Cover
Cover - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Jun. 30, 2021 | |
Document Information [Line Items] | ||
Document Type | 10-K | |
Document Annual Report | true | |
Document Period End Date | Dec. 31, 2021 | |
Current Fiscal Year End Date | --12-31 | |
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 Well-known Seasoned Issuer | Yes | |
Entity Voluntary Filers | No | |
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 | |
ICFR Auditor Attestation Flag | true | |
Entity Shell Company | false | |
Entity Public Float | $ 259,633 | |
Documents Incorporated by Reference | Comcast Corporation – Part III – The registrant’s definitive Proxy Statement for its annual meeting of shareholders. | |
Document Fiscal Period Focus | FY | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2021 | |
Entity Central Index Key | 0001166691 | |
Class A Common Stock | ||
Document 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 | 4,523,785,950 | |
0.000% Notes due 2026 | ||
Document Information [Line Items] | ||
Title of 12(b) Security | 0.000% Notes due 2026 | |
Trading Symbol | CMCS26 | |
Security Exchange Name | NASDAQ | |
0.250% Notes due 2027 | ||
Document 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 | ||
Document Information [Line Items] | ||
Title of 12(b) Security | 1.500% Notes due 2029 | |
Trading Symbol | CMCS29 | |
Security Exchange Name | NASDAQ | |
0.250% Notes due 2029 | ||
Document Information [Line Items] | ||
Title of 12(b) Security | 0.250% Notes due 2029 | |
Trading Symbol | CMCS29A | |
Security Exchange Name | NASDAQ | |
0.750% Notes due 2032 | ||
Document 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 | ||
Document 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 | ||
Document 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 | ||
Document 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 | ||
Document 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 | ||
Document 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 | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 9,444,375 |
Audit Information
Audit Information | 12 Months Ended |
Dec. 31, 2021 | |
Audit Information [Abstract] | |
Auditor Name | Deloitte & Touche LLP |
Auditor Firm ID | 34 |
Auditor Location | Philadelphia, Pennsylvania |
Consolidated Statement of Incom
Consolidated Statement of Income - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Statement [Abstract] | |||
Revenue | $ 116,385 | $ 103,564 | $ 108,942 |
Costs and Expenses: | |||
Programming and production | 38,450 | 33,121 | 34,440 |
Other operating and administrative | 35,619 | 33,109 | 32,807 |
Advertising, marketing and promotion | 7,695 | 6,741 | 7,617 |
Depreciation | 8,628 | 8,320 | 8,663 |
Amortization | 5,176 | 4,780 | 4,290 |
Total costs and expenses | 95,568 | 86,071 | 87,817 |
Operating income | 20,817 | 17,493 | 21,125 |
Interest expense | (4,281) | (4,588) | (4,567) |
Investment and other income (loss), net | 2,557 | 1,160 | 438 |
Income before income taxes | 19,093 | 14,065 | 16,996 |
Income tax expense | (5,259) | (3,364) | (3,673) |
Net income | 13,833 | 10,701 | 13,323 |
Less: Net income (loss) attributable to noncontrolling interests and redeemable subsidiary preferred stock | (325) | 167 | 266 |
Net income attributable to Comcast Corporation | $ 14,159 | $ 10,534 | $ 13,057 |
Basic earnings per common share attributable to Comcast Corporation shareholders (in dollars per share) | $ 3.09 | $ 2.30 | $ 2.87 |
Diluted earnings per common share attributable to Comcast Corporation shareholders (in dollars per share) | $ 3.04 | $ 2.28 | $ 2.83 |
Consolidated Statement of Compr
Consolidated Statement of Comprehensive Income - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 13,833 | $ 10,701 | $ 13,323 |
Currency translation adjustments, net of deferred taxes of $76, $(331) and $(66) | (664) | 1,213 | 1,375 |
Cash flow hedges: | |||
Deferred gains (losses), net of deferred taxes of $(36), $26 and $(4) | 229 | (101) | 19 |
Realized (gains) losses reclassified to net income, net of deferred taxes of $(4), $31 and $(10) | (16) | (147) | 65 |
Employee benefit obligations and other, net of deferred taxes of $(16), $20 and $16 | 54 | (68) | (57) |
Comprehensive income | 13,436 | 11,598 | 14,725 |
Less: Net income (loss) attributable to noncontrolling interests and redeemable subsidiary preferred stock | (325) | 167 | 266 |
Less: Other comprehensive income (loss) attributable to noncontrolling interests | 7 | 60 | (13) |
Comprehensive income attributable to Comcast Corporation | $ 13,755 | $ 11,371 | $ 14,472 |
Consolidated Statement of Com_2
Consolidated Statement of Comprehensive Income (Parenthetical) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Statement of Comprehensive Income [Abstract] | |||
Currency translation adjustments, deferred taxes | $ 76 | $ (331) | $ (66) |
Deferred gains (losses) on cash flow hedges, deferred taxes | (36) | 26 | (4) |
Realized (gains) losses on cash flow hedges, deferred taxes | (4) | 31 | (10) |
Employee benefit obligations and other, deferred taxes | $ (16) | $ 20 | $ 16 |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Operating Activities | |||
Net income | $ 13,833 | $ 10,701 | $ 13,323 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 13,804 | 13,100 | 12,953 |
Share-based compensation | 1,315 | 1,193 | 1,021 |
Noncash interest expense (income), net | 482 | 697 | 417 |
Net (gain) loss on investment activity and other | (1,311) | (970) | (20) |
Deferred income taxes | 1,892 | (550) | 563 |
Changes in operating assets and liabilities, net of effects of acquisitions and divestitures: | |||
Current and noncurrent receivables, net | (1,335) | (20) | (57) |
Film and television costs, net | (680) | (244) | (929) |
Accounts payable and accrued expenses related to trade creditors | 765 | (266) | (347) |
Other operating assets and liabilities | 382 | 1,096 | (1,227) |
Net cash provided by operating activities | 29,146 | 24,737 | 25,697 |
Investing Activities | |||
Capital expenditures | (9,174) | (9,179) | (9,953) |
Cash paid for intangible assets | (2,883) | (2,455) | (2,475) |
Construction of Universal Beijing Resort | (976) | (1,498) | (1,116) |
Purchase of spectrum | 0 | (459) | 0 |
Acquisitions, net of cash acquired | (1,374) | (233) | (370) |
Proceeds from sales of businesses and investments | 684 | 2,339 | 886 |
Purchases of investments | (174) | (812) | (1,899) |
Other | 451 | 250 | 86 |
Net cash provided by (used in) investing activities | (13,446) | (12,047) | (14,841) |
Financing Activities | |||
Proceeds from (repayments of) short-term borrowings, net | 0 | 0 | (1,288) |
Proceeds from borrowings | 2,628 | 18,644 | 5,479 |
Proceeds from collateralized obligation | 0 | 0 | 5,175 |
Repurchases and repayments of debt | (11,498) | (18,777) | (14,354) |
Repurchases of common stock under repurchase program and employee plans | (4,672) | (534) | (504) |
Dividends paid | (4,532) | (4,140) | (3,735) |
Other | (544) | (1,706) | 46 |
Net cash provided by (used in) financing activities | (18,618) | (6,513) | (9,181) |
Impact of foreign currency on cash, cash equivalents and restricted cash | (71) | 2 | 5 |
Increase (decrease) in cash, cash equivalents and restricted cash | (2,989) | 6,179 | 1,680 |
Cash, cash equivalents and restricted cash, beginning of year | 11,768 | 5,589 | 3,909 |
Cash, cash equivalents and restricted cash, end of year | $ 8,778 | $ 11,768 | $ 5,589 |
Consolidated Balance Sheet
Consolidated Balance Sheet - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Current Assets: | ||
Cash and cash equivalents | $ 8,711 | $ 11,740 |
Receivables, net | 12,008 | 11,466 |
Other current assets | 4,088 | 3,535 |
Total current assets | 24,807 | 26,741 |
Film and television costs | 12,806 | 13,340 |
Investments | 8,082 | 7,820 |
Investment securing collateralized obligation | 605 | 447 |
Property and equipment, net | 54,047 | 51,995 |
Goodwill | 70,189 | 70,669 |
Franchise rights | 59,365 | 59,365 |
Other intangible assets, net | 33,580 | 35,389 |
Other noncurrent assets, net | 12,424 | 8,103 |
Total assets | 275,905 | 273,869 |
Current Liabilities: | ||
Accounts payable and accrued expenses related to trade creditors | 12,455 | 11,364 |
Accrued participations and residuals | 1,822 | 1,706 |
Deferred revenue | 3,040 | 2,963 |
Accrued expenses and other current liabilities | 9,899 | 9,617 |
Current portion of long-term debt | 2,132 | 3,146 |
Total current liabilities | 29,348 | 28,796 |
Long-term debt, less current portion | 92,718 | 100,614 |
Collateralized obligation | 5,170 | 5,168 |
Deferred income taxes | 30,041 | 28,051 |
Other noncurrent liabilities | 20,620 | 18,222 |
Commitments and contingencies | ||
Redeemable noncontrolling interests and redeemable subsidiary preferred stock | 519 | 1,280 |
Equity: | ||
Preferred stock—authorized, 20,000,000 shares; issued, zero | 0 | 0 |
Additional paid-in capital | 40,173 | 39,464 |
Retained earnings | 61,902 | 56,438 |
Treasury stock, 872,791,028 Class A common shares | (7,517) | (7,517) |
Accumulated other comprehensive income (loss) | 1,480 | 1,884 |
Total Comcast Corporation shareholders’ equity | 96,092 | 90,323 |
Noncontrolling interests | 1,398 | 1,415 |
Total equity | 97,490 | 91,738 |
Total liabilities and equity | 275,905 | 273,869 |
Class A Common Stock | ||
Equity: | ||
Common stock | 54 | 54 |
Class B Common Stock | ||
Equity: | ||
Common stock | $ 0 | $ 0 |
Consolidated Balance Sheet (Par
Consolidated Balance Sheet (Parenthetical) - $ / shares | Dec. 31, 2021 | Dec. 31, 2020 |
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 | ||
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) | 5,396,576,978 | 5,444,002,825 |
Common stock, shares outstanding (in shares) | 4,523,785,950 | 4,571,211,797 |
Class B Common Stock | ||
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 |
Consolidated Statement of Chang
Consolidated Statement of Changes in Equity - USD ($) $ in Millions | Total | Redeemable Noncontrolling Interests and Redeemable Subsidiary Preferred Stock | Additional Paid-In Capital | Retained Earnings | Retained EarningsCumulative effects of adoption of accounting standards | Treasury Stock at Cost | Accumulated Other Comprehensive Income (Loss) | Noncontrolling Interests | Class A Common StockCommon Stock | Class B Common StockCommon Stock |
Balance, beginning of year at Dec. 31, 2018 | $ 1,316 | |||||||||
Increase (Decrease) in Temporary Equity [Roll Forward] | ||||||||||
Redemption of subsidiary preferred stock | 0 | |||||||||
Contributions from (distributions to) noncontrolling interests, net | (62) | |||||||||
Other | (38) | |||||||||
Net income (loss) | 156 | |||||||||
Balance, end of year at Dec. 31, 2019 | 1,372 | |||||||||
Balance, beginning of year at Dec. 31, 2018 | $ 37,461 | $ 41,983 | $ 0 | $ (368) | $ 889 | $ 54 | $ 0 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Stock compensation plans | 783 | |||||||||
Repurchases of common stock under repurchase program and employee plans | (34) | (485) | 0 | |||||||
Employee stock purchase plans | 222 | |||||||||
Dividends declared | (3,860) | |||||||||
Other comprehensive income (loss) | 1,415 | (13) | ||||||||
Contributions from (distributions to) noncontrolling interests, net | 176 | |||||||||
Other | 15 | 0 | (14) | |||||||
Net income (loss) | $ 13,057 | 13,057 | ||||||||
Net income (loss) | 110 | |||||||||
Balance, end of year at Dec. 31, 2019 | $ 83,874 | 38,447 | 50,695 | (124) | $ (7,517) | 1,047 | 1,148 | 54 | 0 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Cash dividends declared per common share (in dollars per share) | $ 0.84 | |||||||||
Redemption of subsidiary preferred stock | 0 | |||||||||
Contributions from (distributions to) noncontrolling interests, net | (51) | |||||||||
Other | (190) | |||||||||
Net income (loss) | 149 | |||||||||
Balance, end of year at Dec. 31, 2020 | $ 1,280 | 1,280 | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Stock compensation plans | 920 | |||||||||
Repurchases of common stock under repurchase program and employee plans | (143) | (407) | 0 | |||||||
Employee stock purchase plans | 255 | |||||||||
Dividends declared | (4,250) | |||||||||
Other comprehensive income (loss) | 837 | 60 | ||||||||
Contributions from (distributions to) noncontrolling interests, net | 192 | |||||||||
Other | (15) | (10) | (3) | |||||||
Net income (loss) | 10,534 | 10,534 | ||||||||
Net income (loss) | 18 | |||||||||
Balance, end of year at Dec. 31, 2020 | $ 91,738 | 39,464 | 56,438 | $ 0 | (7,517) | 1,884 | 1,415 | 54 | 0 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Cash dividends declared per common share (in dollars per share) | $ 0.92 | |||||||||
Redemption of subsidiary preferred stock | (725) | |||||||||
Contributions from (distributions to) noncontrolling interests, net | (77) | |||||||||
Other | (10) | |||||||||
Net income (loss) | 51 | |||||||||
Balance, end of year at Dec. 31, 2021 | $ 519 | $ 519 | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Stock compensation plans | 1,037 | |||||||||
Repurchases of common stock under repurchase program and employee plans | (596) | (4,088) | 0 | |||||||
Employee stock purchase plans | 269 | |||||||||
Dividends declared | (4,613) | |||||||||
Other comprehensive income (loss) | (404) | 7 | ||||||||
Contributions from (distributions to) noncontrolling interests, net | 353 | |||||||||
Other | (2) | 6 | 0 | |||||||
Net income (loss) | 14,159 | 14,159 | ||||||||
Net income (loss) | (377) | |||||||||
Balance, end of year at Dec. 31, 2021 | $ 97,490 | $ 40,173 | $ 61,902 | $ (7,517) | $ 1,480 | $ 1,398 | $ 54 | $ 0 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Cash dividends declared per common share (in dollars per share) | $ 1 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Note 1: Summary of Significant Accounting Policies Basis of Presentation The accompanying consolidated financial statements include all entities in which we have a controlling voting interest and variable interest entities (“VIEs”) required to be consolidated, including Universal Beijing Resort (see Note 7). We translate assets and liabilities of our foreign operations where the functional currency is the local currency into U.S. dollars at the exchange rate as of the balance sheet date and translate revenue and expenses using average monthly exchange rates. The related translation adjustments are recorded as a component of accumulated other comprehensive income (loss) in our consolidated balance sheet. Any foreign currency transaction gains or losses are included in our consolidated statement of income in investment and other income (loss), net. For disclosures containing future amounts where the functional currency is the local currency, we translate the amounts into U.S. dollars at the exchange rates as of the balance sheet date. Reclassifications Reclassifications have been made to our notes to consolidated financial statements for the prior year period to conform to classifications used in 2021. See Note 2 for a discussion of the changes in our presentation of segment operating results. Accounting Policies Our consolidated financial statements are prepared in accordance with GAAP, which require us to select accounting policies, including in certain cases industry-specific policies, and make estimates that affect the reported amount of assets, liabilities, revenue and expenses, and the related disclosure of contingent assets and contingent liabilities. Actual results could differ from these estimates. The following accounting policies are specific to the industries in which we operate: • capitalization and amortization of film and television costs (see Note 4) • costs for connecting customers to our cable systems (see Note 9) Information on other accounting policies and methods that we use in the preparation of our consolidated financial statements are included, where applicable, in their respective footnotes that follow. The collateralized obligation related to our investment in Hulu is discussed in Note 8 and our other long-term debt is discussed in Note 6. Below is a discussion of accounting policies and methods used in our consolidated financial statements that are not presented within other footnotes. Advertising Expenses Advertising costs are expensed as incurred. Derivative Financial Instruments We use derivative financial instruments to manage our exposure to the risks associated with fluctuations in interest rates, foreign exchange rates and equity prices. Our objective is to manage the financial and operational exposure arising from these risks by offsetting gains and losses on the underlying exposures with gains and losses on the derivatives used to economically hedge them. Our derivative financial instruments are recorded in our consolidated balance sheet at fair value. We designate certain derivative instruments as cash flow hedges of forecasted transactions, including foreign currency denominated cash flows associated with non-functional currency debt and non-functional currency revenue and expenses. Changes in the fair value of derivative instruments accounted for as cash flow hedges are recorded as a component of accumulated other comprehensive income (loss) until the hedged items affect earnings. For derivatives not designated as cash flow hedges, changes in fair value are recognized in earnings. Refer to Note 6 for further information on certain derivative instruments related to debt. The impact of our remaining derivative financial instruments was not material to our consolidated financial statements in any of the periods presented. Fair Value Measurements The accounting guidance related to fair value measurements establishes a hierarchy based on the types of inputs used for the various valuation techniques. The levels of the hierarchy are described below. • Level 1: Values are determined using quoted market prices for identical financial instruments in an active market. • Level 2: Values are determined using quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets. • Level 3: Values are determined using models that use significant inputs that are primarily unobservable, discounted cash flow methodologies or similar techniques, as well as instruments for which the determination of fair value requires significant management judgment or estimation. We use the three tier fair value hierarchy to measure the fair value of certain financial instruments on a recurring basis, such as for investments (see Note 8); on a non-recurring basis, such as for acquisitions and impairment testing; and for disclosure purposes, such as for long-term debt (see Note 6). Our assessment of the significance of a particular input to the fair value measurement requires judgment and may affect the valuation and classification within the fair value hierarchy. |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2021 | |
Segment Reporting [Abstract] | |
Segment Information | Note 2: Segment Information We are a global media and technology company with three primary businesses: Comcast Cable, NBCUniversal and Sky. In 2021, we changed our presentation of segment operating results. We now present our operations for (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; 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. See Note 3 for a description of the various products and services within each reportable segment. 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 including our new Sky Glass and XClass TV smart television product launches. Our financial data by reportable segment is presented in the tables below. We do not present a measure of total assets for our reportable business segments as this information is not used by management to allocate resources and capital. (in millions) Revenue (a) Adjusted EBITDA (b) Depreciation and Amortization Capital Cash Paid for 2021 Cable Communications $ 64,328 $ 28,097 $ 7,811 $ 6,930 $ 1,438 NBCUniversal Media 22,780 4,569 1,030 100 163 Studios 9,449 884 53 5 11 Theme Parks 5,051 1,267 906 614 43 Headquarters and Other 87 (840) 478 366 143 Eliminations (a) (3,048) (205) — — — NBCUniversal 34,319 5,675 2,466 1,086 360 Sky 20,285 2,359 3,379 948 814 Corporate and Other 461 (1,358) 147 210 272 Eliminations (a) (3,008) (65) — — — Comcast Consolidated $ 116,385 $ 34,708 $ 13,804 $ 9,174 $ 2,883 (in millions) Revenue (a) Adjusted EBITDA (b) Depreciation and Capital Cash Paid for 2020 Cable Communications $ 60,051 $ 25,270 $ 7,753 $ 6,605 $ 1,333 NBCUniversal Media 18,936 5,574 993 122 176 Studios 8,134 1,041 67 12 5 Theme Parks 2,094 (477) 772 1,171 56 Headquarters and Other 53 (563) 475 186 136 Eliminations (a) (2,006) (220) — — — NBCUniversal 27,211 5,355 2,307 1,491 373 Sky 18,594 1,954 3,034 959 741 Corporate and Other 248 (1,785) 6 124 8 Eliminations (a) (2,540) 32 — — — Comcast Consolidated $ 103,564 $ 30,826 $ 13,100 $ 9,179 $ 2,455 (in millions) Revenue (a) Adjusted EBITDA (b) Depreciation and Capital Cash Paid for 2019 Cable Communications $ 58,082 $ 23,266 $ 7,994 $ 6,909 $ 1,426 NBCUniversal Media 19,947 5,834 924 204 101 Studios 9,352 1,058 49 19 10 Theme Parks 6,213 2,498 697 1,605 60 Headquarters and Other 31 (690) 459 244 166 Eliminations (a) (1,585) 11 — — — NBCUniversal 33,958 8,711 2,129 2,072 337 Sky 19,219 3,099 2,699 768 707 Corporate and Other 333 (820) 131 204 5 Eliminations (a) (2,650) 2 — — — Comcast Consolidated $ 108,942 $ 34,258 $ 12,953 $ 9,953 $ 2,475 (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 in Media for fees received from Cable Communications for the sale of cable network programming and under retransmission consent agreements; content licensing revenue in Studios for licenses of owned content to Media and Sky; and advertising revenue in 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 in 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. Year ended December 31 (in millions) 2021 2020 2019 Cable Communications $ 244 $ 202 $ 162 NBCUniversal Media 2,330 1,965 2,202 Studios 3,186 2,214 1,727 Theme Parks 2 — — Headquarters and Other 68 31 1 Sky 32 17 21 Corporate and Other 193 117 121 Total intersegment revenue $ 6,055 $ 4,546 $ 4,235 (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. Year ended December 31 (in millions) 2021 2020 2019 Adjusted EBITDA $ 34,708 $ 30,826 $ 34,258 Adjustments (87) (233) (180) Depreciation (8,628) (8,320) (8,663) Amortization (5,176) (4,780) (4,290) Interest expense (4,281) (4,588) (4,567) Investment and other income (loss), net 2,557 1,160 438 Income before income taxes $ 19,093 $ 14,065 $ 16,996 Adjustments represent the impacts of certain events, gains, losses or other charges that are excluded from Adjusted EBITDA, including Sky transaction-related costs and costs related to our investment portfolio. Adjustments for 2020 also include $177 million related to a legal settlement. |
Revenue
Revenue | 12 Months Ended |
Dec. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | Note 3: Revenue Year ended December 31 (in millions) 2021 2020 2019 Residential: Broadband $ 22,979 $ 20,599 $ 18,752 Video 22,079 21,937 22,270 Voice 3,417 3,532 3,879 Wireless 2,380 1,574 1,167 Business services 8,933 8,191 7,795 Advertising 2,820 2,594 2,465 Other 1,719 1,624 1,754 Total Cable Communications 64,328 60,051 58,082 Advertising 10,291 8,296 9,267 Distribution 10,449 8,795 8,887 Other 2,040 1,845 1,793 Total Media 22,780 18,936 19,947 Content licensing 7,565 6,557 6,373 Theatrical 691 418 1,469 Home entertainment and other 1,193 1,159 1,510 Total Studios 9,449 8,134 9,352 Total Theme Parks 5,051 2,094 6,213 Headquarters and Other 87 53 31 Eliminations (a) (3,048) (2,006) (1,585) Total NBCUniversal 34,319 27,211 33,958 Direct-to-consumer 16,455 15,223 15,538 Content 1,341 1,373 1,432 Advertising 2,489 1,998 2,249 Total Sky 20,285 18,594 19,219 Corporate and Other 461 248 333 Eliminations (a) (3,008) (2,540) (2,650) Total revenue $ 116,385 $ 103,564 $ 108,942 (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 Un ited States but also in select international markets. The table below summarizes our consolidated revenue from customers in certain geographic locations. Year ended December 31 (in millions) 2021 2020 2019 United States $ 90,926 $ 80,327 $ 82,952 United Kingdom 13,999 11,986 12,501 Other 11,460 11,251 13,489 Total revenue $ 116,385 $ 103,564 $ 108,942 Cable Communications Segment Revenue is generated from the sale of our broadband, video, voice, wireless and other services to residential customers in the United States under the Xfinity brand, which we market individually and as bundled services at a discounted rate. We also provide these and other services to business customers and sell advertising. Residential We recognize revenue as the services are provided on a monthly basis. Subscription rates and related charges vary according to the services and features customers receive. Revenue from customers that purchase bundled services at a discounted rate is allocated between the separate services based on the respective stand-alone selling prices. The stand-alone selling prices are determined based on the current prices at which we separately sell the services. Significant judgment is used to determine performance obligations that should be accounted for separately and the allocation of revenue when services are combined in a bundle. Customers are typically billed in advance and pay on a monthly basis. Installation fees are deferred and recognized as revenue over the period of benefit to the customer, which is less than a year. While a portion of our customers are subject to contracts for their services, which are typically 1 to 2 years in length, based on our evaluation of the terms of these contracts, we recognize revenue for these services on a basis that is consistent with our customers that are not subject to contracts. Our services generally involve customer premise equipment, such as set-top boxes, cable modems and wireless gateways. The timing and pattern of recognition for customer premise equipment revenue are consistent with those of our services. We recognize revenue from the sale of wireless handsets at the point of sale. Sales commissions are expensed as incurred, as the related period of benefit is less than a year. We also have arrangements to sell certain DTC streaming services to our customers. We have concluded we are generally the sales agent in these arrangements and we record net commission revenue as earned, which is generally as customers are billed on a monthly basis, within broadband revenue. Under the terms of cable franchise agreements, we are generally required to pay the cable franchising authority an amount based on gross video revenue. We generally pass these and other similar fees through to our customers and classify these fees in the respective Cable Communications services revenue with the corresponding costs included in other operating and administrative expenses. Business Services Revenue is generated from subscribers to a variety of our products and services which are offered to businesses. Our service offerings for small business locations primarily include broadband services, as well as voice and video services, that are similar to those provided to residential customers, and include certain other features specific to businesses. We also offer Ethernet network services that connect multiple locations and other services to meet the needs of medium-sized customers and larger enterprises, and we provide cellular backhaul services to mobile network operators. We recognize revenue as the services are provided on a monthly basis. Substantially all of our customers are initially under contracts, with terms typically ranging from 2 years for small and medium-sized businesses to up to 5 years for larger enterprises. At any given time, the amount of future revenue to be earned related to fixed pricing under existing agreements is equal to approximately half of our annual business services revenue, of which the substantial majority will be recognized within 2 years. Customers with contracts may only discontinue service in accordance with the terms of their contracts. We receive payments based on a billing schedule established in our contracts, which is typically on a monthly basis. Installation revenue and sales commissions are generally deferred and recognized over the respective contract terms. Advertising Revenue is generated from the sale of advertising and technology, tools and solutions relating to advertising businesses. As part of distribution agreements with cable networks, we generally receive an allocation of scheduled advertising time that we sell to local, regional and national advertisers. In most cases, the available advertising units are sold by our sales force. We also represent the advertising sales efforts of other multichannel video providers in some markets. Since we are acting as the principal in these arrangements, we record the advertising that is sold in advertising revenue and the fees paid to multichannel video providers in other operating and administrative expenses. In some cases, we work with representation firms as an extension of our sales force to sell a portion of the advertising units allocated to us and record the revenue net of agency commissions. In addition, we generate revenue from the sale of advertising on digital platforms. We enter into advertising arrangements with customers and have determined that a contract exists once all terms and conditions are agreed upon, typically when the number of advertising units is specifically identified and the timing of airing is scheduled. Advertisements are generally aired or viewed within one year once all terms and conditions are agreed upon. Revenue from these arrangements is recognized in the period in which advertisements are aired or viewed. Payment terms vary by contract, although terms generally require payment within 30 to 60 days from when advertisements are aired or viewed. In addition, we also provide technology, tools, data-driven services and marketplace solutions to customers in the media industry to facilitate advertisers more effectively engaging with their target audiences. Revenue earned in this manner is recognized when services are provided. NBCUniversal Segments Advertising Media generates revenue from the sale of advertising on our television networks, Peacock and digital properties. We enter into advertising arrangements with customers and have determined that a contract exists once all terms and conditions are agreed upon, typically when the number of advertising units is specifically identified and the timing of airing is scheduled. Advertisements are generally aired or viewed within one year once all terms are agreed upon. Revenue is recognized, net of agency commissions, in the period in which advertisements are aired or viewed and payment occurs thereafter, with payment generally required within 30 days. In some instances, we guarantee audience ratings for the advertisements. To the extent there is a shortfall in contracts where the ratings were guaranteed, a portion of the revenue is deferred until the shortfall is settled, typically by providing additional advertising units generally within one year of the original airing. Distribution Media generates revenue from the distribution of cable network programming in the United States and internationally to multichannel video providers, including both traditional providers of linear programming and virtual providers who provide streaming services for linear programming. Media also generates revenue from the fees received from multichannel video providers under NBC and Telemundo retransmission consent agreements and associated fees from NBC-affiliated and Telemundo-affiliated local broadcast television stations. Additionally, Media generates revenue from monthly subscription fees received from certain Peacock subscribers. Monthly fees received under distribution agreements with multichannel video providers are generally under multiyear agreements and based on the number of subscribers. Payment terms and conditions vary by contract type, although terms generally include payment within 60 days. These arrangements are accounted for as licenses of functional intellectual property and revenue is recognized as programming is provided on a monthly basis. Content Licensing Studios generates revenue from the licensing of our owned film and television content in the United States and internationally to cable, broadcast and premium networks and to DTC streaming service providers, as well as through video on demand and pay-per-view services. Media also generates revenue from licensing of our owned television content, which is reported in other revenue. Our agreements generally include fixed pricing and span multiple years. For example, following a film’s theatrical release, Studios may license the exhibition rights of a film to different customers over multiple successive distribution windows. We recognize revenue when the content is delivered and available for use by the licensee. When the term of an existing agreement is renewed or extended, we recognize revenue at the later of when the content is available or when the renewal or extension period begins. Payment terms and conditions vary by contract type, although payments are generally collected over the license term. The amount of future revenue to be earned related to fixed pricing under existing third-party agreements at any given time equals approximately one half year to 1 year of annual Studios content licensing revenue, which is the segment with the largest portion of this future revenue. The majority of this revenue will be recognized within 2 years. This amount may fluctuate from period to period depending on the timing of the releases and the availability of content under existing agreements and may not represent the total revenue expected to be recognized as it does not include revenue from future agreements or from variable pricing or optional purchases under existing agreements. For our agreements that include variable pricing, such as pricing based on the number of subscribers to a DTC streaming service sold by our customers, we generally recognize revenue as our customers sell to their subscribers. Theatrical Studios generates revenue from the worldwide theatrical release of produced and acquired films for exhibition in movie theaters. Our arrangements with exhibitors generally entitle us to a percentage of ticket sales. We recognize revenue as the films are viewed and exhibited in theaters and payment generally occurs within 30 days after exhibition. Home Entertainment Studios generates revenue from the sale of our produced and acquired films on DVDs and through digital distribution services. Media also generates revenue from the sale of owned programming on DVDs and through digital distribution services, which is reported in other revenue. We generally recognize revenue from DVD sales, net of estimated returns and customer incentives, on the date that DVDs are delivered to and made available for sale by retailers. Payment terms generally include payment within 60 to 90 days from delivery to the retailer. Theme Parks Theme Parks generates revenue primarily from guest spending at our Universal theme parks in Orlando, Florida; Hollywood, California; Osaka, Japan; and Beijing, China. Guest spending includes ticket sales and in-park spending on food, beverages and merchandise. We also generate revenue from our consumer products business. Additionally, we license the right to use the Universal Studios brand name and other intellectual property and provide other services to third parties, including the party that owns and operates the Universal Studios Singapore theme park on Sentosa Island, Singapore. We recognize revenue from ticket sales when the tickets are used, generally within a year from the date of purchase. For annual passes, we generally recognize revenue on a straight-line basis over the period the pass is available to be used. We recognize revenue from in-park spending and consumer products at the point of sale. Sky Segment Direct-to-Consumer Revenue is generated from subscribers to our video services from both residential and business customers, primarily in the United Kingdom, Italy and Germany. We also provide broadband, voice and wireless phone services in select countries. Generally, all of our residential customers are initially under contracts, with terms typically ranging from rolling monthly to 18 months, depending on the product and territory, and may only discontinue service in accordance with the terms of their contracts. Subscription rates and related charges vary according to the services and features customers receive and the types of equipment they use, and customers are typically billed in advance on a monthly basis. Our video, broadband, voice and wireless services generally may be purchased individually or in bundles. We recognize revenue from video, broadband, voice and wireless services as the services are provided on a monthly basis. At any given time, the amount of future revenue to be earned related to existing agreements is equal to less than half of our annual direct-to-consumer revenue, which generally will be recognized within 18 months. Content Revenue is generated from the distribution of our owned channels on third-party platforms and the licensing of owned and licensed content to third-party video providers. See the NBCUniversal segment discussion of distribution and content licensing revenue above for accounting policies for these types of arrangements. Advertising Revenue is generated from advertising across our owned television channels and where we represent the sales efforts of third-party channels. We also generate revenue from the sale of advertising on digital platforms and various technology, tools and solutions relating to our advertising business. Revenue is recognized when the advertising is aired or viewed. Since we are acting as the principal in the arrangements where we represent the sales efforts of third parties, we record the advertising that is sold in advertising revenue and the fees paid to the third-party channels in other operating and administrative expenses. Consolidated Balance Sheet The following table summarizes our accounts receivable: December 31 (in millions) 2021 2020 Receivables, gross $ 12,666 $ 12,273 Less: Allowance for doubtful accounts 658 807 Receivables, net $ 12,008 $ 11,466 The following table presents changes in our allowance for doubtful accounts: (in millions) 2021 2020 2019 Beginning balance $ 807 $ 419 $ 352 Additions charged to costs and expenses and other accounts 316 912 769 Deductions from reserves 465 524 702 Ending balance $ 658 $ 807 $ 419 The following table summarizes our other balances that are not separately presented in our 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: December 31 (in millions) 2021 2020 Noncurrent receivables, net (included in other noncurrent assets, net) $ 1,632 $ 1,091 Contract acquisition and fulfillment costs (included in other noncurrent assets, net) $ 1,094 $ 1,060 Noncurrent deferred revenue (included in other noncurrent liabilities) $ 695 $ 750 |
Programming and Production Cost
Programming and Production Costs | 12 Months Ended |
Dec. 31, 2021 | |
Other Industries [Abstract] | |
Programming and Production Costs | Note 4: Programming and Production Costs Year ended December 31 (in millions) 2021 2020 Video distribution programming $ 13,550 $ 12,684 Film and television content: Owned (a) 8,957 7,973 Licensed, including sports rights 14,733 11,264 Other 1,210 1,200 Total programming and production costs $ 38,450 $ 33,121 (a) Amount includes amortization of owned content of $7.3 billion and $6.6 billion for the year ended December 31, 2021 and 2020, respectively, as well as participations and residuals expenses. Video Distribution Programming Expenses We incur programming expenses related to the license of the rights to distribute the third-party programmed channels, platforms and related content included in video services we sell to end consumers. Programming is generally acquired under multiyear distribution agreements, with fees typically based on the number of customers that receive the programming and the extent of distribution. Programming distribution arrangements are accounted for as executory contracts with expenses generally recognized based on the rates in the agreements and the arrangements are not subject to impairment. Film and Television Content We incur costs related to the production of owned content and the license of the rights to use content owned by third parties and sports rights on our owned networks and platforms, which are described as owned and licensed content, respectively. We have determined that the predominant monetization strategy for the substantial majority of our content is on an individual basis. Capitalized Film and Television Costs December 31 (in millions) 2021 2020 Owned: Released, less amortization $ 3,726 $ 3,815 Completed, not released 536 139 In production and in development 2,732 2,755 6,994 6,709 Licensed, including sports advances 5,811 6,631 Film and television costs $ 12,806 $ 13,340 The table below summarizes estimated future amortization expense for the capitalized film and television costs recorded in our consolidated balance sheet as of December 31, 2021. (in millions) Owned Licensed Completed, not released: 2022 $ 345 Released and licensed content: 2022 $ 1,799 $ 3,649 2023 $ 700 $ 902 2024 $ 387 $ 563 We have future minimum commitments for sports rights and licensed content that are not recognized in our consolidated balance sheet as of December 31, 2021 totaling $59.5 billion and $5.5 billion, respectively. Capitalization and Recognition of Film and Television Content 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 owned content predominantly monetized on an individual basis and accrued costs associated with participations and residuals 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 and distribution strategies, 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 licensed content when the license period begins, the content is made available for use and the costs of the licenses are known. Licensed content is amortized as the associated programs are broadcast. Owned and licensed content are presented as noncurrent assets in film and television costs. We present amortization of owned and licensed content and accrued costs associated with participations and residuals 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 or licensed content 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 content is 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 content is evaluated for impairment on an individual title basis. Licensed content that is not part of a film group is 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. Licensed content is tested for impairment primarily on a channel, network or platform basis, with the exception of our broadcast networks and owned local broadcast television stations, which are tested on a daypart basis. Estimated fair values of owned and licensed content 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 Rights |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 5: Income Taxes Income Before Income Taxes Year ended December 31 (in millions) 2021 2020 2019 Domestic $ 21,243 $ 16,211 $ 16,646 Foreign (2,150) (2,146) 350 $ 19,093 $ 14,065 $ 16,996 Components of Income Tax Expense Year ended December 31 (in millions) 2021 2020 2019 Current (Expense) Benefit: Federal $ (2,355) $ (2,824) $ (2,085) State (669) (836) (425) Foreign (343) (254) (600) (3,367) (3,914) (3,110) Deferred (Expense) Benefit: Federal (1,504) 111 (902) State (255) 71 15 Foreign (133) 368 324 (1,892) 550 (563) Income tax (expense) benefit $ (5,259) $ (3,364) $ (3,673) Our income tax expense differs from the federal statutory amount because of the effect of the items detailed in the table below. Year ended December 31 (in millions) 2021 2020 2019 Federal tax at statutory rate $ (4,009) $ (2,954) $ (3,569) State income taxes, net of federal benefit (464) (265) (306) Foreign income taxed at different rates (392) (24) (126) Adjustments to uncertain and effectively settled tax positions, net (238) (344) (3) Federal research and development credits 85 164 124 Excess tax benefits recognized on share-based compensation 209 150 196 Tax legislation (498) (120) 31 Other 48 29 (20) Income tax (expense) benefit $ (5,259) $ (3,364) $ (3,673) We base our provision for income taxes on our current period income, changes in our deferred income tax assets and liabilities, income tax rates, changes in estimates of our uncertain tax positions, tax planning opportunities available in the jurisdictions in which we operate and excess tax benefits or deficiencies that arise when the tax consequences of share-based compensation differ from amounts previously recognized in the statement of income. We recognize deferred tax assets and liabilities when there are temporary differences between the financial reporting basis and tax basis of our assets and liabilities and for the expected benefits of using net operating loss carryforwards. When a change in the tax rate or tax law has an impact on deferred taxes, we apply the change based on the years in which the temporary differences are expected to reverse. We record the change in our consolidated financial statements in the period of enactment. The determination of the income tax consequences of a business combination includes identifying the tax basis of assets and liabilities acquired and any contingencies associated with uncertain tax positions assumed or resulting from the business combination. Deferred tax assets and liabilities related to temporary differences of an acquired entity are recorded as of the date of the business combination and are based on our estimate of the ultimate tax basis that will be accepted by the various tax authorities. We record liabilities for contingencies associated with prior tax returns filed by the acquired entity based on criteria set forth in the appropriate accounting guidance. We adjust the deferred tax accounts and the liabilities periodically to reflect any revised estimated tax basis and any estimated settlements with the various tax authorities. The effects of these adjustments are recorded to income tax expense. From time to time, we engage in transactions in which the tax consequences may be subject to uncertainty. In these cases, we evaluate our tax position using the recognition threshold and the measurement attribute in accordance with the accounting guidance related to uncertain tax positions. Examples of these transactions include business acquisitions and dispositions, including consideration paid or received in connection with these transactions, certain financing transactions, and the allocation of income among state and local tax jurisdictions. Significant judgment is required in assessing and estimating the tax consequences of these transactions. We determine whether it is more likely than not that a tax position will be sustained on examination, including the resolution of any related appeals or litigation processes, based on the technical merits of the position. A tax position that meets the more-likely-than-not recognition threshold is measured to determine the amount of benefit to be recognized in our consolidated financial statements. We classify interest and penalties, if any, associated with our uncertain tax positions as a component of income tax (expense) benefit. Components of Net Deferred Tax Liability December 31 (in millions) 2021 2020 Deferred Tax Assets: Net operating loss and other loss carryforwards $ 3,194 $ 2,609 Nondeductible accruals and other 3,246 3,253 Less: Valuation allowance 2,907 2,312 3,533 3,550 Deferred Tax Liabilities: Differences between book and tax basis of property and equipment and intangible assets 30,584 29,829 Differences between book and tax basis of investments 526 405 Differences between book and tax basis of long-term debt 1,788 680 Differences between book and tax basis of foreign subsidiaries and undistributed foreign earnings 394 468 33,292 31,382 Net deferred tax liability $ 29,759 $ 27,832 The following table presents changes in our valuation allowance for deferred tax assets: (in millions) 2021 2020 2019 Beginning balance $ 2,312 $ 1,906 $ 632 Additions charged to income tax expense and other accounts 635 430 1,403 Deductions from reserves 40 24 129 Ending balance $ 2,907 $ 2,312 $ 1,906 Changes in our net deferred tax liability in 2021 that were not recorded as deferred income tax benefit (expense) are primarily related to an increase of $73 million related to acquisitions and a decrease of $44 million associated with items included in other comprehensive income (loss). As of December 31, 2021, we had federal net operating loss carryforwards of $196 million, and various state net operating loss carryforwards, the majority of which expire in periods through 2041. As of December 31, 2021, we also had foreign net operating loss carryforwards of $9.6 billion related to our foreign operations, primarily at Sky and NBCUniversal, the majority of which can be carried forward indefinitely. The determination of the realization of the state and foreign net operating loss carryforwards is dependent on our subsidiaries’ taxable income or loss, apportionment percentages, redetermination from taxing authorities, and state and foreign laws that can change from year to year and impact the amount of such carryforwards. We recognize a valuation allowance if we determine it is more likely than not that some portion, or all, of a deferred tax asset will not be realized. As of December 31, 2021 and 2020, our valuation allowance was primarily related to foreign and state net operating loss carryforwards. Uncertain Tax Positions Reconciliation of Unrecognized Tax Benefits (in millions) 2021 2020 2019 Gross unrecognized tax benefits, January 1 $ 1,879 $ 1,422 $ 1,543 Additions based on tax positions related to the current year 352 436 230 Additions based on tax positions related to prior years 111 152 133 Reductions for tax positions of prior years (181) (31) (344) Reductions due to expiration of statutes of limitations (107) (76) (117) Settlements with tax authorities and other (12) (24) (23) Gross unrecognized tax benefits, December 31 $ 2,042 $ 1,879 $ 1,422 Our gross unrecognized tax benefits include both amounts related to positions for which we have recorded liabilities for potential payment obligations and those for which tax has been assessed and paid. The amounts exclude the federal benefits on state tax positions that were recorded to deferred income taxes. If we were to recognize our gross unrecognized tax benefits in the future, $1.5 billion would impact our effective tax rate and the remaining amount would increase our deferred income tax liability. The amount and timing of the recognition of any such tax benefit is dependent on the completion of examinations of our tax filings by the various tax authorities and the expiration of statutes of limitations. It is reasonably possible that certain tax contests could be resolved within the next 12 months that may result in a decrease in our effective tax rate. As of December 31, 2021 and 2020, accrued interest and penalties associated with our liability for uncertain tax positions were not material. |
Long-Term Debt
Long-Term Debt | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | Note 6: Long-Term Debt Long-Term Debt Outstanding December 31 (in millions) Weighted-Average Weighted-Average Interest Rate as of December 31, 2020 2021 (b) 2020 (b) Term loans 4.41 % 2.07 % $ 3,148 $ 7,641 Senior notes with maturities of 5 years or less, at face value 3.50 % 3.41 % 18,443 19,190 Senior notes with maturities between 5 and 10 years, at face value 3.16 % 3.47 % 22,964 23,114 Senior notes with maturities greater than 10 years, at face value 3.67 % 4.03 % 54,536 54,203 Finance lease obligations and other 1,713 1,261 Debt issuance costs, premiums, discounts, fair value adjustments for acquisition accounting and hedged positions, net (5,954) (1,649) Total debt 3.74 % (a) 3.67 % (a) 94,850 103,760 Less: Current portion 2,132 3,146 Long-term debt $ 92,718 $ 100,614 (a) Rate represents an effective interest rate and includes the effects of amortization of debt issuance costs, premiums, discounts, fair value adjustments for acquisition accounting and hedged positions, as well as the effects of our derivative financial instruments. (b) As of December 31, 2021, included in our outstanding debt were foreign currency denominated senior notes and term loans with principal amounts of £2.6 billion, €7.5 billion and ¥20.0 billion RMB. As of December 31, 2020, included in our outstanding debt were foreign currency denominated senior notes and term loans with principal amounts of £4.7 billion, €7.3 billion, ¥238.5 billion and ¥16.4 billion RMB. Our senior notes are unsubordinated and unsecured obligations and are subject to parent and/or subsidiary guarantees. As of December 31, 2021 and 2020, our debt had an estimated fair value of $109.3 billion and $125.6 billion, respectively. 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. Principal Maturities of Debt (in millions) 2022 $ 2,135 2023 $ 1,056 2024 $ 4,324 2025 $ 6,136 2026 $ 5,232 Thereafter $ 81,919 We use cross-currency swaps as cash flow hedges for certain foreign currency denominated debt obligations with obligations denominated in a currency other than the functional currency of the issuer. Cross-currency swaps effectively convert foreign currency denominated debt to debt denominated in the functional currency, which hedge currency exchange risks associated with foreign currency denominated cash flows such as interest and principal debt repayments. As of December 31, 2021 and 2020, we had cross-currency swaps designated as cash flow hedges on $1.6 billion and $1.7 billion of our foreign currency denominated debt, respectively. As of December 31, 2021 and 2020, the aggregate estimated fair value of cross-currency swaps designated as cash flow hedges was a net liability of $53 million and a net liability of $45 million, respectively. We are also exposed to foreign exchange risk on the consolidation of our foreign operations. We have foreign currency denominated debt and cross-currency swaps designated as hedges of our net investments in certain of these subsidiaries. Transaction gains and losses resulting from currency movements on debt and changes in the fair value of cross-currency swaps designated as net investment hedges are recorded within the currency translation adjustments component of accumulated other comprehensive income (loss). As of December 31, 2021 and 2020, the amount of our net investment in foreign subsidiaries hedged using foreign currency denominated debt was $8.2 billion and $10.3 billion, respectively, and the amount of our net investment in foreign subsidiaries hedged using cross-currency swaps was $3.6 billion and $4.0 billion, respectively. As of December 31, 2021 and 2020, the aggregate estimated fair value of these cross-currency swaps was a net liability of $104 million and $376 million, respectively. The amount of pre-tax gains (losses) related to net investment hedges recognized in the cumulative translation adjustments component of other comprehensive income (loss) were gains of $760 million in 2021, losses of $686 million in 2020 and gains of $343 million in 2019. Revolving Credit Facilities and Commercial Paper Programs 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 December 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 revolving credit facility replaced an aggregate $9.2 billion of existing revolving credit facilities due May 26, 2022, which were terminated. Our commercial paper program is supported by our revolving credit facility and provides a lower cost source of borrowing to fund short-term working capital requirements. As of December 31, 2021 and 2020, we had no borrowings outstanding under our commercial paper programs or revolving credit facilities. As of December 31, 2021, amounts available under our revolving credit facility, net of amounts outstanding under our commercial paper program and outstanding letters of credit and bank guarantees, totaled $11 billion. Letters of Credit and Bank Guarantees As of December 31, 2021, we and certain of our subsidiaries had undrawn irrevocable standby letters of credit and bank guarantees totaling $341 million to cover potential fundings under various agreements. |
Significant Transactions
Significant Transactions | 12 Months Ended |
Dec. 31, 2021 | |
Business Combination and Asset Acquisition [Abstract] | |
Significant Transactions | Note 7: Significant Transactions Universal Beijing Resort In 2018, 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”), which opened in September 2021. We own a 30% interest in Universal Beijing Resort and the construction was funded through a combination of debt financing and equity contributions from the investors in accordance with their equity interests. The debt financing, which is being provided by a syndicate of Chinese financial institutions, contains certain covenants and a maximum borrowing limit of ¥29.7 billion RMB (approximately $4.7 billion), which was increased from ¥26.6 billion RMB (approximately $4.2 billion) in the third quarter of 2021. The debt financing is secured by the assets of Universal Beijing Resort and the equity interests of the inve stors. A s of December 31, 2021, Universal Beijing Resort had $3.6 billion of debt outstanding, including $3.1 billion principal amount of a term loan outstanding under the debt financing agreement. We have concluded that Universal Beijing Resort is a VIE based on its governance structure, and we consolidate it because we have the power to direct activities that most significantly impact its economic performance. There are no liquidity arrangements, guarantees or other financial commitments between us and Universal Beijing Resort, and therefore our maximum risk of financial loss is our 30% interest. Universal Beijing Resort’s results of operations are reported in our Theme Parks segment. Our consolidated statement of cash flows includes the costs of construction and related borrowings in the “construction of Universal Beijing Resort” and “proceeds from borrowings” captions, respectively, and equity contributions from the noncontrolling interests are included in other financing activities. As of December 31, 2021, our consolidated balance sheet included assets and liabilities of Universal Beijing Resort totaling $9.7 billion and $8.1 billion, respectively. The assets and liabilities of Universal Beijing Resort primarily consist of property and equipment, operating lease assets and liabilities, and debt. Acquisitions In October 2021, we acquired Masergy, a provider of software-defined networking and cloud platforms for global enterprises, for total cash consideration of $1.2 billion. The acquisition accelerates our growth in serving large and mid-sized companies, particularly U.S.-based organizations with multi-site global enterprises. Masergy’s results of operations are included in our consolidated results of operations since the acquisition date and are reported in our Cable Communications segment. We have recorded a preliminary estimate of Masergy’s assets and liabilities with approximately $850 million recorded to goodwill and the remainder primarily attributed to software and customer relationship intangible assets. These estimates are not yet final and are subject to change. The acquisition was not material to our consolidated results of operations. |
Investments
Investments | 12 Months Ended |
Dec. 31, 2021 | |
Investments [Abstract] | |
Investments | Note 8: Investments Investment and Other Income (Loss), Net Year ended December 31 (in millions) 2021 2020 2019 Equity in net income (losses) of investees, net $ 2,006 $ (113) $ (505) Realized and unrealized gains (losses) on equity securities, net 339 1,014 656 Other income (loss), net 211 259 287 Investment and other income (loss), net $ 2,557 $ 1,160 $ 438 The amount of unrealized gains (losses), net recognized in 2021, 2020 and 2019 that related to marketable and nonmarketable equity securities still held as of the end of each reporting period was $(80) million, $339 million and $237 million, respectively. Investments December 31 (in millions) 2021 2020 Equity method $ 6,111 $ 6,006 Marketable equity securities 406 460 Nonmarketable equity securities 1,735 1,950 Other investments 803 143 Total investments 9,055 8,559 Less: Current investments 368 292 Less: Investment securing collateralized obligation 605 447 Noncurrent investments $ 8,082 $ 7,820 Equity Method We use the equity method to account for investments in which we have the ability to exercise significant influence over the investee’s operating and financial policies, or in which we hold a partnership or limited liability company interest in an entity with specific ownership accounts, unless we have virtually no influence over the investee’s operating and financial policies. Equity method investments are recorded at cost and are adjusted to recognize (1) our share, based on percentage ownership or other contractual basis, of the investee’s net income or loss after the date of investment, (2) amortization of the recorded investment that exceeds our share of the book value of the investee’s net assets, (3) additional contributions made and dividends or other distributions received, and (4) impairments resulting from other-than-temporary declines in fair value. For some investments, we record our share of the investee’s net income or loss one quarter in arrears due to the timing of our receipt of such information. Gains or losses on the sale of equity method investments are recorded to other income (loss), net. If an equity method investee were to issue additional securities that would change our proportionate share of the entity, we would recognize the change, if any, as a gain or loss to oth er income (loss), net. Cash distributions received from equity method investments are considered returns on investment and presented within operating activities in the consolidated statement of cash flows to the extent of cumulative equity in net income of the investee. Additional distributions are presented as investing activities. Distributions presented within operating activities totaled $1.1 billion, $66 million and $215 million for 2021, 2020 and 2019, respectively. Atairos On January 1, 2016, we established Atairos Group, Inc., a strategic company focused on investing in and operating companies in a range of industries and business sectors, both domestically and internationally. Atairos is controlled by management companies led by our former CFO through interests that carry all of the voting rights. We are the only third-party investor in Atairos. In November 2020, we amended our agreement with Atairos, which primarily extended the investment term of the agreement from up to 12 years to up to 16.5 years, extended the period in which capital can be recycled to the full investment period and decreased our commitment to fund Atairos from up to $5 billion to up to $4.5 billion in the aggregate at any one time, subject to certain offsets, with the maximum amount of annual capital calls reduced to $400 million, plus certain amounts previously distributed. In addition, we have separately committed to fund Atairos $45 million annually for a management fee, subject to certain adjustments. The management company investors have committed to fund from $50 million to $100 million, with at least $40 million to be funded by our former CFO, subject to his continued role with Atairos. Our economic interests do not carry voting rights and obligate us to absorb approximately 99% of any losses and they provide us the right to receive approximately 86% of any residual returns in Atairos, in either case on a cumulative basis. We have concluded that Atairos is a VIE, that we do not have the power to direct the activities that most significantly impact the economic performance of Atairo s as we have no voting rights and only certain consent rights, and that we are not a related party with our former CFO or the management companies. We therefore do not consolidate Atairos and account for our investment as an equity method investment. Certain distributions retained by Atairos on our behalf are accounted for as advances and classified within other investments. Atairos may pledge our remaining unfunded capital commitment as security to lenders in connection with certain financing arrangem ents. This has no effect on our funding commitments. There are no other liquidity arrangements, guarantees or other financial commitments between Comcast and Atairos, and therefore our maximum risk of financial loss is our investment balance and our remaining unfunded capital commitment of $1.5 billion as of December 31, 2021. Atairos follows investment company accounting and records its inv estments 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. In 2021, 2020 and 2019, we made cash capital contributions totaling $47 million, $383 million and $571 million, respectively, to Atairos. As of December 31, 2021 and 2020, our investment, inclusive of advances classified within other investments, was $4.7 billion and $3.9 billion, respectively. Hulu and Collateralized Obligation In May 2019, we entered into a series of agreements (the “Hulu Transaction”) with The Walt Disney Company and certain of its subsidiaries, whereby we relinquished our board seats and substantially all voting rights associated with our investment in Hulu, and Disney assumed full operational control. We also acquired our proportionate share of the approximate 10% interest in Hulu previously held by AT&T for approximately $477 million, increasing our ownership interest to approximately 33% from approximately 30%. Following the Hulu Transaction, future capital calls are limited to $1.5 billion in the aggregate each year, with any excess funding requirements funded with member loans. We have the right, but not the obligation, to fund our proportionate share of these capital calls, and if we elect not to fund our share of future equity capital calls, our ownership interest will be diluted, subject to an ownership floor of 21%. The Hulu Transaction agreements include put and call provisions regarding our ownership interest in Hulu, pursuant to which, as early as January 2024, we can require Disney to buy, and Disney can require us to sell our interest, in either case, for fair value at that future time subject to a minimum equity value of $27.5 billion for 100% of the equity of Hulu. The minimum total equity value and ownership floor guarantee minimum proceeds of approximately $5.8 billion upon exercise of the put or call. In connection with the Hulu Transaction, we agreed to extend certain licenses of NBCUniversal content until late 2024. We can terminate most of our content license agreements with Hulu beginning in 2022, and we obtained the right, beginning in 2020, to modify certain exclusive content licenses so that we can exhibit the content on our platforms in return for reduced license fees. In August 2019, we entered into a financing arrangement with a syndicate of banks whereby we received proceeds of $5.2 billion under a term loan facility due March 2024. The principal amount of the term loan is secured by the proceeds guaranteed by Disney under the put/call provisions related to our investment in Hulu. The proceeds from the put/call provisions are available only for the repayment of the term loan and are not available to us unless and until the bank lenders are fully paid under the term loan provisions. The bank lenders have no rights to proceeds from the put/call provisions in excess of amounts owed under the term loan. As a result of this transaction, we now present our investment in Hulu and the term loan separately in our consolidated balance sheet in the captions “investment securing collateralized obligation” and “collateralized obligation”, respectively. The recorded value of our investment reflects our historical cost in applying the equity method, and as a result, is less than its fair value. As of December 31, 2021, our collateralized obligation had both a carrying value and estimated fair value of $5.2 billion. The estimated fair value was based on Level 2 inputs that use interest rates for debt with similar terms and remaining maturities. Marketable Equity Securities We classify investments with readily determinable fair values that are not accounted for under the equity method as marketable equity securities. The changes in fair value of our marketable equity securities between measurement dates are recorded in realized and unrealized gains (losses) on equity securities, net. The fair values of our marketable equity securities are based on Level 1 inputs that use quoted market prices. Nonmarketable Equity Securities We classify investments without readily determinable fair values that are not accounted for under the equity method as nonmarketable equity securities. The accounting guidance requires nonmarketable equity securities to be recorded at cost and adjusted to fair value at each reporting period. However, the guidance allows for a measurement alternative, which is to record the investments at cost, less impairment, if any, and subsequently adjust for observable price changes of identical or similar investments of the same issuer. We apply the measurement alternative, adjusting the investments for observable price changes of identical or similar investments of the same issuer, to a majority of our nonmarketable equity securities. When an observable event occurs, we estimate the fair values of our nonmarketable equity securities primarily based on Level 2 inputs that are derived from observable price changes of similar securities adjusted for insignificant differences in rights and obligations. The changes in value are recorded in realized and unrealized gains (losses) on equity securities, net. Other Investments AirTouch In April 2020, Verizon Americas, Inc., formerly known as AirTouch Communications, Inc. (“AirTouch”), redeemed the two series of preferred stock we previously held and we received cash payments totaling $1.7 billion. Subsequently, we redeemed and repurchased the related three series of preferred shares issued by one of our consolidated subsidiaries and made cash payments totaling $1.8 billion. Impairment Testing of Investments We review our investment portfolio, other than our marketable equity securities, each reporting period to determine whether there are identified events or circumstances that would indicate there is a decline in the fair value. For our nonpublic investments, if there are no identified events or circumstances that would have a significant adverse effect on the fair value of the investment, then the fair value is not estimated. For our equity method investments and held to maturity investments, if an investment is deemed to have experienced an other-than-temporary decline below its cost basis, we reduce the carrying amount of the investment to its quoted or estimated fair value, as applicable, and establish a new cost basis for the investment. For our nonmarketable equity securities, we record the impairment to realized and unrealized gains (losses) on equity securities, net. For our equity method investments and our held to maturity investments, we record the impairment to other income (loss), net. |
Property and Equipment
Property and Equipment | 12 Months Ended |
Dec. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | Note 9: Property and Equipment December 31 (in millions) Weighted-Average 2021 2020 Distribution systems 11 years $ 41,814 $ 40,861 Customer premise equipment 6 years 25,772 26,323 Buildings, theme park infrastructure and leasehold improvements 31 years 20,258 15,885 Other equipment 11 years 16,960 14,371 Construction in process N/A 3,131 7,095 Land N/A 1,722 1,848 Property and equipment, at cost 109,658 106,383 Less: Accumulated depreciation 55,611 54,388 Property and equipment, net $ 54,047 $ 51,995 The table below summarizes our property and equipment by geographic location. December 31 (in millions) 2021 2020 United States $ 41,187 $ 40,580 Other 12,860 11,415 Property and equipment, net $ 54,047 $ 51,995 Property and equipment are stated at cost. We capitalize improvements that extend asset lives and expense repairs and maintenance costs as incurred. We record depreciation using the straight-line method over the asset’s estimated useful life. For assets that are sold or retired, we remove the applicable cost and accumulated depreciation and, unless the gain or loss on disposition is presented separately, we recognize it as a component of depreciation expense. Capital expenditures for the construction of Universal Beijing Resort are presented separately in our consolidated statement of cash flows. Cable Communications capitalizes the costs associated with the construction of and improvements to our cable transmission and distribution facilities, including scalable infrastructure and line extensions; costs associated with acquiring and deploying new customer premise equipment; and costs associated with installation of our services, including the customer’s connection to our network, in accordance with the accounting guidance related to cable television companies. Costs capitalized include all direct costs for labor and materials, as well as various indirect costs. Costs incurred in connection with subsequent disconnects, and reconnects of previously deployed customer premise equipment, are expensed as they are incurred. We evaluate the recoverability of our property and equipment whenever events or substantive changes in circumstances indicate that the carrying amount may not be recoverable. The evaluation is based on the cash flows generated by the underlying asset groups, including estimated future operating results, trends or other determinants of fair value. If the total of the expected future undiscounted cash flows were less than the carrying amount of the asset group, we would recognize an impairment charge to the extent the carrying amount of the asset group exceeded its estimated fair value. Unless presented separately, the impairment charge is included as a component of depreciation expense. Certain of our cable franchise agreements and lease agreements contain provisions requiring us to restore facilities or remove property in the event that the franchise or lease agreement is not renewed. We expect to continually renew our cable franchise agreements and therefore cannot reasonably estimate liabilities associated with such agreements. A remote possibility exists that franchise agreements could be terminated unexpectedly, which could result in us incurring significant expense in complying with restoration or removal provisions. We do not have any material liabilities related to asset retirement obligations recorded in our consolidated financial statements. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 12 Months Ended |
Dec. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | Note 10: Goodwill and Intangible Assets Goodwill by Segment NBCUniversal (in millions) Cable Cable Broadcast Filmed Media Studios Theme Sky Corporate Total Balance, December 31, 2019 $ 15,074 $ 14,067 $ 1,059 $ 3,321 $ — $ — $ 6,739 $ 28,461 $ 4 $ 68,725 Acquisitions 122 — — 27 — — — — — 149 Foreign currency translation and other 68 (73) 3 (4) — — 314 1,489 (2) 1,795 Balance, December 31, 2020 15,264 13,994 1,062 3,344 — — 7,053 29,950 2 70,669 Segment change — (13,994) (1,062) (3,344) 14,728 3,672 — — — — Acquisitions 950 — — — 6 3 — 21 — 979 Foreign currency translation and other (22) — — — (34) (3) (624) (775) (2) (1,459) Balance, December 31, 2021 $ 16,192 $ — $ — $ — $ 14,700 $ 3,672 $ 6,429 $ 29,196 $ — $ 70,189 Goodwill is calculated as the excess of the consideration transferred over the identifiable net assets acquired in a business combination and represents the future economic benefits expected to arise from anticipated synergies and intangible assets acquired that do not qualify for separate recognition, including increased footprint, assembled workforce, noncontractual relationships and other agreements. We assess the recoverability of our goodwill annually, or more frequently whenever events or substantive changes in circumstances indicate that the carrying amount of a reporting unit may exceed its fair value. We test goodwill for impairment at the reporting unit level. To determine our reporting units, we evaluate the components one level below the segment level and we aggregate the components if they have similar economic characteristics. We evaluate the determination of our reporting units used to test for impairment periodically or whenever events or substantive changes in circumstances occur. The assessment of recoverability may first consider qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is more likely than not that the fair value of a reporting unit is less than its carrying amount. A quantitative assessment is performed if the qualitative assessment results in a more-likely-than-not determination or if a qualitative assessment is not performed. The quantitative assessment considers whether the carrying amount of a reporting unit exceeds its fair value, in which case an impairment charge is recorded to the extent the reporting unit’s carrying value exceeds its fair value. Unless presented separately, the impairment charge is included as a component of amortization expense. We have not recognized any material impairment charges. Intangible Assets 2021 2020 December 31 (in millions) Weighted-Average Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Indefinite-Lived Intangible Assets: Franchise rights N/A $ 59,365 $ 59,365 FCC licenses N/A 2,807 2,804 Finite-Lived Intangible Assets: Customer relationships 14 years 22,119 $ (10,612) 22,197 $ (8,914) Software 5 years 20,329 (11,520) 17,819 (9,518) Other agreements and rights 28 years 11,870 (1,413) 12,394 (1,393) Total $ 116,491 $ (23,545) $ 114,579 $ (19,825) Indefinite-Lived Intangible Assets Indefinite-lived intangible assets consist primarily of our cable franchise rights. Our cable franchise rights represent the values we attributed to agreements with state and local authorities that allow access to homes and businesses in cable service areas acquired in business combinations. We do not amortize our cable franchise rights because we have determined that they meet the definition of indefinite-lived intangible assets since there are no legal, regulatory, contractual, competitive, economic or other factors that limit the period over which these rights will contribute to our cash flows. We reassess this determination periodically or whenever events or substantive changes in circumstances occur. The purchase of spectrum rights is presented separately in our consolidated statement of cash flows. We assess the recoverability of our cable franchise rights and other indefinite-lived intangible assets annually, or more frequently whenever events or substantive changes in circumstances indicate that the assets might be impaired. Our three Cable Communications divisions represent the unit of account we use to test for impairment of our cable franchise rights. We evaluate the unit of account used to test for impairment of our cable franchise rights and other indefinite-lived intangible assets periodically or whenever events or substantive changes in circumstances occur to ensure impairment testing is performed at an appropriate level. The assessment of recoverability may first consider qualitative factors to determine whether it is more likely than not that the fair value of an indefinite-lived intangible asset is less than its carrying amount. A quantitative assessment is performed if the qualitative assessment results in a more-likely-than-not determination or if a qualitative assessment is not performed. When performing a quantitative assessment, we estimate the fair value of our cable franchise rights and other indefinite-lived intangible assets primarily based on a discounted cash flow analysis that involves significant judgment. When analyzing the fair values indicated under the discounted cash flow models, we also consider multiples of Adjusted EBITDA generated by the underlying assets, current market transactions and profitability information. If the fair value of our cable franchise rights or other indefinite-lived intangible assets were less than the carrying amount, we would recognize an impairment charge for the difference between the estimated fair value and the carrying value of the assets. Unless presented separately, the impairment charge is included as a component of amortization expense. We did not recognize any material impairment charges in any of the periods presented. Finite-Lived Intangible Assets Estimated Amortization Expense of Finite-Lived Intangible Assets (in millions) 2022 $ 5,140 2023 $ 4,513 2024 $ 3,737 2025 $ 2,996 2026 $ 2,403 Finite-lived intangible assets are subject to amortization and consist primarily of customer relationships acquired in business combinations, software, trade names and intellectual property rights. Our finite-lived intangible assets are amortized primarily on a straight-line basis over their estimated useful life or the term of the associated agreement. We capitalize direct development costs associated with internal-use software, including external direct costs of material and services and payroll costs for employees devoting time to these software projects. We also capitalize costs associated with arrangements that constitute the purchase of, or convey a license to, software licenses. We generally amortize them on a straight-line basis over a period not to exceed five years. We expense maintenance and training costs, as well as costs incurred during the preliminary stage of a project, as they are incurred. We capitalize initial operating system software costs and amortize them over the life of the associated hardware. |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2021 | |
Retirement Benefits [Abstract] | |
Employee Benefit Plans | Note 11: Employee Benefit Plans Deferred Compensation Plans Year ended December 31 (in millions) 2021 2020 2019 Benefit obligation $ 4,002 $ 3,648 $ 3,273 Interest expense $ 265 $ 293 $ 285 We maintain unfunded, nonqualified deferred compensation plans for certain members of management and nonemployee directors. The amount of compensation deferred by each participant is based on participant elections. Participant accounts are credited with income primarily based on a fixed annual rate. Participants are eligible to receive distributions from their account based on elected deferral periods that are consistent with the plans and applicable tax law. We have purchased life insurance policies to recover a portion of the future payments related to our deferred compensation plans. As of December 31, 2021 and 2020, the cash surrender value of these policies, which is recorded to other noncurrent assets, net, was $549 million and $481 million, respectively. Pension and Postretirement Benefit Plans We sponsor several 401(k) defined contribution retirement plans that allow eligible employees to contribute a portion of their compensation through payroll deductions in accordance with specified plan guidelines. We make contributions to the plans that include matching a percentage of the employees’ contributions up to certain limits. In 2021, 2020 and 2019, expenses related to these plans totaled $595 million, $599 million and $573 million, respectively. We participate in various multiemployer benefit plans, including pension and postretirement benefit plans, that cover some of our employees and temporary employees who are represented by labor unions. We also participate in other multiemployer benefit plans that provide health and welfare and retirement savings benefits to active and retired participants. If we cease to be obligated to make contributions or were to otherwise withdraw from participation in any of these plans, applicable law would require us to fund our allocable share of the unfunded vested benefits, which is known as a withdrawal liability. In addition, actions taken by other participating employers may lead to adverse changes in the financial condition of one of these plans, which could result in an increase in our withdrawal liability. Total contributions we made to multiemployer benefit plans and any potential withdrawal liabilities were not material in any of the periods presented. |
Equity
Equity | 12 Months Ended |
Dec. 31, 2021 | |
Equity [Abstract] | |
Equity | Note 12: Equity Common Stock In the aggregate, holders of our Class A common stock have 66 2 / 3 % of the voting power of our common stock and holders of our Class B common stock have 33 1 / 3 % of the voting power of our common stock, which percentage is generally non-dilutable under the terms of our articles of incorporation. Each share of our Class B common stock is entitled to 15 votes. The number of votes held by each share of our Class A common stock depends on the number of shares of Class A and Class B common stock outstanding at any given time. The 33 1 / 3 % aggregate voting power of our Class B common stock cannot be diluted by additional issuances of any other class of common stock. Our Class B common stock is convertible, share for share, into Class A common stock, subject to certain restrictions. Shares of Common Stock Outstanding (in millions) Class A Class B Balance, December 31, 2018 4,517 9 Stock compensation plans 21 — Employee stock purchase plans 6 — Balance, December 31, 2019 4,544 9 Stock compensation plans 20 — Employee stock purchase plans 7 — Balance, December 31, 2020 4,571 9 Stock compensation plans 21 — Repurchases and retirements of common stock (73) — Employee stock purchase plans 5 — Balance, December 31, 2021 4,524 9 Weighted-Average Common Shares Outstanding Year ended December 31 (in millions) 2021 2020 2019 Weighted-average number of common shares outstanding – basic 4,584 4,574 4,548 Effect of dilutive securities 70 50 62 Weighted-average number of common shares outstanding – diluted 4,654 4,624 4,610 Weighted-average common shares outstanding used in calculating 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 in any of the periods presented. Accumulated Other Comprehensive Income (Loss) December 31 (in millions) 2021 2020 Cumulative translation adjustments $ 1,119 $ 1,790 Deferred gains (losses) on cash flow hedges 104 (109) Unrecognized gains (losses) on employee benefit obligations and other 257 203 Accumulated other comprehensive income (loss), net of deferred taxes $ 1,480 $ 1,884 |
Share-Based Compensation
Share-Based Compensation | 12 Months Ended |
Dec. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Share-Based Compensation | Note 13: Share-Based Compensation The tables below provide information on our share-based compensation. Recognized Share-Based Compensation Expense Year ended December 31 (in millions) 2021 2020 2019 Restricted share units $ 729 $ 628 $ 564 Stock options 314 294 231 Employee stock purchase plans 38 38 30 Total $ 1,081 $ 960 $ 825 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. Awards generally vest over a period of 5 years and, in the case of stock options, have a 10 year term. Additionally, through our employee stock purchase plans, employees are able to purchase shares of our common stock at a discount through payroll deductions. As of December 31, 2021, all of our stock options outstanding were net settled stock options, which result in fewer shares being issued and no cash proceeds being received by us when the options are exercised. Stock Options and Restricted Share Units As of December 31, 2021, unless otherwise stated (in millions, except per share data) Stock RSUs Awards granted during 2021 44 17 Weighted-average exercise price of awards granted during 2021 $ 54.22 Stock options outstanding and nonvested RSUs 211 44 Weighted-average exercise price of stock options outstanding $ 40.38 Weighted-average fair value at grant date of nonvested RSUs $ 45.33 The cost associated with our share-based compensation is based on an award’s estimated fair value at the date of grant and is recognized over the period in which any related services are provided. RSUs are valued based on the closing price of our common stock on the date of grant and are discounted for the lack of dividends, if any, during the vesting period. We use the Black-Scholes option pricing model to estimate the fair value of stock option awards. The table below presents the weighted-average fair value on the date of grant of RSUs and stock options awarded under our various plans and the related weighted-average valuation assumptions. Year ended December 31 2021 2020 2019 RSUs fair value $ 54.52 $ 41.71 $ 40.42 Stock options fair value $ 9.72 $ 6.61 $ 7.91 Stock Option Valuation Assumptions: Dividend yield 1.8 % 2.2 % 2.1 % Expected volatility 22.8 % 21.0 % 22.0 % Risk-free interest rate 0.9 % 1.0 % 2.5 % Expected option life (in years) 5.9 6.0 6.0 As of December 31, 2021, we had unrecognized pretax compensation expense of $1.2 billion related to nonvested RSUs and unrecognized pretax compensation expense of $592 million related to nonvested stock options that will be recognized over a weighted-average period of approximately 1.6 and 1.7 years, respectively. In 2021, 2020, and 2019, we recognized $209 million, $150 million and $196 million, respectively, as a reduction to income tax expense as a result of excess tax benefits associated with our share-based compensation plans. |
Supplemental Financial Informat
Supplemental Financial Information | 12 Months Ended |
Dec. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Supplemental Financial Information | Note 14: Supplemental Financial Information Cash Payments for Interest and Income Taxes Year ended December 31 (in millions) 2021 2020 2019 Interest $ 3,908 $ 3,878 $ 4,254 Income taxes $ 2,628 $ 3,183 $ 3,231 Noncash Activities During 2021: • we acquired $2.0 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 $0.25 per common share paid in January 2022 During 2020: • we acquired $1.9 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 January 2021 During 2019: • we acquired $1.9 billion of property and equipment and intangible assets that were accrued but unpaid • we recorded a liability of $956 million for a quarterly cash dividend of $0.21 per common share paid in January 2020 Cash, Cash Equivalents and Restricted Cash The following table provides a reconciliation of cash, cash equivalents and restricted cash reported in the consolidated balance sheet to the total of the amounts reported in our consolidated statement of cash flows. December 31 (in millions) 2021 2020 Cash and cash equivalents $ 8,711 $ 11,740 Restricted cash included in other current assets 56 14 Restricted cash included in other noncurrent assets, net 12 14 Cash, cash equivalents and restricted cash, end of year $ 8,778 $ 11,768 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 15: Commitments and Contingencies Sports Rights and Licensed Content Our most significant fixed-price purchase obligations relate to long-term commitments for sports rights and licensed content. Refer to Note 4 for additional information. Leases Our leases consist primarily of real estate, vehicles and other equipment. We determine if an arrangement is a lease at inception. Lease assets and liabilities are recognized upon commencement of the lease based on the present value of the future minimum lease payments over the lease term. The lease term includes options to extend the lease when it is reasonably certain that we will exercise that option. We generally utilize our incremental borrowing rate based on information available at the commencement of the lease in determining the present value of future payments. The lease asset also includes any lease payments made and initial direct costs incurred and excludes lease incentives. Lease assets and liabilities are not recorded for leases with an initial term of one year or less. Lease expense for operating leases recorded in the balance sheet is included in operating costs and expenses and is based on the future minimum lease payments recognized on a straight-line basis over the term of the lease plus any variable lease costs. In 2021, 2020 and 2019, operating lease expenses, inclusive of short-term and variable lease expenses, recognized in our consolidated statement of income were $1.2 billion, $1.1 billion and $1.1 billion, respectively. These amounts do not include lease costs associated with production activities or other amounts capitalized in our consolidated balance sheet, which were not material. The table below summarizes the operating lease assets and liabilities recorded in our consolidated balance sheet. December 31 (in millions) 2021 2020 Other noncurrent assets, net $ 6,467 $ 3,784 Accrued expenses and other current liabilities $ 766 $ 718 Other noncurrent liabilities $ 6,473 $ 3,740 The table below summarizes our future minimum lease commitments for operating leases as of December 31, 2021. (in millions) December 31, 2022 $ 932 2023 875 2024 771 2025 626 2026 551 Thereafter 7,933 Total future minimum lease payments 11,688 Less: imputed interest 4,449 Total liability $ 7,239 The weighted-average remaining lease terms for operating leases and the weighted-average discount rates used to calculate our operating lease liabilities as of December 31, 2021 were 19 years and 3.94%, respectively, and as of December 31, 2020 were 9 years and 3.58%, respectively. In 2021, 2020 and 2019, cash payments for operating leases recorded in the consolidated balance sheet were $987 million, $936 million and $914 million respectively. We recognized operating lease assets and liabilities of $2.8 billion related to Universal Beijing Resort in 2021. Lease assets and liabilities associated with other operating leases entered into or modified were not material in any period presented. Contractual Obligation We are party to a contractual obligation that involves an interest held by a third party in the revenue of certain theme parks. The arrangement provides the counterparty with the right to periodic payments associated with current period revenue which are recorded as an operating expense, and beginning in June 2017, the option to require NBCUniversal to purchase the interest for cash in an amount based on a contractual formula. The contractual formula is based on an average of specified historical theme park revenue at the time of exercise, which amount could be significantly higher than our carrying value. As of December 31, 2021, our carrying value was $1.1 billion, and the estimated value of the contractual obligation was $1.5 billion based on inputs to the contractual formula as of that date. 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. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Basis of Presentation | The accompanying consolidated financial statements include all entities in which we have a controlling voting interest and variable interest entities (“VIEs”) required to be consolidated, including Universal Beijing Resort (see Note 7). |
Foreign Currency Translation | We translate assets and liabilities of our foreign operations where the functional currency is the local currency into U.S. dollars at the exchange rate as of the balance sheet date and translate revenue and expenses using average monthly exchange rates. The related translation adjustments are recorded as a component of accumulated other comprehensive income (loss) in our consolidated balance sheet. Any foreign currency transaction gains or losses are included in our consolidated statement of income in investment and other income (loss), net. For disclosures containing future amounts where the functional currency is the local currency, we translate the amounts into U.S. dollars at the exchange rates as of the balance sheet date. |
Reclassifications | Reclassifications have been made to our notes to consolidated financial statements for the prior year period to conform to classifications used in 2021. See Note 2 for a discussion of the changes in our presentation of segment operating results. |
Use of Estimates | Our consolidated financial statements are prepared in accordance with GAAP, which require us to select accounting policies, including in certain cases industry-specific policies, and make estimates that affect the reported amount of assets, liabilities, revenue and expenses, and the related disclosure of contingent assets and contingent liabilities. Actual results could differ from these estimates. The following accounting policies are specific to the industries in which we operate: • capitalization and amortization of film and television costs (see Note 4) • costs for connecting customers to our cable systems (see Note 9) |
Advertising Cost | Advertising costs are expensed as incurred. |
Derivative Financial Instruments | We use derivative financial instruments to manage our exposure to the risks associated with fluctuations in interest rates, foreign exchange rates and equity prices. Our objective is to manage the financial and operational exposure arising from these risks by offsetting gains and losses on the underlying exposures with gains and losses on the derivatives used to economically hedge them. Our derivative financial instruments are recorded in our consolidated balance sheet at fair value. We designate certain derivative instruments as cash flow hedges of forecasted transactions, including foreign currency denominated cash flows associated with non-functional currency debt and non-functional currency revenue and expenses. Changes in the fair value of derivative instruments accounted for as cash flow hedges are recorded as a component of accumulated other comprehensive income (loss) until the hedged items affect earnings. For derivatives not designated as cash flow hedges, changes in fair value are recognized in earnings. |
Fair Value Measurements | The accounting guidance related to fair value measurements establishes a hierarchy based on the types of inputs used for the various valuation techniques. The levels of the hierarchy are described below. • Level 1: Values are determined using quoted market prices for identical financial instruments in an active market. • Level 2: Values are determined using quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets. • Level 3: Values are determined using models that use significant inputs that are primarily unobservable, discounted cash flow methodologies or similar techniques, as well as instruments for which the determination of fair value requires significant management judgment or estimation. We use the three tier fair value hierarchy to measure the fair value of certain financial instruments on a recurring basis, such as for investments (see Note 8); on a non-recurring basis, such as for acquisitions and impairment testing; and for disclosure purposes, such as for long-term debt (see Note 6). Our assessment of the significance of a particular input to the fair value measurement requires judgment and may affect the valuation and classification within the fair value hierarchy. |
Revenue Recognition | Cable Communications Segment Revenue is generated from the sale of our broadband, video, voice, wireless and other services to residential customers in the United States under the Xfinity brand, which we market individually and as bundled services at a discounted rate. We also provide these and other services to business customers and sell advertising. Residential We recognize revenue as the services are provided on a monthly basis. Subscription rates and related charges vary according to the services and features customers receive. Revenue from customers that purchase bundled services at a discounted rate is allocated between the separate services based on the respective stand-alone selling prices. The stand-alone selling prices are determined based on the current prices at which we separately sell the services. Significant judgment is used to determine performance obligations that should be accounted for separately and the allocation of revenue when services are combined in a bundle. Customers are typically billed in advance and pay on a monthly basis. Installation fees are deferred and recognized as revenue over the period of benefit to the customer, which is less than a year. While a portion of our customers are subject to contracts for their services, which are typically 1 to 2 years in length, based on our evaluation of the terms of these contracts, we recognize revenue for these services on a basis that is consistent with our customers that are not subject to contracts. Our services generally involve customer premise equipment, such as set-top boxes, cable modems and wireless gateways. The timing and pattern of recognition for customer premise equipment revenue are consistent with those of our services. We recognize revenue from the sale of wireless handsets at the point of sale. Sales commissions are expensed as incurred, as the related period of benefit is less than a year. We also have arrangements to sell certain DTC streaming services to our customers. We have concluded we are generally the sales agent in these arrangements and we record net commission revenue as earned, which is generally as customers are billed on a monthly basis, within broadband revenue. Under the terms of cable franchise agreements, we are generally required to pay the cable franchising authority an amount based on gross video revenue. We generally pass these and other similar fees through to our customers and classify these fees in the respective Cable Communications services revenue with the corresponding costs included in other operating and administrative expenses. Business Services Revenue is generated from subscribers to a variety of our products and services which are offered to businesses. Our service offerings for small business locations primarily include broadband services, as well as voice and video services, that are similar to those provided to residential customers, and include certain other features specific to businesses. We also offer Ethernet network services that connect multiple locations and other services to meet the needs of medium-sized customers and larger enterprises, and we provide cellular backhaul services to mobile network operators. We recognize revenue as the services are provided on a monthly basis. Substantially all of our customers are initially under contracts, with terms typically ranging from 2 years for small and medium-sized businesses to up to 5 years for larger enterprises. At any given time, the amount of future revenue to be earned related to fixed pricing under existing agreements is equal to approximately half of our annual business services revenue, of which the substantial majority will be recognized within 2 years. Customers with contracts may only discontinue service in accordance with the terms of their contracts. We receive payments based on a billing schedule established in our contracts, which is typically on a monthly basis. Installation revenue and sales commissions are generally deferred and recognized over the respective contract terms. Advertising Revenue is generated from the sale of advertising and technology, tools and solutions relating to advertising businesses. As part of distribution agreements with cable networks, we generally receive an allocation of scheduled advertising time that we sell to local, regional and national advertisers. In most cases, the available advertising units are sold by our sales force. We also represent the advertising sales efforts of other multichannel video providers in some markets. Since we are acting as the principal in these arrangements, we record the advertising that is sold in advertising revenue and the fees paid to multichannel video providers in other operating and administrative expenses. In some cases, we work with representation firms as an extension of our sales force to sell a portion of the advertising units allocated to us and record the revenue net of agency commissions. In addition, we generate revenue from the sale of advertising on digital platforms. We enter into advertising arrangements with customers and have determined that a contract exists once all terms and conditions are agreed upon, typically when the number of advertising units is specifically identified and the timing of airing is scheduled. Advertisements are generally aired or viewed within one year once all terms and conditions are agreed upon. Revenue from these arrangements is recognized in the period in which advertisements are aired or viewed. Payment terms vary by contract, although terms generally require payment within 30 to 60 days from when advertisements are aired or viewed. In addition, we also provide technology, tools, data-driven services and marketplace solutions to customers in the media industry to facilitate advertisers more effectively engaging with their target audiences. Revenue earned in this manner is recognized when services are provided. NBCUniversal Segments Advertising Media generates revenue from the sale of advertising on our television networks, Peacock and digital properties. We enter into advertising arrangements with customers and have determined that a contract exists once all terms and conditions are agreed upon, typically when the number of advertising units is specifically identified and the timing of airing is scheduled. Advertisements are generally aired or viewed within one year once all terms are agreed upon. Revenue is recognized, net of agency commissions, in the period in which advertisements are aired or viewed and payment occurs thereafter, with payment generally required within 30 days. In some instances, we guarantee audience ratings for the advertisements. To the extent there is a shortfall in contracts where the ratings were guaranteed, a portion of the revenue is deferred until the shortfall is settled, typically by providing additional advertising units generally within one year of the original airing. Distribution Media generates revenue from the distribution of cable network programming in the United States and internationally to multichannel video providers, including both traditional providers of linear programming and virtual providers who provide streaming services for linear programming. Media also generates revenue from the fees received from multichannel video providers under NBC and Telemundo retransmission consent agreements and associated fees from NBC-affiliated and Telemundo-affiliated local broadcast television stations. Additionally, Media generates revenue from monthly subscription fees received from certain Peacock subscribers. Monthly fees received under distribution agreements with multichannel video providers are generally under multiyear agreements and based on the number of subscribers. Payment terms and conditions vary by contract type, although terms generally include payment within 60 days. These arrangements are accounted for as licenses of functional intellectual property and revenue is recognized as programming is provided on a monthly basis. Content Licensing Studios generates revenue from the licensing of our owned film and television content in the United States and internationally to cable, broadcast and premium networks and to DTC streaming service providers, as well as through video on demand and pay-per-view services. Media also generates revenue from licensing of our owned television content, which is reported in other revenue. Our agreements generally include fixed pricing and span multiple years. For example, following a film’s theatrical release, Studios may license the exhibition rights of a film to different customers over multiple successive distribution windows. We recognize revenue when the content is delivered and available for use by the licensee. When the term of an existing agreement is renewed or extended, we recognize revenue at the later of when the content is available or when the renewal or extension period begins. Payment terms and conditions vary by contract type, although payments are generally collected over the license term. The amount of future revenue to be earned related to fixed pricing under existing third-party agreements at any given time equals approximately one half year to 1 year of annual Studios content licensing revenue, which is the segment with the largest portion of this future revenue. The majority of this revenue will be recognized within 2 years. This amount may fluctuate from period to period depending on the timing of the releases and the availability of content under existing agreements and may not represent the total revenue expected to be recognized as it does not include revenue from future agreements or from variable pricing or optional purchases under existing agreements. For our agreements that include variable pricing, such as pricing based on the number of subscribers to a DTC streaming service sold by our customers, we generally recognize revenue as our customers sell to their subscribers. Theatrical Studios generates revenue from the worldwide theatrical release of produced and acquired films for exhibition in movie theaters. Our arrangements with exhibitors generally entitle us to a percentage of ticket sales. We recognize revenue as the films are viewed and exhibited in theaters and payment generally occurs within 30 days after exhibition. Home Entertainment Studios generates revenue from the sale of our produced and acquired films on DVDs and through digital distribution services. Media also generates revenue from the sale of owned programming on DVDs and through digital distribution services, which is reported in other revenue. We generally recognize revenue from DVD sales, net of estimated returns and customer incentives, on the date that DVDs are delivered to and made available for sale by retailers. Payment terms generally include payment within 60 to 90 days from delivery to the retailer. Theme Parks Theme Parks generates revenue primarily from guest spending at our Universal theme parks in Orlando, Florida; Hollywood, California; Osaka, Japan; and Beijing, China. Guest spending includes ticket sales and in-park spending on food, beverages and merchandise. We also generate revenue from our consumer products business. Additionally, we license the right to use the Universal Studios brand name and other intellectual property and provide other services to third parties, including the party that owns and operates the Universal Studios Singapore theme park on Sentosa Island, Singapore. We recognize revenue from ticket sales when the tickets are used, generally within a year from the date of purchase. For annual passes, we generally recognize revenue on a straight-line basis over the period the pass is available to be used. We recognize revenue from in-park spending and consumer products at the point of sale. Sky Segment Direct-to-Consumer Revenue is generated from subscribers to our video services from both residential and business customers, primarily in the United Kingdom, Italy and Germany. We also provide broadband, voice and wireless phone services in select countries. Generally, all of our residential customers are initially under contracts, with terms typically ranging from rolling monthly to 18 months, depending on the product and territory, and may only discontinue service in accordance with the terms of their contracts. Subscription rates and related charges vary according to the services and features customers receive and the types of equipment they use, and customers are typically billed in advance on a monthly basis. Our video, broadband, voice and wireless services generally may be purchased individually or in bundles. We recognize revenue from video, broadband, voice and wireless services as the services are provided on a monthly basis. At any given time, the amount of future revenue to be earned related to existing agreements is equal to less than half of our annual direct-to-consumer revenue, which generally will be recognized within 18 months. Content Revenue is generated from the distribution of our owned channels on third-party platforms and the licensing of owned and licensed content to third-party video providers. See the NBCUniversal segment discussion of distribution and content licensing revenue above for accounting policies for these types of arrangements. Advertising Revenue is generated from advertising across our owned television channels and where we represent the sales efforts of third-party channels. We also generate revenue from the sale of advertising on digital platforms and various technology, tools and solutions relating to our advertising business. Revenue is recognized when the advertising is aired or viewed. Since we are acting as the principal in the arrangements where we represent the sales efforts of third parties, we record the advertising that is sold in advertising revenue and the fees paid to the third-party channels in other operating and administrative expenses. |
Film and Television Costs | Video Distribution Programming Expenses We incur programming expenses related to the license of the rights to distribute the third-party programmed channels, platforms and related content included in video services we sell to end consumers. Programming is generally acquired under multiyear distribution agreements, with fees typically based on the number of customers that receive the programming and the extent of distribution. Programming distribution arrangements are accounted for as executory contracts with expenses generally recognized based on the rates in the agreements and the arrangements are not subject to impairment. Film and Television Content We incur costs related to the production of owned content and the license of the rights to use content owned by third parties and sports rights on our owned networks and platforms, which are described as owned and licensed content, respectively. We have determined that the predominant monetization strategy for the substantial majority of our content is on an individual basis. 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 owned content predominantly monetized on an individual basis and accrued costs associated with participations and residuals 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 and distribution strategies, 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 licensed content when the license period begins, the content is made available for use and the costs of the licenses are known. Licensed content is amortized as the associated programs are broadcast. |
Film Costs and Entertainment Entities | Owned and licensed content are presented as noncurrent assets in film and television costs. We present amortization of owned and licensed content and accrued costs associated with participations and residuals 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 or licensed content 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 content is 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 content is evaluated for impairment on an individual title basis. Licensed content that is not part of a film group is 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. Licensed content is tested for impairment primarily on a channel, network or platform basis, with the exception of our broadcast networks and owned local broadcast television stations, which are tested on a daypart basis. Estimated fair values of owned and licensed content 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 Rights |
Income Taxes | We base our provision for income taxes on our current period income, changes in our deferred income tax assets and liabilities, income tax rates, changes in estimates of our uncertain tax positions, tax planning opportunities available in the jurisdictions in which we operate and excess tax benefits or deficiencies that arise when the tax consequences of share-based compensation differ from amounts previously recognized in the statement of income. We recognize deferred tax assets and liabilities when there are temporary differences between the financial reporting basis and tax basis of our assets and liabilities and for the expected benefits of using net operating loss carryforwards. When a change in the tax rate or tax law has an impact on deferred taxes, we apply the change based on the years in which the temporary differences are expected to reverse. We record the change in our consolidated financial statements in the period of enactment. The determination of the income tax consequences of a business combination includes identifying the tax basis of assets and liabilities acquired and any contingencies associated with uncertain tax positions assumed or resulting from the business combination. Deferred tax assets and liabilities related to temporary differences of an acquired entity are recorded as of the date of the business combination and are based on our estimate of the ultimate tax basis that will be accepted by the various tax authorities. We record liabilities for contingencies associated with prior tax returns filed by the acquired entity based on criteria set forth in the appropriate accounting guidance. We adjust the deferred tax accounts and the liabilities periodically to reflect any revised estimated tax basis and any estimated settlements with the various tax authorities. The effects of these adjustments are recorded to income tax expense. From time to time, we engage in transactions in which the tax consequences may be subject to uncertainty. In these cases, we evaluate our tax position using the recognition threshold and the measurement attribute in accordance with the accounting guidance related to uncertain tax positions. Examples of these transactions include business acquisitions and dispositions, including consideration paid or received in connection with these transactions, certain financing transactions, and the allocation of income among state and local tax jurisdictions. Significant judgment is required in assessing and estimating the tax consequences of these transactions. We determine whether it is more likely than not that a tax position will be sustained on examination, including the resolution of any related appeals or litigation processes, based on the technical merits of the position. A tax position that meets the more-likely-than-not recognition threshold is measured to determine the amount of benefit to be recognized in our consolidated financial statements. We classify interest and penalties, if any, associated with our uncertain tax positions as a component of income tax (expense) benefit. |
Investments | Equity Method We use the equity method to account for investments in which we have the ability to exercise significant influence over the investee’s operating and financial policies, or in which we hold a partnership or limited liability company interest in an entity with specific ownership accounts, unless we have virtually no influence over the investee’s operating and financial policies. Equity method investments are recorded at cost and are adjusted to recognize (1) our share, based on percentage ownership or other contractual basis, of the investee’s net income or loss after the date of investment, (2) amortization of the recorded investment that exceeds our share of the book value of the investee’s net assets, (3) additional contributions made and dividends or other distributions received, and (4) impairments resulting from other-than-temporary declines in fair value. For some investments, we record our share of the investee’s net income or loss one quarter in arrears due to the timing of our receipt of such information. Gains or losses on the sale of equity method investments are recorded to other income (loss), net. If an equity method investee were to issue additional securities that would change our proportionate share of the entity, we would recognize the change, if any, as a gain or loss to oth er income (loss), net. Cash distributions received from equity method investments are considered returns on investment and presented within operating activities in the consolidated statement of cash flows to the extent of cumulative equity in net income of the investee. Additional distributions are presented as investing activities. Distributions presented within operating activities totaled $1.1 billion, $66 million and $215 million for 2021, 2020 and 2019, respectively. Marketable Equity Securities We classify investments with readily determinable fair values that are not accounted for under the equity method as marketable equity securities. The changes in fair value of our marketable equity securities between measurement dates are recorded in realized and unrealized gains (losses) on equity securities, net. The fair values of our marketable equity securities are based on Level 1 inputs that use quoted market prices. Nonmarketable Equity Securities We classify investments without readily determinable fair values that are not accounted for under the equity method as nonmarketable equity securities. The accounting guidance requires nonmarketable equity securities to be recorded at cost and adjusted to fair value at each reporting period. However, the guidance allows for a measurement alternative, which is to record the investments at cost, less impairment, if any, and subsequently adjust for observable price changes of identical or similar investments of the same issuer. We apply the measurement alternative, adjusting the investments for observable price changes of identical or similar investments of the same issuer, to a majority of our nonmarketable equity securities. When an observable event occurs, we estimate the fair values of our nonmarketable equity securities primarily based on Level 2 inputs that are derived from observable price changes of similar securities adjusted for insignificant differences in rights and obligations. The changes in value are recorded in realized and unrealized gains (losses) on equity securities, net. |
Impairment Testing of Investments | Impairment Testing of Investments We review our investment portfolio, other than our marketable equity securities, each reporting period to determine whether there are identified events or circumstances that would indicate there is a decline in the fair value. For our nonpublic investments, if there are no identified events or circumstances that would have a significant adverse effect on the fair value of the investment, then the fair value is not estimated. For our equity method investments and held to maturity investments, if an investment is deemed to have experienced an other-than-temporary decline below its cost basis, we reduce the carrying amount of the investment to its quoted or estimated fair value, as applicable, and establish a new cost basis for the investment. For our nonmarketable equity securities, we record the impairment to realized and unrealized gains (losses) on equity securities, net. For our equity method investments and our held to maturity investments, we record the impairment to other income (loss), net. |
Property and Equipment | Property and equipment are stated at cost. We capitalize improvements that extend asset lives and expense repairs and maintenance costs as incurred. We record depreciation using the straight-line method over the asset’s estimated useful life. For assets that are sold or retired, we remove the applicable cost and accumulated depreciation and, unless the gain or loss on disposition is presented separately, we recognize it as a component of depreciation expense. Capital expenditures for the construction of Universal Beijing Resort are presented separately in our consolidated statement of cash flows. Cable Communications capitalizes the costs associated with the construction of and improvements to our cable transmission and distribution facilities, including scalable infrastructure and line extensions; costs associated with acquiring and deploying new customer premise equipment; and costs associated with installation of our services, including the customer’s connection to our network, in accordance with the accounting guidance related to cable television companies. Costs capitalized include all direct costs for labor and materials, as well as various indirect costs. Costs incurred in connection with subsequent disconnects, and reconnects of previously deployed customer premise equipment, are expensed as they are incurred. We evaluate the recoverability of our property and equipment whenever events or substantive changes in circumstances indicate that the carrying amount may not be recoverable. The evaluation is based on the cash flows generated by the underlying asset groups, including estimated future operating results, trends or other determinants of fair value. If the total of the expected future undiscounted cash flows were less than the carrying amount of the asset group, we would recognize an impairment charge to the extent the carrying amount of the asset group exceeded its estimated fair value. Unless presented separately, the impairment charge is included as a component of depreciation expense. Certain of our cable franchise agreements and lease agreements contain provisions requiring us to restore facilities or remove property in the event that the franchise or lease agreement is not renewed. We expect to continually renew our cable franchise agreements and therefore cannot reasonably estimate liabilities associated with such agreements. A remote possibility exists that franchise agreements could be terminated unexpectedly, which could result in us incurring significant expense in complying with restoration or removal provisions. We do not have any material liabilities related to asset retirement obligations recorded in our consolidated financial statements. |
Goodwill | Goodwill is calculated as the excess of the consideration transferred over the identifiable net assets acquired in a business combination and represents the future economic benefits expected to arise from anticipated synergies and intangible assets acquired that do not qualify for separate recognition, including increased footprint, assembled workforce, noncontractual relationships and other agreements. We assess the recoverability of our goodwill annually, or more frequently whenever events or substantive changes in circumstances indicate that the carrying amount of a reporting unit may exceed its fair value. We test goodwill for impairment at the reporting unit level. To determine our reporting units, we evaluate the components one level below the segment level and we aggregate the components if they have similar economic characteristics. We evaluate the determination of our reporting units used to test for impairment periodically or whenever events or substantive changes in circumstances occur. The assessment of recoverability may first consider qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is more likely than not that the fair value of a reporting unit is less than its carrying amount. A quantitative assessment is performed if the qualitative assessment results in a more-likely-than-not determination or if a qualitative assessment is not performed. The quantitative assessment considers whether the carrying amount of a reporting unit exceeds its fair value, in which case an impairment charge is recorded to the extent the reporting unit’s carrying value exceeds its fair value. Unless presented separately, the impairment charge is included as a component of amortization expense. We have not recognized any material impairment charges. |
Indefinite-Lived Intangible Assets | Indefinite-lived intangible assets consist primarily of our cable franchise rights. Our cable franchise rights represent the values we attributed to agreements with state and local authorities that allow access to homes and businesses in cable service areas acquired in business combinations. We do not amortize our cable franchise rights because we have determined that they meet the definition of indefinite-lived intangible assets since there are no legal, regulatory, contractual, competitive, economic or other factors that limit the period over which these rights will contribute to our cash flows. We reassess this determination periodically or whenever events or substantive changes in circumstances occur. The purchase of spectrum rights is presented separately in our consolidated statement of cash flows. |
Finite-Lived Intangible Assets | Finite-lived intangible assets are subject to amortization and consist primarily of customer relationships acquired in business combinations, software, trade names and intellectual property rights. Our finite-lived intangible assets are amortized primarily on a straight-line basis over their estimated useful life or the term of the associated agreement. We capitalize direct development costs associated with internal-use software, including external direct costs of material and services and payroll costs for employees devoting time to these software projects. We also capitalize costs associated with arrangements that constitute the purchase of, or convey a license to, software licenses. We generally amortize them on a straight-line basis over a period not to exceed five years. We expense maintenance and training costs, as well as costs incurred during the preliminary stage of a project, as they are incurred. We capitalize initial operating system software costs and amortize them over the life of the associated hardware. |
Postretirement and Pension Benefits | We sponsor several 401(k) defined contribution retirement plans that allow eligible employees to contribute a portion of their compensation through payroll deductions in accordance with specified plan guidelines. We make contributions to the plans that include matching a percentage of the employees’ contributions up to certain limits.We participate in various multiemployer benefit plans, including pension and postretirement benefit plans, that cover some of our employees and temporary employees who are represented by labor unions. We also participate in other multiemployer benefit plans that provide health and welfare and retirement savings benefits to active and retired participants. If we cease to be obligated to make contributions or were to otherwise withdraw from participation in any of these plans, applicable law would require us to fund our allocable share of the unfunded vested benefits, which is known as a withdrawal liability. In addition, actions taken by other participating employers may lead to adverse changes in the financial condition of one of these plans, which could result in an increase in our withdrawal liability. |
Earnings Per Share | Weighted-average common shares outstanding used in calculating 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 in any of the periods presented. |
Share-Based Compensation | The cost associated with our share-based compensation is based on an award’s estimated fair value at the date of grant and is recognized over the period in which any related services are provided. RSUs are valued based on the closing price of our common stock on the date of grant and are discounted for the lack of dividends, if any, during the vesting period. We use the Black-Scholes option pricing model to estimate the fair value of stock option awards. |
Leases | Our leases consist primarily of real estate, vehicles and other equipment. We determine if an arrangement is a lease at inception. Lease assets and liabilities are recognized upon commencement of the lease based on the present value of the future minimum lease payments over the lease term. The lease term includes options to extend the lease when it is reasonably certain that we will exercise that option. We generally utilize our incremental borrowing rate based on information available at the commencement of the lease in determining the present value of future payments. The lease asset also includes any lease payments made and initial direct costs incurred and excludes lease incentives. Lease assets and liabilities are not recorded for leases with an initial term of one year or less. Lease expense for operating leases recorded in the balance sheet is included in operating costs and expenses and is based on the future minimum lease payments recognized on a straight-line basis over the term of the lease plus any variable lease costs. In 2021, 2020 and 2019, operating lease expenses, inclusive of short-term and variable lease expenses, recognized in our consolidated statement of income were $1.2 billion, $1.1 billion and $1.1 billion, respectively. These amounts do not include lease costs associated with production activities or other amounts capitalized in our consolidated balance sheet, which were not material. |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Segment Reporting [Abstract] | |
Financial Data by Business Segment | Our financial data by reportable segment is presented in the tables below. We do not present a measure of total assets for our reportable business segments as this information is not used by management to allocate resources and capital. (in millions) Revenue (a) Adjusted EBITDA (b) Depreciation and Amortization Capital Cash Paid for 2021 Cable Communications $ 64,328 $ 28,097 $ 7,811 $ 6,930 $ 1,438 NBCUniversal Media 22,780 4,569 1,030 100 163 Studios 9,449 884 53 5 11 Theme Parks 5,051 1,267 906 614 43 Headquarters and Other 87 (840) 478 366 143 Eliminations (a) (3,048) (205) — — — NBCUniversal 34,319 5,675 2,466 1,086 360 Sky 20,285 2,359 3,379 948 814 Corporate and Other 461 (1,358) 147 210 272 Eliminations (a) (3,008) (65) — — — Comcast Consolidated $ 116,385 $ 34,708 $ 13,804 $ 9,174 $ 2,883 (in millions) Revenue (a) Adjusted EBITDA (b) Depreciation and Capital Cash Paid for 2020 Cable Communications $ 60,051 $ 25,270 $ 7,753 $ 6,605 $ 1,333 NBCUniversal Media 18,936 5,574 993 122 176 Studios 8,134 1,041 67 12 5 Theme Parks 2,094 (477) 772 1,171 56 Headquarters and Other 53 (563) 475 186 136 Eliminations (a) (2,006) (220) — — — NBCUniversal 27,211 5,355 2,307 1,491 373 Sky 18,594 1,954 3,034 959 741 Corporate and Other 248 (1,785) 6 124 8 Eliminations (a) (2,540) 32 — — — Comcast Consolidated $ 103,564 $ 30,826 $ 13,100 $ 9,179 $ 2,455 (in millions) Revenue (a) Adjusted EBITDA (b) Depreciation and Capital Cash Paid for 2019 Cable Communications $ 58,082 $ 23,266 $ 7,994 $ 6,909 $ 1,426 NBCUniversal Media 19,947 5,834 924 204 101 Studios 9,352 1,058 49 19 10 Theme Parks 6,213 2,498 697 1,605 60 Headquarters and Other 31 (690) 459 244 166 Eliminations (a) (1,585) 11 — — — NBCUniversal 33,958 8,711 2,129 2,072 337 Sky 19,219 3,099 2,699 768 707 Corporate and Other 333 (820) 131 204 5 Eliminations (a) (2,650) 2 — — — Comcast Consolidated $ 108,942 $ 34,258 $ 12,953 $ 9,953 $ 2,475 (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 in Media for fees received from Cable Communications for the sale of cable network programming and under retransmission consent agreements; content licensing revenue in Studios for licenses of owned content to Media and Sky; and advertising revenue in 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 in 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. Year ended December 31 (in millions) 2021 2020 2019 Cable Communications $ 244 $ 202 $ 162 NBCUniversal Media 2,330 1,965 2,202 Studios 3,186 2,214 1,727 Theme Parks 2 — — Headquarters and Other 68 31 1 Sky 32 17 21 Corporate and Other 193 117 121 Total intersegment revenue $ 6,055 $ 4,546 $ 4,235 (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. Year ended December 31 (in millions) 2021 2020 2019 Adjusted EBITDA $ 34,708 $ 30,826 $ 34,258 Adjustments (87) (233) (180) Depreciation (8,628) (8,320) (8,663) Amortization (5,176) (4,780) (4,290) Interest expense (4,281) (4,588) (4,567) Investment and other income (loss), net 2,557 1,160 438 Income before income taxes $ 19,093 $ 14,065 $ 16,996 Adjustments represent the impacts of certain events, gains, losses or other charges that are excluded from Adjusted EBITDA, including Sky transaction-related costs and costs related to our investment portfolio. Adjustments for 2020 also include $177 million related to a legal settlement. |
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. Year ended December 31 (in millions) 2021 2020 2019 Adjusted EBITDA $ 34,708 $ 30,826 $ 34,258 Adjustments (87) (233) (180) Depreciation (8,628) (8,320) (8,663) Amortization (5,176) (4,780) (4,290) Interest expense (4,281) (4,588) (4,567) Investment and other income (loss), net 2,557 1,160 438 Income before income taxes $ 19,093 $ 14,065 $ 16,996 Adjustments represent the impacts of certain events, gains, losses or other charges that are excluded from Adjusted EBITDA, including Sky transaction-related costs and costs related to our investment portfolio. Adjustments for 2020 also include $177 million related to a legal settlement. |
Revenue (Tables)
Revenue (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of revenue | Year ended December 31 (in millions) 2021 2020 2019 Residential: Broadband $ 22,979 $ 20,599 $ 18,752 Video 22,079 21,937 22,270 Voice 3,417 3,532 3,879 Wireless 2,380 1,574 1,167 Business services 8,933 8,191 7,795 Advertising 2,820 2,594 2,465 Other 1,719 1,624 1,754 Total Cable Communications 64,328 60,051 58,082 Advertising 10,291 8,296 9,267 Distribution 10,449 8,795 8,887 Other 2,040 1,845 1,793 Total Media 22,780 18,936 19,947 Content licensing 7,565 6,557 6,373 Theatrical 691 418 1,469 Home entertainment and other 1,193 1,159 1,510 Total Studios 9,449 8,134 9,352 Total Theme Parks 5,051 2,094 6,213 Headquarters and Other 87 53 31 Eliminations (a) (3,048) (2,006) (1,585) Total NBCUniversal 34,319 27,211 33,958 Direct-to-consumer 16,455 15,223 15,538 Content 1,341 1,373 1,432 Advertising 2,489 1,998 2,249 Total Sky 20,285 18,594 19,219 Corporate and Other 461 248 333 Eliminations (a) (3,008) (2,540) (2,650) Total revenue $ 116,385 $ 103,564 $ 108,942 (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 Un ited States but also in select international markets. The table below summarizes our consolidated revenue from customers in certain geographic locations. Year ended December 31 (in millions) 2021 2020 2019 United States $ 90,926 $ 80,327 $ 82,952 United Kingdom 13,999 11,986 12,501 Other 11,460 11,251 13,489 Total revenue $ 116,385 $ 103,564 $ 108,942 |
Schedule of receivables, net | The following table summarizes our accounts receivable: December 31 (in millions) 2021 2020 Receivables, gross $ 12,666 $ 12,273 Less: Allowance for doubtful accounts 658 807 Receivables, net $ 12,008 $ 11,466 |
Changes in the allowance for doubtful accounts | The following table presents changes in our allowance for doubtful accounts: (in millions) 2021 2020 2019 Beginning balance $ 807 $ 419 $ 352 Additions charged to costs and expenses and other accounts 316 912 769 Deductions from reserves 465 524 702 Ending balance $ 658 $ 807 $ 419 |
Other balance sheet accounts | The following table summarizes our other balances that are not separately presented in our 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: December 31 (in millions) 2021 2020 Noncurrent receivables, net (included in other noncurrent assets, net) $ 1,632 $ 1,091 Contract acquisition and fulfillment costs (included in other noncurrent assets, net) $ 1,094 $ 1,060 Noncurrent deferred revenue (included in other noncurrent liabilities) $ 695 $ 750 |
Programming and Production Co_2
Programming and Production Costs (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Other Industries [Abstract] | |
Programming and Production Cost | Year ended December 31 (in millions) 2021 2020 Video distribution programming $ 13,550 $ 12,684 Film and television content: Owned (a) 8,957 7,973 Licensed, including sports rights 14,733 11,264 Other 1,210 1,200 Total programming and production costs $ 38,450 $ 33,121 (a) Amount includes amortization of owned content of $7.3 billion and $6.6 billion for the year ended December 31, 2021 and 2020, respectively, as well as participations and residuals expenses. |
Capitalized Film and Television Costs | Capitalized Film and Television Costs December 31 (in millions) 2021 2020 Owned: Released, less amortization $ 3,726 $ 3,815 Completed, not released 536 139 In production and in development 2,732 2,755 6,994 6,709 Licensed, including sports advances 5,811 6,631 Film and television costs $ 12,806 $ 13,340 |
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 consolidated balance sheet as of December 31, 2021. (in millions) Owned Licensed Completed, not released: 2022 $ 345 Released and licensed content: 2022 $ 1,799 $ 3,649 2023 $ 700 $ 902 2024 $ 387 $ 563 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Schedule of income before income taxes | Income Before Income Taxes Year ended December 31 (in millions) 2021 2020 2019 Domestic $ 21,243 $ 16,211 $ 16,646 Foreign (2,150) (2,146) 350 $ 19,093 $ 14,065 $ 16,996 |
Schedule for the components of income tax expense | Components of Income Tax Expense Year ended December 31 (in millions) 2021 2020 2019 Current (Expense) Benefit: Federal $ (2,355) $ (2,824) $ (2,085) State (669) (836) (425) Foreign (343) (254) (600) (3,367) (3,914) (3,110) Deferred (Expense) Benefit: Federal (1,504) 111 (902) State (255) 71 15 Foreign (133) 368 324 (1,892) 550 (563) Income tax (expense) benefit $ (5,259) $ (3,364) $ (3,673) |
Schedule of items that effect income tax expense | Our income tax expense differs from the federal statutory amount because of the effect of the items detailed in the table below. Year ended December 31 (in millions) 2021 2020 2019 Federal tax at statutory rate $ (4,009) $ (2,954) $ (3,569) State income taxes, net of federal benefit (464) (265) (306) Foreign income taxed at different rates (392) (24) (126) Adjustments to uncertain and effectively settled tax positions, net (238) (344) (3) Federal research and development credits 85 164 124 Excess tax benefits recognized on share-based compensation 209 150 196 Tax legislation (498) (120) 31 Other 48 29 (20) Income tax (expense) benefit $ (5,259) $ (3,364) $ (3,673) |
Schedule of the components of net deferred tax liability | Components of Net Deferred Tax Liability December 31 (in millions) 2021 2020 Deferred Tax Assets: Net operating loss and other loss carryforwards $ 3,194 $ 2,609 Nondeductible accruals and other 3,246 3,253 Less: Valuation allowance 2,907 2,312 3,533 3,550 Deferred Tax Liabilities: Differences between book and tax basis of property and equipment and intangible assets 30,584 29,829 Differences between book and tax basis of investments 526 405 Differences between book and tax basis of long-term debt 1,788 680 Differences between book and tax basis of foreign subsidiaries and undistributed foreign earnings 394 468 33,292 31,382 Net deferred tax liability $ 29,759 $ 27,832 |
Schedule of changes in the valuation allowance for deferred tax assets | The following table presents changes in our valuation allowance for deferred tax assets: (in millions) 2021 2020 2019 Beginning balance $ 2,312 $ 1,906 $ 632 Additions charged to income tax expense and other accounts 635 430 1,403 Deductions from reserves 40 24 129 Ending balance $ 2,907 $ 2,312 $ 1,906 |
Reconciliation of unrecognized tax benefits | Reconciliation of Unrecognized Tax Benefits (in millions) 2021 2020 2019 Gross unrecognized tax benefits, January 1 $ 1,879 $ 1,422 $ 1,543 Additions based on tax positions related to the current year 352 436 230 Additions based on tax positions related to prior years 111 152 133 Reductions for tax positions of prior years (181) (31) (344) Reductions due to expiration of statutes of limitations (107) (76) (117) Settlements with tax authorities and other (12) (24) (23) Gross unrecognized tax benefits, December 31 $ 2,042 $ 1,879 $ 1,422 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
Schedule of Long-Term Debt | Long-Term Debt Outstanding December 31 (in millions) Weighted-Average Weighted-Average Interest Rate as of December 31, 2020 2021 (b) 2020 (b) Term loans 4.41 % 2.07 % $ 3,148 $ 7,641 Senior notes with maturities of 5 years or less, at face value 3.50 % 3.41 % 18,443 19,190 Senior notes with maturities between 5 and 10 years, at face value 3.16 % 3.47 % 22,964 23,114 Senior notes with maturities greater than 10 years, at face value 3.67 % 4.03 % 54,536 54,203 Finance lease obligations and other 1,713 1,261 Debt issuance costs, premiums, discounts, fair value adjustments for acquisition accounting and hedged positions, net (5,954) (1,649) Total debt 3.74 % (a) 3.67 % (a) 94,850 103,760 Less: Current portion 2,132 3,146 Long-term debt $ 92,718 $ 100,614 (a) Rate represents an effective interest rate and includes the effects of amortization of debt issuance costs, premiums, discounts, fair value adjustments for acquisition accounting and hedged positions, as well as the effects of our derivative financial instruments. (b) As of December 31, 2021, included in our outstanding debt were foreign currency denominated senior notes and term loans with principal amounts of £2.6 billion, €7.5 billion and ¥20.0 billion RMB. As of December 31, 2020, included in our outstanding debt were foreign currency denominated senior notes and term loans with principal amounts of £4.7 billion, €7.3 billion, ¥238.5 billion and ¥16.4 billion RMB. |
Debt Maturities | Principal Maturities of Debt (in millions) 2022 $ 2,135 2023 $ 1,056 2024 $ 4,324 2025 $ 6,136 2026 $ 5,232 Thereafter $ 81,919 |
Investments (Tables)
Investments (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Investments [Abstract] | |
Investment and Other Income (Loss), Net | Investment and Other Income (Loss), Net Year ended December 31 (in millions) 2021 2020 2019 Equity in net income (losses) of investees, net $ 2,006 $ (113) $ (505) Realized and unrealized gains (losses) on equity securities, net 339 1,014 656 Other income (loss), net 211 259 287 Investment and other income (loss), net $ 2,557 $ 1,160 $ 438 |
Investment Summary | Investments December 31 (in millions) 2021 2020 Equity method $ 6,111 $ 6,006 Marketable equity securities 406 460 Nonmarketable equity securities 1,735 1,950 Other investments 803 143 Total investments 9,055 8,559 Less: Current investments 368 292 Less: Investment securing collateralized obligation 605 447 Noncurrent investments $ 8,082 $ 7,820 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | December 31 (in millions) Weighted-Average 2021 2020 Distribution systems 11 years $ 41,814 $ 40,861 Customer premise equipment 6 years 25,772 26,323 Buildings, theme park infrastructure and leasehold improvements 31 years 20,258 15,885 Other equipment 11 years 16,960 14,371 Construction in process N/A 3,131 7,095 Land N/A 1,722 1,848 Property and equipment, at cost 109,658 106,383 Less: Accumulated depreciation 55,611 54,388 Property and equipment, net $ 54,047 $ 51,995 |
Property and Equipment by Geographic Location | The table below summarizes our property and equipment by geographic location. December 31 (in millions) 2021 2020 United States $ 41,187 $ 40,580 Other 12,860 11,415 Property and equipment, net $ 54,047 $ 51,995 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill | Goodwill by Segment NBCUniversal (in millions) Cable Cable Broadcast Filmed Media Studios Theme Sky Corporate Total Balance, December 31, 2019 $ 15,074 $ 14,067 $ 1,059 $ 3,321 $ — $ — $ 6,739 $ 28,461 $ 4 $ 68,725 Acquisitions 122 — — 27 — — — — — 149 Foreign currency translation and other 68 (73) 3 (4) — — 314 1,489 (2) 1,795 Balance, December 31, 2020 15,264 13,994 1,062 3,344 — — 7,053 29,950 2 70,669 Segment change — (13,994) (1,062) (3,344) 14,728 3,672 — — — — Acquisitions 950 — — — 6 3 — 21 — 979 Foreign currency translation and other (22) — — — (34) (3) (624) (775) (2) (1,459) Balance, December 31, 2021 $ 16,192 $ — $ — $ — $ 14,700 $ 3,672 $ 6,429 $ 29,196 $ — $ 70,189 |
Summary of Intangible Assets | Intangible Assets 2021 2020 December 31 (in millions) Weighted-Average Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Indefinite-Lived Intangible Assets: Franchise rights N/A $ 59,365 $ 59,365 FCC licenses N/A 2,807 2,804 Finite-Lived Intangible Assets: Customer relationships 14 years 22,119 $ (10,612) 22,197 $ (8,914) Software 5 years 20,329 (11,520) 17,819 (9,518) Other agreements and rights 28 years 11,870 (1,413) 12,394 (1,393) Total $ 116,491 $ (23,545) $ 114,579 $ (19,825) |
Amortization of Intangible Assets | Estimated Amortization Expense of Finite-Lived Intangible Assets (in millions) 2022 $ 5,140 2023 $ 4,513 2024 $ 3,737 2025 $ 2,996 2026 $ 2,403 |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Retirement Benefits [Abstract] | |
Deferred Compensation Plans | Year ended December 31 (in millions) 2021 2020 2019 Benefit obligation $ 4,002 $ 3,648 $ 3,273 Interest expense $ 265 $ 293 $ 285 |
Equity (Tables)
Equity (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Equity [Abstract] | |
Schedule of common stock outstanding | Shares of Common Stock Outstanding (in millions) Class A Class B Balance, December 31, 2018 4,517 9 Stock compensation plans 21 — Employee stock purchase plans 6 — Balance, December 31, 2019 4,544 9 Stock compensation plans 20 — Employee stock purchase plans 7 — Balance, December 31, 2020 4,571 9 Stock compensation plans 21 — Repurchases and retirements of common stock (73) — Employee stock purchase plans 5 — Balance, December 31, 2021 4,524 9 |
Schedule of weighted average common shares outstanding | Weighted-Average Common Shares Outstanding Year ended December 31 (in millions) 2021 2020 2019 Weighted-average number of common shares outstanding – basic 4,584 4,574 4,548 Effect of dilutive securities 70 50 62 Weighted-average number of common shares outstanding – diluted 4,654 4,624 4,610 |
Schedule of accumulated other comprehensive income (loss) | Accumulated Other Comprehensive Income (Loss) December 31 (in millions) 2021 2020 Cumulative translation adjustments $ 1,119 $ 1,790 Deferred gains (losses) on cash flow hedges 104 (109) Unrecognized gains (losses) on employee benefit obligations and other 257 203 Accumulated other comprehensive income (loss), net of deferred taxes $ 1,480 $ 1,884 |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Schedule of recognized share-based compensation expense | The tables below provide information on our share-based compensation. Recognized Share-Based Compensation Expense Year ended December 31 (in millions) 2021 2020 2019 Restricted share units $ 729 $ 628 $ 564 Stock options 314 294 231 Employee stock purchase plans 38 38 30 Total $ 1,081 $ 960 $ 825 |
Schedule of stock option and restricted share units activity | Stock Options and Restricted Share Units As of December 31, 2021, unless otherwise stated (in millions, except per share data) Stock RSUs Awards granted during 2021 44 17 Weighted-average exercise price of awards granted during 2021 $ 54.22 Stock options outstanding and nonvested RSUs 211 44 Weighted-average exercise price of stock options outstanding $ 40.38 Weighted-average fair value at grant date of nonvested RSUs $ 45.33 |
Schedule of stock option and restricted share units weighted-average fair value and significant assumptions | The table below presents the weighted-average fair value on the date of grant of RSUs and stock options awarded under our various plans and the related weighted-average valuation assumptions. Year ended December 31 2021 2020 2019 RSUs fair value $ 54.52 $ 41.71 $ 40.42 Stock options fair value $ 9.72 $ 6.61 $ 7.91 Stock Option Valuation Assumptions: Dividend yield 1.8 % 2.2 % 2.1 % Expected volatility 22.8 % 21.0 % 22.0 % Risk-free interest rate 0.9 % 1.0 % 2.5 % Expected option life (in years) 5.9 6.0 6.0 |
Supplemental Financial Inform_2
Supplemental Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of cash payments for interest and income taxes | Cash Payments for Interest and Income Taxes Year ended December 31 (in millions) 2021 2020 2019 Interest $ 3,908 $ 3,878 $ 4,254 Income taxes $ 2,628 $ 3,183 $ 3,231 |
Schedule of cash, cash equivalents and restricted cash | The following table provides a reconciliation of cash, cash equivalents and restricted cash reported in the consolidated balance sheet to the total of the amounts reported in our consolidated statement of cash flows. December 31 (in millions) 2021 2020 Cash and cash equivalents $ 8,711 $ 11,740 Restricted cash included in other current assets 56 14 Restricted cash included in other noncurrent assets, net 12 14 Cash, cash equivalents and restricted cash, end of year $ 8,778 $ 11,768 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Summary of operating lease assets and liabilities | The table below summarizes the operating lease assets and liabilities recorded in our consolidated balance sheet. December 31 (in millions) 2021 2020 Other noncurrent assets, net $ 6,467 $ 3,784 Accrued expenses and other current liabilities $ 766 $ 718 Other noncurrent liabilities $ 6,473 $ 3,740 |
Summary of future minimum rental commitments for operating leases under the new guidance | The table below summarizes our future minimum lease commitments for operating leases as of December 31, 2021. (in millions) December 31, 2022 $ 932 2023 875 2024 771 2025 626 2026 551 Thereafter 7,933 Total future minimum lease payments 11,688 Less: imputed interest 4,449 Total liability $ 7,239 |
Segment Information - Narrative
Segment Information - Narrative (Details) - Operating Segments | 12 Months Ended |
Dec. 31, 2021businesssegment | |
Segment Reporting Information [Line Items] | |
Number of primary businesses | business | 3 |
Cable Communications | |
Segment Reporting Information [Line Items] | |
Number of reportable segments | 1 |
NBCUniversal | |
Segment Reporting Information [Line Items] | |
Number of reportable segments | 3 |
Sky | |
Segment Reporting Information [Line Items] | |
Number of reportable segments | 1 |
Segment Information - Financial
Segment Information - Financial Data (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Financial Data by Business Segment | |||
Revenue | $ 116,385 | $ 103,564 | $ 108,942 |
Adjusted EBITDA | 34,708 | 30,826 | 34,258 |
Depreciation and Amortization | 13,804 | 13,100 | 12,953 |
Capital Expenditures | 9,174 | 9,179 | 9,953 |
Cash Paid for Intangible Assets | 2,883 | 2,455 | 2,475 |
Operating Segments | Cable Communications | |||
Financial Data by Business Segment | |||
Revenue | 64,328 | 60,051 | 58,082 |
Adjusted EBITDA | 28,097 | 25,270 | 23,266 |
Depreciation and Amortization | 7,811 | 7,753 | 7,994 |
Capital Expenditures | 6,930 | 6,605 | 6,909 |
Cash Paid for Intangible Assets | 1,438 | 1,333 | 1,426 |
Operating Segments | NBCUniversal | |||
Financial Data by Business Segment | |||
Revenue | 34,319 | 27,211 | 33,958 |
Adjusted EBITDA | 5,675 | 5,355 | 8,711 |
Depreciation and Amortization | 2,466 | 2,307 | 2,129 |
Capital Expenditures | 1,086 | 1,491 | 2,072 |
Cash Paid for Intangible Assets | 360 | 373 | 337 |
Operating Segments | Media | |||
Financial Data by Business Segment | |||
Revenue | 22,780 | 18,936 | 19,947 |
Adjusted EBITDA | 4,569 | 5,574 | 5,834 |
Depreciation and Amortization | 1,030 | 993 | 924 |
Capital Expenditures | 100 | 122 | 204 |
Cash Paid for Intangible Assets | 163 | 176 | 101 |
Operating Segments | Studios | |||
Financial Data by Business Segment | |||
Revenue | 9,449 | 8,134 | 9,352 |
Adjusted EBITDA | 884 | 1,041 | 1,058 |
Depreciation and Amortization | 53 | 67 | 49 |
Capital Expenditures | 5 | 12 | 19 |
Cash Paid for Intangible Assets | 11 | 5 | 10 |
Operating Segments | Theme Parks | |||
Financial Data by Business Segment | |||
Revenue | 5,051 | 2,094 | 6,213 |
Adjusted EBITDA | 1,267 | (477) | 2,498 |
Depreciation and Amortization | 906 | 772 | 697 |
Capital Expenditures | 614 | 1,171 | 1,605 |
Cash Paid for Intangible Assets | 43 | 56 | 60 |
Operating Segments | Sky | |||
Financial Data by Business Segment | |||
Revenue | 20,285 | 18,594 | 19,219 |
Adjusted EBITDA | 2,359 | 1,954 | 3,099 |
Depreciation and Amortization | 3,379 | 3,034 | 2,699 |
Capital Expenditures | 948 | 959 | 768 |
Cash Paid for Intangible Assets | 814 | 741 | 707 |
Eliminations | |||
Financial Data by Business Segment | |||
Revenue | (3,008) | (2,540) | (2,650) |
Adjusted EBITDA | (65) | 32 | 2 |
Depreciation and Amortization | 0 | 0 | 0 |
Capital Expenditures | 0 | 0 | 0 |
Cash Paid for Intangible Assets | 0 | 0 | 0 |
Eliminations | NBCUniversal | |||
Financial Data by Business Segment | |||
Revenue | (3,048) | (2,006) | (1,585) |
Adjusted EBITDA | (205) | (220) | 11 |
Depreciation and Amortization | 0 | 0 | 0 |
Capital Expenditures | 0 | 0 | 0 |
Cash Paid for Intangible Assets | 0 | 0 | 0 |
Corporate and Other | |||
Financial Data by Business Segment | |||
Revenue | 461 | 248 | 333 |
Adjusted EBITDA | (1,358) | (1,785) | (820) |
Depreciation and Amortization | 147 | 6 | 131 |
Capital Expenditures | 210 | 124 | 204 |
Cash Paid for Intangible Assets | 272 | 8 | 5 |
Corporate and Other | NBCUniversal | |||
Financial Data by Business Segment | |||
Revenue | 87 | 53 | 31 |
Adjusted EBITDA | (840) | (563) | (690) |
Depreciation and Amortization | 478 | 475 | 459 |
Capital Expenditures | 366 | 186 | 244 |
Cash Paid for Intangible Assets | $ 143 | $ 136 | $ 166 |
Segment Information - Intersegm
Segment Information - Intersegment Revenue (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Segment Reporting Information [Line Items] | |||
Revenue | $ 116,385 | $ 103,564 | $ 108,942 |
Total Intersegment Revenue And Corporate And Other | |||
Segment Reporting Information [Line Items] | |||
Revenue | 6,055 | 4,546 | 4,235 |
Total intersegment revenue | Cable Communications | |||
Segment Reporting Information [Line Items] | |||
Revenue | 244 | 202 | 162 |
Total intersegment revenue | Media | |||
Segment Reporting Information [Line Items] | |||
Revenue | 2,330 | 1,965 | 2,202 |
Total intersegment revenue | Studios | |||
Segment Reporting Information [Line Items] | |||
Revenue | 3,186 | 2,214 | 1,727 |
Total intersegment revenue | Theme Parks | |||
Segment Reporting Information [Line Items] | |||
Revenue | 2 | 0 | 0 |
Total intersegment revenue | Sky | |||
Segment Reporting Information [Line Items] | |||
Revenue | 32 | 17 | 21 |
Corporate and Other | |||
Segment Reporting Information [Line Items] | |||
Revenue | 193 | 117 | 121 |
Corporate and Other | NBCUniversal | |||
Segment Reporting Information [Line Items] | |||
Revenue | $ 68 | $ 31 | $ 1 |
Segment Information - Reconcili
Segment Information - Reconciliation of Adjusted EBITDA from Segment to Consolidated Statements (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Segment Reporting Information [Line Items] | |||
Adjusted EBITDA | $ 34,708 | $ 30,826 | $ 34,258 |
Adjustments | 87 | 233 | 180 |
Depreciation | (8,628) | (8,320) | (8,663) |
Amortization | (5,176) | (4,780) | (4,290) |
Interest expense | (4,281) | (4,588) | (4,567) |
Investment and other income (loss), net | 2,557 | 1,160 | 438 |
Income before income taxes | $ 19,093 | 14,065 | $ 16,996 |
Gain (loss) Related to Legal Settlement | |||
Segment Reporting Information [Line Items] | |||
Adjustments | $ 177 |
Revenue - Disaggregation of Rev
Revenue - Disaggregation of Revenue (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disaggregation of Revenue [Line Items] | |||
Revenue | $ 116,385 | $ 103,564 | $ 108,942 |
Operating Segments | Cable Communications | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 64,328 | 60,051 | 58,082 |
Operating Segments | Cable Communications | Residential, Broadband | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 22,979 | 20,599 | 18,752 |
Operating Segments | Cable Communications | Residential, Video | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 22,079 | 21,937 | 22,270 |
Operating Segments | Cable Communications | Residential, Voice | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 3,417 | 3,532 | 3,879 |
Operating Segments | Cable Communications | Residential, Wireless | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 2,380 | 1,574 | 1,167 |
Operating Segments | Cable Communications | Business services | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 8,933 | 8,191 | 7,795 |
Operating Segments | Cable Communications | Advertising | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 2,820 | 2,594 | 2,465 |
Operating Segments | Cable Communications | Other | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 1,719 | 1,624 | 1,754 |
Operating Segments | NBCUniversal | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 34,319 | 27,211 | 33,958 |
Operating Segments | Media | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 22,780 | 18,936 | 19,947 |
Operating Segments | Media | Advertising | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 10,291 | 8,296 | 9,267 |
Operating Segments | Media | Other | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 2,040 | 1,845 | 1,793 |
Operating Segments | Media | Distribution | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 10,449 | 8,795 | 8,887 |
Operating Segments | Studios | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 9,449 | 8,134 | 9,352 |
Operating Segments | Studios | Content licensing | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 7,565 | 6,557 | 6,373 |
Operating Segments | Studios | Theatrical | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 691 | 418 | 1,469 |
Operating Segments | Studios | Home Entertainment and Other | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 1,193 | 1,159 | 1,510 |
Operating Segments | Theme Parks | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 5,051 | 2,094 | 6,213 |
Operating Segments | Sky | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 20,285 | 18,594 | 19,219 |
Operating Segments | Sky | Advertising | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 2,489 | 1,998 | 2,249 |
Operating Segments | Sky | Direct-to-consumer | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 16,455 | 15,223 | 15,538 |
Operating Segments | Sky | Content | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 1,341 | 1,373 | 1,432 |
Eliminations | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | (3,008) | (2,540) | (2,650) |
Eliminations | NBCUniversal | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | (3,048) | (2,006) | (1,585) |
Corporate and Other | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 461 | 248 | 333 |
Corporate and Other | NBCUniversal | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | $ 87 | $ 53 | $ 31 |
Revenue - Revenue by Geographic
Revenue - Revenue by Geographic Location (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disaggregation of Revenue [Line Items] | |||
Revenue | $ 116,385 | $ 103,564 | $ 108,942 |
United States | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 90,926 | 80,327 | 82,952 |
United Kingdom | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 13,999 | 11,986 | 12,501 |
Other | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | $ 11,460 | $ 11,251 | $ 13,489 |
Revenue - Narrative (Details)
Revenue - Narrative (Details) | 12 Months Ended |
Dec. 31, 2021 | |
Cable Communications | Residential | Minimum | |
Revenue [Line Items] | |
Term of contract | 1 year |
Cable Communications | Residential | Maximum | |
Revenue [Line Items] | |
Term of contract | 2 years |
Cable Communications | Business services | |
Revenue [Line Items] | |
Backlog as a percent of annual revenue (in percent) | 50.00% |
Cable Communications | Business services | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01 | |
Revenue [Line Items] | |
Timing period of recognition | 2 years |
Cable Communications | Business services | Minimum | |
Revenue [Line Items] | |
Term of contract | 2 years |
Cable Communications | Business services | Maximum | |
Revenue [Line Items] | |
Term of contract | 5 years |
Cable Communications | Advertising | Minimum | |
Revenue [Line Items] | |
Expected payment terms | 30 days |
Cable Communications | Advertising | Maximum | |
Revenue [Line Items] | |
Expected payment terms | 60 days |
Studios and Media | Content licensing | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-01-01 | |
Revenue [Line Items] | |
Timing period of recognition | 2 years |
Media | Advertising | |
Revenue [Line Items] | |
Expected payment terms | 30 days |
Media | Distribution | |
Revenue [Line Items] | |
Expected payment terms | 60 days |
Studios | Theatrical | |
Revenue [Line Items] | |
Expected payment terms | 30 days |
Studios | Content licensing | Minimum | |
Revenue [Line Items] | |
Backlog as a percent of annual revenue (in percent) | 50.00% |
Studios | Content licensing | Maximum | |
Revenue [Line Items] | |
Backlog as a percent of annual revenue (in percent) | 100.00% |
Studios | Home entertainment | Minimum | |
Revenue [Line Items] | |
Expected payment terms | 60 days |
Studios | Home entertainment | Maximum | |
Revenue [Line Items] | |
Expected payment terms | 90 days |
Sky | Direct-to-consumer | |
Revenue [Line Items] | |
Term of contract | 18 months |
Sky | Direct-to-consumer | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01 | |
Revenue [Line Items] | |
Timing period of recognition | 18 months |
Sky | Direct-to-consumer | Maximum | |
Revenue [Line Items] | |
Backlog as a percent of annual revenue (in percent) | 50.00% |
Revenue - Condensed Consolidate
Revenue - Condensed Consolidated Balance Sheet (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Revenue from Contract with Customer [Abstract] | ||
Receivables, gross | $ 12,666 | $ 12,273 |
Less: Allowance for doubtful accounts | 658 | 807 |
Receivables, net | 12,008 | 11,466 |
Noncurrent receivables, net (included in other noncurrent assets, net) | 1,632 | 1,091 |
Contract acquisition and fulfillment costs (included in other noncurrent assets, net) | 1,094 | 1,060 |
Noncurrent deferred revenue (included in other noncurrent liabilities) | $ 695 | $ 750 |
Revenue - Changes in the Allowa
Revenue - Changes in the Allowance for Doubtful Accounts (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||
Beginning balance | $ 807 | $ 419 | $ 352 |
Additions charged to costs and expenses and other accounts | 316 | 912 | 769 |
Deductions from reserves | 465 | 524 | 702 |
Ending balance | $ 658 | $ 807 | $ 419 |
Programming and Production Co_3
Programming and Production Costs - Programming and Production Expense (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Other Industries [Abstract] | |||
Video distribution programming | $ 13,550 | $ 12,684 | |
Film and television content: | |||
Owned | 8,957 | 7,973 | |
Licensed, including sports rights | 14,733 | 11,264 | |
Other | 1,210 | 1,200 | |
Total programming and production costs | 38,450 | 33,121 | $ 34,440 |
Amortization of owned film and television costs | $ 7,300 | $ 6,600 |
Programming and Production Co_4
Programming and Production Costs - Capitalized Film and Television Costs (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Owned: | ||
Released, less amortization | $ 3,726 | $ 3,815 |
Completed, not released | 536 | 139 |
In production and in development | 2,732 | 2,755 |
Owned: | 6,994 | 6,709 |
Licensed, including sports advances | 5,811 | 6,631 |
Film and television costs | $ 12,806 | $ 13,340 |
Programming and Production Co_5
Programming and Production Costs - Estimated Future Amortization Expense for Capitalized Film and Television Costs (Details) $ in Millions | Dec. 31, 2021USD ($) |
Completed, not released: | |
2022 | $ 345 |
Released and licensed content: | |
2022 | 1,799 |
2023 | 700 |
2024 | 387 |
Released and licensed content: | |
2022 | 3,649 |
2023 | 902 |
2024 | $ 563 |
Programming and Production Co_6
Programming and Production Costs (Narrative) (Details) $ in Billions | Dec. 31, 2021USD ($) |
Other Industries [Abstract] | |
Future minimum commitments for sports rights | $ 59.5 |
Future minimum commitments for licensed content | $ 5.5 |
Income Taxes - Income Before In
Income Taxes - Income Before Income Taxes (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |||
Domestic | $ 21,243 | $ 16,211 | $ 16,646 |
Foreign | (2,150) | (2,146) | 350 |
Income before income taxes | $ 19,093 | $ 14,065 | $ 16,996 |
Income Taxes - Components of In
Income Taxes - Components of Income Tax Expense (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Current (Expense) Benefit: | |||
Federal | $ (2,355) | $ (2,824) | $ (2,085) |
State | (669) | (836) | (425) |
Foreign | (343) | (254) | (600) |
Current income tax (expense) benefit | (3,367) | (3,914) | (3,110) |
Deferred (Expense) Benefit: | |||
Federal | (1,504) | 111 | (902) |
State | (255) | 71 | 15 |
Foreign | (133) | 368 | 324 |
Deferred income tax (expense) benefit | (1,892) | 550 | (563) |
Income tax (expense) benefit | $ (5,259) | $ (3,364) | $ (3,673) |
Income Taxes - Federal Statutor
Income Taxes - Federal Statutory (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |||
Federal tax at statutory rate | $ (4,009) | $ (2,954) | $ (3,569) |
State income taxes, net of federal benefit | (464) | (265) | (306) |
Foreign income taxed at different rates | (392) | (24) | (126) |
Adjustments to uncertain and effectively settled tax positions, net | (238) | (344) | (3) |
Federal research and development credits | 85 | 164 | 124 |
Excess tax benefits recognized on share-based compensation | 209 | 150 | 196 |
Tax legislation | (498) | (120) | 31 |
Other | 48 | 29 | (20) |
Income tax (expense) benefit | $ (5,259) | $ (3,364) | $ (3,673) |
Income Taxes - Components of Ne
Income Taxes - Components of Net Deferred Tax Liability (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Deferred Tax Assets: | ||||
Net operating loss and other loss carryforwards | $ 3,194 | $ 2,609 | ||
Nondeductible accruals and other | 3,246 | 3,253 | ||
Less: Valuation allowance | 2,907 | 2,312 | $ 1,906 | $ 632 |
Total deferred tax assets, net of valuation allowance | 3,533 | 3,550 | ||
Deferred Tax Liabilities: | ||||
Differences between book and tax basis of property and equipment and intangible assets | 30,584 | 29,829 | ||
Differences between book and tax basis of investments | 526 | 405 | ||
Differences between book and tax basis of long-term debt | 1,788 | 680 | ||
Differences between book and tax basis of foreign subsidiaries and undistributed foreign earnings | 394 | 468 | ||
Total deferred tax liabilities | 33,292 | 31,382 | ||
Net deferred tax liability | $ 29,759 | $ 27,832 |
Income Taxes - Changes in the V
Income Taxes - Changes in the Valuation Allowance for Deferred Tax Assets (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Changes In The Valuation Allowance For Deferred Tax Assets, Valuation Allowance [Roll Forward] | |||
Beginning balance | $ 2,312 | $ 1,906 | $ 632 |
Additions charged to income tax expense and other accounts | 635 | 430 | 1,403 |
Deductions from reserves | 40 | 24 | 129 |
Ending balance | $ 2,907 | $ 2,312 | $ 1,906 |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2021USD ($) | |
Income Taxes [Line Items] | |
Deferred tax liability attributable to temporary differences in other comprehensive income (loss) | $ 44 |
Deferred tax liability attributable to acquisitions | 73 |
Unrecognized tax benefits that would impact effective tax rate | 1,500 |
Federal Tax Authority | |
Income Taxes [Line Items] | |
Operating loss carryforwards | 196 |
Foreign Tax Authority | |
Income Taxes [Line Items] | |
Operating loss carryforwards | $ 9,600 |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of Unrecognized Tax Benefits (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Gross unrecognized tax benefits, January 1 | $ 1,879 | $ 1,422 | $ 1,543 |
Additions based on tax positions related to the current year | 352 | 436 | 230 |
Additions based on tax positions related to prior years | 111 | 152 | 133 |
Reductions for tax positions of prior years | (181) | (31) | (344) |
Reductions due to expiration of statutes of limitations | (107) | (76) | (117) |
Settlements with tax authorities and other | (12) | (24) | (23) |
Gross unrecognized tax benefits, December 31 | $ 2,042 | $ 1,879 | $ 1,422 |
Long-Term Debt - Schedule of De
Long-Term Debt - Schedule of Debt Outstanding (Details) $ in Millions, € in Billions, ¥ in Billions, ¥ in Billions, £ in Billions | Dec. 31, 2021USD ($) | Dec. 31, 2021GBP (£) | Dec. 31, 2021EUR (€) | Dec. 31, 2021CNY (¥) | Dec. 31, 2020USD ($) | Dec. 31, 2020GBP (£) | Dec. 31, 2020EUR (€) | Dec. 31, 2020CNY (¥) | Dec. 31, 2020JPY (¥) |
Debt Instrument [Line Items] | |||||||||
Effective interest rate | 3.74% | 3.74% | 3.74% | 3.74% | 3.67% | 3.67% | 3.67% | 3.67% | 3.67% |
Debt issuance costs, premiums, discounts, fair value adjustments for acquisition accounting and hedged positions, net | $ (5,954) | $ (1,649) | |||||||
Total debt | 94,850 | 103,760 | |||||||
Less: Current portion | 2,132 | 3,146 | |||||||
Long-term debt | $ 92,718 | $ 100,614 | |||||||
Term loans | |||||||||
Debt Instrument [Line Items] | |||||||||
Interest rate | 4.41% | 4.41% | 4.41% | 4.41% | 2.07% | 2.07% | 2.07% | 2.07% | 2.07% |
Term loans | $ 3,148 | $ 7,641 | |||||||
Senior notes with maturities of 5 years or less, at face value | |||||||||
Debt Instrument [Line Items] | |||||||||
Interest rate | 3.50% | 3.50% | 3.50% | 3.50% | 3.41% | 3.41% | 3.41% | 3.41% | 3.41% |
Senior notes | $ 18,443 | $ 19,190 | |||||||
Senior notes with maturities between 5 and 10 years, at face value | |||||||||
Debt Instrument [Line Items] | |||||||||
Interest rate | 3.16% | 3.16% | 3.16% | 3.16% | 3.47% | 3.47% | 3.47% | 3.47% | 3.47% |
Senior notes | $ 22,964 | $ 23,114 | |||||||
Senior notes with maturities greater than 10 years, at face value | |||||||||
Debt Instrument [Line Items] | |||||||||
Interest rate | 3.67% | 3.67% | 3.67% | 3.67% | 4.03% | 4.03% | 4.03% | 4.03% | 4.03% |
Senior notes | $ 54,536 | $ 54,203 | |||||||
Foreign currency denominated borrowings | |||||||||
Debt Instrument [Line Items] | |||||||||
Aggregate principal amount | £ 2.6 | € 7.5 | ¥ 20 | £ 4.7 | € 7.3 | ¥ 16.4 | ¥ 238.5 | ||
Finance lease obligations and other | |||||||||
Debt Instrument [Line Items] | |||||||||
Finance lease obligations and other | $ 1,713 | $ 1,261 |
Long-Term Debt - Narrative (Det
Long-Term Debt - Narrative (Details) - USD ($) | 12 Months Ended | ||||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2021 | Feb. 28, 2021 | |
Debt Instrument [Line Items] | |||||
Total fair value of debt | $ 109,300,000,000 | $ 125,600,000,000 | |||
Cumulative translation gains (losses) related to net investment hedges recorded in other comprehensive income (loss) | 760,000,000 | (686,000,000) | $ 343,000,000 | ||
Amounts available under revolving credit facilities | 11,000,000,000 | ||||
Unused irrevocable standby letters of credit and bank guarantees | 341,000,000 | ||||
Revolving Credit Facilities | |||||
Debt Instrument [Line Items] | |||||
Maximum borrowing capacity of revolving credit facilities | $ 11,000,000,000 | $ 9,200,000,000 | |||
Potential increase to max borrowing capacity | $ 14,000,000,000 | ||||
Revolving Credit Facilities | |||||
Debt Instrument [Line Items] | |||||
Borrowings outstanding under credit facility | 0 | 0 | |||
Commercial Paper | |||||
Debt Instrument [Line Items] | |||||
Borrowings outstanding under commercial paper program | $ 0 | 0 | |||
London Interbank Offered Rate (LIBOR) | Revolving Credit Facilities | |||||
Debt Instrument [Line Items] | |||||
Borrowing margin for LIBOR based borrowings | 1.00% | ||||
Cash Flow Hedging | |||||
Debt Instrument [Line Items] | |||||
Amount of foreign currency denominated debt hedged | $ 1,600,000,000 | 1,700,000,000 | |||
Cash Flow Hedging | Currency Swap | |||||
Debt Instrument [Line Items] | |||||
Amount of net investment in foreign subsidiaries hedged | 3,600,000,000 | 4,000,000,000 | |||
Cash Flow Hedging | Currency Swap | |||||
Debt Instrument [Line Items] | |||||
Aggregate asset (liability) fair value | (53,000,000) | (45,000,000) | |||
Net Investment Hedging | Foreign Currency Denominated Debt | |||||
Debt Instrument [Line Items] | |||||
Amount of net investment in foreign subsidiaries hedged | 8,200,000,000 | 10,300,000,000 | |||
Net Investment Hedging | Currency Swap | |||||
Debt Instrument [Line Items] | |||||
Aggregate asset (liability) fair value | $ (104,000,000) | $ (376,000,000) |
Long-Term Debt - Debt Maturitie
Long-Term Debt - Debt Maturities (Details) $ in Millions | Dec. 31, 2021USD ($) |
Long-term Debt, Fiscal Year Maturity [Abstract] | |
2022 | $ 2,135 |
2023 | 1,056 |
2024 | 4,324 |
2025 | 6,136 |
2026 | 5,232 |
Thereafter | $ 81,919 |
Significant Transactions (Detai
Significant Transactions (Details) $ in Millions, ¥ in Billions | 1 Months Ended | ||||||
Oct. 31, 2021USD ($) | Dec. 31, 2021USD ($) | Dec. 31, 2021CNY (¥) | Jun. 30, 2021USD ($) | Jun. 30, 2021CNY (¥) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
Asset Acquisition [Line Items] | |||||||
Consolidated variable interest entity's assets included in condensed consolidated balance sheet | $ 275,905 | $ 273,869 | |||||
Goodwill | $ 70,189 | $ 70,669 | $ 68,725 | ||||
Masergy | |||||||
Asset Acquisition [Line Items] | |||||||
Payments to acquire business | $ 1,200 | ||||||
Goodwill | $ 850 | ||||||
Variable Interest Entity, Primary Beneficiary | Universal Beijing Resort | |||||||
Asset Acquisition [Line Items] | |||||||
Ownership percentage in variable interest entity | 30.00% | 30.00% | |||||
Proceeds from borrowings | $ 3,600 | ||||||
Consolidated variable interest entity's assets included in condensed consolidated balance sheet | 9,700 | ||||||
Consolidated variable interest entity's liabilities the balance sheet | 8,100 | ||||||
Variable Interest Entity, Primary Beneficiary | Universal Beijing Resort | Universal Beijing Resort Term Loans | |||||||
Asset Acquisition [Line Items] | |||||||
Maximum borrowing capacity of revolving credit facilities | 4,700 | ¥ 29.7 | $ 4,200 | ¥ 26.6 | |||
Proceeds from borrowings | $ 3,100 |
Investments - Investment and Ot
Investments - Investment and Other Income (Loss), Net (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Investments [Abstract] | |||
Equity in net income (losses) of investees, net | $ 2,006 | $ (113) | $ (505) |
Realized and unrealized gains (losses) on equity securities, net | 339 | 1,014 | 656 |
Other income (loss), net | 211 | 259 | 287 |
Investment and other income (loss), net | $ 2,557 | $ 1,160 | $ 438 |
Investments - Schedule of Inves
Investments - Schedule of Investments (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Investments [Abstract] | ||
Equity method | $ 6,111 | $ 6,006 |
Marketable equity securities | 406 | 460 |
Nonmarketable equity securities | 1,735 | 1,950 |
Other investments | 803 | 143 |
Total investments | 9,055 | 8,559 |
Less: Current investments | 368 | 292 |
Less: Investment securing collateralized obligation | 605 | 447 |
Noncurrent investments | $ 8,082 | $ 7,820 |
Investments - Equity Method Inv
Investments - Equity Method Investments (Details) - USD ($) $ in Millions | Jan. 01, 2016 | Nov. 30, 2020 | Aug. 31, 2019 | May 31, 2019 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Oct. 31, 2020 | Apr. 30, 2019 |
Schedule of Equity Method Investments [Line Items] | |||||||||
Unrealized gains (losses) recognized | $ (80) | $ 339 | $ 237 | ||||||
Additional distributions from equity method investments | 1,100 | 66 | 215 | ||||||
Proceeds from collateralized obligation | $ 5,200 | 0 | 0 | 5,175 | |||||
Collateralized obligation | 5,170 | 5,168 | |||||||
Level 2 | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Estimated fair value of collateralized obligation | 5,200 | ||||||||
Atairos | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Term of agreement | 12 years | 16 years 6 months | |||||||
Funding commitment | $ 4,500 | $ 5,000 | |||||||
Maximum amount of annual capital calls | $ 400 | ||||||||
Management fee funding commitment | $ 45 | ||||||||
Percent of losses | 99.00% | ||||||||
Percentage of residual returns | 86.00% | ||||||||
Cash capital contributions for equity method investments | $ 47 | 383 | $ 571 | ||||||
Equity method investments | 4,700 | $ 3,900 | |||||||
Atairos | Minimum | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Funding commitment by management company investors | 50 | ||||||||
Atairos | Maximum | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Funding commitment by management company investors | 100 | ||||||||
Atairos | Variable Interest Entity, Not Primary Beneficiary | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Unfunded capital commitment | 1,500 | ||||||||
Hulu | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Ownership percentage | 33.00% | 30.00% | |||||||
Cash capital contributions for equity method investments | $ 477 | ||||||||
Maximum total capital call in annual period | $ 1,500 | ||||||||
Ownership percentage floor | 21.00% | ||||||||
Fair market value assessment floor for put and call option | $ 27,500 | ||||||||
Ownership percentage representing fair market value floor for put and call option | 100.00% | ||||||||
Minimum guaranteed proceeds floor for put and call option | $ 5,800 | ||||||||
Hulu | AT&T Inc. | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Ownership percentage | 10.00% | ||||||||
Former CFO | Atairos | Minimum | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Funding commitment by management company investors | $ 40 |
Investments - Other Investments
Investments - Other Investments (Details) $ in Billions | 1 Months Ended |
Apr. 30, 2020USD ($)preferred_stock_series | |
Schedule of Other Investments [Line Items] | |
Cash payments for the redemption of redeemable preferred shares | $ | $ 1.8 |
Air Touch | |
Schedule of Other Investments [Line Items] | |
Number of series of preferred stock | preferred_stock_series | 3 |
Air Touch | |
Schedule of Other Investments [Line Items] | |
Number of series of preferred stock | preferred_stock_series | 2 |
Cash payments received upon redemption of preferred stock | $ | $ 1.7 |
Property and Equipment (Details
Property and Equipment (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Property, Plant and Equipment [Line Items] | ||
Property and equipment, at cost | $ 109,658 | $ 106,383 |
Less: Accumulated depreciation | 55,611 | 54,388 |
Property and equipment, net | 54,047 | 51,995 |
United States | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, net | 41,187 | 40,580 |
Other | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, net | $ 12,860 | 11,415 |
Distribution systems | ||
Property, Plant and Equipment [Line Items] | ||
Weighted-Average Original Useful Life | 11 years | |
Property and equipment, at cost | $ 41,814 | 40,861 |
Customer premise equipment | ||
Property, Plant and Equipment [Line Items] | ||
Weighted-Average Original Useful Life | 6 years | |
Property and equipment, at cost | $ 25,772 | 26,323 |
Buildings, theme park infrastructure and leasehold improvements | ||
Property, Plant and Equipment [Line Items] | ||
Weighted-Average Original Useful Life | 31 years | |
Property and equipment, at cost | $ 20,258 | 15,885 |
Other equipment | ||
Property, Plant and Equipment [Line Items] | ||
Weighted-Average Original Useful Life | 11 years | |
Property and equipment, at cost | $ 16,960 | 14,371 |
Construction in process | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, at cost | 3,131 | 7,095 |
Land | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, at cost | $ 1,722 | $ 1,848 |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets - Change in Goodwill (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Goodwill [Roll Forward] | ||
Balance, beginning of period | $ 70,669 | $ 68,725 |
Segment change | 0 | |
Acquisitions | 979 | 149 |
Foreign currency translation and other | (1,459) | 1,795 |
Balance, end of period | 70,189 | 70,669 |
Operating Segments | Cable Communications | ||
Goodwill [Roll Forward] | ||
Balance, beginning of period | 15,264 | 15,074 |
Segment change | 0 | |
Acquisitions | 950 | 122 |
Foreign currency translation and other | (22) | 68 |
Balance, end of period | 16,192 | 15,264 |
Operating Segments | Media | ||
Goodwill [Roll Forward] | ||
Balance, beginning of period | 13,994 | 14,067 |
Segment change | (13,994) | |
Acquisitions | 0 | 0 |
Foreign currency translation and other | 0 | (73) |
Balance, end of period | 0 | 13,994 |
Operating Segments | Broadcast Television | ||
Goodwill [Roll Forward] | ||
Balance, beginning of period | 1,062 | 1,059 |
Segment change | (1,062) | |
Acquisitions | 0 | 0 |
Foreign currency translation and other | 0 | 3 |
Balance, end of period | 0 | 1,062 |
Operating Segments | Filmed Entertainment | ||
Goodwill [Roll Forward] | ||
Balance, beginning of period | 3,344 | 3,321 |
Segment change | (3,344) | |
Acquisitions | 0 | 27 |
Foreign currency translation and other | 0 | (4) |
Balance, end of period | 0 | 3,344 |
Operating Segments | Media | ||
Goodwill [Roll Forward] | ||
Balance, beginning of period | 0 | 0 |
Segment change | 14,728 | |
Acquisitions | 6 | 0 |
Foreign currency translation and other | (34) | 0 |
Balance, end of period | 14,700 | 0 |
Operating Segments | Studios | ||
Goodwill [Roll Forward] | ||
Balance, beginning of period | 0 | 0 |
Segment change | 3,672 | |
Acquisitions | 3 | 0 |
Foreign currency translation and other | (3) | 0 |
Balance, end of period | 3,672 | 0 |
Operating Segments | Theme Parks | ||
Goodwill [Roll Forward] | ||
Balance, beginning of period | 7,053 | 6,739 |
Segment change | 0 | |
Acquisitions | 0 | 0 |
Foreign currency translation and other | (624) | 314 |
Balance, end of period | 6,429 | 7,053 |
Operating Segments | Sky | ||
Goodwill [Roll Forward] | ||
Balance, beginning of period | 29,950 | 28,461 |
Segment change | 0 | |
Acquisitions | 21 | 0 |
Foreign currency translation and other | (775) | 1,489 |
Balance, end of period | 29,196 | 29,950 |
Corporate and Other | ||
Goodwill [Roll Forward] | ||
Balance, beginning of period | 2 | 4 |
Segment change | 0 | |
Acquisitions | 0 | 0 |
Foreign currency translation and other | (2) | (2) |
Balance, end of period | $ 0 | $ 2 |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets - Intangible Assets (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Estimated Amortization Expense of Finite-Lived Intangible Assets | ||
Accumulated Amortization | $ (23,545) | $ (19,825) |
Total | 116,491 | 114,579 |
Franchise rights | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 59,365 | 59,365 |
FCC licenses | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 2,807 | 2,804 |
Customer relationships | ||
Estimated Amortization Expense of Finite-Lived Intangible Assets | ||
Weighted-Average Original Useful Life | 14 years | |
Gross Carrying Amount | $ 22,119 | 22,197 |
Accumulated Amortization | $ (10,612) | (8,914) |
Software | ||
Estimated Amortization Expense of Finite-Lived Intangible Assets | ||
Weighted-Average Original Useful Life | 5 years | |
Gross Carrying Amount | $ 20,329 | 17,819 |
Accumulated Amortization | $ (11,520) | (9,518) |
Other agreements and rights | ||
Estimated Amortization Expense of Finite-Lived Intangible Assets | ||
Weighted-Average Original Useful Life | 28 years | |
Gross Carrying Amount | $ 11,870 | 12,394 |
Accumulated Amortization | $ (1,413) | $ (1,393) |
Goodwill and Intangible Asset_4
Goodwill and Intangible Assets - Narrative (Details) | 12 Months Ended |
Dec. 31, 2021division | |
Software | |
Segment Reporting Information [Line Items] | |
Finite-lived intangible asset amortization period (not to exceed) | 5 years |
Cable Communications | Operating Segments | |
Segment Reporting Information [Line Items] | |
Number of divisions | 3 |
Goodwill and Intangible Asset_5
Goodwill and Intangible Assets - Amortization of Intangible Assets (Details) $ in Millions | Dec. 31, 2021USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
2022 | $ 5,140 |
2023 | 4,513 |
2024 | 3,737 |
2025 | 2,996 |
2026 | $ 2,403 |
Employee Benefit Plans - Deferr
Employee Benefit Plans - Deferred Compensation Plans (Details) - Deferred Compensation Plans - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Benefit obligation | $ 4,002 | $ 3,648 | $ 3,273 |
Interest expense | $ 265 | $ 293 | $ 285 |
Employee Benefit Plans - Narrat
Employee Benefit Plans - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Retirement Benefits [Abstract] | |||
Cash surrender value of life insurance policies | $ 549 | $ 481 | |
Expenses related to retirement investment plans | $ 595 | $ 599 | $ 573 |
Equity - Narrative (Details)
Equity - Narrative (Details) | 12 Months Ended |
Dec. 31, 2021vote | |
Equity [Line Items] | |
Number of votes entitled of each class B common stock | 15 |
Class A Common Stock | |
Equity [Line Items] | |
Voting power | 66.66% |
Class B Common Stock | |
Equity [Line Items] | |
Voting power | 33.33% |
Equity (Changes in Common Stock
Equity (Changes in Common Stock) (Details) - shares | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Class A Common Stock | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Common stock, shares outstanding at beginning of period | 4,571,211,797 | 4,544,000,000 | 4,517,000,000 |
Stock compensation plans | 21,000,000 | 20,000,000 | 21,000,000 |
Repurchases and retirements of common stock | (73,000,000) | ||
Employee stock purchase plans | 5,000,000 | 7,000,000 | 6,000,000 |
Common stock, shares outstanding at end of period | 4,523,785,950 | 4,571,211,797 | 4,544,000,000 |
Class B Common Stock | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Common stock, shares outstanding at beginning of period | 9,444,375 | 9,000,000 | 9,000,000 |
Stock compensation plans | 0 | 0 | 0 |
Repurchases and retirements of common stock | 0 | ||
Employee stock purchase plans | 0 | 0 | 0 |
Common stock, shares outstanding at end of period | 9,444,375 | 9,444,375 | 9,000,000 |
Equity (Weighted Average Common
Equity (Weighted Average Common Shares Outstanding) (Details) - shares shares in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Equity [Abstract] | |||
Weighted-average number of common shares outstanding – basic | 4,584 | 4,574 | 4,548 |
Effect of dilutive securities | 70 | 50 | 62 |
Weighted-average number of common shares outstanding – diluted | 4,654 | 4,624 | 4,610 |
Equity (Components of Accumulat
Equity (Components of Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Equity [Abstract] | ||
Cumulative translation adjustments | $ 1,119 | $ 1,790 |
Deferred gains (losses) on cash flow hedges | 104 | (109) |
Unrecognized gains (losses) on employee benefit obligations and other | 257 | 203 |
Accumulated other comprehensive income (loss), net of deferred taxes | $ 1,480 | $ 1,884 |
Share-Based Compensation - Reco
Share-Based Compensation - Recognized Share-Based Compensation Expense (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Recognized share-based compensation expense | $ 1,081 | $ 960 | $ 825 |
Restricted share units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Recognized share-based compensation expense | 729 | 628 | 564 |
Stock options | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Recognized share-based compensation expense | 314 | 294 | 231 |
Employee stock purchase plans | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Recognized share-based compensation expense | $ 38 | $ 38 | $ 30 |
Share-Based Compensation - Narr
Share-Based Compensation - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award vesting period in years | 5 years | ||
Adjustments to additional paid in capital, income tax benefit from share-based compensation | $ 209 | $ 150 | $ 196 |
Restricted share units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unrecognized pretax compensation expense on nonvested awards | $ 1,200 | ||
Unrecognized pretax compensation expense on nonvested awards, weighted average period of recognition (in years) | 1 year 7 months 6 days | ||
Stock options | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Period from grant date that an equity-based award expires | 10 years | ||
Unrecognized pretax compensation expense on nonvested awards | $ 592 | ||
Unrecognized pretax compensation expense on nonvested awards, weighted average period of recognition (in years) | 1 year 8 months 12 days |
Share-Based Compensation - Stoc
Share-Based Compensation - Stock Options and Restricted Share Units (Details) shares in Millions | 12 Months Ended |
Dec. 31, 2021$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Stock options granted | 44 |
Weighted-average exercise price of awards granted during the year (in dollars per share) | $ / shares | $ 54.22 |
Stock options outstanding | 211 |
Weighted-average exercise price of shares outstanding (in dollars per share) | $ / shares | $ 40.38 |
Restricted share units | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Awards granted | 17 |
Awards nonvested | 44 |
Weighted-average fair value at grant date of nonvested awards (in dollars per share) | $ / shares | $ 45.33 |
Share-Based Compensation - Rest
Share-Based Compensation - Restricted Share Units and Stock Option Fair Value (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock option fair value (in dollars per share) | $ 9.72 | $ 6.61 | $ 7.91 |
Stock Option Valuation Assumptions: | |||
Dividend yield | 1.80% | 2.20% | 2.10% |
Expected volatility | 22.80% | 21.00% | 22.00% |
Risk-free interest rate | 0.90% | 1.00% | 2.50% |
Expected option life | 5 years 10 months 24 days | 6 years | 6 years |
Restricted share units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
RSUs fair value (in dollars per share) | $ 54.52 | $ 41.71 | $ 40.42 |
Supplemental Financial Inform_3
Supplemental Financial Information - Cash Payments for Interest and Income Taxes (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Cash Payments for Interest and Income Taxes | |||
Interest | $ 3,908 | $ 3,878 | $ 4,254 |
Income taxes | $ 2,628 | $ 3,183 | $ 3,231 |
Supplemental Financial Inform_4
Supplemental Financial Information - Noncash Investing and Financing Activities (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Supplemental Financial Information [Line Items] | |||
Property and equipment and intangible assets accrued but not yet paid | $ 2,000 | $ 1,900 | $ 1,900 |
Dividends payable | $ 1,100 | $ 1,100 | $ 956 |
Dividends payable (in dollars per share) | $ 0.25 | $ 0.23 | $ 0.21 |
Supplemental Financial Inform_5
Supplemental Financial Information - Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||
Cash and cash equivalents | $ 8,711 | $ 11,740 | ||
Restricted cash included in other current assets | 56 | 14 | ||
Restricted cash included in other noncurrent assets, net | 12 | 14 | ||
Cash, cash equivalents and restricted cash, end of year | $ 8,778 | $ 11,768 | $ 5,589 | $ 3,909 |
Commitments and Contingencies_2
Commitments and Contingencies (Narrative) (Details) - USD ($) $ in Millions | Jan. 01, 2021 | Mar. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Commitments And Contingencies [Line Items] | |||||
Operating lease expense inclusive of short-term and variable lease expenses | $ 1,200 | $ 1,100 | $ 1,100 | ||
Weighted average remaining lease term for operating leases | 19 years | 9 years | |||
Weighted average discount rate used to calculate operating lease liabilities | 3.94% | 3.58% | |||
Cash payments for operating leases | $ 987 | $ 936 | $ 914 | ||
Carrying value of contractual obligation | 1,100 | ||||
Contractual value of a potential obligation | $ 1,500 | ||||
Universal Beijing Resort | |||||
Commitments And Contingencies [Line Items] | |||||
Operating lease assets and liabilities recognized | $ 2,800 | ||||
NBCUniversal Enterprise | |||||
Commitments And Contingencies [Line Items] | |||||
Payments for repurchase of redeemable subsidiary preferred stock | $ 725 |
Commitments and Contingencies -
Commitments and Contingencies - Summary of Operating Lease Assets and Liabilities Recorded in the Consolidated Balance Sheets (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Commitments and Contingencies Disclosure [Abstract] | ||
Operating lease assets | $ 6,467 | $ 3,784 |
Operating lease liabilities, current | 766 | 718 |
Operating lease liabilities, noncurrent | $ 6,473 | $ 3,740 |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | Other noncurrent assets, net | Other noncurrent assets, net |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] | Accrued expenses and other current liabilities | Accrued expenses and other current liabilities |
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] | Other noncurrent liabilities | Other noncurrent liabilities |
Commitments and Contingencies_3
Commitments and Contingencies - Summary of Future Minimum Rental Commitments for Operating Leases (Details) $ in Millions | Dec. 31, 2021USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
2022 | $ 932 |
2023 | 875 |
2024 | 771 |
2025 | 626 |
2026 | 551 |
Thereafter | 7,933 |
Total future minimum lease payments | 11,688 |
Less: imputed interest | (4,449) |
Total liability | $ 7,239 |