0001166691-24-000011 | 10-K | XBRL Viewer

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Investments and Variable Interest Entities - Investment and Other Income (Loss), Net (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Investments [Abstract]
Equity in net income (losses) of investees, net	$ 789	$ (537)	$ 2,006
Realized and unrealized gains (losses) on equity securities, net	(130)	(320)	339
Other income (loss), net	592	(3)	211
Investment and other income (loss), net	$ 1,252	$ (861)	$ 2,557

Programming and Production Costs (Tables)

12 Months Ended

Dec. 31, 2023

Other Industries [Abstract]

Programming and Production Cost


Year ended December 31 (in millions)	2023		2022		2021
Video distribution programming	$	12,460	$	13,013	$	13,550
Film and television content:
Owned(a)	10,224		10,765		8,957
Licensed, including sports rights	12,619		13,151		14,733
Other	1,459		1,283		1,210
Total programming and production costs	$	36,762	$	38,213	$	38,450

(a) Amount includes amortization of owned content of $7.8 billion, $8.6 billion and $7.3 billion for the year ended December 31, 2023, 2022 and 2021, respectively, as well as participations and residuals expenses.

Capitalized Film and Television Costs


December 31 (in millions)	2023		2022
Owned:
In production and in development	$	2,893	$	3,210
Completed, not released	317		130
Released, less amortization	4,340		4,634
	7,551		7,974
Licensed, including sports advances	5,369		4,586



Film and television costs	$	12,920	$	12,560

Production tax incentives reduced capitalized owned film and television costs by $418 million and $400 million as of December 31, 2023 and 2022, respectively, and resulted in a reduction of programming and production costs of $578 million and $733 million in 2023 and 2022, respectively. We have receivables related to our production tax incentives of $1.9 billion and $1.5 billion as of December 31, 2023 and 2022, respectively, a substantial majority of which are reflected in other noncurrent assets in our consolidated balance sheets.

Estimated Future Amortization Expense for Capitalized Film and Television Costs and Programming Rights

The table below summarizes estimated future amortization expense for the capitalized film and television costs recorded in our consolidated balance sheets as of December 31, 2023.


(in millions)	Owned		Licensed
Completed, not released:
2024	$	192

Released and licensed content:
2024	$	2,258	$	3,627
2025	$	779	$	1,002
2026	$	421	$	461

Segment Information

12 Months Ended

Dec. 31, 2023

Segment Reporting [Abstract]

Segment Information


Note 2: Segment Information

We are a global media and technology company with two primary businesses: Connectivity & Platforms and Content & Experiences. In 2023, we changed our presentation of segment operating results around our two primary businesses and now present the operations of (1) our Connectivity & Platforms business in two segments: Residential Connectivity & Platforms and Business Services Connectivity and (2) our Content & Experiences business in three segments: Media, Studios and Theme Parks. See Note 3 for a description of the various products and services within each segment.

Our segments generally report transactions with one another as if they were stand-alone businesses in accordance with GAAP, and these transactions are eliminated in consolidation. When multiple segments enter into transactions to provide products and services to third parties, revenue is generally allocated to our segments based on relative value. Transactions between our Connectivity & Platforms and Content & Experiences businesses, and between segments within the Content & Experiences business, generally include intercompany profit consistent with third-party transactions. The segments within our Connectivity & Platforms business use certain shared infrastructure, including our HFC network in the United States, and each segment is presented with its direct costs and an allocation of shared costs, as well as revenue from its customers.

Our financial data by segment is presented in the tables below. We do not present asset information for our segments as this information is not used to allocate resources and capital.


	Year Ended December 31,
	2023				2022				2021
(in millions)	Revenue(a)		Adjusted EBITDA(b)		Revenue(a)		Adjusted EBITDA(b)		Revenue(a)		Adjusted EBITDA(b)
Connectivity & Platforms
Residential Connectivity & Platforms	$	71,946	$	26,948	$	72,386	$	26,111	$	72,694	$	25,188
Business Services Connectivity	9,255		5,291		8,819		5,060		8,056		4,682
Connectivity & Platforms	81,201		32,239		81,205		31,171		80,750		29,871
Content & Experiences
Media	25,355		2,955		26,719		3,598		27,406		5,133
Studios	11,625		1,269		12,257		961		10,077		879
Theme Parks	8,947		3,345		7,541		2,683		5,051		1,267
Headquarters and Other	64		(946)		75		(881)		87		(840)
Eliminations(a)	(2,800)		77		(3,442)		(2)		(3,048)		(205)
Content & Experiences	43,191		6,700		43,151		6,360		39,574		6,234
Corporate and Other	2,763		(1,335)		2,662		(1,008)		2,844		(1,331)
Eliminations(a)	(5,583)		28		(5,590)		(64)		(6,783)		(65)
Comcast Consolidated	$	121,572	$	37,633	$	121,427	$	36,459	$	116,385	$	34,708

(a)Included in Eliminations are transactions that our segments enter into with one another. The most significant of these transactions include distribution revenue in Media related to fees from Residential Connectivity & Platforms for the rights to distribute television programming and content licensing revenue in Studios for licenses of owned content to Media. Revenue for licenses of content from Studios to Media is generally recognized at a point in time, consistent with the recognition of transactions with third parties, when the content is delivered and made available for use. The costs of these licenses in Media are recognized as the content is used over the license period. The difference in timing of recognition between segments results in an Adjusted EBITDA impact in eliminations, as the profits (losses) on these transactions are deferred in our consolidated results and recognized as the content is used over the license period.

A summary of revenue for each of our segments resulting from transactions with other segments and eliminated in consolidation is presented in the table below.


Year ended December 31 (in millions)	2023		2022		2021
Connectivity & Platforms
Residential Connectivity & Platforms	$	207	$	208	$	219
Business Services Connectivity	22		21		25
Content & Experiences
Media	4,621		4,572		5,776
Studios	3,317		3,963		3,548
Theme Parks	(1)		1		2
Headquarters and Other	29		52		68
Corporate and Other	187		215		193
Total intersegment revenue	$	8,383	$	9,032	$	9,831

(b)We use Adjusted EBITDA as the measure of profit or loss for our operating segments. From time to time we may report the impact of certain events, gains, losses or other charges related to our operating segments, within Corporate and Other. Our reconciliation of the aggregate amount of Adjusted EBITDA for our segments to consolidated income before income taxes is presented in the table below.


Year ended December 31 (in millions)	2023		2022		2021
Adjusted EBITDA	$	37,633	$	36,459	$	34,708

Adjustments	16		(13)		(87)
Depreciation	(8,854)		(8,724)		(8,628)
Amortization	(5,482)		(5,097)		(5,176)
Goodwill and long-lived asset impairments	—		(8,583)		—
Interest expense	(4,087)		(3,896)		(4,281)
Investment and other income (loss), net	1,252		(861)		2,557

Income (loss) before income taxes	$	20,478	$	9,284	$	19,093

Adjustments represent the impact of certain events, gains, losses or other charges that are excluded from Adjusted EBITDA, including costs related to our investment portfolio. Refer to Note 10 for a discussion of impairment charges in 2022 related to goodwill and long-lived assets.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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+ Details

Income Taxes - Reconciliation of Unrecognized Tax Benefits (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Gross unrecognized tax benefits, January 1	$ 2,161	$ 2,042	$ 1,879
Additions based on tax positions related to the current year	546	380	352
Additions based on tax positions related to prior years	1	56	111
Reductions for tax positions of prior years	(43)	(145)	(181)
Reductions due to expiration of statutes of limitations	(56)	(148)	(107)
Settlements with tax authorities and other	(15)	(24)	(12)
Gross unrecognized tax benefits, December 31	$ 2,593	$ 2,161	$ 2,042

Cover - USD ($) $ in Millions	12 Months Ended
Cover - USD ($) $ in Millions	Dec. 31, 2023	Jan. 15, 2024	Jun. 30, 2023
Document Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2023
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	001-32871
Entity Registrant Name	COMCAST CORPORATION
Entity Tax Identification Number	27-0000798
Entity Incorporation, State or Country Code	PA
Entity Address, Address Line One	One Comcast Center
Entity Address, City or Town	Philadelphia
Entity Address, State or Province	PA
Entity Address, Postal Zip Code	19103-2838
City Area Code	215
Local Phone Number	286-1700
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction	false
Entity Shell Company	false
Entity Public Float			$ 170,209
Documents Incorporated by Reference	Comcast Corporation – Part III – The registrant’s definitive Proxy Statement for its annual meeting of shareholders.
Document Fiscal Period Focus	FY
Amendment Flag	false
Document Fiscal Year Focus	2023
Entity Central Index Key	0001166691
Class A common stock, $0.01 par value—authorized, 7,500,000,000 shares; issued, 4,842,108,959 and 5,083,466,045; outstanding, 3,969,317,931 and 4,210,675,017
Document Information [Line Items]
Title of 12(b) Security	Class A Common Stock, $0.01 par value
Trading Symbol	CMCSA
Security Exchange Name	NASDAQ
Entity Common Stock, Shares Outstanding		3,962,412,964
0.000% Notes due 2026
Document Information [Line Items]
Title of 12(b) Security	0.000% Notes due 2026
Trading Symbol	CMCS26
Security Exchange Name	NASDAQ
0.250% Notes due 2027
Document Information [Line Items]
Title of 12(b) Security	0.250% Notes due 2027
Trading Symbol	CMCS27
Security Exchange Name	NASDAQ
1.500% Notes due 2029
Document Information [Line Items]
Title of 12(b) Security	1.500% Notes due 2029
Trading Symbol	CMCS29
Security Exchange Name	NASDAQ
0.250% Notes due 2029
Document Information [Line Items]
Title of 12(b) Security	0.250% Notes due 2029
Trading Symbol	CMCS29A
Security Exchange Name	NASDAQ
0.750% Notes due 2032
Document Information [Line Items]
Title of 12(b) Security	0.750% Notes due 2032
Trading Symbol	CMCS32
Security Exchange Name	NASDAQ
1.875% Notes due 2036
Document Information [Line Items]
Title of 12(b) Security	1.875% Notes due 2036
Trading Symbol	CMCS36
Security Exchange Name	NASDAQ
1.250% Notes due 2040
Document Information [Line Items]
Title of 12(b) Security	1.250% Notes due 2040
Trading Symbol	CMCS40
Security Exchange Name	NASDAQ
5.50% Notes due 2029
Document Information [Line Items]
Title of 12(b) Security	5.50% Notes due 2029
Trading Symbol	CCGBP29
Security Exchange Name	NYSE
2.0% Exchangeable Subordinated Debentures due 2029
Document Information [Line Items]
Title of 12(b) Security	2.0% Exchangeable Subordinated Debentures due 2029
Trading Symbol	CCZ
Security Exchange Name	NYSE
Class B Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		9,444,375

Segment Information - Reconciliation of Adjusted EBITDA from Segment to Consolidated Statements (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Segment Reporting [Abstract]
Adjusted EBITDA	$ 37,633	$ 36,459	$ 34,708
Adjustments	16	(13)	(87)
Depreciation	(8,854)	(8,724)	(8,628)
Amortization	(5,482)	(5,097)	(5,176)
Goodwill and long-lived asset impairments	0	(8,583)	0
Interest expense	(4,087)	(3,896)	(4,281)
Investment and other income (loss), net	1,252	(861)	2,557
Income before income taxes	$ 20,478	$ 9,284	$ 19,093

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

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+ Details

- Definition

Amount of the cost of borrowed funds accounted for as interest expense.

+ References + Details

Income Taxes - Narrative (Details) $ in Millions	12 Months Ended
Income Taxes - Narrative (Details) $ in Millions	Dec. 31, 2023 USD ($)
Income Taxes [Line Items]
Deferred tax liability attributable to temporary differences in other comprehensive income (loss)	$ 107
Unrecognized tax benefits that would impact effective tax rate	2,000
Federal Tax Authority
Income Taxes [Line Items]
Operating loss carryforwards	182
Foreign Tax Authority
Income Taxes [Line Items]
Operating loss carryforwards	$ 11,400

Supplemental Financial Information - Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Cash and cash equivalents	$ 6,215	$ 4,749
Restricted cash included in other current assets and other noncurrent assets, net	67	33
Cash, cash equivalents and restricted cash, end of year	$ 6,282	$ 4,782	$ 8,778	$ 11,768

Investments and Variable Interest Entities - Narrative (Details) $ in Millions, ¥ in Billions		1 Months Ended	3 Months Ended	12 Months Ended
	Oct. 31, 2020 USD ($)	Nov. 30, 2020 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2019 USD ($)	Dec. 31, 2023 CNY (¥)
Schedule of Equity Method Investments [Line Items]
Unrealized gains (losses) recognized				$ (140)	$ (394)	$ (80)
Additional distributions from equity method investments				217	162	1,100
Advance on sale of investment				8,610	0	0
Advance on sale of investment			$ 9,167	9,167	0
Equity method investments			7,615	7,615	5,421
Other investments			559	559	972
Consolidated variable interest entity's assets included in condensed consolidated balance sheet			264,811	264,811	257,275
Short-Term Instruments
Schedule of Equity Method Investments [Line Items]
Other investments			$ 254	254	304
Other Investments
Schedule of Equity Method Investments [Line Items]
Proceeds from sale of short-term investments				560	1,600
Payments to acquire short-term investments				$ 506	1,800
Variable Interest Entity, Primary Beneficiary \| Universal Beijing Resort
Schedule of Equity Method Investments [Line Items]
Ownership percentage in variable interest entity			30.00%	30.00%				30.00%
Long-term debt			$ 3,500	$ 3,500
Consolidated variable interest entity's assets included in condensed consolidated balance sheet			7,800	7,800
Consolidated variable interest entity's liabilities the balance sheet			7,200	7,200
Variable Interest Entity, Primary Beneficiary \| Universal Beijing Resort \| Term loans
Schedule of Equity Method Investments [Line Items]
Maximum borrowing capacity of revolving credit facilities			4,200	4,200				¥ 29.7
Long-term debt			3,100	3,100
Atairos
Schedule of Equity Method Investments [Line Items]
Term of agreement	12 years	16 years 6 months
Funding commitment	$ 5,000	$ 4,500
Maximum amount of annual capital calls		$ 400
Management fee funding commitment			$ 40	$ 40
Percent of losses			99.00%	99.00%				99.00%
Percentage of residual returns			86.00%	86.00%				86.00%
Cash capital contributions for equity method investments				$ 145	52	$ 47
Equity method investments			$ 5,500	5,500	4,300
Atairos \| Minimum
Schedule of Equity Method Investments [Line Items]
Funding commitment by management company investors			50	50
Atairos \| Maximum
Schedule of Equity Method Investments [Line Items]
Funding commitment by management company investors			100	100
Atairos \| Variable Interest Entity, Not Primary Beneficiary
Schedule of Equity Method Investments [Line Items]
Unfunded capital commitment			1,400	1,400
Hulu
Schedule of Equity Method Investments [Line Items]
Ownership percentage							33.00%
Fair market value assessment floor for put and call option							$ 27,500
Ownership percentage representing fair market value floor for put and call option							100.00%
Advance on sale of investment				8,600
Advance on sale of investment, gross			9,200
Outstanding capital calls			557
Equity method investments			$ 863	$ 863	$ 490
Equity method investment, future tax benefits shared			50.00%	50.00%				50.00%
Proceeds from collateralized obligation							$ 5,200

Segment Information - Intersegment Eliminations (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Segment Reporting Information [Line Items]
Revenue	$ 121,572	$ 121,427	$ 116,385
Eliminations
Segment Reporting Information [Line Items]
Revenue	8,383	9,032	9,831
Eliminations \| Content & Experiences
Segment Reporting Information [Line Items]
Revenue	(2,800)	(3,442)	(3,048)
Corporate and Other
Segment Reporting Information [Line Items]
Revenue	187	215	193
Corporate and Other \| Content & Experiences
Segment Reporting Information [Line Items]
Revenue	29	52	68
Residential Connectivity & Platforms \| Eliminations \| Connectivity & Platforms
Segment Reporting Information [Line Items]
Revenue	207	208	219
Business Services Connectivity \| Eliminations \| Connectivity & Platforms
Segment Reporting Information [Line Items]
Revenue	22	21	25
Media \| Eliminations \| Content & Experiences
Segment Reporting Information [Line Items]
Revenue	4,621	4,572	5,776
Studios \| Eliminations \| Content & Experiences
Segment Reporting Information [Line Items]
Revenue	3,317	3,963	3,548
Theme Parks \| Eliminations \| Content & Experiences
Segment Reporting Information [Line Items]
Revenue	$ (1)	$ 1	$ 2

Property and Equipment (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Property and equipment, at cost	$ 118,400	$ 112,400
Less: Accumulated depreciation	58,700	56,900
Property and equipment, net	59,686	55,485
United States
Property, Plant and Equipment [Line Items]
Property and equipment, net	48,700	44,200
Other
Property, Plant and Equipment [Line Items]
Property and equipment, net	$ 11,000	11,300
Distribution systems
Property, Plant and Equipment [Line Items]
Weighted-Average Original Useful Life	11 years
Property and equipment, at cost	$ 45,700	43,000
Customer premise equipment
Property, Plant and Equipment [Line Items]
Weighted-Average Original Useful Life	6 years
Property and equipment, at cost	$ 25,000	25,400
Buildings, theme park infrastructure and leasehold improvements
Property, Plant and Equipment [Line Items]
Weighted-Average Original Useful Life	32 years
Property and equipment, at cost	$ 20,900	20,100
Other equipment
Property, Plant and Equipment [Line Items]
Weighted-Average Original Useful Life	11 years
Property and equipment, at cost	$ 17,500	17,400
Construction in process
Property, Plant and Equipment [Line Items]
Property and equipment, at cost	7,100	4,900
Land
Property, Plant and Equipment [Line Items]
Property and equipment, at cost	$ 2,200	$ 1,700

Programming and Production Costs

12 Months Ended

Dec. 31, 2023

Other Industries [Abstract]

Programming and Production Costs


Note 4: Programming and Production Costs


Year ended December 31 (in millions)	2023		2022		2021
Video distribution programming	$	12,460	$	13,013	$	13,550
Film and television content:
Owned(a)	10,224		10,765		8,957
Licensed, including sports rights	12,619		13,151		14,733
Other	1,459		1,283		1,210
Total programming and production costs	$	36,762	$	38,213	$	38,450

Video Distribution Programming Expenses

We incur programming expenses related to the license of the rights to distribute or integrate third-party programmed television networks, platforms and related content included in video services we sell to end consumers. Programming is generally acquired under multiyear distribution agreements, with fees typically based on the number of customers receiving the television network programming and a per subscriber fee. Programming distribution arrangements are accounted for as executory contracts with expenses generally recognized based on the rates in the agreements, and the arrangements are not subject to impairment.

Film and Television Content

We incur costs related to the production of owned content and the license of the rights to use content owned by third parties and sports rights on our owned television networks and digital properties, which are described as owned and licensed content, respectively. We have determined that the predominant monetization strategy for the substantial majority of our content is on an individual basis.

Capitalized Film and Television Costs


December 31 (in millions)	2023		2022
Owned:
In production and in development	$	2,893	$	3,210
Completed, not released	317		130
Released, less amortization	4,340		4,634
	7,551		7,974
Licensed, including sports advances	5,369		4,586



Film and television costs	$	12,920	$	12,560

The table below summarizes estimated future amortization expense for the capitalized film and television costs recorded in our consolidated balance sheets as of December 31, 2023.


(in millions)	Owned		Licensed
Completed, not released:
2024	$	192

Released and licensed content:
2024	$	2,258	$	3,627
2025	$	779	$	1,002
2026	$	421	$	461

We have future minimum commitments for sports rights and for licensed content that are not recognized in our consolidated balance sheets as of December 31, 2023 totaling $64.6 billion and $3.3 billion, respectively.

Capitalization and Recognition of Film and Television Content

We capitalize costs for owned film and television content, including direct costs, production overhead, print costs, development costs and interest, as well as acquired libraries. Amortization for owned content predominantly monetized on an individual basis and accrued costs associated with participations and residuals payments are recorded using the individual film forecast computation method, which recognizes the costs in the same ratio as the associated ultimate revenue. Estimates of ultimate revenue and total costs are based on anticipated release patterns and distribution strategies, public acceptance and historical results for similar productions. Amortization for content predominantly monetized with other owned or licensed content is recorded based on estimated usage. In determining the method of amortization and estimated life of an acquired film or television library, we generally use the method and the life that most closely follow the undiscounted cash flows over the estimated life of the asset. We do not capitalize costs related to the distribution of a film in movie theaters or the licensing or sale of a film or television production, which primarily include costs associated with marketing and distribution.

We capitalize the costs of licensed content when the license period begins, the content is made available for use and the costs of the licenses are known. Licensed content is amortized as the associated programs are used, incorporating estimated viewing patterns.

Owned and licensed content are presented as noncurrent assets in film and television costs. We present amortization of owned and licensed content and accrued costs associated with participations and residuals payments in programming and production costs.

Film and television productions may be eligible for tax incentives from certain state, local or foreign jurisdictions. These incentives generally provide for transferable or redeemable tax credits upon meeting established levels of qualified production spending within a participating jurisdiction. We record a receivable for a production tax incentive program when there is a reasonable assurance of collection with a corresponding reduction of capitalized film and television costs, and the related amortization.

We may enter into co-financing arrangements with third parties to jointly finance or distribute certain of our film productions. These arrangements can take various forms, but in most cases involve the grant of an economic interest in a film to an investor who owns an undivided copyright interest in the film. The number of investors and the terms of these arrangements can vary, although investors generally assume the full risks and rewards of ownership proportionate to their ownership in the film. We account for the proceeds received from the investor under these arrangements as a reduction of our capitalized film costs and the investor’s interest in the profit or loss of the film is recorded as either a charge or a benefit, respectively, in programming and production costs. The investor’s interest in the profit or loss of a film is recorded each period using the individual film forecast computation method.

When an event or a change in circumstance occurs that was known or knowable as of the balance sheet date and that indicates the fair value of either owned or licensed content is less than the unamortized costs in the balance sheet, we determine the fair value and record an impairment charge to the extent the unamortized costs exceed the fair value. Owned content is assessed either individually or in identified film groups, for content predominantly monetized on an individual basis or with other content, respectively. The substantial majority of our owned content is evaluated for impairment on an individual title basis. Licensed content that is not part of a film group is generally assessed in packages, channels or dayparts. A daypart is an aggregation of programs broadcast during a particular time of day or programs of a similar type. Licensed content is tested for impairment primarily on a channel, network or platform basis, with the exception of our broadcast networks and owned local broadcast television stations, which are tested on a daypart basis. Estimated fair values of owned and licensed content are generally based on Level 3 inputs including analysis of market participant estimates of future cash flows. We record charges related to impairments or content that is substantively abandoned to programming and production costs.

Sports Rights

We recognize the costs of multiyear, live-event sports rights as the rights are used over the contract term based on estimated relative value. Estimated relative value is generally based on the terms of the contract and the nature of and potential revenue generation of the deliverables within the contract. Sports rights are accounted for as executory contracts and are not subject to impairment. When cash payments, including advanced payments, exceed the relative value of the sports rights delivered, we recognize an asset in licensed content. Production costs incurred in advance of airing are also presented in licensed content.

Employee Benefit Plans - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Retirement Benefits [Abstract]
Cash surrender value of life insurance policies	$ 512	$ 449
Expenses related to retirement investment plans	$ 650	$ 632	$ 595

Significant Transactions

12 Months Ended

Dec. 31, 2023

Business Combination and Asset Acquisition [Abstract]

Significant Transactions


Note 7: Significant Transactions

Acquisitions

In October 2021, we acquired Masergy, a provider of software-defined networking and cloud platforms for global enterprises, for total cash consideration of $1.2 billion. The acquisition accelerates our growth in serving large and mid-sized companies, particularly U.S.-based organizations with multi-site global enterprises. Masergy’s results of operations are included in our consolidated results of operations since the acquisition date and are reported in our Business Services Connectivity segment. We recorded Masergy’s assets and liabilities at their estimated fair values with $853 million recorded to goodwill and the remainder primarily attributed to software and customer relationship intangible assets. The acquisition was not material to our consolidated results of operations.

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2023

Accounting Policies [Abstract]

Summary of Significant Accounting Policies


Note 1: Summary of Significant Accounting Policies

Basis of Presentation

The accompanying consolidated financial statements include all entities in which we have a controlling voting interest and variable interest entities (“VIEs”) required to be consolidated, including Universal Beijing Resort (see Note 8).

We translate assets and liabilities of our foreign operations where the functional currency is the local currency into U.S. dollars at the exchange rate as of the balance sheet date and translate revenue and expenses using average periodic exchange rates. The related translation adjustments are recorded as a component of accumulated other comprehensive income (loss) in our consolidated balance sheets. Any foreign currency transaction gains or losses are included in our consolidated statements of income in investment and other income (loss), net. For disclosures containing future amounts where the functional currency is the local currency, we translate the amounts into U.S. dollars at the exchange rates as of the balance sheet date.

Reclassifications

Reclassifications have been made to our consolidated financial statements and related notes for the prior years to conform to classifications used in 2023. See Note 2 for a discussion of the changes in our presentation of segment operating results.

Accounting Policies

Our consolidated financial statements are prepared in accordance with GAAP, which require us to select accounting policies, including in certain cases industry-specific policies, and make estimates that affect the reported amount of assets, liabilities, revenue and expenses, and the related disclosure of contingent assets and contingent liabilities. Actual results could differ from these estimates. The following accounting policies are specific to the industries in which we operate:

•capitalization and amortization of film and television costs (see Note 4)

•costs for connecting customers to our HFC network (see Note 9)

Information on other accounting policies and methods that we use in the preparation of our consolidated financial statements are included, where applicable, in their respective footnotes that follow. The collateralized obligation related to our investment in Hulu is discussed in Note 8 and our other long-term debt is discussed in Note 6. Below is a discussion of accounting policies and methods used in our consolidated financial statements that are not presented within other footnotes.

Advertising Expenses

Advertising costs are expensed as incurred.

Derivative Financial Instruments

We use derivative financial instruments to manage our exposure to the risks associated with fluctuations in foreign exchange rates and interest rates. Our objective is to manage the financial and operational exposure arising from these risks by offsetting gains and losses on the underlying exposures with gains and losses on the derivatives used to economically hedge them.

Our derivative financial instruments are recorded in our consolidated balance sheets at fair value. We designate certain derivative instruments as fair value hedges of recognized assets or liabilities, such as non-functional currency receivables and payables, or as cash flow hedges of forecasted transactions, including foreign currency denominated cash flows associated with non-functional currency debt and non-functional currency revenue and expenses. Changes in the fair value of derivative instruments accounted for as fair value hedges are primarily recorded within earnings and changes in the fair value of cash flow hedges are recorded as a component of accumulated other comprehensive income (loss) until the hedged items affect earnings. We also designate certain derivative and non-derivative instruments as hedges of our net investments in certain foreign subsidiaries. Transaction gains and losses resulting from currency movements on debt and changes in the fair value of cross-currency swaps designated as net investment hedges are recorded within the currency translation adjustments component of accumulated other comprehensive income (loss). For derivatives not designated as hedges, changes in fair value are recognized in earnings.

Refer to Note 6 for further information on certain derivative instruments related to debt and intercompany funding arrangements. The impact of our remaining derivative financial instruments was not material to our consolidated financial statements in any of the periods presented.

Fair Value Measurements

The accounting guidance related to fair value measurements establishes a hierarchy based on the types of inputs used for the various valuation techniques. The levels of the hierarchy are described below.

•Level 1: Values are determined using quoted market prices for identical financial instruments in an active market.

•Level 2: Values are determined using quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets.

•Level 3: Values are determined using models that use significant inputs that are primarily unobservable, discounted cash flow methodologies or similar techniques, as well as instruments for which the determination of fair value requires significant management judgment or estimation.

We use this three-tier fair value hierarchy to measure the fair value of certain financial instruments on a recurring basis, such as for investments (see Note 8); on a non-recurring basis, such as for acquisitions and impairment testing (see Note 10); and for disclosure purposes, such as for long-term debt (see Note 6). Our assessment of the significance of a particular input to the fair value measurement requires judgment and may affect the valuation and classification within the fair value hierarchy.

Recent Accounting Pronouncements

Segment Disclosures

In November 2023, the Financial Accounting Standards Board (“FASB”) issued updated accounting guidance related to annual and interim segment disclosures. The updated accounting guidance, among other things, requires disclosure of certain significant segment expenses. We will adopt the updated accounting guidance in our Annual Report on Form 10-K for the year ended December 31, 2024. We are currently evaluating the impact the adoption of the new accounting guidance will have on our segment disclosures in Note 2.

Income Tax Disclosures

In December 2023, the FASB issued updated accounting guidance related to income tax disclosures. The updated accounting guidance, among other things, requires additional disclosure primarily related to the income tax rate reconciliation and income taxes paid. We will adopt the updated accounting guidance in our Annual Report on Form 10-K for the year ended December 31, 2025. We are currently evaluating the impact the adoption of the new accounting guidance will have on our income tax disclosures in Note 5.

Supplemental Financial Information

12 Months Ended

Dec. 31, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Supplemental Financial Information


Note 14: Supplemental Financial Information


Cash Payments for Interest and Income Taxes
Year ended December 31 (in millions)	2023		2022		2021
Interest	$	3,711	$	3,413	$	3,908
Income taxes	$	5,107	$	5,265	$	2,628

Noncash Activities

During 2023:

•we acquired $2.1 billion of property and equipment and intangible assets that were accrued but unpaid

•we recorded a liability of $1.2 billion for a quarterly cash dividend of $0.29 per common share paid in January 2024

During 2022:

•we acquired $2.0 billion of property and equipment and intangible assets that were accrued but unpaid

•we recorded a liability of $1.1 billion for a quarterly cash dividend of $0.27 per common share paid in January 2023

During 2021:

•we acquired $2.0 billion of property and equipment and intangible assets that were accrued but unpaid

•we recorded a liability of $1.1 billion for a quarterly cash dividend of $0.25 per common share paid in January 2022

Cash, Cash Equivalents and Restricted Cash

The following table provides a reconciliation of cash, cash equivalents and restricted cash reported in the consolidated balance sheets to the total of the amounts reported in our consolidated statements of cash flows.


December 31 (in millions)	2023		2022
Cash and cash equivalents	$	6,215	$	4,749
Restricted cash included in other current assets and other noncurrent assets, net	67		33
Cash, cash equivalents and restricted cash, end of year	$	6,282	$	4,782

Our cash equivalents consist primarily of money market funds and U.S. government obligations, as well as commercial paper and certificates of deposit with maturities of three months or less when purchased. The carrying amounts of our cash equivalents approximate their fair values, which are primarily based on Level 1 inputs.

Commitments and Contingencies - Summary of Operating Lease Assets and Liabilities Recorded in the Consolidated Balance Sheets (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Other noncurrent assets, net	Other noncurrent assets, net
Other noncurrent assets, net	$ 5,786	$ 5,997
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	Accrued expenses and other current liabilities	Accrued expenses and other current liabilities
Accrued expenses and other current liabilities	$ 748	$ 675
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	Other noncurrent liabilities	Other noncurrent liabilities
Other noncurrent liabilities	$ 5,838	$ 6,107

Income Taxes - Components of Income Tax Expense (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Current Expense (Benefit):
Federal	$ 6,270	$ 4,025	$ 2,355
State	1,591	961	669
Foreign	249	207	343
Current income tax (benefit) expenses	8,110	5,193	3,367
Deferred Expense (Benefit):
Federal	(2,126)	(281)	1,504
State	(468)	(483)	255
Foreign	(145)	(70)	133
Current income tax (benefit) expense	(2,739)	(834)	1,892
Income tax expense (benefit)	$ 5,371	$ 4,359	$ 5,259

Segment Information - Narrative (Details)	12 Months Ended
Segment Information - Narrative (Details)	Dec. 31, 2023 business segment
Segment Reporting Information [Line Items]
Number of primary businesses \| business	2
Connectivity & Platforms
Segment Reporting Information [Line Items]
Number of reportable segments	2
Content & Experiences
Segment Reporting Information [Line Items]
Number of reportable segments	3

Significant Transactions (Details) - USD ($) $ in Millions	1 Months Ended
Significant Transactions (Details) - USD ($) $ in Millions	Oct. 31, 2021	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Asset Acquisition [Line Items]
Goodwill		$ 59,268	$ 58,494	$ 70,200
Masergy
Asset Acquisition [Line Items]
Payments to acquire business	$ 1,200
Goodwill	$ 853

- Definition

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

+ References + Details

Consolidated Statement of Comprehensive Income (Parenthetical) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Statement of Comprehensive Income [Abstract]
Currency translation adjustments, deferred taxes	$ (29)	$ 310	$ 76
Deferred gains (losses) on cash flow hedges, deferred taxes	(8)	18	36
Realized (gains) losses on cash flow hedges, deferred taxes	38	(3)	(4)
Employee benefit obligations, deferred taxes	$ (2)	$ (11)	$ (16)

Property and Equipment (Tables)

12 Months Ended

Dec. 31, 2023

Property, Plant and Equipment [Abstract]

Property and Equipment


December 31 (in billions)	Weighted-Average Original Useful Life as of December 31, 2023	2023		2022
Distribution systems	11 years	$	45.7	$	43.0
Customer premise equipment	6 years	25.0		25.4
Buildings, theme park infrastructure and leasehold improvements	32 years	20.9		20.1
Other equipment	11 years	17.5		17.4
Construction in process	N/A	7.1		4.9
Land	N/A	2.2		1.7
Property and equipment, at cost		118.4		112.4
Less: Accumulated depreciation		58.7		56.9
Property and equipment, net		$	59.7	$	55.5

Property and Equipment by Geographic Location

The table below summarizes our property and equipment by geographic location.


December 31 (in billions)	2023		2022
United States	$	48.7	$	44.2
Other	11.0		11.3
Property and equipment, net	$	59.7	$	55.5

Segment Information - Reportable Segment (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Financial Data by Business Segment
Revenue	$ 121,572	$ 121,427	$ 116,385
Adjusted EBITDA	37,633	36,459	34,708
Operating Segments \| Connectivity & Platforms
Financial Data by Business Segment
Revenue	81,201	81,205	80,750
Adjusted EBITDA	32,239	31,171	29,871
Operating Segments \| Content & Experiences
Financial Data by Business Segment
Revenue	43,191	43,151	39,574
Adjusted EBITDA	6,700	6,360	6,234
Eliminations
Financial Data by Business Segment
Revenue	8,383	9,032	9,831
Eliminations \| Content & Experiences
Financial Data by Business Segment
Revenue	(2,800)	(3,442)	(3,048)
Adjusted EBITDA	77	(2)	(205)
Eliminations \| Inter-Business Unit Eliminations
Financial Data by Business Segment
Revenue	(5,583)	(5,590)	(6,783)
Adjusted EBITDA	28	(64)	(65)
Headquarters/Corporate and Other
Financial Data by Business Segment
Revenue	2,763	2,662	2,844
Adjusted EBITDA	(1,335)	(1,008)	(1,331)
Headquarters/Corporate and Other \| Content & Experiences
Financial Data by Business Segment
Revenue	64	75	87
Adjusted EBITDA	(946)	(881)	(840)
Residential Connectivity & Platforms \| Operating Segments \| Connectivity & Platforms
Financial Data by Business Segment
Revenue	71,946	72,386	72,694
Adjusted EBITDA	26,948	26,111	25,188
Residential Connectivity & Platforms \| Eliminations \| Connectivity & Platforms
Financial Data by Business Segment
Revenue	207	208	219
Business Services Connectivity \| Operating Segments \| Connectivity & Platforms
Financial Data by Business Segment
Revenue	9,255	8,819	8,056
Adjusted EBITDA	5,291	5,060	4,682
Business Services Connectivity \| Eliminations \| Connectivity & Platforms
Financial Data by Business Segment
Revenue	22	21	25
Media \| Operating Segments \| Content & Experiences
Financial Data by Business Segment
Revenue	25,355	26,719	27,406
Adjusted EBITDA	2,955	3,598	5,133
Media \| Eliminations \| Content & Experiences
Financial Data by Business Segment
Revenue	4,621	4,572	5,776
Studios \| Operating Segments \| Content & Experiences
Financial Data by Business Segment
Revenue	11,625	12,257	10,077
Adjusted EBITDA	1,269	961	879
Studios \| Eliminations \| Content & Experiences
Financial Data by Business Segment
Revenue	3,317	3,963	3,548
Theme Parks \| Operating Segments \| Content & Experiences
Financial Data by Business Segment
Revenue	8,947	7,541	5,051
Adjusted EBITDA	3,345	2,683	1,267
Theme Parks \| Eliminations \| Content & Experiences
Financial Data by Business Segment
Revenue	$ (1)	$ 1	$ 2

Equity - Components of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive income (loss), net of deferred taxes	$ 83,226	$ 81,627	$ 97,490
Cumulative translation adjustments
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive income (loss), net of deferred taxes	(1,596)	(3,093)
Deferred gains (losses) on cash flow hedges
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive income (loss), net of deferred taxes	49	193
Unrecognized gains (losses) on employee benefit obligations and other
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive income (loss), net of deferred taxes	293	290
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive income (loss), net of deferred taxes	$ (1,253)	$ (2,611)	$ 1,480	$ 1,884

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- Definition

Amount of equity (deficit) attributable to parent and noncontrolling interest. Excludes temporary equity.

+ References

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+ Details

Revenue - Deferred Costs Associated With Our Contracts With Customers (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenue from Contract with Customer [Abstract]
Noncurrent receivables, net (included in other noncurrent assets, net)	$ 1,914	$ 1,887
Contract acquisition and fulfillment costs (included in other noncurrent assets, net)	1,088	1,081
Noncurrent deferred revenue (included in other noncurrent liabilities)	618	735
Amortization of contract acquisition and fulfillment costs	$ 692	$ 707	$ 654

Employee Benefit Plans - Deferred Compensation Plans (Details) - Deferred Compensation Plans - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Benefit obligation	$ 4,507	$ 4,158	$ 4,002
Interest expense	$ 341	$ 272	$ 265

Consolidated Balance Sheet (Parenthetical) - $ / shares	Dec. 31, 2023	Dec. 31, 2022
Preferred stock, shares authorized (in shares)	20,000,000	20,000,000
Preferred stock, shares issued (in shares)	0	0
Treasury stock (in shares)	872,791,028	872,791,028
Class A common stock, $0.01 par value—authorized, 7,500,000,000 shares; issued, 4,842,108,959 and 5,083,466,045; outstanding, 3,969,317,931 and 4,210,675,017
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	7,500,000,000	7,500,000,000
Common stock, shares issued (in shares)	4,842,108,959	5,083,466,045
Common stock, shares outstanding (in shares)	3,969,317,931	4,210,675,017
Class B Common Stock
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	75,000,000	75,000,000
Common stock, shares issued (in shares)	9,444,375	9,444,375
Common stock, shares outstanding (in shares)	9,444,375	9,444,375

Income Taxes - Income Before Income Taxes (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Domestic	$ 22,164	$ 19,329	$ 21,243
Foreign	(1,686)	(10,045)	(2,150)
Income before income taxes	$ 20,478	$ 9,284	$ 19,093

- Definition

+ References

+ Details

Property and Equipment

12 Months Ended

Dec. 31, 2023

Property, Plant and Equipment [Abstract]

Property and Equipment


Note 9: Property and Equipment


December 31 (in billions)	Weighted-Average Original Useful Life as of December 31, 2023	2023		2022
Distribution systems	11 years	$	45.7	$	43.0
Customer premise equipment	6 years	25.0		25.4
Buildings, theme park infrastructure and leasehold improvements	32 years	20.9		20.1
Other equipment	11 years	17.5		17.4
Construction in process	N/A	7.1		4.9
Land	N/A	2.2		1.7
Property and equipment, at cost		118.4		112.4
Less: Accumulated depreciation		58.7		56.9
Property and equipment, net		$	59.7	$	55.5

The table below summarizes our property and equipment by geographic location.


December 31 (in billions)	2023		2022
United States	$	48.7	$	44.2
Other	11.0		11.3
Property and equipment, net	$	59.7	$	55.5

Property and equipment are stated at cost. We capitalize improvements that extend asset lives and expense repairs and maintenance costs as incurred. We record depreciation using the straight-line method over the asset’s estimated useful life. For assets that are sold or retired, we remove the applicable cost and accumulated depreciation and, unless the gain or loss on disposition is presented separately, we recognize it as a component of depreciation expense. Capital expenditures for the construction of Universal Beijing Resort are presented separately in our consolidated statements of cash flows.

Connectivity & Platforms capitalizes the costs associated with the construction of and improvements to our HFC network, including scalable infrastructure and line extensions; costs associated with acquiring and deploying new customer premise equipment; and costs associated with installation of our services, including the customer’s connection to our network, in accordance with the accounting guidance related to cable television companies. Costs capitalized include all direct costs for labor and materials, as well as various indirect costs. Costs incurred in connection with subsequent disconnects, and reconnects of previously deployed customer premise equipment, are expensed as they are incurred.

We evaluate the recoverability of our property and equipment whenever events or substantive changes in circumstances indicate that the carrying amount may not be recoverable. The evaluation is based on the cash flows generated by the underlying asset groups, including estimated future operating results, trends or other determinants of fair value. If the total of the expected future undiscounted cash flows were less than the carrying amount of the asset group, we would recognize an impairment charge to the extent the carrying amount of the asset group exceeded its estimated fair value. Unless presented separately, the impairment charge is included as a component of depreciation expense.

Certain of our cable franchise agreements and lease agreements contain provisions requiring us to restore facilities or remove property in the event that the franchise or lease agreement is not renewed. We expect to continually renew our cable franchise agreements and therefore cannot reasonably estimate liabilities associated with such agreements. A remote possibility exists that franchise agreements could be terminated unexpectedly, which could result in us incurring significant expense in complying with restoration or removal provisions. We do not have any material liabilities related to asset retirement obligations recorded in our consolidated financial statements.

Consolidated Statement of Comprehensive Income - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Statement of Comprehensive Income [Abstract]
Net income	$ 15,107	$ 4,925	$ 13,833
Currency translation adjustments, net of deferred taxes of $(29), $310 and $76	1,478	(4,242)	(664)
Cash flow hedges:
Deferred gains (losses), net of deferred taxes of $8, $(18) and $(36)	16	281	229
Realized (gains) losses reclassified to net income, net of deferred taxes of $38, $(3) and $(4)	(158)	(192)	(16)
Employee benefit obligations and other, net of deferred taxes of $(2), $(11) and $(16)	3	33	54
Other comprehensive income (loss)	1,338	(4,120)	(397)
Comprehensive income (loss)	16,445	805	13,436
Less: Net income (loss) attributable to noncontrolling interests	(282)	(445)	(325)
Less: Other comprehensive income (loss) attributable to noncontrolling interests	(19)	(29)	7
Comprehensive income attributable to Comcast Corporation	$ 16,746	$ 1,280	$ 13,755

Equity (Tables)

12 Months Ended

Dec. 31, 2023

Equity [Abstract]

Schedule of common stock outstanding


Shares of Common Stock Outstanding
(in millions)	Class A	Class B
Balance, December 31, 2020	4,571	9
Stock compensation plans	21	—
Repurchases and retirements of common stock	(73)	—
Employee stock purchase plans	5	—


Balance, December 31, 2021	4,524	9
Stock compensation plans	12	—
Repurchases and retirements of common stock	(332)	—
Employee stock purchase plans	7	—
Balance, December 31, 2022	4,211	9
Stock compensation plans	14	—
Repurchases and retirements of common stock	(262)	—
Employee stock purchase plans	7	—
Balance, December 31, 2023	3,969	9

Schedule of weighted average common shares outstanding


Weighted-Average Common Shares Outstanding
Year ended December 31 (in millions)	2023	2022	2021
Weighted-average number of common shares outstanding – basic	4,122	4,406	4,584
Effect of dilutive securities	25	24	70
Weighted-average number of common shares outstanding – diluted	4,148	4,430	4,654
Antidilutive securities	169	176	35

Schedule of accumulated other comprehensive income (loss)


Accumulated Other Comprehensive Income (Loss)
December 31 (in millions)	2023		2022
Cumulative translation adjustments	$	(1,596)	$	(3,093)

Deferred gains (losses) on cash flow hedges	$	49	$	193
Unrecognized gains (losses) on employee benefit obligations and other	$	293	$	290


Accumulated other comprehensive income (loss), net of deferred taxes	$	(1,253)	$	(2,611)

Income Taxes

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Income Taxes


Note 5: Income Taxes


Income (Loss) Before Income Taxes
Year ended December 31 (in millions)	2023		2022		2021

Domestic	$	22,164	$	19,329	$	21,243
Foreign	(1,686)		(10,045)		(2,150)
	$	20,478	$	9,284	$	19,093


Components of Income Tax Expense
Year ended December 31 (in millions)	2023		2022		2021
Current Expense (Benefit):
Federal	$	6,270	$	4,025	$	2,355
State	1,591		961		669
Foreign	249		207		343
	8,110		5,193		3,367
Deferred Expense (Benefit):
Federal	(2,126)		(281)		1,504
State	(468)		(483)		255
Foreign	(145)		(70)		133
	(2,739)		(834)		1,892
Income tax expense (benefit)	$	5,371	$	4,359	$	5,259

Our income tax expense (benefit) differs from the federal statutory amount because of the effect of the items detailed in the table below.


Year ended December 31 (in millions)	2023		2022		2021
Federal tax at statutory rate	$	4,300	$	1,950	$	4,009
State income taxes, net of federal benefit	418		454		464
Foreign income taxed at different rates	306		519		392


Adjustments to uncertain and effectively settled tax positions, net	353		179		238


Federal research and development credits	(131)		(104)		(85)
Excess tax benefits recognized on share-based compensation	4		(30)		(209)
Tax legislation	8		(287)		498
Goodwill impairment	—		1,666		—
Other	113		12		(48)
Income tax expense (benefit)	$	5,371	$	4,359	$	5,259

We base our provision for income taxes on our current period income, changes in our deferred income tax assets and liabilities, income tax rates, changes in estimates of our uncertain tax positions, tax planning opportunities available in the jurisdictions in which we operate and excess tax benefits or deficiencies that arise when the tax consequences of share-based compensation differ from amounts previously recognized in the statements of income. We recognize deferred tax assets and liabilities when there are temporary differences between the financial reporting basis and tax basis of our assets and liabilities and for the expected benefits of using net operating loss carryforwards. When a change in the tax rate or tax law has an impact on deferred taxes, we apply the change based on the years in which the temporary differences are expected to reverse. We record the change in our consolidated financial statements in the period of enactment.

The determination of the income tax consequences of a business combination includes identifying the tax basis of assets and liabilities acquired and any contingencies associated with uncertain tax positions assumed or resulting from the business combination. Deferred tax assets and liabilities related to temporary differences of an acquired entity are recorded as of the date of the business combination and are based on our estimate of the ultimate tax basis that will be accepted by the various tax authorities. We record liabilities for contingencies associated with prior tax returns filed by the acquired entity based on criteria set forth in the appropriate accounting guidance. We adjust the deferred tax accounts and the liabilities periodically to reflect any revised estimated tax basis and any estimated settlements with the various tax authorities. The effects of these adjustments are recorded to income tax expense.

From time to time, we engage in transactions in which the tax consequences may be subject to uncertainty. In these cases, we evaluate our tax position using the recognition threshold and the measurement attribute in accordance with the accounting guidance related to uncertain tax positions. Examples of these transactions include business acquisitions and dispositions, including consideration paid or received in connection with these transactions, certain financing transactions, and the allocation of income among state and local tax jurisdictions. Significant judgment is required in assessing and estimating the tax consequences of these transactions. We determine whether it is more likely than not that a tax position will be sustained on examination, including the resolution of any related appeals or litigation processes, based on the technical merits of the position. A tax position that meets the more-likely-than-not recognition threshold is measured to determine the amount of benefit to be recognized in our consolidated financial statements. We classify interest and penalties, if any, associated with our uncertain tax positions as a component of income tax expense (benefit).


Components of Net Deferred Tax Liability
December 31 (in millions)	2023		2022
Deferred Tax Assets:
Net operating loss and other loss carryforwards	$	3,530	$	3,325
Advance on sale of investment (see Note 8)	2,367		—

Nondeductible accruals and other	4,100		3,210
Less: Valuation allowance	3,679		3,295
	6,318		3,240
Deferred Tax Liabilities:
Property and equipment and intangible assets	29,337		29,688
Investments	1,002		265
Long-term debt	1,814		1,741

Foreign subsidiaries and undistributed foreign earnings	59		55

	32,212		31,749
Net deferred tax liability	$	25,894	$	28,509

The table below presents changes in our valuation allowance for deferred tax assets.


(in millions)	2023		2022		2021
Beginning balance	$	3,295	$	2,907	$	2,312
Additions charged to income tax expense and other accounts	469		433		635
Deductions from reserves	84		45		40
Ending balance	$	3,679	$	3,295	$	2,907

Changes in our net deferred tax liability in 2023 that were not recorded as deferred income tax expense (benefit) are primarily related to an increase of $107 million associated with items included in other comprehensive income (loss).

As of December 31, 2023, we had federal net operating loss carryforwards of $182 million, and various state net operating loss carryforwards, the majority of which expire in periods through 2043. As of December 31, 2023, we also had foreign net operating loss carryforwards of $11.4 billion related to our foreign operations, primarily at Sky and NBCUniversal, the majority of which can be carried forward indefinitely. The determination of the realization of the state and foreign net operating loss carryforwards is dependent on our subsidiaries’ taxable income or loss, apportionment percentages, redetermination from taxing authorities, and state and foreign laws that can change from year to year and impact the amount of such carryforwards. We recognize a valuation allowance if we determine it is more likely than not that some portion, or all, of a deferred tax asset will not be realized. As of December 31, 2023 and 2022, our valuation allowance was primarily related to foreign and state net operating loss carryforwards.

Uncertain Tax Positions


Reconciliation of Unrecognized Tax Benefits
(in millions)	2023		2022		2021
Gross unrecognized tax benefits, January 1	$	2,161	$	2,042	$	1,879
Additions based on tax positions related to the current year	546		380		352
Additions based on tax positions related to prior years	1		56		111

Reductions for tax positions of prior years	(43)		(145)		(181)
Reductions due to expiration of statutes of limitations	(56)		(148)		(107)
Settlements with tax authorities and other	(15)		(24)		(12)
Gross unrecognized tax benefits, December 31	$	2,593	$	2,161	$	2,042

Our gross unrecognized tax benefits include both amounts related to positions for which we have recorded liabilities for potential payment obligations and those for which tax has been assessed and paid. The amounts exclude the federal benefits on state tax positions that were recorded to deferred income taxes. If we were to recognize our gross unrecognized tax benefits in the future, $2.0 billion would impact our effective tax rate and the remaining amount would increase our deferred income tax liability. The amount and timing of the recognition of any such tax benefit is dependent on the completion of examinations of our tax filings by the various tax authorities and the expiration of statutes of limitations. It is reasonably possible that certain tax contests could be resolved within the next 12 months that may result in a decrease in our effective tax rate. Accrued interest and penalties associated with our liability for uncertain tax positions were not material in any period presented.

The IRS has completed its examination of our income tax returns for all years through 2021. Various states are examining our state tax returns and the tax years of those tax returns currently under examination vary by state, with most of the periods relating to tax years 2011 and forward. Various foreign jurisdictions are examining our tax returns and the tax years of those tax returns currently under examination vary by country, with most of the periods relating to tax years 2010 and forward.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Topic 740
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-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

Investments and Variable Interest Entities

12 Months Ended

Dec. 31, 2023

Investments [Abstract]

Investments and Variable Interest Entities


Note 8: Investments and Variable Interest Entities


Investment and Other Income (Loss), Net
Year ended December 31 (in millions)	2023		2022		2021
Equity in net income (losses) of investees, net	$	789	$	(537)	$	2,006
Realized and unrealized gains (losses) on equity securities, net	(130)		(320)		339
Other income (loss), net	592		(3)		211
Investment and other income (loss), net	$	1,252	$	(861)	$	2,557

The amount of unrealized gains (losses), net recognized in 2023, 2022 and 2021 that related to marketable and nonmarketable equity securities still held as of the end of each reporting period was $(140) million, $(394) million and $(80) million, respectively.


Investments
December 31 (in millions)	2023		2022
Equity method	$	7,615	$	5,421
Marketable equity securities	39		96
Nonmarketable equity securities	1,482		1,653
Other investments	559		972
Total investments	9,694		8,142
Less: Current investments	310		402
Noncurrent investments	$	9,385	$	7,740

Equity Method

We use the equity method to account for investments in which we have the ability to exercise significant influence over the investee’s operating and financial policies, or in which we hold a partnership or limited liability company interest in an entity with specific ownership accounts, unless we have virtually no influence over the investee’s operating and financial policies. Equity method investments are recorded at cost and are adjusted to recognize (1) our share, based on percentage ownership or other contractual basis, of the investee’s net income or loss after the date of investment, (2) amortization of the recorded investment that exceeds our share of the book value of the investee’s net assets, (3) additional contributions made and dividends or other distributions received, and (4) impairments resulting from other-than-temporary declines in fair value. For some investments, we record our share of the investee’s net income or loss one quarter in arrears due to the timing of our receipt of such information. Gains or losses on the sale of equity method investments are recorded to other income (loss), net. If an equity method investee were to issue additional securities that would change our proportionate share of the entity, we would recognize the change, if any, as a gain or loss to other income (loss), net. Cash distributions received from equity method investments are considered returns on investment and are presented within operating activities in the consolidated statements of cash flows to the extent of cumulative equity in net income of the investee. Additional distributions are presented as investing activities. Distributions presented within operating activities totaled $217 million, $162 million and $1.1 billion in 2023, 2022 and 2021, respectively.

Atairos

On January 1, 2016, we established Atairos Group, Inc., a strategic company focused on investing in and operating companies in a range of industries and business sectors, both domestically and internationally. Atairos is controlled by management companies led by our former CFO through interests that carry all of the voting rights. We are the only third-party investor in Atairos.

In November 2020, we amended our agreement with Atairos, which primarily extended the investment term of the agreement from up to 12 years to up to 16.5 years, extended the period in which capital can be recycled to the full investment period and decreased our commitment to fund Atairos from up to $5 billion to up to $4.5 billion in the aggregate at any one time, subject to certain offsets, with the maximum amount of annual capital calls reduced to $400 million, plus certain amounts previously distributed. In addition, we have separately committed to fund Atairos $40 million annually for a management fee, subject to certain adjustments. The management company investors have committed to fund from $50 million to $100 million, with at least $40 million to be funded by our former CFO, subject to his continued role with Atairos. Our economic interests do not carry voting rights and obligate us to absorb approximately 99% of any losses and they provide us the right to receive approximately 86% of any residual returns in Atairos, in either case on a cumulative basis.

We have concluded that Atairos is a VIE, that we do not have the power to direct the activities that most significantly impact the economic performance of Atairos as we have no voting rights and only certain consent rights, and that we are not a related party with our former CFO or the management companies. We therefore do not consolidate Atairos and account for our investment as an equity method investment. Certain distributions retained by Atairos on our behalf are accounted for as advances and classified within other investments. Atairos may pledge our remaining unfunded capital commitment as security to lenders in connection with certain financing arrangements. This has no effect on our funding commitments. There are no other liquidity arrangements, guarantees or other financial commitments between Comcast and Atairos, and therefore our maximum risk of financial loss is our investment balance and our remaining unfunded capital commitment of $1.4 billion as of December 31, 2023.

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 operations. We recognize our share of these gains and losses in equity in net income (losses) of investees, net. In 2023, 2022 and 2021, we made cash capital contributions totaling $145 million, $52 million and $47 million, respectively, to Atairos. As of December 31, 2023 and 2022, our investment, inclusive of advances classified within other investments, was $5.5 billion and $4.3 billion, respectively.

Hulu and Collateralized Obligation

In 2019, we entered into a series of agreements with The Walt Disney Company and certain of its subsidiaries, whereby we relinquished our board seats and substantially all voting rights associated with our investment in Hulu, and Disney assumed full operational control. Concurrent with these agreements, we also acquired additional ownership interest in Hulu previously held by AT&T. Following these transactions, our interest was approximately 33% and we had the right, but not the obligation, to fund our proportionate share of future equity capital calls. The agreements included put and call provisions regarding our ownership interest in Hulu, pursuant to which, as early as January 2024, we could require Disney to buy, and Disney could require us to sell our interest, in either case, for fair value at that future time subject to a minimum equity value of $27.5 billion for 100% of the equity of Hulu. In the third quarter of 2023, we amended these agreements and agreed, among other things, that the put/call provisions regarding our interest could be exercised in November 2023 (in addition to subsequent periods) and that we would fund our share of prior equity capital calls if the put/call was exercised in November 2023.

In November 2023, we exercised our put right requiring Disney to purchase our interest in Hulu. As a result, in the fourth quarter of 2023, Disney paid us $8.6 billion, representing $9.2 billion for our share of Hulu’s minimum equity value, less $557 million for our share of prior capital calls. Additional proceeds for any excess of the fair value of our interest over the $9.2 billion minimum equity value will be due following final determination of Hulu’s fair value pursuant to a third-party appraisal process. In connection with the transaction, Disney also agreed to share with us 50% of the future tax benefits resulting from the purchase of our interest in Hulu. Because we continue to hold our interest in Hulu, the $9.2 billion payment from Disney is treated as an advance on the sale of our interest, which will be recognized following the finalization of the appraisal process. The receipt of the minimum proceeds resulted in a tax gain in 2023. The recorded value of our investment in Hulu of $863 million and $490 million as of December 31, 2023 and 2022, respectively, continues to reflect our historical cost in applying the equity method, and therefore, is less than its fair value.

In 2019, we entered into a financing arrangement with a syndicate of banks whereby we received proceeds of $5.2 billion under a term loan facility, which was fully collateralized by the minimum guaranteed proceeds of the put/call option related to our investment in Hulu. The term loan was due at the earlier of March 2024 or upon receipt of the proceeds under the put/call provisions and was repaid in the fourth quarter of 2023.

We present the advance on the sale of our investment and the term loan separately in our consolidated balance sheets in the captions “advance on sale of investment” and “collateralized obligation,” respectively.

Marketable Equity Securities

We classify investments with readily determinable fair values that are not accounted for under the equity method as marketable equity securities and the carrying values are primarily presented in other current assets. The changes in fair value of our marketable equity securities between measurement dates are recorded in realized and unrealized gains (losses) on equity securities, net. The fair values of our marketable equity securities are based on Level 1 inputs that use quoted market prices.

Nonmarketable Equity Securities

We classify investments without readily determinable fair values that are not accounted for under the equity method as nonmarketable equity securities. The accounting guidance requires nonmarketable equity securities to be recorded at cost and adjusted to fair value at each reporting period. However, the guidance allows for a measurement alternative, which is to record the investments at cost, less impairment, if any, and subsequently adjust for observable price changes of identical or similar investments of the same issuer. We generally apply the measurement alternative, adjusting the investments for observable price changes of identical or similar investments of the same issuer, to our nonmarketable equity securities. When an observable event occurs, we estimate the fair values of our nonmarketable equity securities primarily based on Level 2 inputs that are derived from observable price changes of similar securities adjusted for insignificant differences in rights and obligations. The changes in value are recorded in realized and unrealized gains (losses) on equity securities, net.

Other Investments

Other investments also includes investments in certain short-term instruments with maturities over three months when purchased, such as commercial paper, certificates of deposit and U.S government obligations, that are generally accounted for at amortized cost. These short-term instruments totaled $254 million and $304 million as of December 31, 2023 and 2022, respectively. The carrying amounts of these investments approximate their fair values, which are primarily based on Level 2 inputs that use interest rates for instruments with similar terms and remaining maturities. Proceeds from short-term instruments in 2023 and 2022 were $560 million and $1.6 billion, respectively. Purchases of short-term instruments in 2023 and 2022 were $506 million and $1.8 billion, respectively. There were no proceeds from or purchases of short-term instruments in 2021.

Impairment Testing of Investments

We review our investment portfolio, other than our marketable equity securities, each reporting period to determine whether there are identified events or circumstances that would indicate there is a decline in the fair value. For our nonpublic investments, if there are no identified events or circumstances that would have a significant adverse effect on the fair value of the investment, then the fair value is not estimated. For our equity method investments, if an investment is deemed to have experienced an other-than-temporary decline below its cost basis, we reduce the carrying amount of the investment to its quoted or estimated fair value, as applicable, and establish a new cost basis for the investment. For our nonmarketable equity securities, we record the impairment to realized and unrealized gains (losses) on equity securities, net. For our equity method investments, we record the impairment to other income (loss), net.

Consolidated Variable Interest Entity

Universal Beijing Resort

In 2018, we entered into an agreement with a consortium of Chinese state-owned companies to build and operate a Universal theme park and resort in Beijing, China (“Universal Beijing Resort”), which opened in September 2021. We own a 30% interest in Universal Beijing Resort and the construction was funded through a combination of debt financing and equity contributions from the partners in accordance with their equity interests. The debt financing, which is being provided by a syndicate of Chinese financial institutions, contains certain covenants and a maximum borrowing limit of ¥29.7 billion RMB (approximately $4.2 billion). The debt financing is secured by the assets of Universal Beijing Resort and the equity interests of the investors. As of December 31, 2023, Universal Beijing Resort had $3.5 billion of debt outstanding, including $3.1 billion principal amount of a term loan outstanding under the debt financing agreement.

We have concluded that Universal Beijing Resort is a VIE based on its governance structure, and we consolidate it because we have the power to direct activities that most significantly impact its economic performance. There are no liquidity arrangements, guarantees or other financial commitments between us and Universal Beijing Resort, and therefore our maximum risk of financial loss is our 30% interest. Universal Beijing Resort’s results of operations are reported in our Theme Parks segment. Our consolidated statements of cash flows includes the costs of construction and related borrowings in the “construction of Universal Beijing Resort” and “proceeds from borrowings” captions, respectively, and equity contributions from the noncontrolling interests are included in other financing activities.

As of December 31, 2023, our consolidated balance sheets included assets and liabilities of Universal Beijing Resort totaling $7.8 billion and $7.2 billion, respectively. The assets and liabilities of Universal Beijing Resort primarily consist of property and equipment, operating lease assets and liabilities, and debt.

Long-Term Debt (Tables)

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

Schedule of Long-Term Debt


Long-Term Debt Outstanding
December 31 (in billions)	Weighted-Average Interest Rate as of December 31, 2023			Weighted-Average Interest Rate as of December 31, 2022			2023(b)		2022(b)
Commercial paper	—	%		4.6	%		$	—	$	0.7

Term loans	3.2	%		4.4	%		3.1		3.1
Senior notes with maturities of 5 years or less, at face value	3.5	%		3.3	%		25.9		22.6
Senior notes with maturities between 5 and 10 years, at face value	3.3	%		3.2	%		18.8		20.1
Senior notes with maturities greater than 10 years, at face value	3.8	%		3.8	%		53.4		52.8
Finance lease obligations and other							2.0		1.8
Debt issuance costs, premiums, discounts, fair value adjustments for acquisition accounting and hedged positions, net							(6.1)		(6.2)
Total debt	4.0	%	(a)	3.9	%	(a)	97.1		94.8
Less: Current portion							2.1		1.7
Long-term debt							$	95.0	$	93.1

(a)Rate represents an effective interest rate and includes the effects of amortization of debt issuance costs, premiums, discounts, fair value adjustments for acquisition accounting and hedged positions, as well as the effects of our derivative financial instruments.

(b)As of December 31, 2023, included in our outstanding debt were foreign currency denominated senior notes and term loans with principal amounts of £2.6 billion, €6.7 billion and ¥22.1 billion RMB. As of December 31, 2022, included in our outstanding debt were foreign currency denominated senior notes and term loans with principal amounts of £2.6 billion, €7.5 billion and ¥21.6 billion RMB.

Debt Maturities


Principal Maturities of Debt
(in billions)
2024	$	2.1
2025	$	6.3
2026	$	5.2
2027	$	5.7
2028	$	7.0
Thereafter	$	76.9

Share-Based Compensation - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period in years	5 years
Unrecognized pretax compensation expense on nonvested awards	$ 2,000
Unrecognized pretax compensation expense on nonvested awards, weighted average period of recognition (in years)	1 year 7 months 6 days
Share-based payment arrangement, expense, tax benefit excess	$ (4)	$ 30	$ 209
Employee Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Period from grant date that an equity-based award expires	10 years

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

Summary of Significant Accounting Policies (Policies)	12 Months Ended
Summary of Significant Accounting Policies (Policies)	Dec. 31, 2023
Accounting Policies [Abstract]
Basis of Presentation	The accompanying consolidated financial statements include all entities in which we have a controlling voting interest and variable interest entities (“VIEs”) required to be consolidated, including Universal Beijing Resort (see Note 8).
Foreign Currency Translation	We translate assets and liabilities of our foreign operations where the functional currency is the local currency into U.S. dollars at the exchange rate as of the balance sheet date and translate revenue and expenses using average periodic exchange rates. The related translation adjustments are recorded as a component of accumulated other comprehensive income (loss) in our consolidated balance sheets. Any foreign currency transaction gains or losses are included in our consolidated statements of income in investment and other income (loss), net. For disclosures containing future amounts where the functional currency is the local currency, we translate the amounts into U.S. dollars at the exchange rates as of the balance sheet date.
Reclassifications	Reclassifications have been made to our consolidated financial statements and related notes for the prior years to conform to classifications used in 2023. See Note 2 for a discussion of the changes in our presentation of segment operating results.
Use of Estimates	Our consolidated financial statements are prepared in accordance with GAAP, which require us to select accounting policies, including in certain cases industry-specific policies, and make estimates that affect the reported amount of assets, liabilities, revenue and expenses, and the related disclosure of contingent assets and contingent liabilities. Actual results could differ from these estimates. The following accounting policies are specific to the industries in which we operate: •capitalization and amortization of film and television costs (see Note 4) •costs for connecting customers to our HFC network (see Note 9)
Advertising Expenses	Advertising costs are expensed as incurred.
Derivative Financial Instruments	We use derivative financial instruments to manage our exposure to the risks associated with fluctuations in foreign exchange rates and interest rates. Our objective is to manage the financial and operational exposure arising from these risks by offsetting gains and losses on the underlying exposures with gains and losses on the derivatives used to economically hedge them. Our derivative financial instruments are recorded in our consolidated balance sheets at fair value. We designate certain derivative instruments as fair value hedges of recognized assets or liabilities, such as non-functional currency receivables and payables, or as cash flow hedges of forecasted transactions, including foreign currency denominated cash flows associated with non-functional currency debt and non-functional currency revenue and expenses. Changes in the fair value of derivative instruments accounted for as fair value hedges are primarily recorded within earnings and changes in the fair value of cash flow hedges are recorded as a component of accumulated other comprehensive income (loss) until the hedged items affect earnings. We also designate certain derivative and non-derivative instruments as hedges of our net investments in certain foreign subsidiaries. Transaction gains and losses resulting from currency movements on debt and changes in the fair value of cross-currency swaps designated as net investment hedges are recorded within the currency translation adjustments component of accumulated other comprehensive income (loss). For derivatives not designated as hedges, changes in fair value are recognized in earnings.
Fair Value Measurements	The accounting guidance related to fair value measurements establishes a hierarchy based on the types of inputs used for the various valuation techniques. The levels of the hierarchy are described below. •Level 1: Values are determined using quoted market prices for identical financial instruments in an active market. •Level 2: Values are determined using quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets. •Level 3: Values are determined using models that use significant inputs that are primarily unobservable, discounted cash flow methodologies or similar techniques, as well as instruments for which the determination of fair value requires significant management judgment or estimation. We use this three-tier fair value hierarchy to measure the fair value of certain financial instruments on a recurring basis, such as for investments (see Note 8); on a non-recurring basis, such as for acquisitions and impairment testing (see Note 10); and for disclosure purposes, such as for long-term debt (see Note 6). Our assessment of the significance of a particular input to the fair value measurement requires judgment and may affect the valuation and classification within the fair value hierarchy.
Recent Accounting Pronouncements	Segment Disclosures In November 2023, the Financial Accounting Standards Board (“FASB”) issued updated accounting guidance related to annual and interim segment disclosures. The updated accounting guidance, among other things, requires disclosure of certain significant segment expenses. We will adopt the updated accounting guidance in our Annual Report on Form 10-K for the year ended December 31, 2024. We are currently evaluating the impact the adoption of the new accounting guidance will have on our segment disclosures in Note 2. Income Tax Disclosures In December 2023, the FASB issued updated accounting guidance related to income tax disclosures. The updated accounting guidance, among other things, requires additional disclosure primarily related to the income tax rate reconciliation and income taxes paid. We will adopt the updated accounting guidance in our Annual Report on Form 10-K for the year ended December 31, 2025. We are currently evaluating the impact the adoption of the new accounting guidance will have on our income tax disclosures in Note 5.
Revenue Recognition	Connectivity & Platforms Residential Connectivity & Platforms Segment Residential Connectivity & Platforms generates revenue from customers that subscribe to our residential broadband and wireless connectivity services, residential and business video services and residential wireline voice services in the United States, the United Kingdom and Italy. We offer these services individually and as bundled services at a discounted rate. Subscription rates and related charges vary according to the services and features customers receive, and customers are typically billed in advance and pay on a monthly basis. Revenue from customers that purchase bundled services at a discounted rate is allocated between the separate services based on the respective stand-alone selling prices. The stand-alone selling prices are determined based on the current prices at which we separately sell the services. Significant judgment is used to determine performance obligations that should be accounted for separately and the allocation of revenue when services are combined in a bundle. While a portion of our customers are subject to contracts for their services, which are typically 1 month to 2 years in length, based on our evaluation of the terms of these contracts, we recognize revenue for these services primarily on a basis that is consistent with our customers that are not subject to contracts and recognize revenue as the services are provided on a monthly basis. Installation fees for these customers are deferred and recognized as revenue over the period of benefit to the customer, which is less than a year. Certain international customers are under contracts, with terms typically ranging from rolling monthly to 18 months, depending on the service, and may only discontinue service in accordance with the terms of their contracts. We recognize revenue for these customers as the services are provided over the contract period. At any given time, the amount of future revenue to be earned from these customers related to existing agreements is equal to less than 10% of our annual Residential Connectivity & Platforms revenue and will generally be recognized within 18 months. Sales commissions are generally expensed as incurred, as the related period of benefit is less than a year. Sales commissions for the international customers under contract are generally deferred and recognized over the respective contract terms. Our services generally involve customer premise equipment, such as wireless gateways, internet modems and set-top boxes, that are generally considered part of our services for revenue recognition. We recognize revenue from the sale of devices, including wireless devices and Sky Glass smart televisions, when they are transferred to the customer. Under an equipment installment plan, customers typically have the option to finance wireless devices and Sky Glass smart televisions interest-free over 24 months, and up to 48 months for international customers. Equipment installment plan receivables under these arrangements are recorded net of imputed interest when the devices are transferred to the customer. We also have arrangements to sell certain DTC streaming services to our customers. We have concluded we are the sales agent in these arrangements, and we record net commission revenue as earned, which is generally as customers are billed on a monthly basis, within domestic broadband and international connectivity revenue. Under the terms of our domestic cable franchise agreements, we are generally required to pay the cable franchising authority an amount based on gross video revenue. We generally pass these and other similar fees through to our domestic customers and classify these fees in the respective Residential Connectivity & Platforms services revenue, with the corresponding costs included in other operating and administrative expenses. Advertising Revenue is generated from the sale of advertising and technology, tools and solutions relating to advertising businesses. As part of distribution agreements with domestic cable networks, we generally receive an allocation of scheduled advertising time that we sell to advertisers. In addition, we generate revenue from the sale of advertising on our owned Sky-branded entertainment television networks and our digital platforms. In most cases, the available advertising units are sold by our sales force. We also represent the advertising sales efforts of certain third parties. Since we are acting as the principal in these arrangements, we record the advertising that is sold in advertising revenue and the fees paid to the third parties in other operating and administrative expenses. In some cases, we work with representation firms as an extension of our sales force to sell a portion of the advertising units allocated to us and record the revenue net of agency commissions. We have determined that a contract exists for our advertising sales arrangements once all terms and conditions are agreed upon, typically when the number of advertising units is specifically identified and scheduled. Advertisements are generally aired or delivered within one year once all terms and conditions are agreed upon. Revenue from these arrangements is recognized in the period in which advertisements are aired or delivered. Payment terms vary by contract, although terms generally require payment within 30 to 60 days from when advertisements are aired or delivered. We also provide technology, tools, data-driven services and marketplace solutions to customers in the media industry to facilitate the more effective engagement of advertisers with their target audiences and recognize revenue when these services are provided. Business Services Connectivity Segment Business Services Connectivity generates revenue from subscribers to a variety of our products and services which are offered to businesses. Our connectivity service offerings for small business locations in the United States primarily include broadband, wireline voice and wireless services that are similar to those provided to our residential customers and include certain other features specific to businesses. Our medium-sized and enterprise customer offerings also include ethernet network services, advanced voice services and a software-defined networking product. We have also launched small business connectivity service offerings in the United Kingdom. We recognize revenue as the services are provided over the contract period. Substantially all of our customers are initially under contracts, with terms typically ranging from 2 years for small and medium-sized businesses to up to 5 years for larger enterprises. Customers with contracts may only discontinue service in accordance with the terms of their contracts. At any given time, the amount of future revenue to be earned related to fixed pricing under existing agreements is equal to approximately half of our annual Business Services Connectivity segment revenue, of which the substantial majority will be recognized within 2 years. Customers under contract typically pay on a monthly basis. Installation revenue and sales commissions are generally deferred and recognized over the respective contract terms. Content & Experiences Media Segment Advertising Media generates revenue from the sale of advertising on our linear television networks, Peacock and other digital properties. We have determined that a contract exists for our advertising sales once all terms and conditions are agreed upon, typically when the number of advertising units is specifically identified and scheduled. Advertisements are generally aired or delivered within one year once all terms and conditions are agreed upon. Revenue is recognized, net of agency commissions, in the period in which advertisements are aired or delivered and payment occurs thereafter, with payment generally required within 30 days. In some instances, we guarantee audience ratings for the advertisements. To the extent there is a shortfall in contracts where the ratings were guaranteed, a portion of the revenue is deferred until the shortfall is settled, typically by providing additional advertising units generally within one year of the original airing. Distribution Media generates revenue from the distribution of television programming in the United States and internationally to traditional multichannel video providers, such as our Residential Connectivity & Platforms segment, and to virtual multichannel video providers that offer streamed linear television networks. This revenue includes amounts under NBC and Telemundo retransmission consent agreements and we also receive associated fees from NBC-affiliated and Telemundo-affiliated local broadcast television stations. Additionally, we receive monthly retail or wholesale subscription fees for our Peacock service. Monthly fees received under distribution agreements with multichannel video providers are generally under multiyear agreements with revenue based on the number of subscribers receiving the programming on our television networks and a per subscriber fee, although revenue for certain of our television networks is based on a fixed fee. Payment terms and conditions vary by contract type, although terms generally include payment within 60 days. These arrangements are accounted for as licenses of functional intellectual property and revenue is recognized as programming is provided. Studios Segment Content Licensing Studios generates revenue from the licensing of our owned film and television content in the United States and internationally to television networks and DTC streaming service providers, as well as through video on demand and pay-per-view services provided by multichannel video providers. Our agreements generally include fixed pricing and span multiple years. For example, following a film’s theatrical release, Studios may license the exhibition rights of a film to different customers over multiple successive distribution windows. We recognize revenue when the content is delivered and available for use by the licensee. When the term of an existing agreement is renewed or extended, we recognize revenue when the licensed content becomes available under the renewal or extension. Payment terms and conditions vary by contract type, although payments are generally collected over the license term. The amount of future revenue to be earned related to fixed pricing under existing third-party agreements at any given time equals approximately one-half year to 1 year of annual Studios content licensing revenue, which is the segment with the largest portion of this future revenue. The majority of this revenue will be recognized within 2 years. This amount may fluctuate from period to period depending on the timing of the releases and the availability of content under existing agreements and may not represent the total revenue expected to be recognized as it does not include revenue from future agreements or from variable pricing or optional purchases under existing agreements. For our agreements that include variable pricing, such as pricing based on the number of subscribers to a DTC streaming service sold by our customers, we generally recognize revenue as our customers sell to their subscribers. Theatrical Studios generates revenue from the worldwide distribution of our produced and acquired films for exhibition in movie theaters. Our arrangements with exhibitors generally entitle us to a percentage of ticket sales. We recognize revenue as the films are viewed and exhibited in theaters and payment generally occurs within 30 days after exhibition. Theme Parks Segment Theme Parks generates revenue primarily from guest spending at our Universal theme parks in Orlando, Florida; Hollywood, California; Osaka, Japan; and Beijing, China. Guest spending includes ticket sales and in-park spending on food, beverages and merchandise. We also generate revenue from our consumer products business. Additionally, we license the right to use the Universal Studios brand name and other intellectual property and provide other services to third parties, including the party that owns and operates the Universal Studios Singapore theme park on Sentosa Island, Singapore. We recognize revenue from ticket sales when the tickets are used, generally within a year from the date of purchase. For annual passes, we generally recognize revenue on a straight-line basis over the period the pass is available to be used. We recognize revenue from in-park spending and consumer products at the point of sale.
Film and Television Costs	Video Distribution Programming Expenses We incur programming expenses related to the license of the rights to distribute or integrate third-party programmed television networks, platforms and related content included in video services we sell to end consumers. Programming is generally acquired under multiyear distribution agreements, with fees typically based on the number of customers receiving the television network programming and a per subscriber fee. Programming distribution arrangements are accounted for as executory contracts with expenses generally recognized based on the rates in the agreements, and the arrangements are not subject to impairment. Film and Television Content We incur costs related to the production of owned content and the license of the rights to use content owned by third parties and sports rights on our owned television networks and digital properties, which are described as owned and licensed content, respectively. We have determined that the predominant monetization strategy for the substantial majority of our content is on an individual basis. We capitalize costs for owned film and television content, including direct costs, production overhead, print costs, development costs and interest, as well as acquired libraries. Amortization for owned content predominantly monetized on an individual basis and accrued costs associated with participations and residuals payments are recorded using the individual film forecast computation method, which recognizes the costs in the same ratio as the associated ultimate revenue. Estimates of ultimate revenue and total costs are based on anticipated release patterns and distribution strategies, public acceptance and historical results for similar productions. Amortization for content predominantly monetized with other owned or licensed content is recorded based on estimated usage. In determining the method of amortization and estimated life of an acquired film or television library, we generally use the method and the life that most closely follow the undiscounted cash flows over the estimated life of the asset. We do not capitalize costs related to the distribution of a film in movie theaters or the licensing or sale of a film or television production, which primarily include costs associated with marketing and distribution. We capitalize the costs of licensed content when the license period begins, the content is made available for use and the costs of the licenses are known. Licensed content is amortized as the associated programs are used, incorporating estimated viewing patterns. Owned and licensed content are presented as noncurrent assets in film and television costs. We present amortization of owned and licensed content and accrued costs associated with participations and residuals payments in programming and production costs. Film and television productions may be eligible for tax incentives from certain state, local or foreign jurisdictions. These incentives generally provide for transferable or redeemable tax credits upon meeting established levels of qualified production spending within a participating jurisdiction. We record a receivable for a production tax incentive program when there is a reasonable assurance of collection with a corresponding reduction of capitalized film and television costs, and the related amortization. We may enter into co-financing arrangements with third parties to jointly finance or distribute certain of our film productions. These arrangements can take various forms, but in most cases involve the grant of an economic interest in a film to an investor who owns an undivided copyright interest in the film. The number of investors and the terms of these arrangements can vary, although investors generally assume the full risks and rewards of ownership proportionate to their ownership in the film. We account for the proceeds received from the investor under these arrangements as a reduction of our capitalized film costs and the investor’s interest in the profit or loss of the film is recorded as either a charge or a benefit, respectively, in programming and production costs. The investor’s interest in the profit or loss of a film is recorded each period using the individual film forecast computation method. When an event or a change in circumstance occurs that was known or knowable as of the balance sheet date and that indicates the fair value of either owned or licensed content is less than the unamortized costs in the balance sheet, we determine the fair value and record an impairment charge to the extent the unamortized costs exceed the fair value. Owned content is assessed either individually or in identified film groups, for content predominantly monetized on an individual basis or with other content, respectively. The substantial majority of our owned content is evaluated for impairment on an individual title basis. Licensed content that is not part of a film group is generally assessed in packages, channels or dayparts. A daypart is an aggregation of programs broadcast during a particular time of day or programs of a similar type. Licensed content is tested for impairment primarily on a channel, network or platform basis, with the exception of our broadcast networks and owned local broadcast television stations, which are tested on a daypart basis. Estimated fair values of owned and licensed content are generally based on Level 3 inputs including analysis of market participant estimates of future cash flows. We record charges related to impairments or content that is substantively abandoned to programming and production costs. Sports Rights We recognize the costs of multiyear, live-event sports rights as the rights are used over the contract term based on estimated relative value. Estimated relative value is generally based on the terms of the contract and the nature of and potential revenue generation of the deliverables within the contract. Sports rights are accounted for as executory contracts and are not subject to impairment. When cash payments, including advanced payments, exceed the relative value of the sports rights delivered, we recognize an asset in licensed content. Production costs incurred in advance of airing are also presented in licensed content.
Income Tax Disclosures	We base our provision for income taxes on our current period income, changes in our deferred income tax assets and liabilities, income tax rates, changes in estimates of our uncertain tax positions, tax planning opportunities available in the jurisdictions in which we operate and excess tax benefits or deficiencies that arise when the tax consequences of share-based compensation differ from amounts previously recognized in the statements of income. We recognize deferred tax assets and liabilities when there are temporary differences between the financial reporting basis and tax basis of our assets and liabilities and for the expected benefits of using net operating loss carryforwards. When a change in the tax rate or tax law has an impact on deferred taxes, we apply the change based on the years in which the temporary differences are expected to reverse. We record the change in our consolidated financial statements in the period of enactment. The determination of the income tax consequences of a business combination includes identifying the tax basis of assets and liabilities acquired and any contingencies associated with uncertain tax positions assumed or resulting from the business combination. Deferred tax assets and liabilities related to temporary differences of an acquired entity are recorded as of the date of the business combination and are based on our estimate of the ultimate tax basis that will be accepted by the various tax authorities. We record liabilities for contingencies associated with prior tax returns filed by the acquired entity based on criteria set forth in the appropriate accounting guidance. We adjust the deferred tax accounts and the liabilities periodically to reflect any revised estimated tax basis and any estimated settlements with the various tax authorities. The effects of these adjustments are recorded to income tax expense. From time to time, we engage in transactions in which the tax consequences may be subject to uncertainty. In these cases, we evaluate our tax position using the recognition threshold and the measurement attribute in accordance with the accounting guidance related to uncertain tax positions. Examples of these transactions include business acquisitions and dispositions, including consideration paid or received in connection with these transactions, certain financing transactions, and the allocation of income among state and local tax jurisdictions. Significant judgment is required in assessing and estimating the tax consequences of these transactions. We determine whether it is more likely than not that a tax position will be sustained on examination, including the resolution of any related appeals or litigation processes, based on the technical merits of the position. A tax position that meets the more-likely-than-not recognition threshold is measured to determine the amount of benefit to be recognized in our consolidated financial statements. We classify interest and penalties, if any, associated with our uncertain tax positions as a component of income tax expense (benefit).
Investments	Equity Method We use the equity method to account for investments in which we have the ability to exercise significant influence over the investee’s operating and financial policies, or in which we hold a partnership or limited liability company interest in an entity with specific ownership accounts, unless we have virtually no influence over the investee’s operating and financial policies. Equity method investments are recorded at cost and are adjusted to recognize (1) our share, based on percentage ownership or other contractual basis, of the investee’s net income or loss after the date of investment, (2) amortization of the recorded investment that exceeds our share of the book value of the investee’s net assets, (3) additional contributions made and dividends or other distributions received, and (4) impairments resulting from other-than-temporary declines in fair value. For some investments, we record our share of the investee’s net income or loss one quarter in arrears due to the timing of our receipt of such information. Gains or losses on the sale of equity method investments are recorded to other income (loss), net. If an equity method investee were to issue additional securities that would change our proportionate share of the entity, we would recognize the change, if any, as a gain or loss to other income (loss), net. Cash distributions received from equity method investments are considered returns on investment and are presented within operating activities in the consolidated statements of cash flows to the extent of cumulative equity in net income of the investee. Marketable Equity Securities We classify investments with readily determinable fair values that are not accounted for under the equity method as marketable equity securities and the carrying values are primarily presented in other current assets. The changes in fair value of our marketable equity securities between measurement dates are recorded in realized and unrealized gains (losses) on equity securities, net. The fair values of our marketable equity securities are based on Level 1 inputs that use quoted market prices. Nonmarketable Equity Securities We classify investments without readily determinable fair values that are not accounted for under the equity method as nonmarketable equity securities. The accounting guidance requires nonmarketable equity securities to be recorded at cost and adjusted to fair value at each reporting period. However, the guidance allows for a measurement alternative, which is to record the investments at cost, less impairment, if any, and subsequently adjust for observable price changes of identical or similar investments of the same issuer. We generally apply the measurement alternative, adjusting the investments for observable price changes of identical or similar investments of the same issuer, to our nonmarketable equity securities. When an observable event occurs, we estimate the fair values of our nonmarketable equity securities primarily based on Level 2 inputs that are derived from observable price changes of similar securities adjusted for insignificant differences in rights and obligations. The changes in value are recorded in realized and unrealized gains (losses) on equity securities, net. We review our investment portfolio, other than our marketable equity securities, each reporting period to determine whether there are identified events or circumstances that would indicate there is a decline in the fair value. For our nonpublic investments, if there are no identified events or circumstances that would have a significant adverse effect on the fair value of the investment, then the fair value is not estimated. For our equity method investments, if an investment is deemed to have experienced an other-than-temporary decline below its cost basis, we reduce the carrying amount of the investment to its quoted or estimated fair value, as applicable, and establish a new cost basis for the investment. For our nonmarketable equity securities, we record the impairment to realized and unrealized gains (losses) on equity securities, net. For our equity method investments, we record the impairment to other income (loss), net.
Property and Equipment	Property and equipment are stated at cost. We capitalize improvements that extend asset lives and expense repairs and maintenance costs as incurred. We record depreciation using the straight-line method over the asset’s estimated useful life. For assets that are sold or retired, we remove the applicable cost and accumulated depreciation and, unless the gain or loss on disposition is presented separately, we recognize it as a component of depreciation expense. Capital expenditures for the construction of Universal Beijing Resort are presented separately in our consolidated statements of cash flows. Connectivity & Platforms capitalizes the costs associated with the construction of and improvements to our HFC network, including scalable infrastructure and line extensions; costs associated with acquiring and deploying new customer premise equipment; and costs associated with installation of our services, including the customer’s connection to our network, in accordance with the accounting guidance related to cable television companies. Costs capitalized include all direct costs for labor and materials, as well as various indirect costs. Costs incurred in connection with subsequent disconnects, and reconnects of previously deployed customer premise equipment, are expensed as they are incurred. We evaluate the recoverability of our property and equipment whenever events or substantive changes in circumstances indicate that the carrying amount may not be recoverable. The evaluation is based on the cash flows generated by the underlying asset groups, including estimated future operating results, trends or other determinants of fair value. If the total of the expected future undiscounted cash flows were less than the carrying amount of the asset group, we would recognize an impairment charge to the extent the carrying amount of the asset group exceeded its estimated fair value. Unless presented separately, the impairment charge is included as a component of depreciation expense. Certain of our cable franchise agreements and lease agreements contain provisions requiring us to restore facilities or remove property in the event that the franchise or lease agreement is not renewed. We expect to continually renew our cable franchise agreements and therefore cannot reasonably estimate liabilities associated with such agreements. A remote possibility exists that franchise agreements could be terminated unexpectedly, which could result in us incurring significant expense in complying with restoration or removal provisions. We do not have any material liabilities related to asset retirement obligations recorded in our consolidated financial statements.
Goodwill	Goodwill is calculated as the excess of the consideration transferred over the identifiable net assets acquired in a business combination and represents the future economic benefits expected to arise from anticipated synergies and intangible assets acquired that do not qualify for separate recognition, including increased footprint, assembled workforce, noncontractual relationships and other agreements. We assess the recoverability of our goodwill annually, or more frequently whenever events or substantive changes in circumstances indicate that the carrying amount of a reporting unit may exceed its fair value. We test goodwill for impairment at the reporting unit level. To determine our reporting units, we evaluate the components one level below the segment level and we aggregate the components if they have similar economic characteristics. We evaluate the determination of our reporting units used to test for impairment periodically or whenever events or substantive changes in circumstances occur. The assessment of recoverability may first consider qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is more likely than not that the fair value of a reporting unit is less than its carrying amount. A quantitative assessment is performed if the qualitative assessment results in a more-likely-than-not determination or if a qualitative assessment is not performed. The quantitative assessment considers whether the carrying amount of a reporting unit exceeds its fair value, in which case an impairment charge is recorded to the extent the reporting unit’s carrying value exceeds its fair value. Unless presented separately, the impairment charge is included as a component of amortization expense. In 2022, we recorded a goodwill impairment of $8.1 billion in our Sky reporting unit. The fair value of the reporting unit was estimated using a discounted cash flow analysis. When performing this analysis, we also considered multiples of earnings from comparable public companies and recent market transactions. The decline in fair value primarily resulted from an increased discount rate and reduced estimated future cash flows as a result of macroeconomic conditions in the Sky territories. The impairment is presented in goodwill and long-lived asset impairments in the consolidated statements of income.
Indefinite-Lived Intangible Assets	Indefinite-lived intangible assets consist primarily of our cable franchise rights. Our cable franchise rights represent the values we attributed to agreements with state and local authorities that allow access to homes and businesses in cable service areas acquired in business combinations. We do not amortize our cable franchise rights because we have determined that they meet the definition of indefinite-lived intangible assets since there are no legal, regulatory, contractual, competitive, economic or other factors that limit the period over which these rights will contribute to our cash flows. We reassess this determination periodically or whenever events or substantive changes in circumstances occur. The purchase of spectrum rights is presented separately in our consolidated statements of cash flows. We assess the recoverability of our cable franchise rights and other indefinite-lived intangible assets annually, or more frequently whenever events or substantive changes in circumstances indicate that the assets might be impaired. We evaluate the unit of account used to test for impairment of our cable franchise rights and other indefinite-lived intangible assets periodically or whenever events or substantive changes in circumstances occur to ensure impairment testing is performed at an appropriate level. The assessment of recoverability may first consider qualitative factors to determine whether it is more likely than not that the fair value of an indefinite-lived intangible asset is less than its carrying amount. A quantitative assessment is performed if the qualitative assessment results in a more-likely-than-not determination or if a qualitative assessment is not performed. When performing a quantitative assessment, we estimate the fair value of our cable franchise rights and other indefinite-lived intangible assets. If the fair value of our cable franchise rights or other indefinite-lived intangible assets were less than the carrying amount, we would recognize an impairment charge for the difference between the estimated fair value and the carrying value of the assets. Unless presented separately, the impairment charge is included as a component of amortization expense.
Finite-Lived Intangible Assets	Finite-lived intangible assets are subject to amortization and consist primarily of customer relationships acquired in business combinations, software, trade names and intellectual property rights. Our finite-lived intangible assets are amortized primarily on a straight-line basis over their estimated useful life or the term of the associated agreement. We capitalize direct development costs associated with internal-use software, including external direct costs of material and services and payroll costs for employees devoting time to these software projects. We also capitalize costs associated with arrangements that constitute the purchase of, or convey a license to, software licenses. We generally amortize them on a straight-line basis over a period not to exceed five years. We expense maintenance and training costs, as well as costs incurred during the preliminary stage of a project, as they are incurred. We capitalize initial operating system software costs and amortize them over the life of the associated hardware. We evaluate the recoverability of our finite-lived intangible assets whenever events or substantive changes in circumstances indicate that the carrying amount may not be recoverable. The evaluation is based on the cash flows generated by the underlying asset groups, including estimated future operating results, trends or other determinants of fair value. If the total of the expected future undiscounted cash flows were less than the carrying amount of the asset group, we would recognize an impairment charge to the extent the carrying amount of the asset group exceeded its estimated fair value. Unless presented separately, the impairment charge is included as a component of amortization expense.
Postretirement and Pension Benefits	We sponsor several 401(k) defined contribution retirement plans that allow eligible employees to contribute a portion of their compensation through payroll deductions in accordance with specified plan guidelines. We make contributions to the plans that include matching a percentage of the employees’ contributions up to certain limits.We participate in various multiemployer benefit plans, including pension and postretirement benefit plans, that cover some of our employees and temporary employees who are represented by labor unions. We also participate in other multiemployer benefit plans that provide health and welfare and retirement savings benefits to active and retired participants. If we cease to be obligated to make contributions or were to otherwise withdraw from participation in any of these plans, applicable law would require us to fund our allocable share of the unfunded vested benefits, which is known as a withdrawal liability. In addition, actions taken by other participating employers may lead to adverse changes in the financial condition of one of these plans, which could result in an increase in our withdrawal liability.
Earnings Per Share	Weighted-average common shares outstanding used in calculating diluted earnings per common share attributable to Comcast Corporation shareholders (“diluted EPS”) considers the impact of potentially dilutive securities using the treasury stock method. Our potentially dilutive securities include potential common shares related to our stock options and our restricted share units (“RSUs”). Diluted EPS excludes the impact of potential common shares related to our stock options in periods in which the combination of the option exercise price and the associated unrecognized compensation expense is greater than the average market price of our common stock. Antidilutive securities represent the number of potential common shares related to share-based compensation awards that were excluded from diluted EPS because their effect would have been antidilutive.
Share-Based Compensation	The cost associated with our share-based compensation is based on an award’s estimated fair value at the date of grant and is recognized over the period in which any related services are provided. RSUs are valued based on the closing price of our common stock on the date of grant and are discounted for the lack of dividends, if any, during the vesting period. We use the Black-Scholes option pricing model to estimate the fair value of stock option awards.
Leases	Our leases consist primarily of real estate, vehicles and other equipment. We determine if an arrangement is a lease at inception. Lease assets and liabilities are recognized upon commencement of the lease based on the present value of the future minimum lease payments over the lease term. The lease term includes options to extend the lease when it is reasonably certain that we will exercise that option. We generally use our incremental borrowing rate based on information available at the commencement of the lease in determining the present value of future payments. The lease asset also includes any lease payments made and initial direct costs incurred and excludes lease incentives. Lease assets and liabilities are not recorded for leases with an initial term of one year or less. For our operating leases recorded in the balance sheets, lease expense is based on the future minimum lease payments recognized on a straight-line basis over the term of the lease plus any variable lease costs.

Commitments and Contingencies - Summary of Future Minimum Rental Commitments for Operating Leases (Details) $ in Millions	Dec. 31, 2023 USD ($)
Commitments and Contingencies Disclosure [Abstract]
2024	$ 994
2025	883
2026	781
2027	647
2028	513
Thereafter	6,531
Total future minimum lease payments	10,351
Less: imputed interest	(3,765)
Total liability	$ 6,586

Programming and Production Costs - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Government Assistance [Line Items]
Government Assistance, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Film and television costs
Government Assistance, Statement of Income or Comprehensive Income [Extensible Enumeration]	Programming and production
Government Assistance, Statement of Financial Position [Extensible Enumeration]	Other noncurrent assets, net
Future minimum commitments for sports rights	$ 64,600
Future minimum commitments for licensed content	3,300
Production Tax Incentives - Film and Television
Government Assistance [Line Items]
Capitalized film and television cost	418	$ 400
Production Tax Incentives - Programming and Production Costs
Other Industries [Abstract]
Production tax incentive	578	733
Government Assistance [Line Items]
Production tax incentive	578	733
Production Tax Incentives - Receivable
Government Assistance [Line Items]
Production tax incentives receivable	$ 1,900	$ 1,500

Revenue - Disaggregation of Revenue (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disaggregation of Revenue [Line Items]
Revenue	$ 121,572	$ 121,427	$ 116,385
Eliminations
Disaggregation of Revenue [Line Items]
Revenue	8,383	9,032	9,831
Eliminations \| Content & Experiences
Disaggregation of Revenue [Line Items]
Revenue	(2,800)	(3,442)	(3,048)
Eliminations \| Inter-Business Unit Eliminations
Disaggregation of Revenue [Line Items]
Revenue	(5,583)	(5,590)	(6,783)
Eliminations \| Residential Connectivity & Platforms \| Connectivity & Platforms
Disaggregation of Revenue [Line Items]
Revenue	207	208	219
Eliminations \| Business Services Connectivity \| Connectivity & Platforms
Disaggregation of Revenue [Line Items]
Revenue	22	21	25
Eliminations \| Media \| Content & Experiences
Disaggregation of Revenue [Line Items]
Revenue	4,621	4,572	5,776
Eliminations \| Studios \| Content & Experiences
Disaggregation of Revenue [Line Items]
Revenue	3,317	3,963	3,548
Eliminations \| Theme Parks \| Content & Experiences
Disaggregation of Revenue [Line Items]
Revenue	(1)	1	2
Operating Segments \| Connectivity & Platforms
Disaggregation of Revenue [Line Items]
Revenue	81,201	81,205	80,750
Operating Segments \| Content & Experiences
Disaggregation of Revenue [Line Items]
Revenue	43,191	43,151	39,574
Operating Segments \| Residential Connectivity & Platforms \| Connectivity & Platforms
Disaggregation of Revenue [Line Items]
Revenue	71,946	72,386	72,694
Operating Segments \| Residential Connectivity & Platforms \| Domestic broadband \| Connectivity & Platforms
Disaggregation of Revenue [Line Items]
Revenue	25,489	24,469	22,979
Operating Segments \| Residential Connectivity & Platforms \| Domestic wireless \| Connectivity & Platforms
Disaggregation of Revenue [Line Items]
Revenue	3,664	3,071	2,380
Operating Segments \| Residential Connectivity & Platforms \| International connectivity \| Connectivity & Platforms
Disaggregation of Revenue [Line Items]
Revenue	4,207	3,426	3,293
Operating Segments \| Residential Connectivity & Platforms \| Total residential connectivity \| Connectivity & Platforms
Disaggregation of Revenue [Line Items]
Revenue	33,359	30,966	28,652
Operating Segments \| Residential Connectivity & Platforms \| Video \| Connectivity & Platforms
Disaggregation of Revenue [Line Items]
Revenue	28,797	30,496	32,440
Operating Segments \| Residential Connectivity & Platforms \| Advertising \| Connectivity & Platforms
Disaggregation of Revenue [Line Items]
Revenue	3,969	4,546	4,507
Operating Segments \| Residential Connectivity & Platforms \| Other \| Connectivity & Platforms
Disaggregation of Revenue [Line Items]
Revenue	5,820	6,378	7,095
Operating Segments \| Business Services Connectivity \| Connectivity & Platforms
Disaggregation of Revenue [Line Items]
Revenue	9,255	8,819	8,056
Operating Segments \| Media \| Content & Experiences
Disaggregation of Revenue [Line Items]
Revenue	25,355	26,719	27,406
Operating Segments \| Media \| Other \| Content & Experiences
Disaggregation of Revenue [Line Items]
Revenue	1,983	2,105	2,090
Operating Segments \| Media \| Domestic advertising \| Content & Experiences
Disaggregation of Revenue [Line Items]
Revenue	8,600	10,360	10,177
Operating Segments \| Media \| Domestic distribution \| Content & Experiences
Disaggregation of Revenue [Line Items]
Revenue	10,663	10,525	10,080
Operating Segments \| Media \| International networks \| Content & Experiences
Disaggregation of Revenue [Line Items]
Revenue	4,109	3,729	5,060
Operating Segments \| Studios \| Content & Experiences
Disaggregation of Revenue [Line Items]
Revenue	11,625	12,257	10,077
Operating Segments \| Studios \| Other \| Content & Experiences
Disaggregation of Revenue [Line Items]
Revenue	1,315	1,302	1,193
Operating Segments \| Studios \| Content licensing \| Content & Experiences
Disaggregation of Revenue [Line Items]
Revenue	8,231	9,348	8,193
Operating Segments \| Studios \| Theatrical \| Content & Experiences
Disaggregation of Revenue [Line Items]
Revenue	2,079	1,607	691
Operating Segments \| Theme Parks \| Content & Experiences
Disaggregation of Revenue [Line Items]
Revenue	8,947	7,541	5,051
Headquarters/Corporate and Other
Disaggregation of Revenue [Line Items]
Revenue	2,763	2,662	2,844
Headquarters/Corporate and Other \| Content & Experiences
Disaggregation of Revenue [Line Items]
Revenue	$ 64	$ 75	$ 87

Supplemental Financial Information (Tables)

12 Months Ended

Dec. 31, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of cash payments for interest and income taxes


Cash Payments for Interest and Income Taxes
Year ended December 31 (in millions)	2023		2022		2021
Interest	$	3,711	$	3,413	$	3,908
Income taxes	$	5,107	$	5,265	$	2,628

Schedule of cash, cash equivalents and restricted cash


December 31 (in millions)	2023		2022
Cash and cash equivalents	$	6,215	$	4,749
Restricted cash included in other current assets and other noncurrent assets, net	67		33
Cash, cash equivalents and restricted cash, end of year	$	6,282	$	4,782

Programming and Production Costs - Capitalized Film and Television Costs (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Owned:
In production and in development	$ 2,893	$ 3,210
Completed, not released	317	130
Released, less amortization	4,340	4,634
Owned:	7,551	7,974
Licensed, including sports advances	5,369	4,586
Film and television costs	$ 12,920	$ 12,560

Segment Information (Tables)

12 Months Ended

Dec. 31, 2023

Segment Reporting [Abstract]

Financial Data by Business Segment

Our financial data by segment is presented in the tables below. We do not present asset information for our segments as this information is not used to allocate resources and capital.


	Year Ended December 31,
	2023				2022				2021
(in millions)	Revenue(a)		Adjusted EBITDA(b)		Revenue(a)		Adjusted EBITDA(b)		Revenue(a)		Adjusted EBITDA(b)
Connectivity & Platforms
Residential Connectivity & Platforms	$	71,946	$	26,948	$	72,386	$	26,111	$	72,694	$	25,188
Business Services Connectivity	9,255		5,291		8,819		5,060		8,056		4,682
Connectivity & Platforms	81,201		32,239		81,205		31,171		80,750		29,871
Content & Experiences
Media	25,355		2,955		26,719		3,598		27,406		5,133
Studios	11,625		1,269		12,257		961		10,077		879
Theme Parks	8,947		3,345		7,541		2,683		5,051		1,267
Headquarters and Other	64		(946)		75		(881)		87		(840)
Eliminations(a)	(2,800)		77		(3,442)		(2)		(3,048)		(205)
Content & Experiences	43,191		6,700		43,151		6,360		39,574		6,234
Corporate and Other	2,763		(1,335)		2,662		(1,008)		2,844		(1,331)
Eliminations(a)	(5,583)		28		(5,590)		(64)		(6,783)		(65)
Comcast Consolidated	$	121,572	$	37,633	$	121,427	$	36,459	$	116,385	$	34,708

A summary of revenue for each of our segments resulting from transactions with other segments and eliminated in consolidation is presented in the table below.


Year ended December 31 (in millions)	2023		2022		2021
Connectivity & Platforms
Residential Connectivity & Platforms	$	207	$	208	$	219
Business Services Connectivity	22		21		25
Content & Experiences
Media	4,621		4,572		5,776
Studios	3,317		3,963		3,548
Theme Parks	(1)		1		2
Headquarters and Other	29		52		68
Corporate and Other	187		215		193
Total intersegment revenue	$	8,383	$	9,032	$	9,831

Reconciliation of Adjusted EBITDA from Segments to Consolidated

Our reconciliation of the aggregate amount of Adjusted EBITDA for our segments to consolidated income before income taxes is presented in the table below.


Year ended December 31 (in millions)	2023		2022		2021
Adjusted EBITDA	$	37,633	$	36,459	$	34,708

Adjustments	16		(13)		(87)
Depreciation	(8,854)		(8,724)		(8,628)
Amortization	(5,482)		(5,097)		(5,176)
Goodwill and long-lived asset impairments	—		(8,583)		—
Interest expense	(4,087)		(3,896)		(4,281)
Investment and other income (loss), net	1,252		(861)		2,557

Income (loss) before income taxes	$	20,478	$	9,284	$	19,093

Share-Based Compensation - Stock Options and Restricted Share Units (Details) shares in Millions	12 Months Ended
	Dec. 31, 2023 $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options granted (in shares)	58
Weighted-average exercise price of awards granted during the year (in dollars per share) \| $ / shares	$ 36.58
Stock options outstanding (in shares)	257
Weighted-average exercise price of shares outstanding (in dollars per share) \| $ / shares	$ 41.16
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards granted (in shares)	26
Awards nonvested (in shares)	50
Weighted-average fair value at grant date of nonvested awards (in dollars per share) \| $ / shares	$ 42.21

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Revenue - Receivables Not Yet Billed (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Condensed Consolidated Balance Sheet [Line Items]
Receivables, net	$ 13,813	$ 12,672
Noncurrent receivables, net (included in other noncurrent assets, net)	1,914	1,887
Unbilled Revenues \| Notes Receivable \| Equipment Installment Plan
Condensed Consolidated Balance Sheet [Line Items]
Receivables, net	1,695	1,388
Noncurrent receivables, net (included in other noncurrent assets, net)	1,223	1,023
Total	$ 2,918	$ 2,411

Share-Based Compensation - Recognized Share-Based Compensation Expense (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-Based Payment Arrangement [Abstract]
Share-based compensation expense	$ 1,021	$ 1,100	$ 1,081

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Schedule of income before income taxes


Income (Loss) Before Income Taxes
Year ended December 31 (in millions)	2023		2022		2021

Domestic	$	22,164	$	19,329	$	21,243
Foreign	(1,686)		(10,045)		(2,150)
	$	20,478	$	9,284	$	19,093

Schedule for the components of income tax expense


Components of Income Tax Expense
Year ended December 31 (in millions)	2023		2022		2021
Current Expense (Benefit):
Federal	$	6,270	$	4,025	$	2,355
State	1,591		961		669
Foreign	249		207		343
	8,110		5,193		3,367
Deferred Expense (Benefit):
Federal	(2,126)		(281)		1,504
State	(468)		(483)		255
Foreign	(145)		(70)		133
	(2,739)		(834)		1,892
Income tax expense (benefit)	$	5,371	$	4,359	$	5,259

Schedule of items that effect income tax expense

Our income tax expense (benefit) differs from the federal statutory amount because of the effect of the items detailed in the table below.


Year ended December 31 (in millions)	2023		2022		2021
Federal tax at statutory rate	$	4,300	$	1,950	$	4,009
State income taxes, net of federal benefit	418		454		464
Foreign income taxed at different rates	306		519		392


Adjustments to uncertain and effectively settled tax positions, net	353		179		238


Federal research and development credits	(131)		(104)		(85)
Excess tax benefits recognized on share-based compensation	4		(30)		(209)
Tax legislation	8		(287)		498
Goodwill impairment	—		1,666		—
Other	113		12		(48)
Income tax expense (benefit)	$	5,371	$	4,359	$	5,259

Schedule of the components of net deferred tax liability


Components of Net Deferred Tax Liability
December 31 (in millions)	2023		2022
Deferred Tax Assets:
Net operating loss and other loss carryforwards	$	3,530	$	3,325
Advance on sale of investment (see Note 8)	2,367		—

Nondeductible accruals and other	4,100		3,210
Less: Valuation allowance	3,679		3,295
	6,318		3,240
Deferred Tax Liabilities:
Property and equipment and intangible assets	29,337		29,688
Investments	1,002		265
Long-term debt	1,814		1,741

Foreign subsidiaries and undistributed foreign earnings	59		55

	32,212		31,749
Net deferred tax liability	$	25,894	$	28,509

Schedule of changes in the valuation allowance for deferred tax assets

The table below presents changes in our valuation allowance for deferred tax assets.


(in millions)	2023		2022		2021
Beginning balance	$	3,295	$	2,907	$	2,312
Additions charged to income tax expense and other accounts	469		433		635
Deductions from reserves	84		45		40
Ending balance	$	3,679	$	3,295	$	2,907

Reconciliation of unrecognized tax benefits


Reconciliation of Unrecognized Tax Benefits
(in millions)	2023		2022		2021
Gross unrecognized tax benefits, January 1	$	2,161	$	2,042	$	1,879
Additions based on tax positions related to the current year	546		380		352
Additions based on tax positions related to prior years	1		56		111

Reductions for tax positions of prior years	(43)		(145)		(181)
Reductions due to expiration of statutes of limitations	(56)		(148)		(107)
Settlements with tax authorities and other	(15)		(24)		(12)
Gross unrecognized tax benefits, December 31	$	2,593	$	2,161	$	2,042

Long-Term Debt - Debt Maturities (Details) $ in Billions	Dec. 31, 2023 USD ($)
Long-term Debt, Fiscal Year Maturity [Abstract]
2024	$ 2.1
2025	6.3
2026	5.2
2027	5.7
2028	7.0
Thereafter	$ 76.9

Commitments and Contingencies (Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Commitments And Contingencies [Line Items]
Operating lease expense inclusive of short-term and variable lease expenses	$ 1,200	$ 1,200	$ 1,200
Weighted average remaining lease term for operating leases	17 years	18 years
Weighted average discount rate used to calculate operating lease liabilities	4.10%	4.00%
Cash payments for operating leases	$ 963	$ 965	987
Carrying value of contractual obligation	1,100
Contractual value of a potential obligation	$ 1,700
Universal Beijing Resort
Commitments And Contingencies [Line Items]
Operating lease assets and liabilities recognized			$ 2,800

Supplemental Financial Information - Noncash Investing and Financing Activities (Details) - USD ($) $ / shares in Units, $ in Billions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Property and equipment and intangible assets accrued but not yet paid	$ 2.1	$ 2.0	$ 2.0
Dividends payable	$ 1.2	$ 1.1	$ 1.1
Dividends payable (in dollars per share)	$ 0.29	$ 0.27	$ 0.25

Goodwill and Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill

Goodwill


			Connectivity & Platforms				Content & Experiences (formerly NBCUniversal)
(in billions)	Cable Communications		Residential Connectivity & Platforms		Business Services Connectivity		Media		Studios		Theme Parks		Sky		Corporate and Other		Total












Balance, December 31, 2021
Goodwill	$	16.2	$	—	$	—	$	14.7	$	3.7	$	6.4	$	29.2	$	—	$	70.2
Accumulated impairment losses	—		—		—		—		—		—		—		—		—
	$	16.2	$	—	$	—	$	14.7	$	3.7	$	6.4	$	29.2	$	—	$	70.2
Impairment	—		—		—		—		—		—		(8.1)		—		(8.1)
Foreign currency translation and other	—		—		—		—		—		(0.7)		(3.0)		—		(3.6)
Balance, December 31, 2022
Goodwill	$	16.2	$	—	$	—	$	14.7	$	3.7	$	5.8	$	26.0	$	—	$	66.4
Accumulated impairment losses(a)	—		—		—		—		—		—		(7.9)		—		(7.9)
	$	16.2	$	—	$	—	$	14.7	$	3.7	$	5.8	$	18.1	$	—	$	58.5
Segment change	(16.2)		27.4		2.2		4.7		—		—		(18.1)		—		—
Foreign currency translation and other			0.8		—		0.3		—		(0.3)		—		—		0.8
Balance, December 31, 2023
Goodwill	$	—	$	34.5	$	2.2	$	21.9	$	3.7	$	5.4	$	—	$	—	$	67.8
Accumulated impairment losses(a)	—		(6.3)		—		(2.2)		—		—		—		—		(8.5)
	$	—	$	28.2	$	2.2	$	19.7	$	3.7	$	5.4	$	—	$	—	$	59.3

(a) Amounts relate to the 2022 impairment related to Sky, with the 2023 amounts allocated to our new segments on a consistent basis with goodwill. Amounts are impacted by foreign currency translation each period.

Summary of Intangible Assets


Intangible Assets
		2023				2022
December 31 (in billions)	Weighted-Average Original Useful Life as of December 31, 2023	Gross Carrying Amount		Accumulated Amortization		Gross Carrying Amount		Accumulated Amortization
Indefinite-Lived Intangible Assets:
Franchise rights	N/A	$	59.4			$	59.4
FCC licenses	N/A	2.8				2.8
Finite-Lived Intangible Assets:
Customer relationships	14 years	20.8		$	(13.3)	20.4		$	(11.4)
Software	5 years	23.2		(14.8)		20.9		(12.7)
Other agreements and rights	26 years	11.3		(2.2)		11.1		(1.8)
Total		$	117.5	$	(30.3)	$	114.5	$	(25.9)

Amortization of Intangible Assets

The table below presents the estimated amortization expense of our customer relationships and other agreements and rights, including trade names and intellectual property rights.


Estimated Amortization Expense of Finite-Lived Intangible Assets
(in billions)
2024	$	2.1
2025	$	2.1
2026	$	1.9
2027	$	1.3
2028	$	1.3

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482548/350-20-55-24

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1A

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-2

+ Details

Revenue (Tables)

12 Months Ended

Dec. 31, 2023

Revenue from Contract with Customer [Abstract]

Disaggregation of revenue


Year ended December 31 (in millions)	2023		2022		2021
Domestic broadband	$	25,489	$	24,469	$	22,979
Domestic wireless	3,664		3,071		2,380
International connectivity	4,207		3,426		3,293
Total residential connectivity	33,359		30,966		28,652
Video	28,797		30,496		32,440
Advertising	3,969		4,546		4,507
Other	5,820		6,378		7,095
Total Residential Connectivity & Platforms	71,946		72,386		72,694

Total Business Services Connectivity	9,255		8,819		8,056
Total Connectivity & Platforms	81,201		81,205		80,750

Domestic advertising	8,600		10,360		10,177
Domestic distribution	10,663		10,525		10,080
International networks	4,109		3,729		5,060
Other	1,983		2,105		2,090
Total Media	25,355		26,719		27,406

Content licensing	8,231		9,348		8,193
Theatrical	2,079		1,607		691
Other	1,315		1,302		1,193
Total Studios	11,625		12,257		10,077

Total Theme Parks	8,947		7,541		5,051

Headquarters and Other	64		75		87
Eliminations(a)	(2,800)		(3,442)		(3,048)
Total Content & Experiences	43,191		43,151		39,574

Corporate and Other	2,763		2,662		2,844
Eliminations(a)	(5,583)		(5,590)		(6,783)
Total revenue	$	121,572	$	121,427	$	116,385

(a)Included in Eliminations are transactions that our segments enter into with one another. See Note 2 for a description of these transactions.

We operate primarily in the United States but also in select international markets. The table below summarizes our consolidated revenue from customers in certain geographic locations.


Year ended December 31 (in millions)	2023		2022		2021
United States	$	94,375	$	96,441	$	90,926
United Kingdom	13,364		13,380		13,999
Other	13,833		11,606		11,460
Total revenue	$	121,572	$	121,427	$	116,385

Schedule of receivables, net

The table below summarizes our accounts receivable.


December 31 (in millions)	2023		2022
Receivables, gross	$	14,511	$	13,407
Less: Allowance for credit losses	698		736
Receivables, net	$	13,813	$	12,672

Changes in the allowance for doubtful accounts

The table below presents changes in our allowance for credit losses.


(in millions)	2023		2022		2021
Beginning balance	$	736	$	658	$	807
Current-period provision for expected credit losses	775		758		336
Write-offs charged against the allowance, net of recoveries and other	(812)		(680)		(485)
Ending balance	$	698	$	736	$	658

Other balance sheet accounts

The table below summarizes our other balances that are not separately presented in our consolidated balance sheets that relate to the recognition of revenue and collection of the related cash, as well as the deferred costs associated with our contracts with customers.


December 31 (in millions)	2023		2022
Noncurrent receivables, net (included in other noncurrent assets, net)	$	1,914	$	1,887
Contract acquisition and fulfillment costs (included in other noncurrent assets, net)(a)	$	1,088	$	1,081

Noncurrent deferred revenue (included in other noncurrent liabilities)	$	618	$	735

(a) Amortization of contract acquisition and fulfillment costs totaled $692 million, $707 million and $654 million in 2023, 2022 and 2021, respectively, included in marketing and promotion and other operating and administrative expenses.

Our accounts receivables include amounts not yet billed related to equipment installment plans, as summarized in the table below.


December 31 (in millions)	2023		2022
Receivables, net	$	1,695	$	1,388
Noncurrent receivables, net (included in other noncurrent assets, net)	1,223		1,023

Total	$	2,918	$	2,411

Share-Based Compensation

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

Share-Based Compensation


Note 13: Share-Based Compensation



Year ended December 31 (in millions)	2023		2022		2021
Share-based compensation expense	$	1,021	$	1,100	$	1,081

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. Awards generally vest over a period of 5 years and, in the case of stock options, have a 10 year term. Additionally, through our employee stock purchase plans, employees are able to purchase shares of our common stock at a discount through payroll deductions. As of December 31, 2023, virtually all of our stock options outstanding were net settled stock options, which result in fewer shares being issued and no cash proceeds being received by us when the options are exercised.


Stock Options and Restricted Share Units
As of December 31, 2023, unless otherwise stated (in millions, except per share data)	Stock Options		RSUs
Awards granted during 2023	58		26
Weighted-average exercise price of awards granted during 2023	$	36.58
Stock options outstanding and nonvested RSUs	257		50
Weighted-average exercise price of stock options outstanding	$	41.16
Weighted-average fair value at grant date of nonvested RSUs			$	42.21

The cost associated with our share-based compensation is based on an award’s estimated fair value at the date of grant and is recognized over the period in which any related services are provided. RSUs are valued based on the closing price of our common stock on the date of grant and are discounted for the lack of dividends, if any, during the vesting period. We use the Black-Scholes option pricing model to estimate the fair value of stock option awards.

The table below presents the weighted-average fair value on the date of grant of RSUs and stock options awarded under our various plans and the related weighted-average valuation assumptions.


Year ended December 31	2023			2022			2021
RSUs fair value	$	37.14		$	45.20		$	54.52
Stock options fair value	$	8.41		$	8.77		$	9.72
Stock Option Valuation Assumptions:
Dividend yield	3.2		%	2.4		%	1.8		%
Expected volatility	26.2		%	25.0		%	22.8		%
Risk-free interest rate	4.2		%	1.8		%	0.9		%
Expected option life (in years)	5.9			5.8			5.9

As of December 31, 2023, we had unrecognized pretax compensation expense of $2.0 billion related to nonvested RSUs and nonvested stock options that will be recognized over a weighted-average period of approximately 1.6 years. In 2023, 2022 and 2021, we recognized $4 million, $(30) million and $(209) million, respectively, as an increase (decrease) to income tax expense as a result of excess tax benefits associated with our share-based compensation plans.

Share-Based Compensation - Restricted Share Units and Stock Option Fair Value (Details) - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock option fair value (in dollars per share)	$ 8.41	$ 8.77	$ 9.72
Stock Option Valuation Assumptions:
Dividend yield	3.20%	2.40%	1.80%
Expected volatility	26.20%	25.00%	22.80%
Risk-free interest rate	4.20%	1.80%	0.90%
Expected option life	5 years 10 months 24 days	5 years 9 months 18 days	5 years 10 months 24 days
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
RSUs fair value (in dollars per share)	$ 37.14	$ 45.20	$ 54.52

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Supplemental Financial Information - Cash Payments for Interest and Income Taxes (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Cash Payments for Interest and Income Taxes
Interest	$ 3,711	$ 3,413	$ 3,908
Income taxes	$ 5,107	$ 5,265	$ 2,628

Commitments and Contingencies

12 Months Ended

Dec. 31, 2023

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies


Note 15: Commitments and Contingencies

Sports Rights and Licensed Content

Our most significant fixed-price purchase obligations relate to long-term commitments for sports rights and licensed content. Refer to Note 4 for additional information.

Leases

Our leases consist primarily of real estate, vehicles and other equipment. We determine if an arrangement is a lease at inception. Lease assets and liabilities are recognized upon commencement of the lease based on the present value of the future minimum lease payments over the lease term. The lease term includes options to extend the lease when it is reasonably certain that we will exercise that option. We generally use our incremental borrowing rate based on information available at the commencement of the lease in determining the present value of future payments. The lease asset also includes any lease payments made and initial direct costs incurred and excludes lease incentives. Lease assets and liabilities are not recorded for leases with an initial term of one year or less.

For our operating leases recorded in the balance sheets, lease expense is based on the future minimum lease payments recognized on a straight-line basis over the term of the lease plus any variable lease costs. In 2023, 2022 and 2021, operating lease expenses, inclusive of short-term and variable lease expenses, recognized in our consolidated statements of income were each $1.2 billion.

The table below summarizes the operating lease assets and liabilities recorded in our consolidated balance sheets.


December 31 (in millions)	2023		2022
Other noncurrent assets, net	$	5,786	$	5,997
Accrued expenses and other current liabilities	$	748	$	675
Other noncurrent liabilities	$	5,838	$	6,107

The table below summarizes our future minimum lease commitments for operating leases as of December 31, 2023.


(in millions)	December 31, 2023
2024	$	994
2025	883
2026	781
2027	647
2028	513
Thereafter	6,531
Total future minimum lease payments	10,351
Less: imputed interest	(3,765)
Total liability	$	6,586

The weighted-average remaining lease terms for operating leases and the weighted-average discount rates used to calculate our operating lease liabilities as of December 31, 2023 were 17 years and 4.1%, respectively, and as of December 31, 2022 were 18 years and 4.0%, respectively.

In 2023, 2022 and 2021, cash payments for operating leases recorded in the consolidated balance sheets were $963 million, $965 million and $987 million, respectively. We recognized operating lease assets and liabilities of $2.8 billion related to Universal Beijing Resort in 2021. Lease assets and liabilities associated with other operating leases entered into or modified were not material in any period presented.

Contractual Obligation

We are party to a contractual obligation that involves an interest held by a third party in the revenue of certain theme parks. The arrangement provides the counterparty with the right to periodic payments associated with current period revenue which are recorded as an operating expense, and beginning in June 2017, the option to require NBCUniversal to purchase the interest for cash in an amount based on a contractual formula. The contractual formula is based on an average of specified historical theme park revenue at the time of exercise, which amount could be significantly higher than our carrying value. As of December 31, 2023, our carrying value was $1.1 billion, and the estimated value of the contractual obligation was $1.7 billion based on inputs to the contractual formula as of that date.

Contingencies

We are subject to legal proceedings and claims that arise in the ordinary course of our business. While the amount of ultimate liability with respect to such proceedings and claims 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.

Consolidated Statement of Cash Flows - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Operating Activities
Net income	$ 15,107	$ 4,925	$ 13,833
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	14,336	13,821	13,804
Goodwill and long-lived asset impairments	0	8,583	0
Share-based compensation	1,241	1,336	1,315
Noncash interest expense (income), net	316	309	482
Net (gain) loss on investment activity and other	(768)	1,177	(1,311)
Deferred income taxes	(2,739)	(834)	1,892
Changes in operating assets and liabilities, net of effects of acquisitions and divestitures:
Current and noncurrent receivables, net	(996)	(1,327)	(1,335)
Film and television costs, net	(260)	(451)	(680)
Accounts payable and accrued expenses related to trade creditors	(520)	497	765
Other operating assets and liabilities	2,784	(1,623)	382
Net cash provided by operating activities	28,501	26,413	29,146
Investing Activities
Capital expenditures	(12,242)	(10,626)	(9,174)
Cash paid for intangible assets	(3,298)	(3,141)	(2,883)
Construction of Universal Beijing Resort	(137)	(330)	(976)
Acquisitions, net of cash acquired	0	(12)	(1,374)
Proceeds from sales of businesses and investments	661	1,985	684
Advance on sale of investment	8,610	0	0
Purchases of investments	(1,313)	(2,274)	(174)
Other	558	258	451
Net cash provided by (used in) investing activities	(7,161)	(14,140)	(13,446)
Financing Activities
Proceeds from (repayments of) short-term borrowings, net	(660)	660	0
Proceeds from borrowings	6,052	2,745	2,628
Repurchases and repayments of debt	(4,015)	(2,307)	(11,498)
Repayment of collateralized obligation	(5,175)	0	0
Repurchases of common stock under repurchase program and employee plans	(11,291)	(13,328)	(4,672)
Dividends paid	(4,766)	(4,741)	(4,532)
Other	5	786	(544)
Net cash provided by (used in) financing activities	(19,850)	(16,184)	(18,618)
Impact of foreign currency on cash, cash equivalents and restricted cash	9	(86)	(71)
Increase (decrease) in cash, cash equivalents and restricted cash	1,500	(3,997)	(2,989)
Cash, cash equivalents and restricted cash, beginning of year	4,782	8,778	11,768
Cash, cash equivalents and restricted cash, end of year	$ 6,282	$ 4,782	$ 8,778

Goodwill and Intangible Assets - Change in Goodwill (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Goodwill [Roll Forward]
Gross balance, beginning of period	$ 66,400	$ 70,200
Accumulated impairment loss beginning of period	(7,900)	0
Balance, beginning of period	58,494	70,200
Impairment		(8,100)
Foreign currency translation and other	800	(3,600)
Segment change	0
Gross balance, ending of period	67,800	66,400
Accumulated impairment loss end of period	(8,500)	(7,900)
Balance, end of period	59,268	58,494
Operating Segments \| Cable Communications
Goodwill [Roll Forward]
Gross balance, beginning of period	16,200	16,200
Accumulated impairment loss beginning of period	0	0
Balance, beginning of period	16,200	16,200
Impairment		0
Foreign currency translation and other		0
Segment change	(16,200)
Gross balance, ending of period	0	16,200
Accumulated impairment loss end of period	0	0
Balance, end of period	0	16,200
Operating Segments \| Residential Connectivity & Platforms \| Connectivity & Platforms
Goodwill [Roll Forward]
Gross balance, beginning of period	0	0
Accumulated impairment loss beginning of period	0	0
Balance, beginning of period	0	0
Impairment		0
Foreign currency translation and other	800	0
Segment change	27,400
Gross balance, ending of period	34,500	0
Accumulated impairment loss end of period	(6,300)	0
Balance, end of period	28,200	0
Operating Segments \| Business Services Connectivity \| Connectivity & Platforms
Goodwill [Roll Forward]
Gross balance, beginning of period	0	0
Accumulated impairment loss beginning of period	0	0
Balance, beginning of period	0	0
Impairment		0
Foreign currency translation and other	0	0
Segment change	2,200
Gross balance, ending of period	2,200	0
Accumulated impairment loss end of period	0	0
Balance, end of period	2,200	0
Operating Segments \| Media \| Content & Experiences
Goodwill [Roll Forward]
Gross balance, beginning of period	14,700	14,700
Accumulated impairment loss beginning of period	0	0
Balance, beginning of period	14,700	14,700
Impairment		0
Foreign currency translation and other	300	0
Segment change	4,700
Gross balance, ending of period	21,900	14,700
Accumulated impairment loss end of period	(2,200)	0
Balance, end of period	19,700	14,700
Operating Segments \| Studios \| Content & Experiences
Goodwill [Roll Forward]
Gross balance, beginning of period	3,700	3,700
Accumulated impairment loss beginning of period	0	0
Balance, beginning of period	3,700	3,700
Impairment		0
Foreign currency translation and other	0	0
Segment change	0
Gross balance, ending of period	3,700	3,700
Accumulated impairment loss end of period	0	0
Balance, end of period	3,700	3,700
Operating Segments \| Theme Parks \| Content & Experiences
Goodwill [Roll Forward]
Gross balance, beginning of period	5,800	6,400
Accumulated impairment loss beginning of period	0	0
Balance, beginning of period	5,800	6,400
Impairment		0
Foreign currency translation and other	(300)	(700)
Segment change	0
Gross balance, ending of period	5,400	5,800
Accumulated impairment loss end of period	0	0
Balance, end of period	5,400	5,800
Operating Segments \| Sky Limited Segment
Goodwill [Roll Forward]
Gross balance, beginning of period	26,000	29,200
Accumulated impairment loss beginning of period	(7,900)	0
Balance, beginning of period	18,100	29,200
Impairment		(8,100)
Foreign currency translation and other	0	(3,000)
Segment change	(18,100)
Gross balance, ending of period	0	26,000
Accumulated impairment loss end of period	0	(7,900)
Balance, end of period	0	18,100
Headquarters/Corporate and Other
Goodwill [Roll Forward]
Gross balance, beginning of period	0	0
Accumulated impairment loss beginning of period	0	0
Balance, beginning of period	0	0
Impairment		0
Foreign currency translation and other	0	0
Segment change	0
Gross balance, ending of period	0	0
Accumulated impairment loss end of period	0	0
Balance, end of period	$ 0	$ 0

Consolidated Statement of Income - USD ($) $ in Millions	12 Months Ended
Consolidated Statement of Income - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Statement [Abstract]
Revenue	$ 121,572	$ 121,427	$ 116,385
Costs and Expenses:
Programming and production	36,762	38,213	38,450
Marketing and promotion	7,971	8,506	7,695
Other operating and administrative	39,190	38,263	35,619
Depreciation	8,854	8,724	8,628
Amortization	5,482	5,097	5,176
Goodwill and long-lived asset impairments	0	8,583	0
Total costs and expenses	98,258	107,385	95,568
Operating income	23,314	14,041	20,817
Interest expense	(4,087)	(3,896)	(4,281)
Investment and other income (loss), net	1,252	(861)	2,557
Income before income taxes	20,478	9,284	19,093
Income tax expense	(5,371)	(4,359)	(5,259)
Net income	15,107	4,925	13,833
Less: Net income (loss) attributable to noncontrolling interests	(282)	(445)	(325)
Net income attributable to Comcast Corporation	$ 15,388	$ 5,370	$ 14,159
Basic earnings per common share attributable to Comcast Corporation shareholders (in dollars per share)	$ 3.73	$ 1.22	$ 3.09
Diluted earnings per common share attributable to Comcast Corporation shareholders (in dollars per share)	$ 3.71	$ 1.21	$ 3.04

Goodwill and Intangible Assets

12 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets


Note 10: Goodwill and Intangible Assets

Goodwill


			Connectivity & Platforms				Content & Experiences (formerly NBCUniversal)
(in billions)	Cable Communications		Residential Connectivity & Platforms		Business Services Connectivity		Media		Studios		Theme Parks		Sky		Corporate and Other		Total












Balance, December 31, 2021
Goodwill	$	16.2	$	—	$	—	$	14.7	$	3.7	$	6.4	$	29.2	$	—	$	70.2
Accumulated impairment losses	—		—		—		—		—		—		—		—		—
	$	16.2	$	—	$	—	$	14.7	$	3.7	$	6.4	$	29.2	$	—	$	70.2
Impairment	—		—		—		—		—		—		(8.1)		—		(8.1)
Foreign currency translation and other	—		—		—		—		—		(0.7)		(3.0)		—		(3.6)
Balance, December 31, 2022
Goodwill	$	16.2	$	—	$	—	$	14.7	$	3.7	$	5.8	$	26.0	$	—	$	66.4
Accumulated impairment losses(a)	—		—		—		—		—		—		(7.9)		—		(7.9)
	$	16.2	$	—	$	—	$	14.7	$	3.7	$	5.8	$	18.1	$	—	$	58.5
Segment change	(16.2)		27.4		2.2		4.7		—		—		(18.1)		—		—
Foreign currency translation and other			0.8		—		0.3		—		(0.3)		—		—		0.8
Balance, December 31, 2023
Goodwill	$	—	$	34.5	$	2.2	$	21.9	$	3.7	$	5.4	$	—	$	—	$	67.8
Accumulated impairment losses(a)	—		(6.3)		—		(2.2)		—		—		—		—		(8.5)
	$	—	$	28.2	$	2.2	$	19.7	$	3.7	$	5.4	$	—	$	—	$	59.3

Goodwill is calculated as the excess of the consideration transferred over the identifiable net assets acquired in a business combination and represents the future economic benefits expected to arise from anticipated synergies and intangible assets acquired that do not qualify for separate recognition, including increased footprint, assembled workforce, noncontractual relationships and other agreements. We assess the recoverability of our goodwill annually, or more frequently whenever events or substantive changes in circumstances indicate that the carrying amount of a reporting unit may exceed its fair value. We test goodwill for impairment at the reporting unit level. To determine our reporting units, we evaluate the components one level below the segment level and we aggregate the components if they have similar economic characteristics. We evaluate the determination of our reporting units used to test for impairment periodically or whenever events or substantive changes in circumstances occur. The assessment of recoverability may first consider qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is more likely than not that the fair value of a reporting unit is less than its carrying amount. A quantitative assessment is performed if the qualitative assessment results in a more-likely-than-not determination or if a qualitative assessment is not performed. The quantitative assessment considers whether the carrying amount of a reporting unit exceeds its fair value, in which case an impairment charge is recorded to the extent the reporting unit’s carrying value exceeds its fair value. Unless presented separately, the impairment charge is included as a component of amortization expense.

In 2022, we recorded a goodwill impairment of $8.1 billion in our Sky reporting unit. The fair value of the reporting unit was estimated using a discounted cash flow analysis. When performing this analysis, we also considered multiples of earnings from comparable public companies and recent market transactions. The decline in fair value primarily resulted from an increased discount rate and reduced estimated future cash flows as a result of macroeconomic conditions in the Sky territories. The impairment is presented in goodwill and long-lived asset impairments in the consolidated statements of income.


Intangible Assets
		2023				2022
December 31 (in billions)	Weighted-Average Original Useful Life as of December 31, 2023	Gross Carrying Amount		Accumulated Amortization		Gross Carrying Amount		Accumulated Amortization
Indefinite-Lived Intangible Assets:
Franchise rights	N/A	$	59.4			$	59.4
FCC licenses	N/A	2.8				2.8
Finite-Lived Intangible Assets:
Customer relationships	14 years	20.8		$	(13.3)	20.4		$	(11.4)
Software	5 years	23.2		(14.8)		20.9		(12.7)
Other agreements and rights	26 years	11.3		(2.2)		11.1		(1.8)
Total		$	117.5	$	(30.3)	$	114.5	$	(25.9)

Indefinite-Lived Intangible Assets

Indefinite-lived intangible assets consist primarily of our cable franchise rights. Our cable franchise rights represent the values we attributed to agreements with state and local authorities that allow access to homes and businesses in cable service areas acquired in business combinations. We do not amortize our cable franchise rights because we have determined that they meet the definition of indefinite-lived intangible assets since there are no legal, regulatory, contractual, competitive, economic or other factors that limit the period over which these rights will contribute to our cash flows. We reassess this determination periodically or whenever events or substantive changes in circumstances occur. The purchase of spectrum rights is presented separately in our consolidated statements of cash flows.

We assess the recoverability of our cable franchise rights and other indefinite-lived intangible assets annually, or more frequently whenever events or substantive changes in circumstances indicate that the assets might be impaired. We evaluate the unit of account used to test for impairment of our cable franchise rights and other indefinite-lived intangible assets periodically or whenever events or substantive changes in circumstances occur to ensure impairment testing is performed at an appropriate level. The assessment of recoverability may first consider qualitative factors to determine whether it is more likely than not that the fair value of an indefinite-lived intangible asset is less than its carrying amount. A quantitative assessment is performed if the qualitative assessment results in a more-likely-than-not determination or if a qualitative assessment is not performed. When performing a quantitative assessment, we estimate the fair value of our cable franchise rights and other indefinite-lived intangible assets. If the fair value of our cable franchise rights or other indefinite-lived intangible assets were less than the carrying amount, we would recognize an impairment charge for the difference between the estimated fair value and the carrying value of the assets. Unless presented separately, the impairment charge is included as a component of amortization expense.

Finite-Lived Intangible Assets

Finite-lived intangible assets are subject to amortization and consist primarily of customer relationships acquired in business combinations, software, trade names and intellectual property rights. Our finite-lived intangible assets are amortized primarily on a straight-line basis over their estimated useful life or the term of the associated agreement.

The table below presents the estimated amortization expense of our customer relationships and other agreements and rights, including trade names and intellectual property rights.


Estimated Amortization Expense of Finite-Lived Intangible Assets
(in billions)
2024	$	2.1
2025	$	2.1
2026	$	1.9
2027	$	1.3
2028	$	1.3

We capitalize direct development costs associated with internal-use software, including external direct costs of material and services and payroll costs for employees devoting time to these software projects. We also capitalize costs associated with arrangements that constitute the purchase of, or convey a license to, software licenses. We generally amortize them on a straight-line basis over a period not to exceed five years. We expense maintenance and training costs, as well as costs incurred during the preliminary stage of a project, as they are incurred. We capitalize initial operating system software costs and amortize them over the life of the associated hardware.

We evaluate the recoverability of our finite-lived intangible assets whenever events or substantive changes in circumstances indicate that the carrying amount may not be recoverable. The evaluation is based on the cash flows generated by the underlying asset groups, including estimated future operating results, trends or other determinants of fair value. If the total of the expected future undiscounted cash flows were less than the carrying amount of the asset group, we would recognize an impairment charge to the extent the carrying amount of the asset group exceeded its estimated fair value. Unless presented separately, the impairment charge is included as a component of amortization expense.

In 2022, in connection with our annual goodwill impairment assessment, we also recorded impairments of intangible assets, which primarily related to customer relationship assets resulting from our Sky acquisition. These impairments totaled $485 million and are presented in goodwill and long-lived asset impairments in the consolidated statements of income.

Long-Term Debt

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

Long-Term Debt


Note 6: Long-Term Debt


Long-Term Debt Outstanding
December 31 (in billions)	Weighted-Average Interest Rate as of December 31, 2023			Weighted-Average Interest Rate as of December 31, 2022			2023(b)		2022(b)
Commercial paper	—	%		4.6	%		$	—	$	0.7

Term loans	3.2	%		4.4	%		3.1		3.1
Senior notes with maturities of 5 years or less, at face value	3.5	%		3.3	%		25.9		22.6
Senior notes with maturities between 5 and 10 years, at face value	3.3	%		3.2	%		18.8		20.1
Senior notes with maturities greater than 10 years, at face value	3.8	%		3.8	%		53.4		52.8
Finance lease obligations and other							2.0		1.8
Debt issuance costs, premiums, discounts, fair value adjustments for acquisition accounting and hedged positions, net							(6.1)		(6.2)
Total debt	4.0	%	(a)	3.9	%	(a)	97.1		94.8
Less: Current portion							2.1		1.7
Long-term debt							$	95.0	$	93.1

Our senior notes are unsubordinated and unsecured obligations and are subject to parent and/or subsidiary guarantees. As of December 31, 2023 and 2022, substantially all of our debt obligations were fixed-rate debt and our debt had an estimated fair value of $92.2 billion and $86.9 billion, respectively. The estimated fair value of our publicly traded debt was primarily based on Level 1 inputs that use quoted market value 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.


Principal Maturities of Debt
(in billions)
2024	$	2.1
2025	$	6.3
2026	$	5.2
2027	$	5.7
2028	$	7.0
Thereafter	$	76.9

We use derivative contracts, such as foreign currency forwards and cross-currency swaps, to hedge our exposure to foreign exchange rate fluctuations resulting from certain foreign currency denominated debt obligations and intercompany funding arrangements denominated in a currency other than the functional currency of the transacting entity. As of December 31, 2023 and 2022, we had foreign currency forwards designated as fair value hedges on $2.0 billion and $5.4 billion of our foreign currency intercompany loans receivable, respectively, and the aggregate estimated fair value of these foreign currency forwards was a net liability of $15 million and $56 million, respectively. As of December 31, 2023 and 2022, we had cross-currency swaps designated as cash flow hedges on $797 million and $752 million of our foreign currency denominated debt, respectively, and the aggregate estimated fair value of these cross-currency swaps was a net liability of $211 million and $274 million, respectively. The other income (loss), net component of investment and other income (loss), net included net pre-tax gains (losses) from these derivative contracts of $0.3 billion, $0.6 billion, and $0.3 billion in 2023, 2022 and 2021, respectively. These amounts offset foreign currency remeasurement (losses) gains from foreign currency denominated debt obligations and intercompany funding arrangements denominated in a currency other than the functional currency of the transacting entity $(0.2) billion, $(0.6) billion and $(0.3) billion in 2023, 2022 and 2021, respectively.

We are also exposed to foreign exchange risk on the consolidation of our foreign operations. We have foreign currency denominated debt and cross-currency swaps designated as hedges of our net investments in certain of these subsidiaries. As of December 31, 2023 and 2022, the amount of foreign currency denominated debt designated as hedges of our net investment in foreign subsidiaries was $7.4 billion and $7.6 billion, respectively, and the notional amount of cross-currency swaps designated as hedges of our net investment in foreign subsidiaries was $2.8 billion and $2.5 billion, respectively. As of December 31, 2023 and 2022, the aggregate estimated fair value of these cross-currency swaps was a net liability of $3 million and a net asset of $108 million, respectively. The amount of pre-tax gains (losses) related to net investment hedges recognized in the cumulative translation adjustments component of other comprehensive income (loss) were gains of $316 million in 2023, losses of $397 million in 2022 and gains of $760 million in 2021.

We also use derivative contracts, such as interest rate swaps, to hedge our exposure to changes in interest rates. As of December 31, 2023 and 2022, we had fixed-to-variable interest rate swaps designated as fair value hedges on $2.5 billion of our fixed rate debt obligations. As of December 31, 2023 and 2022, the aggregate estimated fair value of interest rate swaps designated as fair value hedges was a net liability of $214 million and $282 million, respectively.

Revolving Credit Facility and Commercial Paper Program

In March 2021, we entered into a new $11 billion revolving credit facility, as it may be amended from time to time, due March 30, 2026 with a syndicate of banks that may be used for general corporate purposes. We may increase the commitments under the revolving credit facility up to a total of $14 billion, as well as extend the expiration date to no later than March 30, 2028, subject to approval of the lenders. The interest rate on the revolving credit facility consists of a benchmark rate plus a borrowing margin that is determined based on Comcast’s credit rating. As of December 31, 2023, the borrowing margin for borrowings based on an Adjusted Term Secured Overnight Financing Rate was 1.00%. Our revolving credit facility requires that we maintain a certain financial ratio based on debt and EBITDA, as defined in the revolving credit facility. We were in compliance with this financial covenant and other covenants related to our debt for all periods presented. The new revolving credit facility replaced an aggregate $9.2 billion of existing revolving credit facilities due May 26, 2022, which were terminated.

Our commercial paper program is supported by our revolving credit facility and provides a lower cost source of borrowing to fund short-term working capital requirements.

There were no borrowings outstanding under our commercial paper program as of December 31, 2023. As of December 31, 2022, $665 million was outstanding under our commercial paper program. As of December 31, 2023 and 2022, we had no borrowings outstanding under our revolving credit facility. As of December 31, 2023, amounts available under our revolving credit facility, net of amounts outstanding under our commercial paper program and outstanding letters of credit and bank guarantees, totaled $11.0 billion.

Letters of Credit and Bank Guarantees

As of December 31, 2023, we and certain of our subsidiaries had undrawn irrevocable standby letters of credit and bank guarantees totaling $217 million to cover potential fundings under various agreements.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
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-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
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-URI https://asc.fasb.org//470/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2023
Audit Information [Abstract]
Auditor Name	Deloitte & Touche LLP
Auditor Firm ID	34
Auditor Location	Philadelphia, Pennsylvania

Goodwill and Intangible Assets - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2023
Segment Reporting Information [Line Items]
Impairment	$ (8,100)
Software
Segment Reporting Information [Line Items]
Finite-lived intangible asset amortization period (not to exceed)		5 years
Sky Limited Segment
Segment Reporting Information [Line Items]
Impairment of intangible assets	$ 485
Impairment, Intangible Asset, Finite-Lived, Statement of Income or Comprehensive Income [Extensible Enumeration]	Goodwill and long-lived asset impairments
Sky Limited Segment \| Operating Segments
Segment Reporting Information [Line Items]
Impairment	$ (8,100)

Programming and Production Costs - Programming and Production Expense (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Other Industries [Abstract]
Video distribution programming	$ 12,460	$ 13,013	$ 13,550
Film, Monetized on Its Own, Amortization Expense, Statement of Income or Comprehensive Income [Extensible Enumeration]	Total programming and production costs	Total programming and production costs	Total programming and production costs
Film and television content:
Owned	$ 10,224	$ 10,765	$ 8,957
Licensed, including sports rights	12,619	13,151	14,733
Other	1,459	1,283	1,210
Total programming and production costs	36,762	38,213	38,450
Amortization of owned film and television costs	$ 7,800	$ 8,600	$ 7,300

Income Taxes - Federal Statutory (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Federal tax at statutory rate	$ 4,300	$ 1,950	$ 4,009
State income taxes, net of federal benefit	418	454	464
Foreign income taxed at different rates	306	519	392
Adjustments to uncertain and effectively settled tax positions, net	353	179	238
Federal research and development credits	(131)	(104)	(85)
Excess tax benefits recognized on share-based compensation	4	(30)	(209)
Tax legislation	8	(287)	498
Goodwill impairment	0	1,666	0
Other	113	12	(48)
Income tax expense (benefit)	$ 5,371	$ 4,359	$ 5,259

Equity - Weighted Average Common Shares Outstanding (Details) - shares shares in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Equity [Abstract]
Weighted-average number of common shares outstanding – basic (in shares)	4,122	4,406	4,584
Effect of dilutive securities (in shares)	25	24	70
Weighted-average number of common shares outstanding – diluted (in shares)	4,148	4,430	4,654
Antidilutive securities (in shares)	169	176	35

Revenue - Condensed Consolidated Balance Sheet (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Revenue from Contract with Customer [Abstract]
Receivables, gross	$ 14,511	$ 13,407
Less: Allowance for credit losses	698	736
Receivables, net	$ 13,813	$ 12,672

Revenue

12 Months Ended

Dec. 31, 2023

Revenue from Contract with Customer [Abstract]

Revenue

Note 3: Revenue


Year ended December 31 (in millions)	2023		2022		2021
Domestic broadband	$	25,489	$	24,469	$	22,979
Domestic wireless	3,664		3,071		2,380
International connectivity	4,207		3,426		3,293
Total residential connectivity	33,359		30,966		28,652
Video	28,797		30,496		32,440
Advertising	3,969		4,546		4,507
Other	5,820		6,378		7,095
Total Residential Connectivity & Platforms	71,946		72,386		72,694

Total Business Services Connectivity	9,255		8,819		8,056
Total Connectivity & Platforms	81,201		81,205		80,750

Domestic advertising	8,600		10,360		10,177
Domestic distribution	10,663		10,525		10,080
International networks	4,109		3,729		5,060
Other	1,983		2,105		2,090
Total Media	25,355		26,719		27,406

Content licensing	8,231		9,348		8,193
Theatrical	2,079		1,607		691
Other	1,315		1,302		1,193
Total Studios	11,625		12,257		10,077

Total Theme Parks	8,947		7,541		5,051

Headquarters and Other	64		75		87
Eliminations(a)	(2,800)		(3,442)		(3,048)
Total Content & Experiences	43,191		43,151		39,574

Corporate and Other	2,763		2,662		2,844
Eliminations(a)	(5,583)		(5,590)		(6,783)
Total revenue	$	121,572	$	121,427	$	116,385

(a)Included in Eliminations are transactions that our segments enter into with one another. See Note 2 for a description of these transactions.

We operate primarily in the United States but also in select international markets. The table below summarizes our consolidated revenue from customers in certain geographic locations.


Year ended December 31 (in millions)	2023		2022		2021
United States	$	94,375	$	96,441	$	90,926
United Kingdom	13,364		13,380		13,999
Other	13,833		11,606		11,460
Total revenue	$	121,572	$	121,427	$	116,385

Connectivity & Platforms

Residential Connectivity & Platforms Segment

Residential Connectivity & Platforms generates revenue from customers that subscribe to our residential broadband and wireless connectivity services, residential and business video services and residential wireline voice services in the United States, the United Kingdom and Italy. We offer these services individually and as bundled services at a discounted rate.

Subscription rates and related charges vary according to the services and features customers receive, and customers are typically billed in advance and pay on a monthly basis. Revenue from customers that purchase bundled services at a discounted rate is allocated between the separate services based on the respective stand-alone selling prices. The stand-alone selling prices are determined based on the current prices at which we separately sell the services. Significant judgment is used to determine performance obligations that should be accounted for separately and the allocation of revenue when services are combined in a bundle.

While a portion of our customers are subject to contracts for their services, which are typically 1 month to 2 years in length, based on our evaluation of the terms of these contracts, we recognize revenue for these services primarily on a basis that is consistent with our customers that are not subject to contracts and recognize revenue as the services are provided on a monthly basis. Installation fees for these customers are deferred and recognized as revenue over the period of benefit to the customer, which is less than a year. Certain international customers are under contracts, with terms typically ranging from rolling monthly to 18 months, depending on the service, and may only discontinue service in accordance with the terms of their contracts. We recognize revenue for these customers as the services are provided over the contract period. At any given time, the amount of future revenue to be earned from these customers related to existing agreements is equal to less than 10% of our annual Residential Connectivity & Platforms revenue and will generally be recognized within 18 months. Sales commissions are generally expensed as incurred, as the related period of benefit is less than a year. Sales commissions for the international customers under contract are generally deferred and recognized over the respective contract terms.

Our services generally involve customer premise equipment, such as wireless gateways, internet modems and set-top boxes, that are generally considered part of our services for revenue recognition. We recognize revenue from the sale of devices, including wireless devices and Sky Glass smart televisions, when they are transferred to the customer. Under an equipment installment plan, customers typically have the option to finance wireless devices and Sky Glass smart televisions interest-free over 24 months, and up to 48 months for international customers. Equipment installment plan receivables under these arrangements are recorded net of imputed interest when the devices are transferred to the customer.

We also have arrangements to sell certain DTC streaming services to our customers. We have concluded we are the sales agent in these arrangements, and we record net commission revenue as earned, which is generally as customers are billed on a monthly basis, within domestic broadband and international connectivity revenue.

Under the terms of our domestic cable franchise agreements, we are generally required to pay the cable franchising authority an amount based on gross video revenue. We generally pass these and other similar fees through to our domestic customers and classify these fees in the respective Residential Connectivity & Platforms services revenue, with the corresponding costs included in other operating and administrative expenses.

Advertising

Revenue is generated from the sale of advertising and technology, tools and solutions relating to advertising businesses. As part of distribution agreements with domestic cable networks, we generally receive an allocation of scheduled advertising time that we sell to advertisers. In addition, we generate revenue from the sale of advertising on our owned Sky-branded entertainment television networks and our digital platforms. In most cases, the available advertising units are sold by our sales force. We also represent the advertising sales efforts of certain third parties. Since we are acting as the principal in these arrangements, we record the advertising that is sold in advertising revenue and the fees paid to the third parties in other operating and administrative expenses. In some cases, we work with representation firms as an extension of our sales force to sell a portion of the advertising units allocated to us and record the revenue net of agency commissions.

We have determined that a contract exists for our advertising sales arrangements once all terms and conditions are agreed upon, typically when the number of advertising units is specifically identified and scheduled. Advertisements are generally aired or delivered within one year once all terms and conditions are agreed upon. Revenue from these arrangements is recognized in the period in which advertisements are aired or delivered. Payment terms vary by contract, although terms generally require payment within 30 to 60 days from when advertisements are aired or delivered. We also provide technology, tools, data-driven services and marketplace solutions to customers in the media industry to facilitate the more effective engagement of advertisers with their target audiences and recognize revenue when these services are provided.

Business Services Connectivity Segment

Business Services Connectivity generates revenue from subscribers to a variety of our products and services which are offered to businesses. Our connectivity service offerings for small business locations in the United States primarily include broadband, wireline voice and wireless services that are similar to those provided to our residential customers and include certain other features specific to businesses. Our medium-sized and enterprise customer offerings also include ethernet network services, advanced voice services and a software-defined networking product. We have also launched small business connectivity service offerings in the United Kingdom.

We recognize revenue as the services are provided over the contract period. Substantially all of our customers are initially under contracts, with terms typically ranging from 2 years for small and medium-sized businesses to up to 5 years for larger enterprises. Customers with contracts may only discontinue service in accordance with the terms of their contracts. At any given time, the amount of future revenue to be earned related to fixed pricing under existing agreements is equal to approximately half of our annual Business Services Connectivity segment revenue, of which the substantial majority will be recognized within 2 years. Customers under contract typically pay on a monthly basis. Installation revenue and sales commissions are generally deferred and recognized over the respective contract terms.

Content & Experiences

Media Segment

Advertising

Media generates revenue from the sale of advertising on our linear television networks, Peacock and other digital properties.

We have determined that a contract exists for our advertising sales once all terms and conditions are agreed upon, typically when the number of advertising units is specifically identified and scheduled. Advertisements are generally aired or delivered within one year once all terms and conditions are agreed upon. Revenue is recognized, net of agency commissions, in the period in which advertisements are aired or delivered and payment occurs thereafter, with payment generally required within 30 days. In some instances, we guarantee audience ratings for the advertisements. To the extent there is a shortfall in contracts where the ratings were guaranteed, a portion of the revenue is deferred until the shortfall is settled, typically by providing additional advertising units generally within one year of the original airing.

Distribution

Media generates revenue from the distribution of television programming in the United States and internationally to traditional multichannel video providers, such as our Residential Connectivity & Platforms segment, and to virtual multichannel video providers that offer streamed linear television networks. This revenue includes amounts under NBC and Telemundo retransmission consent agreements and we also receive associated fees from NBC-affiliated and Telemundo-affiliated local broadcast television stations. Additionally, we receive monthly retail or wholesale subscription fees for our Peacock service.

Monthly fees received under distribution agreements with multichannel video providers are generally under multiyear agreements with revenue based on the number of subscribers receiving the programming on our television networks and a per subscriber fee, although revenue for certain of our television networks is based on a fixed fee. Payment terms and conditions vary by contract type, although terms generally include payment within 60 days. These arrangements are accounted for as licenses of functional intellectual property and revenue is recognized as programming is provided.

Studios Segment

Content Licensing

Studios generates revenue from the licensing of our owned film and television content in the United States and internationally to television networks and DTC streaming service providers, as well as through video on demand and pay-per-view services provided by multichannel video providers. Our agreements generally include fixed pricing and span multiple years. For example, following a film’s theatrical release, Studios may license the exhibition rights of a film to different customers over multiple successive distribution windows.

We recognize revenue when the content is delivered and available for use by the licensee. When the term of an existing agreement is renewed or extended, we recognize revenue when the licensed content becomes available under the renewal or extension. Payment terms and conditions vary by contract type, although payments are generally collected over the license term. The amount of future revenue to be earned related to fixed pricing under existing third-party agreements at any given time equals approximately one-half year to 1 year of annual Studios content licensing revenue, which is the segment with the largest portion of this future revenue. The majority of this revenue will be recognized within 2 years. This amount may fluctuate from period to period depending on the timing of the releases and the availability of content under existing agreements and may not represent the total revenue expected to be recognized as it does not include revenue from future agreements or from variable pricing or optional purchases under existing agreements.

For our agreements that include variable pricing, such as pricing based on the number of subscribers to a DTC streaming service sold by our customers, we generally recognize revenue as our customers sell to their subscribers.

Theatrical

Studios generates revenue from the worldwide distribution of our produced and acquired films for exhibition in movie theaters. Our arrangements with exhibitors generally entitle us to a percentage of ticket sales. We recognize revenue as the films are viewed and exhibited in theaters and payment generally occurs within 30 days after exhibition.

Theme Parks Segment

Theme Parks generates revenue primarily from guest spending at our Universal theme parks in Orlando, Florida; Hollywood, California; Osaka, Japan; and Beijing, China. Guest spending includes ticket sales and in-park spending on food, beverages and merchandise. We also generate revenue from our consumer products business. Additionally, we license the right to use the Universal Studios brand name and other intellectual property and provide other services to third parties, including the party that owns and operates the Universal Studios Singapore theme park on Sentosa Island, Singapore. We recognize revenue from ticket sales when the tickets are used, generally within a year from the date of purchase. For annual passes, we generally recognize revenue on a straight-line basis over the period the pass is available to be used. We recognize revenue from in-park spending and consumer products at the point of sale.

Consolidated Balance Sheets

The table below summarizes our accounts receivable.


December 31 (in millions)	2023		2022
Receivables, gross	$	14,511	$	13,407
Less: Allowance for credit losses	698		736
Receivables, net	$	13,813	$	12,672

The table below presents changes in our allowance for credit losses.


(in millions)	2023		2022		2021
Beginning balance	$	736	$	658	$	807
Current-period provision for expected credit losses	775		758		336
Write-offs charged against the allowance, net of recoveries and other	(812)		(680)		(485)
Ending balance	$	698	$	736	$	658


December 31 (in millions)	2023		2022
Noncurrent receivables, net (included in other noncurrent assets, net)	$	1,914	$	1,887
Contract acquisition and fulfillment costs (included in other noncurrent assets, net)(a)	$	1,088	$	1,081

Noncurrent deferred revenue (included in other noncurrent liabilities)	$	618	$	735

Our accounts receivables include amounts not yet billed related to equipment installment plans, as summarized in the table below.


December 31 (in millions)	2023		2022
Receivables, net	$	1,695	$	1,388
Noncurrent receivables, net (included in other noncurrent assets, net)	1,223		1,023

Total	$	2,918	$	2,411

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Consolidated Statement of Changes in Equity - USD ($) $ in Millions	Total	Additional Paid-In Capital	Retained Earnings	Treasury Stock at Cost	Accumulated Other Comprehensive Income (Loss)	Noncontrolling Interests	Class A common stock, $0.01 par value—authorized, 7,500,000,000 shares; issued, 4,842,108,959 and 5,083,466,045; outstanding, 3,969,317,931 and 4,210,675,017 Common Stock	Class B Common Stock Common Stock
Balance, beginning of year at Dec. 31, 2020	$ 1,280
Increase (Decrease) in Temporary Equity [Roll Forward]
Redemption of subsidiary preferred stock	(725)
Contributions from (distributions to) noncontrolling interests, net	(77)
Other	(10)
Net income (loss)	51
Balance, end of year at Dec. 31, 2021	519
Balance, beginning of year at Dec. 31, 2020		$ 39,464	$ 56,438	$ (7,517)	$ 1,884	$ 1,415	$ 54	$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation		1,037
Repurchases of common stock under repurchase program and employee plans		(596)	(4,088)				0
Issuances of common stock under employee plans		269
Dividends declared			(4,613)
Other comprehensive income (loss)	(397)				(404)	7
Contributions from (distributions to) noncontrolling interests, net						353
Other		(2)	6			0
Net income (loss)			14,159			(377)
Balance, end of year at Dec. 31, 2021	$ 97,490	40,173	61,902	(7,517)	1,480	1,398	54	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cash dividends declared per common share (in dollars per share)	$ 1.00
Redemption of subsidiary preferred stock	$ 0
Contributions from (distributions to) noncontrolling interests, net	(77)
Other	(80)
Net income (loss)	49
Balance, end of year at Dec. 31, 2022	411
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation		1,055
Repurchases of common stock under repurchase program and employee plans		(2,431)	(10,897)				(3)
Issuances of common stock under employee plans		278
Dividends declared			(4,757)
Other comprehensive income (loss)	(4,120)				(4,091)	(29)
Contributions from (distributions to) noncontrolling interests, net						89
Other		337	(10)			(280)
Net income (loss)			5,370			(495)
Balance, end of year at Dec. 31, 2022	$ 81,627	39,412	51,609	(7,517)	(2,611)	684	51	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cash dividends declared per common share (in dollars per share)	$ 1.08
Redemption of subsidiary preferred stock	$ 0
Contributions from (distributions to) noncontrolling interests, net	(24)
Other	(171)
Net income (loss)	25
Balance, end of year at Dec. 31, 2023	241
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation		1,063
Repurchases of common stock under repurchase program and employee plans		(2,086)	(9,309)				(2)
Issuances of common stock under employee plans		272
Dividends declared			(4,795)
Other comprehensive income (loss)	1,338				1,358	(19)
Contributions from (distributions to) noncontrolling interests, net						166
Other		(127)	(1)			0
Net income (loss)			15,388			(307)
Balance, end of year at Dec. 31, 2023	$ 83,226	$ 38,533	$ 52,892	$ (7,517)	$ (1,253)	$ 523	$ 48	$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cash dividends declared per common share (in dollars per share)	$ 1.16

Equity - Changes in Common Stock (Details) - shares	12 Months Ended
Equity - Changes in Common Stock (Details) - shares	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Class A common stock, $0.01 par value—authorized, 7,500,000,000 shares; issued, 4,842,108,959 and 5,083,466,045; outstanding, 3,969,317,931 and 4,210,675,017
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock, outstanding at beginning of period (in shares)	4,210,675,017	4,524,000,000	4,571,000,000
Stock compensation plans (in shares)	14,000,000	12,000,000	21,000,000
Repurchases and retirements of common stock (in shares)	(262,000,000)	(332,000,000)	(73,000,000)
Employee stock purchase plans (in shares)	7,000,000	7,000,000	5,000,000
Common stock, outstanding at end of period (in shares)	3,969,317,931	4,210,675,017	4,524,000,000
Class B Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock, outstanding at beginning of period (in shares)	9,444,375	9,000,000	9,000,000
Stock compensation plans (in shares)	0	0	0
Repurchases and retirements of common stock (in shares)	0	0	0
Employee stock purchase plans (in shares)	0	0	0
Common stock, outstanding at end of period (in shares)	9,444,375	9,444,375	9,000,000

Equity

12 Months Ended

Dec. 31, 2023

Equity [Abstract]

Equity


Note 12: Equity

Common Stock

In the aggregate, holders of our Class A common stock have 662/3% of the voting power of our common stock and holders of our Class B common stock have 331/3% of the voting power of our common stock, which percentage is generally non-dilutable under the terms of our articles of incorporation. Each share of our Class B common stock is entitled to 15 votes. The number of votes held by each share of our Class A common stock depends on the number of shares of Class A and Class B common stock outstanding at any given time. The 331/3% aggregate voting power of our Class B common stock cannot be diluted by additional issuances of any other class of common stock. Our Class B common stock is convertible, share for share, into Class A common stock, subject to certain restrictions.


Shares of Common Stock Outstanding
(in millions)	Class A	Class B
Balance, December 31, 2020	4,571	9
Stock compensation plans	21	—
Repurchases and retirements of common stock	(73)	—
Employee stock purchase plans	5	—


Balance, December 31, 2021	4,524	9
Stock compensation plans	12	—
Repurchases and retirements of common stock	(332)	—
Employee stock purchase plans	7	—
Balance, December 31, 2022	4,211	9
Stock compensation plans	14	—
Repurchases and retirements of common stock	(262)	—
Employee stock purchase plans	7	—
Balance, December 31, 2023	3,969	9


Weighted-Average Common Shares Outstanding
Year ended December 31 (in millions)	2023	2022	2021
Weighted-average number of common shares outstanding – basic	4,122	4,406	4,584
Effect of dilutive securities	25	24	70
Weighted-average number of common shares outstanding – diluted	4,148	4,430	4,654
Antidilutive securities	169	176	35

Weighted-average common shares outstanding used in calculating diluted earnings per common share attributable to Comcast Corporation shareholders (“diluted EPS”) considers the impact of potentially dilutive securities using the treasury stock method. Our potentially dilutive securities include potential common shares related to our stock options and our restricted share units (“RSUs”). Diluted EPS excludes the impact of potential common shares related to our stock options in periods in which the combination of the option exercise price and the associated unrecognized compensation expense is greater than the average market price of our common stock. Antidilutive securities represent the number of potential common shares related to share-based compensation awards that were excluded from diluted EPS because their effect would have been antidilutive.


Accumulated Other Comprehensive Income (Loss)
December 31 (in millions)	2023		2022
Cumulative translation adjustments	$	(1,596)	$	(3,093)

Deferred gains (losses) on cash flow hedges	$	49	$	193
Unrecognized gains (losses) on employee benefit obligations and other	$	293	$	290


Accumulated other comprehensive income (loss), net of deferred taxes	$	(1,253)	$	(2,611)

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Revenue - Revenue by Geographic Location (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disaggregation of Revenue [Line Items]
Revenue	$ 121,572	$ 121,427	$ 116,385
United States
Disaggregation of Revenue [Line Items]
Revenue	94,375	96,441	90,926
United Kingdom
Disaggregation of Revenue [Line Items]
Revenue	13,364	13,380	13,999
Other
Disaggregation of Revenue [Line Items]
Revenue	$ 13,833	$ 11,606	$ 11,460

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- Definition

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

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+ Details

Revenue - Changes in the Allowance for Doubtful Accounts (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ 736	$ 658	$ 807
Current-period provision for expected credit losses	775	758	336
Write-offs charged against the allowance, net of recoveries and other	(812)	(680)	(485)
Ending balance	$ 698	$ 736	$ 658

Goodwill and Intangible Assets - Amortization of Intangible Assets (Details) $ in Billions	Dec. 31, 2023 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2024	$ 2.1
2025	2.1
2026	1.9
2027	1.3
2028	$ 1.3

Consolidated Balance Sheet - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Current Assets:
Cash and cash equivalents	$ 6,215	$ 4,749
Receivables, net	13,813	12,672
Other current assets	3,959	4,406
Total current assets	23,987	21,826
Film and television costs	12,920	12,560
Investments	9,385	7,740
Property and equipment, net	59,686	55,485
Goodwill	59,268	58,494
Franchise rights	59,365	59,365
Other intangible assets, net	27,867	29,308
Other noncurrent assets, net	12,333	12,497
Total assets	264,811	257,275
Current Liabilities:
Accounts payable and accrued expenses related to trade creditors	12,437	12,544
Accrued participations and residuals	1,671	1,770
Deferred revenue	3,242	2,380
Accrued expenses and other current liabilities	11,613	9,450
Current portion of long-term debt	2,069	1,743
Advance on sale of investment	9,167	0
Total current liabilities	40,198	27,887
Long-term debt, less current portion	95,021	93,068
Collateralized obligation	0	5,172
Deferred income taxes	26,003	28,714
Other noncurrent liabilities	20,122	20,395
Commitments and contingencies
Redeemable noncontrolling interests	241	411
Equity:
Preferred stock—authorized, 20,000,000 shares; issued, zero	0	0
Additional paid-in capital	38,533	39,412
Retained earnings	52,892	51,609
Treasury stock, 872,791,028 Class A common shares	(7,517)	(7,517)
Accumulated other comprehensive income (loss)	(1,253)	(2,611)
Total Comcast Corporation shareholders’ equity	82,703	80,943
Noncontrolling interests	523	684
Total equity	83,226	81,627
Total liabilities and equity	264,811	257,275
Class A common stock, $0.01 par value—authorized, 7,500,000,000 shares; issued, 4,842,108,959 and 5,083,466,045; outstanding, 3,969,317,931 and 4,210,675,017
Equity:
Common stock	$ 48	$ 51
Common stock, shares outstanding (in shares)	3,969,317,931	4,210,675,017
Common stock, shares issued (in shares)	4,842,108,959	5,083,466,045
Class B Common Stock
Equity:
Common stock	$ 0	$ 0
Common stock, shares outstanding (in shares)	9,444,375	9,444,375
Common stock, shares issued (in shares)	9,444,375	9,444,375

Investments and Variable Interest Entities (Tables)

12 Months Ended

Dec. 31, 2023

Investments [Abstract]

Investment and Other Income (Loss), Net


Investment and Other Income (Loss), Net
Year ended December 31 (in millions)	2023		2022		2021
Equity in net income (losses) of investees, net	$	789	$	(537)	$	2,006
Realized and unrealized gains (losses) on equity securities, net	(130)		(320)		339
Other income (loss), net	592		(3)		211
Investment and other income (loss), net	$	1,252	$	(861)	$	2,557

Investment Summary


Investments
December 31 (in millions)	2023		2022
Equity method	$	7,615	$	5,421
Marketable equity securities	39		96
Nonmarketable equity securities	1,482		1,653
Other investments	559		972
Total investments	9,694		8,142
Less: Current investments	310		402
Noncurrent investments	$	9,385	$	7,740

Long-Term Debt - Schedule of Debt Outstanding (Details) € in Billions, ¥ in Billions, £ in Billions	Dec. 31, 2023 USD ($)	Dec. 31, 2023 GBP (£)	Dec. 31, 2023 EUR (€)	Dec. 31, 2023 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2022 GBP (£)	Dec. 31, 2022 EUR (€)	Dec. 31, 2022 CNY (¥)
Debt Instrument [Line Items]
Interest rate	4.00%	4.00%	4.00%	4.00%	3.90%	3.90%	3.90%	3.90%
Finance lease obligations and other	$ 2,000,000,000.0				$ 1,800,000,000
Debt issuance costs, premiums, discounts, fair value adjustments for acquisition accounting and hedged positions, net	(6,100,000,000)				(6,200,000,000)
Total debt	97,100,000,000				94,800,000,000
Less: Current portion	2,069,000,000				1,743,000,000
Long-term debt	$ 95,021,000,000				$ 93,068,000,000
Commercial paper
Debt Instrument [Line Items]
Interest rate	0.00%	0.00%	0.00%	0.00%	4.60%	4.60%	4.60%	4.60%
Long-term debt, gross	$ 0				$ 665,000,000
Term loans
Debt Instrument [Line Items]
Interest rate	3.20%	3.20%	3.20%	3.20%	4.40%	4.40%	4.40%	4.40%
Long-term debt, gross	$ 3,100,000,000				$ 3,100,000,000
Denominated Senior Notes and Term Loans Member
Debt Instrument [Line Items]
Aggregate principal amount		£ 2.6	€ 6.7	¥ 22.1		£ 2.6	€ 7.5	¥ 21.6
Senior notes with maturities of 5 years or less, at face value \| Senior Notes
Debt Instrument [Line Items]
Interest rate	3.50%	3.50%	3.50%	3.50%	3.30%	3.30%	3.30%	3.30%
Long-term debt, gross	$ 25,900,000,000				$ 22,600,000,000
Senior notes with maturities between 5 and 10 years, at face value \| Senior Notes
Debt Instrument [Line Items]
Interest rate	3.30%	3.30%	3.30%	3.30%	3.20%	3.20%	3.20%	3.20%
Long-term debt, gross	$ 18,800,000,000				$ 20,100,000,000
Senior notes with maturities greater than 10 years, at face value \| Senior Notes
Debt Instrument [Line Items]
Interest rate	3.80%	3.80%	3.80%	3.80%	3.80%	3.80%	3.80%	3.80%
Long-term debt, gross	$ 53,400,000,000				$ 52,800,000,000

Income Taxes - Changes in the Valuation Allowance for Deferred Tax Assets (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Changes In The Valuation Allowance For Deferred Tax Assets, Valuation Allowance [Roll Forward]
Beginning balance	$ 3,295	$ 2,907	$ 2,312
Additions charged to income tax expense and other accounts	469	433	635
Deductions from reserves	84	45	40
Ending balance	$ 3,679	$ 3,295	$ 2,907

Employee Benefit Plans

12 Months Ended

Dec. 31, 2023

Retirement Benefits [Abstract]

Employee Benefit Plans


Note 11: Employee Benefit Plans

Deferred Compensation Plans


Year ended December 31 (in millions)	2023		2022		2021
Benefit obligation	$	4,507	$	4,158	$	4,002
Interest expense	$	341	$	272	$	265

We maintain unfunded, nonqualified deferred compensation plans for certain members of management and nonemployee directors. The amount of compensation deferred by each participant is based on participant elections. Participant accounts are credited with income primarily based on a fixed annual rate. Participants are eligible to receive distributions from their account based on elected deferral periods that are consistent with the plans and applicable tax law.

We have purchased life insurance policies to recover a portion of the future payments related to our deferred compensation plans. As of December 31, 2023 and 2022, the cash surrender value of these policies, which is recorded to other noncurrent assets, net, was $512 million and $449 million, respectively.

Pension and Postretirement Benefit Plans

We sponsor several 401(k) defined contribution retirement plans that allow eligible employees to contribute a portion of their compensation through payroll deductions in accordance with specified plan guidelines. We make contributions to the plans that include matching a percentage of the employees’ contributions up to certain limits. In 2023, 2022 and 2021, expenses related to these plans totaled $650 million, $632 million and $595 million, respectively.

We participate in various multiemployer benefit plans, including pension and postretirement benefit plans, that cover some of our employees and temporary employees who are represented by labor unions. We also participate in other multiemployer benefit plans that provide health and welfare and retirement savings benefits to active and retired participants. If we cease to be obligated to make contributions or were to otherwise withdraw from participation in any of these plans, applicable law would require us to fund our allocable share of the unfunded vested benefits, which is known as a withdrawal liability. In addition, actions taken by other participating employers may lead to adverse changes in the financial condition of one of these plans, which could result in an increase in our withdrawal liability. Total contributions we made to multiemployer benefit plans and any potential withdrawal liabilities were not material in any of the periods presented.

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 70
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480794/715-70-50-1

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 715
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-Name Accounting Standards Codification
-Section 55
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480482/715-20-55-17

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(i)
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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-URI https://asc.fasb.org//715/tableOfContent

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480126/715-20-S99-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 60
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480266/715-60-50-3

+ Details

Income Taxes - Components of Net Deferred Tax Liability (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Deferred Tax Assets:
Net operating loss and other loss carryforwards	$ 3,530	$ 3,325
Advance on sale of investment (see Note 8)	2,367	0
Nondeductible accruals and other	4,100	3,210
Less: Valuation allowance	3,679	3,295	$ 2,907	$ 2,312
Total deferred tax assets, net of valuation allowance	6,318	3,240
Deferred Tax Liabilities:
Property and equipment and intangible assets	29,337	29,688
Investments	1,002	265
Long-term debt	1,814	1,741
Foreign subsidiaries and undistributed foreign earnings	59	55
Total deferred tax liabilities	32,212	31,749
Net deferred tax liability	$ 25,894	$ 28,509

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2023

Commitments and Contingencies Disclosure [Abstract]

Summary of operating lease assets and liabilities

The table below summarizes the operating lease assets and liabilities recorded in our consolidated balance sheets.


December 31 (in millions)	2023		2022
Other noncurrent assets, net	$	5,786	$	5,997
Accrued expenses and other current liabilities	$	748	$	675
Other noncurrent liabilities	$	5,838	$	6,107

Summary of future minimum rental commitments for operating leases under the new guidance

The table below summarizes our future minimum lease commitments for operating leases as of December 31, 2023.


(in millions)	December 31, 2023
2024	$	994
2025	883
2026	781
2027	647
2028	513
Thereafter	6,531
Total future minimum lease payments	10,351
Less: imputed interest	(3,765)
Total liability	$	6,586

Long-Term Debt - Narrative (Details) - USD ($)	12 Months Ended
Long-Term Debt - Narrative (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	May 26, 2022	Mar. 31, 2021
Debt Instrument [Line Items]
Total fair value of debt	$ 92,200,000,000	$ 86,900,000,000
Cumulative translation gains (losses) related to net investment hedges recorded in other comprehensive income (loss)	316,000,000	(397,000,000)	$ 760,000,000
Amounts available under revolving credit facilities	11,000,000,000
Unused irrevocable standby letters of credit and bank guarantees	217,000,000
Foreign Currency Denominated Debt Obligations And Intercompany Funding Arrangements Denominated In A Currency Other Than Functional
Debt Instrument [Line Items]
Net pre-tax gains from derivative	300,000,000	600,000,000	300,000,000
Foreign currency remeasurement gain (losses)	(200,000,000)	(600,000,000)	$ (300,000,000)
Commercial paper
Debt Instrument [Line Items]
Long-term debt, gross	$ 0	665,000,000
Revolving Credit Facilities
Debt Instrument [Line Items]
Maximum borrowing capacity of revolving credit facilities				$ 9,200,000,000	$ 11,000,000,000
Potential increase to max borrowing capacity					$ 14,000,000,000
Secured Overnight Financing Rate (SOFR) \| Revolving Credit Facilities
Debt Instrument [Line Items]
Borrowing margin for LIBOR based borrowings	1.00%
Net Investment Hedging \| Foreign Currency Denominated Debt
Debt Instrument [Line Items]
Amount of net investment in foreign subsidiaries hedged	$ 7,400,000,000	7,600,000,000
Net Investment Hedging \| Currency Swap
Debt Instrument [Line Items]
Amount of net investment in foreign subsidiaries hedged	2,800,000,000	2,500,000,000
Net Investment Hedging \| Currency Swap
Debt Instrument [Line Items]
Aggregate asset (liability) fair value	(3,000,000)	108,000,000
Cash Flow Hedging
Debt Instrument [Line Items]
Amount of foreign currency denominated debt hedged	797,000,000	752,000,000
Cash Flow Hedging \| Currency Swap
Debt Instrument [Line Items]
Aggregate asset (liability) fair value	(211,000,000)	(274,000,000)
Fair Value Hedging \| Interest Rate Swap
Debt Instrument [Line Items]
Aggregate asset (liability) fair value	(214,000,000)	(282,000,000)
Amount of Interest Rate denominated debt that has been hedged.	2,500,000,000	2,500,000,000
Fair Value Hedging \| Foreign Exchange Forward \| Foreign Currency Denominated Intercompany Loans
Debt Instrument [Line Items]
Amount of foreign currency denominated intercompany loans receivable hedged	2,000,000,000	5,400,000,000
Aggregate asset (liability) fair value	$ (15,000,000)	$ (56,000,000)

Investments and Variable Interest Entities - Schedule of Investments (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Investments [Abstract]
Equity method	$ 7,615	$ 5,421
Marketable equity securities	39	96
Nonmarketable equity securities	1,482	1,653
Other investments	559	972
Total investments	9,694	8,142
Less: Current investments	310	402
Noncurrent investments	$ 9,385	$ 7,740

Share-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

Schedule of recognized share-based compensation expense



Year ended December 31 (in millions)	2023		2022		2021
Share-based compensation expense	$	1,021	$	1,100	$	1,081

Schedule of stock option and restricted share units activity


Stock Options and Restricted Share Units
As of December 31, 2023, unless otherwise stated (in millions, except per share data)	Stock Options		RSUs
Awards granted during 2023	58		26
Weighted-average exercise price of awards granted during 2023	$	36.58
Stock options outstanding and nonvested RSUs	257		50
Weighted-average exercise price of stock options outstanding	$	41.16
Weighted-average fair value at grant date of nonvested RSUs			$	42.21

Schedule of stock option and restricted share units weighted-average fair value and significant assumptions

The table below presents the weighted-average fair value on the date of grant of RSUs and stock options awarded under our various plans and the related weighted-average valuation assumptions.


Year ended December 31	2023			2022			2021
RSUs fair value	$	37.14		$	45.20		$	54.52
Stock options fair value	$	8.41		$	8.77		$	9.72
Stock Option Valuation Assumptions:
Dividend yield	3.2		%	2.4		%	1.8		%
Expected volatility	26.2		%	25.0		%	22.8		%
Risk-free interest rate	4.2		%	1.8		%	0.9		%
Expected option life (in years)	5.9			5.8			5.9

Goodwill and Intangible Assets - Intangible Assets (Details) - USD ($) $ in Billions	Dec. 31, 2023	Dec. 31, 2022
Estimated Amortization Expense of Finite-Lived Intangible Assets
Accumulated Amortization	$ (30.3)	$ (25.9)
Total	117.5	114.5
Franchise rights
Indefinite-lived Intangible Assets [Line Items]
Gross Carrying Amount	59.4	59.4
FCC licenses
Indefinite-lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 2.8	2.8
Customer relationships
Estimated Amortization Expense of Finite-Lived Intangible Assets
Weighted-Average Original Useful Life	14 years
Gross Carrying Amount	$ 20.8	20.4
Accumulated Amortization	$ (13.3)	(11.4)
Software
Estimated Amortization Expense of Finite-Lived Intangible Assets
Weighted-Average Original Useful Life	5 years
Gross Carrying Amount	$ 23.2	20.9
Accumulated Amortization	$ (14.8)	(12.7)
Other agreements and rights
Estimated Amortization Expense of Finite-Lived Intangible Assets
Weighted-Average Original Useful Life	26 years
Gross Carrying Amount	$ 11.3	11.1
Accumulated Amortization	$ (2.2)	$ (1.8)

Equity - Narrative (Details)	12 Months Ended
Equity - Narrative (Details)	Dec. 31, 2023 vote
Class of Stock [Line Items]
Number of votes entitled of each class B common stock	15
Class A common stock, $0.01 par value—authorized, 7,500,000,000 shares; issued, 4,842,108,959 and 5,083,466,045; outstanding, 3,969,317,931 and 4,210,675,017
Class of Stock [Line Items]
Voting power	66.66%
Class B Common Stock
Class of Stock [Line Items]
Voting power	33.33%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 2: http://www.xbrl.org/2003/role/recommendedDisclosureRef
-Topic 272
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483014/272-10-45-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147482987/272-10-50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Programming and Production Costs - Estimated Future Amortization Expense for Capitalized Film and Television Costs (Details) $ in Millions	Dec. 31, 2023 USD ($)
Completed, not released:
2024	$ 192
Released and licensed content:
2024	2,258
2025	779
2026	421
Released and licensed content:
2024	3,627
2025	1,002
2026	$ 461

Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2023

Retirement Benefits [Abstract]

Deferred Compensation Plans


Year ended December 31 (in millions)	2023		2022		2021
Benefit obligation	$	4,507	$	4,158	$	4,002
Interest expense	$	341	$	272	$	265

Revenue - Narrative (Details)	12 Months Ended
Revenue - Narrative (Details)	Dec. 31, 2023
Residential Connectivity & Platforms \| Minimum \| Connectivity & Platforms
Revenue [Line Items]
Term of contract	1 month
Residential Connectivity & Platforms \| Maximum \| Connectivity & Platforms
Revenue [Line Items]
Term of contract	2 years
Term of sales commission	1 year
Residential Connectivity & Platforms \| Advertising \| Minimum \| Connectivity & Platforms \| Operating Segments
Revenue [Line Items]
Expected payment terms	30 days
Residential Connectivity & Platforms \| Advertising \| Maximum \| Connectivity & Platforms \| Operating Segments
Revenue [Line Items]
Expected payment terms	60 days
Residential Connectivity & Platforms \| International connectivity \| Minimum \| Connectivity & Platforms
Revenue [Line Items]
Imputed interest free over period	24 months
Residential Connectivity & Platforms \| International connectivity \| Maximum \| Connectivity & Platforms
Revenue [Line Items]
Imputed interest free over period	48 months
Residential Connectivity & Platforms \| Certain International Customers Under Contract \| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 \| Connectivity & Platforms
Revenue [Line Items]
Timing period of recognition	18 months
Residential Connectivity & Platforms \| Certain International Customers Under Contract \| Maximum \| Connectivity & Platforms
Revenue [Line Items]
Term of contract	18 months
Backlog as a percent of annual revenue (in percent)	10.00%
Residential Connectivity & Platforms \| Video \| Minimum \| Connectivity & Platforms
Revenue [Line Items]
Imputed interest free over period	24 months
Residential Connectivity & Platforms \| Video \| Maximum \| Connectivity & Platforms
Revenue [Line Items]
Imputed interest free over period	48 months
Residential Connectivity & Platforms \| Domestic wireless \| Minimum \| Connectivity & Platforms
Revenue [Line Items]
Imputed interest free over period	24 months
Residential Connectivity & Platforms \| Domestic wireless \| Maximum \| Connectivity & Platforms
Revenue [Line Items]
Imputed interest free over period	48 months
Media Segments \| Advertising \| Content & Experiences
Revenue [Line Items]
Expected payment terms	30 days
Media Segments \| Distribution \| Content & Experiences
Revenue [Line Items]
Expected payment terms	60 days
Business Services Connectivity \| Connectivity & Platforms
Revenue [Line Items]
Backlog as a percent of annual revenue (in percent)	50.00%
Business Services Connectivity \| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 \| Connectivity & Platforms
Revenue [Line Items]
Timing period of recognition	2 years
Business Services Connectivity \| Minimum \| Connectivity & Platforms
Revenue [Line Items]
Term of contract	2 years
Business Services Connectivity \| Maximum \| Connectivity & Platforms
Revenue [Line Items]
Term of contract	5 years
Studios \| Content licensing \| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 \| Content & Experiences
Revenue [Line Items]
Timing period of recognition	2 years
Studios \| Content licensing \| Minimum \| Content & Experiences
Revenue [Line Items]
Backlog as a percent of annual revenue (in percent)	50.00%
Studios \| Content licensing \| Maximum \| Content & Experiences
Revenue [Line Items]
Backlog as a percent of annual revenue (in percent)	100.00%
Studios \| Theatrical \| Content & Experiences
Revenue [Line Items]
Expected payment terms	30 days