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Segment Information | 12 Months Ended
--- | ---
Dec. 31, 2019
Segment Reporting Information [Line Items] |
Segment Information |
Note 2: Segment Information
Cable Communications is a leading provider of high-speed internet, video, voice, wireless, and security and automation services to residential customers in the United States under the Xfinity brand; we also provide these and other services to business customers and sell advertising. As of December 31, 2019, our cable systems had 31.5 million total customer relationships, including 29.1 million residential and 2.4 million business customer relationships, of which 28.6 million received our high-speed internet service, 21.3 million received our video service, 11.3 million received our voice service, and 1.4 million received our security and automation service. As of December 31, 2019, there were 2.1 million activated lines that received our wireless phone service. 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, we are developing a theme park in Beijing, China along with a consortium of Chinese state-owned companies, and an additional theme park in Orlando, Florida. Sky is 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. As of December 31, 2019, Sky had 24.0 million retail customer relationships. 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 presented in the Cable Communications segment. Results were previously presented in Corporate and Other. Prior periods have been adjusted to reflect this presentation. We do not present a measure of total assets for our reportable business segments as this information is not used by management to allocate resources and capital. Our financial data by business segment is presented in the tables below.
(in millions) | Revenue |  | Adjusted EBITDA(d) |  | Depreciation and Amortization |  | Capital Expenditures |  | Cash Paid for Intangible Assets |
2019 |  |  |  |  |
Cable Communications | $ | 58,082 |  | $ | 23,266 |  | $ | 7,994 |  | $ | 6,909 |  | $ | 1,426 |
NBCUniversal |  |  |  |  |
Cable Networks | 11,513 |  | 4,444 |  | 735 |  | 41 |  | 17 |
Broadcast Television | 10,261 |  | 1,730 |  | 157 |  | 161 |  | 15 |
Filmed Entertainment | 6,493 |  | 833 |  | 79 |  | 21 |  | 22 |
Theme Parks | 5,933 |  | 2,455 |  | 696 |  | 1,605 |  | 60 |
Headquarters and Other(a) | 83 |  | (689 | ) | 462 |  | 244 |  | 171 |
Eliminations(b) | (316 | ) | (1 | ) | — |  | — |  | — |
NBCUniversal | 33,967 |  | 8,772 |  | 2,129 |  | 2,072 |  | 285 |
Sky | 19,219 |  | 3,099 |  | 2,699 |  | 768 |  | 707 |
Corporate and Other(c) | 333 |  | (880 | ) | 131 |  | 204 |  | 57 |
Eliminations(b) | (2,659 | ) | 1 |  | — |  | — |  | — |
Comcast Consolidated | $ | 108,942 |  | $ | 34,258 |  | $ | 12,953 |  | $ | 9,953 |  | $ | 2,475 |
(in millions) | Revenue |  | Adjusted EBITDA(d) |  | Depreciation and Amortization |  | Capital Expenditures |  | Cash Paid for Intangible Assets |
2018 |  |  |  |  |
Cable Communications | $ | 56,033 |  | $ | 21,681 |  | $ | 8,262 |  | $ | 7,723 |  | $ | 1,346 |
NBCUniversal |  |  |  |  |
Cable Networks(e) | 11,773 |  | 4,428 |  | 738 |  | 42 |  | 23 |
Broadcast Television(e) | 11,439 |  | 1,657 |  | 146 |  | 204 |  | 81 |
Filmed Entertainment | 7,152 |  | 734 |  | 145 |  | 35 |  | 25 |
Theme Parks | 5,683 |  | 2,455 |  | 660 |  | 1,143 |  | 173 |
Headquarters and Other(a) | 63 |  | (680 | ) | 419 |  | 306 |  | 146 |
Eliminations(b)(e) | (349 | ) | 4 |  | — |  | — |  | — |
NBCUniversal | 35,761 |  | 8,598 |  | 2,108 |  | 1,730 |  | 448 |
Sky | 4,587 |  | 692 |  | 539 |  | 222 |  | 137 |
Corporate and Other(c) | 513 |  | (779 | ) | 108 |  | 99 |  | 4 |
Eliminations(b)(e) | (2,387 | ) | (27 | ) | — |  | — |  | — |
Comcast Consolidated | $ | 94,507 |  | $ | 30,165 |  | $ | 11,017 |  | $ | 9,774 |  | $ | 1,935 |
(in millions) | Revenue |  | Adjusted EBITDA(d) |  | Depreciation and Amortization |  | Capital Expenditures |  | Cash Paid for Intangible Assets |
2017 |  |  |  |  |
Cable Communications | $ | 53,399 |  | $ | 20,555 |  | $ | 8,019 |  | $ | 7,978 |  | $ | 1,294 |
NBCUniversal |  |  |  |  |
Cable Networks | 10,497 |  | 4,053 |  | 755 |  | 33 |  | 19 |
Broadcast Television | 9,563 |  | 1,251 |  | 133 |  | 180 |  | 22 |
Filmed Entertainment | 7,595 |  | 1,276 |  | 109 |  | 58 |  | 23 |
Theme Parks | 5,443 |  | 2,384 |  | 648 |  | 960 |  | 78 |
Headquarters and Other(a) | 45 |  | (741 | ) | 396 |  | 271 |  | 153 |
Eliminations(b) | (307 | ) | (5 | ) | — |  | — |  | — |
NBCUniversal | 32,836 |  | 8,218 |  | 2,041 |  | 1,502 |  | 295 |
Corporate and Other(c) | 864 |  | (859 | ) | 70 |  | 70 |  | 16 |
Eliminations(b) | (2,070 | ) | 42 |  | — |  | — |  | — |
Comcast Consolidated | $ | 85,029 |  | $ | 27,956 |  | $ | 10,130 |  | $ | 9,550 |  | $ | 1,605 |
(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:
• | Cable Networks generates revenue by selling programming to Cable Communications, which represents a substantial majority of the revenue elimination amount
• | Broadcast Television generates revenue from the fees received under retransmission consent agreements with Cable Communications
• | Cable Communications generates revenue by selling advertising and by selling the use of satellite feeds to Cable Networks
• | Cable Networks and Broadcast Television generate revenue by selling advertising to Cable Communications
• | Filmed Entertainment and Broadcast Television generate revenue by licensing content to our Cable Networks; for segment reporting, this revenue is recognized as the programming rights asset for the licensed content is amortized based on third-party revenue
• | Filmed Entertainment, Cable Networks and Broadcast Television generate revenue by licensing content to Sky; for segment reporting, this revenue is recognized as content is delivered and available for use by Sky
(c) | Corporate and Other activities include costs associated with overhead and personnel, revenue and expenses associated with the operations of Comcast Spectacor, which owns the Philadelphia Flyers and the Wells Fargo Center arena in Philadelphia, Pennsylvania, and other business initiatives, such as the development of Peacock.
(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.
Year ended December 31 (in millions) | 2019 |  | 2018 |  | 2017 |
Adjusted EBITDA | $ | 34,258 |  | $ | 30,165 |  | $ | 27,956 |
Adjustment for legal settlement | — |  | (125 | ) | (250 | )
Adjustment for Sky transaction-related costs | (180 | ) | (355 | ) | — |
Depreciation | (8,663 | ) | (8,281 | ) | (7,914 | )
Amortization | (4,290 | ) | (2,736 | ) | (2,216 | )
Other operating gains | — |  | 341 |  | 442 |
Interest expense | (4,567 | ) | (3,542 | ) | (3,086 | )
Investment and other income (loss), net | 438 |  | (225 | ) | 421 |
Income before income taxes | $ | 16,996 |  | $ | 15,242 |  | $ | 15,353 |
(e) The revenue and operating costs and expenses associated with our broadcast of the 2018 PyeongChang Olympics were reported in Cable Networks and Broadcast Television. The revenue and operating costs and expenses associated with our broadcast of the 2018 Super Bowl were reported in Broadcast Television. Included in Eliminations are transactions relating to these events that Broadcast Television and Cable Networks enter into with other segments.
NBCUniversal Media LLC [Member] |
Segment Reporting Information [Line Items] |
Segment Information |
Note 2: Segment Information
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, we are developing a theme park in Beijing, China along with a consortium of Chinese state-owned companies, and an additional theme park in Orlando, Florida. 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. We do not present a measure of total assets for our reportable business segments as this information is not used by management to allocate resources and capital. Our financial data by business segment is presented in the tables below.
(in millions) | Revenue |  | Adjusted EBITDA(c) |  | Depreciation and Amortization |  | Capital Expenditures |  | Cash Paid for Intangible Assets |
2019 |  |  |  |  |
Cable Networks | $ | 11,513 |  | $ | 4,444 |  | $ | 735 |  | $ | 41 |  | $ | 17 |
Broadcast Television | 10,261 |  | 1,730 |  | 157 |  | 161 |  | 15 |
Filmed Entertainment | 6,493 |  | 833 |  | 79 |  | 21 |  | 22 |
Theme Parks | 5,933 |  | 2,455 |  | 696 |  | 1,605 |  | 60 |
Headquarters and Other(a) | 142 |  | (706 | ) | 462 |  | 244 |  | 171 |
Eliminations(b) | (321 | ) | (1 | ) | — |  | — |  | — |
Total | $ | 34,021 |  | $ | 8,755 |  | $ | 2,129 |  | $ | 2,072 |  | $ | 285 |
(in millions) | Revenue |  | Adjusted EBITDA(c) |  | Depreciation and Amortization |  | Capital Expenditures |  | Cash Paid for Intangible Assets |
2018 |  |  |  |  |
Cable Networks(d) | $ | 11,773 |  | $ | 4,428 |  | $ | 738 |  | $ | 42 |  | $ | 23 |
Broadcast Television(d) | 11,439 |  | 1,657 |  | 146 |  | 204 |  | 81 |
Filmed Entertainment | 7,152 |  | 734 |  | 145 |  | 35 |  | 25 |
Theme Parks | 5,683 |  | 2,455 |  | 660 |  | 1,143 |  | 173 |
Headquarters and Other(a) | 212 |  | (645 | ) | 419 |  | 306 |  | 146 |
Eliminations(b)(d) | (364 | ) | 4 |  | — |  | — |  | — |
Total | $ | 35,895 |  | $ | 8,633 |  | $ | 2,108 |  | $ | 1,730 |  | $ | 448 |
(in millions) | Revenue |  | Adjusted EBITDA(c) |  | Depreciation and Amortization |  | Capital Expenditures |  | Cash Paid for Intangible Assets |
2017 |  |  |  |  |
Cable Networks | $ | 10,497 |  | $ | 4,053 |  | $ | 755 |  | $ | 33 |  | $ | 19 |
Broadcast Television | 9,563 |  | 1,251 |  | 133 |  | 180 |  | 22 |
Filmed Entertainment | 7,595 |  | 1,276 |  | 109 |  | 58 |  | 23 |
Theme Parks | 5,443 |  | 2,384 |  | 648 |  | 960 |  | 78 |
Headquarters and Other(a) | 179 |  | (779 | ) | 396 |  | 271 |  | 153 |
Eliminations(b) | (327 | ) | (4 | ) | — |  | — |  | — |
Total | $ | 32,950 |  | $ | 8,181 |  | $ | 2,041 |  | $ | 1,502 |  | $ | 295 |
(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 Filmed Entertainment and Broadcast Television to Cable Networks; 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, 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.
Year ended December 31 (in millions) | 2019 |  | 2018 |  | 2017 |
Adjusted EBITDA | $ | 8,755 |  | $ | 8,633 |  | $ | 8,181 |
Depreciation | (1,023 | ) | (1,001 | ) | (994 | )
Amortization | (1,106 | ) | (1,107 | ) | (1,047 | )
Other operating gains | — |  | 141 |  | 337 |
Interest expense | (738 | ) | (489 | ) | (727 | )
Investment and other income (loss), net | 396 |  | (521 | ) | (144 | )
Income before income taxes | $ | 6,284 |  | $ | 5,656 |  | $ | 5,606 |
(d) The revenue and operating costs and expenses associated with our broadcast of the 2018 PyeongChang Olympics were reported in Cable Networks and Broadcast Television. The revenue and operating costs and expenses associated with our broadcast of the 2018 Super Bowl were reported in Broadcast Television. Included in Eliminations are transactions relating to these events that Broadcast Television and Cable Networks enter into with other segments.

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