Document and Entity Information
Document and Entity Information | 3 Months Ended |
Mar. 31, 2020shares | |
Document And Entity Information [Line Items] | |
Document Type | 10-Q |
Document Fiscal Period Focus | Q1 |
Document Quarterly Report | true |
Document Period End Date | Mar. 31, 2020 |
Document Transition Report | false |
Amendment Flag | false |
Document Fiscal Year Focus | 2020 |
Current Fiscal Year End Date | --12-31 |
Entity File Number | 001-32871 |
Entity Registrant Name | COMCAST CORPORATION |
Entity Central Index Key | 0001166691 |
Entity Tax Identification Number | 27-0000798 |
Entity Incorporation, State or Country Code | PA |
Entity Address, Address Line One | One Comcast Center |
Entity Address, City or Town | Philadelphia |
Entity Address, State or Province | PA |
Entity Address, Postal Zip Code | 19103-2838 |
City Area Code | 215 |
Local Phone Number | 286-1700 |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Filer Category | Large Accelerated Filer |
Entity Small Business | false |
Entity Emerging Growth Company | false |
Entity Shell Company | false |
Class A Common Stock [Member] | |
Document And Entity Information [Line Items] | |
Title of 12(b) Security | Class A Common Stock, $0.01 par value |
Trading Symbol | CMCSA |
Security Exchange Name | NASDAQ |
Entity Common Stock, Shares Outstanding | 4,554,648,825 |
0.250% Notes Due 2027 [Member] | |
Document And Entity Information [Line Items] | |
Title of 12(b) Security | 0.250% Notes due 2027 |
Trading Symbol | CMCS27 |
Security Exchange Name | NASDAQ |
1.500% Notes Due 2029 [Member] | |
Document And Entity Information [Line Items] | |
Title of 12(b) Security | 1.500% Notes due 2029 |
Trading Symbol | CMCS29 |
Security Exchange Name | NASDAQ |
0.750% Notes Due 2032 [Member] | |
Document And Entity Information [Line Items] | |
Title of 12(b) Security | 0.750% Notes due 2032 |
Trading Symbol | CMCS32 |
Security Exchange Name | NASDAQ |
1.875% Notes Due 2036 [Member] | |
Document And Entity Information [Line Items] | |
Title of 12(b) Security | 1.875% Notes due 2036 |
Trading Symbol | CMCS36 |
Security Exchange Name | NASDAQ |
1.250% Notes Due 2040 [Member] | |
Document And Entity Information [Line Items] | |
Title of 12(b) Security | 1.250% Notes due 2040 |
Trading Symbol | CMCS40 |
Security Exchange Name | NASDAQ |
9.455% Guaranteed Notes Due 2022 [Member] | |
Document And Entity Information [Line Items] | |
Title of 12(b) Security | 9.455% Guaranteed Notes due 2022 |
Trading Symbol | CMCSA/22 |
Security Exchange Name | NYSE |
5.50% Notes Due 2029 [Member] | |
Document And Entity Information [Line Items] | |
Title of 12(b) Security | 5.50% Notes due 2029 |
Trading Symbol | CCGBP29 |
Security Exchange Name | NYSE |
2.0% Exchangeable Subordinated Debentures Due 2029 [Member] | |
Document And Entity Information [Line Items] | |
Title of 12(b) Security | 2.0% Exchangeable Subordinated Debentures due 2029 |
Trading Symbol | CCZ |
Security Exchange Name | NYSE |
Class B Common Stock [Member] | |
Document And Entity Information [Line Items] | |
Entity Common Stock, Shares Outstanding | 9,444,375 |
Condensed Consolidated Statemen
Condensed Consolidated Statement of Income - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Income Statement [Abstract] | ||
Revenue | $ 26,609 | $ 26,859 |
Costs and Expenses: | ||
Programming and production | 8,301 | 8,569 |
Other operating and administrative | 8,254 | 7,900 |
Advertising, marketing and promotion | 1,938 | 1,888 |
Depreciation | 2,107 | 2,240 |
Amortization | 1,157 | 1,080 |
Total costs and expenses | 21,757 | 21,677 |
Operating income | 4,852 | 5,182 |
Interest expense | (1,212) | (1,150) |
Investment and other income (loss), net | (716) | 676 |
Income before income taxes | 2,924 | 4,708 |
Income tax expense | (700) | (1,076) |
Net income | 2,224 | 3,632 |
Less: Net income (loss) attributable to noncontrolling interests and redeemable subsidiary preferred stock | 77 | 79 |
Net income attributable to Comcast Corporation | $ 2,147 | $ 3,553 |
Basic earnings per common share attributable to Comcast Corporation shareholders (in dollars per share) | $ 0.47 | $ 0.78 |
Diluted earnings per common share attributable to Comcast Corporation shareholders (in dollars per share) | $ 0.46 | $ 0.77 |
Condensed Consolidated Statem_2
Condensed Consolidated Statement of Comprehensive Income - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Statement of Comprehensive Income [Abstract] | ||
Net income | $ 2,224 | $ 3,632 |
Unrealized gains (losses) on marketable securities, net of deferred taxes | 1 | 1 |
Deferred gains (losses) on cash flow hedges, net of deferred taxes | 54 | (59) |
Amounts reclassified to net income: | ||
Realized (gains) losses on cash flow hedges, net of deferred taxes | (106) | 58 |
Employee benefit obligations, net of deferred taxes | (8) | (7) |
Currency translation adjustments, net of deferred taxes | (2,157) | 807 |
Comprehensive income | 8 | 4,432 |
Less: Net income (loss) attributable to noncontrolling interests and redeemable subsidiary preferred stock | 77 | 79 |
Less: Other comprehensive income (loss) attributable to noncontrolling interests | (25) | 10 |
Comprehensive income (loss) attributable to Comcast Corporation | $ (44) | $ 4,343 |
Condensed Consolidated Statem_3
Condensed Consolidated Statement of Comprehensive Income (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Statement of Comprehensive Income [Abstract] | ||
Unrealized gains (losses) on marketable securities, deferred taxes | $ 0 | $ 0 |
Deferred gains (losses) on cash flow hedges, deferred taxes | 10 | 9 |
Realized (gains) losses on cash flow hedges, deferred taxes | 17 | (11) |
Employee benefit obligations, deferred taxes | 3 | 3 |
Currency translation adjustments, deferred taxes | $ (7) | $ (12) |
Condensed Consolidated Statem_4
Condensed Consolidated Statement of Cash Flows - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Operating Activities | ||
Net income | $ 2,224 | $ 3,632 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 3,264 | 3,320 |
Share-based compensation | 298 | 245 |
Noncash interest expense (income), net | 227 | 77 |
Net (gain) loss on investment activity and other | 791 | (498) |
Deferred income taxes | (120) | 271 |
Changes in operating assets and liabilities, net of effects of acquisitions and divestitures: | ||
Current and noncurrent receivables, net | 198 | 449 |
Film and television costs, net | 3 | 559 |
Accounts payable and accrued expenses related to trade creditors | (727) | (574) |
Other operating assets and liabilities | (334) | (250) |
Net cash provided by operating activities | 5,824 | 7,231 |
Investing Activities | ||
Capital expenditures | (1,881) | (2,092) |
Cash paid for intangible assets | (618) | (547) |
Construction of Universal Beijing Resort | (371) | (220) |
Acquisitions, net of cash acquired | (194) | (48) |
Proceeds from sales of businesses and investments | 17 | 37 |
Purchases of investments | (69) | (439) |
Other | 15 | 83 |
Net cash provided by (used in) investing activities | (3,101) | (3,226) |
Financing Activities | ||
Proceeds from (repayments of) short-term borrowings, net | 0 | (1,288) |
Proceeds from borrowings | 9,281 | 222 |
Repurchases and repayments of debt | (7,439) | (2,084) |
Repurchases of common stock under employee plans | (233) | (247) |
Dividends paid | (977) | (869) |
Distributions to noncontrolling interests and dividends for redeemable subsidiary preferred stock | (76) | (85) |
Other | (182) | 26 |
Net cash provided by (used in) financing activities | 374 | (4,325) |
Impact of foreign currency on cash, cash equivalents and restricted cash | (77) | 8 |
Increase (decrease) in cash, cash equivalents and restricted cash | 3,020 | (312) |
Cash, cash equivalents and restricted cash, beginning of period | 5,589 | 3,909 |
Cash, cash equivalents and restricted cash, end of period | $ 8,609 | $ 3,597 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheet - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Current Assets: | ||
Cash and cash equivalents | $ 8,516 | $ 5,500 |
Receivables, net | 10,800 | 11,292 |
Programming rights | 0 | |
Programming rights | 3,877 | |
Other current assets | 4,768 | 4,723 |
Total current assets | 24,084 | 25,392 |
Film and television costs | 12,385 | |
Film and television costs | 8,933 | |
Investments | 6,468 | 6,989 |
Investment securing collateralized obligation | 612 | 694 |
Property and equipment, net of accumulated depreciation of $53,566 and $53,239 | 48,442 | 48,322 |
Goodwill | 67,218 | 68,725 |
Franchise rights | 59,365 | 59,365 |
Other intangible assets, net of accumulated amortization of $16,292 and $17,217 | 34,672 | 36,128 |
Other noncurrent assets, net | 9,175 | 8,866 |
Total assets | 262,421 | 263,414 |
Current Liabilities: | ||
Accounts payable and accrued expenses related to trade creditors | 9,963 | 10,826 |
Accrued participations and residuals | 1,894 | 1,730 |
Deferred revenue | 2,634 | 2,768 |
Accrued expenses and other current liabilities | 10,136 | 10,516 |
Current portion of long-term debt | 2,973 | 4,452 |
Total current liabilities | 27,600 | 30,292 |
Long-term debt, less current portion | 100,604 | 97,765 |
Collateralized obligation | 5,166 | 5,166 |
Deferred income taxes | 27,865 | 28,180 |
Other noncurrent liabilities | 17,144 | 16,765 |
Commitments and contingencies (Note 12) | ||
Redeemable noncontrolling interests | 1,259 | 1,372 |
Equity: | ||
Preferred stock—authorized, 20,000,000 shares; issued, zero | 0 | 0 |
Additional paid-in capital | 38,597 | 38,447 |
Retained earnings | 51,516 | 50,695 |
Treasury stock, 872,791,028 Class A common shares | (7,517) | (7,517) |
Accumulated other comprehensive income (loss) | (1,144) | 1,047 |
Total Comcast Corporation shareholders’ equity | 81,506 | 82,726 |
Noncontrolling interests | 1,277 | 1,148 |
Total equity | 82,783 | 83,874 |
Total liabilities and equity | 262,421 | 263,414 |
Class A Common Stock [Member] | ||
Equity: | ||
Common stock | 54 | 54 |
Class B Common Stock [Member] | ||
Equity: | ||
Common stock | $ 0 | $ 0 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheet (Parenthetical) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Property and equipment - accumulated depreciation | $ 53,566 | $ 53,239 |
Other intangible assets - accumulated amortization | $ 16,292 | $ 17,217 |
Preferred stock, shares authorized (in shares) | 20,000,000 | 20,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Class A Common Stock [Member] | ||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 7,500,000,000 | 7,500,000,000 |
Common stock, shares issued (in shares) | 5,427,439,853 | 5,416,381,298 |
Common stock, shares outstanding (in shares) | 4,554,648,825 | 4,543,590,270 |
Treasury stock (in shares) | 872,791,028 | 872,791,028 |
Class B Common Stock [Member] | ||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 75,000,000 | 75,000,000 |
Common stock, shares issued (in shares) | 9,444,375 | 9,444,375 |
Common stock, shares outstanding (in shares) | 9,444,375 | 9,444,375 |
Condensed Consolidated Statem_5
Condensed Consolidated Statement of Changes in Equity - USD ($) $ in Millions | Total | Redeemable Noncontrolling Interests and Redeemable Subsidiary Preferred Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Treasury Stock at Cost [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Noncontrolling Interest [Member] | Class A Common Stock [Member]Common Stock [Member] |
Beginning balance at Dec. 31, 2018 | $ 1,316 | |||||||
Increase (Decrease) in Temporary Equity [Roll Forward] | ||||||||
Contributions from (distributions to) noncontrolling interests, net | (20) | |||||||
Other | (8) | |||||||
Net income (loss) | 28 | |||||||
Ending balance at Mar. 31, 2019 | 1,316 | |||||||
Beginning balance at Dec. 31, 2018 | $ 37,461 | $ 41,983 | $ (7,517) | $ (368) | $ 889 | $ 54 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Stock compensation plans | 174 | |||||||
Repurchases of common stock under employee plans | (62) | (193) | ||||||
Employee stock purchase plans | 48 | |||||||
Dividends declared | (964) | |||||||
Other comprehensive income (loss) | 790 | 10 | ||||||
Contributions from (distributions to) noncontrolling interests, net | (46) | |||||||
Other | 0 | 0 | (1) | |||||
Net income (loss) | $ 3,553 | 3,553 | ||||||
Net income (loss) | 51 | |||||||
Ending balance at Mar. 31, 2019 | $ 75,862 | 37,621 | 44,379 | (7,517) | 422 | 903 | 54 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Cash dividends declared per common share (in dollars per share) | $ 0.21 | |||||||
Beginning balance at Dec. 31, 2019 | $ 1,372 | 1,372 | ||||||
Increase (Decrease) in Temporary Equity [Roll Forward] | ||||||||
Contributions from (distributions to) noncontrolling interests, net | (27) | |||||||
Other | (153) | |||||||
Net income (loss) | 67 | |||||||
Ending balance at Mar. 31, 2020 | 1,259 | $ 1,259 | ||||||
Beginning balance at Dec. 31, 2019 | 83,874 | 38,447 | 50,695 | (7,517) | 1,047 | 1,148 | 54 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Stock compensation plans | 212 | |||||||
Repurchases of common stock under employee plans | (93) | (142) | ||||||
Employee stock purchase plans | 54 | |||||||
Dividends declared | (1,064) | |||||||
Other comprehensive income (loss) | (2,191) | (14) | ||||||
Contributions from (distributions to) noncontrolling interests, net | 120 | |||||||
Other | (23) | 4 | 13 | |||||
Net income (loss) | 2,147 | 2,147 | ||||||
Net income (loss) | 10 | |||||||
Ending balance at Mar. 31, 2020 | $ 82,783 | $ 38,597 | $ 51,516 | $ (7,517) | $ (1,144) | $ 1,277 | $ 54 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Cash dividends declared per common share (in dollars per share) | $ 0.23 |
Condensed Consolidated Financia
Condensed Consolidated Financial Statements | 3 Months Ended |
Mar. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Condensed Consolidated Financial Statements | Condensed Consolidated Financial Statements Business and Basis of Presentation We have prepared these unaudited condensed consolidated financial statements based on SEC rules that permit reduced disclosure for interim periods. These financial statements include all adjustments that are necessary for a fair presentation of our consolidated results of operations, cash flows and financial condition for the periods shown, including normal, recurring accruals and other items. The consolidated results of operations for the interim periods presented are not necessarily indicative of results for the full year. The year-end condensed consolidated balance sheet was derived from audited financial statements but does not include all disclosures required by generally accepted accounting principles in the United States (“GAAP”). For a more complete discussion of our accounting policies and certain other information, refer to our consolidated financial statements included in our 2019 Annual Report on Form 10-K and the notes within this Form 10-Q. |
Segment Information
Segment Information | 3 Months Ended |
Mar. 31, 2020 | |
Segment Reporting [Abstract] | |
Segment Information | Segment Information We present our operations in six reportable business segments: (1) Comcast Cable in one reportable business segment, referred to as Cable Communications; (2) NBCUniversal in four reportable business segments: Cable Networks, Broadcast Television, Filmed Entertainment and Theme Parks (collectively, the “NBCUniversal segments”); and (3) Sky in one reportable business segment. Cable Communications is a leading provider of high-speed internet, 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. 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. 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. 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. 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. 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 the development of Peacock, our direct-to-consumer streaming service that will feature NBCUniversal content. 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 business segment is presented in the tables below. Three Months Ended March 31, 2020 (in millions) Revenue Adjusted EBITDA (d) Depreciation and Amortization Capital Expenditures Cash Paid for Intangible Assets Cable Communications $ 14,918 $ 6,076 $ 1,946 $ 1,269 $ 356 NBCUniversal Cable Networks 2,859 1,248 195 5 3 Broadcast Television 2,684 501 43 25 3 Filmed Entertainment 1,370 106 22 4 5 Theme Parks 869 76 189 296 15 Headquarters and Other (a) 23 (187 ) 116 47 41 Eliminations (b) (71 ) 3 — — — NBCUniversal 7,734 1,747 565 377 67 Sky 4,517 551 718 197 166 Corporate and Other (c) 120 (252 ) 35 38 29 Eliminations (b) (680 ) 8 — — — Comcast Consolidated $ 26,609 $ 8,130 $ 3,264 $ 1,881 $ 618 Three Months Ended March 31, 2019 (in millions) Revenue Adjusted EBITDA (d) Depreciation and Amortization Capital Expenditures Cash Paid for Intangible Assets Cable Communications $ 14,280 $ 5,728 $ 2,035 $ 1,363 $ 323 NBCUniversal Cable Networks 2,868 1,262 182 6 2 Broadcast Television 2,467 387 39 13 3 Filmed Entertainment 1,768 364 19 4 5 Theme Parks 1,276 498 162 394 19 Headquarters and Other (a) 17 (174 ) 113 36 42 Eliminations (b) (83 ) — — — — NBCUniversal 8,313 2,337 515 453 71 Sky 4,797 663 741 259 151 Corporate and Other (c) 108 (187 ) 29 17 2 Eliminations (b) (639 ) 12 — — — Comcast Consolidated $ 26,859 $ 8,553 $ 3,320 $ 2,092 $ 547 (a) NBCUniversal Headquarters and Other activities include costs associated with overhead, allocations, personnel costs and headquarter initiatives. (b) Included in Eliminations are transactions that our segments enter into with one another. The most common types of transactions are the following: • Cable Networks generates revenue by selling programming to Cable Communications, which represents a substantial majority of the revenue elimination amount • Broadcast Television generates revenue from the fees received under retransmission consent agreements with Cable Communications • Cable Communications generates revenue by selling advertising and by selling the use of satellite feeds to Cable Networks • Cable Networks and Broadcast Television generate revenue by selling advertising to Cable Communications • Filmed Entertainment and Broadcast Television generate revenue by licensing content to Cable Networks; for segment reporting, this revenue is recognized as the programming rights asset for the licensed content is amortized based on third-party revenue • Filmed Entertainment, Cable Networks and Broadcast Television generate revenue by licensing content to Sky; for segment reporting, this revenue is recognized as content is delivered and available for use by Sky (c) Corporate and Other activities include costs associated with overhead and personnel, revenue and expenses associated with our other business interests. (d) We use Adjusted EBITDA as the measure of profit or loss for our operating segments. Adjusted EBITDA is defined as net income attributable to Comcast Corporation before net income (loss) attributable to noncontrolling interests and redeemable subsidiary preferred stock, income tax expense, investment and other income (loss), net, interest expense, depreciation and amortization expense, and other operating gains and losses (such as impairment charges related to fixed and intangible assets and gains or losses on the sale of long-lived assets), if any. From time to time, we may exclude from Adjusted EBITDA the impact of certain events, gains, losses or other charges (such as significant legal settlements) that affect the period-to-period comparability of our operating performance. Our reconciliation of the aggregate amount of Adjusted EBITDA for our reportable segments to consolidated income before income taxes is presented in the table below. Three Months Ended (in millions) 2020 2019 Adjusted EBITDA $ 8,130 $ 8,553 Adjustment for Sky transaction-related costs (14 ) (51 ) Depreciation (2,107 ) (2,240 ) Amortization (1,157 ) (1,080 ) Interest expense (1,212 ) (1,150 ) Investment and other income (loss), net (716 ) 676 Income before income taxes $ 2,924 $ 4,708 |
Revenue
Revenue | 3 Months Ended |
Mar. 31, 2020 | |
Revenues [Abstract] | |
Revenue | Revenue Three Months Ended (in millions) 2020 2019 Residential: High-speed internet $ 5,001 $ 4,577 Video 5,632 5,628 Voice 899 990 Wireless 343 225 Business services 2,043 1,891 Advertising 557 556 Other 443 413 Total Cable Communications (a) 14,918 14,280 Distribution 1,708 1,735 Advertising 834 852 Content licensing and other 317 281 Total Cable Networks 2,859 2,868 Advertising 1,318 1,317 Content licensing 735 560 Distribution and other 631 590 Total Broadcast Television 2,684 2,467 Theatrical 317 445 Content licensing 691 817 Home entertainment 171 267 Other 191 239 Total Filmed Entertainment 1,370 1,768 Total Theme Parks 869 1,276 Headquarters and Other 23 17 Eliminations (b) (71 ) (83 ) Total NBCUniversal 7,734 8,313 Direct-to-consumer 3,679 3,834 Content 325 370 Advertising 513 593 Total Sky 4,517 4,797 Corporate and Other 120 108 Eliminations (b) (680 ) (639 ) Total revenue $ 26,609 $ 26,859 (a) For both the three months ended March 31, 2020 and 2019 , 2.6% 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 (in millions) 2020 2019 United States $ 20,690 $ 20,457 Europe 5,033 5,370 Other 886 1,032 Total revenue $ 26,609 $ 26,859 No single customer accounted for a significant amount of revenue in any period presented. Condensed Consolidated Balance Sheet The following tables summarize our accounts receivable and other balances that are not separately presented in our condensed consolidated balance sheet that relate to the recognition of revenue and collection of the related cash , as well as deferred costs associated with our contracts with customers. (in millions) March 31, December 31, Receivables, gross $ 11,412 $ 11,711 Less: Allowance for doubtful accounts 612 419 Receivables, net $ 10,800 $ 11,292 (in millions) March 31, December 31, Noncurrent receivables, net (included in other noncurrent assets, net) $ 1,323 $ 1,337 Contract acquisition and fulfillment costs (included in other noncurrent assets, net) $ 1,078 $ 1,083 Noncurrent deferred revenue (included in other noncurrent liabilities) $ 894 $ 618 |
Programming and Production Cost
Programming and Production Costs | 3 Months Ended |
Mar. 31, 2020 | |
Other Industries [Abstract] | |
Programming and Production Costs | Programming and Production Costs Film and Television Costs Cable Networks, Broadcast Television, Filmed Entertainment and Sky produce owned content or acquire the rights to programming from third parties, which are described as owned film and television costs and programming rights, respectively. We adopted new accounting guidance related to film and television costs in 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 for the substantial majority of our content is on an individual basis. Amortization of Film and Television Costs Three Months Ended (in millions) 2020 Owned film and television costs $ 1,788 Programming rights $ 2,664 Capitalized Film and Television Costs March 31, 2020 December 31, 2019 (in millions) Film and Television Costs Film Costs Television Costs Total Owned film and television costs: Released, less amortization $ 4,317 $ 1,551 $ 2,810 $ 4,361 Completed, not released 238 187 — 187 In production and in development 2,509 1,314 1,162 2,476 7,064 3,052 3,972 7,024 Programming rights, less amortization 5,321 5,786 12,385 12,810 Less: Current portion of programming rights — 3,877 Film and television costs $ 12,385 $ 8,933 The table below summarizes estimated future amortization expense for the capitalized film and television costs recorded in our condensed consolidated balance sheet as of March 31, 2020. (in millions) Owned Film and Television Costs Programming Rights Completed, not released: Remaining nine months of 2020 $ 119 Released and programming rights: Remaining nine months of 2020 $ 1,485 $ 2,775 2021 $ 672 $ 1,197 2022 $ 418 $ 433 Capitalization and Recognition of Film 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 the programming delivered, we recognize an asset in programming rights. Production costs incurred in advance of airing are also presented in programming rights. |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Mar. 31, 2020 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per Share Computation of Diluted EPS Three Months Ended March 31, 2020 2019 (in millions, except per share data) Net Income Shares Per Share Net Income Shares Per Share Basic EPS attributable to Comcast Corporation shareholders $ 2,147 4,562 $ 0.47 $ 3,553 4,534 $ 0.78 Effect of dilutive securities: Assumed exercise or issuance of shares relating to stock plans 55 60 Diluted EPS attributable to Comcast Corporation shareholders $ 2,147 4,617 $ 0.46 $ 3,553 4,594 $ 0.77 Diluted earnings per common share attributable to Comcast Corporation shareholders (“diluted EPS”) considers the impact of potentially dilutive securities using the treasury stock method. Our potentially dilutive securities include potential common shares related to our stock options and our restricted share units (“RSUs”). Diluted EPS excludes the impact of potential common shares related to our stock options in periods in which the combination of the option exercise price and the associated unrecognized compensation expense is greater than the average market price of our common stock. The amount of potential common shares related to our share-based compensation plans that were excluded from diluted EPS because their effect would have been antidilutive was not material for the three months ended March 31, 2020 or 2019 . |
Long-Term Debt
Long-Term Debt | 3 Months Ended |
Mar. 31, 2020 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | Long-Term Debt As of March 31, 2020 , our debt had a carrying value of $103.6 billion and an estimated fair value of $118.8 billion . The estimated fair value of our publicly traded debt was primarily based on level 1 inputs that use quoted market value for the debt. The estimated fair value of debt for which there are no quoted market prices was based on level 2 inputs that use interest rates available to us for debt with similar terms and remaining maturities. In April 2020, Sky repaid at maturity $655 million |
Significant Transactions
Significant Transactions | 3 Months Ended |
Mar. 31, 2020 | |
Business Combinations [Abstract] | |
Significant Transactions | Significant Transactions Universal Beijing Resort We entered into an agreement with a consortium of Chinese state-owned companies to build and operate a Universal theme park and resort in Beijing, China (“Universal Beijing Resort”). We own a 30% interest in Universal Beijing Resort and the construction is being funded through a combination of debt financing and equity contributions from the investors in accordance with their equity interests. As of March 31, 2020 , Universal Beijing Resort had $1.5 billion principal amount of a term loan outstanding under the debt financing agreement. As of March 31, 2020 , our condensed consolidated balance sheet included assets, primarily property and equipment, and liabilities, including the term loan, of Universal Beijing Resort totaling $3.4 billion and $2.3 billion , respectively. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 3 Months Ended |
Mar. 31, 2020 | |
Accounting Policies [Abstract] | |
Recent Accounting Pronouncements | 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 . |
Investments
Investments | 3 Months Ended |
Mar. 31, 2020 | |
Investments [Abstract] | |
Investments | Investments Investment and Other Income (Loss), Net Three Months Ended (in millions) 2020 2019 Equity in net income (losses) of investees, net $ (668 ) $ 262 Realized and unrealized gains (losses) on equity securities, net (58 ) 214 Other income (loss), net 10 200 Investment and other income (loss), net $ (716 ) $ 676 (in millions) March 31, December 31, Equity method $ 4,777 $ 5,347 Marketable equity securities 320 353 Nonmarketable equity securities 1,892 1,896 Other investments 1,794 1,796 Total investments 8,783 9,392 Less: Current investments 1,703 1,709 Less: Investment securing collateralized obligation 612 694 Noncurrent investments $ 6,468 $ 6,989 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 months ended March 31, 2020 and 2019 , we recognized losses of $581 million and income of $374 million , respectively. For the three months ended March 31, 2020 and 2019 , we made cash capital contributions totaling $12 million and $37 million , respectively, to Atairos. As of March 31, 2020 and December 31, 2019 , our investment was $2.8 billion and $3.2 billion , respectively. Hulu and Collateralized Obligation For the three months ended March 31, 2020 and 2019 , we recognized our proportionate share of Hulu’s losses of $82 million and $141 million , respectively, in equity in net income (losses) of investees, net and in the first quarter 2019, we recognized a previously deferred dilution gain of $159 million . For the three months ended March 31, 2019 , we made cash capital contributions totaling $233 million to Hulu. There were no cash capital contributions made during the three months ended March 31, 2020 . As of March 31, 2020 and December 31, 2019 , our investment was $612 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 March 31, 2020 , the carrying value and fair value of our collateralized obligation was $5.2 billion . The estimated fair value was based on level 2 inputs that use interest rates for debt with similar terms and remaining maturities. We 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 present our investment in marketable equity securities, which was previously presented in nonmarketable equity securities. For the three months ended March 31, 2020 , we recognized unrealized losses of $19 million in realized and unrealized gains (losses) on equity securities, net. As of March 31, 2020 and December 31, 2019 , our investment in Peloton was $275 million and $294 million , respectively. Snap In the fourth quarter of 2019, we sold our investment in Snap. For the three months ended March 31, 2019, we recognized unrealized gains of $162 million in realized and unrealized gains (losses) on equity securities, net. Other Investments AirTouch As of March 31, 2020 and December 31, 2019 , our investment in the two series of preferred stock of Verizon Americas, Inc., formerly known as AirTouch Communications, Inc. (“AirTouch”) was $1.7 billion and $1.6 billion , respectively, and the associated liability related to redeemable subsidiary preferred shares was $1.7 billion as of both dates. In April 2020, AirTouch redeemed the preferred stock and we received cash payments totaling $1.7 billion . Subsequently, we redeemed and repurchased the three series of subsidiary preferred stock and made cash payments totaling $1.8 billion . |
Intangible Assets
Intangible Assets | 3 Months Ended |
Mar. 31, 2020 | |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | |
Intangible Assets | Intangible Assets March 31, 2020 December 31, 2019 (in millions) Weighted-Average Original Useful Life as of March 31, 2020 Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Indefinite-Lived Intangible Assets: Franchise rights N/A $ 59,365 $ 59,365 Trade names N/A — 8,809 FCC licenses N/A 2,337 2,337 Finite-Lived Intangible Assets: Customer relationships 14 years 21,236 $ (7,446 ) 22,884 $ (8,295 ) Software 5 years 15,631 (7,742 ) 15,357 (7,287 ) Other agreements and rights 28 years 11,760 (1,104 ) 3,958 (1,635 ) Total $ 110,329 $ (16,292 ) $ 112,710 $ (17,217 ) Estimated Amortization Expense of Finite-Lived Intangible Assets (in millions) Remaining nine months of 2020 $ 3,381 2021 $ 4,107 2022 $ 3,539 2023 $ 2,951 2024 $ 2,451 |
Supplemental Financial Informat
Supplemental Financial Information | 3 Months Ended |
Mar. 31, 2020 | |
Supplemental Financial Information [Abstract] | |
Supplemental Financial Information | Supplemental Financial Information Share-Based Compensation Our share-based compensation plans consist primarily of awards of RSUs and stock options to certain employees and directors as part of our approach to long-term incentive compensation. Additionally, through our employee stock purchase plans, employees are able to purchase shares of our common stock at a discount through payroll deductions. In March 2020 , we granted 15.8 million RSUs and 59.9 million stock options related to our annual management awards. The weighted-average fair values associated with these grants were $42.47 per RSU and $6.53 per stock option. Recognized Share-Based Compensation Expense Three Months Ended (in millions) 2020 2019 Restricted share units $ 141 $ 127 Stock options 71 47 Employee stock purchase plans 12 9 Total $ 224 $ 183 As of March 31, 2020 , we had unrecognized pretax compensation expense of $1.6 billion and $760 million related to nonvested RSUs and nonvested stock options, respectively. Cash Payments for Interest and Income Taxes Three Months Ended (in millions) 2020 2019 Interest $ 991 $ 970 Income taxes $ 281 $ 189 Noncash Activities During the three months ended March 31, 2020 : • we acquired $1.6 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 to be paid in April 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) March 31, December 31, Cash and cash equivalents $ 8,516 $ 5,500 Restricted cash included in other current assets 47 42 Restricted cash included in other noncurrent assets, net 46 47 Cash, cash equivalents and restricted cash, end of period $ 8,609 $ 5,589 Accumulated Other Comprehensive Income (Loss) (in millions) March 31, March 31, Unrealized gains (losses) on marketable securities $ 7 $ 4 Deferred gains (losses) on cash flow hedges 87 54 Unrecognized gains (losses) on employee benefit obligations 257 318 Cumulative translation adjustments (1,495 ) 46 Accumulated other comprehensive income (loss), net of deferred taxes $ (1,144 ) $ 422 |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Redeemable Subsidiary Preferred Stock None of the holders of the Series A cumulative preferred stock of NBCUniversal Enterprise exercised their rights to cause NBCUniversal Enterprise to redeem their shares during the first 30 day election period beginning on March 19, 2020. As of March 31, 2020 , the fair value of the NBCUniversal Enterprise redeemable subsidiary preferred stock was $734 million . The estimated fair value is based on level 2 inputs that use pricing models whose inputs are derived primarily from or corroborated by observable market data through correlation or other means for substantially the full term of the financial instrument. Contingencies We are 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. |
Recent Accounting Pronounceme_2
Recent Accounting Pronouncements (Policies) | 3 Months Ended |
Mar. 31, 2020 | |
Accounting Policies [Abstract] | |
Basis of Presentation | We have prepared these unaudited condensed consolidated financial statements based on SEC rules that permit reduced disclosure for interim periods. These financial statements include all adjustments that are necessary for a fair presentation of our consolidated results of operations, cash flows and financial condition for the periods shown, including normal, recurring accruals and other items. The consolidated results of operations for the interim periods presented are not necessarily indicative of results for the full year. The year-end condensed consolidated balance sheet was derived from audited financial statements but does not include all disclosures required by generally accepted accounting principles in the United States (“GAAP”). For a more complete discussion of our accounting policies and certain other information, refer to our consolidated financial statements included in our 2019 Annual Report on Form 10-K and the notes within this Form 10-Q. |
Film 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. |
Entertainment Entities | 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 |
Film Costs and Entertainment Entities | 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 the programming delivered, we recognize an asset in programming rights. Production costs incurred in advance of airing are also presented in programming rights. |
Earnings Per Share | Diluted earnings per common share attributable to Comcast Corporation shareholders (“diluted EPS”) considers the impact of potentially dilutive securities using the treasury stock method. Our potentially dilutive securities include potential common shares related to our stock options and our restricted share units (“RSUs”). Diluted EPS excludes the impact of potential common shares related to our stock options in periods in which the combination of the option exercise price and the associated unrecognized compensation expense is greater than the average market price of our common stock. |
Recent Accounting Pronouncements | 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 . |
Segment Information (Tables)
Segment Information (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Segment Reporting [Abstract] | |
Financial Data by Business Segment | Our financial data by business segment is presented in the tables below. Three Months Ended March 31, 2020 (in millions) Revenue Adjusted EBITDA (d) Depreciation and Amortization Capital Expenditures Cash Paid for Intangible Assets Cable Communications $ 14,918 $ 6,076 $ 1,946 $ 1,269 $ 356 NBCUniversal Cable Networks 2,859 1,248 195 5 3 Broadcast Television 2,684 501 43 25 3 Filmed Entertainment 1,370 106 22 4 5 Theme Parks 869 76 189 296 15 Headquarters and Other (a) 23 (187 ) 116 47 41 Eliminations (b) (71 ) 3 — — — NBCUniversal 7,734 1,747 565 377 67 Sky 4,517 551 718 197 166 Corporate and Other (c) 120 (252 ) 35 38 29 Eliminations (b) (680 ) 8 — — — Comcast Consolidated $ 26,609 $ 8,130 $ 3,264 $ 1,881 $ 618 Three Months Ended March 31, 2019 (in millions) Revenue Adjusted EBITDA (d) Depreciation and Amortization Capital Expenditures Cash Paid for Intangible Assets Cable Communications $ 14,280 $ 5,728 $ 2,035 $ 1,363 $ 323 NBCUniversal Cable Networks 2,868 1,262 182 6 2 Broadcast Television 2,467 387 39 13 3 Filmed Entertainment 1,768 364 19 4 5 Theme Parks 1,276 498 162 394 19 Headquarters and Other (a) 17 (174 ) 113 36 42 Eliminations (b) (83 ) — — — — NBCUniversal 8,313 2,337 515 453 71 Sky 4,797 663 741 259 151 Corporate and Other (c) 108 (187 ) 29 17 2 Eliminations (b) (639 ) 12 — — — Comcast Consolidated $ 26,859 $ 8,553 $ 3,320 $ 2,092 $ 547 (a) NBCUniversal Headquarters and Other activities include costs associated with overhead, allocations, personnel costs and headquarter initiatives. (b) Included in Eliminations are transactions that our segments enter into with one another. The most common types of transactions are the following: • Cable Networks generates revenue by selling programming to Cable Communications, which represents a substantial majority of the revenue elimination amount • Broadcast Television generates revenue from the fees received under retransmission consent agreements with Cable Communications • Cable Communications generates revenue by selling advertising and by selling the use of satellite feeds to Cable Networks • Cable Networks and Broadcast Television generate revenue by selling advertising to Cable Communications • Filmed Entertainment and Broadcast Television generate revenue by licensing content to Cable Networks; for segment reporting, this revenue is recognized as the programming rights asset for the licensed content is amortized based on third-party revenue • Filmed Entertainment, Cable Networks and Broadcast Television generate revenue by licensing content to Sky; for segment reporting, this revenue is recognized as content is delivered and available for use by Sky (c) Corporate and Other activities include costs associated with overhead and personnel, revenue and expenses associated with our other business interests. (d) We use Adjusted EBITDA as the measure of profit or loss for our operating segments. Adjusted EBITDA is defined as net income attributable to Comcast Corporation before net income (loss) attributable to noncontrolling interests and redeemable subsidiary preferred stock, income tax expense, investment and other income (loss), net, interest expense, depreciation and amortization expense, and other operating gains and losses (such as impairment charges related to fixed and intangible assets and gains or losses on the sale of long-lived assets), if any. From time to time, we may exclude from Adjusted EBITDA the impact of certain events, gains, losses or other charges (such as significant legal settlements) that affect the period-to-period comparability of our operating performance. Our reconciliation of the aggregate amount of Adjusted EBITDA for our reportable segments to consolidated income before income taxes is presented in the table below. Three Months Ended (in millions) 2020 2019 Adjusted EBITDA $ 8,130 $ 8,553 Adjustment for Sky transaction-related costs (14 ) (51 ) Depreciation (2,107 ) (2,240 ) Amortization (1,157 ) (1,080 ) Interest expense (1,212 ) (1,150 ) Investment and other income (loss), net (716 ) 676 Income before income taxes $ 2,924 $ 4,708 |
Reconciliation of Adjusted EBITDA from Segments to Consolidated | Our reconciliation of the aggregate amount of Adjusted EBITDA for our reportable segments to consolidated income before income taxes is presented in the table below. Three Months Ended (in millions) 2020 2019 Adjusted EBITDA $ 8,130 $ 8,553 Adjustment for Sky transaction-related costs (14 ) (51 ) Depreciation (2,107 ) (2,240 ) Amortization (1,157 ) (1,080 ) Interest expense (1,212 ) (1,150 ) Investment and other income (loss), net (716 ) 676 Income before income taxes $ 2,924 $ 4,708 |
Revenue (Tables)
Revenue (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Revenues [Abstract] | |
Disaggregation of revenue | Three Months Ended (in millions) 2020 2019 Residential: High-speed internet $ 5,001 $ 4,577 Video 5,632 5,628 Voice 899 990 Wireless 343 225 Business services 2,043 1,891 Advertising 557 556 Other 443 413 Total Cable Communications (a) 14,918 14,280 Distribution 1,708 1,735 Advertising 834 852 Content licensing and other 317 281 Total Cable Networks 2,859 2,868 Advertising 1,318 1,317 Content licensing 735 560 Distribution and other 631 590 Total Broadcast Television 2,684 2,467 Theatrical 317 445 Content licensing 691 817 Home entertainment 171 267 Other 191 239 Total Filmed Entertainment 1,370 1,768 Total Theme Parks 869 1,276 Headquarters and Other 23 17 Eliminations (b) (71 ) (83 ) Total NBCUniversal 7,734 8,313 Direct-to-consumer 3,679 3,834 Content 325 370 Advertising 513 593 Total Sky 4,517 4,797 Corporate and Other 120 108 Eliminations (b) (680 ) (639 ) Total revenue $ 26,609 $ 26,859 (a) For both the three months ended March 31, 2020 and 2019 , 2.6% 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 (in millions) 2020 2019 United States $ 20,690 $ 20,457 Europe 5,033 5,370 Other 886 1,032 Total revenue $ 26,609 $ 26,859 |
Schedule of receivables, net | The following tables summarize our accounts receivable and other balances that are not separately presented in our condensed consolidated balance sheet that relate to the recognition of revenue and collection of the related cash , as well as deferred costs associated with our contracts with customers. (in millions) March 31, December 31, Receivables, gross $ 11,412 $ 11,711 Less: Allowance for doubtful accounts 612 419 Receivables, net $ 10,800 $ 11,292 |
Other balance sheet accounts | (in millions) March 31, December 31, Noncurrent receivables, net (included in other noncurrent assets, net) $ 1,323 $ 1,337 Contract acquisition and fulfillment costs (included in other noncurrent assets, net) $ 1,078 $ 1,083 Noncurrent deferred revenue (included in other noncurrent liabilities) $ 894 $ 618 |
Programming and Production Co_2
Programming and Production Costs (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Other Industries [Abstract] | |
Amortization of Film and Television Costs | Amortization of Film and Television Costs Three Months Ended (in millions) 2020 Owned film and television costs $ 1,788 Programming rights $ 2,664 |
Capitalized Film and Television Costs and Programming Rights | Capitalized Film and Television Costs March 31, 2020 December 31, 2019 (in millions) Film and Television Costs Film Costs Television Costs Total Owned film and television costs: Released, less amortization $ 4,317 $ 1,551 $ 2,810 $ 4,361 Completed, not released 238 187 — 187 In production and in development 2,509 1,314 1,162 2,476 7,064 3,052 3,972 7,024 Programming rights, less amortization 5,321 5,786 12,385 12,810 Less: Current portion of programming rights — 3,877 Film and television costs $ 12,385 $ 8,933 |
Estimated Future Amortization Expense for Capitalized Film and Television Costs and Programming Rights | The table below summarizes estimated future amortization expense for the capitalized film and television costs recorded in our condensed consolidated balance sheet as of March 31, 2020. (in millions) Owned Film and Television Costs Programming Rights Completed, not released: Remaining nine months of 2020 $ 119 Released and programming rights: Remaining nine months of 2020 $ 1,485 $ 2,775 2021 $ 672 $ 1,197 2022 $ 418 $ 433 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Earnings Per Share [Abstract] | |
Computation of diluted EPS | Computation of Diluted EPS Three Months Ended March 31, 2020 2019 (in millions, except per share data) Net Income Shares Per Share Net Income Shares Per Share Basic EPS attributable to Comcast Corporation shareholders $ 2,147 4,562 $ 0.47 $ 3,553 4,534 $ 0.78 Effect of dilutive securities: Assumed exercise or issuance of shares relating to stock plans 55 60 Diluted EPS attributable to Comcast Corporation shareholders $ 2,147 4,617 $ 0.46 $ 3,553 4,594 $ 0.77 |
Investments (Tables)
Investments (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Investments [Abstract] | |
Investment and Other Income (Loss), Net | Investment and Other Income (Loss), Net Three Months Ended (in millions) 2020 2019 Equity in net income (losses) of investees, net $ (668 ) $ 262 Realized and unrealized gains (losses) on equity securities, net (58 ) 214 Other income (loss), net 10 200 Investment and other income (loss), net $ (716 ) $ 676 |
Investment Summary | (in millions) March 31, December 31, Equity method $ 4,777 $ 5,347 Marketable equity securities 320 353 Nonmarketable equity securities 1,892 1,896 Other investments 1,794 1,796 Total investments 8,783 9,392 Less: Current investments 1,703 1,709 Less: Investment securing collateralized obligation 612 694 Noncurrent investments $ 6,468 $ 6,989 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | |
Summary of Intangible Assets | March 31, 2020 December 31, 2019 (in millions) Weighted-Average Original Useful Life as of March 31, 2020 Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Indefinite-Lived Intangible Assets: Franchise rights N/A $ 59,365 $ 59,365 Trade names N/A — 8,809 FCC licenses N/A 2,337 2,337 Finite-Lived Intangible Assets: Customer relationships 14 years 21,236 $ (7,446 ) 22,884 $ (8,295 ) Software 5 years 15,631 (7,742 ) 15,357 (7,287 ) Other agreements and rights 28 years 11,760 (1,104 ) 3,958 (1,635 ) Total $ 110,329 $ (16,292 ) $ 112,710 $ (17,217 ) |
Amortization of Intangible Assets | Estimated Amortization Expense of Finite-Lived Intangible Assets (in millions) Remaining nine months of 2020 $ 3,381 2021 $ 4,107 2022 $ 3,539 2023 $ 2,951 2024 $ 2,451 |
Supplemental Financial Inform_2
Supplemental Financial Information (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Supplemental Financial Information [Abstract] | |
Schedule of recognized share-based compensation expense | Recognized Share-Based Compensation Expense Three Months Ended (in millions) 2020 2019 Restricted share units $ 141 $ 127 Stock options 71 47 Employee stock purchase plans 12 9 Total $ 224 $ 183 |
Schedule of cash payments for interest and income taxes | Cash Payments for Interest and Income Taxes Three Months Ended (in millions) 2020 2019 Interest $ 991 $ 970 Income taxes $ 281 $ 189 |
Schedule of cash, cash equivalents and restricted cash | The following table provides a reconciliation of cash, cash equivalents and restricted cash reported in the condensed consolidated balance sheet to the total of the amounts reported in our condensed consolidated statement of cash flows. (in millions) March 31, December 31, Cash and cash equivalents $ 8,516 $ 5,500 Restricted cash included in other current assets 47 42 Restricted cash included in other noncurrent assets, net 46 47 Cash, cash equivalents and restricted cash, end of period $ 8,609 $ 5,589 |
Schedule of accumulated other comprehensive income (loss) | Accumulated Other Comprehensive Income (Loss) (in millions) March 31, March 31, Unrealized gains (losses) on marketable securities $ 7 $ 4 Deferred gains (losses) on cash flow hedges 87 54 Unrecognized gains (losses) on employee benefit obligations 257 318 Cumulative translation adjustments (1,495 ) 46 Accumulated other comprehensive income (loss), net of deferred taxes $ (1,144 ) $ 422 |
Segment Information (Details)
Segment Information (Details) $ in Millions | 3 Months Ended | |
Mar. 31, 2020USD ($)segment | Mar. 31, 2019USD ($) | |
Segment Reporting Information [Line Items] | ||
Number of reportable segments | segment | 6 | |
Financial Data by Business Segment | ||
Revenue | $ 26,609 | $ 26,859 |
Adjusted EBITDA | 8,130 | 8,553 |
Depreciation and Amortization | 3,264 | 3,320 |
Capital Expenditures | 1,881 | 2,092 |
Cash Paid for Intangible Assets | 618 | 547 |
NBCUniversal Segments [Member] | ||
Financial Data by Business Segment | ||
Revenue | 7,734 | 8,313 |
Adjusted EBITDA | 1,747 | 2,337 |
Depreciation and Amortization | 565 | 515 |
Capital Expenditures | 377 | 453 |
Cash Paid for Intangible Assets | 67 | 71 |
Operating Segments [Member] | Cable Communications [Member] | ||
Financial Data by Business Segment | ||
Revenue | 14,918 | 14,280 |
Adjusted EBITDA | 6,076 | 5,728 |
Depreciation and Amortization | 1,946 | 2,035 |
Capital Expenditures | 1,269 | 1,363 |
Cash Paid for Intangible Assets | 356 | 323 |
Operating Segments [Member] | Cable Networks [Member] | ||
Financial Data by Business Segment | ||
Revenue | 2,859 | 2,868 |
Adjusted EBITDA | 1,248 | 1,262 |
Depreciation and Amortization | 195 | 182 |
Capital Expenditures | 5 | 6 |
Cash Paid for Intangible Assets | 3 | 2 |
Operating Segments [Member] | Broadcast Television [Member] | ||
Financial Data by Business Segment | ||
Revenue | 2,684 | 2,467 |
Adjusted EBITDA | 501 | 387 |
Depreciation and Amortization | 43 | 39 |
Capital Expenditures | 25 | 13 |
Cash Paid for Intangible Assets | 3 | 3 |
Operating Segments [Member] | Filmed Entertainment [Member] | ||
Financial Data by Business Segment | ||
Revenue | 1,370 | 1,768 |
Adjusted EBITDA | 106 | 364 |
Depreciation and Amortization | 22 | 19 |
Capital Expenditures | 4 | 4 |
Cash Paid for Intangible Assets | 5 | 5 |
Operating Segments [Member] | Theme Parks [Member] | ||
Financial Data by Business Segment | ||
Revenue | 869 | 1,276 |
Adjusted EBITDA | 76 | 498 |
Depreciation and Amortization | 189 | 162 |
Capital Expenditures | 296 | 394 |
Cash Paid for Intangible Assets | 15 | 19 |
Operating Segments [Member] | NBCUniversal Segments [Member] | ||
Financial Data by Business Segment | ||
Revenue | 7,734 | 8,313 |
Operating Segments [Member] | Sky Limited [Member] | ||
Financial Data by Business Segment | ||
Revenue | 4,517 | 4,797 |
Adjusted EBITDA | 551 | 663 |
Depreciation and Amortization | 718 | 741 |
Capital Expenditures | 197 | 259 |
Cash Paid for Intangible Assets | 166 | 151 |
Corporate, Non-Segment [Member] | ||
Financial Data by Business Segment | ||
Revenue | 120 | 108 |
Adjusted EBITDA | (252) | (187) |
Depreciation and Amortization | 35 | 29 |
Capital Expenditures | 38 | 17 |
Cash Paid for Intangible Assets | 29 | 2 |
Corporate, Non-Segment [Member] | NBCUniversal Segments [Member] | ||
Financial Data by Business Segment | ||
Revenue | 23 | 17 |
Adjusted EBITDA | (187) | (174) |
Depreciation and Amortization | 116 | 113 |
Capital Expenditures | 47 | 36 |
Cash Paid for Intangible Assets | 41 | 42 |
Eliminations [Member] | ||
Financial Data by Business Segment | ||
Revenue | (680) | (639) |
Adjusted EBITDA | 8 | 12 |
Depreciation and Amortization | 0 | 0 |
Capital Expenditures | 0 | 0 |
Cash Paid for Intangible Assets | 0 | 0 |
Eliminations [Member] | NBCUniversal Segments [Member] | ||
Financial Data by Business Segment | ||
Revenue | (71) | (83) |
Adjusted EBITDA | 3 | 0 |
Depreciation and Amortization | 0 | 0 |
Capital Expenditures | 0 | 0 |
Cash Paid for Intangible Assets | $ 0 | $ 0 |
Segment Information (Reconcilia
Segment Information (Reconciliation of Adjusted EBITDA from Segment to Consolidated Statements) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Segment Reporting [Abstract] | ||
Adjusted EBITDA | $ 8,130 | $ 8,553 |
Adjustment for Sky transaction-related costs | (14) | (51) |
Depreciation | (2,107) | (2,240) |
Amortization | (1,157) | (1,080) |
Interest expense | (1,212) | (1,150) |
Investment and other income (loss), net | (716) | 676 |
Income before income taxes | $ 2,924 | $ 4,708 |
Revenue (Details)
Revenue (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Disaggregation of Revenue [Line Items] | ||
Revenue | $ 26,609 | $ 26,859 |
Cable Communications [Member] | Franchise And Other Regulatory Fees [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Cable segment revenue types as percentage of total cable revenue | 2.60% | 2.60% |
NBCUniversal Segments [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | $ 7,734 | $ 8,313 |
Operating Segments [Member] | Cable Communications [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 14,918 | 14,280 |
Operating Segments [Member] | Cable Communications [Member] | Residential, High-Speed Internet [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 5,001 | 4,577 |
Operating Segments [Member] | Cable Communications [Member] | Residential, Video [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 5,632 | 5,628 |
Operating Segments [Member] | Cable Communications [Member] | Residential, Voice [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 899 | 990 |
Operating Segments [Member] | Cable Communications [Member] | Residential, Wireless [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 343 | 225 |
Operating Segments [Member] | Cable Communications [Member] | Business Services [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 2,043 | 1,891 |
Operating Segments [Member] | Cable Communications [Member] | Advertising [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 557 | 556 |
Operating Segments [Member] | Cable Communications [Member] | Other [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 443 | 413 |
Operating Segments [Member] | Cable Networks [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 2,859 | 2,868 |
Operating Segments [Member] | Cable Networks [Member] | Distribution [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 1,708 | 1,735 |
Operating Segments [Member] | Cable Networks [Member] | Advertising [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 834 | 852 |
Operating Segments [Member] | Cable Networks [Member] | Content Licensing And Other [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 317 | 281 |
Operating Segments [Member] | Broadcast Television [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 2,684 | 2,467 |
Operating Segments [Member] | Broadcast Television [Member] | Advertising [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 1,318 | 1,317 |
Operating Segments [Member] | Broadcast Television [Member] | Content Licensing [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 735 | 560 |
Operating Segments [Member] | Broadcast Television [Member] | Distribution And Other [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 631 | 590 |
Operating Segments [Member] | Filmed Entertainment [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 1,370 | 1,768 |
Operating Segments [Member] | Filmed Entertainment [Member] | Theatrical [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 317 | 445 |
Operating Segments [Member] | Filmed Entertainment [Member] | Content Licensing [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 691 | 817 |
Operating Segments [Member] | Filmed Entertainment [Member] | Home Entertainment [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 171 | 267 |
Operating Segments [Member] | Filmed Entertainment [Member] | Other [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 191 | 239 |
Operating Segments [Member] | Theme Parks [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 869 | 1,276 |
Operating Segments [Member] | NBCUniversal Segments [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 7,734 | 8,313 |
Operating Segments [Member] | Sky Limited [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 4,517 | 4,797 |
Operating Segments [Member] | Sky Limited [Member] | Direct To Consumer [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 3,679 | 3,834 |
Operating Segments [Member] | Sky Limited [Member] | Content [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 325 | 370 |
Operating Segments [Member] | Sky Limited [Member] | Advertising [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 513 | 593 |
Corporate, Non-Segment [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 120 | 108 |
Corporate, Non-Segment [Member] | NBCUniversal Segments [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 23 | 17 |
Eliminations [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | (680) | (639) |
Eliminations [Member] | NBCUniversal Segments [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | $ (71) | $ (83) |
Revenue (Revenue by Geographic
Revenue (Revenue by Geographic Location) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Disaggregation of Revenue [Line Items] | ||
Revenue | $ 26,609 | $ 26,859 |
United States [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 20,690 | 20,457 |
Europe [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 5,033 | 5,370 |
Other [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | $ 886 | $ 1,032 |
Revenue (Condensed Consolidated
Revenue (Condensed Consolidated Balance Sheet) (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Revenues [Abstract] | ||
Receivables, gross | $ 11,412 | $ 11,711 |
Less: Allowance for doubtful accounts | 612 | 419 |
Receivables, net | 10,800 | 11,292 |
Noncurrent receivables, net (included in other noncurrent assets, net) | 1,323 | 1,337 |
Contract acquisition and fulfillment costs (included in other noncurrent assets, net) | 1,078 | 1,083 |
Noncurrent deferred revenue (included in other noncurrent liabilities) | $ 894 | $ 618 |
Programming and Production Co_3
Programming and Production Costs (Recognized Programming and Production Costs) (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2020USD ($) | |
Other Industries [Abstract] | |
Owned film and television costs | $ 1,788 |
Programming rights | $ 2,664 |
Programming and Production Co_4
Programming and Production Costs (Capitalized Film and Television Costs and Programming Rights) (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Film and Television Costs | ||
Released, less amortization | $ 4,317 | |
Completed, not released | 238 | |
In production and in development | 2,509 | |
Film and Television Costs | 7,064 | |
Programming rights, less amortization | 5,321 | |
Total film and television costs and programming rights | 12,385 | |
Less: Current portion of programming rights | 0 | |
Film and television costs | $ 12,385 | |
Film Costs | ||
Released, less amortization | $ 1,551 | |
Completed, not released | 187 | |
In production and in development | 1,314 | |
Film Costs | 3,052 | |
Television Costs | ||
Released, less amortization | 2,810 | |
Completed, not released | 0 | |
In production and in development | 1,162 | |
Television Costs | 3,972 | |
Total | ||
Released, less amortization | 4,361 | |
Completed, not released | 187 | |
In production and in development | 2,476 | |
Total | 7,024 | |
Programming rights, less amortization | 5,786 | |
Total film and television costs and programming rights | 12,810 | |
Less: Current portion of programming rights | 3,877 | |
Film and television costs | $ 8,933 |
Programming and Production Co_5
Programming and Production Costs (Estimated Future Amortization Expense for Capitalized Film and Television Costs and Programming Rights) (Details) $ in Millions | Mar. 31, 2020USD ($) |
Completed, not released: | |
Remaining nine months of 2020 | $ 119 |
Released and programming rights: | |
Remaining nine months of 2020 | 1,485 |
2021 | 672 |
2022 | 418 |
Released and programming rights: | |
Remaining nine months of 2020 | 2,775 |
2021 | 1,197 |
2022 | $ 433 |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Earnings Per Share [Abstract] | ||
Net Income Attributable to Comcast Corporation | $ 2,147 | $ 3,553 |
Basic EPS attributable to Comcast Corporation shareholders (in shares) | 4,562 | 4,534 |
Basic earnings per common share attributable to Comcast Corporation shareholders (in dollars per share) | $ 0.47 | $ 0.78 |
Effect of dilutive securities: | ||
Net Income Attributable to Comcast Corporation | $ 2,147 | $ 3,553 |
Assumed exercise or issuance of shares relating to stock plans (in shares) | 55 | 60 |
Diluted EPS attributable to Comcast Corporation shareholders (in shares) | 4,617 | 4,594 |
Diluted earnings per common share attributable to Comcast Corporation shareholders (in dollars per share) | $ 0.46 | $ 0.77 |
Long-Term Debt (Narrative) (Det
Long-Term Debt (Narrative) (Details) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | |
Apr. 30, 2020 | Mar. 31, 2020 | Mar. 31, 2019 | |
Debt Instrument [Line Items] | |||
Total carrying value of debt | $ 103,600 | ||
Total fair value of debt | 118,800 | ||
Repayments of senior notes | $ 7,439 | $ 2,084 | |
Sky Senior Notes Due 2020 [Member] | Senior Notes [Member] | Subsequent Event [Member] | |||
Debt Instrument [Line Items] | |||
Repayments of senior notes | $ 655 |
Significant Transactions (Unive
Significant Transactions (Universal Beijing Resort) (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Variable Interest Entity [Line Items] | ||
Consolidated variable interest entity's assets included in condensed consolidated balance sheet | $ 262,421 | $ 263,414 |
Universal Beijing Resort [Member] | Variable Interest Entity, Primary Beneficiary [Member] | ||
Variable Interest Entity [Line Items] | ||
Ownership percentage in variable interest entity | 30.00% | |
Consolidated variable interest entity's assets included in condensed consolidated balance sheet | $ 3,400 | |
Consolidated variable interest entity's liabilities included in condensed consolidated balance sheet | 2,300 | |
Universal Beijing Resort [Member] | Variable Interest Entity, Primary Beneficiary [Member] | Universal Beijing Resort Term Loans [Member] | ||
Variable Interest Entity [Line Items] | ||
Principal amount of term loan outstanding | $ 1,500 |
Recent Accounting Pronounceme_3
Recent Accounting Pronouncements (Narrative) (Details) - Retained Earnings [Member] - USD ($) $ in Millions | Jan. 01, 2020 | Jan. 01, 2019 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Cumulative effects of adoption of accounting standards | $ (124) | $ 0 |
Accounting Standards Update 2016-13 [Member] | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Cumulative effects of adoption of accounting standards | $ 124 |
Investments (Investment and Oth
Investments (Investment and Other Income (Loss), Net) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Investments [Abstract] | ||
Equity in net income (losses) of investees, net | $ (668) | $ 262 |
Realized and unrealized gains (losses) on equity securities, net | (58) | 214 |
Other income (loss), net | 10 | 200 |
Investment and other income (loss), net | $ (716) | $ 676 |
Investments (Schedule of Invest
Investments (Schedule of Investments) (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Investments [Abstract] | ||
Equity method | $ 4,777 | $ 5,347 |
Marketable equity securities | 320 | 353 |
Nonmarketable equity securities | 1,892 | 1,896 |
Other investments | 1,794 | 1,796 |
Total investments | 8,783 | 9,392 |
Less: Current investments | 1,703 | 1,709 |
Less: Investment securing collateralized obligation | 612 | 694 |
Noncurrent investments | $ 6,468 | $ 6,989 |
Investments (Equity Method Inve
Investments (Equity Method Investments) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
Schedule of Equity Method Investments [Line Items] | |||
Equity in net income (losses) of investees, net | $ (668) | $ 262 | |
Equity method investment | 4,777 | $ 5,347 | |
Investment securing collateralized obligation | 612 | 694 | |
Proceeds from collateralized obligation | 5,200 | ||
Collateralized obligation | 5,166 | 5,166 | |
Atairos [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity in net income (losses) of investees, net | (581) | 374 | |
Cash capital contributions for equity method investments | 12 | 37 | |
Equity method investment | 2,800 | $ 3,200 | |
Hulu [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity in net income (losses) of investees, net | (82) | (141) | |
Recognition of previously deferred gain | 159 | ||
Cash capital contributions for equity method investments | 0 | $ 233 | |
Level 2 [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Fair value of collateralized obligation | $ 5,200 |
Investments (Marketable Equity
Investments (Marketable Equity Securities) (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
Schedule of Marketable Equity Securities [Line Items] | |||
Realized and unrealized gains (losses) on equity securities, net | $ (58) | $ 214 | |
Marketable equity securities | 320 | $ 353 | |
Peloton [Member] | |||
Schedule of Marketable Equity Securities [Line Items] | |||
Realized and unrealized gains (losses) on equity securities, net | (19) | ||
Marketable equity securities | $ 275 | $ 294 | |
Snap [Member] | |||
Schedule of Marketable Equity Securities [Line Items] | |||
Marketable equity securities, recognized unrealized gains (losses) | $ 162 |
Investments (Other Investments)
Investments (Other Investments) (Details) $ in Billions | 1 Months Ended | ||
Apr. 30, 2020USD ($) | Mar. 31, 2020USD ($)preferred_stock_series | Dec. 31, 2019USD ($) | |
Subsequent Event [Member] | |||
Schedule of Other Investments [Line Items] | |||
Cash payments for the redemption of redeemable preferred shares | $ 1.8 | ||
Air Touch [Member] | |||
Schedule of Other Investments [Line Items] | |||
Redeemable subsidiary preferred shares | $ 1.7 | $ 1.7 | |
Air Touch [Member] | |||
Schedule of Other Investments [Line Items] | |||
Number of series of preferred stock | preferred_stock_series | 2 | ||
Held to maturity investment | $ 1.7 | $ 1.6 | |
Air Touch [Member] | Subsequent Event [Member] | |||
Schedule of Other Investments [Line Items] | |||
Cash payments received upon redemption of preferred stock | $ 1.7 |
Intangible Assets (Summary of I
Intangible Assets (Summary of Intangible Assets) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Dec. 31, 2019 | |
Finite-Lived Intangible Assets [Line Items] | ||
Accumulated Amortization | $ (16,292) | $ (17,217) |
Total | 110,329 | 112,710 |
Franchise Rights [Member] | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 59,365 | 59,365 |
Trade Names [Member] | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 0 | 8,809 |
FCC Licenses [Member] | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 2,337 | 2,337 |
Customer Relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted-Average Original Useful Life | 14 years | |
Gross Carrying Amount | $ 21,236 | 22,884 |
Accumulated Amortization | $ (7,446) | (8,295) |
Software [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted-Average Original Useful Life | 5 years | |
Gross Carrying Amount | $ 15,631 | 15,357 |
Accumulated Amortization | $ (7,742) | (7,287) |
Other Agreements and Rights [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted-Average Original Useful Life | 28 years | |
Gross Carrying Amount | $ 11,760 | 3,958 |
Accumulated Amortization | $ (1,104) | $ (1,635) |
Intangible Assets (Amortization
Intangible Assets (Amortization of Intangible Assets) (Details) $ in Millions | Mar. 31, 2020USD ($) |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | |
Remaining nine months of 2020 | $ 3,381 |
2021 | 4,107 |
2022 | 3,539 |
2023 | 2,951 |
2024 | $ 2,451 |
Supplemental Financial Inform_3
Supplemental Financial Information (Share-Based Compensation) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 1 Months Ended | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2020 | Mar. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Recognized share-based compensation expense | $ 224 | $ 183 | |
Restricted share units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Recognized share-based compensation expense | 141 | 127 | |
Unrecognized pretax compensation expense on nonvested awards | $ 1,600 | 1,600 | |
Stock options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Recognized share-based compensation expense | 71 | 47 | |
Unrecognized pretax compensation expense on nonvested awards | $ 760 | 760 | |
Employee stock purchase plans [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Recognized share-based compensation expense | $ 12 | $ 9 | |
Management Grant [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of stock options granted (in shares) | 59.9 | ||
Weighted-average fair value of stock options granted (in dollars per share) | $ 6.53 | ||
Management Grant [Member] | Restricted share units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of restricted share units granted (in shares) | 15.8 | ||
Weighted-average fair value of restricted share units granted (in dollars per share) | $ 42.47 |
Supplemental Financial Inform_4
Supplemental Financial Information (Cash Payments for Interest and Income Taxes) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Cash Payments for Interest and Income Taxes | ||
Interest | $ 991 | $ 970 |
Income taxes | $ 281 | $ 189 |
Supplemental Financial Inform_5
Supplemental Financial Information (Noncash Activities) (Details) $ / shares in Units, $ in Billions | 3 Months Ended |
Mar. 31, 2020USD ($)$ / shares | |
Supplemental Financial Information [Abstract] | |
Property and equipment and intangible assets accrued but not yet paid | $ 1.6 |
Dividends payable | $ 1.1 |
Dividends payable (in dollars per share) | $ / shares | $ 0.23 |
Supplemental Financial Inform_6
Supplemental Financial Information (Cash, Cash Equivalents and Restricted Cash) (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2019 | Dec. 31, 2018 |
Supplemental Financial Information [Abstract] | ||||
Cash and cash equivalents | $ 8,516 | $ 5,500 | ||
Restricted cash included in other current assets | 47 | 42 | ||
Restricted cash included in other noncurrent assets, net | 46 | 47 | ||
Cash, cash equivalents and restricted cash, end of period | $ 8,609 | $ 5,589 | $ 3,597 | $ 3,909 |
Supplemental Financial Inform_7
Supplemental Financial Information (Components of Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2019 |
Supplemental Financial Information [Abstract] | |||
Unrealized gains (losses) on marketable securities | $ 7 | $ 4 | |
Deferred gains (losses) on cash flow hedges | 87 | 54 | |
Unrecognized gains (losses) on employee benefit obligations | 257 | 318 | |
Cumulative translation adjustments | (1,495) | 46 | |
Accumulated other comprehensive income (loss), net of deferred taxes | $ (1,144) | $ 1,047 | $ 422 |
Commitments and Contingencies (
Commitments and Contingencies (Narrative) (Details) - NBCUniversal Enterprise [Member] - Redeemable Subsidiary Preferred Stock [Member] $ in Millions | 3 Months Ended |
Mar. 31, 2020USD ($) | |
Commitments And Contingencies [Line Items] | |
Redeemable subsidiary preferred stock, put period | 30 days |
Level 2 [Member] | |
Commitments And Contingencies [Line Items] | |
Temporary equity, fair value of redeemable subsidiary preferred stock | $ 734 |