v3.24.0.1
Segment Information
 12 Months Ended
Dec. 31, 2023
Segment Reporting [Abstract]  
Segment Information
Note 2: Segment Information
We are a global media and technology company with two primary businesses: Connectivity & Platforms and Content & Experiences. In 2023, we changed our presentation of segment operating results around our two primary businesses and now present the operations of (1) our Connectivity & Platforms business in two segments: Residential Connectivity & Platforms and Business Services Connectivity and (2) our Content & Experiences business in three segments: Media, Studios and Theme Parks. See Note 3 for a description of the various products and services within each segment.
Our segments generally report transactions with one another as if they were stand-alone businesses in accordance with GAAP, and these transactions are eliminated in consolidation. When multiple segments enter into transactions to provide products and services to third parties, revenue is generally allocated to our segments based on relative value. Transactions between our Connectivity & Platforms and Content & Experiences businesses, and between segments within the Content & Experiences business, generally include intercompany profit consistent with third-party transactions. The segments within our Connectivity & Platforms business use certain shared infrastructure, including our HFC network in the United States, and each segment is presented with its direct costs and an allocation of shared costs, as well as revenue from its customers.
Our financial data by segment is presented in the tables below. We do not present asset information for our segments as this information is not used to allocate resources and capital. 
Year Ended December 31,
 202320222021
(in millions)
Revenue(a)
Adjusted EBITDA(b)
Revenue(a)
Adjusted EBITDA(b)
Revenue(a)
Adjusted EBITDA(b)
Connectivity & Platforms
Residential Connectivity & Platforms$71,946 $26,948 $72,386 $26,111 $72,694 $25,188 
Business Services Connectivity9,255 5,291 8,819 5,060 8,056 4,682 
Connectivity & Platforms81,201 32,239 81,205 31,171 80,750 29,871 
Content & Experiences
Media25,355 2,955 26,719 3,598 27,406 5,133 
Studios11,625 1,269 12,257 961 10,077 879 
Theme Parks8,947 3,345 7,541 2,683 5,051 1,267 
Headquarters and Other64 (946)75 (881)87 (840)
Eliminations(a)
(2,800)77 (3,442)(2)(3,048)(205)
Content & Experiences43,191 6,700 43,151 6,360 39,574 6,234 
Corporate and Other2,763 (1,335)2,662 (1,008)2,844 (1,331)
Eliminations(a)
(5,583)28 (5,590)(64)(6,783)(65)
Comcast Consolidated$121,572 $37,633 $121,427 $36,459 $116,385 $34,708 
(a)Included in Eliminations are transactions that our segments enter into with one another. The most significant of these transactions include distribution revenue in Media related to fees from Residential Connectivity & Platforms for the rights to distribute television programming and content licensing revenue in Studios for licenses of owned content to Media. Revenue for licenses of content from Studios to Media is generally recognized at a point in time, consistent with the recognition of transactions with third parties, when the content is delivered and made available for use. The costs of these licenses in Media are recognized as the content is used over the license period. The difference in timing of recognition between segments results in an Adjusted EBITDA impact in eliminations, as the profits (losses) on these transactions are deferred in our consolidated results and recognized as the content is used over the license period.
A summary of revenue for each of our segments resulting from transactions with other segments and eliminated in consolidation is presented in the table below.
Year ended December 31 (in millions)202320222021
Connectivity & Platforms
Residential Connectivity & Platforms$207 $208 $219 
Business Services Connectivity 22 21 25 
Content & Experiences
Media4,621 4,572 5,776 
Studios3,317 3,963 3,548 
Theme Parks(1)1 2 
Headquarters and Other29 52 68 
Corporate and Other187 215 193 
Total intersegment revenue$8,383 $9,032 $9,831 
(b)We use Adjusted EBITDA as the measure of profit or loss for our operating segments. From time to time we may report the impact of certain events, gains, losses or other charges related to our operating segments, within Corporate and Other. Our reconciliation of the aggregate amount of Adjusted EBITDA for our segments to consolidated income before income taxes is presented in the table below.

Year ended December 31 (in millions)202320222021
Adjusted EBITDA$37,633 $36,459 $34,708 
Adjustments16 (13)(87)
Depreciation(8,854)(8,724)(8,628)
Amortization(5,482)(5,097)(5,176)
Goodwill and long-lived asset impairments— (8,583)— 
Interest expense
(4,087)(3,896)(4,281)
Investment and other income (loss), net1,252 (861)2,557 
Income (loss) before income taxes$20,478 $9,284 $19,093 
Adjustments represent the impact of certain events, gains, losses or other charges that are excluded from Adjusted EBITDA, including costs related to our investment portfolio. Refer to Note 10 for a discussion of impairment charges in 2022 related to goodwill and long-lived assets.