x | Quarterly Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 |
c | Transition Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 |
Commission File Number | Exact Name of Registrant; State of Incorporation; Address and Telephone Number of Principal Executive Offices | I.R.S. Employer Identification No. |
001-32871 | COMCAST CORPORATION | 27-0000798 |
PENNSYLVANIA One Comcast Center Philadelphia, PA 19103-2838 (215) 286-1700 | ||
001-36438 | NBCUNIVERSAL MEDIA, LLC | 14-1682529 |
DELAWARE 30 Rockefeller Plaza New York, NY 10112-0015 (212) 664-4444 |
Comcast Corporation | Yes | x | No | c | ||||
NBCUniversal Media, LLC | Yes | x | No | c | ||||
Comcast Corporation | Yes | x | No | c | ||||
NBCUniversal Media, LLC | Yes | x | No | c |
Comcast Corporation | Large accelerated filer | x | Accelerated filer | c | Non-accelerated filer | c | Smaller reporting company | c | Emerging growth company | c |
NBCUniversal Media, LLC | Large accelerated filer | c | Accelerated filer | c | Non-accelerated filer | x | Smaller reporting company | c | Emerging growth company | c |
Comcast Corporation | c |
NBCUniversal Media, LLC | c |
Comcast Corporation | Yes | c | No | x | ||||
NBCUniversal Media, LLC | Yes | c | No | x |
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• | our businesses currently face a wide range of competition, and our businesses and results of operations could be adversely affected if we do not compete effectively |
• | changes in consumer behavior driven by online distribution platforms for viewing content could adversely affect our businesses and challenge existing business models |
• | a decline in advertisers’ expenditures or changes in advertising markets could negatively impact our businesses |
• | our businesses depend on keeping pace with technological developments |
• | we are subject to regulation by federal, state, local and foreign authorities, which impose additional costs and restrictions on our businesses |
• | programming expenses for our video services are increasing, which could adversely affect our Cable Communications segment’s video business |
• | NBCUniversal’s success depends on consumer acceptance of its content, and its businesses may be adversely affected if its content fails to achieve sufficient consumer acceptance or the costs to create or acquire content increase |
• | the loss of NBCUniversal’s programming distribution agreements, or the renewal of these agreements on less favorable terms, could adversely affect its businesses |
• | we rely on network and information systems and other technologies, as well as key properties, and a disruption, cyber attack, failure or destruction of such networks, systems, technologies or properties may disrupt our businesses |
• | our businesses depend on using and protecting certain intellectual property rights and on not infringing the intellectual property rights of others |
• | we may be unable to obtain necessary hardware, software and operational support |
• | weak economic conditions may have a negative impact on our businesses |
• | acquisitions and other strategic initiatives present many risks, and we may not realize the financial and strategic goals that we had contemplated |
• | labor disputes, whether involving employees or sports organizations, may disrupt our operations and adversely affect our businesses |
• | the loss of key management personnel or popular on-air and creative talent could have an adverse effect on our businesses |
• | we face risks relating to doing business internationally that could adversely affect our businesses |
• | our Class B common stock has substantial voting rights and separate approval rights over several potentially material transactions, and our Chairman and CEO has considerable influence over our company through his beneficial ownership of our Class B common stock |
Three Months Ended March 31 | |||||||
(in millions, except per share data) | 2018 | 2017 | |||||
Revenue | $ | 22,791 | $ | 20,587 | |||
Costs and Expenses: | |||||||
Programming and production | 7,429 | 6,061 | |||||
Other operating and administrative | 6,514 | 5,939 | |||||
Advertising, marketing and promotion | 1,604 | 1,577 | |||||
Depreciation | 2,011 | 1,915 | |||||
Amortization | 588 | 553 | |||||
Total costs and expenses | 18,146 | 16,045 | |||||
Operating income | 4,645 | 4,542 | |||||
Interest expense | (777 | ) | (755 | ) | |||
Investment and other income (loss), net | 126 | 130 | |||||
Income before income taxes | 3,994 | 3,917 | |||||
Income tax expense | (818 | ) | (1,262 | ) | |||
Net income | 3,176 | 2,655 | |||||
Less: Net income attributable to noncontrolling interests and redeemable subsidiary preferred stock | 58 | 82 | |||||
Net income attributable to Comcast Corporation | $ | 3,118 | $ | 2,573 | |||
Basic earnings per common share attributable to Comcast Corporation shareholders | $ | 0.67 | $ | 0.54 | |||
Diluted earnings per common share attributable to Comcast Corporation shareholders | $ | 0.66 | $ | 0.53 | |||
Dividends declared per common share | $ | 0.19 | $ | 0.1575 |
Three Months Ended March 31 | |||||||
(in millions) | 2018 | 2017 | |||||
Net income | $ | 3,176 | $ | 2,655 | |||
Unrealized gains (losses) on marketable securities, net of deferred taxes of $— and $(61) | (1 | ) | 104 | ||||
Deferred gains (losses) on cash flow hedges, net of deferred taxes of $(9) and $(4) | 29 | 7 | |||||
Amounts reclassified to net income: | |||||||
Realized (gains) losses on cash flow hedges, net of deferred taxes of $6 and $— | (20 | ) | — | ||||
Employee benefit obligations, net of deferred taxes of $2 and $(37) | (8 | ) | 63 | ||||
Currency translation adjustments, net of deferred taxes of $(47) and $(41) | 157 | 157 | |||||
Comprehensive income | 3,333 | 2,986 | |||||
Less: Net income attributable to noncontrolling interests and redeemable subsidiary preferred stock | 58 | 82 | |||||
Less: Other comprehensive income (loss) attributable to noncontrolling interests | 4 | 87 | |||||
Comprehensive income attributable to Comcast Corporation | $ | 3,271 | $ | 2,817 |
Three Months Ended March 31 | |||||||
(in millions) | 2018 | 2017 | |||||
Operating Activities | |||||||
Net income | $ | 3,176 | $ | 2,655 | |||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||
Depreciation and amortization | 2,599 | 2,468 | |||||
Share-based compensation | 199 | 173 | |||||
Noncash interest expense (income), net | 75 | 58 | |||||
Net (gain) loss on investment activity and other | (74 | ) | (73 | ) | |||
Deferred income taxes | 389 | 269 | |||||
Changes in operating assets and liabilities, net of effects of acquisitions and divestitures: | |||||||
Current and noncurrent receivables, net | 85 | 522 | |||||
Film and television costs, net | (45 | ) | 46 | ||||
Accounts payable and accrued expenses related to trade creditors | 200 | (194 | ) | ||||
Other operating assets and liabilities | (1,130 | ) | (299 | ) | |||
Net cash provided by operating activities | 5,474 | 5,625 | |||||
Investing Activities | |||||||
Capital expenditures | (1,973 | ) | (2,078 | ) | |||
Cash paid for intangible assets | (419 | ) | (385 | ) | |||
Acquisitions and construction of real estate properties | (59 | ) | (130 | ) | |||
Acquisitions, net of cash acquired | (89 | ) | (216 | ) | |||
Proceeds from sales of investments | 81 | 51 | |||||
Purchases of investments | (220 | ) | (1,062 | ) | |||
Other | 387 | 67 | |||||
Net cash provided by (used in) investing activities | (2,292 | ) | (3,753 | ) | |||
Financing Activities | |||||||
Proceeds from (repayments of) short-term borrowings, net | (902 | ) | (1,893 | ) | |||
Proceeds from borrowings | 4,043 | 3,500 | |||||
Repurchases and repayments of debt | (1,265 | ) | (1,059 | ) | |||
Repurchases of common stock under repurchase program and employee plans | (1,729 | ) | (996 | ) | |||
Dividends paid | (738 | ) | (657 | ) | |||
Distributions to noncontrolling interests and dividends for redeemable subsidiary preferred stock | (79 | ) | (72 | ) | |||
Other | 94 | 36 | |||||
Net cash provided by (used in) financing activities | (576 | ) | (1,141 | ) | |||
Increase (decrease) in cash, cash equivalents and restricted cash | 2,606 | 731 | |||||
Cash, cash equivalents and restricted cash, beginning of period | 3,571 | 3,415 | |||||
Cash, cash equivalents and restricted cash, end of period | $ | 6,177 | $ | 4,146 |
(in millions, except share data) | March 31, 2018 | December 31, 2017 | |||||
Assets | |||||||
Current Assets: | |||||||
Cash and cash equivalents | $ | 6,030 | $ | 3,428 | |||
Receivables, net | 8,759 | 8,834 | |||||
Programming rights | 1,354 | 1,613 | |||||
Other current assets | 2,610 | 2,468 | |||||
Total current assets | 18,753 | 16,343 | |||||
Film and television costs | 7,402 | 7,087 | |||||
Investments | 7,095 | 6,931 | |||||
Property and equipment, net of accumulated depreciation of $50,393 and $49,916 | 39,068 | 38,470 | |||||
Franchise rights | 59,365 | 59,364 | |||||
Goodwill | 37,147 | 36,780 | |||||
Other intangible assets, net of accumulated amortization of $12,465 and $11,950 | 18,339 | 18,133 | |||||
Other noncurrent assets, net | 3,707 | 4,354 | |||||
Total assets | $ | 190,876 | $ | 187,462 | |||
Liabilities and Equity | |||||||
Current Liabilities: | |||||||
Accounts payable and accrued expenses related to trade creditors | $ | 7,349 | $ | 6,908 | |||
Accrued participations and residuals | 1,659 | 1,644 | |||||
Deferred revenue | 1,578 | 1,687 | |||||
Accrued expenses and other current liabilities | 5,554 | 6,620 | |||||
Current portion of long-term debt | 3,039 | 5,134 | |||||
Total current liabilities | 19,179 | 21,993 | |||||
Long-term debt, less current portion | 63,678 | 59,422 | |||||
Deferred income taxes | 24,702 | 24,259 | |||||
Other noncurrent liabilities | 11,253 | 10,972 | |||||
Commitments and contingencies (Note 11) | |||||||
Redeemable noncontrolling interests and redeemable subsidiary preferred stock | 1,354 | 1,357 | |||||
Equity: | |||||||
Preferred stock—authorized, 20,000,000 shares; issued, zero | — | — | |||||
Class A common stock, $0.01 par value—authorized, 7,500,000,000 shares; issued, 5,480,462,920 and 5,507,854,670; outstanding, 4,607,671,892 and 4,635,063,642 | 55 | 55 | |||||
Class B common stock, $0.01 par value—authorized, 75,000,000 shares; issued and outstanding, 9,444,375 | — | — | |||||
Additional paid-in capital | 37,375 | 37,497 | |||||
Retained earnings | 38,961 | 38,202 | |||||
Treasury stock, 872,791,028 Class A common shares | (7,517 | ) | (7,517 | ) | |||
Accumulated other comprehensive income (loss) | 608 | 379 | |||||
Total Comcast Corporation shareholders’ equity | 69,482 | 68,616 | |||||
Noncontrolling interests | 1,228 | 843 | |||||
Total equity | 70,710 | 69,459 | |||||
Total liabilities and equity | $ | 190,876 | $ | 187,462 |
Redeemable Noncontrolling Interests and Redeemable Subsidiary Preferred Stock | Common Stock | Additional Paid-In Capital | Retained Earnings | Treasury Stock at Cost | Accumulated Other Comprehensive Income (Loss) | Non- controlling Interests | Total Equity | ||||||||||||||||||||
(in millions) | A | B | |||||||||||||||||||||||||
Balance, December 31, 2016 | $ | 1,446 | $ | 56 | $ | — | $ | 38,230 | $ | 23,065 | $ | (7,517 | ) | $ | 98 | $ | 2,231 | $ | 56,163 | ||||||||
Stock compensation plans | 114 | 114 | |||||||||||||||||||||||||
Repurchases of common stock under repurchase program and employee plans | (178 | ) | (828 | ) | (1,006 | ) | |||||||||||||||||||||
Employee stock purchase plans | 39 | 39 | |||||||||||||||||||||||||
Dividends declared | (751 | ) | (751 | ) | |||||||||||||||||||||||
Other comprehensive income (loss) | 244 | 87 | 331 | ||||||||||||||||||||||||
Contributions from (distributions to) noncontrolling interests, net | (8 | ) | (34 | ) | (34 | ) | |||||||||||||||||||||
Other | (11 | ) | (90 | ) | 252 | 162 | |||||||||||||||||||||
Net income (loss) | 29 | 2,573 | 53 | 2,626 | |||||||||||||||||||||||
Balance, March 31, 2017 | $ | 1,456 | $ | 56 | $ | — | $ | 38,115 | $ | 24,059 | $ | (7,517 | ) | $ | 342 | $ | 2,589 | $ | 57,644 | ||||||||
Balance, December 31, 2017 | $ | 1,357 | $ | 55 | $ | — | $ | 37,497 | $ | 38,202 | $ | (7,517 | ) | $ | 379 | $ | 843 | $ | 69,459 | ||||||||
Cumulative effects of adoption of accounting standards | (43 | ) | 76 | 33 | |||||||||||||||||||||||
Stock compensation plans | 127 | 127 | |||||||||||||||||||||||||
Repurchases of common stock under repurchase program and employee plans | (294 | ) | (1,432 | ) | (1,726 | ) | |||||||||||||||||||||
Employee stock purchase plans | 48 | 48 | |||||||||||||||||||||||||
Dividends declared | (884 | ) | (884 | ) | |||||||||||||||||||||||
Other comprehensive income (loss) | 153 | 4 | 157 | ||||||||||||||||||||||||
Contributions from (distributions to) noncontrolling interests, net | (17 | ) | 350 | 350 | |||||||||||||||||||||||
Other | (10 | ) | (3 | ) | (3 | ) | (6 | ) | |||||||||||||||||||
Net income (loss) | 24 | 3,118 | 34 | 3,152 | |||||||||||||||||||||||
Balance, March 31, 2018 | $ | 1,354 | $ | 55 | $ | — | $ | 37,375 | $ | 38,961 | $ | (7,517 | ) | $ | 608 | $ | 1,228 | $ | 70,710 |
• | Cable Communications: Consists of the operations of Comcast Cable, which is one of the nation’s largest providers of video, high-speed Internet, voice, and security and automation services (“cable services”) to residential customers under the XFINITY brand; we also provide these and other services to business customers and sell advertising. |
• | Cable Networks: Consists primarily of our national cable networks that provide a variety of entertainment, news and information, and sports content, our regional sports and news networks, our international cable networks, our cable television studio production operations, and various digital properties. |
• | Broadcast Television: Consists primarily of the NBC and Telemundo broadcast networks, our NBC and Telemundo owned local broadcast television stations, the NBC Universo national cable network, our broadcast television studio production operations, and various digital properties. |
• | Filmed Entertainment: Consists primarily of the operations of Universal Pictures, which produces, acquires, markets and distributes filmed entertainment worldwide; our films are also produced under the Illumination, DreamWorks Animation and Focus Features names. |
• | Theme Parks: Consists primarily of our Universal theme parks in Orlando, Florida; Hollywood, California; and Osaka, Japan. In addition, along with a consortium of Chinese state-owned companies, we are developing a Universal theme park and resort in Beijing, China. |
Three Months Ended March 31, 2018 | |||||||||||||||
(in millions) | Revenue | Adjusted EBITDA(e) | Depreciation and Amortization | Capital Expenditures | Cash Paid for Intangible Assets | ||||||||||
Cable Communications | $ | 13,518 | $ | 5,415 | $ | 2,053 | $ | 1,688 | $ | 269 | |||||
NBCUniversal | |||||||||||||||
Cable Networks(a) | 3,194 | 1,268 | 189 | 3 | 4 | ||||||||||
Broadcast Television(a) | 3,497 | 507 | 34 | 30 | 72 | ||||||||||
Filmed Entertainment | 1,647 | 203 | 28 | 7 | 6 | ||||||||||
Theme Parks | 1,281 | 495 | 155 | 182 | 16 | ||||||||||
Headquarters and Other(b) | 14 | (188 | ) | 104 | 47 | 32 | |||||||||
Eliminations(a)(c) | (103 | ) | — | — | — | — | |||||||||
NBCUniversal | 9,530 | 2,285 | 510 | 269 | 130 | ||||||||||
Corporate and Other(d) | 391 | (397 | ) | 36 | 16 | 20 | |||||||||
Eliminations(a)(c) | (648 | ) | (59 | ) | — | — | — | ||||||||
Comcast Consolidated | $ | 22,791 | $ | 7,244 | $ | 2,599 | $ | 1,973 | $ | 419 |
Three Months Ended March 31, 2017 | |||||||||||||||
(in millions) | Revenue | Adjusted EBITDA(e) | Depreciation and Amortization | Capital Expenditures | Cash Paid for Intangible Assets | ||||||||||
Cable Communications | $ | 13,050 | $ | 5,174 | $ | 1,946 | $ | 1,781 | $ | 322 | |||||
NBCUniversal | |||||||||||||||
Cable Networks | 2,640 | 1,115 | 214 | 2 | 3 | ||||||||||
Broadcast Television | 2,208 | 322 | 32 | 29 | 3 | ||||||||||
Filmed Entertainment | 1,967 | 371 | 22 | 10 | 5 | ||||||||||
Theme Parks | 1,118 | 397 | 142 | 229 | 13 | ||||||||||
Headquarters and Other(b) | 8 | (185 | ) | 98 | 15 | 31 | |||||||||
Eliminations(c) | (88 | ) | (1 | ) | — | — | — | ||||||||
NBCUniversal | 7,853 | 2,019 | 508 | 285 | 55 | ||||||||||
Corporate and Other(d) | 208 | (194 | ) | 14 | 12 | 8 | |||||||||
Eliminations(c) | (524 | ) | 11 | — | — | — | |||||||||
Comcast Consolidated | $ | 20,587 | $ | 7,010 | $ | 2,468 | $ | 2,078 | $ | 385 |
(a) | The revenue and operating costs and expenses associated with our broadcast of the 2018 PyeongChang Olympics were reported in our Cable Networks and Broadcast Television segments. The revenue and operating costs and expenses associated with our broadcast of the 2018 Super Bowl were reported in our Broadcast Television segment. Included in Eliminations are transactions relating to these events that our Broadcast Television and Cable Networks segments enter into with our other segments. |
(b) | NBCUniversal Headquarters and Other activities include costs associated with overhead, allocations, personnel costs and headquarter initiatives. |
(c) | Included in Eliminations are transactions that our segments enter into with one another. The most common types of transactions are the following: |
• | our Cable Networks segment generates revenue by selling programming to our Cable Communications segment, which represents a substantial majority of the revenue elimination amount |
• | our Broadcast Television segment generates revenue from the fees received under retransmission consent agreements with our Cable Communications segment |
• | our Cable Communications segment generates revenue by selling advertising and by selling the use of satellite feeds to our Cable Networks segment |
• | our Cable Networks and Broadcast Television segments generate revenue by selling advertising to our Cable Communications segment |
• | our Filmed Entertainment and Broadcast Television segments generate revenue by licensing content to our Cable Networks segment; for segment reporting, this revenue is recognized as the programming rights asset for the licensed content is amortized based on third party revenue |
(d) | Corporate and Other activities include costs associated with overhead and personnel, revenue and expenses associated with other business development initiatives, including our wireless phone service, and the operations of Comcast Spectacor, which owns the Philadelphia Flyers and the Wells Fargo Center arena in Philadelphia, Pennsylvania and operates arena management-related businesses. |
(e) | We use Adjusted EBITDA as the measure of profit or loss for our operating segments. Adjusted EBITDA is defined as net income attributable to Comcast Corporation before net income attributable to noncontrolling interests and redeemable subsidiary preferred stock, income tax expense, investment and other income (loss), net, interest expense, depreciation and amortization expense, and other operating gains and losses (such as impairment charges related to fixed and intangible assets and gains or losses on the sale of long-lived assets), if any. From time to time we may exclude from Adjusted EBITDA the impact of certain events, gains, losses or other charges (such as significant legal settlements) that affect the period-to-period comparability of our operating performance. |
Three Months Ended March 31 | |||||||
(in millions) | 2018 | 2017 | |||||
Adjusted EBITDA | $ | 7,244 | $ | 7,010 | |||
Depreciation | (2,011 | ) | (1,915 | ) | |||
Amortization | (588 | ) | (553 | ) | |||
Interest expense | (777 | ) | (755 | ) | |||
Investment and other income (loss), net | 126 | 130 | |||||
Income before income taxes | $ | 3,994 | $ | 3,917 |
Three Months Ended March 31 | |||||||
(in millions) | 2018 | 2017 | |||||
Residential: | |||||||
Video | $ | 5,659 | $ | 5,706 | |||
High-Speed Internet | 4,157 | 3,842 | |||||
Voice | 1,006 | 1,034 | |||||
Business services | 1,726 | 1,543 | |||||
Advertising | 582 | 554 | |||||
Other | 388 | 371 | |||||
Total Cable Communications(a) | 13,518 | 13,050 | |||||
Distribution | 1,887 | 1,562 | |||||
Advertising | 988 | 826 | |||||
Content licensing and other | 319 | 252 | |||||
Total Cable Networks | 3,194 | 2,640 | |||||
Advertising | 2,365 | 1,279 | |||||
Content licensing | 522 | 503 | |||||
Distribution and other | 610 | 426 | |||||
Total Broadcast Television | 3,497 | 2,208 | |||||
Theatrical | 423 | 651 | |||||
Content licensing | 733 | 734 | |||||
Home entertainment | 248 | 286 | |||||
Other | 243 | 296 | |||||
Total Filmed Entertainment | 1,647 | 1,967 | |||||
Total Theme Parks | 1,281 | 1,118 | |||||
Headquarters and Other | 14 | 8 | |||||
Eliminations(b) | (103 | ) | (88 | ) | |||
Total NBCUniversal | 9,530 | 7,853 | |||||
Corporate and Other | 391 | 208 | |||||
Eliminations(b) | (648 | ) | (524 | ) | |||
Total revenue | $ | 22,791 | $ | 20,587 |
(a) | For the three months ended March 31, 2018 and 2017, 2.8% and 2.9%, respectively, of Cable Communications segment revenue was derived from franchise and other regulatory fees. |
(b) | Included in Eliminations are transactions that our segments enter into with one another. See Note 2 for a description of these transactions. |
Three Months Ended March 31 | |||||||
(in millions) | 2018 | 2017 | |||||
United States | $ | 20,885 | $ | 18,832 | |||
Foreign | 1,906 | 1,755 | |||||
Total revenue | $ | 22,791 | $ | 20,587 |
(in millions) | March 31, 2018 | December 31, 2017 | |||||
Receivables, gross | $ | 9,052 | $ | 9,122 | |||
Less: Allowance for doubtful accounts | 293 | 288 | |||||
Receivables, net | $ | 8,759 | $ | 8,834 |
(in millions) | March 31, 2018 | December 31, 2017 | |||||
Noncurrent receivables (included in other noncurrent assets, net) | $ | 1,180 | $ | 1,184 | |||
Contract acquisition and fulfillment costs (included in other noncurrent assets, net) | $ | 929 | $ | 922 | |||
Noncurrent deferred revenue (included in other noncurrent liabilities) | $ | 536 | $ | 497 |
Three Months Ended March 31 | |||||||||||||||||||||
2018 | 2017 | ||||||||||||||||||||
(in millions, except per share data) | Net Income Attributable to Comcast Corporation | Shares | Per Share Amount | Net Income Attributable to Comcast Corporation | Shares | Per Share Amount | |||||||||||||||
Basic EPS attributable to Comcast Corporation shareholders | $ | 3,118 | 4,633 | $ | 0.67 | $ | 2,573 | 4,747 | $ | 0.54 | |||||||||||
Effect of dilutive securities: | |||||||||||||||||||||
Assumed exercise or issuance of shares relating to stock plans | 72 | 85 | |||||||||||||||||||
Diluted EPS attributable to Comcast Corporation shareholders | $ | 3,118 | 4,705 | $ | 0.66 | $ | 2,573 | 4,832 | $ | 0.53 |
Debt Borrowings | |||
(in millions) | Three months ended March 31, 2018 | ||
Comcast 3.90% senior notes due 2038 | $ | 1,200 | |
Comcast 3.55% senior notes due 2028 | 1,000 | ||
Comcast 4.00% senior notes due 2048 | 1,000 | ||
Comcast 4.25% senior notes due 2053 | 800 | ||
Other | 43 | ||
Total | $ | 4,043 |
Debt Repayments | |||
(in millions) | Three months ended March 31, 2018 | ||
Comcast 5.875% senior notes due 2018 | $ | 900 | |
Other | 365 | ||
Total | $ | 1,265 |
Three Months Ended March 31, 2017 | |||||||||
(in millions) | Previously Reported | Effects of Adoption | As Adjusted | ||||||
Revenue | $ | 20,463 | $ | 124 | $ | 20,587 | |||
Total costs and expenses | $ | 15,933 | $ | 112 | $ | 16,045 | |||
Operating income | $ | 4,530 | $ | 12 | $ | 4,542 | |||
Net income attributable to Comcast Corporation | $ | 2,566 | $ | 7 | $ | 2,573 |
As of December 31, 2017 | |||||||||
(in millions) | Previously Reported | Effects of Adoption | As Adjusted | ||||||
Total current assets | $ | 16,060 | $ | 283 | $ | 16,343 | |||
Film and television costs | $ | 7,076 | $ | 11 | $ | 7,087 | |||
Other intangible assets, net | $ | 18,779 | $ | (646 | ) | $ | 18,133 | ||
Other noncurrent assets, net | $ | 3,489 | $ | 865 | $ | 4,354 | |||
Total assets | $ | 186,949 | $ | 513 | $ | 187,462 | |||
Total current liabilities | $ | 21,561 | $ | 432 | $ | 21,993 | |||
Deferred income taxes | $ | 24,256 | $ | 3 | $ | 24,259 | |||
Other noncurrent liabilities | $ | 10,904 | $ | 68 | $ | 10,972 | |||
Total equity | $ | 69,449 | $ | 10 | $ | 69,459 | |||
Total liabilities and equity | $ | 186,949 | $ | 513 | $ | 187,462 |
• | Revenue from our residential video services decreased with corresponding increases to high-speed Internet and voice revenue due to a change in the allocation of revenue among our cable services included in a bundle that our residential customers purchase at a discount. |
• | Revenue from franchise and other regulatory fees, which was previously presented in other revenue, is now presented with the corresponding cable services. This resulted in increases to video, voice and business services revenue. |
• | Residential customer late fees are now presented in other revenue. These fees were previously presented as a reduction to other operating costs and expenses. |
• | Certain costs, including costs related to the fulfillment of contracts with customers, are now presented as other assets and the related costs are recognized over time in operating costs and expenses, which are comprised of total costs and expenses, excluding depreciation and amortization expense and other operating gains. These amounts were previously presented as intangible assets, and the expenses were previously presented in amortization expense. The payments related to these assets are now presented in net cash provided by operating activities rather than in cash paid for intangible assets in our consolidated statement of cash flows. |
• | Installation revenue and commission expense are now recognized as revenue and operating costs and expenses, respectively, over a period of time rather than recognized immediately as they were previously. We recorded a deferred revenue liability related to upfront installation fees that are not distinct services, which required us to allocate the installation fees to the respective service. The installation fees are generally recognized as revenue over the period that the fee would influence a customer to renew their service. This period is less than a year for residential customers and the term of the related contract for business services customers. Incremental costs to obtain a contract with a customer, such as commissions for our business customers, are now deferred and recognized over the contract term. Sales commissions related to our residential customers are expensed as incurred as the related period of benefit is less than a year. |
Three months ended March 31, 2017 | |||||||||
(in millions) | Previously Reported | Effects of Adoption | As Adjusted | ||||||
Residential: | |||||||||
Video | $ | 5,774 | $ | (68 | ) | $ | 5,706 | ||
High-speed Internet | 3,606 | 236 | 3,842 | ||||||
Voice | 863 | 171 | 1,034 | ||||||
Business services | 1,490 | 53 | 1,543 | ||||||
Advertising | 512 | 42 | 554 | ||||||
Other | 667 | (296 | ) | 371 | |||||
Total Cable Communications revenue | $ | 12,912 | $ | 138 | $ | 13,050 | |||
Operating costs and expenses | $ | 7,714 | $ | 162 | $ | 7,876 | |||
Depreciation and amortization expense | $ | 1,980 | $ | (34 | ) | $ | 1,946 |
(in millions) | March 31, 2018 | December 31, 2017 | |||||
Film Costs: | |||||||
Released, less amortization | $ | 1,590 | $ | 1,734 | |||
Completed, not released | 54 | 50 | |||||
In production and in development | 1,287 | 1,149 | |||||
2,931 | 2,933 | ||||||
Television Costs: | |||||||
Released, less amortization | 2,361 | 2,260 | |||||
In production and in development | 845 | 818 | |||||
3,206 | 3,078 | ||||||
Programming rights, less amortization | 2,619 | 2,689 | |||||
8,756 | 8,700 | ||||||
Less: Current portion of programming rights | 1,354 | 1,613 | |||||
Film and television costs | $ | 7,402 | $ | 7,087 |
(in millions) | March 31, 2018 | December 31, 2017 | |||||
Equity method | $ | 3,615 | $ | 3,546 | |||
Marketable equity securities | 471 | 433 | |||||
Nonmarketable equity securities | 1,235 | 1,186 | |||||
Other investments | 1,789 | 1,785 | |||||
Total investments | 7,110 | 6,950 | |||||
Less: Current investments | 15 | 19 | |||||
Noncurrent investments | $ | 7,095 | $ | 6,931 |
Three Months Ended March 31 | |||||||
(in millions) | 2018 | 2017 | |||||
Equity in net income (losses) of investees, net | $ | (49 | ) | $ | 36 | ||
Realized and unrealized gains (losses) on equity securities, net | 28 | (5 | ) | ||||
Other income (loss), net | 147 | 99 | |||||
Investment and other income (loss), net | $ | 126 | $ | 130 |
Three Months Ended March 31 | |||||||
(in millions) | 2018 | 2017 | |||||
Restricted share units | $ | 83 | $ | 74 | |||
Stock options | 44 | 40 | |||||
Employee stock purchase plans | 12 | 10 | |||||
Total | $ | 139 | $ | 124 |
Three Months Ended March 31 | |||||||
(in millions) | 2018 | 2017 | |||||
Interest | $ | 854 | $ | 895 | |||
Income taxes | $ | 162 | $ | 132 |
• | we acquired $1.5 billion of property and equipment and intangible assets that were accrued but unpaid |
• | we recorded a liability of $877 million for a quarterly cash dividend of $0.19 per common share to be paid in April 2018 |
• | we received noncash contributions from noncontrolling interests totaling $316 million related to Universal Beijing Resort (see Note 6) |
(in millions) | March 31, 2018 | December 31, 2017 | |||||
Cash and cash equivalents | $ | 6,030 | $ | 3,428 | |||
Restricted cash included in other current assets | 64 | 60 | |||||
Restricted cash included in other noncurrent assets, net | 83 | 83 | |||||
Cash, cash equivalents and restricted cash, end of period | $ | 6,177 | $ | 3,571 |
(in millions) | March 31, 2018 | March 31, 2017 | |||||
Unrealized gains (losses) on marketable securities | $ | 1 | $ | 104 | |||
Deferred gains (losses) on cash flow hedges | 20 | (7 | ) | ||||
Unrecognized gains (losses) on employee benefit obligations | 310 | 282 | |||||
Cumulative translation adjustments | 277 | (37 | ) | ||||
Accumulated other comprehensive income (loss), net of deferred taxes | $ | 608 | $ | 342 |
(in millions) | Comcast Parent | Comcast Holdings | CCCL Parent | NBCUniversal Media Parent | Non- Guarantor Subsidiaries | Elimination and Consolidation Adjustments | Consolidated Comcast Corporation | ||||||||||||||
Revenue: | |||||||||||||||||||||
Service revenue | $ | — | $ | — | $ | — | $ | — | $ | 22,791 | $ | — | $ | 22,791 | |||||||
Management fee revenue | 292 | — | 286 | — | — | (578 | ) | — | |||||||||||||
Total revenue | 292 | — | 286 | — | 22,791 | (578 | ) | 22,791 | |||||||||||||
Costs and Expenses: | |||||||||||||||||||||
Programming and production | — | — | — | — | 7,429 | — | 7,429 | ||||||||||||||
Other operating and administrative | 228 | — | 286 | 318 | 6,260 | (578 | ) | 6,514 | |||||||||||||
Advertising, marketing and promotion | — | — | — | — | 1,604 | — | 1,604 | ||||||||||||||
Depreciation | 11 | — | — | — | 2,000 | — | 2,011 | ||||||||||||||
Amortization | 1 | — | — | — | 587 | — | 588 | ||||||||||||||
Total cost and expenses | 240 | — | 286 | 318 | 17,880 | (578 | ) | 18,146 | |||||||||||||
Operating income (loss) | 52 | — | — | (318 | ) | 4,911 | — | 4,645 | |||||||||||||
Interest expense | (561 | ) | (3 | ) | (47 | ) | (106 | ) | (60 | ) | — | (777 | ) | ||||||||
Investment and other income (loss), net | 3,520 | 3,319 | 2,826 | 1,942 | 1,588 | (13,069 | ) | 126 | |||||||||||||
Income (loss) before income taxes | 3,011 | 3,316 | 2,779 | 1,518 | 6,439 | (13,069 | ) | 3,994 | |||||||||||||
Income tax (expense) benefit | 107 | — | 9 | (5 | ) | (929 | ) | — | (818 | ) | |||||||||||
Net income (loss) | 3,118 | 3,316 | 2,788 | 1,513 | 5,510 | (13,069 | ) | 3,176 | |||||||||||||
Less: Net income attributable to noncontrolling interests and redeemable subsidiary preferred stock | — | — | — | — | 58 | — | 58 | ||||||||||||||
Net income (loss) attributable to Comcast Corporation | $ | 3,118 | $ | 3,316 | $ | 2,788 | $ | 1,513 | $ | 5,452 | $ | (13,069 | ) | $ | 3,118 | ||||||
Comprehensive income (loss) attributable to Comcast Corporation | $ | 3,271 | $ | 3,369 | $ | 2,789 | $ | 1,696 | $ | 5,791 | $ | (13,645 | ) | $ | 3,271 |
(in millions) | Comcast Parent | Comcast Holdings | CCCL Parent | NBCUniversal Media Parent | Non- Guarantor Subsidiaries | Elimination and Consolidation Adjustments | Consolidated Comcast Corporation | ||||||||||||||
Revenue: | |||||||||||||||||||||
Service revenue | $ | — | $ | — | $ | — | $ | — | $ | 20,587 | $ | — | $ | 20,587 | |||||||
Management fee revenue | 275 | — | 270 | — | — | (545 | ) | — | |||||||||||||
Total revenue | 275 | — | 270 | — | 20,587 | (545 | ) | 20,587 | |||||||||||||
Costs and Expenses: | |||||||||||||||||||||
Programming and production | — | — | — | — | 6,061 | — | 6,061 | ||||||||||||||
Other operating and administrative | 170 | — | 270 | 306 | 5,738 | (545 | ) | 5,939 | |||||||||||||
Advertising, marketing and promotion | — | — | — | — | 1,577 | — | 1,577 | ||||||||||||||
Depreciation | 7 | — | — | — | 1,908 | — | 1,915 | ||||||||||||||
Amortization | 2 | — | — | — | 551 | — | 553 | ||||||||||||||
Total costs and expenses | 179 | — | 270 | 306 | 15,835 | (545 | ) | 16,045 | |||||||||||||
Operating income (loss) | 96 | — | — | (306 | ) | 4,752 | — | 4,542 | |||||||||||||
Interest expense | (517 | ) | (3 | ) | (60 | ) | (112 | ) | (63 | ) | — | (755 | ) | ||||||||
Investment and other income (loss), net | 2,847 | 2,686 | 2,327 | 1,623 | 1,279 | (10,632 | ) | 130 | |||||||||||||
Income (loss) before income taxes | 2,426 | 2,683 | 2,267 | 1,205 | 5,968 | (10,632 | ) | 3,917 | |||||||||||||
Income tax (expense) benefit | 147 | (9 | ) | 21 | (3 | ) | (1,418 | ) | — | (1,262 | ) | ||||||||||
Net income (loss) | 2,573 | 2,674 | 2,288 | 1,202 | 4,550 | (10,632 | ) | 2,655 | |||||||||||||
Less: Net income attributable to noncontrolling interests and redeemable subsidiary preferred stock | — | — | — | — | 82 | — | 82 | ||||||||||||||
Net income (loss) attributable to Comcast Corporation | $ | 2,573 | $ | 2,674 | $ | 2,288 | $ | 1,202 | $ | 4,468 | $ | (10,632 | ) | $ | 2,573 | ||||||
Comprehensive income (loss) attributable to Comcast Corporation | $ | 2,817 | $ | 2,724 | $ | 2,289 | $ | 1,408 | $ | 4,712 | $ | (11,133 | ) | $ | 2,817 |
(in millions) | Comcast Parent | Comcast Holdings | CCCL Parent | NBCUniversal Media Parent | Non- Guarantor Subsidiaries | Elimination and Consolidation Adjustments | Consolidated Comcast Corporation | ||||||||||||||
Net cash provided by (used in) operating activities | $ | (270 | ) | $ | 453 | $ | (149 | ) | $ | (382 | ) | $ | 5,822 | $ | — | $ | 5,474 | ||||
Investing Activities: | |||||||||||||||||||||
Net transactions with affiliates | 640 | (897 | ) | 149 | 347 | (239 | ) | — | — | ||||||||||||
Capital expenditures | — | — | — | — | (1,973 | ) | — | (1,973 | ) | ||||||||||||
Cash paid for intangible assets | (2 | ) | — | — | — | (417 | ) | — | (419 | ) | |||||||||||
Acquisitions and construction of real estate properties | (39 | ) | — | — | — | (20 | ) | — | (59 | ) | |||||||||||
Acquisitions, net of cash acquired | — | — | — | — | (89 | ) | — | (89 | ) | ||||||||||||
Proceeds from sales of investments | — | — | — | 57 | 24 | — | 81 | ||||||||||||||
Purchases of investments | (11 | ) | — | — | (5 | ) | (204 | ) | — | (220 | ) | ||||||||||
Other | — | 444 | — | — | (57 | ) | — | 387 | |||||||||||||
Net cash provided by (used in) investing activities | 588 | (453 | ) | 149 | 399 | (2,975 | ) | — | (2,292 | ) | |||||||||||
Financing Activities: | |||||||||||||||||||||
Proceeds from (repayments of) short-term borrowings, net | (902 | ) | — | — | — | — | — | (902 | ) | ||||||||||||
Proceeds from borrowings | 3,973 | — | — | — | 70 | — | 4,043 | ||||||||||||||
Repurchases and repayments of debt | (900 | ) | — | — | (3 | ) | (362 | ) | — | (1,265 | ) | ||||||||||
Repurchases of common stock under repurchase program and employee plans | (1,729 | ) | — | — | — | — | — | (1,729 | ) | ||||||||||||
Dividends paid | (738 | ) | — | — | — | — | — | (738 | ) | ||||||||||||
Distributions to noncontrolling interests and dividends for redeemable subsidiary preferred stock | — | — | — | — | (79 | ) | — | (79 | ) | ||||||||||||
Other | (22 | ) | — | — | — | 116 | — | 94 | |||||||||||||
Net cash provided by (used in) financing activities | (318 | ) | — | — | (3 | ) | (255 | ) | — | (576 | ) | ||||||||||
Increase (decrease) in cash, cash equivalents and restricted cash | — | — | — | 14 | 2,592 | — | 2,606 | ||||||||||||||
Cash, cash equivalents and restricted cash, beginning of period | — | — | — | 496 | 3,075 | — | 3,571 | ||||||||||||||
Cash, cash equivalents and restricted cash, end of period | $ | — | $ | — | $ | — | $ | 510 | $ | 5,667 | $ | — | $ | 6,177 |
(in millions) | Comcast Parent | Comcast Holdings | CCCL Parent | NBCUniversal Media Parent | Non- Guarantor Subsidiaries | Elimination and Consolidation Adjustments | Consolidated Comcast Corporation | ||||||||||||||
Net cash provided by (used in) operating activities | $ | (453 | ) | $ | (10 | ) | $ | (168 | ) | $ | (330 | ) | $ | 6,586 | $ | — | $ | 5,625 | |||
Investing Activities: | |||||||||||||||||||||
Net transactions with affiliates | 1,385 | 10 | 168 | 115 | (1,678 | ) | — | — | |||||||||||||
Capital expenditures | (1 | ) | — | — | — | (2,077 | ) | — | (2,078 | ) | |||||||||||
Cash paid for intangible assets | — | — | — | — | (385 | ) | — | (385 | ) | ||||||||||||
Acquisitions and construction of real estate properties | (69 | ) | — | — | — | (61 | ) | — | (130 | ) | |||||||||||
Acquisitions, net of cash acquired | — | — | — | — | (216 | ) | — | (216 | ) | ||||||||||||
Proceeds from sales of investments | — | — | — | 10 | 41 | — | 51 | ||||||||||||||
Purchases of investments | (9 | ) | — | — | (4 | ) | (1,049 | ) | — | (1,062 | ) | ||||||||||
Other | 55 | — | — | — | 12 | — | 67 | ||||||||||||||
Net cash provided by (used in) investing activities | 1,361 | 10 | 168 | 121 | (5,413 | ) | — | (3,753 | ) | ||||||||||||
Financing Activities: | |||||||||||||||||||||
Proceeds from (repayments of) short-term borrowings, net | (1,739 | ) | — | — | — | (154 | ) | — | (1,893 | ) | |||||||||||
Proceeds from borrowings | 3,500 | — | — | — | — | — | 3,500 | ||||||||||||||
Repurchases and repayments of debt | (1,000 | ) | — | — | (3 | ) | (56 | ) | — | (1,059 | ) | ||||||||||
Repurchases of common stock under repurchase program and employee plans | (996 | ) | — | — | — | — | — | (996 | ) | ||||||||||||
Dividends paid | (657 | ) | — | — | — | — | — | (657 | ) | ||||||||||||
Distributions to noncontrolling interests and dividends for redeemable subsidiary preferred stock | — | — | — | — | (72 | ) | — | (72 | ) | ||||||||||||
Other | (16 | ) | — | — | — | 52 | — | 36 | |||||||||||||
Net cash provided by (used in) financing activities | (908 | ) | — | — | (3 | ) | (230 | ) | — | (1,141 | ) | ||||||||||
Increase (decrease) in cash, cash equivalents and restricted cash | — | — | — | (212 | ) | 943 | — | 731 | |||||||||||||
Cash, cash equivalents and restricted cash, beginning of period | — | — | — | 482 | 2,933 | — | 3,415 | ||||||||||||||
Cash, cash equivalents and restricted cash, end of period | $ | — | $ | — | $ | — | $ | 270 | $ | 3,876 | $ | — | $ | 4,146 | |||||||
(in millions) | Comcast Parent | Comcast Holdings | CCCL Parent | NBCUniversal Media Parent | Non- Guarantor Subsidiaries | Elimination and Consolidation Adjustments | Consolidated Comcast Corporation | ||||||||||||||
Assets | |||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | — | $ | — | $ | 510 | $ | 5,520 | $ | — | $ | 6,030 | |||||||
Receivables, net | — | — | — | — | 8,759 | — | 8,759 | ||||||||||||||
Programming rights | — | — | — | — | 1,354 | — | 1,354 | ||||||||||||||
Other current assets | 56 | — | — | 19 | 2,535 | — | 2,610 | ||||||||||||||
Total current assets | 56 | — | — | 529 | 18,168 | — | 18,753 | ||||||||||||||
Film and television costs | — | — | — | — | 7,402 | — | 7,402 | ||||||||||||||
Investments | 157 | 21 | 110 | 701 | 6,106 | — | 7,095 | ||||||||||||||
Investments in and amounts due from subsidiaries eliminated upon consolidation | 120,165 | 146,308 | 142,199 | 51,648 | 114,646 | (574,966 | ) | — | |||||||||||||
Property and equipment, net | 622 | — | — | — | 38,446 | — | 39,068 | ||||||||||||||
Franchise rights | — | — | — | — | 59,365 | — | 59,365 | ||||||||||||||
Goodwill | — | — | — | — | 37,147 | — | 37,147 | ||||||||||||||
Other intangible assets, net | 12 | — | — | — | 18,327 | — | 18,339 | ||||||||||||||
Other noncurrent assets, net | 370 | 265 | — | 87 | 3,234 | (249 | ) | 3,707 | |||||||||||||
Total assets | $ | 121,382 | $ | 146,594 | $ | 142,309 | $ | 52,965 | $ | 302,841 | $ | (575,215 | ) | $ | 190,876 | ||||||
Liabilities and Equity | |||||||||||||||||||||
Accounts payable and accrued expenses related to trade creditors | $ | 39 | $ | — | $ | — | $ | — | $ | 7,310 | $ | — | $ | 7,349 | |||||||
Accrued participations and residuals | — | — | — | — | 1,659 | — | 1,659 | ||||||||||||||
Deferred revenue | — | — | — | — | 1,578 | — | 1,578 | ||||||||||||||
Accrued expenses and other current liabilities | 1,846 | 92 | 215 | 336 | 3,065 | — | 5,554 | ||||||||||||||
Current portion of long-term debt | 1,002 | — | — | 4 | 2,033 | — | 3,039 | ||||||||||||||
Total current liabilities | 2,887 | 92 | 215 | 340 | 15,645 | — | 19,179 | ||||||||||||||
Long-term debt, less current portion | 46,424 | 141 | 2,100 | 7,748 | 7,265 | — | 63,678 | ||||||||||||||
Deferred income taxes | — | 304 | — | 71 | 24,605 | (278 | ) | 24,702 | |||||||||||||
Other noncurrent liabilities | 2,589 | — | — | 1,182 | 7,453 | 29 | 11,253 | ||||||||||||||
Redeemable noncontrolling interests and redeemable subsidiary preferred stock | — | — | — | — | 1,354 | — | 1,354 | ||||||||||||||
Equity: | |||||||||||||||||||||
Common stock | 55 | — | — | — | — | — | 55 | ||||||||||||||
Other shareholders’ equity | 69,427 | 146,057 | 139,994 | 43,624 | 245,291 | (574,966 | ) | 69,427 | |||||||||||||
Total Comcast Corporation shareholders’ equity | 69,482 | 146,057 | 139,994 | 43,624 | 245,291 | (574,966 | ) | 69,482 | |||||||||||||
Noncontrolling interests | — | — | — | — | 1,228 | — | 1,228 | ||||||||||||||
Total equity | 69,482 | 146,057 | 139,994 | 43,624 | 246,519 | (574,966 | ) | 70,710 | |||||||||||||
Total liabilities and equity | $ | 121,382 | $ | 146,594 | $ | 142,309 | $ | 52,965 | $ | 302,841 | $ | (575,215 | ) | $ | 190,876 |
(in millions) | Comcast Parent | Comcast Holdings | CCCL Parent | NBCUniversal Media Parent | Non- Guarantor Subsidiaries | Elimination and Consolidation Adjustments | Consolidated Comcast Corporation | ||||||||||||||
Assets | |||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | — | $ | — | $ | 496 | $ | 2,932 | $ | — | $ | 3,428 | |||||||
Receivables, net | — | — | — | — | 8,834 | — | 8,834 | ||||||||||||||
Programming rights | — | — | — | — | 1,613 | — | 1,613 | ||||||||||||||
Other current assets | 60 | — | 7 | 25 | 2,376 | — | 2,468 | ||||||||||||||
Total current assets | 60 | — | 7 | 521 | 15,755 | — | 16,343 | ||||||||||||||
Film and television costs | — | — | — | — | 7,087 | — | 7,087 | ||||||||||||||
Investments | 146 | 21 | 108 | 693 | 5,963 | — | 6,931 | ||||||||||||||
Investments in and amounts due from subsidiaries eliminated upon consolidation | 117,164 | 142,519 | 139,528 | 50,102 | 113,332 | (562,645 | ) | — | |||||||||||||
Property and equipment, net | 551 | — | — | — | 37,919 | — | 38,470 | ||||||||||||||
Franchise rights | — | — | — | — | 59,364 | — | 59,364 | ||||||||||||||
Goodwill | — | — | — | — | 36,780 | — | 36,780 | ||||||||||||||
Other intangible assets, net | 12 | — | — | — | 18,121 | — | 18,133 | ||||||||||||||
Other noncurrent assets, net | 435 | 708 | — | 88 | 3,437 | (314 | ) | 4,354 | |||||||||||||
Total assets | $ | 118,368 | $ | 143,248 | $ | 139,643 | $ | 51,404 | $ | 297,758 | $ | (562,959 | ) | $ | 187,462 | ||||||
Liabilities and Equity | |||||||||||||||||||||
Accounts payable and accrued expenses related to trade creditors | $ | 16 | $ | — | $ | — | $ | — | $ | 6,892 | $ | — | $ | 6,908 | |||||||
Accrued participations and residuals | — | — | — | — | 1,644 | — | 1,644 | ||||||||||||||
Deferred revenue | — | — | — | — | 1,687 | — | 1,687 | ||||||||||||||
Accrued expenses and other current liabilities | 1,888 | 92 | 333 | 326 | 3,981 | — | 6,620 | ||||||||||||||
Current portion of long-term debt | 2,810 | — | — | 4 | 2,320 | — | 5,134 | ||||||||||||||
Total current liabilities | 4,714 | 92 | 333 | 330 | 16,524 | — | 21,993 | ||||||||||||||
Long-term debt, less current portion | 42,428 | 140 | 2,100 | 7,751 | 7,003 | — | 59,422 | ||||||||||||||
Deferred income taxes | — | 285 | — | 67 | 24,250 | (343 | ) | 24,259 | |||||||||||||
Other noncurrent liabilities | 2,610 | — | — | 1,128 | 7,205 | 29 | 10,972 | ||||||||||||||
Redeemable noncontrolling interests and redeemable subsidiary preferred stock | — | — | — | — | 1,357 | — | 1,357 | ||||||||||||||
Equity: | |||||||||||||||||||||
Common stock | 55 | — | — | — | — | — | 55 | ||||||||||||||
Other shareholders’ equity | 68,561 | 142,731 | 137,210 | 42,128 | 240,576 | (562,645 | ) | 68,561 | |||||||||||||
Total Comcast Corporation shareholders’ equity | 68,616 | 142,731 | 137,210 | 42,128 | 240,576 | (562,645 | ) | 68,616 | |||||||||||||
Noncontrolling interests | — | — | — | — | 843 | — | 843 | ||||||||||||||
Total equity | 68,616 | 142,731 | 137,210 | 42,128 | 241,419 | (562,645 | ) | 69,459 | |||||||||||||
Total liabilities and equity | $ | 118,368 | $ | 143,248 | $ | 139,643 | $ | 51,404 | $ | 297,758 | $ | (562,959 | ) | $ | 187,462 |
Three Months Ended March 31 | Increase/ (Decrease) | |||||||||
(in millions) | 2018 | 2017 | ||||||||
Revenue | $ | 22,791 | $ | 20,587 | 10.7 | % | ||||
Costs and Expenses: | ||||||||||
Programming and production | 7,429 | 6,061 | 22.6 | |||||||
Other operating and administrative | 6,514 | 5,939 | 9.7 | |||||||
Advertising, marketing and promotion | 1,604 | 1,577 | 1.7 | |||||||
Depreciation | 2,011 | 1,915 | 5.0 | |||||||
Amortization | 588 | 553 | 6.1 | |||||||
Operating income | 4,645 | 4,542 | 2.3 | |||||||
Interest expense | (777 | ) | (755 | ) | 2.9 | |||||
Investment and other income (loss), net | 126 | 130 | (3.0 | ) | ||||||
Income before income taxes | 3,994 | 3,917 | 2.0 | |||||||
Income tax expense | (818 | ) | (1,262 | ) | (35.1 | ) | ||||
Net income | 3,176 | 2,655 | 19.6 | |||||||
Less: Net income attributable to noncontrolling interests and redeemable subsidiary preferred stock | 58 | 82 | (28.5 | ) | ||||||
Net income attributable to Comcast Corporation | $ | 3,118 | $ | 2,573 | 21.2 | % | ||||
Adjusted EBITDA(a) | $ | 7,244 | $ | 7,010 | 3.3 | % |
(a) | Adjusted EBITDA is a non-GAAP performance measure. Refer to the “Non-GAAP Financial Measure” section on page 36 for additional information, including our definition and our use of Adjusted EBITDA, and for a reconciliation from net income attributable to Comcast Corporation to Adjusted EBITDA. |
Three Months Ended March 31 | Increase/ (Decrease) | |||||||||
(in millions) | 2018 | 2017 | ||||||||
Cable Communications | $ | 2,053 | $ | 1,946 | 5.5 | % | ||||
NBCUniversal | 510 | 508 | 0.3 | |||||||
Corporate and Other | 36 | 14 | 151.5 | |||||||
Total | $ | 2,599 | $ | 2,468 | 5.3 | % |
Three Months Ended March 31 | Increase/ (Decrease) | |||||||||||||
(in millions) | 2018 | 2017 | $ | % | ||||||||||
Revenue | ||||||||||||||
Residential: | ||||||||||||||
Video | $ | 5,659 | $ | 5,706 | $ | (47 | ) | (0.8 | )% | |||||
High-speed Internet | 4,157 | 3,842 | 315 | 8.2 | ||||||||||
Voice | 1,006 | 1,034 | (28 | ) | (2.7 | ) | ||||||||
Business services | 1,726 | 1,543 | 183 | 11.9 | ||||||||||
Advertising | 582 | 554 | 28 | 4.9 | ||||||||||
Other | 388 | 371 | 17 | 4.5 | ||||||||||
Total revenue | 13,518 | 13,050 | 468 | 3.6 | ||||||||||
Operating costs and expenses | ||||||||||||||
Programming | 3,326 | 3,228 | 98 | 3.0 | ||||||||||
Technical and product support | 1,603 | 1,530 | 73 | 4.8 | ||||||||||
Customer service | 607 | 619 | (12 | ) | (1.9 | ) | ||||||||
Advertising, marketing and promotion | 940 | 895 | 45 | 5.1 | ||||||||||
Franchise and other regulatory fees | 399 | 399 | — | 0.2 | ||||||||||
Other | 1,228 | 1,205 | 23 | 1.9 | ||||||||||
Total operating costs and expenses | 8,103 | 7,876 | 227 | 2.9 | ||||||||||
Adjusted EBITDA | $ | 5,415 | $ | 5,174 | $ | 241 | 4.7 | % |
Total Customers | Net Additional Customers | |||||||
March 31 | Three Months Ended March 31 | |||||||
(in thousands, except per customer amounts) | 2018 | 2017 | 2018 | 2017 | ||||
Customer relationships | ||||||||
Residential customer relationships | 27,412 | 26,797 | 244 | 263 | ||||
Business services customer relationships | 2,208 | 2,078 | 29 | 34 | ||||
Total customer relationships | 29,620 | 28,875 | 273 | 297 | ||||
Residential customer relationships mix | ||||||||
Single product customers | 8,421 | 7,861 | 225 | 104 | ||||
Double product customers | 9,117 | 8,938 | 61 | 141 | ||||
Triple and quad product customers | 9,874 | 9,998 | (42 | ) | 18 | |||
Video | ||||||||
Residential customers | 21,210 | 21,520 | (93 | ) | 32 | |||
Business services customers | 1,051 | 1,030 | (3 | ) | 10 | |||
Total video customers | 22,261 | 22,549 | (96 | ) | 42 | |||
High-speed Internet | ||||||||
Residential customers | 24,214 | 23,224 | 351 | 397 | ||||
Business services customers | 2,034 | 1,907 | 29 | 32 | ||||
Total high-speed Internet customers | 26,249 | 25,131 | 379 | 429 | ||||
Voice | ||||||||
Residential customers | 10,245 | 10,520 | (70 | ) | (27 | ) | ||
Business services customers | 1,253 | 1,162 | 16 | 22 | ||||
Total voice customers | 11,498 | 11,681 | (54 | ) | (5 | ) | ||
Security and automation | ||||||||
Security and automation customers | 1,176 | 957 | 46 | 66 |
Three Months Ended March 31 | Increase/ (Decrease) | ||||||||||||
(in millions) | 2018 | 2017 | $ | % | |||||||||
Revenue | |||||||||||||
Cable Networks | $ | 3,194 | $ | 2,640 | $ | 554 | 21.0 | % | |||||
Broadcast Television | 3,497 | 2,208 | 1,289 | 58.3 | |||||||||
Filmed Entertainment | 1,647 | 1,967 | (320 | ) | (16.3 | ) | |||||||
Theme Parks | 1,281 | 1,118 | 163 | 14.5 | |||||||||
Headquarters, other and eliminations | (89 | ) | (80 | ) | (9 | ) | NM | ||||||
Total revenue | $ | 9,530 | $ | 7,853 | $ | 1,677 | 21.3 | % | |||||
Adjusted EBITDA | |||||||||||||
Cable Networks | $ | 1,268 | $ | 1,115 | $ | 153 | 13.7 | % | |||||
Broadcast Television | 507 | 322 | 185 | 57.5 | |||||||||
Filmed Entertainment | 203 | 371 | (168 | ) | (45.2 | ) | |||||||
Theme Parks | 495 | 397 | 98 | 24.6 | |||||||||
Headquarters, other and eliminations | (188 | ) | (186 | ) | (2 | ) | NM | ||||||
Total Adjusted EBITDA | $ | 2,285 | $ | 2,019 | $ | 266 | 13.1 | % |
Three Months Ended March 31 | Increase/ (Decrease) | ||||||||||||
(in millions) | 2018 | 2017 | $ | % | |||||||||
Revenue | |||||||||||||
Distribution | $ | 1,887 | $ | 1,562 | $ | 325 | 20.8 | % | |||||
Advertising | 988 | 826 | 162 | 19.6 | |||||||||
Content licensing and other | 319 | 252 | 67 | 26.3 | |||||||||
Total revenue | 3,194 | 2,640 | 554 | 21.0 | |||||||||
Operating costs and expenses | |||||||||||||
Programming and production | 1,441 | 1,083 | 358 | 33.1 | |||||||||
Other operating and administrative | 362 | 321 | 41 | 12.7 | |||||||||
Advertising, marketing and promotion | 123 | 121 | 2 | 1.9 | |||||||||
Total operating costs and expenses | 1,926 | 1,525 | 401 | 26.3 | |||||||||
Adjusted EBITDA | $ | 1,268 | $ | 1,115 | $ | 153 | 13.7 | % |
Three Months Ended March 31 | Increase/ (Decrease) | ||||||||||||
(in millions) | 2018 | 2017 | $ | % | |||||||||
Revenue | |||||||||||||
Advertising | $ | 2,365 | $ | 1,279 | $ | 1,086 | 84.9 | % | |||||
Content licensing | 522 | 503 | 19 | 3.8 | |||||||||
Distribution and other | 610 | 426 | 184 | 42.9 | |||||||||
Total revenue | 3,497 | 2,208 | 1,289 | 58.3 | |||||||||
Operating costs and expenses | |||||||||||||
Programming and production | 2,476 | 1,432 | 1,044 | 72.9 | |||||||||
Other operating and administrative | 381 | 336 | 45 | 13.2 | |||||||||
Advertising, marketing and promotion | 133 | 118 | 15 | 12.5 | |||||||||
Total operating costs and expenses | 2,990 | 1,886 | 1,104 | 58.5 | |||||||||
Adjusted EBITDA | $ | 507 | $ | 322 | $ | 185 | 57.5 | % |
Three Months Ended March 31 | Increase/ (Decrease) | ||||||||||||
(in millions) | 2018 | 2017 | $ | % | |||||||||
Revenue | |||||||||||||
Theatrical | $ | 423 | $ | 651 | $ | (228 | ) | (35.0 | )% | ||||
Content licensing | 733 | 734 | (1 | ) | (0.1 | ) | |||||||
Home entertainment | 248 | 286 | (38 | ) | (13.3 | ) | |||||||
Other | 243 | 296 | (53 | ) | (18.2 | ) | |||||||
Total revenue | 1,647 | 1,967 | (320 | ) | (16.3 | ) | |||||||
Operating costs and expenses | |||||||||||||
Programming and production | 735 | 863 | (128 | ) | (14.8 | ) | |||||||
Other operating and administrative | 301 | 325 | (24 | ) | (7.8 | ) | |||||||
Advertising, marketing and promotion | 408 | 408 | — | — | |||||||||
Total operating costs and expenses | 1,444 | 1,596 | (152 | ) | (9.6 | ) | |||||||
Adjusted EBITDA | $ | 203 | $ | 371 | $ | (168 | ) | (45.2 | )% |
Three Months Ended March 31 | Increase/ (Decrease) | ||||||||||||
(in millions) | 2018 | 2017 | $ | % | |||||||||
Revenue | $ | 1,281 | $ | 1,118 | $ | 163 | 14.5 | % | |||||
Operating costs and expenses | 786 | 721 | 65 | 9.0 | |||||||||
Adjusted EBITDA | $ | 495 | $ | 397 | $ | 98 | 24.6 | % |
Three Months Ended March 31 | Increase/ (Decrease) | |||||||||||||
(in millions) | 2018 | 2017 | $ | % | ||||||||||
Revenue | $ | 391 | $ | 208 | $ | 183 | 88.2 | % | ||||||
Operating costs and expenses | 788 | 402 | 386 | 96.1 | ||||||||||
Adjusted EBITDA | $ | (397 | ) | $ | (194 | ) | $ | (203 | ) | (104.6 | )% |
Three Months Ended March 31 | |||||||
(in millions) | 2018 | 2017 | |||||
Equity in net income (losses) of investees, net | $ | (49 | ) | $ | 36 | ||
Realized and unrealized gains (losses) on equity securities, net | 28 | (5 | ) | ||||
Other income (loss), net | 147 | 99 | |||||
Total | $ | 126 | $ | 130 |
Three Months Ended March 31 | |||||||
(in millions) | 2018 | 2017 | |||||
Atairos | $ | 35 | $ | 57 | |||
Hulu | $ | (131 | ) | $ | (54 | ) |
Three Months Ended March 31 | |||||||
(in millions) | 2018 | 2017 | |||||
Net income attributable to Comcast Corporation | $ | 3,118 | $ | 2,573 | |||
Net income attributable to noncontrolling interests and redeemable subsidiary preferred stock | 58 | 82 | |||||
Income tax expense | 818 | 1,262 | |||||
Interest expense | 777 | 755 | |||||
Investment and other (income) loss, net | (126 | ) | (130 | ) | |||
Depreciation | 2,011 | 1,915 | |||||
Amortization | 588 | 553 | |||||
Adjusted EBITDA | $ | 7,244 | $ | 7,010 |
Three Months Ended March 31 | |||||||
(in millions) | 2018 | 2017 | |||||
Operating income | $ | 4,645 | $ | 4,542 | |||
Depreciation and amortization | 2,599 | 2,468 | |||||
Noncash share-based compensation | 199 | 173 | |||||
Changes in operating assets and liabilities | (1,005 | ) | (589 | ) | |||
Payments of interest | (854 | ) | (895 | ) | |||
Payments of income taxes | (162 | ) | (132 | ) | |||
Other | 52 | 58 | |||||
Net cash provided by operating activities | $ | 5,474 | $ | 5,625 |
Period | Total Number of Shares Purchased | Average Price Per Share | Total Number of Shares Purchased as Part of Publicly Announced Authorization | Total Dollar Amount Purchased Under the Publicly Announced Authorization | Maximum Dollar Value of Shares That May Yet Be Purchased Under the Publicly Announced Authorization(a) | |||||||||
January 1-31, 2018 | 108,096 | $ | 41.07 | — | $ | — | $ | 7,000,000,013 | ||||||
February 1-28, 2018 | — | $ | — | — | $ | — | $ | 7,000,000,013 | ||||||
March 1-31, 2018 | 38,551,261 | $ | 38.91 | 38,551,261 | $ | 1,500,000,000 | $ | 5,500,000,013 | ||||||
Total | 38,659,357 | $ | 38.92 | 38,551,261 | $ | 1,500,000,000 | $ | 5,500,000,013 |
(a) | Effective January 1, 2017, our Board of Directors increased our share repurchase program authorization to $12 billion, which does not have an expiration date. Under this authorization, we may repurchase shares in the open market or in private transactions. |
Exhibit No. | Description | |
Form of Non-Qualified Stock Option under the Comcast Corporation 2003 Stock Option Plan. | ||
Form of Restricted Stock Unit Award under the Comcast Corporation 2002 Restricted Stock Plan. | ||
Form of Long-Term Incentive Awards Summary Schedule. | ||
Certification of Chief Executive Officer and Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | ||
Certification of Chief Executive Officer and Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. | ||
101 | The following financial statements from Comcast Corporation’s Quarterly Report on Form 10-Q for the three months ended March 31, 2018, filed with the Securities and Exchange Commission on April 25, 2018, formatted in XBRL (eXtensible Business Reporting Language): (i) the Condensed Consolidated Statement of Income; (ii) the Condensed Consolidated Statement of Comprehensive Income; (iii) the Condensed Consolidated Statement of Cash Flows; (iv) the Condensed Consolidated Balance Sheet; (v) the Condensed Consolidated Statement of Changes in Equity; and (vi) the Notes to Condensed Consolidated Financial Statements. |
Exhibit No. | Description | |
Certification of Principal Executive Officer and Principal Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | ||
Certification of Principal Executive Officer and Principal Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. | ||
101 | The following financial statements from NBCUniversal Media, LLC’s Quarterly Report on Form 10-Q for the three months ended March 31, 2018, filed with the Securities and Exchange Commission on April 25, 2018, formatted in XBRL (eXtensible Business Reporting Language): (i) the Condensed Consolidated Statement of Income; (ii) the Condensed Consolidated Statement of Comprehensive Income; (iii) the Condensed Consolidated Statement of Cash Flows; (iv) the Condensed Consolidated Balance Sheet; (v) the Condensed Consolidated Statement of Changes in Equity; and (vi) the Notes to Condensed Consolidated Financial Statements. |
COMCAST CORPORATION | ||
By: | /s/ DANIEL C. MURDOCK | |
Daniel C. Murdock Senior Vice President, Chief Accounting Officer and Controller (Principal Accounting Officer) |
NBCUNIVERSAL MEDIA, LLC | ||
By: | /s/ DANIEL C. MURDOCK | |
Daniel C. Murdock Senior Vice President (Principal Accounting Officer) |
Index | Page |
Three Months Ended March 31 | |||||||
(in millions) | 2018 | 2017 | |||||
Revenue | $ | 9,530 | $ | 7,853 | |||
Costs and Expenses: | |||||||
Programming and production | 4,573 | 3,300 | |||||
Other operating and administrative | 1,972 | 1,828 | |||||
Advertising, marketing and promotion | 700 | 706 | |||||
Depreciation | 242 | 231 | |||||
Amortization | 268 | 277 | |||||
Total costs and expenses | 7,755 | 6,342 | |||||
Operating income | 1,775 | 1,511 | |||||
Interest expense | (127 | ) | (143 | ) | |||
Investment and other income (loss), net | (4 | ) | (1 | ) | |||
Income before income taxes | 1,644 | 1,367 | |||||
Income tax expense | (91 | ) | (92 | ) | |||
Net income | 1,553 | 1,275 | |||||
Less: Net income attributable to noncontrolling interests | 40 | 73 | |||||
Net income attributable to NBCUniversal | $ | 1,513 | $ | 1,202 |
Three Months Ended March 31 | |||||||
(in millions) | 2018 | 2017 | |||||
Net income | $ | 1,553 | $ | 1,275 | |||
Unrealized gains (losses) on marketable securities, net | — | 1 | |||||
Deferred gains (losses) on cash flow hedges, net | (13 | ) | (14 | ) | |||
Employee benefit obligations, net | (4 | ) | 106 | ||||
Currency translation adjustments, net | 204 | 200 | |||||
Comprehensive income | 1,740 | 1,568 | |||||
Less: Net income attributable to noncontrolling interests | 40 | 73 | |||||
Less: Other comprehensive income (loss) attributable to noncontrolling interests | 4 | 87 | |||||
Comprehensive income attributable to NBCUniversal | $ | 1,696 | $ | 1,408 |
Three Months Ended March 31 | |||||||
(in millions) | 2018 | 2017 | |||||
Operating Activities | |||||||
Net income | $ | 1,553 | $ | 1,275 | |||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||
Depreciation and amortization | 510 | 508 | |||||
Net (gain) loss on investment activity and other | 25 | 31 | |||||
Changes in operating assets and liabilities, net of effects of acquisitions and divestitures: | |||||||
Current and noncurrent receivables, net | (200 | ) | 162 | ||||
Film and television costs, net | (47 | ) | 46 | ||||
Accounts payable and accrued expenses related to trade creditors | (24 | ) | (190 | ) | |||
Other operating assets and liabilities | (551 | ) | (355 | ) | |||
Net cash provided by operating activities | 1,266 | 1,477 | |||||
Investing Activities | |||||||
Capital expenditures | (269 | ) | (285 | ) | |||
Cash paid for intangible assets | (130 | ) | (55 | ) | |||
Purchases of investments | (133 | ) | (63 | ) | |||
Other | (113 | ) | (32 | ) | |||
Net cash provided by (used in) investing activities | (645 | ) | (435 | ) | |||
Financing Activities | |||||||
Repurchases and repayments of debt | (55 | ) | (49 | ) | |||
Proceeds from (repayments of) borrowings from Comcast, net | (547 | ) | (849 | ) | |||
Distributions to member | (195 | ) | (195 | ) | |||
Distributions to noncontrolling interests | (62 | ) | (61 | ) | |||
Other | 117 | 28 | |||||
Net cash provided by (used in) financing activities | (742 | ) | (1,126 | ) | |||
Increase (decrease) in cash, cash equivalents and restricted cash | (121 | ) | (84 | ) | |||
Cash, cash equivalents and restricted cash, beginning of period | 2,377 | 1,987 | |||||
Cash, cash equivalents and restricted cash, end of period | $ | 2,256 | $ | 1,903 |
(in millions) | March 31, 2018 | December 31, 2017 | |||||
Assets | |||||||
Current Assets: | |||||||
Cash and cash equivalents | $ | 2,225 | $ | 2,347 | |||
Receivables, net | 7,176 | 6,967 | |||||
Programming rights | 1,347 | 1,606 | |||||
Other current assets | 1,065 | 1,037 | |||||
Total current assets | 11,813 | 11,957 | |||||
Film and television costs | 7,398 | 7,082 | |||||
Investments | 1,863 | 1,816 | |||||
Property and equipment, net of accumulated depreciation of $4,394 and $4,166 | 11,960 | 11,346 | |||||
Goodwill | 24,356 | 23,989 | |||||
Intangible assets, net of accumulated amortization of $7,874 and $7,585 | 13,562 | 13,306 | |||||
Other noncurrent assets, net | 1,775 | 1,804 | |||||
Total assets | $ | 72,727 | $ | 71,300 | |||
Liabilities and Equity | |||||||
Current Liabilities: | |||||||
Accounts payable and accrued expenses related to trade creditors | $ | 1,862 | $ | 1,663 | |||
Accrued participations and residuals | 1,659 | 1,644 | |||||
Program obligations | 898 | 745 | |||||
Deferred revenue | 1,313 | 1,457 | |||||
Accrued expenses and other current liabilities | 1,760 | 2,394 | |||||
Note payable to Comcast | 1,284 | 1,831 | |||||
Current portion of long-term debt | 218 | 198 | |||||
Total current liabilities | 8,994 | 9,932 | |||||
Long-term debt, less current portion | 12,478 | 12,275 | |||||
Accrued participations, residuals and program obligations | 1,453 | 1,490 | |||||
Other noncurrent liabilities | 4,487 | 4,153 | |||||
Commitments and contingencies | |||||||
Redeemable noncontrolling interests | 405 | 409 | |||||
Equity: | |||||||
Member’s capital | 43,228 | 42,148 | |||||
Accumulated other comprehensive income (loss) | 396 | (20 | ) | ||||
Total NBCUniversal member’s equity | 43,624 | 42,128 | |||||
Noncontrolling interests | 1,286 | 913 | |||||
Total equity | 44,910 | 43,041 | |||||
Total liabilities and equity | $ | 72,727 | $ | 71,300 |
(in millions) | Redeemable Noncontrolling Interests | Member’s Capital | Accumulated Other Comprehensive Income (Loss) | Noncontrolling Interests | Total Equity | ||||||||||||||
Balance, December 31, 2016 | $ | 530 | $ | 38,894 | $ | (135 | ) | $ | 2,116 | $ | 40,875 | ||||||||
Dividends declared | (195 | ) | (195 | ) | |||||||||||||||
Contributions from (distributions to) noncontrolling interests, net | (20 | ) | (41 | ) | (41 | ) | |||||||||||||
Contribution from member | 662 | 662 | |||||||||||||||||
Other comprehensive income (loss) | 206 | 87 | 293 | ||||||||||||||||
Other | (1 | ) | 89 | 253 | 342 | ||||||||||||||
Net income (loss) | 18 | 1,202 | 55 | 1,257 | |||||||||||||||
Balance, March 31, 2017 | $ | 527 | $ | 40,652 | $ | 71 | $ | 2,470 | $ | 43,193 | |||||||||
Balance, December 31, 2017 | $ | 409 | $ | 42,148 | $ | (20 | ) | $ | 913 | $ | 43,041 | ||||||||
Cumulative effects of adoption of accounting standards | (232 | ) | 232 | — | |||||||||||||||
Dividends declared | (195 | ) | (195 | ) | |||||||||||||||
Contributions from (distributions to) noncontrolling interests, net | (17 | ) | 346 | 346 | |||||||||||||||
Other comprehensive income (loss) | 184 | 4 | 188 | ||||||||||||||||
Other | (6 | ) | (4 | ) | (10 | ) | |||||||||||||
Net income (loss) | 13 | 1,513 | 27 | 1,540 | |||||||||||||||
Balance, March 31, 2018 | $ | 405 | $ | 43,228 | $ | 396 | $ | 1,286 | $ | 44,910 |
• | Cable Networks: Consists primarily of our national cable networks that provide a variety of entertainment, news and information, and sports content, our regional sports and news networks, our international cable networks, our cable television studio production operations, and various digital properties. |
• | Broadcast Television: Consists primarily of the NBC and Telemundo broadcast networks, our NBC and Telemundo owned local broadcast television stations, the NBC Universo national cable network, our broadcast television studio production operations, and various digital properties. |
• | Filmed Entertainment: Consists primarily of the operations of Universal Pictures, which produces, acquires, markets and distributes filmed entertainment worldwide; our films are also produced under the Illumination, DreamWorks Animation and Focus Features names. |
• | Theme Parks: Consists primarily of our Universal theme parks in Orlando, Florida; Hollywood, California; and Osaka, Japan. In addition, along with a consortium of Chinese state-owned companies, we are developing a Universal theme park and resort in Beijing, China. |
Three Months Ended March 31, 2018 | |||||||||||||||
(in millions) | Revenue | Adjusted EBITDA(d) | Depreciation and Amortization | Capital Expenditures | Cash Paid for Intangible Assets | ||||||||||
Cable Networks(a) | $ | 3,194 | $ | 1,268 | $ | 189 | $ | 3 | $ | 4 | |||||
Broadcast Television(a) | 3,497 | 507 | 34 | 30 | 72 | ||||||||||
Filmed Entertainment | 1,647 | 203 | 28 | 7 | 6 | ||||||||||
Theme Parks | 1,281 | 495 | 155 | 182 | 16 | ||||||||||
Headquarters and Other(b) | 14 | (188 | ) | 104 | 47 | 32 | |||||||||
Eliminations(a)(c) | (103 | ) | — | — | — | — | |||||||||
Total | $ | 9,530 | $ | 2,285 | $ | 510 | $ | 269 | $ | 130 |
Three Months Ended March 31, 2017 | |||||||||||||||
(in millions) | Revenue | Adjusted EBITDA(d) | Depreciation and Amortization | Capital Expenditures | Cash Paid for Intangible Assets | ||||||||||
Cable Networks | $ | 2,640 | $ | 1,115 | $ | 214 | $ | 2 | $ | 3 | |||||
Broadcast Television | 2,208 | 322 | 32 | 29 | 3 | ||||||||||
Filmed Entertainment | 1,967 | 371 | 22 | 10 | 5 | ||||||||||
Theme Parks | 1,118 | 397 | 142 | 229 | 13 | ||||||||||
Headquarters and Other(b) | 8 | (185 | ) | 98 | 15 | 31 | |||||||||
Eliminations(c) | (88 | ) | (1 | ) | — | — | — | ||||||||
Total | $ | 7,853 | $ | 2,019 | $ | 508 | $ | 285 | $ | 55 |
(a) | The revenue and operating costs and expenses associated with our broadcast of the 2018 PyeongChang Olympics were reported in our Cable Networks and Broadcast Television segments. The revenue and operating costs and expenses associated with our broadcast of the 2018 Super Bowl were reported in our Broadcast Television segment. Included in Eliminations are transactions relating to these events that our Broadcast Television and Cable Networks segments enter into with our other segments. |
(b) | Headquarters and Other activities include costs associated with overhead, allocations, personnel costs and headquarter initiatives. |
(c) | Included in Eliminations are transactions that our segments enter into with one another, which consisted primarily of the licensing of film and television content from our Filmed Entertainment and Broadcast Television segments to our Cable Networks segment; for segment reporting, this revenue is recognized as the programming rights asset for the licensed content is amortized based on third party revenue. |
(d) | We use Adjusted EBITDA as the measure of profit or loss for our operating segments. Adjusted EBITDA is defined as net income attributable to NBCUniversal before net income attributable to noncontrolling interests, income tax expense, investment and other income (loss), net, interest expense, depreciation and amortization expense, and other operating gains and losses (such as impairment charges related to fixed and intangible assets and gains or losses on the sale of long-lived assets), if any. From time to time we may exclude from Adjusted EBITDA the impact of certain events, gains, losses or other charges (such as significant legal settlements) that affect the period-to-period comparability of our operating performance. Our reconciliation of the aggregate amount of Adjusted EBITDA for our reportable segments to consolidated income before income taxes is presented in the table below. |
Three Months Ended March 31 | |||||||
(in millions) | 2018 | 2017 | |||||
Adjusted EBITDA | $ | 2,285 | $ | 2,019 | |||
Depreciation | (242 | ) | (231 | ) | |||
Amortization | (268 | ) | (277 | ) | |||
Interest expense | (127 | ) | (143 | ) | |||
Investment and other income (loss), net | (4 | ) | (1 | ) | |||
Income before income taxes | $ | 1,644 | $ | 1,367 |
Three Months Ended March 31 | |||||||
(in millions) | 2018 | 2017 | |||||
Distribution | $ | 1,887 | $ | 1,562 | |||
Advertising | 988 | 826 | |||||
Content licensing and other | 319 | 252 | |||||
Total Cable Networks | 3,194 | 2,640 | |||||
Advertising | 2,365 | 1,279 | |||||
Content licensing | 522 | 503 | |||||
Distribution and other | 610 | 426 | |||||
Total Broadcast Television | 3,497 | 2,208 | |||||
Theatrical | 423 | 651 | |||||
Content licensing | 733 | 734 | |||||
Home entertainment | 248 | 286 | |||||
Other | 243 | 296 | |||||
Total Filmed Entertainment | 1,647 | 1,967 | |||||
Total Theme Parks | 1,281 | 1,118 | |||||
Headquarters and Other | 14 | 8 | |||||
Eliminations(a) | (103 | ) | (88 | ) | |||
Total revenue | $ | 9,530 | $ | 7,853 |
(a) | Included in Eliminations are transactions that our segments enter into with one another. See Note 2 for a description of these transactions. |
Three Months Ended March 31 | |||||||
(in millions) | 2018 | 2017 | |||||
United States | $ | 7,654 | $ | 6,117 | |||
Foreign | 1,876 | 1,736 | |||||
Total revenue | $ | 9,530 | $ | 7,853 |
(in millions) | March 31, 2018 | December 31, 2017 | |||||
Receivables, gross | $ | 7,269 | $ | 7,055 | |||
Less: Allowance for doubtful accounts | 93 | 88 | |||||
Receivables, net | $ | 7,176 | $ | 6,967 |
(in millions) | March 31, 2018 | December 31, 2017 | |||||
Noncurrent receivables (included in other noncurrent assets, net) | $ | 1,090 | $ | 1,093 | |||
Noncurrent deferred revenue (included in other noncurrent liabilities) | $ | 405 | $ | 392 |
Three Months Ended March 31, 2017 | |||||||||
(in millions) | Previously Reported | Effects of Adoption | As Adjusted | ||||||
Revenue | $ | 7,868 | $ | (15 | ) | $ | 7,853 | ||
Total costs and expenses | $ | 6,359 | $ | (17 | ) | $ | 6,342 | ||
Operating income | $ | 1,509 | $ | 2 | $ | 1,511 | |||
Net income attributable to NBCUniversal | $ | 1,200 | $ | 2 | $ | 1,202 |
As of December 31, 2017 | |||||||||
(in millions) | Previously Reported | Effects of Adoption | As Adjusted | ||||||
Total current assets | $ | 11,673 | $ | 284 | $ | 11,957 | |||
Film and television costs | $ | 7,071 | $ | 11 | $ | 7,082 | |||
Other noncurrent assets, net | $ | 1,872 | $ | (68 | ) | $ | 1,804 | ||
Total assets | $ | 71,073 | $ | 227 | $ | 71,300 | |||
Total current liabilities | $ | 9,602 | $ | 330 | $ | 9,932 | |||
Other noncurrent liabilities | $ | 4,109 | $ | 44 | $ | 4,153 | |||
Total equity | $ | 43,188 | $ | (147 | ) | $ | 43,041 | ||
Total liabilities and equity | $ | 71,073 | $ | 227 | $ | 71,300 |
(in millions) | March 31, 2018 | December 31, 2017 | |||||
Film Costs: | |||||||
Released, less amortization | $ | 1,590 | $ | 1,734 | |||
Completed, not released | 54 | 50 | |||||
In production and in development | 1,287 | 1,149 | |||||
2,931 | 2,933 | ||||||
Television Costs: | |||||||
Released, less amortization | 2,361 | 2,260 | |||||
In production and in development | 845 | 818 | |||||
3,206 | 3,078 | ||||||
Programming rights, less amortization | 2,608 | 2,677 | |||||
8,745 | 8,688 | ||||||
Less: Current portion of programming rights | 1,347 | 1,606 | |||||
Film and television costs | $ | 7,398 | $ | 7,082 |
(in millions) | March 31, 2018 | December 31, 2017 | |||||
Equity method | $ | 697 | $ | 690 | |||
Marketable equity securities | 467 | 430 | |||||
Nonmarketable equity securities | 699 | 696 | |||||
Total investments | $ | 1,863 | $ | 1,816 |
Three Months Ended March 31 | |||||||
(in millions) | 2018 | 2017 | |||||
Equity in net income (losses) of investees, net | $ | (100 | ) | $ | (26 | ) | |
Realized and unrealized gains (losses) on equity securities, net | 37 | 2 | |||||
Other income (loss), net | 59 | 23 | |||||
Investment and other income (loss), net | $ | (4 | ) | $ | (1 | ) |
Three Months Ended March 31 | |||||||
(in millions) | 2018 | 2017 | |||||
Interest | $ | 51 | $ | 77 | |||
Income taxes | $ | 173 | $ | 52 |
• | we acquired $721 million of property and equipment and intangible assets that were accrued but unpaid |
• | we received noncash contributions from noncontrolling interests totaling $316 million related to Universal Beijing Resort (see Note 5) |
(in millions) | March 31, 2018 | December 31, 2017 | |||||
Cash and cash equivalents | $ | 2,225 | $ | 2,347 | |||
Restricted cash included in other noncurrent assets, net | 31 | 30 | |||||
Cash, cash equivalents and restricted cash, end of period | $ | 2,256 | $ | 2,377 |
(in millions) | March 31, 2018 | March 31, 2017 | |||||
Unrealized gains (losses) on marketable securities | $ | — | $ | 1 | |||
Deferred gains (losses) on cash flow hedges | (3 | ) | 9 | ||||
Unrecognized gains (losses) on employee benefit obligations | 122 | 120 | |||||
Cumulative translation adjustments | 277 | (59 | ) | ||||
Accumulated other comprehensive income (loss) | $ | 396 | $ | 71 |
Three Months Ended March 31 | |||||||
(in millions) | 2018 | 2017 | |||||
Transactions with Comcast and Consolidated Subsidiaries | |||||||
Revenue | $ | 594 | $ | 459 | |||
Operating costs and expenses | $ | (61 | ) | $ | (61 | ) | |
Interest expense and investment and other income (loss), net | $ | (23 | ) | $ | (19 | ) |
(in millions) | March 31, 2018 | December 31, 2017 | |||||
Transactions with Comcast and Consolidated Subsidiaries | |||||||
Receivables, net | $ | 376 | $ | 326 | |||
Accounts payable and accrued expenses related to trade creditors | $ | 51 | $ | 54 | |||
Accrued expenses and other current liabilities | $ | 13 | $ | 50 | |||
Note payable to Comcast | $ | 1,284 | $ | 1,831 | |||
Long-term debt | $ | 610 | $ | 610 | |||
Other noncurrent liabilities | $ | 389 | $ | 389 |
COMCAST CORPORATION | |
BY: ATTEST: ________________________________ |
COMCAST CORPORATION | |
BY: ATTEST: __________________________________ |
Optionee: | [__________] |
Date of Grant: | [__________] |
Common Stock: | Comcast Corporation Class A Common Stock |
Per Share Option Price: | $[___] |
Shares Subject to Option: | [______] |
Vesting Dates /Exercisability of Option: | [____] of the Shares subject to the Option may be exercised following the second anniversary of the Date of Grant. [____] of the Shares subject to the Option may be exercised following the third anniversary of the Date of Grant. [____]of the Shares subject to the Option may be exercised following the fourth anniversary of the Date of Grant. [____] of the Shares subject to the Option may be exercised following the fifth anniversary of the Date of Grant. [____]of the Shares subject to the Option may be exercised following the sixth anniversary of the Date of Grant. [____]of the Shares subject to the Option may be exercised following the seventh anniversary of the Date of Grant. [____]of the Shares subject to the Option may be exercised following the eighth anniversary of the Date of Grant. [____]of the Shares subject to the Option may be exercised following the ninth anniversary of the Date of Grant. [____]of the Shares subject to the Option may be exercised following the nine and one-half year anniversary of the Date of Grant. |
Option Term: | 10 Years, except as otherwise provided in your Comcast Corporation Non-Qualified Option award document. |
Grantee: | [____] |
Date of Grant: | [____] |
Common Stock: | Comcast Corporation Class A Common Stock |
Number of Restricted Stock Units Granted: | [____] at Tier Two Performance Goal ( the “Target Performance Goal”) [____] at Tier Three Performance Goal |
[___] RSUs | [____] of the Restricted Stock Units, determined at the Target Performance Goal. |
[___] RSUs | [____]of the Restricted Stock Units, determined at the Target Performance Goal. |
[___] RSUs | [____] of the Restricted Stock Units, determined at the Target Performance Goal. |
[___] RSUs | [____] of the Restricted Stock Units, determined at the Target Performance Goal. |
[___] RSUs | [____] of the Restricted Stock Units, determined at the Target Performance Goal. |
Vesting Dates and Vesting Percentages of Restricted Stock Units: | The vesting percentage for any year shall be mathematically interpolated for achievement between: -- the lowest performance level of the Tier One Performance Goal ([___]% year over year increase in Adjusted EBITDA) and the lowest level of achievement of the Tier Two Performance Goal ([___]% year over year increase in Adjusted EBITDA). The interpolation of vesting shall range from [___]% to [___]%; -- the highest performance level of the Tier Two Performance Goal ([___]% year over year increase in Adjusted EBITDA) and the lowest performance level of the Tier Three Performance Goal ([___]% year over year increase in Adjusted EBITDA) The interpolation of vesting shall range from 100% to 125%. Fractional results shall be rounded to next lower full Share. (1) [___] RSUs: On [___]: [___]%, provided that the Tier One Performance Goal is satisfied; [___]%, provided that the Tier Two Performance Goal is satisfied; [___]%, provided that the Tier Three Performance Goal is satisfied. (2) [___] RSUs: On [___], the greater of the vesting percentage as determined for [___] RSUs, or [___]%, provided that the Tier One Performance Goal is satisfied; [___]%, provided that the Tier Two Performance Goal is satisfied; [___]%, provided that the Tier Three Performance Goal is satisfied. (3) [___] RSUs On March [___], the greater of the vesting percentages as determined for [___] RSUs or: [___]%, provided that the Tier One Performance Goal is satisfied; [___]%, provided that the Tier Two Performance Goal is satisfied; [___]%, provided that the Tier Three Performance Goal is satisfied. (4) [___] RSUs On [___], the greater of the vesting percentages as determined for [___] RSUs or [___]%, provided that the Tier One Performance Goal is satisfied; [___]%, provided that the Tier Two Performance Goal is satisfied; [___]%, provided that the Tier Three Performance Goal is satisfied. (5) [___] RSUs On March [___], the greater of the vesting percentages as determined for [___] RSUs or [___]%, provided that the Tier One Performance Goal is satisfied; [___]%, provided that the Tier Two Performance Goal is satisfied; [___]%, provided that the Tier Three Performance Goal is satisfied. |
Notwithstanding anything herein to the contrary, to the extent a Vesting Date for any RSUs has not occurred because of the failure to satisfy an applicable Performance Goal for any year by the applicable Scheduled Vesting Date, such RSUs which have not vested and become nonforfeitable shall immediately and automatically, without any action on the part of the Grantee or the Company, be forfeited by the Grantee and deemed canceled. |
1. | I have reviewed this Quarterly Report on Form 10-Q of Comcast Corporation; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a) | designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b) | designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c) | evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d) | disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an Annual Report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. | The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
a) | all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
b) | any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
/s/ BRIAN L. ROBERTS |
Name: Brian L. Roberts |
Title: Chief Executive Officer |
1. | I have reviewed this Quarterly Report on Form 10-Q of Comcast Corporation; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a) | designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b) | designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c) | evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d) | disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an Annual Report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. | The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
a) | all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
b) | any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
/s/ MICHAEL J. CAVANAGH |
Name: Michael J. Cavanagh |
Title: Chief Financial Officer |
1. | I have reviewed this Quarterly Report on Form 10-Q of NBCUniversal Media, LLC; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a) | designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b) | designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c) | evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d) | disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an Annual Report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. | The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
a) | all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
b) | any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
/s/ BRIAN L. ROBERTS |
Name: Brian L. Roberts |
Title: Principal Executive Officer |
1. | I have reviewed this Quarterly Report on Form 10-Q of NBCUniversal Media, LLC; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a) | designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b) | designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c) | evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d) | disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an Annual Report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. | The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
a) | all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
b) | any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
/s/ MICHAEL J. CAVANAGH |
Name: Michael J. Cavanagh |
Title: Principal Financial Officer |
1. | The Report fully complies with the requirements of Section 13(a) or 15(d) of the Exchange Act; and |
2. | The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of Comcast Corporation. |
/s/ BRIAN L. ROBERTS |
Name: Brian L. Roberts |
Title: Chief Executive Officer |
/s/ MICHAEL J. CAVANAGH |
Name: Michael J. Cavanagh |
Title: Chief Financial Officer |
1. | The Report fully complies with the requirements of Section 13(a) or 15(d) of the Exchange Act; and |
2. | The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of NBCUniversal Media, LLC. |
/s/ BRIAN L. ROBERTS |
Name: Brian L. Roberts |
Title: Principal Executive Officer |
/s/ MICHAEL J. CAVANAGH |
Name: Michael J. Cavanagh |
Title: Principal Financial Officer |
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Document and Entity Information |
3 Months Ended |
---|---|
Mar. 31, 2018
shares
| |
Document And Entity Information [Line Items] | |
Entity Registrant Name | COMCAST CORP |
Entity Central Index Key | 0001166691 |
Trading Symbol | cmcsa |
Current Fiscal Year End Date | --12-31 |
Entity Filer Category | Large Accelerated Filer |
Document Type | 10-Q |
Document Period End Date | Mar. 31, 2018 |
Document Fiscal Year Focus | 2018 |
Document Fiscal Period Focus | Q1 |
Amendment Flag | false |
NBCUniversal Media LLC [Member] | |
Document And Entity Information [Line Items] | |
Entity Registrant Name | NBCUniversal Media, LLC |
Entity Central Index Key | 0000902739 |
Entity Filer Category | Non-accelerated Filer |
Class A Common Stock [Member] | |
Document And Entity Information [Line Items] | |
Entity Common Stock, Shares Outstanding | 4,607,671,892 |
Class B Common Stock [Member] | |
Document And Entity Information [Line Items] | |
Entity Common Stock, Shares Outstanding | 9,444,375 |
Condensed Consolidated Statement of Comprehensive Income (Parenthetical) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2018 |
Mar. 31, 2017 |
|
Statement of Comprehensive Income [Abstract] | ||
Unrealized gains (losses) on marketable securities, deferred taxes | $ 0 | $ (61) |
Deferred gains (losses) on cash flow hedges, deferred taxes | (9) | (4) |
Realized (gains) losses on cash flow hedges, deferred taxes | 6 | 0 |
Employee benefit obligations, deferred taxes | 2 | (37) |
Currency translation adjustments, deferred taxes | $ (47) | $ (41) |
Condensed Consolidated Statement of Changes in Equity - USD ($) $ in Millions |
Total |
Redeemable Noncontrolling Interests and Redeemable Subsidiary Preferred Stock [Member] |
Additional Paid-in Capital [Member] |
Retained Earnings [Member] |
Treasury Stock at Cost [Member] |
Accumulated Other Comprehensive Income (Loss) [Member] |
Noncontrolling Interest [Member] |
NBCUniversal Media LLC [Member] |
NBCUniversal Media LLC [Member]
Redeemable Noncontrolling Interest [Member]
|
NBCUniversal Media LLC [Member]
Member's Capital [Member]
|
NBCUniversal Media LLC [Member]
Accumulated Other Comprehensive Income (Loss) [Member]
|
NBCUniversal Media LLC [Member]
Noncontrolling Interest [Member]
|
Class A Common Stock [Member]
Common Stock [Member]
|
Class B Common Stock [Member]
Common Stock [Member]
|
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Beginning balance at Dec. 31, 2016 | $ 56,163 | $ 38,230 | $ 23,065 | $ (7,517) | $ 98 | $ 2,231 | $ 56 | $ 0 | ||||||
Beginning balance at Dec. 31, 2016 | $ 40,875 | $ 38,894 | $ (135) | $ 2,116 | ||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||
Stock compensation plans | 114 | 114 | ||||||||||||
Repurchases of common stock under repurchase program and employee plans | (1,006) | (178) | (828) | |||||||||||
Employee stock purchase plans | 39 | 39 | ||||||||||||
Dividends declared | (751) | (751) | (195) | (195) | ||||||||||
Other comprehensive income (loss) | 331 | 244 | 87 | 293 | 206 | 87 | ||||||||
Contributions from (distributions to) noncontrolling interests, net | (34) | (34) | (41) | (41) | ||||||||||
Contribution from member | 662 | 662 | ||||||||||||
Other | 162 | (90) | 252 | 342 | 89 | 253 | ||||||||
Net income (loss) | 2,626 | 2,573 | 53 | 1,257 | 1,202 | 55 | ||||||||
Ending balance at Mar. 31, 2017 | 57,644 | 38,115 | 24,059 | (7,517) | 342 | 2,589 | 56 | 0 | ||||||
Ending balance at Mar. 31, 2017 | 43,193 | 40,652 | 71 | 2,470 | ||||||||||
Beginning balance at Dec. 31, 2016 | $ 1,446 | $ 530 | ||||||||||||
Increase (Decrease) in Temporary Equity [Roll Forward] | ||||||||||||||
Contributions from (distributions to) noncontrolling interests, net | (8) | (20) | ||||||||||||
Other | (11) | (1) | ||||||||||||
Net income (loss) | 29 | 18 | ||||||||||||
Ending balance at Mar. 31, 2017 | 1,456 | 527 | ||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||
Cumulative effects of adoption of accounting standards | 33 | (43) | 76 | 0 | (232) | 232 | ||||||||
Beginning balance at Dec. 31, 2017 | 69,459 | 37,497 | 38,202 | (7,517) | 379 | 843 | 55 | 0 | ||||||
Beginning balance at Dec. 31, 2017 | 43,041 | 42,148 | (20) | 913 | ||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||
Stock compensation plans | 127 | 127 | ||||||||||||
Repurchases of common stock under repurchase program and employee plans | (1,726) | (294) | (1,432) | |||||||||||
Employee stock purchase plans | 48 | 48 | ||||||||||||
Dividends declared | (884) | (884) | (195) | (195) | ||||||||||
Other comprehensive income (loss) | 157 | 153 | 4 | 188 | 184 | 4 | ||||||||
Contributions from (distributions to) noncontrolling interests, net | 350 | 350 | 346 | 346 | ||||||||||
Other | (6) | (3) | (3) | (10) | (6) | (4) | ||||||||
Net income (loss) | 3,152 | 3,118 | 34 | 1,540 | 1,513 | 27 | ||||||||
Ending balance at Mar. 31, 2018 | 70,710 | $ 37,375 | $ 38,961 | $ (7,517) | $ 608 | $ 1,228 | $ 55 | $ 0 | ||||||
Ending balance at Mar. 31, 2018 | 44,910 | $ 43,228 | $ 396 | $ 1,286 | ||||||||||
Beginning balance at Dec. 31, 2017 | 1,357 | 1,357 | 409 | 409 | ||||||||||
Increase (Decrease) in Temporary Equity [Roll Forward] | ||||||||||||||
Contributions from (distributions to) noncontrolling interests, net | (17) | (17) | ||||||||||||
Other | (10) | |||||||||||||
Net income (loss) | 24 | 13 | ||||||||||||
Ending balance at Mar. 31, 2018 | $ 1,354 | $ 1,354 | $ 405 | $ 405 |
Condensed Consolidated Financial Statements |
3 Months Ended |
---|---|
Mar. 31, 2018 | |
Condensed Consolidated Financial Statements [Line Items] | |
Condensed Consolidated Financial Statements | Condensed Consolidated Financial Statements Basis of Presentation We have prepared these unaudited condensed consolidated financial statements based on SEC rules that permit reduced disclosure for interim periods. These financial statements include all adjustments that are necessary for a fair presentation of our consolidated results of operations, cash flows and financial condition for the periods shown, including normal, recurring accruals and other items. The consolidated results of operations for the interim periods presented are not necessarily indicative of results for the full year. The year-end condensed consolidated balance sheet was derived from audited financial statements but does not include all disclosures required by generally accepted accounting principles in the United States (“GAAP”). For a more complete discussion of our accounting policies and certain other information, refer to our consolidated financial statements included in our 2017 Annual Report on Form 10-K and the footnotes within this Form 10-Q. Reclassifications Reclassifications have been made to our condensed consolidated financial statements for the prior year period to conform to classifications used in 2018. See Note 7 for a discussion of the effects of the adoption of new accounting pronouncements and tax reform on our condensed consolidated financial statements. |
NBCUniversal Media LLC [Member] | |
Condensed Consolidated Financial Statements [Line Items] | |
Condensed Consolidated Financial Statements | Condensed Consolidated Financial Statements Basis of Presentation Unless indicated otherwise, throughout these notes to the condensed consolidated financial statements, we refer to NBCUniversal and its consolidated subsidiaries as “we,” “us” and “our.” 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 2017 Annual Report on Form 10-K and the footnotes within this Form 10-Q. See Note 6 for a discussion of the effects of the adoption of new accounting pronouncements on our condensed consolidated financial statements. |
Segment Information |
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Segment Information | Segment Information We present our operations in five reportable business segments:
We use Adjusted EBITDA to evaluate the profitability of our operating segments and the components of net income attributable to Comcast Corporation excluded from Adjusted EBITDA are not separately evaluated. Our financial data by business segment is presented in the tables below.
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NBCUniversal Media LLC [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Segment Information | Segment Information We present our operations in four reportable business segments:
We use Adjusted EBITDA to evaluate the profitability of our operating segments and the components of net income attributable to NBCUniversal excluded from Adjusted EBITDA are not separately evaluated. Our financial data by business segment is presented in the tables below.
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Revenue | Revenue
We operate primarily in the United States, but also in select international markets primarily in Europe and Asia. The table below summarizes revenue by geographic location.
No single customer accounted for a significant amount of revenue in any period presented. Cable Communications Segment Residential Our Cable Communications segment generates revenue from residential customers subscribing to our video, high-speed Internet, voice, and security and automation services, which we market individually and as bundled services at a discounted rate in the United States. Revenue from residential 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 cable 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. Revenue related to our security and automation services is reported in other revenue. We recognize revenue from residential cable services as the services are provided on a monthly basis. Subscription rates and related charges vary according to the services and features customers receive. 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 for residential customers. While a portion of our residential customers are subject to contracts for their cable services, which are typically 2 years in length, based on our evaluation of the terms of these contracts, we recognize revenue for these cable services on a basis that is consistent with our customers that are not subject to contracts. Our cable 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 residential cable services. Sales commissions related to our residential customers are expensed as incurred, as the related period of benefit is less than a year. Under the terms of our cable franchise agreements, we are generally required to pay the cable franchising authority an amount based on our gross video revenue. We generally pass these and other similar fees through to our cable services customers and classify these fees in the respective cable service revenue, with the corresponding costs included in other operating and administrative expenses. Business Services Our Cable Communications segment generates revenue from business customers subscribing to a variety of products and services. Our small business services offerings primarily include high-speed Internet services, as well as voice and video services, similar to those that we provide to our residential customers, and also include cloud-based solutions that provide file sharing, online backup and web conferencing, among other features. We also offer Ethernet network services that connect multiple locations and provide higher downstream and upstream speed options to medium-sized customers and larger enterprises, as well as advanced voice services. In addition, we provide cellular backhaul services to mobile network operators to help these customers manage their network bandwidth. Recently, we have expanded our enterprise service offerings to include a software-defined networking product and our managed solutions business to offer enterprise customers support related to Wi-Fi networks, router management, network security, business continuity risks and other services. We primarily offer our enterprise service offerings to Fortune 1000 companies and other large enterprises with multiple locations both within and outside of our cable distribution footprint where we have agreements with other companies to use their networks to provide coverage. We recognize revenue from business services as the services are provided on a monthly basis. Substantially all of our business 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 from business customers based on a billing schedule established in our contracts, which is typically on a monthly basis. Installation revenue related to our business services customers and sales commissions are generally deferred and recognized over the respective contract terms. Advertising Our Cable Communications segment generates revenue from the sale of advertising and from our advanced advertising businesses. As part of our distribution agreements with cable networks, we generally receive an allocation of scheduled advertising time on cable networks 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 online and on our On Demand service. 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. Advertising revenue 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. Our advanced advertising businesses provide technology, tools, marketplace solutions and data-driven insights to various customers in the media industry to more effectively engage with their targeted audiences. Revenue earned from our advanced advertising businesses is recognized when services are provided. NBCUniversal Segments Distribution Our Cable Networks segment generates distribution revenue from the distribution of our cable network programming to traditional and virtual multichannel video providers. Our Broadcast Television segment generates distribution revenue from the fees received under retransmission consent agreements and associated fees received from NBC-affiliated local broadcast television stations. Distribution revenue is recognized as programming is provided on a monthly basis, generally under multiyear agreements. Monthly fees received under distribution agreements with multichannel video providers are generally based on the number of subscribers. Payment terms and conditions vary by contract type, although terms generally include payment within 30 to 60 days. Advertising Our Cable Networks and Broadcast Television segments generate advertising revenue from the sale of advertising on our cable and broadcast networks, our owned local broadcast television stations and various 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. Advertising revenue is recognized, net of agency commissions, in the period in which advertisements are aired or viewed and payment occurs thereafter, generally 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. Theatrical Our Filmed Entertainment segment theatrical revenue is generated from the worldwide theatrical release of our produced and acquired films for exhibition in movie theaters and is affected by the timing, nature and number of films released in movie theaters and their acceptance by audiences. Theatrical revenue is also affected by the number of exhibition screens, ticket prices, the percentage of ticket sale retention by the exhibitors and the popularity of competing films at the time our films are released. We recognize theatrical revenue as the films are viewed and exhibited in theaters and payment generally occurs within 60 days after exhibition. Content Licensing Our Cable Networks, Broadcast Television and Filmed Entertainment segments generate revenue from the licensing of our owned film and television content in the United States and internationally to cable, broadcast and premium networks and subscription video on demand services. Our content licensing agreements generally include fixed pricing and span multiple years. For example, following a film’s theatrical release, our Filmed Entertainment segment 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 agreements primarily relates to our Filmed Entertainment segment, which at any given time equals approximately 1 to 2 years of our annual Filmed Entertainment content licensing revenue. The substantial majority of this revenue will be recognized within 2 years. This amount may fluctuate from period to period depending on the timing of the release and the availability of content under existing agreements and may not represent the total content licensing 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 content licensing agreements that also include variable pricing, such as pricing based on the number of subscribers to a subscription video on demand service, we generally recognize revenue for variable pricing as the content is delivered and available and as the variable amounts become known. Home Entertainment Our Filmed Entertainment segment generates revenue from the sale of our produced and acquired films on standard-definition digital video discs and Blu-ray discs (together, “DVDs”) and through digital distribution services. Our Cable Networks and Broadcast Television networks also generate revenue from the sale of owned programming on DVDs and through digital distribution services, which is reported in other revenue. We 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 Our Theme Parks segment generates revenue primarily from ticket sales and guest spending at our Universal theme parks in Orlando, Florida; Hollywood, California; and Osaka, Japan. Guest spending includes in-park spending on food, beverages and merchandise. We recognize revenue from theme park 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 guest spending at the point of sale. Condensed Consolidated Balance Sheet The following tables summarize our accounts receivable and other balances that are not separately presented in our condensed consolidated balance sheet that relate to the recognition of revenue and collection of the related cash, as well as deferred costs associated with our contracts with customers.
In our Cable Communications segment, we manage credit risk by screening applicants through the use of internal customer information, identification verification tools and credit bureau data, as well as offering customers the opportunity to establish automatic monthly payments. If a customer’s account is delinquent, various measures are used to collect outstanding amounts, including termination of the customer’s cable services. |
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Accounting Standards Update 2014-09 [Member] | NBCUniversal Media LLC [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Revenue | Revenue
We operate primarily in the United States, but also in select international markets primarily in Europe and Asia. The table below summarizes revenue by geographic location.
No single customer accounted for a significant amount of revenue in any period. Distribution Our Cable Networks segment generates distribution revenue from the distribution of our cable network programming to traditional and virtual multichannel video providers. Our Broadcast Television segment generates distribution revenue from the fees received under retransmission consent agreements and associated fees received from NBC-affiliated local broadcast television stations. Distribution revenue is recognized as programming is provided on a monthly basis, generally under multiyear agreements. Monthly fees received under distribution agreements with multichannel video providers are generally based on the number of subscribers. Payment terms and conditions vary by contract type, although terms generally include payment within 30 to 60 days. Advertising Our Cable Networks and Broadcast Television segments generate advertising revenue from the sale of advertising on our cable and broadcast networks, our owned local broadcast television stations and various 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. Advertising revenue is recognized, net of agency commissions, in the period in which advertisements are aired or viewed and payment occurs thereafter, generally 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. Theatrical Our Filmed Entertainment segment theatrical revenue is generated from the worldwide theatrical release of our produced and acquired films for exhibition in movie theaters and is affected by the timing, nature and number of films released in movie theaters and their acceptance by audiences. Theatrical revenue is also affected by the number of exhibition screens, ticket prices, the percentage of ticket sale retention by the exhibitors and the popularity of competing films at the time our films are released. We recognize theatrical revenue as the films are viewed and exhibited in theaters and payment generally occurs within 60 days after exhibition. Content Licensing Our Cable Networks, Broadcast Television and Filmed Entertainment segments generate revenue from the licensing of our owned film and television content in the United States and internationally to cable, broadcast and premium networks and subscription video on demand services. Our content licensing agreements generally include fixed pricing and span multiple years. For example, following a film’s theatrical release, our Filmed Entertainment segment 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 agreements primarily relates to our Filmed Entertainment segment, which at any given time equals approximately 1 to 2 years of our annual Filmed Entertainment content licensing revenue. The substantial majority of this revenue will be recognized within 2 years. This amount may fluctuate from period to period depending on the timing of the release and the availability of content under existing agreements and may not represent the total content licensing 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 content licensing agreements that also include variable pricing, such as pricing based on the number of subscribers to a subscription video on demand service, we generally recognize revenue for variable pricing as the content is delivered and available and as the variable amounts become known. Home Entertainment Our Filmed Entertainment segment generates revenue from the sale of our produced and acquired films on standard-definition digital video discs and Blu-ray discs (together, “DVDs”) and through digital distribution services. Our Cable Networks and Broadcast Television networks also generate revenue from the sale of owned programming on DVDs and through digital distribution services, which is reported in other revenue. We 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 Our Theme Parks segment generates revenue primarily from ticket sales and guest spending at our Universal theme parks in Orlando, Florida; Hollywood, California; and Osaka, Japan. Guest spending includes in-park spending on food, beverages and merchandise. We recognize revenue from theme park 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 guest spending at the point of sale. 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.
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Earnings Per Share |
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Earnings Per Share | Earnings Per Share Computation of Diluted EPS
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”). The amount of potential common shares related to our share-based compensation plans that were excluded from diluted EPS because their effect would have been antidilutive was not material for the three months ended March 31, 2018 and 2017. |
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Long-Term Debt | Long-Term Debt As of March 31, 2018, our debt had a carrying value of $66.7 billion and an estimated fair value of $70.7 billion. The estimated fair value of our publicly traded debt was primarily based on Level 1 inputs that use quoted market values for the debt. The estimated fair value of debt for which there are no quoted market prices was based on Level 2 inputs that use interest rates available to us for debt with similar terms and remaining maturities.
In April 2018, NBCUniversal Enterprise repaid at maturity $700 million aggregate principal amount of senior floating rate notes due 2018 and $1.1 billion aggregate principal amount of 1.662% senior notes due 2018. Revolving Credit Facilities As of March 31, 2018, amounts available under our consolidated revolving credit facilities, net of amounts outstanding under our commercial paper programs and outstanding letters of credit, totaled $8.3 billion, which included $1.5 billion available under NBCUniversal Enterprise’s revolving credit facility. Commercial Paper Programs As of March 31, 2018, Comcast and NBCUniversal Enterprise had no commercial paper outstanding. |
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Long-Term Debt | Long-Term Debt As of March 31, 2018, our debt, excluding the note payable to Comcast, had a carrying value of $12.7 billion and an estimated fair value of $13.3 billion. The estimated fair value of our publicly traded debt was primarily based on Level 1 inputs that use quoted market values 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. Cross-Guarantee Structure We, Comcast and a 100% owned cable holding company subsidiary of Comcast (“CCCL Parent”) have fully and unconditionally guaranteed each other’s debt securities, including the $7 billion Comcast revolving credit facility due 2021. As of March 31, 2018, outstanding debt securities of $51.4 billion of Comcast and CCCL Parent were subject to the cross-guarantee structure. We do not, however, guarantee the obligations of NBCUniversal Enterprise with respect to its $4.8 billion aggregate principal amount of senior notes, $1.5 billion revolving credit facility, commercial paper program, or $725 million liquidation preference of Series A cumulative preferred stock. The Universal Studios Japan term loans are not subject to the cross-guarantee structure, however they have a separate guarantee from Comcast. |
Significant Transactions |
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Business Acquisition [Line Items] | |
Significant Transactions | Significant Transactions Universal Beijing Resort We entered into an agreement with a consortium of Chinese state-owned companies to build and operate a Universal theme park and resort in Beijing, China (“Universal Beijing Resort”). We own a 30% interest in Universal Beijing Resort and the construction will be 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 financial and operating covenants and a maximum borrowing limit of ¥26.6 billion RMB (approximately $4 billion). The debt financing is secured by the assets of Universal Beijing Resort and the equity interests of the investors. We have concluded that Universal Beijing Resort is a variable interest entity 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. In March 2018, Universal Beijing Resort received initial equity investments through a combination of cash and noncash contributions from the investors. As of March 31, 2018, our condensed consolidated balance sheet included assets, primarily including property and equipment, and liabilities of Universal Beijing Resort totaling $1.2 billion and $523 million, respectively. Sky Offer On April 25, 2018, we announced a pre-conditional all-cash firm offer for the entire issued and to be issued share capital of Sky plc. Pursuant to the offer, Sky shareholders will be entitled to receive £12.50 in cash for each Sky share (implying a value of approximately £22 billion, or $31 billion using the exchange rate at the time of the offer), plus any final dividend in respect of Sky’s fiscal year ending June 30, 2018 up to an amount of £0.218 per Sky share which is declared and paid prior to the offer going wholly unconditional. The acquisition is subject to the satisfaction (or waiver, where applicable) of certain conditions, including receipt of antitrust and regulatory approvals and securing acceptances carrying more than 50% of the voting rights then normally exercisable at a general meeting of Sky. In connection with the offer, we have entered into an unsecured bridge credit agreement in an aggregate principal amount of up to £16 billion and an unsecured term loan credit agreement in an aggregate principal amount of up to £7 billion ($22 billion and $10 billion, respectively, using the exchange rate at the time of the offer), which will be guaranteed by Comcast Cable Communications, LLC and NBCUniversal. |
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Significant Transactions | Significant Transactions Universal Beijing Resort We entered into an agreement with a consortium of Chinese state-owned companies to build and operate a Universal theme park and resort in Beijing, China (“Universal Beijing Resort”). We own a 30% interest in Universal Beijing Resort and the construction will be 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 financial and operating covenants and a maximum borrowing limit of ¥26.6 billion RMB (approximately $4 billion). The debt financing is secured by the assets of Universal Beijing Resort and the equity interests of the investors. We have concluded that Universal Beijing Resort is a variable interest entity 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. In March 2018, Universal Beijing Resort received initial equity investments through a combination of cash and noncash contributions from the investors. As of March 31, 2018, our condensed consolidated balance sheet included assets, primarily including property and equipment, and liabilities of Universal Beijing Resort totaling $1.2 billion and $523 million, respectively. |
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Recent Accounting Pronouncements and Tax Reform | Recent Accounting Pronouncements and Tax Reform Revenue Recognition In May 2014, the Financial Accounting Standards Board (“FASB”) updated the accounting guidance related to revenue recognition. The updated accounting guidance provides a single, contract-based revenue recognition model to help improve financial reporting by providing clearer guidance on when an entity should recognize revenue and by reducing the number of standards to which an entity has to refer. The core principle of the new standard is that a company should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. We adopted the updated guidance on January 1, 2018 on a full retrospective basis, which required us to reflect the impact of the updated guidance for all periods presented. Upon adoption, we also implemented changes in our presentation of certain revenues and expenses, primarily in our Cable Communications segment. The adoption of the new standard did not have a material impact on our consolidated results of operations or financial position for any period presented. The updated guidance also requires additional disclosures regarding the nature, timing and uncertainty of our revenue transactions (see Note 3). The tables below present the effects on our condensed consolidated statement of income and balance sheet for the prior year periods presented. Condensed Consolidated Statement of Income
Condensed Consolidated Balance Sheet
Cable Communications A summary of the changes implemented for the Cable Communications segment is presented below. Changes to Presentation of Revenue and Related Costs
Changes to the Timing of Recognition of Revenue and Related Costs
The table below presents the effects these changes had on our Cable Communications segment revenue, operating costs and expenses, and depreciation and amortization expense as a result of the updated guidance for the prior year period. Previously reported amounts are based on amounts previously presented in the segment information footnote.
NBCUniversal Segments The adoption of the updated guidance impacted the timing of recognition for some of our revenue contracts, primarily for content licensing agreements. As a result of the adoption of the updated guidance, when the term of existing content licensing agreements is renewed or extended, revenue is not recognized until the date when the renewal or extension period begins. Under the prior guidance, revenue for the content licensing renewal period was recognized on the date that the renewal was agreed to contractually. This change resulted in delayed revenue recognition for content licensing renewals or extensions in our Cable Networks, Broadcast Television and Filmed Entertainment segments. This change also impacted the timing of the related amortization of our film and television costs and participations and residuals expenses. The adoption of the updated guidance did not have a material impact on the results of operations or financial position for the NBCUniversal segments. Financial Assets and Financial Liabilities In January 2016, the FASB updated the accounting guidance related to the recognition and measurement of financial assets and financial liabilities. The updated accounting guidance, among other things, requires that all nonconsolidated equity investments, except those accounted for under the equity method, be measured at fair value and the changes in fair value be recognized in net income. On January 1, 2018, we adopted the updated guidance prospectively along with a related clarifying update and as a result, we recorded an immaterial cumulative effect adjustment to retained earnings, accumulated other comprehensive income (loss) and investments. See Note 9 for further information. Tax Reform On December 22, 2017, new federal tax reform legislation was enacted in the United States (“2017 Tax Act”), resulting in significant changes from previous tax law. The new legislation reduced the federal corporate income tax rate to 21% from 35% effective January 1, 2018. In the fourth quarter of 2017, we recorded a net income tax benefit of approximately $12.7 billion on the date of enactment of the new legislation, primarily relating to a reduction of our net deferred tax liabilities as a result of the rate change. This amount also includes the reversal of our net deferred tax liabilities related to cumulative undistributed foreign earnings and deferred tax assets for related foreign tax credits, partially offset by the one-time deemed repatriation tax on undistributed foreign earnings and profits. The adjustments to deferred tax assets and liabilities, and the liability related to the transition tax are provisional amounts based on information available as of March 31, 2018. These amounts are subject to change as we obtain information necessary to complete the calculations. We did not recognize any changes to the provisional amounts for the three months ended March 31, 2018. We will update the provisional amounts as we refine our estimates of cumulative temporary differences, including those related to the immediate deduction for qualified property, and our interpretations of the application of the new legislation. We expect to complete our analysis of the provisional items during the second half of 2018. In February 2018, the FASB issued guidance that permits companies to reclassify disproportionate tax effects recorded in accumulated other comprehensive income as a result of the 2017 Tax Act to retained earnings. We adopted the guidance as of January 1, 2018 and as a result we recorded an immaterial cumulative effect adjustment to retained earnings and accumulated other comprehensive income (loss). In February 2018, the Bipartisan Budget Act of 2018 was enacted. As part of this legislation, various tax provisions that had expired on December 31, 2016 were retroactively extended to December 31, 2017, including the statute permitting the immediate deduction for certain film and television production costs. The legislation resulted in an income tax benefit of $128 million for the three months ended March 31, 2018. Restricted Cash In November 2016, the FASB updated the accounting guidance related to restricted cash. The new standard requires that the statement of cash flows present the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents, and a reconciliation of such total to amounts on the balance sheet. We adopted the updated guidance on January 1, 2018 and as required applied the retrospective transition method. The adoption did not have a material impact for any period presented. Leases In February 2016, the FASB updated the accounting guidance related to leases. The updated accounting guidance requires lessees to recognize a right-of-use asset and a lease liability on the balance sheet for all leases with the exception of short-term leases. The asset and liability are initially measured based on the present value of committed lease payments. For a lessee, the recognition, measurement and presentation of expenses and cash flows arising from a lease do not significantly change from previous guidance. For a lessor, the accounting applied is also largely unchanged from previous guidance. The updated guidance is effective for us as of January 1, 2019 and early adoption is permitted. The updated accounting guidance must be adopted using a modified retrospective approach for leases that exist or are entered into after the beginning of the earliest comparative period in the financial statements. We are currently in the process of determining the impact that the updated accounting guidance will have on our consolidated financial statements. |
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Recent Accounting Pronouncements and Tax Reform | Recent Accounting Pronouncements Revenue Recognition In May 2014, the Financial Accounting Standards Board (“FASB”) updated the accounting guidance related to revenue recognition. The updated accounting guidance provides a single, contract-based revenue recognition model to help improve financial reporting by providing clearer guidance on when an entity should recognize revenue and by reducing the number of standards to which an entity has to refer. The core principle of the new standard is that a company should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. We adopted the updated guidance on January 1, 2018 on a full retrospective basis, which required us to reflect the impact of the updated guidance for all periods presented. The adoption of the new standard did not have a material impact on our consolidated results of operations or financial position for any period presented. The updated guidance also requires additional disclosures regarding the nature, timing and uncertainty of our revenue transactions (see Note 3). The tables below present the effects on our condensed consolidated statement of income and balance sheet for the prior year periods presented. Condensed Consolidated Statement of Income
Condensed Consolidated Balance Sheet
The adoption of the updated guidance impacted the timing of recognition for some of our revenue contracts, primarily for content licensing agreements. As a result of the adoption of the updated guidance, when the term of existing content licensing agreements is renewed or extended, revenue is not recognized until the date when the renewal or extension period begins. Under the prior guidance, revenue for the content licensing renewal period was recognized on the date that the renewal was agreed to contractually. This change resulted in delayed revenue recognition for content licensing renewals or extensions in our Cable Networks, Broadcast Television and Filmed Entertainment segments. This change also impacted the timing of the related amortization of our film and television costs and participations and residuals expenses. The adoption of the updated guidance did not have a material impact on the results of operations or financial position for the reportable segments. Financial Assets and Financial Liabilities In January 2016, the FASB updated the accounting guidance related to the recognition and measurement of financial assets and financial liabilities. The updated accounting guidance, among other things, requires that all nonconsolidated equity investments, except those accounted for under the equity method, be measured at fair value and the changes in fair value be recognized in net income. On January 1, 2018, we adopted the updated guidance prospectively along with a related clarifying update and as a result, we recorded a $232 million cumulative effect adjustment to member's capital and accumulated other comprehensive income (loss). See Note 8 for further information. Restricted Cash In November 2016, the FASB updated the accounting guidance related to restricted cash. The new standard requires that the statement of cash flows present the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents, and a reconciliation of such total to amounts on the balance sheet. We adopted the updated guidance on January 1, 2018 and as required applied the retrospective transition method. The adoption did not have a material impact for any period presented. Leases In February 2016, the FASB updated the accounting guidance related to leases. The updated accounting guidance requires lessees to recognize a right-of-use asset and a lease liability on the balance sheet for all leases with the exception of short-term leases. The asset and liability are initially measured based on the present value of committed lease payments. For a lessee, the recognition, measurement and presentation of expenses and cash flows arising from a lease do not significantly change from previous guidance. For a lessor, the accounting applied is also largely unchanged from previous guidance. The updated guidance is effective for us as of January 1, 2019 and early adoption is permitted. The updated accounting guidance must be adopted using a modified retrospective approach for leases that exist or are entered into after the beginning of the earliest comparative period in the financial statements. We are currently in the process of determining the impact that the updated accounting guidance will have on our consolidated financial statements. |
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Film And Television Costs | Film and Television Costs
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Film And Television Costs | Film and Television Costs
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Investments | Investments
Investment and Other Income (Loss), Net
Beginning January 1, 2018, in connection with our adoption of the updated accounting guidance related to the recognition and measurement of financial assets and financial liabilities (see Note 7), we updated the presentation and accounting policies for our investments previously classified as fair value and cost method investments. The investment categories presented in the table above are based on the new guidance and updated policies, where applicable, are presented below. Equity Method Atairos In February 2018, we amended our agreement with Atairos, which primarily increases our commitment to fund Atairos from up to $4 billion to up to $5 billion in the aggregate at any one time, subject to certain offsets. As of both March 31, 2018 and December 31, 2017, we had an investment in Atairos of $2.4 billion. For the three months ended March 31, 2018 and 2017, we made cash capital contributions to Atairos totaling $31 million and $457 million, respectively. Atairos follows investment company accounting and records its investments at their fair values each reporting period with the net gains or losses reflected in its statement of income. We recognize our share of these gains and losses in equity in net income (losses) of investees, net. For the three months ended March 31, 2018 and 2017, our share of Atairos income was $35 million and $57 million, respectively. Hulu As of March 31, 2018 and December 31, 2017, we had an investment in Hulu of $231 million and $249 million, respectively. For the three months ended March 31, 2018, we made cash capital contributions totaling $114 million to Hulu. For the three months ended March 31, 2018 and 2017, we recognized our proportionate share of Hulu’s losses of $131 million and $54 million, respectively, in equity in net income (losses) of investees, net. The Weather Channel In March 2018, we sold our investment in The Weather Channel cable network and recognized a pretax gain of $64 million in other income (loss), net. Marketable Equity Securities We classify publicly traded investments with readily determinable fair values that are not accounted for under the equity method as marketable equity securities. Marketable equity securities are recorded at cost and adjusted to fair value at each reporting period. The changes in fair value 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. Snap In March 2017, we acquired an interest in Snap Inc. for $500 million as part of its initial public offering, which we have classified as a marketable equity security. Snap is a camera company whose primary product is Snapchat, a camera app that was created to help people communicate through short videos and images. As of March 31, 2018 and December 31, 2017, we had an investment in Snap of $467 million and $430 million, respectively. For the three months ended March 31, 2018, we recognized unrealized gains of $37 million in realized and unrealized gains (losses) on equity securities, net related to our investment in Snap. 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 this measurement alternative to a majority of our nonmarketable equity securities. When an observable event occurs, we estimate the fair values of our nonmarketable equity securities 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 We hold two series of preferred stock of Verizon Americas, Inc., formerly known as AirTouch Communications, Inc. (“AirTouch”), a subsidiary of Verizon Communications Inc., which are redeemable in April 2020. As of both March 31, 2018 and December 31, 2017, we had an investment in AirTouch of $1.6 billion. We account for our investment in AirTouch as a held to maturity investment using the cost method. As of March 31, 2018, the estimated fair value of the AirTouch preferred stock and the estimated fair value of the associated liability related to the redeemable subsidiary preferred shares issued by one of our consolidated subsidiaries were each $1.7 billion. The estimated fair values are based on Level 2 inputs that use pricing models whose inputs are derived primarily from or corroborated by observable market data through correlation or other means for substantially the full term of the financial instrument. |
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Investments | Investments
Investment and Other Income (Loss), Net
Beginning January 1, 2018, in connection with our adoption of the updated accounting guidance related to the recognition and measurement of financial assets and financial liabilities (see Note 6), we updated the presentation and accounting policies for our investments previously classified as fair value and cost method investments. The investment categories presented in the table above are based on the new guidance and updated policies, where applicable, are presented below. Equity Method Hulu As of March 31, 2018 and December 31, 2017, we had an investment in Hulu of $231 million and $249 million, respectively. For the three months ended March 31, 2018, we made cash capital contributions totaling $114 million to Hulu. For the three months ended March 31, 2018 and 2017, we recognized our proportionate share of Hulu’s losses of $131 million and $54 million, respectively, in equity in net income (losses) of investees, net. The Weather Channel In March 2018, we sold our investment in The Weather Channel cable network and recognized a pretax gain of $64 million in other income (loss), net. Marketable Equity Securities We classify publicly traded investments with readily determinable fair values that are not accounted for under the equity method as marketable equity securities. Marketable equity securities are recorded at cost and adjusted to fair value at each reporting period. The changes in fair value 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. Snap In March 2017, Comcast acquired an interest in Snap Inc. as part of its initial public offering. On March 31, 2017, Comcast contributed its investment in Snap to us as an equity contribution of $662 million, which was recorded in our condensed consolidated statement of equity based on the fair value of the investment as of March 31, 2017. We have classified our investment as a marketable equity security. Snap is a camera company whose primary product is Snapchat, a camera app that was created to help people communicate through short videos and images. As of March 31, 2018 and December 31, 2017, we had an investment in Snap of $467 million and $430 million, respectively. For the three months ended March 31, 2018, we recognized unrealized gains of $37 million in realized and unrealized gains (losses) on equity securities, net related to our investment in Snap. 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 this measurement alternative to our nonmarketable equity securities. When an observable event occurs, we estimate the fair values of our nonmarketable equity securities 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. |
Supplemental Financial Information |
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Supplemental Financial Information | Supplemental Financial Information Share-Based Compensation Our share-based compensation plans consist primarily of awards of RSUs and stock options to certain employees and directors as part of our approach to long-term incentive compensation. Additionally, through our employee stock purchase plans, employees are able to purchase shares of our common stock at a discount through payroll deductions. In March 2018, we granted 12.1 million RSUs and 41.0 million stock options related to our annual management awards. The weighted-average fair values associated with these grants were $35.94 per RSU and $7.15 per stock option. Recognized Share-Based Compensation Expense
As of March 31, 2018, we had unrecognized pretax compensation expense of $1.1 billion and $607 million related to nonvested RSUs and nonvested stock options, respectively. Cash Payments for Interest and Income Taxes
Noncash Investing and Financing Activities During the three months ended March 31, 2018:
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.
Accumulated Other Comprehensive Income (Loss)
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Supplemental Financial Information | Supplemental Financial Information Cash Payments for Interest and Income Taxes
Noncash Investing and Financing Activities During the three months ended March 31, 2018:
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.
Accumulated Other Comprehensive Income (Loss)
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Related Party Transactions | Related Party Transactions In the ordinary course of our business, we enter into transactions with Comcast. We generate revenue from Comcast primarily from the distribution of our cable network programming, the fees received under retransmission consent agreements in our Broadcast Television segment and, to a lesser extent, the sale of advertising and our owned programming, and we incur expenses primarily related to advertising and various support services provided by Comcast to us. Comcast is also the counterparty to one of our contractual obligations. As of March 31, 2018, the carrying value of the liability associated with this contractual obligation was $383 million. The following tables present transactions with Comcast and its consolidated subsidiaries that are included in our condensed consolidated financial statements. Condensed Consolidated Statement of Income
Condensed Consolidated Balance Sheet
Share-Based Compensation Comcast maintains share-based compensation plans that consist primarily of awards of restricted share units and stock options to certain employees and directors as part of its approach to long-term incentive compensation. Additionally, through its employee stock purchase plans, employees are able to purchase shares of Comcast common stock at a discount through payroll deductions. Certain of our employees participate in these plans and the expense associated with their participation is settled in cash with Comcast. As of March 31, 2018 and 2017, we recognized share-based compensation expense of $32 million and $25 million, respectively. |
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Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Redeemable Subsidiary Preferred Stock As of March 31, 2018, the fair value of the NBCUniversal Enterprise redeemable subsidiary preferred stock was $753 million. The estimated fair value is based on Level 2 inputs that use pricing models whose inputs are derived primarily from or corroborated by observable market data through correlation or other means for substantially the full term of the financial instrument. Contingencies We are a defendant in several unrelated lawsuits claiming infringement of various patents relating to various aspects of our businesses. In certain of these cases, other industry participants are also defendants, and also in certain of these cases, we expect that any potential liability would be in part or in whole the responsibility of our equipment and technology vendors under applicable contractual indemnification provisions. In addition, we are subject to other 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 Consolidating Financial Information |
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Condensed Consolidating Financial Information | Condensed Consolidating Financial Information Comcast (“Comcast Parent”), Comcast Cable Communications, LLC (“CCCL Parent”), and NBCUniversal (“NBCUniversal Media Parent”) have fully and unconditionally guaranteed each other’s debt securities, including the Comcast revolving credit facility. Comcast Parent and CCCL Parent also fully and unconditionally guarantee NBCUniversal Enterprise’s $4.8 billion aggregate principal amount of senior notes, $1.5 billion revolving credit facility and commercial paper program. NBCUniversal Media Parent does not guarantee the NBCUniversal Enterprise senior notes, revolving credit facility or commercial paper program. Comcast Parent provides an unconditional guarantee of the Universal Studios Japan ¥430 billion term loans with a final maturity of March 2022. Comcast Parent also provides an unconditional subordinated guarantee of the $185 million principal amount currently outstanding of Comcast Holdings’ ZONES due October 2029. Neither CCCL Parent nor NBCUniversal Media Parent guarantee the Comcast Holdings’ ZONES due October 2029. None of Comcast Parent, CCCL Parent nor NBCUniversal Media Parent guarantee the $62 million principal amount currently outstanding of Comcast Holdings’ ZONES due November 2029. Condensed Consolidating Statement of Income For the Three Months Ended March 31, 2018
Condensed Consolidating Statement of Income For the Three Months Ended March 31, 2017
Condensed Consolidating Statement of Cash Flows For the Three Months Ended March 31, 2018
Condensed Consolidating Statement of Cash Flows For the Three Months Ended March 31, 2017
Condensed Consolidating Balance Sheet March 31, 2018
Condensed Consolidating Balance Sheet December 31, 2017
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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 2017 Annual Report on Form 10-K and the footnotes within this Form 10-Q. |
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Revenue Recognition | Cable Communications Segment Residential Our Cable Communications segment generates revenue from residential customers subscribing to our video, high-speed Internet, voice, and security and automation services, which we market individually and as bundled services at a discounted rate in the United States. Revenue from residential 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 cable 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. Revenue related to our security and automation services is reported in other revenue. We recognize revenue from residential cable services as the services are provided on a monthly basis. Subscription rates and related charges vary according to the services and features customers receive. 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 for residential customers. While a portion of our residential customers are subject to contracts for their cable services, which are typically 2 years in length, based on our evaluation of the terms of these contracts, we recognize revenue for these cable services on a basis that is consistent with our customers that are not subject to contracts. Our cable 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 residential cable services. Sales commissions related to our residential customers are expensed as incurred, as the related period of benefit is less than a year. Under the terms of our cable franchise agreements, we are generally required to pay the cable franchising authority an amount based on our gross video revenue. We generally pass these and other similar fees through to our cable services customers and classify these fees in the respective cable service revenue, with the corresponding costs included in other operating and administrative expenses. Business Services Our Cable Communications segment generates revenue from business customers subscribing to a variety of products and services. Our small business services offerings primarily include high-speed Internet services, as well as voice and video services, similar to those that we provide to our residential customers, and also include cloud-based solutions that provide file sharing, online backup and web conferencing, among other features. We also offer Ethernet network services that connect multiple locations and provide higher downstream and upstream speed options to medium-sized customers and larger enterprises, as well as advanced voice services. In addition, we provide cellular backhaul services to mobile network operators to help these customers manage their network bandwidth. Recently, we have expanded our enterprise service offerings to include a software-defined networking product and our managed solutions business to offer enterprise customers support related to Wi-Fi networks, router management, network security, business continuity risks and other services. We primarily offer our enterprise service offerings to Fortune 1000 companies and other large enterprises with multiple locations both within and outside of our cable distribution footprint where we have agreements with other companies to use their networks to provide coverage. We recognize revenue from business services as the services are provided on a monthly basis. Substantially all of our business 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 from business customers based on a billing schedule established in our contracts, which is typically on a monthly basis. Installation revenue related to our business services customers and sales commissions are generally deferred and recognized over the respective contract terms. Advertising Our Cable Communications segment generates revenue from the sale of advertising and from our advanced advertising businesses. As part of our distribution agreements with cable networks, we generally receive an allocation of scheduled advertising time on cable networks 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 online and on our On Demand service. 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. Advertising revenue 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. Our advanced advertising businesses provide technology, tools, marketplace solutions and data-driven insights to various customers in the media industry to more effectively engage with their targeted audiences. Revenue earned from our advanced advertising businesses is recognized when services are provided. NBCUniversal Segments Distribution Our Cable Networks segment generates distribution revenue from the distribution of our cable network programming to traditional and virtual multichannel video providers. Our Broadcast Television segment generates distribution revenue from the fees received under retransmission consent agreements and associated fees received from NBC-affiliated local broadcast television stations. Distribution revenue is recognized as programming is provided on a monthly basis, generally under multiyear agreements. Monthly fees received under distribution agreements with multichannel video providers are generally based on the number of subscribers. Payment terms and conditions vary by contract type, although terms generally include payment within 30 to 60 days. Advertising Our Cable Networks and Broadcast Television segments generate advertising revenue from the sale of advertising on our cable and broadcast networks, our owned local broadcast television stations and various 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. Advertising revenue is recognized, net of agency commissions, in the period in which advertisements are aired or viewed and payment occurs thereafter, generally 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. Theatrical Our Filmed Entertainment segment theatrical revenue is generated from the worldwide theatrical release of our produced and acquired films for exhibition in movie theaters and is affected by the timing, nature and number of films released in movie theaters and their acceptance by audiences. Theatrical revenue is also affected by the number of exhibition screens, ticket prices, the percentage of ticket sale retention by the exhibitors and the popularity of competing films at the time our films are released. We recognize theatrical revenue as the films are viewed and exhibited in theaters and payment generally occurs within 60 days after exhibition. Content Licensing Our Cable Networks, Broadcast Television and Filmed Entertainment segments generate revenue from the licensing of our owned film and television content in the United States and internationally to cable, broadcast and premium networks and subscription video on demand services. Our content licensing agreements generally include fixed pricing and span multiple years. For example, following a film’s theatrical release, our Filmed Entertainment segment 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 agreements primarily relates to our Filmed Entertainment segment, which at any given time equals approximately 1 to 2 years of our annual Filmed Entertainment content licensing revenue. The substantial majority of this revenue will be recognized within 2 years. This amount may fluctuate from period to period depending on the timing of the release and the availability of content under existing agreements and may not represent the total content licensing 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 content licensing agreements that also include variable pricing, such as pricing based on the number of subscribers to a subscription video on demand service, we generally recognize revenue for variable pricing as the content is delivered and available and as the variable amounts become known. Home Entertainment Our Filmed Entertainment segment generates revenue from the sale of our produced and acquired films on standard-definition digital video discs and Blu-ray discs (together, “DVDs”) and through digital distribution services. Our Cable Networks and Broadcast Television networks also generate revenue from the sale of owned programming on DVDs and through digital distribution services, which is reported in other revenue. We 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 Our Theme Parks segment generates revenue primarily from ticket sales and guest spending at our Universal theme parks in Orlando, Florida; Hollywood, California; and Osaka, Japan. Guest spending includes in-park spending on food, beverages and merchandise. We recognize revenue from theme park 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 guest spending at the point of sale. |
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Recent Accounting Pronouncements | Revenue Recognition In May 2014, the Financial Accounting Standards Board (“FASB”) updated the accounting guidance related to revenue recognition. The updated accounting guidance provides a single, contract-based revenue recognition model to help improve financial reporting by providing clearer guidance on when an entity should recognize revenue and by reducing the number of standards to which an entity has to refer. The core principle of the new standard is that a company should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. We adopted the updated guidance on January 1, 2018 on a full retrospective basis, which required us to reflect the impact of the updated guidance for all periods presented. Upon adoption, we also implemented changes in our presentation of certain revenues and expenses, primarily in our Cable Communications segment. The adoption of the new standard did not have a material impact on our consolidated results of operations or financial position for any period presented. The updated guidance also requires additional disclosures regarding the nature, timing and uncertainty of our revenue transactions (see Note 3). The tables below present the effects on our condensed consolidated statement of income and balance sheet for the prior year periods presented. Condensed Consolidated Statement of Income
Condensed Consolidated Balance Sheet
Cable Communications A summary of the changes implemented for the Cable Communications segment is presented below. Changes to Presentation of Revenue and Related Costs
Changes to the Timing of Recognition of Revenue and Related Costs
The table below presents the effects these changes had on our Cable Communications segment revenue, operating costs and expenses, and depreciation and amortization expense as a result of the updated guidance for the prior year period. Previously reported amounts are based on amounts previously presented in the segment information footnote.
NBCUniversal Segments The adoption of the updated guidance impacted the timing of recognition for some of our revenue contracts, primarily for content licensing agreements. As a result of the adoption of the updated guidance, when the term of existing content licensing agreements is renewed or extended, revenue is not recognized until the date when the renewal or extension period begins. Under the prior guidance, revenue for the content licensing renewal period was recognized on the date that the renewal was agreed to contractually. This change resulted in delayed revenue recognition for content licensing renewals or extensions in our Cable Networks, Broadcast Television and Filmed Entertainment segments. This change also impacted the timing of the related amortization of our film and television costs and participations and residuals expenses. The adoption of the updated guidance did not have a material impact on the results of operations or financial position for the NBCUniversal segments. Financial Assets and Financial Liabilities In January 2016, the FASB updated the accounting guidance related to the recognition and measurement of financial assets and financial liabilities. The updated accounting guidance, among other things, requires that all nonconsolidated equity investments, except those accounted for under the equity method, be measured at fair value and the changes in fair value be recognized in net income. On January 1, 2018, we adopted the updated guidance prospectively along with a related clarifying update and as a result, we recorded an immaterial cumulative effect adjustment to retained earnings, accumulated other comprehensive income (loss) and investments. See Note 9 for further information. Tax Reform On December 22, 2017, new federal tax reform legislation was enacted in the United States (“2017 Tax Act”), resulting in significant changes from previous tax law. The new legislation reduced the federal corporate income tax rate to 21% from 35% effective January 1, 2018. In the fourth quarter of 2017, we recorded a net income tax benefit of approximately $12.7 billion on the date of enactment of the new legislation, primarily relating to a reduction of our net deferred tax liabilities as a result of the rate change. This amount also includes the reversal of our net deferred tax liabilities related to cumulative undistributed foreign earnings and deferred tax assets for related foreign tax credits, partially offset by the one-time deemed repatriation tax on undistributed foreign earnings and profits. The adjustments to deferred tax assets and liabilities, and the liability related to the transition tax are provisional amounts based on information available as of March 31, 2018. These amounts are subject to change as we obtain information necessary to complete the calculations. We did not recognize any changes to the provisional amounts for the three months ended March 31, 2018. We will update the provisional amounts as we refine our estimates of cumulative temporary differences, including those related to the immediate deduction for qualified property, and our interpretations of the application of the new legislation. We expect to complete our analysis of the provisional items during the second half of 2018. In February 2018, the FASB issued guidance that permits companies to reclassify disproportionate tax effects recorded in accumulated other comprehensive income as a result of the 2017 Tax Act to retained earnings. We adopted the guidance as of January 1, 2018 and as a result we recorded an immaterial cumulative effect adjustment to retained earnings and accumulated other comprehensive income (loss). In February 2018, the Bipartisan Budget Act of 2018 was enacted. As part of this legislation, various tax provisions that had expired on December 31, 2016 were retroactively extended to December 31, 2017, including the statute permitting the immediate deduction for certain film and television production costs. The legislation resulted in an income tax benefit of $128 million for the three months ended March 31, 2018. Restricted Cash In November 2016, the FASB updated the accounting guidance related to restricted cash. The new standard requires that the statement of cash flows present the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents, and a reconciliation of such total to amounts on the balance sheet. We adopted the updated guidance on January 1, 2018 and as required applied the retrospective transition method. The adoption did not have a material impact for any period presented. Leases In February 2016, the FASB updated the accounting guidance related to leases. The updated accounting guidance requires lessees to recognize a right-of-use asset and a lease liability on the balance sheet for all leases with the exception of short-term leases. The asset and liability are initially measured based on the present value of committed lease payments. For a lessee, the recognition, measurement and presentation of expenses and cash flows arising from a lease do not significantly change from previous guidance. For a lessor, the accounting applied is also largely unchanged from previous guidance. The updated guidance is effective for us as of January 1, 2019 and early adoption is permitted. The updated accounting guidance must be adopted using a modified retrospective approach for leases that exist or are entered into after the beginning of the earliest comparative period in the financial statements. We are currently in the process of determining the impact that the updated accounting guidance will have on our consolidated financial statements. |
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Investments | Marketable Equity Securities We classify publicly traded investments with readily determinable fair values that are not accounted for under the equity method as marketable equity securities. Marketable equity securities are recorded at cost and adjusted to fair value at each reporting period. The changes in fair value 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 this measurement alternative to a majority of our nonmarketable equity securities. When an observable event occurs, we estimate the fair values of our nonmarketable equity securities 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. |
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Basis of Presentation | Unless indicated otherwise, throughout these notes to the condensed consolidated financial statements, we refer to NBCUniversal and its consolidated subsidiaries as “we,” “us” and “our.” 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 2017 Annual Report on Form 10-K and the footnotes within this Form 10-Q. |
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Revenue Recognition | Distribution Our Cable Networks segment generates distribution revenue from the distribution of our cable network programming to traditional and virtual multichannel video providers. Our Broadcast Television segment generates distribution revenue from the fees received under retransmission consent agreements and associated fees received from NBC-affiliated local broadcast television stations. Distribution revenue is recognized as programming is provided on a monthly basis, generally under multiyear agreements. Monthly fees received under distribution agreements with multichannel video providers are generally based on the number of subscribers. Payment terms and conditions vary by contract type, although terms generally include payment within 30 to 60 days. Advertising Our Cable Networks and Broadcast Television segments generate advertising revenue from the sale of advertising on our cable and broadcast networks, our owned local broadcast television stations and various 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. Advertising revenue is recognized, net of agency commissions, in the period in which advertisements are aired or viewed and payment occurs thereafter, generally 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. Theatrical Our Filmed Entertainment segment theatrical revenue is generated from the worldwide theatrical release of our produced and acquired films for exhibition in movie theaters and is affected by the timing, nature and number of films released in movie theaters and their acceptance by audiences. Theatrical revenue is also affected by the number of exhibition screens, ticket prices, the percentage of ticket sale retention by the exhibitors and the popularity of competing films at the time our films are released. We recognize theatrical revenue as the films are viewed and exhibited in theaters and payment generally occurs within 60 days after exhibition. Content Licensing Our Cable Networks, Broadcast Television and Filmed Entertainment segments generate revenue from the licensing of our owned film and television content in the United States and internationally to cable, broadcast and premium networks and subscription video on demand services. Our content licensing agreements generally include fixed pricing and span multiple years. For example, following a film’s theatrical release, our Filmed Entertainment segment 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 agreements primarily relates to our Filmed Entertainment segment, which at any given time equals approximately 1 to 2 years of our annual Filmed Entertainment content licensing revenue. The substantial majority of this revenue will be recognized within 2 years. This amount may fluctuate from period to period depending on the timing of the release and the availability of content under existing agreements and may not represent the total content licensing 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 content licensing agreements that also include variable pricing, such as pricing based on the number of subscribers to a subscription video on demand service, we generally recognize revenue for variable pricing as the content is delivered and available and as the variable amounts become known. Home Entertainment Our Filmed Entertainment segment generates revenue from the sale of our produced and acquired films on standard-definition digital video discs and Blu-ray discs (together, “DVDs”) and through digital distribution services. Our Cable Networks and Broadcast Television networks also generate revenue from the sale of owned programming on DVDs and through digital distribution services, which is reported in other revenue. We 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 Our Theme Parks segment generates revenue primarily from ticket sales and guest spending at our Universal theme parks in Orlando, Florida; Hollywood, California; and Osaka, Japan. Guest spending includes in-park spending on food, beverages and merchandise. We recognize revenue from theme park 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 guest spending at the point of sale. |
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Recent Accounting Pronouncements | Revenue Recognition In May 2014, the Financial Accounting Standards Board (“FASB”) updated the accounting guidance related to revenue recognition. The updated accounting guidance provides a single, contract-based revenue recognition model to help improve financial reporting by providing clearer guidance on when an entity should recognize revenue and by reducing the number of standards to which an entity has to refer. The core principle of the new standard is that a company should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. We adopted the updated guidance on January 1, 2018 on a full retrospective basis, which required us to reflect the impact of the updated guidance for all periods presented. The adoption of the new standard did not have a material impact on our consolidated results of operations or financial position for any period presented. The updated guidance also requires additional disclosures regarding the nature, timing and uncertainty of our revenue transactions (see Note 3). The tables below present the effects on our condensed consolidated statement of income and balance sheet for the prior year periods presented. Condensed Consolidated Statement of Income
Condensed Consolidated Balance Sheet
The adoption of the updated guidance impacted the timing of recognition for some of our revenue contracts, primarily for content licensing agreements. As a result of the adoption of the updated guidance, when the term of existing content licensing agreements is renewed or extended, revenue is not recognized until the date when the renewal or extension period begins. Under the prior guidance, revenue for the content licensing renewal period was recognized on the date that the renewal was agreed to contractually. This change resulted in delayed revenue recognition for content licensing renewals or extensions in our Cable Networks, Broadcast Television and Filmed Entertainment segments. This change also impacted the timing of the related amortization of our film and television costs and participations and residuals expenses. The adoption of the updated guidance did not have a material impact on the results of operations or financial position for the reportable segments. Financial Assets and Financial Liabilities In January 2016, the FASB updated the accounting guidance related to the recognition and measurement of financial assets and financial liabilities. The updated accounting guidance, among other things, requires that all nonconsolidated equity investments, except those accounted for under the equity method, be measured at fair value and the changes in fair value be recognized in net income. On January 1, 2018, we adopted the updated guidance prospectively along with a related clarifying update and as a result, we recorded a $232 million cumulative effect adjustment to member's capital and accumulated other comprehensive income (loss). See Note 8 for further information. Restricted Cash In November 2016, the FASB updated the accounting guidance related to restricted cash. The new standard requires that the statement of cash flows present the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents, and a reconciliation of such total to amounts on the balance sheet. We adopted the updated guidance on January 1, 2018 and as required applied the retrospective transition method. The adoption did not have a material impact for any period presented. Leases In February 2016, the FASB updated the accounting guidance related to leases. The updated accounting guidance requires lessees to recognize a right-of-use asset and a lease liability on the balance sheet for all leases with the exception of short-term leases. The asset and liability are initially measured based on the present value of committed lease payments. For a lessee, the recognition, measurement and presentation of expenses and cash flows arising from a lease do not significantly change from previous guidance. For a lessor, the accounting applied is also largely unchanged from previous guidance. The updated guidance is effective for us as of January 1, 2019 and early adoption is permitted. The updated accounting guidance must be adopted using a modified retrospective approach for leases that exist or are entered into after the beginning of the earliest comparative period in the financial statements. We are currently in the process of determining the impact that the updated accounting guidance will have on our consolidated financial statements. |
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Investments | Marketable Equity Securities We classify publicly traded investments with readily determinable fair values that are not accounted for under the equity method as marketable equity securities. Marketable equity securities are recorded at cost and adjusted to fair value at each reporting period. The changes in fair value 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 this measurement alternative to our nonmarketable equity securities. When an observable event occurs, we estimate the fair values of our nonmarketable equity securities 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. |
Segment Information (Tables) |
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Segment Reporting Information [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial Data by Business Segment | We use Adjusted EBITDA to evaluate the profitability of our operating segments and the components of net income attributable to Comcast Corporation excluded from Adjusted EBITDA are not separately evaluated. Our financial data by business segment is presented in the tables below.
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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.
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NBCUniversal Media LLC [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial Data by Business Segment | We use Adjusted EBITDA to evaluate the profitability of our operating segments and the components of net income attributable to NBCUniversal excluded from Adjusted EBITDA are not separately evaluated. Our financial data by business segment is presented in the tables below.
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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.
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Revenue (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Revenue [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of receivables, net |
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NBCUniversal Media LLC [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of receivables, net |
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Accounting Standards Update 2014-09 [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disaggregation of revenue |
We operate primarily in the United States, but also in select international markets primarily in Europe and Asia. The table below summarizes revenue by geographic location.
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Other balance sheet accounts |
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Accounting Standards Update 2014-09 [Member] | NBCUniversal Media LLC [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disaggregation of revenue |
We operate primarily in the United States, but also in select international markets primarily in Europe and Asia. The table below summarizes revenue by geographic location.
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Other balance sheet accounts |
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Earnings Per Share (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Computation of diluted EPS | Computation of Diluted EPS
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Long-Term Debt (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||
Debt Borrowings |
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Debt Repayments and Repurchases |
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Recent Accounting Pronouncements and Tax Reform (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue From Contract With Customer Financial Statement Impact | The tables below present the effects on our condensed consolidated statement of income and balance sheet for the prior year periods presented. Condensed Consolidated Statement of Income
Condensed Consolidated Balance Sheet
The table below presents the effects these changes had on our Cable Communications segment revenue, operating costs and expenses, and depreciation and amortization expense as a result of the updated guidance for the prior year period. Previously reported amounts are based on amounts previously presented in the segment information footnote.
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New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue From Contract With Customer Financial Statement Impact | The tables below present the effects on our condensed consolidated statement of income and balance sheet for the prior year periods presented. Condensed Consolidated Statement of Income
Condensed Consolidated Balance Sheet
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Film and Television Costs (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Film And Television Cost [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Film and Television Costs |
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Film and Television Costs |
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Investments (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment Summary |
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Investment and Other Income (Loss), Net | Investment and Other Income (Loss), Net
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Investments [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment Summary |
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Investment and Other Income (Loss), Net | Investment and Other Income (Loss), Net
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Supplemental Financial Information (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Supplemental Financial Information [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of recognized share-based compensation expense | Recognized Share-Based Compensation Expense
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Schedule of cash payments for interest and income taxes | Cash Payments for Interest and Income Taxes
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Schedule of cash, cash equivalents and restricted cash | The following table provides a reconciliation of cash, cash equivalents and restricted cash reported in the condensed consolidated balance sheet to the total of the amounts reported in our condensed consolidated statement of cash flows.
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Schedule of accumulated other comprehensive income (loss) | Accumulated Other Comprehensive Income (Loss)
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Schedule of cash payments for interest and income taxes | Cash Payments for Interest and Income Taxes
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Schedule of cash, cash equivalents and restricted cash | The following table provides a reconciliation of cash, cash equivalents and restricted cash reported in the condensed consolidated balance sheet to the total of the amounts reported in our condensed consolidated statement of cash flows.
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Schedule of accumulated other comprehensive income (loss) | Accumulated Other Comprehensive Income (Loss)
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Related Party Transactions (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Related Party Transactions Condensed Financial Statements | The following tables present transactions with Comcast and its consolidated subsidiaries that are included in our condensed consolidated financial statements. Condensed Consolidated Statement of Income
Condensed Consolidated Balance Sheet
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Condensed Consolidating Financial Information (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Condensed Consolidating Balance Sheet | Condensed Consolidating Balance Sheet March 31, 2018
Condensed Consolidating Balance Sheet December 31, 2017
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Condensed Consolidating Statement of Income | Condensed Consolidating Statement of Income For the Three Months Ended March 31, 2018
Condensed Consolidating Statement of Income For the Three Months Ended March 31, 2017
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Condensed Consolidating Statement of Cash Flows | Condensed Consolidating Statement of Cash Flows For the Three Months Ended March 31, 2018
Condensed Consolidating Statement of Cash Flows For the Three Months Ended March 31, 2017
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Segment Information (Reconciliation of Adjusted EBITDA from Segment to Consolidated Statements) (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2018 |
Mar. 31, 2017 |
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Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Adjusted EBITDA | $ 7,244 | $ 7,010 |
Depreciation | (2,011) | (1,915) |
Amortization | (588) | (553) |
Interest expense | (777) | (755) |
Investment and other income (loss), net | 126 | 130 |
Income before income taxes | 3,994 | 3,917 |
NBCUniversal Media LLC [Member] | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Adjusted EBITDA | 2,285 | 2,019 |
Depreciation | (242) | (231) |
Amortization | (268) | (277) |
Interest expense | (127) | (143) |
Investment and other income (loss), net | (4) | (1) |
Income before income taxes | $ 1,644 | $ 1,367 |
Revenue (Revenue by Geographic Location) (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2018 |
Mar. 31, 2017 |
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Disaggregation of Revenue [Line Items] | ||
Revenue | $ 22,791 | $ 20,587 |
United States | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 20,885 | 18,832 |
Foreign | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 1,906 | 1,755 |
NBCUniversal Media LLC [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 9,530 | 7,853 |
NBCUniversal Media LLC [Member] | United States | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 7,654 | 6,117 |
NBCUniversal Media LLC [Member] | Foreign | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | $ 1,876 | $ 1,736 |
Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2018 |
Mar. 31, 2017 |
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Earnings Per Share [Abstract] | ||
Net Income Attributable to Comcast Corporation | $ 3,118 | $ 2,573 |
Basic EPS attributable to Comcast Corporation shareholders (in shares) | 4,633 | 4,747 |
Basic earnings per common share attributable to Comcast Corporation shareholders (in dollars per share) | $ 0.67 | $ 0.54 |
Effect of dilutive securities: | ||
Net Income Attributable to Comcast Corporation | $ 3,118 | $ 2,573 |
Assumed exercise or issuance of shares relating to stock plans (in shares) | 72 | 85 |
Diluted EPS attributable to Comcast Corporation shareholders (in shares) | 4,705 | 4,832 |
Diluted earnings per common share attributable to Comcast Corporation shareholders (in dollars per share) | $ 0.66 | $ 0.53 |
Long-Term Debt (Narrative) (Details) $ in Billions |
Mar. 31, 2018
USD ($)
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---|---|
Debt Instrument [Line Items] | |
Total debt | $ 66.7 |
Fair value of debt | 70.7 |
NBCUniversal Media LLC [Member] | |
Debt Instrument [Line Items] | |
Total debt | 12.7 |
Fair value of debt | $ 13.3 |
Long-Term Debt (Debt Borrowings)(Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2018 |
Mar. 31, 2017 |
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Debt Instrument [Line Items] | ||
Proceeds from borrowings | $ 4,043 | $ 3,500 |
Other Borrowings [Member] | ||
Debt Instrument [Line Items] | ||
Other | 43 | |
Senior Notes [Member] | Senior 3.90% Notes Due 2038 [Member] | ||
Debt Instrument [Line Items] | ||
Debt face amount | $ 1,200 | |
Interest rate | 3.90% | |
Senior Notes [Member] | Senior 3.55% Notes Due 2028 [Member] | ||
Debt Instrument [Line Items] | ||
Debt face amount | $ 1,000 | |
Interest rate | 3.55% | |
Senior Notes [Member] | Senior 4.00% Notes Due 2048 [Member] | ||
Debt Instrument [Line Items] | ||
Debt face amount | $ 1,000 | |
Interest rate | 4.00% | |
Senior Notes [Member] | Senior 4.25% Notes Due 2053 [Member] | ||
Debt Instrument [Line Items] | ||
Debt face amount | $ 800 | |
Interest rate | 4.25% |
Long-Term Debt (Debt Repayments) (Details) - USD ($) $ in Millions |
1 Months Ended | 3 Months Ended | |
---|---|---|---|
Apr. 25, 2018 |
Mar. 31, 2018 |
Mar. 31, 2017 |
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Debt Instrument [Line Items] | |||
Repurchases and repayments of debt | $ 1,265 | $ 1,059 | |
Senior 5.875% Notes Due 2018 [Member] | Senior Notes [Member] | |||
Debt Instrument [Line Items] | |||
Repurchases and repayments of debt | $ 900 | ||
Interest rate | 5.875% | ||
Other Long-Term Debt [Member] | |||
Debt Instrument [Line Items] | |||
Repurchases and repayments of debt | $ 365 | ||
Subsequent Event [Member] | NBCUniveral Enterprise Senior Floating Rate Notes Due 2018 [Member] | Senior Notes [Member] | |||
Debt Instrument [Line Items] | |||
Repurchases and repayments of debt | $ 700 | ||
Subsequent Event [Member] | NBCUniversal Enterprise Senior 1.662% Notes Due 2018 [Member] | Senior Notes [Member] | |||
Debt Instrument [Line Items] | |||
Repurchases and repayments of debt | $ 1,100 | ||
Interest rate | 1.662% |
Long-Term Debt (Revolving Credit Facilities) (Details) - Revolving Credit Facility [Member] $ in Billions |
Mar. 31, 2018
USD ($)
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---|---|
Line of Credit Facility [Line Items] | |
Amounts available under revolving credit facilities | $ 8.3 |
NBCUniversal Enterprise [Member] | |
Line of Credit Facility [Line Items] | |
Amounts available under revolving credit facilities | $ 1.5 |
Long-Term Debt (Commercial Paper Programs) (Details) - Commercial Paper [Member] |
Mar. 31, 2018
USD ($)
|
---|---|
Short-term Debt [Line Items] | |
Commercial paper outstanding | $ 0 |
NBCUniversal Enterprise [Member] | |
Short-term Debt [Line Items] | |
Commercial paper outstanding | $ 0 |
Long-Term Debt (Cross-Guarantee Structure) (Details) - NBCUniversal Media LLC [Member] $ in Millions |
Mar. 31, 2018
USD ($)
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Debt Instrument [Line Items] | |
Ownership in cable holding company subsidiaries | 100.00% |
NBCUniversal Enterprise [Member] | |
Debt Instrument [Line Items] | |
Related party aggregate principal amount senior notes not subject to guarantee | $ 4,800 |
Related party credit facility not subject to guarantee | 1,500 |
Related party liquidation preference preferred stock not subject to guarantee | 725 |
Comcast and Comcast Cable Debt Securities [Member] | |
Debt Instrument [Line Items] | |
Principal amount of debt securities subject to guarantee | 51,400 |
Revolving Credit Facility [Member] | |
Debt Instrument [Line Items] | |
Guarantee obligations, maximum capacity | $ 7,000 |
Significant Transactions (Universal Beijing Resort) (Details) - Universal Beijing Resort [Member] $ in Millions, ¥ in Billions |
Mar. 31, 2018
CNY (¥)
|
Mar. 31, 2018
USD ($)
|
---|---|---|
Variable Interest Entity [Line Items] | ||
Ownership percentage in variable interest entity | 30.00% | 30.00% |
Maximum borrowing capacity of variable interest entity | ¥ 26.6 | $ 4,000 |
Consolidated variable interest entity's assets included in condensed consolidated balance sheet | 1,200 | |
Consolidated variable interest entity's liabilities included in condensed consolidated balance sheet | $ 523 | |
NBCUniversal Media LLC [Member] | ||
Variable Interest Entity [Line Items] | ||
Ownership percentage in variable interest entity | 30.00% | 30.00% |
Maximum borrowing capacity of variable interest entity | ¥ 26.6 | $ 4,000 |
Consolidated variable interest entity's assets included in condensed consolidated balance sheet | 1,200 | |
Consolidated variable interest entity's liabilities included in condensed consolidated balance sheet | $ 523 |
Significant Transactions (Sky Offer) (Details) - Apr. 25, 2018 - Subsequent Event [Member] - Sky PLC [Member] £ / shares in Units, £ in Billions, $ in Billions |
USD ($) |
GBP (£) |
GBP (£)
£ / shares
|
---|---|---|---|
Business Acquisition [Line Items] | |||
Cash offer price per share (in gbp per share) | £ 12.50 | ||
Offer consideration | $ 31 | £ 22 | |
Final dividend based on fiscal year end | £ 0.218 | ||
Acquisition conditions, percentage of secured acceptance of voting rights | 50.00% | 50.00% | |
Unsecured bridge credit agreement maximum borrowing capacity | $ 22 | £ 16 | |
Unsecured term loan credit agreement maximum borrowing capacity | $ 10 | £ 7 |
Investments (Schedule of Investments) (Details) - USD ($) $ in Millions |
Mar. 31, 2018 |
Dec. 31, 2017 |
---|---|---|
Schedule of Investments [Line Items] | ||
Equity method | $ 3,615 | $ 3,546 |
Marketable equity securities | 471 | 433 |
Nonmarketable equity securities | 1,235 | 1,186 |
Other investments | 1,789 | 1,785 |
Total investments | 7,110 | 6,950 |
Less: Current investments | 15 | 19 |
Noncurrent investments | 7,095 | 6,931 |
NBCUniversal Media LLC [Member] | ||
Schedule of Investments [Line Items] | ||
Equity method | 697 | 690 |
Marketable equity securities | 467 | 430 |
Nonmarketable equity securities | 699 | 696 |
Total investments | 1,863 | 1,816 |
Noncurrent investments | $ 1,863 | $ 1,816 |
Investments (Investment and Other Income (Loss), Net) (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2018 |
Mar. 31, 2017 |
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Investment and Other Income (Loss), Net [Line Items] | ||
Equity in net income (losses) of investees, net | $ (49) | $ 36 |
Realized and unrealized gains (losses) on equity securities, net | 28 | (5) |
Other income (loss), net | 147 | 99 |
Investment and other income (loss), net | 126 | 130 |
NBCUniversal Media LLC [Member] | ||
Investment and Other Income (Loss), Net [Line Items] | ||
Equity in net income (losses) of investees, net | (100) | (26) |
Realized and unrealized gains (losses) on equity securities, net | 37 | 2 |
Other income (loss), net | 59 | 23 |
Investment and other income (loss), net | $ (4) | $ (1) |
Investments (Marketable Equity Securities) (Details) - USD ($) $ in Millions |
1 Months Ended | 3 Months Ended | |||
---|---|---|---|---|---|
Mar. 31, 2017 |
Mar. 31, 2017 |
Mar. 31, 2018 |
Mar. 31, 2017 |
Dec. 31, 2017 |
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Schedule of Marketable Equity Securities [Line Items] | |||||
Marketable equity securities | $ 471 | $ 433 | |||
NBCUniversal Media LLC [Member] | |||||
Schedule of Marketable Equity Securities [Line Items] | |||||
Contribution from member | $ 662 | ||||
Marketable equity securities | 467 | 430 | |||
Snap [Member] | |||||
Schedule of Marketable Equity Securities [Line Items] | |||||
Payments to acquire marketable securities | $ 500 | ||||
Marketable equity securities | 467 | 430 | |||
Marketable securities, recognized unrealized gains | 37 | ||||
Snap [Member] | NBCUniversal Media LLC [Member] | |||||
Schedule of Marketable Equity Securities [Line Items] | |||||
Contribution from member | $ 662 | ||||
Marketable equity securities | 467 | $ 430 | |||
Marketable securities, recognized unrealized gains | $ 37 |
Investments (Other Investments) (Details) $ in Billions |
3 Months Ended | |
---|---|---|
Mar. 31, 2018
USD ($)
preferred_stock_series
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Dec. 31, 2017
USD ($)
|
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Level 2 [Member] | AirTouch [Member] | ||
Schedule of Other Investments [Line Items] | ||
Fair value of redeemable preferred shares | $ 1.7 | |
AirTouch [Member] | ||
Schedule of Other Investments [Line Items] | ||
Number of series of preferred stock | preferred_stock_series | 2 | |
Held to maturity investment | $ 1.6 | $ 1.6 |
AirTouch [Member] | Level 2 [Member] | ||
Schedule of Other Investments [Line Items] | ||
Fair value of held to maturity investment redeemable preferred shares | $ 1.7 |
Supplemental Financial Information (Cash Payments for Interest and Income Taxes)(Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2018 |
Mar. 31, 2017 |
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Cash Payments for Interest and Income Taxes | ||
Interest | $ 854 | $ 895 |
Income taxes | 162 | 132 |
NBCUniversal Media LLC [Member] | ||
Cash Payments for Interest and Income Taxes | ||
Interest | 51 | 77 |
Income taxes | $ 173 | $ 52 |
Supplemental Financial Information (Noncash Investing and Financing Activities)(Details) $ / shares in Units, $ in Millions |
3 Months Ended |
---|---|
Mar. 31, 2018
USD ($)
$ / shares
| |
Supplemental Financial Information [Line Items] | |
Capital expenditures incurred but not yet paid | $ 1,500 |
Dividends payable | $ 877 |
Dividends payable (in dollars per share) | $ / shares | $ 0.19 |
NBCUniversal Media LLC [Member] | |
Supplemental Financial Information [Line Items] | |
Capital expenditures incurred but not yet paid | $ 721 |
Universal Beijing Resort [Member] | |
Supplemental Financial Information [Line Items] | |
Assets contributed to variable interest entity | 316 |
Universal Beijing Resort [Member] | NBCUniversal Media LLC [Member] | |
Supplemental Financial Information [Line Items] | |
Assets contributed to variable interest entity | $ 316 |
Supplemental Financial Information (Cash, Cash Equivalents and Restricted Cash) (Details) - USD ($) $ in Millions |
Mar. 31, 2018 |
Dec. 31, 2017 |
Mar. 31, 2017 |
Dec. 31, 2016 |
---|---|---|---|---|
Supplemental Financial Information [Line Items] | ||||
Cash and cash equivalents | $ 6,030 | $ 3,428 | ||
Restricted cash included in other current assets | 64 | 60 | ||
Restricted cash included in other noncurrent assets, net | 83 | 83 | ||
Cash, cash equivalents and restricted cash, end of period | 6,177 | 3,571 | $ 4,146 | $ 3,415 |
NBCUniversal Media LLC [Member] | ||||
Supplemental Financial Information [Line Items] | ||||
Cash and cash equivalents | 2,225 | 2,347 | ||
Restricted cash included in other noncurrent assets, net | 31 | 30 | ||
Cash, cash equivalents and restricted cash, end of period | $ 2,256 | $ 2,377 | $ 1,903 | $ 1,987 |
Supplemental Financial Information (Components of Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Millions |
Mar. 31, 2018 |
Dec. 31, 2017 |
Mar. 31, 2017 |
---|---|---|---|
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Unrealized gains (losses) on marketable securities | $ 1 | $ 104 | |
Deferred gains (losses) on cash flow hedges | 20 | (7) | |
Unrecognized gains (losses) on employee benefit obligations | 310 | 282 | |
Cumulative translation adjustments | 277 | (37) | |
Accumulated other comprehensive income (loss), net of deferred taxes | 608 | $ 379 | 342 |
NBCUniversal Media LLC [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Unrealized gains (losses) on marketable securities | 0 | 1 | |
Deferred gains (losses) on cash flow hedges | (3) | 9 | |
Unrecognized gains (losses) on employee benefit obligations | 122 | 120 | |
Cumulative translation adjustments | 277 | (59) | |
Accumulated other comprehensive income (loss), net of deferred taxes | $ 396 | $ (20) | $ 71 |
Related Party Transactions (Narrative) (Details) - USD ($) $ in Millions |
3 Months Ended | ||
---|---|---|---|
Mar. 31, 2018 |
Mar. 31, 2017 |
Dec. 31, 2017 |
|
Related Party Transaction [Line Items] | |||
Other noncurrent liabilities | $ 11,253 | $ 10,972 | |
Recognized share-based compensation expense | 139 | $ 124 | |
NBCUniversal Media LLC [Member] | |||
Related Party Transaction [Line Items] | |||
Other noncurrent liabilities | 4,487 | $ 4,153 | |
Recognized share-based compensation expense | 32 | $ 25 | |
Carrying Value of Related Party Contractual Obligation [Member] | NBCUniversal Media LLC [Member] | |||
Related Party Transaction [Line Items] | |||
Other noncurrent liabilities | $ 383 |
Related Party Transactions (Condensed Consolidated Statement of Income) (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2018 |
Mar. 31, 2017 |
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Related Party Transaction [Line Items] | ||
Revenue | $ 22,791 | $ 20,587 |
Operating costs and expenses | (18,146) | (16,045) |
NBCUniversal Media LLC [Member] | ||
Related Party Transaction [Line Items] | ||
Revenue | 9,530 | 7,853 |
Operating costs and expenses | (7,755) | (6,342) |
Comcast and Consolidated Subsidiaries [Member] | NBCUniversal Media LLC [Member] | ||
Related Party Transaction [Line Items] | ||
Revenue | 594 | 459 |
Operating costs and expenses | (61) | (61) |
Interest expense and investment and other income (loss), net | $ (23) | $ (19) |
Commitments and Contingencies (Narrative) (Details) $ in Millions |
Mar. 31, 2018
USD ($)
|
---|---|
Redeemable Preferred Stock [Member] | Level 2 [Member] | |
Temporary Equity [Line Items] | |
Fair Value of Redeemable subsidiary preferred stock | $ 753 |
Condensed Consolidating Financial Information (Narrative) (Details) - Mar. 31, 2018 $ in Millions, ¥ in Billions |
USD ($) |
JPY (¥) |
---|---|---|
NBCUniversal Enterprise Senior Debt Securities [Member] | ||
Debt Instrument [Line Items] | ||
Principal amount of debt securities subject to guarantee | $ 4,800 | |
NBCUniversal Enterprise Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Revolving credit facility subject to guarantee | 1,500 | |
Universal Studios Japan Term Loan Maturing March 2022 [Member] | ||
Debt Instrument [Line Items] | ||
Term loans subject to guarantee | ¥ | ¥ 430 | |
Comcast Holdings' ZONES due October 2029 [Member] | ||
Debt Instrument [Line Items] | ||
Principal amount of debt securities subject to guarantee | 185 | |
Comcast Holdings' ZONES due November 2029 [Member] | ||
Debt Instrument [Line Items] | ||
Principal amount of debt securities not subject to guarantee | $ 62 |
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