| Financial Data by Business Segment |
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.
|
| Financial Data by Business Segment |
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.
|