Segment Information

3 Months Ended

Mar. 31, 2019

Segment Reporting Information [Line Items]

We present our operations in six reportable business segments: (1) Comcast Cable in one reportable business segment, referred to as Cable Communications; (2) NBCUniversal in four reportable business segments: Cable Networks, Broadcast Television, Filmed Entertainment and Theme Parks (collectively, the “NBCUniversal segments”); and (3) Sky in one reportable business segment.

Our Cable Communications segment consists of the operations of Comcast Cable, which is one of the nation’s largest providers of high-speed internet, video, voice, wireless, and security and automation services (“cable services”) to residential customers under the Xfinity brand; we also provide these and other services to business customers and sell advertising.

Our Cable Networks segment consists primarily of our national cable networks that provide a variety of entertainment, news and information, and sports content, our regional sports and news networks, our international cable networks, our cable television studio production operations, and various digital properties.

Our Broadcast Television segment consists primarily of the NBC and Telemundo broadcast networks, our NBC and Telemundo owned local broadcast television stations, the NBC Universo national cable network, our broadcast television studio production operations, and various digital properties.

Our Filmed Entertainment segment consists primarily of the operations of Universal Pictures, which produces, acquires, markets and distributes filmed entertainment worldwide; our films are also produced under the Illumination, DreamWorks Animation and Focus Features names.

Our Theme Parks segment consists primarily of our Universal theme parks in Orlando, Florida; Hollywood, California; and Osaka, Japan. In addition, along with a consortium of Chinese state-owned companies, we are developing a Universal theme park and resort in Beijing, China.

Our Sky segment consists of the operations of Sky, one of Europe’s leading entertainment companies, which primarily includes a direct-to-consumer business, providing video, high-speed internet, voice and wireless phone services, and a content business, operating entertainment networks, the Sky News broadcast network and Sky Sports networks.

Our other business interests consist primarily of the operations of Comcast Spectacor, which owns the Philadelphia Flyers and the Wells Fargo Center arena in Philadelphia, Pennsylvania.

We use Adjusted EBITDA to evaluate the profitability of our operating segments and the components of net income attributable to Comcast Corporation excluded from Adjusted EBITDA are not separately evaluated. Beginning in the first quarter of 2019, Comcast Cable’s wireless phone service and certain other Cable-related business development initiatives are now presented in the Cable Communications segment. Results were previously presented in Corporate and Other. Prior periods have been adjusted to reflect this presentation. To be consistent with our current management reporting presentation, certain 2018 operating results were reclassified related to certain NBCUniversal businesses now presented in the Sky segment. Our financial data by business segment is presented in the tables below.



	Three Months Ended March 31, 2019
(in millions)	Revenue			Adjusted EBITDA^(d)			Depreciation and Amortization		Capital Expenditures		Cash Paid for Intangible Assets
Cable Communications	$	14,280		$	5,728		$	2,035	$	1,363	$	323
NBCUniversal
Cable Networks	2,868			1,262			182		6		2
Broadcast Television	2,467			387			39		13		3
Filmed Entertainment	1,768			364			19		4		5
Theme Parks	1,276			498			162		394		19
Headquarters and Other^(a)	17			(174		)	113		36		42
Eliminations^(b)	(83		)	—			—		—		—
NBCUniversal	8,313			2,337			515		453		71
Sky	4,797			663			741		259		151
Corporate and Other^(c)	108			(187		)	29		17		2
Eliminations^(b)	(639		)	12			—		—		—
Comcast Consolidated	$	26,859		$	8,553		$	3,320	$	2,092	$	547



	Three Months Ended March 31, 2018
(in millions)	Revenue			Adjusted EBITDA^(d)			Depreciation and Amortization		Capital Expenditures		Cash Paid for Intangible Assets
Cable Communications	$	13,703		$	5,217		$	2,061	$	1,691	$	287
NBCUniversal
Cable Networks^(e)	3,157			1,254			189		3		4
Broadcast Television^(e)	3,497			507			34		30		72
Filmed Entertainment	1,647			203			28		7		6
Theme Parks	1,281			495			155		182		16
Headquarters and Other^(a)	14			(188		)	104		47		32
Eliminations^(b)(e)	(99		)	—			—		—		—
NBCUniversal	9,497			2,271			510		269		130
Corporate and Other^(c)	243			(185		)	28		13		2
Eliminations^(b)(e)	(652		)	(59		)	—		—		—
Comcast Consolidated	$	22,791		$	7,244		$	2,599	$	1,973	$	419


(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


•	our Filmed Entertainment, Cable Networks and Broadcast Television segments generate revenue by licensing content to our Sky segment


(c)	Corporate and Other activities include costs associated with overhead and personnel, revenue and expenses associated with operations of Comcast Spectacor, which owns the Philadelphia Flyers and the Wells Fargo Center arena in Philadelphia, Pennsylvania, as well as other business development initiatives.

(d)

We use Adjusted EBITDA as the measure of profit or loss for our operating segments. Adjusted EBITDA is defined as net income attributable to Comcast Corporation before net income (loss) attributable to noncontrolling interests and redeemable subsidiary preferred stock, income tax expense, investment and other income (loss), net, interest expense, depreciation and amortization expense, and other operating gains and losses (such as impairment charges related to fixed and intangible assets and gains or losses on the sale of long-lived assets), if any. From time to time we may exclude from Adjusted EBITDA the impact of certain events, gains, losses or other charges (such as significant legal settlements) that affect the period-to-period comparability of our operating performance. Our reconciliation of the aggregate amount of Adjusted EBITDA for our reportable segments to consolidated income before income taxes is presented in the table below.



	Three Months Ended March 31
(in millions)	2019			2018
Adjusted EBITDA	$	8,553		$	7,244
Adjustment for Sky transaction-related costs	(51		)	—
Depreciation	(2,240		)	(2,011		)
Amortization	(1,080		)	(588		)
Interest expense	(1,150		)	(777		)
Investment and other income (loss), net	676			126
Income before income taxes	$	4,708		$	3,994

(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.

NBCUniversal Media LLC [Member]

Segment Reporting Information [Line Items]

Segment Information

We present our operations in four reportable business segments:

We use Adjusted EBITDA to evaluate the profitability of our operating segments and the components of net income attributable to NBCUniversal excluded from Adjusted EBITDA are not separately evaluated. To be consistent with our current management reporting presentation, 2018 operating results were reclassified related to certain NBCUniversal businesses now presented in Headquarters and Other. Our financial data by business segment is presented in the tables below.



	Three Months Ended March 31, 2019
(in millions)	Revenue			Adjusted EBITDA^(c)			Depreciation and Amortization		Capital Expenditures		Cash Paid for Intangible Assets
Cable Networks	$	2,868		$	1,262		$	182	$	6	$	2
Broadcast Television	2,467			387			39		13		3
Filmed Entertainment	1,768			364			19		4		5
Theme Parks	1,276			498			162		394		19
Headquarters and Other^(a)	51			(164		)	113		36		42
Eliminations^(b)	(85		)	—			—		—		—
Total	$	8,345		$	2,347		$	515	$	453	$	71



	Three Months Ended March 31, 2018
(in millions)	Revenue			Adjusted EBITDA^(c)			Depreciation and Amortization		Capital Expenditures		Cash Paid for Intangible Assets
Cable Networks^(d)	$	3,157		$	1,254		$	189	$	3	$	4
Broadcast Television^(d)	3,497			507			34		30		72
Filmed Entertainment	1,647			203			28		7		6
Theme Parks	1,281			495			155		182		16
Headquarters and Other^(a)	51			(174		)	104		47		32
Eliminations^(b)(d)	(103		)	—			—		—		—
Total	$	9,530		$	2,285		$	510	$	269	$	130


(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 March 31
(in millions)	2019			2018
Adjusted EBITDA	$	2,347		$	2,285
Depreciation	(243		)	(242		)
Amortization	(272		)	(268		)
Interest expense	(131		)	(127		)
Investment and other income (loss), net	240			(4		)
Income before income taxes	$	1,941		$	1,644

(d)