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|
x
|
Quarterly Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
|
c
|
Transition Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
|
|
|
|
Commission File Number
|
Exact Name of Registrant; State of
Incorporation; Address and Telephone
Number of Principal Executive Offices
|
I.R.S. Employer Identification No.
|
001-32871
|
COMCAST CORPORATION
|
27-0000798
|
|
PENNSYLVANIA
One Comcast Center
Philadelphia, PA 19103-2838
(215) 286-1700
|
|
|
|
|
001-36438
|
NBCUNIVERSAL MEDIA, LLC
|
14-1682529
|
|
DELAWARE
30 Rockefeller Plaza
New York, NY 10112-0015
(212) 664-4444
|
|
|
Comcast Corporation
|
|
Yes
|
x
|
|
No
|
c
|
|
|
NBCUniversal Media, LLC
|
|
Yes
|
x
|
|
No
|
c
|
|
|
|
|
|
|
|
|
|
|
|
Comcast Corporation
|
|
Yes
|
x
|
|
No
|
c
|
|
|
NBCUniversal Media, LLC
|
|
Yes
|
x
|
|
No
|
c
|
|
Comcast Corporation
|
Large accelerated filer
|
x
|
Accelerated filer
|
c
|
Non-accelerated filer
|
c
|
Smaller reporting company
|
c
|
Emerging growth company
|
c
|
NBCUniversal Media, LLC
|
Large accelerated filer
|
c
|
Accelerated filer
|
c
|
Non-accelerated filer
|
x
|
Smaller reporting company
|
c
|
Emerging growth company
|
c
|
Comcast Corporation
|
c
|
NBCUniversal Media, LLC
|
c
|
|
Comcast Corporation
|
|
Yes
|
c
|
|
No
|
x
|
|
|
NBCUniversal Media, LLC
|
|
Yes
|
c
|
|
No
|
x
|
|
|
|
|
Page
Number
|
Item 1.
|
||
|
||
|
||
|
||
|
||
|
||
|
||
Item 2.
|
||
Item 3.
|
||
Item 4.
|
||
Item 1.
|
||
Item 1A.
|
||
Item 2.
|
||
Item 5.
|
||
Item 6.
|
||
•
|
our businesses currently face a wide range of competition, and our businesses and results of operations could be adversely affected if we do not compete effectively
|
•
|
changes in consumer behavior driven by online distribution platforms for viewing content could adversely affect our businesses and challenge existing business models
|
•
|
a decline in advertisers’ expenditures or changes in advertising markets could negatively impact our businesses
|
•
|
our businesses depend on keeping pace with technological developments
|
•
|
we are subject to regulation by federal, state, local and foreign authorities, which impose additional costs and restrictions on our businesses
|
•
|
programming expenses for our video services are increasing, which could adversely affect our Cable Communications segment’s video business
|
•
|
NBCUniversal’s success depends on consumer acceptance of its content, and its businesses may be adversely affected if its content fails to achieve sufficient consumer acceptance or the costs to create or acquire content increase
|
•
|
the loss of NBCUniversal’s programming distribution agreements, or the renewal of these agreements on less favorable terms, could adversely affect its businesses
|
•
|
we rely on network and information systems and other technologies, as well as key properties, and a disruption, cyber attack, failure or destruction of such networks, systems, technologies or properties may disrupt our businesses
|
•
|
our businesses depend on using and protecting certain intellectual property rights and on not infringing the intellectual property rights of others
|
•
|
we may be unable to obtain necessary hardware, software and operational support
|
•
|
weak economic conditions may have a negative impact on our businesses
|
•
|
acquisitions and other strategic initiatives present many risks, and we may not realize the financial and strategic goals that we had contemplated
|
•
|
labor disputes, whether involving employees or sports organizations, may disrupt our operations and adversely affect our businesses
|
•
|
the loss of key management personnel or popular on-air and creative talent could have an adverse effect on our businesses
|
•
|
we face risks relating to doing business internationally that could adversely affect our businesses
|
•
|
our Class B common stock has substantial voting rights and separate approval rights over several potentially material transactions, and our Chairman and CEO has considerable influence over our company through his beneficial ownership of our Class B common stock
|
|
Three Months Ended
June 30 |
|
Six Months Ended
June 30 |
||||||||||||
(in millions, except per share data)
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Revenue
|
$
|
21,735
|
|
|
$
|
21,286
|
|
|
$
|
44,526
|
|
|
$
|
41,873
|
|
Costs and Expenses:
|
|
|
|
|
|
|
|
||||||||
Programming and production
|
6,300
|
|
|
6,330
|
|
|
13,729
|
|
|
12,391
|
|
||||
Other operating and administrative
|
6,365
|
|
|
6,168
|
|
|
12,879
|
|
|
12,107
|
|
||||
Advertising, marketing and promotion
|
1,653
|
|
|
1,713
|
|
|
3,257
|
|
|
3,290
|
|
||||
Depreciation
|
2,021
|
|
|
1,970
|
|
|
4,032
|
|
|
3,885
|
|
||||
Amortization
|
582
|
|
|
537
|
|
|
1,170
|
|
|
1,090
|
|
||||
Other operating gains
|
(200
|
)
|
|
—
|
|
|
(200
|
)
|
|
—
|
|
||||
Total costs and expenses
|
16,721
|
|
|
16,718
|
|
|
34,867
|
|
|
32,763
|
|
||||
Operating income
|
5,014
|
|
|
4,568
|
|
|
9,659
|
|
|
9,110
|
|
||||
Interest expense
|
(806
|
)
|
|
(758
|
)
|
|
(1,583
|
)
|
|
(1,513
|
)
|
||||
Investment and other income (loss), net
|
77
|
|
|
99
|
|
|
203
|
|
|
229
|
|
||||
Income before income taxes
|
4,285
|
|
|
3,909
|
|
|
8,279
|
|
|
7,826
|
|
||||
Income tax expense
|
(1,077
|
)
|
|
(1,367
|
)
|
|
(1,895
|
)
|
|
(2,629
|
)
|
||||
Net income
|
3,208
|
|
|
2,542
|
|
|
6,384
|
|
|
5,197
|
|
||||
Less: Net income (loss) attributable to noncontrolling interests and redeemable subsidiary preferred stock
|
(8
|
)
|
|
21
|
|
|
50
|
|
|
103
|
|
||||
Net income attributable to Comcast Corporation
|
$
|
3,216
|
|
|
$
|
2,521
|
|
|
$
|
6,334
|
|
|
$
|
5,094
|
|
Basic earnings per common share attributable to Comcast Corporation shareholders
|
$
|
0.70
|
|
|
$
|
0.53
|
|
|
$
|
1.37
|
|
|
$
|
1.08
|
|
Diluted earnings per common share attributable to Comcast Corporation shareholders
|
$
|
0.69
|
|
|
$
|
0.52
|
|
|
$
|
1.36
|
|
|
$
|
1.06
|
|
Dividends declared per common share
|
$
|
0.19
|
|
|
$
|
0.1575
|
|
|
$
|
0.38
|
|
|
$
|
0.315
|
|
|
Three Months Ended
June 30 |
|
Six Months Ended
June 30 |
||||||||||||
(in millions)
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Net income
|
$
|
3,208
|
|
|
$
|
2,542
|
|
|
$
|
6,384
|
|
|
$
|
5,197
|
|
Unrealized gains (losses) on marketable securities, net of deferred taxes of $—, $52, $—, and $(9)
|
(1
|
)
|
|
(87
|
)
|
|
(2
|
)
|
|
17
|
|
||||
Deferred gains (losses) on cash flow hedges, net of deferred taxes of $12, $(3), $3, and $(7)
|
(40
|
)
|
|
5
|
|
|
(11
|
)
|
|
12
|
|
||||
Amounts reclassified to net income:
|
|
|
|
|
|
|
|
||||||||
Realized (gains) losses on cash flow hedges, net of deferred taxes of $(14), $8, $(8) and $8
|
46
|
|
|
(14
|
)
|
|
26
|
|
|
(14
|
)
|
||||
Employee benefit obligations, net of deferred taxes of $3, $4, $5 and $(33)
|
(8
|
)
|
|
(6
|
)
|
|
(16
|
)
|
|
57
|
|
||||
Currency translation adjustments, net of deferred taxes of $44, $2, $(3) and $(39)
|
(173
|
)
|
|
(11
|
)
|
|
(16
|
)
|
|
146
|
|
||||
Comprehensive income
|
3,032
|
|
|
2,429
|
|
|
6,365
|
|
|
5,415
|
|
||||
Less: Net income (loss) attributable to noncontrolling interests and redeemable subsidiary preferred stock
|
(8
|
)
|
|
21
|
|
|
50
|
|
|
103
|
|
||||
Less: Other comprehensive income (loss) attributable to noncontrolling interests
|
(29
|
)
|
|
(5
|
)
|
|
(25
|
)
|
|
82
|
|
||||
Comprehensive income attributable to Comcast Corporation
|
$
|
3,069
|
|
|
$
|
2,413
|
|
|
$
|
6,340
|
|
|
$
|
5,230
|
|
|
Six Months Ended
June 30 |
||||||
(in millions)
|
2018
|
|
2017
|
||||
Operating Activities
|
|
|
|
||||
Net income
|
$
|
6,384
|
|
|
$
|
5,197
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
||||
Depreciation, amortization and other operating gains
|
5,002
|
|
|
4,975
|
|
||
Share-based compensation
|
410
|
|
|
391
|
|
||
Noncash interest expense (income), net
|
171
|
|
|
122
|
|
||
Net (gain) loss on investment activity and other
|
(68
|
)
|
|
(113
|
)
|
||
Deferred income taxes
|
814
|
|
|
477
|
|
||
Changes in operating assets and liabilities, net of effects of acquisitions and divestitures:
|
|
|
|
||||
Current and noncurrent receivables, net
|
(60
|
)
|
|
77
|
|
||
Film and television costs, net
|
68
|
|
|
277
|
|
||
Accounts payable and accrued expenses related to trade creditors
|
(119
|
)
|
|
(147
|
)
|
||
Other operating assets and liabilities
|
(65
|
)
|
|
(507
|
)
|
||
Net cash provided by operating activities
|
12,537
|
|
|
10,749
|
|
||
Investing Activities
|
|
|
|
||||
Capital expenditures
|
(4,223
|
)
|
|
(4,405
|
)
|
||
Cash paid for intangible assets
|
(930
|
)
|
|
(771
|
)
|
||
Acquisitions and construction of real estate properties
|
(104
|
)
|
|
(250
|
)
|
||
Construction of Universal Beijing Resort
|
(116
|
)
|
|
(29
|
)
|
||
Acquisitions, net of cash acquired
|
(88
|
)
|
|
(398
|
)
|
||
Proceeds from sales of investments
|
113
|
|
|
57
|
|
||
Purchases of investments
|
(538
|
)
|
|
(1,825
|
)
|
||
Other
|
580
|
|
|
214
|
|
||
Net cash provided by (used in) investing activities
|
(5,306
|
)
|
|
(7,407
|
)
|
||
Financing Activities
|
|
|
|
||||
Proceeds from (repayments of) short-term borrowings, net
|
23
|
|
|
(1,695
|
)
|
||
Proceeds from borrowings
|
4,279
|
|
|
8,963
|
|
||
Repurchases and repayments of debt
|
(4,347
|
)
|
|
(4,967
|
)
|
||
Repurchases of common stock under repurchase program and employee plans
|
(2,998
|
)
|
|
(2,476
|
)
|
||
Dividends paid
|
(1,616
|
)
|
|
(1,404
|
)
|
||
Purchase of Universal Studios Japan noncontrolling interests
|
—
|
|
|
(2,299
|
)
|
||
Distributions to noncontrolling interests and dividends for redeemable subsidiary preferred stock
|
(140
|
)
|
|
(137
|
)
|
||
Other
|
(161
|
)
|
|
80
|
|
||
Net cash provided by (used in) financing activities
|
(4,960
|
)
|
|
(3,935
|
)
|
||
Increase (decrease) in cash, cash equivalents and restricted cash
|
2,271
|
|
|
(593
|
)
|
||
Cash, cash equivalents and restricted cash, beginning of period
|
3,571
|
|
|
3,415
|
|
||
Cash, cash equivalents and restricted cash, end of period
|
$
|
5,842
|
|
|
$
|
2,822
|
|
(in millions, except share data)
|
June 30,
2018 |
|
December 31,
2017 |
||||
Assets
|
|
|
|
||||
Current Assets:
|
|
|
|
||||
Cash and cash equivalents
|
$
|
5,726
|
|
|
$
|
3,428
|
|
Receivables, net
|
8,847
|
|
|
8,834
|
|
||
Programming rights
|
1,219
|
|
|
1,613
|
|
||
Other current assets
|
2,423
|
|
|
2,468
|
|
||
Total current assets
|
18,215
|
|
|
16,343
|
|
||
Film and television costs
|
7,411
|
|
|
7,087
|
|
||
Investments
|
7,438
|
|
|
6,931
|
|
||
Property and equipment, net of accumulated depreciation of $50,731 and $49,916
|
39,355
|
|
|
38,470
|
|
||
Franchise rights
|
59,365
|
|
|
59,364
|
|
||
Goodwill
|
36,872
|
|
|
36,780
|
|
||
Other intangible assets, net of accumulated amortization of $12,960 and $11,950
|
18,848
|
|
|
18,133
|
|
||
Other noncurrent assets, net
|
3,744
|
|
|
4,354
|
|
||
Total assets
|
$
|
191,248
|
|
|
$
|
187,462
|
|
Liabilities and Equity
|
|
|
|
||||
Current Liabilities:
|
|
|
|
||||
Accounts payable and accrued expenses related to trade creditors
|
$
|
6,940
|
|
|
$
|
6,908
|
|
Accrued participations and residuals
|
1,731
|
|
|
1,644
|
|
||
Deferred revenue
|
1,746
|
|
|
1,687
|
|
||
Accrued expenses and other current liabilities
|
5,956
|
|
|
6,620
|
|
||
Current portion of long-term debt
|
2,634
|
|
|
5,134
|
|
||
Total current liabilities
|
19,007
|
|
|
21,993
|
|
||
Long-term debt, less current portion
|
61,946
|
|
|
59,422
|
|
||
Deferred income taxes
|
25,140
|
|
|
24,259
|
|
||
Other noncurrent liabilities
|
12,069
|
|
|
10,972
|
|
||
Commitments and contingencies (Note 11)
|
|
|
|
|
|
||
Redeemable noncontrolling interests and redeemable subsidiary preferred stock
|
1,343
|
|
|
1,357
|
|
||
Equity:
|
|
|
|
||||
Preferred stock—authorized, 20,000,000 shares; issued, zero
|
—
|
|
|
—
|
|
||
Class A common stock, $0.01 par value—authorized, 7,500,000,000 shares; issued, 5,445,280,035 and 5,507,854,670; outstanding, 4,572,489,007 and 4,635,063,642
|
54
|
|
|
55
|
|
||
Class B common stock, $0.01 par value—authorized, 75,000,000 shares; issued and outstanding, 9,444,375
|
—
|
|
|
—
|
|
||
Additional paid-in capital
|
37,427
|
|
|
37,497
|
|
||
Retained earnings
|
40,269
|
|
|
38,202
|
|
||
Treasury stock, 872,791,028 Class A common shares
|
(7,517
|
)
|
|
(7,517
|
)
|
||
Accumulated other comprehensive income (loss)
|
461
|
|
|
379
|
|
||
Total Comcast Corporation shareholders’ equity
|
70,694
|
|
|
68,616
|
|
||
Noncontrolling interests
|
1,049
|
|
|
843
|
|
||
Total equity
|
71,743
|
|
|
69,459
|
|
||
Total liabilities and equity
|
$
|
191,248
|
|
|
$
|
187,462
|
|
|
Redeemable
Noncontrolling
Interests and
Redeemable
Subsidiary
Preferred Stock
|
Common Stock
|
Additional
Paid-In
Capital
|
Retained
Earnings
|
Treasury
Stock at
Cost
|
Accumulated
Other
Comprehensive
Income (Loss)
|
Non-
controlling
Interests
|
Total
Equity
|
|||||||||||||||||||
(in millions)
|
A
|
B
|
|||||||||||||||||||||||||
Balance, December 31, 2016
|
$
|
1,446
|
|
$
|
56
|
|
$
|
—
|
|
$
|
38,230
|
|
$
|
23,065
|
|
$
|
(7,517
|
)
|
$
|
98
|
|
$
|
2,231
|
|
$
|
56,163
|
|
Stock compensation plans
|
|
|
|
288
|
|
|
|
|
|
288
|
|
||||||||||||||||
Repurchases of common stock under repurchase program and employee plans
|
|
|
|
(379
|
)
|
(2,097
|
)
|
|
|
|
(2,476
|
)
|
|||||||||||||||
Employee stock purchase plans
|
|
|
|
94
|
|
|
|
|
|
94
|
|
||||||||||||||||
Dividends declared
|
|
|
|
|
(1,498
|
)
|
|
|
|
(1,498
|
)
|
||||||||||||||||
Other comprehensive income (loss)
|
|
|
|
|
|
|
136
|
|
82
|
|
218
|
|
|||||||||||||||
Contributions from (distributions to) noncontrolling interests, net
|
(27
|
)
|
|
|
|
|
|
|
(49
|
)
|
(49
|
)
|
|||||||||||||||
Purchase of Universal Studios Japan noncontrolling interests
|
|
|
|
(696
|
)
|
|
|
194
|
|
(1,736
|
)
|
(2,238
|
)
|
||||||||||||||
Other
|
(9
|
)
|
|
|
(59
|
)
|
(1
|
)
|
|
|
253
|
|
193
|
|
|||||||||||||
Net income
|
41
|
|
|
|
|
5,094
|
|
|
|
62
|
|
5,156
|
|
||||||||||||||
Balance, June 30, 2017
|
$
|
1,451
|
|
$
|
56
|
|
$
|
—
|
|
$
|
37,478
|
|
$
|
24,563
|
|
$
|
(7,517
|
)
|
$
|
428
|
|
$
|
843
|
|
$
|
55,851
|
|
Balance, December 31, 2017
|
$
|
1,357
|
|
$
|
55
|
|
$
|
—
|
|
$
|
37,497
|
|
$
|
38,202
|
|
$
|
(7,517
|
)
|
$
|
379
|
|
$
|
843
|
|
$
|
69,459
|
|
Cumulative effects of adoption of accounting standards
|
|
|
|
|
(43
|
)
|
|
76
|
|
|
33
|
|
|||||||||||||||
Stock compensation plans
|
|
|
|
290
|
|
|
|
|
|
290
|
|
||||||||||||||||
Repurchases of common stock under repurchase program and employee plans
|
|
(1
|
)
|
|
(529
|
)
|
(2,466
|
)
|
|
|
|
(2,996
|
)
|
||||||||||||||
Employee stock purchase plans
|
|
|
|
112
|
|
|
|
|
|
112
|
|
||||||||||||||||
Dividends declared
|
|
|
|
|
(1,760
|
)
|
|
|
|
(1,760
|
)
|
||||||||||||||||
Other comprehensive income (loss)
|
|
|
|
|
|
|
6
|
|
(25
|
)
|
(19
|
)
|
|||||||||||||||
Contributions from (distributions to) noncontrolling interests, net
|
(31
|
)
|
|
|
|
|
|
|
317
|
|
317
|
|
|||||||||||||||
Other
|
(24
|
)
|
|
|
57
|
|
2
|
|
|
|
(95
|
)
|
(36
|
)
|
|||||||||||||
Net income
|
41
|
|
|
|
|
6,334
|
|
|
|
9
|
|
6,343
|
|
||||||||||||||
Balance, June 30, 2018
|
$
|
1,343
|
|
$
|
54
|
|
$
|
—
|
|
$
|
37,427
|
|
$
|
40,269
|
|
$
|
(7,517
|
)
|
$
|
461
|
|
$
|
1,049
|
|
$
|
71,743
|
|
•
|
Cable Communications:
Consists of the operations of Comcast Cable, which is one of the
nation’s largest providers of video, high-speed Internet, voice, and security and automation services (“cable services”)
to residential customers under the XFINITY brand
;
we also provide these and other services to business customers
and sell advertising.
|
•
|
Cable Networks:
Consists primarily of our national cable networks that provide a variety of entertainment, news and information, and sports content, our regional sports and news networks, our international cable networks, our cable television studio production operations, and various digital properties.
|
•
|
Broadcast Television:
Consists primarily of the NBC and Telemundo broadcast networks, our NBC and Telemundo owned local broadcast television stations, the NBC Universo national cable network, our broadcast television studio production operations, and various digital properties.
|
•
|
Filmed Entertainment:
Consists primarily of the operations of Universal Pictures, which produces, acquires, markets and distributes filmed entertainment worldwide; our films are also produced under the Illumination, DreamWorks Animation and Focus Features names.
|
•
|
Theme Parks:
Consists primarily of our Universal theme parks in Orlando, Florida; Hollywood, California; and Osaka, Japan. In addition, along with a consortium of Chinese state-owned companies, we are developing a Universal theme park and resort in Beijing, China.
|
|
Three Months Ended June 30, 2018
|
||||||||||||||
(in millions)
|
Revenue
|
Adjusted EBITDA
(d)
|
Depreciation and Amortization
|
Capital
Expenditures |
Cash Paid for Intangible Assets
|
||||||||||
Cable Communications
|
$
|
13,710
|
|
$
|
5,638
|
|
$
|
2,047
|
|
$
|
1,766
|
|
$
|
328
|
|
NBCUniversal
|
|
|
|
|
|
||||||||||
Cable Networks
|
2,916
|
|
1,186
|
|
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)
|
(80
|
)
|
(2
|
)
|
—
|
|
—
|
|
—
|
|
|||||
NBCUniversal
|
8,313
|
|
2,160
|
|
553
|
|
461
|
|
166
|
|
|||||
Corporate and Other
(c)
|
255
|
|
(392
|
)
|
3
|
|
23
|
|
17
|
|
|||||
Eliminations
(b)
|
(543
|
)
|
11
|
|
—
|
|
—
|
|
—
|
|
|||||
Comcast Consolidated
|
$
|
21,735
|
|
$
|
7,417
|
|
$
|
2,603
|
|
$
|
2,250
|
|
$
|
511
|
|
|
Three Months Ended June 30, 2017
|
||||||||||||||
(in millions)
|
Revenue
|
Adjusted EBITDA
(d)
|
Depreciation and Amortization
|
Capital
Expenditures |
Cash Paid for Intangible Assets
|
||||||||||
Cable Communications
|
$
|
13,257
|
|
$
|
5,293
|
|
$
|
1,967
|
|
$
|
1,956
|
|
$
|
291
|
|
NBCUniversal
|
|
|
|
|
|
||||||||||
Cable Networks
|
2,696
|
|
1,055
|
|
181
|
|
8
|
|
4
|
|
|||||
Broadcast Television
|
2,241
|
|
416
|
|
31
|
|
30
|
|
4
|
|
|||||
Filmed Entertainment
|
2,142
|
|
287
|
|
25
|
|
19
|
|
6
|
|
|||||
Theme Parks
|
1,314
|
|
551
|
|
186
|
|
243
|
|
26
|
|
|||||
Headquarters and Other
(a)
|
9
|
|
(235
|
)
|
97
|
|
38
|
|
33
|
|
|||||
Eliminations
(b)
|
(84
|
)
|
—
|
|
—
|
|
—
|
|
—
|
|
|||||
NBCUniversal
|
8,318
|
|
2,074
|
|
520
|
|
338
|
|
73
|
|
|||||
Corporate and Other
(c)
|
205
|
|
(302
|
)
|
20
|
|
33
|
|
22
|
|
|||||
Eliminations
(b)
|
(494
|
)
|
10
|
|
—
|
|
—
|
|
—
|
|
|||||
Comcast Consolidated
|
$
|
21,286
|
|
$
|
7,075
|
|
$
|
2,507
|
|
$
|
2,327
|
|
$
|
386
|
|
|
Six Months Ended June 30, 2018
|
||||||||||||||
(in millions)
|
Revenue
|
Adjusted EBITDA
(d)
|
Depreciation and Amortization
|
Capital
Expenditures
|
Cash Paid for Intangible Assets
|
||||||||||
Cable Communications
|
$
|
27,228
|
|
$
|
11,053
|
|
$
|
4,100
|
|
$
|
3,454
|
|
$
|
597
|
|
NBCUniversal
|
|
|
|
|
|
||||||||||
Cable Networks
(e)
|
6,110
|
|
2,454
|
|
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)
|
(183
|
)
|
(2
|
)
|
—
|
|
—
|
|
—
|
|
|||||
NBCUniversal
|
17,843
|
|
4,445
|
|
1,063
|
|
730
|
|
296
|
|
|||||
Corporate and Other
(c)
|
646
|
|
(789
|
)
|
39
|
|
39
|
|
37
|
|
|||||
Eliminations
(b)(e)
|
(1,191
|
)
|
(48
|
)
|
—
|
|
—
|
|
—
|
|
|||||
Comcast Consolidated
|
$
|
44,526
|
|
$
|
14,661
|
|
$
|
5,202
|
|
$
|
4,223
|
|
$
|
930
|
|
|
Six Months Ended June 30, 2017
|
||||||||||||||
(in millions)
|
Revenue
|
Adjusted EBITDA
(d)
|
Depreciation and Amortization
|
Capital
Expenditures
|
Cash Paid for Intangible Assets
|
||||||||||
Cable Communications
|
$
|
26,307
|
|
$
|
10,467
|
|
$
|
3,913
|
|
$
|
3,737
|
|
$
|
613
|
|
NBCUniversal
|
|
|
|
|
|
||||||||||
Cable Networks
|
5,336
|
|
2,170
|
|
395
|
|
10
|
|
7
|
|
|||||
Broadcast Television
|
4,449
|
|
738
|
|
63
|
|
59
|
|
7
|
|
|||||
Filmed Entertainment
|
4,109
|
|
658
|
|
47
|
|
29
|
|
11
|
|
|||||
Theme Parks
|
2,432
|
|
948
|
|
328
|
|
472
|
|
39
|
|
|||||
Headquarters and Other
(a)
|
17
|
|
(420
|
)
|
195
|
|
53
|
|
64
|
|
|||||
Eliminations
(b)
|
(172
|
)
|
(1
|
)
|
—
|
|
—
|
|
—
|
|
|||||
NBCUniversal
|
16,171
|
|
4,093
|
|
1,028
|
|
623
|
|
128
|
|
|||||
Corporate and Other
(c)
|
413
|
|
(496
|
)
|
34
|
|
45
|
|
30
|
|
|||||
Eliminations
(b)
|
(1,018
|
)
|
21
|
|
—
|
|
—
|
|
—
|
|
|||||
Comcast Consolidated
|
$
|
41,873
|
|
$
|
14,085
|
|
$
|
4,975
|
|
$
|
4,405
|
|
$
|
771
|
|
(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 enter into with one another. The most common types of transactions are the following:
|
•
|
our Cable Networks segment generates revenue by selling programming to our Cable Communications segment, which represents a substantial majority of the revenue elimination amount
|
•
|
our Broadcast Television segment generates revenue from the fees received under retransmission consent agreements with our Cable Communications segment
|
•
|
our Cable Communications segment generates revenue by selling advertising and by selling the use of satellite feeds to our Cable Networks segment
|
•
|
our Cable Networks and Broadcast Television segments generate revenue by selling advertising to our Cable Communications segment
|
•
|
our Filmed Entertainment and Broadcast Television segments generate revenue by licensing content to our Cable Networks segment; for segment reporting, this revenue is recognized as the programming rights asset for the licensed content is amortized based on third party revenue
|
(c)
|
Corporate and Other activities include costs associated with overhead and personnel, revenue and expenses associated with other business development initiatives, including our wireless phone service, and the operations of Comcast Spectacor, which owns the Philadelphia Flyers and the Wells Fargo Center arena in Philadelphia, Pennsylvania.
|
(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)
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Adjusted EBITDA
|
$
|
7,417
|
|
|
$
|
7,075
|
|
|
$
|
14,661
|
|
|
$
|
14,085
|
|
Depreciation
|
(2,021
|
)
|
|
(1,970
|
)
|
|
(4,032
|
)
|
|
(3,885
|
)
|
||||
Amortization
|
(582
|
)
|
|
(537
|
)
|
|
(1,170
|
)
|
|
(1,090
|
)
|
||||
Other operating gains
|
200
|
|
|
—
|
|
|
200
|
|
|
—
|
|
||||
Interest expense
|
(806
|
)
|
|
(758
|
)
|
|
(1,583
|
)
|
|
(1,513
|
)
|
||||
Investment and other income (loss), net
|
77
|
|
|
99
|
|
|
203
|
|
|
229
|
|
||||
Income before income taxes
|
$
|
4,285
|
|
|
$
|
3,909
|
|
|
$
|
8,279
|
|
|
$
|
7,826
|
|
(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 enter into with our other segments.
|
|
Three Months Ended
June 30 |
|
Six Months Ended
June 30 |
||||||||||||
(in millions)
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Residential:
|
|
|
|
|
|
|
|
||||||||
Video
|
$
|
5,628
|
|
|
$
|
5,740
|
|
|
$
|
11,287
|
|
|
$
|
11,446
|
|
High-Speed Internet
|
4,262
|
|
|
3,898
|
|
|
8,419
|
|
|
7,740
|
|
||||
Voice
|
994
|
|
|
1,034
|
|
|
2,000
|
|
|
2,068
|
|
||||
Business services
|
1,761
|
|
|
1,585
|
|
|
3,487
|
|
|
3,128
|
|
||||
Advertising
|
666
|
|
|
626
|
|
|
1,248
|
|
|
1,180
|
|
||||
Other
|
399
|
|
|
374
|
|
|
787
|
|
|
745
|
|
||||
Total Cable Communications
(a)
|
13,710
|
|
|
13,257
|
|
|
27,228
|
|
|
26,307
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Distribution
|
1,684
|
|
|
1,550
|
|
|
3,571
|
|
|
3,112
|
|
||||
Advertising
|
938
|
|
|
906
|
|
|
1,926
|
|
|
1,732
|
|
||||
Content licensing and other
|
294
|
|
|
240
|
|
|
613
|
|
|
492
|
|
||||
Total Cable Networks
|
2,916
|
|
|
2,696
|
|
|
6,110
|
|
|
5,336
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Advertising
|
1,387
|
|
|
1,270
|
|
|
3,752
|
|
|
2,549
|
|
||||
Content licensing
|
481
|
|
|
523
|
|
|
1,003
|
|
|
1,026
|
|
||||
Distribution and other
|
523
|
|
|
448
|
|
|
1,133
|
|
|
874
|
|
||||
Total Broadcast Television
|
2,391
|
|
|
2,241
|
|
|
5,888
|
|
|
4,449
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Theatrical
|
540
|
|
|
837
|
|
|
963
|
|
|
1,488
|
|
||||
Content licensing
|
648
|
|
|
684
|
|
|
1,381
|
|
|
1,418
|
|
||||
Home entertainment
|
225
|
|
|
334
|
|
|
473
|
|
|
620
|
|
||||
Other
|
297
|
|
|
287
|
|
|
540
|
|
|
583
|
|
||||
Total Filmed Entertainment
|
1,710
|
|
|
2,142
|
|
|
3,357
|
|
|
4,109
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Total Theme Parks
|
1,361
|
|
|
1,314
|
|
|
2,642
|
|
|
2,432
|
|
||||
Headquarters and Other
|
15
|
|
|
9
|
|
|
29
|
|
|
17
|
|
||||
Eliminations
(b)
|
(80
|
)
|
|
(84
|
)
|
|
(183
|
)
|
|
(172
|
)
|
||||
Total NBCUniversal
|
8,313
|
|
|
8,318
|
|
|
17,843
|
|
|
16,171
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Corporate and Other
|
255
|
|
|
205
|
|
|
646
|
|
|
413
|
|
||||
Eliminations
(b)
|
(543
|
)
|
|
(494
|
)
|
|
(1,191
|
)
|
|
(1,018
|
)
|
||||
Total revenue
|
$
|
21,735
|
|
|
$
|
21,286
|
|
|
$
|
44,526
|
|
|
$
|
41,873
|
|
(a)
|
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. For both the
three and six
months ended June 30, 2017,
2.8%
of Cable Communications segment revenue was derived from franchise and other regulatory fees.
|
(b)
|
Included in Eliminations are transactions that our segments enter into with one another. See Note 2 for a description of these transactions.
|
|
Three Months Ended
June 30 |
|
Six Months Ended
June 30 |
||||||||||||
(in millions)
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
United States
|
$
|
19,931
|
|
|
$
|
19,073
|
|
|
$
|
40,816
|
|
|
$
|
37,905
|
|
Foreign
|
1,804
|
|
|
2,213
|
|
|
3,710
|
|
|
3,968
|
|
||||
Total revenue
|
$
|
21,735
|
|
|
$
|
21,286
|
|
|
$
|
44,526
|
|
|
$
|
41,873
|
|
(in millions)
|
June 30,
2018 |
|
December 31,
2017 |
||||
Receivables, gross
|
$
|
9,142
|
|
|
$
|
9,122
|
|
Less: Allowance for doubtful accounts
|
295
|
|
|
288
|
|
||
Receivables, net
|
$
|
8,847
|
|
|
$
|
8,834
|
|
(in millions)
|
June 30,
2018 |
|
December 31,
2017 |
||||
Noncurrent receivables, net (included in other noncurrent assets, net)
|
$
|
1,191
|
|
|
$
|
1,184
|
|
Contract acquisition and fulfillment costs (included in other noncurrent assets, net)
|
$
|
929
|
|
|
$
|
922
|
|
Noncurrent deferred revenue (included in other noncurrent liabilities)
|
$
|
530
|
|
|
$
|
497
|
|
|
Three Months Ended June 30
|
||||||||||||||||||||
|
2018
|
|
2017
|
||||||||||||||||||
(in millions, except per share data)
|
Net Income
Attributable to Comcast Corporation |
|
Shares
|
|
Per Share
Amount |
|
Net Income
Attributable to Comcast Corporation |
|
Shares
|
|
Per Share
Amount |
||||||||||
Basic EPS attributable to Comcast Corporation shareholders
|
$
|
3,216
|
|
|
4,598
|
|
|
$
|
0.70
|
|
|
$
|
2,521
|
|
|
4,728
|
|
|
$
|
0.53
|
|
Effect of dilutive securities:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Assumed exercise or issuance of shares relating to stock plans
|
|
|
45
|
|
|
|
|
|
|
81
|
|
|
|
||||||||
Diluted EPS attributable to Comcast Corporation shareholders
|
$
|
3,216
|
|
|
4,643
|
|
|
$
|
0.69
|
|
|
$
|
2,521
|
|
|
4,809
|
|
|
$
|
0.52
|
|
|
Six Months Ended June 30
|
||||||||||||||||||||
|
2018
|
|
2017
|
||||||||||||||||||
(in millions, except per share data)
|
Net Income
Attributable to Comcast Corporation |
|
Shares
|
|
Per Share
Amount |
|
Net Income
Attributable to Comcast Corporation |
|
Shares
|
|
Per Share
Amount |
||||||||||
Basic EPS attributable to Comcast Corporation shareholders
|
$
|
6,334
|
|
|
4,616
|
|
|
$
|
1.37
|
|
|
$
|
5,094
|
|
|
4,738
|
|
|
$
|
1.08
|
|
Effect of dilutive securities:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Assumed exercise or issuance of shares relating to stock plans
|
|
|
58
|
|
|
|
|
|
|
82
|
|
|
|
||||||||
Diluted EPS attributable to Comcast Corporation shareholders
|
$
|
6,334
|
|
|
4,674
|
|
|
$
|
1.36
|
|
|
$
|
5,094
|
|
|
4,820
|
|
|
$
|
1.06
|
|
Debt Borrowings
|
|||
(in millions)
|
Six Months Ended
June 30, 2018 |
||
Comcast 3.90% senior notes due 2038
|
$
|
1,200
|
|
Comcast 3.55% senior notes due 2028
|
1,000
|
|
|
Comcast 4.00% senior notes due 2048
|
1,000
|
|
|
Comcast 4.25% senior notes due 2053
|
800
|
|
|
Universal Beijing Resort term loans (see Note 6)
|
235
|
|
|
Other
|
44
|
|
|
Total
|
$
|
4,279
|
|
Debt Repayments
|
|||
(in millions)
|
Six Months Ended
June 30, 2018 |
||
NBCUniversal Enterprise 1.662% senior notes due 2018
|
$
|
1,100
|
|
Comcast 5.70% senior notes due 2018
|
1,000
|
|
|
Comcast 5.875% senior notes due 2018
|
900
|
|
|
NBCUniversal Enterprise senior floating rate notes due 2018
|
700
|
|
|
Universal Studios Japan term loans maturing 2022
|
318
|
|
|
Other
|
329
|
|
|
Total
|
$
|
4,347
|
|
|
Three Months Ended June 30, 2017
|
|
Six Months Ended June 30, 2017
|
||||||||||||||||
(in millions)
|
Previously Reported
|
|
Effects of Adoption
|
|
As Adjusted
|
|
|
Previously Reported
|
|
Effects of Adoption
|
|
As Adjusted
|
|
||||||
Revenue
|
$
|
21,165
|
|
$
|
121
|
|
$
|
21,286
|
|
|
$
|
41,628
|
|
$
|
245
|
|
$
|
41,873
|
|
Total costs and expenses
|
$
|
16,607
|
|
$
|
111
|
|
$
|
16,718
|
|
|
$
|
32,540
|
|
$
|
223
|
|
$
|
32,763
|
|
Operating income
|
$
|
4,558
|
|
$
|
10
|
|
$
|
4,568
|
|
|
$
|
9,088
|
|
$
|
22
|
|
$
|
9,110
|
|
Net income attributable to Comcast Corporation
|
$
|
2,513
|
|
$
|
8
|
|
$
|
2,521
|
|
|
$
|
5,079
|
|
$
|
15
|
|
$
|
5,094
|
|
|
December 31, 2017
|
||||||||
(in millions)
|
Previously Reported
|
|
Effects of Adoption
|
|
As Adjusted
|
|
|||
Total current assets
|
$
|
16,060
|
|
$
|
283
|
|
$
|
16,343
|
|
Film and television costs
|
$
|
7,076
|
|
$
|
11
|
|
$
|
7,087
|
|
Other intangible assets, net
|
$
|
18,779
|
|
$
|
(646
|
)
|
$
|
18,133
|
|
Other noncurrent assets, net
|
$
|
3,489
|
|
$
|
865
|
|
$
|
4,354
|
|
Total assets
|
$
|
186,949
|
|
$
|
513
|
|
$
|
187,462
|
|
|
|
|
|
||||||
Total current liabilities
|
$
|
21,561
|
|
$
|
432
|
|
$
|
21,993
|
|
Deferred income taxes
|
$
|
24,256
|
|
$
|
3
|
|
$
|
24,259
|
|
Other noncurrent liabilities
|
$
|
10,904
|
|
$
|
68
|
|
$
|
10,972
|
|
Total equity
|
$
|
69,449
|
|
$
|
10
|
|
$
|
69,459
|
|
Total liabilities and equity
|
$
|
186,949
|
|
$
|
513
|
|
$
|
187,462
|
|
•
|
Revenue from our residential video services decreased with corresponding increases to high-speed Internet and voice revenue due to a change in the allocation of revenue among our cable services included in a bundle that our residential customers purchase at a discount.
|
•
|
Revenue from franchise and other regulatory fees, which was previously presented in other revenue, is now presented with the corresponding cable services. This resulted in increases to video, voice and business services revenue.
|
•
|
Residential customer late fees are now presented in other revenue. These fees were previously presented as a reduction to other operating costs and expenses.
|
•
|
Certain costs, including costs related to the fulfillment of contracts with customers, are now presented as other assets and the related costs are recognized over time in operating costs and expenses, which are comprised of total costs and expenses, excluding depreciation and amortization expense and other operating gains. These amounts were previously presented as intangible assets, and the expenses were previously presented in amortization expense. The payments related to these assets are now presented in net cash provided by operating activities rather than in cash paid for intangible assets in our consolidated statement of cash flows.
|
•
|
Installation revenue and commission expense are now recognized as revenue and operating costs and expenses, respectively, over a period of time rather than recognized immediately as they were previously. We recorded a deferred revenue liability related to upfront installation fees that are not distinct services, which required us to allocate the installation fees to the respective service. The installation fees are generally recognized as revenue over the period that the fee would influence a customer to renew their service. This period is less than a year for residential customers and the term of the related contract for business services customers. Incremental costs to obtain a contract with a customer, such as commissions for our business customers, are now deferred and recognized over the contract term. Sales commissions related to our residential customers are expensed as incurred as the related period of benefit is less than a year.
|
|
Three Months Ended June 30, 2017
|
|
Six Months Ended June 30, 2017
|
||||||||||||||||
(in millions)
|
Previously Reported
|
|
Effects of Adoption
|
|
As Adjusted
|
|
|
Previously Reported
|
|
Effects of Adoption
|
|
As Adjusted
|
|
||||||
Residential:
|
|
|
|
|
|
|
|
||||||||||||
Video
|
$
|
5,797
|
|
$
|
(57
|
)
|
$
|
5,740
|
|
|
$
|
11,571
|
|
$
|
(125
|
)
|
$
|
11,446
|
|
High-speed Internet
|
3,679
|
|
219
|
|
3,898
|
|
|
7,285
|
|
455
|
|
7,740
|
|
||||||
Voice
|
856
|
|
178
|
|
1,034
|
|
|
1,719
|
|
349
|
|
2,068
|
|
||||||
Business services
|
1,531
|
|
54
|
|
1,585
|
|
|
3,021
|
|
107
|
|
3,128
|
|
||||||
Advertising
|
574
|
|
52
|
|
626
|
|
|
1,086
|
|
94
|
|
1,180
|
|
||||||
Other
|
685
|
|
(311
|
)
|
374
|
|
|
1,352
|
|
(607
|
)
|
745
|
|
||||||
Total Cable Communications revenue
|
$
|
13,122
|
|
$
|
135
|
|
$
|
13,257
|
|
|
$
|
26,034
|
|
$
|
273
|
|
$
|
26,307
|
|
Operating costs and expenses
|
$
|
7,802
|
|
$
|
162
|
|
$
|
7,964
|
|
|
$
|
15,516
|
|
$
|
324
|
|
$
|
15,840
|
|
Depreciation and amortization expense
|
$
|
2,001
|
|
$
|
(34
|
)
|
$
|
1,967
|
|
|
$
|
3,981
|
|
$
|
(68
|
)
|
$
|
3,913
|
|
(in millions)
|
June 30,
2018 |
|
December 31,
2017 |
||||
Film Costs:
|
|
|
|
||||
Released, less amortization
|
$
|
1,609
|
|
|
$
|
1,734
|
|
Completed, not released
|
258
|
|
|
50
|
|
||
In production and in development
|
1,057
|
|
|
1,149
|
|
||
|
2,924
|
|
|
2,933
|
|
||
Television Costs:
|
|
|
|
||||
Released, less amortization
|
2,326
|
|
|
2,260
|
|
||
In production and in development
|
878
|
|
|
818
|
|
||
|
3,204
|
|
|
3,078
|
|
||
Programming rights, less amortization
|
2,502
|
|
|
2,689
|
|
||
|
8,630
|
|
|
8,700
|
|
||
Less: Current portion of programming rights
|
1,219
|
|
|
1,613
|
|
||
Film and television costs
|
$
|
7,411
|
|
|
$
|
7,087
|
|
(in millions)
|
June 30,
2018 |
|
December 31,
2017 |
||||
Equity method
|
$
|
4,007
|
|
|
$
|
3,546
|
|
Marketable equity securities
|
451
|
|
|
433
|
|
||
Nonmarketable equity securities
|
1,279
|
|
|
1,186
|
|
||
Other investments
|
1,783
|
|
|
1,785
|
|
||
Total investments
|
7,520
|
|
|
6,950
|
|
||
Less: Current investments
|
82
|
|
|
19
|
|
||
Noncurrent investments
|
$
|
7,438
|
|
|
$
|
6,931
|
|
|
Three Months Ended
June 30 |
|
Six Months Ended
June 30 |
||||||||||||
(in millions)
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Equity in net income (losses) of investees, net
|
$
|
69
|
|
|
$
|
15
|
|
|
$
|
20
|
|
|
$
|
51
|
|
Realized and unrealized gains (losses) on equity securities, net
|
(40
|
)
|
|
(2
|
)
|
|
(12
|
)
|
|
(7
|
)
|
||||
Other income (loss), net
|
48
|
|
|
86
|
|
|
195
|
|
|
185
|
|
||||
Investment and other income (loss), net
|
$
|
77
|
|
|
$
|
99
|
|
|
$
|
203
|
|
|
$
|
229
|
|
|
Three Months Ended
June 30 |
|
Six Months Ended
June 30 |
||||||||||||
(in millions)
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Restricted share units
|
$
|
102
|
|
|
$
|
111
|
|
|
$
|
185
|
|
|
$
|
185
|
|
Stock options
|
61
|
|
|
63
|
|
|
105
|
|
|
103
|
|
||||
Employee stock purchase plans
|
5
|
|
|
7
|
|
|
17
|
|
|
17
|
|
||||
Total
|
$
|
168
|
|
|
$
|
181
|
|
|
$
|
307
|
|
|
$
|
305
|
|
|
Six Months Ended
June 30 |
||||||
(in millions)
|
2018
|
|
2017
|
||||
Interest
|
$
|
1,354
|
|
|
$
|
1,372
|
|
Income taxes
|
$
|
623
|
|
|
$
|
2,209
|
|
•
|
we acquired
$2.1 billion
of property and equipment and intangible assets that were accrued but unpaid
|
•
|
we recorded a liability of
$871 million
for a quarterly cash dividend of
$0.19
per common share to be paid in
July
2018
|
•
|
we received noncash contributions from noncontrolling interests totaling
$391 million
related to Universal Beijing Resort (see Note 6)
|
(in millions)
|
June 30,
2018 |
|
December 31,
2017 |
||||
Cash and cash equivalents
|
$
|
5,726
|
|
|
$
|
3,428
|
|
Restricted cash included in other current assets
|
56
|
|
|
60
|
|
||
Restricted cash included in other noncurrent assets, net
|
60
|
|
|
83
|
|
||
Cash, cash equivalents and restricted cash, end of period
|
$
|
5,842
|
|
|
$
|
3,571
|
|
(in millions)
|
June 30,
2018 |
|
June 30,
2017 |
||||
Unrealized gains (losses) on marketable securities
|
$
|
—
|
|
|
$
|
17
|
|
Deferred gains (losses) on cash flow hedges
|
26
|
|
|
(16
|
)
|
||
Unrecognized gains (losses) on employee benefit obligations
|
302
|
|
|
276
|
|
||
Cumulative translation adjustments
|
133
|
|
|
151
|
|
||
Accumulated other comprehensive income (loss), net of deferred taxes
|
$
|
461
|
|
|
$
|
428
|
|
(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 cost 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
|
|
(in millions)
|
Comcast
Parent |
Comcast
Holdings |
CCCL
Parent |
NBCUniversal
Media Parent |
Non-
Guarantor Subsidiaries |
Elimination
and Consolidation Adjustments |
Consolidated
Comcast Corporation |
||||||||||||||
Revenue:
|
|
|
|
|
|
|
|
||||||||||||||
Service revenue
|
$
|
—
|
|
$
|
—
|
|
$
|
—
|
|
$
|
—
|
|
$
|
21,286
|
|
$
|
—
|
|
$
|
21,286
|
|
Management fee revenue
|
281
|
|
—
|
|
277
|
|
—
|
|
—
|
|
(558
|
)
|
—
|
|
|||||||
Total revenue
|
281
|
|
—
|
|
277
|
|
—
|
|
21,286
|
|
(558
|
)
|
21,286
|
|
|||||||
Costs and Expenses:
|
|
|
|
|
|
|
|
||||||||||||||
Programming and production
|
—
|
|
—
|
|
—
|
|
—
|
|
6,330
|
|
—
|
|
6,330
|
|
|||||||
Other operating and administrative
|
200
|
|
—
|
|
277
|
|
261
|
|
5,988
|
|
(558
|
)
|
6,168
|
|
|||||||
Advertising, marketing and promotion
|
—
|
|
—
|
|
—
|
|
—
|
|
1,713
|
|
—
|
|
1,713
|
|
|||||||
Depreciation
|
7
|
|
—
|
|
—
|
|
—
|
|
1,963
|
|
—
|
|
1,970
|
|
|||||||
Amortization
|
1
|
|
—
|
|
—
|
|
—
|
|
536
|
|
—
|
|
537
|
|
|||||||
Other operating gains
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
|||||||
Total cost and expenses
|
208
|
|
—
|
|
277
|
|
261
|
|
16,530
|
|
(558
|
)
|
16,718
|
|
|||||||
Operating income (loss)
|
73
|
|
—
|
|
—
|
|
(261
|
)
|
4,756
|
|
—
|
|
4,568
|
|
|||||||
Interest expense
|
(531
|
)
|
(3
|
)
|
(51
|
)
|
(116
|
)
|
(57
|
)
|
—
|
|
(758
|
)
|
|||||||
Investment and other income (loss), net
|
2,819
|
|
2,642
|
|
2,306
|
|
1,664
|
|
1,352
|
|
(10,684
|
)
|
99
|
|
|||||||
Income (loss) before income taxes
|
2,361
|
|
2,639
|
|
2,255
|
|
1,287
|
|
6,051
|
|
(10,684
|
)
|
3,909
|
|
|||||||
Income tax (expense) benefit
|
160
|
|
(7
|
)
|
18
|
|
(8
|
)
|
(1,530
|
)
|
—
|
|
(1,367
|
)
|
|||||||
Net income (loss)
|
2,521
|
|
2,632
|
|
2,273
|
|
1,279
|
|
4,521
|
|
(10,684
|
)
|
2,542
|
|
|||||||
Less: Net income (loss) attributable to noncontrolling interests and redeemable subsidiary preferred stock
|
—
|
|
—
|
|
—
|
|
—
|
|
21
|
|
—
|
|
21
|
|
|||||||
Net income (loss) attributable to Comcast Corporation
|
$
|
2,521
|
|
$
|
2,632
|
|
$
|
2,273
|
|
$
|
1,279
|
|
$
|
4,500
|
|
$
|
(10,684
|
)
|
$
|
2,521
|
|
Comprehensive income (loss) attributable to Comcast Corporation
|
$
|
2,413
|
|
$
|
2,596
|
|
$
|
2,274
|
|
$
|
1,123
|
|
$
|
4,257
|
|
$
|
(10,250
|
)
|
$
|
2,413
|
|
(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 cost 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
|
|
(in millions)
|
Comcast
Parent |
Comcast
Holdings |
CCCL
Parent |
NBCUniversal
Media Parent |
Non-
Guarantor Subsidiaries |
Elimination
and Consolidation Adjustments |
Consolidated
Comcast Corporation |
||||||||||||||
Revenue:
|
|
|
|
|
|
|
|
||||||||||||||
Service revenue
|
$
|
—
|
|
$
|
—
|
|
$
|
—
|
|
$
|
—
|
|
$
|
41,873
|
|
$
|
—
|
|
$
|
41,873
|
|
Management fee revenue
|
556
|
|
—
|
|
547
|
|
—
|
|
—
|
|
(1,103
|
)
|
—
|
|
|||||||
Total revenue
|
556
|
|
—
|
|
547
|
|
—
|
|
41,873
|
|
(1,103
|
)
|
41,873
|
|
|||||||
Costs and Expenses:
|
|
|
|
|
|
|
|
||||||||||||||
Programming and production
|
—
|
|
—
|
|
—
|
|
—
|
|
12,391
|
|
—
|
|
12,391
|
|
|||||||
Other operating and administrative
|
370
|
|
—
|
|
547
|
|
567
|
|
11,726
|
|
(1,103
|
)
|
12,107
|
|
|||||||
Advertising, marketing and promotion
|
—
|
|
—
|
|
—
|
|
—
|
|
3,290
|
|
—
|
|
3,290
|
|
|||||||
Depreciation
|
14
|
|
—
|
|
—
|
|
—
|
|
3,871
|
|
—
|
|
3,885
|
|
|||||||
Amortization
|
3
|
|
—
|
|
—
|
|
—
|
|
1,087
|
|
—
|
|
1,090
|
|
|||||||
Other operating gains
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
|||||||
Total costs and expenses
|
387
|
|
—
|
|
547
|
|
567
|
|
32,365
|
|
(1,103
|
)
|
32,763
|
|
|||||||
Operating income (loss)
|
169
|
|
—
|
|
—
|
|
(567
|
)
|
9,508
|
|
—
|
|
9,110
|
|
|||||||
Interest expense
|
(1,048
|
)
|
(6
|
)
|
(111
|
)
|
(228
|
)
|
(120
|
)
|
—
|
|
(1,513
|
)
|
|||||||
Investment and other income (loss), net
|
5,666
|
|
5,328
|
|
4,633
|
|
3,287
|
|
2,631
|
|
(21,316
|
)
|
229
|
|
|||||||
Income (loss) before income taxes
|
4,787
|
|
5,322
|
|
4,522
|
|
2,492
|
|
12,019
|
|
(21,316
|
)
|
7,826
|
|
|||||||
Income tax (expense) benefit
|
307
|
|
(16
|
)
|
39
|
|
(11
|
)
|
(2,948
|
)
|
—
|
|
(2,629
|
)
|
|||||||
Net income (loss)
|
5,094
|
|
5,306
|
|
4,561
|
|
2,481
|
|
9,071
|
|
(21,316
|
)
|
5,197
|
|
|||||||
Less: Net income (loss) attributable to noncontrolling interests and redeemable subsidiary preferred stock
|
—
|
|
—
|
|
—
|
|
—
|
|
103
|
|
—
|
|
103
|
|
|||||||
Net income (loss) attributable to Comcast Corporation
|
$
|
5,094
|
|
$
|
5,306
|
|
$
|
4,561
|
|
$
|
2,481
|
|
$
|
8,968
|
|
$
|
(21,316
|
)
|
$
|
5,094
|
|
Comprehensive income (loss) attributable to Comcast Corporation
|
$
|
5,230
|
|
$
|
5,320
|
|
$
|
4,563
|
|
$
|
2,531
|
|
$
|
8,969
|
|
$
|
(21,383
|
)
|
$
|
5,230
|
|
(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
|
|
(in millions)
|
Comcast
Parent |
Comcast
Holdings |
CCCL
Parent |
NBCUniversal
Media Parent |
Non-
Guarantor Subsidiaries |
Elimination
and Consolidation Adjustments |
Consolidated
Comcast Corporation |
||||||||||||||
Net cash provided by (used in) operating activities
|
$
|
(465
|
)
|
$
|
102
|
|
$
|
(116
|
)
|
$
|
(776
|
)
|
$
|
12,004
|
|
$
|
—
|
|
$
|
10,749
|
|
Investing Activities:
|
|
|
|
|
|
|
|
||||||||||||||
Net transactions with affiliates
|
2,559
|
|
(102
|
)
|
666
|
|
605
|
|
(3,728
|
)
|
—
|
|
—
|
|
|||||||
Capital expenditures
|
(3
|
)
|
—
|
|
—
|
|
—
|
|
(4,402
|
)
|
—
|
|
(4,405
|
)
|
|||||||
Cash paid for intangible assets
|
(2
|
)
|
—
|
|
—
|
|
—
|
|
(769
|
)
|
—
|
|
(771
|
)
|
|||||||
Acquisitions and construction of real estate properties
|
(143
|
)
|
—
|
|
—
|
|
—
|
|
(107
|
)
|
—
|
|
(250
|
)
|
|||||||
Construction of Universal Beijing Resort
|
—
|
|
—
|
|
—
|
|
—
|
|
(29
|
)
|
—
|
|
(29
|
)
|
|||||||
Acquisitions, net of cash acquired
|
—
|
|
—
|
|
—
|
|
—
|
|
(398
|
)
|
—
|
|
(398
|
)
|
|||||||
Proceeds from sales of investments
|
—
|
|
—
|
|
—
|
|
10
|
|
47
|
|
—
|
|
57
|
|
|||||||
Purchases of investments
|
(20
|
)
|
—
|
|
—
|
|
(57
|
)
|
(1,748
|
)
|
—
|
|
(1,825
|
)
|
|||||||
Other
|
101
|
|
—
|
|
—
|
|
49
|
|
64
|
|
—
|
|
214
|
|
|||||||
Net cash provided by (used in) investing activities
|
2,492
|
|
(102
|
)
|
666
|
|
607
|
|
(11,070
|
)
|
—
|
|
(7,407
|
)
|
|||||||
Financing Activities:
|
|
|
|
|
|
|
|
||||||||||||||
Proceeds from (repayments of) short-term borrowings, net
|
(627
|
)
|
—
|
|
—
|
|
—
|
|
(1,068
|
)
|
—
|
|
(1,695
|
)
|
|||||||
Proceeds from borrowings
|
3,500
|
|
—
|
|
—
|
|
—
|
|
5,463
|
|
—
|
|
8,963
|
|
|||||||
Repurchases and repayments of debt
|
(1,000
|
)
|
—
|
|
(550
|
)
|
(3
|
)
|
(3,414
|
)
|
—
|
|
(4,967
|
)
|
|||||||
Repurchases of common stock under repurchase program and employee plans
|
(2,476
|
)
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(2,476
|
)
|
|||||||
Dividends paid
|
(1,404
|
)
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(1,404
|
)
|
|||||||
Purchase of Universal Studios Japan noncontrolling interests
|
—
|
|
—
|
|
—
|
|
—
|
|
(2,299
|
)
|
—
|
|
(2,299
|
)
|
|||||||
Distributions to noncontrolling interests and dividends for redeemable subsidiary preferred stock
|
—
|
|
—
|
|
—
|
|
—
|
|
(137
|
)
|
—
|
|
(137
|
)
|
|||||||
Other
|
(20
|
)
|
—
|
|
—
|
|
—
|
|
100
|
|
—
|
|
80
|
|
|||||||
Net cash provided by (used in) financing activities
|
(2,027
|
)
|
—
|
|
(550
|
)
|
(3
|
)
|
(1,355
|
)
|
—
|
|
(3,935
|
)
|
|||||||
Increase (decrease) in cash, cash equivalents and restricted cash
|
—
|
|
—
|
|
—
|
|
(172
|
)
|
(421
|
)
|
—
|
|
(593
|
)
|
|||||||
Cash, cash equivalents and restricted cash, beginning of period
|
—
|
|
—
|
|
—
|
|
482
|
|
2,933
|
|
—
|
|
3,415
|
|
|||||||
Cash, cash equivalents and restricted cash, end of period
|
$
|
—
|
|
$
|
—
|
|
$
|
—
|
|
$
|
310
|
|
$
|
2,512
|
|
$
|
—
|
|
$
|
2,822
|
|
(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
|
$
|
—
|
|
$
|
—
|
|
$
|
—
|
|
$
|
305
|
|
$
|
5,421
|
|
$
|
—
|
|
$
|
5,726
|
|
Receivables, net
|
—
|
|
—
|
|
—
|
|
—
|
|
8,847
|
|
—
|
|
8,847
|
|
|||||||
Programming rights
|
—
|
|
—
|
|
—
|
|
—
|
|
1,219
|
|
—
|
|
1,219
|
|
|||||||
Other current assets
|
73
|
|
8
|
|
—
|
|
28
|
|
2,314
|
|
—
|
|
2,423
|
|
|||||||
Total current assets
|
73
|
|
8
|
|
—
|
|
333
|
|
17,801
|
|
—
|
|
18,215
|
|
|||||||
Film and television costs
|
—
|
|
—
|
|
—
|
|
—
|
|
7,411
|
|
—
|
|
7,411
|
|
|||||||
Investments
|
172
|
|
11
|
|
110
|
|
724
|
|
6,421
|
|
—
|
|
7,438
|
|
|||||||
Investments in and amounts due from subsidiaries eliminated upon consolidation
|
120,710
|
|
149,838
|
|
145,266
|
|
52,133
|
|
116,955
|
|
(584,902
|
)
|
—
|
|
|||||||
Property and equipment, net
|
648
|
|
—
|
|
—
|
|
—
|
|
38,707
|
|
—
|
|
39,355
|
|
|||||||
Franchise rights
|
—
|
|
—
|
|
—
|
|
—
|
|
59,365
|
|
—
|
|
59,365
|
|
|||||||
Goodwill
|
—
|
|
—
|
|
—
|
|
—
|
|
36,872
|
|
—
|
|
36,872
|
|
|||||||
Other intangible assets, net
|
12
|
|
—
|
|
—
|
|
—
|
|
18,836
|
|
—
|
|
18,848
|
|
|||||||
Other noncurrent assets, net
|
415
|
|
262
|
|
—
|
|
93
|
|
3,211
|
|
(237
|
)
|
3,744
|
|
|||||||
Total assets
|
$
|
122,030
|
|
$
|
150,119
|
|
$
|
145,376
|
|
$
|
53,283
|
|
$
|
305,579
|
|
$
|
(585,139
|
)
|
$
|
191,248
|
|
Liabilities and Equity
|
|
|
|
|
|
|
|
||||||||||||||
Accounts payable and accrued expenses related to trade creditors
|
$
|
22
|
|
$
|
—
|
|
$
|
—
|
|
$
|
—
|
|
$
|
6,918
|
|
$
|
—
|
|
$
|
6,940
|
|
Accrued participations and residuals
|
—
|
|
—
|
|
—
|
|
—
|
|
1,731
|
|
—
|
|
1,731
|
|
|||||||
Deferred revenue
|
—
|
|
—
|
|
—
|
|
—
|
|
1,746
|
|
—
|
|
1,746
|
|
|||||||
Accrued expenses and other current liabilities
|
2,198
|
|
92
|
|
322
|
|
264
|
|
3,080
|
|
—
|
|
5,956
|
|
|||||||
Current portion of long-term debt
|
—
|
|
—
|
|
—
|
|
4
|
|
2,630
|
|
—
|
|
2,634
|
|
|||||||
Total current liabilities
|
2,220
|
|
92
|
|
322
|
|
268
|
|
16,105
|
|
—
|
|
19,007
|
|
|||||||
Long-term debt, less current portion
|
46,387
|
|
142
|
|
2,100
|
|
7,748
|
|
5,569
|
|
—
|
|
61,946
|
|
|||||||
Deferred income taxes
|
—
|
|
293
|
|
—
|
|
70
|
|
25,043
|
|
(266
|
)
|
25,140
|
|
|||||||
Other noncurrent liabilities
|
2,729
|
|
—
|
|
—
|
|
1,202
|
|
8,109
|
|
29
|
|
12,069
|
|
|||||||
Redeemable noncontrolling interests and redeemable subsidiary preferred stock
|
—
|
|
—
|
|
—
|
|
—
|
|
1,343
|
|
—
|
|
1,343
|
|
|||||||
Equity:
|
|
|
|
|
|
|
|
||||||||||||||
Common stock
|
54
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
54
|
|
|||||||
Other shareholders’ equity
|
70,640
|
|
149,592
|
|
142,954
|
|
43,995
|
|
248,361
|
|
(584,902
|
)
|
70,640
|
|
|||||||
Total Comcast Corporation shareholders’ equity
|
70,694
|
|
149,592
|
|
142,954
|
|
43,995
|
|
248,361
|
|
(584,902
|
)
|
70,694
|
|
|||||||
Noncontrolling interests
|
—
|
|
—
|
|
—
|
|
—
|
|
1,049
|
|
—
|
|
1,049
|
|
|||||||
Total equity
|
70,694
|
|
149,592
|
|
142,954
|
|
43,995
|
|
249,410
|
|
(584,902
|
)
|
71,743
|
|
|||||||
Total liabilities and equity
|
$
|
122,030
|
|
$
|
150,119
|
|
$
|
145,376
|
|
$
|
53,283
|
|
$
|
305,579
|
|
$
|
(585,139
|
)
|
$
|
191,248
|
|
(in millions)
|
Comcast
Parent |
Comcast
Holdings |
CCCL
Parent |
NBCUniversal
Media Parent |
Non-
Guarantor Subsidiaries |
Elimination
and Consolidation Adjustments |
Consolidated
Comcast Corporation |
||||||||||||||
Assets
|
|
|
|
|
|
|
|
||||||||||||||
Cash and cash equivalents
|
$
|
—
|
|
$
|
—
|
|
$
|
—
|
|
$
|
496
|
|
$
|
2,932
|
|
$
|
—
|
|
$
|
3,428
|
|
Receivables, net
|
—
|
|
—
|
|
—
|
|
—
|
|
8,834
|
|
—
|
|
8,834
|
|
|||||||
Programming rights
|
—
|
|
—
|
|
—
|
|
—
|
|
1,613
|
|
—
|
|
1,613
|
|
|||||||
Other current assets
|
60
|
|
—
|
|
7
|
|
25
|
|
2,376
|
|
—
|
|
2,468
|
|
|||||||
Total current assets
|
60
|
|
—
|
|
7
|
|
521
|
|
15,755
|
|
—
|
|
16,343
|
|
|||||||
Film and television costs
|
—
|
|
—
|
|
—
|
|
—
|
|
7,087
|
|
—
|
|
7,087
|
|
|||||||
Investments
|
146
|
|
21
|
|
108
|
|
693
|
|
5,963
|
|
—
|
|
6,931
|
|
|||||||
Investments in and amounts due from subsidiaries eliminated upon consolidation
|
117,164
|
|
142,519
|
|
139,528
|
|
50,102
|
|
113,332
|
|
(562,645
|
)
|
—
|
|
|||||||
Property and equipment, net
|
551
|
|
—
|
|
—
|
|
—
|
|
37,919
|
|
—
|
|
38,470
|
|
|||||||
Franchise rights
|
—
|
|
—
|
|
—
|
|
—
|
|
59,364
|
|
—
|
|
59,364
|
|
|||||||
Goodwill
|
—
|
|
—
|
|
—
|
|
—
|
|
36,780
|
|
—
|
|
36,780
|
|
|||||||
Other intangible assets, net
|
12
|
|
—
|
|
—
|
|
—
|
|
18,121
|
|
—
|
|
18,133
|
|
|||||||
Other noncurrent assets, net
|
435
|
|
708
|
|
—
|
|
88
|
|
3,437
|
|
(314
|
)
|
4,354
|
|
|||||||
Total assets
|
$
|
118,368
|
|
$
|
143,248
|
|
$
|
139,643
|
|
$
|
51,404
|
|
$
|
297,758
|
|
$
|
(562,959
|
)
|
$
|
187,462
|
|
Liabilities and Equity
|
|
|
|
|
|
|
|
||||||||||||||
Accounts payable and accrued expenses related to trade creditors
|
$
|
16
|
|
$
|
—
|
|
$
|
—
|
|
$
|
—
|
|
$
|
6,892
|
|
$
|
—
|
|
$
|
6,908
|
|
Accrued participations and residuals
|
—
|
|
—
|
|
—
|
|
—
|
|
1,644
|
|
—
|
|
1,644
|
|
|||||||
Deferred revenue
|
—
|
|
—
|
|
—
|
|
—
|
|
1,687
|
|
—
|
|
1,687
|
|
|||||||
Accrued expenses and other current liabilities
|
1,888
|
|
92
|
|
333
|
|
326
|
|
3,981
|
|
—
|
|
6,620
|
|
|||||||
Current portion of long-term debt
|
2,810
|
|
—
|
|
—
|
|
4
|
|
2,320
|
|
—
|
|
5,134
|
|
|||||||
Total current liabilities
|
4,714
|
|
92
|
|
333
|
|
330
|
|
16,524
|
|
—
|
|
21,993
|
|
|||||||
Long-term debt, less current portion
|
42,428
|
|
140
|
|
2,100
|
|
7,751
|
|
7,003
|
|
—
|
|
59,422
|
|
|||||||
Deferred income taxes
|
—
|
|
285
|
|
—
|
|
67
|
|
24,250
|
|
(343
|
)
|
24,259
|
|
|||||||
Other noncurrent liabilities
|
2,610
|
|
—
|
|
—
|
|
1,128
|
|
7,205
|
|
29
|
|
10,972
|
|
|||||||
Redeemable noncontrolling interests and redeemable subsidiary preferred stock
|
—
|
|
—
|
|
—
|
|
—
|
|
1,357
|
|
—
|
|
1,357
|
|
|||||||
Equity:
|
|
|
|
|
|
|
|
||||||||||||||
Common stock
|
55
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
55
|
|
|||||||
Other shareholders’ equity
|
68,561
|
|
142,731
|
|
137,210
|
|
42,128
|
|
240,576
|
|
(562,645
|
)
|
68,561
|
|
|||||||
Total Comcast Corporation shareholders’ equity
|
68,616
|
|
142,731
|
|
137,210
|
|
42,128
|
|
240,576
|
|
(562,645
|
)
|
68,616
|
|
|||||||
Noncontrolling interests
|
—
|
|
—
|
|
—
|
|
—
|
|
843
|
|
—
|
|
843
|
|
|||||||
Total equity
|
68,616
|
|
142,731
|
|
137,210
|
|
42,128
|
|
241,419
|
|
(562,645
|
)
|
69,459
|
|
|||||||
Total liabilities and equity
|
$
|
118,368
|
|
$
|
143,248
|
|
$
|
139,643
|
|
$
|
51,404
|
|
$
|
297,758
|
|
$
|
(562,959
|
)
|
$
|
187,462
|
|
|
Three Months Ended
June 30 |
|
Increase/
(Decrease)
|
|
Six Months Ended
June 30 |
|
Increase/
(Decrease)
|
||||||||||||||
(in millions)
|
2018
|
|
2017
|
|
|
|
|
2018
|
|
2017
|
|
|
|
||||||||
Revenue
|
$
|
21,735
|
|
|
$
|
21,286
|
|
|
2.1
|
%
|
|
$
|
44,526
|
|
|
$
|
41,873
|
|
|
6.3
|
%
|
Costs and Expenses:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Programming and production
|
6,300
|
|
|
6,330
|
|
|
(0.5
|
)
|
|
13,729
|
|
|
12,391
|
|
|
10.8
|
|
||||
Other operating and administrative
|
6,365
|
|
|
6,168
|
|
|
3.2
|
|
|
12,879
|
|
|
12,107
|
|
|
6.4
|
|
||||
Advertising, marketing and promotion
|
1,653
|
|
|
1,713
|
|
|
(3.4
|
)
|
|
3,257
|
|
|
3,290
|
|
|
(1.0
|
)
|
||||
Depreciation
|
2,021
|
|
|
1,970
|
|
|
2.6
|
|
|
4,032
|
|
|
3,885
|
|
|
3.8
|
|
||||
Amortization
|
582
|
|
|
537
|
|
|
8.4
|
|
|
1,170
|
|
|
1,090
|
|
|
7.3
|
|
||||
Other operating gains
|
(200
|
)
|
|
—
|
|
|
NM
|
|
|
(200
|
)
|
|
—
|
|
|
NM
|
|
||||
Operating income
|
5,014
|
|
|
4,568
|
|
|
9.8
|
|
|
9,659
|
|
|
9,110
|
|
|
6.0
|
|
||||
Interest expense
|
(806
|
)
|
|
(758
|
)
|
|
6.3
|
|
|
(1,583
|
)
|
|
(1,513
|
)
|
|
4.6
|
|
||||
Investment and other income (loss), net
|
77
|
|
|
99
|
|
|
(23.4
|
)
|
|
203
|
|
|
229
|
|
|
(11.8
|
)
|
||||
Income before income taxes
|
4,285
|
|
|
3,909
|
|
|
9.6
|
|
|
8,279
|
|
|
7,826
|
|
|
5.8
|
|
||||
Income tax expense
|
(1,077
|
)
|
|
(1,367
|
)
|
|
(21.3
|
)
|
|
(1,895
|
)
|
|
(2,629
|
)
|
|
(27.9
|
)
|
||||
Net income
|
3,208
|
|
|
2,542
|
|
|
26.2
|
|
|
6,384
|
|
|
5,197
|
|
|
22.9
|
|
||||
Less: Net income (loss) attributable to noncontrolling interests and redeemable subsidiary preferred stock
|
(8
|
)
|
|
21
|
|
|
(139.8
|
)
|
|
50
|
|
|
103
|
|
|
(50.8
|
)
|
||||
Net income attributable to Comcast Corporation
|
$
|
3,216
|
|
|
$
|
2,521
|
|
|
27.6
|
%
|
|
$
|
6,334
|
|
|
$
|
5,094
|
|
|
24.3
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Adjusted EBITDA
(a)
|
$
|
7,417
|
|
|
$
|
7,075
|
|
|
4.8
|
%
|
|
$
|
14,661
|
|
|
$
|
14,085
|
|
|
4.1
|
%
|
(a)
|
Adjusted EBITDA is a non-GAAP financial measure. Refer to the “Non-GAAP Financial Measure” section on page 42 for additional information, including our definition and our use of Adjusted EBITDA, and for a reconciliation from net income attributable to Comcast Corporation to Adjusted EBITDA.
|
|
Three Months Ended
June 30 |
|
Increase/
(Decrease)
|
|
Six Months Ended
June 30 |
|
Increase/
(Decrease)
|
||||||||||||||
(in millions)
|
2018
|
|
2017
|
|
|
|
2018
|
|
2017
|
|
|
||||||||||
Cable Communications
|
$
|
2,047
|
|
|
$
|
1,967
|
|
|
4.0
|
%
|
|
$
|
4,100
|
|
|
$
|
3,913
|
|
|
4.8
|
%
|
NBCUniversal
|
553
|
|
|
520
|
|
|
6.4
|
|
|
1,063
|
|
|
1,028
|
|
|
3.4
|
|
||||
Corporate and Other
|
3
|
|
|
20
|
|
|
(87.0
|
)
|
|
39
|
|
|
34
|
|
|
10.4
|
|
||||
Total
|
$
|
2,603
|
|
|
$
|
2,507
|
|
|
3.8
|
%
|
|
$
|
5,202
|
|
|
$
|
4,975
|
|
|
4.5
|
%
|
|
Three Months Ended
June 30 |
|
Increase/
(Decrease) |
|||||||||||
|
2018
|
|
2017
|
|
$
|
|
%
|
|||||||
Revenue
|
|
|
|
|
|
|
|
|||||||
Residential:
|
|
|
|
|
|
|
|
|||||||
Video
|
$
|
5,628
|
|
|
$
|
5,740
|
|
|
$
|
(112
|
)
|
|
(1.9
|
)%
|
High-speed Internet
|
4,262
|
|
|
3,898
|
|
|
364
|
|
|
9.3
|
|
|||
Voice
|
994
|
|
|
1,034
|
|
|
(40
|
)
|
|
(3.9
|
)
|
|||
Business services
|
1,761
|
|
|
1,585
|
|
|
176
|
|
|
11.1
|
|
|||
Advertising
|
666
|
|
|
626
|
|
|
40
|
|
|
6.4
|
|
|||
Other
|
399
|
|
|
374
|
|
|
25
|
|
|
6.9
|
|
|||
Total revenue
|
13,710
|
|
|
13,257
|
|
|
453
|
|
|
3.4
|
|
|||
Operating costs and expenses
|
|
|
|
|
|
|
|
|||||||
Programming
|
3,312
|
|
|
3,206
|
|
|
106
|
|
|
3.3
|
|
|||
Technical and product support
|
1,596
|
|
|
1,549
|
|
|
47
|
|
|
3.1
|
|
|||
Customer service
|
600
|
|
|
605
|
|
|
(5
|
)
|
|
(0.8
|
)
|
|||
Advertising, marketing and promotion
|
927
|
|
|
932
|
|
|
(5
|
)
|
|
(0.5
|
)
|
|||
Franchise and other regulatory fees
|
390
|
|
|
399
|
|
|
(9
|
)
|
|
(2.2
|
)
|
|||
Other
|
1,247
|
|
|
1,273
|
|
|
(26
|
)
|
|
(2.1
|
)
|
|||
Total operating costs and expenses
|
8,072
|
|
|
7,964
|
|
|
108
|
|
|
1.4
|
|
|||
Adjusted EBITDA
|
$
|
5,638
|
|
|
$
|
5,293
|
|
|
$
|
345
|
|
|
6.5
|
%
|
|
Six Months Ended
June 30 |
|
Increase/
(Decrease)
|
|||||||||||
(in millions)
|
2018
|
|
2017
|
|
$
|
|
%
|
|||||||
Revenue
|
|
|
|
|
|
|
|
|||||||
Residential:
|
|
|
|
|
|
|
|
|||||||
Video
|
$
|
11,287
|
|
|
$
|
11,446
|
|
|
$
|
(159
|
)
|
|
(1.4
|
)%
|
High-speed Internet
|
8,419
|
|
|
7,740
|
|
|
679
|
|
|
8.8
|
|
|||
Voice
|
2,000
|
|
|
2,068
|
|
|
(68
|
)
|
|
(3.3
|
)
|
|||
Business services
|
3,487
|
|
|
3,128
|
|
|
359
|
|
|
11.5
|
|
|||
Advertising
|
1,248
|
|
|
1,180
|
|
|
68
|
|
|
5.7
|
|
|||
Other
|
787
|
|
|
745
|
|
|
42
|
|
|
5.7
|
|
|||
Total revenue
|
27,228
|
|
|
26,307
|
|
|
921
|
|
|
3.5
|
|
|||
Operating costs and expenses
|
|
|
|
|
|
|
|
|||||||
Programming
|
6,638
|
|
|
6,434
|
|
|
204
|
|
|
3.2
|
|
|||
Technical and product support
|
3,199
|
|
|
3,079
|
|
|
120
|
|
|
3.9
|
|
|||
Customer service
|
1,207
|
|
|
1,224
|
|
|
(17
|
)
|
|
(1.4
|
)
|
|||
Advertising, marketing and promotion
|
1,867
|
|
|
1,827
|
|
|
40
|
|
|
2.2
|
|
|||
Franchise and other regulatory fees
|
789
|
|
|
798
|
|
|
(9
|
)
|
|
(1.0
|
)
|
|||
Other
|
2,475
|
|
|
2,478
|
|
|
(3
|
)
|
|
(0.2
|
)
|
|||
Total operating costs and expenses
|
16,175
|
|
|
15,840
|
|
|
335
|
|
|
2.1
|
|
|||
Adjusted EBITDA
|
$
|
11,053
|
|
|
$
|
10,467
|
|
|
$
|
586
|
|
|
5.6
|
%
|
|
Total Customers
|
Net Additional Customers
|
||||||||||
|
June 30
|
Three Months Ended
June 30 |
Six Months Ended
June 30 |
|||||||||
(in thousands, except per customer amounts)
|
2018
|
2017
|
2018
|
2017
|
2018
|
2017
|
||||||
Customer relationships
|
|
|
|
|
|
|
||||||
Residential customer relationships
|
27,559
|
|
26,874
|
|
147
|
|
77
|
|
391
|
|
341
|
|
Business services customer relationships
|
2,244
|
|
2,115
|
|
36
|
|
37
|
|
65
|
|
71
|
|
Total customer relationships
|
29,802
|
|
28,989
|
|
182
|
|
114
|
|
455
|
|
412
|
|
Residential customer relationships mix
|
|
|
|
|
|
|
||||||
Single product customers
|
8,628
|
|
7,931
|
|
206
|
|
70
|
|
432
|
|
174
|
|
Double product customers
|
9,054
|
|
8,945
|
|
(63
|
)
|
8
|
|
(3
|
)
|
148
|
|
Triple and quad product customers
|
9,877
|
|
9,998
|
|
4
|
|
—
|
|
(39
|
)
|
18
|
|
Video
|
|
|
|
|
|
|
||||||
Residential customers
|
21,074
|
|
21,475
|
|
(136
|
)
|
(45
|
)
|
(229
|
)
|
(13
|
)
|
Business services customers
|
1,047
|
|
1,040
|
|
(4
|
)
|
11
|
|
(6
|
)
|
21
|
|
Total video customers
|
22,121
|
|
22,516
|
|
(140
|
)
|
(34
|
)
|
(236
|
)
|
8
|
|
High-speed Internet
|
|
|
|
|
|
|
||||||
Residential customers
|
24,440
|
|
23,364
|
|
226
|
|
140
|
|
577
|
|
537
|
|
Business services customers
|
2,069
|
|
1,942
|
|
34
|
|
35
|
|
63
|
|
67
|
|
Total high-speed Internet customers
|
26,509
|
|
25,306
|
|
260
|
|
175
|
|
640
|
|
604
|
|
Voice
|
|
|
|
|
|
|
||||||
Residential customers
|
10,213
|
|
10,470
|
|
(32
|
)
|
(50
|
)
|
(103
|
)
|
(76
|
)
|
Business services customers
|
1,269
|
|
1,189
|
|
17
|
|
27
|
|
33
|
|
49
|
|
Total voice customers
|
11,482
|
|
11,659
|
|
(16
|
)
|
(22
|
)
|
(69
|
)
|
(28
|
)
|
Security and automation
|
|
|
|
|
|
|
||||||
Security and automation customers
|
1,236
|
|
1,028
|
|
60
|
|
71
|
|
105
|
|
137
|
|
|
Three Months Ended
June 30 |
|
Increase/
(Decrease) |
||||||||||
(in millions)
|
2018
|
|
2017
|
|
$
|
%
|
|||||||
Revenue
|
|
|
|
|
|
|
|||||||
Cable Networks
|
$
|
2,916
|
|
|
$
|
2,696
|
|
|
$
|
220
|
|
8.2
|
%
|
Broadcast Television
|
2,391
|
|
|
2,241
|
|
|
150
|
|
6.7
|
|
|||
Filmed Entertainment
|
1,710
|
|
|
2,142
|
|
|
(432
|
)
|
(20.2
|
)
|
|||
Theme Parks
|
1,361
|
|
|
1,314
|
|
|
47
|
|
3.6
|
|
|||
Headquarters, other and eliminations
|
(65
|
)
|
|
(75
|
)
|
|
10
|
|
NM
|
|
|||
Total revenue
|
$
|
8,313
|
|
|
$
|
8,318
|
|
|
$
|
(5
|
)
|
(0.1
|
)%
|
Adjusted EBITDA
|
|
|
|
|
|
|
|||||||
Cable Networks
|
$
|
1,186
|
|
|
$
|
1,055
|
|
|
$
|
131
|
|
12.5
|
%
|
Broadcast Television
|
417
|
|
|
416
|
|
|
1
|
|
0.2
|
|
|||
Filmed Entertainment
|
138
|
|
|
287
|
|
|
(149
|
)
|
(52.1
|
)
|
|||
Theme Parks
|
569
|
|
|
551
|
|
|
18
|
|
3.4
|
|
|||
Headquarters, other and eliminations
|
(150
|
)
|
|
(235
|
)
|
|
85
|
|
NM
|
|
|||
Total Adjusted EBITDA
|
$
|
2,160
|
|
|
$
|
2,074
|
|
|
$
|
86
|
|
4.2
|
%
|
|
Six Months Ended
June 30 |
|
Increase/
(Decrease) |
||||||||||
(in millions)
|
2018
|
|
2017
|
|
$
|
%
|
|||||||
Revenue
|
|
|
|
|
|
|
|||||||
Cable Networks
|
$
|
6,110
|
|
|
$
|
5,336
|
|
|
$
|
774
|
|
14.5
|
%
|
Broadcast Television
|
5,888
|
|
|
4,449
|
|
|
1,439
|
|
32.3
|
|
|||
Filmed Entertainment
|
3,357
|
|
|
4,109
|
|
|
(752
|
)
|
(18.3
|
)
|
|||
Theme Parks
|
2,642
|
|
|
2,432
|
|
|
210
|
|
8.6
|
|
|||
Headquarters, other and eliminations
|
(154
|
)
|
|
(155
|
)
|
|
1
|
|
NM
|
|
|||
Total revenue
|
$
|
17,843
|
|
|
$
|
16,171
|
|
|
$
|
1,672
|
|
10.3
|
%
|
Adjusted EBITDA
|
|
|
|
|
|
|
|||||||
Cable Networks
|
$
|
2,454
|
|
|
$
|
2,170
|
|
|
$
|
284
|
|
13.1
|
%
|
Broadcast Television
|
924
|
|
|
738
|
|
|
186
|
|
25.2
|
|
|||
Filmed Entertainment
|
341
|
|
|
658
|
|
|
(317
|
)
|
(48.2
|
)
|
|||
Theme Parks
|
1,064
|
|
|
948
|
|
|
116
|
|
12.3
|
|
|||
Headquarters, other and eliminations
|
(338
|
)
|
|
(421
|
)
|
|
83
|
|
NM
|
|
|||
Total Adjusted EBITDA
|
$
|
4,445
|
|
|
$
|
4,093
|
|
|
$
|
352
|
|
8.6
|
%
|
|
Three Months Ended
June 30 |
|
Increase/
(Decrease) |
||||||||||
(in millions)
|
2018
|
|
2017
|
|
$
|
%
|
|||||||
Revenue
|
|
|
|
|
|
|
|||||||
Distribution
|
$
|
1,684
|
|
|
$
|
1,550
|
|
|
$
|
134
|
|
8.7
|
%
|
Advertising
|
938
|
|
|
906
|
|
|
32
|
|
3.6
|
|
|||
Content licensing and other
|
294
|
|
|
240
|
|
|
54
|
|
22.5
|
|
|||
Total revenue
|
2,916
|
|
|
2,696
|
|
|
220
|
|
8.2
|
|
|||
Operating costs and expenses
|
|
|
|
|
|
|
|||||||
Programming and production
|
1,231
|
|
|
1,197
|
|
|
34
|
|
2.8
|
|
|||
Other operating and administrative
|
382
|
|
|
325
|
|
|
57
|
|
17.7
|
|
|||
Advertising, marketing and promotion
|
117
|
|
|
119
|
|
|
(2
|
)
|
(1.8
|
)
|
|||
Total operating costs and expenses
|
1,730
|
|
|
1,641
|
|
|
89
|
|
5.4
|
|
|||
Adjusted EBITDA
|
$
|
1,186
|
|
|
$
|
1,055
|
|
|
$
|
131
|
|
12.5
|
%
|
|
Six Months Ended
June 30 |
|
Increase/
(Decrease) |
||||||||||
(in millions)
|
2018
|
|
2017
|
|
$
|
%
|
|||||||
Revenue
|
|
|
|
|
|
|
|||||||
Distribution
|
$
|
3,571
|
|
|
$
|
3,112
|
|
|
$
|
459
|
|
14.8
|
%
|
Advertising
|
1,926
|
|
|
1,732
|
|
|
194
|
|
11.2
|
|
|||
Content licensing and other
|
613
|
|
|
492
|
|
|
121
|
|
24.5
|
|
|||
Total revenue
|
6,110
|
|
|
5,336
|
|
|
774
|
|
14.5
|
|
|||
Operating costs and expenses
|
|
|
|
|
|
|
|||||||
Programming and production
|
2,672
|
|
|
2,280
|
|
|
392
|
|
17.2
|
|
|||
Other operating and administrative
|
744
|
|
|
646
|
|
|
98
|
|
15.2
|
|
|||
Advertising, marketing and promotion
|
240
|
|
|
240
|
|
|
—
|
|
0.1
|
|
|||
Total operating costs and expenses
|
3,656
|
|
|
3,166
|
|
|
490
|
|
15.5
|
|
|||
Adjusted EBITDA
|
$
|
2,454
|
|
|
$
|
2,170
|
|
|
$
|
284
|
|
13.1
|
%
|
|
Three Months Ended
June 30 |
|
Increase/
(Decrease) |
||||||||||
(in millions)
|
2018
|
|
2017
|
|
$
|
%
|
|||||||
Revenue
|
|
|
|
|
|
|
|||||||
Advertising
|
$
|
1,387
|
|
|
$
|
1,270
|
|
|
$
|
117
|
|
9.2
|
%
|
Content licensing
|
481
|
|
|
523
|
|
|
(42
|
)
|
(8.1
|
)
|
|||
Distribution and other
|
523
|
|
|
448
|
|
|
75
|
|
16.8
|
|
|||
Total revenue
|
2,391
|
|
|
2,241
|
|
|
150
|
|
6.7
|
|
|||
Operating costs and expenses
|
|
|
|
|
|
|
|||||||
Programming and production
|
1,488
|
|
|
1,352
|
|
|
136
|
|
10.1
|
|
|||
Other operating and administrative
|
375
|
|
|
349
|
|
|
26
|
|
7.1
|
|
|||
Advertising, marketing and promotion
|
111
|
|
|
124
|
|
|
(13
|
)
|
(9.6
|
)
|
|||
Total operating costs and expenses
|
1,974
|
|
|
1,825
|
|
|
149
|
|
8.2
|
|
|||
Adjusted EBITDA
|
$
|
417
|
|
|
$
|
416
|
|
|
$
|
1
|
|
0.2
|
%
|
|
Six Months Ended
June 30 |
|
Increase/
(Decrease) |
||||||||||
(in millions)
|
2018
|
|
2017
|
|
$
|
%
|
|||||||
Revenue
|
|
|
|
|
|
|
|||||||
Advertising
|
$
|
3,752
|
|
|
$
|
2,549
|
|
|
$
|
1,203
|
|
47.2
|
%
|
Content licensing
|
1,003
|
|
|
1,026
|
|
|
(23
|
)
|
(2.2
|
)
|
|||
Distribution and other
|
1,133
|
|
|
874
|
|
|
259
|
|
29.5
|
|
|||
Total revenue
|
5,888
|
|
|
4,449
|
|
|
1,439
|
|
32.3
|
|
|||
Operating costs and expenses
|
|
|
|
|
|
|
|||||||
Programming and production
|
3,964
|
|
|
2,784
|
|
|
1,180
|
|
42.4
|
|
|||
Other operating and administrative
|
756
|
|
|
685
|
|
|
71
|
|
10.1
|
|
|||
Advertising, marketing and promotion
|
244
|
|
|
242
|
|
|
2
|
|
1.2
|
|
|||
Total operating costs and expenses
|
4,964
|
|
|
3,711
|
|
|
1,253
|
|
33.7
|
|
|||
Adjusted EBITDA
|
$
|
924
|
|
|
$
|
738
|
|
|
$
|
186
|
|
25.2
|
%
|
|
Three Months Ended
June 30 |
|
Increase/
(Decrease) |
||||||||||
(in millions)
|
2018
|
|
2017
|
|
$
|
%
|
|||||||
Revenue
|
|
|
|
|
|
|
|||||||
Theatrical
|
$
|
540
|
|
|
$
|
837
|
|
|
$
|
(297
|
)
|
(35.5
|
)%
|
Content licensing
|
648
|
|
|
684
|
|
|
(36
|
)
|
(5.3
|
)
|
|||
Home entertainment
|
225
|
|
|
334
|
|
|
(109
|
)
|
(32.8
|
)
|
|||
Other
|
297
|
|
|
287
|
|
|
10
|
|
3.8
|
|
|||
Total revenue
|
1,710
|
|
|
2,142
|
|
|
(432
|
)
|
(20.2
|
)
|
|||
Operating costs and expenses
|
|
|
|
|
|
|
|||||||
Programming and production
|
843
|
|
|
1,076
|
|
|
(233
|
)
|
(21.7
|
)
|
|||
Other operating and administrative
|
301
|
|
|
329
|
|
|
(28
|
)
|
(8.1
|
)
|
|||
Advertising, marketing and promotion
|
428
|
|
|
450
|
|
|
(22
|
)
|
(4.9
|
)
|
|||
Total operating costs and expenses
|
1,572
|
|
|
1,855
|
|
|
(283
|
)
|
(15.2
|
)
|
|||
Adjusted EBITDA
|
$
|
138
|
|
|
$
|
287
|
|
|
$
|
(149
|
)
|
(52.1
|
)%
|
|
Six Months Ended
June 30 |
|
Increase/
(Decrease) |
||||||||||
(in millions)
|
2018
|
|
2017
|
|
$
|
%
|
|||||||
Revenue
|
|
|
|
|
|
|
|||||||
Theatrical
|
$
|
963
|
|
|
$
|
1,488
|
|
|
$
|
(525
|
)
|
(35.3
|
)%
|
Content licensing
|
1,381
|
|
|
1,418
|
|
|
(37
|
)
|
(2.6
|
)
|
|||
Home entertainment
|
473
|
|
|
620
|
|
|
(147
|
)
|
(23.8
|
)
|
|||
Other
|
540
|
|
|
583
|
|
|
(43
|
)
|
(7.4
|
)
|
|||
Total revenue
|
3,357
|
|
|
4,109
|
|
|
(752
|
)
|
(18.3
|
)
|
|||
Operating costs and expenses
|
|
|
|
|
|
|
|||||||
Programming and production
|
1,578
|
|
|
1,939
|
|
|
(361
|
)
|
(18.6
|
)
|
|||
Other operating and administrative
|
602
|
|
|
654
|
|
|
(52
|
)
|
(7.9
|
)
|
|||
Advertising, marketing and promotion
|
836
|
|
|
858
|
|
|
(22
|
)
|
(2.6
|
)
|
|||
Total operating costs and expenses
|
3,016
|
|
|
3,451
|
|
|
(435
|
)
|
(12.6
|
)
|
|||
Adjusted EBITDA
|
$
|
341
|
|
|
$
|
658
|
|
|
$
|
(317
|
)
|
(48.2
|
)%
|
|
Three Months Ended
June 30 |
|
Increase/
(Decrease) |
||||||||||
(in millions)
|
2018
|
|
2017
|
|
$
|
%
|
|||||||
Revenue
|
$
|
1,361
|
|
|
$
|
1,314
|
|
|
$
|
47
|
|
3.6
|
%
|
Operating costs and expenses
|
792
|
|
|
763
|
|
|
29
|
|
3.8
|
|
|||
Adjusted EBITDA
|
$
|
569
|
|
|
$
|
551
|
|
|
$
|
18
|
|
3.4
|
%
|
|
Six Months Ended
June 30 |
|
Increase/
(Decrease) |
||||||||||
(in millions)
|
2018
|
|
2017
|
|
$
|
%
|
|||||||
Revenue
|
$
|
2,642
|
|
|
$
|
2,432
|
|
|
$
|
210
|
|
8.6
|
%
|
Operating costs and expenses
|
1,578
|
|
|
1,484
|
|
|
94
|
|
6.3
|
|
|||
Adjusted EBITDA
|
$
|
1,064
|
|
|
$
|
948
|
|
|
$
|
116
|
|
12.3
|
%
|
|
Three Months Ended
June 30 |
|
Increase/
(Decrease)
|
||||||||||
(in millions)
|
2018
|
|
2017
|
|
$
|
%
|
|||||||
Revenue
|
$
|
255
|
|
|
$
|
205
|
|
|
$
|
50
|
|
23.8
|
%
|
Operating costs and expenses
|
647
|
|
|
507
|
|
|
140
|
|
27.6
|
|
|||
Adjusted EBITDA
|
$
|
(392
|
)
|
|
$
|
(302
|
)
|
|
$
|
(90
|
)
|
(30.1
|
)%
|
|
|
|
|
|
|
|
|||||||
|
Six Months Ended
June 30 |
|
Increase/
(Decrease) |
||||||||||
(in millions)
|
2018
|
|
2017
|
|
$
|
%
|
|||||||
Revenue
|
$
|
646
|
|
|
$
|
413
|
|
|
$
|
233
|
|
56.2
|
%
|
Operating costs and expenses
|
1,435
|
|
|
909
|
|
|
526
|
|
57.9
|
|
|||
Adjusted EBITDA
|
$
|
(789
|
)
|
|
$
|
(496
|
)
|
|
$
|
(293
|
)
|
(59.3
|
)%
|
|
Three Months Ended
June 30 |
|
Six Months Ended
June 30 |
||||||||||||
(in millions)
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Equity in net income (losses) of investees, net
|
$
|
69
|
|
|
$
|
15
|
|
|
$
|
20
|
|
|
$
|
51
|
|
Realized and unrealized gains (losses) on equity securities, net
|
(40
|
)
|
|
(2
|
)
|
|
(12
|
)
|
|
(7
|
)
|
||||
Other income (loss), net
|
48
|
|
|
86
|
|
|
195
|
|
|
185
|
|
||||
Total
|
$
|
77
|
|
|
$
|
99
|
|
|
$
|
203
|
|
|
$
|
229
|
|
|
Three Months Ended
June 30 |
|
Six Months Ended
June 30 |
||||||||||||
(in millions)
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Atairos
|
$
|
151
|
|
|
$
|
42
|
|
|
$
|
186
|
|
|
$
|
99
|
|
Hulu
|
$
|
(107
|
)
|
|
$
|
(52
|
)
|
|
$
|
(238
|
)
|
|
$
|
(106
|
)
|
|
Three Months Ended
June 30 |
|
Six Months Ended
June 30 |
||||||||||||
(in millions)
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Net income attributable to Comcast Corporation
|
$
|
3,216
|
|
|
$
|
2,521
|
|
|
$
|
6,334
|
|
|
$
|
5,094
|
|
Net income (loss) attributable to noncontrolling interests and redeemable subsidiary preferred stock
|
(8
|
)
|
|
21
|
|
|
50
|
|
|
103
|
|
||||
Income tax expense
|
1,077
|
|
|
1,367
|
|
|
1,895
|
|
|
2,629
|
|
||||
Interest expense
|
806
|
|
|
758
|
|
|
1,583
|
|
|
1,513
|
|
||||
Investment and other (income) loss, net
|
(77
|
)
|
|
(99
|
)
|
|
(203
|
)
|
|
(229
|
)
|
||||
Depreciation
|
2,021
|
|
|
1,970
|
|
|
4,032
|
|
|
3,885
|
|
||||
Amortization
|
582
|
|
|
537
|
|
|
1,170
|
|
|
1,090
|
|
||||
Other operating gains
|
(200
|
)
|
|
—
|
|
|
(200
|
)
|
|
—
|
|
||||
Adjusted EBITDA
|
$
|
7,417
|
|
|
$
|
7,075
|
|
|
$
|
14,661
|
|
|
$
|
14,085
|
|
|
Six Months Ended
June 30 |
||||||
(in millions)
|
2018
|
|
2017
|
||||
Operating income
|
$
|
9,659
|
|
|
$
|
9,110
|
|
Depreciation, amortization and other operating gains
|
5,002
|
|
|
4,975
|
|
||
Noncash share-based compensation
|
410
|
|
|
391
|
|
||
Changes in operating assets and liabilities
|
(692
|
)
|
|
(262
|
)
|
||
Payments of interest
|
(1,354
|
)
|
|
(1,372
|
)
|
||
Payments of income taxes
|
(623
|
)
|
|
(2,209
|
)
|
||
Other
|
135
|
|
|
116
|
|
||
Net cash provided by operating activities
|
$
|
12,537
|
|
|
$
|
10,749
|
|
Period
|
Total
Number of Shares Purchased |
|
Average
Price Per Share |
Total Number of
Shares Purchased as Part of Publicly Announced Authorization |
Total Dollar
Amount Purchased Under the Publicly Announced Authorization |
Maximum Dollar
Value of Shares That May Yet Be Purchased Under the Publicly Announced Authorization (a) |
||||||||
April 1-30, 2018
|
—
|
|
|
$
|
—
|
|
—
|
|
$
|
—
|
|
$
|
5,500,000,013
|
|
May 1-31, 2018
|
18,821,251
|
|
|
$
|
33.21
|
|
18,821,251
|
|
$
|
625,000,000
|
|
$
|
4,875,000,013
|
|
June 1-30, 2018
|
19,494,692
|
|
|
$
|
32.06
|
|
19,494,692
|
|
$
|
625,000,000
|
|
$
|
4,250,000,013
|
|
Total
|
38,315,943
|
|
|
$
|
32.62
|
|
38,315,943
|
|
$
|
1,250,000,000
|
|
$
|
4,250,000,013
|
|
(a)
|
Effective January 1, 2017, our Board of Directors increased our share repurchase program authorization to $12 billion, which does not have an expiration date.
Under this authorization, we may repurchase shares in the open market or in private transactions.
|
Exhibit
No.
|
|
Description
|
|
Term Loan Credit Agreement among Comcast, the financial institutions party thereto, Bank of America, N.A., as administrative agent, Wells Fargo Bank, National Association, as syndication agent, and Merrill Lynch, Pierce, Fenner & Smith Incorporated and Wells Fargo Securities LLC, as joint lead arrangers and joint bookrunners, dated April 25, 2018 (incorporated by reference to Exhibit 10.1 to Comcast’s Current Report on Form 8-K filed on April 25, 2018).
|
|
|
364-day Bridge Loan Credit Agreement among Comcast, the financial institutions party thereto, Bank of America, N.A., as administrative agent, Wells Fargo Bank, National Association, as syndication agent, and Merrill Lynch, Pierce, Fenner & Smith Incorporated and Wells Fargo Securities LLC as joint lead arrangers and joint bookrunners, dated April 25, 2018 (incorporated by reference to Exhibit 10.2 to Comcast’s Current Report on Form 8-K filed on April 25, 2018).
|
|
|
Amendment No. 1 dated April 27, 2018, to Credit Agreement dated as of May 26, 2016, among Comcast Corporation, the financial institutions party thereto, JPMorgan Chase Bank, N.A., as administrative agent, Citibank, N.A., as syndication agent, Morgan Stanley MUFG Partners, LLC, Wells Fargo Bank, National Association and Mizuho Bank, Ltd., as co-documentation agents (incorporated by reference to Exhibit 10.1 to Comcast’s Current Report on Form 8-K filed on April 30, 2018).
|
|
|
Employment Agreement between Comcast Corporation and David N. Watson, dated as of April 2, 2018.
|
|
|
Form of Restricted Stock Unit Award and Long-Term Incentive Awards Summary Schedule under the Comcast Corporation 2002 Restricted Stock Plan
|
|
|
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, 2018, filed with the Securities and Exchange Commission on July 26, 2018, formatted in XBRL (eXtensible Business Reporting Language): (i) the Condensed Consolidated Statement of Income; (ii) the Condensed Consolidated Statement of Comprehensive Income; (iii) the Condensed Consolidated Statement of Cash Flows; (iv) the Condensed Consolidated Balance Sheet; (v) the Condensed Consolidated Statement of Changes in Equity; and (vi) the Notes to Condensed Consolidated Financial Statements.
|
*
Constitutes a management contract or compensatory plan or arrangement.
|
Exhibit
No.
|
|
Description
|
|
Term Loan Credit Agreement among Comcast, the financial institutions party thereto, Bank of America, N.A., as administrative agent, Wells Fargo Bank, National Association, as syndication agent, and Merrill Lynch, Pierce, Fenner & Smith Incorporated and Wells Fargo Securities LLC, as joint lead arrangers and joint bookrunners, dated April 25, 2018 (incorporated by reference to Exhibit 10.1 to NBCUniversal’s Current Report on Form 8-K filed on April 25, 2018).
|
|
|
364-day Bridge Loan Credit Agreement among Comcast, the financial institutions party thereto, Bank of America, N.A., as administrative agent, Wells Fargo Bank, National Association, as syndication agent, and Merrill Lynch, Pierce, Fenner & Smith Incorporated and Wells Fargo Securities LLC as joint lead arrangers and joint bookrunners, dated April 25, 2018 (incorporated by reference to Exhibit 10.2 to NBCUniversal’s Current Report on Form 8-K filed on April 25, 2018).
|
|
|
Amendment No. 1 dated April 27, 2018, to Credit Agreement dated as of May 26, 2016, among Comcast Corporation, the financial institutions party thereto, JPMorgan Chase Bank, N.A., as administrative agent, Citibank, N.A., as syndication agent, Morgan Stanley MUFG Partners, LLC, Wells Fargo Bank, National Association and Mizuho Bank, Ltd., as co-documentation agents (incorporated by reference to Exhibit 10.1 to NBCUniversal’s Current Report on Form 8-K filed on April 30, 2018).
|
|
|
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, 2018, filed with the Securities and Exchange Commission on July 26, 2018, formatted in XBRL (eXtensible Business Reporting Language): (i) the Condensed Consolidated Statement of Income; (ii) the Condensed Consolidated Statement of Comprehensive Income; (iii) the Condensed Consolidated Statement of Cash Flows; (iv) the Condensed Consolidated Balance Sheet; (v) the Condensed Consolidated Statement of Changes in Equity; and (vi) the Notes to Condensed Consolidated Financial Statements.
|
|
|
COMCAST CORPORATION
|
|
|
|
By:
|
|
/s/ DANIEL C. MURDOCK
|
|
|
Daniel C. Murdock
Senior Vice President, Chief Accounting Officer and Controller
(Principal Accounting Officer)
|
|
|
NBCUNIVERSAL MEDIA, LLC
|
|
|
|
By:
|
|
/s/ DANIEL C. MURDOCK
|
|
|
Daniel C. Murdock
Senior Vice President
(Principal Accounting Officer)
|
Index
|
Page
|
|
Three Months Ended
June 30 |
|
Six Months Ended
June 30 |
||||||||||||
(in millions)
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Revenue
|
$
|
8,313
|
|
|
$
|
8,318
|
|
|
$
|
17,843
|
|
|
$
|
16,171
|
|
Costs and Expenses:
|
|
|
|
|
|
|
|
||||||||
Programming and production
|
3,478
|
|
|
3,576
|
|
|
8,051
|
|
|
6,876
|
|
||||
Other operating and administrative
|
1,955
|
|
|
1,890
|
|
|
3,927
|
|
|
3,718
|
|
||||
Advertising, marketing and promotion
|
720
|
|
|
778
|
|
|
1,420
|
|
|
1,484
|
|
||||
Depreciation
|
258
|
|
|
265
|
|
|
500
|
|
|
496
|
|
||||
Amortization
|
295
|
|
|
255
|
|
|
563
|
|
|
532
|
|
||||
Total costs and expenses
|
6,706
|
|
|
6,764
|
|
|
14,461
|
|
|
13,106
|
|
||||
Operating income
|
1,607
|
|
|
1,554
|
|
|
3,382
|
|
|
3,065
|
|
||||
Interest expense
|
(133
|
)
|
|
(149
|
)
|
|
(260
|
)
|
|
(292
|
)
|
||||
Investment and other income (loss), net
|
(168
|
)
|
|
(15
|
)
|
|
(172
|
)
|
|
(16
|
)
|
||||
Income before income taxes
|
1,306
|
|
|
1,390
|
|
|
2,950
|
|
|
2,757
|
|
||||
Income tax expense
|
(88
|
)
|
|
(99
|
)
|
|
(179
|
)
|
|
(191
|
)
|
||||
Net income
|
1,218
|
|
|
1,291
|
|
|
2,771
|
|
|
2,566
|
|
||||
Less: Net income (loss) attributable to noncontrolling interests
|
(29
|
)
|
|
12
|
|
|
11
|
|
|
85
|
|
||||
Net income attributable to NBCUniversal
|
$
|
1,247
|
|
|
$
|
1,279
|
|
|
$
|
2,760
|
|
|
$
|
2,481
|
|
|
Three Months Ended
June 30 |
|
Six Months Ended
June 30 |
||||||||||||
(in millions)
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Net income
|
$
|
1,218
|
|
|
$
|
1,291
|
|
|
$
|
2,771
|
|
|
$
|
2,566
|
|
Unrealized gains (losses) on marketable securities, net
|
—
|
|
|
(140
|
)
|
|
—
|
|
|
(139
|
)
|
||||
Deferred gains (losses) on cash flow hedges, net
|
11
|
|
|
(8
|
)
|
|
(2
|
)
|
|
(22
|
)
|
||||
Employee benefit obligations, net
|
(3
|
)
|
|
(2
|
)
|
|
(7
|
)
|
|
104
|
|
||||
Currency translation adjustments, net
|
(215
|
)
|
|
(11
|
)
|
|
(11
|
)
|
|
189
|
|
||||
Comprehensive income
|
1,011
|
|
|
1,130
|
|
|
2,751
|
|
|
2,698
|
|
||||
Less: Net income (loss) attributable to noncontrolling interests
|
(29
|
)
|
|
12
|
|
|
11
|
|
|
85
|
|
||||
Less: Other comprehensive income (loss) attributable to noncontrolling interests
|
(29
|
)
|
|
(5
|
)
|
|
(25
|
)
|
|
82
|
|
||||
Comprehensive income attributable to NBCUniversal
|
$
|
1,069
|
|
|
$
|
1,123
|
|
|
$
|
2,765
|
|
|
$
|
2,531
|
|
|
Six Months Ended
June 30 |
||||||
(in millions)
|
2018
|
|
2017
|
||||
Operating Activities
|
|
|
|
||||
Net income
|
$
|
2,771
|
|
|
$
|
2,566
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
||||
Depreciation and amortization
|
1,063
|
|
|
1,028
|
|
||
Net (gain) loss on investment activity and other
|
232
|
|
|
73
|
|
||
Deferred income taxes
|
—
|
|
|
19
|
|
||
Changes in operating assets and liabilities, net of effects of acquisitions and divestitures:
|
|
|
|
||||
Current and noncurrent receivables, net
|
(42
|
)
|
|
(36
|
)
|
||
Film and television costs, net
|
77
|
|
|
275
|
|
||
Accounts payable and accrued expenses related to trade creditors
|
(169
|
)
|
|
(220
|
)
|
||
Other operating assets and liabilities
|
(497
|
)
|
|
(179
|
)
|
||
Net cash provided by operating activities
|
3,435
|
|
|
3,526
|
|
||
Investing Activities
|
|
|
|
||||
Capital expenditures
|
(730
|
)
|
|
(623
|
)
|
||
Cash paid for intangible assets
|
(296
|
)
|
|
(128
|
)
|
||
Construction of Universal Beijing Resort
|
(116
|
)
|
|
(29
|
)
|
||
Purchases of investments
|
(288
|
)
|
|
(253
|
)
|
||
Other
|
(56
|
)
|
|
52
|
|
||
Net cash provided by (used in) investing activities
|
(1,486
|
)
|
|
(981
|
)
|
||
Financing Activities
|
|
|
|
||||
Proceeds from borrowings
|
245
|
|
|
3,948
|
|
||
Repurchases and repayments of debt
|
(332
|
)
|
|
(3,402
|
)
|
||
Proceeds from (repayments of) borrowings from Comcast, net
|
(1,692
|
)
|
|
278
|
|
||
Distributions to member
|
(990
|
)
|
|
(1,141
|
)
|
||
Distributions to noncontrolling interests
|
(111
|
)
|
|
(116
|
)
|
||
Purchase of Universal Studios Japan noncontrolling interests
|
—
|
|
|
(2,299
|
)
|
||
Other
|
(132
|
)
|
|
66
|
|
||
Net cash provided by (used in) financing activities
|
(3,012
|
)
|
|
(2,666
|
)
|
||
Increase (decrease) in cash, cash equivalents and restricted cash
|
(1,063
|
)
|
|
(121
|
)
|
||
Cash, cash equivalents and restricted cash, beginning of period
|
2,377
|
|
|
1,987
|
|
||
Cash, cash equivalents and restricted cash, end of period
|
$
|
1,314
|
|
|
$
|
1,866
|
|
(in millions)
|
June 30,
2018 |
|
December 31,
2017 |
||||
Assets
|
|
|
|
||||
Current Assets:
|
|
|
|
||||
Cash and cash equivalents
|
$
|
1,283
|
|
|
$
|
2,347
|
|
Receivables, net
|
7,002
|
|
|
6,967
|
|
||
Programming rights
|
1,207
|
|
|
1,606
|
|
||
Other current assets
|
1,092
|
|
|
1,037
|
|
||
Total current assets
|
10,584
|
|
|
11,957
|
|
||
Film and television costs
|
7,401
|
|
|
7,082
|
|
||
Investments
|
1,816
|
|
|
1,816
|
|
||
Property and equipment, net of accumulated depreciation of $4,618 and $4,166
|
12,180
|
|
|
11,346
|
|
||
Goodwill
|
24,087
|
|
|
23,989
|
|
||
Intangible assets, net of accumulated amortization of $8,157 and $7,585
|
14,036
|
|
|
13,306
|
|
||
Other noncurrent assets, net
|
1,781
|
|
|
1,804
|
|
||
Total assets
|
$
|
71,885
|
|
|
$
|
71,300
|
|
Liabilities and Equity
|
|
|
|
||||
Current Liabilities:
|
|
|
|
||||
Accounts payable and accrued expenses related to trade creditors
|
$
|
1,567
|
|
|
$
|
1,663
|
|
Accrued participations and residuals
|
1,731
|
|
|
1,644
|
|
||
Program obligations
|
601
|
|
|
745
|
|
||
Deferred revenue
|
1,434
|
|
|
1,457
|
|
||
Accrued expenses and other current liabilities
|
1,823
|
|
|
2,394
|
|
||
Note payable to Comcast
|
139
|
|
|
1,831
|
|
||
Current portion of long-term debt
|
188
|
|
|
198
|
|
||
Total current liabilities
|
7,483
|
|
|
9,932
|
|
||
Long-term debt, less current portion
|
12,287
|
|
|
12,275
|
|
||
Accrued participations, residuals and program obligations
|
1,501
|
|
|
1,490
|
|
||
Other noncurrent liabilities
|
5,138
|
|
|
4,153
|
|
||
Commitments and contingencies
|
|
|
|
||||
Redeemable noncontrolling interests
|
391
|
|
|
409
|
|
||
Equity:
|
|
|
|
||||
Member’s capital
|
43,777
|
|
|
42,148
|
|
||
Accumulated other comprehensive income (loss)
|
218
|
|
|
(20
|
)
|
||
Total NBCUniversal member’s equity
|
43,995
|
|
|
42,128
|
|
||
Noncontrolling interests
|
1,090
|
|
|
913
|
|
||
Total equity
|
45,085
|
|
|
43,041
|
|
||
Total liabilities and equity
|
$
|
71,885
|
|
|
$
|
71,300
|
|
(in millions)
|
Redeemable
Noncontrolling
Interests
|
|
Member’s
Capital
|
|
Accumulated
Other
Comprehensive
Income (Loss)
|
|
Noncontrolling
Interests
|
|
Total Equity
|
||||||||||
Balance, December 31, 2016
|
$
|
530
|
|
|
$
|
38,894
|
|
|
$
|
(135
|
)
|
|
$
|
2,116
|
|
|
$
|
40,875
|
|
Dividends declared
|
|
|
(1,141
|
)
|
|
|
|
|
|
(1,141
|
)
|
||||||||
Contributions from (distributions to) noncontrolling interests, net
|
(46
|
)
|
|
|
|
|
|
(55
|
)
|
|
(55
|
)
|
|||||||
Contribution from member
|
|
|
662
|
|
|
|
|
|
|
662
|
|
||||||||
Other comprehensive income (loss)
|
|
|
|
|
50
|
|
|
82
|
|
|
132
|
|
|||||||
Purchase of Universal Studios Japan noncontrolling interests
|
|
|
(704
|
)
|
|
141
|
|
|
(1,736
|
)
|
|
(2,299
|
)
|
||||||
Other
|
10
|
|
|
81
|
|
|
|
|
474
|
|
|
555
|
|
||||||
Net income
|
18
|
|
|
2,481
|
|
|
|
|
67
|
|
|
2,548
|
|
||||||
Balance, June 30, 2017
|
$
|
512
|
|
|
$
|
40,273
|
|
|
$
|
56
|
|
|
$
|
948
|
|
|
$
|
41,277
|
|
Balance, December 31, 2017
|
$
|
409
|
|
|
$
|
42,148
|
|
|
$
|
(20
|
)
|
|
$
|
913
|
|
|
$
|
43,041
|
|
Cumulative effects of adoption of accounting standards
|
|
|
(232
|
)
|
|
232
|
|
|
|
|
—
|
|
|||||||
Dividends declared
|
|
|
(990
|
)
|
|
|
|
|
|
(990
|
)
|
||||||||
Contributions from (distributions to) noncontrolling interests, net
|
(33
|
)
|
|
|
|
|
|
313
|
|
|
313
|
|
|||||||
Other comprehensive income (loss)
|
|
|
|
|
6
|
|
|
(25
|
)
|
|
(19
|
)
|
|||||||
Other
|
(5
|
)
|
|
91
|
|
|
|
|
(102
|
)
|
|
(11
|
)
|
||||||
Net income
|
20
|
|
|
2,760
|
|
|
|
|
(9
|
)
|
|
2,751
|
|
||||||
Balance, June 30, 2018
|
$
|
391
|
|
|
$
|
43,777
|
|
|
$
|
218
|
|
|
$
|
1,090
|
|
|
$
|
45,085
|
|
•
|
Cable Networks:
Consists primarily of our national cable networks that provide a variety of entertainment, news and information, and sports content, our regional sports and news networks, our international cable networks, our cable television studio production operations, and various digital properties.
|
•
|
Broadcast Television:
Consists primarily of the NBC and Telemundo broadcast networks, our NBC and Telemundo owned local broadcast television stations, the NBC Universo national cable network, our broadcast television studio production operations, and various digital properties.
|
•
|
Filmed Entertainment:
Consists primarily of the operations of Universal Pictures, which produces, acquires, markets and distributes filmed entertainment worldwide; our films are also produced under the Illumination, DreamWorks Animation and Focus Features names.
|
•
|
Theme Parks:
Consists primarily of our Universal theme parks in Orlando, Florida; Hollywood, California; and Osaka, Japan. In addition, along with a consortium of Chinese state-owned companies, we are developing a Universal theme park and resort in Beijing, China.
|
|
Three Months Ended June 30, 2018
|
||||||||||||||
(in millions)
|
Revenue
|
Adjusted EBITDA
(c)
|
Depreciation and Amortization
|
Capital
Expenditures |
Cash Paid for Intangible Assets
|
||||||||||
Cable Networks
|
$
|
2,916
|
|
$
|
1,186
|
|
$
|
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)
|
(80
|
)
|
(2
|
)
|
—
|
|
—
|
|
—
|
|
|||||
Total
|
$
|
8,313
|
|
$
|
2,160
|
|
$
|
553
|
|
$
|
461
|
|
$
|
166
|
|
|
Three Months Ended June 30, 2017
|
||||||||||||||
(in millions)
|
Revenue
|
Adjusted EBITDA
(c)
|
Depreciation and Amortization
|
Capital
Expenditures |
Cash Paid for Intangible Assets
|
||||||||||
Cable Networks
|
$
|
2,696
|
|
$
|
1,055
|
|
$
|
181
|
|
$
|
8
|
|
$
|
4
|
|
Broadcast Television
|
2,241
|
|
416
|
|
31
|
|
30
|
|
4
|
|
|||||
Filmed Entertainment
|
2,142
|
|
287
|
|
25
|
|
19
|
|
6
|
|
|||||
Theme Parks
|
1,314
|
|
551
|
|
186
|
|
243
|
|
26
|
|
|||||
Headquarters and Other
(a)
|
9
|
|
(235
|
)
|
97
|
|
38
|
|
33
|
|
|||||
Eliminations
(b)
|
(84
|
)
|
—
|
|
—
|
|
—
|
|
—
|
|
|||||
Total
|
$
|
8,318
|
|
$
|
2,074
|
|
$
|
520
|
|
$
|
338
|
|
$
|
73
|
|
|
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)
|
$
|
6,110
|
|
$
|
2,454
|
|
$
|
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)
|
29
|
|
(336
|
)
|
208
|
|
100
|
|
63
|
|
|||||
Eliminations
(b)(d)
|
(183
|
)
|
(2
|
)
|
—
|
|
—
|
|
—
|
|
|||||
Total
|
$
|
17,843
|
|
$
|
4,445
|
|
$
|
1,063
|
|
$
|
730
|
|
$
|
296
|
|
|
Six Months Ended June 30, 2017
|
||||||||||||||
(in millions)
|
Revenue
|
Adjusted EBITDA
(c)
|
Depreciation and Amortization
|
Capital
Expenditures
|
Cash Paid for Intangible Assets
|
||||||||||
Cable Networks
|
$
|
5,336
|
|
$
|
2,170
|
|
$
|
395
|
|
$
|
10
|
|
$
|
7
|
|
Broadcast Television
|
4,449
|
|
738
|
|
63
|
|
59
|
|
7
|
|
|||||
Filmed Entertainment
|
4,109
|
|
658
|
|
47
|
|
29
|
|
11
|
|
|||||
Theme Parks
|
2,432
|
|
948
|
|
328
|
|
472
|
|
39
|
|
|||||
Headquarters and Other
(a)
|
17
|
|
(420
|
)
|
195
|
|
53
|
|
64
|
|
|||||
Eliminations
(b)
|
(172
|
)
|
(1
|
)
|
—
|
|
—
|
|
—
|
|
|||||
Total
|
$
|
16,171
|
|
$
|
4,093
|
|
$
|
1,028
|
|
$
|
623
|
|
$
|
128
|
|
(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)
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Adjusted EBITDA
|
$
|
2,160
|
|
|
$
|
2,074
|
|
|
$
|
4,445
|
|
|
$
|
4,093
|
|
Depreciation
|
(258
|
)
|
|
(265
|
)
|
|
(500
|
)
|
|
(496
|
)
|
||||
Amortization
|
(295
|
)
|
|
(255
|
)
|
|
(563
|
)
|
|
(532
|
)
|
||||
Interest expense
|
(133
|
)
|
|
(149
|
)
|
|
(260
|
)
|
|
(292
|
)
|
||||
Investment and other income (loss), net
|
(168
|
)
|
|
(15
|
)
|
|
(172
|
)
|
|
(16
|
)
|
||||
Income before income taxes
|
$
|
1,306
|
|
|
$
|
1,390
|
|
|
$
|
2,950
|
|
|
$
|
2,757
|
|
(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 enter into with our other segments.
|
|
Three Months Ended
June 30 |
|
Six Months Ended
June 30 |
||||||||||||
(in millions)
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Distribution
|
$
|
1,684
|
|
|
$
|
1,550
|
|
|
$
|
3,571
|
|
|
$
|
3,112
|
|
Advertising
|
938
|
|
|
906
|
|
|
1,926
|
|
|
1,732
|
|
||||
Content licensing and other
|
294
|
|
|
240
|
|
|
613
|
|
|
492
|
|
||||
Total Cable Networks
|
2,916
|
|
|
2,696
|
|
|
6,110
|
|
|
5,336
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Advertising
|
1,387
|
|
|
1,270
|
|
|
3,752
|
|
|
2,549
|
|
||||
Content licensing
|
481
|
|
|
523
|
|
|
1,003
|
|
|
1,026
|
|
||||
Distribution and other
|
523
|
|
|
448
|
|
|
1,133
|
|
|
874
|
|
||||
Total Broadcast Television
|
2,391
|
|
|
2,241
|
|
|
5,888
|
|
|
4,449
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Theatrical
|
540
|
|
|
837
|
|
|
963
|
|
|
1,488
|
|
||||
Content licensing
|
648
|
|
|
684
|
|
|
1,381
|
|
|
1,418
|
|
||||
Home entertainment
|
225
|
|
|
334
|
|
|
473
|
|
|
620
|
|
||||
Other
|
297
|
|
|
287
|
|
|
540
|
|
|
583
|
|
||||
Total Filmed Entertainment
|
1,710
|
|
|
2,142
|
|
|
3,357
|
|
|
4,109
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Total Theme Parks
|
1,361
|
|
|
1,314
|
|
|
2,642
|
|
|
2,432
|
|
||||
Headquarters and Other
|
15
|
|
|
9
|
|
|
29
|
|
|
17
|
|
||||
Eliminations
(a)
|
(80
|
)
|
|
(84
|
)
|
|
(183
|
)
|
|
(172
|
)
|
||||
Total revenue
|
$
|
8,313
|
|
|
$
|
8,318
|
|
|
$
|
17,843
|
|
|
$
|
16,171
|
|
(a)
|
Included in Eliminations are transactions that our segments enter into with one another. See Note 2 for a description of these transactions.
|
|
Three Months Ended
June 30 |
|
Six Months Ended
June 30 |
||||||||||||
(in millions)
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
United States
|
$
|
6,533
|
|
|
$
|
6,139
|
|
|
$
|
14,187
|
|
|
$
|
12,256
|
|
Foreign
|
1,780
|
|
|
2,179
|
|
|
3,656
|
|
|
3,915
|
|
||||
Total revenue
|
$
|
8,313
|
|
|
$
|
8,318
|
|
|
$
|
17,843
|
|
|
$
|
16,171
|
|
(in millions)
|
June 30,
2018 |
|
December 31,
2017 |
||||
Receivables, gross
|
$
|
7,097
|
|
|
$
|
7,055
|
|
Less: Allowance for doubtful accounts
|
95
|
|
|
88
|
|
||
Receivables, net
|
$
|
7,002
|
|
|
$
|
6,967
|
|
(in millions)
|
June 30,
2018 |
|
December 31,
2017 |
||||
Noncurrent receivables, net (included in other noncurrent assets, net)
|
$
|
1,091
|
|
|
$
|
1,093
|
|
Noncurrent deferred revenue (included in other noncurrent liabilities)
|
$
|
424
|
|
|
$
|
392
|
|
|
Three Months Ended June 30, 2017
|
|
Six Months Ended June 30, 2017
|
||||||||||||||||
(in millions)
|
Previously Reported
|
|
Effects of Adoption
|
|
As Adjusted
|
|
|
Previously Reported
|
|
Effects of Adoption
|
|
As Adjusted
|
|
||||||
Revenue
|
$
|
8,331
|
|
$
|
(13
|
)
|
$
|
8,318
|
|
|
$
|
16,199
|
|
$
|
(28
|
)
|
$
|
16,171
|
|
Total costs and expenses
|
$
|
6,780
|
|
$
|
(16
|
)
|
$
|
6,764
|
|
|
$
|
13,139
|
|
$
|
(33
|
)
|
$
|
13,106
|
|
Operating income
|
$
|
1,551
|
|
$
|
3
|
|
$
|
1,554
|
|
|
$
|
3,060
|
|
$
|
5
|
|
$
|
3,065
|
|
Net income attributable to NBCUniversal
|
$
|
1,276
|
|
$
|
3
|
|
$
|
1,279
|
|
|
$
|
2,476
|
|
$
|
5
|
|
$
|
2,481
|
|
|
December 31, 2017
|
||||||||
(in millions)
|
Previously Reported
|
|
Effects of Adoption
|
|
As Adjusted
|
|
|||
Total current assets
|
$
|
11,673
|
|
$
|
284
|
|
$
|
11,957
|
|
Film and television costs
|
$
|
7,071
|
|
$
|
11
|
|
$
|
7,082
|
|
Other noncurrent assets, net
|
$
|
1,872
|
|
$
|
(68
|
)
|
$
|
1,804
|
|
Total assets
|
$
|
71,073
|
|
$
|
227
|
|
$
|
71,300
|
|
|
|
|
|
||||||
Total current liabilities
|
$
|
9,602
|
|
$
|
330
|
|
$
|
9,932
|
|
Other noncurrent liabilities
|
$
|
4,109
|
|
$
|
44
|
|
$
|
4,153
|
|
Total equity
|
$
|
43,188
|
|
$
|
(147
|
)
|
$
|
43,041
|
|
Total liabilities and equity
|
$
|
71,073
|
|
$
|
227
|
|
$
|
71,300
|
|
(in millions)
|
June 30,
2018 |
|
December 31,
2017 |
||||
Film Costs:
|
|
|
|
||||
Released, less amortization
|
$
|
1,609
|
|
|
$
|
1,734
|
|
Completed, not released
|
258
|
|
|
50
|
|
||
In production and in development
|
1,057
|
|
|
1,149
|
|
||
|
2,924
|
|
|
2,933
|
|
||
Television Costs:
|
|
|
|
||||
Released, less amortization
|
2,326
|
|
|
2,260
|
|
||
In production and in development
|
878
|
|
|
818
|
|
||
|
3,204
|
|
|
3,078
|
|
||
Programming rights, less amortization
|
2,480
|
|
|
2,677
|
|
||
|
8,608
|
|
|
8,688
|
|
||
Less: Current portion of programming rights
|
1,207
|
|
|
1,606
|
|
||
Film and television costs
|
$
|
7,401
|
|
|
$
|
7,082
|
|
(in millions)
|
June 30,
2018 |
|
December 31,
2017 |
||||
Equity method
|
$
|
719
|
|
|
$
|
690
|
|
Marketable equity securities
|
385
|
|
|
430
|
|
||
Nonmarketable equity securities
|
712
|
|
|
696
|
|
||
Total investments
|
$
|
1,816
|
|
|
$
|
1,816
|
|
|
Three Months Ended
June 30 |
|
Six Months Ended
June 30 |
||||||||||||
(in millions)
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Equity in net income (losses) of investees, net
|
$
|
(87
|
)
|
|
$
|
(29
|
)
|
|
$
|
(187
|
)
|
|
$
|
(55
|
)
|
Realized and unrealized gains (losses) on equity securities, net
|
(74
|
)
|
|
—
|
|
|
(37
|
)
|
|
2
|
|
||||
Other income (loss), net
|
(7
|
)
|
|
14
|
|
|
52
|
|
|
37
|
|
||||
Investment and other income (loss), net
|
$
|
(168
|
)
|
|
$
|
(15
|
)
|
|
$
|
(172
|
)
|
|
$
|
(16
|
)
|
|
Six Months Ended
June 30 |
||||||
(in millions)
|
2018
|
|
2017
|
||||
Interest
|
$
|
218
|
|
|
$
|
287
|
|
Income taxes
|
$
|
225
|
|
|
$
|
149
|
|
•
|
we acquired
$1.2 billion
of property and equipment and intangible assets that were accrued but unpaid
|
•
|
we received noncash contributions from noncontrolling interests totaling
$391 million
related to Universal Beijing Resort (see Note 5)
|
(in millions)
|
June 30,
2018 |
|
December 31,
2017 |
||||
Cash and cash equivalents
|
$
|
1,283
|
|
|
$
|
2,347
|
|
Restricted cash included in other noncurrent assets, net
|
31
|
|
|
30
|
|
||
Cash, cash equivalents and restricted cash, end of period
|
$
|
1,314
|
|
|
$
|
2,377
|
|
(in millions)
|
June 30,
2018 |
|
June 30,
2017 |
||||
Unrealized gains (losses) on marketable securities
|
$
|
—
|
|
|
$
|
(139
|
)
|
Deferred gains (losses) on cash flow hedges
|
8
|
|
|
1
|
|
||
Unrecognized gains (losses) on employee benefit obligations
|
119
|
|
|
118
|
|
||
Cumulative translation adjustments
|
91
|
|
|
76
|
|
||
Accumulated other comprehensive income (loss)
|
$
|
218
|
|
|
$
|
56
|
|
|
Three Months Ended
June 30 |
|
Six Months Ended
June 30 |
||||||||||||
(in millions)
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Transactions with Comcast and Consolidated Subsidiaries
|
|
|
|
|
|
|
|
||||||||
Revenue
|
$
|
480
|
|
|
$
|
460
|
|
|
$
|
1,074
|
|
|
$
|
919
|
|
Total costs and expenses
|
$
|
(42
|
)
|
|
$
|
(49
|
)
|
|
$
|
(103
|
)
|
|
$
|
(110
|
)
|
Interest expense and investment and other income (loss), net
|
$
|
(20
|
)
|
|
$
|
(28
|
)
|
|
$
|
(43
|
)
|
|
$
|
(47
|
)
|
(in millions)
|
June 30,
2018 |
|
December 31,
2017 |
||||
Transactions with Comcast and Consolidated Subsidiaries
|
|
|
|
||||
Receivables, net
|
$
|
350
|
|
|
$
|
326
|
|
Accounts payable and accrued expenses related to trade creditors
|
$
|
38
|
|
|
$
|
54
|
|
Accrued expenses and other current liabilities
|
$
|
11
|
|
|
$
|
50
|
|
Note payable to Comcast
|
$
|
139
|
|
|
$
|
1,831
|
|
Long-term debt
|
$
|
610
|
|
|
$
|
610
|
|
Other noncurrent liabilities
|
$
|
389
|
|
|
$
|
389
|
|
No information found
* THE VALUE IS THE MARKET VALUE AS OF THE LAST DAY OF THE QUARTER FOR WHICH THE 13F WAS FILED.
FUND | NUMBER OF SHARES | VALUE ($) | PUT OR CALL |
---|
DIRECTORS | AGE | BIO | OTHER DIRECTOR MEMBERSHIPS |
---|
No information found
Price
Yield
Owner | Position | Direct Shares | Indirect Shares |
---|