Cover Page
Cover Page | 3 Months Ended |
Mar. 31, 2021shares | |
Document And Entity Information [Line Items] | |
Document Type | 10-Q |
Document Quarterly Report | true |
Document Period End Date | Mar. 31, 2021 |
Document Transition Report | false |
Entity File Number | 001-32871 |
Entity Registrant Name | COMCAST CORPORATION |
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 |
Document Fiscal Period Focus | Q1 |
Amendment Flag | false |
Document Fiscal Year Focus | 2021 |
Current Fiscal Year End Date | --12-31 |
Entity Central Index Key | 0001166691 |
Class A Common Stock [Member] | |
Document And Entity Information [Line Items] | |
Title of 12(b) Security | Class A Common Stock, $0.01 par value |
Trading Symbol | CMCSA |
Security Exchange Name | NASDAQ |
Entity Common Stock, Shares Outstanding | 4,584,571,926 |
0.250% Notes Due 2027 [Member] | |
Document And Entity Information [Line Items] | |
Title of 12(b) Security | 0.250% Notes due 2027 |
Trading Symbol | CMCS27 |
Security Exchange Name | NASDAQ |
1.500% Notes Due 2029 [Member] | |
Document And Entity Information [Line Items] | |
Title of 12(b) Security | 1.500% Notes due 2029 |
Trading Symbol | CMCS29 |
Security Exchange Name | NASDAQ |
0.750% Notes Due 2032 [Member] | |
Document And Entity Information [Line Items] | |
Title of 12(b) Security | 0.750% Notes due 2032 |
Trading Symbol | CMCS32 |
Security Exchange Name | NASDAQ |
1.875% Notes Due 2036 [Member] | |
Document And Entity Information [Line Items] | |
Title of 12(b) Security | 1.875% Notes due 2036 |
Trading Symbol | CMCS36 |
Security Exchange Name | NASDAQ |
1.250% Notes Due 2040 [Member] | |
Document And Entity Information [Line Items] | |
Title of 12(b) Security | 1.250% Notes due 2040 |
Trading Symbol | CMCS40 |
Security Exchange Name | NASDAQ |
9.455% Guaranteed Notes Due 2022 [Member] | |
Document And Entity Information [Line Items] | |
Title of 12(b) Security | 9.455% Guaranteed Notes due 2022 |
Trading Symbol | CMCSA/22 |
Security Exchange Name | NYSE |
5.50% Notes Due 2029 [Member] | |
Document And Entity Information [Line Items] | |
Title of 12(b) Security | 5.50% Notes due 2029 |
Trading Symbol | CCGBP29 |
Security Exchange Name | NYSE |
2.0% Exchangeable Subordinated Debentures Due 2029 [Member] | |
Document And Entity Information [Line Items] | |
Title of 12(b) Security | 2.0% Exchangeable Subordinated Debentures due 2029 |
Trading Symbol | CCZ |
Security Exchange Name | NYSE |
Class B Common Stock [Member] | |
Document And Entity Information [Line Items] | |
Entity Common Stock, Shares Outstanding | 9,444,375 |
Condensed Consolidated Statemen
Condensed Consolidated Statement of Income (Unaudited) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Income Statement [Abstract] | ||
Revenue | $ 27,205 | $ 26,609 |
Costs and Expenses: | ||
Programming and production | 8,919 | 8,301 |
Other operating and administrative | 8,269 | 8,254 |
Advertising, marketing and promotion | 1,616 | 1,938 |
Depreciation | 2,117 | 2,107 |
Amortization | 1,245 | 1,157 |
Total costs and expenses | 22,166 | 21,757 |
Operating income | 5,039 | 4,852 |
Interest expense | (1,018) | (1,212) |
Investment and other income (loss), net | 390 | (716) |
Income before income taxes | 4,411 | 2,924 |
Income tax expense | (1,119) | (700) |
Net income | 3,292 | 2,224 |
Less: Net income (loss) attributable to noncontrolling interests and redeemable subsidiary preferred stock | (37) | 77 |
Net income attributable to Comcast Corporation | $ 3,329 | $ 2,147 |
Basic earnings per common share attributable to Comcast Corporation shareholders (in dollars per share) | $ 0.73 | $ 0.47 |
Diluted earnings per common share attributable to Comcast Corporation shareholders (in dollars per share) | $ 0.71 | $ 0.46 |
Condensed Consolidated Statem_2
Condensed Consolidated Statement of Comprehensive Income (Unaudited) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Statement of Comprehensive Income [Abstract] | ||
Net income | $ 3,292 | $ 2,224 |
Currency translation adjustments, net of deferred taxes of $(92) and $(7) | (35) | (2,157) |
Cash flow hedges: | ||
Deferred gains (losses), net of deferred taxes of $(19) and $10 | 119 | 54 |
Realized (gains) losses reclassified to net income, net of deferred taxes of $— and $17 | 0 | (106) |
Employee benefit obligations and other, net of deferred taxes of $2 and $3 | (10) | (7) |
Comprehensive income | 3,366 | 8 |
Less: Net income (loss) attributable to noncontrolling interests and redeemable subsidiary preferred stock | (37) | 77 |
Less: Other comprehensive income (loss) attributable to noncontrolling interests | (14) | (25) |
Comprehensive income (loss) attributable to Comcast Corporation | $ 3,417 | $ (44) |
Condensed Consolidated Statem_3
Condensed Consolidated Statement of Comprehensive Income (Unaudited) (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Statement of Comprehensive Income [Abstract] | ||
Currency translation adjustments, deferred taxes | $ (92) | $ (7) |
Deferred gains (losses) on cash flow hedges, deferred taxes | (19) | 10 |
Realized (gains) losses on cash flow hedges, deferred taxes | 0 | 17 |
Employee benefit obligations and other, deferred taxes | $ 2 | $ 3 |
Condensed Consolidated Statem_4
Condensed Consolidated Statement of Cash Flows (Unaudited) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Operating Activities | ||
Net income | $ 3,292 | $ 2,224 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 3,362 | 3,264 |
Share-based compensation | 373 | 298 |
Noncash interest expense (income), net | 62 | 227 |
Net (gain) loss on investment activity and other | (239) | 791 |
Deferred income taxes | 28 | (120) |
Changes in operating assets and liabilities, net of effects of acquisitions and divestitures: | ||
Current and noncurrent receivables, net | 554 | 198 |
Film and television costs, net | 393 | 3 |
Accounts payable and accrued expenses related to trade creditors | (198) | (727) |
Other operating assets and liabilities | 124 | (334) |
Net cash provided by operating activities | 7,751 | 5,824 |
Investing Activities | ||
Capital expenditures | (1,859) | (1,881) |
Cash paid for intangible assets | (612) | (618) |
Construction of Universal Beijing Resort | (428) | (371) |
Acquisitions, net of cash acquired | (147) | (194) |
Proceeds from sales of businesses and investments | 388 | 17 |
Purchases of investments | (52) | (69) |
Other | 98 | 15 |
Net cash provided by (used in) investing activities | (2,612) | (3,101) |
Financing Activities | ||
Proceeds from borrowings | 192 | 9,281 |
Repurchases and repayments of debt | (124) | (7,439) |
Repurchases of common stock under employee plans | (309) | (233) |
Dividends paid | (1,080) | (977) |
Other | (577) | (258) |
Net cash provided by (used in) financing activities | (1,898) | 374 |
Impact of foreign currency on cash, cash equivalents and restricted cash | (33) | (77) |
Increase (decrease) in cash, cash equivalents and restricted cash | 3,208 | 3,020 |
Cash, cash equivalents and restricted cash, beginning of period | 11,768 | 5,589 |
Cash, cash equivalents and restricted cash, end of period | $ 14,976 | $ 8,609 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheet (Unaudited) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Current Assets: | ||
Cash and cash equivalents | $ 14,950 | $ 11,740 |
Receivables, net | 10,986 | 11,466 |
Other current assets | 3,502 | 3,535 |
Total current assets | 29,438 | 26,741 |
Film and television costs | 12,983 | 13,340 |
Investments | 7,889 | 7,820 |
Investment securing collateralized obligation | 487 | 447 |
Property and equipment, net of accumulated depreciation | 52,317 | 51,995 |
Goodwill | 70,106 | 70,669 |
Franchise rights | 59,365 | 59,365 |
Other intangible assets, net of accumulated amortization | 34,861 | 35,389 |
Other noncurrent assets, net | 11,065 | 8,103 |
Total assets | 278,511 | 273,869 |
Current Liabilities: | ||
Accounts payable and accrued expenses related to trade creditors | 11,148 | 11,364 |
Accrued participations and residuals | 1,619 | 1,706 |
Deferred revenue | 3,376 | 2,963 |
Accrued expenses and other current liabilities | 9,891 | 9,617 |
Current portion of long-term debt | 4,777 | 3,146 |
Total current liabilities | 30,811 | 28,796 |
Long-term debt, less current portion | 98,936 | 100,614 |
Collateralized obligation | 5,168 | 5,168 |
Deferred income taxes | 28,260 | 28,051 |
Other noncurrent liabilities | 20,690 | 18,222 |
Commitments and contingencies | ||
Redeemable noncontrolling interests and redeemable subsidiary preferred stock | 546 | 1,280 |
Equity: | ||
Preferred stock | 0 | 0 |
Additional paid-in capital | 39,744 | 39,464 |
Retained earnings | 58,321 | 56,438 |
Treasury stock | (7,517) | (7,517) |
Accumulated other comprehensive income (loss) | 1,972 | 1,884 |
Total Comcast Corporation shareholders’ equity | 92,575 | 90,323 |
Noncontrolling interests | 1,525 | 1,415 |
Total equity | 94,100 | 91,738 |
Total liabilities and equity | 278,511 | 273,869 |
Class A Common Stock [Member] | ||
Equity: | ||
Common stock | 55 | 54 |
Class B Common Stock [Member] | ||
Equity: | ||
Common stock | $ 0 | $ 0 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheet (Unaudited) (Parenthetical) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Property and equipment - accumulated depreciation | $ 54,793 | $ 54,388 |
Other intangible assets - accumulated amortization | $ 20,885 | $ 19,825 |
Preferred stock, shares authorized (in shares) | 20,000,000 | 20,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Treasury stock (in shares) | 872,791,028 | 872,791,028 |
Class A Common Stock [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) | 5,457,362,954 | 5,444,002,825 |
Common stock, shares outstanding (in shares) | 4,584,571,926 | 4,571,211,797 |
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 (Unaudited) - USD ($) $ in Millions | Total | Redeemable Noncontrolling Interests and Redeemable Subsidiary Preferred Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Retained Earnings [Member]Cumulative Effect, Period of Adoption, Adjustment [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, 2019 | $ 1,372 | ||||||||
Increase (Decrease) in Temporary Equity [Roll Forward] | |||||||||
Redemption of subsidiary preferred stock | 0 | ||||||||
Contributions from (distributions to) noncontrolling interests, net | (27) | ||||||||
Other | (153) | ||||||||
Net income (loss) | 67 | ||||||||
Ending balance at Mar. 31, 2020 | 1,259 | ||||||||
Beginning balance at Dec. 31, 2019 | $ 38,447 | $ 50,695 | $ (124) | $ (7,517) | $ 1,047 | $ 1,148 | $ 54 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Stock compensation plans | 212 | ||||||||
Issuances of common stock under employee plans | 0 | ||||||||
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 | ||||||||
Beginning balance at Dec. 31, 2020 | $ 1,280 | 1,280 | |||||||
Increase (Decrease) in Temporary Equity [Roll Forward] | |||||||||
Redemption of subsidiary preferred stock | (725) | ||||||||
Contributions from (distributions to) noncontrolling interests, net | (27) | ||||||||
Other | (10) | ||||||||
Net income (loss) | 28 | ||||||||
Ending balance at Mar. 31, 2021 | 546 | $ 546 | |||||||
Beginning balance at Dec. 31, 2020 | 91,738 | 39,464 | 56,438 | $ 0 | (7,517) | 1,884 | 1,415 | 54 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Stock compensation plans | 296 | ||||||||
Issuances of common stock under employee plans | 1 | ||||||||
Repurchases of common stock under employee plans | (88) | (289) | |||||||
Employee stock purchase plans | 62 | ||||||||
Dividends declared | (1,161) | ||||||||
Other comprehensive income (loss) | 88 | (14) | |||||||
Contributions from (distributions to) noncontrolling interests, net | 189 | ||||||||
Other | 10 | 4 | 0 | ||||||
Net income (loss) | 3,329 | 3,329 | |||||||
Net income (loss) | (65) | ||||||||
Ending balance at Mar. 31, 2021 | $ 94,100 | $ 39,744 | $ 58,321 | $ (7,517) | $ 1,972 | $ 1,525 | $ 55 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Cash dividends declared per common share (in dollars per share) | $ 0.25 |
Condensed Consolidated Financia
Condensed Consolidated Financial Statements | 3 Months Ended |
Mar. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Condensed Consolidated Financial Statements | Condensed Consolidated Financial Statements Basis of Presentation We have prepared these unaudited condensed consolidated financial statements based on SEC rules that permit reduced disclosure for interim periods. These financial statements include all adjustments that are necessary for a fair presentation of our consolidated results of operations, cash flows and financial condition for the periods shown, including normal, recurring accruals and other items. The consolidated results of operations for the interim periods presented are not necessarily indicative of results for the full year. The year-end condensed consolidated balance sheet was derived from audited financial statements but does not include all disclosures required by generally accepted accounting principles in the United States (“GAAP”). For a more complete discussion of our accounting policies and certain other information, refer to our consolidated financial statements included in our 2020 Annual Report on Form 10-K and the notes within this Form 10-Q. Reclassifications |
Segment Information
Segment Information | 3 Months Ended |
Mar. 31, 2021 | |
Segment Reporting [Abstract] | |
Segment Information | Segment Information In the first quarter of 2021, we changed our presentation of segment operating results. We now present our operations in five reportable business segments: (1) Comcast Cable in one reportable business segment, referred to as Cable Communications; (2) NBCUniversal in three reportable business segments: Media, Studios and Theme Parks (collectively, the “NBCUniversal segments”); and (3) Sky in one reportable business segment. The changes reflect a reorganized operating structure in NBCUniversal’s television and streaming businesses and primarily include: (i) the combination of NBCUniversal’s television networks (previously reported in Cable Networks and Broadcast Television) with the operations of Peacock (previously reported in Corporate and Other) in the Media segment, and (ii) the presentation of NBCUniversal’s television studio production operations (previously reported in Cable Networks and Broadcast Television) with the studio operations of Filmed Entertainment in the Studios segment. Prior periods have been adjusted to reflect this presentation. Cable Communications is a leading provider of broadband, video, voice, wireless, and security and automation services to residential customers under the Xfinity brand; we also provide these and other services to business customers and sell advertising. Revenue is generated primarily from residential and business customers that subscribe to our services, which are marketed individually and as bundled services, and from the sale of advertising. Media consists primarily of NBCUniversal’s television and streaming platforms, including national, regional and international cable networks; the NBC and Telemundo broadcast networks; NBC and Telemundo owned local broadcast television stations; Peacock, our direct-to-consumer streaming service; and various digital properties. Revenue is generated primarily from the sale of advertising on our television networks, Peacock and digital properties; and the fees received from the distribution of our television network programming to traditional and virtual multichannel video providers and from NBC-affiliated and Telemundo-affiliated local broadcast television stations. Media also generates other revenue from various digital properties. Studios consists primarily of NBCUniversal’s film and television studio production and distribution operations. Revenue is generated primarily from the licensing of our owned film and television content to broadcast, cable and premium networks, and to direct-to-consumer streaming service providers, as well as through video on demand and pay-per-view services provided by multichannel video providers and over-the-top service providers; from the worldwide distribution of our produced and acquired films for exhibition in movie theaters; and from the sale of owned content on DVDs, Blu-ray discs and through digital distribution services. Theme Parks consists primarily of our Universal theme parks in Orlando, Florida; Hollywood, California; and Osaka, Japan. In addition, we are developing a theme park in Beijing, China along with a consortium of Chinese state-owned companies, and an additional theme park in Orlando, Florida. Revenue is generated primarily from guest spending at our Universal theme parks. Sky is one of Europe’s leading entertainment companies, which primarily includes a direct-to-consumer business, providing video, broadband, voice and wireless phone services, and a content business, operating entertainment networks, the Sky News broadcast network and Sky Sports networks. Revenue is generated primarily from residential and business customers that subscribe to our services; from the distribution of Sky’s owned television networks on third-party platforms and the licensing of owned and acquired programming to third-party video providers; and from the sale of advertising. Our other business interests consist primarily of the operations of Comcast Spectacor, which owns the Philadelphia Flyers and the Wells Fargo Center arena in Philadelphia, Pennsylvania, and other business initiatives. 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, 2021 (in millions) Revenue (a) Adjusted EBITDA (b) Depreciation and Amortization Capital Expenditures Cash Paid for Intangible Assets Cable Communications $ 15,805 $ 6,830 $ 1,929 $ 1,370 $ 315 NBCUniversal Media 5,036 1,473 247 10 32 Studios 2,396 497 12 1 2 Theme Parks 619 (61) 207 126 6 Headquarters and Other 16 (209) 117 35 28 Eliminations (a) (1,043) (210) — — — NBCUniversal 7,024 1,490 583 172 68 Sky 4,997 364 814 271 201 Corporate and Other 89 (281) 36 46 28 Eliminations (a) (710) 10 — — — Comcast Consolidated $ 27,205 $ 8,413 $ 3,362 $ 1,859 $ 612 Three Months Ended March 31, 2020 (in millions) Revenue (a) Adjusted EBITDA (b) Depreciation and Amortization Capital Expenditures Cash Paid for Intangible Assets Cable Communications $ 14,918 $ 6,076 $ 1,946 $ 1,269 $ 356 NBCUniversal Media 4,878 1,529 243 31 38 Studios 2,409 300 17 4 1 Theme Parks 925 87 190 296 15 Headquarters and Other 9 (221) 116 46 41 Eliminations (a) (492) (6) — — — NBCUniversal 7,729 1,689 566 377 95 Sky 4,517 551 718 197 166 Corporate and Other 120 (193) 34 38 1 Eliminations (a) (675) 7 — — — Comcast Consolidated $ 26,609 $ 8,130 $ 3,264 $ 1,881 $ 618 (a) Included in Eliminations are transactions that our segments enter into with one another. Our segments generally report transactions with one another as if they were stand-alone businesses in accordance with GAAP, and these transactions are eliminated in consolidation. When multiple segments enter into transactions to provide products and services to third parties, revenue is generally allocated to our segments based on relative value. The most significant transactions between our segments include distribution revenue at Media for fees received from Cable Communications for the sale of cable network programming and under retransmission consent agreements; content licensing revenue at Studios for licenses of owned content to Media and Sky; and advertising revenue at Media and Cable Communications. Revenue for licenses of content from Studios to Media and Sky is generally recognized at a point in time, consistent with the recognition of transactions with third parties, when the content is delivered and made available for use. The costs of these licenses at Media and Sky are recognized as the content is used over the license period. The difference in timing of recognition between segments results in an Adjusted EBITDA impact in eliminations, as the profits (losses) on these transactions are deferred in our consolidated results and recognized as the content is used over the license period. Under the previous segment structure, revenue for licenses of content between our previous NBCUniversal segments was recognized over time to correspond with the amortization of the costs of licensed content over the license period. A summary of revenue for each of our segments resulting from transactions with other segments and eliminated in consolidation is presented in the table below. Three Months Ended (in millions) 2021 2020 Cable Communications $ 45 $ 42 NBCUniversal Media 540 544 Studios 1,089 540 Theme Parks 1 — Headquarters and Other 12 2 Sky 8 2 Corporate and Other 58 37 Total intersegment revenue $ 1,753 $ 1,167 (b) We use Adjusted EBITDA as the measure of profit or loss for our operating segments. From time to time we may report the impact of certain events, gains, losses or other charges related to our operating segments (such as certain costs incurred in response to COVID-19, including severance charges), within Corporate and Other. Our reconciliation of the aggregate amount of Adjusted EBITDA for our reportable segments to consolidated income before income taxes is presented in the table below. Three Months Ended (in millions) 2021 2020 Adjusted EBITDA $ 8,413 $ 8,130 Adjustment for Sky transaction-related costs (12) (14) Depreciation (2,117) (2,107) Amortization (1,245) (1,157) Interest expense (1,018) (1,212) Investment and other income (loss), net 390 (716) Income before income taxes $ 4,411 $ 2,924 Goodwill by Segment The changes in the carrying amount of goodwill by segment for the quarter ended March 31, 2021 are as follows: NBCUniversal (in billions) Cable Cable Broadcast Filmed Media Studios Theme Sky Corporate Total Balance, December 31, 2020 $ 15.3 $ 14.0 $ 1.1 $ 3.3 $ — $ — $ 7.0 $ 30.0 $ — $ 70.7 Segment change — (14.0) (1.1) (3.3) 14.7 3.7 — — — — Foreign currency translation and other 0.1 — — — — — (0.4) (0.3) — (0.6) Balance, March 31, 2021 $ 15.4 $ — $ — $ — $ 14.7 $ 3.7 $ 6.6 $ 29.7 $ — $ 70.1 |
Revenue
Revenue | 3 Months Ended |
Mar. 31, 2021 | |
Revenues [Abstract] | |
Revenue | Revenue Three Months Ended (in millions) 2021 2020 Residential: Broadband $ 5,600 $ 5,001 Video 5,623 5,632 Voice 871 899 Wireless 513 343 Business services 2,167 2,043 Advertising 618 557 Other 413 443 Total Cable Communications 15,805 14,918 Advertising 2,094 2,167 Distribution 2,495 2,287 Other 447 424 Total Media 5,036 4,878 Content licensing 2,075 1,819 Theatrical 39 316 Home entertainment and other 282 274 Total Studios 2,396 2,409 Total Theme Parks 619 925 Headquarters and Other 16 9 Eliminations (a) (1,043) (492) Total NBCUniversal 7,024 7,729 Direct-to-consumer 4,065 3,679 Content 358 325 Advertising 574 513 Total Sky 4,997 4,517 Corporate and Other 89 120 Eliminations (a) (710) (675) Total revenue $ 27,205 $ 26,609 (a) Included in Eliminations are transactions that our segments enter into with one another. See Note 2 for a description of these transactions. We operate primarily in the United States but also in select international markets. The table below summarizes revenue by geographic location. Three Months Ended (in millions) 2021 2020 United States $ 21,156 $ 20,690 Europe 5,352 5,033 Other 697 886 Total revenue $ 27,205 $ 26,609 Condensed Consolidated Balance Sheet The following tables summarize our accounts receivable and other balances that are not separately presented in our condensed consolidated balance sheet that relate to the recognition of revenue and collection of the related cash, as well as the deferred costs associated with our contracts with customers. (in millions) March 31, December 31, Receivables, gross $ 11,764 $ 12,273 Less: Allowance for doubtful accounts 778 807 Receivables, net $ 10,986 $ 11,466 (in millions) March 31, December 31, Noncurrent receivables, net (included in other noncurrent assets, net) $ 1,061 $ 1,091 Contract acquisition and fulfillment costs (included in other noncurrent assets, net) $ 1,048 $ 1,060 Noncurrent deferred revenue (included in other noncurrent liabilities) $ 726 $ 750 |
Programming and Production Cost
Programming and Production Costs | 3 Months Ended |
Mar. 31, 2021 | |
Other Industries [Abstract] | |
Programming and Production Costs | Programming and Production Costs Three Months Ended (in millions) 2021 2020 Video distribution programming $ 3,515 $ 3,215 Film and television content: Owned (a) 1,964 2,127 Licensed, including sports rights 3,175 2,664 Other 265 295 Total programming and production costs $ 8,919 $ 8,301 (a) Amount includes amortization of owned content of $1.6 billion and $1.8 billion for the three months ended March 31, 2021 and 2020, respectively, as well as participations and residuals expenses. Capitalized Film and Television Costs (in millions) March 31, 2021 December 31, Owned: Released, less amortization $ 3,885 $ 3,815 Completed, not released 626 139 In production and in development 2,369 2,755 6,880 6,709 Licensed, including sports advances 6,103 6,631 Film and television costs $ 12,983 $ 13,340 |
Long-Term Debt
Long-Term Debt | 3 Months Ended |
Mar. 31, 2021 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | Long-Term Debt As of March 31, 2021, our debt had a carrying value of $103.7 billion and an estimated fair value of $117.8 billion. As of December 31, 2020, our debt had a carrying value of $103.8 billion and an estimated fair value of $125.6 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 March 2021, we entered into a new $11 billion revolving credit facility due March 30, 2026 with a syndicate of banks that may be used for general corporate purposes. We may increase the commitments under the revolving credit facility up to a total of $14 billion, as well as extend the expiration date to no later than March 30, 2028, subject to approval of the lenders. The interest rate on the revolving credit facility consists of a base rate plus a borrowing margin that is determined based on Comcast’s credit rating. As of March 31, 2021, the borrowing margin for borrowings based on the London Interbank Offered Rate was 1.00%. Our revolving credit facility requires that we maintain certain financial ratios based on debt and EBITDA, as defined in the revolving credit facility. We were in compliance with all financial covenants for all periods presented. The new |
Significant Transactions
Significant Transactions | 3 Months Ended |
Mar. 31, 2021 | |
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, 2021, Universal Beijing Resort had $3.0 billion of debt outstanding, including $2.7 billion principal amount of a term loan under the debt financing agreement. As of March 31, 2021, our condensed consolidated balance sheet included assets and liabilities of Universal Beijing Resort, totaling $8.5 billion and $6.8 billion, respectively. The assets and liabilities of Universal Beijing Resort primarily consist of property and equipment, operating lease assets and liabilities, and debt. |
Investments
Investments | 3 Months Ended |
Mar. 31, 2021 | |
Investments [Abstract] | |
Investments | Investments Investment and Other Income (Loss), Net Three Months Ended (in millions) 2021 2020 Equity in net income (losses) of investees, net $ 136 $ (668) Realized and unrealized gains (losses) on equity securities, net 237 (58) Other income (loss), net 17 10 Investment and other income (loss), net $ 390 $ (716) The amount of unrealized gains (losses) recognized in the three months ended March 31, 2021 and 2020 that related to marketable and nonmarketable equity securities still held as of the end of each reporting period were gains of $98 million and losses of $59 million, respectively. (in millions) March 31, December 31, Equity method $ 6,048 $ 6,006 Marketable equity securities 260 460 Nonmarketable equity securities 2,021 1,950 Other investments 130 143 Total investments 8,459 8,559 Less: Current investments 83 292 Less: Investment securing collateralized obligation 487 447 Noncurrent investments $ 7,889 $ 7,820 Equity Method Atairos Atairos follows investment company accounting and records its investments at their fair values each reporting period with the net gains or losses reflected in its statement of operations. We recognize our share of these gains and losses in equity in net income (losses) of investees, net. For both the three months ended March 31, 2021 and 2020, we made cash capital contributions to Atairos totaling $12 million. As of both March 31, 2021 and December 31, 2020, our investment in Atairos was $3.9 billion. Hulu and Collateralized Obligation In 2019, we borrowed $5.2 billion under a term loan facility due March 2024 which is fully collateralized by the minimum guaranteed proceeds of the put/call option related to our investment in Hulu. As of March 31, 2021 and December 31, 2020, the carrying value and fair value of our collateralized obligation were $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” |
Equity and Share-Based Compensa
Equity and Share-Based Compensation | 3 Months Ended |
Mar. 31, 2021 | |
Equity [Abstract] | |
Equity and Share-Based Compensation | Equity and Share-Based Compensation Weighted-Average Common Shares Outstanding Three Months Ended (in millions) 2021 2020 Weighted-average number of common shares outstanding – basic 4,591 4,562 Effect of dilutive securities 74 55 Weighted-average number of common shares outstanding – diluted 4,665 4,617 Diluted earnings per common share attributable to Comcast Corporation shareholders (“diluted EPS”) considers the impact of potentially dilutive securities using the treasury stock method. The amount of potential common shares related to our share-based compensation plans that were excluded from diluted EPS because their effect would have been antidilutive was not material in any of the periods presented. Accumulated Other Comprehensive Income (Loss) (in millions) March 31, December 31, Cumulative translation adjustments $ 1,769 $ 1,790 Deferred gains (losses) on cash flow hedges 10 (109) Unrecognized gains (losses) on employee benefit obligations and other 193 203 Accumulated other comprehensive income (loss), net of deferred taxes $ 1,972 $ 1,884 Share-Based Compensation Our share-based compensation plans consist primarily of awards of RSUs and stock options to certain employees and directors as part of our approach to long-term incentive compensation. Additionally, through our employee stock purchase plans, employees are able to purchase shares of our common stock at a discount through payroll deductions. In March 2021, we granted 12.8 million RSUs and 42.3 million stock options related to our annual management awards. The weighted-average fair values associated with these grants were $54.62 per RSU and $9.64 per stock option. Recognized Share-Based Compensation Expense Three Months Ended (in millions) 2021 2020 Restricted share units $ 206 $ 141 Stock options 90 71 Employee stock purchase plans 11 12 Total $ 307 $ 224 As of March 31, 2021, we had unrecognized pretax compensation expense of $1.6 billion and $821 million related to nonvested RSUs and nonvested stock options, respectively. |
Supplemental Financial Informat
Supplemental Financial Information | 3 Months Ended |
Mar. 31, 2021 | |
Supplemental Financial Information [Abstract] | |
Supplemental Financial Information | Supplemental Financial Information Cash Payments for Interest and Income Taxes Three Months Ended (in millions) 2021 2020 Interest $ 911 $ 991 Income taxes $ 87 $ 281 Noncash Activities During the three months ended March 31, 2021: • we recognized operating lease assets and liabilities of $2.7 billion related to Universal Beijing Resort with lease terms of 33 years and using a weighted average discount rate of 4.4% • we acquired $1.6 billion of property and equipment and intangible assets that were accrued but unpaid • we recorded a liability of $1.2 billion for a quarterly cash dividend of $0.25 per common share paid in April 2021 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 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 $ 14,950 $ 11,740 Restricted cash included in other current assets 12 14 Restricted cash included in other noncurrent assets, net 14 14 Cash, cash equivalents and restricted cash, end of period $ 14,976 $ 11,768 |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Redeemable Subsidiary Preferred Stock In the first quarter of 2021, we redeemed all of the NBCUniversal Enterprise, Inc. preferred stock and made cash payments equal to the aggregate liquidation preference of $725 million. As of December 31, 2020, the preferred stock had a carrying value equal to its liquidation preference and was presented in redeemable noncontrolling interests and redeemable subsidiary preferred stock. 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. |
Condensed Consolidated Financ_2
Condensed Consolidated Financial Statements (Policies) | 3 Months Ended |
Mar. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | We have prepared these unaudited condensed consolidated financial statements based on SEC rules that permit reduced disclosure for interim periods. These financial statements include all adjustments that are necessary for a fair presentation of our consolidated results of operations, cash flows and financial condition for the periods shown, including normal, recurring accruals and other items. The consolidated results of operations for the interim periods presented are not necessarily indicative of results for the full year.The year-end condensed consolidated balance sheet was derived from audited financial statements but does not include all disclosures required by generally accepted accounting principles in the United States (“GAAP”). For a more complete discussion of our accounting policies and certain other information, refer to our consolidated financial statements included in our 2020 Annual Report on Form 10-K and the notes within this Form 10-Q. |
Reclassifications | Reclassifications have been made to our notes to condensed consolidated financial statements for the prior year period to conform to classifications used in 2021. |
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. The amount of potential common shares related to our share-based compensation plans that were excluded from diluted EPS because their effect would have been antidilutive was not material in any of the periods presented. |
Segment Information (Tables)
Segment Information (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
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, 2021 (in millions) Revenue (a) Adjusted EBITDA (b) Depreciation and Amortization Capital Expenditures Cash Paid for Intangible Assets Cable Communications $ 15,805 $ 6,830 $ 1,929 $ 1,370 $ 315 NBCUniversal Media 5,036 1,473 247 10 32 Studios 2,396 497 12 1 2 Theme Parks 619 (61) 207 126 6 Headquarters and Other 16 (209) 117 35 28 Eliminations (a) (1,043) (210) — — — NBCUniversal 7,024 1,490 583 172 68 Sky 4,997 364 814 271 201 Corporate and Other 89 (281) 36 46 28 Eliminations (a) (710) 10 — — — Comcast Consolidated $ 27,205 $ 8,413 $ 3,362 $ 1,859 $ 612 Three Months Ended March 31, 2020 (in millions) Revenue (a) Adjusted EBITDA (b) Depreciation and Amortization Capital Expenditures Cash Paid for Intangible Assets Cable Communications $ 14,918 $ 6,076 $ 1,946 $ 1,269 $ 356 NBCUniversal Media 4,878 1,529 243 31 38 Studios 2,409 300 17 4 1 Theme Parks 925 87 190 296 15 Headquarters and Other 9 (221) 116 46 41 Eliminations (a) (492) (6) — — — NBCUniversal 7,729 1,689 566 377 95 Sky 4,517 551 718 197 166 Corporate and Other 120 (193) 34 38 1 Eliminations (a) (675) 7 — — — Comcast Consolidated $ 26,609 $ 8,130 $ 3,264 $ 1,881 $ 618 (a) Included in Eliminations are transactions that our segments enter into with one another. Our segments generally report transactions with one another as if they were stand-alone businesses in accordance with GAAP, and these transactions are eliminated in consolidation. When multiple segments enter into transactions to provide products and services to third parties, revenue is generally allocated to our segments based on relative value. The most significant transactions between our segments include distribution revenue at Media for fees received from Cable Communications for the sale of cable network programming and under retransmission consent agreements; content licensing revenue at Studios for licenses of owned content to Media and Sky; and advertising revenue at Media and Cable Communications. Revenue for licenses of content from Studios to Media and Sky is generally recognized at a point in time, consistent with the recognition of transactions with third parties, when the content is delivered and made available for use. The costs of these licenses at Media and Sky are recognized as the content is used over the license period. The difference in timing of recognition between segments results in an Adjusted EBITDA impact in eliminations, as the profits (losses) on these transactions are deferred in our consolidated results and recognized as the content is used over the license period. Under the previous segment structure, revenue for licenses of content between our previous NBCUniversal segments was recognized over time to correspond with the amortization of the costs of licensed content over the license period. A summary of revenue for each of our segments resulting from transactions with other segments and eliminated in consolidation is presented in the table below. Three Months Ended (in millions) 2021 2020 Cable Communications $ 45 $ 42 NBCUniversal Media 540 544 Studios 1,089 540 Theme Parks 1 — Headquarters and Other 12 2 Sky 8 2 Corporate and Other 58 37 Total intersegment revenue $ 1,753 $ 1,167 (b) We use Adjusted EBITDA as the measure of profit or loss for our operating segments. From time to time we may report the impact of certain events, gains, losses or other charges related to our operating segments (such as certain costs incurred in response to COVID-19, including severance charges), within Corporate and Other. Our reconciliation of the aggregate amount of Adjusted EBITDA for our reportable segments to consolidated income before income taxes is presented in the table below. Three Months Ended (in millions) 2021 2020 Adjusted EBITDA $ 8,413 $ 8,130 Adjustment for Sky transaction-related costs (12) (14) Depreciation (2,117) (2,107) Amortization (1,245) (1,157) Interest expense (1,018) (1,212) Investment and other income (loss), net 390 (716) Income before income taxes $ 4,411 $ 2,924 |
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) 2021 2020 Adjusted EBITDA $ 8,413 $ 8,130 Adjustment for Sky transaction-related costs (12) (14) Depreciation (2,117) (2,107) Amortization (1,245) (1,157) Interest expense (1,018) (1,212) Investment and other income (loss), net 390 (716) Income before income taxes $ 4,411 $ 2,924 |
Schedule of Goodwill | The changes in the carrying amount of goodwill by segment for the quarter ended March 31, 2021 are as follows: NBCUniversal (in billions) Cable Cable Broadcast Filmed Media Studios Theme Sky Corporate Total Balance, December 31, 2020 $ 15.3 $ 14.0 $ 1.1 $ 3.3 $ — $ — $ 7.0 $ 30.0 $ — $ 70.7 Segment change — (14.0) (1.1) (3.3) 14.7 3.7 — — — — Foreign currency translation and other 0.1 — — — — — (0.4) (0.3) — (0.6) Balance, March 31, 2021 $ 15.4 $ — $ — $ — $ 14.7 $ 3.7 $ 6.6 $ 29.7 $ — $ 70.1 |
Revenue (Tables)
Revenue (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Revenues [Abstract] | |
Disaggregation of revenue | Three Months Ended (in millions) 2021 2020 Residential: Broadband $ 5,600 $ 5,001 Video 5,623 5,632 Voice 871 899 Wireless 513 343 Business services 2,167 2,043 Advertising 618 557 Other 413 443 Total Cable Communications 15,805 14,918 Advertising 2,094 2,167 Distribution 2,495 2,287 Other 447 424 Total Media 5,036 4,878 Content licensing 2,075 1,819 Theatrical 39 316 Home entertainment and other 282 274 Total Studios 2,396 2,409 Total Theme Parks 619 925 Headquarters and Other 16 9 Eliminations (a) (1,043) (492) Total NBCUniversal 7,024 7,729 Direct-to-consumer 4,065 3,679 Content 358 325 Advertising 574 513 Total Sky 4,997 4,517 Corporate and Other 89 120 Eliminations (a) (710) (675) Total revenue $ 27,205 $ 26,609 (a) Included in Eliminations are transactions that our segments enter into with one another. See Note 2 for a description of these transactions. We operate primarily in the United States but also in select international markets. The table below summarizes revenue by geographic location. Three Months Ended (in millions) 2021 2020 United States $ 21,156 $ 20,690 Europe 5,352 5,033 Other 697 886 Total revenue $ 27,205 $ 26,609 |
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 the deferred costs associated with our contracts with customers. (in millions) March 31, December 31, Receivables, gross $ 11,764 $ 12,273 Less: Allowance for doubtful accounts 778 807 Receivables, net $ 10,986 $ 11,466 |
Other balance sheet accounts | (in millions) March 31, December 31, Noncurrent receivables, net (included in other noncurrent assets, net) $ 1,061 $ 1,091 Contract acquisition and fulfillment costs (included in other noncurrent assets, net) $ 1,048 $ 1,060 Noncurrent deferred revenue (included in other noncurrent liabilities) $ 726 $ 750 |
Programming and Production Co_2
Programming and Production Costs (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Other Industries [Abstract] | |
Programming and Production Expense | Three Months Ended (in millions) 2021 2020 Video distribution programming $ 3,515 $ 3,215 Film and television content: Owned (a) 1,964 2,127 Licensed, including sports rights 3,175 2,664 Other 265 295 Total programming and production costs $ 8,919 $ 8,301 (a) Amount includes amortization of owned content of $1.6 billion and $1.8 billion for the three months ended March 31, 2021 and 2020, respectively, as well as participations and residuals expenses. |
Capitalized Film and Television Costs and Programming Rights | Capitalized Film and Television Costs (in millions) March 31, 2021 December 31, Owned: Released, less amortization $ 3,885 $ 3,815 Completed, not released 626 139 In production and in development 2,369 2,755 6,880 6,709 Licensed, including sports advances 6,103 6,631 Film and television costs $ 12,983 $ 13,340 |
Investments (Tables)
Investments (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Investments [Abstract] | |
Investment and Other Income (Loss), Net | Investment and Other Income (Loss), Net Three Months Ended (in millions) 2021 2020 Equity in net income (losses) of investees, net $ 136 $ (668) Realized and unrealized gains (losses) on equity securities, net 237 (58) Other income (loss), net 17 10 Investment and other income (loss), net $ 390 $ (716) |
Investment Summary | (in millions) March 31, December 31, Equity method $ 6,048 $ 6,006 Marketable equity securities 260 460 Nonmarketable equity securities 2,021 1,950 Other investments 130 143 Total investments 8,459 8,559 Less: Current investments 83 292 Less: Investment securing collateralized obligation 487 447 Noncurrent investments $ 7,889 $ 7,820 |
Equity and Share-Based Compen_2
Equity and Share-Based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Equity [Abstract] | |
Schedule of weighted average common shares outstanding | Weighted-Average Common Shares Outstanding Three Months Ended (in millions) 2021 2020 Weighted-average number of common shares outstanding – basic 4,591 4,562 Effect of dilutive securities 74 55 Weighted-average number of common shares outstanding – diluted 4,665 4,617 |
Schedule of accumulated other comprehensive income (loss) | Accumulated Other Comprehensive Income (Loss) (in millions) March 31, December 31, Cumulative translation adjustments $ 1,769 $ 1,790 Deferred gains (losses) on cash flow hedges 10 (109) Unrecognized gains (losses) on employee benefit obligations and other 193 203 Accumulated other comprehensive income (loss), net of deferred taxes $ 1,972 $ 1,884 |
Schedule of recognized share-based compensation expense | Recognized Share-Based Compensation Expense Three Months Ended (in millions) 2021 2020 Restricted share units $ 206 $ 141 Stock options 90 71 Employee stock purchase plans 11 12 Total $ 307 $ 224 |
Supplemental Financial Inform_2
Supplemental Financial Information (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Supplemental Financial Information [Abstract] | |
Schedule of cash payments for interest and income taxes | Cash Payments for Interest and Income Taxes Three Months Ended (in millions) 2021 2020 Interest $ 911 $ 991 Income taxes $ 87 $ 281 |
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 $ 14,950 $ 11,740 Restricted cash included in other current assets 12 14 Restricted cash included in other noncurrent assets, net 14 14 Cash, cash equivalents and restricted cash, end of period $ 14,976 $ 11,768 |
Segment Information (Details)
Segment Information (Details) $ in Millions | 3 Months Ended | |
Mar. 31, 2021USD ($)segment | Mar. 31, 2020USD ($) | |
Segment Reporting Information [Line Items] | ||
Number of reportable segments | segment | 5 | |
Financial Data by Business Segment | ||
Revenue | $ 27,205 | $ 26,609 |
Adjusted EBITDA | 8,413 | 8,130 |
Depreciation and Amortization | 3,362 | 3,264 |
Capital Expenditures | 1,859 | 1,881 |
Cash Paid for Intangible Assets | 612 | 618 |
Total Intersegment Eliminations [Member] | ||
Financial Data by Business Segment | ||
Revenue | 1,753 | 1,167 |
Eliminations [Member] | ||
Financial Data by Business Segment | ||
Revenue | (710) | (675) |
Adjusted EBITDA | 10 | 7 |
Depreciation and Amortization | 0 | 0 |
Capital Expenditures | 0 | 0 |
Cash Paid for Intangible Assets | $ 0 | 0 |
Cable Communications [Member] | Operating Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Number of reportable segments | segment | 1 | |
Financial Data by Business Segment | ||
Revenue | $ 15,805 | 14,918 |
Adjusted EBITDA | 6,830 | 6,076 |
Depreciation and Amortization | 1,929 | 1,946 |
Capital Expenditures | 1,370 | 1,269 |
Cash Paid for Intangible Assets | 315 | 356 |
Cable Communications [Member] | Total Intersegment Eliminations [Member] | ||
Financial Data by Business Segment | ||
Revenue | 45 | 42 |
Media [Member] | Operating Segments [Member] | ||
Financial Data by Business Segment | ||
Revenue | 5,036 | 4,878 |
Adjusted EBITDA | 1,473 | 1,529 |
Depreciation and Amortization | 247 | 243 |
Capital Expenditures | 10 | 31 |
Cash Paid for Intangible Assets | 32 | 38 |
Media [Member] | Total Intersegment Eliminations [Member] | ||
Financial Data by Business Segment | ||
Revenue | 540 | 544 |
Studios [Member] | Operating Segments [Member] | ||
Financial Data by Business Segment | ||
Revenue | 2,396 | 2,409 |
Adjusted EBITDA | 497 | 300 |
Depreciation and Amortization | 12 | 17 |
Capital Expenditures | 1 | 4 |
Cash Paid for Intangible Assets | 2 | 1 |
Studios [Member] | Total Intersegment Eliminations [Member] | ||
Financial Data by Business Segment | ||
Revenue | 1,089 | 540 |
Theme Parks [Member] | Operating Segments [Member] | ||
Financial Data by Business Segment | ||
Revenue | 619 | 925 |
Adjusted EBITDA | (61) | 87 |
Depreciation and Amortization | 207 | 190 |
Capital Expenditures | 126 | 296 |
Cash Paid for Intangible Assets | 6 | 15 |
Theme Parks [Member] | Total Intersegment Eliminations [Member] | ||
Financial Data by Business Segment | ||
Revenue | 1 | 0 |
Headquarters and Other [Member] | Operating Segments [Member] | ||
Financial Data by Business Segment | ||
Revenue | 16 | 9 |
Adjusted EBITDA | (209) | (221) |
Depreciation and Amortization | 117 | 116 |
Capital Expenditures | 35 | 46 |
Cash Paid for Intangible Assets | 28 | 41 |
Headquarters and Other [Member] | Total Intersegment Eliminations [Member] | ||
Financial Data by Business Segment | ||
Revenue | $ 12 | 2 |
NBCUniversal Segments [Member] | Operating Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Number of reportable segments | segment | 3 | |
Financial Data by Business Segment | ||
Revenue | $ 7,024 | 7,729 |
Adjusted EBITDA | 1,490 | 1,689 |
Depreciation and Amortization | 583 | 566 |
Capital Expenditures | 172 | 377 |
Cash Paid for Intangible Assets | 68 | 95 |
NBCUniversal Segments [Member] | Eliminations [Member] | ||
Financial Data by Business Segment | ||
Revenue | (1,043) | (492) |
Adjusted EBITDA | (210) | (6) |
Depreciation and Amortization | 0 | 0 |
Capital Expenditures | 0 | 0 |
Cash Paid for Intangible Assets | $ 0 | 0 |
Sky Limited [Member] | Operating Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Number of reportable segments | segment | 1 | |
Financial Data by Business Segment | ||
Revenue | $ 4,997 | 4,517 |
Adjusted EBITDA | 364 | 551 |
Depreciation and Amortization | 814 | 718 |
Capital Expenditures | 271 | 197 |
Cash Paid for Intangible Assets | 201 | 166 |
Sky Limited [Member] | Total Intersegment Eliminations [Member] | ||
Financial Data by Business Segment | ||
Revenue | 8 | 2 |
Corporate and Other [Member] | Operating Segments [Member] | ||
Financial Data by Business Segment | ||
Revenue | 89 | 120 |
Adjusted EBITDA | (281) | (193) |
Depreciation and Amortization | 36 | 34 |
Capital Expenditures | 46 | 38 |
Cash Paid for Intangible Assets | 28 | 1 |
Corporate and Other [Member] | Total Intersegment Eliminations [Member] | ||
Financial Data by Business Segment | ||
Revenue | $ 58 | $ 37 |
Segment Information (Reconcilia
Segment Information (Reconciliation of Adjusted EBITDA from Segment to Consolidated Statements) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Segment Reporting [Abstract] | ||
Adjusted EBITDA | $ 8,413 | $ 8,130 |
Adjustment for Sky transaction-related costs | (12) | (14) |
Depreciation | (2,117) | (2,107) |
Amortization | (1,245) | (1,157) |
Interest expense | (1,018) | (1,212) |
Investment and other income (loss), net | 390 | (716) |
Income before income taxes | $ 4,411 | $ 2,924 |
Segment Information (Schedule o
Segment Information (Schedule of Change in Goodwill) (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2021USD ($) | |
Goodwill [Roll Forward] | |
Balance, beginning of period | $ 70,669 |
Foreign currency translation and other | (600) |
Balance, end of period | 70,106 |
Segment Change | |
Goodwill [Roll Forward] | |
Balance, beginning of period | 0 |
Operating Segments [Member] | Cable Communications [Member] | |
Goodwill [Roll Forward] | |
Balance, beginning of period | 15,300 |
Foreign currency translation and other | 100 |
Balance, end of period | 15,400 |
Operating Segments [Member] | Cable Communications [Member] | Segment Change | |
Goodwill [Roll Forward] | |
Balance, beginning of period | 0 |
Operating Segments [Member] | Cable Networks [Member] | |
Goodwill [Roll Forward] | |
Balance, beginning of period | 14,000 |
Foreign currency translation and other | 0 |
Balance, end of period | 0 |
Operating Segments [Member] | Cable Networks [Member] | Segment Change | |
Goodwill [Roll Forward] | |
Balance, beginning of period | (14,000) |
Operating Segments [Member] | Broadcast Television [Member] | |
Goodwill [Roll Forward] | |
Balance, beginning of period | 1,100 |
Foreign currency translation and other | 0 |
Balance, end of period | 0 |
Operating Segments [Member] | Broadcast Television [Member] | Segment Change | |
Goodwill [Roll Forward] | |
Balance, beginning of period | (1,100) |
Operating Segments [Member] | Filmed Entertainment [Member] | |
Goodwill [Roll Forward] | |
Balance, beginning of period | 3,300 |
Foreign currency translation and other | 0 |
Balance, end of period | 0 |
Operating Segments [Member] | Filmed Entertainment [Member] | Segment Change | |
Goodwill [Roll Forward] | |
Balance, beginning of period | (3,300) |
Operating Segments [Member] | Media [Member] | |
Goodwill [Roll Forward] | |
Balance, beginning of period | 0 |
Foreign currency translation and other | 0 |
Balance, end of period | 14,700 |
Operating Segments [Member] | Media [Member] | Segment Change | |
Goodwill [Roll Forward] | |
Balance, beginning of period | 14,700 |
Operating Segments [Member] | Studios [Member] | |
Goodwill [Roll Forward] | |
Balance, beginning of period | 0 |
Foreign currency translation and other | 0 |
Balance, end of period | 3,700 |
Operating Segments [Member] | Studios [Member] | Segment Change | |
Goodwill [Roll Forward] | |
Balance, beginning of period | 3,700 |
Operating Segments [Member] | Theme Parks [Member] | |
Goodwill [Roll Forward] | |
Balance, beginning of period | 7,000 |
Foreign currency translation and other | (400) |
Balance, end of period | 6,600 |
Operating Segments [Member] | Theme Parks [Member] | Segment Change | |
Goodwill [Roll Forward] | |
Balance, beginning of period | 0 |
Operating Segments [Member] | Sky Limited [Member] | |
Goodwill [Roll Forward] | |
Balance, beginning of period | 30,000 |
Foreign currency translation and other | (300) |
Balance, end of period | 29,700 |
Operating Segments [Member] | Sky Limited [Member] | Segment Change | |
Goodwill [Roll Forward] | |
Balance, beginning of period | 0 |
Operating Segments [Member] | Corporate and Other [Member] | |
Goodwill [Roll Forward] | |
Balance, beginning of period | 0 |
Foreign currency translation and other | 0 |
Balance, end of period | 0 |
Operating Segments [Member] | Corporate and Other [Member] | Segment Change | |
Goodwill [Roll Forward] | |
Balance, beginning of period | $ 0 |
Revenue (Details)
Revenue (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Disaggregation of Revenue [Line Items] | ||
Revenue | $ 27,205 | $ 26,609 |
Operating Segments [Member] | Cable Communications [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 15,805 | 14,918 |
Operating Segments [Member] | Cable Communications [Member] | Residential, Broadband [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 5,600 | 5,001 |
Operating Segments [Member] | Cable Communications [Member] | Residential, Video [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 5,623 | 5,632 |
Operating Segments [Member] | Cable Communications [Member] | Residential, Voice [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 871 | 899 |
Operating Segments [Member] | Cable Communications [Member] | Residential, Wireless [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 513 | 343 |
Operating Segments [Member] | Cable Communications [Member] | Business Services [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 2,167 | 2,043 |
Operating Segments [Member] | Cable Communications [Member] | Advertising [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 618 | 557 |
Operating Segments [Member] | Cable Communications [Member] | Other [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 413 | 443 |
Operating Segments [Member] | NBCUniversal Segments [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 7,024 | 7,729 |
Operating Segments [Member] | Media [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 5,036 | 4,878 |
Operating Segments [Member] | Media [Member] | Distribution [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 2,495 | 2,287 |
Operating Segments [Member] | Media [Member] | Advertising [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 2,094 | 2,167 |
Operating Segments [Member] | Media [Member] | Other [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 447 | 424 |
Operating Segments [Member] | Studios [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 2,396 | 2,409 |
Operating Segments [Member] | Studios [Member] | Content Licensing [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 2,075 | 1,819 |
Operating Segments [Member] | Studios [Member] | Theatrical [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 39 | 316 |
Operating Segments [Member] | Studios [Member] | Home Entertainment And Other [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 282 | 274 |
Operating Segments [Member] | Theme Parks [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 619 | 925 |
Operating Segments [Member] | Headquarters and Other [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 16 | 9 |
Operating Segments [Member] | Sky Limited [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 4,997 | 4,517 |
Operating Segments [Member] | Sky Limited [Member] | Direct To Consumer [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 4,065 | 3,679 |
Operating Segments [Member] | Sky Limited [Member] | Content [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 358 | 325 |
Operating Segments [Member] | Sky Limited [Member] | Advertising [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 574 | 513 |
Operating Segments [Member] | Corporate and Other [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 89 | 120 |
Total Intersegment Eliminations [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 1,753 | 1,167 |
Total Intersegment Eliminations [Member] | Cable Communications [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 45 | 42 |
Total Intersegment Eliminations [Member] | Media [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 540 | 544 |
Total Intersegment Eliminations [Member] | Studios [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 1,089 | 540 |
Total Intersegment Eliminations [Member] | Theme Parks [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 1 | 0 |
Total Intersegment Eliminations [Member] | Headquarters and Other [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 12 | 2 |
Total Intersegment Eliminations [Member] | Sky Limited [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 8 | 2 |
Total Intersegment Eliminations [Member] | Corporate and Other [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 58 | 37 |
Eliminations [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | (710) | (675) |
Eliminations [Member] | NBCUniversal Segments [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | $ (1,043) | $ (492) |
Revenue (Revenue by Geographic
Revenue (Revenue by Geographic Location) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Disaggregation of Revenue [Line Items] | ||
Revenue | $ 27,205 | $ 26,609 |
United States [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 21,156 | 20,690 |
Europe [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 5,352 | 5,033 |
Other [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | $ 697 | $ 886 |
Revenue (Condensed Consolidated
Revenue (Condensed Consolidated Balance Sheet) (Details) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Revenues [Abstract] | ||
Receivables, gross | $ 11,764 | $ 12,273 |
Less: Allowance for doubtful accounts | 778 | 807 |
Receivables, net | 10,986 | 11,466 |
Noncurrent receivables, net (included in other noncurrent assets, net) | 1,061 | 1,091 |
Contract acquisition and fulfillment costs (included in other noncurrent assets, net) | 1,048 | 1,060 |
Noncurrent deferred revenue (included in other noncurrent liabilities) | $ 726 | $ 750 |
Programming and Production Co_3
Programming and Production Costs (Recognized Programming and Production Costs) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Other Industries [Abstract] | ||
Video distribution programming | $ 3,515 | $ 3,215 |
Film and television content: | ||
Owned | 1,964 | 2,127 |
Licensed, including sports rights | 3,175 | 2,664 |
Other | 265 | 295 |
Total programming and production costs | 8,919 | 8,301 |
Amortization of owned film and television costs | $ 1,600 | $ 1,800 |
Programming and Production Co_4
Programming and Production Costs (Capitalized Film and Television Costs and Programming Rights) (Details) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Owned: | ||
Released, less amortization | $ 3,885 | $ 3,815 |
Completed, not released | 626 | 139 |
In production and in development | 2,369 | 2,755 |
Owned | 6,880 | 6,709 |
Licensed, including sports advances | 6,103 | 6,631 |
Film and television costs | $ 12,983 | $ 13,340 |
Long-Term Debt (Narrative) (Det
Long-Term Debt (Narrative) (Details) - USD ($) $ in Billions | 3 Months Ended | ||
Mar. 31, 2021 | Feb. 28, 2021 | Dec. 31, 2020 | |
Line of Credit Facility [Line Items] | |||
Total carrying value of debt | $ 103.7 | $ 103.8 | |
Total fair value of debt | 117.8 | 125.6 | |
Revolving Credit Facility [Member] | |||
Line of Credit Facility [Line Items] | |||
Borrowings outstanding under credit facility | 0 | $ 0 | |
Revolving Credit Facility [Member] | |||
Line of Credit Facility [Line Items] | |||
Maximum borrowing capacity | 11 | $ 9.2 | |
Potential increased maximum borrowing capacity under the revolving credit facility | $ 14 | ||
Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||
Line of Credit Facility [Line Items] | |||
Spread on variable rate | 1.00% |
Significant Transactions (Unive
Significant Transactions (Universal Beijing Resort) (Details) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Variable Interest Entity [Line Items] | ||
Consolidated variable interest entity's assets included in condensed consolidated balance sheet | $ 278,511 | $ 273,869 |
Universal Beijing Resort [Member] | Variable Interest Entity, Primary Beneficiary [Member] | ||
Variable Interest Entity [Line Items] | ||
Ownership percentage in variable interest entity | 30.00% | |
Principal amount of term loan outstanding | $ 3,000 | |
Consolidated variable interest entity's assets included in condensed consolidated balance sheet | 8,500 | |
Consolidated variable interest entity's liabilities included in condensed consolidated balance sheet | 6,800 | |
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 | $ 2,700 |
Investments (Investment and Oth
Investments (Investment and Other Income (Loss), Net) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Investments [Abstract] | ||
Equity in net income (losses) of investees, net | $ 136 | $ (668) |
Realized and unrealized gains (losses) on equity securities, net | 237 | (58) |
Other income (loss), net | 17 | 10 |
Investment and other income (loss), net | 390 | (716) |
Unrealized gains (losses) recognized | $ 98 | $ (59) |
Investments (Schedule of Invest
Investments (Schedule of Investments) (Details) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Investments [Abstract] | ||
Equity method | $ 6,048 | $ 6,006 |
Marketable equity securities | 260 | 460 |
Nonmarketable equity securities | 2,021 | 1,950 |
Other investments | 130 | 143 |
Total investments | 8,459 | 8,559 |
Less: Current investments | 83 | 292 |
Less: Investment securing collateralized obligation | 487 | 447 |
Noncurrent investments | $ 7,889 | $ 7,820 |
Investments (Equity Method Inve
Investments (Equity Method Investments) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2020 | |
Schedule of Equity Method Investments [Line Items] | ||||
Equity method investment | $ 6,048 | $ 6,006 | ||
Proceeds from collateralized obligation | $ 5,200 | |||
Collateralized obligation | 5,168 | 5,168 | ||
Level 2 [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Collateralized obligation | 5,200 | 5,200 | ||
Fair value of collateralized obligation | 5,200 | 5,200 | ||
Atairos [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Cash capital contributions for equity method investments | 12 | $ 12 | ||
Equity method investment | $ 3,900 | $ 3,900 |
Equity and Share-Based Compen_3
Equity and Share-Based Compensation (Weighted Average Common Shares Outstanding) (Details) - shares shares in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Equity [Abstract] | ||
Weighted average number of common shares outstanding – basic (in shares) | 4,591 | 4,562 |
Effect of dilutive securities (in shares) | 74 | 55 |
Weighted-average number of common shares outstanding – diluted (in shares) | 4,665 | 4,617 |
Equity and Share-Based Compen_4
Equity and Share-Based Compensation (Components of Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Equity [Abstract] | ||
Cumulative translation adjustments | $ 1,769 | $ 1,790 |
Deferred gains (losses) on cash flow hedges | 10 | (109) |
Unrecognized gains (losses) on employee benefit obligations and other | 193 | 203 |
Accumulated other comprehensive income (loss), net of deferred taxes | $ 1,972 | $ 1,884 |
Equity and Share-Based Compen_5
Equity and Share-Based Compensation (Narrative) (Details) $ / shares in Units, shares in Millions, $ in Millions | 1 Months Ended |
Mar. 31, 2021USD ($)$ / sharesshares | |
Management Grant [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of stock options granted (in shares) | shares | 42.3 |
Weighted-average fair value of stock options granted (in dollars per share) | $ / shares | $ 9.64 |
Restricted Share Units (RSUs) [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized pretax compensation expense on nonvested awards | $ | $ 1,600 |
Restricted Share Units (RSUs) [Member] | Management Grant [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of restricted share units granted (in shares) | shares | 12.8 |
Weighted-average fair value of restricted share units granted (in dollars per share) | $ / shares | $ 54.62 |
Stock Options [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized pretax compensation expense on nonvested awards | $ | $ 821 |
Equity and Share-Based Compen_6
Equity and Share-Based Compensation (Recognized Share-Based Compensation Expense) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Recognized share-based compensation expense | $ 307 | $ 224 |
Restricted Share Units (RSUs) [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Recognized share-based compensation expense | 206 | 141 |
Stock Options [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Recognized share-based compensation expense | 90 | 71 |
Employee Stock Purchase Plans [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Recognized share-based compensation expense | $ 11 | $ 12 |
Supplemental Financial Inform_3
Supplemental Financial Information (Cash Payments for Interest and Income Taxes) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Cash Payments for Interest and Income Taxes | ||
Interest | $ 911 | $ 991 |
Income taxes | $ 87 | $ 281 |
Supplemental Financial Inform_4
Supplemental Financial Information (Noncash Activities) (Details) - USD ($) $ / shares in Units, $ in Billions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Supplemental Financial Information [Line Items] | ||
Property and equipment and intangible assets accrued but not yet paid | $ 1.6 | $ 1.6 |
Dividends payable | $ 1.2 | $ 1.1 |
Dividends payable (in dollars per share) | $ 0.25 | $ 0.23 |
Universal Beijing Resort [Member] | ||
Supplemental Financial Information [Line Items] | ||
Operating lease assets and liabilities recognized | $ 2.7 | |
Lease terms | 33 years | |
Weighted average discount rate on operating lease | 4.40% |
Supplemental Financial Inform_5
Supplemental Financial Information (Cash, Cash Equivalents and Restricted Cash) (Details) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2020 | Dec. 31, 2019 |
Supplemental Financial Information [Abstract] | ||||
Cash and cash equivalents | $ 14,950 | $ 11,740 | ||
Restricted cash included in other current assets | 12 | 14 | ||
Restricted cash included in other noncurrent assets, net | 14 | 14 | ||
Cash, cash equivalents and restricted cash, end of period | $ 14,976 | $ 11,768 | $ 8,609 | $ 5,589 |
Commitments and Contingencies (
Commitments and Contingencies (Narrative) (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2021USD ($) | |
NBCUniversal Enterprise [Member] | |
Commitments And Contingencies [Line Items] | |
Cash payments for the redemption of redeemable subsidiary preferred stock | $ 725 |