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Recent Accounting Pronouncements and Tax Reform | 6 Months Ended
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Jun. 30, 2018
New Accounting Pronouncements or Change in Accounting Principle [Line Items] |
Recent Accounting Pronouncements and Tax Reform | Recent Accounting Pronouncements and Tax Reform Revenue Recognition In May 2014, the Financial Accounting Standards Board (“FASB”) updated the accounting guidance related to revenue recognition. The updated accounting guidance provides a single, contract-based revenue recognition model to help improve financial reporting by providing clearer guidance on when an entity should recognize revenue and by reducing the number of standards to which an entity has to refer. The core principle of the new standard is that a company should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. We adopted the updated guidance on January 1, 2018 on a full retrospective basis, which required us to reflect the impact of the updated guidance for all periods presented. Upon adoption, we also implemented changes in our presentation of certain revenues and expenses, primarily in our Cable Communications segment. The adoption of the new standard did not have a material impact on our consolidated results of operations or financial position for any period presented. The updated guidance also requires additional disclosures regarding the nature, timing and uncertainty of our revenue transactions (see Note 3). The tables below present the effects on our condensed consolidated statement of income and balance sheet for the prior year periods presented. Condensed Consolidated Statement of Income
| 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 |
Condensed Consolidated Balance Sheet
| 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 |
Cable Communications A summary of the changes implemented for the Cable Communications segment is presented below. Changes to Presentation of Revenue and Related Costs
• | 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.
Changes to the Timing of Recognition of Revenue and Related Costs
• | 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.
The table below presents the effects these changes had on our Cable Communications segment revenue, operating costs and expenses, and depreciation and amortization expense as a result of the updated guidance for the prior year period. Previously reported amounts are based on amounts previously presented in the segment information footnote.
| 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 |
NBCUniversal Segments The adoption of the updated guidance impacted the timing of recognition for some of our revenue contracts, primarily for content licensing agreements. As a result of the adoption of the updated guidance, when the term of existing content licensing agreements is renewed or extended, revenue is not recognized until the date when the renewal or extension period begins. Under the prior guidance, revenue for the content licensing renewal period was recognized on the date that the renewal was agreed to contractually. This change resulted in delayed revenue recognition for content licensing renewals or extensions in our Cable Networks, Broadcast Television and Filmed Entertainment segments. This change also impacted the timing of the related amortization of our film and television costs and participations and residuals expenses. The adoption of the updated guidance did not have a material impact on the results of operations or financial position for the NBCUniversal segments. Financial Assets and Financial Liabilities In January 2016, the FASB updated the accounting guidance related to the recognition and measurement of financial assets and financial liabilities. The updated accounting guidance, among other things, requires that all nonconsolidated equity investments, except those accounted for under the equity method, be measured at fair value and the changes in fair value be recognized in net income. On January 1, 2018, we adopted the updated guidance prospectively along with a related clarifying update and as a result, we recorded an immaterial cumulative effect adjustment to retained earnings, accumulated other comprehensive income (loss) and investments. See Note 9 for further information. Tax Reform On December 22, 2017, new federal tax reform legislation was enacted in the United States (“2017 Tax Act”), resulting in significant changes from previous tax law. The new legislation reduced the federal corporate income tax rate to 21% from 35% effective January 1, 2018. In the fourth quarter of 2017, we recorded a net income tax benefit of approximately $12.7 billion on the date of enactment of the new legislation, primarily relating to a reduction of our net deferred tax liabilities as a result of the rate change. This amount also includes the reversal of our net deferred tax liabilities related to cumulative undistributed foreign earnings and deferred tax assets for related foreign tax credits, partially offset by the one-time deemed repatriation tax on undistributed foreign earnings and profits. The adjustments to deferred tax assets and liabilities, and the liability related to the transition tax, are provisional amounts based on information available as of June 30, 2018. These amounts are subject to change as we obtain information necessary to complete the calculations. During the three months ended June 30, 2018, we recorded immaterial adjustments to the provisional amounts related to the cumulative temporary differences and the one-time deemed repatriation tax on undistributed foreign earnings and profits. We expect to complete our analysis of the provisional items during the second half of 2018. In February 2018, the FASB issued guidance that permits companies to reclassify disproportionate tax effects recorded in accumulated other comprehensive income as a result of the 2017 Tax Act to retained earnings. We adopted the guidance as of January 1, 2018 and as a result we recorded an immaterial cumulative effect adjustment to retained earnings and accumulated other comprehensive income (loss). In February 2018, the Bipartisan Budget Act of 2018 was enacted. As part of this legislation, various tax provisions that had expired on December 31, 2016 were retroactively extended to December 31, 2017, including the statute permitting the immediate deduction for certain film and television production costs. We recorded an income tax benefit of $128 million in the first quarter of 2018 as a result of the enactment of this legislation. Restricted Cash In November 2016, the FASB updated the accounting guidance related to restricted cash. The new standard requires that the statement of cash flows present the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents, and a reconciliation of such total to amounts on the balance sheet. We adopted the updated guidance on January 1, 2018 and as required applied the retrospective transition method. The adoption did not have a material impact for any period presented. Leases In February 2016, the FASB updated the accounting guidance related to leases. The updated accounting guidance requires lessees to recognize a right-of-use asset and a lease liability on the balance sheet for all leases with the exception of short-term leases. The asset and liability are initially measured based on the present value of committed lease payments. For a lessee, the recognition, measurement and presentation of expenses and cash flows arising from a lease do not significantly change from previous guidance. For a lessor, the accounting applied is also largely unchanged from previous guidance. The updated guidance is effective for us as of January 1, 2019 and early adoption is permitted. We are currently in the process of determining the impact that the updated accounting guidance will have on our consolidated financial statements.
NBCUniversal Media LLC [Member] |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] |
Recent Accounting Pronouncements and Tax Reform | Recent Accounting Pronouncements Revenue Recognition In May 2014, the Financial Accounting Standards Board (“FASB”) updated the accounting guidance related to revenue recognition. The updated accounting guidance provides a single, contract-based revenue recognition model to help improve financial reporting by providing clearer guidance on when an entity should recognize revenue and by reducing the number of standards to which an entity has to refer. The core principle of the new standard is that a company should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. We adopted the updated guidance on January 1, 2018 on a full retrospective basis, which required us to reflect the impact of the updated guidance for all periods presented. The adoption of the new standard did not have a material impact on our consolidated results of operations or financial position for any period presented. The updated guidance also requires additional disclosures regarding the nature, timing and uncertainty of our revenue transactions (see Note 3). The tables below present the effects on our condensed consolidated statement of income and balance sheet for the prior year periods presented. Condensed Consolidated Statement of Income
| 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 |
Condensed Consolidated Balance Sheet
| 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 |
The adoption of the updated guidance impacted the timing of recognition for some of our revenue contracts, primarily for content licensing agreements. As a result of the adoption of the updated guidance, when the term of existing content licensing agreements is renewed or extended, revenue is not recognized until the date when the renewal or extension period begins. Under the prior guidance, revenue for the content licensing renewal period was recognized on the date that the renewal was agreed to contractually. This change resulted in delayed revenue recognition for content licensing renewals or extensions in our Cable Networks, Broadcast Television and Filmed Entertainment segments. This change also impacted the timing of the related amortization of our film and television costs and participations and residuals expenses. The adoption of the updated guidance did not have a material impact on the results of operations or financial position for our reportable segments. Financial Assets and Financial Liabilities In January 2016, the FASB updated the accounting guidance related to the recognition and measurement of financial assets and financial liabilities. The updated accounting guidance, among other things, requires that all nonconsolidated equity investments, except those accounted for under the equity method, be measured at fair value and the changes in fair value be recognized in net income. On January 1, 2018, we adopted the updated guidance prospectively along with a related clarifying update and as a result, we recorded a $232 million cumulative effect adjustment to member’s capital and accumulated other comprehensive income (loss). See Note 8 for further information. Restricted Cash In November 2016, the FASB updated the accounting guidance related to restricted cash. The new standard requires that the statement of cash flows present the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents, and a reconciliation of such total to amounts on the balance sheet. We adopted the updated guidance on January 1, 2018 and as required applied the retrospective transition method. The adoption did not have a material impact for any period presented. Leases In February 2016, the FASB updated the accounting guidance related to leases. The updated accounting guidance requires lessees to recognize a right-of-use asset and a lease liability on the balance sheet for all leases with the exception of short-term leases. The asset and liability are initially measured based on the present value of committed lease payments. For a lessee, the recognition, measurement and presentation of expenses and cash flows arising from a lease do not significantly change from previous guidance. For a lessor, the accounting applied is also largely unchanged from previous guidance. The updated guidance is effective for us as of January 1, 2019 and early adoption is permitted. We are currently in the process of determining the impact that the updated accounting guidance will have on our consolidated financial statements.

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