NBCUniversal Media, LLC

CIK:0000902739|SEC Filings

Consolidated Statement of Income - USD ($) $ in Millions	12 Months Ended
Consolidated Statement of Income - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Revenue	$ 108,942	$ 94,507	$ 85,029
Costs and Expenses:
Programming and production	34,440	29,692	25,355
Other operating and administrative	32,807	28,094	25,449
Advertising, marketing and promotion	7,617	7,036	6,519
Depreciation	8,663	8,281	7,914
Amortization	4,290	2,736	2,216
Other operating gains	0	(341)	(442)
Total costs and expenses	87,817	75,498	67,011
Operating income (loss)	21,125	19,009	18,018
Interest expense	(4,567)	(3,542)	(3,086)
Investment and other income (loss), net	438	(225)	421
Income (loss) before income taxes	16,996	15,242	15,353
Income tax (expense) benefit	(3,673)	(3,380)	7,569
Net income	13,323	11,862	22,922
Less: Net income attributable to noncontrolling interests and redeemable subsidiary preferred stock	266	131	187
Net income attributable to Comcast Corporation	$ 13,057	$ 11,731	$ 22,735
Basic earnings per common share attributable to Comcast Corporation shareholders (in dollars per share)	$ 2.87	$ 2.56	$ 4.83
Diluted earnings per common share attributable to Comcast Corporation shareholders (in dollars per share)	$ 2.83	$ 2.53	$ 4.75
NBCUniversal Media LLC [Member]
Revenue	$ 34,021	$ 35,895	$ 32,950
Costs and Expenses:
Programming and production	14,462	16,330	14,276
Other operating and administrative	8,123	7,980	7,687
Advertising, marketing and promotion	2,681	2,952	2,806
Depreciation	1,023	1,001	994
Amortization	1,106	1,107	1,047
Other operating gains	0	(141)	(337)
Total costs and expenses	27,395	29,229	26,473
Operating income (loss)	6,626	6,666	6,477
Interest expense	(738)	(489)	(727)
Investment and other income (loss), net	396	(521)	(144)
Income (loss) before income taxes	6,284	5,656	5,606
Income tax (expense) benefit	(320)	(351)	(392)
Net income	5,964	5,305	5,214
Less: Net income attributable to noncontrolling interests	180	68	134
Net income attributable to Comcast Corporation	$ 5,784	$ 5,237	$ 5,080

Consolidated Statement of Cash Flows - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Operating Activities
Net income	$ 13,323	$ 11,862	$ 22,922
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, amortization and other operating gains	12,953	10,676	9,688
Share-based compensation	1,021	826	751
Noncash interest expense (income), net	417	364	272
Net (gain) loss on investment activity and other	(20)	576	(194)
Deferred income taxes	563	290	(10,646)
Changes in operating assets and liabilities, net of effects of acquisitions and divestitures:
Current and noncurrent receivables, net	(57)	(802)	(869)
Film and television costs, net	(929)	(395)	(197)
Accounts payable and accrued expenses related to trade creditors	(347)	(394)	173
Other operating assets and liabilities	(1,227)	1,294	(639)
Net cash provided by operating activities	25,697	24,297	21,261
Investing Activities
Capital expenditures	(9,953)	(9,774)	(9,550)
Cash paid for intangible assets	(2,475)	(1,935)	(1,605)
Acquisitions and construction of real estate properties	(54)	(143)	(418)
Construction of Universal Beijing Resort	(1,116)	(460)	(71)
Acquisitions, net of cash acquired	(370)	(38,219)	(532)
Proceeds from sales of businesses and investments	886	141	150
Purchases of investments	(1,899)	(1,257)	(2,292)
Other	140	793	785
Net cash provided by (used in) investing activities	(14,841)	(50,854)	(13,533)
Financing Activities
Proceeds from (repayments of) short-term borrowings, net	(1,288)	379	(1,905)
Proceeds from borrowings	5,479	44,781	11,466
Proceeds from collateralized obligation	5,175	0	0
Repurchases and repayments of debt	(14,354)	(8,798)	(6,364)
Repurchases of common stock under repurchase program and employee plans	(504)	(5,320)	(5,435)
Dividends paid	(3,735)	(3,352)	(2,883)
Purchase of Universal Studios Japan noncontrolling interests	0	0	(2,299)
Distributions to noncontrolling interests and dividends for redeemable subsidiary preferred stock	(311)	(277)	(252)
Other	357	(273)	100
Net cash provided by (used in) financing activities	(9,181)	27,140	(7,572)
Impact of foreign currency on cash, cash equivalents and restricted cash	5	(245)	0
Increase (decrease) in cash, cash equivalents and restricted cash	1,680	338	156
Cash, cash equivalents and restricted cash, beginning of year	3,909	3,571	3,415
Cash, cash equivalents and restricted cash, end of year	5,589	3,909	3,571
NBCUniversal Media LLC [Member]
Operating Activities
Net income	5,964	5,305	5,214
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, amortization and other operating gains	2,129	1,967	1,704
Net (gain) loss on investment activity and other	120	689	428
Deferred income taxes	(42)	(39)	2
Changes in operating assets and liabilities, net of effects of acquisitions and divestitures:
Current and noncurrent receivables, net	43	(452)	(594)
Film and television costs, net	(911)	35	(199)
Accounts payable and accrued expenses related to trade creditors	(27)	57	(43)
Other operating assets and liabilities	(58)	341	564
Net cash provided by operating activities	7,218	7,903	7,076
Investing Activities
Capital expenditures	(2,072)	(1,730)	(1,502)
Cash paid for intangible assets	(285)	(448)	(295)
Note receivable from Comcast	(2,900)	(2,054)	0
Construction of Universal Beijing Resort	(1,116)	(460)	(71)
Acquisitions, net of cash acquired	(211)	(80)	(140)
Proceeds from sales of businesses and investments	464	70	45
Purchases of investments	(1,024)	(587)	(490)
Other	16	(51)	586
Net cash provided by (used in) investing activities	(7,128)	(5,340)	(1,867)
Financing Activities
Proceeds from borrowings	791	692	3,948
Proceeds from collateralized obligation	5,175	0	0
Repurchases and repayments of debt	(3,778)	(438)	(3,498)
Proceeds from (repayments of) borrowings from Comcast, net	(70)	(1,777)	(872)
Distributions to member	(2,113)	(1,627)	(1,968)
Distributions to noncontrolling interests	(242)	(205)	(209)
Purchase of Universal Studios Japan noncontrolling interests	0	0	(2,299)
Other	127	(121)	79
Net cash provided by (used in) financing activities	(110)	(3,476)	(4,819)
Increase (decrease) in cash, cash equivalents and restricted cash	(20)	(913)	390
Cash, cash equivalents and restricted cash, beginning of year	1,464	2,377	1,987
Cash, cash equivalents and restricted cash, end of year	$ 1,444	$ 1,464	$ 2,377

Consolidated Balance Sheet - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Current Assets:
Cash and cash equivalents	$ 5,500	$ 3,814
Receivables, net	11,292	11,104
Programming rights	3,877	3,746
Other current assets	4,723	3,184
Total current assets	25,392	21,848
Film and television costs	8,933	7,837
Investments	6,989	7,883
Investment securing collateralized obligation	694	0
Property and equipment, net	48,322	44,437
Goodwill	68,725	66,154
Franchise rights	59,365	59,365
Other intangible assets, net	36,128	38,358
Other noncurrent assets, net	8,866	5,802
Total assets	263,414	251,684
Current Liabilities:
Accounts payable and accrued expenses related to trade creditors	10,826	8,494
Accrued participations and residuals	1,730	1,808
Deferred revenue	2,768	2,182
Accrued expenses and other current liabilities	10,516	10,721
Current portion of long-term debt	4,452	4,398
Total current liabilities	30,292	27,603
Long-term debt, less current portion	97,765	107,345
Collateralized obligation	5,166	0
Deferred income taxes	28,180	27,589
Other noncurrent liabilities	16,765	15,329
Commitments and contingencies
Redeemable noncontrolling interests	1,372	1,316
Equity:
Preferred stock—authorized, 20,000,000 shares; issued, zero	0	0
Common stock	54	54
Additional paid-in capital	38,447	37,461
Retained earnings	50,695	41,983
Treasury stock, 872,791,028 Class A common shares	(7,517)	(7,517)
Accumulated other comprehensive income (loss)	1,047	(368)
Total Comcast Corporation shareholders’ equity	82,726	71,613
Noncontrolling interests	1,148	889
Total equity	83,874	72,502
Total liabilities and equity	263,414	251,684
NBCUniversal Media LLC [Member]
Current Assets:
Cash and cash equivalents	1,424	1,444
Receivables, net	7,236	7,293
Programming rights	1,545	1,323
Notes receivable from Comcast	3,886	2,054
Other current assets	1,274	1,133
Total current assets	15,365	13,247
Film and television costs	7,956	7,292
Investments	1,560	1,680
Investment securing collateralized obligation	694	0
Note receivable from Comcast	1,069	0
Property and equipment, net	15,751	13,189
Goodwill	24,240	24,118
Intangible assets, net	12,940	13,666
Other noncurrent assets, net	3,473	1,822
Total assets	83,048	75,014
Current Liabilities:
Accounts payable and accrued expenses related to trade creditors	2,209	1,933
Accrued participations and residuals	1,736	1,808
Program obligations	917	965
Deferred revenue	1,655	1,118
Accrued expenses and other current liabilities	2,300	2,195
Notes payable to Comcast	99	54
Current portion of long-term debt	301	151
Total current liabilities	9,217	8,224
Long-term debt, less current portion	9,709	12,731
Collateralized obligation	5,166	0
Accrued participations, residuals and program obligations	1,570	1,712
Other noncurrent liabilities	6,548	5,177
Commitments and contingencies
Redeemable noncontrolling interests	452	389
Equity:
Member’s capital	49,040	45,618
Accumulated other comprehensive income (loss)	214	254
Total NBCUniversal member’s equity	49,254	45,872
Noncontrolling interests	1,132	909
Total equity	50,386	46,781
Total liabilities and equity	83,048	75,014
Class A Common Stock [Member]
Equity:
Common stock	54	54
Class B Common Stock [Member]
Equity:
Common stock	$ 0	$ 0