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Significant Transactions

FCC Spectrum Auction

On April 13, 2017, the Federal Communications Commission announced the results of its spectrum auction. In the auction, NBCUniversal relinquished its spectrum rights in the New York, Philadelphia and Chicago designated market areas (“DMAs”) where NBC and Telemundo had overlapping spectrum. NBCUniversal received proceeds of $482 million in July 2017, which were recorded in other investing activities in our condensed consolidated statement of cash flows. NBCUniversal recognized a pretax gain of $337 million in other operating gains for the three months ended September 30, 2017 in our condensed consolidated statement of income. NBC and Telemundo stations will share broadcast signals in these DMAs. In connection with the auction, we also acquired the rights to $1.7 billion of spectrum, which were recorded to other intangible assets, net in our condensed consolidated balance sheet. We had previously made a deposit of $1.8 billion to participate in the auction in the third quarter of 2016 and received a refund for amounts in excess of the purchase price in the second quarter of 2017.

Universal Studios Japan

On April 6, 2017, we acquired the remaining interests in Universal Studios Japan that we did not already own for $2.3 billion. The acquisition was funded through cash on hand and borrowings under our commercial paper program. Because we maintained control of Universal Studios Japan, the difference between the consideration transferred and the recorded value of the noncontrolling interests, as well as the related tax and accumulated other comprehensive income impacts, were recorded to additional paid-in capital.

DreamWorks Animation

On August 22, 2016, we acquired all of the outstanding stock of DreamWorks Animation for $3.8 billion. DreamWorks Animation’s stockholders received $41 in cash for each share of DreamWorks Animation common stock. DreamWorks Animation creates animated feature films, television series and specials, live entertainment, and related consumer products. The results of operations for DreamWorks Animation are reported in our Filmed Entertainment segment following the acquisition date.

Allocation of Purchase Price

The transaction was accounted for under the acquisition method of accounting and, accordingly, the assets and liabilities are to be recorded at their fair market values as of the acquisition date. We recorded the acquired assets and liabilities of DreamWorks Animation at their estimated fair values based on valuation analyses. In valuing acquired assets and liabilities, fair value estimates were primarily based on Level 3 inputs, including future expected cash flows, market rate assumptions and discount rates. The fair value of the assumed debt was primarily based on quoted market values. The fair value of the liability related to a tax receivable agreement that DreamWorks Animation had previously entered into with one of its former stockholders (the “tax receivable agreement”) was based on the contractual settlement provisions in the agreement. Further, we recorded deferred income taxes based on the tax basis of the acquired net assets and the valuation allowances based on the expected use of net operating loss carryforwards. The goodwill is not deductible for tax purposes. During the nine months ended September 30, 2017, we updated the allocation of purchase price for DreamWorks Animation based on final valuation analyses, which primarily resulted in increases to noncontrolling interests, intangible assets and goodwill and decreases to working capital and deferred income tax assets. The changes did not have a material impact on our condensed consolidated financial statements.

The table below presents the allocation of the purchase price to the assets and liabilities of DreamWorks Animation.



Allocation of Purchase Price
(in millions)
Film and television costs	$	838
Intangible assets	396
Working capital	156
Debt	(381		)
Tax receivable agreement	(146		)
Deferred income taxes	291
Other noncurrent assets and liabilities	170
Identifiable net assets (liabilities) acquired	1,324
Noncontrolling interests	(337		)
Goodwill	2,786
Cash consideration transferred	$	3,773

The tax receivable agreement was settled immediately following the acquisition and the payment was recorded as an operating activity in our condensed consolidated statement of cash flows in the third quarter of 2016. We also repaid all of the assumed debt of DreamWorks Animation in the third quarter of 2016.

Revenue and net income attributable to the acquisition of DreamWorks Animation were not material for the three and nine months ended September 30, 2017 and 2016.

Significant Transactions

FCC Spectrum Auction

On April 13, 2017, the Federal Communications Commission announced the results of its spectrum auction. In the auction, we relinquished our spectrum rights in the New York, Philadelphia and Chicago designated market areas (“DMAs”) where NBC and Telemundo had overlapping spectrum. We received proceeds of $482 million in July 2017, which were recorded in other investing activities in our condensed consolidated statement of cash flows. We recognized a pretax gain of $337 million in other operating gains for the three months ended September 30, 2017 in our condensed consolidated statement of income. NBC and Telemundo stations will share broadcast signals in these DMAs.

Universal Studios Japan

On April 6, 2017, we acquired the remaining interests in Universal Studios Japan that we did not already own for $2.3 billion. The acquisition was funded through borrowings under our revolving credit agreement with Comcast. Because we maintained control of Universal Studios Japan, the difference between the consideration transferred and the recorded value of the noncontrolling interests, as well as the related accumulated other comprehensive income impact, were recorded to additional paid-in capital.

DreamWorks Animation

On August 22, 2016, Comcast acquired all of the outstanding stock of DreamWorks Animation for $3.8 billion. DreamWorks Animation’s stockholders received $41 in cash for each share of DreamWorks Animation common stock. DreamWorks Animation creates animated feature films, television series and specials, live entertainment, and related consumer products.

Following the acquisition, Comcast converted DreamWorks Animation to a limited liability company and contributed its equity to us as a capital contribution. The net assets contributed to us excluded deferred income taxes and other tax-related items recorded by Comcast. The results of operations for DreamWorks Animation are reported in our Filmed Entertainment segment following the acquisition date and are presented as if the initial equity contribution occurred on the date of Comcast’s acquisition.

Allocation of Purchase Price

The transaction was accounted for under the acquisition method of accounting and, accordingly, the assets and liabilities are to be recorded at their fair market values as of the acquisition date. We recorded the acquired assets and liabilities of DreamWorks Animation at their estimated fair values based on valuation analyses. In valuing acquired assets and liabilities, fair value estimates were primarily based on Level 3 inputs, including future expected cash flows, market rate assumptions and discount rates. The fair value of the assumed debt was primarily based on quoted market values. The fair value of the liability related to a tax receivable agreement that DreamWorks Animation had previously entered into with one of its former stockholders (the “tax receivable agreement”) was based on the contractual settlement provisions in the agreement. During the nine months ended September 30, 2017, we updated the allocation of purchase price for DreamWorks Animation based on final valuation analyses, which primarily resulted in increases to noncontrolling interests, intangible assets and goodwill and a decrease to working capital. The changes did not have a material impact on our condensed consolidated financial statements.

The table below presents the allocation of the purchase price to the assets and liabilities of DreamWorks Animation.



Allocation of Purchase Price
(in millions)
Film and television costs	$	838
Intangible assets	396
Working capital	156
Debt	(381		)
Tax receivable agreement^(a)	(146		)
Other noncurrent assets and liabilities and other^(b)	461
Identifiable net assets (liabilities) acquired	1,324
Noncontrolling interests	(337		)
Goodwill	2,786
Cash consideration transferred	$	3,773

(a)

The tax receivable agreement was settled immediately following the acquisition and the payment was recorded as an operating activity in our condensed consolidated statement of cash flows in the third quarter of 2016. Comcast made a separate cash capital contribution of $146 million to fund the settlement which was recorded as a financing activity in our condensed consolidated statement of cash flows in the third quarter of 2016.


(b)	Other included $279 million recorded to member’s capital that represented deferred income tax assets and other tax-related items recorded by Comcast but excluded from the net assets contributed to us.

Revenue and net income attributable to the acquisition of DreamWorks Animation were not material for the three and nine months ended September 30, 2017 and 2016.

Related Party Transactions

9 Months Ended

Sep. 30, 2017

Related Party Transactions

In the ordinary course of our business, we enter into transactions with Comcast.

We generate revenue from Comcast primarily from the distribution of our cable network programming, the fees received under retransmission consent agreements in our Broadcast Television segment and, to a lesser extent, the sale of advertising and our owned programming, and we incur expenses primarily related to advertising and various support services provided by Comcast to us.

Comcast is also the counterparty to one of our contractual obligations. As of September 30, 2017, the carrying value of the liability associated with this contractual obligation was $383 million.

The following tables present transactions with Comcast and its consolidated subsidiaries that are included in our condensed consolidated financial statements.

Condensed Consolidated Balance Sheet



(in millions)	September 30, 2017		December 31, 2016
Transactions with Comcast and Consolidated Subsidiaries
Receivables, net	$	327	$	285
Accounts payable and accrued expenses related to trade creditors	$	33	$	55
Accrued expenses and other current liabilities	$	39	$	4
Note payable to Comcast	$	1,805	$	2,703
Other noncurrent liabilities	$	389	$	389

Condensed Consolidated Statement of Income



	Three Months Ended September 30						Nine Months Ended September 30
(in millions)	2017			2016			2017			2016
Transactions with Comcast and Consolidated Subsidiaries
Revenue	$	463		$	522		$	1,382		$	1,335
Operating costs and expenses	$	(38	)	$	(53	)	$	(148	)	$	(157	)
Other income (expense)	$	(20	)	$	(18	)	$	(67	)	$	(48	)

Film and Television Costs

9 Months Ended

Sep. 30, 2017

Film And Television Costs

Film and Television Costs



(in millions)	September 30, 2017		December 31, 2016
Film Costs:
Released, less amortization	$	1,747	$	1,750
Completed, not released	198		50
In production and in development	829		1,310
	2,774		3,110
Television Costs:
Released, less amortization	2,047		1,953
In production and in development	853		853
	2,900		2,806
Programming rights, less amortization	2,901		2,586
	8,575		8,502
Less: Current portion of programming rights	1,779		1,250
Film and television costs	$	6,796	$	7,252

Film And Television Costs

Film and Television Costs



(in millions)	September 30, 2017		December 31, 2016
Film Costs:
Released, less amortization	$	1,747	$	1,750
Completed, not released	198		50
In production and in development	829		1,310
	2,774		3,110
Television Costs:
Released, less amortization	2,047		1,953
In production and in development	853		853
	2,900		2,806
Programming rights, less amortization	2,889		2,570
	8,563		8,486
Less: Current portion of programming rights	1,772		1,241
Film and television costs	$	6,791	$	7,245

Investments

9 Months Ended

Sep. 30, 2017

Fair Value, Equity And Cost Method Investments [Line Items]

Investments



(in millions)	September 30, 2017		December 31, 2016
Fair Value Method:
Snap	$	427	$	—
Other	164		198
	591		198
Equity Method:
Atairos	2,225		1,601
Hulu	255		225
Other	871		550
	3,351		2,376
Cost Method:
AirTouch	1,610		1,599
BuzzFeed	400		400
Other	756		771
	2,766		2,770
Total investments	6,708		5,344
Less: Current investments	13		97
Noncurrent investments	$	6,695	$	5,247

Investment Income (Loss), Net



	Three Months Ended September 30						Nine Months Ended September 30
(in millions)	2017			2016			2017			2016
Gains (losses) on sales and exchanges of investments, net	$	10		$	24		$	9		$	39
Investment impairment losses	(3		)	(7		)	(9		)	(28		)
Interest and dividend income	36			31			101			91
Other, net	39			32			104			66
Investment income (loss), net	$	82		$	80		$	205		$	168

Fair Value Method

Snap

In March 2017, we acquired an interest in Snap Inc. for $500 million as part of its initial public offering, which we have classified as an available-for-sale security. Snap is a camera company whose primary product is Snapchat, a camera app that was created to help people communicate through short videos and images.

Equity Method

Atairos

For the nine months ended September 30, 2017, we made cash capital contributions totaling $994 million to Atairos Group, Inc., which included amounts accrued as of December 31, 2016. Atairos follows investment company accounting and records its investments at their fair values each reporting period with the net gains or losses reflected in its statement of income. We recognize our share of these gains and losses in equity in net income (losses) of investees, net. For the three and nine months ended September 30, 2017, our share of Atairos income was $7 million and $106 million, respectively. For the three and nine months ended September 30, 2016, our share of Atairos losses was $9 million and $36 million, respectively.

In July 2017, we sold a business to a company owned by Atairos and received as consideration an investment in that company, which we account for as an equity method investment. In connection with the sale of the business, we recognized a pretax gain of $105 million in other operating gains for the three months ended September 30, 2017.

The Weather Channel

In January 2016, following a legal restructuring at The Weather Channel, we and the other investors sold the entity holding The Weather Channel’s product and technology businesses to IBM. Following the close of the transaction, we continue to hold an investment in The Weather Channel cable network through a new holding company. As a result of the sale of our investment, we recognized a pretax gain of $108 million in other income (expense), net for the nine months ended September 30, 2016.

Cost Method

AirTouch

We hold two series of preferred stock of Verizon Americas, Inc., formerly known as AirTouch Communications, Inc. (“AirTouch”), a subsidiary of Verizon Communications Inc., which are redeemable in April 2020. As of September 30, 2017, the estimated fair value of the AirTouch preferred stock was $1.7 billion. The estimated fair value of the associated liability related to the redeemable subsidiary preferred shares issued by one of our consolidated subsidiaries was $1.8 billion. 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.

Fair Value, Equity And Cost Method Investments [Line Items]

Investments



(in millions)	September 30, 2017		December 31, 2016
Fair Value Method:
Snap	$	427	$	—
Other	4		6
	431		6
Equity Method:
Hulu	255		225
Other	432		336
	687		561
Cost Method:
BuzzFeed	400		400
Other	299		296
	699		696
Total investments	$	1,817	$	1,263

Fair Value Method

Snap

In March 2017, Comcast acquired an interest in Snap Inc. as part of its initial public offering. On March 31, 2017, Comcast contributed its investment in Snap to us as an equity contribution of $662 million, which was recorded in our condensed consolidated statement of equity based on the fair value of the investment as of March 31, 2017. We have classified our investment as an available-for-sale security. Snap is a camera company whose primary product is Snapchat, a camera app that was created to help people communicate through short videos and images.

Equity Method

The Weather Channel

Long-Term Debt	9 Months Ended
Long-Term Debt	Sep. 30, 2017
Debt Instrument [Line Items]
Long-Term Debt	Long-Term Debt As of September 30, 2017, our debt had a carrying value of $65.0 billion and an estimated fair value of $71.7 billion. The estimated fair value of our publicly traded debt was primarily based on Level 1 inputs that use quoted market values for the debt. The estimated fair value of debt for which there are no quoted market prices was based on Level 2 inputs that use interest rates available to us for debt with similar terms and remaining maturities. Debt Borrowings and Repayments In August 2017, we issued $1.65 billion aggregate principal amount of 3.15% senior notes due 2028 and $850 million aggregate principal amount of 4.00% senior notes due 2047. In June 2017, NBCUniversal Enterprise issued $1.5 billion aggregate principal amount of senior floating rate notes due 2021. In March 2017, we issued $1.005 billion aggregate principal amount of 4.45% senior notes due 2047. In January 2017, we issued $1.25 billion aggregate principal amount of 3.00% senior notes due 2024 and $1.25 billion aggregate principal amount of 3.30% senior notes due 2027. In May 2017, we repaid at maturity $550 million aggregate principal amount of 8.875% senior notes due 2017. In January 2017, we repaid at maturity $1.0 billion aggregate principal amount of 6.50% senior notes due 2017. In May 2017, Universal Studios Japan entered into ¥450 billion ($3.9 billion at issuance) of new term loans with a final maturity of March 2022. We used the proceeds from these borrowings to repay in full $3.3 billion of Universal Studios Japan’s existing yen-denominated term loans and a portion of amounts outstanding under our commercial paper program. Revolving Credit Facilities As of September 30, 2017, amounts available under our consolidated revolving credit facilities, net of amounts outstanding under our commercial paper programs and outstanding letters of credit, totaled $8.3 billion, which included $1.5 billion available under NBCUniversal Enterprise’s revolving credit facility. Commercial Paper Programs In June 2017, we increased the Comcast and NBCUniversal Enterprise commercial paper programs to $7.0 billion and $1.5 billion, respectively, to coincide with the borrowing capacities under the Comcast and NBCUniversal Enterprise revolving credit facilities. As of September 30, 2017, Comcast and NBCUniversal Enterprise had no commercial paper outstanding. Senior Notes Exchange In October 2017, we and NBCUniversal announced and settled a private debt exchange transaction. We issued $2.0 billion aggregate principal amount of new 3.969% senior notes due 2047, $2.0 billion aggregate principal amount of new 3.999% senior notes due 2049, and $1.5 billion aggregate principal amount of new 4.049% senior notes due 2052 in exchange for $3.9 billion aggregate principal amount of certain series of outstanding senior notes issued by Comcast and NBCUniversal. The new notes are fully and unconditionally guaranteed by NBCUniversal and Comcast Cable Communications, LLC.
NBCUniversal Media LLC [Member]
Debt Instrument [Line Items]
Long-Term Debt	Long-Term Debt As of September 30, 2017, our debt, excluding the note payable to Comcast, had a carrying value of $12.4 billion and an estimated fair value of $13.5 billion. The estimated fair value of our publicly traded debt was primarily based on Level 1 inputs that use quoted market values for the debt. The estimated fair value of debt for which there are no quoted market prices was based on Level 2 inputs that use interest rates available to us for debt with similar terms and remaining maturities. In May 2017, Universal Studios Japan entered into ¥450 billion ($3.9 billion at issuance) of new term loans with a final maturity of March 2022. We used the proceeds from these borrowings to repay in full $3.3 billion of Universal Studios Japan’s existing yen-denominated term loans and a portion of amounts outstanding under our revolving credit agreement with Comcast. Cross-Guarantee Structure We, Comcast and a 100% owned cable holding company subsidiary of Comcast (“CCCL Parent”) have fully and unconditionally guaranteed each other’s debt securities, including the $7 billion Comcast revolving credit facility due 2021. As of September 30, 2017, outstanding debt securities of $47.5 billion of Comcast and CCCL Parent were subject to the cross-guarantee structure. We do not, however, guarantee the obligations of NBCUniversal Enterprise with respect to its $4.8 billion aggregate principal amount of senior notes, $1.5 billion revolving credit facility, commercial paper program, or $725 million liquidation preference of Series A cumulative preferred stock. The Universal Studios Japan term loans are not subject to the cross-guarantee structure, however they have a separate guarantee from Comcast. Senior Notes Exchange In October 2017, we and Comcast announced and settled a private debt exchange transaction. Comcast issued $2.0 billion aggregate principal amount of new 3.969% senior notes due 2047, $2.0 billion aggregate principal amount of new 3.999% senior notes due 2049, and $1.5 billion aggregate principal amount of new 4.049% senior notes due 2052 in exchange for $3.9 billion aggregate principal amount of certain series of outstanding senior notes issued by Comcast and us, including $442 million of our 6.400% senior notes due 2040. The new notes are fully and unconditionally guaranteed by us and Comcast Cable Communications, LLC. In connection with the exchange transaction, we issued $610 million of 3.999% notes due 2049 to Comcast.

Share-Based Compensation

9 Months Ended

Sep. 30, 2017

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Share-Based Compensation

Our share-based compensation plans consist primarily of awards of RSUs and stock options to certain employees and directors as part of our approach to long-term incentive compensation. Additionally, through our employee stock purchase plans, employees are able to purchase shares of our common stock at a discount through payroll deductions.

In March 2017, we granted 10.6 million RSUs and 39.1 million stock options related to our annual management awards. The weighted-average fair values associated with these grants were $37.42 per RSU and $7.01 per stock option.

Recognized Share-Based Compensation Expense



	Three Months Ended September 30				Nine Months Ended September 30
(in millions)	2017		2016		2017		2016
Restricted share units	$	99	$	77	$	284	$	236
Stock options	52		48		155		133
Employee stock purchase plans	8		6		25		22
Total	$	159	$	131	$	464	$	391

As of September 30, 2017, we had unrecognized pretax compensation expense of $886 million and $451 million related to nonvested RSUs and nonvested stock options, respectively.

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Share-Based Compensation

Comcast maintains share-based compensation plans that consist primarily of awards of restricted share units and stock options to certain employees and directors as part of its approach to long-term incentive compensation. Additionally, through its employee stock purchase plans, employees are able to purchase shares of Comcast common stock at a discount through payroll deductions. Certain of our employees participate in these plans and the expense associated with their participation is settled in cash with Comcast.

Recognized Share-Based Compensation Expense



	Three Months Ended September 30				Nine Months Ended September 30
(in millions)	2017		2016		2017		2016
Restricted share units	$	32	$	19	$	86	$	64
Stock options	3		3		10		7
Employee stock purchase plans	3		1		7		6
Total	$	38	$	23	$	103	$	77

Supplemental Financial Information

9 Months Ended

Sep. 30, 2017

Supplemental Financial Information [Line Items]

Supplemental Financial Information

Receivables



(in millions)	September 30, 2017		December 31, 2016
Receivables, gross	$	8,549	$	8,622
Less: Allowance for returns and customer incentives	357		417
Less: Allowance for doubtful accounts	277		250
Receivables, net	$	7,915	$	7,955

Accumulated Other Comprehensive Income (Loss)



(in millions)	September 30, 2017			September 30, 2016
Unrealized gains (losses) on marketable securities	$	(43	)	$	2
Deferred gains (losses) on cash flow hedges	(12		)	(52		)
Unrecognized gains (losses) on employee benefit obligations	270			8
Cumulative translation adjustments	166			76
Accumulated other comprehensive income (loss), net of deferred taxes	$	381		$	34

Net Cash Provided by Operating Activities



	Nine Months Ended September 30
(in millions)	2017			2016
Net income	$	7,865		$	6,628
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, amortization and other operating gains	7,181			7,062
Share-based compensation	594			495
Noncash interest expense (income), net	187			172
Equity in net (income) losses of investees, net	(12		)	64
Cash received from investees	72			58
Net (gain) loss on investment activity and other	(193		)	(159		)
Deferred income taxes	678			985
Changes in operating assets and liabilities, net of effects of acquisitions and divestitures:
Current and noncurrent receivables, net	28			(315		)
Film and television costs, net	(71		)	(593		)
Accounts payable and accrued expenses related to trade creditors	(17		)	46
Other operating assets and liabilities	(351		)	(454		)
Net cash provided by operating activities	$	15,961		$	13,989

Cash Payments for Interest and Income Taxes



	Three Months Ended September 30				Nine Months Ended September 30
(in millions)	2017		2016		2017		2016
Interest	$	905	$	808	$	2,277	$	2,043
Income taxes	$	1,206	$	1,031	$	3,415	$	2,716

Noncash Investing and Financing Activities

During the nine months ended September 30, 2017:


•	we acquired $1.4 billion of property and equipment and intangible assets that were accrued but unpaid


•	we recorded a liability of $736 million for a quarterly cash dividend of $0.1575 per common share to be paid in October 2017

Supplemental Financial Information [Line Items]

Supplemental Financial Information

Receivables



(in millions)	September 30, 2017		December 31, 2016
Receivables, gross	$	6,610	$	6,799
Less: Allowance for returns and customer incentives	352		413
Less: Allowance for doubtful accounts	81		84
Receivables, net	$	6,177	$	6,302

Accumulated Other Comprehensive Income (Loss)



(in millions)	September 30, 2017			September 30, 2016
Unrealized gains (losses) on marketable securities	$	(233	)	$	—
Deferred gains (losses) on cash flow hedges	(4		)	(8		)
Unrecognized gains (losses) on employee benefit obligations	115			3
Cumulative translation adjustments	93			121
Accumulated other comprehensive income (loss)	$	(29	)	$	116

Net Cash Provided by Operating Activities



	Nine Months Ended September 30
(in millions)	2017			2016
Net income	$	4,403		$	3,424
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, amortization and other operating gains	1,197			1,324
Equity in net (income) losses of investees, net	107			55
Cash received from investees	63			45
Net (gain) loss on investment activity and other	(45		)	(72		)
Deferred income taxes	(6		)	139
Changes in operating assets and liabilities, net of effects of acquisitions and divestitures:
Current and noncurrent receivables, net	152			(338		)
Film and television costs, net	(75		)	(600		)
Accounts payable and accrued expenses related to trade creditors	(270		)	(114		)
Other operating assets and liabilities	46			(524		)
Net cash provided by operating activities	$	5,572		$	3,339

Cash Payments for Interest and Income Taxes



	Three Months Ended September 30				Nine Months Ended September 30
(in millions)	2017		2016		2017		2016
Interest	$	53	$	69	$	340	$	354
Income taxes	$	64	$	33	$	213	$	155

Noncash Investing and Financing Activities

During the nine months ended September 30, 2017:


•	we acquired $296 million of property and equipment and intangible assets that were accrued but unpaid


•	Comcast contributed its investment in Snap to us at its fair value as of March 31, 2017, which was a noncash transaction (see Note 6 for additional information)

Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Sep. 30, 2017
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Redeemable Subsidiary Preferred Stock As of September 30, 2017, the fair value of the NBCUniversal Enterprise redeemable subsidiary preferred stock was $756 million. The estimated fair value is 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 were a defendant in a lawsuit filed in December 2011 by Sprint Communications Company L.P. (“Sprint”) in the United States District Court for the District of Kansas. Sprint’s initial complaint alleged that Comcast Digital Voice and XFINITY Voice infringe twelve Sprint patents covering various aspects of a telecommunications system. In March 2015, Sprint withdrew its allegations of infringement for two of the patents. In December 2016, the Court granted summary judgment for us with respect to non-infringement on one of the patents and granted summary judgment for Sprint on one of the patents as to infringement with respect to some but not all of our accused telecommunications systems but not as to the patent’s validity. In January 2017, the Court entered judgment in favor of us on Sprint’s claims for infringement of two of the patents. In March 2017, Sprint indicated that it would not proceed to trial on three of the patents. Trial with respect to the four remaining patents, including the patent for which the Court granted partial summary judgment to Sprint, was set to begin on October 23, 2017. On October 16, 2017, the parties entered into a settlement agreement which dismisses all claims and resolves the parties’ disputes asserted in the matters described above, as well as in all other outstanding patent litigation matters between the parties, for a payment to Sprint and certain contractual rights. In connection therewith, we recorded a charge of $250 million in the third quarter of 2017. We also are a defendant in several unrelated lawsuits claiming infringement of various patents relating to various aspects of our businesses. In certain of these cases, other industry participants are also defendants, and also in certain of these cases, we expect that any potential liability would be in part or in whole the responsibility of our equipment and technology vendors under applicable contractual indemnification provisions. In addition, we are subject to other 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.

Financial Data by Business Segment

9 Months Ended

Sep. 30, 2017

We present our operations in five reportable business segments:


•	Cable Communications: Consists of the operations of Comcast Cable, which is one of the nation’s largest providers of video, high-speed Internet, voice, and security and automation services to residential customers under the XFINITY brand; we also provide these and other services to business customers and sell advertising.


•	Cable Networks: Consists primarily of our national cable networks, our regional sports and news networks, our international cable networks, and our cable television studio production operations.


•	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, and our broadcast television studio production operations.


•	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, Focus Features and DreamWorks Animation names.


•	Theme Parks: Consists primarily of our Universal theme parks in Orlando, Florida; Hollywood, California; and Osaka, Japan.

We use Adjusted EBITDA to evaluate the profitability of our operating segments and the components of net income attributable to Comcast Corporation below Adjusted EBITDA are not separately evaluated. Our financial data by business segment is presented in the tables below.



	Three Months Ended September 30, 2017
(in millions)	Revenue^(f)			Adjusted EBITDA^(g)			Depreciation, Amortization and Other^(h)			Operating Income (Loss)			Capital Expenditures		Cash Paid for Intangible Assets
Cable Communications^(a)	$	13,203		$	5,246		$	2,049		$	3,197		$	2,061	$	322
NBCUniversal
Cable Networks	2,603			905			179			726			5		4
Broadcast Television	2,133			321			(305		)	626			66		4
Filmed Entertainment	1,784			394			32			362			18		6
Theme Parks	1,550			775			166			609			199		18
Headquarters and Other^(b)	15			(122		)	97			(219		)	66		37
Eliminations^(c)	(71		)	1			—			1			—		—
NBCUniversal	8,014			2,274			169			2,105			354		69
Corporate and Other^(d)	266			(349		)	170			(519		)	19		13
Eliminations^(c)	(500		)	9			—			9			—		—
Comcast Consolidated	$	20,983		$	7,180		$	2,388		$	4,792		$	2,434	$	404



	Three Months Ended September 30, 2016
(in millions)	Revenue^(f)			Adjusted EBITDA^(g)			Depreciation, Amortization and Other		Operating Income (Loss)			Capital Expenditures		Cash Paid for Intangible Assets
Cable Communications^(a)	$	12,557		$	4,986		$	1,929	$	3,057		$	2,044	$	352
NBCUniversal
Cable Networks^(e)	2,942			893			184		709			7		4
Broadcast Television^(e)	3,087			378			27		351			28		6
Filmed Entertainment	1,792			353			13		340			6		4
Theme Parks	1,440			706			130		576			228		19
Headquarters and Other^(b)	1			(183		)	91		(274		)	67		34
Eliminations^(c)	(84		)	(1		)	—		(1		)	—		—
NBCUniversal	9,178			2,146			445		1,701			336		67
Corporate and Other^(d)	168			(223		)	21		(244		)	26		7
Eliminations^(c)	(584		)	(74		)	—		(74		)	—		—
Comcast Consolidated	$	21,319		$	6,835		$	2,395	$	4,440		$	2,406	$	426



	Nine Months Ended September 30, 2017
(in millions)	Revenue^(f)			Adjusted EBITDA^(g)			Depreciation, Amortization and Other^(h)			Operating Income (Loss)			Capital Expenditures		Cash Paid for Intangible Assets
Cable Communications^(a)	$	39,237		$	15,764		$	6,030		$	9,734		$	5,798	$	1,001
NBCUniversal
Cable Networks	7,940			3,076			574			2,502			15		11
Broadcast Television	6,582			1,059			(242		)	1,301			125		11
Filmed Entertainment	5,920			1,047			79			968			47		17
Theme Parks	3,982			1,723			494			1,229			671		57
Headquarters and Other^(b)	32			(542		)	292			(834		)	119		101
Eliminations^(c)	(243		)	(1		)	—			(1		)	—		—
NBCUniversal	24,213			6,362			1,197			5,165			977		197
Corporate and Other^(d)	679			(845		)	204			(1,049		)	64		42
Eliminations^(c)	(1,518		)	30			—			30			—		—
Comcast Consolidated	$	62,611		$	21,311		$	7,431		$	13,880		$	6,839	$	1,240



	Nine Months Ended September 30, 2016
(in millions)	Revenue^(f)			Adjusted EBITDA^(g)			Depreciation, Amortization and Other		Operating Income (Loss)			Capital Expenditures		Cash Paid for Intangible Assets
Cable Communications^(a)	$	37,205		$	14,923		$	5,676	$	9,247		$	5,501	$	965
NBCUniversal
Cable Networks^(e)	7,961			2,793			561		2,232			15		8
Broadcast Television^(e)	7,299			1,056			89		967			77		12
Filmed Entertainment	4,526			576			33		543			14		10
Theme Parks	3,602			1,550			373		1,177			668		48
Headquarters and Other^(b)	10			(518		)	268		(786		)	217		103
Eliminations^(c)	(256		)	—			—		—			—		—
NBCUniversal	23,142			5,457			1,324		4,133			991		181
Corporate and Other^(d)	547			(668		)	62		(730		)	70		17
Eliminations^(c)	(1,516		)	(55		)	—		(55		)	—		—
Comcast Consolidated	$	59,378		$	19,657		$	7,062	$	12,595		$	6,562	$	1,163


(a)	For the three and nine months ended September 30, 2017 and 2016, Cable Communications segment revenue was derived from the following sources:



	Three Months Ended September 30				Nine Months Ended September 30
	2017		2016		2017		2016
Residential:
Video	44.1	%	44.5	%	44.3	%	44.9	%
High-speed Internet	28.1	%	27.1	%	28.0	%	27.0	%
Voice	6.4	%	7.0	%	6.5	%	7.2	%
Business services	11.9	%	11.1	%	11.7	%	10.9	%
Advertising	4.1	%	5.0	%	4.1	%	4.7	%
Other	5.4	%	5.3	%	5.4	%	5.3	%
Total	100.0	%	100.0	%	100.0	%	100.0	%

Subscription revenue received from residential customers who purchase bundled services at a discounted rate is allocated proportionally to each cable service based on the individual service’s price on a stand-alone basis.

For the three and nine months ended September 30, 2017, 2.7% and 2.8%, respectively, of Cable Communications segment revenue was derived from franchise and other regulatory fees. For both the three and nine months ended September 30, 2016, 2.8% of Cable Communications segment revenue was derived from franchise and other regulatory fees.


(b)	NBCUniversal Headquarters and Other activities include costs associated with overhead, allocations, personnel costs and headquarter initiatives.


(c)	Included in Eliminations are transactions that our segments enter into with one another. The most common types of transactions are the following:


•	our Cable Networks segment generates revenue by selling programming to our Cable Communications segment, which represents a substantial majority of the revenue elimination amount


•	our Broadcast Television segment generates revenue from the fees received under retransmission consent agreements with our Cable Communications segment


•	our Cable Communications segment generates revenue by selling advertising and by selling the use of satellite feeds to our Cable Networks segment


•	our Filmed Entertainment and Broadcast Television segments generate revenue from the licensing of film and television content to our Cable Networks segment


(d)	Corporate and Other activities include costs associated with overhead and personnel, the costs of other business development initiatives, including our new wireless phone service, and the operations of Comcast Spectacor, which owns the Philadelphia Flyers and the Wells Fargo Center arena in Philadelphia, Pennsylvania and operates arena management-related businesses.


(e)	The revenue and operating costs and expenses associated with our broadcast of the 2016 Rio Olympics were reported in our Cable Networks and Broadcast Television segments.


(f)	No single customer accounted for a significant amount of revenue in any period.

(g)

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, other income (expense) items, net, depreciation and amortization expense, and other operating gains, and excluding 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 events, gains, losses or other charges (such as significant legal settlements) that affect the period-to-period comparability of our operating performance. Other income (expense) items, net include interest expense, investment income (loss), equity in net income (losses) of investees, and other income (expense), net (as stated in our condensed consolidated statement of income). This measure eliminates the significant level of noncash depreciation and amortization expense that results from the capital-intensive nature of certain of our businesses and from intangible assets recognized in business combinations. Additionally, it is unaffected by our capital and tax structures and by our investment activities. We use this measure to evaluate our consolidated operating performance and the operating performance of our operating segments and to allocate resources and capital to our operating segments. It is also a significant performance measure in our annual incentive compensation programs. We believe that this measure is useful to investors because it is one of the bases for comparing our operating performance with that of other companies in our industries, although our measure may not be directly comparable to similar measures used by other companies. This measure should not be considered a substitute for operating income (loss), net income (loss), net income (loss) attributable to Comcast Corporation, net cash provided by operating activities, or other measures of performance or liquidity we have reported in accordance with GAAP. 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.



	Three Months Ended September 30						Nine Months Ended September 30
(in millions)	2017			2016			2017			2016
Adjusted EBITDA	$	7,180		$	6,835		$	21,311		$	19,657
Adjustment for legal settlement	(250		)	—			(250		)	—
Depreciation	(1,991		)	(1,865		)	(5,876		)	(5,518		)
Amortization	(589		)	(530		)	(1,747		)	(1,544		)
Other operating gains	442			—			442			—
Other income (expense) items, net	(696		)	(716		)	(1,980		)	(1,978		)
Income before income taxes	$	4,096		$	3,724		$	11,900		$	10,617

(h)

Other represents other operating gains in our condensed consolidated statement of income and a charge related to a legal settlement. For both the three and nine months ended September 30, 2017, other operating gains included a pretax gain of $337 million related to NBCUniversal’s relinquishment of spectrum rights in our Broadcast Television segment and a pretax gain of $105 million related to the sale of a business in Corporate and Other. A charge related to a legal settlement of $250 million was recorded in other operating and administrative expenses in Corporate and Other and was excluded from Adjusted EBITDA for both the three and nine months ended September 30, 2017.

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

We present our operations in four reportable business segments:


•	Cable Networks: Consists primarily of our national cable networks, our regional sports and news networks, our international cable networks, and our cable television studio production operations.


•	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, and our broadcast television studio production operations.


•	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, Focus Features and DreamWorks Animation names.


•	Theme Parks: Consists primarily of our Universal theme parks in Orlando, Florida; Hollywood, California; and Osaka, Japan.

We use Adjusted EBITDA to evaluate the profitability of our operating segments and the components of net income attributable to NBCUniversal below Adjusted EBITDA are not separately evaluated. Our financial data by business segment is presented in the tables below.



	Three Months Ended September 30, 2017
(in millions)	Revenue^(d)			Adjusted EBITDA^(e)			Depreciation, Amortization and Other^(f)			Operating Income (Loss)			Capital Expenditures		Cash Paid for Intangible Assets
Cable Networks	$	2,603		$	905		$	179		$	726		$	5	$	4
Broadcast Television	2,133			321			(305		)	626			66		4
Filmed Entertainment	1,784			394			32			362			18		6
Theme Parks	1,550			775			166			609			199		18
Headquarters and Other^(a)	15			(122		)	97			(219		)	66		37
Eliminations^(b)	(71		)	1			—			1			—		—
Total	$	8,014		$	2,274		$	169		$	2,105		$	354	$	69



	Three Months Ended September 30, 2016
(in millions)	Revenue^(d)			Adjusted EBITDA^(e)			Depreciation, Amortization and Other		Operating Income (Loss)			Capital Expenditures		Cash Paid for Intangible Assets
Cable Networks^(c)	$	2,942		$	893		$	184	$	709		$	7	$	4
Broadcast Television^(c)	3,087			378			27		351			28		6
Filmed Entertainment	1,792			353			13		340			6		4
Theme Parks	1,440			706			130		576			228		19
Headquarters and Other^(a)	1			(183		)	91		(274		)	67		34
Eliminations^(b)	(84		)	(1		)	—		(1		)	—		—
Total	$	9,178		$	2,146		$	445	$	1,701		$	336	$	67



	Nine Months Ended September 30, 2017
(in millions)	Revenue^(d)			Adjusted EBITDA^(e)			Depreciation, Amortization and Other^(f)			Operating Income (Loss)			Capital Expenditures		Cash Paid for Intangible Assets
Cable Networks	$	7,940		$	3,076		$	574		$	2,502		$	15	$	11
Broadcast Television	6,582			1,059			(242		)	1,301			125		11
Filmed Entertainment	5,920			1,047			79			968			47		17
Theme Parks	3,982			1,723			494			1,229			671		57
Headquarters and Other^(a)	32			(542		)	292			(834		)	119		101
Eliminations^(b)	(243		)	(1		)	—			(1		)	—		—
Total	$	24,213		$	6,362		$	1,197		$	5,165		$	977	$	197



	Nine Months Ended September 30, 2016
(in millions)	Revenue^(d)			Adjusted EBITDA^(e)			Depreciation, Amortization and Other		Operating Income (Loss)			Capital Expenditures		Cash Paid for Intangible Assets
Cable Networks^(c)	$	7,961		$	2,793		$	561	$	2,232		$	15	$	8
Broadcast Television^(c)	7,299			1,056			89		967			77		12
Filmed Entertainment	4,526			576			33		543			14		10
Theme Parks	3,602			1,550			373		1,177			668		48
Headquarters and Other^(a)	10			(518		)	268		(786		)	217		103
Eliminations^(b)	(256		)	—			—		—			—		—
Total	$	23,142		$	5,457		$	1,324	$	4,133		$	991	$	181


(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 consist primarily of the licensing of film and television content from our Filmed Entertainment and Broadcast Television segments to our Cable Networks segment.


(c)	The revenue and operating costs and expenses associated with our broadcast of the 2016 Rio Olympics were reported in our Cable Networks and Broadcast Television segments.


(d)	No single customer accounted for a significant amount of revenue in any period.

(e)

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, income tax expense, other income (expense) items, net, depreciation and amortization expense, and other operating gains, and excluding 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 events, gains, losses or other charges (such as significant legal settlements) that affect the period-to-period comparability of our operating performance. Other income (expense) items, net include interest expense, investment income (loss), equity in net income (losses) of investees, and other income (expense), net (as stated in our condensed consolidated statement of income). This measure eliminates the significant level of noncash amortization expense that results from intangible assets recognized in business combinations. Additionally, it is unaffected by our capital and tax structures and by our investment activities. We use this measure to evaluate our consolidated operating performance and the operating performance of our operating segments and to allocate resources and capital to our operating segments. It is also a significant performance measure in our annual incentive compensation programs. We believe that this measure is useful to investors because it is one of the bases for comparing our operating performance with that of other companies in our industries, although our measure may not be directly comparable to similar measures used by other companies. This measure should not be considered a substitute for operating income (loss), net income (loss), net income (loss) attributable to NBCUniversal, net cash provided by operating activities, or other measures of performance or liquidity we have reported in accordance with GAAP. 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.



	Three Months Ended September 30						Nine Months Ended September 30
(in millions)	2017			2016			2017			2016
Adjusted EBITDA	$	2,274		$	2,146		$	6,362		$	5,457
Depreciation	(253		)	(209		)	(749		)	(624		)
Amortization	(253		)	(236		)	(785		)	(700		)
Other operating gains	337			—			337			—
Other income (expense) items, net	(165		)	(195		)	(473		)	(398		)
Income before income taxes	$	1,940		$	1,506		$	4,692		$	3,735


(f)	Other represents other operating gains in our condensed consolidated statement of income. For both the three and nine months ended September 30, 2017, other operating gains included a pretax gain of $337 million related to our relinquishment of spectrum rights in our Broadcast Television segment.

Condensed Consolidating Financial Information

9 Months Ended

Sep. 30, 2017

Condensed Consolidating Financial Information

Comcast (“Comcast Parent”), Comcast Cable Communications, LLC (“CCCL Parent”), and NBCUniversal (“NBCUniversal Media Parent”) have fully and unconditionally guaranteed each other’s debt securities, including the Comcast revolving credit facility.

Comcast Parent and CCCL Parent also fully and unconditionally guarantee NBCUniversal Enterprise’s $4.8 billion aggregate principal amount of senior notes, $1.5 billion revolving credit facility and commercial paper program. NBCUniversal Media Parent does not guarantee the NBCUniversal Enterprise senior notes, revolving credit facility or commercial paper program.

Comcast Parent provides an unconditional guarantee of the Universal Studios Japan ¥450 billion term loans with a final maturity of March 2022. Comcast Parent also provides an unconditional subordinated guarantee of the $185 million principal amount currently outstanding of Comcast Holdings’ ZONES due October 2029. Neither CCCL Parent nor NBCUniversal Media Parent guarantee the Comcast Holdings’ ZONES due October 2029. None of Comcast Parent, CCCL Parent nor NBCUniversal Media Parent guarantee the $62 million principal amount currently outstanding of Comcast Holdings’ ZONES due November 2029.

Condensed Consolidating Balance Sheet

September 30, 2017



(in millions)	Comcast Parent		Comcast Holdings		CCCL Parent		NBCUniversal Media Parent		Non- Guarantor Subsidiaries		Elimination and Consolidation Adjustments			Consolidated Comcast Corporation
Assets
Cash and cash equivalents	$	—	$	—	$	—	$	260	$	3,854	$	—		$	4,114
Receivables, net	—		—		—		—		7,915		—			7,915
Programming rights	—		—		—		—		1,779		—			1,779
Other current assets	65		—		—		30		2,057		—			2,152
Total current assets	65		—		—		290		15,605		—			15,960
Film and television costs	—		—		—		—		6,796		—			6,796
Investments	132		11		79		691		5,782		—			6,695
Investments in and amounts due from subsidiaries eliminated upon consolidation	102,930		128,663		126,361		50,474		111,087		(519,515		)	—
Property and equipment, net	482		—		—		—		37,374		—			37,856
Franchise rights	—		—		—		—		59,364		—			59,364
Goodwill	—		—		—		—		36,752		—			36,752
Other intangible assets, net	11		—		—		—		18,722		—			18,733
Other noncurrent assets, net	1,178		687		—		86		2,249		(1,055		)	3,145
Total assets	$	104,798	$	129,361	$	126,440	$	51,541	$	293,731	$	(520,570	)	$	185,301
Liabilities and Equity
Accounts payable and accrued expenses related to trade creditors	$	17	$	—	$	—	$	—	$	6,959	$	—		$	6,976
Accrued participations and residuals	—		—		—		—		1,811		—			1,811
Accrued expenses and other current liabilities	1,640		92		208		394		5,087		—			7,421
Current portion of long-term debt	2,913		—		—		4		2,324		—			5,241
Total current liabilities	4,570		92		208		398		16,181		—			21,449
Long-term debt, less current portion	42,237		139		2,100		8,204		7,040		—			59,720
Deferred income taxes	—		492		—		70		36,124		(1,084		)	35,602
Other noncurrent liabilities	2,564		—		—		1,138		7,183		29			10,914
Redeemable noncontrolling interests and redeemable subsidiary preferred stock	—		—		—		—		1,353		—			1,353
Equity:
Common stock	55		—		—		—		—		—			55
Other shareholders’ equity	55,372		128,638		124,132		41,731		225,014		(519,515		)	55,372
Total Comcast Corporation shareholders’ equity	55,427		128,638		124,132		41,731		225,014		(519,515		)	55,427
Noncontrolling interests	—		—		—		—		836		—			836
Total equity	55,427		128,638		124,132		41,731		225,850		(519,515		)	56,263
Total liabilities and equity	$	104,798	$	129,361	$	126,440	$	51,541	$	293,731	$	(520,570	)	$	185,301

Condensed Consolidating Balance Sheet

December 31, 2016



(in millions)	Comcast Parent		Comcast Holdings		CCCL Parent		NBCUniversal Media Parent		Non- Guarantor Subsidiaries		Elimination and Consolidation Adjustments			Consolidated Comcast Corporation
Assets
Cash and cash equivalents	$	—	$	—	$	—	$	482	$	2,819	$	—		$	3,301
Receivables, net	—		—		—		—		7,955		—			7,955
Programming rights	—		—		—		—		1,250		—			1,250
Other current assets	151		—		—		36		3,668		—			3,855
Total current assets	151		—		—		518		15,692		—			16,361
Film and television costs	—		—		—		—		7,252		—			7,252
Investments	75		—		—		651		4,521		—			5,247
Investments in and amounts due from subsidiaries eliminated upon consolidation	98,350		120,071		117,696		47,393		97,704		(481,214		)	—
Property and equipment, net	298		—		—		—		35,955		—			36,253
Franchise rights	—		—		—		—		59,364		—			59,364
Goodwill	—		—		—		—		35,980		—			35,980
Other intangible assets, net	13		—		—		—		17,261		—			17,274
Other noncurrent assets, net	1,138		638		—		89		1,921		(1,017		)	2,769
Total assets	$	100,025	$	120,709	$	117,696	$	48,651	$	275,650	$	(482,231	)	$	180,500
Liabilities and Equity
Accounts payable and accrued expenses related to trade creditors	$	23	$	—	$	—	$	—	$	6,892	$	—		$	6,915
Accrued participations and residuals	—		—		—		—		1,726		—			1,726
Accrued expenses and other current liabilities	1,726		—		341		302		5,045		—			7,414
Current portion of long-term debt	3,739		—		550		4		1,187		—			5,480
Total current liabilities	5,488		—		891		306		14,850		—			21,535
Long-term debt, less current portion	38,123		141		2,100		8,208		6,994		—			55,566
Deferred income taxes	—		542		—		70		35,259		(1,017		)	34,854
Other noncurrent liabilities	2,471		—		—		1,166		7,288		—			10,925
Redeemable noncontrolling interests and redeemable subsidiary preferred stock	—		—		—		—		1,446		—			1,446
Equity:
Common stock	56		—		—		—		—		—			56
Other shareholders’ equity	53,887		120,026		114,705		38,901		207,582		(481,214		)	53,887
Total Comcast Corporation shareholders’ equity	53,943		120,026		114,705		38,901		207,582		(481,214		)	53,943
Noncontrolling interests	—		—		—		—		2,231		—			2,231
Total equity	53,943		120,026		114,705		38,901		209,813		(481,214		)	56,174
Total liabilities and equity	$	100,025	$	120,709	$	117,696	$	48,651	$	275,650	$	(482,231	)	$	180,500

Condensed Consolidating Statement of Income

For the Three Months Ended September 30, 2017



(in millions)	Comcast Parent			Comcast Holdings			CCCL Parent			NBCUniversal Media Parent			Non- Guarantor Subsidiaries			Elimination and Consolidation Adjustments			Consolidated Comcast Corporation
Revenue:
Service revenue	$	—		$	—		$	—		$	—		$	20,983		$	—		$	20,983
Management fee revenue	285			—			280			—			—			(565		)	—
	285			—			280			—			20,983			(565		)	20,983
Costs and Expenses:
Programming and production	—			—			—			—			6,077			—			6,077
Other operating and administrative	183			—			280			277			6,248			(565		)	6,423
Advertising, marketing and promotion	—			—			—			—			1,553			—			1,553
Depreciation	7			—			—			—			1,984			—			1,991
Amortization	1			—			—			—			588			—			589
Other operating gains	—			—			—			—			(442		)	—			(442		)
	191			—			280			277			16,008			(565		)	16,191
Operating income (loss)	94			—			—			(277		)	4,975			—			4,792
Other Income (Expense):
Interest expense	(544		)	(3		)	(48		)	(116		)	(55		)	—			(766		)
Investment income (loss), net	(2		)	32			—			(9		)	61			—			82
Equity in net income (losses) of investees, net	2,944			2,483			1,992			2,221			1,786			(11,465		)	(39		)
Other income (expense), net	—			—			—			12			15			—			27
	2,398			2,512			1,944			2,108			1,807			(11,465		)	(696		)
Income (loss) before income taxes	2,492			2,512			1,944			1,831			6,782			(11,465		)	4,096
Income tax (expense) benefit	158			(10		)	17			(6		)	(1,572		)	—			(1,413		)
Net income (loss)	2,650			2,502			1,961			1,825			5,210			(11,465		)	2,683
Net (income) loss attributable to noncontrolling interests and redeemable subsidiary preferred stock	—			—			—			—			(33		)	—			(33		)
Net income (loss) attributable to Comcast Corporation	$	2,650		$	2,502		$	1,961		$	1,825		$	5,177		$	(11,465	)	$	2,650
Comprehensive income (loss) attributable to Comcast Corporation	$	2,603		$	2,486		$	1,965		$	1,740		$	5,049		$	(11,240	)	$	2,603

Condensed Consolidating Statement of Income

For the Three Months Ended September 30, 2016



(in millions)	Comcast Parent			Comcast Holdings			CCCL Parent			NBCUniversal Media Parent			Non- Guarantor Subsidiaries			Elimination and Consolidation Adjustments			Consolidated Comcast Corporation
Revenue:
Service revenue	$	—		$	—		$	—		$	—		$	21,319		$	—		$	21,319
Management fee revenue	268			—			263			—			—			(531		)	—
	268			—			263			—			21,319			(531		)	21,319
Costs and Expenses:
Programming and production	—			—			—			—			7,003			—			7,003
Other operating and administrative	194			—			263			222			5,848			(531		)	5,996
Advertising, marketing and promotion	—			—			—			—			1,485			—			1,485
Depreciation	7			—			—			—			1,858			—			1,865
Amortization	1			—			—			—			529			—			530
Other operating gains	—			—			—			—			—			—			—
	202			—			263			222			16,723			(531		)	16,879
Operating income (loss)	66			—			—			(222		)	4,596			—			4,440
Other Income (Expense):
Interest expense	(502		)	(3		)	(59		)	(113		)	(74		)	—			(751		)
Investment income (loss), net	3			(4		)	—			(12		)	93			—			80
Equity in net income (losses) of investees, net	2,519			2,385			2,134			1,644			1,255			(9,971		)	(34		)
Other income (expense), net	—			—			—			(2		)	(9		)	—			(11		)
	2,020			2,378			2,075			1,517			1,265			(9,971		)	(716		)
Income (loss) before income taxes	2,086			2,378			2,075			1,295			5,861			(9,971		)	3,724
Income tax (expense) benefit	151			2			21			(6		)	(1,568		)	—			(1,400		)
Net income (loss)	2,237			2,380			2,096			1,289			4,293			(9,971		)	2,324
Net (income) loss attributable to noncontrolling interests and redeemable subsidiary preferred stock	—			—			—			—			(87		)	—			(87		)
Net income (loss) attributable to Comcast Corporation	$	2,237		$	2,380		$	2,096		$	1,289		$	4,206		$	(9,971	)	$	2,237
Comprehensive income (loss) attributable to Comcast Corporation	$	2,270		$	2,388		$	2,096		$	1,310		$	4,235		$	(10,029	)	$	2,270

Condensed Consolidating Statement of Income

For the Nine Months Ended September 30, 2017



(in millions)	Comcast Parent			Comcast Holdings			CCCL Parent			NBCUniversal Media Parent			Non- Guarantor Subsidiaries			Elimination and Consolidation Adjustments			Consolidated Comcast Corporation
Revenue:
Service revenue	$	—		$	—		$	—		$	—		$	62,611		$	—		$	62,611
Management fee revenue	841			—			827			—			—			(1,668		)	—
	841			—			827			—			62,611			(1,668		)	62,611
Costs and Expenses:
Programming and production	—			—			—			—			18,492			—			18,492
Other operating and administrative	553			—			827			844			17,754			(1,668		)	18,310
Advertising, marketing and promotion	—			—			—			—			4,748			—			4,748
Depreciation	21			—			—			—			5,855			—			5,876
Amortization	4			—			—			—			1,743			—			1,747
Other operating gains	—			—			—			—			(442		)	—			(442		)
	578			—			827			844			48,150			(1,668		)	48,731
Operating income (loss)	263			—			—			(844		)	14,461			—			13,880
Other Income (Expense):
Interest expense	(1,592		)	(9		)	(159		)	(344		)	(175		)	—			(2,279		)
Investment income (loss), net	(1		)	84			—			(29		)	151			—			205
Equity in net income (losses) of investees, net	8,594			7,746			6,613			5,477			4,313			(32,731		)	12
Other income (expense), net	—			—			—			58			24			—			82
	7,001			7,821			6,454			5,162			4,313			(32,731		)	(1,980		)
Income (loss) before income taxes	7,264			7,821			6,454			4,318			18,774			(32,731		)	11,900
Income tax (expense) benefit	465			(26		)	56			(17		)	(4,513		)	—			(4,035		)
Net income (loss)	7,729			7,795			6,510			4,301			14,261			(32,731		)	7,865
Net (income) loss attributable to noncontrolling interests and redeemable subsidiary preferred stock	—			—			—			—			(136		)	—			(136		)
Net income (loss) attributable to Comcast Corporation	$	7,729		$	7,795		$	6,510		$	4,301		$	14,125		$	(32,731	)	$	7,729
Comprehensive income (loss) attributable to Comcast Corporation	$	7,818		$	7,793		$	6,516		$	4,266		$	13,998		$	(32,573	)	$	7,818

Condensed Consolidating Statement of Income

For the Nine Months Ended September 30, 2016



(in millions)	Comcast Parent			Comcast Holdings			CCCL Parent			NBCUniversal Media Parent			Non- Guarantor Subsidiaries			Elimination and Consolidation Adjustments			Consolidated Comcast Corporation
Revenue:
Service revenue	$	—		$	—		$	—		$	—		$	59,378		$	—		$	59,378
Management fee revenue	793			—			778			—			—			(1,571		)	—
	793			—			778			—			59,378			(1,571		)	59,378
Costs and Expenses:
Programming and production	—			—			—			—			17,926			—			17,926
Other operating and administrative	635			—			778			739			16,704			(1,571		)	17,285
Advertising, marketing and promotion	—			—			—			—			4,510			—			4,510
Depreciation	21			—			—			—			5,497			—			5,518
Amortization	4			—			—			—			1,540			—			1,544
Other operating gains	—			—			—			—			—			—			—
	660			—			778			739			46,177			(1,571		)	46,783
Operating income (loss)	133			—			—			(739		)	13,201			—			12,595
Other Income (Expense):
Interest expense	(1,431		)	(9		)	(179		)	(342		)	(225		)	—			(2,186		)
Investment income (loss), net	6			(3		)	—			(20		)	185			—			168
Equity in net income (losses) of investees, net	7,239			6,924			6,375			4,229			3,160			(27,991		)	(64		)
Other income (expense), net	—			—			—			115			(11		)	—			104
	5,814			6,912			6,196			3,982			3,109			(27,991		)	(1,978		)
Income (loss) before income taxes	5,947			6,912			6,196			3,243			16,310			(27,991		)	10,617
Income tax (expense) benefit	452			4			63			(19		)	(4,489		)	—			(3,989		)
Net income (loss)	6,399			6,916			6,259			3,224			11,821			(27,991		)	6,628
Net (income) loss attributable to noncontrolling interests and redeemable subsidiary preferred stock	—			—			—			—			(229		)	—			(229		)
Net income (loss) attributable to Comcast Corporation	$	6,399		$	6,916		$	6,259		$	3,224		$	11,592		$	(27,991	)	$	6,399
Comprehensive income (loss) attributable to Comcast Corporation	$	6,607		$	7,015		$	6,261		$	3,552		$	12,134		$	(28,962	)	$	6,607

Condensed Consolidating Statement of Cash Flows

For the Nine Months Ended September 30, 2017



(in millions)	Comcast Parent			Comcast Holdings			CCCL Parent			NBCUniversal Media Parent			Non- Guarantor Subsidiaries			Elimination and Consolidation Adjustments		Consolidated Comcast Corporation
Net cash provided by (used in) operating activities	$	(931	)	$	91		$	(233	)	$	(1,054	)	$	18,088		$	—	$	15,961
Investing Activities
Net transactions with affiliates	4,216			(91		)	818			833			(5,776		)	—		—
Capital expenditures	(6		)	—			—			—			(6,833		)	—		(6,839		)
Cash paid for intangible assets	(2		)	—			—			—			(1,238		)	—		(1,240		)
Acquisitions and construction of real estate properties	(190		)	—			—			—			(135		)	—		(325		)
Acquisitions, net of cash acquired	—			—			—			—			(429		)	—		(429		)
Proceeds from sales of investments	—			—			—			10			110			—		120
Purchases of investments	(56		)	—			(35		)	(57		)	(1,916		)	—		(2,064		)
Deposits	—			—			—			—			—			—		—
Other	101			—			—			49			600			—		750
Net cash provided by (used in) investing activities	4,063			(91		)	783			835			(15,617		)	—		(10,027		)
Financing Activities
Proceeds from (repayments of) short-term borrowings, net	(1,739		)	—			—			—			(1,068		)	—		(2,807		)
Proceeds from borrowings	5,997			—			—			—			5,463			—		11,460
Repurchases and repayments of debt	(1,000		)	—			(550		)	(3		)	(3,468		)	—		(5,021		)
Repurchases of common stock under repurchase program and employee plans	(4,212		)	—			—			—			—			—		(4,212		)
Dividends paid	(2,147		)	—			—			—			—			—		(2,147		)
Purchase of Universal Studios Japan noncontrolling interests	—			—			—			—			(2,299		)	—		(2,299		)
Issuances of common stock	—			—			—			—			—			—		—
Distributions to noncontrolling interests and dividends for redeemable subsidiary preferred stock	—			—			—			—			(198		)	—		(198		)
Other	(31		)	—			—			—			134			—		103
Net cash provided by (used in) financing activities	(3,132		)	—			(550		)	(3		)	(1,436		)	—		(5,121		)
Increase (decrease) in cash and cash equivalents	—			—			—			(222		)	1,035			—		813
Cash and cash equivalents, beginning of period	—			—			—			482			2,819			—		3,301
Cash and cash equivalents, end of period	$	—		$	—		$	—		$	260		$	3,854		$	—	$	4,114

Condensed Consolidating Statement of Cash Flows

For the Nine Months Ended September 30, 2016



(in millions)	Comcast Parent			Comcast Holdings		CCCL Parent			NBCUniversal Media Parent			Non- Guarantor Subsidiaries			Elimination and Consolidation Adjustments		Consolidated Comcast Corporation
Net cash provided by (used in) operating activities	$	(637	)	$	—	$	(179	)	$	(1,068	)	$	15,873		$	—	$	13,989
Investing Activities
Net transactions with affiliates	(1,746		)	—		179			2,150			(583		)	—		—
Capital expenditures	(9		)	—		—			—			(6,553		)	—		(6,562		)
Cash paid for intangible assets	(4		)	—		—			—			(1,159		)	—		(1,163		)
Acquisitions and construction of real estate properties	(2		)	—		—			—			(301		)	—		(303		)
Acquisitions, net of cash acquired	—			—		—			—			(3,904		)	—		(3,904		)
Proceeds from sales of investments	—			—		—			104			84			—		188
Purchases of investments	(23		)	—		—			(9		)	(586		)	—		(618		)
Deposits	—			—		—			—			(1,748		)	—		(1,748		)
Other	(108		)	—		—			(35		)	101			—		(42		)
Net cash provided by (used in) investing activities	(1,892		)	—		179			2,210			(14,649		)	—		(14,152		)
Financing Activities
Proceeds from (repayments of) short-term borrowings, net	105			—		—			—			505			—		610
Proceeds from borrowings	9,231			—		—			—			—			—		9,231
Repurchases and repayments of debt	(750		)	—		—			(1,005		)	(1,239		)	—		(2,994		)
Repurchases of common stock under repurchase program and employee plans	(4,061		)	—		—			—			—			—		(4,061		)
Dividends paid	(1,944		)	—		—			—			—			—		(1,944		)
Issuances of common stock	23			—		—			—			—			—		23
Distributions to noncontrolling interests and dividends for redeemable subsidiary preferred stock	—			—		—			—			(194		)	—		(194		)
Other	(75		)	—		—			25			54			—		4
Net cash provided by (used in) financing activities	2,529			—		—			(980		)	(874		)	—		675
Increase (decrease) in cash and cash equivalents	—			—		—			162			350			—		512
Cash and cash equivalents, beginning of period	—			—		—			414			1,881			—		2,295
Cash and cash equivalents, end of period	$	—		$	—	$	—		$	576		$	2,231		$	—	$	2,807

- Definition

The entire disclosure for condensed financial information, including the financial position, cash flows, and the results of operations of the registrant (parent company) as of the same dates or for the same periods for which audited consolidated financial statements are being presented. Alternatively, the details of this disclosure can be reported by the specific parent company taxonomy elements, indicating the appropriate date and period contexts in an instance document.

+ References + Details

Recent Accounting Pronouncements (Policies)	9 Months Ended
Recent Accounting Pronouncements (Policies)	Sep. 30, 2017
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Basis of Presentation	We have prepared these unaudited condensed consolidated financial statements based on SEC rules that permit reduced disclosure for interim periods. These financial statements include all adjustments that are necessary for a fair presentation of our consolidated results of operations, financial condition and cash flows for the periods shown, including normal, recurring accruals and other items. The consolidated results of operations for the interim periods presented are not necessarily indicative of results for the full year. The year-end condensed consolidated balance sheet was derived from audited financial statements but does not include all disclosures required by generally accepted accounting principles in the United States (“GAAP”). For a more complete discussion of our accounting policies and certain other information, refer to our consolidated financial statements included in our 2016 Annual Report on Form 10-K.
Recent Accounting Pronouncements	Revenue Recognition In May 2014, the Financial Accounting Standards Board (“FASB”) updated the accounting guidance related to revenue recognition. The updated accounting guidance provides a single, contract-based revenue recognition model to help improve financial reporting by providing clearer guidance on when an entity should recognize revenue and by reducing the number of standards to which an entity has to refer. The updated accounting guidance is effective for us as of January 1, 2018. We have substantially completed the review of our revenue arrangements and do not currently expect that the adoption of the new standard will have a material impact on our financial position or results of operations. Upon adoption, we anticipate implementing certain changes in the presentation of revenue and expenses, including changes related to the allocation of revenue among the cable services included in a bundle that our residential customers purchase at a discount. We also expect that the new standard will impact the timing of recognition for (1) our Cable Communications segment’s installation revenue and commission expenses, which will be recognized as revenue and costs over a period of time instead of immediately, and (2) our Cable Networks, Broadcast Television and Filmed Entertainment segments’ content licensing revenue associated with renewals or extensions of existing program licensing agreements, which will be recognized as revenue when the licensed content becomes available under the renewal or extension instead of when the agreement is renewed or extended. In addition, the updated guidance requires additional disclosures regarding the nature, timing and uncertainty of our revenue transactions. We intend to adopt the provisions of the guidance using the full retrospective method, under which we will adjust any prior periods presented to reflect the updated guidance. Financial Assets and Financial Liabilities In January 2016, the FASB updated the accounting guidance related to the recognition and measurement of financial assets and financial liabilities. The updated accounting guidance, among other things, requires that all nonconsolidated equity investments, except those accounted for under the equity method, be measured at fair value and that the changes in fair value be recognized in net income. The updated guidance is effective for us as of January 1, 2018. The updated accounting guidance requires a cumulative effect adjustment to beginning retained earnings in the year the guidance is adopted with certain exceptions. If we had adopted the provisions of the updated guidance as of January 1, 2017 for our equity investments classified as available-for-sale securities, primarily our investment in Snap Inc. (see Note 6), net income attributable to Comcast Corporation would have decreased for the three and nine months ended September 30, 2017 by $63 million and $47 million, respectively. We are currently in the process of determining the impact that the updated accounting guidance will have on our cost method investments. Leases In February 2016, the FASB updated the accounting guidance related to leases. The updated accounting guidance requires lessees to recognize a right-of-use asset and a lease liability on the balance sheet for all leases with the exception of short-term leases. The asset and liability are initially measured based on the present value of committed lease payments. For a lessee, the recognition, measurement and presentation of expenses and cash flows arising from a lease do not significantly change from previous guidance. For a lessor, the accounting applied is also largely unchanged from previous guidance. The updated guidance is effective for us as of January 1, 2019 and early adoption is permitted. The updated accounting guidance must be adopted using a modified retrospective approach for leases that exist or are entered into after the beginning of the earliest comparative period in the financial statements. We are currently in the process of determining the impact that the updated accounting guidance will have on our consolidated financial statements. Share-Based Compensation In March 2016, the FASB updated the accounting guidance that affects several aspects of the accounting for share-based compensation. The most significant change for us relates to the presentation of the income and withholding tax consequences of share-based compensation in our consolidated financial statements. Among the changes, the updated guidance requires that the excess income tax benefits or deficiencies that arise when the tax consequences of share-based compensation differ from amounts previously recognized in the statement of income be recognized as income tax benefit or expense in the statement of income rather than as additional paid-in capital in the balance sheet. The guidance also states that excess income tax benefits should not be presented separately from other income taxes in the statement of cash flows and, thus, should be classified as an operating activity rather than a financing activity as they were under the prior guidance. In addition, the updated guidance requires that, when an employer withholds shares upon exercise of options or the vesting of restricted stock for the purpose of meeting withholding tax requirements, the cash paid for withholding taxes be classified as a financing activity and we include these amounts in the caption “repurchases of common stock under repurchase program and employee plans” in our consolidated statement of cash flows. We previously recorded these amounts as operating activities. We adopted the updated guidance as of January 1, 2017 and, as required, we prospectively adopted the provisions that relate to the recognition of the excess income tax benefits or deficiencies in our condensed consolidated statement of income. The excess tax benefits resulted in a decrease to income tax expense of $49 million and $247 million for the three and nine months ended September 30, 2017, respectively. In addition, the excess tax benefits resulted in an increase to diluted earnings per common share attributable to Comcast Corporation shareholders of $0.01 and $0.04 for the three and nine months ended September 30, 2017, respectively. As required by the updated guidance, the prior year periods in our condensed consolidated statement of income were not adjusted as a result of these provisions. In addition, we retrospectively adopted the provisions of this guidance related to changes to the statement of cash flows for all periods presented. This resulted in increases to net cash provided by operating activities and decreases to net cash provided by (used in) financing activities of $644 million and $492 million for the nine months ended September 30, 2017 and 2016, respectively.
NBCUniversal Media LLC [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Basis of Presentation	Unless indicated otherwise, throughout these notes to the condensed consolidated financial statements, we refer to NBCUniversal and its consolidated subsidiaries as “we,” “us” and “our.” We have prepared these unaudited condensed consolidated financial statements based on SEC rules that permit reduced disclosure for interim periods. These financial statements include all adjustments that are necessary for a fair presentation of our consolidated results of operations, financial condition and cash flows for the periods shown, including normal, recurring accruals and other items. The consolidated results of operations for the interim periods presented are not necessarily indicative of results for the full year. The year-end condensed consolidated balance sheet was derived from audited financial statements but does not include all disclosures required by generally accepted accounting principles in the United States (“GAAP”). For a more complete discussion of our accounting policies and certain other information, refer to our consolidated financial statements included in our 2016 Annual Report on Form 10-K.
Recent Accounting Pronouncements	Revenue Recognition In May 2014, the Financial Accounting Standards Board (“FASB”) updated the accounting guidance related to revenue recognition. The updated accounting guidance provides a single, contract-based revenue recognition model to help improve financial reporting by providing clearer guidance on when an entity should recognize revenue and by reducing the number of standards to which an entity has to refer. The updated accounting guidance is effective for us as of January 1, 2018. We have substantially completed the review of our revenue arrangements and do not currently expect that the adoption of the new standard will have a material impact on our financial position or results of operations. However, we do expect that the new standard will impact the timing of recognition for our Cable Networks, Broadcast Television and Filmed Entertainment segments’ content licensing revenue associated with renewals or extensions of existing program licensing agreements, which will be recognized as revenue when the licensed content becomes available under the renewal or extension instead of when the agreement is renewed or extended. The updated guidance also requires additional disclosures regarding the nature, timing and uncertainty of our revenue transactions. We intend to adopt the provisions of the guidance using the full retrospective method, under which we will adjust any prior periods presented to reflect the updated guidance. Financial Assets and Financial Liabilities In January 2016, the FASB updated the accounting guidance related to the recognition and measurement of financial assets and financial liabilities. The updated accounting guidance, among other things, requires that all nonconsolidated equity investments, except those accounted for under the equity method, be measured at fair value and that the changes in fair value be recognized in net income. The updated guidance is effective for us as of January 1, 2018. The updated accounting guidance requires a cumulative effect adjustment to beginning retained earnings in the year the guidance is adopted with certain exceptions. If we had adopted the provisions of the updated guidance as of January 1, 2017 for our equity investments classified as available-for-sale securities, primarily our investment in Snap Inc. (see Note 6), net income attributable to NBCUniversal would have decreased for the three and nine months ended September 30, 2017 by $95 million and $234 million, respectively. We are currently in the process of determining the impact that the updated accounting guidance will have on our cost method investments. Leases In February 2016, the FASB updated the accounting guidance related to leases. The updated accounting guidance requires lessees to recognize a right-of-use asset and a lease liability on the balance sheet for all leases with the exception of short-term leases. The asset and liability are initially measured based on the present value of committed lease payments. For a lessee, the recognition, measurement and presentation of expenses and cash flows arising from a lease do not significantly change from previous guidance. For a lessor, the accounting applied is also largely unchanged from previous guidance. The updated guidance is effective for us as of January 1, 2019 and early adoption is permitted. The updated accounting guidance must be adopted using a modified retrospective approach for leases that exist or are entered into after the beginning of the earliest comparative period in the financial statements. We are currently in the process of determining the impact that the updated accounting guidance will have on our consolidated financial statements.

Earnings Per Share (Tables)

9 Months Ended

Sep. 30, 2017

Earnings Per Share [Abstract]

Computation of diluted EPS

Computation of Diluted EPS



	Three Months Ended September 30
	2017					2016
(in millions, except per share data)	Net Income Attributable to Comcast Corporation		Shares	Per Share Amount		Net Income Attributable to Comcast Corporation		Shares	Per Share Amount
Basic EPS attributable to Comcast Corporation shareholders	$	2,650	4,698	$	0.56	$	2,237	4,805	$	0.47
Effect of dilutive securities:
Assumed exercise or issuance of shares relating to stock plans			79					56
Diluted EPS attributable to Comcast Corporation shareholders	$	2,650	4,777	$	0.55	$	2,237	4,861	$	0.46



	Nine Months Ended September 30
	2017					2016
(in millions, except per share amounts)	Net Income Attributable to Comcast Corporation		Shares	Per Share Amount		Net Income Attributable to Comcast Corporation		Shares	Per Share Amount
Basic EPS attributable to Comcast Corporation shareholders	$	7,729	4,725	$	1.64	$	6,399	4,837	$	1.32
Effect of dilutive securities:
Assumed exercise or issuance of shares relating to stock plans			81					56
Diluted EPS attributable to Comcast Corporation shareholders	$	7,729	4,806	$	1.61	$	6,399	4,893	$	1.31

Significant Transactions (Tables) - DreamWorks Animation [Member]

9 Months Ended

Sep. 30, 2017

Schedule of Business Acquisitions, by Acquisition

The table below presents the allocation of the purchase price to the assets and liabilities of DreamWorks Animation.



Allocation of Purchase Price
(in millions)
Film and television costs	$	838
Intangible assets	396
Working capital	156
Debt	(381		)
Tax receivable agreement	(146		)
Deferred income taxes	291
Other noncurrent assets and liabilities	170
Identifiable net assets (liabilities) acquired	1,324
Noncontrolling interests	(337		)
Goodwill	2,786
Cash consideration transferred	$	3,773

Schedule of Business Acquisitions, by Acquisition

The table below presents the allocation of the purchase price to the assets and liabilities of DreamWorks Animation.



Allocation of Purchase Price
(in millions)
Film and television costs	$	838
Intangible assets	396
Working capital	156
Debt	(381		)
Tax receivable agreement^(a)	(146		)
Other noncurrent assets and liabilities and other^(b)	461
Identifiable net assets (liabilities) acquired	1,324
Noncontrolling interests	(337		)
Goodwill	2,786
Cash consideration transferred	$	3,773

(a)

The tax receivable agreement was settled immediately following the acquisition and the payment was recorded as an operating activity in our condensed consolidated statement of cash flows in the third quarter of 2016. Comcast made a separate cash capital contribution of $146 million to fund the settlement which was recorded as a financing activity in our condensed consolidated statement of cash flows in the third quarter of 2016.


(b)	Other included $279 million recorded to member’s capital that represented deferred income tax assets and other tax-related items recorded by Comcast but excluded from the net assets contributed to us.

Related Party Transactions (Tables)

9 Months Ended

Sep. 30, 2017

The following tables present transactions with Comcast and its consolidated subsidiaries that are included in our condensed consolidated financial statements.

Condensed Consolidated Balance Sheet



(in millions)	September 30, 2017		December 31, 2016
Transactions with Comcast and Consolidated Subsidiaries
Receivables, net	$	327	$	285
Accounts payable and accrued expenses related to trade creditors	$	33	$	55
Accrued expenses and other current liabilities	$	39	$	4
Note payable to Comcast	$	1,805	$	2,703
Other noncurrent liabilities	$	389	$	389

Condensed Consolidated Statement of Income



	Three Months Ended September 30						Nine Months Ended September 30
(in millions)	2017			2016			2017			2016
Transactions with Comcast and Consolidated Subsidiaries
Revenue	$	463		$	522		$	1,382		$	1,335
Operating costs and expenses	$	(38	)	$	(53	)	$	(148	)	$	(157	)
Other income (expense)	$	(20	)	$	(18	)	$	(67	)	$	(48	)

Film and Television Costs (Tables)

9 Months Ended

Sep. 30, 2017

Film and Television Costs



(in millions)	September 30, 2017		December 31, 2016
Film Costs:
Released, less amortization	$	1,747	$	1,750
Completed, not released	198		50
In production and in development	829		1,310
	2,774		3,110
Television Costs:
Released, less amortization	2,047		1,953
In production and in development	853		853
	2,900		2,806
Programming rights, less amortization	2,901		2,586
	8,575		8,502
Less: Current portion of programming rights	1,779		1,250
Film and television costs	$	6,796	$	7,252

Film and Television Costs



(in millions)	September 30, 2017		December 31, 2016
Film Costs:
Released, less amortization	$	1,747	$	1,750
Completed, not released	198		50
In production and in development	829		1,310
	2,774		3,110
Television Costs:
Released, less amortization	2,047		1,953
In production and in development	853		853
	2,900		2,806
Programming rights, less amortization	2,889		2,570
	8,563		8,486
Less: Current portion of programming rights	1,772		1,241
Film and television costs	$	6,791	$	7,245

Investments (Tables)

9 Months Ended

Sep. 30, 2017

Fair Value, Equity And Cost Method Investments [Line Items]

Investment Summary



(in millions)	September 30, 2017		December 31, 2016
Fair Value Method:
Snap	$	427	$	—
Other	164		198
	591		198
Equity Method:
Atairos	2,225		1,601
Hulu	255		225
Other	871		550
	3,351		2,376
Cost Method:
AirTouch	1,610		1,599
BuzzFeed	400		400
Other	756		771
	2,766		2,770
Total investments	6,708		5,344
Less: Current investments	13		97
Noncurrent investments	$	6,695	$	5,247

Investment Income (Loss), Net



	Three Months Ended September 30						Nine Months Ended September 30
(in millions)	2017			2016			2017			2016
Gains (losses) on sales and exchanges of investments, net	$	10		$	24		$	9		$	39
Investment impairment losses	(3		)	(7		)	(9		)	(28		)
Interest and dividend income	36			31			101			91
Other, net	39			32			104			66
Investment income (loss), net	$	82		$	80		$	205		$	168

Fair Value, Equity And Cost Method Investments [Line Items]

Investment Summary



(in millions)	September 30, 2017		December 31, 2016
Fair Value Method:
Snap	$	427	$	—
Other	4		6
	431		6
Equity Method:
Hulu	255		225
Other	432		336
	687		561
Cost Method:
BuzzFeed	400		400
Other	299		296
	699		696
Total investments	$	1,817	$	1,263

Share-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2017

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Schedule of recognized share-based compensation expense

Recognized Share-Based Compensation Expense



	Three Months Ended September 30				Nine Months Ended September 30
(in millions)	2017		2016		2017		2016
Restricted share units	$	99	$	77	$	284	$	236
Stock options	52		48		155		133
Employee stock purchase plans	8		6		25		22
Total	$	159	$	131	$	464	$	391

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Schedule of recognized share-based compensation expense

Recognized Share-Based Compensation Expense



	Three Months Ended September 30				Nine Months Ended September 30
(in millions)	2017		2016		2017		2016
Restricted share units	$	32	$	19	$	86	$	64
Stock options	3		3		10		7
Employee stock purchase plans	3		1		7		6
Total	$	38	$	23	$	103	$	77

Supplemental Financial Information (Tables)

9 Months Ended

Sep. 30, 2017

Supplemental Financial Information [Line Items]

Schedule of receivables, net

Receivables



(in millions)	September 30, 2017		December 31, 2016
Receivables, gross	$	8,549	$	8,622
Less: Allowance for returns and customer incentives	357		417
Less: Allowance for doubtful accounts	277		250
Receivables, net	$	7,915	$	7,955

Schedule of accumulated other comprehensive income (loss)

Accumulated Other Comprehensive Income (Loss)



(in millions)	September 30, 2017			September 30, 2016
Unrealized gains (losses) on marketable securities	$	(43	)	$	2
Deferred gains (losses) on cash flow hedges	(12		)	(52		)
Unrecognized gains (losses) on employee benefit obligations	270			8
Cumulative translation adjustments	166			76
Accumulated other comprehensive income (loss), net of deferred taxes	$	381		$	34

Schedule of adjustments to reconcile net income to net cash provided by operating activities

Net Cash Provided by Operating Activities



	Nine Months Ended September 30
(in millions)	2017			2016
Net income	$	7,865		$	6,628
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, amortization and other operating gains	7,181			7,062
Share-based compensation	594			495
Noncash interest expense (income), net	187			172
Equity in net (income) losses of investees, net	(12		)	64
Cash received from investees	72			58
Net (gain) loss on investment activity and other	(193		)	(159		)
Deferred income taxes	678			985
Changes in operating assets and liabilities, net of effects of acquisitions and divestitures:
Current and noncurrent receivables, net	28			(315		)
Film and television costs, net	(71		)	(593		)
Accounts payable and accrued expenses related to trade creditors	(17		)	46
Other operating assets and liabilities	(351		)	(454		)
Net cash provided by operating activities	$	15,961		$	13,989

Schedule of cash payments for interest and income taxes

Cash Payments for Interest and Income Taxes



	Three Months Ended September 30				Nine Months Ended September 30
(in millions)	2017		2016		2017		2016
Interest	$	905	$	808	$	2,277	$	2,043
Income taxes	$	1,206	$	1,031	$	3,415	$	2,716

Supplemental Financial Information [Line Items]

Schedule of receivables, net

Receivables



(in millions)	September 30, 2017		December 31, 2016
Receivables, gross	$	6,610	$	6,799
Less: Allowance for returns and customer incentives	352		413
Less: Allowance for doubtful accounts	81		84
Receivables, net	$	6,177	$	6,302

Schedule of accumulated other comprehensive income (loss)

Accumulated Other Comprehensive Income (Loss)



(in millions)	September 30, 2017			September 30, 2016
Unrealized gains (losses) on marketable securities	$	(233	)	$	—
Deferred gains (losses) on cash flow hedges	(4		)	(8		)
Unrecognized gains (losses) on employee benefit obligations	115			3
Cumulative translation adjustments	93			121
Accumulated other comprehensive income (loss)	$	(29	)	$	116

Schedule of adjustments to reconcile net income to net cash provided by operating activities

Net Cash Provided by Operating Activities



	Nine Months Ended September 30
(in millions)	2017			2016
Net income	$	4,403		$	3,424
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, amortization and other operating gains	1,197			1,324
Equity in net (income) losses of investees, net	107			55
Cash received from investees	63			45
Net (gain) loss on investment activity and other	(45		)	(72		)
Deferred income taxes	(6		)	139
Changes in operating assets and liabilities, net of effects of acquisitions and divestitures:
Current and noncurrent receivables, net	152			(338		)
Film and television costs, net	(75		)	(600		)
Accounts payable and accrued expenses related to trade creditors	(270		)	(114		)
Other operating assets and liabilities	46			(524		)
Net cash provided by operating activities	$	5,572		$	3,339

Schedule of cash payments for interest and income taxes

Cash Payments for Interest and Income Taxes



	Three Months Ended September 30				Nine Months Ended September 30
(in millions)	2017		2016		2017		2016
Interest	$	53	$	69	$	340	$	354
Income taxes	$	64	$	33	$	213	$	155

Financial Data by Business Segment (Tables)

9 Months Ended

Sep. 30, 2017

Cable Communications Segment Revenue Sources



	Three Months Ended September 30, 2017
(in millions)	Revenue^(f)			Adjusted EBITDA^(g)			Depreciation, Amortization and Other^(h)			Operating Income (Loss)			Capital Expenditures		Cash Paid for Intangible Assets
Cable Communications^(a)	$	13,203		$	5,246		$	2,049		$	3,197		$	2,061	$	322
NBCUniversal
Cable Networks	2,603			905			179			726			5		4
Broadcast Television	2,133			321			(305		)	626			66		4
Filmed Entertainment	1,784			394			32			362			18		6
Theme Parks	1,550			775			166			609			199		18
Headquarters and Other^(b)	15			(122		)	97			(219		)	66		37
Eliminations^(c)	(71		)	1			—			1			—		—
NBCUniversal	8,014			2,274			169			2,105			354		69
Corporate and Other^(d)	266			(349		)	170			(519		)	19		13
Eliminations^(c)	(500		)	9			—			9			—		—
Comcast Consolidated	$	20,983		$	7,180		$	2,388		$	4,792		$	2,434	$	404



	Three Months Ended September 30, 2016
(in millions)	Revenue^(f)			Adjusted EBITDA^(g)			Depreciation, Amortization and Other		Operating Income (Loss)			Capital Expenditures		Cash Paid for Intangible Assets
Cable Communications^(a)	$	12,557		$	4,986		$	1,929	$	3,057		$	2,044	$	352
NBCUniversal
Cable Networks^(e)	2,942			893			184		709			7		4
Broadcast Television^(e)	3,087			378			27		351			28		6
Filmed Entertainment	1,792			353			13		340			6		4
Theme Parks	1,440			706			130		576			228		19
Headquarters and Other^(b)	1			(183		)	91		(274		)	67		34
Eliminations^(c)	(84		)	(1		)	—		(1		)	—		—
NBCUniversal	9,178			2,146			445		1,701			336		67
Corporate and Other^(d)	168			(223		)	21		(244		)	26		7
Eliminations^(c)	(584		)	(74		)	—		(74		)	—		—
Comcast Consolidated	$	21,319		$	6,835		$	2,395	$	4,440		$	2,406	$	426



	Nine Months Ended September 30, 2017
(in millions)	Revenue^(f)			Adjusted EBITDA^(g)			Depreciation, Amortization and Other^(h)			Operating Income (Loss)			Capital Expenditures		Cash Paid for Intangible Assets
Cable Communications^(a)	$	39,237		$	15,764		$	6,030		$	9,734		$	5,798	$	1,001
NBCUniversal
Cable Networks	7,940			3,076			574			2,502			15		11
Broadcast Television	6,582			1,059			(242		)	1,301			125		11
Filmed Entertainment	5,920			1,047			79			968			47		17
Theme Parks	3,982			1,723			494			1,229			671		57
Headquarters and Other^(b)	32			(542		)	292			(834		)	119		101
Eliminations^(c)	(243		)	(1		)	—			(1		)	—		—
NBCUniversal	24,213			6,362			1,197			5,165			977		197
Corporate and Other^(d)	679			(845		)	204			(1,049		)	64		42
Eliminations^(c)	(1,518		)	30			—			30			—		—
Comcast Consolidated	$	62,611		$	21,311		$	7,431		$	13,880		$	6,839	$	1,240



	Nine Months Ended September 30, 2016
(in millions)	Revenue^(f)			Adjusted EBITDA^(g)			Depreciation, Amortization and Other		Operating Income (Loss)			Capital Expenditures		Cash Paid for Intangible Assets
Cable Communications^(a)	$	37,205		$	14,923		$	5,676	$	9,247		$	5,501	$	965
NBCUniversal
Cable Networks^(e)	7,961			2,793			561		2,232			15		8
Broadcast Television^(e)	7,299			1,056			89		967			77		12
Filmed Entertainment	4,526			576			33		543			14		10
Theme Parks	3,602			1,550			373		1,177			668		48
Headquarters and Other^(b)	10			(518		)	268		(786		)	217		103
Eliminations^(c)	(256		)	—			—		—			—		—
NBCUniversal	23,142			5,457			1,324		4,133			991		181
Corporate and Other^(d)	547			(668		)	62		(730		)	70		17
Eliminations^(c)	(1,516		)	(55		)	—		(55		)	—		—
Comcast Consolidated	$	59,378		$	19,657		$	7,062	$	12,595		$	6,562	$	1,163


(a)	For the three and nine months ended September 30, 2017 and 2016, Cable Communications segment revenue was derived from the following sources:



	Three Months Ended September 30				Nine Months Ended September 30
	2017		2016		2017		2016
Residential:
Video	44.1	%	44.5	%	44.3	%	44.9	%
High-speed Internet	28.1	%	27.1	%	28.0	%	27.0	%
Voice	6.4	%	7.0	%	6.5	%	7.2	%
Business services	11.9	%	11.1	%	11.7	%	10.9	%
Advertising	4.1	%	5.0	%	4.1	%	4.7	%
Other	5.4	%	5.3	%	5.4	%	5.3	%
Total	100.0	%	100.0	%	100.0	%	100.0	%


(b)	NBCUniversal Headquarters and Other activities include costs associated with overhead, allocations, personnel costs and headquarter initiatives.


(c)	Included in Eliminations are transactions that our segments enter into with one another. The most common types of transactions are the following:


•	our Cable Networks segment generates revenue by selling programming to our Cable Communications segment, which represents a substantial majority of the revenue elimination amount


•	our Broadcast Television segment generates revenue from the fees received under retransmission consent agreements with our Cable Communications segment


•	our Cable Communications segment generates revenue by selling advertising and by selling the use of satellite feeds to our Cable Networks segment


•	our Filmed Entertainment and Broadcast Television segments generate revenue from the licensing of film and television content to our Cable Networks segment


(d)	Corporate and Other activities include costs associated with overhead and personnel, the costs of other business development initiatives, including our new wireless phone service, and the operations of Comcast Spectacor, which owns the Philadelphia Flyers and the Wells Fargo Center arena in Philadelphia, Pennsylvania and operates arena management-related businesses.


(e)	The revenue and operating costs and expenses associated with our broadcast of the 2016 Rio Olympics were reported in our Cable Networks and Broadcast Television segments.


(f)	No single customer accounted for a significant amount of revenue in any period.

(g)



	Three Months Ended September 30						Nine Months Ended September 30
(in millions)	2017			2016			2017			2016
Adjusted EBITDA	$	7,180		$	6,835		$	21,311		$	19,657
Adjustment for legal settlement	(250		)	—			(250		)	—
Depreciation	(1,991		)	(1,865		)	(5,876		)	(5,518		)
Amortization	(589		)	(530		)	(1,747		)	(1,544		)
Other operating gains	442			—			442			—
Other income (expense) items, net	(696		)	(716		)	(1,980		)	(1,978		)
Income before income taxes	$	4,096		$	3,724		$	11,900		$	10,617

(h)

For the three and nine months ended September 30, 2017 and 2016, Cable Communications segment revenue was derived from the following sources:



	Three Months Ended September 30				Nine Months Ended September 30
	2017		2016		2017		2016
Residential:
Video	44.1	%	44.5	%	44.3	%	44.9	%
High-speed Internet	28.1	%	27.1	%	28.0	%	27.0	%
Voice	6.4	%	7.0	%	6.5	%	7.2	%
Business services	11.9	%	11.1	%	11.7	%	10.9	%
Advertising	4.1	%	5.0	%	4.1	%	4.7	%
Other	5.4	%	5.3	%	5.4	%	5.3	%
Total	100.0	%	100.0	%	100.0	%	100.0	%

Reconciliation of Adjusted EBITDA from Segments to Consolidated

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.



	Three Months Ended September 30						Nine Months Ended September 30
(in millions)	2017			2016			2017			2016
Adjusted EBITDA	$	7,180		$	6,835		$	21,311		$	19,657
Adjustment for legal settlement	(250		)	—			(250		)	—
Depreciation	(1,991		)	(1,865		)	(5,876		)	(5,518		)
Amortization	(589		)	(530		)	(1,747		)	(1,544		)
Other operating gains	442			—			442			—
Other income (expense) items, net	(696		)	(716		)	(1,980		)	(1,978		)
Income before income taxes	$	4,096		$	3,724		$	11,900		$	10,617