0.0270.0251700000000false--12-31Q22019000116669100009027395130600000049940000005246700000054240000000.010.010.010.017500000000750000007500000000750000005389309175944437554083320219444375451651814794443754535540993944437514194000000859000000015894000000913800000020000000016000000001200000030000002000000110000001400000080000007000000400000044000000300000060000001800000030000005000000200000050000000000200000002000000000872791028872791028 0001166691 2019-01-01 2019-06-30 0001166691 cmcsa:ExchangeableSubordinatedDebentures2.0PercentDue2029Member 2019-01-01 2019-06-30 0001166691 cmcsa:GuaranteedNotes9.455PercentDue2022Member 2019-01-01 2019-06-30 0001166691 us-gaap:CommonClassAMember 2019-01-01 2019-06-30 0001166691 cmcsa:Notes5.50PercentDue2029Member 2019-01-01 2019-06-30 0001166691 cmcsa:NBCUniversalMediaLLCMember 2019-01-01 2019-06-30 0001166691 us-gaap:CommonClassBMember 2019-06-30 0001166691 us-gaap:CommonClassAMember 2019-06-30 0001166691 2018-04-01 2018-06-30 0001166691 2018-01-01 2018-06-30 0001166691 2019-04-01 2019-06-30 0001166691 2019-06-30 0001166691 2018-06-30 0001166691 2018-12-31 0001166691 2017-12-31 0001166691 us-gaap:CommonClassBMember 2018-12-31 0001166691 us-gaap:CommonClassAMember 2018-12-31 0001166691 cmcsa:NBCUniversalMediaLLCMember 2018-12-31 0001166691 cmcsa:NBCUniversalMediaLLCMember 2019-06-30 0001166691 cmcsa:RedeemableNoncontrollingInterestsAndRedeemableSubsidiaryPreferredStockMember 2019-01-01 2019-06-30 0001166691 us-gaap:RetainedEarningsMember 2019-04-01 2019-06-30 0001166691 us-gaap:AdditionalPaidInCapitalMember 2019-01-01 2019-06-30 0001166691 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2018-06-30 0001166691 us-gaap:NoncontrollingInterestMember 2019-03-31 0001166691 us-gaap:RetainedEarningsMember 2018-01-01 2018-06-30 0001166691 us-gaap:RetainedEarningsMember 2018-04-01 0001166691 cmcsa:RedeemableNoncontrollingInterestsAndRedeemableSubsidiaryPreferredStockMember 2017-12-31 0001166691 us-gaap:NoncontrollingInterestMember 2019-01-01 2019-06-30 0001166691 us-gaap:RetainedEarningsMember 2019-01-01 0001166691 cmcsa:RedeemableNoncontrollingInterestsAndRedeemableSubsidiaryPreferredStockMember 2018-04-01 2018-06-30 0001166691 us-gaap:AdditionalPaidInCapitalMember 2018-03-31 0001166691 us-gaap:TreasuryStockMember 2019-06-30 0001166691 us-gaap:RetainedEarningsMember 2019-01-01 2019-06-30 0001166691 us-gaap:TreasuryStockMember 2017-12-31 0001166691 us-gaap:NoncontrollingInterestMember 2018-01-01 2018-06-30 0001166691 cmcsa:RedeemableNoncontrollingInterestsAndRedeemableSubsidiaryPreferredStockMember 2019-04-01 2019-06-30 0001166691 us-gaap:AdditionalPaidInCapitalMember 2019-04-01 2019-06-30 0001166691 us-gaap:CommonClassAMember us-gaap:CommonStockMember 2019-06-30 0001166691 us-gaap:AdditionalPaidInCapitalMember 2018-06-30 0001166691 us-gaap:TreasuryStockMember 2019-03-31 0001166691 us-gaap:AdditionalPaidInCapitalMember 2018-04-01 2018-06-30 0001166691 cmcsa:RedeemableNoncontrollingInterestsAndRedeemableSubsidiaryPreferredStockMember 2019-03-31 0001166691 cmcsa:RedeemableNoncontrollingInterestsAndRedeemableSubsidiaryPreferredStockMember 2018-03-31 0001166691 cmcsa:RedeemableNoncontrollingInterestsAndRedeemableSubsidiaryPreferredStockMember 2018-12-31 0001166691 us-gaap:CommonClassAMember us-gaap:CommonStockMember 2018-04-01 2018-06-30 0001166691 us-gaap:RetainedEarningsMember 2019-06-30 0001166691 us-gaap:TreasuryStockMember 2018-03-31 0001166691 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2018-04-01 0001166691 us-gaap:AdditionalPaidInCapitalMember 2019-06-30 0001166691 us-gaap:AdditionalPaidInCapitalMember 2019-03-31 0001166691 us-gaap:NoncontrollingInterestMember 2019-04-01 2019-06-30 0001166691 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2018-03-31 0001166691 us-gaap:AdditionalPaidInCapitalMember 2017-12-31 0001166691 us-gaap:NoncontrollingInterestMember 2018-04-01 2018-06-30 0001166691 cmcsa:RedeemableNoncontrollingInterestsAndRedeemableSubsidiaryPreferredStockMember 2018-06-30 0001166691 us-gaap:NoncontrollingInterestMember 2018-12-31 0001166691 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-06-30 0001166691 us-gaap:CommonClassAMember us-gaap:CommonStockMember 2018-06-30 0001166691 us-gaap:TreasuryStockMember 2018-06-30 0001166691 us-gaap:RetainedEarningsMember 2019-03-31 0001166691 us-gaap:CommonClassAMember us-gaap:CommonStockMember 2019-03-31 0001166691 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2018-01-01 0001166691 us-gaap:NoncontrollingInterestMember 2018-06-30 0001166691 cmcsa:RedeemableNoncontrollingInterestsAndRedeemableSubsidiaryPreferredStockMember 2018-01-01 2018-06-30 0001166691 us-gaap:CommonClassAMember us-gaap:CommonStockMember 2018-01-01 2018-06-30 0001166691 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-01-01 2019-06-30 0001166691 us-gaap:NoncontrollingInterestMember 2017-12-31 0001166691 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2017-12-31 0001166691 us-gaap:RetainedEarningsMember 2017-12-31 0001166691 us-gaap:CommonClassAMember us-gaap:CommonStockMember 2019-04-01 2019-06-30 0001166691 us-gaap:AdditionalPaidInCapitalMember 2018-01-01 2018-06-30 0001166691 us-gaap:RetainedEarningsMember 2018-06-30 0001166691 us-gaap:NoncontrollingInterestMember 2019-06-30 0001166691 us-gaap:CommonClassAMember us-gaap:CommonStockMember 2017-12-31 0001166691 us-gaap:CommonClassAMember us-gaap:CommonStockMember 2018-03-31 0001166691 us-gaap:NoncontrollingInterestMember 2018-03-31 0001166691 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-01-01 0001166691 us-gaap:AdditionalPaidInCapitalMember 2018-12-31 0001166691 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2018-01-01 2018-06-30 0001166691 us-gaap:TreasuryStockMember 2018-12-31 0001166691 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2018-12-31 0001166691 cmcsa:RedeemableNoncontrollingInterestsAndRedeemableSubsidiaryPreferredStockMember 2019-06-30 0001166691 us-gaap:RetainedEarningsMember 2018-04-01 2018-06-30 0001166691 us-gaap:RetainedEarningsMember 2018-03-31 0001166691 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-04-01 0001166691 us-gaap:CommonClassAMember us-gaap:CommonStockMember 2019-01-01 2019-06-30 0001166691 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-03-31 0001166691 us-gaap:RetainedEarningsMember 2018-01-01 0001166691 us-gaap:RetainedEarningsMember 2019-04-01 0001166691 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-04-01 2019-06-30 0001166691 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2018-04-01 2018-06-30 0001166691 us-gaap:CommonClassAMember us-gaap:CommonStockMember 2018-12-31 0001166691 us-gaap:RetainedEarningsMember 2018-12-31 0001166691 cmcsa:SkyLimitedMember 2018-10-09 2018-10-09 0001166691 us-gaap:MaterialReconcilingItemsMember cmcsa:NBCUniversalSegmentsMember 2018-04-01 2018-06-30 0001166691 us-gaap:MaterialReconcilingItemsMember 2018-04-01 2018-06-30 0001166691 us-gaap:OperatingSegmentsMember cmcsa:BroadcastTelevisionMember 2018-04-01 2018-06-30 0001166691 us-gaap:OperatingSegmentsMember cmcsa:CableNetworksMember 2018-04-01 2018-06-30 0001166691 us-gaap:OperatingSegmentsMember cmcsa:FilmedEntertainmentMember 2018-04-01 2018-06-30 0001166691 cmcsa:NBCUniversalSegmentsMember 2018-04-01 2018-06-30 0001166691 us-gaap:CorporateNonSegmentMember cmcsa:NBCUniversalSegmentsMember 2018-04-01 2018-06-30 0001166691 us-gaap:OperatingSegmentsMember cmcsa:ThemeParksMember 2018-04-01 2018-06-30 0001166691 us-gaap:OperatingSegmentsMember cmcsa:CableCommunicationsMember 2018-04-01 2018-06-30 0001166691 us-gaap:CorporateNonSegmentMember 2018-04-01 2018-06-30 0001166691 us-gaap:MaterialReconcilingItemsMember cmcsa:NBCUniversalSegmentsMember 2019-01-01 2019-06-30 0001166691 us-gaap:OperatingSegmentsMember cmcsa:ThemeParksMember 2019-01-01 2019-06-30 0001166691 us-gaap:OperatingSegmentsMember cmcsa:CableCommunicationsMember 2019-01-01 2019-06-30 0001166691 cmcsa:NBCUniversalSegmentsMember 2019-01-01 2019-06-30 0001166691 us-gaap:MaterialReconcilingItemsMember 2019-01-01 2019-06-30 0001166691 us-gaap:OperatingSegmentsMember cmcsa:CableNetworksMember 2019-01-01 2019-06-30 0001166691 us-gaap:OperatingSegmentsMember cmcsa:FilmedEntertainmentMember 2019-01-01 2019-06-30 0001166691 us-gaap:OperatingSegmentsMember cmcsa:SkyLimitedMember 2019-01-01 2019-06-30 0001166691 us-gaap:OperatingSegmentsMember cmcsa:BroadcastTelevisionMember 2019-01-01 2019-06-30 0001166691 us-gaap:CorporateNonSegmentMember 2019-01-01 2019-06-30 0001166691 us-gaap:CorporateNonSegmentMember cmcsa:NBCUniversalSegmentsMember 2019-01-01 2019-06-30 0001166691 us-gaap:CorporateNonSegmentMember 2018-01-01 2018-06-30 0001166691 us-gaap:CorporateNonSegmentMember cmcsa:NBCUniversalSegmentsMember 2018-01-01 2018-06-30 0001166691 cmcsa:NBCUniversalSegmentsMember 2018-01-01 2018-06-30 0001166691 us-gaap:MaterialReconcilingItemsMember cmcsa:NBCUniversalSegmentsMember 2018-01-01 2018-06-30 0001166691 us-gaap:OperatingSegmentsMember cmcsa:CableCommunicationsMember 2018-01-01 2018-06-30 0001166691 us-gaap:OperatingSegmentsMember cmcsa:ThemeParksMember 2018-01-01 2018-06-30 0001166691 us-gaap:OperatingSegmentsMember cmcsa:BroadcastTelevisionMember 2018-01-01 2018-06-30 0001166691 us-gaap:MaterialReconcilingItemsMember 2018-01-01 2018-06-30 0001166691 us-gaap:OperatingSegmentsMember cmcsa:FilmedEntertainmentMember 2018-01-01 2018-06-30 0001166691 us-gaap:OperatingSegmentsMember cmcsa:CableNetworksMember 2018-01-01 2018-06-30 0001166691 us-gaap:OperatingSegmentsMember cmcsa:BroadcastTelevisionMember 2019-04-01 2019-06-30 0001166691 us-gaap:OperatingSegmentsMember cmcsa:CableNetworksMember 2019-04-01 2019-06-30 0001166691 us-gaap:OperatingSegmentsMember cmcsa:FilmedEntertainmentMember 2019-04-01 2019-06-30 0001166691 us-gaap:CorporateNonSegmentMember 2019-04-01 2019-06-30 0001166691 us-gaap:MaterialReconcilingItemsMember cmcsa:NBCUniversalSegmentsMember 2019-04-01 2019-06-30 0001166691 cmcsa:NBCUniversalSegmentsMember 2019-04-01 2019-06-30 0001166691 us-gaap:OperatingSegmentsMember cmcsa:CableCommunicationsMember 2019-04-01 2019-06-30 0001166691 us-gaap:OperatingSegmentsMember cmcsa:ThemeParksMember 2019-04-01 2019-06-30 0001166691 us-gaap:OperatingSegmentsMember cmcsa:SkyLimitedMember 2019-04-01 2019-06-30 0001166691 us-gaap:MaterialReconcilingItemsMember 2019-04-01 2019-06-30 0001166691 us-gaap:CorporateNonSegmentMember cmcsa:NBCUniversalSegmentsMember 2019-04-01 2019-06-30 0001166691 cmcsa:OtherGeographicLocationsMember 2019-04-01 2019-06-30 0001166691 country:US 2019-01-01 2019-06-30 0001166691 srt:EuropeMember 2018-01-01 2018-06-30 0001166691 srt:EuropeMember 2018-04-01 2018-06-30 0001166691 country:US 2018-04-01 2018-06-30 0001166691 country:US 2018-01-01 2018-06-30 0001166691 country:US 2019-04-01 2019-06-30 0001166691 srt:EuropeMember 2019-04-01 2019-06-30 0001166691 cmcsa:OtherGeographicLocationsMember 2019-01-01 2019-06-30 0001166691 srt:EuropeMember 2019-01-01 2019-06-30 0001166691 cmcsa:OtherGeographicLocationsMember 2018-01-01 2018-06-30 0001166691 cmcsa:OtherGeographicLocationsMember 2018-04-01 2018-06-30 0001166691 cmcsa:ResidentialVoiceMember cmcsa:CableCommunicationsMember 2018-01-01 2018-06-30 0001166691 us-gaap:AdvertisingMember cmcsa:BroadcastTelevisionMember 2019-01-01 2019-06-30 0001166691 cmcsa:CableCommunicationsMember 2018-04-01 2018-06-30 0001166691 cmcsa:ResidentialVoiceMember cmcsa:CableCommunicationsMember 2019-01-01 2019-06-30 0001166691 cmcsa:OtherMember cmcsa:CableCommunicationsMember 2019-04-01 2019-06-30 0001166691 cmcsa:DistributionAndOtherMember cmcsa:BroadcastTelevisionMember 2019-04-01 2019-06-30 0001166691 cmcsa:DistributionMember cmcsa:CableNetworksMember 2018-04-01 2018-06-30 0001166691 cmcsa:FilmedEntertainmentMember 2019-01-01 2019-06-30 0001166691 us-gaap:AdvertisingMember cmcsa:CableNetworksMember 2019-04-01 2019-06-30 0001166691 cmcsa:SkyLimitedMember 2019-04-01 2019-06-30 0001166691 cmcsa:ThemeParksMember 2019-01-01 2019-06-30 0001166691 us-gaap:AccountingStandardsUpdate201602Member 2019-01-01 2019-06-30 0001166691 cmcsa:DistributionMember cmcsa:CableNetworksMember 2019-01-01 2019-06-30 0001166691 us-gaap:AdvertisingMember cmcsa:CableNetworksMember 2018-01-01 2018-06-30 0001166691 cmcsa:ResidentialHighSpeedInternetMember cmcsa:CableCommunicationsMember 2019-01-01 2019-06-30 0001166691 cmcsa:BroadcastTelevisionMember 2018-04-01 2018-06-30 0001166691 cmcsa:DirectToConsumerMember cmcsa:SkyLimitedMember 2018-04-01 2018-06-30 0001166691 cmcsa:FilmedEntertainmentMember 2019-04-01 2019-06-30 0001166691 cmcsa:ResidentialWirelessMember cmcsa:CableCommunicationsMember 2018-04-01 2018-06-30 0001166691 cmcsa:ContentLicensingMember cmcsa:BroadcastTelevisionMember 2019-01-01 2019-06-30 0001166691 us-gaap:AdvertisingMember cmcsa:SkyLimitedMember 2019-01-01 2019-06-30 0001166691 cmcsa:TheatricalMember cmcsa:FilmedEntertainmentMember 2018-01-01 2018-06-30 0001166691 cmcsa:CableNetworksMember 2019-01-01 2019-06-30 0001166691 cmcsa:ResidentialVideoMember cmcsa:CableCommunicationsMember 2019-01-01 2019-06-30 0001166691 cmcsa:ResidentialVoiceMember cmcsa:CableCommunicationsMember 2018-04-01 2018-06-30 0001166691 cmcsa:ContentMember cmcsa:SkyLimitedMember 2018-04-01 2018-06-30 0001166691 cmcsa:ContentLicensingAndOtherMember cmcsa:CableNetworksMember 2018-04-01 2018-06-30 0001166691 cmcsa:DistributionMember cmcsa:CableNetworksMember 2018-01-01 2018-06-30 0001166691 cmcsa:DirectToConsumerMember cmcsa:SkyLimitedMember 2019-01-01 2019-06-30 0001166691 cmcsa:OtherMember cmcsa:FilmedEntertainmentMember 2018-01-01 2018-06-30 0001166691 us-gaap:AdvertisingMember cmcsa:BroadcastTelevisionMember 2019-04-01 2019-06-30 0001166691 us-gaap:AdvertisingMember cmcsa:SkyLimitedMember 2018-01-01 2018-06-30 0001166691 cmcsa:HomeEntertainmentMember cmcsa:FilmedEntertainmentMember 2019-01-01 2019-06-30 0001166691 us-gaap:AdvertisingMember cmcsa:SkyLimitedMember 2018-04-01 2018-06-30 0001166691 cmcsa:SkyLimitedMember 2018-04-01 2018-06-30 0001166691 cmcsa:ResidentialVoiceMember cmcsa:CableCommunicationsMember 2019-04-01 2019-06-30 0001166691 cmcsa:OtherMember cmcsa:CableCommunicationsMember 2018-04-01 2018-06-30 0001166691 cmcsa:ContentMember cmcsa:SkyLimitedMember 2019-01-01 2019-06-30 0001166691 cmcsa:ResidentialWirelessMember cmcsa:CableCommunicationsMember 2019-01-01 2019-06-30 0001166691 cmcsa:DirectToConsumerMember cmcsa:SkyLimitedMember 2019-04-01 2019-06-30 0001166691 cmcsa:CableCommunicationsMember 2019-04-01 2019-06-30 0001166691 cmcsa:ResidentialWirelessMember cmcsa:CableCommunicationsMember 2018-01-01 2018-06-30 0001166691 cmcsa:OtherMember cmcsa:FilmedEntertainmentMember 2019-04-01 2019-06-30 0001166691 cmcsa:CableCommunicationsMember 2018-01-01 2018-06-30 0001166691 cmcsa:SkyLimitedMember 2019-01-01 2019-06-30 0001166691 cmcsa:HomeEntertainmentMember cmcsa:FilmedEntertainmentMember 2019-04-01 2019-06-30 0001166691 us-gaap:AdvertisingMember cmcsa:SkyLimitedMember 2019-04-01 2019-06-30 0001166691 cmcsa:ContentLicensingAndOtherMember cmcsa:CableNetworksMember 2019-04-01 2019-06-30 0001166691 cmcsa:BusinessServicesMember cmcsa:CableCommunicationsMember 2019-01-01 2019-06-30 0001166691 cmcsa:OtherMember cmcsa:CableCommunicationsMember 2019-01-01 2019-06-30 0001166691 cmcsa:CableNetworksMember 2019-04-01 2019-06-30 0001166691 cmcsa:ResidentialHighSpeedInternetMember cmcsa:CableCommunicationsMember 2019-04-01 2019-06-30 0001166691 cmcsa:ThemeParksMember 2018-04-01 2018-06-30 0001166691 cmcsa:DistributionMember cmcsa:CableNetworksMember 2019-04-01 2019-06-30 0001166691 cmcsa:ContentLicensingMember cmcsa:FilmedEntertainmentMember 2019-04-01 2019-06-30 0001166691 us-gaap:AdvertisingMember cmcsa:CableCommunicationsMember 2019-01-01 2019-06-30 0001166691 cmcsa:HomeEntertainmentMember cmcsa:FilmedEntertainmentMember 2018-04-01 2018-06-30 0001166691 cmcsa:DistributionAndOtherMember cmcsa:BroadcastTelevisionMember 2018-01-01 2018-06-30 0001166691 cmcsa:TheatricalMember cmcsa:FilmedEntertainmentMember 2019-01-01 2019-06-30 0001166691 cmcsa:OtherMember cmcsa:FilmedEntertainmentMember 2018-04-01 2018-06-30 0001166691 cmcsa:DirectToConsumerMember cmcsa:SkyLimitedMember 2018-01-01 2018-06-30 0001166691 cmcsa:ContentLicensingMember cmcsa:BroadcastTelevisionMember 2019-04-01 2019-06-30 0001166691 cmcsa:ContentLicensingMember cmcsa:BroadcastTelevisionMember 2018-01-01 2018-06-30 0001166691 cmcsa:FilmedEntertainmentMember 2018-01-01 2018-06-30 0001166691 cmcsa:BroadcastTelevisionMember 2019-04-01 2019-06-30 0001166691 cmcsa:ResidentialVideoMember cmcsa:CableCommunicationsMember 2018-01-01 2018-06-30 0001166691 us-gaap:AdvertisingMember cmcsa:BroadcastTelevisionMember 2018-04-01 2018-06-30 0001166691 cmcsa:DistributionAndOtherMember cmcsa:BroadcastTelevisionMember 2019-01-01 2019-06-30 0001166691 cmcsa:CableNetworksMember 2018-04-01 2018-06-30 0001166691 cmcsa:SkyLimitedMember 2018-01-01 2018-06-30 0001166691 cmcsa:ResidentialVideoMember cmcsa:CableCommunicationsMember 2018-04-01 2018-06-30 0001166691 cmcsa:ThemeParksMember 2019-04-01 2019-06-30 0001166691 cmcsa:TheatricalMember cmcsa:FilmedEntertainmentMember 2018-04-01 2018-06-30 0001166691 cmcsa:BroadcastTelevisionMember 2019-01-01 2019-06-30 0001166691 cmcsa:ContentLicensingMember cmcsa:FilmedEntertainmentMember 2019-01-01 2019-06-30 0001166691 cmcsa:CableNetworksMember 2018-01-01 2018-06-30 0001166691 cmcsa:ResidentialVideoMember cmcsa:CableCommunicationsMember 2019-04-01 2019-06-30 0001166691 cmcsa:ResidentialWirelessMember cmcsa:CableCommunicationsMember 2019-04-01 2019-06-30 0001166691 cmcsa:ContentLicensingMember cmcsa:FilmedEntertainmentMember 2018-04-01 2018-06-30 0001166691 cmcsa:DistributionAndOtherMember cmcsa:BroadcastTelevisionMember 2018-04-01 2018-06-30 0001166691 cmcsa:OtherMember cmcsa:FilmedEntertainmentMember 2019-01-01 2019-06-30 0001166691 cmcsa:ContentLicensingMember cmcsa:BroadcastTelevisionMember 2018-04-01 2018-06-30 0001166691 cmcsa:TheatricalMember cmcsa:FilmedEntertainmentMember 2019-04-01 2019-06-30 0001166691 us-gaap:AdvertisingMember cmcsa:CableCommunicationsMember 2019-04-01 2019-06-30 0001166691 us-gaap:AdvertisingMember cmcsa:CableNetworksMember 2019-01-01 2019-06-30 0001166691 cmcsa:ResidentialHighSpeedInternetMember cmcsa:CableCommunicationsMember 2018-04-01 2018-06-30 0001166691 cmcsa:ContentLicensingMember cmcsa:FilmedEntertainmentMember 2018-01-01 2018-06-30 0001166691 cmcsa:BusinessServicesMember cmcsa:CableCommunicationsMember 2018-01-01 2018-06-30 0001166691 us-gaap:AdvertisingMember cmcsa:CableNetworksMember 2018-04-01 2018-06-30 0001166691 cmcsa:HomeEntertainmentMember cmcsa:FilmedEntertainmentMember 2018-01-01 2018-06-30 0001166691 cmcsa:FilmedEntertainmentMember 2018-04-01 2018-06-30 0001166691 cmcsa:ContentLicensingAndOtherMember cmcsa:CableNetworksMember 2018-01-01 2018-06-30 0001166691 cmcsa:ThemeParksMember 2018-01-01 2018-06-30 0001166691 us-gaap:AdvertisingMember cmcsa:CableCommunicationsMember 2018-04-01 2018-06-30 0001166691 cmcsa:OtherMember cmcsa:CableCommunicationsMember 2018-01-01 2018-06-30 0001166691 cmcsa:CableCommunicationsMember 2019-01-01 2019-06-30 0001166691 cmcsa:ResidentialHighSpeedInternetMember cmcsa:CableCommunicationsMember 2018-01-01 2018-06-30 0001166691 cmcsa:ContentMember cmcsa:SkyLimitedMember 2018-01-01 2018-06-30 0001166691 cmcsa:BusinessServicesMember cmcsa:CableCommunicationsMember 2018-04-01 2018-06-30 0001166691 cmcsa:BroadcastTelevisionMember 2018-01-01 2018-06-30 0001166691 cmcsa:ContentLicensingAndOtherMember cmcsa:CableNetworksMember 2019-01-01 2019-06-30 0001166691 cmcsa:BusinessServicesMember cmcsa:CableCommunicationsMember 2019-04-01 2019-06-30 0001166691 us-gaap:AdvertisingMember cmcsa:CableCommunicationsMember 2018-01-01 2018-06-30 0001166691 us-gaap:AdvertisingMember cmcsa:BroadcastTelevisionMember 2018-01-01 2018-06-30 0001166691 cmcsa:ContentMember cmcsa:SkyLimitedMember 2019-04-01 2019-06-30 0001166691 cmcsa:FranchiseAndOtherRegulatoryFeesMember cmcsa:CableCommunicationsMember 2018-04-01 2018-06-30 0001166691 cmcsa:FranchiseAndOtherRegulatoryFeesMember cmcsa:CableCommunicationsMember 2019-04-01 2019-06-30 0001166691 cmcsa:FranchiseAndOtherRegulatoryFeesMember cmcsa:CableCommunicationsMember 2019-01-01 2019-06-30 0001166691 cmcsa:FranchiseAndOtherRegulatoryFeesMember cmcsa:CableCommunicationsMember 2018-01-01 2018-06-30 0001166691 us-gaap:RevolvingCreditFacilityMember 2019-06-30 0001166691 us-gaap:CommercialPaperMember 2019-06-30 0001166691 cmcsa:UniversalBeijingResortTermLoansMember 2019-06-30 0001166691 cmcsa:SkyRevolvingCreditFacilityMember 2019-02-28 0001166691 cmcsa:NBCUniversalEnterpriseDebtSecuritiesMember 2019-06-30 0001166691 cmcsa:SkySeniorNotesMember 2019-06-30 0001166691 cmcsa:UniversalBeijingResortTermLoansMember 2019-01-01 2019-06-30 0001166691 srt:GuarantorSubsidiariesMember 2019-06-30 0001166691 cmcsa:UniversalStudiosJapanTermLoanMaturingMarch2022Member 2019-06-30 0001166691 cmcsa:SkyRevolvingCreditFacilityMember 2019-01-01 2019-06-30 0001166691 cmcsa:NbcuniversalEnterpriseMember us-gaap:CommercialPaperMember 2019-06-30 0001166691 cmcsa:UniversalBeijingResortMember 2019-06-30 0001166691 cmcsa:SkyLimitedMember us-gaap:TradeNamesMember 2018-10-09 2018-10-09 0001166691 srt:MaximumMember cmcsa:SkyLimitedMember cmcsa:CustomerPremiseEquipmentMember 2018-10-09 2018-10-09 0001166691 srt:MaximumMember cmcsa:SkyLimitedMember us-gaap:CustomerRelationshipsMember 2018-10-09 2018-10-09 0001166691 srt:MinimumMember cmcsa:SkyLimitedMember us-gaap:CustomerRelationshipsMember 2018-10-09 2018-10-09 0001166691 cmcsa:SkyLimitedMember cmcsa:DevelopedTechnologyandSoftwareMember 2018-10-09 2018-10-09 0001166691 srt:MinimumMember cmcsa:SkyLimitedMember cmcsa:DevelopedTechnologyandSoftwareMember 2018-10-09 2018-10-09 0001166691 cmcsa:SkyLimitedMember cmcsa:CustomerPremiseEquipmentMember 2018-10-09 0001166691 cmcsa:SkyLimitedMember 2019-01-01 2019-03-31 0001166691 cmcsa:SkyLimitedMember 2018-10-09 0001166691 srt:MinimumMember cmcsa:SkyLimitedMember cmcsa:CustomerPremiseEquipmentMember 2018-10-09 2018-10-09 0001166691 cmcsa:SkyLimitedMember us-gaap:CustomerRelationshipsMember 2018-10-09 2018-10-09 0001166691 cmcsa:SkyLimitedMember 2019-03-31 0001166691 srt:MaximumMember cmcsa:SkyLimitedMember cmcsa:DevelopedTechnologyandSoftwareMember 2018-10-09 2018-10-09 0001166691 cmcsa:SkyLimitedMember 2018-01-01 2018-06-30 0001166691 cmcsa:SkyLimitedMember 2018-04-01 2018-06-30 0001166691 us-gaap:AccountingStandardsUpdate201602Member 2019-01-01 0001166691 us-gaap:AccountingStandardsUpdate201602Member cmcsa:SkyLimitedMember 2019-01-01 0001166691 cmcsa:HuluMember 2019-05-01 2019-05-31 0001166691 cmcsa:HuluMember 2019-06-30 0001166691 cmcsa:AtairosMember 2018-04-01 2018-06-30 0001166691 cmcsa:HuluMember 2019-01-01 2019-06-30 0001166691 cmcsa:AtairosMember 2018-12-31 0001166691 cmcsa:SnapMember 2019-04-01 2019-06-30 0001166691 cmcsa:HuluMember 2018-01-01 2018-06-30 0001166691 cmcsa:AtairosMember 2018-01-01 2018-06-30 0001166691 cmcsa:AirTouchMember 2019-06-30 0001166691 cmcsa:AtairosMember 2019-06-30 0001166691 cmcsa:HuluMember 2019-05-31 0001166691 cmcsa:AtairosMember 2019-04-01 2019-06-30 0001166691 cmcsa:TimeWarnerInc.Member cmcsa:HuluMember 2016-08-31 0001166691 cmcsa:AirTouchMember us-gaap:FairValueInputsLevel2Member 2019-06-30 0001166691 cmcsa:HuluMember 2019-04-30 0001166691 cmcsa:WeatherChannelMember 2018-03-01 2018-03-31 0001166691 cmcsa:SnapMember 2018-12-31 0001166691 cmcsa:SnapMember 2018-01-01 2018-06-30 0001166691 cmcsa:AtairosMember 2018-04-01 2018-06-30 0001166691 cmcsa:SnapMember 2019-01-01 2019-06-30 0001166691 cmcsa:SnapMember 2018-04-01 2018-06-30 0001166691 cmcsa:HuluMember 2018-12-31 0001166691 cmcsa:SnapMember 2019-06-30 0001166691 cmcsa:HuluMember 2018-04-01 2018-06-30 0001166691 cmcsa:AtairosMember 2019-01-01 2019-06-30 0001166691 cmcsa:ATTInc.Member cmcsa:HuluMember 2019-05-31 0001166691 cmcsa:HuluMember 2019-01-01 2019-03-31 0001166691 cmcsa:HuluMember 2019-04-01 2019-06-30 0001166691 cmcsa:HuluMember 2016-07-31 0001166691 cmcsa:HuluMember 2016-08-31 0001166691 cmcsa:AirTouchMember us-gaap:FairValueInputsLevel2Member 2019-06-30 0001166691 cmcsa:AirTouchMember 2018-12-31 0001166691 cmcsa:AtairosMember 2018-01-01 2018-06-30 0001166691 us-gaap:EmployeeStockMember 2019-01-01 2019-06-30 0001166691 us-gaap:EmployeeStockOptionMember 2018-04-01 2018-06-30 0001166691 us-gaap:EmployeeStockMember 2019-04-01 2019-06-30 0001166691 us-gaap:EmployeeStockMember 2018-04-01 2018-06-30 0001166691 us-gaap:RestrictedStockUnitsRSUMember 2018-01-01 2018-06-30 0001166691 us-gaap:EmployeeStockMember 2018-01-01 2018-06-30 0001166691 us-gaap:RestrictedStockUnitsRSUMember 2019-01-01 2019-06-30 0001166691 us-gaap:RestrictedStockUnitsRSUMember 2018-04-01 2018-06-30 0001166691 us-gaap:EmployeeStockOptionMember 2019-01-01 2019-06-30 0001166691 us-gaap:EmployeeStockOptionMember 2019-04-01 2019-06-30 0001166691 us-gaap:RestrictedStockUnitsRSUMember 2019-04-01 2019-06-30 0001166691 us-gaap:EmployeeStockOptionMember 2018-01-01 2018-06-30 0001166691 us-gaap:RestrictedStockUnitsRSUMember cmcsa:ManagementGrantMember 2019-03-01 2019-03-31 0001166691 us-gaap:RestrictedStockUnitsRSUMember 2019-06-30 0001166691 cmcsa:ManagementGrantMember 2019-03-01 2019-03-31 0001166691 us-gaap:EmployeeStockOptionMember 2019-06-30 0001166691 us-gaap:AccountingStandardsUpdate201602Member us-gaap:OtherNoncurrentLiabilitiesMember 2019-06-30 0001166691 us-gaap:AccountingStandardsUpdate201602Member us-gaap:AccruedLiabilitiesMember 2019-06-30 0001166691 us-gaap:AccountingStandardsUpdate201602Member us-gaap:OtherNoncurrentAssetsMember 2019-06-30 0001166691 cmcsa:SkyLimitedMember 2018-12-31 0001166691 us-gaap:FairValueInputsLevel2Member us-gaap:RedeemablePreferredStockMember 2019-06-30 0001166691 srt:ConsolidationEliminationsMember 2019-01-01 2019-06-30 0001166691 cmcsa:ComcastHoldingsMember srt:SubsidiaryIssuerMember srt:ReportableLegalEntitiesMember 2019-01-01 2019-06-30 0001166691 cmcsa:NbcuniversalMediaParentMember srt:GuarantorSubsidiariesMember srt:ReportableLegalEntitiesMember 2019-01-01 2019-06-30 0001166691 cmcsa:CcclParentMember srt:GuarantorSubsidiariesMember srt:ReportableLegalEntitiesMember 2019-01-01 2019-06-30 0001166691 srt:ConsolidationEliminationsMember 2019-06-30 0001166691 srt:ParentCompanyMember srt:ReportableLegalEntitiesMember 2018-12-31 0001166691 srt:NonGuarantorSubsidiariesMember srt:ReportableLegalEntitiesMember 2019-01-01 2019-06-30 0001166691 srt:ParentCompanyMember srt:ReportableLegalEntitiesMember 2019-01-01 2019-06-30 0001166691 cmcsa:ComcastHoldingsMember srt:SubsidiaryIssuerMember srt:ReportableLegalEntitiesMember 2018-12-31 0001166691 cmcsa:ComcastHoldingsMember srt:SubsidiaryIssuerMember srt:ReportableLegalEntitiesMember 2019-06-30 0001166691 srt:ConsolidationEliminationsMember 2018-12-31 0001166691 cmcsa:CcclParentMember srt:GuarantorSubsidiariesMember srt:ReportableLegalEntitiesMember 2019-06-30 0001166691 cmcsa:NbcuniversalMediaParentMember srt:GuarantorSubsidiariesMember srt:ReportableLegalEntitiesMember 2019-06-30 0001166691 cmcsa:CcclParentMember srt:GuarantorSubsidiariesMember srt:ReportableLegalEntitiesMember 2018-12-31 0001166691 srt:NonGuarantorSubsidiariesMember srt:ReportableLegalEntitiesMember 2018-12-31 0001166691 cmcsa:NbcuniversalMediaParentMember srt:GuarantorSubsidiariesMember srt:ReportableLegalEntitiesMember 2018-12-31 0001166691 srt:NonGuarantorSubsidiariesMember srt:ReportableLegalEntitiesMember 2019-06-30 0001166691 srt:ParentCompanyMember srt:ReportableLegalEntitiesMember 2019-06-30 0001166691 srt:NonGuarantorSubsidiariesMember srt:ReportableLegalEntitiesMember 2019-04-01 2019-06-30 0001166691 cmcsa:ComcastHoldingsMember srt:SubsidiaryIssuerMember srt:ReportableLegalEntitiesMember 2019-04-01 2019-06-30 0001166691 srt:ConsolidationEliminationsMember 2019-04-01 2019-06-30 0001166691 cmcsa:CcclParentMember srt:GuarantorSubsidiariesMember srt:ReportableLegalEntitiesMember 2019-04-01 2019-06-30 0001166691 cmcsa:ComcastHoldingsMember srt:SubsidiaryIssuerMember srt:ReportableLegalEntitiesMember us-gaap:ServiceMember 2019-04-01 2019-06-30 0001166691 srt:ParentCompanyMember srt:ReportableLegalEntitiesMember 2019-04-01 2019-06-30 0001166691 srt:ParentCompanyMember srt:ReportableLegalEntitiesMember cmcsa:ManagementFeeMember 2019-04-01 2019-06-30 0001166691 cmcsa:NbcuniversalMediaParentMember srt:GuarantorSubsidiariesMember srt:ReportableLegalEntitiesMember 2019-04-01 2019-06-30 0001166691 us-gaap:ServiceMember 2019-04-01 2019-06-30 0001166691 cmcsa:NbcuniversalMediaParentMember srt:GuarantorSubsidiariesMember srt:ReportableLegalEntitiesMember us-gaap:ServiceMember 2019-04-01 2019-06-30 0001166691 srt:ParentCompanyMember srt:ReportableLegalEntitiesMember us-gaap:ServiceMember 2019-04-01 2019-06-30 0001166691 cmcsa:NbcuniversalMediaParentMember srt:GuarantorSubsidiariesMember srt:ReportableLegalEntitiesMember cmcsa:ManagementFeeMember 2019-04-01 2019-06-30 0001166691 srt:NonGuarantorSubsidiariesMember srt:ReportableLegalEntitiesMember cmcsa:ManagementFeeMember 2019-04-01 2019-06-30 0001166691 cmcsa:ComcastHoldingsMember srt:SubsidiaryIssuerMember srt:ReportableLegalEntitiesMember cmcsa:ManagementFeeMember 2019-04-01 2019-06-30 0001166691 srt:ConsolidationEliminationsMember us-gaap:ServiceMember 2019-04-01 2019-06-30 0001166691 cmcsa:CcclParentMember srt:GuarantorSubsidiariesMember srt:ReportableLegalEntitiesMember cmcsa:ManagementFeeMember 2019-04-01 2019-06-30 0001166691 srt:ConsolidationEliminationsMember cmcsa:ManagementFeeMember 2019-04-01 2019-06-30 0001166691 srt:NonGuarantorSubsidiariesMember srt:ReportableLegalEntitiesMember us-gaap:ServiceMember 2019-04-01 2019-06-30 0001166691 cmcsa:CcclParentMember srt:GuarantorSubsidiariesMember srt:ReportableLegalEntitiesMember us-gaap:ServiceMember 2019-04-01 2019-06-30 0001166691 cmcsa:ManagementFeeMember 2019-04-01 2019-06-30 0001166691 cmcsa:NbcuniversalMediaParentMember srt:GuarantorSubsidiariesMember srt:ReportableLegalEntitiesMember 2018-01-01 2018-06-30 0001166691 srt:NonGuarantorSubsidiariesMember srt:ReportableLegalEntitiesMember 2018-01-01 2018-06-30 0001166691 cmcsa:ComcastHoldingsMember srt:SubsidiaryIssuerMember srt:ReportableLegalEntitiesMember 2018-01-01 2018-06-30 0001166691 srt:ConsolidationEliminationsMember 2018-01-01 2018-06-30 0001166691 srt:ParentCompanyMember srt:ReportableLegalEntitiesMember 2018-01-01 2018-06-30 0001166691 cmcsa:CcclParentMember srt:GuarantorSubsidiariesMember srt:ReportableLegalEntitiesMember 2018-01-01 2018-06-30 0001166691 srt:ConsolidationEliminationsMember 2018-06-30 0001166691 cmcsa:ComcastHoldingsMember srt:SubsidiaryIssuerMember srt:ReportableLegalEntitiesMember 2018-06-30 0001166691 cmcsa:NbcuniversalMediaParentMember srt:GuarantorSubsidiariesMember srt:ReportableLegalEntitiesMember 2017-12-31 0001166691 cmcsa:CcclParentMember srt:GuarantorSubsidiariesMember srt:ReportableLegalEntitiesMember 2018-06-30 0001166691 srt:ConsolidationEliminationsMember 2017-12-31 0001166691 srt:ParentCompanyMember srt:ReportableLegalEntitiesMember 2018-06-30 0001166691 srt:NonGuarantorSubsidiariesMember srt:ReportableLegalEntitiesMember 2018-06-30 0001166691 srt:NonGuarantorSubsidiariesMember srt:ReportableLegalEntitiesMember 2017-12-31 0001166691 cmcsa:NbcuniversalMediaParentMember srt:GuarantorSubsidiariesMember srt:ReportableLegalEntitiesMember 2018-06-30 0001166691 cmcsa:CcclParentMember srt:GuarantorSubsidiariesMember srt:ReportableLegalEntitiesMember 2017-12-31 0001166691 cmcsa:ComcastHoldingsMember srt:SubsidiaryIssuerMember srt:ReportableLegalEntitiesMember 2017-12-31 0001166691 srt:ParentCompanyMember srt:ReportableLegalEntitiesMember 2017-12-31 0001166691 us-gaap:ServiceMember 2019-01-01 2019-06-30 0001166691 srt:ParentCompanyMember srt:ReportableLegalEntitiesMember cmcsa:ManagementFeeMember 2019-01-01 2019-06-30 0001166691 srt:ConsolidationEliminationsMember us-gaap:ServiceMember 2019-01-01 2019-06-30 0001166691 srt:NonGuarantorSubsidiariesMember srt:ReportableLegalEntitiesMember us-gaap:ServiceMember 2019-01-01 2019-06-30 0001166691 srt:ParentCompanyMember srt:ReportableLegalEntitiesMember us-gaap:ServiceMember 2019-01-01 2019-06-30 0001166691 cmcsa:ManagementFeeMember 2019-01-01 2019-06-30 0001166691 srt:NonGuarantorSubsidiariesMember srt:ReportableLegalEntitiesMember cmcsa:ManagementFeeMember 2019-01-01 2019-06-30 0001166691 srt:ConsolidationEliminationsMember cmcsa:ManagementFeeMember 2019-01-01 2019-06-30 0001166691 cmcsa:ComcastHoldingsMember srt:SubsidiaryIssuerMember srt:ReportableLegalEntitiesMember cmcsa:ManagementFeeMember 2019-01-01 2019-06-30 0001166691 cmcsa:CcclParentMember srt:GuarantorSubsidiariesMember srt:ReportableLegalEntitiesMember cmcsa:ManagementFeeMember 2019-01-01 2019-06-30 0001166691 cmcsa:NbcuniversalMediaParentMember srt:GuarantorSubsidiariesMember srt:ReportableLegalEntitiesMember cmcsa:ManagementFeeMember 2019-01-01 2019-06-30 0001166691 cmcsa:ComcastHoldingsMember srt:SubsidiaryIssuerMember srt:ReportableLegalEntitiesMember us-gaap:ServiceMember 2019-01-01 2019-06-30 0001166691 cmcsa:CcclParentMember srt:GuarantorSubsidiariesMember srt:ReportableLegalEntitiesMember us-gaap:ServiceMember 2019-01-01 2019-06-30 0001166691 cmcsa:NbcuniversalMediaParentMember srt:GuarantorSubsidiariesMember srt:ReportableLegalEntitiesMember us-gaap:ServiceMember 2019-01-01 2019-06-30 0001166691 cmcsa:CcclParentMember srt:GuarantorSubsidiariesMember srt:ReportableLegalEntitiesMember cmcsa:ManagementFeeMember 2018-01-01 2018-06-30 0001166691 srt:ConsolidationEliminationsMember cmcsa:ManagementFeeMember 2018-01-01 2018-06-30 0001166691 cmcsa:ComcastHoldingsMember srt:SubsidiaryIssuerMember srt:ReportableLegalEntitiesMember us-gaap:ServiceMember 2018-01-01 2018-06-30 0001166691 srt:ParentCompanyMember srt:ReportableLegalEntitiesMember us-gaap:ServiceMember 2018-01-01 2018-06-30 0001166691 cmcsa:CcclParentMember srt:GuarantorSubsidiariesMember srt:ReportableLegalEntitiesMember us-gaap:ServiceMember 2018-01-01 2018-06-30 0001166691 srt:NonGuarantorSubsidiariesMember srt:ReportableLegalEntitiesMember cmcsa:ManagementFeeMember 2018-01-01 2018-06-30 0001166691 cmcsa:ManagementFeeMember 2018-01-01 2018-06-30 0001166691 cmcsa:NbcuniversalMediaParentMember srt:GuarantorSubsidiariesMember srt:ReportableLegalEntitiesMember cmcsa:ManagementFeeMember 2018-01-01 2018-06-30 0001166691 srt:ConsolidationEliminationsMember us-gaap:ServiceMember 2018-01-01 2018-06-30 0001166691 cmcsa:NbcuniversalMediaParentMember srt:GuarantorSubsidiariesMember srt:ReportableLegalEntitiesMember us-gaap:ServiceMember 2018-01-01 2018-06-30 0001166691 srt:NonGuarantorSubsidiariesMember srt:ReportableLegalEntitiesMember us-gaap:ServiceMember 2018-01-01 2018-06-30 0001166691 us-gaap:ServiceMember 2018-01-01 2018-06-30 0001166691 srt:ParentCompanyMember srt:ReportableLegalEntitiesMember cmcsa:ManagementFeeMember 2018-01-01 2018-06-30 0001166691 cmcsa:ComcastHoldingsMember srt:SubsidiaryIssuerMember srt:ReportableLegalEntitiesMember cmcsa:ManagementFeeMember 2018-01-01 2018-06-30 0001166691 cmcsa:NbcuniversalMediaParentMember srt:GuarantorSubsidiariesMember srt:ReportableLegalEntitiesMember 2018-04-01 2018-06-30 0001166691 srt:NonGuarantorSubsidiariesMember srt:ReportableLegalEntitiesMember 2018-04-01 2018-06-30 0001166691 cmcsa:CcclParentMember srt:GuarantorSubsidiariesMember srt:ReportableLegalEntitiesMember 2018-04-01 2018-06-30 0001166691 cmcsa:NbcuniversalMediaParentMember srt:GuarantorSubsidiariesMember srt:ReportableLegalEntitiesMember cmcsa:ManagementFeeMember 2018-04-01 2018-06-30 0001166691 srt:ParentCompanyMember srt:ReportableLegalEntitiesMember 2018-04-01 2018-06-30 0001166691 srt:ParentCompanyMember srt:ReportableLegalEntitiesMember cmcsa:ManagementFeeMember 2018-04-01 2018-06-30 0001166691 cmcsa:ComcastHoldingsMember srt:SubsidiaryIssuerMember srt:ReportableLegalEntitiesMember 2018-04-01 2018-06-30 0001166691 cmcsa:ComcastHoldingsMember srt:SubsidiaryIssuerMember srt:ReportableLegalEntitiesMember us-gaap:ServiceMember 2018-04-01 2018-06-30 0001166691 srt:ConsolidationEliminationsMember 2018-04-01 2018-06-30 0001166691 cmcsa:CcclParentMember srt:GuarantorSubsidiariesMember srt:ReportableLegalEntitiesMember us-gaap:ServiceMember 2018-04-01 2018-06-30 0001166691 cmcsa:ComcastHoldingsMember srt:SubsidiaryIssuerMember srt:ReportableLegalEntitiesMember cmcsa:ManagementFeeMember 2018-04-01 2018-06-30 0001166691 cmcsa:ManagementFeeMember 2018-04-01 2018-06-30 0001166691 srt:NonGuarantorSubsidiariesMember srt:ReportableLegalEntitiesMember cmcsa:ManagementFeeMember 2018-04-01 2018-06-30 0001166691 cmcsa:NBCUniversalMediaLLCMember us-gaap:AccountingStandardsUpdate201602Member 2019-01-01 2019-06-30 0001166691 cmcsa:CcclParentMember srt:GuarantorSubsidiariesMember srt:ReportableLegalEntitiesMember cmcsa:ManagementFeeMember 2018-04-01 2018-06-30 0001166691 srt:ConsolidationEliminationsMember cmcsa:ManagementFeeMember 2018-04-01 2018-06-30 0001166691 srt:ConsolidationEliminationsMember us-gaap:ServiceMember 2018-04-01 2018-06-30 0001166691 cmcsa:NbcuniversalMediaParentMember srt:GuarantorSubsidiariesMember srt:ReportableLegalEntitiesMember us-gaap:ServiceMember 2018-04-01 2018-06-30 0001166691 srt:NonGuarantorSubsidiariesMember srt:ReportableLegalEntitiesMember us-gaap:ServiceMember 2018-04-01 2018-06-30 0001166691 us-gaap:ServiceMember 2018-04-01 2018-06-30 0001166691 srt:ParentCompanyMember srt:ReportableLegalEntitiesMember us-gaap:ServiceMember 2018-04-01 2018-06-30 0001166691 cmcsa:NBCUniversalMediaLLCMember 2018-01-01 2018-06-30 0001166691 cmcsa:NBCUniversalMediaLLCMember 2018-04-01 2018-06-30 0001166691 cmcsa:NBCUniversalMediaLLCMember 2019-04-01 2019-06-30 0001166691 cmcsa:NBCUniversalMediaLLCMember 2017-12-31 0001166691 cmcsa:NBCUniversalMediaLLCMember 2018-06-30 0001166691 cmcsa:NBCUniversalMediaLLCMember us-gaap:NoncontrollingInterestMember 2018-12-31 0001166691 cmcsa:NBCUniversalMediaLLCMember us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-06-30 0001166691 cmcsa:NBCUniversalMediaLLCMember us-gaap:NoncontrollingInterestMember 2018-04-01 2018-06-30 0001166691 cmcsa:NBCUniversalMediaLLCMember cmcsa:RedeemableNoncontrollingInterestMember 2018-06-30 0001166691 cmcsa:NBCUniversalMediaLLCMember cmcsa:RedeemableNoncontrollingInterestMember 2017-12-31 0001166691 cmcsa:NBCUniversalMediaLLCMember cmcsa:MembersCapitalMember 2019-04-01 2019-06-30 0001166691 cmcsa:NBCUniversalMediaLLCMember cmcsa:MembersCapitalMember 2019-01-01 2019-06-30 0001166691 cmcsa:NBCUniversalMediaLLCMember us-gaap:AccumulatedOtherComprehensiveIncomeMember 2018-01-01 0001166691 cmcsa:NBCUniversalMediaLLCMember cmcsa:MembersCapitalMember 2018-01-01 0001166691 cmcsa:NBCUniversalMediaLLCMember cmcsa:RedeemableNoncontrollingInterestMember 2018-03-31 0001166691 cmcsa:NBCUniversalMediaLLCMember us-gaap:AccumulatedOtherComprehensiveIncomeMember 2018-06-30 0001166691 cmcsa:NBCUniversalMediaLLCMember cmcsa:RedeemableNoncontrollingInterestMember 2018-04-01 2018-06-30 0001166691 cmcsa:NBCUniversalMediaLLCMember cmcsa:MembersCapitalMember 2018-01-01 2018-06-30 0001166691 cmcsa:NBCUniversalMediaLLCMember cmcsa:MembersCapitalMember 2018-04-01 2018-06-30 0001166691 cmcsa:NBCUniversalMediaLLCMember cmcsa:RedeemableNoncontrollingInterestMember 2019-01-01 2019-06-30 0001166691 cmcsa:NBCUniversalMediaLLCMember cmcsa:RedeemableNoncontrollingInterestMember 2019-04-01 2019-06-30 0001166691 cmcsa:NBCUniversalMediaLLCMember cmcsa:MembersCapitalMember 2018-03-31 0001166691 cmcsa:NBCUniversalMediaLLCMember cmcsa:MembersCapitalMember 2019-06-30 0001166691 cmcsa:NBCUniversalMediaLLCMember cmcsa:MembersCapitalMember 2018-04-01 0001166691 cmcsa:NBCUniversalMediaLLCMember us-gaap:NoncontrollingInterestMember 2019-04-01 2019-06-30 0001166691 cmcsa:NBCUniversalMediaLLCMember cmcsa:MembersCapitalMember 2019-03-31 0001166691 cmcsa:NBCUniversalMediaLLCMember cmcsa:MembersCapitalMember 2018-12-31 0001166691 cmcsa:NBCUniversalMediaLLCMember us-gaap:NoncontrollingInterestMember 2018-06-30 0001166691 cmcsa:NBCUniversalMediaLLCMember cmcsa:MembersCapitalMember 2018-06-30 0001166691 cmcsa:NBCUniversalMediaLLCMember cmcsa:MembersCapitalMember 2017-12-31 0001166691 cmcsa:NBCUniversalMediaLLCMember us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-04-01 0001166691 cmcsa:NBCUniversalMediaLLCMember us-gaap:NoncontrollingInterestMember 2019-03-31 0001166691 cmcsa:NBCUniversalMediaLLCMember us-gaap:NoncontrollingInterestMember 2019-01-01 2019-06-30 0001166691 cmcsa:NBCUniversalMediaLLCMember cmcsa:RedeemableNoncontrollingInterestMember 2018-01-01 2018-06-30 0001166691 cmcsa:NBCUniversalMediaLLCMember us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-04-01 2019-06-30 0001166691 cmcsa:NBCUniversalMediaLLCMember cmcsa:RedeemableNoncontrollingInterestMember 2019-06-30 0001166691 cmcsa:NBCUniversalMediaLLCMember us-gaap:AccumulatedOtherComprehensiveIncomeMember 2017-12-31 0001166691 cmcsa:NBCUniversalMediaLLCMember us-gaap:NoncontrollingInterestMember 2018-01-01 2018-06-30 0001166691 cmcsa:NBCUniversalMediaLLCMember us-gaap:NoncontrollingInterestMember 2019-06-30 0001166691 cmcsa:NBCUniversalMediaLLCMember us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-01-01 0001166691 cmcsa:NBCUniversalMediaLLCMember cmcsa:MembersCapitalMember 2019-04-01 0001166691 cmcsa:NBCUniversalMediaLLCMember us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-01-01 2019-06-30 0001166691 cmcsa:NBCUniversalMediaLLCMember us-gaap:AccumulatedOtherComprehensiveIncomeMember 2018-12-31 0001166691 cmcsa:NBCUniversalMediaLLCMember cmcsa:RedeemableNoncontrollingInterestMember 2019-03-31 0001166691 cmcsa:NBCUniversalMediaLLCMember cmcsa:RedeemableNoncontrollingInterestMember 2018-12-31 0001166691 cmcsa:NBCUniversalMediaLLCMember us-gaap:AccumulatedOtherComprehensiveIncomeMember 2018-01-01 2018-06-30 0001166691 cmcsa:NBCUniversalMediaLLCMember us-gaap:AccumulatedOtherComprehensiveIncomeMember 2018-03-31 0001166691 cmcsa:NBCUniversalMediaLLCMember us-gaap:NoncontrollingInterestMember 2017-12-31 0001166691 cmcsa:NBCUniversalMediaLLCMember us-gaap:NoncontrollingInterestMember 2018-03-31 0001166691 cmcsa:NBCUniversalMediaLLCMember us-gaap:AccumulatedOtherComprehensiveIncomeMember 2018-04-01 2018-06-30 0001166691 cmcsa:NBCUniversalMediaLLCMember cmcsa:MembersCapitalMember 2019-01-01 0001166691 cmcsa:NBCUniversalMediaLLCMember us-gaap:AccumulatedOtherComprehensiveIncomeMember 2018-04-01 0001166691 cmcsa:NBCUniversalMediaLLCMember us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-03-31 0001166691 cmcsa:NBCUniversalMediaLLCMember us-gaap:OperatingSegmentsMember cmcsa:FilmedEntertainmentMember 2018-01-01 2018-06-30 0001166691 cmcsa:NBCUniversalMediaLLCMember us-gaap:MaterialReconcilingItemsMember 2018-01-01 2018-06-30 0001166691 cmcsa:NBCUniversalMediaLLCMember us-gaap:OperatingSegmentsMember cmcsa:ThemeParksMember 2018-01-01 2018-06-30 0001166691 cmcsa:NBCUniversalMediaLLCMember us-gaap:OperatingSegmentsMember cmcsa:BroadcastTelevisionMember 2018-01-01 2018-06-30 0001166691 cmcsa:NBCUniversalMediaLLCMember us-gaap:CorporateNonSegmentMember 2018-01-01 2018-06-30 0001166691 cmcsa:NBCUniversalMediaLLCMember us-gaap:OperatingSegmentsMember cmcsa:CableNetworksMember 2018-01-01 2018-06-30 0001166691 cmcsa:NBCUniversalMediaLLCMember us-gaap:OperatingSegmentsMember cmcsa:ThemeParksMember 2019-04-01 2019-06-30 0001166691 cmcsa:NBCUniversalMediaLLCMember us-gaap:OperatingSegmentsMember cmcsa:BroadcastTelevisionMember 2019-04-01 2019-06-30 0001166691 cmcsa:NBCUniversalMediaLLCMember us-gaap:CorporateNonSegmentMember 2019-04-01 2019-06-30 0001166691 cmcsa:NBCUniversalMediaLLCMember us-gaap:OperatingSegmentsMember cmcsa:CableNetworksMember 2019-04-01 2019-06-30 0001166691 cmcsa:NBCUniversalMediaLLCMember us-gaap:MaterialReconcilingItemsMember 2019-04-01 2019-06-30 0001166691 cmcsa:NBCUniversalMediaLLCMember us-gaap:OperatingSegmentsMember cmcsa:FilmedEntertainmentMember 2019-04-01 2019-06-30 0001166691 cmcsa:NBCUniversalMediaLLCMember us-gaap:OperatingSegmentsMember cmcsa:BroadcastTelevisionMember 2018-04-01 2018-06-30 0001166691 cmcsa:NBCUniversalMediaLLCMember us-gaap:OperatingSegmentsMember cmcsa:FilmedEntertainmentMember 2018-04-01 2018-06-30 0001166691 cmcsa:NBCUniversalMediaLLCMember us-gaap:MaterialReconcilingItemsMember 2018-04-01 2018-06-30 0001166691 cmcsa:NBCUniversalMediaLLCMember us-gaap:CorporateNonSegmentMember 2018-04-01 2018-06-30 0001166691 cmcsa:NBCUniversalMediaLLCMember us-gaap:OperatingSegmentsMember cmcsa:CableNetworksMember 2018-04-01 2018-06-30 0001166691 cmcsa:NBCUniversalMediaLLCMember us-gaap:OperatingSegmentsMember cmcsa:ThemeParksMember 2018-04-01 2018-06-30 0001166691 cmcsa:NBCUniversalMediaLLCMember us-gaap:OperatingSegmentsMember cmcsa:BroadcastTelevisionMember 2019-01-01 2019-06-30 0001166691 cmcsa:NBCUniversalMediaLLCMember us-gaap:OperatingSegmentsMember cmcsa:CableNetworksMember 2019-01-01 2019-06-30 0001166691 cmcsa:NBCUniversalMediaLLCMember us-gaap:MaterialReconcilingItemsMember 2019-01-01 2019-06-30 0001166691 cmcsa:NBCUniversalMediaLLCMember us-gaap:CorporateNonSegmentMember 2019-01-01 2019-06-30 0001166691 cmcsa:NBCUniversalMediaLLCMember us-gaap:OperatingSegmentsMember cmcsa:ThemeParksMember 2019-01-01 2019-06-30 0001166691 cmcsa:NBCUniversalMediaLLCMember us-gaap:OperatingSegmentsMember cmcsa:FilmedEntertainmentMember 2019-01-01 2019-06-30 0001166691 cmcsa:NBCUniversalMediaLLCMember us-gaap:NonUsMember 2018-01-01 2018-06-30 0001166691 cmcsa:NBCUniversalMediaLLCMember us-gaap:NonUsMember 2018-04-01 2018-06-30 0001166691 cmcsa:NBCUniversalMediaLLCMember country:US 2019-04-01 2019-06-30 0001166691 cmcsa:NBCUniversalMediaLLCMember country:US 2018-04-01 2018-06-30 0001166691 cmcsa:NBCUniversalMediaLLCMember us-gaap:NonUsMember 2019-01-01 2019-06-30 0001166691 cmcsa:NBCUniversalMediaLLCMember country:US 2019-01-01 2019-06-30 0001166691 cmcsa:NBCUniversalMediaLLCMember us-gaap:NonUsMember 2019-04-01 2019-06-30 0001166691 cmcsa:NBCUniversalMediaLLCMember country:US 2018-01-01 2018-06-30 0001166691 cmcsa:NBCUniversalMediaLLCMember cmcsa:OtherMember cmcsa:FilmedEntertainmentMember 2019-04-01 2019-06-30 0001166691 cmcsa:NBCUniversalMediaLLCMember us-gaap:AdvertisingMember cmcsa:CableNetworksMember 2018-04-01 2018-06-30 0001166691 cmcsa:NBCUniversalMediaLLCMember cmcsa:FilmedEntertainmentMember 2019-01-01 2019-06-30 0001166691 cmcsa:NBCUniversalMediaLLCMember cmcsa:FilmedEntertainmentMember 2018-01-01 2018-06-30 0001166691 cmcsa:NBCUniversalMediaLLCMember cmcsa:CableNetworksMember 2019-04-01 2019-06-30 0001166691 cmcsa:NBCUniversalMediaLLCMember cmcsa:TheatricalMember cmcsa:FilmedEntertainmentMember 2018-01-01 2018-06-30 0001166691 cmcsa:NBCUniversalMediaLLCMember cmcsa:ThemeParksMember 2019-01-01 2019-06-30 0001166691 cmcsa:NBCUniversalMediaLLCMember us-gaap:AdvertisingMember cmcsa:BroadcastTelevisionMember 2019-01-01 2019-06-30 0001166691 cmcsa:NBCUniversalMediaLLCMember cmcsa:CableNetworksMember 2018-04-01 2018-06-30 0001166691 cmcsa:NBCUniversalMediaLLCMember cmcsa:HomeEntertainmentMember cmcsa:FilmedEntertainmentMember 2019-01-01 2019-06-30 0001166691 cmcsa:NBCUniversalMediaLLCMember cmcsa:ContentLicensingMember cmcsa:FilmedEntertainmentMember 2018-04-01 2018-06-30 0001166691 cmcsa:NBCUniversalMediaLLCMember cmcsa:HomeEntertainmentMember cmcsa:FilmedEntertainmentMember 2019-04-01 2019-06-30 0001166691 cmcsa:NBCUniversalMediaLLCMember cmcsa:TheatricalMember cmcsa:FilmedEntertainmentMember 2019-04-01 2019-06-30 0001166691 cmcsa:NBCUniversalMediaLLCMember cmcsa:BroadcastTelevisionMember 2018-04-01 2018-06-30 0001166691 cmcsa:NBCUniversalMediaLLCMember cmcsa:OtherMember cmcsa:FilmedEntertainmentMember 2018-01-01 2018-06-30 0001166691 cmcsa:NBCUniversalMediaLLCMember cmcsa:DistributionAndOtherMember cmcsa:BroadcastTelevisionMember 2019-04-01 2019-06-30 0001166691 cmcsa:NBCUniversalMediaLLCMember cmcsa:ThemeParksMember 2018-04-01 2018-06-30 0001166691 cmcsa:NBCUniversalMediaLLCMember cmcsa:BroadcastTelevisionMember 2019-04-01 2019-06-30 0001166691 cmcsa:NBCUniversalMediaLLCMember us-gaap:AdvertisingMember cmcsa:CableNetworksMember 2019-01-01 2019-06-30 0001166691 cmcsa:NBCUniversalMediaLLCMember us-gaap:AdvertisingMember cmcsa:BroadcastTelevisionMember 2018-01-01 2018-06-30 0001166691 cmcsa:NBCUniversalMediaLLCMember cmcsa:BroadcastTelevisionMember 2018-01-01 2018-06-30 0001166691 cmcsa:NBCUniversalMediaLLCMember cmcsa:ContentLicensingMember cmcsa:FilmedEntertainmentMember 2019-04-01 2019-06-30 0001166691 cmcsa:NBCUniversalMediaLLCMember cmcsa:DistributionMember cmcsa:CableNetworksMember 2019-01-01 2019-06-30 0001166691 cmcsa:NBCUniversalMediaLLCMember cmcsa:ContentLicensingMember cmcsa:BroadcastTelevisionMember 2019-01-01 2019-06-30 0001166691 cmcsa:NBCUniversalMediaLLCMember cmcsa:DistributionMember cmcsa:CableNetworksMember 2019-04-01 2019-06-30 0001166691 cmcsa:NBCUniversalMediaLLCMember cmcsa:ContentLicensingAndOtherMember cmcsa:CableNetworksMember 2019-04-01 2019-06-30 0001166691 cmcsa:NBCUniversalMediaLLCMember us-gaap:AdvertisingMember cmcsa:CableNetworksMember 2018-01-01 2018-06-30 0001166691 cmcsa:NBCUniversalMediaLLCMember cmcsa:BroadcastTelevisionMember 2019-01-01 2019-06-30 0001166691 cmcsa:NBCUniversalMediaLLCMember us-gaap:AdvertisingMember cmcsa:CableNetworksMember 2019-04-01 2019-06-30 0001166691 cmcsa:NBCUniversalMediaLLCMember cmcsa:CableNetworksMember 2019-01-01 2019-06-30 0001166691 cmcsa:NBCUniversalMediaLLCMember cmcsa:DistributionAndOtherMember cmcsa:BroadcastTelevisionMember 2018-01-01 2018-06-30 0001166691 cmcsa:NBCUniversalMediaLLCMember cmcsa:ContentLicensingMember cmcsa:FilmedEntertainmentMember 2019-01-01 2019-06-30 0001166691 cmcsa:NBCUniversalMediaLLCMember cmcsa:ContentLicensingAndOtherMember cmcsa:CableNetworksMember 2019-01-01 2019-06-30 0001166691 cmcsa:NBCUniversalMediaLLCMember cmcsa:DistributionAndOtherMember cmcsa:BroadcastTelevisionMember 2018-04-01 2018-06-30 0001166691 cmcsa:NBCUniversalMediaLLCMember cmcsa:ContentLicensingAndOtherMember cmcsa:CableNetworksMember 2018-01-01 2018-06-30 0001166691 cmcsa:NBCUniversalMediaLLCMember cmcsa:ContentLicensingMember cmcsa:BroadcastTelevisionMember 2018-01-01 2018-06-30 0001166691 cmcsa:NBCUniversalMediaLLCMember cmcsa:DistributionMember cmcsa:CableNetworksMember 2018-04-01 2018-06-30 0001166691 cmcsa:NBCUniversalMediaLLCMember us-gaap:AdvertisingMember cmcsa:BroadcastTelevisionMember 2019-04-01 2019-06-30 0001166691 cmcsa:NBCUniversalMediaLLCMember cmcsa:ContentLicensingMember cmcsa:BroadcastTelevisionMember 2018-04-01 2018-06-30 0001166691 cmcsa:NBCUniversalMediaLLCMember cmcsa:ContentLicensingAndOtherMember cmcsa:CableNetworksMember 2018-04-01 2018-06-30 0001166691 cmcsa:NBCUniversalMediaLLCMember cmcsa:ThemeParksMember 2018-01-01 2018-06-30 0001166691 cmcsa:NBCUniversalMediaLLCMember cmcsa:DistributionAndOtherMember cmcsa:BroadcastTelevisionMember 2019-01-01 2019-06-30 0001166691 cmcsa:NBCUniversalMediaLLCMember cmcsa:FilmedEntertainmentMember 2018-04-01 2018-06-30 0001166691 cmcsa:NBCUniversalMediaLLCMember cmcsa:ContentLicensingMember cmcsa:FilmedEntertainmentMember 2018-01-01 2018-06-30 0001166691 cmcsa:NBCUniversalMediaLLCMember cmcsa:HomeEntertainmentMember cmcsa:FilmedEntertainmentMember 2018-01-01 2018-06-30 0001166691 cmcsa:NBCUniversalMediaLLCMember cmcsa:FilmedEntertainmentMember 2019-04-01 2019-06-30 0001166691 cmcsa:NBCUniversalMediaLLCMember cmcsa:DistributionMember cmcsa:CableNetworksMember 2018-01-01 2018-06-30 0001166691 cmcsa:NBCUniversalMediaLLCMember cmcsa:HomeEntertainmentMember cmcsa:FilmedEntertainmentMember 2018-04-01 2018-06-30 0001166691 cmcsa:NBCUniversalMediaLLCMember cmcsa:TheatricalMember cmcsa:FilmedEntertainmentMember 2018-04-01 2018-06-30 0001166691 cmcsa:NBCUniversalMediaLLCMember cmcsa:ThemeParksMember 2019-04-01 2019-06-30 0001166691 cmcsa:NBCUniversalMediaLLCMember cmcsa:TheatricalMember cmcsa:FilmedEntertainmentMember 2019-01-01 2019-06-30 0001166691 cmcsa:NBCUniversalMediaLLCMember cmcsa:OtherMember cmcsa:FilmedEntertainmentMember 2018-04-01 2018-06-30 0001166691 cmcsa:NBCUniversalMediaLLCMember cmcsa:CableNetworksMember 2018-01-01 2018-06-30 0001166691 cmcsa:NBCUniversalMediaLLCMember us-gaap:AdvertisingMember cmcsa:BroadcastTelevisionMember 2018-04-01 2018-06-30 0001166691 cmcsa:NBCUniversalMediaLLCMember cmcsa:OtherMember cmcsa:FilmedEntertainmentMember 2019-01-01 2019-06-30 0001166691 cmcsa:NBCUniversalMediaLLCMember cmcsa:ContentLicensingMember cmcsa:BroadcastTelevisionMember 2019-04-01 2019-06-30 0001166691 cmcsa:NBCUniversalMediaLLCMember cmcsa:UniversalStudiosJapanTermLoansMaturing2022Member 2019-01-01 2019-06-30 0001166691 cmcsa:NBCUniversalMediaLLCMember cmcsa:NbcuniversalEnterpriseMember 2019-06-30 0001166691 cmcsa:NBCUniversalMediaLLCMember cmcsa:UniversalBeijingResortTermLoansMember 2019-01-01 2019-06-30 0001166691 cmcsa:NBCUniversalMediaLLCMember us-gaap:RevolvingCreditFacilityMember 2019-06-30 0001166691 cmcsa:NBCUniversalMediaLLCMember cmcsa:ComcastAndComcastCableDebtSecuritiesMember 2019-06-30 0001166691 cmcsa:NBCUniversalMediaLLCMember cmcsa:UniversalBeijingResortMember 2019-06-30 0001166691 cmcsa:NBCUniversalMediaLLCMember cmcsa:UniversalBeijingResortTermLoansMember 2019-06-30 0001166691 cmcsa:NBCUniversalMediaLLCMember us-gaap:AccountingStandardsUpdate201602Member 2019-01-01 0001166691 cmcsa:NBCUniversalMediaLLCMember cmcsa:SnapMember 2019-01-01 2019-06-30 0001166691 cmcsa:NBCUniversalMediaLLCMember cmcsa:HuluMember 2018-04-01 2018-06-30 0001166691 cmcsa:NBCUniversalMediaLLCMember cmcsa:HuluMember 2019-05-31 0001166691 cmcsa:NBCUniversalMediaLLCMember cmcsa:HuluMember 2019-01-01 2019-06-30 0001166691 cmcsa:NBCUniversalMediaLLCMember cmcsa:HuluMember 2019-06-30 0001166691 cmcsa:NBCUniversalMediaLLCMember cmcsa:HuluMember 2016-08-31 0001166691 cmcsa:NBCUniversalMediaLLCMember cmcsa:SnapMember 2018-04-01 2018-06-30 0001166691 cmcsa:NBCUniversalMediaLLCMember cmcsa:HuluMember 2018-12-31 0001166691 cmcsa:NBCUniversalMediaLLCMember cmcsa:ATTInc.Member cmcsa:HuluMember 2019-05-31 0001166691 cmcsa:NBCUniversalMediaLLCMember cmcsa:SnapMember 2019-04-01 2019-06-30 0001166691 cmcsa:NBCUniversalMediaLLCMember cmcsa:HuluMember 2016-07-31 0001166691 cmcsa:NBCUniversalMediaLLCMember cmcsa:TimeWarnerInc.Member cmcsa:HuluMember 2016-08-31 0001166691 cmcsa:NBCUniversalMediaLLCMember cmcsa:SnapMember 2018-01-01 2018-06-30 0001166691 cmcsa:NBCUniversalMediaLLCMember cmcsa:HuluMember 2018-01-01 2018-06-30 0001166691 cmcsa:NBCUniversalMediaLLCMember cmcsa:SnapMember 2018-12-31 0001166691 cmcsa:NBCUniversalMediaLLCMember cmcsa:SnapMember 2019-06-30 0001166691 cmcsa:NBCUniversalMediaLLCMember cmcsa:HuluMember 2019-04-01 2019-06-30 0001166691 cmcsa:NBCUniversalMediaLLCMember cmcsa:WeatherChannelMember 2018-03-01 2018-03-31 0001166691 cmcsa:NBCUniversalMediaLLCMember cmcsa:HuluMember 2019-04-30 0001166691 cmcsa:NBCUniversalMediaLLCMember cmcsa:HuluMember 2019-01-01 2019-03-31 0001166691 cmcsa:NBCUniversalMediaLLCMember cmcsa:HuluMember 2019-05-01 2019-05-31 0001166691 cmcsa:NBCUniversalMediaLLCMember us-gaap:AccountingStandardsUpdate201602Member us-gaap:AccruedLiabilitiesMember 2019-06-30 0001166691 cmcsa:NBCUniversalMediaLLCMember us-gaap:AccountingStandardsUpdate201602Member us-gaap:OtherNoncurrentAssetsMember 2019-06-30 0001166691 cmcsa:NBCUniversalMediaLLCMember us-gaap:AccountingStandardsUpdate201602Member us-gaap:OtherNoncurrentLiabilitiesMember 2019-06-30 0001166691 cmcsa:NBCUniversalMediaLLCMember cmcsa:CarryingValueOfRelatedPartyContractualObligationMember 2019-06-30 0001166691 cmcsa:NBCUniversalMediaLLCMember cmcsa:ComcastAndConsolidatedSubsidiariesMember 2019-01-01 2019-06-30 0001166691 cmcsa:NBCUniversalMediaLLCMember cmcsa:ComcastAndConsolidatedSubsidiariesMember 2019-04-01 2019-06-30 0001166691 cmcsa:NBCUniversalMediaLLCMember cmcsa:ComcastAndConsolidatedSubsidiariesMember 2018-04-01 2018-06-30 0001166691 cmcsa:NBCUniversalMediaLLCMember cmcsa:ComcastAndConsolidatedSubsidiariesMember 2018-01-01 2018-06-30 0001166691 cmcsa:NBCUniversalMediaLLCMember cmcsa:ComcastAndConsolidatedSubsidiariesMember 2018-12-31 0001166691 cmcsa:NBCUniversalMediaLLCMember cmcsa:ComcastAndConsolidatedSubsidiariesMember 2019-06-30 iso4217:USD xbrli:shares xbrli:pure iso4217:USD xbrli:shares iso4217:GBP cmcsa:segment iso4217:JPY cmcsa:preferred_stock_series iso4217:CNY iso4217:GBP xbrli:shares
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2019
Or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                       to                      
 
COMCASTMCOLORBLK165A05.JPG
 
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
(215286-1700
001-36438
NBCUNIVERSAL MEDIA, LLC
14-1682529
Delaware
30 Rockefeller Plaza
New York, NY 10112-0015
(212) 664-4444
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
 
Trading Symbol(s)
 
Name of each exchange on which registered
Class A Common Stock, $0.01 par value
 
CMCSA
 
NASDAQ Global Select Market
2.0% Exchangeable Subordinated Debentures due 2029
 
CCZ
 
New York Stock Exchange
5.50% Notes due 2029
 
CCGBP29
 
New York Stock Exchange
9.455% Guaranteed Notes due 2022
 
CMCSA/22
 
New York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding twelve months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
 
Comcast Corporation
 
Yes
 
No
 
 
NBCUniversal Media, LLC
 
Yes
 
No
 
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
 
Comcast Corporation
 
Yes
 
No
 
 
NBCUniversal Media, LLC
 
Yes
 
No
 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Comcast Corporation
Large accelerated filer
Accelerated filer
Non-accelerated filer
Smaller reporting company
Emerging growth company
NBCUniversal Media, LLC
Large accelerated filer
Accelerated filer
Non-accelerated filer
Smaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark whether the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Comcast Corporation
NBCUniversal Media, LLC
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).
 
Comcast Corporation
 
Yes
 
No
 
 
NBCUniversal Media, LLC
 
Yes
 
No
 
Indicate the number of shares outstanding of each of the registrant’s classes of stock, as of the latest practicable date:
As of June 30, 2019, there were 4,535,540,993 shares of Comcast Corporation Class A common stock and 9,444,375 shares of Class B common stock outstanding.
Not applicable for NBCUniversal Media, LLC.
NBCUniversal Media, LLC meets the conditions set forth in General Instruction H(1)(a) and (b) of Form 10-Q and is therefore filing this form with the reduced disclosure format.
 



TABLE OF CONTENTS
  
  
Page
Number
Item 1.
1
 
1
 
2
 
3
 
4
 
5
 
6
Item 2.
27
Item 3.
46
Item 4.
46
Item 1.
47
Item 1A.
47
Item 5.
47
Item 6.
47
49
50
 
Explanatory Note
This Quarterly Report on Form 10-Q is a combined report being filed separately by Comcast Corporation (“Comcast”) and NBCUniversal Media, LLC (“NBCUniversal”). Comcast owns all of the common equity interests in NBCUniversal, and NBCUniversal meets the conditions set forth in General Instruction H(1)(a) and (b) of Form 10-Q and is therefore filing its information within this Form 10-Q with the reduced disclosure format. Each of Comcast and NBCUniversal is filing on its own behalf the information contained in this report that relates to itself, and neither company makes any representation as to information relating to the other company. Where information or an explanation is provided that is substantially the same for each company, such information or explanation has been combined in this report. Where information or an explanation is not substantially the same for each company, separate information and explanation has been provided. In addition, separate condensed consolidated financial statements for each company, along with notes to the condensed consolidated financial statements, are included in this report.
Unless indicated otherwise, throughout this Quarterly Report on Form 10-Q, we refer to Comcast and its consolidated subsidiaries, including NBCUniversal and its consolidated subsidiaries, as “we,” “us” and “our;” Comcast Cable Communications, LLC and its consolidated subsidiaries as “Comcast Cable;” Comcast Holdings Corporation as “Comcast Holdings;” NBCUniversal, LLC as “NBCUniversal Holdings;” NBCUniversal Enterprise, Inc. as “NBCUniversal Enterprise;” and Sky Limited and its consolidated subsidiaries as “Sky.”
This Quarterly Report on Form 10-Q is for the three and six months ended June 30, 2019. This Quarterly Report on Form 10-Q modifies and supersedes documents filed before it. The Securities and Exchange Commission (“SEC”) allows us to “incorporate by reference” information that we file with it, which means that we can disclose important information to you by referring you directly to those documents. Information incorporated by reference is considered to be part of this Quarterly Report on Form 10-Q. In addition, information that we file with the SEC in the future will automatically update and supersede information contained in this Quarterly Report on Form 10-Q.
You should carefully review the information contained in this Quarterly Report on Form 10-Q and particularly consider any risk factors set forth in this Quarterly Report on Form 10-Q and in other reports or documents that we file from time to time with the SEC. In this Quarterly Report on Form 10-Q, we state our beliefs of future events and of our future financial performance. In some cases, you can identify these so-called “forward-looking statements” by words such as “may,” “will,” “should,” “expects,”



“believes,” “estimates,” “potential,” or “continue,” or the negative of these words, and other comparable words. You should be aware that these statements are only our predictions. In evaluating these statements, you should consider various factors, including the risks outlined below and in other reports we file with the SEC. Actual events or our actual results could differ materially from our forward-looking statements as a result of any such factors, which could adversely affect our businesses, results of operations or financial condition. We undertake no obligation to update any forward-looking statements.
Our businesses may be affected by, among other things, the following:
our businesses currently face a wide range of competition, and our businesses and results of operations could be adversely affected if we do not compete effectively
changes in consumer behavior driven by online video distribution platforms for viewing content could adversely affect our businesses and challenge existing business models
a decline in advertisers’ expenditures or changes in advertising markets could negatively impact our businesses
our businesses depend on keeping pace with technological developments
we are subject to regulation by federal, state, local and foreign authorities, which impose additional costs and restrictions on our businesses
programming expenses for our video services are increasing, which could adversely affect Cable Communications’ and Sky’s video businesses
NBCUniversal’s and Sky’s success depends on consumer acceptance of their content, and their businesses may be adversely affected if their 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 our businesses
less favorable regulation, the loss of Sky’s transmission agreements with satellite or telecommunications providers or the renewal of these agreements on less favorable terms, could adversely affect Sky’s businesses
the loss of Sky’s wholesale distribution agreements with traditional multichannel video providers could adversely affect Sky’s businesses
we rely on network and information systems and other technologies, as well as key properties, and a disruption, cyber attack, failure or destruction of such networks, systems, technologies or properties may disrupt our businesses
our businesses depend on using and protecting certain intellectual property rights and on not infringing the intellectual property rights of others
we may be unable to obtain necessary hardware, software and operational support
weak economic conditions may have a negative impact on our businesses
acquisitions, including our acquisition of Sky, and other strategic initiatives present many risks, and we may not realize the financial and strategic goals that we had contemplated
unfavorable litigation or governmental investigation results could require us to pay significant amounts or lead to onerous operating procedures
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



Table of Contents

PART I: FINANCIAL INFORMATION
ITEM 1: FINANCIAL STATEMENTS
Comcast Corporation
Condensed Consolidated Statement of Income
(Unaudited)
 
Three Months Ended
June 30
 
Six Months Ended
June 30
(in millions, except per share data)
2019
 
2018
 
2019
 
2018
Revenue
$
26,858

 
$
21,735

 
$
53,717

 
$
44,526

Costs and Expenses:
 
 
 
 
 
 
 
Programming and production
8,255

 
6,300

 
16,824

 
13,729

Other operating and administrative
8,086

 
6,365

 
15,986

 
12,879

Advertising, marketing and promotion
1,885

 
1,653

 
3,773

 
3,257

Depreciation
2,197

 
2,021

 
4,437

 
4,032

Amortization
1,079

 
582

 
2,159

 
1,170

Other operating gains

 
(200
)
 

 
(200
)
Total costs and expenses
21,502

 
16,721

 
43,179

 
34,867

Operating income
5,356

 
5,014

 
10,538

 
9,659

Interest expense
(1,137
)
 
(806
)
 
(2,287
)
 
(1,583
)
Investment and other income (loss), net
(55
)
 
77

 
621

 
203

Income before income taxes
4,164

 
4,285

 
8,872

 
8,279

Income tax expense
(961
)
 
(1,077
)
 
(2,037
)
 
(1,895
)
Net income
3,203

 
3,208

 
6,835

 
6,384

Less: Net income (loss) attributable to noncontrolling interests and redeemable subsidiary preferred stock
78

 
(8
)
 
157

 
50

Net income attributable to Comcast Corporation
$
3,125

 
$
3,216

 
$
6,678

 
$
6,334

Basic earnings per common share attributable to Comcast Corporation shareholders
$
0.69

 
$
0.70

 
$
1.47

 
$
1.37

Diluted earnings per common share attributable to Comcast Corporation shareholders
$
0.68

 
$
0.69

 
$
1.45

 
$
1.36

See accompanying notes to condensed consolidated financial statements.

1

Table of Contents

Comcast Corporation

Condensed Consolidated Statement of Comprehensive Income
(Unaudited) 
 
Three Months Ended
June 30
 
Six Months Ended
June 30
(in millions)
2019
 
2018
 
2019
 
2018
Net income
$
3,203

 
$
3,208

 
$
6,835

 
$
6,384

Unrealized gains (losses) on marketable securities, net of deferred taxes of $—, $—, $— and $—
1

 
(1
)
 
2

 
(2
)
Deferred gains (losses) on cash flow hedges, net of deferred taxes of $2, $12, $11 and $3
123

 
(40
)
 
64

 
(11
)
Amounts reclassified to net income:
 
 
 
 
 
 
 
Realized (gains) losses on cash flow hedges, net of deferred taxes of $7, $(14), $(4) and $(8)
(45
)
 
46

 
13

 
26

Employee benefit obligations, net of deferred taxes of
$2, $3, $5 and $5
(9
)
 
(8
)
 
(16
)
 
(16
)
Currency translation adjustments, net of deferred taxes of $(6), $44, $(18) and $(3)
(566
)
 
(173
)
 
241

 
(16
)
Comprehensive income
2,707

 
3,032

 
7,139

 
6,365

Less: Net income (loss) attributable to noncontrolling interests and redeemable subsidiary preferred stock
78

 
(8
)
 
157

 
50

Less: Other comprehensive income (loss) attributable to noncontrolling interests
(12
)
 
(29
)
 
(2
)
 
(25
)
Comprehensive income attributable to Comcast Corporation
$
2,641

 
$
3,069

 
$
6,984

 
$
6,340

See accompanying notes to condensed consolidated financial statements.

2

Table of Contents

Comcast Corporation

Condensed Consolidated Statement of Cash Flows
(Unaudited) 
 
Six Months Ended
June 30
(in millions)
2019
 
2018
Operating Activities
 
 
 
Net income
$
6,835

 
$
6,384

Adjustments to reconcile net income to net cash provided by operating activities:
 
 
 
Depreciation, amortization and other operating gains
6,596

 
5,002

Share-based compensation
533

 
410

Noncash interest expense (income), net
168

 
171

Net (gain) loss on investment activity and other
(367
)
 
(68
)
Deferred income taxes
466

 
814

Changes in operating assets and liabilities, net of effects of acquisitions and divestitures:
 
 
 
Current and noncurrent receivables, net
295

 
(60
)
Film and television costs, net
970

 
68

Accounts payable and accrued expenses related to trade creditors
(815
)
 
(119
)
Other operating assets and liabilities
(410
)
 
(65
)
Net cash provided by operating activities
14,271

 
12,537

Investing Activities
 
 
 
Capital expenditures
(4,355
)
 
(4,223
)
Cash paid for intangible assets
(1,078
)
 
(930
)
Acquisitions and construction of real estate properties
(36
)
 
(104
)
Construction of Universal Beijing Resort
(450
)
 
(116
)
Acquisitions, net of cash acquired
(114
)
 
(88
)
Proceeds from sales of businesses and investments
150

 
113

Purchases of investments
(1,605
)
 
(538
)
Other
74

 
580

Net cash provided by (used in) investing activities
(7,414
)
 
(5,306
)
Financing Activities
 
 
 
Proceeds from (repayments of) short-term borrowings, net
(801
)
 
23

Proceeds from borrowings
363

 
4,279

Repurchases and repayments of debt
(4,156
)
 
(4,347
)
Repurchases of common stock under repurchase program and employee plans
(350
)
 
(2,998
)
Dividends paid
(1,823
)
 
(1,616
)
Distributions to noncontrolling interests and dividends for redeemable subsidiary preferred stock
(155
)
 
(140
)
Other
190

 
(161
)
Net cash provided by (used in) financing activities
(6,732
)
 
(4,960
)
Impact of foreign currency on cash, cash equivalents and restricted cash
(15
)
 

Increase (decrease) in cash, cash equivalents and restricted cash
110

 
2,271

Cash, cash equivalents and restricted cash, beginning of period
3,909

 
3,571

Cash, cash equivalents and restricted cash, end of period
$
4,019

 
$
5,842

See accompanying notes to condensed consolidated financial statements.

3

Table of Contents

Comcast Corporation

Condensed Consolidated Balance Sheet
(Unaudited)
(in millions, except share data)
June 30,
2019
 
December 31,
2018
Assets
 
 
 
Current Assets:
 
 
 
Cash and cash equivalents
$
3,919

 
$
3,814

Receivables, net
10,835

 
11,104

Programming rights
1,947

 
3,746

Other current assets
4,660

 
3,184

Total current assets
21,361

 
21,848

Film and television costs
8,553

 
7,837

Investments
8,438

 
7,883

Property and equipment, net of accumulated depreciation of $52,467 and $51,306
46,047

 
44,437

Franchise rights
59,365

 
59,365

Goodwill
67,945

 
66,154

Other intangible assets, net of accumulated amortization of $15,894 and $14,194
36,076

 
38,358

Other noncurrent assets, net
8,770

 
5,802

Total assets
$
256,555

 
$
251,684

Liabilities and Equity
 
 
 
Current Liabilities:
 
 
 
Accounts payable and accrued expenses related to trade creditors
$
10,014

 
$
8,494

Accrued participations and residuals
1,683

 
1,808

Deferred revenue
2,642

 
2,182

Accrued expenses and other current liabilities
10,304

 
10,721

Current portion of long-term debt
6,365

 
4,398

Total current liabilities
31,008

 
27,603

Long-term debt, less current portion
101,248

 
107,345

Deferred income taxes
27,996

 
27,589

Other noncurrent liabilities
17,144

 
15,329

Commitments and contingencies (Note 11)


 


Redeemable noncontrolling interests and redeemable subsidiary preferred stock
1,329

 
1,316

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, 5,408,332,021 and 5,389,309,175; outstanding, 4,535,540,993 and 4,516,518,147
54

 
54

Class B common stock, $0.01 par value—authorized, 75,000,000 shares; issued and outstanding, 9,444,375

 

Additional paid-in capital
37,950

 
37,461

Retained earnings
46,425

 
41,983

Treasury stock, 872,791,028 Class A common shares
(7,517
)
 
(7,517
)
Accumulated other comprehensive income (loss)
(62
)
 
(368
)
Total Comcast Corporation shareholders’ equity
76,850

 
71,613

Noncontrolling interests
980

 
889

Total equity
77,830

 
72,502

Total liabilities and equity
$
256,555

 
$
251,684

See accompanying notes to condensed consolidated financial statements.

4

Table of Contents

Comcast Corporation

Condensed Consolidated Statement of Changes in Equity
(Unaudited)
 
Three Months Ended
June 30
 
Six Months Ended
June 30
(in millions, except per share data)
2019
2018
 
2019
2018
Redeemable Noncontrolling Interests and Redeemable Subsidiary Preferred Stock
 
 
 
 
 
Balance, beginning of period
$
1,316

$
1,354

 
$
1,316

$
1,357

Contributions from (distributions to) noncontrolling interests, net
(17
)
(14
)
 
(37
)
(31
)
Other
(11
)
(14
)
 
(19
)
(24
)
Net income (loss)
41

17

 
69

41

Balance, end of period
$
1,329

$
1,343

 
$
1,329

$
1,343

 
 
 
 
 
 
Class A common stock
 
 
 
 
 
Balance, beginning of period
$
54

$
55

 
$
54

$
55

Repurchases of common stock under repurchase program and employee plans

(1
)
 

(1
)
Balance, end of period
$
54

$
54

 
$
54

$
54

 
 
 
 
 
 
Additional Paid-In Capital
 
 
 
 
 
Balance, beginning of period
$
37,621

$
37,375

 
$
37,461

$
37,497

Stock compensation plans
237

163

 
411

290

Repurchases of common stock under repurchase program and employee plans
17

(235
)
 
(45
)
(529
)
Employee stock purchase plans
67

64

 
115

112

Other
8

60

 
8

57

Balance, end of period
$
37,950

$
37,427

 
$
37,950

$
37,427

 
 
 
 
 
 
Retained Earnings
 
 
 
 
 
Balance, beginning of period
$
44,379

$
38,961

 
$
41,983

$
38,202

Cumulative effects of adoption of accounting standards


 

(43
)
Repurchases of common stock under repurchase program and employee plans
(112
)
(1,034
)
 
(305
)
(2,466
)
Dividends declared
(964
)
(876
)
 
(1,928
)
(1,760
)
Other
(3
)
2

 
(3
)
2

Net income (loss)
3,125

3,216

 
6,678

6,334

Balance, end of period
$
46,425

$
40,269

 
$
46,425

$
40,269

 
 
 
 
 
 
Treasury Stock at Cost
 
 
 
 
 
Balance, beginning of period
$
(7,517
)
$
(7,517
)
 
$
(7,517
)
$
(7,517
)
Balance, end of period
$
(7,517
)
$
(7,517
)
 
$
(7,517
)
$
(7,517
)
 
 
 
 
 
 
Accumulated Other Comprehensive Income (Loss)
 
 
 
 
 
Balance, beginning of period
$
422

$
608

 
$
(368
)
$
379

Cumulative effects of adoption of accounting standards


 

76

Other comprehensive income (loss)
(484
)
(147
)
 
306

6

Balance, end of period
$
(62
)
$
461

 
$
(62
)
$
461

 
 
 
 
 
 
Noncontrolling Interests
 
 
 
 
 
Balance, beginning of period
$
903

$
1,228

 
$
889

$
843

Other comprehensive income (loss)
(12
)
(29
)
 
(2
)
(25
)
Contributions from (distributions to) noncontrolling interests, net
62

(33
)
 
16

317

Other
(10
)
(92
)
 
(11
)
(95
)
Net income (loss)
37

(25
)
 
88

9

Balance, end of period
$
980

$
1,049

 
$
980

$
1,049

 
 
 
 
 
 
Total equity
$
77,830

$
71,743

 
$
77,830

$
71,743

 
 
 
 
 
 
Cash dividends declared per common share
$
0.21

$
0.19

 
$
0.42

$
0.38

See accompanying notes to condensed consolidated financial statements.

5

Table of Contents

Comcast Corporation

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
Note 1: Condensed Consolidated Financial Statements
Business and Basis of Presentation
We have prepared these unaudited condensed consolidated financial statements based on SEC rules that permit reduced disclosure for interim periods. These financial statements include all adjustments that are necessary for a fair presentation of our consolidated results of operations, cash flows and financial condition for the periods shown, including normal, recurring accruals and other items. The consolidated results of operations for the interim periods presented are not necessarily indicative of results for the full year.
The year-end condensed consolidated balance sheet was derived from audited financial statements but does not include all disclosures required by generally accepted accounting principles in the United States (“GAAP”). For a more complete discussion of our accounting policies and certain other information, refer to our consolidated financial statements included in our 2018 Annual Report on Form 10-K and the notes within this Form 10-Q.
In the fourth quarter of 2018, we acquired a 100% interest in Sky through a series of transactions, for total cash consideration of £30.2 billion (approximately $39.4 billion using the exchange rates on the purchase dates). See Note 6 for additional information on the transaction.
Reclassifications
Reclassifications have been made to our condensed consolidated financial statements for the prior year periods to conform to classifications used in 2019. See Note 7 for a discussion of the effects of the adoption of new accounting pronouncements on our condensed consolidated financial statements.
Note 2: Segment Information
We present our operations in six reportable business segments: (1) Comcast Cable in one reportable business segment, referred to as Cable Communications; (2) NBCUniversal in four reportable business segments: Cable Networks, Broadcast Television, Filmed Entertainment and Theme Parks (collectively, the “NBCUniversal segments”); and (3) Sky in one reportable business segment.
Our Cable Communications segment consists of the operations of Comcast Cable, which is one of the nation’s largest providers of high-speed internet, video, voice, wireless, and security and automation services (“cable services”) to residential customers under the Xfinity brand; we also provide these and other services to business customers and sell advertising.
Our Cable Networks segment consists primarily of our national cable networks that provide a variety of entertainment, news and information, and sports content, our regional sports and news networks, our international cable networks, our cable television studio production operations, and various digital properties.
Our Broadcast Television segment consists primarily of the NBC and Telemundo broadcast networks, our NBC and Telemundo owned local broadcast television stations, the NBC Universo national cable network, our broadcast television studio production operations, and various digital properties.
Our Filmed Entertainment segment consists primarily of the operations of Universal Pictures, which produces, acquires, markets and distributes filmed entertainment worldwide; our films are also produced under the Illumination, DreamWorks Animation and Focus Features names.
Our Theme Parks segment consists primarily of our Universal theme parks in Orlando, Florida; Hollywood, California; and Osaka, Japan. In addition, along with a consortium of Chinese state-owned companies, we are developing a Universal theme park and resort in Beijing, China.
Our Sky segment consists of the operations of Sky, one of Europe’s leading entertainment companies, which primarily includes a direct-to-consumer business, providing video, high-speed internet, voice and wireless phone services, and a content business, operating entertainment networks, the Sky News broadcast network and Sky Sports networks.
Our other business interests consist primarily of the operations of Comcast Spectacor, which owns the Philadelphia Flyers and the Wells Fargo Center arena in Philadelphia, Pennsylvania.
We use Adjusted EBITDA to evaluate the profitability of our operating segments and the components of net income attributable to Comcast Corporation excluded from Adjusted EBITDA are not separately evaluated. Beginning in the first quarter of 2019, Comcast Cable’s wireless phone service and certain other Cable-related business development initiatives are now presented in the Cable Communications segment. Results were previously presented in Corporate and Other. Prior periods have been adjusted to reflect this presentation.

6


Comcast Corporation

To be consistent with our current management reporting presentation, certain 2018 operating results were reclassified related to certain NBCUniversal businesses now presented in the Sky segment. Our financial data by business segment is presented in the tables below.
 
Three Months Ended June 30, 2019
(in millions)
Revenue
Adjusted EBITDA(d)
Depreciation and Amortization
Capital
Expenditures
Cash Paid for Intangible Assets
Cable Communications
$
14,450

$
5,854

$
2,036

$
1,594

$
303

NBCUniversal
 
 
 
 
 
Cable Networks
2,947

1,201

183

6

4

Broadcast Television
2,402

534

40

37

3

Filmed Entertainment
1,457

183

20

4

6

Theme Parks
1,464

590

170

378

17

Headquarters and Other(a)
22

(182
)
114

48

35

Eliminations(b)
(86
)
(2
)



NBCUniversal
8,206

2,324

527

473

65

Sky
4,828

772

673

177

152

Corporate and Other(c)
56

(213
)
40

19

11

Eliminations(b)
(682
)
(21
)



Comcast Consolidated
$
26,858

$
8,716

$
3,276

$
2,263

$
531

 
Three Months Ended June 30, 2018
(in millions)
Revenue
Adjusted EBITDA(d)
Depreciation and Amortization
Capital
Expenditures
Cash Paid for Intangible Assets
Cable Communications
$
13,912

$
5,449

$
2,023

$
1,767

$
344

NBCUniversal
 
 
 
 
 
Cable Networks
2,874

1,176

179

8

5

Broadcast Television
2,391

417

40

32

3

Filmed Entertainment
1,710

138

63

8

8

Theme Parks
1,361

569

167

360

119

Headquarters and Other(a)
15

(148
)
104

53

31

Eliminations(b)
(78
)
(2
)



NBCUniversal
8,273

2,150

553

461

166

Corporate and Other(c)
96

(192
)
27

22

1

Eliminations(b)
(546
)
10




Comcast Consolidated
$
21,735

$
7,417

$
2,603

$
2,250

$
511

 
Six Months Ended June 30, 2019
(in millions)
Revenue
Adjusted EBITDA(d)
Depreciation and Amortization
Capital
Expenditures
Cash Paid for Intangible Assets
Cable Communications
$
28,730

$
11,582

$
4,071

$
2,957

$
626

NBCUniversal
 
 
 
 

Cable Networks
5,815

2,463

365

12

6

Broadcast Television
4,869

921

79

50

6

Filmed Entertainment
3,225

547

39

8

11

Theme Parks
2,740

1,088

332

772

36

Headquarters and Other(a)
39

(356
)
227

84

77

Eliminations(b)
(169
)
(2
)



NBCUniversal
16,519

4,661

1,042

926

136

Sky
9,625

1,435

1,414

436

303

Corporate and Other(c)
164

(400
)
69

36

13

Eliminations(b)
(1,321
)
(9
)



Comcast Consolidated
$
53,717

$
17,269

$
6,596

$
4,355

$
1,078


7


Comcast Corporation

 
Six Months Ended June 30, 2018
(in millions)
Revenue
Adjusted EBITDA(d)
Depreciation and Amortization
Capital
Expenditures
Cash Paid for Intangible Assets
Cable Communications
$
27,615

$
10,666

$
4,084

$
3,458

$
631

NBCUniversal
 
 
 
 

Cable Networks(e)
6,031

2,430

368

11

9

Broadcast Television(e)
5,888

924

74

62

75

Filmed Entertainment
3,357

341

91

15

14

Theme Parks
2,642

1,064

322

542

135

Headquarters and Other(a)
29

(336
)
208

100

63

Eliminations(b)(e)
(177
)
(2
)



NBCUniversal
17,770

4,421

1,063

730

296

Corporate and Other(c)
339

(377
)
55

35

3

Eliminations(b)(e)
(1,198
)
(49
)



Comcast Consolidated
$
44,526

$
14,661

$
5,202

$
4,223

$
930


(a)
NBCUniversal Headquarters and Other activities include costs associated with overhead, allocations, personnel costs and headquarter initiatives.
(b)
Included in Eliminations are transactions that our segments entered into with one another. The most common types of transactions are the following:
our Cable Networks segment generates revenue by selling programming to our Cable Communications segment, which represents a substantial majority of the revenue elimination amount
our Broadcast Television segment generates revenue from the fees received under retransmission consent agreements with our Cable Communications segment
our Cable Communications segment generates revenue by selling advertising and by selling the use of satellite feeds to our Cable Networks segment
our Cable Networks and Broadcast Television segments generate revenue by selling advertising to our Cable Communications segment
our Filmed Entertainment and Broadcast Television segments generate revenue by licensing content to our Cable Networks segment; for segment reporting, this revenue is recognized as the programming rights asset for the licensed content is amortized based on third party revenue
our Filmed Entertainment, Cable Networks and Broadcast Television segments generate revenue by licensing content to our Sky segment
(c)
Corporate and Other activities include costs associated with overhead and personnel, revenue and expenses associated with operations of Comcast Spectacor, which owns the Philadelphia Flyers and the Wells Fargo Center arena in Philadelphia, Pennsylvania, as well as other business development initiatives.
(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 Comcast Corporation before net income (loss) attributable to noncontrolling interests and redeemable subsidiary preferred stock, income tax expense, investment and other income (loss), net, interest expense, depreciation and amortization expense, and other operating gains and losses (such as impairment charges related to fixed and intangible assets and gains or losses on the sale of long-lived assets), if any. From time to time, we may exclude from Adjusted EBITDA the impact of certain events, gains, losses or other charges (such as significant legal settlements) that affect the period-to-period comparability of our operating performance. 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)
2019
 
2018
 
2019
 
2018
Adjusted EBITDA
$
8,716

 
$
7,417

 
$
17,269

 
$
14,661

Adjustment for Sky transaction-related costs
(84
)
 

 
(135
)
 

Depreciation
(2,197
)
 
(2,021
)
 
(4,437
)
 
(4,032
)
Amortization
(1,079
)
 
(582
)
 
(2,159
)
 
(1,170
)
Other operating gains

 
200

 

 
200

Interest expense
(1,137
)
 
(806
)
 
(2,287
)
 
(1,583
)
Investment and other income (loss), net
(55
)
 
77

 
621

 
203

Income before income taxes
$
4,164

 
$
4,285

 
$
8,872

 
$
8,279


(e)
The revenue and operating costs and expenses associated with our broadcast of the 2018 PyeongChang Olympics were reported in our Cable Networks and Broadcast Television segments. The revenue and operating costs and expenses associated with our broadcast of the 2018 Super Bowl were reported in our Broadcast Television segment. Included in Eliminations are transactions relating to these events that our Broadcast Television and Cable Networks segments entered into with our other segments.

8


Comcast Corporation

Note 3: Revenue
 
Three Months Ended
June 30
 
Six Months Ended
June 30
(in millions)
2019
 
2018
 
2019
 
2018
Residential:
 
 
 
 
 
 
 
High-speed internet
$
4,663

 
$
4,262

 
$
9,240

 
$
8,419

Video
5,594

 
5,628

 
11,222

 
11,287

Voice
982

 
994

 
1,972

 
2,000

Wireless
244

 
202

 
469

 
387

Business services
1,933

 
1,761

 
3,824

 
3,487

Advertising
607

 
666

 
1,163

 
1,248

Other
427

 
399

 
840

 
787

Total Cable Communications(a)(b)
14,450

 
13,912

 
28,730

 
27,615

 
 
 
 
 
 
 
 
Distribution
1,707

 
1,650

 
3,442

 
3,511

Advertising
931

 
929

 
1,783

 
1,906

Content licensing and other
309

 
295

 
590

 
614

Total Cable Networks
2,947

 
2,874

 
5,815

 
6,031

 
 
 
 
 
 
 
 
Advertising
1,329

 
1,387

 
2,646

 
3,752

Content licensing
472

 
481

 
1,032

 
1,003

Distribution and other
601

 
523

 
1,191

 
1,133

Total Broadcast Television
2,402

 
2,391

 
4,869

 
5,888

 
 
 
 
 
 
 
 
Theatrical
252

 
540

 
697

 
963

Content licensing
712

 
648

 
1,529

 
1,381

Home entertainment
229

 
225

 
496

 
473

Other
264

 
297

 
503

 
540

Total Filmed Entertainment
1,457

 
1,710

 
3,225

 
3,357

 
 
 
 
 
 
 
 
Total Theme Parks
1,464

 
1,361

 
2,740

 
2,642

Headquarters and Other
22

 
15

 
39

 
29

Eliminations(c)
(86
)
 
(78
)
 
(169
)
 
(177
)
Total NBCUniversal
8,206

 
8,273

 
16,519

 
17,770

 
 
 
 
 
 
 
 
Direct-to-consumer
3,889

 

 
7,723

 

Content
376

 

 
746

 

Advertising
563

 

 
1,156

 

Total Sky
4,828

 

 
9,625

 

 
 
 
 
 
 
 
 
Corporate and Other(b)
56

 
96

 
164

 
339

Eliminations(c)
(682
)
 
(546
)
 
(1,321
)
 
(1,198
)
Total revenue
$
26,858

 
$
21,735

 
$
53,717

 
$
44,526

(a)
For both the three and six months ended June 30, 2019, 2.5% of Cable Communications segment revenue was derived from franchise and other regulatory fees. For both the three and six months ended June 30, 2018, 2.7% of Cable Communications segment revenue was derived from franchise and other regulatory fees.
(b)
Comcast Cable’s wireless phone service is now presented in the Cable Communications segment. Results were previously presented in Corporate and Other. We recognize revenue from our wireless phone service as the services are provided, similar to how we recognize revenue for other residential cable services. We recognize revenue from the sale of handsets at the point of sale.
(c)
Included in Eliminations are transactions that our segments enter into with one another. See Note 2 for a description of these transactions.

9


Comcast Corporation

We operate primarily in the United States but also in select international markets. The table below summarizes revenue by geographic location.
 
Three Months Ended
June 30
 
Six Months Ended
June 30
(in millions)
2019
 
2018
 
2019
 
2018
United States
$
20,539

 
$
19,931

 
$
40,996

 
$
40,816

Europe
5,297

 
699

 
10,667

 
1,520

Other
1,022

 
1,105

 
2,054

 
2,190

Total revenue
$
26,858

 
$
21,735

 
$
53,717

 
$
44,526


No single customer accounted for a significant amount of revenue in any period presented.
Condensed Consolidated Balance Sheet
The following tables summarize our accounts receivable and other balances that are not separately presented in our condensed consolidated balance sheet that relate to the recognition of revenue and collection of the related cash, as well as deferred costs associated with our contracts with customers.
(in millions)
June 30,
2019
 
December 31,
2018
Receivables, gross
$
11,381

 
$
11,456

Less: Allowance for doubtful accounts
546

 
352

Receivables, net
$
10,835

 
$
11,104


(in millions)
June 30,
2019
 
December 31,
2018
Noncurrent receivables, net (included in other noncurrent assets, net)
$
1,306

 
$
1,399

Contract acquisition and fulfillment costs (included in other noncurrent assets, net)
$
1,037

 
$
991

Noncurrent deferred revenue (included in other noncurrent liabilities)
$
888

 
$
650


Note 4: Earnings Per Share
Computation of Diluted EPS
 
Three Months Ended June 30
 
2019
 
2018
(in millions, except per share data)
Net Income Attributable to Comcast Corporation
 
Shares
 
Per Share Amount
 
Net Income Attributable to Comcast Corporation
 
Shares
 
Per Share Amount
Basic EPS attributable to Comcast Corporation shareholders
$
3,125

 
4,547

 
$
0.69

 
$
3,216

 
4,598

 
$
0.70

Effect of dilutive securities:
 
 
 
 
 
 
 
 
 
 
 
Assumed exercise or issuance of shares relating to stock plans
 
 
60

 
 
 
 
 
45

 
 
Diluted EPS attributable to Comcast Corporation shareholders
$
3,125

 
4,607

 
$
0.68

 
$
3,216

 
4,643

 
$
0.69


10


Comcast Corporation

 
Six Months Ended June 30
 
2019
 
2018
(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
$
6,678

 
4,540

 
$
1.47

 
$
6,334

 
4,616

 
$
1.37

Effect of dilutive securities:
 
 
 
 
 
 
 
 
 
 
 
Assumed exercise or issuance of shares relating to stock plans
 
 
60

 
 
 
 
 
58

 
 
Diluted EPS attributable to Comcast Corporation shareholders
$
6,678

 
4,600

 
$
1.45

 
$
6,334

 
4,674

 
$
1.36


Diluted earnings per common share attributable to Comcast Corporation shareholders (“diluted EPS”) considers the impact of potentially dilutive securities using the treasury stock method. Our potentially dilutive securities include potential common shares related to our stock options and our restricted share units (“RSUs”). Diluted EPS excludes the impact of potential common shares related to our stock options in periods in which the combination of the option exercise price and the associated unrecognized compensation expense is greater than the average market price of our common stock. The amount of potential common shares related to our share-based compensation plans that were excluded from diluted EPS because their effect would have been antidilutive was not material for the three and six months ended June 30, 2019 or 2018.
Note 5: Long-Term Debt
As of June 30, 2019, our debt had a carrying value of $107.6 billion and an estimated fair value of $118.5 billion. The estimated fair value of our publicly traded debt was primarily based on Level 1 inputs that use quoted market values for the debt. The estimated fair value of debt for which there are no quoted market prices was based on Level 2 inputs that use interest rates available to us for debt with similar terms and remaining maturities.
Debt Borrowings and Repayments
For the six months ended June 30, 2019, we had borrowings of $363 million related to the Universal Beijing Resort term loans.
For the six months ended June 30, 2019, we made repayments of $4.2 billion primarily related to our dollar-denominated term loan due 2022, NBCUniversal Enterprise senior notes due 2019 and our British pound-denominated term loan due 2023.
Revolving Credit Facilities
For the six months ended June 30, 2019, we made net repayments of $615 million under Sky’s £1 billion revolving credit facility due 2021, which was terminated in February 2019. In June 2019, we amended the terms of our Comcast and NBCUniversal Enterprise revolving credit facilities to extend both facilities’ expiration dates from May 26, 2021 to May 26, 2022. As of June 30, 2019, there were no amounts outstanding under our revolving credit facilities. Amounts available under our revolving credit facilities, net of amounts outstanding under our commercial paper programs and outstanding letters of credit and bank guarantees, totaled $8.7 billion.
Commercial Paper Programs
For the six months ended June 30, 2019, we made net repayments of $186 million under our commercial paper programs. As of June 30, 2019, Comcast had $488 million face amount of commercial paper outstanding. As of June 30, 2019, NBCUniversal Enterprise had no commercial paper outstanding.
Guarantee Structure
Comcast, Comcast Cable and NBCUniversal have fully and unconditionally guaranteed each other’s debt securities, including the Comcast revolving credit facility. As of June 30, 2019, the principal amount of debt securities outstanding within the cross-guarantee structure totaled $92.1 billion.
Comcast and Comcast Cable fully and unconditionally guarantee NBCUniversal Enterprise’s debt securities, including its revolving credit facility. As of June 30, 2019, the principal amount of debt securities guaranteed by Comcast and Comcast Cable totaled $1.5 billion. NBCUniversal does not guarantee the NBCUniversal Enterprise senior notes, revolving credit facility or commercial paper program.

11


Comcast Corporation

Comcast provides an unconditional guarantee of the Universal Studios Japan yen-denominated ¥382 billion (approximately $3.5 billion using exchange rates as of June 30, 2019) term loans with a final maturity of March 2022. None of Comcast, Comcast Cable nor NBCUniversal guarantee the ¥6.4 billion RMB (approximately $936 million using exchange rates as of June 30, 2019) principal amount of Universal Beijing Resort term loans outstanding.
In May 2019, Comcast provided a full and unconditional guarantee of Sky’s debt (approximately $10.0 billion using exchange rates as of June 30, 2019) in connection with Sky’s noteholders consenting to (i) the transfer of the listing of three series of notes from the Main Market of the London Stock Exchange to the Professional Securities Market of the London Stock Exchange and (ii) amending certain terms of the Sky notes.
Note 6: Significant Transactions
Sky Transaction
On October 9, 2018, in connection with our offer to acquire the share capital of Sky, we acquired a controlling interest in Sky through a series of purchases of Sky shares at our offer price of £17.28 per share. In the fourth quarter of 2018, we acquired the remaining Sky shares and now own 100% of Sky’s equity interests. Total cash consideration was £30.2 billion (approximately $39.4 billion using the exchange rates on the purchase dates). We financed the acquisition through a combination of new fixed and floating rate notes, issuance of term loans and cash on hand. Sky is one of Europe’s leading entertainment companies, which primarily includes a direct-to-consumer business, providing video, high-speed internet, voice and wireless phone services, and a content business, operating entertainment networks, the Sky News broadcast network and Sky Sports networks.
Allocation of Purchase Price
We have applied acquisition accounting to Sky. Sky’s results of operations are included in our consolidated results of operations since the acquisition date and are reported in our Sky segment. The net assets of Sky were recorded at their estimated fair value using primarily Level 3 inputs. In valuing acquired assets and liabilities, fair value estimates are based on, but are not limited to, future expected cash flows, market rate assumptions for contractual obligations and appropriate discount rates.
During the first quarter of 2019, we revised our estimates of fair value, primarily related to intangible assets, property and equipment, and investments (included below in other noncurrent assets and (liabilities), net), and recorded corresponding updates to deferred taxes. We also recorded an additional valuation allowance of approximately $1.2 billion associated with our assessment of the realization of Sky’s deferred tax assets, primarily related to net operating losses. These changes resulted in an increase in goodwill of approximately $1.4 billion and an adjustment in the first quarter of 2019 related to the fourth quarter of 2018 that resulted in an increase to depreciation and amortization expense of $53 million.
The table below presents the allocation of the all-cash purchase price of £30.2 billion, or $39.4 billion, to the assets and liabilities of Sky as a result of the transaction.
Allocation of Purchase Price
 
(in millions)
 
Consideration transferred
$
39,387

 
 
Allocation of purchase price
 
Cash
$
1,283

Accounts receivable and other current assets
2,359

Film and television costs
2,512

Property and equipment
4,127

Intangible assets
19,539

Accounts payable, accrued liabilities and other current liabilities
(5,885
)
Long-term debt
(11,468
)
Deferred tax assets (liabilities), net
(2,974
)
Other noncurrent assets and (liabilities), net
(1,398
)
Fair value of identifiable net assets acquired
8,095

Goodwill
$
31,292


Property and Equipment
Property and equipment includes customer premise equipment with a carrying value of $1.4 billion, which have original estimated useful lives of 5 to 7 years. The remaining property and equipment consists of real estate and improvements, network assets and other equipment.

12


Comcast Corporation

Intangible Assets
Finite-lived intangible assets primarily consist of customer relationships with a carrying amount of $9.5 billion and developed technology and software with a carrying amount of $4.3 billion, with original estimated useful lives between 6 and 19 years and 4 and 9 years, respectively. Indefinite-lived assets consist of trade names with a carrying amount of $5.8 billion.
Goodwill
Goodwill consists primarily of intangible assets that do not qualify for separate recognition, including increased footprint, assembled workforce, noncontractual relationships and agreements. The acquired goodwill is not expected to be deductible for tax purposes.
Acquisition-Related Costs
As a result of the Sky transaction, we incurred incremental expenses in 2018 related to legal, accounting, valuation and other professional services, which are reflected in other operating and administrative expenses. We also incurred certain financing costs associated with our borrowings, which are reflected in interest expense. The table below presents the amounts related to these expenses included in our condensed consolidated statement of income.
(in millions)
Three Months Ended
June 30, 2018
Six Months Ended
June 30, 2018
Other operating and administrative expenses
$
11

$
21

Interest expense
$
11

$
11


Unaudited Pro Forma Information
The following unaudited pro forma information has been presented as if the Sky transaction occurred on January 1, 2017. This information is based on historical results of operations, adjusted for allocation of purchase price and other acquisition accounting adjustments, and is not necessarily indicative of what the results would have been had we operated the business since January 1, 2017. For pro forma purposes, 2018 earnings were adjusted to exclude the acquisition-related costs. No pro forma adjustments have been made for cost savings or synergies that have been or may be achieved by the combined businesses.
(in millions, except per share data)
Three Months Ended
June 30, 2018
Six Months Ended
June 30, 2018
Revenue
$
26,653

$
54,415

Net income attributable to Comcast Corporation
$
2,957

$
5,940

Basic earnings per common share attributable to Comcast Corporation shareholders
$
0.65

$
1.29

Diluted earnings per common share attributable to Comcast Corporation shareholders
$
0.64

$
1.27


Universal Beijing Resort
We entered into an agreement with a consortium of Chinese state-owned companies to build and operate a Universal theme park and resort in Beijing, China (“Universal Beijing Resort”). We own a 30% interest in Universal Beijing Resort and the construction is being funded through a combination of debt financing and equity contributions from the investors in accordance with their equity interests. The debt financing, which is being provided by a syndicate of Chinese financial institutions, contains certain financial and operating covenants and a maximum borrowing limit of ¥26.6 billion RMB (approximately $4 billion). The debt financing is secured by the assets of Universal Beijing Resort and the equity interests of the investors. As of June 30, 2019, Universal Beijing Resort had $936 million principal amount of term loans outstanding under the debt financing agreements.
We have concluded that Universal Beijing Resort is a variable interest entity based on its governance structure, and we consolidate it because we have the power to direct activities that most significantly impact its economic performance. There are no liquidity arrangements, guarantees or other financial commitments between us and Universal Beijing Resort, and therefore our maximum risk of financial loss is our 30% interest. Universal Beijing Resort’s results of operations are reported in our Theme Parks segment. Our condensed consolidated statement of cash flows includes the costs of construction and related borrowings in the “construction of Universal Beijing Resort” and “proceeds from borrowings” captions, respectively, and equity contributions from our investing partner are included in other financing activities.
In March 2018, Universal Beijing Resort received initial equity investments through a combination of cash and noncash contributions from the investors. As of June 30, 2019, our condensed consolidated balance sheet included assets, primarily property and equipment, and liabilities, including the term loans, of Universal Beijing Resort totaling $2.1 billion and $1.5 billion, respectively.

13


Comcast Corporation

Note 7: Recent Accounting Pronouncements
Leases
In February 2016, the Financial Accounting Standards Board (“FASB”) updated the accounting guidance related to leases. The most significant change in the updated accounting guidance requires lessees to recognize lease assets and liabilities on the balance sheet for all operating leases with the exception of short-term leases. The standard also expands the disclosures regarding the amount, timing and uncertainty of cash flows arising from leases. For a lessee, the recognition, measurement and presentation of expenses and cash flows arising from a lease did not significantly change from previous guidance. We adopted the updated guidance on January 1, 2019 on a prospective basis and as a result, prior period amounts were not adjusted to reflect the impacts of the updated guidance. In addition, as permitted under the transition guidance within the new standard, prior scoping and classification conclusions were carried forward for leases existing as of the adoption date.
Upon adoption, we recorded $4.2 billion and $4.8 billion for operating lease assets and liabilities, respectively, which includes the impact of fair value adjustments, prepaid and deferred rent and lease incentives. The adoption of the updated accounting guidance did not significantly impact our recognition of finance leases, which were previously described as capital leases. As of the date of adoption, our liabilities for finance leases were $787 million, including $229 million of additional contracts determined to be leases in connection with the Sky transaction, which were recorded in long-term debt, and the related assets were recorded in property and equipment, net. Our finance leases were not considered material for further disclosure. The adoption of the new accounting guidance did not have a material impact on our consolidated results of operations or cash flows. See Note 11 for further information.
Film and Television Costs
In March 2019, the FASB updated the accounting guidance related to film and television costs. The updated guidance aligns the accounting for production costs of episodic television series with those of films, allowing for costs to be capitalized in excess of amounts of revenue contracted for each episode. The updated guidance also updates certain presentation and disclosure requirements for capitalized film and television costs, and requires impairment testing to be performed at a group level for capitalized film and television costs when the content is predominantly monetized with other owned or licensed content. The updated guidance is effective for us as of January 1, 2020 and early adoption is permitted. We are currently in the process of determining the impact that the updated accounting guidance will have on our consolidated financial statements, however we do not expect there to be a material impact on our consolidated results of operations or cash flows.
Note 8: Film and Television Costs
(in millions)
June 30,
2019
 
December 31,
2018
Film Costs:
 
 
 
Released, less amortization
$
1,577

 
$
1,600

Completed, not released
86

 
144

In production and in development
1,376

 
1,063

 
3,039

 
2,807

Television Costs:
 
 
 
Released, less amortization
2,278

 
2,289

In production and in development
1,014

 
953

 
3,292

 
3,242

Programming rights, less amortization
4,169

 
5,534

 
10,500

 
11,583

Less: Current portion of programming rights
1,947

 
3,746

Film and television costs
$
8,553

 
$
7,837



14


Comcast Corporation

Note 9: Investments
Investment and Other Income (Loss), Net
 
Three Months Ended
June 30
 
Six Months Ended
June 30
(in millions)
2019
 
2018
 
2019
 
2018
Equity in net income (losses) of investees, net
$
(202
)
 
$
69

 
$
60

 
$
20

Realized and unrealized gains (losses) on equity securities, net
194

 
(40
)
 
408

 
(12
)
Other income (loss), net
(47
)
 
48

 
153

 
195

Investment and other income (loss), net
$
(55
)
 
$
77

 
$
621

 
$
203


(in millions)
June 30,
2019
 
December 31,
2018
Equity method
$
5,719

 
$
4,035

Marketable equity securities
577

 
341

Nonmarketable equity securities
2,057

 
1,805

Other investments
1,803

 
1,796

Total investments
10,156

 
7,977

Less: Current investments
1,718

 
94

Noncurrent investments
$
8,438

 
$
7,883


Equity Method
Atairos
Atairos follows investment company accounting and records its investments at their fair values each reporting period with the net gains or losses reflected in its statement of operations. We recognize our share of these gains and losses in equity in net income (losses) of investees, net. For the three and six months ended June 30, 2019, we recognized losses of $106 million and income of $268 million, respectively. For the three and six months ended June 30, 2018, we recognized income of $151 million and $186 million, respectively. For the six months ended June 30, 2019 and 2018, we made cash capital contributions totaling $463 million and $112 million, respectively. As of June 30, 2019 and December 31, 2018, our investment was $3.4 billion and $2.7 billion, respectively.
In April 2018, we sold a controlling interest in our arena management-related businesses to Atairos and received as consideration additional equity interests in Atairos. We account for our retained ownership in the businesses as an equity method investment. In connection with the sale of the businesses, we recognized a pretax gain of $200 million in other operating gains in the second quarter of 2018.
Hulu
In May 2019, we entered into a series of agreements (the “Hulu Transaction”) with The Walt Disney Company (“Disney”), whereby we relinquished our board seats and substantially all voting rights associated with our investment in Hulu, LLC ("Hulu"), and Disney assumed full operational control. We also acquired our proportionate share of the approximate 10% interest in Hulu previously held by AT&T Inc. (“AT&T”) for approximately $477 million, increasing our ownership interest to approximately 33% from approximately 30%.
Following the Hulu Transaction, future capital calls are limited to $1.5 billion in the aggregate each year, with any excess funding requirements funded with member loans. We have the right, but not the obligation, to fund our proportionate share of these capital calls, and if we elect not to fund our share of future equity capital calls, our ownership interest will be diluted, subject to an ownership floor of 21%. The Hulu Transaction agreements include put and call provisions regarding our ownership interest in Hulu, pursuant to which, as early as January 2024, we can require Disney to buy, and Disney can require us to sell our interest, in either case, for fair value at that future time subject to a minimum equity value of $27.5 billion for 100% of the equity of Hulu. The minimum total equity value and ownership floor guarantee minimum proceeds of approximately $5.8 billion upon exercise of the put or call.
In connection with the Hulu Transaction, we agreed to extend certain Hulu licenses of NBCUniversal content until late 2024. We can terminate most of our content license agreements with Hulu in three years’ time, and in one year’s time we have the right to exhibit certain content that we currently license exclusively to Hulu on our platforms in return for reducing the license fee payable by Hulu.

15


Comcast Corporation

We account for our investment using the equity method. For the three and six months ended June 30, 2019, we recognized losses of $109 million and $250 million, respectively, in equity in net income (losses) of investees, net. For the three and six months ended June 30, 2018, we recognized losses of $107 million and $238 million, respectively. For the six months ended June 30, 2019 and 2018, we made cash capital contributions totaling $903 million, inclusive of the funding for the acquisition of the AT&T interest, and $227 million, respectively. As of June 30, 2019 and December 31, 2018, our investment was $857 million and $248 million, respectively.
In August 2016, Time Warner Inc., which was acquired by AT&T in 2018, acquired a 10% interest in Hulu, diluting our interest at that time from approximately 33% to approximately 30%. Given the contingent nature of the put and call options related to that interest, we recorded a deferred gain as a result of the dilution. In the first quarter of 2019, the put and call options expired unexercised and we recognized the previously deferred gain of $159 million in other income (loss), net.
The Weather Channel
In March 2018, we sold our investment in The Weather Channel cable network and recognized a pretax gain of $64 million in other income (loss), net.
Marketable Equity Securities
Snap
For the three and six months ended June 30, 2019, we recognized unrealized gains of $96 million and $258 million, respectively, in realized and unrealized gains (losses) on equity securities, net related to our investment in Snap. For the three and six months ended June 30, 2018, we recognized unrealized losses of $82 million and $45 million, respectively, related to our investment in Snap. As of June 30, 2019 and December 31, 2018, our investment in Snap was $420 million and $162 million, respectively.
Other Investments
AirTouch
We hold two series of preferred stock of Verizon Americas, Inc., formerly known as AirTouch Communications, Inc. (“AirTouch”), a subsidiary of Verizon Communications Inc., which are redeemable in April 2020. As of both June 30, 2019 and December 31, 2018, our investment in AirTouch was $1.6 billion. We account for our investment in AirTouch as a held to maturity investment using the cost method. As of June 30, 2019, the estimated fair value of the AirTouch preferred stock and the estimated fair value of the associated liability related to the redeemable subsidiary preferred shares issued by one of our consolidated subsidiaries were each $1.7 billion. The estimated fair values are based on Level 2 inputs that use pricing models whose inputs are derived primarily from or corroborated by observable market data through correlation or other means for substantially the full term of the financial instrument.
Note 10: Supplemental Financial Information
Share-Based Compensation
Our share-based compensation plans consist primarily of awards of RSUs and stock options to certain employees and directors as part of our approach to long-term incentive compensation. Additionally, through our employee stock purchase plans, employees are able to purchase shares of our common stock at a discount through payroll deductions.
In March 2019, we granted 12.4 million RSUs and 41.9 million stock options related to our annual management awards. The weighted-average fair values associated with these grants were $39.88 per RSU and $7.91 per stock option.
Recognized Share-Based Compensation Expense
 
Three Months Ended
June 30
 
Six Months Ended
June 30
(in millions)
2019
 
2018
 
2019
 
2018
Restricted share units
$
167

 
$
102

 
$
294

 
$
185

Stock options
72

 
61

 
119

 
105

Employee stock purchase plans
6

 
5

 
15

 
17

Total
$
245

 
$
168

 
$
428

 
$
307


As of June 30, 2019, we had unrecognized pretax compensation expense of $1.4 billion and $594 million related to nonvested RSUs and nonvested stock options, respectively.

16


Comcast Corporation

Cash Payments for Interest and Income Taxes 
 
Six Months Ended
June 30
(in millions)
2019
 
2018
Interest
$
2,111

 
$
1,354

Income taxes
$
1,634

 
$
623


Noncash Activities
During the six months ended June 30, 2019:
we acquired $1.6 billion of property and equipment and intangible assets that were accrued but unpaid
we recorded a liability of $955 million for a quarterly cash dividend of $0.21 per common share to be paid in July 2019
Cash, Cash Equivalents and Restricted Cash
The following table provides a reconciliation of cash, cash equivalents and restricted cash reported in the condensed consolidated balance sheet to the total of the amounts reported in our condensed consolidated statement of cash flows.
(in millions)
June 30,
2019
 
December 31,
2018
Cash and cash equivalents
$
3,919

 
$
3,814

Restricted cash included in other current assets
79

 
46

Restricted cash included in other noncurrent assets, net
21

 
49

Cash, cash equivalents and restricted cash, end of period
$
4,019

 
$
3,909


Accumulated Other Comprehensive Income (Loss)
(in millions)
June 30,
2019
 
June 30,
2018
Unrealized gains (losses) on marketable securities
$
5

 
$

Deferred gains (losses) on cash flow hedges
132

 
26

Unrecognized gains (losses) on employee benefit obligations
309

 
302

Cumulative translation adjustments
(508
)
 
133

Accumulated other comprehensive income (loss), net of deferred taxes
$
(62
)
 
$
461


Note 11: Commitments and Contingencies
Leases
Our leases consist primarily of real estate, vehicles and other equipment. We determine if an arrangement is a lease at inception. Lease assets and liabilities are recognized upon commencement of the lease based on the present value of the future minimum lease payments over the lease term. The lease term includes options to extend the lease when it is reasonably certain that we will exercise that option. We generally utilize our incremental borrowing rate based on information available at the commencement of the lease in determining the present value of future payments. The lease asset also includes any lease payments made and initial direct costs incurred and excludes lease incentives. Lease assets and liabilities are not recorded for leases with an initial term of one year or less. Lease expense for operating leases recorded in the balance sheet is included in operating costs and expenses and is based on the future minimum lease payments recognized on a straight-line basis over the term of the lease plus any variable lease costs. Operating lease expenses, inclusive of short-term and variable lease expenses, recognized in our condensed consolidated statement of income for the three and six months ended June 30, 2019 were $264 million and $538 million, respectively. These amounts do not include lease costs associated with production activities or other amounts capitalized in our condensed consolidated balance sheet, which are not material.

17


Comcast Corporation

The table below summarizes the operating lease assets and liabilities recorded in our condensed consolidated balance sheet.
Condensed Consolidated Balance Sheet
(in millions)
June 30,
2019
Other noncurrent assets, net
$
4,063

Accrued expenses and other current liabilities
$
685

Other noncurrent liabilities
$
3,976


The table below summarizes our future minimum rental commitments for operating leases as of June 30, 2019 applying the new accounting guidance.
(in millions)
June 30,
2019
Remaining six months of 2019
$
431

2020
856

2021
743

2022
609

2023
514

Thereafter
2,591

Total future minimum lease payments
5,744

Less: imputed interest
1,083

Total liability
$
4,661


The weighted average remaining lease term for operating leases and the weighted average discount rate used to calculate our operating lease liabilities as of June 30, 2019 were 10 years and 3.85%, respectively.
For the six months ended June 30, 2019, cash payments for operating leases recorded in the condensed consolidated balance sheet were $446 million. Leases that have not yet commenced and lease assets and liabilities associated with leases entered into during the period were not material.
The tables below summarize our future minimum rental commitments for operating leases as of December 31, 2018 and rent expense for operating leases for the three and six months ended June 30, 2018 using the accounting guidance in effect at that time. These amounts have been updated to include $804 million of future cash payments related to additional contracts determined to be operating leases in connection with the Sky transaction.
(in millions)
 
 
December 31,
2018
2019
 
 
$
891

2020
 
 
$
824

2021
 
 
$
722

2022
 
 
$
592

2023
 
 
$
513

Thereafter
 
 
$
2,608

 
 
 
 
(in millions)
Three Months Ended
June 30, 2018
 
Six Months Ended
June 30, 2018
Rental expense
$
184

 
$
370


Redeemable Subsidiary Preferred Stock
As of June 30, 2019, the fair value of the NBCUniversal Enterprise redeemable subsidiary preferred stock was $744 million. The estimated fair value is based on Level 2 inputs that use pricing models whose inputs are derived primarily from or corroborated by observable market data through correlation or other means for substantially the full term of the financial instrument.

18


Comcast Corporation

Contingencies
We are a defendant in several lawsuits claiming infringement of various patents relating to various aspects of our businesses. In certain of these cases, other industry participants are also defendants, and also in certain of these cases, we expect that any potential liability would be in part or in whole the responsibility of our equipment and technology vendors under applicable contractual indemnification provisions. In addition, we are subject to other legal proceedings and claims that arise in the ordinary course of our business. While the amount of ultimate liability with respect to such actions is not expected to materially affect our results of operations, cash flows or financial position, any litigation resulting from any such legal proceedings or claims could be time-consuming and injure our reputation.
Note 12: Condensed Consolidating Financial Information
Comcast (“Comcast Parent”), Comcast Cable Communications, LLC (“CCCL Parent”) and NBCUniversal (“NBCUniversal Media Parent”) have fully and unconditionally guaranteed each other’s debt. See Note 5 for additional information on the cross-guarantee structure.
Condensed Consolidating Statement of Income
For the Three Months Ended June 30, 2019
(in millions)
Comcast
Parent
Comcast
Holdings
CCCL
Parent
NBCUniversal
Media Parent
Non-
Guarantor
Subsidiaries
Elimination
and
Consolidation
Adjustments
Consolidated
Comcast
Corporation
Revenue:
 
 
 
 
 
 
 
Service revenue
$

$

$

$

$
26,858

$

$
26,858

Management fee revenue
309


303



(612
)

Total revenue
309


303


26,858

(612
)
26,858

Costs and Expenses:
 
 
 
 
 
 
 
Programming and production




8,255


8,255

Other operating and administrative
178


303

225

7,992

(612
)
8,086

Advertising, marketing and promotion




1,885


1,885

Depreciation
16




2,181


2,197

Amortization
2




1,077


1,079

Total costs and expenses
196


303

225

21,390

(612
)
21,502

Operating income (loss)
113



(225
)
5,468


5,356

Interest expense
(877
)
(3
)
(47
)
(117
)
(93
)

(1,137
)
Investment and other income (loss), net
3,692

3,730

3,376

1,918

1,659

(14,430
)
(55
)
Income (loss) before income taxes
2,928

3,727

3,329

1,576

7,034

(14,430
)
4,164

Income tax (expense) benefit
197

(1
)
10

(5
)
(1,162
)

(961
)
Net income (loss)
3,125

3,726

3,339

1,571

5,872

(14,430
)
3,203

Less: Net income (loss) attributable to noncontrolling interests and redeemable subsidiary preferred stock




78


78

Net income (loss) attributable to Comcast Corporation
$
3,125

$
3,726

$
3,339

$
1,571

$
5,794

$
(14,430
)
$
3,125

Comprehensive income (loss) attributable to Comcast Corporation
$
2,641

$
3,756

$
3,342

$
1,644

$
5,300

$
(14,042
)
$
2,641


19


Comcast Corporation

Condensed Consolidating Statement of Income
For the Three Months Ended June 30, 2018
(in millions)
Comcast
Parent
Comcast
Holdings
CCCL
Parent
NBCUniversal
Media Parent
Non-
Guarantor
Subsidiaries
Elimination
and
Consolidation
Adjustments
Consolidated
Comcast
Corporation
Revenue:
 
 
 
 
 
 
 
Service revenue
$

$

$

$

$
21,735

$

$
21,735

Management fee revenue
298


293



(591
)

Total revenue
298


293


21,735

(591
)
21,735

Costs and Expenses:
 
 
 
 
 
 
 
Programming and production




6,300


6,300

Other operating and administrative
190


293

224

6,249

(591
)
6,365

Advertising, marketing and promotion




1,653


1,653

Depreciation
11




2,010


2,021

Amortization
2




580


582

Other operating gains




(200
)

(200
)
Total costs and expenses
203


293

224

16,592

(591
)
16,721

Operating income (loss)
95



(224
)
5,143


5,014

Interest expense
(578
)
(3
)
(48
)
(113
)
(64
)

(806
)
Investment and other income (loss), net
3,597

3,580

2,999

1,589

1,324

(13,012
)
77

Income (loss) before income taxes
3,114

3,577

2,951

1,252

6,403

(13,012
)
4,285

Income tax (expense) benefit
102

1

10

(5
)
(1,185
)

(1,077
)
Net income (loss)
3,216

3,578

2,961

1,247

5,218

(13,012
)
3,208

Less: Net income (loss) attributable to noncontrolling interests and redeemable subsidiary preferred stock




(8
)

(8
)
Net income (loss) attributable to Comcast Corporation
$
3,216

$
3,578

$
2,961

$
1,247

$
5,226

$
(13,012
)
$
3,216

Comprehensive income (loss) attributable to Comcast Corporation
$
3,069

$
3,527

$
2,960

$
1,069

$
4,903

$
(12,459
)
$
3,069



20


Comcast Corporation

Condensed Consolidating Statement of Income
For the Six Months Ended June 30, 2019 
(in millions)
Comcast
Parent
Comcast
Holdings
CCCL
Parent
NBCUniversal
Media Parent
Non-
Guarantor
Subsidiaries
Elimination
and
Consolidation
Adjustments
Consolidated
Comcast
Corporation
Revenue:
 
 
 
 
 
 
 
Service revenue
$

$

$

$

$
53,717

$

$
53,717

Management fee revenue
614


602



(1,216
)

Total revenue
614


602


53,717

(1,216
)
53,717

Costs and Expenses:
 
 
 
 
 
 
 
Programming and production




16,824


16,824

Other operating and administrative
366


602

496

15,738

(1,216
)
15,986

Advertising, marketing and promotion




3,773


3,773

Depreciation
30




4,407


4,437

Amortization
3




2,156


2,159

Total costs and expenses
399


602

496

42,898

(1,216
)
43,179

Operating income (loss)
215



(496
)
10,819


10,538

Interest expense
(1,773
)
(6
)
(96
)
(237
)
(175
)

(2,287
)
Investment and other income (loss), net
7,907

7,873

6,690

4,099

3,897

(29,845
)
621

Income (loss) before income taxes
6,349

7,867

6,594

3,366

14,541

(29,845
)
8,872

Income tax (expense) benefit
329

(7
)
20

(11
)
(2,368
)

(2,037
)
Net income (loss)
6,678

7,860

6,614

3,355

12,173

(29,845
)
6,835

Less: Net income (loss) attributable to noncontrolling interests and redeemable subsidiary preferred stock




157


157

Net income (loss) attributable to Comcast Corporation
$
6,678

$
7,860

$
6,614

$
3,355

$
12,016

$
(29,845
)
$
6,678

Comprehensive income (loss) attributable to Comcast Corporation
$
6,984

$
7,878

$
6,617

$
3,396

$
12,460

$
(30,351
)
$
6,984


21


Comcast Corporation

Condensed Consolidating Statement of Income
For the Six Months Ended June 30, 2018
(in millions)
Comcast
Parent
Comcast
Holdings
CCCL
Parent
NBCUniversal
Media Parent
Non-
Guarantor
Subsidiaries
Elimination
and
Consolidation
Adjustments
Consolidated
Comcast
Corporation
Revenue:
 
 
 
 
 
 
 
Service revenue
$

$

$

$

$
44,526

$

$
44,526

Management fee revenue
590


579



(1,169
)

Total revenue
590


579


44,526

(1,169
)
44,526

Costs and Expenses:
 
 
 
 
 
 
 
Programming and production




13,729


13,729

Other operating and administrative
418


579

542

12,509

(1,169
)
12,879

Advertising, marketing and promotion




3,257


3,257

Depreciation
22




4,010


4,032

Amortization
3




1,167


1,170

Other operating gains




(200
)

(200
)
Total costs and expenses
443


579

542

34,472

(1,169
)
34,867

Operating income (loss)
147



(542
)
10,054


9,659

Interest expense
(1,139
)
(6
)
(95
)
(219
)
(124
)

(1,583
)
Investment and other income (loss), net
7,117

6,899

5,825

3,531

2,912

(26,081
)
203

Income (loss) before income taxes
6,125

6,893

5,730

2,770

12,842

(26,081
)
8,279

Income tax (expense) benefit
209

1

19

(10
)
(2,114
)

(1,895
)
Net income (loss)
6,334

6,894

5,749

2,760

10,728

(26,081
)
6,384

Less: Net income (loss) attributable to noncontrolling interests and redeemable subsidiary preferred stock




50


50

Net income (loss) attributable to Comcast Corporation
$
6,334

$
6,894

$
5,749

$
2,760

$
10,678

$
(26,081
)
$
6,334

Comprehensive income (loss) attributable to Comcast Corporation
$
6,340

$
6,896

$
5,749

$
2,765

$
10,694

$
(26,104
)
$
6,340




22


Comcast Corporation

Condensed Consolidating Statement of Cash Flows
For the Six Months Ended June 30, 2019 
(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
$
(1,375
)
$
186

$
(80
)
$
(640
)
$
16,180

$

$
14,271

Investing Activities:
 
 
 
 
 
 
 
Net transactions with affiliates
5,616

(186
)
80

597

(6,107
)


Capital expenditures
(9
)



(4,346
)

(4,355
)
Cash paid for intangible assets
(2
)



(1,076
)

(1,078
)
Acquisitions and construction of real estate properties
(32
)



(4
)

(36
)
Construction of Universal Beijing Resort




(450
)

(450
)
Acquisitions, net of cash acquired




(114
)

(114
)
Proceeds from sales of businesses and investments




150


150

Purchases of investments
(18
)


(63
)
(1,524
)

(1,605
)
Other




74


74

Net cash provided by (used in) investing activities
5,555

(186
)
80

534

(13,397
)

(7,414
)
Financing Activities:
 
 
 
 
 
 
 
Proceeds from (repayments of) short-term borrowings, net
487




(1,288
)

(801
)
Proceeds from borrowings




363


363

Repurchases and repayments of debt
(2,507
)


(7
)
(1,642
)

(4,156
)
Repurchases of common stock under repurchase program and employee plans
(350
)





(350
)
Dividends paid
(1,823
)





(1,823
)
Distributions to noncontrolling interests and dividends for redeemable subsidiary preferred stock




(155
)

(155
)
Other
13




177


190

Net cash provided by (used in) financing activities
(4,180
)


(7
)
(2,545
)

(6,732
)
Impact of foreign currency on cash, cash equivalents and restricted cash




(15
)

(15
)
Increase (decrease) in cash, cash equivalents and restricted cash



(113
)
223


110

Cash, cash equivalents and restricted cash, beginning of period



416

3,493


3,909

Cash, cash equivalents and restricted cash, end of period
$

$

$

$
303

$
3,716

$

$
4,019


23


Comcast Corporation

Condensed Consolidating Statement of Cash Flows
For the Six Months Ended June 30, 2018
(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
$
(491
)
$
6

$
(78
)
$
(796
)
$
13,896

$

$
12,537

Investing Activities:
 
 
 
 
 
 
 
Net transactions with affiliates
4,096

(455
)
78

571

(4,290
)


Capital expenditures
(10
)



(4,213
)

(4,223
)
Cash paid for intangible assets
(2
)



(928
)

(930
)
Acquisitions and construction of real estate properties
(76
)



(28
)

(104
)
Construction of Universal Beijing Resort




(116
)

(116
)
Acquisitions, net of cash acquired




(88
)

(88
)
Proceeds from sales of investments



67

46


113

Purchases of investments
(28
)


(30
)
(480
)

(538
)
Other

449



131


580

Net cash provided by (used in) investing activities
3,980

(6
)
78

608

(9,966
)

(5,306
)
Financing Activities:
 
 
 
 
 
 
 
Proceeds from (repayments of) short-term borrowings, net
(902
)



925


23

Proceeds from borrowings
3,973




306


4,279

Repurchases and repayments of debt
(1,900
)


(3
)
(2,444
)

(4,347
)
Repurchases of common stock under repurchase program and employee plans
(2,998
)





(2,998
)
Dividends paid
(1,616
)





(1,616
)
Distributions to noncontrolling interests and dividends for redeemable subsidiary preferred stock




(140
)

(140
)
Other
(46
)



(115
)

(161
)
Net cash provided by (used in) financing activities
(3,489
)


(3
)
(1,468
)

(4,960
)
Increase (decrease) in cash, cash equivalents and restricted cash



(191
)
2,462


2,271

Cash, cash equivalents and restricted cash, beginning of period



496

3,075


3,571

Cash, cash equivalents and restricted cash, end of period
$

$

$

$
305

$
5,537

$

$
5,842




24


Comcast Corporation

Condensed Consolidating Balance Sheet
June 30, 2019
(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
$

$

$

$
303

$
3,616

$

$
3,919

Receivables, net




10,835


10,835

Programming rights




1,947


1,947

Other current assets
115

22


22

4,501


4,660

Total current assets
115

22


325

20,899


21,361

Film and television costs




8,553


8,553

Investments
281

12

148

898

7,099


8,438

Investments in and amounts due from subsidiaries eliminated upon consolidation
160,659

147,775

130,444

56,265

98,426

(593,569
)

Property and equipment, net
668




45,379


46,047

Franchise rights




59,365


59,365

Goodwill




67,945


67,945

Other intangible assets, net
10




36,066


36,076

Other noncurrent assets, net
1,038

163


101

7,935

(467
)
8,770

Total assets
$
162,771

$
147,972

$
130,592

$
57,589

$
351,667

$
(594,036
)
$
256,555

Liabilities and Equity
 
 
 
 
 
 
 
Accounts payable and accrued expenses related to trade creditors
$

$

$

$

$
10,014

$

$
10,014

Accrued participations and residuals




1,683


1,683

Deferred revenue




2,642


2,642

Accrued expenses and other current liabilities
2,403

244

356

388

6,913


10,304

Current portion of long-term debt
2,587



2,011

1,767


6,365

Total current liabilities
4,990

244

356

2,399

23,019


31,008

Long-term debt, less current portion
77,782

152

2,100

5,751

15,463


101,248

Deferred income taxes

334


68

28,206

(612
)
27,996

Other noncurrent liabilities
3,149



1,547

12,303

145

17,144

Redeemable noncontrolling interests and redeemable subsidiary preferred stock




1,329


1,329

Equity:
 
 
 
 
 
 
 
Common stock
54






54

Other shareholders’ equity
76,796

147,242

128,136

47,824

270,367

(593,569
)
76,796

Total Comcast Corporation shareholders’ equity
76,850

147,242

128,136

47,824

270,367

(593,569
)
76,850

Noncontrolling interests




980


980

Total equity
76,850

147,242

128,136

47,824

271,347

(593,569
)
77,830

Total liabilities and equity
$
162,771

$
147,972

$
130,592

$
57,589

$
351,667

$
(594,036
)
$
256,555


25


Comcast Corporation

Condensed Consolidating Balance Sheet
December 31, 2018
(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
$

$

$

$
416

$
3,398

$

$
3,814

Receivables, net




11,104


11,104

Programming rights




3,746


3,746

Other current assets
66

20


28

3,070


3,184

Total current assets
66

20


444

21,318


21,848

Film and television costs




7,837


7,837

Investments
270

11

143

790

6,669


7,883

Investments in and amounts due from subsidiaries eliminated upon consolidation
157,264

147,028

130,214

53,853

97,872

(586,231
)

Property and equipment, net
670




43,767


44,437

Franchise rights




59,365


59,365

Goodwill




66,154


66,154

Other intangible assets, net
11




38,347


38,358

Other noncurrent assets, net
1,057

208


85

4,910

(458
)
5,802

Total assets
$
159,338

$
147,267

$
130,357

$
55,172

$
346,239

$
(586,689
)
$
251,684

Liabilities and Equity
 
 
 
 
 
 
 
Accounts payable and accrued expenses related to trade creditors
$
2

$

$

$

$
8,492

$

$
8,494

Accrued participations and residuals




1,808


1,808

Deferred revenue




2,182


2,182

Accrued expenses and other current liabilities
2,357

150

360

282

7,572


10,721

Current portion of long-term debt
699



4

3,695


4,398

Total current liabilities
3,058

150

360

286

23,749


27,603

Long-term debt, less current portion
81,661

146

2,100

7,748

15,690


107,345

Deferred income taxes

314


65

27,734

(524
)
27,589

Other noncurrent liabilities
3,006



1,201

11,056

66

15,329

Redeemable noncontrolling interests and redeemable subsidiary preferred stock




1,316


1,316

Equity:
 
 
 
 
 
 
 
Common stock
54






54

Other shareholders’ equity
71,559

146,657

127,897

45,872

265,805

(586,231
)
71,559

Total Comcast Corporation shareholders’ equity
71,613

146,657

127,897

45,872

265,805

(586,231
)
71,613

Noncontrolling interests




889


889

Total equity
71,613

146,657

127,897

45,872

266,694

(586,231
)
72,502

Total liabilities and equity
$
159,338

$
147,267

$
130,357

$
55,172

$
346,239

$
(586,689
)
$
251,684



26


ITEM 2: MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Overview
We are a global media and technology company with three primary businesses: Comcast Cable, NBCUniversal, and Sky. We present our operations for (1) Comcast Cable in one reportable business segment, referred to as Cable Communications; (2) NBCUniversal in four reportable business segments: Cable Networks, Broadcast Television, Filmed Entertainment and Theme Parks (collectively, the “NBCUniversal segments”); and (3) Sky in one reportable business segment.
On October 9, 2018, in connection with our offer to acquire the share capital of Sky, we acquired a controlling interest in Sky through a series of purchases of Sky shares at our offer price of £17.28 per share. In the fourth quarter of 2018, we acquired the remaining Sky shares and now own 100% of Sky’s equity interests. Total cash consideration was £30.2 billion (approximately $39.4 billion using the exchange rates on the purchase dates). We financed the acquisition through a combination of new fixed and floating rate notes, issuance of term loans and cash on hand.
Cable Communications Segment
Comcast Cable is one of the nation’s largest providers of high-speed internet, video, voice, wireless, and security and automation services (“cable services”) to residential customers under the Xfinity brand; we also provide these and other services to business customers and sell advertising. As of June 30, 2019, our cable systems had 30.9 million total customer relationships, including 28.5 million residential and 2.4 million business customer relationships, and passed approximately 58 million homes and businesses. Our Cable Communications segment generates revenue primarily from residential and business customers that subscribe to our cable services, which we market individually and as bundled services, and from the sale of advertising.
NBCUniversal Segments
NBCUniversal is one of the world’s leading media and entertainment companies that develops, produces and distributes entertainment, news and information, sports, and other content for global audiences, and owns and operates theme parks worldwide.
Cable Networks
Our Cable Networks segment consists primarily of a diversified portfolio of cable television networks. Our cable networks are comprised of our national cable networks that provide a variety of entertainment, news and information, and sports content; our regional sports and news networks; our international cable networks; our cable television studio production operations; and our various digital properties. Our Cable Networks segment generates revenue primarily from the distribution of our cable network programming to traditional and virtual multichannel video providers; from the sale of advertising on our cable networks and digital properties; from the licensing of our owned programming, including programming from our cable television studio production operations, to cable and broadcast networks and subscription video on demand services; and from the sale of our owned programming on standard-definition digital video discs and Blu-ray discs (together, “DVDs”) and through digital distribution services such as iTunes.
Broadcast Television
Our Broadcast Television segment consists primarily of the NBC and Telemundo broadcast networks, our NBC and Telemundo owned local broadcast television stations, the NBC Universo national cable network, our broadcast television studio production operations, and our various digital properties. Our Broadcast Television segment generates revenue primarily from the sale of advertising on our broadcast networks, owned local broadcast television stations and digital properties; from the licensing of our owned programming by our broadcast television studio production operations to various distribution platforms, including to cable and broadcast networks as well as to subscription video on demand services; from the fees received under retransmission consent agreements and associated fees received from NBC-affiliated local broadcast television stations; and from the sale of our owned programming on DVDs and through digital distribution services.
Filmed Entertainment
Our Filmed Entertainment segment primarily produces, acquires, markets and distributes filmed entertainment worldwide. Our films are produced primarily under the Universal Pictures, Illumination, DreamWorks Animation and Focus Features names. Our Filmed Entertainment segment generates revenue primarily from the worldwide distribution of our produced and acquired films for exhibition in movie theaters, from the licensing of produced and acquired films through various distribution platforms, and from the sale of produced and acquired films on DVDs and through digital distribution services. Our Filmed Entertainment segment also generates revenue from Fandango, a movie ticketing and entertainment business, the sale of consumer products, the production and licensing of live stage plays, and the distribution of filmed entertainment produced by third parties.

27

Table of Contents

Theme Parks
Our Theme Parks segment consists primarily of our Universal theme parks in Orlando, Florida; Hollywood, California; and Osaka, Japan. In addition, along with a consortium of Chinese state-owned companies, we are developing a theme park in Beijing, China. Our Theme Parks segment generates revenue primarily from ticket sales and guest spending at our Universal theme parks.
Sky Segment
Our Sky segment consists of the operations of Sky, one of Europe’s leading entertainment companies, which primarily includes a direct-to-consumer business, providing video, high-speed internet, voice and wireless phone services, and a content business, operating entertainment networks, the Sky News broadcast network and Sky Sports networks. As of June 30, 2019, Sky had 24.0 million retail customer relationships.
Corporate and Other
Our other business interests consist primarily of the operations of Comcast Spectacor, which owns the Philadelphia Flyers and the Wells Fargo Center arena in Philadelphia, Pennsylvania.
Competition
The results of operations of our reportable business segments are affected by competition, as all of our businesses operate in intensely competitive, consumer-driven and rapidly changing environments and compete with a growing number of companies that provide a broad range of communications products and services and entertainment, news and information content to consumers. Technological changes are further intensifying and complicating the competitive landscape and challenging existing business models. In particular, consumers are increasingly turning to online sources for viewing and purchasing content, which has and likely will continue to reduce the number of our video customers and subscribers to our cable networks even as it makes our high-speed internet services more valuable to consumers. In addition, the increasing number of entertainment choices available has intensified audience fragmentation, which has and likely will continue to adversely affect the audience ratings of NBCUniversal’s cable networks and broadcast television programming and Sky’s owned television channels.
For additional information on the competition our businesses face, see our 2018 Annual Report on Form 10-K and refer to Item 1: Business and Item 1A: Risk Factors. Within the Business section, refer to the “Competition” discussion, and within the Risk Factors section, refer to the risk factors entitled “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” and “Changes in consumer behavior driven by online distribution platforms for viewing content could adversely affect our businesses and challenge existing business models.”
Seasonality and Cyclicality
Each of our businesses is subject to seasonal and cyclical variations. In our Cable Communications segment, our results are impacted by the seasonal nature of residential customers receiving our cable services in college and vacation markets. This generally results in fewer net customer relationship additions in the second quarter of each year. In our Sky segment, our results are impacted by the seasonal nature of residential customers receiving direct-to-home (“DTH”) and over the top (“OTT”) video services, including the start of the new soccer seasons and the Christmas holiday. This generally results in greater net customer relationship additions and higher subscriber acquisition costs in the fourth quarter of each year due to higher marketing expenses.
Revenue in our Cable Communications, Cable Networks, Broadcast Television and Sky segments is subject to cyclical advertising patterns and changes in viewership levels. Advertising revenue in the U.S. is generally higher in the second and fourth quarters of each year, due in part to increases in consumer advertising in the spring and in the period leading up to and including the holiday season. Advertising revenue in the U.S. is also cyclical, with a benefit in even-numbered years due to advertising related to candidates running for political office and issue-oriented advertising. Revenue in our Cable Networks and Broadcast Television segments fluctuates depending on the timing of when our programming is aired, which typically results in higher advertising revenue in the second and fourth quarters of each year. The results of Sky’s advertising business are subject to cyclical advertising patterns and changes in viewership levels. This includes seasonally higher audience levels in winter months and increased competition during major sporting events where public service broadcasters lease the rights, such as the Olympic Games and the FIFA World Cup . The results for Sky’s content business are also subject to fluctuations as a result of changes in timing, nature and quantity of original programming distributed to other markets.
Our revenue and operating costs and expenses (comprised of total costs and expenses, excluding depreciation and amortization expense and other operating gains) are cyclical as a result of our periodic broadcasts of major sporting events, such as the Olympic Games, which affect our Cable Networks and Broadcast Television segments, and the Super Bowl, which affects our Broadcast Television segment. In particular, our advertising revenue increases due to increased demand for advertising time and our distribution revenue increases in the period of these broadcasts. Our operating costs and expenses also increase as a result of our production costs for these broadcasts and the amortization of the related rights fees.

28

Table of Contents

Revenue in our Filmed Entertainment segment fluctuates due to the timing, nature and number of films released in movie theaters, on DVDs, and through various other distribution platforms. Release dates are determined by several factors, including competition and the timing of vacation and holiday periods. As a result, revenue tends to be seasonal, with increases experienced each year during the summer months and around the holiday season. Content licensing revenue in our Cable Networks, Broadcast Television and Filmed Entertainment segments also fluctuates due to the timing of when our content is made available to licensees.
Revenue in our Theme Parks segment fluctuates with changes in theme park attendance that result from the seasonal nature of vacation travel and weather variations, local entertainment offerings and the opening of new attractions, as well as with changes in currency exchange rates. Our theme parks generally experience peak attendance during the spring holiday period, the summer months when schools are closed and the holiday season.
Exclusive tier one sports rights, such as domestic and UEFA Champions League soccer, Formula 1, and English cricket, play a key role within Sky’s wider content strategy. In Europe broadcasting rights for tier one sports are usually tendered through a competitive auction process, with the winning bidder or bidders acquiring rights over a three to five-year period. This creates some level of cyclicality for Sky, although the staggered timing of tier one sports rights auctions usually gives Sky time to react to any material changes in the competitive dynamics of the prevailing market.
Consolidated Operating Results
 
Three Months Ended
June 30
 
Increase/
(Decrease)
 
Six Months Ended
June 30
 
Increase/
(Decrease)
(in millions)
2019
 
2018
 
  

 
2019
 
2018
 
  

Revenue
$
26,858

 
$
21,735

 
23.6
 %
 
$
53,717

 
$
44,526

 
20.6
%
Costs and Expenses:
 
 
 
 
 
 
 
 
 
 
 
Programming and production
8,255

 
6,300

 
31.0

 
16,824

 
13,729

 
22.5

Other operating and administrative
8,086

 
6,365

 
27.1

 
15,986

 
12,879

 
24.1

Advertising, marketing and promotion
1,885

 
1,653

 
14.0

 
3,773

 
3,257

 
15.8

Depreciation
2,197

 
2,021

 
8.7

 
4,437

 
4,032

 
10.0

Amortization
1,079

 
582

 
85.3

 
2,159

 
1,170

 
84.7

Other operating gains

 
(200
)
 
NM

 

 
(200
)
 
NM

Operating income
5,356

 
5,014

 
6.8

 
10,538

 
9,659

 
9.1

Interest expense
(1,137
)
 
(806
)
 
41.0

 
(2,287
)
 
(1,583
)
 
44.5

Investment and other income (loss), net
(55
)
 
77

 
(174.5
)
 
621

 
203

 
NM

Income before income taxes
4,164

 
4,285

 
(2.8
)
 
8,872

 
8,279

 
7.2

Income tax expense
(961
)
 
(1,077
)
 
(10.7
)
 
(2,037
)
 
(1,895
)
 
7.5

Net income
3,203

 
3,208

 
(0.2
)
 
6,835

 
6,384

 
7.1

Less: Net income attributable to noncontrolling interests and redeemable subsidiary preferred stock
78

 
(8
)
 
NM

 
157

 
50

 
NM

Net income attributable to Comcast Corporation
$
3,125

 
$
3,216

 
(2.8
)%
 
$
6,678

 
$
6,334

 
5.4
%
Basic earnings per common share attributable to Comcast Corporation shareholders
$
0.69

 
$
0.70

 
(1.4
)%
 
$
1.47

 
$
1.37

 
7.3
%
Diluted earnings per common share attributable to Comcast Corporation shareholders
$
0.68

 
$
0.69

 
(1.4
)%
 
$
1.45

 
$
1.36

 
6.6
%
 
 
 
 
 
 
 
 
 
 
 
 
Adjusted EBITDA(a)
$
8,716

 
$
7,417

 
17.5
 %
 
$
17,269

 
$
14,661

 
17.8
%
All percentages are calculated based on actual amounts. Minor differences may exist due to rounding. Percentage changes that are considered not meaningful are denoted with NM.
(a)
Adjusted EBITDA is a non-GAAP financial measure. Refer to the “Non-GAAP Financial Measures” section on page 43 for additional information, including our definition and our use of Adjusted EBITDA, and for a reconciliation from net income attributable to Comcast Corporation to Adjusted EBITDA.

29

Table of Contents

The comparability of our consolidated results of operations was impacted by the Sky transaction in the fourth quarter of 2018. Sky’s results of operations are included in our condensed consolidated financial statements following the October 9, 2018 acquisition date.
Consolidated Revenue
Our Sky, Cable Communications, Theme Parks and Cable Networks segments accounted for the increase in consolidated revenue for the three months ended June 30, 2019, which was partially offset by a decrease in revenue in our Filmed Entertainment segment.
Our Sky, Cable Communications and Theme Parks segments accounted for the increase in consolidated revenue for the six months ended June 30, 2019, which was partially offset by decreases in revenue in our Broadcast Television, Cable Networks and Filmed Entertainment segments. Consolidated revenue for the six months ended June 30, 2018 included revenue associated with our broadcasts of the 2018 PyeongChang Olympics and the 2018 Super Bowl in February 2018.
Revenue for our segments is discussed separately below under the heading “Segment Operating Results.” Revenue for our business development initiatives and other businesses is discussed separately below under the heading “Corporate and Other Results of Operations.”
Consolidated Costs and Expenses
Our Sky, Cable Communications, Theme Parks and Cable Networks segments accounted for the increase in consolidated operating costs and expenses for the three months ended June 30, 2019, which was partially offset by decreases in operating costs and expenses in our Filmed Entertainment and Broadcast Television segments.
Our Sky, Cable Communications and Theme Parks segments accounted for the increase in consolidated operating costs and expenses for the six months ended June 30, 2019, which was partially offset by decreases in operating costs and expenses in our Broadcast Television, Filmed Entertainment and Cable Networks segments.
Operating costs and expenses for our segments are discussed separately below under the heading “Segment Operating Results.” Operating costs and expenses for our corporate operations, businesses development initiatives and other businesses are discussed separately below under the heading “Corporate and Other Results of Operations.”
Consolidated Depreciation and Amortization Expense
 
Three Months Ended
June 30
 
Increase/
(Decrease)
 
Six Months Ended
June 30
 
Increase/
(Decrease)
(in millions)
2019
 
2018
 
  
 
2019
 
2018
 
 
Cable Communications
$
2,036

 
$
2,023

 
0.7
 %
 
$
4,071

 
$
4,084

 
(0.3
)%
NBCUniversal
527

 
553

 
(4.8
)
 
1,042

 
1,063

 
(2.0
)
Sky
673

 

 
NM

 
1,414

 

 
NM

Corporate and Other
40

 
27

 
47.5

 
69

 
55

 
29.8

Total
$
3,276

 
$
2,603

 
25.9
 %
 
$
6,596

 
$
5,202

 
26.8
 %
Consolidated depreciation and amortization expense increased for the three and six months ended June 30, 2019 primarily due to depreciation and amortization expense related to Sky. During the first quarter of 2019, we recorded adjustments to the purchase price allocation of Sky, primarily related to intangible assets and property and equipment. This change resulted in an adjustment recorded in the first quarter of 2019 related to the fourth quarter of 2018 that increased depreciation and amortization expense by $53 million.
Amortization expense from acquisition-related intangible assets, such as customer relationships, totaled $499 million and $1 billion for the three and six months ended June 30, 2019, respectively. Amortization expense from acquisition-related intangible assets, such as customer relationships, totaled $236 million and $441 million for the three and six months ended June 30, 2018, respectively. Amounts primarily relate to customer relationship intangible assets recorded in connection with the Sky transaction in the fourth quarter of 2018 and the NBCUniversal transaction in 2011 (see Note 6 to Comcast’s condensed consolidated financial statements for additional information on the Sky transaction).
Consolidated Other Operating Gains
Consolidated other operating gains for both the three and six months ended June 30, 2018 included $200 million related to the sale of a controlling interest in our arena management-related businesses in Corporate and Other (see Note 9 to Comcast’s condensed consolidated financial statements).

30

Table of Contents

Consolidated Interest Expense
Consolidated interest expense increased for the three and six months ended June 30, 2019 compared to the same periods in 2018 primarily due to increases in our debt outstanding associated with the financing of and debt assumed in connection with the Sky transaction in the fourth quarter of 2018.
Consolidated Investment and Other Income (Loss), Net
 
Three Months Ended
June 30
 
Six Months Ended
June 30
(in millions)
2019
 
2018
 
2019
 
2018
Equity in net income (losses) of investees, net
$
(202
)
 
$
69

 
$
60

 
$
20

Realized and unrealized gains (losses) on equity securities, net
194

 
(40
)
 
408

 
(12
)
Other income (loss), net
(47
)
 
48

 
153

 
195

Total
$
(55
)
 
$
77

 
$
621

 
$
203

Equity in Net Income (Losses) of Investees, Net
The changes in equity in net income (losses) of investees, net for the three and six months ended June 30, 2019 compared to the same periods in 2018 were primarily related to our equity method investments in Atairos and Hulu. The income (losses) at Atairos were driven by fair value adjustments on its underlying investments. The losses at Hulu were primarily due to programming, advertising and marketing costs, and higher other administrative expenses. The equity in net income (losses) of Atairos and Hulu for the three and six months ended June 30, 2019 and 2018 are presented in the table below.
 
Three Months Ended
June 30
 
Six Months Ended
June 30
(in millions)
2019
 
2018
 
2019
 
2018
Atairos
$
(106
)
 
$
151

 
$
268

 
$
186

Hulu
$
(109
)
 
$
(107
)
 
$
(250
)
 
$
(238
)
Realized and Unrealized Gains (Losses) on Equity Securities, Net
The realized and unrealized gains (losses) on equity securities, net for the three and six months ended June 30, 2019 were primarily due to unrealized gains of $96 million and $258 million, respectively, related to our investment in Snap.
Other Income (Loss), Net
Other income (loss), net included $56 million of pretax losses due to the impairment of an equity method investment in the second quarter of 2019 and the recognition of the previously deferred gain related to Hulu of $159 million recorded in the first quarter of 2019. Other income (loss), net included a $64 million pretax gain related to the sale of our investment in the Weather Channel cable network in the first quarter of 2018. See Note 9 to Comcast’s condensed consolidated financial statements and Note 8 to NBCUniversal’s condensed consolidated financial statements for further information.
Consolidated Income Tax Expense
Income tax expense for the three and six months ended June 30, 2019 and 2018 reflects an effective income tax rate that differs from the federal statutory rate primarily due to state and foreign income taxes and adjustments associated with uncertain tax positions. The decrease in income tax expense for the three months ended June 30, 2019 compared to the same period in 2018 was primarily due to lower taxable income from operations. The increase in income tax expense for the six months ended June 30, 2019 compared to the same period in 2018 was primarily due to higher taxable income from operations. We also recognized an income tax benefit of $128 million during the first quarter of 2018 related to the enactment of federal tax legislation in 2018. 
Segment Operating Results
Our segment operating results are presented based on how we assess operating performance and internally report financial information. We use Adjusted EBITDA as the measure of profit or loss for our operating segments. See Note 2 to both Comcast’s and NBCUniversal’s condensed consolidated financial statements for our definition of Adjusted EBITDA and a reconciliation from the aggregate amount of Adjusted EBITDA for our reportable business segments to consolidated income before income taxes.

31

Table of Contents

Beginning in the first quarter of 2019, Comcast Cable’s wireless phone service and certain other Cable-related business development initiatives are now presented in the Cable Communications segment. Results were previously presented in Corporate and Other. Prior periods have been adjusted to reflect this presentation. To be consistent with our current management reporting presentation, certain 2018 operating results were reclassified related to certain NBCUniversal businesses now presented in the Sky segment.
Cable Communications Segment Results of Operations
 
Three Months Ended
June 30
 
Increase/
(Decrease)
(in millions)
2019
 
2018
 
$
 
%
Revenue
 
 
 
 
 
 
 
Residential:
 
 
 
 
 
 
 
High-speed internet
$
4,663

 
$
4,262

 
$
401

 
9.4
 %
Video
5,594

 
5,628

 
(34
)
 
(0.6
)
Voice
982

 
994

 
(12
)
 
(1.1
)
Wireless
244

 
202

 
42

 
21.0

Business services
1,933

 
1,761

 
172

 
9.8

Advertising
607

 
666

 
(59
)
 
(8.7
)
Other
427

 
399

 
28

 
6.0

Total revenue
14,450

 
13,912

 
538

 
3.9

Operating costs and expenses
 
 
 
 
 
 
 
Programming
3,372

 
3,312

 
60

 
1.8

Technical and product support
1,898

 
1,842

 
56

 
3.1

Customer service
624

 
636

 
(12
)
 
(1.9
)
Advertising, marketing and promotion
1,004

 
981

 
23

 
2.4

Franchise and other regulatory fees
390

 
393

 
(3
)
 
(1.0
)
Other
1,308

 
1,299

 
9

 
0.7

Total operating costs and expenses
8,596

 
8,463

 
133

 
1.6

Adjusted EBITDA
$
5,854

 
$
5,449

 
$
405

 
7.4
 %
 
Six Months Ended
June 30
 
Increase/
(Decrease)
(in millions)
2019
 
2018
 
$
 
%
Revenue
 
 
 
 
 
 
 
Residential:
 
 
 
 
 
 
 
High-speed internet
$
9,240

 
$
8,419

 
$
821

 
9.8
 %
Video
11,222

 
11,287

 
(65
)
 
(0.6
)
Voice
1,972

 
2,000

 
(28
)
 
(1.4
)
Wireless
469

 
387

 
82

 
21.2

Business services
3,824

 
3,487

 
337

 
9.7

Advertising
1,163

 
1,248

 
(85
)
 
(6.8
)
Other
840

 
787

 
53

 
6.5

Total revenue
28,730

 
27,615

 
1,115

 
4.0

Operating costs and expenses

 

 

 

Programming
6,791

 
6,638

 
153

 
2.3

Technical and product support
3,778

 
3,698

 
80

 
2.2

Customer service
1,249

 
1,276

 
(27
)
 
(2.1
)
Advertising, marketing and promotion
1,976

 
1,959

 
17

 
0.9

Franchise and other regulatory fees
781

 
795

 
(14
)
 
(1.8
)
Other
2,573

 
2,583

 
(10
)
 
(0.4
)
Total operating costs and expenses
17,148

 
16,949

 
199

 
1.2

Adjusted EBITDA
$
11,582

 
$
10,666

 
$
916

 
8.6
 %

32

Table of Contents

Customer Metrics
 
 
Net Additions
 
June 30
Three Months Ended
June 30
Six Months Ended
June 30
(in thousands)
2019
2018
2019
2018
2019
2018
Customer relationships
 
 
 
 
 
 
Residential customer relationships
28,508

27,600

123

163

399

415

Business services customer relationships
2,356

2,244

29

36

53

65

Total customer relationships
30,864

29,843

152

199

453

480

Residential customer relationships mix
 
 
 
 
 
 
One product customers
9,526

8,594

231

204

512

420

Two product customers
8,952

8,980

(57
)
(80
)
(40
)
(38
)
Three or more product customers
10,030

10,026

(50
)
39

(72
)
33

High-speed internet
 
 
 
 
 
 
Residential customers
25,631

24,440

182

226

534

577

Business services customers
2,176

2,069

28

34

51

63

Total high-speed internet customers
27,807

26,509

209

260

584

640

Video
 
 
 
 
 
 
Residential customers
20,642

21,074

(209
)
(136
)
(317
)
(229
)
Business services customers
999

1,047

(15
)
(4
)
(28
)
(6
)
Total video customers
21,641

22,121

(224
)
(140
)
(345
)
(236
)
Voice
 
 
 
 
 
 
Residential customers
10,008

10,213

(82
)
(32
)
(145
)
(103
)
Business services customers
1,324

1,269

17

17

27

33

Total voice customers
11,331

11,482

(65
)
(16
)
(118
)
(69
)
Security and automation
 
 
 
 
 
 
Security and automation customers
1,356

1,236

23

60

40

105

Wireless
 
 
 
 
 
 
Wireless lines
1,586

781

181

204

351

399

Customer metrics are presented based on actual amounts. Minor differences may exist due to rounding. Customer relationships represent the number of residential and business customers that subscribe to at least one of our cable services. One product, two product, and three or more product customers represent residential customers that subscribe to one, two, or three or more of our cable services, respectively. For multiple dwelling units (“MDUs”), including buildings located on college campuses, whose residents have the ability to receive additional cable services, such as additional programming choices or our high-definition video (“HD”) or digital video recorder (“DVR”) advanced services, we count and report customers based on the number of potential billable relationships within each MDU. For MDUs whose residents are not able to receive additional cable services, the MDU is counted as a single customer. In 2017, we began to offer prepaid services that allow customers to prepay for at least 30 days of service. Residential high-speed internet and video customers as of June 30, 2019 included prepaid customers totaling approximately 174,000 and 6,000, respectively. Wireless lines represent the number of activated eligible wireless devices on customers’ accounts. Individual customer relationships may have multiple wireless lines.
Average monthly total revenue per customer relationship for the three and six months ended June 30, 2019 was $156.44 and $156.29, respectively. Average monthly total revenue per customer relationship for the three and six months ended June 30, 2018 was $155.91 and $155.47, respectively. This metric is impacted by rate adjustments and changes in the types and levels of services received by our residential and business services customers, as well as changes in advertising revenue. While revenue from our high-speed internet, video, voice and wireless services is also impacted by changes in the allocation of revenue among services sold in a bundle, the allocation does not impact average monthly total revenue per customer relationship.
Average monthly Adjusted EBITDA per customer relationship for the three and six months ended June 30, 2019 was $63.38 and $63.01, respectively. Average monthly Adjusted EBITDA per customer relationship for the three and six months ended June 30, 2018 was $61.07 and $60.05, respectively. Each of our cable services has a different contribution to operating margin. We use average monthly Adjusted EBITDA per customer relationship to evaluate the profitability of our customer base across our service offerings. We believe this metric is useful particularly as we continue to focus on growing our higher-margin businesses, including residential high-speed internet and business services.

33

Table of Contents

Cable Communications Segment – Revenue
High-Speed Internet
High-speed internet revenue increased 9.4% and 9.8% for the three and six months ended June 30, 2019, respectively, compared to the same periods in 2018. Increases in the number of residential customers receiving our high-speed internet services accounted for increases in revenue of 5.0% for both the three and six months ended June 30, 2019. The remaining increases in revenue for the three and six months ended June 30, 2019 were primarily due to increases in average high-speed internet rates.
Video
Video revenue was flat for the three and six months ended June 30, 2019 compared to the same periods in 2018 primarily due to declines in the number of residential video customers, partially offset by increases in average video rates.
We have experienced, and expect that we will continue to experience, declines in the number of residential video customers due to competitive pressures, and we expect that our video revenue will continue to decline as a result of the competitive environment and shifting video consumption patterns. We believe our X1 platform helps us compete more effectively against this competition, and have also continued to employ sales and marketing programs, such as promotions, bundled service offerings and service offerings targeted at specific market segments.
Voice
Voice revenue decreased 1.1% and 1.4% for the three and six months ended June 30, 2019, respectively, compared to the same periods in 2018 primarily due to declines in the number of residential voice customers. We expect that the number of residential voice customers and voice revenue will continue to decline.
Wireless
Wireless revenue increased 21.0% and 21.2% for the three and six months ended June 30, 2019, respectively, compared to the same periods in 2018 primarily due to increases in the number of customer lines. Although customer lines increased, the number of wireless handsets sold declined in both periods due to the number of customers electing to bring their own device.
Business Services
Business services revenue increased 9.8% and 9.7% for the three and six months ended June 30, 2019, respectively, compared to the same periods in 2018. The increases were primarily due to increases in the number of customers receiving our small and medium-sized business services offerings and increases in average rates.
We believe the increases in the number of business customers are primarily the result of our efforts to gain market share from competitors by offering competitive services and pricing. We expect that the contribution to our growth rate from medium-sized and enterprise customers will increase relative to that of our small-business customers as small business services matures.
Advertising
Advertising revenue decreased 8.7% and 6.8% for the three and six months ended June 30, 2019, respectively, compared to the same periods in 2018 primarily due to decreases in political advertising revenue. Excluding the impact of political advertising revenue, advertising revenue decreased 2.5% and 2.2% for the three and six months ended June 30, 2019, respectively, compared to the same periods in 2018.
For both the three and six months ended June 30, 2019, 4% of our Cable Communications segment advertising revenue was generated from our NBCUniversal segments. For both the three and six months ended June 30, 2018, 4% of our Cable Communications segment advertising revenue was generated from our NBCUniversal segments. These amounts are eliminated in our condensed consolidated financial statements but are included in the amounts presented above.
Other
Other revenue increased 6.0% and 6.5% for the three and six months ended June 30, 2019, respectively, compared to the same periods in 2018 primarily due to increases in revenue from our security and automation services. Additionally, for the six months ended June 30, 2019, the remaining increase in revenue was due to an increase in revenue from the licensing of our technology platforms to other multichannel video providers.
Cable Communications Segment – Operating Costs and Expenses
Programming expenses increased for the three and six months ended June 30, 2019 compared to the same periods in 2018 primarily due to increases in programming license fees, including sports programming costs and retransmission consent fees. We anticipate that our programming expenses will continue to increase, which may be at rates higher than those experienced recently, due to the timing of contract renewals in the future.

34

Table of Contents

Technical and product support expenses increased for the three and six months ended June 30, 2019 compared to the same periods in 2018. The increases were primarily due to expenses related to the continued development, deployment and support of our products and services and expenses related to the continued growth in business services, partially offset by a decrease in costs associated with our wireless phone service. This decrease reflects the decline in the number of handsets sold due to customers electing to bring their own device, partially offset by increases in variable network fees as a result of the increase in customer lines.
Customer service expenses decreased for the three and six months ended June 30, 2019 compared to the same periods in 2018 primarily due to lower personnel costs as a result of reduced call volumes.
Advertising, marketing and promotion expenses increased for the three months ended June 30, 2019 compared to the same period in 2018 primarily due to an increase in spending associated with attracting new customers. Advertising, marketing and promotion expenses were relatively flat for the six months ended June 30, 2019 compared to the same period in 2018, reflecting the absence of advertising expenses associated with the 2018 PyeongChang Olympics, offset by an increase in spending associated with attracting new customers.
Franchise and other regulatory fees decreased for the three and six months ended June 30, 2019 compared to the same periods in 2018 primarily due to decreases in the revenue to which the fees apply.
Other operating costs and expenses were relatively flat for the three and six months ended June 30, 2019 compared to the same periods in 2018.
Cable Communications Segment – Operating Margin
Our Cable Communications segment operating margin is Adjusted EBITDA as a percentage of revenue. The most significant operating costs and expenses for our Cable Communications segment are the programming expenses we incur to provide content to our video customers, which increased 1.8% and 2.3% for the three and six months ended June 30, 2019, respectively.
Our Cable Communications segment operating margin for the three and six months ended June 30, 2019 was 40.5% and 40.3%, respectively. Our Cable Communications segment operating margin for the three and six months ended June 30, 2018 was 39.2% and 38.6%, respectively. We continue to focus on growing our higher-margin businesses, particularly residential high-speed internet and business services, and on improving losses related to our wireless phone service and overall operating cost management. Losses from our wireless phone service were $88 million and $191 million for the three and six months ended June 30, 2019, respectively, compared to losses of $185 million and $374 million for the three and six months ended June 30, 2018, respectively.
NBCUniversal Segments Results of Operations
 
Three Months Ended
June 30
 
Increase/
(Decrease)
(in millions)
2019
 
2018
 
$
%
Revenue
 
 
 
 
 
 
Cable Networks
$
2,947

 
$
2,874

 
$
73

2.5
 %
Broadcast Television
2,402

 
2,391

 
11

0.5

Filmed Entertainment
1,457

 
1,710

 
(253
)
(14.8
)
Theme Parks
1,464

 
1,361

 
103

7.5

Headquarters, other and eliminations
(64
)
 
(63
)
 
(1
)
NM

Total revenue
$
8,206

 
$
8,273

 
$
(67
)
(0.8
)%
Adjusted EBITDA
 
 
 
 
 
 
Cable Networks
$
1,201

 
$
1,176

 
$
25

2.2
 %
Broadcast Television
534

 
417

 
117

28.3

Filmed Entertainment
183

 
138

 
45

33.0

Theme Parks
590

 
569

 
21

3.8

Headquarters, other and eliminations
(184
)
 
(150
)
 
(34
)
NM

Total Adjusted EBITDA
$
2,324

 
$
2,150

 
$
174

8.1
 %

35

Table of Contents

 
Six Months Ended
June 30
 
Increase/
(Decrease)
(in millions)
2019
 
2018
 
$
%
Revenue
 
 
 
 
 
 
Cable Networks
$
5,815

 
$
6,031

 
$
(216
)
(3.6
)%
Broadcast Television
4,869

 
5,888

 
(1,019
)
(17.3
)
Filmed Entertainment
3,225

 
3,357

 
(132
)
(3.9
)
Theme Parks
2,740

 
2,642

 
98

3.7

Headquarters, other and eliminations
(130
)
 
(148
)
 
18

NM

Total revenue
$
16,519

 
$
17,770

 
$
(1,251
)
(7.0
)%
Adjusted EBITDA
 
 
 
 
 
 
Cable Networks
$
2,463

 
$
2,430

 
$
33

1.4
 %
Broadcast Television
921

 
924

 
(3
)
(0.3
)
Filmed Entertainment
547

 
341

 
206

60.3

Theme Parks
1,088

 
1,064

 
24

2.2

Headquarters, other and eliminations
(358
)
 
(338
)
 
(20
)
NM

Total Adjusted EBITDA
$
4,661

 
$
4,421

 
$
240

5.4
 %
Percentage changes that are considered not meaningful are denoted with NM.
Cable Networks Segment Results of Operations
 
Three Months Ended
June 30
 
Increase/
(Decrease)
(in millions)
2019
 
2018
 
$
%
Revenue
 
 
 
 
 
 
Distribution
$
1,707

 
$
1,650

 
$
57

3.4
 %
Advertising
931

 
929

 
2

0.1

Content licensing and other
309

 
295

 
14

5.1

Total revenue
2,947

 
2,874

 
73

2.5

Operating costs and expenses
 
 
 
 
 
 
Programming and production
1,274

 
1,215

 
59

4.9

Other operating and administrative
370

 
369

 
1

(0.1
)
Advertising, marketing and promotion
102

 
114

 
(12
)
(10.5
)
Total operating costs and expenses
1,746

 
1,698

 
48

2.8

Adjusted EBITDA
$
1,201

 
$
1,176

 
$
25

2.2
 %
 
Six Months Ended
June 30
 
Increase/
(Decrease)
(in millions)
2019
 
2018
 
$
%
Revenue
 
 
 
 
 
 
Distribution
$
3,442

 
$
3,511

 
$
(69
)
(2.0
)%
Advertising
1,783

 
1,906

 
(123
)
(6.5
)
Content licensing and other
590

 
614

 
(24
)
(3.8
)
Total revenue
5,815

 
6,031

 
(216
)
(3.6
)
Operating costs and expenses
 
 
 
 
 
 
Programming and production
2,417

 
2,640

 
(223
)
(8.4
)
Other operating and administrative
729

 
726

 
3

0.3

Advertising, marketing and promotion
206

 
235

 
(29
)
(12.3
)
Total operating costs and expenses
3,352

 
3,601

 
(249
)
(6.9
)
Adjusted EBITDA
$
2,463

 
$
2,430

 
$
33

1.4
 %

36

Table of Contents

Cable Networks Segment – Revenue
Cable Networks revenue increased for the three months ended June 30, 2019 compared to the same period in 2018 primarily due to increases in distribution revenue and content licensing and other revenue. The increase in distribution revenue was primarily due to increases in the contractual rates charged under distribution agreements and the timing of contract renewals, which were partially offset by increased declines in the number of subscribers at our cable networks. Content licensing and other revenue increased primarily due to the timing of content provided under our licensing agreements. Advertising revenue was flat compared to the same period in 2018, reflecting higher rates, offset by audience ratings declines.
Cable Networks revenue decreased for the six months ended June 30, 2019 compared to the same period in 2018 primarily due to decreases in advertising revenue and distribution revenue resulting from our broadcast of the 2018 PyeongChang Olympics. Excluding $378 million of revenue associated with our broadcast of the 2018 PyeongChang Olympics, Cable Networks revenue increased 2.9% for the six months ended June 30, 2019 compared to the same period in 2018.
 
Three Months Ended
June 30
Increase/
(Decrease)
 
Six Months Ended
June 30
Increase/
(Decrease)
(in millions)
2019
2018
%
 
2019
2018
%
Advertising
$
931

$
929

0.1
%
 
$
1,783

$
1,906

(6.5
)%
Advertising, excluding 2018 PyeongChang Olympics
931

929

0.1

 
1,783

1,764

1.0

Advertising revenue decreased for the six months ended June 30, 2019 compared to the same period in 2018 primarily due to our broadcast of the 2018 PyeongChang Olympics. Excluding $142 million of revenue associated with our broadcast of the 2018 PyeongChang Olympics, advertising revenue increased due to higher prices for advertising units sold, partially offset by declines in audience ratings at our networks.
 
Three Months Ended
June 30
Increase/
(Decrease)
 
Six Months Ended
June 30
Increase/
(Decrease)
(in millions)
2019
2018
%
 
2019
2018
%
Distribution
$
1,707

$
1,650

3.4
%
 
$
3,442

$
3,511

(2.0
)%
Distribution, excluding 2018 PyeongChang Olympics
1,707

1,650

3.4

 
3,442

3,275

5.1

Distribution revenue decreased for the six months ended June 30, 2019 compared to the same period in 2018 primarily due to our broadcast of the 2018 PyeongChang Olympics. Excluding $236 million of revenue associated with our broadcast of the 2018 PyeongChang Olympics, distribution revenue increased primarily due to increases in contractual rates charged under distribution agreements and the timing of contract renewals, partially offset by increased declines in the number of subscribers at our cable networks during the quarter.
For both the three and six months ended June 30, 2019, 15% of our Cable Networks segment revenue was generated from our Cable Communications segment. For the three and six months ended June 30, 2018, 14% and 15%, respectively, of our Cable Networks segment revenue was generated from our Cable Communications segment. These amounts are eliminated in our condensed consolidated financial statements but are included in the amounts presented above.
Cable Networks Segment – Operating Costs and Expenses
Operating costs and expenses increased for the three months ended June 30, 2019 compared to the same period in 2018 primarily due to an increase in programming and production costs, which was partially offset by the decrease in advertising, marketing and promotion costs. The increase in programming and production costs was primarily due to increases in sports programming rights. The decrease in advertising, marketing and promotion costs was primarily due to lower spending on marketing related to our cable networks programming.
Operating costs and expenses decreased for the six months ended June 30, 2019 compared to the same period in 2018 primarily due to decreases in programming and production costs and advertising, marketing and promotion costs. The decrease in programming and production costs was primarily due to the absence of costs associated with our broadcast of the 2018 PyeongChang Olympics. The decrease in advertising, marketing and promotion costs was due to lower spending on marketing related to our cable networks programming and our digital properties.

37

Table of Contents

Broadcast Television Segment Results of Operations
 
Three Months Ended
June 30
 
Increase/
(Decrease)
(in millions)
2019
 
2018
 
$
%
Revenue
 
 
 
 
 
 
Advertising
$
1,329

 
$
1,387

 
$
(58
)
(4.2
)%
Content licensing
472

 
481

 
(9
)
(1.7
)
Distribution and other
601

 
523

 
78

14.7

Total revenue
2,402

 
2,391

 
11

0.5

Operating costs and expenses
 
 
 
 
 
 
Programming and production
1,369

 
1,488

 
(119
)
(8.0
)
Other operating and administrative
395

 
375

 
20

5.1

Advertising, marketing and promotion
104

 
111

 
(7
)
(6.6
)
Total operating costs and expenses
1,868

 
1,974

 
(106
)
(5.4
)
Adjusted EBITDA
$
534

 
$
417

 
$
117

28.3
 %
 
Six Months Ended
June 30
 
Increase/
(Decrease)
(in millions)
2019
 
2018
 
$
%
Revenue
 
 
 
 
 
 
Advertising
$
2,646

 
$
3,752

 
$
(1,106
)
(29.5
)%
Content licensing
1,032

 
1,003

 
29

2.9

Distribution and other
1,191

 
1,133

 
58

5.1

Total revenue
4,869

 
5,888

 
(1,019
)
(17.3
)
Operating costs and expenses
 
 
 
 
 
 
Programming and production
2,946

 
3,964

 
(1,018
)
(25.7
)
Other operating and administrative
777

 
756

 
21

2.7

Advertising, marketing and promotion
225

 
244

 
(19
)
(7.8
)
Total operating costs and expenses
3,948

 
4,964

 
(1,016
)
(20.5
)
Adjusted EBITDA
$
921

 
$
924

 
$
(3
)
(0.3
)%
Broadcast Television Segment – Revenue
Broadcast Television revenue increased for the three months ended June 30, 2019 compared to the same period in 2018 due to an increase in distribution and other revenue, which was partially offset by a decrease in advertising revenue and content licensing revenue. The increase in distribution and other revenue was primarily due to increases in fees recognized under our retransmission consent agreements. The decrease in advertising revenue was primarily due to the absence of revenue associated with Telemundo’s broadcast of the 2018 FIFA World Cup Russia. Excluding this event, advertising revenue increased, reflecting higher pricing for advertising units sold, partially offset by the impact of continued ratings declines. The decrease in content licensing revenue was primarily due to timing of content provided under our licensing agreements.
Broadcast Television revenue decreased for the six months ended June 30, 2019 compared to the same period in 2018 due to decreases in advertising revenue resulting from our broadcasts of the 2018 PyeongChang Olympics and the 2018 Super Bowl, which was partially offset by increases in distribution and other revenue and content licensing revenue. Excluding $1.2 billion of revenue associated with our broadcasts of the 2018 PyeongChang Olympics and the 2018 Super Bowl, Broadcast Television revenue increased 3.7% for the six months ended June 30, 2019 compared to the same period in 2018.
 
Three Months Ended
June 30
Increase/
(Decrease)
 
Six Months Ended
June 30
Increase/
(Decrease)
(in millions)
2019
2018
%
 
2019
2018
%
Advertising
$
1,329

$
1,387

(4.2
)%
 
$
2,646

$
3,752

(29.5
)%
Advertising, excluding 2018 PyeongChang Olympics and Super Bowl
1,329

1,387

(4.2
)
 
2,646

2,671

(0.9
)
Advertising revenue decreased for the six months ended June 30, 2019 compared to the same period in 2018 primarily due to the absence of revenue associated with our broadcasts of the 2018 PyeongChang Olympics and the 2018 Super Bowl. Excluding $1.1 billion of revenue associated with our broadcasts of the 2018 PyeongChang Olympics and the 2018 Super Bowl, advertising revenue was flat as the impact of continued declines in audience ratings was offset by higher prices for advertising units sold.

38

Table of Contents

 
Three Months Ended
June 30
Increase/
(Decrease)
 
Six Months Ended
June 30
Increase/
(Decrease)
(in millions)
2019
2018
%
 
2019
2018
%
Distribution and other
$
601

$
523

14.7
%
 
$
1,191

$
1,133

5.1
%
Distribution and other, excluding 2018 PyeongChang Olympics
601

523

14.7

 
1,191

1,021

16.6

Distribution and other revenue increased for the six months ended June 30, 2019 compared to the same period in 2018 primarily due to increases in fees recognized under our retransmission consent agreements, which was partially offset by the absence of $112 million of revenue resulting from our broadcast of the 2018 PyeongChang Olympics.
Content licensing revenue increased for the six months ended June 30, 2019 compared to the same period in 2018 primarily due to the timing of content provided under our licensing agreements.
Broadcast Television Segment – Operating Costs and Expenses
Operating costs and expenses decreased for the three months ended June 30, 2019 compared to the same period in 2018 primarily due to the decrease in programming and production costs. The decrease in programming and production costs was due to the absence of programming and production costs associated with Telemundo’s broadcast of the 2018 FIFA World Cup Russia.
Operating costs and expenses decreased for the six months ended June 30, 2019 compared to the same period in 2018 primarily due to a decrease in programming and production costs. The decrease in programming and production costs was primarily due to the absence of costs associated with our broadcasts of the 2018 PyeongChang Olympics and the 2018 Super Bowl, partially offset by higher studio production costs.
Filmed Entertainment Segment Results of Operations
 
Three Months Ended
June 30
 
Increase/
(Decrease)
(in millions)
2019
 
2018
 
$
%
Revenue
 
 
 
 
 
 
Theatrical
$
252

 
$
540

 
$
(288
)
(53.1
)%
Content licensing
712

 
648

 
64

9.8

Home entertainment
229

 
225

 
4

2.1

Other
264

 
297

 
(33
)
(11.4
)
Total revenue
1,457

 
1,710

 
(253
)
(14.8
)
Operating costs and expenses
 
 
 
 
 
 
Programming and production
601

 
843

 
(242
)
(28.7
)
Other operating and administrative
294

 
301

 
(7
)
(2.7
)
Advertising, marketing and promotion
379

 
428

 
(49
)
(11.3
)
Total operating costs and expenses
1,274

 
1,572

 
(298
)
(19.0
)
Adjusted EBITDA
$
183

 
$
138

 
$
45

33.0
 %
 
Six Months Ended
June 30
 
Increase/
(Decrease)
(in millions)
2019
 
2018
 
$
%
Revenue
 
 
 
 
 
 
Theatrical
$
697

 
$
963

 
$
(266
)
(27.5
)%
Content licensing
1,529

 
1,381

 
148

10.7

Home entertainment
496

 
473

 
23

4.8

Other
503

 
540

 
(37
)
(6.7
)
Total revenue
3,225

 
3,357

 
(132
)
(3.9
)
Operating costs and expenses
 
 
 
 
 
 
Programming and production
1,334

 
1,578

 
(244
)
(15.5
)
Other operating and administrative
555

 
602

 
(47
)
(7.6
)
Advertising, marketing and promotion
789

 
836

 
(47
)
(5.6
)
Total operating costs and expenses
2,678

 
3,016

 
(338
)
(11.2
)
Adjusted EBITDA
$
547

 
$
341

 
$
206

60.3
 %

39

Table of Contents

Filmed Entertainment Segment – Revenue
Filmed Entertainment revenue decreased for the three months ended June 30, 2019 compared to the same period in 2018 primarily due to decreases in theatrical revenue and other revenue, which were partially offset by increases in content licensing revenue. The decrease in theatrical revenue was primarily due to the strong performance of several releases in prior year period, including Jurassic World: Fallen Kingdom, which was partially offset by releases in our 2019 film slate, including The Secret Life of Pets 2 and Us. The decrease in other revenue was primarily due to the absence of revenue associated with the sale of a business in 2018. Content licensing revenue increased primarily due to the timing of when content was made available under licensing agreements.
Film Entertainment revenue decreased for the six months ended June 30, 2019 compared to the same period in 2018 due to decreases in theatrical revenue and other revenue, which were partially offset by increases in content licensing revenue and home entertainment revenue. The decrease in theatrical revenue for the six months ended June 30, 2019 was due to the strong performances of several releases in our 2018 film slate, including Jurassic World: Fallen Kingdom, which were partially offset by releases in our 2019 film slate, including How to Train Your Dragon: The Hidden World, Us and The Secret Life of Pets 2. The decrease in other revenue was primarily due to the absence of revenue associated with the sale of a business in 2018. The increase in content licensing revenue was primarily due to the timing of when content was made available under licensing agreements. Home entertainment revenue increased primarily due to higher sales of 2019 releases, including Dr. Seuss The Grinch, How to Train Your Dragon: The Hidden World and Glass, which were partially offset by sales of 2018 releases, including Fifty Shades Freed, Pitch Perfect 3 and American Made.
Filmed Entertainment Segment – Operating Costs and Expenses
Operating costs and expenses decreased for the three months ended June 30, 2019 compared to the same period in 2018 due to decreases in programming and productions costs and advertising, marketing and promotion costs. The decrease in programming and production costs was due to higher amortization of film production costs in the prior year period. The decrease in advertising, marketing and promotion costs was due to higher spending on the marketing of prior period releases.
Operating costs and expenses decreased for the six months ended June 30, 2019 compared to the same period in 2018 due to decreases in programming and productions costs, other operating and administrative costs, and advertising, marketing and promotion costs. The decrease in programming and production costs was due to higher amortization of film production costs in the prior year period. The decrease in other operating and administrative costs was due to the absence of expenses associated with the sale of a business in 2018 and a reduction in employee-related costs. The decrease in advertising, marketing and promotion costs was due to a higher spending on the marketing of prior period releases.
Theme Parks Segment Results of Operations
 
Three Months Ended
June 30
 
Increase/
(Decrease)
(in millions)
2019
 
2018
 
$
%
Revenue
$
1,464

 
$
1,361

 
$
103

7.5
%
Operating costs and expenses
874

 
792

 
82

10.2

Adjusted EBITDA
$
590

 
$
569

 
$
21

3.8
%
 
Six Months Ended
June 30
 
Increase/
(Decrease)
(in millions)
2019
 
2018
 
$
%
Revenue
$
2,740

 
$
2,642

 
$
98

3.7
%
Operating costs and expenses
1,652

 
1,578

 
74

4.7

Adjusted EBITDA
$
1,088

 
$
1,064

 
$
24

2.2
%
Theme Parks Segment – Revenue
Theme Parks revenue increased for the three months ended June 30, 2019 compared to the same period in 2018 primarily due to higher attendance, aided by the timing of spring holidays, and increases in guest spending.
Theme Parks revenue increased for the six months ended June 30, 2019 compared to the same period in 2018 primarily due to increases in attendance.

40

Table of Contents

Theme Parks Segment – Operating Costs and Expenses
Theme Parks operating costs and expenses increased for the three and six months ended June 30, 2019 compared to the same periods in 2018 primarily due to increased employee-related costs and higher marketing costs associated with Hagrid’s Magical Creatures Motorbike AdventureTM in Orlando.
Sky Segment Results of Operations
The discussion below compares Sky’s actual results for the three and six months ended June 30, 2019 to pro forma results for Sky for the three and six months ended June 30, 2018. The pro forma segment information includes adjustments as if the Sky transaction occurred on January 1, 2017. Our pro forma data is also adjusted for the effects of acquisition accounting and eliminating the costs and expenses directly related to the transaction, but does not include adjustments for costs related to integration activities, cost savings or synergies that have been or may be achieved by the combined business. Pro forma amounts are not necessarily indicative of what our results would have been had we operated the Sky business since January 1, 2017, nor of our future results.
 
Three Months Ended
June 30
 
 
 
 
 
 
Actual
 
Pro Forma
 
Increase/
(Decrease)
 
Constant Currency Growth(a)
(in millions)
2019
 
2018
 
$
%
 
%
Revenue
 
 
 
 
 
 
 
 
Direct-to-consumer
$
3,889

 
$
4,049

 
$
(160
)
(4.0
)%
 
1.7
 %
Content
376

 
311

 
65

21.0

 
27.7

Advertising
563

 
631

 
(68
)
(10.7
)
 
(5.6
)
Total revenue
4,828

 
4,991

 
(163
)
(3.3
)
 
2.4

Operating costs and expenses
 
 
 
 
 
 
 
 
Programming and production
2,239

 
2,222

 
17

0.8

 
6.7

Direct network costs
414

 
400

 
14

3.3

 
9.7

Other
1,403

 
1,689

 
(286
)
(16.9
)
 
(12.1
)
Total operating costs and expenses
4,056

 
4,311

 
(255
)
(5.9
)
 
(0.4
)
Adjusted EBITDA
$
772

 
$
680

 
$
92

13.4
 %
 
19.9
 %
 
Six Months Ended
June 30
 
 
 
 
 
 
Actual
 
Pro Forma
 
Increase/
(Decrease)
 
Constant Currency Growth(a)
(in millions)
2019
 
2018
 
$
%
 
%
Revenue
 
 
 
 
 
 
 
 
Direct-to-consumer
$
7,723

 
$
8,181

 
$
(458
)
(5.6
)%
 
0.6
 %
Content
746

 
597

 
149

25.1

 
32.6

Advertising
1,156

 
1,262

 
(106
)
(8.4
)
 
(2.5
)
Total revenue
9,625

 
10,040

 
(415
)
(4.1
)
 
2.1

Operating costs and expenses
 
 
 
 
 
 
 
 
Programming and production
4,540

 
4,483

 
57

1.3

 
8.0

Direct network costs
799

 
801

 
(2
)
(0.3
)
 
6.2

Other
2,851

 
3,277

 
(426
)
(13.0
)
 
(7.4
)
Total operating costs and expenses
8,190

 
8,561

 
(371
)
(4.3
)
 
1.9

Adjusted EBITDA
$
1,435

 
$
1,479

 
$
(44
)
(3.0
)%
 
3.2
 %
All percentages are calculated based on actual amounts. Minor differences may exist due to rounding
(a)
Constant currency growth is a non-GAAP financial measure. Refer to the “Non-GAAP Financial Measures” section on page 43 for additional information, including our definition and our use of constant currency, and for a reconciliation of Sky’s constant currency growth rates.

41

Table of Contents

Customer Metrics
 
 
Net Additions
 
June 30
Three Months Ended
June 30
Six Months Ended
June 30
 
Actual
Pro Forma
Actual
Pro Forma
Actual
Pro Forma
(in thousands)
2019
2018
2019
2018
2019
2018
Total customer relationships
24,016

23,010

304

107

416

145

Sky customer relationships represent the number of residential retail customers that subscribe to at least one of Sky’s four primary services of video, high-speed internet, voice and wireless phone service. Commercial retail customers include hotels, bars, workplaces and restaurants with an active subscription for the purpose of providing Sky services to third party customers. We report commercial customers based on the number of commercial agreements per venue in the U.K., a residential equivalent unit based upon the multiple of residential customer revenue in Italy and the number of active venues (bars and restaurants) or rooms (hotels and clinics) in Germany.
Sky Segment – Revenue
Direct-to-Consumer
Direct-to-consumer revenue decreased 4.0% and 5.6% for the three and six months ended June 30, 2019, respectively, compared to the same periods in 2018. Excluding the impact of foreign currency, direct-to-consumer revenue increased 1.7% and 0.6% for the three and six months ended June 30, 2019 compared to the same periods in 2018, primarily due to growth in video, mobile and broadband customers, partially offset by a decrease in average revenue per customer relationship. The increase in video customers for the three months ended June 30, 2019 included growth in streaming customers as a result of unique content launches.
Content
Content revenue increased 21.0% and 25.1% for the three and six months ended June 30, 2019, respectively, compared to the same periods in 2018. Excluding the impact of foreign currency, content revenue increased 27.7% and 32.6% for the three and six months ended June 30, 2019, respectively, compared to the same periods in 2018, reflecting the wholesaling of sports programming, including exclusive sports rights recently acquired in Italy and Germany, as well as monetization of our slate of original programming.
Advertising
Advertising revenue decreased 10.7% and 8.4% for the three and six months ended June 30, 2019, respectively, compared to the same periods in 2018. Excluding the impact of foreign currency, advertising revenue decreased 5.6% and 2.5% for the three and six months ended June 30, 2019, respectively, compared to the same periods in 2018, primarily reflecting overall market weakness.
Sky Segment – Operating Costs and Expenses
Programming and production costs were flat for the three months ended June 30, 2019, compared to the same period in 2018. Programming and production costs increased 1.3% for the six months ended June 30, 2019, compared to the same period in 2018. Excluding the impact of foreign currency, programming and production costs increased 6.7% and 8.0% for the three and six months ended June 30, 2019, respectively, compared to the same periods in 2018 primarily due to new sports programming contracts in Italy and Germany.
Direct network costs increased 3.3% for the three months ended June 30, 2019 and were flat for the six months ended June 30, 2019 compared to the same periods in 2018. Excluding the impact of foreign currency, direct network costs increased 9.7% and 6.2% for the three and six months ended June 30, 2019, respectively, compared to the same periods in 2018 primarily due to increases in costs associated with Sky’s wireless phone service as a result of increases in the number of customers receiving the service.
Other expenses decreased 16.9% and 13.0% for the three and six months ended June 30, 2019, respectively, compared to the same periods in 2018. Excluding the impact of foreign currency, other expenses decreased 12.1% and 7.4% for the three and six months ended June 30, 2019, respectively, compared to the same periods in 2018 primarily due to contract termination costs and costs related to a settlement in the prior year period.

42

Table of Contents

Corporate and Other Results of Operations
 
Three Months Ended
June 30
 
Increase/
(Decrease)
(in millions)
2019
 
2018
 
$
%
Revenue
$
56

 
$
96

 
$
(40
)
(42.0
)%
Operating costs and expenses
353

 
288

 
65

22.7

Adjustment for Sky transaction-related costs
(84
)
 

 
(84
)
NM

Adjusted EBITDA
$
(213
)
 
$
(192
)
 
$
(21
)
(11.0
)%
 
Six Months Ended
June 30

Increase/
(Decrease)
(in millions)
2019

2018

$
%
Revenue
$
164


$
339


$
(175
)
(51.6
)%
Operating costs and expenses
699


716


(17
)
(2.3
)
Adjustment for Sky transaction-related costs
(135
)
 

 
(135
)
NM

Adjusted EBITDA
$
(400
)

$
(377
)

$
(23
)
(6.1
)%
Corporate and Other – Revenue
Other revenue primarily relates to revenue from Comcast Spectacor, which owns the Philadelphia Flyers and the Wells Fargo Center arena in Philadelphia, Pennsylvania. We sold a controlling interest in our arena management-related businesses in the second quarter of 2018.
Corporate and Other – Operating Costs and Expenses
Corporate and Other operating costs and expenses primarily include overhead, personnel costs, the costs of other business development initiatives, and operating costs and expenses associated with Comcast Spectacor.
Corporate and Other operating costs and expenses increased for the three months ended June 30, 2019 as compared to the same period in 2018 primarily due to transaction-related expenses of $84 million directly related to the Sky transaction, including expenses resulting from the replacement of share-based compensation awards and costs related to integration activities.
Corporate and Other operating costs and expenses decreased for the six months ended June 30, 2019 as compared to the same period in 2018 primarily due to the sale of a controlling interest in our arena management-related businesses in the second quarter of 2018, which was partially offset by transaction-related expenses of $135 million directly related to the Sky transaction, including expenses resulting from the replacement of share-based compensation awards and costs related to integration activities.
Corporate and Other Adjusted EBITDA excludes transaction-related expenses directly related to the Sky transaction.
Non-GAAP Financial Measures
Consolidated Adjusted EBITDA
Consolidated Adjusted EBITDA is a non-GAAP financial measure and is the primary basis used to measure the operational strength and performance of our businesses as well as to assist in the evaluation of underlying trends in our businesses. 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. It is also unaffected by our capital and tax structures, and by our investment activities, including the results of entities that we do not consolidate, as our management excludes these results when evaluating our operating performance. Our management and Board of Directors use this financial 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. Additionally, we believe that consolidated Adjusted EBITDA 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 of consolidated Adjusted EBITDA may not be directly comparable to similar measures used by other companies.

43

Table of Contents

We define consolidated Adjusted EBITDA as net income attributable to Comcast Corporation before net income (loss) attributable to noncontrolling interests and redeemable subsidiary preferred stock, income tax expense, investment and other income (loss), net, interest expense, depreciation and amortization expense, and other operating gains and losses (such as impairment charges related to fixed and intangible assets and gains or losses on the sale of long-lived assets), if any. From time to time, we may exclude from consolidated Adjusted EBITDA the impact of certain events, gains, losses or other charges (such as significant legal settlements) that affect the period-to-period comparability of our operating performance.
We reconcile consolidated Adjusted EBITDA to net income attributable to Comcast Corporation. This measure should not be considered a substitute for operating income, net income, net income attributable to Comcast Corporation, or net cash provided by operating activities that we have reported in accordance with GAAP.
Reconciliation from Net Income Attributable to Comcast Corporation to Adjusted EBITDA
 
Three Months Ended
June 30
 
Six Months Ended
June 30
(in millions)
2019
 
2018
 
2019
 
2018
Net income attributable to Comcast Corporation
$
3,125

 
$
3,216

 
$
6,678

 
$
6,334

Net income (loss) attributable to noncontrolling interests and redeemable subsidiary preferred stock
78

 
(8
)
 
157

 
50

Income tax expense
961

 
1,077

 
2,037

 
1,895

Interest expense
1,137

 
806

 
2,287

 
1,583

Investment and other (income) loss, net
55

 
(77
)
 
(621
)
 
(203
)
Depreciation
2,197

 
2,021

 
4,437

 
4,032

Amortization
1,079

 
582

 
2,159

 
1,170

Other operating gains

 
(200
)
 

 
(200
)
Adjustment for Sky transaction-related costs
84

 

 
135

 

Adjusted EBITDA
$
8,716

 
$
7,417

 
$
17,269

 
$
14,661

Constant Currency
Constant currency and constant currency growth rates are non-GAAP financial measures that present our results of operations excluding the estimated effects of foreign currency exchange rate fluctuations. Certain of our businesses, including Sky, have operations outside the United States that are conducted in local currencies. As a result, the comparability of the financial results reported in U.S. dollars is affected by changes in foreign currency exchange rates. In our Sky segment, we use constant currency and constant currency growth rates to evaluate the underlying performance of the business, and we believe it is helpful for investors to present operating results on a comparable basis period over period to evaluate its underlying performance.
Constant currency and constant currency growth rates are calculated by comparing the comparative period results in the prior year adjusted to reflect the average exchange rates from the current year period rather than the actual exchange rates in effect during the respective prior year periods.
Reconciliation of Sky Constant Currency Growth Rates
 
Three Months Ended
June 30
 
 
 
Six Months Ended
June 30
 
 
 
Actual
 
Constant Currency
 
Constant Currency Growth
 
Actual
 
Constant Currency
 
Constant Currency Growth
(in millions)
2019
 
2018
 
%
 
2019
 
2018
 
%
Revenue
 
 
 
 
 
 
 
 
 
 
 
Direct-to-consumer
$
3,889

 
$
3,824

 
1.7
 %
 
$
7,723

 
$
7,675

 
0.6
 %
Content
376

 
295

 
27.7

 
746

 
563

 
32.6

Advertising
563

 
597

 
(5.6
)
 
1,156

 
1,186

 
(2.5
)
Total revenue
4,828

 
4,716

 
2.4

 
9,625

 
9,424

 
2.1

Operating costs and expenses
 
 
 
 
 
 
 
 
 
 
 
Programming and production
2,239

 
2,098

 
6.7

 
4,540

 
4,203

 
8.0

Direct network costs
414

 
378

 
9.7

 
799

 
753

 
6.2

Other
1,403

 
1,597

 
(12.1
)
 
2,851

 
3,078

 
(7.4
)
Total operating costs and expenses
4,056

 
4,073

 
(0.4
)
 
8,190

 
8,034

 
1.9

Adjusted EBITDA
$
772

 
$
643

 
19.9
 %
 
$
1,435

 
$
1,390

 
3.2
 %

44

Table of Contents

Liquidity and Capital Resources
Our businesses generate significant cash flows from operating activities. We believe that we will be able to continue to meet our current and long-term liquidity and capital requirements, including fixed charges, through our cash flows from operating activities; existing cash, cash equivalents and investments; available borrowings under our existing credit facilities; and our ability to obtain future external financing. We anticipate that we will continue to use a substantial portion of our cash flows in repaying our debt obligations, funding our capital expenditures, investing in business opportunities and returning capital to shareholders.
Operating Activities
Components of Net Cash Provided by Operating Activities
 
Six Months Ended
June 30
(in millions)
2019
 
2018
Operating income
$
10,538

 
$
9,659

Depreciation, amortization & other operating gains
6,596

 
5,002

Noncash share-based compensation
533

 
410

Changes in operating assets and liabilities
95

 
(692
)
Payments of interest
(2,111
)
 
(1,354
)
Payments of income taxes
(1,634
)
 
(623
)
Other
254

 
135

Net cash provided by operating activities
$
14,271

 
$
12,537

The variance in changes in operating assets and liabilities for the six months ended June 30, 2019 compared to the same period in 2018 was primarily due to the timing of film and television costs at Sky, including sports rights, our broadcast of the 2018 PyeongChang Olympics in the prior year period and a reduction in Cable Communications wireless inventory, partially offset by the timing of film and television costs at NBCUniversal and our broadcast of the 2018 Super Bowl in the prior year period.
Investing Activities
Net cash used in investing activities for the six months ended June 30, 2019 consisted primarily of capital expenditures, purchases of investments and cash paid for intangible assets. Capital expenditures increased for the six months ended June 30, 2019 compared to the same period in 2018 primarily due to the inclusion of spending at Sky and an increase in spending by our Theme Parks segment, partially offset by a decrease in spending by our Cable Communications segment due to lower spending on scalable infrastructure and customer premise equipment. Purchases of investments for the six months ended June 30, 2019 consisted primarily of our cash capital contributions of $903 million to Hulu and $463 million to Atairos.
Financing Activities
Net cash used in financing activities for the six months ended June 30, 2019 consisted primarily of repayments of debt, dividend payments and repurchases of common stock under our employee plans.
We have made, and may from time to time in the future make, optional repayments on our debt obligations, which may include repayments of our term loans and repurchases or exchanges of our outstanding public notes and debentures, depending on various factors, such as market conditions. See Notes 5 and 6 to Comcast’s condensed consolidated financial statements for additional information on our financing activities, including details of our debt repayments and borrowings.
Available Borrowings Under Credit Facilities
We also maintain significant availability under our revolving credit facilities and commercial paper programs to meet our short-term liquidity requirements.
As of June 30, 2019, amounts available under our revolving credit facilities, net of amounts outstanding under our commercial paper programs and outstanding letters of credit and bank guarantees, totaled $8.7 billion.
Share Repurchases and Dividends
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 the authorization, we may repurchase shares in the open market or in private transactions. We have paused our share repurchase program for 2019 in order to accelerate the reduction of indebtedness we incurred in connection with the acquisition of Sky and no common stock share repurchases were made under this authorization for the six months ended June 30, 2019.

45

Table of Contents

We paid $350 million for the six months ended June 30, 2019 related to employee taxes associated with the administration of our share-based compensation plans.
In January 2019, our Board of Directors approved a 10% increase in our dividend to $0.84 per share on an annualized basis. In May 2019, our Board of Directors approved our second quarter dividend of $0.21 per share to be paid in July 2019. We expect to continue to pay quarterly dividends, although each dividend is subject to approval by our Board of Directors. On April 24, 2019, we paid dividends totaling $954 million.
Critical Accounting Judgments and Estimates
The preparation of our condensed consolidated financial statements requires us to make estimates that affect the reported amounts of assets, liabilities, revenue and expenses, and the related disclosure of contingent assets and contingent liabilities. We base our judgments on our historical experience and on various other assumptions that we believe are reasonable under the circumstances, the results of which form the basis for making estimates about the carrying value of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions.
For a more complete discussion of the accounting judgments and estimates that we have identified as critical in the preparation of our condensed consolidated financial statements, please refer to our Management’s Discussion and Analysis of Financial Condition and Results of Operations in our 2018 Annual Report on Form 10-K.
Recent Accounting Pronouncements
See Note 7 to Comcast’s condensed consolidated financial statements and Note 6 to NBCUniversal’s condensed consolidated financial statements for additional information related to recent accounting pronouncements.
ITEM 3: QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
We have evaluated the information required under this item that was disclosed in our 2018 Annual Report on Form 10-K and there have been no significant changes to this information.
ITEM 4: CONTROLS AND PROCEDURES
Comcast Corporation
Conclusions regarding disclosure controls and procedures
Our principal executive and principal financial officers, after evaluating the effectiveness of Comcast’s disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) as of the end of the period covered by this report, have concluded that, based on the evaluation of these controls and procedures required by paragraph (b) of Exchange Act Rules 13a-15 or 15d-15, Comcast’s disclosure controls and procedures were effective.
Changes in internal control over financial reporting
There were no changes in Comcast’s internal control over financial reporting identified in connection with the evaluation required by paragraph (d) of Exchange Act Rules 13a-15 or 15d-15 that occurred during Comcast’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, Comcast’s internal control over financial reporting, except as noted below. On October 9, 2018, we acquired a controlling interest in Sky. See Note 6 to Comcast’s condensed consolidated financial statements for additional information. In connection with the integration of Sky, we are in the process of analyzing and evaluating our internal controls over financial reporting. This process may result in additions or changes to our internal control over financial reporting.
NBCUniversal Media, LLC
Conclusions regarding disclosure controls and procedures
Our principal executive and principal financial officers, after evaluating the effectiveness of NBCUniversal’s disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) of the Exchange Act) as of the end of the period covered by this report, have concluded that, based on the evaluation of these controls and procedures required by paragraph (b) of Exchange Act Rules 13a-15 or 15d-15, NBCUniversal’s disclosure controls and procedures were effective.
Changes in internal control over financial reporting
There were no changes in NBCUniversal’s internal control over financial reporting identified in connection with the evaluation required by paragraph (d) of Exchange Act Rules 13a-15 or 15d-15 that occurred during NBCUniversal’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, NBCUniversal’s internal control over financial reporting.

46

Table of Contents

PART II: OTHER INFORMATION
ITEM 1: LEGAL PROCEEDINGS
Refer to Note 11 to Comcast’s condensed consolidated financial statements included in this Quarterly Report on Form 10-Q for a discussion of legal proceedings.
NBCUniversal is subject to legal proceedings and claims that arise in the ordinary course of its business and does not expect the final disposition of these matters to have a material adverse effect on its results of operations, cash flows or financial condition, although any such matters could be time-consuming and costly and could injure its reputation.
ITEM 1A: RISK FACTORS
There have been no significant changes from the risk factors previously disclosed in Item 1A of our 2018 Annual Report on Form 10-K.
ITEM 5: OTHER INFORMATION
Iran Threat Reduction and Syria Human Rights Act Disclosure
Pursuant to Section 219 of the Iran Threat Reduction and Syria Human Rights Act of 2012, companies are required, among other things, to disclose certain activities, transactions or dealings with the Government of Iran or entities controlled directly or indirectly by the Government of Iran. Disclosure is generally required even where the activities, transactions or dealings are conducted in compliance with applicable laws and regulations and are de minimis. As of the date of this report, we are not aware of any activity, transaction or dealing during the three months ended June 30, 2019 that requires disclosure under the Act, except with respect to a licensing agreement entered by one of Sky’s non-U.S. subsidiaries prior to our fourth quarter 2018 acquisition of Sky. The agreement entered into in June 2012 and amended in July 2016 licensed 150 hours of programming content for various three-year license terms for a one-time fee of €86,250 to a broadcasting company that is owned and controlled by the Government of Iran. We believe that Sky conducted its licensing activity in compliance with applicable laws and that these licenses are for the permissible exportation of informational materials pursuant to certain statutory and regulatory exemptions from U.S. sanctions.
ITEM 6: EXHIBITS
Comcast
Exhibit
No.
 
Description
 
Amendment No. 2 to Credit Agreement and Extension Agreement, dated June 18, 2019 (incorporated by reference to Exhibit 10.1 to Comcast’s Current Report on Form 8-K filed on June 20, 2019).
 
Comcast Corporation 2019 Omnibus Sharesave Plan (incorporated by reference to Appendix A to the Registrant’s Definitive Proxy Statement on Schedule 14A for 2019 Annual Meeting of Shareholders filed on April 26, 2019).
 
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, 2019, filed with the Securities and Exchange Commission on July 25, 2019, formatted in XBRL (eXtensible Business Reporting Language): (i) the Condensed Consolidated Statement of Income; (ii) the Condensed Consolidated Statement of Comprehensive Income; (iii) the Condensed Consolidated Statement of Cash Flows; (iv) the Condensed Consolidated Balance Sheet; (v) the Condensed Consolidated Statement of Changes in Equity; and (vi) the Notes to Condensed Consolidated Financial Statements.
*Constitutes a management contract or compensatory plan or arrangement.

47


NBCUniversal
Exhibit
No.
 
Description
 
Amendment No. 2 to Credit Agreement and Extension Agreement, dated June 18, 2019 (incorporated by reference to Exhibit 10.1 to NBCUniversal’s Current Report on Form 8-K filed on June 20, 2019).
 
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, 2019, filed with the Securities and Exchange Commission on July 25, 2019, formatted in XBRL (eXtensible Business Reporting Language): (i) the Condensed Consolidated Statement of Income; (ii) the Condensed Consolidated Statement of Comprehensive Income; (iii) the Condensed Consolidated Statement of Cash Flows; (iv) the Condensed Consolidated Balance Sheet; (v) the Condensed Consolidated Statement of Changes in Equity; and (vi) the Notes to Condensed Consolidated Financial Statements.

48


SIGNATURES
Comcast
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
 
 
COMCAST CORPORATION
 
 
By: 
 
/s/ DANIEL C. MURDOCK
 
 
Daniel C. Murdock
Senior Vice President, Chief Accounting Officer and Controller
(Principal Accounting Officer)
Date: July 25, 2019
NBCUniversal
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
 
 
NBCUNIVERSAL MEDIA, LLC
 
 
By:
 
/s/ DANIEL C. MURDOCK
 
 
Daniel C. Murdock
Senior Vice President
(Principal Accounting Officer)
Date: July 25, 2019


49

Table of Contents

NBCUniversal Media, LLC Financial Statements
Index
Page
51
52
53
54
55
56


50

Table of Contents

NBCUniversal Media, LLC

Condensed Consolidated Statement of Income
(Unaudited) 
 
Three Months Ended
June 30
 
Six Months Ended
June 30
(in millions)
2019
 
2018
 
2019
 
2018
Revenue
$
8,227

 
$
8,313

 
$
16,572

 
$
17,843

Costs and Expenses:
 
 
 
 
 
 
 
Programming and production
3,217

 
3,478

 
6,651

 
8,051

Other operating and administrative
2,048

 
1,955

 
3,930

 
3,927

Advertising, marketing and promotion
651

 
720

 
1,333

 
1,420

Depreciation
253

 
258

 
496

 
500

Amortization
274

 
295

 
546

 
563

Total costs and expenses
6,443

 
6,706

 
12,956

 
14,461

Operating income
1,784

 
1,607

 
3,616

 
3,382

Interest expense
(122
)
 
(133
)
 
(253
)
 
(260
)
Investment and other income (loss), net
40

 
(168
)
 
280

 
(172
)
Income before income taxes
1,702

 
1,306

 
3,643

 
2,950

Income tax expense
(73
)
 
(88
)
 
(176
)
 
(179
)
Net income
1,629

 
1,218

 
3,467

 
2,771

Less: Net income (loss) attributable to noncontrolling interests
58

 
(29
)
 
112

 
11

Net income attributable to NBCUniversal
$
1,571

 
$
1,247

 
$
3,355

 
$
2,760

See accompanying notes to condensed consolidated financial statements.

51

Table of Contents

NBCUniversal Media, LLC

Condensed Consolidated Statement of Comprehensive Income
(Unaudited) 
 
Three Months Ended
June 30
 
Six Months Ended
June 30
(in millions)
2019
 
2018
 
2019
 
2018
Net income
$
1,629

 
$
1,218

 
$
3,467

 
$
2,771

Deferred gains (losses) on cash flow hedges, net
(2
)
 
11

 
(3
)
 
(2
)
Employee benefit obligations, net
(3
)
 
(3
)
 
(5
)
 
(7
)
Currency translation adjustments, net
66

 
(215
)
 
47

 
(11
)
Comprehensive income
1,690

 
1,011

 
3,506

 
2,751

Less: Net income (loss) attributable to noncontrolling interests
58

 
(29
)
 
112

 
11

Less: Other comprehensive income (loss) attributable to noncontrolling interests
(12
)
 
(29
)
 
(2
)
 
(25
)
Comprehensive income attributable to NBCUniversal
$
1,644

 
$
1,069

 
$
3,396

 
$
2,765

See accompanying notes to condensed consolidated financial statements.

52

Table of Contents

NBCUniversal Media, LLC

Condensed Consolidated Statement of Cash Flows
(Unaudited) 
 
Six Months Ended
June 30
(in millions)
2019
 
2018
Operating Activities
 
 
 
Net income
$
3,467

 
$
2,771

Adjustments to reconcile net income to net cash provided by operating activities:
 
 
 
Depreciation and amortization
1,042

 
1,063

Net (gain) loss on investment activity and other
(115
)
 
232

Deferred income taxes
7

 

Changes in operating assets and liabilities, net of effects of acquisitions and divestitures:
 
 
 
Current and noncurrent receivables, net
69

 
(42
)
Film and television costs, net
(152
)
 
77

Accounts payable and accrued expenses related to trade creditors
(113
)
 
(169
)
Other operating assets and liabilities
(472
)
 
(497
)
Net cash provided by operating activities
3,733

 
3,435

Investing Activities
 
 
 
Capital expenditures
(926
)
 
(730
)
Cash paid for intangible assets
(136
)
 
(296
)
Note receivable from Comcast
(480
)
 

Construction of Universal Beijing Resort
(450
)
 
(116
)
Purchases of investments
(1,013
)
 
(288
)
Other
(6
)
 
(56
)
Net cash provided by (used in) investing activities
(3,011
)
 
(1,486
)
Financing Activities
 
 
 
Proceeds from borrowings
426

 
245

Repurchases and repayments of debt
(91
)
 
(332
)
Proceeds from (repayments of) borrowings from Comcast, net
27

 
(1,692
)
Distributions to member
(1,254
)
 
(990
)
Distributions to noncontrolling interests
(119
)
 
(111
)
Other
89

 
(132
)
Net cash provided by (used in) financing activities
(922
)
 
(3,012
)
Increase (decrease) in cash, cash equivalents and restricted cash
(200
)
 
(1,063
)
Cash, cash equivalents and restricted cash, beginning of period
1,464

 
2,377

Cash, cash equivalents and restricted cash, end of period
$
1,264

 
$
1,314

See accompanying notes to condensed consolidated financial statements.


53

Table of Contents

NBCUniversal Media, LLC

Condensed Consolidated Balance Sheet
(Unaudited)
(in millions)
June 30,
2019
 
December 31,
2018
Assets
 
 
 
Current Assets:
 
 
 
Cash and cash equivalents
$
1,244

 
$
1,444

Receivables, net
7,194

 
7,293

Programming rights
1,156

 
1,323

Note receivable from Comcast
2,534

 
2,054

Other current assets
1,170

 
1,133

Total current assets
13,298

 
13,247

Film and television costs
7,596

 
7,292

Investments
2,678

 
1,680

Property and equipment, net of accumulated depreciation of $5,424 and $4,994
14,316

 
13,189

Goodwill
24,152

 
24,118

Intangible assets, net of accumulated amortization of $9,138 and $8,590
13,332

 
13,666

Other noncurrent assets, net
3,519

 
1,822

Total assets
$
78,891

 
$
75,014

Liabilities and Equity
 
 
 
Current Liabilities:
 
 
 
Accounts payable and accrued expenses related to trade creditors
$
1,985

 
$
1,933

Accrued participations and residuals
1,683

 
1,808

Program obligations
619

 
965

Deferred revenue
1,484

 
1,118

Accrued expenses and other current liabilities
2,015

 
2,195

Note payable to Comcast
197

 
54

Current portion of long-term debt
2,198

 
151

Total current liabilities
10,181

 
8,224

Long-term debt, less current portion
11,155

 
12,731

Accrued participations, residuals and program obligations
1,674

 
1,712

Other noncurrent liabilities
6,668

 
5,177

Commitments and contingencies

 

Redeemable noncontrolling interests
401

 
389

Equity:

 
 
Member’s capital
47,529

 
45,618

Accumulated other comprehensive income (loss)
295

 
254

Total NBCUniversal member’s equity
47,824

 
45,872

Noncontrolling interests
988

 
909

Total equity
48,812

 
46,781

Total liabilities and equity
$
78,891

 
$
75,014

See accompanying notes to condensed consolidated financial statements.

54

Table of Contents

NBCUniversal Media, LLC

Condensed Consolidated Statement of Changes in Equity
(Unaudited)
 
Three Months Ended
June 30
 
Six Months Ended
June 30
(in millions)
2019
2018
 
2019
2018
Redeemable Noncontrolling Interests
 
 
 
 
 
Balance, beginning of period
$
382

$
405

 
$
389

$
409

Contributions from (distributions to) noncontrolling interests, net
(15
)
(16
)
 
(38
)
(33
)
Other

(5
)
 

(5
)
Net income (loss)
34

7

 
50

20

Balance, end of period
$
401

$
391

 
$
401

$
391

 
 
 
 
 
 
Members Capital
 
 
 
 
 
Balance, beginning of period
$
47,164

$
43,228

 
$
45,618

$
42,148

Cumulative effects of adoption of accounting standards


 

(232
)
Distributions to member
(1,206
)
(795
)
 
(1,444
)
(990
)
Other

97

 

91

Net income (loss)
1,571

1,247

 
3,355

2,760

Balance, end of period
$
47,529

$
43,777

 
$
47,529

$
43,777

 
 
 
 
 
 
Accumulated Other Comprehensive Income (Loss)
 
 
 
 
 
Balance, beginning of period
$
222

$
396

 
$
254

$
(20
)
Cumulative effects of adoption of accounting standards


 

232

Other comprehensive income (loss)
73

(178
)
 
41

6

Balance, end of period
$
295

$
218

 
$
295

$
218

 
 
 
 
 
 
Noncontrolling Interests
 
 
 
 
 
Balance, beginning of period
$
908

$
1,286

 
$
909

$
913

Contributions from (distributions to) noncontrolling interests, net
71

(33
)
 
25

313

Other comprehensive income (loss)
(12
)
(29
)
 
(2
)
(25
)
Other
(3
)
(98
)
 
(6
)
(102
)
Net income (loss)
24

(36
)
 
62

(9
)
Balance, end of period
$
988

$
1,090

 
$
988

$
1,090

 
 
 
 
 
 
Total equity
$
48,812

$
45,085

 
$
48,812

$
45,085

See accompanying notes to condensed consolidated financial statements.

55

Table of Contents

NBCUniversal Media, LLC

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
Note 1: Condensed Consolidated Financial Statements
Basis of Presentation
Unless indicated otherwise, throughout these notes to the condensed consolidated financial statements, we refer to NBCUniversal and its consolidated subsidiaries as “we,” “us” and “our.” We have prepared these unaudited condensed consolidated financial statements based on SEC rules that permit reduced disclosure for interim periods. These financial statements include all adjustments that are necessary for a fair presentation of our consolidated results of operations, cash flows and financial condition for the periods shown, including normal, recurring accruals and other items. The consolidated results of operations for the interim periods presented are not necessarily indicative of results for the full year.
The year-end condensed consolidated balance sheet was derived from audited financial statements but does not include all disclosures required by generally accepted accounting principles in the United States (“GAAP”). For a more complete discussion of our accounting policies and certain other information, refer to our consolidated financial statements included in our 2018 Annual Report on Form 10-K and the notes within this Form 10-Q.
See Note 6 for a discussion of the effects of the adoption of new accounting pronouncements on our condensed consolidated financial statements.
Note 2: Segment Information
We present our operations in four reportable business segments:
Our Cable Networks segment consists primarily of our national cable networks that provide a variety of entertainment, news and information, and sports content, our regional sports and news networks, our international cable networks, our cable television studio production operations, and various digital properties.
Our Broadcast Television segment consists primarily of the NBC and Telemundo broadcast networks, our NBC and Telemundo owned local broadcast television stations, the NBC Universo national cable network, our broadcast television studio production operations, and various digital properties.
Our Filmed Entertainment segment consists primarily of the operations of Universal Pictures, which produces, acquires, markets and distributes filmed entertainment worldwide; our films are also produced under the Illumination, DreamWorks Animation and Focus Features names.
Our Theme Parks segment consists primarily of our Universal theme parks in Orlando, Florida; Hollywood, California; and Osaka, Japan. In addition, along with a consortium of Chinese state-owned companies, we are developing a Universal theme park and resort in Beijing, China.
We use Adjusted EBITDA to evaluate the profitability of our operating segments and the components of net income attributable to NBCUniversal excluded from Adjusted EBITDA are not separately evaluated. To be consistent with our current management reporting presentation, 2018 operating results were reclassified related to certain NBCUniversal businesses now presented in Headquarters and Other. Our financial data by business segment is presented in the tables below.
 
Three Months Ended June 30, 2019
(in millions)
Revenue
Adjusted EBITDA(c)
Depreciation and Amortization
Capital
Expenditures
Cash Paid for Intangible Assets
Cable Networks
$
2,947

$
1,201

$
183

$
6

$
4

Broadcast Television
2,402

534

40

37

3

Filmed Entertainment
1,457

183

20

4

6

Theme Parks
1,464

590

170

378

17

Headquarters and Other(a)
45

(195
)
114

48

35

Eliminations(b)
(88
)
(2
)



Total
$
8,227

$
2,311

$
527

$
473

$
65


56

Table of Contents

NBCUniversal Media, LLC

 
Three Months Ended June 30, 2018
(in millions)
Revenue
Adjusted EBITDA(c)
Depreciation and Amortization
Capital
Expenditures
Cash Paid for Intangible Assets
Cable Networks
$
2,874

$
1,176

$
179

$
8

$
5

Broadcast Television
2,391

417

40

32

3

Filmed Entertainment
1,710

138

63

8

8

Theme Parks
1,361

569

167

360

119

Headquarters and Other(a)
57

(138
)
104

53

31

Eliminations(b)
(80
)
(2
)



Total
$
8,313

$
2,160

$
553

$
461

$
166

 
Six Months Ended June 30, 2019
(in millions)
Revenue
Adjusted EBITDA(c)
Depreciation and Amortization
Capital
Expenditures
Cash Paid for Intangible Assets
Cable Networks
$
5,815

$
2,463

$
365

$
12

$
6

Broadcast Television
4,869

921

79

50

6

Filmed Entertainment
3,225

547

39

8

11

Theme Parks
2,740

1,088

332

772

36

Headquarters and Other(a)
96

(359
)
227

84

77

Eliminations(b)
(173
)
(2
)



Total
$
16,572

$
4,658

$
1,042

$
926

$
136

 
 
Six Months Ended June 30, 2018
(in millions)
Revenue
Adjusted EBITDA(c)
Depreciation and Amortization
Capital
Expenditures
Cash Paid for Intangible Assets
Cable Networks(d)
$
6,031

$
2,430

$
368

$
11

$
9

Broadcast Television(d)
5,888

924

74

62

75

Filmed Entertainment
3,357

341

91

15

14

Theme Parks
2,642

1,064

322

542

135

Headquarters and Other(a)
108

(312
)
208

100

63

Eliminations(b)(d)
(183
)
(2
)



Total
$
17,843

$
4,445

$
1,063

$
730

$
296

(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 consisted primarily of the licensing of film and television content from our Filmed Entertainment and Broadcast Television segments to our Cable Networks segment; for segment reporting, this revenue is recognized as the programming rights asset for the licensed content is amortized based on third party revenue.
(c)
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, investment and other income (loss), net, interest expense, depreciation and amortization expense, and other operating gains and losses (such as impairment charges related to fixed and intangible assets and gains or losses on the sale of long-lived assets), if any. From time to time, we may exclude from Adjusted EBITDA the impact of certain events, gains, losses or other charges (such as significant legal settlements) that affect the period-to-period comparability of our operating performance. Our reconciliation of the aggregate amount of Adjusted EBITDA for our reportable segments to consolidated income before income taxes is presented in the table below.
 
Three Months Ended
June 30
 
Six Months Ended
June 30
(in millions)
2019
 
2018
 
2019
 
2018
Adjusted EBITDA
$
2,311

 
$
2,160

 
$
4,658

 
$
4,445

Depreciation
(253
)
 
(258
)
 
(496
)
 
(500
)
Amortization
(274
)
 
(295
)
 
(546
)
 
(563
)
Interest expense
(122
)
 
(133
)
 
(253
)
 
(260
)
Investment and other income (loss), net
40

 
(168
)
 
280

 
(172
)
Income before income taxes
$
1,702

 
$
1,306

 
$
3,643

 
$
2,950


(d)
The revenue and operating costs and expenses associated with our broadcast of the 2018 PyeongChang Olympics were reported in our Cable Networks and Broadcast Television segments. The revenue and operating costs and expenses associated with our broadcast of the 2018 Super Bowl were reported in our Broadcast Television segment. Included in Eliminations are transactions relating to these events that our Broadcast Television and Cable Networks segments entered into with our other segments.

57

Table of Contents

NBCUniversal Media, LLC

Note 3: Revenue
 
Three Months Ended
June 30
 
Six Months Ended
June 30
(in millions)
2019
 
2018
 
2019
 
2018
Distribution
$
1,707

 
$
1,650

 
$
3,442

 
$
3,511

Advertising
931

 
929

 
1,783

 
1,906

Content licensing and other
309

 
295

 
590

 
614

Total Cable Networks
2,947

 
2,874

 
5,815

 
6,031

 
 
 
 
 
 
 
 
Advertising
1,329

 
1,387

 
2,646

 
3,752

Content licensing
472

 
481

 
1,032

 
1,003

Distribution and other
601

 
523

 
1,191

 
1,133

Total Broadcast Television
2,402

 
2,391

 
4,869

 
5,888

 
 
 
 
 
 
 
 
Theatrical
252

 
540

 
697

 
963

Content licensing
712

 
648

 
1,529

 
1,381

Home entertainment
229

 
225

 
496

 
473

Other
264

 
297

 
503

 
540

Total Filmed Entertainment
1,457

 
1,710

 
3,225

 
3,357

 
 
 
 
 
 
 
 
Total Theme Parks
1,464

 
1,361

 
2,740

 
2,642

Headquarters and Other
45

 
57

 
96

 
108

Eliminations(a)
(88
)
 
(80
)
 
(173
)
 
(183
)
Total revenue
$
8,227

 
$
8,313

 
$
16,572

 
$
17,843

(a)
Included in Eliminations are transactions that our segments enter into with one another. See Note 2 for a description of these transactions.
We operate primarily in the United States, but also in select international markets primarily in Europe and Asia. The table below summarizes revenue by geographic location.
 
Three Months Ended
June 30
 
Six Months Ended
June 30
(in millions)
2019
  
2018
 
2019
 
2018
United States
$
6,669

 
$
6,533

 
$
13,292

 
$
14,187

Foreign
1,558

 
1,780

 
3,280

 
3,656

Total revenue
$
8,227

 
$
8,313

 
$
16,572

 
$
17,843


No single customer accounted for a significant amount of revenue in any period presented.
Condensed Consolidated Balance Sheet
The following tables summarize our accounts receivable and other balances that are not separately presented in our condensed consolidated balance sheet that relate to the recognition of revenue and collection of the related cash.
(in millions)
June 30,
2019
 
December 31,
2018
Receivables, gross
$
7,304

 
$
7,392

Less: Allowance for doubtful accounts
110

 
99

Receivables, net
$
7,194

 
$
7,293


(in millions)
June 30,
2019
 
December 31,
2018
Noncurrent receivables, net (included in other noncurrent assets, net)
$
1,181

 
$
1,180

Noncurrent deferred revenue (included in other noncurrent liabilities)
$
657

 
$
481



58

Table of Contents

NBCUniversal Media, LLC

Note 4: Long-Term Debt
As of June 30, 2019, our debt, excluding our revolving credit agreement with Comcast, had a carrying value of $13.4 billion and an estimated fair value of $14.2 billion. The estimated fair value of our publicly traded debt was primarily based on Level 1 inputs that use quoted market values for the debt. The estimated fair value of debt for which there are no quoted market prices was based on Level 2 inputs that use interest rates available to us for debt with similar terms and remaining maturities.
Debt Borrowings and Repayments
For the six months ended June 30, 2019, Universal Beijing Resort borrowed $363 million under its debt financing agreement to fund the construction of a Universal theme park and resort in Beijing, China (see Note 5).
For the six months ended June 30, 2019, we repaid $73 million of Universal Studios Japan term loans maturing 2022.
Guarantee Structure
We, Comcast and a 100% owned cable holding company subsidiary of Comcast (“CCCL Parent”) have fully and unconditionally guaranteed each other’s debt securities, including the $7.6 billion Comcast revolving credit facility due 2022. As of June 30, 2019, $84.4 billion principal amount of outstanding debt securities of Comcast and CCCL Parent were subject to the cross-guarantee structure.
We do not, however, guarantee the obligations of NBCUniversal Enterprise with respect to its $1.5 billion outstanding debt securities, including its revolving credit facility, nor its $725 million liquidation preference of Series A cumulative preferred stock.
The Universal Studios Japan term loans are not subject to the cross-guarantee structure, however they have a separate guarantee from Comcast.
The Universal Beijing Resort term loans are not guaranteed.
Note 5: Significant Transactions
Universal Beijing Resort
We entered into an agreement with a consortium of Chinese state-owned companies to build and operate a Universal theme park and resort in Beijing, China (“Universal Beijing Resort”). We own a 30% interest in Universal Beijing Resort and the construction is being funded through a combination of debt financing and equity contributions from the investors in accordance with their equity interests. The debt financing, which is being provided by a syndicate of Chinese financial institutions, contains certain financial and operating covenants and a maximum borrowing limit of ¥26.6 billion RMB (approximately $4 billion). The debt financing is secured by the assets of Universal Beijing Resort and the equity interests of the investors. As of June 30, 2019, Universal Beijing Resort had $936 million principal amount of term loans outstanding under the debt financing agreements.
We have concluded that Universal Beijing Resort is a variable interest entity based on its governance structure, and we consolidate it because we have the power to direct activities that most significantly impact its economic performance. There are no liquidity arrangements, guarantees or other financial commitments between us and Universal Beijing Resort, and therefore our maximum risk of financial loss is our 30% interest. Universal Beijing Resort’s results of operations are reported in our Theme Parks segment. Our condensed consolidated statement of cash flows includes the costs of construction and related borrowings in the “construction of Universal Beijing Resort” and “proceeds from borrowings” captions, respectively, and equity contributions from our investing partner are included in other financing activities.
In March 2018, Universal Beijing Resort received initial equity investments through a combination of cash and noncash contributions from the investors. As of June 30, 2019, our condensed consolidated balance sheet included assets, primarily property and equipment, and liabilities, including the term loans, of Universal Beijing Resort totaling $2.1 billion and $1.5 billion, respectively.
Note 6: Recent Accounting Pronouncements
Leases
In February 2016, the Financial Accounting Standards Board (“FASB”) updated the accounting guidance related to leases. The most significant change in the updated accounting guidance requires lessees to recognize lease assets and liabilities on the balance sheet for all operating leases with the exception of short-term leases. The standard also expands the disclosures regarding the amount, timing and uncertainty of cash flows arising from leases. For a lessee, the recognition, measurement and presentation of expenses and cash flows arising from a lease did not significantly change from previous guidance. We adopted the updated guidance on January 1, 2019 on a prospective basis and as a result, prior period amounts were not adjusted to reflect the impacts of the updated guidance. In addition, as permitted under the transition guidance within the new standard, prior scoping and classification conclusions were carried forward for leases existing as of the adoption date.

59

Table of Contents

NBCUniversal Media, LLC

Upon adoption, we recorded approximately $1.7 billion and $1.8 billion of operating lease assets and liabilities, respectively, which includes the impact of fair value adjustments, prepaid rent and lease incentives. The adoption of the updated accounting guidance did not impact our recognition of finance leases, which were previously described as capital leases. As of the date of adoption, our liabilities for finance leases were $332 million, which were recorded in long-term debt, and the related assets were recorded in property and equipment, net. Our finance leases were not considered material for further disclosure. The adoption of the new accounting guidance did not have a material impact on our consolidated results of operations or cash flows. See Note 9 for further information.
Film and Television Costs
In March 2019, the FASB updated the accounting guidance related to film and television costs. The updated guidance aligns the accounting for production costs of episodic television series with those of films, allowing for costs to be capitalized in excess of amounts of revenue contracted for each episode. The updated guidance also updates certain presentation and disclosure requirements for capitalized film and television costs, and requires impairment testing to be performed at a group level for capitalized film and television costs when the content is predominantly monetized with other owned or licensed content. The updated guidance is effective for us as of January 1, 2020 and early adoption is permitted. We are currently in the process of determining the impact that the updated accounting guidance will have on our consolidated financial statements, however we do not expect there to be a material impact on our consolidated results of operations or cash flows.
Note 7: Film and Television Costs
(in millions)
June 30,
2019
 
December 31,
2018
Film Costs:
 
 
 
Released, less amortization
$
1,558

 
$
1,600

Completed, not released
86

 
144

In production and in development
1,376

 
1,063

 
3,020

 
2,807

Television Costs:
 
 
 
Released, less amortization
2,165

 
2,161

In production and in development
1,014

 
953

 
3,179

 
3,114

Programming rights, less amortization
2,553

 
2,694

 
8,752

 
8,615

Less: Current portion of programming rights
1,156

 
1,323

Film and television costs
$
7,596

 
$
7,292


Note 8: Investments
Investment and Other Income (Loss), Net
 
Three Months Ended
June 30
 
Six Months Ended
June 30
(in millions)
2019
 
2018
 
2019
 
2018
Equity in net income (losses) of investees, net
$
(91
)
 
$
(87
)
 
$
(211
)
 
$
(187
)
Realized and unrealized gains (losses) on equity securities, net
97

 
(74
)
 
258

 
(37
)
Other income (loss), net
34

 
(7
)
 
233

 
52

Investment and other income (loss), net
$
40

 
$
(168
)
 
$
280

 
$
(172
)

(in millions)
June 30,
2019
 
December 31,
2018
Equity method
$
1,342

 
$
707

Marketable equity securities
420

 
162

Nonmarketable equity securities
916

 
811

Total investments
$
2,678

 
$
1,680



60

Table of Contents

NBCUniversal Media, LLC

Equity Method
Hulu
In May 2019, we entered into a series of agreements (the “Hulu Transaction”) with The Walt Disney Company (“Disney”), whereby we relinquished our board seats and substantially all voting rights associated with our investment in Hulu, LLC ("Hulu"), and Disney assumed full operational control. We also acquired our proportionate share of the approximate 10% interest in Hulu previously held by AT&T Inc. (“AT&T”) for approximately $477 million, increasing our ownership interest to approximately 33% from approximately 30%.
Following the Hulu Transaction, future capital calls are limited to $1.5 billion in the aggregate each year, with any excess funding requirements funded with member loans. We have the right, but not the obligation, to fund our proportionate share of these capital calls, and if we elect not to fund our share of future equity capital calls, our ownership interest will be diluted, subject to an ownership floor of 21%. The Hulu Transaction agreements include put and call provisions regarding our ownership interest in Hulu, pursuant to which, as early as January 2024, we can require Disney to buy, and Disney can require us to sell our interest, in either case, for fair value at that future time subject to a minimum equity value of $27.5 billion for 100% of the equity of Hulu. The minimum total equity value and ownership floor guarantee minimum proceeds of approximately $5.8 billion upon exercise of the put or call.
In connection with the Hulu Transaction, we agreed to extend certain Hulu licenses of NBCUniversal content until late 2024. We can terminate most of our content license agreements with Hulu in three years’ time, and in one year’s time we have the right to exhibit certain content that we currently license exclusively to Hulu on our platforms in return for reducing the license fee payable by Hulu.
We account for our investment using the equity method. For the three and six months ended June 30, 2019, we recognized losses of $109 million and $250 million, respectively, in equity in net income (losses) of investees, net. For the three and six months ended June 30, 2018, we recognized losses of $107 million and $238 million, respectively. For the six months ended June 30, 2019 and 2018, we made cash capital contributions totaling $903 million, inclusive of the funding for the acquisition of the AT&T interest, and $227 million, respectively. As of June 30, 2019 and December 31, 2018, our investment was $857 million and $248 million, respectively.
In August 2016, Time Warner Inc., which was acquired by AT&T in 2018, acquired a 10% interest in Hulu, diluting our interest at that time from approximately 33% to approximately 30%. Given the contingent nature of the put and call options related to that interest, we recorded a deferred gain as a result of the dilution. In the first quarter of 2019, the put and call options expired unexercised and we recognized the previously deferred gain of $159 million in other income (loss), net.
The Weather Channel
In March 2018, we sold our investment in The Weather Channel cable network and recognized a pretax gain of $64 million in other income (loss), net.
Marketable Equity Securities
Snap
For the three and six months ended June 30, 2019, we recognized unrealized gains of $96 million and $258 million, respectively, in realized and unrealized gains (losses) on equity securities, net related to our investment in Snap. For the three and six months ended June 30, 2018, we recognized unrealized losses of $82 million and $45 million, respectively, related to our investment in Snap. As of June 30, 2019 and December 31, 2018, our investment in Snap was $420 million and $162 million, respectively.

61

Table of Contents

NBCUniversal Media, LLC

Note 9: Supplemental Financial Information
Leases
Our leases consist primarily of real estate and equipment. We determine if an arrangement is a lease at inception. Lease assets and liabilities are recognized upon commencement of the lease based on the present value of the future minimum lease payments over the lease term. The lease term includes options to extend the lease when it is reasonably certain that we will exercise that option. We generally utilize our incremental borrowing rate based on information available at the commencement of the lease in determining the present value of future payments. The lease asset also includes any lease payments made and initial direct costs incurred and excludes lease incentives. Lease assets and liabilities are not recorded for leases with an initial term of one year or less. Lease expense for operating leases recorded in the balance sheet is included in operating costs and expenses and is based on the future minimum lease payments recognized on a straight-line basis over the term of the lease plus any variable lease costs. Operating lease expenses, inclusive of short-term and variable lease expenses, recognized in our condensed consolidated statement of income for the three and six months ended June 30, 2019 were $110 million and $221 million, respectively. These amounts do not include lease costs associated with production activities or other amounts capitalized in our condensed consolidated balance sheet, which are not material.
The table below summarizes the operating lease assets and liabilities recorded in our condensed consolidated balance sheet.
Condensed Consolidated Balance Sheet
(in millions)
June 30,
2019
Other noncurrent assets, net
$
1,591

Accrued expenses and other current liabilities
$
166

Other noncurrent liabilities
$
1,535


The table below summarizes our future minimum rental commitments for operating leases as of June 30, 2019 applying the new accounting guidance.
(in millions)
June 30,
2019
Remaining six months of 2019
$
117

2020
250

2021
217

2022
179

2023
154

Thereafter
1,452

Total future minimum lease payments
2,369

Less: imputed interest
668

Total liability
$
1,701


The weighted average remaining lease term for operating leases and the weighted average discount rate used to calculate our operating lease liabilities as of June 30, 2019 were 15 years and 4.11%, respectively.
For the six months ended June 30, 2019, cash payments for operating leases recorded in the condensed consolidated balance sheet were $132 million. Leases that have not yet commenced and lease assets and liabilities associated with leases entered into during the period were not material.

62

Table of Contents

NBCUniversal Media, LLC

The tables below summarize our future minimum rental commitments for operating leases as of December 31, 2018 and rent expense for operating leases for the three and six months ended June 30, 2018 using the accounting guidance in effect at that time.
(in millions)
 
 
December 31,
2018
2019
 
 
$
248

2020
 
 
$
232

2021
 
 
$
199

2022
 
 
$
168

2023
 
 
$
144

Thereafter
 
 
$
1,380

 
 
 
 
(in millions)
Three Months Ended
June 30, 2018
 
Six Months Ended
June 30, 2018
Rental expense
$
74

 
$
143


Cash Payments for Interest and Income Taxes
 
Six Months Ended
June 30
(in millions)
2019
 
2018
Interest
$
217

 
$
218

Income taxes
$
163

 
$
225


Noncash Activities
During the six months ended June 30, 2019, we acquired $696 million of property and equipment and intangible assets that were accrued but unpaid.
Cash, Cash Equivalents and Restricted Cash
The following table provides a reconciliation of cash, cash equivalents and restricted cash reported in the condensed consolidated balance sheet to the total of the amounts reported in our condensed consolidated statement of cash flows.
(in millions)
June 30,
2019
 
December 31,
2018
Cash and cash equivalents
$
1,244

 
$
1,444

Restricted cash included in other noncurrent assets, net
20

 
20

Cash, cash equivalents and restricted cash, end of period
$
1,264

 
$
1,464


Accumulated Other Comprehensive Income (Loss)
(in millions)
June 30,
2019
 
June 30,
2018
Deferred gains (losses) on cash flow hedges
$
9

 
$
8

Unrecognized gains (losses) on employee benefit obligations
135

 
119

Cumulative translation adjustments
151

 
91

Accumulated other comprehensive income (loss)
$
295

 
$
218


Note 10: Related Party Transactions
In the ordinary course of our business, we enter into transactions with Comcast.
We generate revenue from Comcast primarily from the distribution of our cable network programming, the fees received under retransmission consent agreements in our Broadcast Television segment and, to a lesser extent, the sale of advertising and our owned programming, and we incur expenses primarily related to advertising and various support services provided by Comcast to us.
Comcast is also the counterparty to one of our contractual obligations. As of June 30, 2019, the carrying value of the liability associated with this contractual obligation was $383 million.

63

Table of Contents

NBCUniversal Media, LLC

The following tables present transactions with Comcast and its consolidated subsidiaries that are included in our condensed consolidated financial statements.
Condensed Consolidated Statement of Income
 
Three Months Ended
June 30
 
Six Months Ended
June 30
(in millions)
2019
 
2018
 
2019
 
2018
Transactions with Comcast and Consolidated Subsidiaries
 
 
 
 
 
 
 
Revenue
$
607

 
$
480

 
$
1,211

 
$
1,074

Total costs and expenses
$
(60
)
 
$
(42
)
 
$
(125
)
 
$
(103
)
Interest expense and investment and other income (loss), net
$
6

 
$
(20
)
 
$
14

 
$
(43
)
Condensed Consolidated Balance Sheet
(in millions)
June 30,
2019
 
December 31,
2018
Transactions with Comcast and Consolidated Subsidiaries
 
 
 
Receivables, net
$
484

 
$
464

Note receivable from Comcast
$
2,534

 
$
2,054

Film and television costs
$
27

 
$
27

Other noncurrent assets, net
$
70

 
$

Accounts payable and accrued expenses related to trade creditors
$
64

 
$
78

Accrued expenses and other current liabilities
$
42

 
$
32

Note payable to Comcast
$
197

 
$
54

Long-term debt
$
768

 
$
701

Other noncurrent liabilities
$
494

 
$
410


Share-Based Compensation
Comcast maintains share-based compensation plans that consist primarily of awards of restricted share units and stock options to certain employees and directors as part of its approach to long-term incentive compensation. Additionally, through its employee stock purchase plans, employees are able to purchase shares of Comcast common stock at a discount through payroll deductions. Certain of our employees participate in these plans and the expense associated with their participation is settled in cash with Comcast. For the three months ended June 30, 2019 and 2018, we recognized share-based compensation expense of $57 million and $46 million, respectively. For the six months ended June 30, 2019 and 2018, we recognized share-based compensation expense of $96 million and $78 million, respectively.

64

Exhibit 31.1

CERTIFICATIONS
I, Brian L. Roberts, certify that:
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.
Date: July 25, 2019
/s/ BRIAN L. ROBERTS

Name: Brian L. Roberts
Title: Chief Executive Officer







I, Michael J. Cavanagh, certify that:
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.
Date: July 25, 2019
/s/ MICHAEL J. CAVANAGH

Name: Michael J. Cavanagh
Title: Chief Financial Officer






Exhibit 31.2

CERTIFICATIONS
I, Brian L. Roberts, certify that:
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.
Date: July 25, 2019
/s/ BRIAN L. ROBERTS
Name: Brian L. Roberts
Title: Principal Executive Officer




I, Michael J. Cavanagh, certify that:
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.
Date: July 25, 2019
/s/ MICHAEL J. CAVANAGH
Name: Michael J. Cavanagh
Title: Principal Financial Officer



Exhibit 32.1


CERTIFICATION PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT
July 25, 2019
Securities and Exchange Commission
100 F Street, N.E.
Washington, D.C. 20549

Ladies and Gentlemen:
The certification set forth below is being submitted in connection with the Quarterly Report on Form 10-Q of Comcast Corporation (the “Report”) for the purpose of complying with Rule 13a-14(b) or Rule 15d-14(b) of the Securities Exchange Act of 1934 (the “Exchange Act”) and Section 1350 of Chapter 63 of Title 18 of the United States Code.
Brian L. Roberts, the Chief Executive Officer and Michael J. Cavanagh, the Chief Financial Officer of Comcast Corporation, each certifies that, to the best of his knowledge:
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



Exhibit 32.2

CERTIFICATION PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT
July 25, 2019
Securities and Exchange Commission
100 F Street, N.E.
Washington, D.C. 20549

Ladies and Gentlemen:
The certification set forth below is being submitted in connection with the Quarterly Report on Form 10-Q of NBCUniversal Media, LLC (the “Report”) for the purpose of complying with Rule 13a-14(b) or Rule 15d-14(b) of the Securities Exchange Act of 1934 (the “Exchange Act”) and Section 1350 of Chapter 63 of Title 18 of the United States Code.
Brian L. Roberts, the Principal Executive Officer and Michael J. Cavanagh, the Principal Financial Officer of NBCUniversal Media, LLC, each certifies that, to the best of his knowledge:
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