Financial Data by Business Segment (Tables)
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3 Months Ended |
Mar. 31, 2017 |
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| Segment Reporting Information [Line Items] |
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| Financial Data by Business Segment |
We use Adjusted EBITDA (formerly operating income before depreciation and amortization) to evaluate the profitability of our operating segments and the components of net income attributable to Comcast Corporation below Adjusted EBITDA are not separately evaluated by our management. Our financial data by business segment is presented in the tables below. | | | | | | | | | | | | | | | | | | | | | Three Months Ended March 31, 2017 | (in millions) | Revenue(e) | Adjusted EBITDA(f) | Depreciation and Amortization | Operating Income (Loss) | Capital Expenditures | Cash Paid for Intangible Assets | Cable Communications(a) | $ | 12,912 |
| $ | 5,198 |
| $ | 1,980 |
| $ | 3,218 |
| $ | 1,781 |
| $ | 352 |
| NBCUniversal | | | | | |
| Cable Networks | 2,641 |
| 1,116 |
| 214 |
| 902 |
| 2 |
| 3 |
| Broadcast Television | 2,208 |
| 322 |
| 32 |
| 290 |
| 29 |
| 3 |
| Filmed Entertainment | 1,981 |
| 368 |
| 21 |
| 347 |
| 10 |
| 5 |
| Theme Parks | 1,118 |
| 397 |
| 142 |
| 255 |
| 229 |
| 13 |
| Headquarters and Other(b) | 8 |
| (185 | ) | 99 |
| (284 | ) | 15 |
| 31 |
| Eliminations(c) | (88 | ) | (1 | ) | — |
| (1 | ) | — |
| — |
| NBCUniversal | 7,868 |
| 2,017 |
| 508 |
| 1,509 |
| 285 |
| 55 |
| Corporate and Other(d) | 208 |
| (194 | ) | 14 |
| (208 | ) | 12 |
| 9 |
| Eliminations(c) | (525 | ) | 11 |
| — |
| 11 |
| — |
| — |
| Comcast Consolidated | $ | 20,463 |
| $ | 7,032 |
| $ | 2,502 |
| $ | 4,530 |
| $ | 2,078 |
| $ | 416 |
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| | | | | | | | | | | | | | | | | | | | | Three Months Ended March 31, 2016 | (in millions) | Revenue(e) | Adjusted EBITDA(f) | Depreciation and Amortization | Operating Income (Loss) | Capital Expenditures | Cash Paid for Intangible Assets | Cable Communications(a) | $ | 12,204 |
| $ | 4,889 |
| $ | 1,843 |
| $ | 3,046 |
| $ | 1,576 |
| $ | 324 |
| NBCUniversal | | | | | |
| Cable Networks | 2,453 |
| 956 |
| 190 |
| 766 |
| 1 |
| 1 |
| Broadcast Television | 2,084 |
| 284 |
| 32 |
| 252 |
| 19 |
| 3 |
| Filmed Entertainment | 1,383 |
| 167 |
| 8 |
| 159 |
| 3 |
| 3 |
| Theme Parks | 1,026 |
| 375 |
| 98 |
| 277 |
| 200 |
| 9 |
| Headquarters and Other(b) | 3 |
| (160 | ) | 86 |
| (246 | ) | 72 |
| 36 |
| Eliminations(c) | (88 | ) | — |
| — |
| — |
| — |
| — |
| NBCUniversal | 6,861 |
| 1,622 |
| 414 |
| 1,208 |
| 295 |
| 52 |
| Corporate and Other(d) | 199 |
| (154 | ) | 21 |
| (175 | ) | 14 |
| 2 |
| Eliminations(c) | (474 | ) | 10 |
| — |
| 10 |
| — |
| — |
| Comcast Consolidated | $ | 18,790 |
| $ | 6,367 |
| $ | 2,278 |
| $ | 4,089 |
| $ | 1,885 |
| $ | 378 |
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| | (a) | For the three months ended March 31, 2017 and 2016, Cable Communications segment revenue was derived from the following sources: |
| | | | | | | Three Months Ended
March 31 | | 2017 | 2016 | Residential: | | | Video | 44.7 | % | 45.4 | % | High-speed Internet | 27.9 | % | 26.8 | % | Voice | 6.7 | % | 7.3 | % | Business services | 11.5 | % | 10.7 | % | Advertising | 4.0 | % | 4.5 | % | Other | 5.2 | % | 5.3 | % | Total | 100.0 | % | 100.0 | % |
Subscription revenue received from customers who purchase bundled services at a discounted rate is allocated proportionally to each cable service based on the individual service’s price on a stand-alone basis. For the three months ended March 31, 2017 and 2016, 2.8% and 2.9%, respectively, of Cable Communications segment revenue was derived from franchise and other regulatory fees. | | (b) | NBCUniversal Headquarters and Other activities include costs associated with overhead, allocations, personnel costs and headquarter initiatives. |
| | (c) | Included in Eliminations are transactions that our segments enter into with one another. The most common types of transactions are the following: |
| | • | our Cable Networks segment generates revenue by selling programming to our Cable Communications segment, which represents a substantial majority of the revenue elimination amount |
| | • | our Broadcast Television segment generates revenue from the fees received under retransmission consent agreements with our Cable Communications segment |
| | • | our Cable Communications segment generates revenue by selling advertising and by selling the use of satellite feeds to our Cable Networks segment |
| | • | our Filmed Entertainment and Broadcast Television segments generate revenue from the licensing of film and television content to our Cable Networks segment |
| | (d) | Corporate and Other activities include costs associated with overhead and personnel, the costs of corporate initiatives and branding, including our new wireless phone service, and the operations of Comcast Spectacor, which owns the Philadelphia Flyers and the Wells Fargo Center arena in Philadelphia, Pennsylvania and operates arena management-related businesses. |
| | (e) | No single customer accounted for a significant amount of revenue in any period. |
| | (f) | We use Adjusted EBITDA as the measure of profit or loss for our operating segments. Adjusted EBITDA is defined as net income attributable to Comcast Corporation before net (income) loss attributable to noncontrolling interests and redeemable subsidiary preferred stock, income tax expense, other income (expense) items, net, and depreciation and amortization, and excluding impairment charges related to fixed and intangible assets and gains or losses on the sale of long-lived assets, if any. Other income (expense) items, net include interest expense, investment income (loss), equity in net income (losses) of investees, and other income (expense), net (as stated in our condensed consolidated statement of income). This measure eliminates the significant level of noncash depreciation and amortization expense that results from the capital-intensive nature of certain of our businesses and from intangible assets recognized in business combinations. Additionally, it is unaffected by our capital and tax structures and by our investment activities. We use this measure to evaluate our consolidated operating performance and the operating performance of our operating segments and to allocate resources and capital to our operating segments. It is also a significant performance measure in our annual incentive compensation programs. We believe that this measure is useful to investors because it is one of the bases for comparing our operating performance with that of other companies in our industries, although our measure may not be directly comparable to similar measures used by other companies. This measure should not be considered a substitute for operating income (loss), net income (loss), net income (loss) attributable to Comcast Corporation, net cash provided by operating activities, or other measures of performance or liquidity we have reported in accordance with GAAP. Our reconciliation of the aggregate amount of Adjusted EBITDA for our reportable segments to consolidated income before income taxes is presented in the table below. |
| | | | | | | | | Three Months Ended
March 31 | (in millions) | 2017 | 2016 | Adjusted EBITDA | $ | 7,032 |
| $ | 6,367 |
| Depreciation | (1,915 | ) | (1,785 | ) | Amortization | (587 | ) | (493 | ) | Other income (expense) items, net | (625 | ) | (554 | ) | Income before income taxes | $ | 3,905 |
| $ | 3,535 |
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| Cable Communications Segment Revenue Sources |
| | | | | | | Three Months Ended
March 31 | | 2017 | 2016 | Residential: | | | Video | 44.7 | % | 45.4 | % | High-speed Internet | 27.9 | % | 26.8 | % | Voice | 6.7 | % | 7.3 | % | Business services | 11.5 | % | 10.7 | % | Advertising | 4.0 | % | 4.5 | % | Other | 5.2 | % | 5.3 | % | Total | 100.0 | % | 100.0 | % |
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| Reconciliation of Adjusted EBITDA from Segments to Consolidated |
Our reconciliation of the aggregate amount of Adjusted EBITDA for our reportable segments to consolidated income before income taxes is presented in the table below. | | | | | | | | | Three Months Ended
March 31 | (in millions) | 2017 | 2016 | Adjusted EBITDA | $ | 7,032 |
| $ | 6,367 |
| Depreciation | (1,915 | ) | (1,785 | ) | Amortization | (587 | ) | (493 | ) | Other income (expense) items, net | (625 | ) | (554 | ) | Income before income taxes | $ | 3,905 |
| $ | 3,535 |
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| NBCUniversal Media LLC [Member] |
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| Segment Reporting Information [Line Items] |
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| Financial Data by Business Segment |
| | | | | | | | | | | | | | | | | | | | | Three Months Ended March 31, 2017 | (in millions) | Revenue(c) | Adjusted EBITDA(d) | Depreciation and Amortization | Operating Income (Loss) | Capital Expenditures | Cash Paid for Intangible Assets | Cable Networks | $ | 2,641 |
| $ | 1,116 |
| $ | 214 |
| $ | 902 |
| $ | 2 |
| $ | 3 |
| Broadcast Television | 2,208 |
| 322 |
| 32 |
| 290 |
| 29 |
| 3 |
| Filmed Entertainment | 1,981 |
| 368 |
| 21 |
| 347 |
| 10 |
| 5 |
| Theme Parks | 1,118 |
| 397 |
| 142 |
| 255 |
| 229 |
| 13 |
| Headquarters and Other(a) | 8 |
| (185 | ) | 99 |
| (284 | ) | 15 |
| 31 |
| Eliminations(b) | (88 | ) | (1 | ) | — |
| (1 | ) | — |
| — |
| Total | $ | 7,868 |
| $ | 2,017 |
| $ | 508 |
| $ | 1,509 |
| $ | 285 |
| $ | 55 |
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| | | | | | | | | | | | | | | | | | | | | Three Months Ended March 31, 2016 | (in millions) | Revenue(c) | Adjusted EBITDA(d) | Depreciation and Amortization | Operating Income (Loss) | Capital Expenditures | Cash Paid for Intangible Assets | Cable Networks | $ | 2,453 |
| $ | 956 |
| $ | 190 |
| $ | 766 |
| $ | 1 |
| $ | 1 |
| Broadcast Television | 2,084 |
| 284 |
| 32 |
| 252 |
| 19 |
| 3 |
| Filmed Entertainment | 1,383 |
| 167 |
| 8 |
| 159 |
| 3 |
| 3 |
| Theme Parks | 1,026 |
| 375 |
| 98 |
| 277 |
| 200 |
| 9 |
| Headquarters and Other(a) | 3 |
| (160 | ) | 86 |
| (246 | ) | 72 |
| 36 |
| Eliminations(b) | (88 | ) | — |
| — |
| — |
| — |
| — |
| Total | $ | 6,861 |
| $ | 1,622 |
| $ | 414 |
| $ | 1,208 |
| $ | 295 |
| $ | 52 |
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| | (a) | Headquarters and Other activities include costs associated with overhead, allocations, personnel costs and headquarter initiatives. |
| | (b) | Included in Eliminations are transactions that our segments enter into with one another, which consist primarily of the licensing of film and television content from our Filmed Entertainment and Broadcast Television segments to our Cable Networks segment. |
| | (c) | No single customer accounted for a significant amount of revenue in any period. |
| | (d) | We use Adjusted EBITDA as the measure of profit or loss for our operating segments. Adjusted EBITDA is defined as net income attributable to NBCUniversal before net (income) loss attributable to noncontrolling interests, income tax expense, other income (expense) items, net, and depreciation and amortization, and excluding impairment charges related to fixed and intangible assets and gains or losses on the sale of long-lived assets, if any. Other income (expense) items, net include interest expense, investment income (loss), equity in net income (losses) of investees, and other income (expense), net (as stated in our condensed consolidated statement of income). This measure eliminates the significant level of noncash amortization expense that results from intangible assets recognized in connection with business combinations. Additionally, it is unaffected by our capital and tax structures and by our investment activities. We use this measure to evaluate our consolidated operating performance and the operating performance of our operating segments and to allocate resources and capital to our operating segments. It is also a significant performance measure in our annual incentive compensation programs. We believe that this measure is useful to investors because it is one of the bases for comparing our operating performance with that of other companies in our industries, although our measure may not be directly comparable to similar measures used by other companies. This measure should not be considered a substitute for operating income (loss), net income (loss), net income (loss) attributable to NBCUniversal, net cash provided by operating activities, or other measures of performance or liquidity we have reported in accordance with GAAP. Our reconciliation of the aggregate amount of Adjusted EBITDA for our reportable segments to consolidated income before income taxes is presented in the table below. |
| | | | | | | | | Three Months Ended
March 31 | (in millions) | 2017 | 2016 | Adjusted EBITDA | $ | 2,017 |
| $ | 1,622 |
| Depreciation | (231 | ) | (192 | ) | Amortization | (277 | ) | (222 | ) | Other income (expense) items, net | (144 | ) | (28 | ) | Income before income taxes | $ | 1,365 |
| $ | 1,180 |
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| Reconciliation of Adjusted EBITDA from Segments to Consolidated |
Our reconciliation of the aggregate amount of Adjusted EBITDA for our reportable segments to consolidated income before income taxes is presented in the table below. | | | | | | | | | Three Months Ended
March 31 | (in millions) | 2017 | 2016 | Adjusted EBITDA | $ | 2,017 |
| $ | 1,622 |
| Depreciation | (231 | ) | (192 | ) | Amortization | (277 | ) | (222 | ) | Other income (expense) items, net | (144 | ) | (28 | ) | Income before income taxes | $ | 1,365 |
| $ | 1,180 |
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