Cover Page
Cover Page | 6 Months Ended |
Jun. 30, 2022 shares | |
Document And Entity Information [Line Items] | |
Document Type | 10-Q |
Document Quarterly Report | true |
Document Period End Date | Jun. 30, 2022 |
Document Transition Report | false |
Entity File Number | 001-32871 |
Entity Registrant Name | COMCAST CORPORATION |
Entity Tax Identification Number | 27-0000798 |
Entity Incorporation, State or Country Code | PA |
Entity Address, Address Line One | One Comcast Center |
Entity Address, City or Town | Philadelphia |
Entity Address, State or Province | PA |
Entity Address, Postal Zip Code | 19103-2838 |
City Area Code | 215 |
Local Phone Number | 286-1700 |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Filer Category | Large Accelerated Filer |
Entity Small Business | false |
Entity Emerging Growth Company | false |
Entity Shell Company | false |
Document Fiscal Period Focus | Q2 |
Amendment Flag | false |
Document Fiscal Year Focus | 2022 |
Current Fiscal Year End Date | --12-31 |
Entity Central Index Key | 0001166691 |
Class A Common Stock, $0.01 par value | |
Document And Entity Information [Line Items] | |
Title of 12(b) Security | Class A Common Stock, $0.01 par value |
Trading Symbol | CMCSA |
Security Exchange Name | NASDAQ |
Entity Common Stock, Shares Outstanding | 4,403,793,980 |
0.000% Notes due 2026 | |
Document And Entity 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 And Entity Information [Line Items] | |
Title of 12(b) Security | 0.250% Notes due 2027 |
Trading Symbol | CMCS27 |
Security Exchange Name | NASDAQ |
1.500% Notes due 2029 | |
Document And Entity 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 And Entity 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 And Entity Information [Line Items] | |
Title of 12(b) Security | 0.750% Notes due 2032 |
Trading Symbol | CMCS32 |
Security Exchange Name | NASDAQ |
1.875% Notes due 2036 | |
Document And Entity Information [Line Items] | |
Title of 12(b) Security | 1.875% Notes due 2036 |
Trading Symbol | CMCS36 |
Security Exchange Name | NASDAQ |
1.250% Notes due 2040 | |
Document And Entity Information [Line Items] | |
Title of 12(b) Security | 1.250% Notes due 2040 |
Trading Symbol | CMCS40 |
Security Exchange Name | NASDAQ |
9.455% Guaranteed Notes due 2022 | |
Document And Entity Information [Line Items] | |
Title of 12(b) Security | 9.455% Guaranteed Notes due 2022 |
Trading Symbol | CMCSA/22 |
Security Exchange Name | NYSE |
5.50% Notes due 2029 | |
Document And Entity Information [Line Items] | |
Title of 12(b) Security | 5.50% Notes due 2029 |
Trading Symbol | CCGBP29 |
Security Exchange Name | NYSE |
2.0% Exchangeable Subordinated Debentures due 2029 | |
Document And Entity Information [Line Items] | |
Title of 12(b) Security | 2.0% Exchangeable Subordinated Debentures due 2029 |
Trading Symbol | CCZ |
Security Exchange Name | NYSE |
Class B Common Stock | |
Document And Entity Information [Line Items] | |
Entity Common Stock, Shares Outstanding | 9,444,375 |
Condensed Consolidated Statemen
Condensed Consolidated Statement of Income (Unaudited) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Income Statement [Abstract] | ||||
Revenue | $ 30,016 | $ 28,546 | $ 61,026 | $ 55,751 |
Costs and Expenses: | ||||
Programming and production | 8,887 | 9,256 | 19,457 | 18,175 |
Other operating and administrative | 9,098 | 8,549 | 18,358 | 16,818 |
Advertising, marketing and promotion | 2,196 | 1,851 | 4,258 | 3,467 |
Depreciation | 2,162 | 2,113 | 4,375 | 4,231 |
Amortization | 1,306 | 1,270 | 2,641 | 2,514 |
Total costs and expenses | 23,649 | 23,039 | 49,089 | 45,205 |
Operating income | 6,367 | 5,507 | 11,936 | 10,546 |
Interest expense | (968) | (1,093) | (1,962) | (2,112) |
Investment and other income (loss), net | (897) | 1,216 | (709) | 1,607 |
Income before income taxes | 4,502 | 5,630 | 9,266 | 10,042 |
Income tax expense | (1,261) | (2,000) | (2,548) | (3,119) |
Net income | 3,241 | 3,630 | 6,717 | 6,922 |
Less: Net income (loss) attributable to noncontrolling interests | (155) | (108) | (227) | (145) |
Net income attributable to Comcast Corporation | $ 3,396 | $ 3,738 | $ 6,945 | $ 7,067 |
Basic earnings per common share attributable to Comcast Corporation shareholders (in dollars per share) | $ 0.76 | $ 0.81 | $ 1.55 | $ 1.54 |
Diluted earnings per common share attributable to Comcast Corporation shareholders (in dollars per share) | $ 0.76 | $ 0.80 | $ 1.54 | $ 1.51 |
Condensed Consolidated Statem_2
Condensed Consolidated Statement of Comprehensive Income (Unaudited) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 3,241 | $ 3,630 | $ 6,717 | $ 6,922 |
Currency translation adjustments, net of deferred taxes of $42, $(17), $289 and $(109) | (2,957) | 61 | (3,873) | 26 |
Cash flow hedges: | ||||
Deferred gains (losses), net of deferred taxes of $(1), $2, $(38) and $(17) | 129 | (14) | 294 | 105 |
Realized (gains) losses reclassified to net income, net of deferred taxes of $(11), $—, $(16) and $— | (45) | 4 | (62) | 4 |
#REF! | (12) | (7) | (21) | (17) |
Comprehensive income | 356 | 3,674 | 3,055 | 7,040 |
Less: Net income (loss) attributable to noncontrolling interests | (155) | (108) | (227) | (145) |
Less: Other comprehensive income (loss) attributable to noncontrolling interests | (41) | 24 | (13) | 10 |
Comprehensive income attributable to Comcast Corporation | $ 552 | $ 3,758 | $ 3,295 | $ 7,175 |
Condensed Consolidated Statem_3
Condensed Consolidated Statement of Comprehensive Income (Unaudited) (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Statement of Comprehensive Income [Abstract] | ||||
Currency translation adjustments, deferred taxes | $ (42) | $ 17 | $ 289 | $ (109) |
Deferred gains (losses) on cash flow hedges, deferred taxes | 1 | (2) | (38) | (17) |
Realized (gains) losses on cash flow hedges, deferred taxes | (11) | 0 | (16) | 0 |
Employee benefit obligations, deferred taxes | $ 2 | $ 3 | $ 5 | $ 5 |
Condensed Consolidated Statem_4
Condensed Consolidated Statement of Cash Flows (Unaudited) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Operating Activities | ||
Net income | $ 6,717 | $ 6,922 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 7,016 | 6,745 |
Share-based compensation | 675 | 711 |
Noncash interest expense (income), net | 165 | 210 |
Net (gain) loss on investment activity and other | 864 | (1,403) |
Deferred income taxes | (31) | 1,297 |
Changes in operating assets and liabilities, net of effects of acquisitions and divestitures: | ||
Current and noncurrent receivables, net | (338) | 137 |
Film and television costs, net | 651 | 837 |
Accounts payable and accrued expenses related to trade creditors | 78 | 299 |
Other operating assets and liabilities | (2,214) | (398) |
Net cash provided by operating activities | 13,584 | 15,357 |
Investing Activities | ||
Capital expenditures | (4,270) | (4,003) |
Cash paid for intangible assets | (1,383) | (1,283) |
Construction of Universal Beijing Resort | (168) | (704) |
Acquisitions, net of cash acquired | 0 | (168) |
Proceeds from sales of businesses and investments | 108 | 396 |
Purchases of investments | (1,164) | (86) |
Other | 86 | 217 |
Net cash provided by (used in) investing activities | (6,792) | (5,631) |
Financing Activities | ||
Proceeds from borrowings | 166 | 383 |
Repurchases and repayments of debt | (254) | (5,785) |
Repurchases of common stock under repurchase program and employee plans | (6,288) | (957) |
Dividends paid | (2,377) | (2,230) |
Other | 116 | (475) |
Net cash provided by (used in) financing activities | (8,636) | (9,064) |
Impact of foreign currency on cash, cash equivalents and restricted cash | (76) | (12) |
Increase (decrease) in cash, cash equivalents and restricted cash | (1,920) | 650 |
Cash, cash equivalents and restricted cash, beginning of period | 8,778 | 11,768 |
Cash, cash equivalents and restricted cash, end of period | $ 6,859 | $ 12,418 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheet (Unaudited) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Current Assets: | ||
Cash and cash equivalents | $ 6,822 | $ 8,711 |
Receivables, net | 11,956 | 12,008 |
Other current assets | 5,415 | 4,088 |
Total current assets | 24,192 | 24,807 |
Film and television costs | 11,622 | 12,806 |
Investments | 7,598 | 8,082 |
Investment securing collateralized obligation | 642 | 605 |
Property and equipment, net of accumulated depreciation of $56,537 and $55,611 | 53,508 | 54,047 |
Goodwill | 66,486 | 70,189 |
Franchise rights | 59,365 | 59,365 |
Other intangible assets, net of accumulated amortization of $24,946 and $23,545 | 30,728 | 33,580 |
Other noncurrent assets, net | 12,892 | 12,424 |
Total assets | 267,032 | 275,905 |
Current Liabilities: | ||
Accounts payable and accrued expenses related to trade creditors | 12,304 | 12,455 |
Accrued participations and residuals | 1,749 | 1,822 |
Deferred revenue | 2,787 | 3,040 |
Accrued expenses and other current liabilities | 8,663 | 9,899 |
Current portion of long-term debt | 2,083 | 2,132 |
Total current liabilities | 27,585 | 29,348 |
Long-term debt, less current portion | 91,459 | 92,718 |
Collateralized obligation | 5,171 | 5,170 |
Deferred income taxes | 29,491 | 30,041 |
Other noncurrent liabilities | 20,254 | 20,620 |
Commitments and contingencies | ||
Redeemable noncontrolling interests | 513 | 519 |
Equity: | ||
Preferred stock—authorized, 20,000,000 shares; issued, zero | 0 | 0 |
Additional paid-in capital | 39,852 | 40,173 |
Retained earnings | 61,209 | 61,902 |
Treasury stock, 872,791,028 Class A common shares | (7,517) | (7,517) |
Accumulated other comprehensive income (loss) | (2,170) | 1,480 |
Total Comcast Corporation shareholders’ equity | 91,426 | 96,092 |
Noncontrolling interests | 1,132 | 1,398 |
Total equity | 92,558 | 97,490 |
Total liabilities and equity | 267,032 | 275,905 |
Class A Common Stock, $0.01 par value | ||
Equity: | ||
Common stock | 53 | 54 |
Class B Common Stock | ||
Equity: | ||
Common stock | $ 0 | $ 0 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheet (Unaudited) (Parenthetical) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Property and equipment - accumulated depreciation | $ 56,537 | $ 55,611 |
Other intangible assets - accumulated amortization | $ 24,946 | $ 23,545 |
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, $0.01 par value | ||
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) | 5,276,585,008 | 5,396,576,978 |
Common stock, shares outstanding (in shares) | 4,403,793,980 | 4,523,785,950 |
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 |
Condensed Consolidated Statem_5
Condensed Consolidated Statement of Changes in Equity (Unaudited) - USD ($) $ in Millions | Total | Additional Paid-In Capital | Retained Earnings | Treasury Stock at Cost | Accumulated Other Comprehensive Income (Loss) | Noncontrolling Interests | Class A Common Stock, $0.01 par value Class A Common Stock |
Beginning balance at Dec. 31, 2020 | $ 1,280 | ||||||
Increase (Decrease) in Temporary Equity [Roll Forward] | |||||||
Redemption of subsidiary preferred stock | (725) | ||||||
Contributions from (distributions to) noncontrolling interests, net | (40) | ||||||
Other | (10) | ||||||
Net income (loss) | 24 | ||||||
Ending balance at Jun. 30, 2021 | 530 | ||||||
Beginning balance at Dec. 31, 2020 | $ 39,464 | $ 56,438 | $ (7,517) | $ 1,884 | $ 1,415 | $ 54 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Stock compensation plans | 570 | ||||||
Issuances (repurchases) of common stock under repurchase program and employee plans | 1 | ||||||
Repurchases of common stock under repurchase program and employee plans | (131) | (832) | |||||
Employee stock purchase plans | 139 | ||||||
Dividends declared | (2,317) | ||||||
Other comprehensive income (loss) | 108 | 10 | |||||
Contributions from (distributions to) noncontrolling interests, net | 324 | ||||||
Other | 5 | 4 | 1 | ||||
Net income (loss) | 7,067 | 7,067 | |||||
Net income (loss) | (145) | (169) | |||||
Ending balance at Jun. 30, 2021 | $ 96,516 | 40,046 | 60,359 | (7,517) | 1,992 | 1,581 | 55 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Cash dividends declared per common share (in dollars per share) | $ 0.50 | ||||||
Beginning balance at Mar. 31, 2021 | $ 546 | ||||||
Increase (Decrease) in Temporary Equity [Roll Forward] | |||||||
Redemption of subsidiary preferred stock | 0 | ||||||
Contributions from (distributions to) noncontrolling interests, net | (13) | ||||||
Other | 0 | ||||||
Net income (loss) | (3) | ||||||
Ending balance at Jun. 30, 2021 | 530 | ||||||
Beginning balance at Mar. 31, 2021 | 39,744 | 58,321 | (7,517) | 1,972 | 1,525 | 55 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Stock compensation plans | 274 | ||||||
Issuances (repurchases) of common stock under repurchase program and employee plans | 0 | ||||||
Repurchases of common stock under repurchase program and employee plans | (43) | (543) | |||||
Employee stock purchase plans | 76 | ||||||
Dividends declared | (1,156) | ||||||
Other comprehensive income (loss) | 20 | 24 | |||||
Contributions from (distributions to) noncontrolling interests, net | 135 | ||||||
Other | (5) | 0 | 2 | ||||
Net income (loss) | 3,738 | 3,738 | |||||
Net income (loss) | (108) | (105) | |||||
Ending balance at Jun. 30, 2021 | $ 96,516 | 40,046 | 60,359 | (7,517) | 1,992 | 1,581 | 55 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Cash dividends declared per common share (in dollars per share) | $ 0.25 | ||||||
Beginning balance at Dec. 31, 2021 | $ 519 | ||||||
Increase (Decrease) in Temporary Equity [Roll Forward] | |||||||
Redemption of subsidiary preferred stock | 0 | ||||||
Contributions from (distributions to) noncontrolling interests, net | (33) | ||||||
Other | 0 | ||||||
Net income (loss) | 27 | ||||||
Ending balance at Jun. 30, 2022 | 513 | ||||||
Beginning balance at Dec. 31, 2021 | 97,490 | 40,173 | 61,902 | (7,517) | 1,480 | 1,398 | 54 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Stock compensation plans | 521 | ||||||
Issuances (repurchases) of common stock under repurchase program and employee plans | (1) | ||||||
Repurchases of common stock under repurchase program and employee plans | (1,076) | (5,210) | |||||
Employee stock purchase plans | 150 | ||||||
Dividends declared | (2,428) | ||||||
Other comprehensive income (loss) | (3,650) | (13) | |||||
Contributions from (distributions to) noncontrolling interests, net | 0 | ||||||
Other | 83 | 0 | 1 | ||||
Net income (loss) | 6,945 | 6,945 | |||||
Net income (loss) | (227) | (254) | |||||
Ending balance at Jun. 30, 2022 | $ 92,558 | 39,852 | 61,209 | (7,517) | (2,170) | 1,132 | 53 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Cash dividends declared per common share (in dollars per share) | $ 0.54 | ||||||
Beginning balance at Mar. 31, 2022 | $ 513 | ||||||
Increase (Decrease) in Temporary Equity [Roll Forward] | |||||||
Redemption of subsidiary preferred stock | 0 | ||||||
Contributions from (distributions to) noncontrolling interests, net | (8) | ||||||
Other | 0 | ||||||
Net income (loss) | 8 | ||||||
Ending balance at Jun. 30, 2022 | 513 | ||||||
Beginning balance at Mar. 31, 2022 | 39,926 | 61,555 | (7,517) | 674 | 1,300 | 53 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Stock compensation plans | 235 | ||||||
Issuances (repurchases) of common stock under repurchase program and employee plans | (1) | ||||||
Repurchases of common stock under repurchase program and employee plans | (481) | (2,540) | |||||
Employee stock purchase plans | 83 | ||||||
Dividends declared | (1,203) | ||||||
Other comprehensive income (loss) | (2,844) | (41) | |||||
Contributions from (distributions to) noncontrolling interests, net | 35 | ||||||
Other | 88 | 0 | 1 | ||||
Net income (loss) | 3,396 | 3,396 | |||||
Net income (loss) | (155) | (163) | |||||
Ending balance at Jun. 30, 2022 | $ 92,558 | $ 39,852 | $ 61,209 | $ (7,517) | $ (2,170) | $ 1,132 | $ 53 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Cash dividends declared per common share (in dollars per share) | $ 0.27 |
Condensed Consolidated Financia
Condensed Consolidated Financial Statements | 6 Months Ended |
Jun. 30, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Condensed Consolidated Financial Statements | Condensed Consolidated Financial Statements Basis of Presentation We have prepared these unaudited condensed consolidated financial statements based on SEC rules that permit reduced disclosure for interim periods. These financial statements include all adjustments that are necessary for a fair presentation of our consolidated results of operations, cash flows and financial condition for the periods shown, including normal, recurring accruals and other items. The consolidated results of operations for the interim periods presented are not necessarily indicative of results for the full year. |
Segment Information
Segment Information | 6 Months Ended |
Jun. 30, 2022 | |
Segment Reporting [Abstract] | |
Segment Information | Segment Information We present our operations in five reportable business segments: (1) Comcast Cable in one reportable business segment, referred to as Cable Communications; (2) NBCUniversal in three reportable business segments: Media, Studios and Theme Parks (collectively, the “NBCUniversal segments”); and (3) Sky in one reportable business segment. Cable Communications is a leading provider of broadband, video, voice, wireless, and other services to residential customers in the United States under the Xfinity brand. We also provide these and other services to business customers and sell advertising. Media consists primarily of NBCUniversal’s television and streaming platforms, including national, regional and international cable networks; the NBC and Telemundo broadcast networks; NBC and Telemundo owned local broadcast television stations; and Peacock, our direct-to-consumer streaming service. Studios consists primarily of NBCUniversal’s film and television studio production and distribution operations. Theme Parks consists primarily of our Universal theme parks in Orlando, Florida; Hollywood, California; Osaka, Japan; and Beijing, China. Sky is one of Europe ’ s leading entertainment companies, which primarily includes a direct-to-consumer business, providing video, broadband, voice and wireless phone services, and a content business, operating entertainment networks, the Sky News broadcast network and Sky Sports networks. Our other business interests consist primarily of the operations of Comcast Spectacor, which owns the Philadelphia Flyers and the Wells Fargo Center arena in Philadelphia, Pennsylvania, and other business initiatives. We use Adjusted EBITDA to evaluate the profitability of our operating segments and the components of net income attributable to Comcast Corporation excluded from Adjusted EBITDA are not separately evaluated. Our financial data by reportable segment is presented in the tables below. Three Months Ended June 30, 2022 (in millions) Revenue (a) Adjusted EBITDA (b) Depreciation and Amortization Capital Cash Paid for Intangible Assets Cable Communications $ 16,601 $ 7,448 $ 1,945 $ 1,776 $ 409 NBCUniversal Media 5,332 1,337 251 22 43 Studios 2,966 1 11 1 4 Theme Parks 1,804 632 266 319 9 Headquarters and Other 8 (137) 123 121 45 Eliminations (a) (664) 23 — — — NBCUniversal 9,445 1,856 651 463 100 Sky 4,501 863 809 130 169 Corporate and Other 164 (304) 62 45 64 Eliminations (a) (696) (36) — — — Comcast Consolidated $ 30,016 $ 9,827 $ 3,469 $ 2,414 $ 743 Three Months Ended June 30, 2021 (in millions) Revenue (a) Adjusted EBITDA (b) Depreciation and Amortization Capital Cash Paid for Intangible Assets Cable Communications $ 16,002 $ 7,073 $ 1,950 $ 1,695 $ 337 NBCUniversal Media 5,148 1,378 254 19 42 Studios 2,224 156 12 1 5 Theme Parks 1,095 221 195 100 8 Headquarters and Other 22 (186) 125 62 30 Eliminations (a) (534) (15) — — — NBCUniversal 7,955 1,553 586 182 86 Sky 5,220 560 826 184 211 Corporate and Other 92 (261) 21 83 37 Eliminations (a) (723) 2 — — — Comcast Consolidated $ 28,546 $ 8,927 $ 3,383 $ 2,144 $ 671 Six Months Ended June 30, 2022 (in millions) Revenue (a) Adjusted EBITDA (b) Depreciation and Amortization Capital Expenditures Cash Paid for Intangible Assets Cable Communications $ 33,142 $ 14,720 $ 3,905 $ 3,143 $ 744 NBCUniversal Media 12,196 2,496 500 34 88 Studios 5,722 246 23 2 7 Theme Parks 3,364 1,082 548 540 14 Headquarters and Other 24 (329) 242 194 75 Eliminations (a) (1,566) (39) — — — NBCUniversal 19,741 3,457 1,313 769 185 Sky 9,276 1,485 1,680 277 323 Corporate and Other 402 (566) 118 82 131 Eliminations (a) (1,535) (119) — — — Comcast Consolidated $ 61,026 $ 18,977 $ 7,016 $ 4,270 $ 1,383 Six Months Ended June 30, 2021 (in millions) Revenue (a) Adjusted EBITDA (b) Depreciation and Amortization Capital Expenditures Cash Paid for Intangible Assets Cable Communications $ 31,807 $ 13,903 $ 3,880 $ 3,065 $ 652 NBCUniversal Media 10,184 2,851 501 29 75 Studios 4,620 653 25 2 7 Theme Parks 1,714 159 402 226 15 Headquarters and Other 38 (395) 241 98 57 Eliminations (a) (1,576) (225) — — — NBCUniversal 14,980 3,043 1,168 354 153 Sky 10,217 924 1,640 455 412 Corporate and Other 181 (541) 57 128 65 Eliminations (a) (1,434) 11 — — — Comcast Consolidated $ 55,751 $ 17,339 $ 6,745 $ 4,003 $ 1,283 (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 content licensing revenue in Studios for licenses of owned content to Media and Sky; distribution revenue in Media for fees received from Cable Communications for the sale of cable network programming and under retransmission consent agreements; 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. A summary of revenue for each of our segments resulting from transactions with other segments and eliminated in consolidation is presented in the table below. Three Months Ended Six Months Ended (in millions) 2022 2021 2022 2021 Cable Communications $ 61 $ 47 $ 117 $ 93 NBCUniversal Media 522 543 1,192 1,082 Studios 731 589 1,670 1,678 Theme Parks — — — 1 Headquarters and Other 6 17 19 29 Sky 3 15 9 23 Corporate and Other 36 47 93 105 Total intersegment revenue $ 1,360 $ 1,257 $ 3,101 $ 3,010 (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 within Corporate and Other. Our reconciliation of the aggregate amount of Adjusted EBITDA for our reportable segments to consolidated income before income taxes is presented in the table below. Three Months Ended Six Months Ended (in millions) 2022 2021 2022 2021 Adjusted EBITDA $ 9,827 $ 8,927 $ 18,977 $ 17,339 Adjustments 9 (36) (24) (48) Depreciation (2,162) (2,113) (4,375) (4,231) Amortization (1,306) (1,270) (2,641) (2,514) Interest expense (968) (1,093) (1,962) (2,112) Investment and other income (loss), net (897) 1,216 (709) 1,607 Income before income taxes $ 4,502 $ 5,630 $ 9,266 $ 10,042 |
Revenue
Revenue | 6 Months Ended |
Jun. 30, 2022 | |
Revenues [Abstract] | |
Revenue | Revenue Three Months Ended Six Months Ended (in millions) 2022 2021 2022 2021 Residential: Broadband $ 6,107 $ 5,717 $ 12,158 $ 11,317 Video 5,423 5,554 10,959 11,177 Voice 763 870 1,549 1,741 Wireless 722 556 1,399 1,069 Business services 2,424 2,202 4,820 4,369 Advertising 748 679 1,419 1,296 Other 415 425 839 838 Total Cable Communications 16,601 16,002 33,142 31,807 Advertising 2,159 2,189 5,492 4,282 Distribution 2,659 2,452 5,692 4,947 Other 514 507 1,013 955 Total Media 5,332 5,148 12,196 10,184 Content licensing 2,118 1,781 4,397 3,855 Theatrical 550 198 718 237 Home entertainment and other 298 245 607 527 Total Studios 2,966 2,224 5,722 4,620 Total Theme Parks 1,804 1,095 3,364 1,714 Headquarters and Other 8 22 24 38 Eliminations (a) (664) (534) (1,566) (1,576) Total NBCUniversal 9,445 7,955 19,741 14,980 Direct-to-consumer 3,680 4,222 7,564 8,288 Content 265 355 561 713 Advertising 556 643 1,152 1,216 Total Sky 4,501 5,220 9,276 10,217 Corporate and Other 164 92 402 181 Eliminations (a) (696) (723) (1,535) (1,434) Total revenue $ 30,016 $ 28,546 $ 61,026 $ 55,751 (a) Included in Eliminations are transactions that our segments enter into with one another. See Note 2 for a description of these transactions. Condensed Consolidated Balance Sheet The following tables summarize our accounts receivable and other balances that are not separately presented in our condensed consolidated balance sheet that relate to the recognition of revenue and collection of the related cash, as well as the deferred costs associated with our contracts with customers. (in millions) June 30, December 31, Receivables, gross $ 12,678 $ 12,666 Less: Allowance for doubtful accounts 723 658 Receivables, net $ 11,956 $ 12,008 (in millions) June 30, December 31, Noncurrent receivables, net (included in other noncurrent assets, net) $ 1,735 $ 1,632 Contract acquisition and fulfillment costs (included in other noncurrent assets, net) $ 1,066 $ 1,094 Noncurrent deferred revenue (included in other noncurrent liabilities) $ 665 $ 695 |
Programming and Production Cost
Programming and Production Costs | 6 Months Ended |
Jun. 30, 2022 | |
Other Industries [Abstract] | |
Programming and Production Costs | Programming and Production Costs Three Months Ended Six Months Ended (in millions) 2022 2021 2022 2021 Video distribution programming $ 3,288 $ 3,414 $ 6,713 $ 6,930 Film and television content: Owned (a) 2,919 2,227 5,426 4,191 Licensed, including sports rights 2,377 3,318 6,702 6,492 Other 304 297 616 562 Total programming and production costs $ 8,887 $ 9,256 $ 19,457 $ 18,175 (a) Amount includes amortization of owned content of $2.4 billion and $4.4 billion for the three and six months ended June 30, 2022, respectively, and $1.8 billion and $3.5 billion for the three and six months ended June 30, 2021, respectively, as well as participations and residuals expenses. Capitalized Film and Television Costs (in millions) June 30, December 31, Owned: Released, less amortization $ 3,837 $ 3,726 Completed, not released 88 536 In production and in development 3,284 2,732 7,209 6,994 Licensed, including sports advances 4,413 5,811 Film and television costs $ 11,622 $ 12,806 |
Long-Term Debt
Long-Term Debt | 6 Months Ended |
Jun. 30, 2022 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | Long-Term DebtAs of June 30, 2022, our debt had a carrying value of $93.5 billion and an estimated fair value of $90.4 billion. As of December 31, 2021, our debt had a carrying value of $94.8 billion and an estimated fair value of $109.3 billion. The estimated fair value of our publicly traded debt was primarily based on Level 1 inputs that use quoted market value for the debt. The estimated fair value of debt for which there are no quoted market prices was based on Level 2 inputs that use interest rates available to us for debt with similar terms and remaining maturities. |
Significant Transactions
Significant Transactions | 6 Months Ended |
Jun. 30, 2022 | |
Business Combination and Asset Acquisition [Abstract] | |
Significant Transactions | Significant Transactions 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 and Variable Intere
Investments and Variable Interest Entities | 6 Months Ended |
Jun. 30, 2022 | |
Investments [Abstract] | |
Investments and Variable Interest Entities | Investments and Variable Interest Entities Investment and Other Income (Loss), Net Three Months Ended Six Months Ended (in millions) 2022 2021 2022 2021 Equity in net income (losses) of investees, net $ (413) $ 959 $ (280) $ 1,095 Realized and unrealized gains (losses) on equity securities, net (321) 189 (205) 426 Other income (loss), net (162) 69 (224) 87 Investment and other income (loss), net $ (897) $ 1,216 $ (709) $ 1,607 The amount of unrealized gains (losses), net recognized in the three months ended June 30, 2022 and 2021 that related to marketable and nonmarketable equity securities still held as of the end of each reporting period was $(333) million and $153 million, respectively. The amount of unrealized gains (losses), net recognized in the six months ended June 30, 2022 and 2021 that related to marketable and nonmarketable equity securities still held as of the end of each reporting period was $(251) million and $264 million, respectively. Investments (in millions) June 30, December 31, Equity method $ 5,824 $ 6,111 Marketable equity securities 130 406 Nonmarketable equity securities 1,753 1,735 Other investments 1,658 803 Total investments 9,364 9,055 Less: Current investments 1,124 368 Less: Investment securing collateralized obligation 642 605 Noncurrent investments $ 7,598 $ 8,082 Equity Me thod Investments The amount of cash distributions received from equity method investments presented within operating activities in the condensed consolidated statement of cash flows in the six months ended June 30, 2022 and 2021 was $67 million and $130 million, respectively. Atairos Atairos is a variable interest entity (“VIE”) that follows investment company accounting and records its investments at their fair values each reporting period with the net gains or losses reflected in its statement of operations. We recognize our share of these gains and losses in equity in net income (losses) of investees, net. For the six months ended June 30, 2022 and 2021, we made cash capital contributions to Atairos totaling $26 million and $24 million, respectively. As of June 30, 2022 and December 31, 2021, our investment in Atairos, inclusive of certain distributions retained by Atairos on our behalf and classified as advances within other investments, was $4.4 billion and $4.7 billion, respectively. As of June 30, 2022, our remaining unfunded capital commitment was $1.5 billion. Hulu and Collateralized Obligation In 2019, we borrowed $5.2 billion under a term loan facility due March 2024 which is fully collateralized by the minimum guaranteed proceeds of the put/call option related to our investment in Hulu. As of June 30, 2022 and December 31, 2021, the carrying value and estimated fair value of our collateralized obligation were $5.2 billion. The estimated fair value was based on Level 2 inputs that use interest rates for debt with similar terms and remaining maturities. We present our investment in Hulu and the term loan separately in our condensed consolidated balance sheet in the captions “investment securing collateralized obligation” 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. Other Investments Other investments also includes investments in certain short-term instruments with maturities over three months when purchased, such as commercial paper, certificates of deposit and U.S. government obligations, which are generally accounted for at amortized cost. These short-term instruments totaled $1.0 billion as of June 30, 2022 and there were no such investments as of December 31, 2021. The carrying amounts of these investments approximate their fair values, which are primarily based on Level 2 inputs that use interest rates for instruments with similar terms and remaining maturities. Consolidated Variable Interest Entity Universal Beijing Resort We own a 30% interest in a Universal theme park and resort in Beijing, China (“Universal Beijing Resort”), which opened in September 2021. Universal Beijing Resort is a consolidated VIE with the remaining interest owned by a consortium of Chinese state-owned companies. The construction was funded through a combination of debt financing and equity contributions from the partners in accordance with their equity interests. As of June 30, 2022, Universal Beijing Resort had $3.5 billion of debt outstanding, including $3.1 billion principal amount of a term loan outstanding under the debt financing agreement. As of June 30, 2022, our condensed consolidated balance sheet included assets and liabilities of Universal Beijing Resort totaling $8.8 billion and $7.7 billion, respectively. The assets and liabilities of Universal Beijing Resort primarily consist of property and equipment, operating lease assets and liabilities, and debt. |
Equity and Share-Based Compensa
Equity and Share-Based Compensation | 6 Months Ended |
Jun. 30, 2022 | |
Equity [Abstract] | |
Equity and Share-Based Compensation | Equity and Share-Based Compensation Weighted-Average Common Shares Outstanding Three Months Ended Six Months Ended (in millions) 2022 2021 2022 2021 Weighted-average number of common shares outstanding – basic 4,457 4,601 4,485 4,596 Effect of dilutive securities 25 72 35 73 Weighted-average number of common shares outstanding – diluted 4,482 4,673 4,520 4,669 Diluted earnings per common share attributable to Comcast Corporation shareholders (“diluted EPS”) considers the impact of potentially dilutive securities using the treasury stock method. The amount of potential common shares related to our share-based compensation plans that were excluded from diluted EPS because their effect would have been antidilutive was not material in any of the periods presented. Accumulated Other Comprehensive Income (Loss) (in millions) June 30, December 31, Cumulative translation adjustments $ (2,741) $ 1,119 Deferred gains (losses) on cash flow hedges 335 104 Unrecognized gains (losses) on employee benefit obligations and other 236 257 Accumulated other comprehensive income (loss), net of deferred taxes $ (2,170) $ 1,480 Share-Based Compensation Our share-based compensation plans consist primarily of awards of RSUs and stock options to certain employees and directors as part of our approach to long-term incentive compensation. Additionally, through our employee stock purchase plans, employees are able to purchase shares of our common stock at a discount through payroll deductions. In March 2022, we granted 16 million RSUs and 51 million stock options related to our annual management awards. The weighted-average fair values associated with these grants were $46.46 per RSU and $8.81 per stock option. Recognized Share-Based Compensation Expense Three Months Ended Six Months Ended (in millions) 2022 2021 2022 2021 Restricted share units $ 162 $ 185 $ 359 $ 391 Stock options 75 89 166 178 Employee stock purchase plans 9 9 21 20 Total $ 246 $ 282 $ 546 $ 589 As of June 30, 2022, we had unrecognized pretax compensation expense of $1.6 billion and $771 million related to nonvested RSUs and nonvested stock options, respectively. |
Supplemental Financial Informat
Supplemental Financial Information | 6 Months Ended |
Jun. 30, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Supplemental Financial Information | Supplemental Financial Information Cash Payments for Interest and Income Taxes Six Months Ended (in millions) 2022 2021 Interest $ 1,644 $ 1,909 Income taxes $ 2,841 $ 1,832 Noncash Activities During the six months ended June 30, 2022: • we acquired $1.9 billion of property and equipment and intangible assets that were accrued but unpaid • we recorded a liability of $1.2 billion for a quarterly cash dividend of $0.27 per common share paid in July 2022 During the six months ended June 30, 2021: • we recognized operating lease assets and liabilities of $2.8 billion related to Universal Beijing Resort • we acquired $1.5 billion of property and equipment and intangible assets that were accrued but unpaid • we recorded a liability of $1.2 billion for a quarterly cash dividend of $0.25 per common share paid in July 2021 Cash, Cash Equivalents and Restricted Cash The following table provides a reconciliation of cash, cash equivalents and restricted cash reported in the condensed consolidated balance sheet to the total of the amounts reported in our condensed consolidated statement of cash flows. (in millions) June 30, December 31, Cash and cash equivalents $ 6,822 $ 8,711 Restricted cash included in other current assets 25 56 Restricted cash included in other noncurrent assets, net 12 12 Cash, cash equivalents and restricted cash, end of period $ 6,859 $ 8,778 |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Redeemable Subsidiary Preferred Stock In the first quarter of 2021, we redeemed all of the NBCUniversal Enterprise, Inc. preferred stock and made cash payments equal to the aggregate liquidation preference of $725 million. The redeemable subsidiary preferred stock was presented in redeemable noncontrolling interests. Contingencies We are subject to legal proceedings and claims that arise in the ordinary course of our business. While the amount of ultimate liability with respect to such actions is not expected to materially affect our results of operations, cash flows or financial position, any litigation resulting from any such legal proceedings or claims could be time-consuming and injure our reputation. |
Condensed Consolidated Financ_2
Condensed Consolidated Financial Statements (Policies) | 6 Months Ended |
Jun. 30, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | We have prepared these unaudited condensed consolidated financial statements based on SEC rules that permit reduced disclosure for interim periods. These financial statements include all adjustments that are necessary for a fair presentation of our consolidated results of operations, cash flows and financial condition for the periods shown, including normal, recurring accruals and other items. The consolidated results of operations for the interim periods presented are not necessarily indicative of results for the full year.The year-end condensed consolidated balance sheet was derived from audited financial statements but does not include all disclosures required by generally accepted accounting principles in the United States (“GAAP”). For a more complete discussion of our accounting policies and certain other information, refer to our consolidated financial statements included in our 2021 Annual Report on Form 10-K and the notes within this Form 10-Q. |
Earnings Per Share | Diluted earnings per common share attributable to Comcast Corporation shareholders (“diluted EPS”) considers the impact of potentially dilutive securities using the treasury stock method. The amount of potential common shares related to our share-based compensation plans that were excluded from diluted EPS because their effect would have been antidilutive was not material in any of the periods presented. |
Segment Information (Tables)
Segment Information (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Segment Reporting [Abstract] | |
Financial Data by Business Segment | Our financial data by reportable segment is presented in the tables below. Three Months Ended June 30, 2022 (in millions) Revenue (a) Adjusted EBITDA (b) Depreciation and Amortization Capital Cash Paid for Intangible Assets Cable Communications $ 16,601 $ 7,448 $ 1,945 $ 1,776 $ 409 NBCUniversal Media 5,332 1,337 251 22 43 Studios 2,966 1 11 1 4 Theme Parks 1,804 632 266 319 9 Headquarters and Other 8 (137) 123 121 45 Eliminations (a) (664) 23 — — — NBCUniversal 9,445 1,856 651 463 100 Sky 4,501 863 809 130 169 Corporate and Other 164 (304) 62 45 64 Eliminations (a) (696) (36) — — — Comcast Consolidated $ 30,016 $ 9,827 $ 3,469 $ 2,414 $ 743 Three Months Ended June 30, 2021 (in millions) Revenue (a) Adjusted EBITDA (b) Depreciation and Amortization Capital Cash Paid for Intangible Assets Cable Communications $ 16,002 $ 7,073 $ 1,950 $ 1,695 $ 337 NBCUniversal Media 5,148 1,378 254 19 42 Studios 2,224 156 12 1 5 Theme Parks 1,095 221 195 100 8 Headquarters and Other 22 (186) 125 62 30 Eliminations (a) (534) (15) — — — NBCUniversal 7,955 1,553 586 182 86 Sky 5,220 560 826 184 211 Corporate and Other 92 (261) 21 83 37 Eliminations (a) (723) 2 — — — Comcast Consolidated $ 28,546 $ 8,927 $ 3,383 $ 2,144 $ 671 Six Months Ended June 30, 2022 (in millions) Revenue (a) Adjusted EBITDA (b) Depreciation and Amortization Capital Expenditures Cash Paid for Intangible Assets Cable Communications $ 33,142 $ 14,720 $ 3,905 $ 3,143 $ 744 NBCUniversal Media 12,196 2,496 500 34 88 Studios 5,722 246 23 2 7 Theme Parks 3,364 1,082 548 540 14 Headquarters and Other 24 (329) 242 194 75 Eliminations (a) (1,566) (39) — — — NBCUniversal 19,741 3,457 1,313 769 185 Sky 9,276 1,485 1,680 277 323 Corporate and Other 402 (566) 118 82 131 Eliminations (a) (1,535) (119) — — — Comcast Consolidated $ 61,026 $ 18,977 $ 7,016 $ 4,270 $ 1,383 Six Months Ended June 30, 2021 (in millions) Revenue (a) Adjusted EBITDA (b) Depreciation and Amortization Capital Expenditures Cash Paid for Intangible Assets Cable Communications $ 31,807 $ 13,903 $ 3,880 $ 3,065 $ 652 NBCUniversal Media 10,184 2,851 501 29 75 Studios 4,620 653 25 2 7 Theme Parks 1,714 159 402 226 15 Headquarters and Other 38 (395) 241 98 57 Eliminations (a) (1,576) (225) — — — NBCUniversal 14,980 3,043 1,168 354 153 Sky 10,217 924 1,640 455 412 Corporate and Other 181 (541) 57 128 65 Eliminations (a) (1,434) 11 — — — Comcast Consolidated $ 55,751 $ 17,339 $ 6,745 $ 4,003 $ 1,283 (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 content licensing revenue in Studios for licenses of owned content to Media and Sky; distribution revenue in Media for fees received from Cable Communications for the sale of cable network programming and under retransmission consent agreements; 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. A summary of revenue for each of our segments resulting from transactions with other segments and eliminated in consolidation is presented in the table below. Three Months Ended Six Months Ended (in millions) 2022 2021 2022 2021 Cable Communications $ 61 $ 47 $ 117 $ 93 NBCUniversal Media 522 543 1,192 1,082 Studios 731 589 1,670 1,678 Theme Parks — — — 1 Headquarters and Other 6 17 19 29 Sky 3 15 9 23 Corporate and Other 36 47 93 105 Total intersegment revenue $ 1,360 $ 1,257 $ 3,101 $ 3,010 (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 within Corporate and Other. Our reconciliation of the aggregate amount of Adjusted EBITDA for our reportable segments to consolidated income before income taxes is presented in the table below. Three Months Ended Six Months Ended (in millions) 2022 2021 2022 2021 Adjusted EBITDA $ 9,827 $ 8,927 $ 18,977 $ 17,339 Adjustments 9 (36) (24) (48) Depreciation (2,162) (2,113) (4,375) (4,231) Amortization (1,306) (1,270) (2,641) (2,514) Interest expense (968) (1,093) (1,962) (2,112) Investment and other income (loss), net (897) 1,216 (709) 1,607 Income before income taxes $ 4,502 $ 5,630 $ 9,266 $ 10,042 |
Reconciliation of Adjusted EBITDA from Segments to Consolidated | Our reconciliation of the aggregate amount of Adjusted EBITDA for our reportable segments to consolidated income before income taxes is presented in the table below. Three Months Ended Six Months Ended (in millions) 2022 2021 2022 2021 Adjusted EBITDA $ 9,827 $ 8,927 $ 18,977 $ 17,339 Adjustments 9 (36) (24) (48) Depreciation (2,162) (2,113) (4,375) (4,231) Amortization (1,306) (1,270) (2,641) (2,514) Interest expense (968) (1,093) (1,962) (2,112) Investment and other income (loss), net (897) 1,216 (709) 1,607 Income before income taxes $ 4,502 $ 5,630 $ 9,266 $ 10,042 |
Revenue (Tables)
Revenue (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Revenues [Abstract] | |
Disaggregation of revenue | Three Months Ended Six Months Ended (in millions) 2022 2021 2022 2021 Residential: Broadband $ 6,107 $ 5,717 $ 12,158 $ 11,317 Video 5,423 5,554 10,959 11,177 Voice 763 870 1,549 1,741 Wireless 722 556 1,399 1,069 Business services 2,424 2,202 4,820 4,369 Advertising 748 679 1,419 1,296 Other 415 425 839 838 Total Cable Communications 16,601 16,002 33,142 31,807 Advertising 2,159 2,189 5,492 4,282 Distribution 2,659 2,452 5,692 4,947 Other 514 507 1,013 955 Total Media 5,332 5,148 12,196 10,184 Content licensing 2,118 1,781 4,397 3,855 Theatrical 550 198 718 237 Home entertainment and other 298 245 607 527 Total Studios 2,966 2,224 5,722 4,620 Total Theme Parks 1,804 1,095 3,364 1,714 Headquarters and Other 8 22 24 38 Eliminations (a) (664) (534) (1,566) (1,576) Total NBCUniversal 9,445 7,955 19,741 14,980 Direct-to-consumer 3,680 4,222 7,564 8,288 Content 265 355 561 713 Advertising 556 643 1,152 1,216 Total Sky 4,501 5,220 9,276 10,217 Corporate and Other 164 92 402 181 Eliminations (a) (696) (723) (1,535) (1,434) Total revenue $ 30,016 $ 28,546 $ 61,026 $ 55,751 (a) Included in Eliminations are transactions that our segments enter into with one another. See Note 2 for a description of these transactions. |
Schedule of receivables, net | The following tables summarize our accounts receivable and other balances that are not separately presented in our condensed consolidated balance sheet that relate to the recognition of revenue and collection of the related cash, as well as the deferred costs associated with our contracts with customers. (in millions) June 30, December 31, Receivables, gross $ 12,678 $ 12,666 Less: Allowance for doubtful accounts 723 658 Receivables, net $ 11,956 $ 12,008 |
Other balance sheet accounts | (in millions) June 30, December 31, Noncurrent receivables, net (included in other noncurrent assets, net) $ 1,735 $ 1,632 Contract acquisition and fulfillment costs (included in other noncurrent assets, net) $ 1,066 $ 1,094 Noncurrent deferred revenue (included in other noncurrent liabilities) $ 665 $ 695 |
Programming and Production Co_2
Programming and Production Costs (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Other Industries [Abstract] | |
Programming and Production Expense | Three Months Ended Six Months Ended (in millions) 2022 2021 2022 2021 Video distribution programming $ 3,288 $ 3,414 $ 6,713 $ 6,930 Film and television content: Owned (a) 2,919 2,227 5,426 4,191 Licensed, including sports rights 2,377 3,318 6,702 6,492 Other 304 297 616 562 Total programming and production costs $ 8,887 $ 9,256 $ 19,457 $ 18,175 (a) Amount includes amortization of owned content of $2.4 billion and $4.4 billion for the three and six months ended June 30, 2022, respectively, and $1.8 billion and $3.5 billion for the three and six months ended June 30, 2021, respectively, as well as participations and residuals expenses. |
Capitalized Film and Television Costs and Programming Rights | Capitalized Film and Television Costs (in millions) June 30, December 31, Owned: Released, less amortization $ 3,837 $ 3,726 Completed, not released 88 536 In production and in development 3,284 2,732 7,209 6,994 Licensed, including sports advances 4,413 5,811 Film and television costs $ 11,622 $ 12,806 |
Investments and Variable Inte_2
Investments and Variable Interest Entities (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Investments [Abstract] | |
Investment and Other Income (Loss), Net | Investment and Other Income (Loss), Net Three Months Ended Six Months Ended (in millions) 2022 2021 2022 2021 Equity in net income (losses) of investees, net $ (413) $ 959 $ (280) $ 1,095 Realized and unrealized gains (losses) on equity securities, net (321) 189 (205) 426 Other income (loss), net (162) 69 (224) 87 Investment and other income (loss), net $ (897) $ 1,216 $ (709) $ 1,607 |
Investment Summary | (in millions) June 30, December 31, Equity method $ 5,824 $ 6,111 Marketable equity securities 130 406 Nonmarketable equity securities 1,753 1,735 Other investments 1,658 803 Total investments 9,364 9,055 Less: Current investments 1,124 368 Less: Investment securing collateralized obligation 642 605 Noncurrent investments $ 7,598 $ 8,082 |
Equity and Share-Based Compen_2
Equity and Share-Based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Equity [Abstract] | |
Schedule of weighted average common shares outstanding | Weighted-Average Common Shares Outstanding Three Months Ended Six Months Ended (in millions) 2022 2021 2022 2021 Weighted-average number of common shares outstanding – basic 4,457 4,601 4,485 4,596 Effect of dilutive securities 25 72 35 73 Weighted-average number of common shares outstanding – diluted 4,482 4,673 4,520 4,669 |
Schedule of accumulated other comprehensive income (loss) | Accumulated Other Comprehensive Income (Loss) (in millions) June 30, December 31, Cumulative translation adjustments $ (2,741) $ 1,119 Deferred gains (losses) on cash flow hedges 335 104 Unrecognized gains (losses) on employee benefit obligations and other 236 257 Accumulated other comprehensive income (loss), net of deferred taxes $ (2,170) $ 1,480 |
Schedule of recognized share-based compensation expense | Recognized Share-Based Compensation Expense Three Months Ended Six Months Ended (in millions) 2022 2021 2022 2021 Restricted share units $ 162 $ 185 $ 359 $ 391 Stock options 75 89 166 178 Employee stock purchase plans 9 9 21 20 Total $ 246 $ 282 $ 546 $ 589 |
Supplemental Financial Inform_2
Supplemental Financial Information (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of cash payments for interest and income taxes | Cash Payments for Interest and Income Taxes Six Months Ended (in millions) 2022 2021 Interest $ 1,644 $ 1,909 Income taxes $ 2,841 $ 1,832 |
Cash and Cash Equivalents | The following table provides a reconciliation of cash, cash equivalents and restricted cash reported in the condensed consolidated balance sheet to the total of the amounts reported in our condensed consolidated statement of cash flows. (in millions) June 30, December 31, Cash and cash equivalents $ 6,822 $ 8,711 Restricted cash included in other current assets 25 56 Restricted cash included in other noncurrent assets, net 12 12 Cash, cash equivalents and restricted cash, end of period $ 6,859 $ 8,778 |
Restricted Cash | The following table provides a reconciliation of cash, cash equivalents and restricted cash reported in the condensed consolidated balance sheet to the total of the amounts reported in our condensed consolidated statement of cash flows. (in millions) June 30, December 31, Cash and cash equivalents $ 6,822 $ 8,711 Restricted cash included in other current assets 25 56 Restricted cash included in other noncurrent assets, net 12 12 Cash, cash equivalents and restricted cash, end of period $ 6,859 $ 8,778 |
Segment Information (Details)
Segment Information (Details) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 USD ($) | Jun. 30, 2021 USD ($) | Jun. 30, 2022 USD ($) segment | Jun. 30, 2021 USD ($) | |
Segment Reporting Information [Line Items] | ||||
Number of reportable segments | segment | 5 | |||
Financial Data by Business Segment | ||||
Revenue | $ 30,016 | $ 28,546 | $ 61,026 | $ 55,751 |
Adjusted EBITDA | 9,827 | 8,927 | 18,977 | 17,339 |
Depreciation and amortization | 3,469 | 3,383 | 7,016 | 6,745 |
Capital Expenditures | 2,414 | 2,144 | 4,270 | 4,003 |
Cash Paid for Intangible Assets | 743 | 671 | $ 1,383 | 1,283 |
NBCUniversal | ||||
Segment Reporting Information [Line Items] | ||||
Number of reportable segments | segment | 3 | |||
Cable Communications | ||||
Segment Reporting Information [Line Items] | ||||
Number of reportable segments | segment | 1 | |||
Sky | ||||
Segment Reporting Information [Line Items] | ||||
Number of reportable segments | segment | 1 | |||
Operating Segments | NBCUniversal | ||||
Financial Data by Business Segment | ||||
Revenue | 9,445 | 7,955 | $ 19,741 | 14,980 |
Adjusted EBITDA | 1,856 | 1,553 | 3,457 | 3,043 |
Depreciation and amortization | 651 | 586 | 1,313 | 1,168 |
Capital Expenditures | 463 | 182 | 769 | 354 |
Cash Paid for Intangible Assets | 100 | 86 | 185 | 153 |
Eliminations | ||||
Financial Data by Business Segment | ||||
Revenue | 1,360 | 1,257 | 3,101 | 3,010 |
Eliminations | NBCUniversal | ||||
Financial Data by Business Segment | ||||
Revenue | (664) | (534) | (1,566) | (1,576) |
Adjusted EBITDA | 23 | (15) | (39) | (225) |
Depreciation and amortization | 0 | 0 | 0 | 0 |
Capital Expenditures | 0 | 0 | 0 | 0 |
Cash Paid for Intangible Assets | 0 | 0 | 0 | 0 |
Eliminations | Inter-Business Unit Eliminations | ||||
Financial Data by Business Segment | ||||
Revenue | (696) | (723) | (1,535) | (1,434) |
Adjusted EBITDA | (36) | 2 | (119) | 11 |
Depreciation and amortization | 0 | 0 | 0 | 0 |
Capital Expenditures | 0 | 0 | 0 | 0 |
Cash Paid for Intangible Assets | 0 | 0 | 0 | 0 |
Corporate and Other | ||||
Financial Data by Business Segment | ||||
Revenue | 164 | 92 | 402 | 181 |
Adjusted EBITDA | (304) | (261) | (566) | (541) |
Depreciation and amortization | 62 | 21 | 118 | 57 |
Capital Expenditures | 45 | 83 | 82 | 128 |
Cash Paid for Intangible Assets | 64 | 37 | 131 | 65 |
Corporate and Other | NBCUniversal | ||||
Financial Data by Business Segment | ||||
Revenue | 8 | 22 | 24 | 38 |
Adjusted EBITDA | (137) | (186) | (329) | (395) |
Depreciation and amortization | 123 | 125 | 242 | 241 |
Capital Expenditures | 121 | 62 | 194 | 98 |
Cash Paid for Intangible Assets | 45 | 30 | 75 | 57 |
Cable Communications | Operating Segments | ||||
Financial Data by Business Segment | ||||
Revenue | 16,601 | 16,002 | 33,142 | 31,807 |
Adjusted EBITDA | 7,448 | 7,073 | 14,720 | 13,903 |
Depreciation and amortization | 1,945 | 1,950 | 3,905 | 3,880 |
Capital Expenditures | 1,776 | 1,695 | 3,143 | 3,065 |
Cash Paid for Intangible Assets | 409 | 337 | 744 | 652 |
Cable Communications | Eliminations | ||||
Financial Data by Business Segment | ||||
Revenue | 61 | 47 | 117 | 93 |
Media | Operating Segments | NBCUniversal | ||||
Financial Data by Business Segment | ||||
Revenue | 5,332 | 5,148 | 12,196 | 10,184 |
Adjusted EBITDA | 1,337 | 1,378 | 2,496 | 2,851 |
Depreciation and amortization | 251 | 254 | 500 | 501 |
Capital Expenditures | 22 | 19 | 34 | 29 |
Cash Paid for Intangible Assets | 43 | 42 | 88 | 75 |
Media | Eliminations | NBCUniversal | ||||
Financial Data by Business Segment | ||||
Revenue | 522 | 543 | 1,192 | 1,082 |
Studios | Operating Segments | NBCUniversal | ||||
Financial Data by Business Segment | ||||
Revenue | 2,966 | 2,224 | 5,722 | 4,620 |
Adjusted EBITDA | 1 | 156 | 246 | 653 |
Depreciation and amortization | 11 | 12 | 23 | 25 |
Capital Expenditures | 1 | 1 | 2 | 2 |
Cash Paid for Intangible Assets | 4 | 5 | 7 | 7 |
Studios | Eliminations | NBCUniversal | ||||
Financial Data by Business Segment | ||||
Revenue | 731 | 589 | 1,670 | 1,678 |
Theme Parks | Operating Segments | NBCUniversal | ||||
Financial Data by Business Segment | ||||
Revenue | 1,804 | 1,095 | 3,364 | 1,714 |
Adjusted EBITDA | 632 | 221 | 1,082 | 159 |
Depreciation and amortization | 266 | 195 | 548 | 402 |
Capital Expenditures | 319 | 100 | 540 | 226 |
Cash Paid for Intangible Assets | 9 | 8 | 14 | 15 |
Theme Parks | Eliminations | NBCUniversal | ||||
Financial Data by Business Segment | ||||
Revenue | 0 | 0 | 0 | 1 |
Sky | Operating Segments | ||||
Financial Data by Business Segment | ||||
Revenue | 4,501 | 5,220 | 9,276 | 10,217 |
Adjusted EBITDA | 863 | 560 | 1,485 | 924 |
Depreciation and amortization | 809 | 826 | 1,680 | 1,640 |
Capital Expenditures | 130 | 184 | 277 | 455 |
Cash Paid for Intangible Assets | 169 | 211 | 323 | 412 |
Sky | Eliminations | ||||
Financial Data by Business Segment | ||||
Revenue | $ 3 | $ 15 | $ 9 | $ 23 |
Segment Information (Intersegme
Segment Information (Intersegment Eliminations) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Segment Reporting Information [Line Items] | ||||
Revenue | $ 30,016 | $ 28,546 | $ 61,026 | $ 55,751 |
Eliminations | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 1,360 | 1,257 | 3,101 | 3,010 |
Eliminations | NBCUniversal | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | (664) | (534) | (1,566) | (1,576) |
Corporate and Other | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 36 | 47 | 93 | 105 |
Corporate and Other | NBCUniversal | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 6 | 17 | 19 | 29 |
Cable Communications | Eliminations | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 61 | 47 | 117 | 93 |
Media | Eliminations | NBCUniversal | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 522 | 543 | 1,192 | 1,082 |
Studios | Eliminations | NBCUniversal | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 731 | 589 | 1,670 | 1,678 |
Theme Parks | Eliminations | NBCUniversal | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 0 | 0 | 0 | 1 |
Sky | Eliminations | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | $ 3 | $ 15 | $ 9 | $ 23 |
Segment Information (Reconcilia
Segment Information (Reconciliation of Adjusted EBITDA from Segment to Consolidated Statements) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Segment Reporting [Abstract] | ||||
Adjusted EBITDA | $ 9,827 | $ 8,927 | $ 18,977 | $ 17,339 |
Adjustments | 9 | (36) | (24) | (48) |
Depreciation | (2,162) | (2,113) | (4,375) | (4,231) |
Amortization | (1,306) | (1,270) | (2,641) | (2,514) |
Interest expense | (968) | (1,093) | (1,962) | (2,112) |
Investment and other income (loss), net | (897) | 1,216 | (709) | 1,607 |
Income before income taxes | $ 4,502 | $ 5,630 | $ 9,266 | $ 10,042 |
Revenue - Disaggregation of Rev
Revenue - Disaggregation of Revenue (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Disaggregation of Revenue [Line Items] | ||||
Revenue | $ 30,016 | $ 28,546 | $ 61,026 | $ 55,751 |
Operating Segments | NBCUniversal | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 9,445 | 7,955 | 19,741 | 14,980 |
Operating Segments | Cable Communications | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 16,601 | 16,002 | 33,142 | 31,807 |
Operating Segments | Cable Communications | Broadband | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 6,107 | 5,717 | 12,158 | 11,317 |
Operating Segments | Cable Communications | Video | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 5,423 | 5,554 | 10,959 | 11,177 |
Operating Segments | Cable Communications | Voice | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 763 | 870 | 1,549 | 1,741 |
Operating Segments | Cable Communications | Wireless | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 722 | 556 | 1,399 | 1,069 |
Operating Segments | Cable Communications | Business services | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 2,424 | 2,202 | 4,820 | 4,369 |
Operating Segments | Cable Communications | Advertising | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 748 | 679 | 1,419 | 1,296 |
Operating Segments | Cable Communications | Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 415 | 425 | 839 | 838 |
Operating Segments | Media | NBCUniversal | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 5,332 | 5,148 | 12,196 | 10,184 |
Operating Segments | Media | Advertising | NBCUniversal | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 2,159 | 2,189 | 5,492 | 4,282 |
Operating Segments | Media | Other | NBCUniversal | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 514 | 507 | 1,013 | 955 |
Operating Segments | Media | Distribution | NBCUniversal | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 2,659 | 2,452 | 5,692 | 4,947 |
Operating Segments | Studios | NBCUniversal | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 2,966 | 2,224 | 5,722 | 4,620 |
Operating Segments | Studios | Content licensing | NBCUniversal | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 2,118 | 1,781 | 4,397 | 3,855 |
Operating Segments | Studios | Theatrical | NBCUniversal | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 550 | 198 | 718 | 237 |
Operating Segments | Studios | Home entertainment and other | NBCUniversal | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 298 | 245 | 607 | 527 |
Operating Segments | Theme Parks | NBCUniversal | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 1,804 | 1,095 | 3,364 | 1,714 |
Operating Segments | Sky | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 4,501 | 5,220 | 9,276 | 10,217 |
Operating Segments | Sky | Advertising | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 556 | 643 | 1,152 | 1,216 |
Operating Segments | Sky | Direct-to-consumer | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 3,680 | 4,222 | 7,564 | 8,288 |
Operating Segments | Sky | Content | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 265 | 355 | 561 | 713 |
Eliminations | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 1,360 | 1,257 | 3,101 | 3,010 |
Eliminations | NBCUniversal | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | (664) | (534) | (1,566) | (1,576) |
Eliminations | Inter-Business Unit Eliminations | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | (696) | (723) | (1,535) | (1,434) |
Eliminations | Cable Communications | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 61 | 47 | 117 | 93 |
Eliminations | Media | NBCUniversal | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 522 | 543 | 1,192 | 1,082 |
Eliminations | Studios | NBCUniversal | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 731 | 589 | 1,670 | 1,678 |
Eliminations | Theme Parks | NBCUniversal | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 0 | 0 | 0 | 1 |
Eliminations | Sky | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 3 | 15 | 9 | 23 |
Corporate and Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 164 | 92 | 402 | 181 |
Corporate and Other | NBCUniversal | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | $ 8 | $ 22 | $ 24 | $ 38 |
Revenue (Condensed Consolidated
Revenue (Condensed Consolidated Balance Sheet) (Details) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Revenues [Abstract] | ||
Receivables, gross | $ 12,678 | $ 12,666 |
Less: Allowance for doubtful accounts | 723 | 658 |
Receivables, net | 11,956 | 12,008 |
Noncurrent receivables, net (included in other noncurrent assets, net) | 1,735 | 1,632 |
Contract acquisition and fulfillment costs (included in other noncurrent assets, net) | 1,066 | 1,094 |
Noncurrent deferred revenue (included in other noncurrent liabilities) | $ 665 | $ 695 |
Programming and Production Co_3
Programming and Production Costs (Recognized Programming and Production Costs) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Other Industries [Abstract] | ||||
Video distribution programming | $ 3,288 | $ 3,414 | $ 6,713 | $ 6,930 |
Film and television content: | ||||
Owned | 2,919 | 2,227 | 5,426 | 4,191 |
Licensed, including sports rights | 2,377 | 3,318 | 6,702 | 6,492 |
Other | 304 | 297 | 616 | 562 |
Total programming and production costs | 8,887 | 9,256 | 19,457 | 18,175 |
Amortization of owned film and television costs | $ 2,400 | $ 1,800 | $ 4,400 | $ 3,500 |
Programming and Production Co_4
Programming and Production Costs (Capitalized Film and Television Costs and Programming Rights) (Details) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Owned: | ||
Released, less amortization | $ 3,837 | $ 3,726 |
Completed, not released | 88 | 536 |
In production and in development | 3,284 | 2,732 |
Owned | 7,209 | 6,994 |
Licensed, including sports advances | 4,413 | 5,811 |
Film and television costs | $ 11,622 | $ 12,806 |
Long-Term Debt (Narrative) (Det
Long-Term Debt (Narrative) (Details) - USD ($) $ in Billions | Jun. 30, 2022 | Dec. 31, 2021 |
Debt Disclosure [Abstract] | ||
Total carrying value of debt | $ 93.5 | $ 94.8 |
Total fair value of debt | $ 90.4 | $ 109.3 |
Significant Transactions (Detai
Significant Transactions (Details) - USD ($) $ in Millions | 1 Months Ended | ||
Oct. 31, 2021 | Jun. 30, 2022 | Dec. 31, 2021 | |
Business Combination, Separately Recognized Transactions [Line Items] | |||
Goodwill | $ 66,486 | $ 70,189 | |
Masergy | |||
Business Combination, Separately Recognized Transactions [Line Items] | |||
Acquisition, cash consideration | $ 1,200 | ||
Goodwill | $ 850 |
Investments and Variable Inte_3
Investments and Variable Interest Entities (Investment and Other Income (Loss), Net) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Investments [Abstract] | ||||
Equity in net income (losses) of investees, net | $ (413) | $ 959 | $ (280) | $ 1,095 |
Realized and unrealized gains (losses) on equity securities, net | (321) | 189 | (205) | 426 |
Other income (loss), net | (162) | 69 | (224) | 87 |
Investment and other income (loss), net | (897) | 1,216 | (709) | 1,607 |
Unrealized gains (losses) recognized | $ (333) | $ 153 | $ (251) | $ 264 |
Investments and Variable Inte_4
Investments and Variable Interest Entities (Narrative) (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2019 | Dec. 31, 2021 | |
Schedule of Equity Method Investments [Line Items] | ||||||
Unrealized gains (losses) recognized | $ (333,000,000) | $ 153,000,000 | $ (251,000,000) | $ 264,000,000 | ||
Cash distribution received from equity method investments | 67,000,000 | 130,000,000 | ||||
Collateralized obligation | 5,171,000,000 | 5,171,000,000 | $ 5,170,000,000 | |||
Other investments | 1,658,000,000 | 1,658,000,000 | 803,000,000 | |||
Assets | 267,032,000,000 | 267,032,000,000 | 275,905,000,000 | |||
Short-Term Instruments | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Other investments | $ 1,000,000,000 | $ 0 | $ 1,000,000,000 | 0 | ||
Variable Interest Entity, Primary Beneficiary | Universal Beijing Resort | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Ownership percentage in variable interest entity | 30% | 30% | ||||
Principal amount of term loan outstanding | $ 3,500,000,000 | $ 3,500,000,000 | ||||
Assets | 8,800,000,000 | 8,800,000,000 | ||||
Consolidated variable interest entity's liabilities included in condensed consolidated balance sheet | 7,700,000,000 | 7,700,000,000 | ||||
Variable Interest Entity, Primary Beneficiary | Universal Beijing Resort | Universal Beijing Resort Term Loans | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Principal amount of term loan outstanding | 3,100,000,000 | 3,100,000,000 | ||||
Atairos | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Cash capital contributions for equity method investments | 26,000,000 | $ 24,000,000 | ||||
Equity method investments and certain retained distributions | 4,400,000,000 | 4,400,000,000 | 4,700,000,000 | |||
Atairos | Variable Interest Entity, Not Primary Beneficiary | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Remaining unfunded capital commitment | 1,500,000,000 | 1,500,000,000 | ||||
Hulu | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Proceeds from collateralized obligation | $ 5,200,000,000 | |||||
Collateralized obligation | 5,200,000,000 | 5,200,000,000 | 5,200,000,000 | |||
Fair value of collateralized obligation | $ 5,200,000,000 | $ 5,200,000,000 | $ 5,200,000,000 |
Investments and Variable Inte_5
Investments and Variable Interest Entities (Schedule of Investments) (Details) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Investments [Abstract] | ||
Equity method | $ 5,824 | $ 6,111 |
Marketable equity securities | 130 | 406 |
Nonmarketable equity securities | 1,753 | 1,735 |
Other investments | 1,658 | 803 |
Total investments | 9,364 | 9,055 |
Less: Current investments | 1,124 | 368 |
Less: Investment securing collateralized obligation | 642 | 605 |
Noncurrent investments | $ 7,598 | $ 8,082 |
Equity and Share-Based Compen_3
Equity and Share-Based Compensation (Weighted Average Common Shares Outstanding) (Details) - shares shares in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Equity [Abstract] | ||||
Weighted average number of common shares outstanding – basic (in shares) | 4,457 | 4,601 | 4,485 | 4,596 |
Effect of dilutive securities (in shares) | 25 | 72 | 35 | 73 |
Weighted-average number of common shares outstanding – diluted (in shares) | 4,482 | 4,673 | 4,520 | 4,669 |
Equity and Share-Based Compen_4
Equity and Share-Based Compensation (Components of Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Equity [Abstract] | ||
Cumulative translation adjustments | $ (2,741) | $ 1,119 |
Deferred gains (losses) on cash flow hedges | 335 | 104 |
Unrecognized gains (losses) on employee benefit obligations and other | 236 | 257 |
Accumulated other comprehensive income (loss), net of deferred taxes | $ (2,170) | $ 1,480 |
Equity and Share-Based Compen_5
Equity and Share-Based Compensation (Narrative) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 1 Months Ended | |
Mar. 31, 2022 | Jun. 30, 2022 | |
Management Grant | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of stock options granted (in shares) | 51 | |
Weighted-average fair value of stock options granted (in dollars per share) | $ 8.81 | |
Restricted Share Units (RSUs) | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Unrecognized pretax compensation expense on nonvested awards | $ 1,600 | |
Restricted Share Units (RSUs) | Management Grant | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of restricted share units granted (in shares) | 16 | |
Weighted-average fair value of restricted share units granted (in dollars per share) | $ 46.46 | |
Stock Options | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Unrecognized pretax compensation expense on nonvested awards | $ 771 |
Equity and Share-Based Compen_6
Equity and Share-Based Compensation (Recognized Share-Based Compensation Expense) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Recognized share-based compensation expense | $ 246 | $ 282 | $ 546 | $ 589 |
Restricted Share Units (RSUs) | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Recognized share-based compensation expense | 162 | 185 | 359 | 391 |
Stock Options | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Recognized share-based compensation expense | 75 | 89 | 166 | 178 |
Employee Stock Purchase Plans | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Recognized share-based compensation expense | $ 9 | $ 9 | $ 21 | $ 20 |
Supplemental Financial Inform_3
Supplemental Financial Information (Cash Payments for Interest and Income Taxes) (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Cash Payments for Interest and Income Taxes | ||
Interest | $ 1,644 | $ 1,909 |
Income taxes | $ 2,841 | $ 1,832 |
Supplemental Financial Inform_4
Supplemental Financial Information (Noncash Activities) (Details) - USD ($) $ / shares in Units, $ in Billions | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Supplemental Financial Information [Line Items] | ||
Property and equipment and intangible assets accrued but not yet paid | $ 1.9 | $ 1.5 |
Dividends payable | $ 1.2 | $ 1.2 |
Dividends payable (in dollars per share) | $ 0.27 | $ 0.25 |
Universal Beijing Resort | ||
Supplemental Financial Information [Line Items] | ||
Operating lease assets and liabilities recognized | $ 2.8 |
Supplemental Financial Inform_5
Supplemental Financial Information (Cash, Cash Equivalents and Restricted Cash) (Details) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 | Jun. 30, 2021 | Dec. 31, 2020 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||
Cash and cash equivalents | $ 6,822 | $ 8,711 | ||
Restricted cash included in other current assets | 25 | 56 | ||
Restricted cash included in other noncurrent assets, net | 12 | 12 | ||
Cash, cash equivalents and restricted cash, end of period | $ 6,859 | $ 8,778 | $ 12,418 | $ 11,768 |
Commitments and Contingencies (
Commitments and Contingencies (Narrative) (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2021 USD ($) | |
Commitments and Contingencies Disclosure [Abstract] | |
Cash payments for the redemption of redeemable subsidiary preferred stock | $ 725 |