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Commitments and Contingencies | 12 Months Ended
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Dec. 31, 2019
Commitment And Contingencies [Line Items] |
Commitments and Contingencies |
Note 17: Commitments and Contingencies
Programming and Talent Commitments NBCUniversal and Sky enter into long-term commitments with third parties in the ordinary course of business, including commitments to acquire film and television programming, obligations under various creative talent agreements, and various other television-related commitments. Some of NBCUniversal’s employees, including writers, directors, actors, technical and production personnel, and others, as well as some of its on-air and creative talent, are covered by collective bargaining agreements or works councils. As of December 31, 2019, the total number of NBCUniversal employees covered by collective bargaining agreements was 9,400 full-time equivalent employees. Approximately, 12% of these full-time equivalent employees were covered by collective bargaining agreements that have expired or are scheduled to expire during 2020. We, through Comcast Spectacor, have employment agreements with both players and coaches of the Philadelphia Flyers. Certain of these employment agreements, which provide for payments that are guaranteed regardless of employee injury or termination, are covered by disability insurance if certain conditions are met. The table below summarizes our minimum annual programming and talent commitments. Programming and talent commitments include acquired film and television programming, broadcast rights to sporting events such as the Olympics, and other programming commitments, as well as various contracts with creative talent.
As of December 31, 2019 (in millions) | Programming and Talent Commitments
2020 | $ | 14,682 |
2021 | $ | 7,701 |
2022 | $ | 7,849 |
2023 | $ | 3,674 |
2024 | $ | 4,595 |
Thereafter | $ | 13,230 |
Leases Our leases consist primarily of real estate, vehicles and other equipment. We determine if an arrangement is a lease at inception. Lease assets and liabilities are recognized upon commencement of the lease based on the present value of the future minimum lease payments over the lease term. The lease term includes options to extend the lease when it is reasonably certain that we will exercise that option. We generally utilize our incremental borrowing rate based on information available at the commencement of the lease in determining the present value of future payments. The lease asset also includes any lease payments made and initial direct costs incurred and excludes lease incentives. Lease assets and liabilities are not recorded for leases with an initial term of one year or less. Lease expense for operating leases recorded in the balance sheet is included in operating costs and expenses and is based on the future minimum lease payments recognized on a straight-line basis over the term of the lease plus any variable lease costs. Operating lease expenses, inclusive of short-term and variable lease expenses, recognized in our consolidated statement of income for the period ended December 31, 2019 was $1.1 billion. This amount does not include lease costs associated with production activities or other amounts capitalized in our consolidated balance sheet, which are not material. The table below summarizes the operating lease assets and liabilities recorded in our consolidated balance sheet. Consolidated Balance Sheet
(in millions) | December 31, 2019
Other noncurrent assets, net | $ | 4,038 |
Accrued expenses and other current liabilities | $ | 715 |
Other noncurrent liabilities | $ | 3,891 |
The table below summarizes our future minimum lease commitments for operating leases as of December 31, 2019 applying the new guidance.
(in millions) | December 31, 2019
2020 | $ | 877 |
2021 | 791 |
2022 | 669 |
2023 | 566 |
2024 | 480 |
Thereafter | 2,243 |
Total future minimum lease payments | 5,626 |
Less: imputed interest | 1,020 |
Total liability | $ | 4,606 |
The weighted average remaining lease term for operating leases and the weighted average discount rate used to calculate our operating lease liabilities as of December 31, 2019 were 10 years and 3.74%, respectively. In 2019, cash payments for operating leases recorded in the consolidated balance sheet were $914 million. Leases that have not yet commenced and lease assets and liabilities associated with leases entered into during the year were not material. The tables below summarize our future minimum rental commitments for operating leases as of December 31, 2018 and rent expense for operating leases using the accounting guidance in effect at that time. These amounts have been updated to include $804 million of future cash payments related to additional contracts determined to be operating leases in connection with the Sky transaction.
(in millions) | December 31, 2018
2019 | $ | 891 |
2020 | $ | 824 |
2021 | $ | 722 |
2022 | $ | 592 |
2023 | $ | 513 |
Thereafter | $ | 2,608 |
Year ended December 31 (in millions) | 2018 |  | 2017 |
Rental expense | $ | 779 |  | $ | 839 |
Contractual Obligation We are party to a contractual obligation that involves an interest held by a third party in the revenue of certain theme parks. The arrangement provides the counterparty with the right to periodic payments associated with current period revenue which are recorded as an operating expense, and beginning in June 2017, the option to require NBCUniversal to purchase the interest for cash in an amount based on a contractual formula. The contractual formula is based on an average of specified historical theme park revenue at the time of exercise, which amount could be significantly higher than our carrying value. As of December 31, 2019, our carrying value was $1.1 billion, and the estimated value of the contractual obligation was $1.8 billion based on inputs to the contractual formula as of that date. Redeemable Subsidiary Preferred Stock NBCUniversal Enterprise is a holding company that we control and consolidate whose principal assets are its interests in NBCUniversal Holdings. The holders of the Series A cumulative preferred stock of NBCUniversal Enterprise have the right to cause NBCUniversal Enterprise to redeem their shares at a price equal to the $725 million aggregate liquidation preference plus accrued but unpaid dividends for a 30 day period beginning on March 19, 2020 and thereafter on every third anniversary of such date (each such date, a “put date”). The NBCUniversal Enterprise preferred stock pays dividends at a fixed rate of 5.25% per year. Shares of preferred stock can be called for redemption by NBCUniversal Enterprise at a price equal to the liquidation preference plus accrued but unpaid dividends one year following the put date applicable to such shares. Because certain of these redemption provisions are outside of our control, the NBCUniversal Enterprise preferred stock is presented outside of equity under the caption “redeemable noncontrolling interests and redeemable subsidiary preferred stock” in our consolidated balance sheet. Its initial value was based on the liquidation preference of the preferred stock and is adjusted for accrued but unpaid dividends. As of December 31, 2019 and 2018, the fair value of the NBCUniversal Enterprise redeemable subsidiary preferred stock was $749 million and $741 million, respectively. The estimated fair values are based on level 2 inputs that use pricing models whose inputs are derived primarily from or corroborated by observable market data through correlation or other means for substantially the full term of the financial instrument. Contingencies We are subject to legal proceedings and claims that arise in the ordinary course of our business. While the amount of ultimate liability with respect to such actions is not expected to materially affect our results of operations, cash flows or financial position, any litigation resulting from any such legal proceedings or claims could be time-consuming and injure our reputation.
NBCUniversal Media LLC [Member] |
Commitment And Contingencies [Line Items] |
Commitments and Contingencies |
Note 14: Commitments and Contingencies
Programming and Talent Commitments We enter into long-term commitments with third parties in the ordinary course of our business, including commitments to acquire film and television programming, obligations under various creative talent agreements, and various other television-related commitments. Some of our employees, including writers, directors, actors, technical and production personnel, and others, as well as some of our on-air and creative talent, are covered by collective bargaining agreements or works councils. As of December 31, 2019, the total number of employees covered by collective bargaining agreements was 9,400 full-time equivalent employees. Approximately, 12% of these full-time equivalent employees were covered by collective bargaining agreements that have expired or are scheduled to expire during 2020. The table below summarizes our minimum annual programming and talent commitments. Programming and talent commitments include acquired film and television programming, broadcast rights to sporting events, such as the Olympics, and other programming commitments, as well as various contracts with creative talent.
As of December 31, 2019 (in millions) | Programming and Talent Commitments
2020 | $ | 7,179 |
2021 | $ | 4,655 |
2022 | $ | 4,813 |
2023 | $ | 2,609 |
2024 | $ | 3,555 |
Thereafter | $ | 13,317 |
Leases Our leases consist primarily of real estate, vehicles and other equipment. We determine if an arrangement is a lease at inception. Lease assets and liabilities are recognized upon commencement of the lease based on the present value of the future minimum lease payments over the lease term. The lease term includes options to extend the lease when it is reasonably certain that we will exercise that option. We generally utilize our incremental borrowing rate based on information available at the commencement of the lease in determining the present value of future payments. The lease asset also includes any lease payments made and initial direct costs incurred and excludes lease incentives. Lease assets and liabilities are not recorded for leases with an initial term of one year or less. Lease expense for operating leases recorded in the balance sheet is included in operating costs and expenses and is based on the future minimum lease payments recognized on a straight-line basis over the term of the lease plus any variable lease costs. Operating lease expenses, inclusive of short-term and variable lease expenses, recognized in our consolidated statement of income for the period ended December 31, 2019 was $443 million. This amount does not include lease costs associated with production activities or other amounts capitalized in our consolidated balance sheet, which are not material. The table below summarizes the operating lease assets and liabilities recorded in our consolidated balance sheet. Consolidated Balance Sheet
(in millions) | December 31, 2019
Other noncurrent assets, net | $ | 1,551 |
Accrued expenses and other current liabilities | $ | 189 |
Other noncurrent liabilities | $ | 1,481 |
The table below summarizes our future minimum lease commitments for operating leases as of December 31, 2019 applying the new guidance.
(in millions) | December 31, 2019
2020 | $ | 256 |
2021 | 224 |
2022 | 186 |
2023 | 161 |
2024 | 146 |
Thereafter | 1,335 |
Total future minimum lease payments | 2,308 |
Less: imputed interest | 638 |
Total liability | $ | 1,670 |
The weighted average remaining lease term for operating leases and the weighted average discount rate used to calculate our operating lease liabilities as of December 31, 2019 were 15 years and 4.06%, respectively. In 2019, cash payments for operating leases recorded in the consolidated balance sheet were $271 million. Leases that have not yet commenced and lease assets and liabilities associated with leases entered into during the year were not material. The tables below summarize our future minimum rental commitments for operating leases as of December 31, 2018 and rent expense for operating leases using the accounting guidance in effect at that time.
(in millions) | December 31, 2018
2019 | $ | 248 |
2020 | $ | 232 |
2021 | $ | 199 |
2022 | $ | 168 |
2023 | $ | 144 |
Thereafter | $ | 1,380 |
Year ended December 31 (in millions) | 2018 |  | 2017 |
Rental expense | $ | 286 |  | $ | 274 |
Contractual Obligation We are party to a contractual obligation that involves an interest held by a third party in the revenue of certain theme parks. The arrangement provides the counterparty with the right to periodic payments associated with current period revenue which are recorded as an operating expense, and beginning in June 2017, the option to require NBCUniversal to purchase the interest for cash in an amount based on a contractual formula. The contractual formula is based on an average of specified historical theme park revenue at the time of exercise, which amount could be significantly higher than our carrying value. As of December 31, 2019, our carrying value was $1.1 billion, and the estimated value of the contractual obligation was $1.8 billion based on inputs to the contractual formula as of that date.

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