Item 16. Form 10-K Summary

None.

Comcast 2018 Annual Report on Form 10-K	125

Signatures

Comcast

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized in Philadelphia, Pennsylvania on January 31, 2019.

	By:		/s/ BRIAN L. ROBERTS
			Brian L. Roberts
			Chairman and CEO

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

Signature		Title		Date
/s/ BRIAN L. ROBERTS		Chairman and CEO; Director (Principal Executive Officer)		January 31, 2019
Brian L. Roberts
/s/ MICHAEL J. CAVANAGH		Senior Executive Vice President and CFO (Principal Financial Officer)		January 31, 2019
Michael J. Cavanagh
/s/ DANIEL C. MURDOCK		Senior Vice President, Chief Accounting Officer and Controller (Principal Accounting Officer)		January 31, 2019
Daniel C. Murdock
/s/ KENNETH J. BACON		Director		January 31, 2019
Kenneth J. Bacon
/s/ MADELINE S. BELL		Director		January 31, 2019
Madeline S. Bell
/s/ SHELDON M. BONOVITZ		Director		January 31, 2019
Sheldon M. Bonovitz
/s/ EDWARD D. BREEN		Director		January 31, 2019
Edward D. Breen
/s/ GERALD L. HASSELL		Director		January 31, 2019
Gerald L. Hassell
/s/ JEFFREY A. HONICKMAN		Director		January 31, 2019
Jeffrey A. Honickman
/s/ MARITZA G. MONTIEL		Director		January 31, 2019
Maritza G. Montiel
/s/ ASUKA NAKAHARA		Director		January 31, 2019
Asuka Nakahara
/s/ DAVID C. NOVAK		Director		January 31, 2019
David C. Novak

	126	Comcast 2018 Annual Report on Form 10-K

NBCUniversal

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized in Philadelphia, Pennsylvania on January 31, 2019.

			NBCUNIVERSAL MEDIA, LLC
			By: NBCUNIVERSAL, LLC, its sole member
			By:		/s/ STEPHEN B. BURKE
					Stephen B. Burke
					Chief Executive Officer

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

Signature		Title		Date
/s/ BRIAN L. ROBERTS		Principal Executive Officer of NBCUniversal Media, LLC		January 31, 2019
Brian L. Roberts
/s/ MICHAEL J. CAVANAGH		Principal Financial Officer of NBCUniversal Media, LLC; Director of NBCUniversal, LLC		January 31, 2019
Michael J. Cavanagh
/s/ ARTHUR R. BLOCK		Director of NBCUniversal, LLC		January 31, 2019
Arthur R. Block
/s/ DAVID L. COHEN		Director of NBCUniversal, LLC		January 31, 2019
David L. Cohen
/s/ DANIEL C. MURDOCK		Principal Accounting Officer of NBCUniversal Media, LLC		January 31, 2019
Daniel C. Murdock

Comcast 2018 Annual Report on Form 10-K	127

NBCUniversal Media, LLC Financial Statements and Supplementary Data

Index	Page
Report of Independent Registered Public Accounting Firm	129
Consolidated Statement of Income	130
Consolidated Statement of Comprehensive Income	131
Consolidated Statement of Cash Flows	132
Consolidated Balance Sheet	133
Consolidated Statement of Changes in Equity	134
Notes to Consolidated Financial Statements	135

	128	Comcast 2018 Annual Report on Form 10-K

Report of Independent Registered Public Accounting Firm

To the Member of NBCUniversal Media, LLC

New York, New York

Opinion on the Consolidated Financial Statements

We have audited the accompanying consolidated balance sheets of NBCUniversal Media, LLC and subsidiaries (the “Company”) as of December 31, 2018 and 2017, the related consolidated statements of income, comprehensive income, cash flows and changes in equity for each of the three years in the period ended December 31, 2018, and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2018 and 2017, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2018, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

New York, New York

January 31, 2019

We have served as the Company’s auditor since 2011.

Comcast 2018 Annual Report on Form 10-K	129

NBCUniversal Media, LLC

Consolidated Statement of Income

Year ended December 31 (in millions)	2018				2017				2016
Revenue	$	35,895			$	32,950			$	31,398
Costs and Expenses:
Programming and production	16,330				14,276				14,424
Other operating and administrative	7,980				7,687				7,033
Advertising, marketing and promotion	2,952				2,806				2,778
Depreciation	1,001				994				861
Amortization	1,107				1,047				944
Other operating gains	(141		)		(337		)		—
Total costs and expenses	29,229				26,473				26,040
Operating income	6,666				6,477				5,358
Interest expense	(489		)		(727		)		(595		)
Investment and other income (loss), net	(521		)		(144		)		24
Income before income taxes	5,656				5,606				4,787
Income tax expense	(351		)		(392		)		(305		)
Net income	5,305				5,214				4,482
Less: Net income attributable to noncontrolling interests	68				134				311
Net income attributable to NBCUniversal	$	5,237			$	5,080			$	4,171

See accompanying notes to consolidated financial statements.

	130	Comcast 2018 Annual Report on Form 10-K

NBCUniversal Media, LLC

Consolidated Statement of Comprehensive Income

Year ended December 31 (in millions)	2018				2017				2016
Net income	$	5,305			$	5,214			$	4,482
Unrealized gains (losses) on marketable securities, net	—				(233		)		—
Deferred gains (losses) on cash flow hedges, net	3				(13		)		24
Employee benefit obligations, net	14				112				15
Currency translation adjustments, net	(16		)		189				112
Comprehensive income	5,306				5,269				4,633
Less: Net income attributable to noncontrolling interests	68				134				311
Less: Other comprehensive income (loss) attributable to noncontrolling interests	(41		)		81				74
Comprehensive income attributable to NBCUniversal	$	5,279			$	5,054			$	4,248

See accompanying notes to consolidated financial statements.

Comcast 2018 Annual Report on Form 10-K	131

NBCUniversal Media, LLC

Consolidated Statement of Cash Flows

Year ended December 31 (in millions)	2018				2017				2016
Operating Activities
Net income	$	5,305			$	5,214			$	4,482
Adjustments to reconcile net income to net cash provided by
operating activities:
Depreciation, amortization and other operating gains	1,967				1,704				1,805
Net (gain) loss on investment activity and other	689				428				87
Deferred income taxes	(39		)		2				89
Changes in operating assets and liabilities, net of effects of acquisitions and divestitures:
Current and noncurrent receivables, net	(452		)		(594		)		(502		)
Film and television costs, net	35				(199		)		(509		)
Accounts payable and accrued expenses related to trade creditors	57				(43		)		51
Other operating assets and liabilities	341				564				(606		)
Net cash provided by operating activities	7,903				7,076				4,897
Investing Activities
Capital expenditures	(1,730		)		(1,502		)		(1,452		)
Cash paid for intangible assets	(448		)		(295		)		(283		)
Note receivable from Comcast	(2,054		)		—				—
Construction of Universal Beijing Resort	(460		)		(71		)		(22		)
Acquisitions, net of cash acquired	(80		)		(140		)		(205		)
Proceeds from sales of businesses and investments	70				45				109
Purchases of investments	(587		)		(490		)		(290		)
Other	(51		)		586				(90		)
Net cash provided by (used in) investing activities	(5,340		)		(1,867		)		(2,233		)
Financing Activities
Proceeds from borrowings	692				3,948				—
Repurchases and repayments of debt	(438		)		(3,498		)		(1,565		)
Proceeds from (repayments of) borrowings from Comcast, net	(1,777		)		(872		)		928
Distributions to member	(1,627		)		(1,968		)		(1,606		)
Distributions to noncontrolling interests	(205		)		(209		)		(210		)
Purchase of Universal Studios Japan noncontrolling interests	—				(2,299		)		—
Other	(121		)		79				356
Net cash provided by (used in) financing activities	(3,476		)		(4,819		)		(2,097		)
Increase (decrease) in cash, cash equivalents and restricted cash	(913		)		390				567
Cash, cash equivalents and restricted cash, beginning of year	2,377				1,987				1,420
Cash, cash equivalents and restricted cash, end of year	$	1,464			$	2,377			$	1,987

See accompanying notes to consolidated financial statements.

	132	Comcast 2018 Annual Report on Form 10-K

NBCUniversal Media, LLC

Consolidated Balance Sheet

December 31 (in millions)	2018				2017
Assets
Current Assets:
Cash and cash equivalents	$	1,444			$	2,347
Receivables, net	7,293				6,967
Programming rights	1,323				1,606
Note receivable from Comcast	2,054				—
Other current assets	1,133				1,037
Total current assets	13,247				11,957
Film and television costs	7,292				7,082
Investments	1,680				1,816
Property and equipment, net	13,189				11,346
Goodwill	24,118				23,989
Intangible assets, net	13,666				13,306
Other noncurrent assets, net	1,822				1,804
Total assets	$	75,014			$	71,300
Liabilities and Equity
Current Liabilities:
Accounts payable and accrued expenses related to trade creditors	$	1,933			$	1,663
Accrued participations and residuals	1,808				1,644
Program obligations	965				745
Deferred revenue	1,118				1,457
Accrued expenses and other current liabilities	2,195				2,394
Note payable to Comcast	54				1,831
Current portion of long-term debt	151				198
Total current liabilities	8,224				9,932
Long-term debt, less current portion	12,731				12,275
Accrued participations, residuals and program obligations	1,712				1,490
Other noncurrent liabilities	5,177				4,153
Commitments and contingencies (Note 14)
Redeemable noncontrolling interests	389				409
Equity:
Member’s capital	45,618				42,148
Accumulated other comprehensive income (loss)	254				(20		)
Total NBCUniversal member’s equity	45,872				42,128
Noncontrolling interests	909				913
Total equity	46,781				43,041
Total liabilities and equity	$	75,014			$	71,300

See accompanying notes to consolidated financial statements.

Comcast 2018 Annual Report on Form 10-K	133

NBCUniversal Media, LLC

Consolidated Statement of Changes in Equity

(in millions)	Redeemable Noncontrolling Interests			Member’s Capital			Accumulated Other Comprehensive Income (Loss)			Non- controlling Interests			Total Equity
Balance, December 31, 2015	$	372		$	32,834		$	(212	)	$	1,681		$	34,303
Distributions to member				(1,606		)							(1,606		)
Contributions from (distributions to) noncontrolling interests, net	(59		)							(148		)	(148		)
DreamWorks Animation contributions				3,566						89			3,655
Other comprehensive income (loss)							77			74			151
Other	168			(71		)				158			87
Net income	49			4,171						262			4,433
Balance, December 31, 2016	530			38,894			(135		)	2,116			40,875
Distributions to member				(1,968		)							(1,968		)
Contributions from (distributions to) noncontrolling interests, net	(65		)							(120		)	(120		)
Contribution from member				662									662
Other comprehensive income (loss)							(26		)	81			55
Purchase of Universal Studios Japan noncontrolling interests				(704		)	141			(1,736		)	(2,299		)
Other	(84		)	184						466			650
Net income	28			5,080						106			5,186
Balance, December 31, 2017	409			42,148			(20		)	913			43,041
Cumulative effects of adoption of accounting standards				(232		)	232						—
Distributions to member				(1,627		)							(1,627		)
Contributions from (distributions to) noncontrolling interests, net	(52		)							299			299
Other comprehensive income (loss)							42			(41		)	1
Other	(4		)	92						(294		)	(202		)
Net income	36			5,237						32			5,269
Balance, December 31, 2018	$	389		$	45,618		$	254		$	909		$	46,781

See accompanying notes to consolidated financial statements.

	134	Comcast 2018 Annual Report on Form 10-K

NBCUniversal Media, LLC

Notes to Consolidated Financial Statements

Note 1: Basis of Presentation and Summary of Significant Accounting Policies

Unless indicated otherwise, throughout these notes to the consolidated financial statements, we refer to NBCUniversal and its consolidated subsidiaries as “we,” “us” and “our.” We are one of the world’s leading media and entertainment companies that develops, produces and distributes entertainment, news and information, sports, and other content for global audiences, and owns and operates theme parks worldwide.

We present our operations as the following four reportable business segments: Cable Networks, Broadcast Television, Filmed Entertainment and Theme Parks. See Note 2 for additional information on our reportable business segments.

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 in accordance with generally accepted accounting principles in the United States (“GAAP”). Transactions between NBCUniversal and both Comcast and Comcast’s consolidated subsidiaries are reflected in these consolidated financial statements and disclosed as related party transactions when material.

We translate assets and liabilities of our foreign operations where the functional currency is the local currency, primarily the Japanese yen, euro, British pound and Chinese renminbi, into U.S. dollars at the exchange rate as of the balance sheet date and translate revenue and expenses using average monthly exchange rates. The related translation adjustments are recorded as a component of accumulated other comprehensive income (loss) in our consolidated balance sheet. Any foreign currency transaction gains or losses are included in our consolidated statement of income.

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. We believe that the judgments and related estimates for the following items are critical in the preparation of our consolidated financial statements:

•	film and television costs (see Note 4)

•	goodwill and intangible assets (see Note 11)

In addition, the following accounting policy is specific to the industries in which we operate:

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

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. 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.

Cash Equivalents

The carrying amounts of our cash equivalents approximate their fair values. 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.

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 sheet at fair value. The impact of our derivative financial instruments on our consolidated financial statements was not material in any of the periods presented.

	135	Comcast 2018 Annual Report on Form 10-K

NBCUniversal Media, LLC

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 (market approach, income approach and cost approach). 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 financial instruments and valuation models whose inputs are observable

•	Level 3: Values are determined using pricing 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 these levels of hierarchy to measure the fair value of certain financial instruments on a recurring basis, such as for investments; on a non-recurring basis, such as for acquisitions and impairment testing; for disclosure purposes, such as long-term debt; and for other applications, as discussed in their respective footnotes. 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.

Note 2: Segment Information

Our Cable Networks segment consists primarily of a diversified portfolio of cable television networks. Our Cable Networks segment is comprised of our national cable networks that provide a variety of entertainment, news and information, and sports content; our regional sports and news networks; our international cable networks; our cable television studio production operations; and our various digital properties.

Our Broadcast Television segment consists primarily of the NBC and Telemundo broadcast networks, our NBC and Telemundo owned local broadcast television stations, the NBC Universo national cable network, our broadcast television studio production operations, and our various digital properties.

Our Filmed Entertainment segment primarily produces, acquires, markets and distributes filmed entertainment worldwide. Our films are produced primarily under the Universal Pictures, Illumination, DreamWorks Animation and Focus Features names.

Our Theme Parks segment consists primarily of our Universal theme parks in Orlando, Florida; Hollywood, California; and Osaka, Japan. In addition, along with a consortium of Chinese state-owned companies, we are developing a Universal theme park and resort in Beijing, China.

We use Adjusted EBITDA to evaluate the profitability of our operating segments, and the components of net income attributable to NBCUniversal excluded from Adjusted EBITDA are not separately evaluated. To be consistent with our current management reporting presentation, certain 2018, 2017 and 2016 operating results were reclassified related to certain NBCUniversal businesses now presented in Headquarters and Other. We do not present a measure of total assets for our reportable business segments as this information is not used by management to allocate resources and capital. Our financial data by business segment is presented in the tables below.

(in millions)	Revenue			Adjusted EBITDA(d)			Depreciation and Amortization			Capital Expenditures			Cash Paid for Intangible Assets
2018
Cable Networks(a)	$	11,773		$	4,428		$	738		$	42		$	23
Broadcast Television(a)	11,439			1,657			146			204			81
Filmed Entertainment	7,152			734			145			35			25
Theme Parks	5,683			2,455			660			1,143			173
Headquarters and Other(b)	212			(645		)	419			306			146
Eliminations(a)(c)	(364		)	4			—			—			—
Total	$	35,895		$	8,633		$	2,108		$	1,730		$	448

	136	Comcast 2018 Annual Report on Form 10-K

NBCUniversal Media, LLC

(in millions)	Revenue			Adjusted EBITDA(d)			Depreciation and Amortization			Capital Expenditures			Cash Paid for Intangible Assets
2017
Cable Networks	$	10,497		$	4,053		$	755		$	33		$	19
Broadcast Television	9,563			1,251			133			180			22
Filmed Entertainment	7,595			1,276			109			58			23
Theme Parks	5,443			2,384			648			960			78
Headquarters and Other(b)	179			(779		)	396			271			153
Eliminations(c)	(327		)	(4		)	—			—			—
Total	$	32,950		$	8,181		$	2,041		$	1,502		$	295

(in millions)	Revenue			Adjusted EBITDA(d)			Depreciation and Amortization			Capital Expenditures			Cash Paid for Intangible Assets
2016
Cable Networks(a)	$	10,324		$	3,681		$	745		$	32		$	20
Broadcast Television(a)	10,085			1,293			125			153			19
Filmed Entertainment	6,229			662			47			33			16
Theme Parks	4,946			2,190			512			922			72
Headquarters and Other(b)	157			(674		)	376			312			156
Eliminations(a)(c)	(343		)	11			—			—			—
Total	$	31,398		$	7,163		$	1,805		$	1,452		$	283

(a)

The revenue and operating costs and expenses associated with our broadcast of the 2018 PyeongChang Olympics and the 2016 Rio Olympics were reported in our Cable Networks and Broadcast Television segments. The revenue and operating costs and expenses associated with our broadcast of the 2018 Super Bowl were reported in our Broadcast Television segment. Included in Eliminations are transactions relating to these events that our Broadcast Television and Cable Networks segments enter into with our other segments.

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

(c)	Eliminations are transactions that our segments enter into with one another, which consisted primarily of the licensing of film and television content from our Filmed Entertainment and Broadcast Television segments to our Cable Networks segment; for segment reporting, revenue is recognized as the programming rights asset for the licensed content is amortized based on third-party revenue.

(d)

We use Adjusted EBITDA as the measure of profit or loss for our operating segments. Adjusted EBITDA is defined as net income attributable to NBCUniversal before net (income) loss attributable to noncontrolling interests, income tax expense, investment and other income (loss), net, interest expense, depreciation and amortization expense, and other operating gains and losses (such as impairment charges related to fixed and intangible assets and gains or losses on the sale of long-lived assets), if any. From time to time we may exclude from Adjusted EBITDA the impact of certain events, gains, losses or other charges (such as significant legal settlements) that affect the period-to-period comparability of our operating performance. Our reconciliation of the aggregate amount of Adjusted EBITDA for our reportable segments to consolidated income before income taxes is presented in the table below.

Year ended December 31 (in millions)	2018			2017			2016
Adjusted EBITDA	$	8,633		$	8,181		$	7,163
Depreciation	(1,001		)	(994		)	(861		)
Amortization	(1,107		)	(1,047		)	(944		)
Other operating gains	141			337			—
Interest expense	(489		)	(727		)	(595		)
Investment and other income (loss), net	(521		)	(144		)	24
Income before income taxes	$	5,656		$	5,606		$	4,787

Comcast 2018 Annual Report on Form 10-K	137

NBCUniversal Media, LLC

Note 3: Revenue

Year ended December 31 (in millions)	2018				2017				2016
Distribution	$	6,826			$	6,081			$	5,978
Advertising	3,587				3,359				3,530
Content licensing and other	1,360				1,057				816
Total Cable Networks	11,773				10,497				10,324
Advertising	7,010				5,654				6,834
Content licensing	2,182				2,114				1,837
Distribution and other	2,247				1,795				1,414
Total Broadcast Television	11,439				9,563				10,085
Theatrical	2,111				2,192				1,560
Content licensing	2,899				2,956				2,518
Home entertainment	1,048				1,287				1,182
Other	1,094				1,160				969
Total Filmed Entertainment	7,152				7,595				6,229
Total Theme Parks	5,683				5,443				4,946
Headquarters and Other	212				179				157
Eliminations(a)	(364		)		(327		)		(343		)
Total NBCUniversal	$	35,895			$	32,950			$	31,398

(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 primarily in Europe and Asia. The table below summarizes revenue by geographic location.

Year ended December 31 (in millions)	2018				2017				2016
United States	$	28,309			$	25,303			$	24,907
Foreign	7,586				7,647				6,491
Total revenue	$	35,895			$	32,950			$	31,398

Distribution

Our Cable Networks segment generates distribution revenue from the distribution of our cable network programming to traditional and virtual multichannel video providers. Our Broadcast Television segment generates distribution revenue from the fees received under retransmission consent agreements and associated fees received from NBC-affiliated local broadcast television stations.

Distribution revenue is accounted for as a license of functional intellectual property and is recognized as programming is provided on a monthly basis, generally under multiyear agreements. Monthly fees received under distribution agreements with multichannel video providers are generally based on the number of subscribers. Payment terms and conditions vary by contract type, although terms generally include payment within 30 to 60 days.

Advertising

Our Cable Networks and Broadcast Television segments generate advertising revenue from the sale of advertising on our cable and broadcast networks, our owned local broadcast television stations and various digital properties.

We enter into advertising arrangements with customers and have determined that a contract exists once all terms and conditions are agreed upon, typically when the number of advertising units is specifically identified and the timing of airing is scheduled. Advertisements are generally aired or viewed within one year once all terms are agreed upon. Advertising revenue is recognized, net of agency commissions, in the period in which advertisements are aired or viewed 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.

Theatrical

Our Filmed Entertainment segment generates theatrical revenue from the worldwide theatrical release of our produced and acquired films for exhibition in movie theaters. Theatrical revenue is affected by the timing, nature and number of films released in movie

	138	Comcast 2018 Annual Report on Form 10-K

NBCUniversal Media, LLC

theaters and their acceptance by audiences. It is also affected by the number of exhibition screens, ticket prices, the percentage of ticket sale retention by the exhibitors and the popularity of competing films at the time our films are released. We recognize theatrical revenue as the films are viewed and exhibited in theaters and payment generally occurs within 30 days after exhibition.

Content Licensing

Our Cable Networks, Broadcast Television and Filmed Entertainment segments generate revenue from the licensing of our owned film and television content in the United States and internationally to cable, broadcast and premium networks and subscription video on demand services. Our content licensing agreements generally include fixed pricing and span multiple years. For example, following a film’s theatrical release, our Filmed Entertainment segment 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 at the later of when the content is available or when the renewal or extension period begins. 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 agreements primarily relates to our Filmed Entertainment segment, which at any given time equals approximately 1 to 2 years of our annual Filmed Entertainment content licensing 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 content licensing 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 content licensing agreements that include variable pricing, such as pricing based on the number of subscribers to a subscription video on demand service sold by our customers, we generally recognize revenue as our customers sell to their subscribers.

Home Entertainment

Our Filmed Entertainment segment generates revenue from the sale of our produced and acquired films on standard-definition digital video discs and Blu-ray discs (together, “DVDs”) and through digital distribution services. Our Cable Networks and Broadcast Television networks also generate revenue from the sale of owned programming on DVDs and through digital distribution services, which is reported in other revenue. We generally recognize revenue from DVD sales, net of estimated returns and customer incentives, on the date that DVDs are delivered to and made available for sale by retailers. Payment terms generally include payment within 60 to 90 days from delivery to the retailer.

Theme Parks

Our Theme Parks segment generates revenue primarily from ticket sales and guest spending at our Universal theme parks in Orlando, Florida; Hollywood, California; and Osaka, Japan. Guest spending includes in-park spending on food, beverages and merchandise. We recognize revenue from theme park 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 guest spending at the point of sale.

Consolidated Balance Sheet

The following tables summarize our accounts receivable and other balances that are not separately presented in our consolidated balance sheet that relate to the recognition of revenue and collection of the related cash.

December 31 (in millions)	2018				2017
Receivables, gross	$	7,392			$	7,055
Less: Allowance for doubtful accounts	99				88
Receivables, net	$	7,293			$	6,967

December 31 (in millions)	2018				2017
Noncurrent receivables (included in other noncurrent assets, net)	$	1,180			$	1,093
Noncurrent deferred revenue (included in other noncurrent liabilities)	$	481			$	392

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Note 4: Film and Television Costs

December 31 (in millions)	2018			2017
Film Costs:
Released, less amortization	$	1,600		$	1,734
Completed, not released	144			50
In production and in development	1,063			1,149
	2,807			2,933
Television Costs:
Released, less amortization	2,161			2,260
In production and in development	953			818
	3,114			3,078
Programming rights, less amortization	2,694			2,677
	8,615			8,688
Less: Current portion of programming rights	1,323			1,606
Film and television costs	$	7,292		$	7,082

Based on our current estimates of the total remaining revenue from all sources (“ultimate revenue”), in 2019 we expect to amortize approximately $1.6 billion of film and television costs associated with our original film and television productions that have been released, or are completed and have not been released. Through 2021, we expect to amortize approximately 83% of unamortized film and television costs for our released productions, excluding amounts allocated to acquired libraries.

As of December 31, 2018, acquired film and television libraries, which are included within the “released, less amortization” captions in the table above, had remaining unamortized costs of $396 million. These costs are generally amortized over a period not to exceed 20 years, and approximately 48% of these costs are expected to be amortized through 2021.

Capitalization of Film and Television Costs

We capitalize film and television production costs, including direct costs, production overhead, print costs, development costs and interest. We amortize capitalized film and television production costs, including acquired libraries, and accrue costs associated with participation and residual payments to programming and production expenses. We generally record the amortization and the accrued costs using the individual film forecast computation method, which amortizes the costs in the same ratio as the associated ultimate revenue. Estimates of ultimate revenue and total costs are based on anticipated release patterns, public acceptance and historical results for similar productions. Unamortized film and television production costs, including acquired libraries, are stated at the lower of unamortized cost or fair value. 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.

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.

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 a film is less than its unamortized costs, we determine the fair value of the film and record an impairment charge for the amount by which the unamortized capitalized costs exceed the film’s fair value. The estimated fair value of a production is based on Level 3 inputs that primarily use an analysis of future expected cash flows. Adjustments to capitalized film production costs were not material in any of the periods presented.

We may enter into cofinancing arrangements with third parties to jointly finance or distribute certain of our film productions. Cofinancing arrangements can take various forms, but in most cases involve the grant of an economic interest in a film to an investor. The number of investors and the terms of these arrangements can vary, although investors generally assume the full risks and rewards for the portion of the film acquired in these arrangements. We account for the proceeds received from a third-party investor under these arrangements as a reduction to our capitalized film costs. Under these arrangements, the investor owns an undivided copyright interest in the film, and therefore in each period we record either a charge or a benefit to programming and production expenses to reflect the estimate of the third-party investor’s interest in the profit or loss of the film. The estimate of the third-party investor’s interest in the profit or loss of a film is determined using the ratio of actual revenue earned to date to the ultimate revenue expected to be recognized over the film’s useful life.

We capitalize the costs of programming content that we license but do not own, including rights to multiyear, live-event sports programming, at the earlier of when payments are made for the programming or when the license period begins and the content is made available for use. We amortize capitalized programming costs as the associated programs are broadcast. We generally

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amortize multiyear, live-event sports programming rights using the ratio of the current period revenue to the estimated ultimate revenue or under the terms of the contract.

Programming costs are recorded at the lower of unamortized cost or net realizable value on a program by program, package, channel or daypart basis. A daypart is an aggregation of programs broadcast during a particular time of day or programs of a similar type. Programming acquired by our Cable Networks segment is primarily tested on a channel basis for impairment, whereas programming acquired by our Broadcast Television segment is tested on a daypart basis. If we determine that the estimates of future cash flows are insufficient or if there is no plan to broadcast certain programming, we recognize an impairment charge to programming and production expenses.

Note 5: Income Taxes

Components of Income Tax Expense
Year ended December 31 (in millions)	2018			2017			2016
Foreign
Current income tax expense	$	230		$	201		$	38
Deferred income tax expense	(31		)	(7		)	96
Withholding tax expense	163			187			158
U.S. domestic tax expense	(11		)	11			13
Income tax expense	$	351		$	392		$	305

We are a limited liability company, and our company is disregarded for U.S. federal income tax purposes as an entity separate from NBCUniversal Holdings, a tax partnership. For U.S federal and state income tax purposes, our income is included in tax returns filed by Comcast and its subsidiaries, and therefore we are not expected to incur any significant current or deferred U.S. domestic income taxes. Our tax liability is comprised primarily of withholding tax on foreign licensing activity and income taxes on foreign earnings. As a result of our tax status, the deferred tax assets and liabilities included in our consolidated balance sheet at December 31, 2018 and 2017 were not material.

In jurisdictions in which we are subject to income taxes, 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, and tax planning opportunities available in the jurisdictions in which we operate. 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.

We classify interest and penalties, if any, associated with our uncertain tax positions as a component of income tax expense.

Uncertain Tax Positions

We retain liabilities for uncertain tax positions where we are the tax filer of record. GE and Comcast have indemnified NBCUniversal Holdings and us with respect to our income tax obligations attributable to periods prior to Comcast’s acquisition of NBCUniversal, including indemnification of uncertain tax positions for these periods. The liabilities for uncertain tax positions included in our consolidated balance sheet were not material as of December 31, 2018 and 2017.

Various domestic and foreign tax authorities are examining our tax returns through tax year 2017. The majority of the periods under examination relate to tax years 2010 and forward.

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Note 6: Long-Term Debt

Long-Term Debt Outstanding
December 31 (in millions)	Weighted-Average Interest Rate as of December 31, 2018			2018			2017
Term loans (a)	1.30	%		$	4,122		$	3,860
Senior notes with maturities of 5 years or less, at face value	4.39	%		5,000			4,000
Senior notes with maturities between 5 and 10 years, at face value	—			—			1,000
Senior notes with maturities greater than 10 years, at face value	5.50	%		2,759			2,759
Notes due 2049 to Comcast	4.00	%		610			610
Other, including capital lease obligations	—			427			276
Debt issuance costs, premiums and discounts, net	—			(36		)	(32		)
Total debt	3.58	%		12,882			12,473
Less: Current portion				151			198
Long-term debt				$	12,731		$	12,275

(a)	Term loans consist of the following, with foreign currency denominated borrowings translated using the exchange rates as of each date:

• Universal Studios Japan: ¥390 billion and ¥435 billion as of December 31, 2018 and 2017, respectively

• Universal Beijing Resort: ¥4 billion RMB as of December 31, 2018 (see Note 7)

As of December 31, 2018 and 2017, our debt, excluding our revolving credit agreement with Comcast, had an estimated fair value of $13.2 billion and $13.5 billion, respectively. The estimated fair value of our publicly traded debt was primarily based on Level 1 inputs that use quoted market values for the debt. The estimated fair value of debt for which there are no quoted market prices was based on Level 2 inputs that use interest rates available to us for debt with similar terms and remaining maturities.

Principal Maturities of Debt
(in millions)
2019	$	153
2020	$	2,280
2021	$	2,365
2022	$	2,922
2023	$	1,012
Thereafter	$	4,186

Cross-Guarantee Structure

We, Comcast and a 100% owned cable holding company subsidiary of Comcast (“CCCL Parent”) fully and unconditionally guarantee each other’s debt securities, including the $7.6 billion Comcast revolving credit facility due 2021 and the $27.0 billion of Comcast senior unsecured fixed and floating rate notes issued in connection with Comcast’s acquisition of Sky. As of December 31, 2018, outstanding debt securities of $86.4 billion of Comcast and CCCL Parent were subject to the cross-guarantee structure.

We do not, however, guarantee the obligations of NBCUniversal Enterprise with respect to its $3.0 billion aggregate principal amount of senior notes, its revolving credit facility, its commercial paper program, nor its $725 million liquidation preference of Series A cumulative preferred stock.

The Universal Studios Japan term loans are not subject to the cross-guarantee structure, however they have a separate guarantee from Comcast.

The Universal Beijing Resort term loans are not guaranteed.

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Note 7: Significant Transactions

2018

Universal Beijing Resort

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”). We own a 30% interest in Universal Beijing Resort and the construction is being funded through a combination of debt financing and equity contributions from the investors in accordance with their equity interests. The debt financing, which is being provided by a syndicate of Chinese financial institutions, contains certain financial and operating covenants and a maximum borrowing limit of ¥26.6 billion RMB (approximately $4 billion). The debt financing is secured by the assets of Universal Beijing Resort and the equity interests of the investors. As of December 31, 2018, Universal Beijing Resort had borrowed approximately $569 million under the financing agreement.

We have concluded that Universal Beijing Resort is a variable interest entity 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.

In March 2018, Universal Beijing Resort received initial equity investments through a combination of cash and noncash contributions from the investors. As of December 31, 2018, our consolidated balance sheet included assets, primarily including property and equipment, and liabilities of Universal Beijing Resort totaling $1.5 billion and $1.0 billion, respectively.

2017

FCC Spectrum Auction

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

Universal Studios Japan

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

2016

DreamWorks Animation

On August 22, 2016, Comcast acquired all of the outstanding stock of DreamWorks Animation for $3.8 billion. DreamWorks Animation’s stockholders received $41 in cash for each share of DreamWorks Animation common stock. DreamWorks Animation creates animated feature films, television series and specials, live entertainment, and related consumer products. In our allocation of purchase price for this acquisition, we recorded goodwill of $2.8 billion and film and television costs of $838 million.

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

Note 8: Recent Accounting Pronouncements

Revenue Recognition

In May 2014, the Financial Accounting Standards Board (“FASB”) updated the accounting guidance related to revenue recognition. The updated accounting guidance provides a single, contract-based revenue recognition model to help improve financial reporting by providing clearer guidance on when an entity should recognize revenue and by reducing the number of standards to which an entity has to refer. The core principle of the new standard is that a company should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services.

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We adopted the updated guidance on January 1, 2018 on a full retrospective basis, which required us to reflect the impact of the updated guidance for all periods presented.

The adoption of the new standard did not have a material impact on our consolidated results of operations or financial position for any period presented. The updated guidance also requires additional disclosures regarding the nature, timing and uncertainty of our revenue transactions. See Note 3 for additional information.

The tables below present the effects on our consolidated statement of income and balance sheet for the prior year periods presented.

Consolidated Statement of Income
Year ended December 31, 2017 (in millions)	Previously Reported			Effects of Adoption			As Adjusted
Revenue	$	32,997		$	(47	)	$	32,950
Total costs and expenses	$	26,516		$	(43	)	$	26,473
Operating income	$	6,481		$	(4	)	$	6,477
Net income attributable to NBCUniversal	$	5,084		$	(4	)	$	5,080

Year ended December 31, 2016 (in millions)	Previously Reported			Effects of Adoption			As Adjusted
Revenue	$	31,593		$	(195	)	$	31,398
Total costs and expenses	$	26,171		$	(131	)	$	26,040
Operating income	$	5,422		$	(64	)	$	5,358
Net income attributable to NBCUniversal	$	4,235		$	(64	)	$	4,171

Consolidated Balance Sheet
December 31, 2017 (in millions)	Previously Reported			Effects of Adoption			As Adjusted
Total current assets	$	11,673		$	284		$	11,957
Film and television costs	$	7,071		$	11		$	7,082
Other noncurrent assets, net	$	1,872		$	(68	)	$	1,804
Total assets	$	71,073		$	227		$	71,300
Total current liabilities	$	9,602		$	330		$	9,932
Other noncurrent liabilities	$	4,109		$	44		$	4,153
Total equity	$	43,188		$	(147	)	$	43,041
Total liabilities and equity	$	71,073		$	227		$	71,300

The adoption of the updated guidance impacted the timing of recognition for some of our revenue contracts, primarily for content licensing agreements. As a result of the adoption of the updated guidance, when the term of an existing content licensing agreement is renewed or extended, revenue is not recognized until the date when the renewal or extension period begins. Under the prior guidance, revenue for the content licensing renewal period was recognized on the date that the renewal was agreed to contractually. This change resulted in delayed revenue recognition for content licensing renewals or extensions in our Cable Networks, Broadcast Television and Filmed Entertainment segments. This change also impacted the timing of the related amortization of our film and television costs and participations and residuals expenses. The adoption of the updated guidance did not have a material impact on the results of operations or financial position for the reportable segments.

Financial Assets and Financial Liabilities

In January 2016, the FASB updated the accounting guidance related to the recognition and measurement of financial assets and financial liabilities. The updated accounting guidance, among other things, requires that all nonconsolidated equity investments, except those accounted for under the equity method, be measured at fair value and the changes in fair value be recognized in net income. On January 1, 2018, we adopted the updated guidance prospectively along with a related clarifying update and as a result, we recorded a $232 million cumulative effect adjustment to member's capital and accumulated other comprehensive income (loss). See Note 9 for additional information.

Restricted Cash

In November 2016, the FASB updated the accounting guidance related to restricted cash. The new standard requires that the statement of cash flows present the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents, and a reconciliation of that total to amounts presented on the balance sheet. We

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adopted the updated guidance on January 1, 2018 and as required applied the retrospective transition method. The adoption did not have a material impact for any period presented.

Leases

In February 2016, the FASB updated the accounting guidance related to leases. The updated accounting guidance requires lessees to recognize a right-of-use asset and a lease liability on the balance sheet for all leases with the exception of short-term leases. The asset and liability are initially measured based on the present value of committed lease payments. For a lessee, the recognition, measurement and presentation of expenses and cash flows arising from a lease do not significantly change from previous guidance. For a lessor, the accounting applied is also largely unchanged from previous guidance. We will adopt the updated accounting guidance in the first quarter of 2019 and prior periods will not be adjusted. We are currently in the process of determining the impact that the updated accounting will have on our consolidated financial statements. See Note 14 for a summary of our undiscounted minimum rental commitments under operating leases as of December 31, 2018.

Note 9: Investments

December 31 (in millions)	2018				2017
Equity method	$	707			$	690
Marketable equity securities	162				430
Nonmarketable equity securities	811				696
Total investments	$	1,680			$	1,816

Investment and Other Income (Loss), Net
Year ended December 31 (in millions)	2018				2017				2016
Equity in net income (losses) of investees, net	$	(371	)		$	(201	)		$	(99	)
Realized and unrealized gains (losses) on equity securities, net	(217		)		—				3
Other income (loss), net	67				57				120
Investment and other income (loss), net	$	(521	)		$	(144	)		$	24

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 significant partnership or limited liability company interest. Equity method investments are recorded at cost and are adjusted to recognize (1) our proportionate share 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 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.

Hulu

As of December 31, 2018 and 2017, our investment in Hulu was $248 million and $249 million, respectively. In 2018, 2017 and 2016, we made cash capital contributions totaling $454 million, $300 million and $50 million, respectively, to Hulu. In 2018, 2017 and 2016, we recognized our proportionate share of Hulu’s losses of $454 million, $276 million and $168 million, respectively, in equity in net income (losses) of investees, net.

In August 2016, Time Warner Inc. acquired a 10% interest in Hulu, which diluted our interest in Hulu from 33% to 30%. For a period not to exceed 3 years, Time Warner may put its shares to Hulu or Hulu may call Time Warner’s shares under certain limited circumstances arising from regulatory review. Given the contingent nature of the put and call options, we recorded a deferred gain of $159 million and a corresponding increase to our investment in Hulu as a result of the dilution. The deferred gain will be recognized in other income (loss), net if and when the options expire unexercised.

The Weather Channel

In March 2018, we sold our investment in The Weather Channel cable network and recognized a pretax gain of $64 million in other income (loss), net.

In January 2016, following a legal restructuring at The Weather Channel, we and the other investors sold the entity holding The Weather Channel’s product and technology businesses to IBM. Following the close of the transaction, we continued to hold an

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investment in The Weather Channel cable network through a new holding company. As a result of the sale of our investment, we recognized a pretax gain of $108 million in other income (loss), net.

Marketable Equity Securities

We classify publicly traded investments with readily determinable fair values that are not accounted for under the equity method as marketable equity securities. Marketable equity securities are recorded at cost and adjusted to fair value at each reporting period. The changes in fair value 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.

Snap

In March 2017, Comcast acquired an interest in Snap Inc. as part of its initial public offering. On March 31, 2017, Comcast contributed its investment in Snap to us as an equity contribution of $662 million, which was recorded in our consolidated statement of equity based on the fair value of the investment as of March 31, 2017. We have classified our investment as a marketable security. Snap is a camera company whose primary product is Snapchat, a camera app that was created to help people communicate through short videos and images. As of December 31, 2018 and 2017, we had an investment in Snap of $162 million and $430 million, respectively. In 2018, we recognized unrealized losses of $268 million in realized and unrealized gains (losses) on equity securities, net related to our investment in Snap. Prior to the updated accounting guidance, unrealized gains and losses related to our investment in Snap were recorded to accumulated other comprehensive income.

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 apply this measurement alternative to our nonmarketable equity securities. When an observable event occurs, we estimate the fair values of our nonmarketable equity securities 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.

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 and held to maturity 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 and our held to maturity investments, we record the impairment to other income (loss), net.

Note 10: Property and Equipment

December 31 (in millions)	Weighted-Average Original Useful Life as of December 31, 2018	2018			2017
Buildings and leasehold improvements	31 years	$	8,877		$	8,124
Furniture, fixtures and equipment	11 years	5,501			4,843
Construction in process	N/A	2,676			1,506
Land	N/A	1,129			1,039
Property and equipment, at cost		18,183			15,512
Less: Accumulated depreciation		4,994			4,166
Property and equipment, net		$	13,189		$	11,346

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.

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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.

Note 11: Goodwill and Intangible Assets

Goodwill
(in millions)	Cable Networks			Broadcast Television			Filmed Entertainment			Theme Parks			Total
Balance, December 31, 2016	$	13,183		$	806		$	2,993		$	6,341		$	23,323
Acquisitions	241			—			32			—			273
Adjustments(a)	1			—			185			—			186
Foreign currency translation	2			—			2			203			207
Balance, December 31, 2017	13,427			806			3,212			6,544			23,989
Acquisitions	—			36			—			—			36
Dispositions	—			—			(8		)	—			(8		)
Adjustments	(13		)	1			(9		)	—			(21		)
Foreign currency translation	(7		)	—			(11		)	140			122
Balance, December 31, 2018	$	13,407		$	843		$	3,184		$	6,684		$	24,118

(a)	Adjustments in 2017 primarily included the updated allocation of the purchase price for DreamWorks Animation.

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 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. As a result of this assessment, our reporting units are generally the same as our four reportable segments. 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. We did not recognize any impairment charges in any of the periods presented.

Intangible Assets
		2018						2017
December 31 (in millions)	Weighted-Average Original Useful Life as of December 31, 2018	Gross Carrying Amount			Accumulated Amortization			Gross Carrying Amount			Accumulated Amortization
Finite-Lived Intangible Assets:
Customer relationships	19 years	$	13,269		$	(6,283	)	$	13,301		$	(5,643	)
Software	5 years	1,779			(932		)	1,516			(737		)
Other	19 years	3,619			(1,375		)	2,580			(1,205		)
Indefinite-Lived Intangible Assets:
Trade names	N/A	2,981						2,981
FCC licenses	N/A	608						513
Total		$	22,256		$	(8,590	)	$	20,891		$	(7,585	)

Comcast 2018 Annual Report on Form 10-K	147

NBCUniversal Media, LLC

Indefinite-Lived Intangible Assets

Indefinite-lived intangible assets consist of trade names and FCC licenses. We assess the recoverability of our 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 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 indefinite-lived intangible assets primarily based on a discounted cash flow analysis that involves significant judgment. When analyzing the fair values indicated under the discounted cash flow models, we also consider multiples of Adjusted EBITDA generated by the underlying assets, current market transactions and profitability information. If the fair value of our 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. We did not recognize any material impairment charges in any of the periods presented.

Finite-Lived Intangible Assets

Estimated Amortization Expense of Finite-Lived Intangible Assets
(in millions)
2019	$	1,059
2020	$	1,039
2021	$	936
2022	$	861
2023	$	839

Finite-lived intangible assets are subject to amortization and consist primarily of customer relationships acquired in business combinations, software, 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 the purchase of 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.

Note 12: Employee Benefit Plans

Deferred Compensation Plans

Year ended December 31 (in millions)	2018			2017			2016
Benefit obligation	$	719		$	621		$	494
Interest expense	$	58		$	64		$	48

Certain members of management participate in Comcast’s unfunded, nonqualified deferred compensation plan. 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.

Additionally, we maintain unfunded, nonqualified deferred compensation plans for certain members of management. The amount of compensation deferred by each participant is based on participant elections. Participants designate one or more valuation funds, independently established funds or indices that are used to determine the amount of investment gain or loss in the participant’s account.

	148	Comcast 2018 Annual Report on Form 10-K

NBCUniversal Media, LLC

Deferred compensation plan participants are eligible to receive distributions from their account based on elected deferral periods that are consistent with the plans and applicable tax law.

Postretirement Benefit Plan

Year ended December 31 (in millions)	2018			2017
Benefit obligation	$	47		$	51
Amounts in accumulated other comprehensive income not yet recognized in benefits expense	$	(163	)	$	(177	)

We provide postretirement benefits to eligible employees through a retiree health and welfare benefits plan. The plan provides credit to employees for length of service provided before Comcast’s acquisition of NBCUniversal.

The plan provides eligible employees who retire from NBCUniversal with an annual stipend for reimbursement of certain eligible healthcare costs. The amount of the stipend for an eligible retiree is fixed at a predetermined amount based on the retiree’s years of service and whether the retiree is eligible for Medicare. In 2017, the plan was amended primarily to reduce the benefits of active employees who retire after December 31, 2017.

The plan is unfunded and substantially all of our postretirement benefit obligations are recorded to noncurrent liabilities. The expense we recognize for the plan is determined using certain assumptions, including the discount rate. The benefits expense we recognized for the plan was not material in any of the periods presented.

Pension Plans

We sponsor various nonqualified defined benefit pension plans for domestic employees. Since the future benefits have been frozen since the beginning of 2013, we did not recognize service costs related to our pension plans in any of the periods presented. The benefits expense we recognized for our defined benefit plans was not material for any period presented. In addition to the defined benefit plans we sponsor, we are also obligated to reimburse The General Electric Company (“GE”) for future benefit payments to those participants who were vested in the supplemental pension plan sponsored by GE at the time of Comcast’s acquisition of NBCUniversal. These pension plans are currently unfunded and we recorded a benefit obligation of $312 million and $338 million as of December 31, 2018 and 2017, respectively, which consists primarily of our obligations to reimburse GE.

Retirement Investment Plans

We sponsor several defined contribution retirement plans, including 401(k) 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 2018, 2017 and 2016, expenses related to these plans totaled $213 million, $201 million and $185 million, respectively.

Multiemployer Benefit Plans

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. We make periodic contributions to these plans in accordance with the terms of applicable collective bargaining agreements and laws but do not sponsor or administer these plans. We do not participate in any multiemployer benefit plans for which we consider our contributions to be individually significant.

In 2018, 2017 and 2016, the total contributions we made to multiemployer pension plans were $102 million, $97 million and $84 million, respectively. In 2018, 2017 and 2016, the total contributions we made to multiemployer postretirement and other benefit plans were $183 million, $152 million and $136 million, respectively.

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.

Severance Benefits

We provide severance benefits to certain former employees. A liability is recorded when payment is probable, the amount is reasonably estimable, and the obligation relates to rights that have vested or accumulated. In 2018, 2017 and 2016, we recorded severance costs of $146 million, $108 million and $165 million, respectively. Severance costs in 2016 included $61 million of severance costs associated with the acquisition of DreamWorks Animation.

Comcast 2018 Annual Report on Form 10-K	149

NBCUniversal Media, LLC

Note 13: Supplemental Financial Information

Cash Payments for Interest and Income Taxes
Year ended December 31 (in millions)	2018			2017			2016
Interest	$	408		$	517		$	548
Income taxes	$	430		$	282		$	208

Noncash Investing and Financing Activities

During 2018:

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

•	we received noncash contributions from noncontrolling interests totaling $391 million related to Universal Beijing Resort (see Note 7)

During 2017:

•	we acquired $325 million of property and equipment and intangible assets that were accrued but unpaid

•	Comcast contributed its investment in Snap to us at its fair value, which was a noncash transaction (see Note 9)

•	we and Comcast completed a senior notes exchange in the fourth quarter of 2017 (see Note 15)

During 2016:

•	we acquired $189 million of property and equipment and intangible assets that were accrued but unpaid

•	Comcast contributed the net assets of DreamWorks Animation to us, which was primarily a noncash transaction (see Note 7)

Cash, Cash Equivalents and Restricted Cash

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

December 31 (in millions)	2018			2017
Cash and cash equivalents	$	1,444		$	2,347
Restricted cash included in other noncurrent assets, net	20			30
Cash, cash equivalents and restricted cash, end of year	$	1,464		$	2,377

Accumulated Other Comprehensive Income (Loss)
December 31 (in millions)	2018			2017
Unrealized gains (losses) on marketable securities	$	—		$	(233	)
Deferred gains (losses) on cash flow hedges	12			10
Unrecognized gains (losses) on employee benefit obligations	140			126
Cumulative translation adjustments	102			77
Accumulated other comprehensive income (loss)	$	254		$	(20	)

Note 14: Commitments and Contingencies

Commitments

We enter into long-term commitments with third parties in the ordinary course of our business, including commitments to acquire film and television programming, obligations under various creative talent agreements, and various other television-related commitments. Some of our employees, including writers, directors, actors, technical and production personnel, and others, as well as some of our on-air and creative talent, are covered by collective bargaining agreements or works councils. As of December 31, 2018, the total number of employees covered by collective bargaining agreements was 10,000 full-time equivalent employees. Approximately 46% of these full-time equivalent employees were covered by collective bargaining agreements that have expired or are scheduled to expire during 2019.

The table below summarizes our minimum annual programming and talent commitments and our minimum annual rental commitments under operating leases for office space and equipment. Programming and talent commitments include acquired film

	150	Comcast 2018 Annual Report on Form 10-K

NBCUniversal Media, LLC

and television programming, including broadcast rights to sporting events, such as the Olympics, and other programming commitments, as well as various contracts with creative talent.

As of December 31, 2018 (in millions)	Programming and Talent Commitments			Operating Leases
2019	$	5,371		$	248
2020	$	5,524		$	232
2021	$	3,922		$	199
2022	$	4,314		$	168
2023	$	2,181		$	144
Thereafter	$	16,549		$	1,380

The table below presents our rental expense charged to operations.

Year ended December 31 (in millions)	2018			2017			2016
Rental expense	$	286		$	274		$	259

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, 2018, our carrying value was $1.1 billion, and the estimated value of the contractual obligation was $1.6 billion based on inputs to the contractual formula as of that date.

Note 15: Related Party Transactions

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

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

In September 2016, as part of the Comcast cash management process, we and Comcast amended and restated our revolving credit agreements to increase the amount that we can borrow from Comcast and that Comcast can borrow from us from $3 billion to $5 billion and to extend the maturity date to 2026. Depending on the receivable or payable position, amounts owed by us to Comcast or to us by Comcast under the revolving credit agreements are presented under the captions “note payable to Comcast” and “note receivable from Comcast,” respectively, in our consolidated balance sheet and are presented as current since the amounts include daily borrowings and repayments throughout the year based on our working capital needs. The revolving credit agreements bear interest at floating rates equal to the interest rate calculation under Comcast’s revolving credit facility. The interest rate on Comcast’s revolving credit facility consists of a base rate plus a borrowing margin that is determined based on Comcast’s credit rating. As of December 31, 2018, the borrowing margin for London Interbank Offered Rate-based borrowings was 1.00%.

Comcast is also the counterparty to one of our contractual obligations. As of both December 31, 2018 and 2017, the carrying value of the liability associated with this contractual obligation was $383 million.

Senior Notes Exchange

In October 2017, we and Comcast completed a debt exchange transaction. Comcast issued $2.0 billion aggregate principal amount of new 3.97% senior notes due 2047, $2.0 billion aggregate principal amount of new 4.00% senior notes due 2049, and $1.5 billion aggregate principal amount of new 4.05% senior notes due 2052 in exchange for $3.9 billion aggregate principal amount of certain series of outstanding senior notes issued by Comcast and us, including $442 million of our 6.40% senior notes due 2040. The new notes are fully and unconditionally guaranteed by us and CCCL Parent. In connection with the exchange transaction, we issued $610 million of 4.00% notes due 2049 to Comcast. The debt exchange transaction was accounted for as a debt extinguishment, and therefore we recorded a charge of $157 million to interest expense upon retirement of the old notes.

Comcast 2018 Annual Report on Form 10-K	151

NBCUniversal Media, LLC

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

Consolidated Statement of Income
Year ended December 31 (in millions)	2018			2017			2016
Transactions with Comcast and Consolidated Subsidiaries
Revenue	$	2,156		$	1,837		$	1,742
Total costs and expenses	$	(245	)	$	(214	)	$	(220	)
Interest expense and investment and other income (loss), net	$	(54	)	$	(250	)	$	(69	)

Consolidated Balance Sheet
December 31 (in millions)	2018			2017
Transactions with Comcast and Consolidated Subsidiaries
Receivables, net	$	464		$	326
Note receivable from Comcast	$	2,054		—
Accounts payable and accrued expenses related to trade creditors	$	78		$	54
Accrued expenses and other current liabilities	$	32		$	50
Note payable to Comcast	$	54		$	1,831
Long-term debt	$	701		$	610
Other noncurrent liabilities	$	410		$	389

Distributions to NBCUniversal Holdings

In addition to the transaction amounts presented in the table above, we make distributions to NBCUniversal Holdings on a periodic basis to enable its owners to meet their obligations to pay taxes on taxable income generated by our businesses. We also make quarterly distributions to NBCUniversal Holdings to enable it to make its required quarterly payments to NBCUniversal Enterprise at an initial annual rate of 8.25% on the $9.4 billion aggregate liquidation preference of its preferred units. On March 1, 2023, and thereafter on every fifth anniversary of such date, this rate will reset to 7.44% plus the yield on actively traded United States Treasury securities having a 5 year maturity. These distributions are presented under the caption “distributions to member” in our consolidated statement of cash flows.

Share-Based Compensation

Comcast maintains share-based compensation plans that consist primarily of awards of restricted share units (“RSUs”) and stock options to certain employees and directors as part of its approach to long-term incentive compensation. Additionally, through its employee stock purchase plans, employees are able to purchase shares of Comcast common stock at a discount through payroll deductions. The cost associated with Comcast’s 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 Comcast common stock on the date of grant and are discounted for the lack of dividends, if any, during the vesting period. Stock options are valued using the Black-Scholes option pricing model. Certain of our employees participate in these plans and the expense associated with their participation is settled in cash with Comcast. In 2018, 2017 and 2016, we recognized share-based compensation expense of $151 million, $133 million and $99 million, respectively. As of December 31, 2018, we had unrecognized pretax compensation expense of $270 million related to nonvested Comcast RSUs and unrecognized pretax compensation expense of $23 million related to nonvested Comcast stock options that will be recognized over a weighted-average period of approximately 1.6 years and 1.0 years, respectively.

	152	Comcast 2018 Annual Report on Form 10-K

Report of Independent Registered Public Accounting Firm

To the Board of Directors and Stockholders of

Comcast Corporation

Philadelphia, Pennsylvania

Opinion on the Consolidated Financial Statement Schedule

We have audited the consolidated financial statements of Comcast Corporation and subsidiaries (the “Company”) as of December 31, 2018 and 2017, and for each of the three years in the period ended December 31, 2018, and the Company’s internal control over financial reporting as of December 31, 2018, and have issued our report thereon dated January 31, 2019; such consolidated financial statements and report are included elsewhere in this Form 10-K. Our audits also included the consolidated financial statement schedule of the Company listed in the Index at Item 15. This consolidated financial statement schedule is the responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s consolidated financial statement schedule based on our audits. In our opinion, such consolidated financial statement schedule, when considered in relation to the consolidated financial statements taken as a whole, presents fairly, in all material respects, the information set forth therein.

/s/ Deloitte & Touche LLP

Philadelphia, Pennsylvania

January 31, 2019

Comcast 2018 Annual Report on Form 10-K	153

Report of Independent Registered Public Accounting Firm

To the Member of NBCUniversal Media, LLC

New York, New York

Opinion on the Consolidated Financial Statement Schedule

We have audited the consolidated financial statements of NBCUniversal Media, LLC and subsidiaries (the “Company”) as of December 31, 2018 and 2017, and for each of the three years in the period ended December 31, 2018, and have issued our report thereon dated January 31, 2019; such consolidated financial statements and report are included elsewhere in this Form 10-K. Our audits also included the consolidated financial statement schedule of the Company listed in the Index at Item 15. This consolidated financial statement schedule is the responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s consolidated financial statement schedule based on our audits. In our opinion, such consolidated financial statement schedule, when considered in relation to the consolidated financial statements taken as a whole, presents fairly, in all material respects, the information set forth therein.

/s/ Deloitte & Touche LLP

New York, New York

January 31, 2019

	154	Comcast 2018 Annual Report on Form 10-K

Comcast Corporation and Subsidiaries

Schedule II – Valuation and Qualifying Accounts

Year ended December 31, 2018, 2017 and 2016

Year ended December 31 (in millions)	Balance at Beginning of Year			Additions Charged to Costs and Expenses			Deductions from Reserves			Balance at End of Year
2018
Allowance for doubtful accounts	$	288		$	616		$	552		$	352
Valuation allowance on deferred tax assets	377			367			112			632
2017
Allowance for doubtful accounts	$	250		$	554		$	516		$	288
Valuation allowance on deferred tax assets	266			111			—			377
2016
Allowance for doubtful accounts	$	226		$	558		$	534		$	250
Valuation allowance on deferred tax assets	342			23			99			266

NBCUniversal Media, LLC

Schedule II – Valuation and Qualifying Accounts

Year ended December 31, 2018, 2017 and 2016

Year ended December 31 (in millions)	Balance at Beginning of Year			Additions Charged to Costs and Expenses			Deductions from Reserves			Balance at End of Year
2018
Allowance for doubtful accounts	$	88		$	32		$	21		$	99
Valuation allowance on deferred tax assets	87			13			27			73
2017
Allowance for doubtful accounts	$	84		$	23		$	19		$	88
Valuation allowance on deferred tax assets	72			15			—			87
2016
Allowance for doubtful accounts	$	69		$	26		$	11		$	84
Valuation allowance on deferred tax assets	71			23			22			72

Comcast 2018 Annual Report on Form 10-K	155