film is recorded as either a charge or a benefit, respectively, in programming and production costs. The investor’s interest in the profit or loss of a film is recorded each period using the individual film forecast computation method.
We capitalize the costs of programming rights for content that we license but do not own when the license period begins, the content is made available for use and the costs of programming licenses are known. Programming rights are amortized as the associated programs are broadcast.
Owned film and television costs and programming rights are presented as noncurrent assets in film and television costs. We present amortization of film and television costs and accrued costs associated with participation and residual payments in programming and production costs.
When an event or a change in circumstance occurs that was known or knowable as of the balance sheet date and that indicates the fair value of either owned film and television content or programming rights is less than the unamortized costs in the balance sheet, we determine the fair value and record an impairment charge to the extent the unamortized costs exceed the fair value. Owned film and television costs are assessed either individually or in identified film groups, for content predominantly monetized on an individual basis or with other content, respectively. The substantial majority of our owned film and television costs are evaluated for impairment on an individual title basis. Programming rights that are not part of a film group are generally assessed in packages, channels, or dayparts. A daypart is an aggregation of programs broadcast during a particular time of day or programs of a similar type. Programming rights licensed by Cable Networks are primarily tested on a channel basis for impairment, whereas programming rights licensed by Broadcast Television are tested on a daypart basis. Estimated fair values of owned film and television costs or programming rights are generally based on level 3 inputs including analysis of market participant estimates of future cash flows. We record charges related to impairments or content that is substantively abandoned to programming and production costs. Impairments of capitalized film and television costs were not material in any of the periods presented.
Sports Programming Rights
We recognize the costs of multiyear, live-event sports programming rights as the rights are utilized over the contract term based on estimated relative value. Estimated relative value is generally based on the ratio of the current period revenue to the estimated ultimate revenue or the terms of the contract. When cash payments, including advanced payments, exceed the relative value of

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the programming delivered, we recognize an asset in programming rights. Production costs incurred in advance of airing are also presented in programming rights.
Note 5: Earnings Per Share
Computation of Diluted EPS
 Three Months Ended June 30,
 2020 2019
(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$2,988
 4,570
 $0.65
 $3,125
 4,547
 $0.69
Effect of dilutive securities:           
Assumed exercise or issuance of shares relating to stock plans  37
     60
  
Diluted EPS attributable to Comcast Corporation shareholders$2,988
 4,607
 $0.65
 $3,125
 4,607
 $0.68
 Six Months Ended June 30,
 2020 2019
(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$5,135
 4,566
 $1.12
 $6,678
 4,540
 $1.47
Effect of dilutive securities:           
Assumed exercise or issuance of shares relating to stock plans  45
     60
  
Diluted EPS attributable to Comcast Corporation shareholders$5,135
 4,611
 $1.11
 $6,678
 4,600
 $1.45

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$3.3 billion for the three and six months ended June 30, 2020, or 2019.respectively, as well as participations and residuals expenses.
Capitalized Film and Television Costs
(in millions)June 30,
2021		December 31,
2020
Owned:
Released, less amortization$4,094 $3,815 
Completed, not released421 139 
In production and in development2,423 2,755 
6,937 6,709 
Licensed, including sports advances5,435 6,631 
Film and television costs$12,372 $13,340 
Note 6:5: Long-Term Debt
As of June 30, 2021, our debt had a carrying value of $98.6 billion and an estimated fair value of $114.7 billion. As of December 31, 2020, our debt had a carrying value of $104.8$103.8 billion and an estimated fair value of $124.7$125.6 billion. The estimated fair value of our publicly traded debt was primarily based on levelLevel 1 inputs that use quoted market value for the debt. The estimated fair value of debt for which there are no quoted market prices was based on levelLevel 2 inputs that use interest rates available to us for debt with similar terms and remaining maturities.

In March 2021, we entered into a new $11 billion revolving credit facility due March 30, 2026 with a syndicate of banks that may be used for general corporate purposes. We may increase the commitments under the revolving credit facility up to a total of $14 billion, as well as extend the expiration date to no later than March 30, 2028, subject to approval of the lenders. The interest rate on the revolving credit facility consists of a base rate plus a borrowing margin that is determined based on Comcast’s credit rating. As of June 30, 2021, the borrowing margin for borrowings based on the London Interbank Offered Rate was 1.00%. Our revolving credit facility requires that we maintain certain financial ratios based on debt and EBITDA, as defined in the revolving credit facility. We were in compliance with all financial covenants for all periods presented. The new
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revolving credit facility replaced an aggregate $9.2 billion of existing revolving credit facilities due May 26, 2022, which were terminated. Our revolving credit facilities were undrawn as of both June 30, 2021 and December 31, 2020.
Note 7:6: 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. As of June 30, 2020,2021, Universal Beijing Resort had $1.8$3.3 billion of debt outstanding, including $2.9 billion principal amount of a term loan outstanding under the debt financing agreement.
As of June 30, 2020,2021, our condensed consolidated balance sheet included assets primarily property and equipment, and liabilities including the term loan, of Universal Beijing Resort, totaling $3.7$8.9 billion and $2.6$7.1 billion, respectively. The assets and liabilities of Universal Beijing Resort primarily consist of property and equipment, operating lease assets and liabilities, and debt.
Note 8: Recent Accounting Pronouncements
Film and Television Costs
In March 2019, the Financial Accounting Standards Board (“FASB”) updated the accounting guidance related to film and television costs. The updated guidance aligned 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 guidance also updated certain presentation and disclosure requirements for capitalized film and television costs, and when content is predominantly monetized with other owned or licensed content the guidance requires impairment testing for capitalized film and television costs to be performed at a film group level and amortization to be based on usage. We adopted the updated guidance on January 1, 2020 on a prospective basis and as a result, prior period amounts were not adjusted.
Following the adoption, we now present all film and television costs, including acquired programming rights previously classified as current, as noncurrent in the condensed consolidated balance sheet. The adoption of the updated accounting guidance did not have a material impact on our consolidated results of operations or financial position. See Note 4 for further information.
Credit Losses
In June 2016, the FASB updated the accounting guidance related to the measurement of credit losses on financial instruments, including trade receivables and loans. The updated guidance requires the recognition of credit losses on financial instruments based on an estimate of expected losses, replacing the incurred loss model in the prior guidance. We adopted the updated guidance on January 1, 2020 on a prospective basis, recording $124 million, net of tax, as a cumulative effect adjustment to retained earnings and as a result, prior period amounts were not adjusted. The adoption of the updated accounting guidance did not have a material impact on our consolidated results of operations or financial position for any periods presented.
Note 9:7: Investments
Investment and Other Income (Loss), Net
 Three Months Ended
June 30,		 Six Months Ended
June 30,
(in millions)2020 2019 2020 2019
Equity in net income (losses) of investees, net$300
 $(202) $(368) $60
Realized and unrealized gains (losses) on equity securities, net5
 194
 (53) 408
Other income (loss), net115
 (47) 125
 153
Investment and other income (loss), net$420
 $(55) $(296) $621


 Three Months Ended
June 30,		Six Months Ended
June 30,
(in millions)2021202020212020
Equity in net income (losses) of investees, net$959 $300 $1,095 $(368)
Realized and unrealized gains (losses) on equity securities, net189 5 426 (53)
Other income (loss), net69 115 87 125 
Investment and other income (loss), net$1,216 $420 $1,607 $(296)
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TableThe amount of Contentsunrealized gains (losses) recognized in the three months ended June 30, 2021 and 2020 that related to marketable and nonmarketable equity securities still held as of the end of each reporting period were gains of $153 million and losses of $79 million, respectively. The amount of unrealized gains (losses) recognized in the six months ended June 30, 2021 and 2020 that related to marketable and nonmarketable equity securities still held as of the end of each reporting period were gains of $264 million and losses of $120 million, respectively.

Investments
Comcast Corporation

(in millions)June 30,
2020		 December 31,
2019
Equity method$5,387
 $5,347
Marketable equity securities41
 353
Nonmarketable equity securities1,859
 1,896
Other investments138
 1,796
Total investments7,425
 9,392
Less: Current investments47
 1,709
Less: Investment securing collateralized obligation533
 694
Noncurrent investments$6,845
 $6,989

(in millions)June 30,
2021		December 31,
2020
Equity method$6,921 $6,006 
Marketable equity securities338 460 
Nonmarketable equity securities2,116 1,950 
Other investments131 143 
Total investments9,506 8,559 
Less: Current investments39 292 
Less: Investment securing collateralized obligation564 447 
Noncurrent investments$8,903 $7,820 
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 six months ended June 30, 2020, we recognized income of $446 million2021 and a loss of $135 million, respectively. For the three and six months ended June 30, 2019, we recognized a loss of $106 million and income of $268 million, respectively. For the six months ended June 30, 2020, and 2019, we made cash capital contributions to Atairos totaling $172$24 million and $463$172 million, respectively. As of both June 30, 20202021 and December 31, 2019,2020, our investment in Atairos was $3.2 billion.$4.8 billion and $3.9 billion, respectively.
Hulu and Collateralized Obligation
For the three and six months ended June 30, 2020, we recognized losses of $79 million and $161 million, respectively, in equity in net income (losses) of investees, net. For the three and six months ended June 30, 2019, we recognized losses of $109 million and $250 million, respectively, and in the first quarter 2019, we recognized a previously deferred dilution gain of $159 million in other income (loss), net. For the six months ended June 30, 2019, we made cash capital contributions totaling $903 million to Hulu, inclusive of the funding to acquire our proportionate share of AT&T’s previously held 10% interest. There were 0 cash capital contributions made during the six months ended June 30, 2020. As of June 30, 2020 and December 31, 2019, our investment was $533 million and $694 million, respectively.
In 2019, we borrowed $5.2 billion under a term loan facility due March 2024 which is fully collateralized by the minimum guaranteed proceeds of the put/call option related to our investment in Hulu. As of June 30, 2021 and December 31, 2020, both the
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carrying value and fair value of our collateralized obligation waswere $5.2 billion. The estimated fair value was based on levelLevel 2 inputs that use interest rates for debt with similar terms and remaining maturities. We present our investment in Hulu and the term loan separately in our condensed consolidated balance sheet in the captions “investment securing collateralized obligation” and “collateralized obligation,” respectively. The recorded value of our investment reflects our historical cost in applying the equity method, and as a result, is less than its fair value.
Marketable Equity Securities
Peloton
Following Peloton’s initial public offering in September 2019, we presented our investment in Peloton in marketable equity securities, which was previously presented in nonmarketable equity securities. In the second quarter of 2020, we sold our investment in Peloton. For the three and six months ended June 30, 2020, we recognized gains of $86 million and $67 million, respectively, in realized and unrealized gains (losses) on equity securities, net. As of December 31, 2019, our investment in Peloton was $294 million.
Snap
In the fourth quarter of 2019, we sold our investment in Snap. For the three and six months ended June 30, 2019, we recognized unrealized gains of $96 million and $258 million, respectively, in realized and unrealized gains (losses) on equity securities, net.

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Other Investments
AirTouch
In April 2020, Verizon Americas, Inc., formerly known as AirTouch Communications, Inc. (“AirTouch”), redeemed the 2 series of preferred stock and we received cash payments totaling $1.7 billion. Subsequently, we redeemed and repurchased the 3 series of preferred shares issued by one of our consolidated subsidiaries and made cash payments totaling $1.8 billion.
Note 8: Equity and Share-Based Compensation
Weighted-Average Common Shares Outstanding
Three Months Ended
June 30,		Six Months Ended
June 30,
(in millions)2021202020212020
Weighted-average number of common shares outstanding – basic4,601 4,570 4,596 4,566 
Effect of dilutive securities72 37 73 45 
Weighted-average number of common shares outstanding – diluted4,673 4,607 4,669 4,611 
Diluted earnings per common share attributable to Comcast Corporation shareholders (“diluted EPS”) considers the impact of potentially dilutive securities using the treasury stock method. 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 in any of the periods presented.
Accumulated Other Comprehensive Income (Loss)
(in millions)June 30,
2021		December 31,
2020
Cumulative translation adjustments$1,806 $1,790 
Deferred gains (losses) on cash flow hedges0 (109)
Unrecognized gains (losses) on employee benefit obligations and other186 203 
Accumulated other comprehensive income (loss), net of deferred taxes$1,992 $1,884 
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 2021, we granted 12.8 million RSUs and 42.3 million stock options related to our annual management awards. The weighted-average fair values associated with these grants were $54.62 per RSU and $9.64 per stock option.
Recognized Share-Based Compensation Expense
 Three Months Ended
June 30,		Six Months Ended
June 30,
(in millions)2021202020212020
Restricted share units$185 $179 $391 $320 
Stock options89 83 178 154 
Employee stock purchase plans9 9 20 21 
Total$282 $271 $589 $495 
As of December 31, 2019, our AirTouch investment was $1.6June 30, 2021, we had unrecognized pretax compensation expense of $1.4 billion and the associated liability$726 million related to redeemable subsidiary preferred shares was $1.7 billion.
Note 10: Intangible Assetsnonvested RSUs and nonvested stock options, respectively.
  June 30, 2020December 31, 2019
(in millions)
Weighted-Average
Original Useful Life
as of June 30, 2020
Gross
Carrying
Amount

Accumulated
Amortization

Gross
Carrying
Amount

Accumulated
Amortization

Indefinite-Lived Intangible Assets:     
Franchise rightsN/A$59,365
 $59,365
 
Trade namesN/A—
 8,809
 
FCC licensesN/A2,337
 2,337
 
Finite-Lived Intangible Assets:     
Customer relationships14 years21,263
$(7,870)22,884
$(8,295)
Software5 years16,075
(8,213)15,357
(7,287)
Other agreements and rights28 years11,721
(1,127)3,958
(1,635)
Total $110,761
$(17,210)$112,710
$(17,217)
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Estimated Amortization Expense of Finite-Lived Intangible AssetsComcast Corporation
(in millions)
  
Remaining six months of 2020$2,285
2021$4,218
2022$3,650
2023$3,029
2024$2,456

Note 11:9: 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.Income Taxes
In March 2020, we granted 15.8 million RSUs and 59.9 million stock options relatedthe second quarter of 2021, tax law changes were enacted in the United Kingdom that, among other provisions, will increase the corporate tax rate to 25% from 19% effective April 1, 2023. The rate change resulted in an increase to our annual management awards. The weighted-average fair values associated with these grants were $42.47 per RSUnet deferred tax liabilities of $498 million and $6.53 per stock option.a corresponding increase to income tax expense in the second quarter of 2021. Our income tax expense in the United Kingdom will be based on the new rate beginning in 2023.
Recognized Share-Based Compensation Expense
 Three Months Ended
June 30,		 Six Months Ended
June 30,
(in millions)2020 2019 2020 2019
Restricted share units$179
 $167
 $320
 $294
Stock options83
 72
 154
 119
Employee stock purchase plans9
 6
 21
 15
Total$271
 $245
 $495
 $428

As of June 30, 2020, we had unrecognized pretax compensation expense of $1.4 billion and $684 million related to nonvested RSUs and nonvested stock options, respectively.

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Cash Payments for Interest and Income Taxes
 Six Months Ended
June 30,
(in millions)2020 2019
Interest$1,936
 $2,111
Income taxes$333
 $1,634

 Six Months Ended
June 30,
(in millions)20212020
Interest$1,909 $1,936 
Income taxes$1,832 $333 
Noncash Activities
During the six months ended June 30, 2021:
•we recognized operating lease assets and liabilities of $2.8 billion related to Universal Beijing Resort with lease terms of 33 years and using a weighted average discount rate of 4.4%
•we acquired $1.5 billion of property and equipment and intangible assets that were accrued but unpaid
•we recorded a liability of $1.2 billion for a quarterly cash dividend of $0.25 per common share paid in July 2021
During the six months ended June 30, 2020:
•we acquired $1.8 billion of property and equipment and intangible assets that were accrued but unpaid
•we recorded a liability of $1.1 billion for a quarterly cash dividend of $0.23 per common share paid in July 2020
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)June 30,
2020		 December 31,
2019
Cash and cash equivalents$13,935
 $5,500
Restricted cash included in other current assets22
 42
Restricted cash included in other noncurrent assets, net19
 47
Cash, cash equivalents and restricted cash, end of period$13,976
 $5,589

(in millions)June 30,
2021		December 31,
2020
Cash and cash equivalents$12,378 $11,740 
Restricted cash included in other current assets26 14 
Restricted cash included in other noncurrent assets, net14 14 
Cash, cash equivalents and restricted cash, end of period$12,418 $11,768 
Accumulated Other Comprehensive Income (Loss)
(in millions)June 30,
2020		 June 30,
2019
Unrealized gains (losses) on marketable securities$4
 $5
Deferred gains (losses) on cash flow hedges39
 132
Unrecognized gains (losses) on employee benefit obligations249
 309
Cumulative translation adjustments(1,571) (508)
Accumulated other comprehensive income (loss), net of deferred taxes$(1,279) $(62)

Note 12:10: Commitments and Contingencies
Redeemable Subsidiary Preferred Stock
None of the holders of the Series A cumulative preferred stock of NBCUniversal Enterprise exercised their right to cause NBCUniversal Enterprise to redeem their shares duringIn the first 30 day election period beginning March 19, 2020. Asquarter of June 30, 2020, the fair value2021, we redeemed all of the NBCUniversal Enterprise, Inc. preferred stock and made cash payments equal to the aggregate liquidation preference of $725 million. As of December 31, 2020, the preferred stock had a carrying value equal to its liquidation preference and was presented in redeemable noncontrolling interests and redeemable subsidiary preferred stock was $728 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.stock.
Contingencies
We are subject to legal proceedings and claims that arise in the ordinary course of our business. While the amount of ultimate liability with respect to such actions is not expected to materially affect our results of operations, cash flows or financial position, any litigation resulting from any such legal proceedings or claims could be time-consuming and injure our reputation.

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16

ITEM 2: MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
The following discussion is provided as a supplement to, and should be read in conjunction with, the condensed consolidated financial statements and related notes included in this Quarterly Report on Form 10-Q and our 2020 Annual Report on Form 10-K.
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 fourthree reportable business segments: Cable Networks, Broadcast Television, Filmed EntertainmentMedia, Studios and Theme Parks (collectively, the “NBCUniversal segments”); and (3) Sky in one reportable business segment.
Cable Communications Segment
Cable Communications is Refer to Note 2 for information on our reportable segments, including a leading providerdescription of high-speed internet, video, voice, wireless, and security and automation services to residential customersthe segment change implemented in the first quarter of 2021. All amounts are presented on a consistent basis under the Xfinity brand; we also provide these and other services to business customers and sell advertising. As of June 30, 2020, our cable systems had 32.1 million total customer relationships, including 29.8 million residential and 2.4 million business customer relationships, and passed more than 59 million homes and businesses. Revenue is generated primarily from residential and business customers that subscribe to our services, which are marketed 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
Cable Networks 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. Revenue is generated 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 content on standard-definition DVDs and Blu-ray discs (together, “DVDs”) and through digital distribution services such as iTunes.
Broadcast Television
Broadcast Television consists primarily of the NBC and Telemundo broadcast networks, our NBC and Telemundo owned local broadcast television stations, the NBC Universo national cable network, our broadcast television studio production operations, and various digital properties. Revenue is generated primarily from the sale of advertising on our networks and digital properties, from the licensing of programming, 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 and Telemundo-affiliated local broadcast television stations; and from the sale of our owned programming on DVDs and through digital distribution services.
Filmed Entertainment
Filmed Entertainment 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. Revenue is generated 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. Filmed Entertainment also generates revenue from Fandango, a movie ticketing and entertainment business, consumer products, the production and licensing of live stage plays, and the distribution of filmed entertainment produced by third parties.
Theme Parks
Theme Parks 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. Revenue is generated primarily from guest spending at our Universal theme parks.
Sky Segment
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. As of June 30, 2020, Sky had 23.7 million retail customer relationships.

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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, and other business initiatives, such as Peacock, which was made available to Comcast customers in April 2020 and launched nationally in July 2020.new segment structure.
Impacts of COVID-19
The novel coronavirus disease 2019 (“COVID-19”) and measures taken to prevent its spread across the globe continue to impacthave impacted our businesses in a number of ways. Our Cable Communications results of operations were strong in the first half of 2020, despite having been affected in the second quarter by the significant deterioration in domestic economic conditions and by the costs associated with our support of customer connectivity as people continued to work and learn remotely from home. COVID-19 has had material negative impacts on NBCUniversal and Sky results of operations during the second quarter of 2020 primarily due to the temporary closure ofrestrictions and closures at our theme parks and the postponement and cancellationimpacts of many sporting events.professional sports, respectively. We continue to implement and evaluate cost initiatives across our businesses that have impacted andexpect the effects of the COVID-19 pandemic will continue to adversely impact our results of operations; certain costs incurred by our businesses in response to COVID-19, including severance and restructuring charges, are presented in Corporate and Other. We expect the impacts of COVID-19 will continue to have a material adverse impact on our consolidated results of operations over the near to medium term.term, although the extent of such impact will depend on restrictive governmental measures, U.S. and global economic conditions, expanded availability and acceptance of vaccines and consumer behavior in response to COVID-19. The most significant effects of COVID-19 began in the latter part of the first quarter of 2020, affecting the comparability of periods included in this report. The following summary provides a discussion of current and potential future effects of the pandemic with direct impacts to our businesses.
Cable Communications
Our distribution network to date has performed well under the stress of increased traffic and peak usage driven by increased video streaming, gaming and videoconferencing as more customers work and learn remotely from home.
We incurred costs during the first half of•Beginning in March 2020, associated with compensating personnel in roles affected by COVID-19. These costs included additional compensation for frontline personnel who worked to keep our customers connected to our services and compensation for certain personnel who were unable to work due to the closing or suspension of operations.
We have pledged, continuing through the end of December 2020, that new qualifying customers for Internet Essentials, our low-income internet adoption program, will receive 60 days of free internetbroadband services. We also pledged through the end of June 2020 to waive certain fees and to not disconnect internet, voice or wireless services for customers for nonpayment, and are providing these customers a variety of flexible and extended payment options. As a result, ourOur customer metrics for the first half of 2020 do not include certain high-risk customers who continue to receive service following nonpayment or customers in the free Internet Essentials offer.
Many professional sports leagues have resumedoffer or have announced planscertain high-risk customers who continued to resume, some with a reduced schedule for the remainder of the interrupted seasons. Certain of our programming distribution agreements with regional sports networks include contractual adjustment provisions if a minimum number of sporting events does not occur. In the second quarter of 2020, our programming expenses were reducedreceive service following nonpayment as a result of COVID-19 programs. The number of customers excluded from our customer metrics has continued to decrease as some of these provisions,customers either began paying for service, resulting in customer net additions, or disconnected and our revenue was negatively impactedno longer receive service, and we expect this to continue in similar amounts as a result of adjustments that we anticipate passing through to our customers. These provisions are also expected to impact future period revenue and expensesperiods. We have experienced improvement in 2020. The ultimate amounts and timing of the adjustments are dependent upon the extent to which the sports leagues are able to resume the interrupted seasons.
The deterioration of economic conditions and increased economic uncertainty resulting from COVID-19 have resulted in reduced demand for our residential and business services and reduced spending from advertisers, which have had, and likely will continue to have, negative impacts on our revenue over the near to medium term. In addition,customer collections; however, we believe there is increasedcontinues to be a risk associated with collections on our outstanding receivables and we have incurred, and expect to continue to incur, increases in our bad debt expense compared to the prior year periods.as a result of COVID-19.
NBCUniversal
•Our theme parks in Orlando and Hollywood were operating without capacity restrictions as of the end of the second quarter of 2021, following periods with capacity restrictions in place. Our theme park in Japan was temporarily closed for a period in the second quarter of 2021, but was reopened and operating with capacity restrictions as of the end of the quarter. The capacity restrictions and temporary closure of allclosures of our theme parks in the first and second quarters of 2020 had the mosta significant impact on our revenue and Adjusted EBITDA for the three and six months ended June 30, 20202021 on a consolidated basis. Our parks in Orlando and Japan reopened with limited capacity in June 2020, while our park in Hollywood remains closed. We expect the results of operations at our theme parks will continue to be negatively impacted in the near to medium term, and we cannot predict when the Hollywood park will reopen, if any reopenedour parks will remain open or be subject to capacity restrictions, or the level of attendance at anyour reopened parks. In addition, although weWe currently expect that Universal Beijing Resort will open later in 2021, we have delayed certain construction projects, including the2021. The development of the Epic Universe theme park in Orlando.Orlando resumed in the first quarter of 2021.
The deterioration•Delays to the start of economic conditions caused by COVID-19seasons for certain professional sports leagues, including the 2020-2021 NHL and NBA seasons, resulted in significant reductions in advertising spend by our customers in the Cable Networks and Broadcast Television segments inshift of additional events into the second quarter of 2020, and we expect

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this trend to continue over the near to medium term. These conditions have also resulted, and may continue to result, in an acceleration of subscriber losses at our networks due to reduced consumer spending.
We incurred costs during the first half of 2020 associated with compensating personnel who were unable to work due to the closing or suspension of operations, including at our theme parks and at our production studios.
The postponement and cancellation of many sporting events and professional sports seasons impacted our first and second quarter 2020 resultsquarters of operations, since2021 compared to a normal year, which impacted the timing of revenue and expense recognition, because both advertising revenuesrevenue and costs associated with broadcasting these programs were not recognized. Many professionalare recognized when events are broadcast. We expect the timing of sports leagues have resumed or have announced plansseasons to resume, some with reduced numbers of events for the remainder of the interrupted seasons. Certain of our sports programming rights agreements and distribution agreements with multichannel video providers include contractual provisions ifgenerally return to a minimum number of events does not occur. Our distribution revenue in the second quarter of 2020 was negatively impacted as a result of credits accrued relating to these provisions, and the programming costs that we will recognize as the remaining events occur, which are now expected to be primarilynormal calendar beginning in the third quarter of 2020, will also be impacted. When, or the extent to which, sporting events will occur in 2020 will impact the timing, and potentially the amount, of revenue and expense recognition.2021. In addition, the 2020 Tokyo Olympics have beenwere postponed from the third quarter of 2020 to the third quarter of 2021, which will resultresulting in a corresponding delay of the associated revenue and costs.
The creation and availability of our film and television programming in the United States and globally have been disrupted, including from the suspension of•Our studio production operations. Additionally, withoperations have generally returned to full capacity. With the temporary closure and limited capacity operation of many movie theaters worldwide, we have delayed or altered the theatrical distribution strategy for certain of our films, both domestically and internationally. Delays in theatrical releases will affect both current and future periods as a result of corresponding delays in subsequent content licensing windows. We expect results of
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operations in our Filmed EntertainmentStudios segment to continue to be negatively impacted over the near to medium term as a result of COVID-19.
Sky
Many sporting events and professional sports seasons were postponed beginning in the second half of the first quarter of 2020, with certain sports, including European soccer, resuming in May and June 2020, which resulted in significant impacts on Sky’s results of operations in the first and second quarters of 2020. •Direct-to-consumer revenue has been negatively impacted, and future periods may be negatively impacted, as a result of lower sports subscription revenue due to the closures and we expect continued negative impacts as a resultextent of the impacts of COVID-19 on the reopening plans of our commercial customers. Additionally,customers’ locations. In addition, delays to the start of the 2020-2021 seasons for certain sports, including European football, resulted in the shift of additional events and the significant costs associated with broadcasting these programs were not recognized as a result of the sporting events not occurring in the first quarter of 2020 and for most of the second quarter. Although sporting events have resumed, COVID-19 continues to result in uncertainty in the ultimate timing of when, or the extent to which, sporting events will occur in 2020; their broadcast is expected to impact the timing, and potentially the amount, of revenue and expense recognition.
We temporarily suspended certain sales channels due to COVID-19, which negatively impacted net customer additions and revenue ininto the first and second quarters of 2020. Our sales channels generally resumed operations in June.
COVID-19 has resulted in the deterioration of economic conditions and increased economic uncertainty in the U.K. and Europe, intensifying what was an already deteriorating economic and advertising environment. These conditions negatively impacted revenue in the first and second quarters of 2020, and we expect will continue2021 compared to reduce advertising spend and consumer demand for our services for the remainder of 2020. In addition, there is increased risk associated with collections on our outstanding receivables, and we have incurred and expect to continue to incur increases in our bad debt expense.
Global financial markets have been volatile and have experienced significant declines, and domestic and global economic conditions are showing signs of material weakness. At this point, it is impossible to predict the extent and duration of these and any other impacts of COVID-19 to our businesses, or the degree to which demand for our products and services, or supply of key inputs to those products and services, will be affected. This uncertainty makes it challenging for management to estimate with precision the future performance of our businesses.
As of June 30, 2020, we evaluated whether the facts and circumstances and available information resulted in the need for an impairment assessment for any of our long-lived assets, including goodwill, and concluded no assessment was required.a normal year. We will continue to evaluate the impacts of COVID-19 to our businesses, including the impacts of overall economic conditions, which could result in the recognition of an impairment charge in the future. Our first and second quarter 2020 results were impacted by significant losses and gains, respectively, as a result of the volatility in the market values for publicly traded equity securities underlying our investments.

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Liquidity
Although negatively impacted by the effects of COVID-19, we expect that our businesses will continue to generate significant cash flow from operating activities and we believe that these cash flows, together with our existing cash, cash equivalents and investments, available borrowings under our existing credit facilities, and our ability to obtain future external financing, will be sufficient for us to meet our current and long-term liquidity and capital requirements. However, we expect the timing of certain prioritiessports seasons to generally return to a normal calendar beginning in the third quarter of 2021.
In 2020, our businesses implemented separate cost savings initiatives, with the most significant relating to severance at NBCUniversal in connection with the realignment of the operating structure in our television businesses as well as overall reductions in the cost base. The costs of these initiatives were presented in Corporate and Other. Payments related to NBCUniversal employee severance are expected to be impacted, such as the pace of our debt reduction efforts and return to share repurchases,completed in 2021 and the delay of certain capital projects.
Competition
All of our businesses operaterelated costs savings will be realized 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 to consumers has intensified audience fragmentation and disaggregated the way that content traditionally has been viewed by consumers. This increase has caused and likely will continue to cause audience ratings declines at our programming channels.
For additional information on the competition our businesses face, see our 2019 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 operate in highly competitive and dynamic industries, 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 video distribution platforms for viewing content continue to adversely affect our businesses and challenge existing business models.”
Seasonality and Cyclicality
Each of our businesses is typically subject to seasonal and cyclical variations. Cable Communications’ results are impacted by the seasonal nature of residential customers receiving our services in college and vacation markets. This generally results in fewer net customer relationship additions in the second quarter of each year.
Revenue and operating costs and expenses (comprisedprimarily beginning in 2021. A portion of total costs and expenses, excluding depreciation and amortization expensethese cost savings may be reallocated to investments in content and other operating gains) are cyclical as a result of our periodic broadcasts of major sporting events, such as the Olympic Games, which affect Cable Networks and Broadcast Television, and the Super Bowl, which affects Broadcast Television. In particular, advertising revenue increases due to increased demand for advertising time for these events and distribution revenue increases in the period of broadcasts of the Olympic Games. Operating costs and expenses also increase as a result of our production costs for these broadcasts and the amortization of the related rights fees.strategic initiatives.
Revenue in Cable Communications, Cable Networks, Broadcast Television and Sky is also 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 and in even-numbered years due to increases in consumer advertising in the spring and in the period leading up to and including the holiday season and advertising related to candidates running for political office and issue-oriented advertising, respectively. Revenue in Cable Networks and Broadcast Television 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. Revenue at Sky has 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 CupTM.
Revenue in Filmed Entertainment 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 Theme Parks 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. Theme Parks generally experiences peak attendance during the spring holiday period, the summer months when schools are closed and the Christmas holiday season.

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Sky’s 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 second half of each year due to higher marketing expenses.
Exclusive sports rights, such as local European and Union des Associations Européennes de Football Champions League (“UCL”) soccer, Formula 1, and English cricket, play a key role within Sky’s wider content strategy. In Europe, broadcasting rights for major 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 major sports rights auctions usually gives Sky time to react to any material changes in the competitive dynamics of the prevailing market. Certain of Sky’s significant sports rights agreements require payments at the start of each season, resulting in increases in sports rights payments in the third and fourth quarter of each year.
Consolidated Operating Results
Three Months Ended
June 30,		 Increase/
(Decrease)		 Six Months Ended
June 30,		 
Increase/
(Decrease)
 Three Months Ended
June 30,		Increase/
(Decrease)		Six Months Ended
June 30,
Increase/
(Decrease)
(in millions, except per share data)2020 2019 % 2020 2019 %(in millions, except per share data)20212020%20212020%
Revenue$23,715
 $26,858
 (11.7)% $50,324
 $53,717
 (6.3)%Revenue$28,546 $23,715 20.4 %$55,751 $50,324 10.8 %
Costs and Expenses:           Costs and Expenses:
Programming and production6,817
 8,255
 (17.4) 15,118
 16,824
 (10.1)Programming and production9,256 6,817 35.8 18,175 15,118 20.2 
Other operating and administrative7,646
 8,086
 (5.5) 15,900
 15,986
 (0.5)Other operating and administrative8,549 7,646 11.8 16,818 15,900 5.8 
Advertising, marketing and promotion1,341
 1,885
 (28.9) 3,279
 3,773
 (13.1)Advertising, marketing and promotion1,851 1,341 38.0 3,467 3,279 5.7 
Depreciation2,099
 2,197
 (4.5) 4,206
 4,437
 (5.2)Depreciation2,113 2,099 0.7 4,231 4,206 0.6 
Amortization1,165
 1,079
 8.1
 2,322
 2,159
 7.6
Amortization1,270 1,165 8.9 2,514 2,322 8.3 
Operating income4,647
 5,356
 (13.2) 9,499
 10,538
 (9.9)Operating income5,507 4,647 18.5 10,546 9,499 11.0 
Interest expense(1,112) (1,137) (2.1) (2,324) (2,287) 1.6
Interest expense(1,093)(1,112)(1.7)(2,112)(2,324)(9.1)
Investment and other income (loss), net420
 (55) NM
 (296) 621
 (147.7)Investment and other income (loss), net1,216 420 189.8 1,607 (296)NM
Income before income taxes3,955
 4,164
 (5.0) 6,879
 8,872
 (22.5)Income before income taxes5,630 3,955 42.4 10,042 6,879 46.0 
Income tax expense(946) (961) (1.5) (1,646) (2,037) (19.2)Income tax expense(2,000)(946)111.4 (3,119)(1,646)89.5 
Net income3,009
 3,203
 (6.0) 5,233
 6,835
 (23.4)Net income3,630 3,009 20.7 6,922 5,233 32.3 
Less: Net income attributable to noncontrolling interests and redeemable subsidiary preferred stock21
 78
 (73.6) 98
 157
 (37.5)
Less: Net income (loss) attributable to noncontrolling interests and redeemable subsidiary preferred stockLess: Net income (loss) attributable to noncontrolling interests and redeemable subsidiary preferred stock(108)21 NM(145)98 NM
Net income attributable to Comcast Corporation$2,988
 $3,125
 (4.4)% $5,135
 $6,678
 (23.1)%Net income attributable to Comcast Corporation$3,738 $2,988 25.1 %$7,067 $5,135 37.6 %
Basic earnings per common share attributable to Comcast Corporation shareholders$0.65
 $0.69
 (5.8)% $1.12
 $1.47
 (23.8)%Basic earnings per common share attributable to Comcast Corporation shareholders$0.81 $0.65 24.6 %$1.54 $1.12 37.5 %
Diluted earnings per common share attributable to Comcast Corporation shareholders$0.65
 $0.68
 (4.4)% $1.11
 $1.45
 (23.4)%Diluted earnings per common share attributable to Comcast Corporation shareholders$0.80 $0.65 23.1 %$1.51 $1.11 36.0 %
           
Adjusted EBITDA(a)
$7,927
 $8,716
 (9.1)% $16,057
 $17,269
 (7.0)%
Adjusted EBITDA(a)
$8,927 $7,927 12.6 %$17,339 $16,057 8.0 %
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 35Adjusted EBITDA is a non-GAAP financial measure. Refer to the “Non-GAAP Financial Measures” section on page 26 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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Consolidated Revenue
Cable Communications, Sky, Media, Theme Parks Sky, Cable Networks, Filmed Entertainment, Broadcast Television and Cable CommunicationsStudios drove decreasesincreases in consolidated revenue for the three months ended June 30, 2020.
Theme Parks, Sky, Filmed Entertainment and Cable Networks drove decreases in consolidated revenue for the six months ended June 30, 2020, which were offset by increases in Cable Communications and Broadcast Television.2021.
Revenue for our segments and other businesses is discussed separately below under the heading “Segment Operating Results.”

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Consolidated Costs and Expenses
Sky, Media, Cable Networks,Communications, Theme Parks Cable Communications, Filmed Entertainment and Broadcast TelevisionStudios drove decreasesincreases in consolidated operating costs and expenses for the three months ended June 30, 2020.
Sky, Cable Networks, Filmed Entertainment, Theme Parks, Cable Communications and Broadcast Television drove decreases in consolidated operating costs and expenses for the six months ended June 30, 2020.2021.
Operating costs and expenses for our segments and our corporate operations, businesses development initiatives and other businesses are discussed separately below under the heading “Segment Operating Results.”
Consolidated Depreciation and Amortization Expense
 Three Months Ended
June 30,
Increase/
(Decrease)
Six Months Ended
June 30,
Increase/
(Decrease)
(in millions)20212020%20212020%
Cable Communications$1,950 $1,937 0.7 %$3,880 $3,883 (0.1)%
NBCUniversal586 579 1.0 1,168 1,145 2.0 
Sky826 720 14.7 1,640 1,438 14.0 
Corporate and Other21 28 (23.3)57 62 (7.0)
Comcast Consolidated$3,383 $3,264 3.6 %$6,745 $6,528 3.3 %
 Three Months Ended
June 30,		 
Increase/
(Decrease)
 Six Months Ended
June 30,		 
Increase/
(Decrease)
(in millions)2020 2019 % 2020 2019 %
Cable Communications$1,937
 $2,036
 (4.9)% $3,883
 $4,071
 (4.6)%
NBCUniversal574
 527
 8.9
 1,139
 1,042
 9.3
Sky720
 673
 7.0
 1,438
 1,414
 1.7
Corporate and Other33
 40
 (18.1) 68
 69
 (0.8)
Comcast Consolidated$3,264
 $3,276
 (0.4)% $6,528
 $6,596
 (1.0)%
Consolidated depreciation and amortization expense decreasedincreased for the three and six months ended June 30, 20202021 compared to the same periods in 20192020 primarily due to a decrease in depreciationincreased amortization expense at Cable Communications relatedSky due to a reduction in capital expenditures on customer premise equipment, partially offset by an increase in the amortizationimpact of certain trade names beginning in the first quarter of 2020, which were previously accounted for as indefinite-livedforeign currency.
Amortization expense from acquisition-related intangible assets (see Note 10). Duringtotaled $586 million and $1.2 billion for the first quarter of 2019, we recorded adjustments to the purchase price allocation of Sky, primarily related to intangible assetsthree 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.
six months ended June 30, 2021, respectively. Amortization expense from acquisition-related intangible assets totaled $565 million and $1.1 billion for the three and six months ended June 30, 2020, respectively. Amortization expense from acquisition-related intangible assets totaled $499 million and $1 billion for the three and six months ended June 30, 2019, 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.
Consolidated Interest Expense
Interest expense decreased for the three months ended June 30, 20202021 compared to the same period in 2019 primarily due to decreases in our debt outstanding. Interest expense increased for the six months ended June 30, 2020 compared to the same period in 2019 primarily due to a $140decrease in average debt outstanding, partially offset by a $78 million charge recorded in the first quarter of 2020current period related to the early redemption of senior notes due 2024. Interest expense decreased for the six months ended June 30, 2021 compared to the same period in 2020 primarily due to a $140 million charge recorded in the prior year period related to the early redemption of senior notes, as well as a decrease in average debt outstanding, partially offset by decreasesa $78 million charge recorded in our debt outstanding.the current period related to the early redemption of senior notes due 2024.
Consolidated Investment and Other Income (Loss), Net
 Three Months Ended
June 30,		 Six Months Ended
June 30,
(in millions)2020 2019 2020 2019
Equity in net income (losses) of investees, net$300
 $(202) $(368) $60
Realized and unrealized gains (losses) on equity securities, net5
 194
 (53) 408
Other income (loss), net115
 (47) 125
 153
Total investment and other income (loss), net$420
 $(55) $(296) $621
Equity in Net Income (Losses) of Investees, Net
 Three Months Ended
June 30,		Increase/
(Decrease)		Six Months Ended
June 30,		Increase/
(Decrease)
(in millions)20212020%20212020%
Equity in net income (losses) of investees, net$959 $300 NM$1,095 $(368)NM
Realized and unrealized gains (losses) on equity securities, net189 5 NM426 (53)NM
Other income (loss), net69 115 (40.1)87 125 (30.8)
Total investment and other income (loss), net$1,216 $420 189.8 %$1,607 $(296)NM
The change in equity in netinvestment and other income (losses) of investees,(loss) net for the three and six months ended June 30, 20202021 compared to the same periods in 2019 were2020 was primarily due to equity in net income (losses) of investees, net related to our equity method investmentsinvestment in Atairos Group, Inc. and Hulu.realized and unrealized gains (losses) on equity securities, net related to fair value adjustments for nonmarketable equity securities. The income (losses) at Atairos were driven by fair value adjustments on its underlying investments. The equity in netinvestments with income (losses) of Atairos$883 million and Hulu$960 million for the three and six months ended June 30, 2021, respectively, and income of $446 million and losses of $135 million for the three and six months ended June 30, 2020, and 2019 are presented in the table below.

respectively.
22
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 Three Months Ended
June 30,		 Six Months Ended
June 30,
(in millions)2020 2019 2020 2019
Atairos$446
 $(106) $(135) $268
Hulu$(79) $(109) $(161) $(250)
Realized and Unrealized Gains (Losses) on Equity Securities, Net
The change in realized and unrealized gains (losses) on equity securities, net for the three months ended June 30, 2020 compared to the same period in 2019 was primarily due to gains related to our investment in Peloton of $86 million, which we sold in the second quarter of 2020, offset by losses on certain investments in the second quarter of 2020, compared to gains on investments, including $96 million related to our investment in Snap in the second quarter of 2019. The change in realized and unrealized gains (losses) on equity securities, net for the six months ended June 30, 2020 compared to the same period in 2019 was primarily due to losses on certain investments for the six months ended June 30, 2020, partially offset by gains related to our investment in Peloton, which we sold in the second quarter of 2020, compared to gains on investments, including $258 million related to our investment in Snap, which was sold in the fourth quarter of 2019.
Other Income (Loss), Net
The change in other income (loss), net for the three months ended June 30, 2020 compared to the same period in 2019 primarily relates to foreign exchange remeasurement gains and gains related to insurance contracts in the second quarter of 2020, compared to foreign exchange remeasurement losses and an impairment of an equity method investment in the second quarter of 2019. The change in other income (loss), net for the six months ended June 30, 2020 compared to the same period in 2019 primarily relates to foreign exchange remeasurement gains for the six months ended June 30, 2020 compared to a gain of $159 million recorded in the prior year period related to the dilution of our Hulu ownership. See Note 9.
Consolidated Income Tax Expense
Income tax expense for the three and six months ended June 30, 20202021 and 20192020 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 decreaseincreases in income tax expense for the three and six months ended June 30, 20202021 compared to the same periods in 2019 was2020 were primarily due to lowerhigher income before income taxes. We also recognized income tax expense of $498 million related to an increase in our net deferred tax liability as a result of the enactment of tax law changes in the United Kingdom in the second quarter of 2021. Refer to Note 9 for further discussion.
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 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.

23

Cable Communications Segment Results of Operations
Three Months Ended
June 30,		 Increase/
(Decrease)		 Three Months Ended
June 30,		Increase/
(Decrease)		Six Months Ended
June 30,		Increase/
(Decrease)
(in millions)2020 2019 $ %(in millions)20212020%20212020%
Revenue       Revenue
Residential:       Residential:
High-speed internet$5,000
 $4,663
 $337
 7.2 %
BroadbandBroadband$5,717 $5,000 14.3 %$11,317 $10,001 13.2 %
Video5,415
 5,594
 (179) (3.2)Video5,554 5,415 2.6 11,177 11,047 1.2 
Voice877
 982
 (105) (10.7)Voice870 877 (0.8)1,741 1,776 (2.0)
Wireless326
 244
 82
 33.9
Wireless556 326 70.4 1,069 669 59.8 
Business services2,004
 1,933
 71
 3.6
Business services2,202 2,004 9.9 4,369 4,047 8.0 
Advertising428
 607
 (179) (29.6)Advertising679 428 58.6 1,296 985 31.6 
Other378
 427
 (49) (11.0)Other425 378 12.4 838 821 2.1 
Total revenue14,428
 14,450
 (22) (0.2)Total revenue16,002 14,428 10.9 31,807 29,346 8.4 
Operating costs and expenses       Operating costs and expenses
Programming3,203
 3,372
 (169) (5.0)Programming3,593 3,203 12.1 7,263 6,682 8.7 
Technical and product support1,933
 1,898
 35
 1.8
Technical and product support2,075 1,933 7.3 4,096 3,945 3.8 
Customer service601
 624
 (23) (3.7)Customer service582 601 (3.2)1,184 1,238 (4.4)
Advertising, marketing and promotion834
 1,004
 (170) (16.9)Advertising, marketing and promotion971 834 16.5 1,876 1,788 4.9 
Franchise and other regulatory fees398
 390
 8
 2.0
Franchise and other regulatory fees449 398 12.8 950 804 18.1 
Other1,283
 1,308
 (25) (1.9)Other1,260 1,283 (1.8)2,536 2,637 (3.8)
Total operating costs and expenses8,252
 8,596
 (344) (4.0)Total operating costs and expenses8,929 8,252 8.2 17,904 17,094 4.7 
Adjusted EBITDA$6,176
 $5,854
 $322
 5.5 %Adjusted EBITDA$7,073 $6,176 14.5 %$13,903 $12,252 13.5 %
18
 Six Months Ended
June 30,		 
Increase/
(Decrease)
(in millions)2020 2019 $ %
Revenue       
Residential:       
High-speed internet$10,001
 $9,240
 $761
 8.2 %
Video11,047
 11,222
 (175) (1.6)
Voice1,776
 1,972
 (196) (9.9)
Wireless669
 469
 200
 42.6
Business services4,047
 3,824
 223
 5.8
Advertising985
 1,163
 (178) (15.3)
Other821
 840
 (19) (2.1)
Total revenue29,346
 28,730
 616
 2.1
Operating costs and expenses
 
 
 
Programming6,682
 6,791
 (109) (1.6)
Technical and product support3,945
 3,778
 167
 4.4
Customer service1,238
 1,249
 (11) (0.9)
Advertising, marketing and promotion1,788
 1,976
 (188) (9.5)
Franchise and other regulatory fees804
 781
 23
 2.9
Other2,637
 2,573
 64
 2.5
Total operating costs and expenses17,094
 17,148
 (54) (0.3)
Adjusted EBITDA$12,252
 $11,582
 $670
 5.8 %

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Customer Metrics
 Net Additions Net Additions / (Losses)
June 30,Three Months Ended
June 30,		Six Months Ended
June 30,		 June 30,Three Months Ended
June 30,		Six Months Ended
June 30,
(in thousands)202020192020201920202019(in thousands)202120202021202020212020
Customer relationships Customer relationships
Residential customer relationships29,750
28,508
241
123
601
399
Residential customer relationships31,339 29,724 277 241 647 601 
Business services customer relationships2,384
2,356
(24)29
(12)53
Business services customer relationships2,454 2,384 17 (24)28 (12)
Total customer relationships32,134
30,864
217
152
589
453
Total customer relationships33,793 32,108 294 217 675 589 
Residential customer relationships mix Residential customer relationships mix
One product customers11,332
9,526
531
231
1,085
512
One product customers13,477 11,306 480 531 1,069 1,085 
Two product customers8,742
8,952
(107)(57)(181)(40)Two product customers8,562 8,742 (83)(107)(173)(181)
Three or more product customers9,676
10,030
(184)(50)(303)(72)Three or more product customers9,299 9,676 (120)(184)(250)(303)
High-speed internet 
BroadbandBroadband
Residential customers27,220
25,631
340
182
806
534
Residential customers29,108 27,194 334 340 782 806 
Business services customers2,209
2,176
(17)28
(6)51
Business services customers2,280 2,209 20 (17)32 (6)
Total high-speed internet customers29,429
27,807
323
209
800
584
Total broadband customersTotal broadband customers31,388 29,403 354 323 814 800 
Video Video
Residential customers19,473
20,642
(427)(209)(814)(317)Residential customers18,225 19,473 (364)(427)(768)(814)
Business services customers894
999
(51)(15)(72)(28)Business services customers731 894 (34)(51)(121)(72)
Total video customers20,367
21,641
(477)(224)(887)(345)Total video customers18,956 20,367 (399)(477)(889)(887)
Voice Voice
Residential customers9,698
10,008
(142)(82)(236)(145)Residential customers9,412 9,698 (121)(142)(233)(236)
Business services customers1,331
1,324
(16)17
(12)27
Business services customers1,376 1,331 13 (16)19 (12)
Total voice customers11,029
11,331
(158)(65)(248)(118)Total voice customers10,788 11,029 (108)(158)(214)(248)
Wireless Wireless
Wireless lines2,393
1,586
126
181
342
351
Wireless lines3,383 2,393 280 126 558 342 
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 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 services, respectively. For multiple dwelling units (“MDUs”), including buildings located on college campuses, whose residents have the ability to receive additional services, such as additional programming choices or our high-definition video (“HD”) or digital video recorder (“DVR”) 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 services, the MDU is counted as a single customer. Residential high-speed internetbroadband and video customer metrics include certain customers that have prepaid for services. Business customers are generally counted based on the number of locations receiving services within our distribution system, with certain offerings such as of June 30, 2020 included prepaid customers totaling approximately 286,000 and 9,000, respectively.Ethernet network services counted as individual customer relationships. Wireless lines represent the number of activated, eligible wireless devices on customers’ accounts. Individual customer relationships may have multiple wireless lines. Customer metrics for 2021 and 2020 do not include certain high-risk customers who continue to receive service following nonpayment or customers in the free Internet Essentials offer or certain high-risk customers who continued to receive service following nonpayment (refer to “Impacts of COVID-19” for further discussion). Total residential customer relationships and broadband customers were updated in the first quarter of 2021 due to a conforming change to methodology, resulting in a reduction of approximately 26,000 customers. There was no impact to net additions and information for all periods presented have been recast on a comparable basis.
Three Months Ended
June 30,		 Six Months Ended
June 30,		Three Months Ended
June 30,		Increase/(Decrease)Six Months Ended
June 30,		Increase/(Decrease)
2020 2019 2020 201920212020%20212020%
Average monthly total revenue per customer relationship$150.17
 $156.44
 $153.61
 $156.29
Average monthly total revenue per customer relationship$158.53 $150.29 5.5 %$158.45 $153.74 3.1 %
Average monthly Adjusted EBITDA per customer relationship$64.28
 $63.38
 $64.13
 $63.01
Average monthly Adjusted EBITDA per customer relationship$70.07 $64.33 8.9 %$69.26 $64.18 7.9 %
Average monthly total revenue per customer relationship 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 residential high-speed internet,broadband, video and voice 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.
Each of our services has a different contribution to operating margin and we also use average monthly Adjusted EBITDA per customer relationship to evaluate the profitability of our customer base across our service offerings. We believe these metrics are useful to understand the trends in our business and average monthly Adjusted EBITDA per customer relationship is useful particularly as we continue to focus on growing our higher-margin businesses, including residential high-speed internetbroadband and business services.

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Cable Communications Segment – Revenue
High-Speed InternetBroadband
Revenue increased for the three and six months ended June 30, 20202021 compared to the same periods in 20192020 due to increases in the number of residential high-speed internetbroadband customers and increases in average rates. Average rates in the second quarter of 2020 were negatively impacted by waived fees due to COVID-19 and the impacts of customer adjustments. Refer to video description“Video” below for further information.
Video
Revenue decreasedincreased for the three and six months ended June 30, 20202021 compared to the same periods in 20192020 due to increases in average rates, partially offset by declines in the number of residential video customers, partially offset by increases in average rates.customers. Average rates in the second quarter of 2020 were negatively impacted by customer adjustments accrued as a result of provisions in our programming distribution agreements with regional sports networks related to canceled sporting events. For customers receiving bundled services, the revenue reduction was allocated across each of the services in the bundle.
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, negatively impacting video revenue as a result of the economic and 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
Revenue decreased for the three and six months ended June 30, 20202021 compared to the same periods in 20192020 primarily due to decreasesdeclines in average rates and the number of residential voice customers.customers, partially offset by increases in average rates. We expect that the number of residential voice customers and voice revenue will continue to decline.
Wireless
Revenue increased for the three and six months ended June 30, 20202021 compared to the same periods in 20192020 primarily due to increases in the number of customer lines.lines and sales of devices.
Business Services
Revenue increased for the three and six months ended June 30, 20202021 compared to the same periods in 20192020 primarily due to increases in average rates compared to the prior year periods, which were negatively impacted by COVID-19, and increases in the number of customers receiving our services and increases in average rates. The rates of growth were reduced due to the negative impacts of COVID-19 on small businesses.services.
Advertising
Revenue decreasedincreased for the three and six months ended June 30, 20202021 compared to the same periods in 2019 due to2020 reflecting an overall market recovery in the current year periods and reduced spending from advertisers due to COVID-19, partially offset by increases in political advertising.
For both the three and six months ended June 30, 2020 and 2019, 4% of our 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.prior year periods as a result of COVID-19.
Other
Revenue decreasedincreased for the three months ended June 30, 20202021 compared to the same period in 20192020 due to certain waived billing and collection fees due to COVID-19 and decreasesincreases in revenue from our security and automation services partially offset byand from the licensing of our technology platforms. Revenue increased for the six months ended June 30, 2021 compared to the same period in 2020 due to an increase in the licensing of our technology platforms to other multichannel video providers. Revenue decreased for the six months ended June 30, 2020 compared to the same period in 2019 due to certain waived billing and collection fees due to COVID-19, partially offset by an increase in the licensing of our technology platforms to other multichannel video providers.platforms.
Cable Communications Segment – Operating Costs and Expenses
Programming expenses decreasedincreased for the three and six months ended June 30, 20202021 compared to the same periods in 2019 primarily due to2020. The prior year periods include the impacts of adjustment provisions in our programming distribution agreements with regional sports networks related to canceled sporting events as a result of COVID-19. Excluding these adjustments, programming expenses increased due to increases in retransmission consent and sports programming fees,rates, partially offset by declines in the number of video subscribers. We anticipate that our programming expenses will be impacted by higher rate increases to a greater extent in 2021 compared to those experienced in 20192020 due to the timing of contract renewals, in 2020, partially offset by expected declines in the number of residential video customers and potentially additional contractual adjustments for regional sports networks.

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customers.
Technical and product support expenses increased for the three and six months ended June 30, 20202021 compared to the same periods in 2019 primarily2020 due to increased costs related to COVID-19, including additional compensation costs for certain personnel, and also increased costs associated with our wireless phone service, partially offset by cost savings initiatives and a reduction in activity in certain aspects of our business.lower personnel costs.
Customer service expenses decreased for the three and six months ended June 30, 20202021 compared to the same periods in 20192020 primarily due to lower labor costs as a result of cost savings initiatives and reduced call volumes, partially offset by increases in costs as a result of additional Xfinity stores.volumes.
Advertising, marketing and promotion expenses decreasedincreased for the three and six months ended June 30, 20202021 compared to the same periods in 20192020 primarily due to decreasesdecreased spending as a result of COVID-19 in spending.the prior year periods.
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Franchise and other regulatory fees increased for the three and six months ended June 30, 20202021 compared to the same periods in 20192020 primarily due to increases in the related rates of these fees.regulatory costs.
Other operating costs and expenses decreased for the three months ended June 30, 2020 compared to the same period in 2019 due to decreased costs associated with our advertising business, partially offset by increases in bad debt expense as a result of COVID-19 and personnel-related costs. Other operating costs and expenses increased for the six months ended June 30, 20202021 compared to the same periodperiods in 20192020 primarily due to increasesdecreases in bad debt expense, as a result of COVID-19 and personnel-related costs, partially offset by lower third partyhigher third-party advertising costs.
Cable Communications Segment – Operating Margin
Our operating margin is Adjusted EBITDA as a percentage of revenue. We believe this metric is useful particularly as we continue to focus on growing our higher-margin businesses, including residential high-speed internetbroadband and business services, and on reducing losses related to our wireless phone service and improving overall operating cost management.
Our operating margin for the three and six months ended June 30, 2021 was and 44.2% and 43.7%, respectively. Our operating margin for the three and six months ended June 30, 2020 was 42.8% and 41.7%, respectively. While the accrued adjustments for regional sports networks did not impact Adjusted EBITDA, in the second quarter of 2020, they resulted in an increase to operating margins. Our operating margin formargins in the three and six months ended June 30, 2019 was 40.5% and 40.3%, respectively.prior year periods. The most significant operating costs and expenses are the programming expenses we incur to provide content to our video customers, which decreased 5.0%increased 12.1% and 1.6%8.7% for the three and six months ended June 30, 2020,2021, respectively, compared to the same periods in 2019. Losses from our wireless phone service were $37 million and $96 million2020.
NBCUniversal Segments Results of Operations
 Three Months Ended
June 30,		Increase/
(Decrease)		Six Months Ended
June 30,		Increase/
(Decrease)
(in millions)20212020%20212020%
Revenue
Media$5,148 $4,096 25.7 %$10,184 $8,974 13.5 %
Studios2,224 2,052 8.4 4,620 4,461 3.6 
Theme Parks1,095 136 NM1,714 1,061 61.5 
Headquarters and Other22 11 97.4 38 20 92.3 
Eliminations(534)(580)7.8 (1,576)(1,072)(47.1)
Total revenue$7,955 $5,715 39.2 %$14,980 $13,444 11.4 %
Adjusted EBITDA
Media$1,378 $1,636 (15.8)%$2,851 $3,165 (9.9)%
Studios156 323 (51.7)653 623 4.8 
Theme Parks221 (393)NM159 (306)NM
Headquarters and Other(186)(82)(127.3)(395)(303)(30.3)
Eliminations(15)(104)85.6 (225)(110)(103.0)
Total Adjusted EBITDA$1,553 $1,380 12.5 %$3,043 $3,069 (0.8)%

Media Segment Results of Operations
 Three Months Ended
June 30,		Increase/
(Decrease)		Six Months Ended
June 30,		Increase/
(Decrease)
(in millions)20212020%20212020%
Revenue
Advertising$2,189 $1,648 32.8 %$4,282 $3,815 12.3 %
Distribution2,452 2,060 19.0 4,947 4,347 13.8 
Other507 388 31.1 955 812 17.6 
Total revenue5,148 4,096 25.7 10,184 8,974 13.5 
Operating costs and expenses
Programming and production2,679 1,589 68.6 5,201 3,857 34.8 
Other operating and administrative854 755 13.0 1,673 1,595 4.8 
Advertising, marketing and promotion238 116 106.2 460 357 29.0 
Total operating costs and expenses3,770 2,460 53.3 7,334 5,809 26.2 
Adjusted EBITDA$1,378 $1,636 (15.8)%$2,851 $3,165 (9.9)%
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Media Segment – Revenue
Revenue increased for the three and six months ended June 30, 2020, respectively, compared to losses of $88 million and $191 million for the three and six months ended June 30, 2019, respectively.
NBCUniversal Segments Results of Operations
 Three Months Ended
June 30,		 Increase/
(Decrease)
(in millions)2020 2019 $%
Revenue      
Cable Networks$2,515
 $2,947
 $(432)(14.7)%
Broadcast Television2,364
 2,402
 (38)(1.6)
Filmed Entertainment1,194
 1,457
 (263)(18.1)
Theme Parks87
 1,464
 (1,377)(94.1)
Headquarters, other and eliminations(36) (64) 28
NM
Total revenue$6,124
 $8,206
 $(2,082)(25.4)%
Adjusted EBITDA      
Cable Networks$1,243
 $1,201
 $42
3.5 %
Broadcast Television641
 534
 107
20.0
Filmed Entertainment228
 183
 45
24.8
Theme Parks(399) 590
 (989)(167.7)
Headquarters, other and eliminations(75) (184) 109
NM
Total Adjusted EBITDA$1,638
 $2,324
 $(686)(29.5)%

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 Six Months Ended
June 30,		 Increase/
(Decrease)
(in millions)2020 2019 $%
Revenue      
Cable Networks$5,374
 $5,815
 $(441)(7.6)%
Broadcast Television5,048
 4,869
 179
3.7
Filmed Entertainment2,564
 3,225
 (661)(20.5)
Theme Parks956
 2,740
 (1,784)(65.1)
Headquarters, other and eliminations(84) (130) 46
NM
Total revenue$13,858
 $16,519
 $(2,661)(16.1)%
Adjusted EBITDA      
Cable Networks$2,491
 $2,463
 $28
1.1 %
Broadcast Television1,142
 921
 221
24.0
Filmed Entertainment334
 547
 (213)(38.8)
Theme Parks(323) 1,088
 (1,411)(129.7)
Headquarters, other and eliminations(259) (358) 99
NM
Total Adjusted EBITDA$3,385
 $4,661
 $(1,276)(27.4)%

Cable Networks Segment Results of Operations
 Three Months Ended
June 30,		 Increase/
(Decrease)
(in millions)2020 2019 $%
Revenue      
Distribution$1,455
 $1,707
 $(252)(14.8)%
Advertising679
 931
 (252)(27.0)
Content licensing and other381
 309
 72
23.1
Total revenue2,515
 2,947
 (432)(14.7)
Operating costs and expenses      
Programming and production881
 1,274
 (393)(30.9)
Other operating and administrative333
 370
 (37)(10.2)
Advertising, marketing and promotion58
 102
 (44)(42.9)
Total operating costs and expenses1,272
 1,746
 (474)(27.2)
Adjusted EBITDA$1,243
 $1,201
 $42
3.5 %
 Six Months Ended
June 30,		 Increase/
(Decrease)
(in millions)2020 2019 $%
Revenue      
Distribution$3,163
 $3,442
 $(279)(8.1)%
Advertising1,513
 1,783
 (270)(15.1)
Content licensing and other698
 590
 108
18.3
Total revenue5,374
 5,815
 (441)(7.6)
Operating costs and expenses      
Programming and production1,999
 2,417
 (418)(17.3)
Other operating and administrative719
 729
 (10)(1.3)
Advertising, marketing and promotion165
 206
 (41)(19.9)
Total operating costs and expenses2,883
 3,352
 (469)(14.0)
Adjusted EBITDA$2,491
 $2,463
 $28
1.1 %

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Cable Networks Segment – Revenue
Cable Networks revenue decreased for the three and six months ended June 30, 20202021 compared to the same periods in 20192020 due to decreasesincreases in advertising revenue, distribution revenue and advertising revenue, which were offset by increases in content licensing and other revenue. DistributionAdvertising revenue decreasedincreased primarily due to an increased number of sporting events and higher pricing in the current year periods, reduced spending from advertisers in the prior year periods as a result of COVID-19 and increased advertising revenue at Peacock. These increases were partially offset by continued audience ratings declines at our networks. Distribution revenue increased due to contractual rate increases in the current year periods and credits accrued in the prior year periods at some of our regional sports networks resulting from the reduced number of games plannedplayed by professional sports leagues due to COVID-19. Certain of our distribution agreements with multichannel video providers require contractual adjustments if a minimum number of sporting events does not occur. Excluding these credits, distribution revenue decreased due to increasedCOVID-19, partially offset by declines in the number of subscribers at our cable networks, partially offset by increases in the contractual rates charged under distribution agreements. Advertising revenue decreased compared to the same periods in 2019 primarily due to reduced spending from advertisers as a result of COVID-19, including from the postponement and cancellation of sporting events and continued audience ratings declines at our networks. The decrease in advertising revenue for the six months ended June 30, 2020 compared to the same period in 2019 was partially offset by higher prices for advertising units sold. Content licensing and otherOther revenue increased primarily due to increased revenue from our digital properties.
We expect the timingnumber of content provided undersubscribers and audience ratings at our licensing agreements, including transactions withnetworks will continue to decline as a result of the competitive environment and shifting video consumption patterns. Revenue included $122 million and $213 million related to Peacock in the second quarter of 2020.
Forfor the three and six months ended June 30, 2020, 13% and 14%, respectively, of our Cable Networks segment revenue was generated from our Cable Communications segment. For2021, respectively. Revenue included $6 million related to Peacock for both the three and six months ended June 30, 2019, 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.2020.
Cable NetworksMedia Segment – Operating Costs and Expenses
Operating costs and expenses decreasedincreased for the three and six months ended June 30, 20202021 compared to the same periodperiods in 20192020 due to decreasesincreases in programming and production costs, advertising, marketing and promotion costs and other operating and administrative costs. The decrease in programmingProgramming and production costs wasincreased primarily due to decreases inhigher sports programming costs recognized as a resultdriven by increases in the number of professional sports leagues postponing and cancelingsporting events as a result of the postponement and cancellation of events in the prior year as a result of COVID-19 partially offset by an increaseand higher amortization expenses in otherthe current year periods related to programming costs at our networks. The decrease in advertising,Peacock. Advertising, marketing and promotion costs wasincreased primarily due to lower spending onhigher marketing related to Peacock, which was partially offset by lower spend related to our cable networks. The decreasenetworks in otherthe six month period. Other operating and administrative costs was primarilyincreased due to lower employee-related and other overheadincreased costs as a result ofrelated to Peacock, partially offset by cost savings initiatives.initiatives in the six month period.
Operating costs and expenses included $485 million and $853 million related to Peacock for the three and six months ended June 30, 2021, respectively. Operating costs and expenses included $123 million and $182 million related to Peacock for the three and six months ended June 30, 2020, respectively. We expect to continue to incur significant costs related to additional content and marketing as we invest in the platform and attract new customers.
Studios Segment Results of Operations
 Three Months Ended
June 30,		Increase/
(Decrease)		Six Months Ended
June 30,		Increase/
(Decrease)
(in millions)20212020%20212020%
Revenue
Content licensing$1,781 $1,746 2.0 %$3,855 $3,565 8.1 %
Theatrical198 7 NM237 323 (26.6)
Home entertainment and other245 299 (17.6)527 573 (7.8)
Total revenue2,224 2,052 8.4 4,620 4,461 3.6 
Operating costs and expenses
Programming and production1,603 1,398 14.8 3,217 2,911 10.5 
Other operating and administrative169 167 1.4 329 380 (13.2)
Advertising, marketing and promotion296 164 80.4 420 547 (23.2)
Total operating costs and expenses2,068 1,729 19.7 3,967 3,838 3.4 
Adjusted EBITDA$156 $323 (51.7)%$653 $623 4.8 %
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Studios Segment – Revenue
Revenue increased for the three months ended June 30, 2021 compared to the same period in 2020 due to increases in theatrical revenue and content licensing revenue, offset by a decrease in home entertainment and other revenue. Theatrical revenue increased primarily due to releases in the current year period, including F9, and the impact of theater closures in the prior year period. Content licensing revenue increased primarily due to the timing of when content was made available by our television studios under licensing agreements, partially offset by decreases at our film studios as a result of COVID-19 and the impacts of initial licenses of content associated with the launch of Peacock in the prior year period. Home entertainment and other revenue decreased primarily due to a reduced number of releases in the current year period due to COVID-19.
Revenue increased for the six months ended June 30, 20202021 compared to the same period in 20192020 due to an increase in content licensing revenue, offset by decreases in theatrical revenue and home entertainment and other revenue. Content licensing revenue increased primarily due to decreasesthe timing of when content was made available by our television studios under licensing agreements, including a new licensing agreement for content that became exclusively available for streaming on Peacock during the first quarter of 2021. Theatrical revenue decreased primarily due to the impacts of COVID-19 on the operation of movie theaters. Home entertainment and other revenue decreased primarily due to a reduced number of releases in the current year period due to COVID-19.
Studios Segment – Operating Costs and Expenses
Operating costs and expenses increased for the three months ended June 30, 2021 compared to the same period in 2020 due to increases in programming and production costs and advertising, marketing and promotion costs. The decrease in programmingProgramming and production costs wasincreased primarily due to decreases in sports programming costs recognized as a result of professional sports leagues postponing and canceling events as a result of COVID-19, partially offset by increases in other programming costs at our networks. The decrease in advertising, marketing and promotion costs was due to lower spending on marketing related to our cable networks and digital properties.
Broadcast Television Segment Results of Operations
 Three Months Ended
June 30,		 Increase/
(Decrease)
(in millions)2020 2019 $%
Revenue      
Advertising$959
 $1,329
 $(370)(27.9)%
Content licensing749
 472
 277
58.5
Distribution and other656
 601
 55
9.2
Total revenue2,364
 2,402
 (38)(1.6)
Operating costs and expenses      
Programming and production1,323
 1,369
 (46)(3.4)
Other operating and administrative357
 395
 (38)(9.7)
Advertising, marketing and promotion43
 104
 (61)(58.4)
Total operating costs and expenses1,723
 1,868
 (145)(7.8)
Adjusted EBITDA$641
 $534
 $107
20.0 %

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 Six Months Ended
June 30,		 Increase/
(Decrease)
(in millions)2020 2019 $%
Revenue      
Advertising$2,277
 $2,646
 $(369)(13.9)%
Content licensing1,484
 1,032
 452
43.7
Distribution and other1,287
 1,191
 96
8.1
Total revenue5,048
 4,869
 179
3.7
Operating costs and expenses      
Programming and production2,975
 2,946
 29
1.0
Other operating and administrative768
 777
 (9)(1.2)
Advertising, marketing and promotion163
 225
 (62)(27.6)
Total operating costs and expenses3,906
 3,948
 (42)(1.1)
Adjusted EBITDA$1,142
 $921
 $221
24.0 %
Broadcast Television Segment – Revenue
Broadcast Television revenue decreased for the three months ended June 30, 2020 compared to the same period in 2019 due to decreases in advertising revenue, partially offset by increases inhigher amortization associated with content licensing revenue and distribution and other revenue. Advertising revenue decreased for the three months ended June 30, 2020 compared to the same period in 2019 due to reduced spending from advertisers as a result of COVID-19, including from the postponement and cancellation of sporting events, and continued declines in audience ratings. The increase in content licensing revenue was primarily due to the timing of content provided under our licensing agreements, including transactions with Peacocksales in the second quarter of 2020. The increase in distribution and other revenue was primarily due to increases in fees recognized under our retransmission consent agreements.
Broadcast Television revenue increased for the six months ended June 30, 2020 compared to the samecurrent year period, in 2019 due to increases in content licensing revenue and distribution and other revenue, partially offset by decreases in advertising revenue. The increase in content licensing revenue was primarily due to the timing of content provided under our licensing agreements, including transactions with Peacock in the second quarter of 2020. The increase in distribution and other revenue was primarily due to increases in fees recognized under our retransmission consent agreements. The decrease in advertising revenue compared to the same period in 2019 was due to reduced spending from advertisers as a result of COVID-19, including from the postponement and cancellation of sporting events, and continued declines in audience ratings, which were partially offset by higher prices for advertising units sold.
Broadcast Television Segment – Operating Costs and Expenses
Operating costs and expenses decreased for the three months ended June 30, 2020 compared to the same period in 2019 due to decreases in advertising, marketing and promotion costs, programming and production costs, and other operating and administrative costs. The decrease in advertising, marketing and promotions costs was primarily due to reduced spending on marketing related to our programming. The decrease in programming and production costs was primarily due to decreases in the recognition of sports programming costswell as a result of professional sports leagues postponing and canceling events as a result of COVID-19, decreases in entertainment programming costs and due to the impact offrom the updated accounting guidance which removed certain limitations on the amounts capitalized forrelated to episodic television series, which was adopted and had a favorable impact on programming and production expense in the current period (see Note 8), partially offset by higher studio production costs. The decrease in other operatingprior year period. Advertising, marketing and administrativepromotion costs wasincreased due to decreased overhead costs as part of cost savings initiatives and lower employee-related costs.higher spending on theatrical releases in the current year period.
Operating costs and expenses decreasedincreased for the six months ended June 30, 20202021 compared to the same period in 2019 primarily2020 due to decreases in advertising, marketing and promotion costs, partially offset by increases in programming and production costs. The decrease in advertising, marketing and promotion costs, was due to lower spending on marketing related to our programming. The increase in programming and production costs was primarily due to higher studio production costs, which was partially offset by decreases in the recognition of sports programming costs as a result of professional sports leagues postponing and canceling events as a result of COVID-19, as well as the impact of the adoption of updated accounting guidance in the first quarter of 2020, which removed certain limitations on the amounts capitalized for episodic television series and had a favorable impact on programming and production expense in the current period (see Note 8).

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Filmed Entertainment Segment Results of Operations
 Three Months Ended
June 30,		 Increase/
(Decrease)
(in millions)2020 2019 $%
Revenue      
Theatrical$8
 $252
 $(244)(96.8)%
Content licensing850
 712
 138
19.5
Home entertainment229
 229
 —
0.2
Other107
 264
 (157)(59.6)
Total revenue1,194
 1,457
 (263)(18.1)
Operating costs and expenses      
Programming and production594
 601
 (7)(1.0)
Other operating and administrative206
 294
 (88)(30.5)
Advertising, marketing and promotion166
 379
 (213)(56.1)
Total operating costs and expenses966
 1,274
 (308)(24.2)
Adjusted EBITDA$228
 $183
 $45
24.8 %
 Six Months Ended
June 30,		 Increase/
(Decrease)
(in millions)2020 2019 $%
Revenue      
Theatrical$325
 $697
 $(372)(53.4)%
Content licensing1,541
 1,529
 12
0.8
Home entertainment400
 496
 (96)(19.2)
Other298
 503
 (205)(40.8)
Total revenue2,564
 3,225
 (661)(20.5)
Operating costs and expenses      
Programming and production1,202
 1,334
 (132)(9.9)
Other operating and administrative470
 555
 (85)(15.6)
Advertising, marketing and promotion558
 789
 (231)(29.2)
Total operating costs and expenses2,230
 2,678
 (448)(16.8)
Adjusted EBITDA$334
 $547
 $(213)(38.8)%
Filmed Entertainment Segment – Revenue
Filmed Entertainment revenue decreased for the three months ended June 30, 2020 compared to the same period in 2019 due to decreases in theatrical revenue and other revenue, partially offset by increases in content licensing revenue. The decrease in theatrical revenue was primarily due to theater closures as a result of COVID-19. The decrease in other revenue was primarily due to decreases in revenue from our movie ticketing and entertainment business and live stage plays, which were impacted by theater and entertainment venue closures as a result of COVID-19. The increase in content licensing revenue was primarily due to the timing of when content was made available under licensing agreements, including making certain 2020 releases available on demand after theater closures due to COVID-19, including Trolls World Tour and TheKing of Staten Island, as well as transactions with Peacock in the second quarter of 2020.
Filmed Entertainment revenue decreased for the six months ended June 30, 2020 compared to the same period in 2019 due to decreases in theatrical revenue, other revenue, and home entertainment revenue, partially offset by increases in content licensing revenue. The decrease in theatrical revenue was primarily due to theater closures as a result of COVID-19. The decrease in other revenue was primarily due to decreases in revenue from our movie ticketing and entertainment business and live stage plays, which were impacted by theater and entertainment venue closures as a result of COVID-19. The decrease in home entertainment revenue was primarily due to higher sales of 2019 releases, including Dr. Seuss’ The Grinch,How to Train Your Dragon: The Hidden World and Glass compared to the sales of 2020 releases, including 1917, Dr. Dolittle, and continued sales of Fast and Furious Presents: Hobbs and Shaw. The increase in content licensing revenue was primarily due to the timing of when content was made available under licensing agreements, including making certain 2020 releases available on demand after theater closures due to COVID-19, including Trolls World Tour,The Invisible Man, and The King of Staten Island, as well as transactions with Peacock in the second quarter of 2020.

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Filmed Entertainment Segment – Operating Costs and Expenses
Operating costs and expenses decreased for the three months ended June 30, 2020 compared to the same period in 2019 primarily due to decreases in advertising, marketing and promotion costs and other operating and administrative costs. TheProgramming and production costs increased primarily due to higher amortization associated with content licensing sales, including the new licensing agreement for content that became exclusively available for streaming on Peacock during the first quarter of 2021, as well as the impact from the updated accounting guidance related to episodic television series in the prior year period. These increases were partially offset by a decrease in advertising,amortization associated with theatrical releases in the current year period. Advertising, marketing and promotion costs wasdecreased due to lower spending on theatrical film releases in the current period releases as a result of COVID-19. The decrease in otheryear period. Other operating and administrative costs wasdecreased due to lower costs associated with our movie ticketing and entertainment business and live stage plays, which were impacted by theater and entertainment venue closures as a result of COVID-19.cost savings initiatives.
Operating costs and expenses decreased for the six months ended June 30, 2020 compared to the same period in 2019 due to decreases in advertising, marketing and promotion costs, programming and production costs, and other operating and administrative costs. The decrease in advertising, marketing and promotion costs was due to lower spending on current period releases as a result of COVID-19. 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 other operating and administrative costs was due to lower costs associated with our movie ticketing and entertainment business and live stage plays, which were impacted by theater and entertainment venue closures as a result of COVID-19.
Theme Parks Segment Results of Operations
 Three Months Ended
June 30,		 Increase/
(Decrease)
(in millions)2020 2019 $%
Revenue$87
 $1,464
 $(1,377)(94.1)%
Operating costs and expenses486
 874
 (388)(44.3)
Adjusted EBITDA$(399) $590
 $(989)(167.7)%
Six Months Ended
June 30,		 Increase/
(Decrease)		Three Months Ended
June 30,		Increase/
(Decrease)		Six Months Ended
June 30,		Increase/
(Decrease)
(in millions)2020 2019 $%(in millions)20212020%20212020%
Revenue$956
 $2,740
 $(1,784)(65.1)%Revenue$1,095 $136 NM$1,714 $1,061 61.5 %
Operating costs and expenses1,279
 1,652
 (373)(22.6)Operating costs and expenses874 529 65.4 1,555 1,367 13.7 
Adjusted EBITDA$(323) $1,088
 $(1,411)(129.7)%Adjusted EBITDA$221 $(393)NM$159 $(306)NM
Theme Parks Segment – Revenue
Theme Parks revenue decreasedRevenue increased for the three and six months ended June 30, 20202021 compared to the same periods in 20192020 primarily due to the temporary closuresoperation of our theme parks in the current year periods compared to temporary closures and capacity restrictions as a result of COVID-19 beginning in late February in Japan and mid-March forthe prior year periods. All of our theme parks temporarily closed beginning in mid to late first quarter of 2020. Our theme park in Orlando reopened with capacity restrictions in the second quarter of 2020 and Hollywood.was operating without capacity restrictions as of the end of the second quarter of 2021. Our theme parkspark in OrlandoHollywood reopened with capacity restrictions early in the second quarter of 2021 and was operating without capacity restrictions as of the end of the quarter. Our theme park in Japan reopened with limited capacity restrictions in June, while our parkthe second quarter of 2020, was temporarily closed for a period in Hollywood remains closed.the second quarter of 2021 and has reopened, with capacity restrictions as of the end of the quarter.
Theme Parks Segment – Operating Costs and Expenses
Theme Parks operatingOperating costs and expenses decreasedincreased for the three and six months ended June 30, 20202021 compared to the same periods in 20192020 primarily due to decreasesthe operation of our theme parks in costs relatedthe current year periods compared to park operations due totemporary closures and capacity
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restrictions in the park closures, partially offset byprior year periods, as well as increased pre-opening costs associated with Universal Beijing Resort. We expect to incur additional pre-opening costs ahead of the expected opening of Universal Beijing Resort later in 2021.

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NBCUniversal Headquarters, Other and Eliminations
TableHeadquarters and Other Results of Contents
Operations

 Three Months Ended
June 30,		Increase/
(Decrease)		Six Months Ended
June 30,		Increase/
(Decrease)
(in millions)20212020%20212020%
Revenue$22 $11 97.4 %$38 $20 92.3 %
Operating costs and expenses208 93 123.7 433 323 34.0 
Adjusted EBITDA$(186)$(82)(127.3)%$(395)$(303)(30.3)%
Operating costs and expenses include overhead, personnel costs and costs associated with corporate initiatives.
Eliminations
 Three Months Ended
June 30,		Increase/
(Decrease)		Six Months Ended
June 30,		Increase/
(Decrease)
(in millions)20212020%20212020%
Revenue$(534)$(580)(7.8)%$(1,576)$(1,072)47.1 %
Operating costs and expenses(518)(476)9.5 (1,351)(962)40.6 
Adjusted EBITDA$(15)$(104)(85.6)%$(225)$(110)103.0%
Amounts represent eliminations of transactions between our NBCUniversal segments, which are affected by the timing of recognition of content licenses between our Studios and Media segments. Current year amounts include the impact of a new licensing agreement for content that became exclusively available for streaming on Peacock during the first quarter of 2021, and prior year amounts include the impacts of initial licenses of content associated with the launch of Peacock.
For the three and six months ended June 30, 2021, approximately 33% and 44%, respectively, of Studios segment content licensing revenue resulted from transactions with other segments, primarily with the Media segment. For the three and six months ended June 30, 2020, approximately 36% and 33%, respectively, of Studios segment content licensing revenue resulted from transactions with other segments, primarily with the Media segment. Eliminations will increase or decrease to the extent that additional content is made available to our other segments. Refer to Note 2 for further discussion of transactions between our segments.
Sky Segment Results of Operations
 Three Months Ended
June 30,		 
Increase/
(Decrease)
 
Constant Currency Growth(a)
(in millions)2020 2019 $% %
Revenue        
Direct-to-consumer$3,524
 $3,889
 $(365)(9.4)% (6.7)%
Content234
 376
 (142)(37.7) (35.7)
Advertising321
 563
 (242)(43.0) (41.2)
Total revenue4,079
 4,828
 (749)(15.5) (12.9)
Operating costs and expenses        
Programming and production1,543
 2,239
 (696)(31.0) (29.0)
Direct network costs498
 414
 84
20.4
 24.7
Other1,289
 1,403
 (114)(8.3) (5.5)
Total operating costs and expenses3,330
 4,056
 (726)(17.9) (15.5)
Adjusted EBITDA$749
 $772
 $(23)(2.9)% 0.2 %
Six Months Ended
June 30,		 
Increase/
(Decrease)
 
Constant Currency Growth(a)
Three Months Ended
June 30,
Increase/
(Decrease)
Constant Currency Growth(a)
Six Months Ended
June 30,
Increase/
(Decrease)
Constant Currency Growth(a)
(in millions)2020 2019 $% %(in millions)20212020%%20212020%%
Revenue        Revenue
Direct-to-consumer$7,203
 $7,723
 $(520)(6.7)% (4.3)%Direct-to-consumer$4,222 $3,524 19.9 %7.7 %$8,288 $7,203 15.1 %4.7 %
Content559
 746
 (187)(25.1) (23.3)Content355 234 51.6 36.1 713 559 27.6 16.3 
Advertising834
 1,156
 (322)(27.9) (26.1)Advertising643 321 99.8 78.8 1,216 834 45.8 33.0 
Total revenue8,596
 9,625
 (1,029)(10.7) (8.4)Total revenue5,220 4,079 28.0 14.9 10,217 8,596 18.9 8.2 
Operating costs and expenses        Operating costs and expenses
Programming and production3,607
 4,540
 (933)(20.5) (18.5)Programming and production2,447 1,543 58.5 42.6 4,931 3,607 36.7 24.7 
Direct network costs955
 799
 156
19.6
 22.9
Direct network costs625 498 25.4 11.4 1,256 955 31.5 19.2 
Other2,734
 2,851
 (117)(4.1) (1.7)Other1,589 1,289 23.4 10.6 3,107 2,734 13.7 3.5 
Total operating costs and expenses7,296
 8,190
 (894)(10.9) (8.6)Total operating costs and expenses4,660 3,330 40.0 25.5 9,294 7,296 27.4 16.0 
Adjusted EBITDA$1,300
 $1,435
 $(135)(9.4)% (7.2)%Adjusted EBITDA$560 $749 (25.3)%(32.4)%$924 $1,300 (29.0)%(35.4)%
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 35Constant currency growth is a non-GAAP financial measure. Refer to the “Non-GAAP Financial Measures” section on page 26 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 / (Losses)
June 30,Three Months Ended
June 30,		Six Months Ended
June 30,
(in thousands)202120202021202020212020
Total customer relationships23,198 23,002 (248)(214)(26)(278)
Customer metrics are presented based on actual amounts. Minor differences may exist due to rounding. Customer relationships represent the number of residential customers that subscribe to at least one of Sky’s four primary services of video, broadband, voice and wireless phone service. Sky reports commercial customers, including hotels, bars, workplaces and restaurants, generally based on the number of locations receiving our services. In the first quarter of 2021, we implemented conforming changes to our methodology for counting commercial customers in Italy and Germany, which are now counted as described above, consistent with customers in the United Kingdom. Previously these customers were counted based on a residential equivalent unit in Italy and the number of active venues or rooms in Germany. This change resulted in a reduction in Sky’s total customer relationships of 714,000 as of December 31, 2020. The impact of the change in methodology to customer relationship net additions for any period was not material. For comparative purposes, we have updated Sky’s historical total customer relationships and average monthly direct-to-consumer revenue per customer relationship to reflect this adjustment.
Three Months Ended
June 30,
Increase/
(Decrease)
Constant
Currency
Growth(a)
Six Months Ended
June 30,
Increase/
(Decrease)
Constant
Currency
Growth(a)
20212020%%20212020%%
Average monthly direct-to-consumer revenue per customer relationship$60.35 $50.82 18.8 %6.7 %$59.50 $51.87 14.7 %4.4 %
(a)Constant currency growth is a non-GAAP financial measure. Refer to the “Non-GAAP Financial Measures” section on page 26 for additional information, including our definition and our use of constant currency, and for a reconciliation of Sky’s constant currency growth rates.
Customer Metrics
  Net Additions
 June 30,Three Months Ended
June 30,		Six Months Ended
June 30,
(in thousands)202020192020201920202019
Total customer relationships23,716
24,016
(214)304
(279)416
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 customers. Sky reports commercial customers based on the number of commercial agreements per venue in the U.K., and generally based on a residential equivalent unit using the multiple of residential customer revenue in Italy and the number of active venues (bars and restaurants) or rooms (hotels and clinics) in Germany.
 Three Months Ended
June 30,
Increase/
(Decrease)
Constant
Currency
Growth(a)
 Six Months Ended
June 30,
Increase/
(Decrease)
Constant
Currency
Growth(a)
 20202019%% 20202019%%
Average monthly direct-to-consumer revenue per customer relationship$49.29
$54.31
(9.2)%(6.5)% $50.32
$54.06
(6.9)%(4.5)%
(a)
Constant currency growth is a non-GAAP financial measure. Refer to the “Non-GAAP Financial Measures” section on page 35 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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Average monthly direct-to-consumer revenue per customer relationship is impacted by rate adjustments and changes in the types and levels of services received by Sky’s customers. Each of Sky’s services has a different contribution to Adjusted EBITDA. We believe this metricaverage monthly direct-to-consumer revenue per customer relationship is useful in understanding the trends in our business across all of our direct-to-consumer service offerings.
Sky Segment – Revenue
Direct-to-Consumer
Revenue decreasedincreased for the three and six months ended June 30, 20202021 compared to the same periods in 2019.2020. Excluding the impact of foreign currency, revenue decreasedincreased primarily due to decreasesincreases in average revenue per customer relationship driven byand customer relationships. The increases in average revenue per customer relationship were primarily due to the impacts of COVID-19, which has resultedthe postponement of sporting events in lower sports subscription revenue, as wellthe prior year periods as a decreaseresult of COVID-19 and rate increases in customer relationships.the United Kingdom.
Content
Revenue decreasedincreased for the three and six months ended June 30, 20202021 compared to the same periods in 2019.2020. Excluding the impact of foreign currency, revenue decreasedincreased primarily due to decreases in wholesalehigher revenue from sports programming as a resultlicensing arrangements and from the distribution of professionalSky’s sports leagues postponingprogramming on third-party platforms, both reflecting the postponement of sporting events in the prior year periods as a result of COVID-19.
Advertising
Revenue decreasedincreased for the three and six months ended June 30, 20202021 compared to the same periods in 2019.2020. Excluding the impact of foreign currency, revenue decreasedincreased primarily due toreflecting an overall market weakness, which has worsened due to COVID-19, the postponementrecovery and an increased number of sporting events due to COVID-19, and the impact of changes in legislation related to gambling advertisements in the U.K.current year periods, and Italy that occurredreduced spending from advertisers in the third quarterprior year periods, as a result of 2019.COVID-19.
Sky Segment – Operating Costs and Expenses
Programming and production costs decreasedincreased for the three and six months ended June 30, 20202021 compared to the same periods in 2019.2020. Excluding the impact of foreign currency, programming and production costs decreasedincreased primarily due to decreasesincreases in sports programming costs recognized as a resultthe number of professional sports leagues postponingsporting events as a resultin the current year periods due to COVID-19, including the impacts of COVID-19. Sporting events, includingthe delayed starts of the 2020-2021 European soccer leagues, resumed in May and June 2020football seasons and the disrupted seasons in the first and second quarters of 2020. We held the Italian broadcast rights to Lega Nazionale Professionisti Serie A through the end of the 2020-2021 season. Beginning with the 2021-2022 season and through the 2023-2024 season, we will have nonexclusive broadcast rights to a reduced number of matches, which will result in a reduction in programming and production costs associated with broadcasting these sporting eventsand we expect will be recognizedresult in future periods depending on the timingdeclines in revenue and extent of future events.customer relationships in Italy.
Direct network costs increased for the three and six months ended June 30, 20202021 compared to the same periods in 2019.2020. Excluding the impact of foreign currency, direct network costs increased primarily due to increases in costs associated with
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Sky’s high-speed internet and wireless phone and broadband services as a result of increases in the sale of handsets and the number of customers receiving these services.
Other expenses decreasedincreased for the three and six months ended June 30, 20202021 compared to the same periods in 2019.2020. Excluding the impact of foreign currency, other expenses decreasedincreased primarily due to lowerhigher fees paid to third-party channels related to advertising sales and higher marketing costs, resulting fromboth reflecting the impact of COVID-19.COVID-19 in the prior year periods, partially offset by lower personnel costs.
Corporate, Other and Eliminations
Corporate and Other Results of Operations
 Three Months Ended
June 30,		 Increase/
(Decrease)
(in millions)2020 2019 $%
Revenue$46
 $56
 $(10)(16.7)%
Operating costs and expenses568
 353
 215
60.5
Adjustment for Sky transaction-related costs(16) (84) 68
NM
Adjusted EBITDA$(506) $(213) $(293)(136.9)%
 Six Months Ended
June 30,
Increase/
(Decrease)
(in millions)2020
2019
$%
Revenue$166

$164

$2
1.3 %
Operating costs and expenses954

699

255
36.3
Adjustment for Sky transaction-related costs(30) (135) 105
NM
Adjusted EBITDA$(758)
$(400)
$(358)(89.2)%
Percentage changes that are considered not meaningful are denoted with NM.

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 Three Months Ended
June 30,		Increase/
(Decrease)		Six Months Ended
June 30,		Increase/
(Decrease)
(in millions)20212020%20212020%
Revenue$92 $40 128.4 %$181 $160 12.9 %
Operating costs and expenses353 429 (17.7)722 742 (2.6)
Adjusted EBITDA$(261)$(389)32.9 %$(541)$(582)6.9 %
Corporate and Other – Revenue
Revenue primarily relates to Comcast Spectacor, which owns the Philadelphia Flyers and the Wells Fargo Center arena in Philadelphia, Pennsylvania, and, beginning in the second quarter of 2020, revenues at Peacock.Pennsylvania.
Corporate and Other – Operating Costs and Expenses
ExpensesOperating costs and expenses primarily include overhead, personnel costs, the costs of other business initiatives, such as Peacock, and operating costs and expenses associated with Comcast Spectacor.
Expenses increaseddecreased for the three and six months ended June 30, 20202021 compared to the same periods in 20192020 primarily due to certain costs incurred in the second quarter of 2020prior year periods in response to COVID-19, including severance and restructuring charges related to our businesses.
Eliminations
 Three Months Ended
June 30,		Increase/
(Decrease)		Six Months Ended
June 30,		Increase/
(Decrease)
(in millions)20212020%20212020%
Revenue$(723)$(547)32.3 %$(1,434)$(1,222)17.4 %
Operating costs and expenses(725)(558)30.1 (1,445)(1,240)16.6 
Adjusted EBITDA$2 $11 (83.2)%$11 $18 (38.0)%
Amounts represent eliminations of transactions between Cable Communications, NBCUniversal, Sky and other businesses. Eliminations of transactions between NBCUniversal segments and costs associated with Peacock, which were partially offset by a reduction in costs related to the Sky transaction. Beginning in the second quarter of 2020, Peacock costs include amortization of film and television costs and we expect to continue to incur significant costs related to additional content and marketing for the new platform. Corporate and Other Adjusted EBITDA excludes Sky transaction-related costs.
Eliminations
 Three Months Ended
June 30,		 Increase/
(Decrease)
(in millions)2020 2019 $%
Revenue$(962) $(682) $280
41.0%
Operating costs and expenses(832) (661) 171
25.7
Adjusted EBITDA$(130) $(21) $109
NM
 Six Months Ended
June 30,		 Increase/
(Decrease)
(in millions)2020 2019 $%
Revenue$(1,642) $(1,321) $321
24.2%
Operating costs and expenses(1,520) (1,312) 208
15.8
Adjusted EBITDA$(122) $(9) $113
NM
Percentage changes that are considered not meaningful are denoted with NM.
Beginning in the second quarter of 2020, revenue and operating costs and expenses eliminations increased as a result of licensing of content between our NBCUniversal segments and Peacock.presented separately. Refer to Note 2 for furthera description of transactions between our segments.
Non-GAAP Financial Measures
Consolidated Adjusted EBITDA
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 thatAdjusted 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 ofAdjusted EBITDA may not be directly comparable to similar measures used by other companies.
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We define 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 fromAdjusted 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.

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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 (loss), 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
June 30,		 Six Months Ended
June 30,		 Three Months Ended
June 30,		Six Months Ended
June 30,
(in millions)2020 2019 2020 2019(in millions)2021202020212020
Net income attributable to Comcast Corporation$2,988
 $3,125
 $5,135
 $6,678
Net income attributable to Comcast Corporation$3,738 $2,988 $7,067 $5,135 
Net income (loss) attributable to noncontrolling interests and redeemable subsidiary preferred stock21
 78
 98
 157
Net income (loss) attributable to noncontrolling interests and redeemable subsidiary preferred stock(108)21 (145)98 
Income tax expense946
 961
 1,646
 2,037
Income tax expense2,000 946 3,119 1,646 
Investment and other (income) loss, net(420) 55
 296
 (621)Investment and other (income) loss, net(1,216)(420)(1,607)296 
Interest expense1,112
 1,137
 2,324
 2,287
Interest expense1,093 1,112 2,112 2,324 
Depreciation2,099
 2,197
 4,206
 4,437
Depreciation2,113 2,099 4,231 4,206 
Amortization1,165
 1,079
 2,322
 2,159
Amortization1,270 1,165 2,514 2,322 
Adjustment for Sky transaction-related costs16
 84
 30
 135
Adjustments(a)
Adjustments(a)
36 16 48 30 
Adjusted EBITDA$7,927
 $8,716
 $16,057
 $17,269
Adjusted EBITDA$8,927 $7,927 $17,339 $16,057 
(a)Amounts represent the impacts of certain events, gains, losses or other charges that are excluded from Adjusted EBITDA, including Sky transaction-related costs and costs related to our investment portfolio.
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.
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Reconciliation of Sky Constant Currency Growth Rates
Three Months Ended
June 30,		 Six Months Ended
June 30,		Three Months Ended
June 30,		Six Months Ended
June 30,
Actual Constant Currency Constant Currency Growth Actual Constant Currency Constant Currency GrowthActualConstant CurrencyConstant Currency GrowthActualConstant CurrencyConstant Currency Growth
(in millions, except per customer data)2020 2019 % 2020 2019 %(in millions, except per customer data)20212020%20212020%
Revenue           Revenue
Direct-to-consumer$3,524
 $3,774
 (6.7)% $7,203
 $7,525
 (4.3)%Direct-to-consumer$4,222 $3,921 7.7 %$8,288 $7,914 4.7 %
Content234
 364
 (35.7) 559
 727
 (23.3)Content355 261 36.1 713 613 16.3 
Advertising321
 547
 (41.2) 834
 1,127
 (26.1)Advertising643 359 78.8 1,216 914 33.0 
Total revenue4,079
 4,685
 (12.9) 8,596
 9,379
 (8.4)Total revenue5,220 4,541 14.9 10,217 9,441 8.2 
Operating costs and expenses           Operating costs and expenses
Programming and production1,543
 2,176
 (29.0) 3,607
 4,424
 (18.5)Programming and production2,447 1,716 42.6 4,931 3,956 24.7 
Direct network costs498
 400
 24.7
 955
 778
 22.9
Direct network costs625 561 11.4 1,256 1,054 19.2 
Other1,289
 1,362
 (5.5) 2,734
 2,778
 (1.7)Other1,589 1,437 10.6 3,107 3,002 3.5 
Total operating costs and expenses3,330
 3,938
 (15.5) 7,296
 7,980
 (8.6)Total operating costs and expenses4,660 3,714 25.5 9,294 8,012 16.0 
Adjusted EBITDA$749
 $747
 0.2 % $1,300
 $1,399
 (7.2)%Adjusted EBITDA$560 $828 (32.4)%$924 $1,429 (35.4)%
Average monthly direct-to-consumer revenue per customer relationship$49.29
 $52.72
 (6.5)% $50.32
 $52.68
 (4.5)%Average monthly direct-to-consumer revenue per customer relationship$60.35 $56.56 6.7 %$59.50 $57.00 4.4 %

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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;facility; and our ability to obtain future external financing. Refer to “Impacts of COVID-19” for additional discussion.
We maintain significant availability under our revolving credit facilitiesfacility and commercial paper programsprogram to meet our short-term liquidity requirements. As of June 30, 2020,2021, amounts available under our revolving credit facilities,facility, net of amounts outstanding under our commercial paper programsprogram and outstanding letters of credit and bank guarantees, totaled $9.2$11.0 billion. We entered into a new revolving credit facility in March 2021 (see Note 5).
We are subject to customary covenants and restrictions set forth in agreements related to debt issued at Comcast and certain of our subsidiaries, including the indentures governing our public debt securities and the credit agreements governing the Comcast revolving credit facility. Our credit facility contains a financial covenant pertaining to leverage, which is the ratio of debt to EBITDA, as defined in the credit facility. Compliance with this financial covenant is tested on a quarterly basis under the terms of the credit facility. As of June 30, 2021, we met this financial covenant by a significant margin and we would expect to remain in compliance with this financial covenant and other covenants related to our debt. The covenants and restrictions in our revolving credit facility do not apply to certain entities, including Sky and our international theme parks.
Operating Activities
Components of Net Cash Provided by Operating Activities
Six Months Ended
June 30,		 Six Months Ended
June 30,
(in millions)2020 2019(in millions)20212020
Operating income$9,499
 $10,538
Operating income$10,546 $9,499 
Depreciation and amortization6,528
 6,596
Depreciation and amortization6,745 6,528 
Noncash share-based compensation621
 533
Noncash share-based compensation711 621 
Changes in operating assets and liabilities(15) 95
Changes in operating assets and liabilities892 (15)
Payments of interest(1,936) (2,111)Payments of interest(1,909)(1,936)
Payments of income taxes(333) (1,634)Payments of income taxes(1,832)(333)
Other103
 254
Other204 103 
Net cash provided by operating activities$14,467
 $14,271
Net cash provided by operating activities$15,357 $14,467 
The variance in changes in operating assets and liabilities for the six months ended June 30, 20202021 compared to the same period in 20192020 was primarily due to the impacttiming of COVID-19 on the timing ofamortization and related payments for our film and television costs, including sports rights,the
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timing of sporting events partially offset by increased production spend, as well as the timing of our accounts payablesincreases in deferred revenue and accrued expenses, which was partially offset by the timing of our accounts receivable.
In March 2021, we entered into an agreement with the NFL extending our rights for an additional 11 years through the 2033-2034 season. The decreasenew agreement includes exhibition rights for three additional Super Bowls and certain other rights, including streaming rights and additional exclusive games on Peacock.
The increase in payments of income taxestax payments for the six months ended June 30, 20202021 compared to the same period in 20192020 was primarily due to the extension of due dates for estimated second quarter 2020 federal estimated income tax payments to the third quarter. Paymentsquarter of income taxes for the second half of 2020 will also include payments relating to the taxable gain associated with the AirTouch redemption which approximated the proceeds received.2020.
Investing Activities
Net cash used in investing activities for both the six months ended June 30, 2021 and 2020 consisted primarily of capital expenditures, cash paid for intangible assets and the construction of Universal Beijing Resort, which were partially offset by proceeds from sales of businesses and investments. Capital expenditures increased for the six months ended June 30, 2021 compared to the same period in 2020 primarily due to increased spending at our Cable Communications segment related to scalable infrastructure, customer premise equipment and line extensions. NBCUniversal capital expenditures decreased as a result of reduced spending at our Theme Parks. Proceeds from sales of businesses and investments decreased for the six months ended June 30, 2021 compared to the same period in 2020 primarily due to the sale of our investment in AirTouch in the prior year period.
Financing Activities
Net cash used in investingfinancing activities for the six months ended June 30, 20192021 consisted primarily of capital expenditures, purchasesrepayments of investmentsdebt, dividend payments, repurchases of common stock under our share repurchase program and cash paid for intangible assets. Capital expenditures decreased for the six months ended June 30, 2020 comparedemployee plans and payments related to the same periodredemption of NBCUniversal Enterprise redeemable subsidiary preferred stock presented in 2019 primarily due to decreases in spending by our Cable Communications and Theme Parks segments. We anticipate further declines in spending across our segments as a result of COVID-19, even as we continue to invest in scalable infrastructure to increase network capacity in our Cable Communications segment. Proceeds from sales of businesses and investments increased for the six months ended June 30, 2020 compared to the same period in 2019 primarily due to $1.7 billion of proceeds received from the sale of our investment in AirTouch. See Note 9.
Financing Activities
other financing activities. Net cash used in financing activities for the six months ended June 30, 2020 consisted primarily of repayments of debt, dividend payments and payments related to the redemption and repayment of subsidiary preferred shares presented in other financing activities, (see Note 9), which were partially offset by proceeds from borrowings. Net cash used in financing activities for the six months ended June 30, 2019 consisted primarily of repayments of debt and dividend payments.
In the first quarter of 2020, we issued $4.0 billion of fixed rate senior notes maturing between 2025 and 2040, $3.2 billion (using exchange rates on the date of issuance) of fixed rate Euro senior notes maturing between 2027 and 2040 and $1.8 billion (using exchange rates on the date of issuance) of fixed rate Sterling senior notes maturing between 2029 and 2036. In May 2020, we issued $4.0 billion of fixed rate senior notes maturing between 2031 and 2051.
For the six months ended June 30, 2020,2021, we made debt repayments totaling $10.7$5.8 billion, including $4.0 billion of optional repayments of term loans due 2022 to 2023 and the early redemption and purchase of $9.0$1.3 billion of senior notes maturing between 2021 and 2047.

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In June 2020, we announced our election to exercise our option to redeem at par $1.4 billion of senior notes due 2046 in August 2020.2024.
As of June 30, 2020,2021, we had no commercial paper outstanding and there were no amounts outstanding under our revolving credit facilities.facility.
We have made, and may from time to time in the future make, optional repayments on our debt obligations, which may include repurchases or exchanges of our outstanding public notes and debentures, depending on various factors, such as market conditions. See Notes 65 and 76 for additional information on our financing activities.
Share Repurchases and Dividends
In the second quarter of 2021, we restarted our share repurchase program. Effective January 1, 2017,May 25, 2021, our Board of Directors increased our share repurchase program authorization to $12$10 billion, which does not have an expiration date. During the six months ended June 30, 2021, we repurchased a total of 8.8 million shares of our Class A common stock for $500 million. Under the authorization, we expect to repurchase additional shares during the remainder of 2021, which may repurchase sharesbe in the open market or in private transactions. We have paused our share repurchase program in order to accelerate the reduction of indebtedness
In addition, we incurred in connection with the acquisition of Sky, and no common shares were repurchased under the authorization for the six months ended June 30, 2020.
We paid $269$459 million for the six months ended June 30, 20202021 related to employee taxes associated with the administration of our share-based compensation plans.
In January 2020,2021, our Board of Directors approved a 10%9% increase in our dividend to $0.92$1.00 per share on an annualized basis. On April 28, 2021, we paid dividends of $1.2 billion. In May 2020,2021, our Board of Directors approved our second quarter dividend of $0.23$0.25 per share, which was paid in July 2020.2021. We expect to continue to pay quarterly dividends, although each dividend is subject to approval by our Board of Directors. On April 22, 2020, we paid dividends of $1.1 billion.
Guarantee Structure
Our debt is primarily issued at Comcast, although we also have debt at certain of our subsidiaries as a result of acquisitions and other issuances. A substantial amount of this debt is subject to guarantees by Comcast and by certain subsidiaries that we have put in place to simplify our capital structure. We believe this guarantee structure provides liquidity benefits to debt investors and helps to simplify credit analysis with respect to relative value considerations of guaranteed subsidiary debt.
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Debt and Guarantee Structure
(in billions)June 30, 2021December 31, 2020
Debt subject to cross-guarantees
Comcast$81.6 $85.7 
NBCUniversal(a)
2.8 2.8 
Comcast Cable(a)
2.1 2.1 
86.5 90.6 
Debt subject to one-way guarantees
Sky8.3 8.4 
Other(a)
1.0 2.8 
9.3 11.2 
Debt not guaranteed
Universal Beijing Resort(b)
3.3 2.5 
Other1.1 1.1 
4.4 3.6 
Debt issuance costs, premiums, discounts, fair value adjustments for acquisition accounting and hedged positions, net(1.6)(1.6)
Total debt$98.6 $103.8 
(in billions)June 30, 2020December 31, 2019
Debt subject to cross-guarantees  
Comcast$86.5
$80.4
NBCUniversal(a)
3.8
5.8
Comcast Cable(a)
2.1
2.1
 92.4
88.3
Debt subject to one-way guarantees  
Sky8.5
9.2
Other(a)
2.9
4.1
 11.4
13.3
Debt not guaranteed  
Universal Beijing Resort(b)
1.8
1.3
Other0.9
1.0
 2.7
2.3
Debt issuance costs, premiums, discounts, fair value adjustments for acquisition accounting and hedged positions, net(1.7)(1.7)
Total debt$104.8
$102.2
(a)NBCUniversal, Comcast Cable and Comcast Holdings (included within other debt subject to one-way guarantees) are each consolidated subsidiaries subject to the periodic reporting requirements of the SEC. The guarantee structures and related disclosures in this section, together with Exhibit 22, satisfy these reporting obligations.
(a)NBCUniversal, Comcast Cable and Comcast Holdings (included within other debt subject to one-way guarantees) are each consolidated subsidiaries subject to the periodic reporting requirements of the SEC. The guarantee structures and related disclosures in this section, together with Exhibit 22, satisfy these reporting obligations.
(b)Universal Beijing Resort debt financing is secured by the assets of Universal Beijing Resort and the equity interests of the investors. See Note 7 for additional information.
(b)Universal Beijing Resort debt financing is secured by the assets of Universal Beijing Resort and the equity interests of the investors. See Note 6 for additional information.
Cross-guarantees
Comcast, NBCUniversal and Comcast Cable (the “Guarantors”) fully and unconditionally, jointly and severally, guarantee each other’s debt securities. NBCUniversal and Comcast Cable also guarantee other borrowings of Comcast, including its revolving credit facility. These guarantees rank equally with all other general unsecured and unsubordinated obligations of the respective Guarantors. However, the obligations of the Guarantors under the guarantees are structurally subordinated to the indebtedness and

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other liabilities of their respective non-guarantor subsidiaries. The obligations of each Guarantor are limited to the maximum amount that would not render such Guarantor’s obligations subject to avoidance under applicable fraudulent conveyance provisions of U.S. and non-U.S. law. Each Guarantor’s obligations will remain in effect until all amounts payable with respect to the guaranteed securities have been paid in full. However, a guarantee by NBCUniversal or Comcast Cable of Comcast’s debt securities, or by NBCUniversal of Comcast Cable’s debt securities, will terminate upon a disposition of such Guarantor entity or all or substantially all of its assets.
The Guarantors are each holding companies that principally hold investments in, borrow from and lend to non-guarantor subsidiary operating companies; issue and service third-party debt obligations; repurchase shares and pay dividends; and engage in certain corporate and headquarters activities. The Guarantors are generally dependent on non-guarantor subsidiary operating companies to fund these activities.
As of June 30, 20202021 and December 31, 2019,2020, the combined Guarantors have noncurrent notes payable to non-guarantor subsidiaries of $123$125 billion and $122$124 billion, respectively, and noncurrent notes receivable from non-guarantor subsidiaries of $23$28 billion and $21$26 billion, respectively. This financial information is that of the Guarantors presented on a combined basis with intercompany balances between the Guarantors eliminated. The combined financial information excludes financial information of non-guarantor subsidiaries. The underlying net assets of the non-guarantor subsidiaries are significantly in excess of the Guarantor obligations. Excluding investments in non-guarantor subsidiaries, external debt and the noncurrent notes payable and receivable with non-guarantor subsidiaries, the Guarantors do not have material assets, liabilities or results of operations.
One-way Guarantees
Comcast provides full and unconditional guarantees of certain debt issued by Sky and other consolidated subsidiaries not subject to the periodic reporting requirements of the SEC.
Comcast also provides a full and unconditional guarantee of $185$138 million principal amount of subordinated debt issued by Comcast Holdings. Comcast’s obligations under this guarantee are subordinated and subject, in right of payment, to the prior payment in full of all of Comcast’s senior indebtedness, including debt guaranteed by Comcast on a senior basis; and are
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structurally subordinated to the indebtedness and other liabilities of its non-guarantor subsidiaries (for purposes of this Comcast Holdings discussion, Comcast Cable and NBCUniversal are included within the non-guarantor subsidiary group). Comcast’s obligations as guarantor will remain in effect until all amounts payable with respect to the guaranteed debt have been paid in full. However, the guarantee will terminate upon a disposition of Comcast Holdings or all or substantially all of its assets. Comcast Holdings is a consolidated subsidiary holding company that directly or indirectly holds 100% and approximately 37% of our equity interests in Comcast Cable and NBCUniversal, respectively.
As of June 30, 20202021 and December 31, 2019,2020, Comcast and Comcast Holdings, the combined issuer and guarantor of the guaranteed subordinated debt, have noncurrent senior notes payable to non-guarantor subsidiaries of $93$97 billion and $92$94 billion, respectively, and noncurrent notes receivable from non-guarantor subsidiaries of $20$25 billion and $18$23 billion, respectively. This financial information is that of Comcast and Comcast Holdings presented on a combined basis with intercompany balances between Comcast and Comcast Holdings eliminated. The combined financial information excludes financial information of non-guarantor subsidiaries of Comcast and Comcast Holdings. The underlying net assets of the non-guarantor subsidiaries of Comcast and Comcast Holdings are significantly in excess of the obligations of Comcast and Comcast Holdings. Excluding investments in non-guarantor subsidiaries, external debt and the noncurrent notes payable and receivable with non-guarantor subsidiaries, Comcast and Comcast Holdings do not have material assets, liabilities or results of operations.
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.
Following the change in presentation of our segment operating results in the first quarter of 2021, we reassessed the reporting units related to goodwill in our NBCUniversal segments and concluded that our reporting units are the same as our reportable segments. See Note 2 for additional information.
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 20192020 Annual Report on Form 10-K.
Recent Accounting Pronouncements
See Note 8 for additional information related to recent accounting pronouncements.

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ITEM 3: QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
We have evaluated the information required under this item that was disclosed in our 20192020 Annual Report on Form 10-K and there have been no significant changes to this information.
ITEM 4: CONTROLS AND PROCEDURES
Conclusions regarding disclosure controls and procedures
Our principal executive and principal financial officers, after evaluating the effectiveness of our 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 concluded that, based on the evaluation of these controls and procedures required by paragraph (b) of Exchange Act Rules 13a-15 or 15d-15, such disclosure controls and procedures were effective.
Changes in internal control over financial reporting
There were no changes in 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 the last fiscal quarter that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.


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PART II: OTHER INFORMATION
ITEM 1: LEGAL PROCEEDINGS
See Note 1210 included in this Quarterly Report on Form 10-Q for a discussion of legal proceedings.
ITEM 1A: RISK FACTORS
There have been no material changes from the risk factors previously disclosed in Item 1A of our 20192020 Annual Report on Form 10-K and our Quarterly Report on Form 10-Q for the quarter ended March 31, 2020.10-K.
ITEM 5: OTHER INFORMATION2: UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
On July 27, 2020,The table below summarizes Comcast's common stock repurchases during the employment agreementsthree months ended June 30, 2021.
Purchases of Stephen B. Burke, Chairman, NBCUniversal, and David L. Cohen, Senior Executive Vice President, Comcast Corporation, were amended in connection with their planned retirements, with Mr. Burke assuming a new role as Senior Advisor and Mr. Cohen assuming a new role as Senior AdvisorEquity Securities
PeriodTotal
Number of
Shares
Purchased		Average
Price
Per
Share		Total Number of
Shares Purchased
as Part of Publicly
Announced Authorization		Total Dollar
Amount
Purchased
Under the Publicly Announced
Authorization
Maximum Dollar
Value of Shares That
May Yet Be
Purchased Under the Publicly Announced
Authorization(a)
April 1-30, 2021— $— — $— $— 
May 1-31, 2021986,784 

$57.25 986,784 $56,498,065 $9,943,501,935 
June 1-30, 20217,798,365 $56.87 7,798,365 $443,501,870 $9,500,000,065 
Total8,785,149 $56.91 8,785,149 $499,999,935 $9,500,000,065 
(a)Effective May 25, 2021, our Board of Directors increased our share repurchase program authorization to the CEO, in each case reporting to Brian L. Roberts, Chairman and CEO, Comcast Corporation. Each agreement is effective as of January 1, 2021 through December 31, 2025 and provides that each of Messrs. Burke and Cohen will receive$10 billion, which does not have an annual base salary of $350,000 but that neither will be entitled to participateexpiration date. Under this authorization, we may repurchase shares in the Company’s annual cash bonus planopen market or any grant programs under the Company’s equity-based compensation plans beyond the first quarter of 2021.in private transactions.
The above summary is qualifiedtotal number of shares purchased during the three months ended June 30, 2021 does not include any shares received in its entirety by the terms and conditions set forth in Messrs. Burke and Cohen’s agreements, copiesadministration of which are attached hereto as Exhibits 10.1 and 10.2, respectively.employee share-based compensation plans.
ITEM 6: EXHIBITS
Exhibit
No.
Description
Amendment No. 5 to Employment Agreement with Stephen B. Burke,between Comcast Corporation and Thomas J. Reid, dated as of July 27, 2020April 15, 2019
Amendment No. 2 to Employment Agreement with David L. Cohen,between Comcast Corporation and Jeff Shell, dated as of July 27,February 19, 2020
Subsidiary guarantors and issuers of guaranteed securities and affiliates whose securities collateralize securities of the registrant (incorporated by reference to Exhibit 22.1 to Comcast’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2020)
Certification of Chief Executive Officer and Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
Certification of Chief Executive Officer and Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
101The following financial statements from Comcast Corporation’s Quarterly Report on Form 10-Q for the three and six months ended June 30, 2020,2021, filed with the Securities and Exchange Commission on July 30, 2020,29, 2021, formatted in Inline Extensible Business Reporting Language (iXBRL): (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.
104Cover Page Interactive Data File (embedded within the iXBRL document)
*Constitutes a management contract or compensatory plan or arrangement.

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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
COMCAST CORPORATION
By:
By: /s/ DANIEL C. MURDOCK
Daniel C. Murdock
Executive Vice President, Chief Accounting Officer and Controller
(Principal Accounting Officer)
Date: July 30, 202029, 2021



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