|
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
|
c
|
NBCUniversal Media, LLC
|
c
|
|
Comcast Corporation
|
|
Yes
|
c
|
|
No
|
x
|
|
|
NBCUniversal Media, LLC
|
|
Yes
|
c
|
|
No
|
x
|
|
|
|
|
Page
Number
|
Item 1.
|
||
|
||
|
||
|
||
|
||
|
||
|
||
Item 2.
|
||
Item 3.
|
||
Item 4.
|
||
Item 1.
|
||
Item 1A.
|
||
Item 2.
|
||
Item 5.
|
||
Item 6.
|
||
•
|
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 new technologies and distribution platforms for viewing content may 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 may impose additional costs and restrictions on our businesses
|
•
|
changes to existing statutes, rules, regulations, or interpretations thereof, or adoption of new ones, could have an adverse effect 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
|
•
|
we may be unable to obtain necessary hardware, software and operational support
|
•
|
weak economic conditions may have a negative impact on our businesses
|
•
|
our businesses depend on using and protecting certain intellectual property rights and on not infringing the intellectual property rights of others
|
•
|
acquisitions and other strategic initiatives, including the launch of our wireless phone service, 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
|
(in millions, except share data)
|
June 30,
2017 |
|
December 31,
2016 |
||||
Assets
|
|
|
|
||||
Current Assets:
|
|
|
|
||||
Cash and cash equivalents
|
$
|
2,693
|
|
|
$
|
3,301
|
|
Receivables, net
|
7,849
|
|
|
7,955
|
|
||
Programming rights
|
1,633
|
|
|
1,250
|
|
||
Other current assets
|
2,657
|
|
|
3,855
|
|
||
Total current assets
|
14,832
|
|
|
16,361
|
|
||
Film and television costs
|
6,595
|
|
|
7,252
|
|
||
Investments
|
6,521
|
|
|
5,247
|
|
||
Property and equipment, net of accumulated depreciation of $49,951 and $49,694
|
37,171
|
|
|
36,253
|
|
||
Franchise rights
|
59,364
|
|
|
59,364
|
|
||
Goodwill
|
36,742
|
|
|
35,980
|
|
||
Other intangible assets, net of accumulated amortization of $11,900 and $11,013
|
18,907
|
|
|
17,274
|
|
||
Other noncurrent assets, net
|
2,899
|
|
|
2,769
|
|
||
Total assets
|
$
|
183,031
|
|
|
$
|
180,500
|
|
Liabilities and Equity
|
|
|
|
||||
Current Liabilities:
|
|
|
|
||||
Accounts payable and accrued expenses related to trade creditors
|
$
|
6,730
|
|
|
$
|
6,915
|
|
Accrued participations and residuals
|
1,882
|
|
|
1,726
|
|
||
Deferred revenue
|
1,448
|
|
|
1,132
|
|
||
Accrued expenses and other current liabilities
|
5,858
|
|
|
6,282
|
|
||
Current portion of long-term debt
|
6,358
|
|
|
5,480
|
|
||
Total current liabilities
|
22,276
|
|
|
21,535
|
|
||
Long-term debt, less current portion
|
57,210
|
|
|
55,566
|
|
||
Deferred income taxes
|
35,409
|
|
|
34,854
|
|
||
Other noncurrent liabilities
|
10,837
|
|
|
10,925
|
|
||
Commitments and contingencies (Note 10)
|
|
|
|
|
|
||
Redeemable noncontrolling interests and redeemable subsidiary preferred stock
|
1,451
|
|
|
1,446
|
|
||
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, 5,576,719,038 and 5,614,950,039; outstanding, 4,703,928,010 and 4,742,159,011
|
56
|
|
|
56
|
|
||
Class B common stock, $0.01 par value—authorized, 75,000,000 shares; issued and outstanding, 9,444,375
|
—
|
|
|
—
|
|
||
Additional paid-in capital
|
37,478
|
|
|
38,230
|
|
||
Retained earnings
|
24,560
|
|
|
23,076
|
|
||
Treasury stock, 872,791,028 Class A common shares
|
(7,517
|
)
|
|
(7,517
|
)
|
||
Accumulated other comprehensive income (loss)
|
428
|
|
|
98
|
|
||
Total Comcast Corporation shareholders’ equity
|
55,005
|
|
|
53,943
|
|
||
Noncontrolling interests
|
843
|
|
|
2,231
|
|
||
Total equity
|
55,848
|
|
|
56,174
|
|
||
Total liabilities and equity
|
$
|
183,031
|
|
|
$
|
180,500
|
|
|
Three Months Ended
June 30 |
|
Six Months Ended
June 30 |
||||||||||||
(in millions, except per share data)
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Revenue
|
$
|
21,165
|
|
|
$
|
19,269
|
|
|
$
|
41,628
|
|
|
$
|
38,059
|
|
Costs and Expenses:
|
|
|
|
|
|
|
|
||||||||
Programming and production
|
6,341
|
|
|
5,492
|
|
|
12,415
|
|
|
10,923
|
|
||||
Other operating and administrative
|
6,060
|
|
|
5,763
|
|
|
11,887
|
|
|
11,289
|
|
||||
Advertising, marketing and promotion
|
1,665
|
|
|
1,559
|
|
|
3,195
|
|
|
3,025
|
|
||||
Depreciation
|
1,970
|
|
|
1,868
|
|
|
3,885
|
|
|
3,653
|
|
||||
Amortization
|
571
|
|
|
521
|
|
|
1,158
|
|
|
1,014
|
|
||||
|
16,607
|
|
|
15,203
|
|
|
32,540
|
|
|
29,904
|
|
||||
Operating income
|
4,558
|
|
|
4,066
|
|
|
9,088
|
|
|
8,155
|
|
||||
Other Income (Expense):
|
|
|
|
|
|
|
|
||||||||
Interest expense
|
(758
|
)
|
|
(732
|
)
|
|
(1,513
|
)
|
|
(1,435
|
)
|
||||
Investment income (loss), net
|
64
|
|
|
58
|
|
|
123
|
|
|
88
|
|
||||
Equity in net income (losses) of investees, net
|
15
|
|
|
(19
|
)
|
|
51
|
|
|
(30
|
)
|
||||
Other income (expense), net
|
20
|
|
|
(15
|
)
|
|
55
|
|
|
115
|
|
||||
|
(659
|
)
|
|
(708
|
)
|
|
(1,284
|
)
|
|
(1,262
|
)
|
||||
Income before income taxes
|
3,899
|
|
|
3,358
|
|
|
7,804
|
|
|
6,893
|
|
||||
Income tax expense
|
(1,364
|
)
|
|
(1,278
|
)
|
|
(2,622
|
)
|
|
(2,589
|
)
|
||||
Net income
|
2,535
|
|
|
2,080
|
|
|
5,182
|
|
|
4,304
|
|
||||
Net (income) loss attributable to noncontrolling interests and redeemable subsidiary preferred stock
|
(22
|
)
|
|
(52
|
)
|
|
(103
|
)
|
|
(142
|
)
|
||||
Net income attributable to Comcast Corporation
|
$
|
2,513
|
|
|
$
|
2,028
|
|
|
$
|
5,079
|
|
|
$
|
4,162
|
|
Basic earnings per common share attributable to Comcast Corporation shareholders
|
$
|
0.53
|
|
|
$
|
0.42
|
|
|
$
|
1.07
|
|
|
$
|
0.86
|
|
Diluted earnings per common share attributable to Comcast Corporation shareholders
|
$
|
0.52
|
|
|
$
|
0.41
|
|
|
$
|
1.05
|
|
|
$
|
0.85
|
|
Dividends declared per common share
|
$
|
0.1575
|
|
|
$
|
0.1375
|
|
|
$
|
0.315
|
|
|
$
|
0.275
|
|
|
Three Months Ended
June 30 |
|
Six Months Ended
June 30 |
||||||||||||
(in millions)
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Net income
|
$
|
2,535
|
|
|
$
|
2,080
|
|
|
$
|
5,182
|
|
|
$
|
4,304
|
|
Unrealized gains (losses) on marketable securities, net of deferred taxes of $52, $—, $(9) and $(1)
|
(87
|
)
|
|
1
|
|
|
17
|
|
|
3
|
|
||||
Deferred gains (losses) on cash flow hedges, net of deferred taxes of $(3), $35, $(7) and $53
|
5
|
|
|
(60
|
)
|
|
12
|
|
|
(91
|
)
|
||||
Amounts reclassified to net income:
|
|
|
|
|
|
|
|
||||||||
Realized (gains) losses on marketable securities, net of deferred taxes of $—, $—, $— and $1
|
—
|
|
|
—
|
|
|
—
|
|
|
(1
|
)
|
||||
Realized (gains) losses on cash flow hedges, net of deferred taxes of $8, $(26), $8 and $(36)
|
(14
|
)
|
|
45
|
|
|
(14
|
)
|
|
62
|
|
||||
Employee benefit obligations, net of deferred taxes of $4, $—, $(33) and $(2)
|
(6
|
)
|
|
—
|
|
|
57
|
|
|
2
|
|
||||
Currency translation adjustments, net of deferred taxes of $2, $(58), $(39) and $(116)
|
(11
|
)
|
|
249
|
|
|
146
|
|
|
487
|
|
||||
Comprehensive income
|
2,422
|
|
|
2,315
|
|
|
5,400
|
|
|
4,766
|
|
||||
Net (income) loss attributable to noncontrolling interests and redeemable subsidiary preferred stock
|
(22
|
)
|
|
(52
|
)
|
|
(103
|
)
|
|
(142
|
)
|
||||
Other comprehensive (income) loss attributable to noncontrolling interests
|
5
|
|
|
(150
|
)
|
|
(82
|
)
|
|
(287
|
)
|
||||
Comprehensive income attributable to Comcast Corporation
|
$
|
2,405
|
|
|
$
|
2,113
|
|
|
$
|
5,215
|
|
|
$
|
4,337
|
|
|
Six Months Ended
June 30 |
||||||
(in millions)
|
2017
|
|
2016
|
||||
Net cash provided by operating activities
|
$
|
10,814
|
|
|
$
|
9,794
|
|
Investing Activities
|
|
|
|
||||
Capital expenditures
|
(4,405
|
)
|
|
(4,156
|
)
|
||
Cash paid for intangible assets
|
(836
|
)
|
|
(737
|
)
|
||
Acquisitions and construction of real estate properties
|
(250
|
)
|
|
(211
|
)
|
||
Acquisitions, net of cash acquired
|
(398
|
)
|
|
(126
|
)
|
||
Proceeds from sales of investments
|
57
|
|
|
138
|
|
||
Purchases of investments
|
(1,825
|
)
|
|
(580
|
)
|
||
Other
|
170
|
|
|
(156
|
)
|
||
Net cash provided by (used in) investing activities
|
(7,487
|
)
|
|
(5,828
|
)
|
||
Financing Activities
|
|
|
|
||||
Proceeds from (repayments of) short-term borrowings, net
|
(1,695
|
)
|
|
205
|
|
||
Proceeds from borrowings
|
8,963
|
|
|
4,753
|
|
||
Repurchases and repayments of debt
|
(4,967
|
)
|
|
(2,551
|
)
|
||
Repurchases of common stock under repurchase program and employee plans
|
(2,476
|
)
|
|
(2,636
|
)
|
||
Dividends paid
|
(1,404
|
)
|
|
(1,281
|
)
|
||
Purchase of Universal Studios Japan noncontrolling interests
|
(2,299
|
)
|
|
—
|
|
||
Issuances of common stock
|
—
|
|
|
19
|
|
||
Distributions to noncontrolling interests and dividends for redeemable subsidiary preferred stock
|
(137
|
)
|
|
(125
|
)
|
||
Other
|
80
|
|
|
20
|
|
||
Net cash provided by (used in) financing activities
|
(3,935
|
)
|
|
(1,596
|
)
|
||
Increase (decrease) in cash and cash equivalents
|
(608
|
)
|
|
2,370
|
|
||
Cash and cash equivalents, beginning of period
|
3,301
|
|
|
2,295
|
|
||
Cash and cash equivalents, end of period
|
$
|
2,693
|
|
|
$
|
4,665
|
|
|
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, 2015
|
$
|
1,221
|
|
$
|
57
|
|
$
|
—
|
|
$
|
38,490
|
|
$
|
21,413
|
|
$
|
(7,517
|
)
|
$
|
(174
|
)
|
$
|
1,709
|
|
$
|
53,978
|
|
Stock compensation plans
|
|
|
|
422
|
|
|
|
|
|
422
|
|
||||||||||||||||
Repurchases of common stock under repurchase program and employee plans
|
|
|
|
(519
|
)
|
(2,121
|
)
|
|
|
|
(2,640
|
)
|
|||||||||||||||
Employee stock purchase plans
|
|
|
|
78
|
|
|
|
|
|
78
|
|
||||||||||||||||
Dividends declared
|
|
|
|
|
(1,337
|
)
|
|
|
|
(1,337
|
)
|
||||||||||||||||
Other comprehensive income (loss)
|
|
|
|
|
|
|
175
|
|
287
|
|
462
|
|
|||||||||||||||
Contributions from (distributions to) noncontrolling interests, net
|
1
|
|
|
|
|
|
|
|
(68
|
)
|
(68
|
)
|
|||||||||||||||
Other
|
(20
|
)
|
|
|
(31
|
)
|
|
|
|
154
|
|
123
|
|
||||||||||||||
Net income (loss)
|
46
|
|
|
|
|
4,162
|
|
|
|
96
|
|
4,258
|
|
||||||||||||||
Balance, June 30, 2016
|
$
|
1,248
|
|
$
|
57
|
|
$
|
—
|
|
$
|
38,440
|
|
$
|
22,117
|
|
$
|
(7,517
|
)
|
$
|
1
|
|
$
|
2,178
|
|
$
|
55,276
|
|
Balance, December 31, 2016
|
$
|
1,446
|
|
$
|
56
|
|
$
|
—
|
|
$
|
38,230
|
|
$
|
23,076
|
|
$
|
(7,517
|
)
|
$
|
98
|
|
$
|
2,231
|
|
$
|
56,174
|
|
Stock compensation plans
|
|
|
|
288
|
|
|
|
|
|
288
|
|
||||||||||||||||
Repurchases of common stock under repurchase program and employee plans
|
|
|
|
|
(379
|
)
|
(2,097
|
)
|
|
|
|
(2,476
|
)
|
||||||||||||||
Employee stock purchase plans
|
|
|
|
94
|
|
|
|
|
|
94
|
|
||||||||||||||||
Dividends declared
|
|
|
|
|
(1,498
|
)
|
|
|
|
(1,498
|
)
|
||||||||||||||||
Other comprehensive income (loss)
|
|
|
|
|
|
|
136
|
|
82
|
|
218
|
|
|||||||||||||||
Contributions from (distributions to) noncontrolling interests, net
|
(27
|
)
|
|
|
|
|
|
|
(49
|
)
|
(49
|
)
|
|||||||||||||||
Purchase of Universal Studios Japan noncontrolling interests
|
|
|
|
(696
|
)
|
|
|
194
|
|
(1,736
|
)
|
(2,238
|
)
|
||||||||||||||
Other
|
(9
|
)
|
|
|
(59
|
)
|
|
|
|
253
|
|
194
|
|
||||||||||||||
Net income (loss)
|
41
|
|
|
|
|
5,079
|
|
|
|
62
|
|
5,141
|
|
||||||||||||||
Balance, June 30, 2017
|
$
|
1,451
|
|
$
|
56
|
|
$
|
—
|
|
$
|
37,478
|
|
$
|
24,560
|
|
$
|
(7,517
|
)
|
$
|
428
|
|
$
|
843
|
|
$
|
55,848
|
|
|
Three Months Ended June 30
|
||||||||||||||||||||
|
2017
|
|
2016
|
||||||||||||||||||
(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
|
$
|
2,513
|
|
|
4,728
|
|
|
$
|
0.53
|
|
|
$
|
2,028
|
|
|
4,839
|
|
|
$
|
0.42
|
|
Effect of dilutive securities:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Assumed exercise or issuance of shares relating to stock plans
|
|
|
81
|
|
|
|
|
|
|
52
|
|
|
|
||||||||
Diluted EPS attributable to Comcast Corporation shareholders
|
$
|
2,513
|
|
|
4,809
|
|
|
$
|
0.52
|
|
|
$
|
2,028
|
|
|
4,891
|
|
|
$
|
0.41
|
|
|
Six Months Ended June 30
|
||||||||||||||||||||
|
2017
|
|
2016
|
||||||||||||||||||
(in millions, except per share amounts)
|
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
|
$
|
5,079
|
|
|
4,738
|
|
|
$
|
1.07
|
|
|
$
|
4,162
|
|
|
4,853
|
|
|
$
|
0.86
|
|
Effect of dilutive securities:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Assumed exercise or issuance of shares relating to stock plans
|
|
|
82
|
|
|
|
|
|
|
55
|
|
|
|
||||||||
Diluted EPS attributable to Comcast Corporation shareholders
|
$
|
5,079
|
|
|
4,820
|
|
|
$
|
1.05
|
|
|
$
|
4,162
|
|
|
4,908
|
|
|
$
|
0.85
|
|
Allocation of Purchase Price
|
|||
(in millions)
|
|
||
Film and television costs
|
$
|
854
|
|
Intangible assets
|
396
|
|
|
Working capital
|
163
|
|
|
Debt
|
(381
|
)
|
|
Tax receivable agreement
|
(146
|
)
|
|
Deferred income taxes
|
301
|
|
|
Other noncurrent assets and liabilities
|
134
|
|
|
Identifiable net assets (liabilities) acquired
|
1,321
|
|
|
Noncontrolling interests
|
(337
|
)
|
|
Goodwill
|
2,789
|
|
|
Cash consideration transferred
|
$
|
3,773
|
|
(in millions)
|
June 30,
2017 |
|
December 31,
2016 |
||||
Film Costs:
|
|
|
|
||||
Released, less amortization
|
$
|
1,949
|
|
|
$
|
1,750
|
|
Completed, not released
|
93
|
|
|
50
|
|
||
In production and in development
|
813
|
|
|
1,310
|
|
||
|
2,855
|
|
|
3,110
|
|
||
Television Costs:
|
|
|
|
||||
Released, less amortization
|
1,888
|
|
|
1,953
|
|
||
In production and in development
|
751
|
|
|
853
|
|
||
|
2,639
|
|
|
2,806
|
|
||
Programming rights, less amortization
|
2,734
|
|
|
2,586
|
|
||
|
8,228
|
|
|
8,502
|
|
||
Less: Current portion of programming rights
|
1,633
|
|
|
1,250
|
|
||
Film and television costs
|
$
|
6,595
|
|
|
$
|
7,252
|
|
(in millions)
|
June 30,
2017 |
|
December 31,
2016 |
||||
Fair Value Method:
|
|
|
|
||||
Snap
|
$
|
522
|
|
|
$
|
—
|
|
Other
|
163
|
|
|
198
|
|
||
|
685
|
|
|
198
|
|
||
Equity Method:
|
|
|
|
|
|
||
Atairos
|
2,233
|
|
|
1,601
|
|
||
Hulu
|
218
|
|
|
225
|
|
||
Other
|
653
|
|
|
550
|
|
||
|
3,104
|
|
|
2,376
|
|
||
Cost Method:
|
|
|
|
||||
AirTouch
|
1,606
|
|
|
1,599
|
|
||
BuzzFeed
|
400
|
|
|
400
|
|
||
Other
|
759
|
|
|
771
|
|
||
|
2,765
|
|
|
2,770
|
|
||
Total investments
|
6,554
|
|
|
5,344
|
|
||
Less: Current investments
|
33
|
|
|
97
|
|
||
Noncurrent investments
|
$
|
6,521
|
|
|
$
|
5,247
|
|
|
Three Months Ended
June 30 |
|
Six Months Ended
June 30 |
||||||||||||
(in millions)
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Gains (losses) on sales and exchanges of investments, net
|
$
|
—
|
|
|
$
|
13
|
|
|
$
|
(1
|
)
|
|
$
|
15
|
|
Investment impairment losses
|
(2
|
)
|
|
(1
|
)
|
|
(6
|
)
|
|
(21
|
)
|
||||
Interest and dividend income
|
32
|
|
|
31
|
|
|
65
|
|
|
60
|
|
||||
Other, net
|
34
|
|
|
15
|
|
|
65
|
|
|
34
|
|
||||
Investment income (loss), net
|
$
|
64
|
|
|
$
|
58
|
|
|
$
|
123
|
|
|
$
|
88
|
|
|
Three Months Ended
June 30 |
|
Six Months Ended
June 30 |
||||||||||||
(in millions)
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Restricted share units
|
$
|
111
|
|
|
$
|
89
|
|
|
$
|
185
|
|
|
$
|
159
|
|
Stock options
|
63
|
|
|
48
|
|
|
103
|
|
|
85
|
|
||||
Employee stock purchase plans
|
7
|
|
|
8
|
|
|
17
|
|
|
16
|
|
||||
Total
|
$
|
181
|
|
|
$
|
145
|
|
|
$
|
305
|
|
|
$
|
260
|
|
(in millions)
|
June 30,
2017 |
|
December 31,
2016 |
||||
Receivables, gross
|
$
|
8,459
|
|
|
$
|
8,622
|
|
Less: Allowance for returns and customer incentives
|
345
|
|
|
417
|
|
||
Less: Allowance for doubtful accounts
|
265
|
|
|
250
|
|
||
Receivables, net
|
$
|
7,849
|
|
|
$
|
7,955
|
|
(in millions)
|
June 30,
2017 |
|
June 30,
2016 |
||||
Unrealized gains (losses) on marketable securities
|
$
|
17
|
|
|
$
|
3
|
|
Deferred gains (losses) on cash flow hedges
|
(16
|
)
|
|
(75
|
)
|
||
Unrecognized gains (losses) on employee benefit obligations
|
276
|
|
|
8
|
|
||
Cumulative translation adjustments
|
151
|
|
|
65
|
|
||
Accumulated other comprehensive income (loss), net of deferred taxes
|
$
|
428
|
|
|
$
|
1
|
|
|
Six Months Ended
June 30 |
||||||
(in millions)
|
2017
|
|
2016
|
||||
Net income
|
$
|
5,182
|
|
|
$
|
4,304
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
||||
Depreciation and amortization
|
5,043
|
|
|
4,667
|
|
||
Share-based compensation
|
391
|
|
|
331
|
|
||
Noncash interest expense (income), net
|
122
|
|
|
113
|
|
||
Equity in net (income) losses of investees, net
|
(51
|
)
|
|
30
|
|
||
Cash received from investees
|
49
|
|
|
42
|
|
||
Net (gain) loss on investment activity and other
|
(110
|
)
|
|
(126
|
)
|
||
Deferred income taxes
|
470
|
|
|
618
|
|
||
Changes in operating assets and liabilities, net of effects of acquisitions and divestitures:
|
|
|
|
||||
Current and noncurrent receivables, net
|
18
|
|
|
172
|
|
||
Film and television costs, net
|
277
|
|
|
(171
|
)
|
||
Accounts payable and accrued expenses related to trade creditors
|
(144
|
)
|
|
(104
|
)
|
||
Other operating assets and liabilities
|
(433
|
)
|
|
(82
|
)
|
||
Net cash provided by operating activities
|
$
|
10,814
|
|
|
$
|
9,794
|
|
|
Three Months Ended
June 30 |
|
Six Months Ended
June 30 |
||||||||||||
(in millions)
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Interest
|
$
|
477
|
|
|
$
|
512
|
|
|
$
|
1,372
|
|
|
$
|
1,235
|
|
Income taxes
|
$
|
2,077
|
|
|
$
|
1,495
|
|
|
$
|
2,209
|
|
|
$
|
1,685
|
|
•
|
we acquired
$1.3 billion
of property and equipment and intangible assets that were accrued but unpaid
|
•
|
we recorded a liability of
$742 million
for a quarterly cash dividend of
$0.1575
per common share to be paid in
July
2017
|
•
|
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
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, our regional sports and news networks, our international cable networks, and our cable television studio production operations.
|
•
|
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, and our broadcast television studio production operations.
|
•
|
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, Focus Features and DreamWorks Animation names.
|
•
|
Theme Parks:
Consists primarily of our Universal theme parks in Orlando, Florida; Hollywood, California; and Osaka, Japan.
|
|
Three Months Ended June 30, 2017
|
|||||||||||||||||
(in millions)
|
Revenue
(e)
|
Adjusted EBITDA
(f)
|
Depreciation
and Amortization
|
Operating
Income (Loss)
|
Capital
Expenditures
|
Cash Paid for Intangible Assets
|
||||||||||||
Cable Communications
(a)
|
$
|
13,122
|
|
$
|
5,320
|
|
$
|
2,001
|
|
$
|
3,319
|
|
$
|
1,956
|
|
$
|
327
|
|
NBCUniversal
|
|
|
|
|
|
|
||||||||||||
Cable Networks
|
2,696
|
|
1,055
|
|
181
|
|
874
|
|
8
|
|
4
|
|
||||||
Broadcast Television
|
2,241
|
|
416
|
|
31
|
|
385
|
|
30
|
|
4
|
|
||||||
Filmed Entertainment
|
2,155
|
|
285
|
|
26
|
|
259
|
|
19
|
|
6
|
|
||||||
Theme Parks
|
1,314
|
|
551
|
|
186
|
|
365
|
|
243
|
|
26
|
|
||||||
Headquarters and Other
(b)
|
9
|
|
(235
|
)
|
96
|
|
(331
|
)
|
38
|
|
33
|
|
||||||
Eliminations
(c)
|
(84
|
)
|
(1
|
)
|
—
|
|
(1
|
)
|
—
|
|
—
|
|
||||||
NBCUniversal
|
8,331
|
|
2,071
|
|
520
|
|
1,551
|
|
338
|
|
73
|
|
||||||
Corporate and Other
(d)
|
205
|
|
(302
|
)
|
20
|
|
(322
|
)
|
33
|
|
20
|
|
||||||
Eliminations
(c)
|
(493
|
)
|
10
|
|
—
|
|
10
|
|
—
|
|
—
|
|
||||||
Comcast Consolidated
|
$
|
21,165
|
|
$
|
7,099
|
|
$
|
2,541
|
|
$
|
4,558
|
|
$
|
2,327
|
|
$
|
420
|
|
|
Three Months Ended June 30, 2016
|
|||||||||||||||||
(in millions)
|
Revenue
(e)
|
Adjusted EBITDA
(f)
|
Depreciation
and Amortization
|
Operating
Income (Loss)
|
Capital
Expenditures
|
Cash Paid for Intangible Assets
|
||||||||||||
Cable Communications
(a)
|
$
|
12,444
|
|
$
|
5,048
|
|
$
|
1,904
|
|
$
|
3,144
|
|
$
|
1,881
|
|
$
|
289
|
|
NBCUniversal
|
|
|
|
|
|
|
||||||||||||
Cable Networks
|
2,566
|
|
944
|
|
187
|
|
757
|
|
7
|
|
3
|
|
||||||
Broadcast Television
|
2,128
|
|
394
|
|
30
|
|
364
|
|
30
|
|
3
|
|
||||||
Filmed Entertainment
|
1,351
|
|
56
|
|
12
|
|
44
|
|
5
|
|
3
|
|
||||||
Theme Parks
|
1,136
|
|
469
|
|
145
|
|
324
|
|
240
|
|
20
|
|
||||||
Headquarters and Other
(b)
|
6
|
|
(175
|
)
|
91
|
|
(266
|
)
|
78
|
|
33
|
|
||||||
Eliminations
(c)
|
(84
|
)
|
1
|
|
—
|
|
1
|
|
—
|
|
—
|
|
||||||
NBCUniversal
|
7,103
|
|
1,689
|
|
465
|
|
1,224
|
|
360
|
|
62
|
|
||||||
Corporate and Other
(d)
|
180
|
|
(291
|
)
|
20
|
|
(311
|
)
|
30
|
|
8
|
|
||||||
Eliminations
(c)
|
(458
|
)
|
9
|
|
—
|
|
9
|
|
—
|
|
—
|
|
||||||
Comcast Consolidated
|
$
|
19,269
|
|
$
|
6,455
|
|
$
|
2,389
|
|
$
|
4,066
|
|
$
|
2,271
|
|
$
|
359
|
|
|
Six Months Ended June 30, 2017
|
|||||||||||||||||
(in millions)
|
Revenue
(e)
|
Adjusted EBITDA
(f)
|
Depreciation
and Amortization
|
Operating
Income (Loss)
|
Capital
Expenditures
|
Cash Paid for Intangible Assets
|
||||||||||||
Cable Communications
(a)
|
$
|
26,034
|
|
$
|
10,518
|
|
$
|
3,981
|
|
$
|
6,537
|
|
$
|
3,737
|
|
$
|
679
|
|
NBCUniversal
|
|
|
|
|
|
|
||||||||||||
Cable Networks
|
5,337
|
|
2,171
|
|
395
|
|
1,776
|
|
10
|
|
7
|
|
||||||
Broadcast Television
|
4,449
|
|
738
|
|
63
|
|
675
|
|
59
|
|
7
|
|
||||||
Filmed Entertainment
|
4,136
|
|
653
|
|
47
|
|
606
|
|
29
|
|
11
|
|
||||||
Theme Parks
|
2,432
|
|
948
|
|
328
|
|
620
|
|
472
|
|
39
|
|
||||||
Headquarters and Other
(b)
|
17
|
|
(420
|
)
|
195
|
|
(615
|
)
|
53
|
|
64
|
|
||||||
Eliminations
(c)
|
(172
|
)
|
(2
|
)
|
—
|
|
(2
|
)
|
—
|
|
—
|
|
||||||
NBCUniversal
|
16,199
|
|
4,088
|
|
1,028
|
|
3,060
|
|
623
|
|
128
|
|
||||||
Corporate and Other
(d)
|
413
|
|
(496
|
)
|
34
|
|
(530
|
)
|
45
|
|
29
|
|
||||||
Eliminations
(c)
|
(1,018
|
)
|
21
|
|
—
|
|
21
|
|
—
|
|
—
|
|
||||||
Comcast Consolidated
|
$
|
41,628
|
|
$
|
14,131
|
|
$
|
5,043
|
|
$
|
9,088
|
|
$
|
4,405
|
|
$
|
836
|
|
|
Six Months Ended June 30, 2016
|
|||||||||||||||||
(in millions)
|
Revenue
(e)
|
Adjusted EBITDA
(f)
|
Depreciation
and Amortization
|
Operating
Income (Loss)
|
Capital
Expenditures
|
Cash Paid for Intangible Assets
|
||||||||||||
Cable Communications
(a)
|
$
|
24,648
|
|
$
|
9,937
|
|
$
|
3,747
|
|
$
|
6,190
|
|
$
|
3,457
|
|
$
|
613
|
|
NBCUniversal
|
|
|
|
|
|
|
||||||||||||
Cable Networks
|
5,019
|
|
1,900
|
|
377
|
|
1,523
|
|
8
|
|
4
|
|
||||||
Broadcast Television
|
4,212
|
|
678
|
|
62
|
|
616
|
|
49
|
|
6
|
|
||||||
Filmed Entertainment
|
2,734
|
|
223
|
|
20
|
|
203
|
|
8
|
|
6
|
|
||||||
Theme Parks
|
2,162
|
|
844
|
|
243
|
|
601
|
|
440
|
|
29
|
|
||||||
Headquarters and Other
(b)
|
9
|
|
(335
|
)
|
177
|
|
(512
|
)
|
150
|
|
69
|
|
||||||
Eliminations
(c)
|
(172
|
)
|
1
|
|
—
|
|
1
|
|
—
|
|
—
|
|
||||||
NBCUniversal
|
13,964
|
|
3,311
|
|
879
|
|
2,432
|
|
655
|
|
114
|
|
||||||
Corporate and Other
(d)
|
379
|
|
(445
|
)
|
41
|
|
(486
|
)
|
44
|
|
10
|
|
||||||
Eliminations
(c)
|
(932
|
)
|
19
|
|
—
|
|
19
|
|
—
|
|
—
|
|
||||||
Comcast Consolidated
|
$
|
38,059
|
|
$
|
12,822
|
|
$
|
4,667
|
|
$
|
8,155
|
|
$
|
4,156
|
|
$
|
737
|
|
(a)
|
For the
three and six
months ended
June 30, 2017
and
2016
, Cable Communications segment revenue was derived from the following sources:
|
|
Three Months Ended
June 30 |
|
Six Months Ended
June 30 |
||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||
Residential:
|
|
|
|
|
|
|
|
||||
Video
|
44.2
|
%
|
|
44.9
|
%
|
|
44.4
|
%
|
|
45.1
|
%
|
High-speed Internet
|
28.0
|
%
|
|
27.1
|
%
|
|
28.0
|
%
|
|
27.0
|
%
|
Voice
|
6.5
|
%
|
|
7.2
|
%
|
|
6.6
|
%
|
|
7.3
|
%
|
Business services
|
11.7
|
%
|
|
10.9
|
%
|
|
11.6
|
%
|
|
10.8
|
%
|
Advertising
|
4.4
|
%
|
|
4.7
|
%
|
|
4.2
|
%
|
|
4.6
|
%
|
Other
|
5.2
|
%
|
|
5.2
|
%
|
|
5.2
|
%
|
|
5.2
|
%
|
Total
|
100.0
|
%
|
|
100.0
|
%
|
|
100.0
|
%
|
|
100.0
|
%
|
(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 Filmed Entertainment and Broadcast Television segments generate revenue from the licensing of film and television content to our Cable Networks segment
|
(d)
|
Corporate and Other activities include costs associated with overhead and personnel, the costs of other business initiatives, including our new 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)
|
No single customer accounted for a significant amount of revenue in any period.
|
(f)
|
We use Adjusted EBITDA as the measure of profit or loss for our operating segments. Adjusted EBITDA is defined as net income attributable to Comcast Corporation before net (income) loss attributable to noncontrolling interests and redeemable subsidiary preferred stock, income tax expense, other income (expense) items, net, and depreciation and amortization, and excluding impairment charges related to fixed and intangible assets and gains or losses on the sale of long-lived assets, if any. Other income (expense) items, net include interest expense, investment income (loss), equity in net income (losses) of investees, and other income (expense), net (as stated in our condensed consolidated statement of income). This measure eliminates the significant level of noncash depreciation and amortization expense that results from the capital-intensive nature of certain of our businesses and from intangible assets recognized in business combinations. Additionally, it is unaffected by our capital and tax structures and by our investment activities. We use this measure to evaluate our consolidated operating performance and the operating performance of our operating segments and to allocate resources and capital to our operating segments. It is also a significant performance measure in our annual incentive compensation programs. We believe that this measure is useful to investors because it is one of the bases for comparing our operating performance with that of other companies in our industries, although our measure may not be directly comparable to similar measures used by other companies. This measure should not be considered a substitute for operating income (loss), net income (loss), net income (loss) attributable to Comcast Corporation, net cash provided by operating activities, or other measures of performance or liquidity we have reported in accordance with GAAP. 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
June 30 |
|
Six Months Ended
June 30 |
||||||||||||
(in millions)
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Adjusted EBITDA
|
$
|
7,099
|
|
|
$
|
6,455
|
|
|
$
|
14,131
|
|
|
$
|
12,822
|
|
Depreciation
|
(1,970
|
)
|
|
(1,868
|
)
|
|
(3,885
|
)
|
|
(3,653
|
)
|
||||
Amortization
|
(571
|
)
|
|
(521
|
)
|
|
(1,158
|
)
|
|
(1,014
|
)
|
||||
Other income (expense) items, net
|
(659
|
)
|
|
(708
|
)
|
|
(1,284
|
)
|
|
(1,262
|
)
|
||||
Income before income taxes
|
$
|
3,899
|
|
|
$
|
3,358
|
|
|
$
|
7,804
|
|
|
$
|
6,893
|
|
(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
|
$
|
—
|
|
$
|
—
|
|
$
|
—
|
|
$
|
310
|
|
$
|
2,383
|
|
$
|
—
|
|
$
|
2,693
|
|
Receivables, net
|
—
|
|
—
|
|
—
|
|
—
|
|
7,849
|
|
—
|
|
7,849
|
|
|||||||
Programming rights
|
—
|
|
—
|
|
—
|
|
—
|
|
1,633
|
|
—
|
|
1,633
|
|
|||||||
Other current assets
|
67
|
|
—
|
|
—
|
|
21
|
|
2,569
|
|
—
|
|
2,657
|
|
|||||||
Total current assets
|
67
|
|
—
|
|
—
|
|
331
|
|
14,434
|
|
—
|
|
14,832
|
|
|||||||
Film and television costs
|
—
|
|
—
|
|
—
|
|
—
|
|
6,595
|
|
—
|
|
6,595
|
|
|||||||
Investments
|
96
|
|
1
|
|
15
|
|
690
|
|
5,719
|
|
—
|
|
6,521
|
|
|||||||
Investments in and amounts due from subsidiaries eliminated upon consolidation
|
101,430
|
|
126,187
|
|
124,549
|
|
49,038
|
|
110,545
|
|
(511,749
|
)
|
—
|
|
|||||||
Property and equipment, net
|
434
|
|
—
|
|
—
|
|
—
|
|
36,737
|
|
—
|
|
37,171
|
|
|||||||
Franchise rights
|
—
|
|
—
|
|
—
|
|
—
|
|
59,364
|
|
—
|
|
59,364
|
|
|||||||
Goodwill
|
—
|
|
—
|
|
—
|
|
—
|
|
36,742
|
|
—
|
|
36,742
|
|
|||||||
Other intangible assets, net
|
11
|
|
—
|
|
—
|
|
—
|
|
18,896
|
|
—
|
|
18,907
|
|
|||||||
Other noncurrent assets, net
|
1,149
|
|
658
|
|
—
|
|
83
|
|
2,035
|
|
(1,026
|
)
|
2,899
|
|
|||||||
Total assets
|
$
|
103,187
|
|
$
|
126,846
|
|
$
|
124,564
|
|
$
|
50,142
|
|
$
|
291,067
|
|
$
|
(512,775
|
)
|
$
|
183,031
|
|
Liabilities and Equity
|
|
|
|
|
|
|
|
||||||||||||||
Accounts payable and accrued expenses related to trade creditors
|
$
|
12
|
|
$
|
—
|
|
$
|
—
|
|
$
|
—
|
|
$
|
6,718
|
|
$
|
—
|
|
$
|
6,730
|
|
Accrued participations and residuals
|
—
|
|
—
|
|
—
|
|
—
|
|
1,882
|
|
—
|
|
1,882
|
|
|||||||
Accrued expenses and other current liabilities
|
1,887
|
|
92
|
|
295
|
|
286
|
|
4,746
|
|
—
|
|
7,306
|
|
|||||||
Current portion of long-term debt
|
4,032
|
|
—
|
|
—
|
|
4
|
|
2,322
|
|
—
|
|
6,358
|
|
|||||||
Total current liabilities
|
5,931
|
|
92
|
|
295
|
|
290
|
|
15,668
|
|
—
|
|
22,276
|
|
|||||||
Long-term debt, less current portion
|
39,725
|
|
142
|
|
2,100
|
|
8,204
|
|
7,039
|
|
—
|
|
57,210
|
|
|||||||
Deferred income taxes
|
—
|
|
508
|
|
—
|
|
70
|
|
35,886
|
|
(1,055
|
)
|
35,409
|
|
|||||||
Other noncurrent liabilities
|
2,526
|
|
—
|
|
—
|
|
1,111
|
|
7,171
|
|
29
|
|
10,837
|
|
|||||||
Redeemable noncontrolling interests and redeemable subsidiary preferred stock
|
—
|
|
—
|
|
—
|
|
—
|
|
1,451
|
|
—
|
|
1,451
|
|
|||||||
Equity:
|
|
|
|
|
|
|
|
||||||||||||||
Common stock
|
56
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
56
|
|
|||||||
Other shareholders’ equity
|
54,949
|
|
126,104
|
|
122,169
|
|
40,467
|
|
223,009
|
|
(511,749
|
)
|
54,949
|
|
|||||||
Total Comcast Corporation shareholders’ equity
|
55,005
|
|
126,104
|
|
122,169
|
|
40,467
|
|
223,009
|
|
(511,749
|
)
|
55,005
|
|
|||||||
Noncontrolling interests
|
—
|
|
—
|
|
—
|
|
—
|
|
843
|
|
—
|
|
843
|
|
|||||||
Total equity
|
55,005
|
|
126,104
|
|
122,169
|
|
40,467
|
|
223,852
|
|
(511,749
|
)
|
55,848
|
|
|||||||
Total liabilities and equity
|
$
|
103,187
|
|
$
|
126,846
|
|
$
|
124,564
|
|
$
|
50,142
|
|
$
|
291,067
|
|
$
|
(512,775
|
)
|
$
|
183,031
|
|
(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
|
$
|
—
|
|
$
|
—
|
|
$
|
—
|
|
$
|
482
|
|
$
|
2,819
|
|
$
|
—
|
|
$
|
3,301
|
|
Receivables, net
|
—
|
|
—
|
|
—
|
|
—
|
|
7,955
|
|
—
|
|
7,955
|
|
|||||||
Programming rights
|
—
|
|
—
|
|
—
|
|
—
|
|
1,250
|
|
—
|
|
1,250
|
|
|||||||
Other current assets
|
151
|
|
—
|
|
—
|
|
36
|
|
3,668
|
|
—
|
|
3,855
|
|
|||||||
Total current assets
|
151
|
|
—
|
|
—
|
|
518
|
|
15,692
|
|
—
|
|
16,361
|
|
|||||||
Film and television costs
|
—
|
|
—
|
|
—
|
|
—
|
|
7,252
|
|
—
|
|
7,252
|
|
|||||||
Investments
|
75
|
|
—
|
|
—
|
|
651
|
|
4,521
|
|
—
|
|
5,247
|
|
|||||||
Investments in and amounts due from subsidiaries eliminated upon consolidation
|
98,350
|
|
120,071
|
|
117,696
|
|
47,393
|
|
97,704
|
|
(481,214
|
)
|
—
|
|
|||||||
Property and equipment, net
|
298
|
|
—
|
|
—
|
|
—
|
|
35,955
|
|
—
|
|
36,253
|
|
|||||||
Franchise rights
|
—
|
|
—
|
|
—
|
|
—
|
|
59,364
|
|
—
|
|
59,364
|
|
|||||||
Goodwill
|
—
|
|
—
|
|
—
|
|
—
|
|
35,980
|
|
—
|
|
35,980
|
|
|||||||
Other intangible assets, net
|
13
|
|
—
|
|
—
|
|
—
|
|
17,261
|
|
—
|
|
17,274
|
|
|||||||
Other noncurrent assets, net
|
1,138
|
|
638
|
|
—
|
|
89
|
|
1,921
|
|
(1,017
|
)
|
2,769
|
|
|||||||
Total assets
|
$
|
100,025
|
|
$
|
120,709
|
|
$
|
117,696
|
|
$
|
48,651
|
|
$
|
275,650
|
|
$
|
(482,231
|
)
|
$
|
180,500
|
|
Liabilities and Equity
|
|
|
|
|
|
|
|
||||||||||||||
Accounts payable and accrued expenses related to trade creditors
|
$
|
23
|
|
$
|
—
|
|
$
|
—
|
|
$
|
—
|
|
$
|
6,892
|
|
$
|
—
|
|
$
|
6,915
|
|
Accrued participations and residuals
|
—
|
|
—
|
|
—
|
|
—
|
|
1,726
|
|
—
|
|
1,726
|
|
|||||||
Accrued expenses and other current liabilities
|
1,726
|
|
—
|
|
341
|
|
302
|
|
5,045
|
|
—
|
|
7,414
|
|
|||||||
Current portion of long-term debt
|
3,739
|
|
—
|
|
550
|
|
4
|
|
1,187
|
|
—
|
|
5,480
|
|
|||||||
Total current liabilities
|
5,488
|
|
—
|
|
891
|
|
306
|
|
14,850
|
|
—
|
|
21,535
|
|
|||||||
Long-term debt, less current portion
|
38,123
|
|
141
|
|
2,100
|
|
8,208
|
|
6,994
|
|
—
|
|
55,566
|
|
|||||||
Deferred income taxes
|
—
|
|
542
|
|
—
|
|
70
|
|
35,259
|
|
(1,017
|
)
|
34,854
|
|
|||||||
Other noncurrent liabilities
|
2,471
|
|
—
|
|
—
|
|
1,166
|
|
7,288
|
|
—
|
|
10,925
|
|
|||||||
Redeemable noncontrolling interests and redeemable subsidiary preferred stock
|
—
|
|
—
|
|
—
|
|
—
|
|
1,446
|
|
—
|
|
1,446
|
|
|||||||
Equity:
|
|
|
|
|
|
|
|
||||||||||||||
Common stock
|
56
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
56
|
|
|||||||
Other shareholders’ equity
|
53,887
|
|
120,026
|
|
114,705
|
|
38,901
|
|
207,582
|
|
(481,214
|
)
|
53,887
|
|
|||||||
Total Comcast Corporation shareholders’ equity
|
53,943
|
|
120,026
|
|
114,705
|
|
38,901
|
|
207,582
|
|
(481,214
|
)
|
53,943
|
|
|||||||
Noncontrolling interests
|
—
|
|
—
|
|
—
|
|
—
|
|
2,231
|
|
—
|
|
2,231
|
|
|||||||
Total equity
|
53,943
|
|
120,026
|
|
114,705
|
|
38,901
|
|
209,813
|
|
(481,214
|
)
|
56,174
|
|
|||||||
Total liabilities and equity
|
$
|
100,025
|
|
$
|
120,709
|
|
$
|
117,696
|
|
$
|
48,651
|
|
$
|
275,650
|
|
$
|
(482,231
|
)
|
$
|
180,500
|
|
(in millions)
|
Comcast
Parent |
Comcast
Holdings |
CCCL
Parent |
NBCUniversal
Media Parent |
Non-
Guarantor Subsidiaries |
Elimination
and Consolidation Adjustments |
Consolidated
Comcast Corporation |
||||||||||||||
Revenue:
|
|
|
|
|
|
|
|
||||||||||||||
Service revenue
|
$
|
—
|
|
$
|
—
|
|
$
|
—
|
|
$
|
—
|
|
$
|
21,165
|
|
$
|
—
|
|
$
|
21,165
|
|
Management fee revenue
|
281
|
|
—
|
|
277
|
|
—
|
|
—
|
|
(558
|
)
|
—
|
|
|||||||
|
281
|
|
—
|
|
277
|
|
—
|
|
21,165
|
|
(558
|
)
|
21,165
|
|
|||||||
Costs and Expenses:
|
|
|
|
|
|
|
|
||||||||||||||
Programming and production
|
—
|
|
—
|
|
—
|
|
—
|
|
6,341
|
|
—
|
|
6,341
|
|
|||||||
Other operating and administrative
|
200
|
|
—
|
|
277
|
|
261
|
|
5,880
|
|
(558
|
)
|
6,060
|
|
|||||||
Advertising, marketing and promotion
|
—
|
|
—
|
|
—
|
|
—
|
|
1,665
|
|
—
|
|
1,665
|
|
|||||||
Depreciation
|
7
|
|
—
|
|
—
|
|
—
|
|
1,963
|
|
—
|
|
1,970
|
|
|||||||
Amortization
|
1
|
|
—
|
|
—
|
|
—
|
|
570
|
|
—
|
|
571
|
|
|||||||
|
208
|
|
—
|
|
277
|
|
261
|
|
16,419
|
|
(558
|
)
|
16,607
|
|
|||||||
Operating income (loss)
|
73
|
|
—
|
|
—
|
|
(261
|
)
|
4,746
|
|
—
|
|
4,558
|
|
|||||||
Other Income (Expense):
|
|
|
|
|
|
|
|
||||||||||||||
Interest expense
|
(531
|
)
|
(3
|
)
|
(51
|
)
|
(116
|
)
|
(57
|
)
|
—
|
|
(758
|
)
|
|||||||
Investment income (loss), net
|
—
|
|
24
|
|
—
|
|
(16
|
)
|
56
|
|
—
|
|
64
|
|
|||||||
Equity in net income (losses) of investees, net
|
2,811
|
|
2,613
|
|
2,301
|
|
1,659
|
|
1,291
|
|
(10,660
|
)
|
15
|
|
|||||||
Other income (expense), net
|
—
|
|
—
|
|
—
|
|
18
|
|
2
|
|
—
|
|
20
|
|
|||||||
|
2,280
|
|
2,634
|
|
2,250
|
|
1,545
|
|
1,292
|
|
(10,660
|
)
|
(659
|
)
|
|||||||
Income (loss) before income taxes
|
2,353
|
|
2,634
|
|
2,250
|
|
1,284
|
|
6,038
|
|
(10,660
|
)
|
3,899
|
|
|||||||
Income tax (expense) benefit
|
160
|
|
(7
|
)
|
18
|
|
(8
|
)
|
(1,527
|
)
|
—
|
|
(1,364
|
)
|
|||||||
Net income (loss)
|
2,513
|
|
2,627
|
|
2,268
|
|
1,276
|
|
4,511
|
|
(10,660
|
)
|
2,535
|
|
|||||||
Net (income) loss attributable to noncontrolling interests and redeemable subsidiary preferred stock
|
—
|
|
—
|
|
—
|
|
—
|
|
(22
|
)
|
—
|
|
(22
|
)
|
|||||||
Net income (loss) attributable to Comcast Corporation
|
$
|
2,513
|
|
$
|
2,627
|
|
$
|
2,268
|
|
$
|
1,276
|
|
$
|
4,489
|
|
$
|
(10,660
|
)
|
$
|
2,513
|
|
Comprehensive income (loss) attributable to Comcast Corporation
|
$
|
2,405
|
|
$
|
2,591
|
|
$
|
2,269
|
|
$
|
1,120
|
|
$
|
4,246
|
|
$
|
(10,226
|
)
|
$
|
2,405
|
|
(in millions)
|
Comcast
Parent |
Comcast
Holdings |
CCCL
Parent |
NBCUniversal
Media Parent |
Non-
Guarantor Subsidiaries |
Elimination
and Consolidation Adjustments |
Consolidated
Comcast Corporation |
||||||||||||||
Revenue:
|
|
|
|
|
|
|
|
||||||||||||||
Service revenue
|
$
|
—
|
|
$
|
—
|
|
$
|
—
|
|
$
|
—
|
|
$
|
19,269
|
|
$
|
—
|
|
$
|
19,269
|
|
Management fee revenue
|
266
|
|
—
|
|
261
|
|
—
|
|
—
|
|
(527
|
)
|
—
|
|
|||||||
|
266
|
|
—
|
|
261
|
|
—
|
|
19,269
|
|
(527
|
)
|
19,269
|
|
|||||||
Costs and Expenses:
|
|
|
|
|
|
|
|
||||||||||||||
Programming and production
|
—
|
|
—
|
|
—
|
|
—
|
|
5,492
|
|
—
|
|
5,492
|
|
|||||||
Other operating and administrative
|
285
|
|
—
|
|
261
|
|
222
|
|
5,522
|
|
(527
|
)
|
5,763
|
|
|||||||
Advertising, marketing and promotion
|
—
|
|
—
|
|
—
|
|
—
|
|
1,559
|
|
—
|
|
1,559
|
|
|||||||
Depreciation
|
6
|
|
—
|
|
—
|
|
—
|
|
1,862
|
|
—
|
|
1,868
|
|
|||||||
Amortization
|
2
|
|
—
|
|
—
|
|
—
|
|
519
|
|
—
|
|
521
|
|
|||||||
|
293
|
|
—
|
|
261
|
|
222
|
|
14,954
|
|
(527
|
)
|
15,203
|
|
|||||||
Operating income (loss)
|
(27
|
)
|
—
|
|
—
|
|
(222
|
)
|
4,315
|
|
—
|
|
4,066
|
|
|||||||
Other Income (Expense):
|
|
|
|
|
|
|
|
||||||||||||||
Interest expense
|
(478
|
)
|
(3
|
)
|
(61
|
)
|
(112
|
)
|
(78
|
)
|
—
|
|
(732
|
)
|
|||||||
Investment income (loss), net
|
3
|
|
1
|
|
—
|
|
(6
|
)
|
60
|
|
—
|
|
58
|
|
|||||||
Equity in net income (losses) of investees, net
|
2,354
|
|
2,275
|
|
2,127
|
|
1,288
|
|
914
|
|
(8,977
|
)
|
(19
|
)
|
|||||||
Other income (expense), net
|
—
|
|
—
|
|
—
|
|
(7
|
)
|
(8
|
)
|
—
|
|
(15
|
)
|
|||||||
|
1,879
|
|
2,273
|
|
2,066
|
|
1,163
|
|
888
|
|
(8,977
|
)
|
(708
|
)
|
|||||||
Income (loss) before income taxes
|
1,852
|
|
2,273
|
|
2,066
|
|
941
|
|
5,203
|
|
(8,977
|
)
|
3,358
|
|
|||||||
Income tax (expense) benefit
|
176
|
|
1
|
|
21
|
|
(8
|
)
|
(1,468
|
)
|
—
|
|
(1,278
|
)
|
|||||||
Net income (loss)
|
2,028
|
|
2,274
|
|
2,087
|
|
933
|
|
3,735
|
|
(8,977
|
)
|
2,080
|
|
|||||||
Net (income) loss attributable to noncontrolling interests and redeemable subsidiary preferred stock
|
—
|
|
—
|
|
—
|
|
—
|
|
(52
|
)
|
—
|
|
(52
|
)
|
|||||||
Net income (loss) attributable to Comcast Corporation
|
$
|
2,028
|
|
$
|
2,274
|
|
$
|
2,087
|
|
$
|
933
|
|
$
|
3,683
|
|
$
|
(8,977
|
)
|
$
|
2,028
|
|
Comprehensive income (loss) attributable to Comcast Corporation
|
$
|
2,113
|
|
$
|
2,321
|
|
$
|
2,087
|
|
$
|
1,096
|
|
$
|
4,194
|
|
$
|
(9,698
|
)
|
$
|
2,113
|
|
(in millions)
|
Comcast
Parent
|
Comcast
Holdings
|
CCCL
Parent
|
NBCUniversal
Media Parent
|
Non-
Guarantor
Subsidiaries
|
Elimination
and
Consolidation
Adjustments
|
Consolidated
Comcast
Corporation
|
||||||||||||||
Revenue:
|
|
|
|
|
|
|
|
||||||||||||||
Service revenue
|
$
|
—
|
|
$
|
—
|
|
$
|
—
|
|
$
|
—
|
|
$
|
41,628
|
|
$
|
—
|
|
$
|
41,628
|
|
Management fee revenue
|
556
|
|
—
|
|
547
|
|
—
|
|
—
|
|
(1,103
|
)
|
—
|
|
|||||||
|
556
|
|
—
|
|
547
|
|
—
|
|
41,628
|
|
(1,103
|
)
|
41,628
|
|
|||||||
Costs and Expenses:
|
|
|
|
|
|
|
|
||||||||||||||
Programming and production
|
—
|
|
—
|
|
—
|
|
—
|
|
12,415
|
|
—
|
|
12,415
|
|
|||||||
Other operating and administrative
|
370
|
|
—
|
|
547
|
|
567
|
|
11,506
|
|
(1,103
|
)
|
11,887
|
|
|||||||
Advertising, marketing and promotion
|
—
|
|
—
|
|
—
|
|
—
|
|
3,195
|
|
—
|
|
3,195
|
|
|||||||
Depreciation
|
14
|
|
—
|
|
—
|
|
—
|
|
3,871
|
|
—
|
|
3,885
|
|
|||||||
Amortization
|
3
|
|
—
|
|
—
|
|
—
|
|
1,155
|
|
—
|
|
1,158
|
|
|||||||
|
387
|
|
—
|
|
547
|
|
567
|
|
32,142
|
|
(1,103
|
)
|
32,540
|
|
|||||||
Operating income (loss)
|
169
|
|
—
|
|
—
|
|
(567
|
)
|
9,486
|
|
—
|
|
9,088
|
|
|||||||
Other Income (Expense):
|
|
|
|
|
|
|
|
||||||||||||||
Interest expense
|
(1,048
|
)
|
(6
|
)
|
(111
|
)
|
(228
|
)
|
(120
|
)
|
—
|
|
(1,513
|
)
|
|||||||
Investment income (loss), net
|
1
|
|
52
|
|
—
|
|
(20
|
)
|
90
|
|
—
|
|
123
|
|
|||||||
Equity in net income (losses) of investees, net
|
5,650
|
|
5,263
|
|
4,621
|
|
3,256
|
|
2,527
|
|
(21,266
|
)
|
51
|
|
|||||||
Other income (expense), net
|
—
|
|
—
|
|
—
|
|
46
|
|
9
|
|
—
|
|
55
|
|
|||||||
|
4,603
|
|
5,309
|
|
4,510
|
|
3,054
|
|
2,506
|
|
(21,266
|
)
|
(1,284
|
)
|
|||||||
Income (loss) before income taxes
|
4,772
|
|
5,309
|
|
4,510
|
|
2,487
|
|
11,992
|
|
(21,266
|
)
|
7,804
|
|
|||||||
Income tax (expense) benefit
|
307
|
|
(16
|
)
|
39
|
|
(11
|
)
|
(2,941
|
)
|
—
|
|
(2,622
|
)
|
|||||||
Net income (loss)
|
5,079
|
|
5,293
|
|
4,549
|
|
2,476
|
|
9,051
|
|
(21,266
|
)
|
5,182
|
|
|||||||
Net (income) loss attributable to noncontrolling interests and redeemable subsidiary preferred stock
|
—
|
|
—
|
|
—
|
|
—
|
|
(103
|
)
|
—
|
|
(103
|
)
|
|||||||
Net income (loss) attributable to Comcast Corporation
|
$
|
5,079
|
|
$
|
5,293
|
|
$
|
4,549
|
|
$
|
2,476
|
|
$
|
8,948
|
|
$
|
(21,266
|
)
|
$
|
5,079
|
|
Comprehensive income (loss) attributable to Comcast Corporation
|
$
|
5,215
|
|
$
|
5,307
|
|
$
|
4,551
|
|
$
|
2,526
|
|
$
|
8,949
|
|
$
|
(21,333
|
)
|
$
|
5,215
|
|
(in millions)
|
Comcast
Parent
|
Comcast
Holdings
|
CCCL
Parent
|
NBCUniversal
Media Parent
|
Non-
Guarantor
Subsidiaries
|
Elimination
and
Consolidation
Adjustments
|
Consolidated
Comcast
Corporation
|
||||||||||||||
Revenue:
|
|
|
|
|
|
|
|
||||||||||||||
Service revenue
|
$
|
—
|
|
$
|
—
|
|
$
|
—
|
|
$
|
—
|
|
$
|
38,059
|
|
$
|
—
|
|
$
|
38,059
|
|
Management fee revenue
|
525
|
|
—
|
|
515
|
|
—
|
|
—
|
|
(1,040
|
)
|
—
|
|
|||||||
|
525
|
|
—
|
|
515
|
|
—
|
|
38,059
|
|
(1,040
|
)
|
38,059
|
|
|||||||
Costs and Expenses:
|
|
|
|
|
|
|
|
||||||||||||||
Programming and production
|
—
|
|
—
|
|
—
|
|
—
|
|
10,923
|
|
—
|
|
10,923
|
|
|||||||
Other operating and administrative
|
441
|
|
—
|
|
515
|
|
517
|
|
10,856
|
|
(1,040
|
)
|
11,289
|
|
|||||||
Advertising, marketing and promotion
|
—
|
|
—
|
|
—
|
|
—
|
|
3,025
|
|
—
|
|
3,025
|
|
|||||||
Depreciation
|
14
|
|
—
|
|
—
|
|
—
|
|
3,639
|
|
—
|
|
3,653
|
|
|||||||
Amortization
|
3
|
|
—
|
|
—
|
|
—
|
|
1,011
|
|
—
|
|
1,014
|
|
|||||||
|
458
|
|
—
|
|
515
|
|
517
|
|
29,454
|
|
(1,040
|
)
|
29,904
|
|
|||||||
Operating income (loss)
|
67
|
|
—
|
|
—
|
|
(517
|
)
|
8,605
|
|
—
|
|
8,155
|
|
|||||||
Other Income (Expense):
|
|
|
|
|
|
|
|
||||||||||||||
Interest expense
|
(929
|
)
|
(6
|
)
|
(120
|
)
|
(229
|
)
|
(151
|
)
|
—
|
|
(1,435
|
)
|
|||||||
Investment income (loss), net
|
3
|
|
1
|
|
—
|
|
(8
|
)
|
92
|
|
—
|
|
88
|
|
|||||||
Equity in net income (losses) of investees, net
|
4,720
|
|
4,539
|
|
4,241
|
|
2,585
|
|
1,905
|
|
(18,020
|
)
|
(30
|
)
|
|||||||
Other income (expense), net
|
—
|
|
—
|
|
—
|
|
117
|
|
(2
|
)
|
—
|
|
115
|
|
|||||||
|
3,794
|
|
4,534
|
|
4,121
|
|
2,465
|
|
1,844
|
|
(18,020
|
)
|
(1,262
|
)
|
|||||||
Income (loss) before income taxes
|
3,861
|
|
4,534
|
|
4,121
|
|
1,948
|
|
10,449
|
|
(18,020
|
)
|
6,893
|
|
|||||||
Income tax (expense) benefit
|
301
|
|
2
|
|
42
|
|
(13
|
)
|
(2,921
|
)
|
—
|
|
(2,589
|
)
|
|||||||
Net income (loss)
|
4,162
|
|
4,536
|
|
4,163
|
|
1,935
|
|
7,528
|
|
(18,020
|
)
|
4,304
|
|
|||||||
Net (income) loss attributable to noncontrolling interests and redeemable subsidiary preferred stock
|
—
|
|
—
|
|
—
|
|
—
|
|
(142
|
)
|
—
|
|
(142
|
)
|
|||||||
Net income (loss) attributable to Comcast Corporation
|
$
|
4,162
|
|
$
|
4,536
|
|
$
|
4,163
|
|
$
|
1,935
|
|
$
|
7,386
|
|
$
|
(18,020
|
)
|
$
|
4,162
|
|
Comprehensive income (loss) attributable to Comcast Corporation
|
$
|
4,337
|
|
$
|
4,627
|
|
$
|
4,165
|
|
$
|
2,242
|
|
$
|
7,899
|
|
$
|
(18,933
|
)
|
$
|
4,337
|
|
(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
|
$
|
(465
|
)
|
$
|
102
|
|
$
|
(116
|
)
|
$
|
(776
|
)
|
$
|
12,069
|
|
$
|
—
|
|
$
|
10,814
|
|
Investing Activities
|
|
|
|
|
|
|
|
||||||||||||||
Net transactions with affiliates
|
2,559
|
|
(102
|
)
|
666
|
|
605
|
|
(3,728
|
)
|
—
|
|
—
|
|
|||||||
Capital expenditures
|
(3
|
)
|
—
|
|
—
|
|
—
|
|
(4,402
|
)
|
—
|
|
(4,405
|
)
|
|||||||
Cash paid for intangible assets
|
(2
|
)
|
—
|
|
—
|
|
—
|
|
(834
|
)
|
—
|
|
(836
|
)
|
|||||||
Acquisitions and construction of real estate properties
|
(143
|
)
|
—
|
|
—
|
|
—
|
|
(107
|
)
|
—
|
|
(250
|
)
|
|||||||
Acquisitions, net of cash acquired
|
—
|
|
—
|
|
—
|
|
—
|
|
(398
|
)
|
—
|
|
(398
|
)
|
|||||||
Proceeds from sales of investments
|
—
|
|
—
|
|
—
|
|
10
|
|
47
|
|
—
|
|
57
|
|
|||||||
Purchases of investments
|
(20
|
)
|
—
|
|
—
|
|
(57
|
)
|
(1,748
|
)
|
—
|
|
(1,825
|
)
|
|||||||
Other
|
101
|
|
—
|
|
—
|
|
49
|
|
20
|
|
—
|
|
170
|
|
|||||||
Net cash provided by (used in) investing activities
|
2,492
|
|
(102
|
)
|
666
|
|
607
|
|
(11,150
|
)
|
—
|
|
(7,487
|
)
|
|||||||
Financing Activities
|
|
|
|
|
|
|
|
||||||||||||||
Proceeds from (repayments of) short-term borrowings, net
|
(627
|
)
|
—
|
|
—
|
|
—
|
|
(1,068
|
)
|
—
|
|
(1,695
|
)
|
|||||||
Proceeds from borrowings
|
3,500
|
|
—
|
|
—
|
|
—
|
|
5,463
|
|
—
|
|
8,963
|
|
|||||||
Repurchases and repayments of debt
|
(1,000
|
)
|
—
|
|
(550
|
)
|
(3
|
)
|
(3,414
|
)
|
—
|
|
(4,967
|
)
|
|||||||
Repurchases of common stock under repurchase program and employee plans
|
(2,476
|
)
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(2,476
|
)
|
|||||||
Dividends paid
|
(1,404
|
)
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(1,404
|
)
|
|||||||
Purchase of Universal Studios Japan noncontrolling interests
|
—
|
|
—
|
|
—
|
|
—
|
|
(2,299
|
)
|
—
|
|
(2,299
|
)
|
|||||||
Issuances of common stock
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
|||||||
Distributions to noncontrolling interests and dividends for redeemable subsidiary preferred stock
|
—
|
|
—
|
|
—
|
|
—
|
|
(137
|
)
|
—
|
|
(137
|
)
|
|||||||
Other
|
(20
|
)
|
—
|
|
—
|
|
—
|
|
100
|
|
—
|
|
80
|
|
|||||||
Net cash provided by (used in) financing activities
|
(2,027
|
)
|
—
|
|
(550
|
)
|
(3
|
)
|
(1,355
|
)
|
—
|
|
(3,935
|
)
|
|||||||
Increase (decrease) in cash and cash equivalents
|
—
|
|
—
|
|
—
|
|
(172
|
)
|
(436
|
)
|
—
|
|
(608
|
)
|
|||||||
Cash and cash equivalents, beginning of period
|
—
|
|
—
|
|
—
|
|
482
|
|
2,819
|
|
—
|
|
3,301
|
|
|||||||
Cash and cash equivalents, end of period
|
$
|
—
|
|
$
|
—
|
|
$
|
—
|
|
$
|
310
|
|
$
|
2,383
|
|
$
|
—
|
|
$
|
2,693
|
|
(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
|
$
|
(367
|
)
|
$
|
—
|
|
$
|
(84
|
)
|
$
|
(809
|
)
|
$
|
11,054
|
|
$
|
—
|
|
$
|
9,794
|
|
Investing Activities
|
|
|
|
|
|
|
|
||||||||||||||
Net transactions with affiliates
|
880
|
|
—
|
|
84
|
|
1,579
|
|
(2,543
|
)
|
—
|
|
—
|
|
|||||||
Capital expenditures
|
(7
|
)
|
—
|
|
—
|
|
—
|
|
(4,149
|
)
|
—
|
|
(4,156
|
)
|
|||||||
Cash paid for intangible assets
|
(3
|
)
|
—
|
|
—
|
|
—
|
|
(734
|
)
|
—
|
|
(737
|
)
|
|||||||
Acquisitions and construction of real estate properties
|
—
|
|
—
|
|
—
|
|
—
|
|
(211
|
)
|
—
|
|
(211
|
)
|
|||||||
Acquisitions, net of cash acquired
|
—
|
|
—
|
|
—
|
|
—
|
|
(126
|
)
|
—
|
|
(126
|
)
|
|||||||
Proceeds from sales of investments
|
—
|
|
—
|
|
—
|
|
102
|
|
36
|
|
—
|
|
138
|
|
|||||||
Purchases of investments
|
(15
|
)
|
—
|
|
—
|
|
(2
|
)
|
(563
|
)
|
—
|
|
(580
|
)
|
|||||||
Other
|
(164
|
)
|
—
|
|
—
|
|
(35
|
)
|
43
|
|
—
|
|
(156
|
)
|
|||||||
Net cash provided by (used in) investing activities
|
691
|
|
—
|
|
84
|
|
1,644
|
|
(8,247
|
)
|
—
|
|
(5,828
|
)
|
|||||||
Financing Activities
|
|
|
|
|
|
|
|
||||||||||||||
Proceeds from (repayments of) short-term borrowings, net
|
(400
|
)
|
—
|
|
—
|
|
—
|
|
605
|
|
—
|
|
205
|
|
|||||||
Proceeds from borrowings
|
4,753
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
4,753
|
|
|||||||
Repurchases and repayments of debt
|
(750
|
)
|
—
|
|
—
|
|
(1,004
|
)
|
(797
|
)
|
—
|
|
(2,551
|
)
|
|||||||
Repurchases of common stock under repurchase program and employee plans
|
(2,636
|
)
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(2,636
|
)
|
|||||||
Dividends paid
|
(1,281
|
)
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(1,281
|
)
|
|||||||
Issuances of common stock
|
19
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
19
|
|
|||||||
Distributions to noncontrolling interests and dividends for redeemable subsidiary preferred stock
|
—
|
|
—
|
|
—
|
|
—
|
|
(125
|
)
|
—
|
|
(125
|
)
|
|||||||
Other
|
(29
|
)
|
—
|
|
—
|
|
25
|
|
24
|
|
—
|
|
20
|
|
|||||||
Net cash provided by (used in) financing activities
|
(324
|
)
|
—
|
|
—
|
|
(979
|
)
|
(293
|
)
|
—
|
|
(1,596
|
)
|
|||||||
Increase (decrease) in cash and cash equivalents
|
—
|
|
—
|
|
—
|
|
(144
|
)
|
2,514
|
|
—
|
|
2,370
|
|
|||||||
Cash and cash equivalents, beginning of period
|
—
|
|
—
|
|
—
|
|
414
|
|
1,881
|
|
—
|
|
2,295
|
|
|||||||
Cash and cash equivalents, end of period
|
$
|
—
|
|
$
|
—
|
|
$
|
—
|
|
$
|
270
|
|
$
|
4,395
|
|
$
|
—
|
|
$
|
4,665
|
|
|
Three Months Ended
June 30 |
|
Increase/
(Decrease)
|
|
Six Months Ended
June 30 |
|
Increase/
(Decrease)
|
||||||||||||||
(in millions)
|
2017
|
|
2016
|
|
|
|
|
2017
|
|
2016
|
|
|
|
||||||||
Revenue
|
$
|
21,165
|
|
|
$
|
19,269
|
|
|
9.8
|
%
|
|
$
|
41,628
|
|
|
$
|
38,059
|
|
|
9.4
|
%
|
Costs and Expenses:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Programming and production
|
6,341
|
|
|
5,492
|
|
|
15.5
|
|
|
12,415
|
|
|
10,923
|
|
|
13.7
|
|
||||
Other operating and administrative
|
6,060
|
|
|
5,763
|
|
|
5.2
|
|
|
11,887
|
|
|
11,289
|
|
|
5.3
|
|
||||
Advertising, marketing and promotion
|
1,665
|
|
|
1,559
|
|
|
6.8
|
|
|
3,195
|
|
|
3,025
|
|
|
5.6
|
|
||||
Depreciation
|
1,970
|
|
|
1,868
|
|
|
5.5
|
|
|
3,885
|
|
|
3,653
|
|
|
6.4
|
|
||||
Amortization
|
571
|
|
|
521
|
|
|
9.5
|
|
|
1,158
|
|
|
1,014
|
|
|
14.1
|
|
||||
Operating income
|
4,558
|
|
|
4,066
|
|
|
12.1
|
|
|
9,088
|
|
|
8,155
|
|
|
11.4
|
|
||||
Other income (expense) items, net
|
(659
|
)
|
|
(708
|
)
|
|
(7.0
|
)
|
|
(1,284
|
)
|
|
(1,262
|
)
|
|
1.8
|
|
||||
Income before income taxes
|
3,899
|
|
|
3,358
|
|
|
16.1
|
|
|
7,804
|
|
|
6,893
|
|
|
13.2
|
|
||||
Income tax expense
|
(1,364
|
)
|
|
(1,278
|
)
|
|
6.8
|
|
|
(2,622
|
)
|
|
(2,589
|
)
|
|
1.3
|
|
||||
Net income
|
2,535
|
|
|
2,080
|
|
|
21.9
|
|
|
5,182
|
|
|
4,304
|
|
|
20.4
|
|
||||
Net (income) loss attributable to noncontrolling interests and redeemable subsidiary preferred stock
|
(22
|
)
|
|
(52
|
)
|
|
(58.7
|
)
|
|
(103
|
)
|
|
(142
|
)
|
|
(27.9
|
)
|
||||
Net income attributable to Comcast Corporation
|
$
|
2,513
|
|
|
$
|
2,028
|
|
|
23.9
|
%
|
|
$
|
5,079
|
|
|
$
|
4,162
|
|
|
22.0
|
%
|
|
Three Months Ended
June 30 |
|
Increase/
(Decrease)
|
|
Six Months Ended
June 30 |
|
Increase/
(Decrease)
|
||||||||||||||
(in millions)
|
2017
|
|
2016
|
|
|
|
2017
|
|
2016
|
|
|
||||||||||
Cable Communications
|
$
|
2,001
|
|
|
$
|
1,904
|
|
|
5.1
|
%
|
|
$
|
3,981
|
|
|
$
|
3,747
|
|
|
6.2
|
%
|
NBCUniversal
|
520
|
|
|
465
|
|
|
11.9
|
|
|
1,028
|
|
|
879
|
|
|
17.0
|
|
||||
Corporate and Other
|
20
|
|
|
20
|
|
|
(1.5
|
)
|
|
34
|
|
|
41
|
|
|
(18.6
|
)
|
||||
Total
|
$
|
2,541
|
|
|
$
|
2,389
|
|
|
6.4
|
%
|
|
$
|
5,043
|
|
|
$
|
4,667
|
|
|
8.1
|
%
|
|
Three Months Ended
June 30 |
|
Increase/
(Decrease) |
|||||||||||
(in millions)
|
2017
|
|
2016
|
|
$
|
|
%
|
|||||||
Revenue
|
|
|
|
|
|
|
|
|||||||
Residential:
|
|
|
|
|
|
|
|
|||||||
Video
|
$
|
5,797
|
|
|
$
|
5,581
|
|
|
$
|
216
|
|
|
3.9
|
%
|
High-speed Internet
|
3,679
|
|
|
3,369
|
|
|
310
|
|
|
9.2
|
|
|||
Voice
|
856
|
|
|
893
|
|
|
(37
|
)
|
|
(4.1
|
)
|
|||
Business services
|
1,531
|
|
|
1,360
|
|
|
171
|
|
|
12.6
|
|
|||
Advertising
|
574
|
|
|
586
|
|
|
(12
|
)
|
|
(2.1
|
)
|
|||
Other
|
685
|
|
|
655
|
|
|
30
|
|
|
5.0
|
|
|||
Total revenue
|
13,122
|
|
|
12,444
|
|
|
678
|
|
|
5.5
|
|
|||
Operating costs and expenses
|
|
|
|
|
|
|
|
|||||||
Programming
|
3,206
|
|
|
2,863
|
|
|
343
|
|
|
12.0
|
|
|||
Technical and product support
|
1,585
|
|
|
1,556
|
|
|
29
|
|
|
1.8
|
|
|||
Customer service
|
607
|
|
|
614
|
|
|
(7
|
)
|
|
(1.1
|
)
|
|||
Advertising, marketing and promotion
|
895
|
|
|
876
|
|
|
19
|
|
|
2.1
|
|
|||
Franchise and other regulatory fees
|
382
|
|
|
370
|
|
|
12
|
|
|
3.3
|
|
|||
Other
|
1,127
|
|
|
1,117
|
|
|
10
|
|
|
1.0
|
|
|||
Total operating costs and expenses
|
7,802
|
|
|
7,396
|
|
|
406
|
|
|
5.5
|
|
|||
Adjusted EBITDA
|
$
|
5,320
|
|
|
$
|
5,048
|
|
|
$
|
272
|
|
|
5.4
|
%
|
|
Six Months Ended
June 30 |
|
Increase/
(Decrease)
|
|||||||||||
(in millions)
|
2017
|
|
2016
|
|
$
|
|
%
|
|||||||
Revenue
|
|
|
|
|
|
|
|
|||||||
Residential:
|
|
|
|
|
|
|
|
|||||||
Video
|
$
|
11,571
|
|
|
$
|
11,119
|
|
|
$
|
452
|
|
|
4.1
|
%
|
High-speed Internet
|
7,285
|
|
|
6,644
|
|
|
641
|
|
|
9.6
|
|
|||
Voice
|
1,719
|
|
|
1,789
|
|
|
(70
|
)
|
|
(3.9
|
)
|
|||
Business services
|
3,021
|
|
|
2,671
|
|
|
350
|
|
|
13.1
|
|
|||
Advertising
|
1,086
|
|
|
1,132
|
|
|
(46
|
)
|
|
(4.1
|
)
|
|||
Other
|
1,352
|
|
|
1,293
|
|
|
59
|
|
|
4.7
|
|
|||
Total revenue
|
26,034
|
|
|
24,648
|
|
|
1,386
|
|
|
5.6
|
|
|||
Operating costs and expenses
|
|
|
|
|
|
|
|
|||||||
Programming
|
6,434
|
|
|
5,754
|
|
|
680
|
|
|
11.8
|
|
|||
Technical and product support
|
3,145
|
|
|
3,074
|
|
|
71
|
|
|
2.3
|
|
|||
Customer service
|
1,228
|
|
|
1,242
|
|
|
(14
|
)
|
|
(1.1
|
)
|
|||
Advertising, marketing and promotion
|
1,754
|
|
|
1,712
|
|
|
42
|
|
|
2.4
|
|
|||
Franchise and other regulatory fees
|
763
|
|
|
735
|
|
|
28
|
|
|
3.8
|
|
|||
Other
|
2,192
|
|
|
2,194
|
|
|
(2
|
)
|
|
—
|
|
|||
Total operating costs and expenses
|
15,516
|
|
|
14,711
|
|
|
805
|
|
|
5.5
|
|
|||
Adjusted EBITDA
|
$
|
10,518
|
|
|
$
|
9,937
|
|
|
$
|
581
|
|
|
5.8
|
%
|
|
Total Customers
|
Net Additional Customers
|
||||||||||||
|
June 30
|
Three Months Ended
June 30 |
Six Months Ended
June 30 |
|||||||||||
(in thousands, except per customer amounts)
|
2017
|
2016
|
2017
|
2016
|
2017
|
2016
|
||||||||
Video
|
|
|
|
|
|
|
||||||||
Video residential customers
|
21,475
|
|
21,401
|
|
(45
|
)
|
(21
|
)
|
(13
|
)
|
17
|
|
||
Video business services customers
|
1,040
|
|
994
|
|
11
|
|
17
|
|
21
|
|
32
|
|
||
Total video customers
|
22,516
|
|
22,396
|
|
(34
|
)
|
(4
|
)
|
8
|
|
49
|
|
||
High-Speed Internet
|
|
|
|
|
|
|
||||||||
High-speed Internet residential customers
|
23,364
|
|
22,189
|
|
140
|
|
176
|
|
537
|
|
579
|
|
||
High-speed Internet business services customers
|
1,942
|
|
1,797
|
|
35
|
|
43
|
|
67
|
|
79
|
|
||
Total high-speed Internet customers
|
25,306
|
|
23,987
|
|
175
|
|
220
|
|
604
|
|
658
|
|
||
Voice
|
|
|
|
|
|
|
||||||||
Voice residential customers
|
10,470
|
|
10,551
|
|
(50
|
)
|
35
|
|
(76
|
)
|
114
|
|
||
Voice business services customers
|
1,189
|
|
1,090
|
|
27
|
|
29
|
|
49
|
|
51
|
|
||
Total voice customers
|
11,659
|
|
11,641
|
|
(22
|
)
|
64
|
|
(28
|
)
|
165
|
|
||
Security and Automation
|
|
|
|
|
|
|
||||||||
Security and automation customers
|
1,028
|
|
737
|
|
71
|
|
70
|
|
137
|
|
125
|
|
||
|
|
|
|
|
|
|
||||||||
Customer Relationships
|
|
|
|
|
|
|
||||||||
Residential customer relationships
|
26,874
|
|
26,138
|
|
77
|
|
73
|
|
341
|
|
310
|
|
||
Business services customer relationships
|
2,115
|
|
1,964
|
|
37
|
|
43
|
|
71
|
|
77
|
|
||
Total customer relationships
|
28,989
|
|
28,101
|
|
114
|
|
116
|
|
412
|
|
386
|
|
||
Residential customer relationships mix
|
|
|
|
|
|
|
||||||||
Single product customers
|
7,931
|
|
7,671
|
|
70
|
|
(10
|
)
|
174
|
|
24
|
|
||
Double product customers
|
8,945
|
|
8,585
|
|
8
|
|
13
|
|
148
|
|
106
|
|
||
Triple and quad product customers
|
9,998
|
|
9,882
|
|
—
|
|
70
|
|
18
|
|
179
|
|
||
Average monthly total revenue per customer relationship
|
$
|
151.19
|
|
$
|
147.90
|
|
|
|
|
|
|
Three Months Ended
June 30 |
|
Increase/
(Decrease)
|
||||||||||
(in millions)
|
2017
|
|
2016
|
|
$
|
%
|
|||||||
Revenue
|
|
|
|
|
|
|
|||||||
Cable Networks
|
$
|
2,696
|
|
|
$
|
2,566
|
|
|
$
|
130
|
|
5.1
|
%
|
Broadcast Television
|
2,241
|
|
|
2,128
|
|
|
113
|
|
5.3
|
|
|||
Filmed Entertainment
|
2,155
|
|
|
1,351
|
|
|
804
|
|
59.6
|
|
|||
Theme Parks
|
1,314
|
|
|
1,136
|
|
|
178
|
|
15.6
|
|
|||
Headquarters, other and eliminations
|
(75
|
)
|
|
(78
|
)
|
|
3
|
|
NM
|
|
|||
Total revenue
|
$
|
8,331
|
|
|
$
|
7,103
|
|
|
$
|
1,228
|
|
17.3
|
%
|
Adjusted EBITDA
|
|
|
|
|
|
|
|||||||
Cable Networks
|
$
|
1,055
|
|
|
$
|
944
|
|
|
$
|
111
|
|
11.7
|
%
|
Broadcast Television
|
416
|
|
|
394
|
|
|
22
|
|
5.5
|
|
|||
Filmed Entertainment
|
285
|
|
|
56
|
|
|
229
|
|
407.4
|
|
|||
Theme Parks
|
551
|
|
|
469
|
|
|
82
|
|
17.3
|
|
|||
Headquarters, other and eliminations
|
(236
|
)
|
|
(174
|
)
|
|
(62
|
)
|
NM
|
|
|||
Total Adjusted EBITDA
|
$
|
2,071
|
|
|
$
|
1,689
|
|
|
$
|
382
|
|
22.6
|
%
|
|
Six Months Ended
June 30 |
|
Increase/
(Decrease)
|
||||||||||
(in millions)
|
2017
|
|
2016
|
|
$
|
%
|
|||||||
Revenue
|
|
|
|
|
|
|
|||||||
Cable Networks
|
$
|
5,337
|
|
|
$
|
5,019
|
|
|
$
|
318
|
|
6.3
|
%
|
Broadcast Television
|
4,449
|
|
|
4,212
|
|
|
237
|
|
5.6
|
|
|||
Filmed Entertainment
|
4,136
|
|
|
2,734
|
|
|
1,402
|
|
51.3
|
|
|||
Theme Parks
|
2,432
|
|
|
2,162
|
|
|
270
|
|
12.5
|
|
|||
Headquarters, other and eliminations
|
(155
|
)
|
|
(163
|
)
|
|
8
|
|
NM
|
|
|||
Total revenue
|
$
|
16,199
|
|
|
$
|
13,964
|
|
|
$
|
2,235
|
|
16.0
|
%
|
Adjusted EBITDA
|
|
|
|
|
|
|
|||||||
Cable Networks
|
$
|
2,171
|
|
|
$
|
1,900
|
|
|
$
|
271
|
|
14.2
|
%
|
Broadcast Television
|
738
|
|
|
678
|
|
|
60
|
|
8.8
|
|
|||
Filmed Entertainment
|
653
|
|
|
223
|
|
|
430
|
|
192.7
|
|
|||
Theme Parks
|
948
|
|
|
844
|
|
|
104
|
|
12.3
|
|
|||
Headquarters, other and eliminations
|
(422
|
)
|
|
(334
|
)
|
|
(88
|
)
|
NM
|
|
|||
Total Adjusted EBITDA
|
$
|
4,088
|
|
|
$
|
3,311
|
|
|
$
|
777
|
|
23.5
|
%
|
|
Three Months Ended
June 30 |
|
Increase/
(Decrease) |
||||||||||
(in millions)
|
2017
|
|
2016
|
|
$
|
%
|
|||||||
Revenue
|
|
|
|
|
|
|
|||||||
Distribution
|
$
|
1,550
|
|
|
$
|
1,434
|
|
|
$
|
116
|
|
8.1
|
%
|
Advertising
|
906
|
|
|
914
|
|
|
(8
|
)
|
(0.9
|
)
|
|||
Content licensing and other
|
240
|
|
|
218
|
|
|
22
|
|
10.5
|
|
|||
Total revenue
|
2,696
|
|
|
2,566
|
|
|
130
|
|
5.1
|
|
|||
Operating costs and expenses
|
|
|
|
|
|
|
|||||||
Programming and production
|
1,197
|
|
|
1,194
|
|
|
3
|
|
0.3
|
|
|||
Other operating and administrative
|
325
|
|
|
313
|
|
|
12
|
|
4.1
|
|
|||
Advertising, marketing and promotion
|
119
|
|
|
115
|
|
|
4
|
|
3.6
|
|
|||
Total operating costs and expenses
|
1,641
|
|
|
1,622
|
|
|
19
|
|
1.2
|
|
|||
Adjusted EBITDA
|
$
|
1,055
|
|
|
$
|
944
|
|
|
$
|
111
|
|
11.7
|
%
|
|
Six Months Ended
June 30 |
|
Increase/
(Decrease)
|
||||||||||
(in millions)
|
2017
|
|
2016
|
|
$
|
%
|
|||||||
Revenue
|
|
|
|
|
|
|
|||||||
Distribution
|
$
|
3,112
|
|
|
$
|
2,872
|
|
|
$
|
240
|
|
8.3
|
%
|
Advertising
|
1,732
|
|
|
1,765
|
|
|
(33
|
)
|
(1.9
|
)
|
|||
Content licensing and other
|
493
|
|
|
382
|
|
|
111
|
|
29.2
|
|
|||
Total revenue
|
5,337
|
|
|
5,019
|
|
|
318
|
|
6.3
|
|
|||
Operating costs and expenses
|
|
|
|
|
|
|
|||||||
Programming and production
|
2,280
|
|
|
2,252
|
|
|
28
|
|
1.3
|
|
|||
Other operating and administrative
|
646
|
|
|
620
|
|
|
26
|
|
4.2
|
|
|||
Advertising, marketing and promotion
|
240
|
|
|
247
|
|
|
(7
|
)
|
(2.8
|
)
|
|||
Total operating costs and expenses
|
3,166
|
|
|
3,119
|
|
|
47
|
|
1.5
|
|
|||
Adjusted EBITDA
|
$
|
2,171
|
|
|
$
|
1,900
|
|
|
$
|
271
|
|
14.2
|
%
|
|
Three Months Ended
June 30 |
|
Increase/
(Decrease) |
||||||||||
(in millions)
|
2017
|
|
2016
|
|
$
|
%
|
|||||||
Revenue
|
|
|
|
|
|
|
|||||||
Advertising
|
$
|
1,270
|
|
|
$
|
1,285
|
|
|
$
|
(15
|
)
|
(1.2
|
)%
|
Content licensing
|
523
|
|
|
512
|
|
|
11
|
|
2.1
|
|
|||
Distribution and other
|
448
|
|
|
331
|
|
|
117
|
|
36.1
|
|
|||
Total revenue
|
2,241
|
|
|
2,128
|
|
|
113
|
|
5.3
|
|
|||
Operating costs and expenses
|
|
|
|
|
|
|
|||||||
Programming and production
|
1,352
|
|
|
1,304
|
|
|
48
|
|
3.7
|
|
|||
Other operating and administrative
|
349
|
|
|
335
|
|
|
14
|
|
4.8
|
|
|||
Advertising, marketing and promotion
|
124
|
|
|
95
|
|
|
29
|
|
29.3
|
|
|||
Total operating costs and expenses
|
1,825
|
|
|
1,734
|
|
|
91
|
|
5.3
|
|
|||
Adjusted EBITDA
|
$
|
416
|
|
|
$
|
394
|
|
|
$
|
22
|
|
5.5
|
%
|
|
Six Months Ended
June 30 |
|
Increase/
(Decrease)
|
||||||||||
(in millions)
|
2017
|
|
2016
|
|
$
|
%
|
|||||||
Revenue
|
|
|
|
|
|
|
|||||||
Advertising
|
$
|
2,549
|
|
|
$
|
2,560
|
|
|
$
|
(11
|
)
|
(0.5
|
)%
|
Content licensing
|
1,026
|
|
|
1,002
|
|
|
24
|
|
2.4
|
|
|||
Distribution and other
|
874
|
|
|
650
|
|
|
224
|
|
34.7
|
|
|||
Total revenue
|
4,449
|
|
|
4,212
|
|
|
237
|
|
5.6
|
|
|||
Operating costs and expenses
|
|
|
|
|
|
|
|||||||
Programming and production
|
2,784
|
|
|
2,667
|
|
|
117
|
|
4.4
|
|
|||
Other operating and administrative
|
685
|
|
|
653
|
|
|
32
|
|
5.2
|
|
|||
Advertising, marketing and promotion
|
242
|
|
|
214
|
|
|
28
|
|
12.7
|
|
|||
Total operating costs and expenses
|
3,711
|
|
|
3,534
|
|
|
177
|
|
5.0
|
|
|||
Adjusted EBITDA
|
$
|
738
|
|
|
$
|
678
|
|
|
$
|
60
|
|
8.8
|
%
|
|
Three Months Ended
June 30 |
|
Increase/
(Decrease) |
||||||||||
(in millions)
|
2017
|
|
2016
|
|
$
|
%
|
|||||||
Revenue
|
|
|
|
|
|
|
|||||||
Theatrical
|
$
|
837
|
|
|
$
|
297
|
|
|
$
|
540
|
|
181.2
|
%
|
Content licensing
|
683
|
|
|
598
|
|
|
85
|
|
14.1
|
|
|||
Home entertainment
|
344
|
|
|
241
|
|
|
103
|
|
42.6
|
|
|||
Other
|
291
|
|
|
215
|
|
|
76
|
|
37.1
|
|
|||
Total revenue
|
2,155
|
|
|
1,351
|
|
|
804
|
|
59.6
|
|
|||
Operating costs and expenses
|
|
|
|
|
|
|
|||||||
Programming and production
|
1,088
|
|
|
628
|
|
|
460
|
|
73.2
|
|
|||
Other operating and administrative
|
332
|
|
|
227
|
|
|
105
|
|
48.0
|
|
|||
Advertising, marketing and promotion
|
450
|
|
|
440
|
|
|
10
|
|
2.0
|
|
|||
Total operating costs and expenses
|
1,870
|
|
|
1,295
|
|
|
575
|
|
44.6
|
|
|||
Adjusted EBITDA
|
$
|
285
|
|
|
$
|
56
|
|
|
$
|
229
|
|
407.4
|
%
|
|
Six Months Ended
June 30 |
|
Increase/
(Decrease)
|
||||||||||
(in millions)
|
2017
|
|
2016
|
|
$
|
%
|
|||||||
Revenue
|
|
|
|
|
|
|
|||||||
Theatrical
|
$
|
1,488
|
|
|
$
|
533
|
|
|
$
|
955
|
|
179.0
|
%
|
Content licensing
|
1,414
|
|
|
1,250
|
|
|
164
|
|
13.1
|
|
|||
Home entertainment
|
643
|
|
|
516
|
|
|
127
|
|
24.6
|
|
|||
Other
|
591
|
|
|
435
|
|
|
156
|
|
36.5
|
|
|||
Total revenue
|
4,136
|
|
|
2,734
|
|
|
1,402
|
|
51.3
|
|
|||
Operating costs and expenses
|
|
|
|
|
|
|
|||||||
Programming and production
|
1,963
|
|
|
1,250
|
|
|
713
|
|
57.0
|
|
|||
Other operating and administrative
|
662
|
|
|
436
|
|
|
226
|
|
52.4
|
|
|||
Advertising, marketing and promotion
|
858
|
|
|
825
|
|
|
33
|
|
3.9
|
|
|||
Total operating costs and expenses
|
3,483
|
|
|
2,511
|
|
|
972
|
|
38.8
|
|
|||
Adjusted EBITDA
|
$
|
653
|
|
|
$
|
223
|
|
|
$
|
430
|
|
192.7
|
%
|
|
Three Months Ended
June 30 |
|
Increase/
(Decrease) |
||||||||||
(in millions)
|
2017
|
|
2016
|
|
$
|
%
|
|||||||
Revenue
|
$
|
1,314
|
|
|
$
|
1,136
|
|
|
$
|
178
|
|
15.6
|
%
|
Operating costs and expenses
|
763
|
|
|
667
|
|
|
96
|
|
14.4
|
|
|||
Adjusted EBITDA
|
$
|
551
|
|
|
$
|
469
|
|
|
$
|
82
|
|
17.3
|
%
|
|
Six Months Ended
June 30 |
|
Increase/
(Decrease) |
||||||||||
(in millions)
|
2017
|
|
2016
|
|
$
|
%
|
|||||||
Revenue
|
$
|
2,432
|
|
|
$
|
2,162
|
|
|
$
|
270
|
|
12.5
|
%
|
Operating costs and expenses
|
1,484
|
|
|
1,318
|
|
|
166
|
|
12.6
|
|
|||
Adjusted EBITDA
|
$
|
948
|
|
|
$
|
844
|
|
|
$
|
104
|
|
12.3
|
%
|
|
Three Months Ended
June 30 |
|
Increase/
(Decrease)
|
|||||||||||
(in millions)
|
2017
|
|
2016
|
|
$
|
|
%
|
|||||||
Revenue
|
$
|
205
|
|
|
$
|
180
|
|
|
$
|
25
|
|
|
14.4
|
%
|
Operating costs and expenses
|
507
|
|
|
471
|
|
|
36
|
|
|
7.8
|
|
|||
Adjusted EBITDA
|
$
|
(302
|
)
|
|
$
|
(291
|
)
|
|
$
|
(11
|
)
|
|
(3.7
|
)%
|
|
|
|
|
|
|
|
|
|||||||
|
Six Months Ended
June 30 |
|
Increase/
(Decrease) |
|||||||||||
(in millions)
|
2017
|
|
2016
|
|
$
|
|
%
|
|||||||
Revenue
|
$
|
413
|
|
|
$
|
379
|
|
|
$
|
34
|
|
|
9.1
|
%
|
Operating costs and expenses
|
909
|
|
|
824
|
|
|
85
|
|
|
10.4
|
|
|||
Adjusted EBITDA
|
$
|
(496
|
)
|
|
$
|
(445
|
)
|
|
$
|
(51
|
)
|
|
(11.5
|
)%
|
|
Three Months Ended
June 30 |
|
Six Months Ended
June 30 |
||||||||||||
(in millions)
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Interest expense
|
$
|
(758
|
)
|
|
$
|
(732
|
)
|
|
$
|
(1,513
|
)
|
|
$
|
(1,435
|
)
|
Investment income (loss), net
|
64
|
|
|
58
|
|
|
123
|
|
|
88
|
|
||||
Equity in net income (losses) of investees, net
|
15
|
|
|
(19
|
)
|
|
51
|
|
|
(30
|
)
|
||||
Other income (expense), net
|
20
|
|
|
(15
|
)
|
|
55
|
|
|
115
|
|
||||
Total
|
$
|
(659
|
)
|
|
$
|
(708
|
)
|
|
$
|
(1,284
|
)
|
|
$
|
(1,262
|
)
|
|
Three Months Ended
June 30 |
|
Six Months Ended
June 30 |
||||||||||||
(in millions)
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Atairos
|
$
|
42
|
|
|
$
|
(12
|
)
|
|
$
|
99
|
|
|
$
|
(27
|
)
|
Hulu
|
$
|
(52
|
)
|
|
$
|
(40
|
)
|
|
$
|
(106
|
)
|
|
$
|
(65
|
)
|
|
Six Months Ended
June 30 |
||||||
(in millions)
|
2017
|
|
2016
|
||||
Operating income
|
$
|
9,088
|
|
|
$
|
8,155
|
|
Depreciation and amortization
|
5,043
|
|
|
4,667
|
|
||
Noncash share-based compensation
|
391
|
|
|
331
|
|
||
Changes in operating assets and liabilities
|
(243
|
)
|
|
(558
|
)
|
||
Payments of interest
|
(1,372
|
)
|
|
(1,235
|
)
|
||
Payments of income taxes
|
(2,209
|
)
|
|
(1,685
|
)
|
||
Other
|
116
|
|
|
119
|
|
||
Net cash provided by operating activities
|
$
|
10,814
|
|
|
$
|
9,794
|
|
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) |
||||||||
April 1-30, 2017
|
—
|
|
|
$
|
—
|
|
—
|
|
$
|
—
|
|
$
|
11,250,000,006
|
|
May 1-31, 2017
|
16,575,436
|
|
|
$
|
38.07
|
|
16,575,436
|
|
$
|
631,090,407
|
|
$
|
10,618,909,599
|
|
June 1-30, 2017
|
18,575,005
|
|
|
$
|
40.38
|
|
18,575,005
|
|
$
|
750,000,000
|
|
$
|
9,868,909,599
|
|
Total
|
35,150,441
|
|
|
$
|
39.29
|
|
35,150,441
|
|
$
|
1,381,090,407
|
|
$
|
9,868,909,599
|
|
(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.
We expect to make $2.9 billion more in repurchases under this authorization during the remainder of
2017
,
subject to market conditions.
|
Exhibit
No.
|
|
Description
|
|
Amended and restated By-Laws of Comcast Corporation, effective May 10, 2017 (incorporated by reference to Exhibit 3.1 to the Current Report on Form 8-K filed on May 12, 2017).
|
|
|
Employment Agreement between Comcast Corporation and Brian L. Roberts, dated as of June 30, 2017.
|
|
|
Amendment No. 18 to Employment Agreement between Comcast Corporation and Brian L. Roberts, dated as of July 26, 2017.
|
|
|
Wireless Operational Cooperation Agreement dated as of May 5, 2017 between Comcast Corporation and Charter Communications, Inc. (incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K filed on May 8, 2017).
|
|
|
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 and six months ended June 30, 2017, filed with the Securities and Exchange Commission on July 27, 2017, formatted in XBRL (eXtensible Business Reporting Language): (i) the Condensed Consolidated Balance Sheet; (ii) the Condensed Consolidated Statement of Income; (iii) the Condensed Consolidated Statement of Comprehensive Income; (iv) the Condensed Consolidated Statement of Cash Flows; (v) the Condensed Consolidated Statement of Changes in Equity; and (vi) the Notes to Condensed Consolidated Financial Statements.
|
*
Constitutes a management contract or compensatory plan or arrangement.
|
Exhibit
No.
|
|
Description
|
|
Loan Agreement dated as of May 1, 2017, among USJ Co., Ltd., the financial institutions party thereto (the “lenders”) and Sumitomo Mitusi Banking Corporation, as agent (incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K filed on May 3, 2017).
|
|
|
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 and six months ended June 30, 2017, filed with the Securities and Exchange Commission on July 27, 2017, formatted in XBRL (eXtensible Business Reporting Language): (i) the Condensed Consolidated Balance Sheet; (ii) the Condensed Consolidated Statement of Income; (iii) the Condensed Consolidated Statement of Comprehensive Income; (iv) the Condensed Consolidated Statement of Cash Flows; (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
|
(in millions)
|
June 30,
2017 |
|
December 31,
2016 |
||||
Assets
|
|
|
|
||||
Current Assets:
|
|
|
|
||||
Cash and cash equivalents
|
$
|
1,844
|
|
|
$
|
1,966
|
|
Receivables, net
|
6,319
|
|
|
6,302
|
|
||
Programming rights
|
1,625
|
|
|
1,241
|
|
||
Other current assets
|
1,496
|
|
|
938
|
|
||
Total current assets
|
11,284
|
|
|
10,447
|
|
||
Film and television costs
|
6,590
|
|
|
7,245
|
|
||
Investments
|
1,890
|
|
|
1,263
|
|
||
Property and equipment, net of accumulated depreciation of $3,773 and $3,350
|
10,845
|
|
|
10,511
|
|
||
Goodwill
|
23,946
|
|
|
23,323
|
|
||
Intangible assets, net of accumulated amortization of $7,105 and $6,568
|
13,555
|
|
|
13,777
|
|
||
Other noncurrent assets, net
|
1,697
|
|
|
1,688
|
|
||
Total assets
|
$
|
69,807
|
|
|
$
|
68,254
|
|
Liabilities and Equity
|
|
|
|
||||
Current Liabilities:
|
|
|
|
||||
Accounts payable and accrued expenses related to trade creditors
|
$
|
1,490
|
|
|
$
|
1,647
|
|
Accrued participations and residuals
|
1,882
|
|
|
1,726
|
|
||
Program obligations
|
600
|
|
|
807
|
|
||
Deferred revenue
|
1,357
|
|
|
1,016
|
|
||
Accrued expenses and other current liabilities
|
1,914
|
|
|
1,888
|
|
||
Note payable to Comcast
|
2,981
|
|
|
2,703
|
|
||
Current portion of long-term debt
|
194
|
|
|
127
|
|
||
Total current liabilities
|
10,418
|
|
|
9,914
|
|
||
Long-term debt, less current portion
|
12,149
|
|
|
11,461
|
|
||
Accrued participations, residuals and program obligations
|
1,196
|
|
|
1,202
|
|
||
Other noncurrent liabilities
|
4,117
|
|
|
4,130
|
|
||
Commitments and contingencies
|
|
|
|
||||
Redeemable noncontrolling interests
|
512
|
|
|
530
|
|
||
Equity:
|
|
|
|
||||
Member’s capital
|
40,411
|
|
|
39,036
|
|
||
Accumulated other comprehensive income (loss)
|
56
|
|
|
(135
|
)
|
||
Total NBCUniversal member’s equity
|
40,467
|
|
|
38,901
|
|
||
Noncontrolling interests
|
948
|
|
|
2,116
|
|
||
Total equity
|
41,415
|
|
|
41,017
|
|
||
Total liabilities and equity
|
$
|
69,807
|
|
|
$
|
68,254
|
|
|
Three Months Ended
June 30 |
|
Six Months Ended
June 30 |
||||||||||||
(in millions)
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Revenue
|
$
|
8,331
|
|
|
$
|
7,103
|
|
|
$
|
16,199
|
|
|
$
|
13,964
|
|
Costs and Expenses:
|
|
|
|
|
|
|
|
||||||||
Programming and production
|
3,587
|
|
|
3,037
|
|
|
6,900
|
|
|
6,002
|
|
||||
Other operating and administrative
|
1,895
|
|
|
1,652
|
|
|
3,727
|
|
|
3,247
|
|
||||
Advertising, marketing and promotion
|
778
|
|
|
725
|
|
|
1,484
|
|
|
1,404
|
|
||||
Depreciation
|
265
|
|
|
223
|
|
|
496
|
|
|
415
|
|
||||
Amortization
|
255
|
|
|
242
|
|
|
532
|
|
|
464
|
|
||||
|
6,780
|
|
|
5,879
|
|
|
13,139
|
|
|
11,532
|
|
||||
Operating income
|
1,551
|
|
|
1,224
|
|
|
3,060
|
|
|
2,432
|
|
||||
Other Income (Expense):
|
|
|
|
|
|
|
|
||||||||
Interest expense
|
(149
|
)
|
|
(146
|
)
|
|
(292
|
)
|
|
(293
|
)
|
||||
Investment income (loss), net
|
10
|
|
|
8
|
|
|
24
|
|
|
14
|
|
||||
Equity in net income (losses) of investees, net
|
(29
|
)
|
|
(19
|
)
|
|
(55
|
)
|
|
(21
|
)
|
||||
Other income (expense), net
|
4
|
|
|
(18
|
)
|
|
15
|
|
|
97
|
|
||||
|
(164
|
)
|
|
(175
|
)
|
|
(308
|
)
|
|
(203
|
)
|
||||
Income before income taxes
|
1,387
|
|
|
1,049
|
|
|
2,752
|
|
|
2,229
|
|
||||
Income tax expense
|
(99
|
)
|
|
(74
|
)
|
|
(191
|
)
|
|
(172
|
)
|
||||
Net income
|
1,288
|
|
|
975
|
|
|
2,561
|
|
|
2,057
|
|
||||
Net (income) loss attributable to noncontrolling interests
|
(12
|
)
|
|
(42
|
)
|
|
(85
|
)
|
|
(122
|
)
|
||||
Net income attributable to NBCUniversal
|
$
|
1,276
|
|
|
$
|
933
|
|
|
$
|
2,476
|
|
|
$
|
1,935
|
|
|
Three Months Ended
June 30 |
|
Six Months Ended
June 30 |
||||||||||||
(in millions)
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Net income
|
$
|
1,288
|
|
|
$
|
975
|
|
|
$
|
2,561
|
|
|
$
|
2,057
|
|
Unrealized gains (losses) on marketable securities, net
|
(140
|
)
|
|
—
|
|
|
(139
|
)
|
|
—
|
|
||||
Deferred gains (losses) on cash flow hedges, net
|
(8
|
)
|
|
6
|
|
|
(22
|
)
|
|
(12
|
)
|
||||
Employee benefit obligations, net
|
(2
|
)
|
|
—
|
|
|
104
|
|
|
4
|
|
||||
Currency translation adjustments, net
|
(11
|
)
|
|
307
|
|
|
189
|
|
|
602
|
|
||||
Comprehensive income
|
1,127
|
|
|
1,288
|
|
|
2,693
|
|
|
2,651
|
|
||||
Net (income) loss attributable to noncontrolling interests
|
(12
|
)
|
|
(42
|
)
|
|
(85
|
)
|
|
(122
|
)
|
||||
Other comprehensive (income) loss attributable to noncontrolling interests
|
5
|
|
|
(150
|
)
|
|
(82
|
)
|
|
(287
|
)
|
||||
Comprehensive income attributable to NBCUniversal
|
$
|
1,120
|
|
|
$
|
1,096
|
|
|
$
|
2,526
|
|
|
$
|
2,242
|
|
|
Six Months Ended
June 30 |
||||||
(in millions)
|
2017
|
|
2016
|
||||
Net cash provided by operating activities
|
$
|
3,526
|
|
|
$
|
2,478
|
|
Investing Activities
|
|
|
|
||||
Capital expenditures
|
(623
|
)
|
|
(655
|
)
|
||
Cash paid for intangible assets
|
(128
|
)
|
|
(114
|
)
|
||
Acquisitions of real estate properties
|
—
|
|
|
(78
|
)
|
||
Proceeds from sales of investments
|
10
|
|
|
102
|
|
||
Other
|
(241
|
)
|
|
(107
|
)
|
||
Net cash provided by (used in) investing activities
|
(982
|
)
|
|
(852
|
)
|
||
Financing Activities
|
|
|
|
||||
Proceeds from borrowings
|
3,948
|
|
|
—
|
|
||
Repurchases and repayments of debt
|
(3,402
|
)
|
|
(1,083
|
)
|
||
Proceeds from (repayments of) borrowings from Comcast, net
|
278
|
|
|
134
|
|
||
Distributions to member
|
(1,141
|
)
|
|
(853
|
)
|
||
Distributions to noncontrolling interests
|
(116
|
)
|
|
(104
|
)
|
||
Purchase of Universal Studios Japan noncontrolling interests
|
(2,299
|
)
|
|
—
|
|
||
Other
|
66
|
|
|
25
|
|
||
Net cash provided by (used in) financing activities
|
(2,666
|
)
|
|
(1,881
|
)
|
||
Increase (decrease) in cash and cash equivalents
|
(122
|
)
|
|
(255
|
)
|
||
Cash and cash equivalents, beginning of period
|
1,966
|
|
|
1,410
|
|
||
Cash and cash equivalents, end of period
|
$
|
1,844
|
|
|
$
|
1,155
|
|
(in millions)
|
Redeemable
Noncontrolling Interests |
|
Member’s
Capital |
|
Accumulated
Other Comprehensive Income (Loss) |
|
Noncontrolling
Interests |
|
Total Equity
|
||||||||||
Balance, December 31, 2015
|
$
|
372
|
|
|
$
|
32,834
|
|
|
$
|
(212
|
)
|
|
$
|
1,681
|
|
|
$
|
34,303
|
|
Dividends declared
|
|
|
(853
|
)
|
|
|
|
|
|
(853
|
)
|
||||||||
Contributions from (distributions to) noncontrolling interests, net
|
(29
|
)
|
|
|
|
|
|
(75
|
)
|
|
(75
|
)
|
|||||||
Other comprehensive income (loss)
|
|
|
|
|
307
|
|
|
287
|
|
|
594
|
|
|||||||
Other
|
|
|
5
|
|
|
|
|
155
|
|
|
160
|
|
|||||||
Net income (loss)
|
24
|
|
|
1,935
|
|
|
|
|
98
|
|
|
2,033
|
|
||||||
Balance, June 30, 2016
|
$
|
367
|
|
|
$
|
33,921
|
|
|
$
|
95
|
|
|
$
|
2,146
|
|
|
$
|
36,162
|
|
Balance, December 31, 2016
|
$
|
530
|
|
|
$
|
39,036
|
|
|
$
|
(135
|
)
|
|
$
|
2,116
|
|
|
$
|
41,017
|
|
Dividends declared
|
|
|
(1,141
|
)
|
|
|
|
|
|
(1,141
|
)
|
||||||||
Contributions from (distributions to) noncontrolling interests, net
|
(46
|
)
|
|
|
|
|
|
(55
|
)
|
|
(55
|
)
|
|||||||
Contribution from member
|
|
|
662
|
|
|
|
|
|
|
|
|
662
|
|
||||||
Other comprehensive income (loss)
|
|
|
|
|
|
50
|
|
|
82
|
|
|
132
|
|
||||||
Purchase of Universal Studios Japan noncontrolling interests
|
|
|
(704
|
)
|
|
141
|
|
|
(1,736
|
)
|
|
(2,299
|
)
|
||||||
Other
|
10
|
|
|
82
|
|
|
|
|
474
|
|
|
556
|
|
||||||
Net income (loss)
|
18
|
|
|
2,476
|
|
|
|
|
67
|
|
|
2,543
|
|
||||||
Balance, June 30, 2017
|
$
|
512
|
|
|
$
|
40,411
|
|
|
$
|
56
|
|
|
$
|
948
|
|
|
$
|
41,415
|
|
Allocation of Purchase Price
|
|||
(in millions)
|
|
||
Film and television costs
|
$
|
854
|
|
Intangible assets
|
396
|
|
|
Working capital
|
163
|
|
|
Debt
|
(381
|
)
|
|
Tax receivable agreement
(a)
|
(146
|
)
|
|
Other noncurrent assets and liabilities and other
(b)
|
435
|
|
|
Identifiable net assets (liabilities) acquired
|
1,321
|
|
|
Noncontrolling interests
|
(337
|
)
|
|
Goodwill
|
2,789
|
|
|
Cash consideration transferred
|
$
|
3,773
|
|
(a)
|
The tax receivable agreement was settled immediately following the acquisition and the payment was recorded as an operating activity in our condensed consolidated statement of cash flows in the third quarter of 2016. Comcast made a separate cash capital contribution of
$146 million
to fund the settlement which was recorded as a financing activity in our condensed consolidated statement of cash flows in the third quarter of 2016.
|
(b)
|
Other included
$289 million
recorded to member’s capital that represented deferred income tax assets and other tax-related items recorded by Comcast but excluded from the net assets contributed to us.
|
(in millions)
|
June 30,
2017 |
|
December 31,
2016 |
||||
Transactions with Comcast and Consolidated Subsidiaries
|
|
|
|
||||
Receivables, net
|
$
|
324
|
|
|
$
|
285
|
|
Accounts payable and accrued expenses related to trade creditors
|
$
|
39
|
|
|
$
|
55
|
|
Accrued expenses and other current liabilities
|
$
|
26
|
|
|
$
|
4
|
|
Note payable to Comcast
|
$
|
2,981
|
|
|
$
|
2,703
|
|
Other noncurrent liabilities
|
$
|
389
|
|
|
$
|
389
|
|
|
Three Months Ended
June 30 |
|
Six Months Ended
June 30 |
||||||||||||
(in millions)
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Transactions with Comcast and Consolidated Subsidiaries
|
|
|
|
|
|
|
|
||||||||
Revenue
|
$
|
460
|
|
|
$
|
406
|
|
|
$
|
919
|
|
|
$
|
813
|
|
Operating costs and expenses
|
$
|
(49
|
)
|
|
$
|
(44
|
)
|
|
$
|
(110
|
)
|
|
$
|
(104
|
)
|
Other income (expense)
|
$
|
(28
|
)
|
|
$
|
(17
|
)
|
|
$
|
(47
|
)
|
|
$
|
(30
|
)
|
(in millions)
|
June 30,
2017 |
|
December 31,
2016 |
||||
Film Costs:
|
|
|
|
||||
Released, less amortization
|
$
|
1,949
|
|
|
$
|
1,750
|
|
Completed, not released
|
93
|
|
|
50
|
|
||
In production and in development
|
813
|
|
|
1,310
|
|
||
|
2,855
|
|
|
3,110
|
|
||
Television Costs:
|
|
|
|
||||
Released, less amortization
|
1,888
|
|
|
1,953
|
|
||
In production and in development
|
751
|
|
|
853
|
|
||
|
2,639
|
|
|
2,806
|
|
||
Programming rights, less amortization
|
2,721
|
|
|
2,570
|
|
||
|
8,215
|
|
|
8,486
|
|
||
Less: Current portion of programming rights
|
1,625
|
|
|
1,241
|
|
||
Film and television costs
|
$
|
6,590
|
|
|
$
|
7,245
|
|
(in millions)
|
June 30,
2017 |
|
December 31,
2016 |
||||
Fair Value Method:
|
|
|
|
|
|
||
Snap
|
$
|
522
|
|
|
$
|
—
|
|
Other
|
3
|
|
|
6
|
|
||
|
525
|
|
|
6
|
|
||
Equity Method:
|
|
|
|
|
|
||
Hulu
|
218
|
|
|
225
|
|
||
Other
|
415
|
|
|
336
|
|
||
|
633
|
|
|
561
|
|
||
Cost Method:
|
|
|
|
|
|
||
BuzzFeed
|
400
|
|
|
400
|
|
||
Other
|
351
|
|
|
296
|
|
||
|
751
|
|
|
696
|
|
||
Total investments
|
1,909
|
|
|
1,263
|
|
||
Less: Current investments
|
19
|
|
|
—
|
|
||
Noncurrent investments
|
$
|
1,890
|
|
|
$
|
1,263
|
|
|
Three Months Ended
June 30 |
|
Six Months Ended
June 30 |
||||||||||||
(in millions)
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Restricted share units
|
$
|
34
|
|
|
$
|
27
|
|
|
$
|
54
|
|
|
$
|
45
|
|
Stock options
|
5
|
|
|
2
|
|
|
7
|
|
|
4
|
|
||||
Employee stock purchase plans
|
1
|
|
|
2
|
|
|
4
|
|
|
5
|
|
||||
Total
|
$
|
40
|
|
|
$
|
31
|
|
|
$
|
65
|
|
|
$
|
54
|
|
(in millions)
|
June 30,
2017 |
|
December 31,
2016 |
||||
Receivables, gross
|
$
|
6,738
|
|
|
$
|
6,799
|
|
Less: Allowance for returns and customer incentives
|
341
|
|
|
413
|
|
||
Less: Allowance for doubtful accounts
|
78
|
|
|
84
|
|
||
Receivables, net
|
$
|
6,319
|
|
|
$
|
6,302
|
|
(in millions)
|
June 30,
2017 |
|
June 30,
2016 |
||||
Unrealized gains (losses) on marketable securities
|
$
|
(139
|
)
|
|
$
|
—
|
|
Deferred gains (losses) on cash flow hedges
|
1
|
|
|
(13
|
)
|
||
Unrecognized gains (losses) on employee benefit obligations
|
118
|
|
|
3
|
|
||
Cumulative translation adjustments
|
76
|
|
|
105
|
|
||
Accumulated other comprehensive income (loss)
|
$
|
56
|
|
|
$
|
95
|
|
|
Six Months Ended
June 30 |
||||||
(in millions)
|
2017
|
|
2016
|
||||
Net income
|
$
|
2,561
|
|
|
$
|
2,057
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
||||
Depreciation and amortization
|
1,028
|
|
|
879
|
|
||
Equity in net (income) losses of investees, net
|
55
|
|
|
21
|
|
||
Cash received from investees
|
44
|
|
|
31
|
|
||
Net (gain) loss on investment activity and other
|
(26
|
)
|
|
(92
|
)
|
||
Deferred income taxes
|
19
|
|
|
64
|
|
||
Changes in operating assets and liabilities, net of effects of acquisitions and divestitures:
|
|
|
|
||||
Current and noncurrent receivables, net
|
(95
|
)
|
|
145
|
|
||
Film and television costs, net
|
275
|
|
|
(179
|
)
|
||
Accounts payable and accrued expenses related to trade creditors
|
(220
|
)
|
|
(185
|
)
|
||
Other operating assets and liabilities
|
(115
|
)
|
|
(263
|
)
|
||
Net cash provided by operating activities
|
$
|
3,526
|
|
|
$
|
2,478
|
|
|
Three Months Ended
June 30 |
|
Six Months Ended
June 30 |
||||||||||||
(in millions)
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Interest
|
$
|
210
|
|
|
$
|
219
|
|
|
$
|
287
|
|
|
$
|
285
|
|
Income taxes
|
$
|
97
|
|
|
$
|
63
|
|
|
$
|
149
|
|
|
$
|
122
|
|
•
|
we acquired
$294 million
of property and equipment and intangible assets that were accrued but unpaid
|
•
|
Comcast contributed its investment in Snap to us at its fair value as of March 31, 2017, which was a noncash transaction (see Note 6 for additional information)
|
•
|
Cable Networks:
Consists primarily of our national cable networks, our regional sports and news networks, our international cable networks, and our cable television studio production operations.
|
•
|
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, and our broadcast television studio production operations.
|
•
|
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, Focus Features and DreamWorks Animation names.
|
•
|
Theme Parks:
Consists primarily of our Universal theme parks in Orlando, Florida; Hollywood, California; and Osaka, Japan.
|
|
Three Months Ended June 30, 2017
|
|||||||||||||||||
(in millions)
|
Revenue
(c)
|
Adjusted EBITDA
(d)
|
Depreciation
and Amortization
|
Operating
Income (Loss)
|
Capital
Expenditures
|
Cash Paid for Intangible Assets
|
||||||||||||
Cable Networks
|
$
|
2,696
|
|
$
|
1,055
|
|
$
|
181
|
|
$
|
874
|
|
$
|
8
|
|
$
|
4
|
|
Broadcast Television
|
2,241
|
|
416
|
|
31
|
|
385
|
|
30
|
|
4
|
|
||||||
Filmed Entertainment
|
2,155
|
|
285
|
|
26
|
|
259
|
|
19
|
|
6
|
|
||||||
Theme Parks
|
1,314
|
|
551
|
|
186
|
|
365
|
|
243
|
|
26
|
|
||||||
Headquarters and Other
(a)
|
9
|
|
(235
|
)
|
96
|
|
(331
|
)
|
38
|
|
33
|
|
||||||
Eliminations
(b)
|
(84
|
)
|
(1
|
)
|
—
|
|
(1
|
)
|
—
|
|
—
|
|
||||||
Total
|
$
|
8,331
|
|
$
|
2,071
|
|
$
|
520
|
|
$
|
1,551
|
|
$
|
338
|
|
$
|
73
|
|
|
Three Months Ended June 30, 2016
|
|||||||||||||||||
(in millions)
|
Revenue
(c)
|
Adjusted EBITDA
(d)
|
Depreciation
and Amortization
|
Operating
Income (Loss)
|
Capital
Expenditures
|
Cash Paid for Intangible Assets
|
||||||||||||
Cable Networks
|
$
|
2,566
|
|
$
|
944
|
|
$
|
187
|
|
$
|
757
|
|
$
|
7
|
|
$
|
3
|
|
Broadcast Television
|
2,128
|
|
394
|
|
30
|
|
364
|
|
30
|
|
3
|
|
||||||
Filmed Entertainment
|
1,351
|
|
56
|
|
12
|
|
44
|
|
5
|
|
3
|
|
||||||
Theme Parks
|
1,136
|
|
469
|
|
145
|
|
324
|
|
240
|
|
20
|
|
||||||
Headquarters and Other
(a)
|
6
|
|
(175
|
)
|
91
|
|
(266
|
)
|
78
|
|
33
|
|
||||||
Eliminations
(b)
|
(84
|
)
|
1
|
|
—
|
|
1
|
|
—
|
|
—
|
|
||||||
Total
|
$
|
7,103
|
|
$
|
1,689
|
|
$
|
465
|
|
$
|
1,224
|
|
$
|
360
|
|
$
|
62
|
|
|
Six Months Ended June 30, 2017
|
|||||||||||||||||
(in millions)
|
Revenue
(c)
|
Adjusted EBITDA
(d)
|
Depreciation
and Amortization
|
Operating
Income (Loss)
|
Capital
Expenditures
|
Cash Paid for Intangible Assets
|
||||||||||||
Cable Networks
|
$
|
5,337
|
|
$
|
2,171
|
|
$
|
395
|
|
$
|
1,776
|
|
$
|
10
|
|
$
|
7
|
|
Broadcast Television
|
4,449
|
|
738
|
|
63
|
|
675
|
|
59
|
|
7
|
|
||||||
Filmed Entertainment
|
4,136
|
|
653
|
|
47
|
|
606
|
|
29
|
|
11
|
|
||||||
Theme Parks
|
2,432
|
|
948
|
|
328
|
|
620
|
|
472
|
|
39
|
|
||||||
Headquarters and Other
(a)
|
17
|
|
(420
|
)
|
195
|
|
(615
|
)
|
53
|
|
64
|
|
||||||
Eliminations
(b)
|
(172
|
)
|
(2
|
)
|
—
|
|
(2
|
)
|
—
|
|
—
|
|
||||||
Total
|
$
|
16,199
|
|
$
|
4,088
|
|
$
|
1,028
|
|
$
|
3,060
|
|
$
|
623
|
|
$
|
128
|
|
|
Six Months Ended June 30, 2016
|
|||||||||||||||||
(in millions)
|
Revenue
(c)
|
Adjusted EBITDA
(d)
|
Depreciation
and Amortization
|
Operating
Income (Loss)
|
Capital
Expenditures
|
Cash Paid for Intangible Assets
|
||||||||||||
Cable Networks
|
$
|
5,019
|
|
$
|
1,900
|
|
$
|
377
|
|
$
|
1,523
|
|
$
|
8
|
|
$
|
4
|
|
Broadcast Television
|
4,212
|
|
678
|
|
62
|
|
616
|
|
49
|
|
6
|
|
||||||
Filmed Entertainment
|
2,734
|
|
223
|
|
20
|
|
203
|
|
8
|
|
6
|
|
||||||
Theme Parks
|
2,162
|
|
844
|
|
243
|
|
601
|
|
440
|
|
29
|
|
||||||
Headquarters and Other
(a)
|
9
|
|
(335
|
)
|
177
|
|
(512
|
)
|
150
|
|
69
|
|
||||||
Eliminations
(b)
|
(172
|
)
|
1
|
|
—
|
|
1
|
|
—
|
|
—
|
|
||||||
Total
|
$
|
13,964
|
|
$
|
3,311
|
|
$
|
879
|
|
$
|
2,432
|
|
$
|
655
|
|
$
|
114
|
|
(a)
|
Headquarters and Other activities include costs associated with overhead, allocations, personnel costs and headquarter initiatives.
|
(b)
|
Included in Eliminations are transactions that our segments enter into with one another, which consist primarily of the licensing of film and television content from our Filmed Entertainment and Broadcast Television segments to our Cable Networks segment.
|
(c)
|
No single customer accounted for a significant amount of revenue in any period.
|
(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) loss attributable to noncontrolling interests, income tax expense, other income (expense) items, net, and depreciation and amortization, and excluding impairment charges related to fixed and intangible assets and gains or losses on the sale of long-lived assets, if any. Other income (expense) items, net include interest expense, investment income (loss), equity in net income (losses) of investees, and other income (expense), net (as stated in our condensed consolidated statement of income). This measure eliminates the significant level of noncash amortization expense that results from intangible assets recognized in business combinations. Additionally, it is unaffected by our capital and tax structures and by our investment activities. We use this measure to evaluate our consolidated operating performance and the operating performance of our operating segments and to allocate resources and capital to our operating segments. It is also a significant performance measure in our annual incentive compensation programs. We believe that this measure is useful to investors because it is one of the bases for comparing our operating performance with that of other companies in our industries, although our measure may not be directly comparable to similar measures used by other companies. This measure should not be considered a substitute for operating income (loss), net income (loss), net income (loss) attributable to NBCUniversal, net cash provided by operating activities, or other measures of performance or liquidity we have reported in accordance with GAAP. 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
June 30 |
|
Six Months Ended
June 30 |
||||||||||||
(in millions)
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Adjusted EBITDA
|
$
|
2,071
|
|
|
$
|
1,689
|
|
|
$
|
4,088
|
|
|
$
|
3,311
|
|
Depreciation
|
(265
|
)
|
|
(223
|
)
|
|
(496
|
)
|
|
(415
|
)
|
||||
Amortization
|
(255
|
)
|
|
(242
|
)
|
|
(532
|
)
|
|
(464
|
)
|
||||
Other income (expense) items, net
|
(164
|
)
|
|
(175
|
)
|
|
(308
|
)
|
|
(203
|
)
|
||||
Income before income taxes
|
$
|
1,387
|
|
|
$
|
1,049
|
|
|
$
|
2,752
|
|
|
$
|
2,229
|
|
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
|