Item 8. Comcast Corporation Financial Statements and Supplementary Data

Index			Page
Report of Management			69
Report of Independent Registered Public Accounting Firm			70
Consolidated Statement of Income			72
Consolidated Statement of Comprehensive Income			73
Consolidated Statement of Cash Flows			74
Consolidated Balance Sheet			75
Consolidated Statement of Changes in Equity			76
Notes to Consolidated Financial Statements			77

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Report of Management

Management’s Report on Financial Statements

Our management is responsible for the preparation, integrity and fair presentation of information in the consolidated financial statements, including estimates and judgments. The consolidated financial statements presented in this report have been prepared in accordance with accounting principles generally accepted in the United States. Our management believes the consolidated financial statements and other financial information included in this report fairly present, in all material respects, the financial condition, results of operations and cash flows as of and for the periods presented in this report. The consolidated financial statements have been audited by Deloitte & Touche LLP, an independent registered public accounting firm, as stated in their report, which is included herein.

Management’s Report on Internal Control Over Financial Reporting

Our management is responsible for establishing and maintaining an adequate system of internal control over financial reporting. Our system of internal control over financial reporting is designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with accounting principles generally accepted in the United States.

Our internal control over financial reporting includes those policies and procedures that:

• Pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect our transactions and dispositions of our assets.

• Provide reasonable assurance that our transactions are recorded as necessary to permit preparation of our financial statements in accordance with accounting principles generally accepted in the United States, and that our receipts and expenditures are being made only in accordance with authorizations of our management and our directors.

• Provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of our assets that could have a material effect on the financial statements.

Because of its inherent limitations, a system of internal control over financial reporting can provide only reasonable assurance and may not prevent or detect misstatements. Further, because of changes in conditions, effectiveness of internal control over financial reporting may vary over time. Our system contains self-monitoring mechanisms, and actions are taken to correct deficiencies as they are identified.

Our management conducted an evaluation of the effectiveness of the system of internal control over financial reporting based on the framework in Internal Control — Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission. Based on this evaluation, our management concluded that the system of internal control over financial reporting was effective as of December 31, 2020. The effectiveness of internal control over financial reporting has been audited by Deloitte & Touche LLP, an independent registered public accounting firm, as stated in their report, which is included herein.

Audit Committee Oversight

The Audit Committee of the Board of Directors, which is comprised solely of independent directors, has oversight responsibility for our financial reporting process and the audits of the consolidated financial statements and internal control over financial reporting. The Audit Committee meets regularly with management and with our internal auditors and independent registered public accounting firm (collectively, the “auditors”) to review matters related to the quality and integrity of our financial reporting, internal control over financial reporting (including compliance matters related to our Code of Conduct), and the nature, extent, and results of internal and external audits. Our auditors have full and free access and report directly to the Audit Committee. The Audit Committee recommended, and the Board of Directors approved, that the audited consolidated financial statements be included in this Form 10-K.

/s/ BRIAN L. ROBERTS						/s/ MICHAEL J. CAVANAGH						/s/ DANIEL C. MURDOCK
Brian L. Roberts						Michael J. Cavanagh						Daniel C. Murdock
Chairman and Chief Executive Officer						Chief Financial Officer						Executive Vice President, Chief Accounting Officer and Controller

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Report of Independent Registered Public Accounting Firm

To the Board of Directors and Shareholders of

Comcast Corporation

Philadelphia, Pennsylvania

Opinions on the Consolidated Financial Statements and Internal Control over Financial Reporting

We have audited the accompanying consolidated balance sheets of Comcast Corporation and subsidiaries (the “Company”) as of December 31, 2020 and 2019, 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, 2020, and the related notes (collectively referred to as the “financial statements”). We also have audited the Company’s internal control over financial reporting as of December 31, 2020, based on criteria established in Internal Control — Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).

In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of the Company as of December 31, 2020 and 2019, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2020, in conformity with accounting principles generally accepted in the United States of America. Also, in our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2020, based on criteria established in Internal Control — Integrated Framework (2013) issued by COSO.

Basis for Opinions

The Company’s management is responsible for these financial statements, for maintaining effective internal control over financial reporting, and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying Management’s Report on Internal Control Over Financial Reporting. Our responsibility is to express an opinion on these financial statements and an opinion on the Company’s internal control over financial reporting 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 audits to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud, and whether effective internal control over financial reporting was maintained in all material respects.

Our audits of the financial statements included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures to 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. Our audit of internal control over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audits also included performing such other procedures as we considered necessary in the circumstances. We believe that our audits provide a reasonable basis for our opinions.

Definition and Limitations of Internal Control over Financial Reporting

A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Critical Audit Matters

The critical audit matters communicated below are matters arising from the current-period audit of the financial statements that were communicated or required to be communicated to the audit committee and that (1) relate to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the financial statements, taken as a whole, and we are not, by communicating the critical audit matters below, providing separate opinions on the critical audit matters or on the accounts or disclosures to which they relate.

Sky Goodwill - Refer to Note 11 to the financial statements

Critical Audit Matter Description

The Company’s evaluation of goodwill for impairment involves the comparison of the fair value of the Sky reporting unit to its carrying value.

The Company used the discounted cash flow model to estimate fair value, which requires management to make significant estimates and assumptions related to discount rates and forecasts of expected cash flows. Changes in these assumptions could have a significant impact on

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Report of Independent Registered Public Accounting Firm

either the fair value, the amount of any goodwill impairment charge, or both. The goodwill balance was $70,669 million as of December 31, 2020, of which $29,950 million was allocated to the Sky reporting unit. Given the Company’s acquisition of Sky in the fourth quarter of 2018, the fair value of the Sky reporting unit remains in close proximity to its carrying value as of the measurement date.

We identified goodwill for Sky as a critical audit matter because of the significant judgments made by management to estimate the fair value of the Sky reporting unit. This required a high degree of auditor judgment and an increased extent of effort, including the need to involve our fair value specialists, when performing audit procedures to evaluate the reasonableness of management’s estimates and assumptions related to the selection of the discount rate and forecasts of future expected cash flows for the Sky reporting unit.

How the Critical Audit Matter Was Addressed in the Audit

Our audit procedures related to the discount rate and forecasts of future expected cash flows used by management to estimate the fair value of Sky included the following, among others:

• We tested the effectiveness of controls over management’s goodwill impairment evaluation, including those over the determination of the fair value of Sky, such as controls related to management’s selection of the discount rate and forecasts of future expected cash flows.

• With the assistance of our fair value specialists, we evaluated the reasonableness of the (1) valuation methodology and (2) discount rate, including testing the source information underlying the determination of the discount rate, testing the mathematical accuracy of the calculation, and developing a range of independent estimates and comparing those to the discount rate selected by management.

• We evaluated management’s ability to accurately forecast future revenue and cash flows by comparing actual results to (1) historical results, including management’s forecasting accuracy, (2) projections utilized in the purchase price allocation in connection with the 2018 acquisition of Sky, (3) internal communications to management, and (4) forecasted information included in Company press releases as well as in analyst and industry reports of the Company and companies in its peer group.

Film and Television Costs - Refer to Note 4 to the financial statements

Critical Audit Matter Description

The Company amortizes capitalized film and television production costs that are predominantly monetized on an individual basis using the individual film forecast computation method, which amortizes such costs using the ratio of current period revenue to the total remaining revenue forecasted to be realized, also known as “ultimate revenue.” In addition, the Company recognizes the costs of multiyear, live-event sports programming rights as the rights are utilized over the contractual term based on estimated relative value. Estimated relative value is generally based on the ratio of current period revenue to the estimated ultimate revenue or the terms of the contract. The estimates of ultimate revenue have a significant impact on the rate at which capitalized costs are amortized.

The determination of ultimate revenue for capitalized film and television costs requires the Company to make significant estimates of future revenue based on the distribution strategy and historical performance of similar content, as well as factors unique to the content itself. The determination of ultimate revenue for multiyear, live-event sports programming rights requires the Company to make significant estimates of future revenue based on historical and expected trends in the advertising market as well as the number of subscribers receiving or viewing the sports programming. Given the judgments necessary to estimate ultimate revenue, auditing these estimates involved especially subjective judgment.

How the Critical Audit Matter Was Addressed in the Audit

Our audit procedures related to forecasts of ultimate revenue for individual film or television productions and for sports programming rights included the following, among others:

• We tested the effectiveness of management’s controls over its amortization of film and television costs and sports programming rights, including controls over forecasts of ultimate revenue.

• For film and television productions, we tested management’s selection of inputs and assumptions, including considering the historical performance of similar titles, expected distribution platforms, factors unique to the individual film or television production, and third-party projections. In addition, we evaluated the historical accuracy of management’s forecast of future revenues by comparing actual results to management’s historical estimates of ultimate revenue.

• For certain multiyear live-events sports programming rights, we evaluated management’s assessment of any significant changes to the estimated relative value of the rights including any significant contract amendments, changes to expected trends in the advertising market, and number of subscribers receiving or viewing the sports programming.

/s/ Deloitte & Touche LLP

Philadelphia, Pennsylvania

February 3, 2021

We have served as the Company’s auditor since 1963.

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Consolidated Statement of Income

Year ended December 31 (in millions, except per share data)			2020						2019						2018
Revenue			$	103,564					$	108,942					$	94,507
Costs and Expenses:
Programming and production			33,121						34,440						29,692
Other operating and administrative			33,109						32,807						28,094
Advertising, marketing and promotion			6,741						7,617						7,036
Depreciation			8,320						8,663						8,281
Amortization			4,780						4,290						2,736
Other operating gains			—						—						(341)
Total costs and expenses			86,071						87,817						75,498
Operating income			17,493						21,125						19,009
Interest expense			(4,588)						(4,567)						(3,542)
Investment and other income (loss), net			1,160						438						(225)
Income before income taxes			14,065						16,996						15,242
Income tax (expense) benefit			(3,364)						(3,673)						(3,380)
Net income			10,701						13,323						11,862
Less: Net income attributable to noncontrolling interests and redeemable subsidiary preferred stock			167						266						131
Net income attributable to Comcast Corporation			$	10,534					$	13,057					$	11,731
Basic earnings per common share attributable to Comcast Corporation shareholders			$	2.30					$	2.87					$	2.56
Diluted earnings per common share attributable to Comcast Corporation shareholders			$	2.28					$	2.83					$	2.53

See accompanying notes to consolidated financial statements.

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Consolidated Statement of Comprehensive Income

Year ended December 31 (in millions)			2020						2019						2018
Net income			$	10,701					$	13,323					$	11,862
Currency translation adjustments, net of deferred taxes of $(331), $(66) and $9			1,213						1,375						(916)
Cash flow hedges:
Deferred gains (losses), net of deferred taxes of $26, $(4) and $(3)			(101)						19						50
Realized (gains) losses reclassified to net income, net of deferred taxes of $31, $(10) and $(4)			(147)						65						(6)
Employee benefit obligations and other, net of deferred taxes of $20, $16 and $(3)			(68)						(57)						8
Comprehensive income			11,598						14,725						10,998
Less: Net income attributable to noncontrolling interests and redeemable subsidiary preferred stock			167						266						131
Less: Other comprehensive income (loss) attributable to noncontrolling interests			60						(13)						(41)
Comprehensive income attributable to Comcast Corporation			$	11,371					$	14,472					$	10,908

See accompanying notes to consolidated financial statements.

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Consolidated Statement of Cash Flows

Year ended December 31 (in millions)			2020						2019						2018
Operating Activities
Net income			$	10,701					$	13,323					$	11,862
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, amortization and other operating gains			13,100						12,953						10,676
Share-based compensation			1,193						1,021						826
Noncash interest expense (income), net			697						417						364
Net (gain) loss on investment activity and other			(970)						(20)						576
Deferred income taxes			(550)						563						290
Changes in operating assets and liabilities, net of effects of acquisitions and divestitures:
Current and noncurrent receivables, net			(20)						(57)						(802)
Film and television costs, net			(244)						(929)						(395)
Accounts payable and accrued expenses related to trade creditors			(266)						(347)						(394)
Other operating assets and liabilities			1,096						(1,227)						1,294
Net cash provided by operating activities			24,737						25,697						24,297
Investing Activities
Capital expenditures			(9,179)						(9,953)						(9,774)
Cash paid for intangible assets			(2,455)						(2,475)						(1,935)
Construction of Universal Beijing Resort			(1,498)						(1,116)						(460)
Purchase of spectrum			(459)						—						—
Acquisitions, net of cash acquired			(233)						(370)						(38,219)
Proceeds from sales of businesses and investments			2,339						886						141
Purchases of investments			(812)						(1,899)						(1,257)
Other			250						86						650
Net cash provided by (used in) investing activities			(12,047)						(14,841)						(50,854)
Financing Activities
Proceeds from (repayments of) short-term borrowings, net			—						(1,288)						379
Proceeds from borrowings			18,644						5,479						44,781
Proceeds from collateralized obligation			—						5,175						—
Repurchases and repayments of debt			(18,777)						(14,354)						(8,798)
Repurchases of common stock under repurchase program and employee plans			(534)						(504)						(5,320)
Dividends paid			(4,140)						(3,735)						(3,352)
Other			(1,706)						46						(550)
Net cash provided by (used in) financing activities			(6,513)						(9,181)						27,140
Impact of foreign currency on cash, cash equivalents and restricted cash			2						5						(245)
Increase (decrease) in cash, cash equivalents and restricted cash			6,179						1,680						338
Cash, cash equivalents and restricted cash, beginning of year			5,589						3,909						3,571
Cash, cash equivalents and restricted cash, end of year			$	11,768					$	5,589					$	3,909

See accompanying notes to consolidated financial statements.

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Consolidated Balance Sheet

December 31 (in millions, except share data)			2020						2019
Assets
Current Assets:
Cash and cash equivalents			$	11,740					$	5,500
Receivables, net			11,466						11,292
Programming rights			—						3,877
Other current assets			3,535						4,723
Total current assets			26,741						25,392
Film and television costs			13,340						8,933
Investments			7,820						6,989
Investment securing collateralized obligation			447						694
Property and equipment, net			51,995						48,322
Goodwill			70,669						68,725
Franchise rights			59,365						59,365
Other intangible assets, net			35,389						36,128
Other noncurrent assets, net			8,103						8,866
Total assets			$	273,869					$	263,414
Liabilities and Equity
Current Liabilities:
Accounts payable and accrued expenses related to trade creditors			$	11,364					$	10,826
Accrued participations and residuals			1,706						1,730
Deferred revenue			2,963						2,768
Accrued expenses and other current liabilities			9,617						10,516
Current portion of long-term debt			3,146						4,452
Total current liabilities			28,796						30,292
Long-term debt, less current portion			100,614						97,765
Collateralized obligation			5,168						5,166
Deferred income taxes			28,051						28,180
Other noncurrent liabilities			18,222						16,765
Commitments and contingencies
Redeemable noncontrolling interests and redeemable subsidiary preferred stock			1,280						1,372
Equity:
Preferred stock—authorized, 20,000,000 shares; issued, zero			—						—
Class A common stock, $0.01 par value—authorized, 7,500,000,000 shares; issued, 5,444,002,825 and 5,416,381,298; outstanding, 4,571,211,797 and 4,543,590,270			54						54
Class B common stock, $0.01 par value—authorized, 75,000,000 shares; issued and outstanding, 9,444,375			—						—
Additional paid-in capital			39,464						38,447
Retained earnings			56,438						50,695
Treasury stock, 872,791,028 Class A common shares			(7,517)						(7,517)
Accumulated other comprehensive income (loss)			1,884						1,047
Total Comcast Corporation shareholders’ equity			90,323						82,726
Noncontrolling interests			1,415						1,148
Total equity			91,738						83,874
Total liabilities and equity			$	273,869					$	263,414

See accompanying notes to consolidated financial statements.

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Consolidated Statement of Changes in Equity

(in millions, except per share data)			2020						2019						2018
Redeemable Noncontrolling Interests and Redeemable Subsidiary Preferred Stock
Balance, beginning of year			$	1,372					$	1,316					$	1,357
Contributions from (distributions to) noncontrolling interests, net			(51)						(62)						(56)
Other			(190)						(38)						(43)
Net income (loss)			149						156						58
Balance, end of year			$	1,280					$	1,372					$	1,316
Class A common stock
Balance, beginning of year			$	54					$	54					$	55
Repurchases of common stock under repurchase program and employee plans			—						—						(1)
Balance, end of year			$	54					$	54					$	54
Class B common stock
Balance, beginning and end of year			$	—					$	—					$	—
Additional Paid-In Capital
Balance, beginning of year			$	38,447					$	37,461					$	37,497
Stock compensation plans			920						783						607
Repurchases of common stock under repurchase program and employee plans			(143)						(34)						(920)
Employee stock purchase plans			255						222						214
Other			(15)						15						63
Balance, end of year			$	39,464					$	38,447					$	37,461
Retained Earnings
Balance, beginning of year			$	50,695					$	41,983					$	38,202
Cumulative effects of adoption of accounting standards			(124)						—						(43)
Repurchases of common stock under repurchase program and employee plans			(407)						(485)						(4,408)
Dividends declared			(4,250)						(3,860)						(3,499)
Other			(10)						—						—
Net income (loss)			10,534						13,057						11,731
Balance, end of year			$	56,438					$	50,695					$	41,983
Treasury Stock at Cost
Balance, beginning and end of year			$	(7,517)					$	(7,517)					$	(7,517)
Accumulated Other Comprehensive Income (Loss)
Balance, beginning of year			$	1,047					$	(368)					$	379
Cumulative effects of adoption of accounting standards			—						—						76
Other comprehensive income (loss)			837						1,415						(823)
Balance, end of year			$	1,884					$	1,047					$	(368)
Noncontrolling Interests
Balance, beginning of year			$	1,148					$	889					$	843
Other comprehensive income (loss)			60						(13)						(41)
Contributions from (distributions to) noncontrolling interests, net			192						176						294
Other			(3)						(14)						(280)
Net income (loss)			18						110						73
Balance, end of year			$	1,415					$	1,148					$	889
Total equity			$	91,738					$	83,874					$	72,502
Cash dividends declared per common share			$	0.92					$	0.84					$	0.76

See accompanying notes to consolidated financial statements.

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Notes to Consolidated Financial Statements

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 7).

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 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 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.

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 cable systems (see Note 10)

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 9 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 interest rates, foreign exchange rates and equity prices. 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. We designate certain derivative instruments as cash flow hedges of forecasted foreign currency denominated transactions, including 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 cash flow hedges are recorded as a component of accumulated other comprehensive income (loss) until the hedged items affect earnings. For derivatives not designated as cash flow hedges, changes in fair value are recognized in earnings.

Refer to Note 6 for further information on derivative instruments related to debt. 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.

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We use the three tier fair value hierarchy to measure the fair value of certain financial instruments on a recurring basis, such as for investments (see Note 9); on a non-recurring basis, such as for acquisitions and impairment testing; 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.

Note 2: Segment Information

We are a global media and technology company with three primary businesses: Comcast Cable, NBCUniversal and Sky. We present our operations for (1) Comcast Cable in one reportable business segment, referred to as Cable Communications; (2) NBCUniversal in four reportable business segments: Cable Networks, Broadcast Television, Filmed Entertainment and Theme Parks; and (3) Sky in one reportable business segment. See Note 3 for a description of the various products and services within each reportable segment.

Our other business interests consist primarily of the operations of Comcast Spectacor, which owns the Philadelphia Flyers and the Wells Fargo Center arena in Philadelphia, Pennsylvania, and other business initiatives, such as Peacock, our new direct-to-consumer streaming service that features NBCUniversal content.

Our financial data by reportable segment is presented in the tables below. 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.

(in millions)			Revenue			Adjusted EBITDA(b)			Depreciation and Amortization						Capital Expenditures			Cash Paid for Intangible Assets
2020
Cable Communications			$	60,051		$	25,270		$	7,753					$	6,605		$	1,333
NBCUniversal
Cable Networks			10,849			4,616			771						34			24
Broadcast Television			10,244			1,934			163						82			15
Filmed Entertainment			5,276			785			95						13			17
Theme Parks			1,846			(541)			771						1,171			56
Headquarters and Other			121			(521)			478						185			139
Eliminations(a)			(254)			(4)			—						—			—
NBCUniversal			28,082			6,269			2,278						1,485			251
Sky			18,594			1,954			3,034						959			741
Corporate and Other			366			(2,447)			35						130			130
Eliminations(a)			(3,529)			(220)			—						—			—
Comcast Consolidated			$	103,564		$	30,826		$	13,100					$	9,179		$	2,455

(in millions)			Revenue			Adjusted EBITDA(b)			Depreciation and Amortization						Capital Expenditures			Cash Paid for Intangible Assets
2019
Cable Communications			$	58,082		$	23,266		$	7,994					$	6,909		$	1,426
NBCUniversal
Cable Networks			11,513			4,444			735						41			17
Broadcast Television			10,261			1,730			157						161			15
Filmed Entertainment			6,493			833			79						21			22
Theme Parks			5,933			2,455			696						1,605			60
Headquarters and Other			83			(689)			462						244			171
Eliminations(a)			(316)			(1)			—						—			—
NBCUniversal			33,967			8,772			2,129						2,072			285
Sky			19,219			3,099			2,699						768			707
Corporate and Other			333			(880)			131						204			57
Eliminations(a)			(2,659)			1			—						—			—
Comcast Consolidated			$	108,942		$	34,258		$	12,953					$	9,953		$	2,475

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(in millions)			Revenue			Adjusted EBITDA(b)			Depreciation and Amortization						Capital Expenditures			Cash Paid for Intangible Assets
2018
Cable Communications			$	56,033		$	21,681		$	8,262					$	7,723		$	1,346
NBCUniversal
Cable Networks			11,773			4,428			738						42			23
Broadcast Television			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			63			(680)			419						306			146
Eliminations(a)			(349)			4			—						—			—
NBCUniversal			35,761			8,598			2,108						1,730			448
Sky			4,587			692			539						222			137
Corporate and Other			513			(779)			108						99			4
Eliminations(a)			(2,387)			(27)			—						—			—
Comcast Consolidated			$	94,507		$	30,165		$	11,017					$	9,774		$	1,935

(a)Included in Eliminations are transactions that our segments enter into with one another. 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. The most significant transactions between our segments include distribution revenue at Cable Networks for the sale of programming to Cable Communications; content licensing revenue in our NBCUniversal segments (Broadcast Television, Filmed Entertainment and Cable Networks) for the license of owned content to Peacock and Sky, and for licenses of owned content to other NBCUniversal segments; advertising revenue at Cable Communications, Cable Networks and Broadcast Television; and distribution revenue at Broadcast Television for fees received under retransmission consent agreements from Cable Communications. For segment reporting purposes, we account for intercompany content licenses as follows:

• Revenue for licenses of content from NBCUniversal segments to Peacock and Sky are 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 at Peacock and Sky 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 on these transactions are deferred in our consolidated results and recognized as the content is used over the license period.

• Revenue for licenses of content between NBCUniversal segments is recognized over time to correspond with the amortization of the costs of the licensed content as the content is used over the license period.

(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 (such as certain costs incurred in response to COVID-19, including severance charges), within Corporate and Other. 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)									2020			2019			2018
Adjusted EBITDA									$	30,826		$	34,258		$	30,165
Adjustment for legal settlement									(177)			—			(125)
Adjustment for Sky transaction-related costs									(56)			(180)			(355)
Depreciation									(8,320)			(8,663)			(8,281)
Amortization									(4,780)			(4,290)			(2,736)
Other operating gains									—			—			341
Interest expense									(4,588)			(4,567)			(3,542)
Investment and other income (loss), net									1,160			438			(225)
Income before income taxes									$	14,065		$	16,996		$	15,242

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Note 3: Revenue

Year ended December 31 (in millions)			2020						2019						2018
Residential:
High-speed internet			$	20,599					$	18,752					$	17,144
Video			21,937						22,270						22,455
Voice			3,532						3,879						3,960
Wireless			1,574						1,167						890
Business services			8,191						7,795						7,129
Advertising			2,594						2,465						2,795
Other			1,624						1,754						1,660
Total Cable Communications			60,051						58,082						56,033
Distribution			6,437						6,790						6,826
Advertising			3,155						3,478						3,587
Content licensing and other			1,257						1,245						1,360
Total Cable Networks			10,849						11,513						11,773
Advertising			5,027						5,712						7,010
Content licensing			2,640						2,157						2,182
Distribution and other			2,577						2,392						2,247
Total Broadcast Television			10,244						10,261						11,439
Theatrical			421						1,469						2,111
Content licensing			3,342						3,045						2,899
Home entertainment			944						957						1,048
Other			569						1,022						1,094
Total Filmed Entertainment			5,276						6,493						7,152
Total Theme Parks			1,846						5,933						5,683
Headquarters and Other			121						83						63
Eliminations(a)			(254)						(316)						(349)
Total NBCUniversal			28,082						33,967						35,761
Direct-to-consumer			15,223						15,538						3,632
Content			1,373						1,432						304
Advertising			1,998						2,249						651
Total Sky			18,594						19,219						4,587
Corporate and Other			366						333						513
Eliminations(a)			(3,529)						(2,659)						(2,387)
Total revenue			$	103,564					$	108,942					$	94,507

(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 revenue by geographic location.

Year ended December 31 (in millions)			2020						2019						2018
United States			$	80,327					$	82,952					$	82,233
Europe			20,460						21,553						7,721
Other			2,777						4,437						4,553
Total revenue			$	103,564					$	108,942					$	94,507

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Cable Communications Segment

Revenue is generated from the sale of our high-speed internet, video, voice, wireless and other services to residential customers in the United States under the Xfinity brand, which we market individually and as bundled services at a discounted rate. We also provide these and other services to business customers and sell advertising.

Residential

We recognize revenue as the services are provided on a monthly basis. Subscription rates and related charges vary according to the services and features customers receive. 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. Customers are typically billed in advance and pay on a monthly basis. Installation fees are deferred and recognized as revenue over the period of benefit to the customer, which is less than a year. While a portion of our customers are subject to contracts for their services, which are typically 1 to 2 years in length, based on our evaluation of the terms of these contracts, we recognize revenue for these services on a basis that is consistent with our customers that are not subject to contracts. Our services generally involve customer premise equipment, such as set-top boxes, cable modems and wireless gateways. The timing and pattern of recognition for customer premise equipment revenue are consistent with those of our services. We recognize revenue from the sale of wireless handsets at the point of sale. Sales commissions are expensed as incurred, as the related period of benefit is less than a year. We also have arrangements to sell certain DTC streaming services to our customers. We have concluded we are generally 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 high-speed internet revenues.

Under the terms of 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 customers and classify these fees in the respective Cable Communications services revenue, with the corresponding costs included in other operating and administrative expenses.

Business Services

Revenue is generated from subscribers to a variety of our products and services which are offered to businesses. Our service offerings for small business locations primarily include high-speed internet services, as well as voice and video services, that are similar to those provided to residential customers, and include certain other features specific to businesses. We also offer Ethernet network services that connect multiple locations and other services to meet the needs of medium-sized customers and larger enterprises, and we provide cellular backhaul services to mobile network operators.

We recognize revenue as the services are provided on a monthly basis. 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. 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 revenue, of which the substantial majority will be recognized within 2 years. Customers with contracts may only discontinue service in accordance with the terms of their contracts. We receive payments based on a billing schedule established in our contracts, which is typically on a monthly basis. Installation revenue and sales commissions are generally deferred and recognized over the respective contract terms.

Advertising

Revenue is generated from the sale of advertising and technology, tools and solutions relating to advertising businesses. As part of distribution agreements with cable networks, we generally receive an allocation of scheduled advertising time that we sell to local, regional and national advertisers. In most cases, the available advertising units are sold by our sales force. We also represent the advertising sales efforts of other multichannel video providers in some markets. 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 multichannel video providers 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. In addition, we generate revenue from the sale of advertising on digital platforms. 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 and conditions are agreed upon. Revenue from these arrangements is recognized in the period in which advertisements are aired or viewed. Payment terms vary by contract, although terms generally require payment within 30 to 60 days from when advertisements are aired or viewed. In addition, we also provide technology, tools, data-driven services and marketplace solutions to customers in the media industry, which allows advertisers to more effectively engage with their target audiences. Revenue earned in this manner is recognized when services are provided.

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NBCUniversal Segments

Distribution

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

These arrangements are accounted for as licenses of functional intellectual property and revenue 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 60 days.

Advertising

Cable Networks and Broadcast Television generate 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. 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

Filmed Entertainment generates revenue from the worldwide theatrical release of 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.

Content Licensing

Cable Networks’, Broadcast Television’s and Filmed Entertainment’s production studios 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 to DTC streaming service providers. Our agreements generally include fixed pricing and span multiple years. For example, following a film’s theatrical release, Filmed Entertainment 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 at any given time equals approximately 1 to 2 years of annual Filmed Entertainment 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.

Home Entertainment

Filmed Entertainment generates revenue from the sale of our produced and acquired films on DVDs and through digital distribution services. Cable Networks and Broadcast Television 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.

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Theme Parks

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

Sky Segment

Direct-to-Consumer

Revenue is generated from subscribers to our video services from both residential and business customers, primarily in the United Kingdom, Italy and Germany. We also provide high-speed internet, voice and wireless phone services in select countries. Generally, all of our residential customers are initially under contracts, with terms typically ranging from rolling monthly to 18 months, depending on the product and territory, and may only discontinue service in accordance with the terms of their contracts. Subscription rates and related charges vary according to the services and features customers receive and the types of equipment they use. Our video, high-speed internet, voice and wireless phone services generally may be purchased individually or in bundles. We recognize revenue from video, high-speed internet, voice and wireless phone services as the services are provided on a monthly basis. At any given time, the amount of future revenue to be earned related to existing agreements is equal to less than half of our annual direct-to-consumer revenue, which generally will be recognized within 18 months.

Content

Revenue is generated from the distribution of our television channels on third-party platforms and the licensing of owned and acquired programming to third-party video providers. See the NBCUniversal segment discussion of distribution and content licensing revenue above for accounting policies for these types of arrangements.

Advertising

Revenue is generated from advertising and sponsorships across our owned television channels and where we represent the sales efforts of third-party channels. We also generate revenue from the sale of advertising on digital platforms and various technology, tools and solutions relating to our advertising business. Revenue is recognized when the advertising is aired or viewed. Since we are acting as the principal in the arrangements where we represent the sales efforts of third parties, we record the advertising that is sold in advertising revenue and the fees paid to the third-party channels in other operating and administrative expenses.

Consolidated Balance Sheet

The following table summarizes our accounts receivable:

December 31 (in millions)			2020						2019
Receivables, gross			$	12,273					$	11,711
Less: Allowance for doubtful accounts			807						419
Receivables, net			$	11,466					$	11,292

The following table presents changes in our allowance for doubtful accounts:

(in millions)			Beginning Balance			Additions Charged to Costs and Expenses and Other Accounts			Deductions from Reserves			Ending Balance
2020			$	419		$	912		$	524		$	807
2019			$	352		$	769		$	702		$	419
2018			$	288		$	616		$	552		$	352

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The following table summarizes our 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, as well as the deferred costs associated with our contracts with customers:

December 31 (in millions)			2020						2019
Noncurrent receivables, net (included in other noncurrent assets, net)			$	1,091					$	1,337
Contract acquisition and fulfillment costs (included in other noncurrent assets, net)			$	1,060					$	1,083
Noncurrent deferred revenue (included in other noncurrent liabilities)			$	750					$	618

Note 4: Programming and Production Costs

Year ended December 31 (in millions)			2020
Video distribution programming			$	12,684
Film and television content:
Owned(a)			7,973
Licensed, including sports rights			11,264
Other			1,200
Total programming and production costs			$	33,121

(a) Amount includes amortization of owned content of $6.6 billion as well as participations and residuals expense.

Video Distribution Programming Expenses

We incur programming expenses related to the license of rights to distribute the third-party programmed channels, 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 that receive the programming and the extent of distribution. Programming 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 networks and platforms, which are described as owned and licensed content, respectively. We adopted new accounting guidance related to film and television content in the first quarter of 2020 (see Note 8), and accordingly, amounts presented below for 2020 and the policy discussion reflect the updated accounting guidance, and amounts presented for 2019 reflect the accounting guidance in effect at that time. Under the new accounting guidance, 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

			2020						2019
December 31 (in millions)			Film and Television Costs						Film Costs						Television Costs						Total
Owned:
Released, less amortization			$	3,815					$	1,551					$	2,810					$	4,361
Completed, not released			139						187						—						187
In production and in development			2,755						1,314						1,162						2,476
			6,709						3,052						3,972						7,024
Licensed, including sports advances			6,631																		5,786
			13,340																		12,810
Less: Current portion of licensed programming rights			—																		3,877
Film and television costs			$	13,340																	$	8,933

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The table below summarizes estimated future amortization expense for the capitalized film and television costs recorded in our consolidated balance sheet as of December 31, 2020.

(in millions)																		Owned						Licensed
Completed, not released:
2021																		$	69
Released and licensed content:
2021																		$	1,445					$	4,722
2022																		$	543					$	820
2023																		$	336					$	470

We have future minimum commitments for sports rights and licensed content that are not recognized in our consolidated balance sheet as of December 31, 2020 totaling $38.5 billion and $4.5 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 residual 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 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 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 for the portion of the film acquired in these arrangements. 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.

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 broadcast.

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 participation and residual payments in programming and production costs.

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. Impairments of capitalized film and television costs were not material in any of the periods presented.

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Sports Rights

We recognize the costs of multiyear, live-event sports rights as the rights are utilized over the contract term based on estimated relative value. Estimated relative value is generally based on the ratio of the current period revenue to the estimated ultimate revenue or the terms of 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 with licensed content.

Note 5: Income Taxes

Income Before Income Taxes
Year ended December 31 (in millions)			2020						2019						2018
Domestic			$	16,211					$	16,646					$	14,387
Foreign			(2,146)						350						855
			$	14,065					$	16,996					$	15,242

Components of Income Tax (Expense) Benefit
Year ended December 31 (in millions)			2020						2019						2018
Current (Expense) Benefit:
Federal			$	(2,824)					$	(2,085)					$	(2,026)
State			(836)						(425)						(639)
Foreign			(254)						(600)						(425)
			(3,914)						(3,110)						(3,090)
Deferred (Expense) Benefit:
Federal			111						(902)						(546)
State			71						15						167
Foreign			368						324						89
			550						(563)						(290)
Income tax (expense) benefit			$	(3,364)					$	(3,673)					$	(3,380)

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)			2020						2019						2018
Federal tax at statutory rate			$	(2,954)					$	(3,569)					$	(3,201)
State income taxes, net of federal benefit			(265)						(306)						(212)
Foreign income taxed at different rates			(24)						(126)						(147)
Adjustments to uncertain and effectively settled tax positions, net			(344)						(3)						(144)
Federal research and development credits			164						124						22
Excess tax benefits recognized on share-based compensation			150						196						75
Other			(91)						11						227
Income tax (expense) benefit			$	(3,364)					$	(3,673)					$	(3,380)

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 statement 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

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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) benefit.

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)			2020						2019
Deferred Tax Assets:
Net operating loss and other loss carryforwards			$	2,609					$	2,017
Nondeductible accruals and other			3,253						2,779
Less: Valuation allowance			2,312						1,906
			3,550						2,890
Deferred Tax Liabilities:
Differences between book and tax basis of property and equipment and intangible assets			29,829						29,387
Differences between book and tax basis of investments			405						702
Differences between book and tax basis of long-term debt			680						751
Differences between book and tax basis of foreign subsidiaries and undistributed foreign earnings			468						143
			31,382						30,983
Net deferred tax liability			$	27,832					$	28,093

The following table presents changes in our valuation allowance for deferred tax assets:

(in millions)			Beginning Balance			Additions Charged to Income Tax Expense and Other Accounts			Deductions from Reserves			Ending Balance
2020			$	1,906		$	430		$	24		$	2,312
2019			$	632		$	1,403		$	129		$	1,906
2018			$	377		$	367		$	112		$	632

Changes in our net deferred tax liability in 2020 that were not recorded as deferred income tax benefit (expense) are primarily related to an increase of $330 million associated with items included in other comprehensive income (loss).

As of December 31, 2020, we had federal net operating loss carryforwards of $196 million, and various state net operating loss carryforwards, the majority of which expire in periods through 2040. As of December 31, 2020, we also had foreign net operating loss carryforwards of $7.6 billion related to the foreign operations of 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, 2020 and 2019, our valuation allowance was primarily related to foreign and state net operating loss carryforwards.

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Uncertain Tax Positions

Reconciliation of Unrecognized Tax Benefits
(in millions)			2020						2019						2018
Gross unrecognized tax benefits, January 1			$	1,422					$	1,543					$	1,497
Additions based on tax positions related to the current year			436						230						229
Additions based on tax positions related to prior years			152						133						125
Additions from acquired subsidiaries			—						1						130
Reductions for tax positions of prior years			(31)						(344)						(346)
Reductions due to expiration of statutes of limitations			(76)						(117)						(75)
Settlements with tax authorities			(24)						(24)						(17)
Gross unrecognized tax benefits, December 31			$	1,879					$	1,422					$	1,543

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, $1.4 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. As of December 31, 2020 and 2019, accrued interest and penalties associated with our liability for uncertain tax positions were not material.

The IRS has completed its examination of our income tax returns for all years through 2016. 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 2000 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.

Note 6: Long-Term Debt

Long-Term Debt Outstanding
December 31 (in millions)			Weighted-Average Interest Rate as of December 31, 2020						Weighted-Average Interest Rate as of December 31, 2019						2020**(b)**			2019(b)
Term loans			2.07		%				1.87		%				7,641			8,078
Senior notes with maturities of 5 years or less, at face value			3.41		%				3.29		%				19,190			26,378
Senior notes with maturities between 5 and 10 years, at face value			3.47		%				3.74		%				23,114			21,683
Senior notes with maturities greater than 10 years, at face value			4.03		%				4.54		%				54,203			46,653
Other, including finance lease obligations															1,261			1,098
Debt issuance costs, premiums, discounts, fair value adjustments for acquisition accounting and hedged positions, net(a)															(1,649)			(1,673)
Total debt			3.60		%	(a)			3.78		%	(a)			103,760			102,217
Less: Current portion															3,146			4,452
Long-term debt															$	100,614		$	97,765

(a)Includes the effects of our derivative financial instruments.

(b)As of December 31, 2020, included in our outstanding debt were foreign currency denominated borrowings with principal amounts of £4.7 billion, €7.3 billion, ¥238.5 billion and ¥16.4 billion RMB. As of December 31, 2019, included in our outstanding debt were foreign currency denominated borrowings with principal amounts of £4.9 billion, €4.9 billion, ¥267 billion and ¥9 billion RMB.

Our senior notes are unsubordinated and unsecured obligations and are subject to parent and/or subsidiary guarantees. As of December 31, 2020 and 2019, our debt had an estimated fair value of $125.6 billion and $115.8 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.

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Principal Maturities of Debt
(in millions)
2021			$	3,133
2022			$	4,028
2023			$	3,925
2024			$	6,746
2025			$	6,953
Thereafter			$	80,624

We use cross-currency swaps as cash flow hedges for foreign currency denominated debt obligations when those obligations are denominated in a currency other than the functional currency. Cross-currency swaps effectively convert foreign currency denominated debt to debt denominated in the functional currency, which hedge currency exchange risks associated with foreign currency denominated cash flows such as interest and principal debt repayments. As of December 31, 2020 and 2019, we had cross-currency swaps designated as cash flow hedges on $1.7 billion and $3.7 billion of our foreign currency denominated debt, respectively. As of December 31, 2020 and 2019, the aggregate estimated fair values of cross-currency swaps designated as cash flow hedges were a net liability of $45 million and a net asset of $373 million, 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. Transaction gains and losses resulting from currency movements on debt and changes in 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). As of December 31, 2020 and 2019, the amount of our net investment in foreign subsidiaries hedged using foreign currency denominated debt was $10.3 billion and $9.2 billion, respectively, and the amount of our net investment in foreign subsidiaries hedged using cross-currency swaps was $4.0 billion and $4.8 billion, respectively. As of December 31, 2020 and 2019, the aggregate estimated fair value of these cross-currency swaps was a net liability of $376 million and $373 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 losses of $686 million in 2020, gains of $343 million in 2019 and losses of $3 million in 2018.

Revolving Credit Facilities and Commercial Paper Programs

As of December 31, 2020, we had $9.2 billion of revolving credit facilities due 2022 with a syndicate of banks that may be used for general corporate purposes. In June 2019, we amended the terms of our revolving credit facilities to extend their expiration dates from May 26, 2021 to May 26, 2022. We may increase the commitment under the revolving credit facilities up to a total of $12 billion, as well as extend the expiration dates to no later than 2023, subject to approval of the lenders. The interest rates on the revolving credit facilities consist of a base rate plus a borrowing margin that is determined based on Comcast’s credit rating. As of December 31, 2020, the borrowing margin for borrowings based on the London Interbank Offered Rate was 1.00%. Our revolving credit facilities require that we maintain certain financial ratios based on debt and EBITDA, as defined in the revolving credit facilities. We were in compliance with all financial covenants for all periods presented.

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

As of December 31, 2020 and 2019, we had no borrowings outstanding under our commercial paper programs or revolving credit facilities. As of December 31, 2020, amounts available under our revolving credit facilities, net of amounts outstanding under our commercial paper programs and outstanding letters of credit and bank guarantees, totaled $9.2 billion.

Letters of Credit and Bank Guarantees

As of December 31, 2020, we and certain of our subsidiaries had undrawn irrevocable standby letters of credit and bank guarantees totaling $320 million to cover potential fundings under various agreements.

Note 7: Significant Transactions

Sky Transaction

In the fourth quarter of 2018, we acquired Sky for £17.28 per Sky share and total cash consideration of £30.2 billion (approximately $39.4 billion using the exchange rates on the purchase dates). We financed the acquisition through a combination of fixed and floating rate senior notes, the issuance of term loans and cash on hand.

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Acquisition-Related Costs

As a result of the Sky transaction, we incurred expenses in 2018 related to legal, accounting, valuation and other professional services, which are reflected in other operating and administrative expenses. We also incurred certain financing costs associated with our borrowings, which are reflected in interest expense. The table below presents the amounts related to these expenses included in our consolidated statement of income. The amounts below do not reflect the costs of any integration activities or costs related to synergies that may be achieved as a result of the acquisition.

(in millions)			Year ended December 31, 2018
Other operating and administrative expenses			$	339
Interest expense			$	63

Unaudited Pro Forma Information

The following unaudited pro forma information has been presented as if the Sky transaction occurred on January 1, 2017. This information is based on historical results of operations, adjusted for allocation of purchase price and other acquisition accounting adjustments, and is not necessarily indicative of what the results would have been had we operated the business since January 1, 2017. For pro forma purposes, 2018 earnings were adjusted to exclude acquisition-related costs noted above. No pro forma adjustments have been made for cost savings or synergies that have been or may be achieved by the combined businesses. The years ended December 31, 2020 and 2019 are not presented as Sky is included in the consolidated results for those periods.

Year ended December 31 (in millions, except per share data)			2018
Revenue			$	109,518
Net income attributable to Comcast Corporation			$	12,176
Basic earnings per common share attributable to Comcast Corporation shareholders			$	2.66
Diluted earnings per common share attributable to Comcast Corporation shareholders			$	2.62

Universal Beijing Resort

In 2018, we entered into an agreement with a consortium of Chinese state-owned companies to build and operate Universal Beijing Resort, a theme park and resort in Beijing, China. 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 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, 2020, Universal Beijing Resort had $2.5 billion principal amount of a term loan outstanding under the debt 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. Our consolidated statement 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.

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, 2020, our consolidated balance sheet included assets, primarily property and equipment, and liabilities, including the term loan, of Universal Beijing Resort totaling $5.1 billion and $3.6 billion, respectively.

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Note 8: Recent Accounting Pronouncements

Film and Television Content

In March 2019, the Financial Accounting Standards Board (“FASB”) updated the accounting guidance related to film and television content. The updated guidance aligned the accounting for production costs of owned episodic television series with those of films, allowing for costs to be capitalized in excess of amounts of revenue contracted for each episode. The guidance also updated certain presentation and disclosure requirements for capitalized film and television content, and when content is predominantly monetized with other owned or licensed content the guidance requires impairment testing for capitalized film and television content to be performed at a film group level and amortization to be based on usage. We adopted the updated guidance on January 1, 2020 on a prospective basis and as a result, prior period amounts were not adjusted.

Following the adoption, we now present all capitalized film and television content, including licensed content and sports advances previously classified as current programming rights, as noncurrent film and television costs in the consolidated balance sheet. The adoption of the updated accounting guidance did not have a material impact on our consolidated results of operations or financial position. See Note 4 for further information.

Credit Losses

In June 2016, the FASB updated the accounting guidance related to the measurement of credit losses on financial instruments, including trade receivables and loans. The updated guidance requires the recognition of credit losses on financial instruments based on an estimate of expected losses, replacing the incurred loss model in the prior guidance. We adopted the updated guidance on January 1, 2020 on a prospective basis, recording $124 million, net of tax, as a cumulative effect adjustment to retained earnings and as a result, prior period amounts were not adjusted. The adoption of the updated accounting guidance did not have a material impact on our consolidated results of operations or financial position for any periods presented.

Note 9: Investments

Investment and Other Income (Loss), Net
Year ended December 31 (in millions)			2020						2019						2018
Equity in net income (losses) of investees, net			$	(113)					$	(505)					$	(364)
Realized and unrealized gains (losses) on equity securities, net			1,014						656						(187)
Other income (loss), net			259						287						326
Investment and other income (loss), net			$	1,160					$	438					$	(225)

The amount of unrealized gains (losses) recognized in 2020, 2019 and 2018 that related to marketable and nonmarketable equity securities still held as of the end of each reporting period was $339 million, $237 million and $(200) million, respectively.

Investments
December 31 (in millions)			2020						2019
Equity method			$	6,006					$	5,347
Marketable equity securities			460						353
Nonmarketable equity securities			1,950						1,896
Other investments			143						1,796
Total investments			8,559						9,392
Less: Current investments			292						1,709
Less: Investment securing collateralized obligation			447						694
Noncurrent investments			$	7,820					$	6,989

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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 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.

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 $45 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. 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 $1.3 billion as of December 31, 2020.

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 2020, 2019 and 2018, we made cash capital contributions totaling $383 million, $571 million and $282 million, respectively, to Atairos. As of December 31, 2020 and 2019, our investment was $3.9 billion and $3.2 billion, respectively.

In April 2018, we sold a controlling interest in our arena management-related businesses to Atairos and received as consideration additional equity interests in Atairos. In connection with the sale of the businesses, we recognized a pre-tax gain of $200 million in other operating gains.

Hulu and Collateralized Obligation

In May 2019, we entered into a series of agreements (the “Hulu Transaction”) 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. We also acquired our proportionate share of the approximate 10% interest in Hulu previously held by AT&T for approximately $477 million, increasing our ownership interest to approximately 33% from approximately 30%.

Following the Hulu Transaction, future capital calls are limited to $1.5 billion in the aggregate each year, with any excess funding requirements funded with member loans. We have the right, but not the obligation, to fund our proportionate share of these capital calls, and if we elect not to fund our share of future equity capital calls, our ownership interest will be diluted, subject to an ownership floor of 21%. The Hulu Transaction agreements include put and call provisions regarding our

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ownership interest in Hulu, pursuant to which, as early as January 2024, we can require Disney to buy, and Disney can 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. The minimum total equity value and ownership floor guarantee minimum proceeds of approximately $5.8 billion upon exercise of the put or call.

In connection with the Hulu Transaction, we agreed to extend certain licenses of NBCUniversal content until late 2024. We can terminate most of our content license agreements with Hulu beginning in 2022, and beginning in 2020, we have the right to modify certain content licenses that are currently exclusive to Hulu, so that we can exhibit the content on our platforms in return for reducing the license fee.

In August 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 due March 2024. The principal amount of the term loan is secured by the proceeds guaranteed by Disney under the put/call provisions related to our investment in Hulu. The proceeds from the put/call provisions are available only for the repayment of the term loan and are not available to us unless and until the bank lenders are fully paid under the term loan provisions. The bank lenders have no rights to proceeds from the put/call provisions in excess of amounts owed under the term loan. As a result of this transaction, we now present our investment in Hulu and the term loan separately in our consolidated balance sheet in the captions “investment securing collateralized obligation” and “collateralized obligation”, respectively. The recorded value of our investment reflects our historical cost in applying the equity method, and as a result, is less than its fair value. As of December 31, 2020, our collateralized obligation had both a carrying value and estimated fair value of $5.2 billion. The estimated fair value was based on Level 2 inputs that use interest rates for debt with similar terms and remaining maturities.

Marketable Equity Securities

We classify investments with readily determinable fair values that are not accounted for under the equity method as marketable equity securities. 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 apply the measurement alternative, adjusting the investments for observable price changes of identical or similar investments of the same issuer, to a majority of 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

AirTouch

During the second quarter of 2020, Verizon Americas, Inc., formerly known as AirTouch Communications, Inc. (“AirTouch”), redeemed the two series of preferred stock held by the Company and we received cash payments totaling $1.7 billion. As of December 31, 2019, our investment in AirTouch was $1.6 billion, and was included in other current assets.

During the second quarter of 2020, we redeemed and repurchased the related three series of preferred shares issued by one of our consolidated subsidiaries and made cash payments totaling $1.8 billion. As of December 31, 2019, the two series of redeemable subsidiary preferred shares and the one series of nonredeemable subsidiary preferred shares were recorded at $1.7 billion and $100 million, respectively, and were included in other current liabilities and in noncontrolling interests, respectively, in our consolidated balance sheet.

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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, 2020						2020						2019
Distribution systems			11 years						$	40,861					$	40,639
Customer premise equipment			6 years						26,323						26,065
Buildings, theme park infrastructure and leasehold improvements			31 years						15,885						15,104
Other equipment			9 years						14,371						13,025
Construction in process			N/A						7,095						5,245
Land			N/A						1,848						1,483
Property and equipment, at cost									106,383						101,561
Less: Accumulated depreciation									54,388						53,239
Property and equipment, net									$	51,995					$	48,322

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 statement of cash flows.

Cable Communications capitalizes the costs associated with the construction of and improvements to our cable transmission and distribution facilities, 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.

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Note 11: Goodwill and Intangible Assets

Goodwill
						NBCUniversal
(in millions)			Cable Communications			Cable Networks			Broadcast Television			Filmed Entertainment			Theme Parks			Sky			Corporate and Other			Total
Balance, December 31, 2018			$	12,784		$	13,407		$	843		$	3,184		$	6,684		$	29,250		$	2		$	66,154
Acquisitions			86			162			14			—			—			17			—			279
Dispositions			—			—			—			—			—			(12)			—			(12)
Adjustments(a)			2,166			490			199			138			—			(1,616)			2			1,379
Foreign currency translation			38			8			3			(1)			55			822			—			925
Balance, December 31, 2019			15,074			14,067			1,059			3,321			6,739			28,461			4			68,725
Acquisitions			122			—			—			27			—			—			—			149
Dispositions			—			—			—			—			—			—			(4)			(4)
Adjustments			(5)			(85)			—			—			—			(8)			2			(96)
Foreign currency translation			73			12			3			(4)			314			1,497			—			1,895
Balance, December 31, 2020			$	15,264		$	13,994		$	1,062		$	3,344		$	7,053		$	29,950		$	2		$	70,669

(a)Adjustments in 2019 primarily included 1) measurement period adjustments resulting from finalization of acquisition accounting for Sky and 2) the final assignment of goodwill resulting from the Sky transaction to our reporting units.

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. We have not recognized any material impairment charges.

Intangible Assets
						2020						2019
December 31 (in millions)			Weighted-Average Original Useful Life as of December 31, 2020			Gross Carrying Amount			Accumulated Amortization			Gross Carrying Amount			Accumulated Amortization
Indefinite-Lived Intangible Assets:
Franchise rights			N/A			$	59,365					$	59,365
Trade names			N/A			—						8,809
FCC licenses			N/A			2,804						2,337
Finite-Lived Intangible Assets:
Customer relationships			14 years			22,197			$	(8,914)		22,884			$	(8,295)
Software			5 years			17,819			(9,518)			15,357			(7,287)
Other agreements and rights			28 years			12,394			(1,393)			3,958			(1,635)
Total						$	114,579		$	(19,825)		$	112,710		$	(17,217)

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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 which 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 statement 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. Our three Cable Communications divisions represent the unit of account we use to test for impairment of our cable franchise rights. 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 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 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. 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)
2021			$	4,589
2022			$	4,087
2023			$	3,472
2024			$	2,774
2025			$	2,412

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 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.

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Note 12: Employee Benefit Plans

Deferred Compensation Plans

Year ended December 31 (in millions)			2020			2019			2018
Benefit obligation			$	3,648		$	3,273		$	2,885
Interest expense			$	293		$	285		$	222

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, 2020 and 2019, the cash surrender value of these policies, which is recorded to other noncurrent assets, net, was $481 million and $423 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 2020, 2019 and 2018, expenses related to these plans totaled $599 million, $573 million and $546 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. In 2020, 2019 and 2018, the total contributions we made to multiemployer benefit plans were not material.

Note 13: 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, 2017			4,635												9
Stock compensation plans			15												—
Repurchases and retirements of common stock			(140)												—
Employee stock purchase plans			7												—
Balance, December 31, 2018			4,517												9
Stock compensation plans			21												—
Employee stock purchase plans			6												—
Balance, December 31, 2019			4,544												9
Stock compensation plans			20												—
Employee stock purchase plans			7												—
Balance, December 31, 2020			4,571												9

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Weighted-Average Common Shares Outstanding
Year ended December 31 (in millions)			2020			2019			2018
Weighted-average number of common shares outstanding – basic			4,574			4,548			4,584
Effect of dilutive securities			50			62			56
Weighted-average number of common shares outstanding – diluted			4,624			4,610			4,640

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. The amount of potential common shares related to our share-based compensation plans that were excluded from diluted EPS because their effect would have been antidilutive was not material in any of the periods presented.

Accumulated Other Comprehensive Income (Loss)
December 31 (in millions)			2020						2019
Cumulative translation adjustments			$	1,790					$	637
Deferred gains (losses) on cash flow hedges			(109)						139
Unrecognized gains (losses) on employee benefit obligations and other			203						271
Accumulated other comprehensive income (loss), net of deferred taxes			$	1,884					$	1,047

Note 14: Share-Based Compensation

The tables below provide information on our share-based compensation.

Recognized Share-Based Compensation Expense
Year ended December 31 (in millions)			2020						2019						2018
Restricted share units			$	628					$	564					$	402
Stock options			294						231						205
Employee stock purchase plans			38						30						32
Total			$	960					$	825					$	639

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, 2020, 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, 2020, unless otherwise stated (in millions, except per share data)			Stock Options						RSUs
Awards granted during 2020			61						18
Weighted-average exercise price of awards granted during 2020			$	42.42
Stock options outstanding and nonvested RSUs			210						49
Weighted-average exercise price of stock options outstanding			$	35.94
Weighted-average fair value at grant date of nonvested RSUs									$	38.87

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.

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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			2020						2019						2018
RSUs fair value			$	41.71					$	40.42					$	35.56
Stock options fair value			$	6.61					$	7.91					$	7.14
Stock Option Valuation Assumptions:
Dividend yield			2.2		%				2.1		%				2.1		%
Expected volatility			21.0		%				22.0		%				22.0		%
Risk-free interest rate			1.0		%				2.5		%				2.7		%
Expected option life (in years)			6.0						6.0						6.0

As of December 31, 2020, we had unrecognized pretax compensation expense of $1.2 billion related to nonvested RSUs and unrecognized pretax compensation expense of $560 million related to nonvested stock options that will be recognized over a weighted-average period of approximately 1.5 years and 1.7 years, respectively. In 2020, 2019, and 2018, we recognized $150 million, $196 million and $75 million, respectively, as a reduction to income tax expense as a result of excess tax benefits associated with our share-based compensation plans.

Note 15: Supplemental Financial Information

Cash Payments for Interest and Income Taxes
Year ended December 31 (in millions)			2020			2019			2018
Interest			$	3,878		$	4,254		$	2,897
Income taxes			$	3,183		$	3,231		$	2,355

Noncash Activities

During 2020:

• we acquired $1.9 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 $0.23 per common share paid in January 2021

During 2019:

• we acquired $1.9 billion of property and equipment and intangible assets that were accrued but unpaid

• we recorded a liability of $956 million for a quarterly cash dividend of $0.21 per common share paid in January 2020

During 2018:

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

• we recorded a liability of $860 million for a quarterly cash dividend of $0.19 per common share paid in January 2019

• we received noncash contributions from noncontrolling interests totaling $391 million related to Universal Beijing Resort (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)			2020			2019
Cash and cash equivalents			$	11,740		$	5,500
Restricted cash included in other current assets			14			42
Restricted cash included in other noncurrent assets, net			14			47
Cash, cash equivalents and restricted cash, end of year			$	11,768		$	5,589

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.

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Note 16: 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 utilize 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. Lease expense for operating leases recorded in the balance sheet is included in operating costs and expenses and 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. Operating lease expenses, inclusive of short-term and variable lease expenses, recognized in our consolidated statement of income for both the periods ended December 31, 2020 and 2019 was $1.1 billion. These amounts do not include lease costs associated with production activities or other amounts capitalized in our consolidated balance sheet, which are not material.

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

Consolidated Balance Sheet

(in millions)			December 31, 2020						December 31, 2019
Other noncurrent assets, net			$	3,784					$	4,038
Accrued expenses and other current liabilities			$	718					$	715
Other noncurrent liabilities			$	3,740					$	3,891

The table below summarizes our future minimum lease commitments for operating leases as of December 31, 2020.

(in millions)						December 31, 2020
2021						$	873
2022						778
2023						683
2024						560
2025						444
Thereafter						2,043
Total future minimum lease payments						5,381
Less: imputed interest						923
Total liability						$	4,458

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, 2020 were 9 years and 3.58%, respectively, and as of December 31, 2019 were 10 years and 3.74%, respectively.

In 2020 and 2019, cash payments for operating leases recorded in the consolidated balance sheet were $936 million and $914 million, respectively. Lease assets and liabilities associated with leases entered into during the year were not material.

Our 2018 rent expense for operating leases using the accounting guidance in effect at that time was $779 million.

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,

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2020, 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.

Redeemable Subsidiary Preferred Stock

NBCUniversal Enterprise is a holding company that we control and consolidate whose principal assets are its indirect interests in NBCUniversal. The holders of the Series A cumulative preferred stock of NBCUniversal Enterprise have the right to cause NBCUniversal Enterprise to redeem their shares at a price equal to the $725 million aggregate liquidation preference plus accrued but unpaid dividends for a 30 day period beginning March 19, 2020 and thereafter on every third anniversary of such date (each such date, a “put date”). The NBCUniversal Enterprise preferred stock pays dividends at a fixed rate of 5.25% per year. Shares of preferred stock can be called for redemption by NBCUniversal Enterprise at a price equal to the liquidation preference plus accrued but unpaid dividends one year following the put date applicable to such shares. Because certain of these redemption provisions are outside of our control, the NBCUniversal Enterprise preferred stock is presented outside of equity under the caption “redeemable noncontrolling interests and redeemable subsidiary preferred stock” in our consolidated balance sheet. Its initial value was based on the liquidation preference of the preferred stock and is adjusted for accrued but unpaid dividends. As of December 31, 2020 and 2019, the fair value of the NBCUniversal Enterprise redeemable subsidiary preferred stock was $731 million and $749 million, respectively. The estimated fair values are based on Level 2 inputs that use pricing models whose inputs are derived primarily from or corroborated by observable market data through correlation or other means for substantially the full term of the financial instrument.

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 actions is not expected to materially affect our results of operations, cash flows or financial position, any litigation resulting from any such legal proceedings or claims could be time-consuming and injure our reputation.

Note 17: Quarterly Financial Information (Unaudited)

(in millions, except per share data)			First Quarter			Second Quarter			Third Quarter			Fourth Quarter			Total Year
2020
Revenue			$	26,609		$	23,715		$	25,532		$	27,708		$	103,564
Operating income			$	4,852		$	4,647		$	4,076		$	3,918		$	17,493
Net income attributable to Comcast Corporation			$	2,147		$	2,988		$	2,019		$	3,380		$	10,534
Basic earnings per common share attributable to Comcast Corporation shareholders			$	0.47		$	0.65		$	0.44		$	0.74		$	2.30
Diluted earnings per common share attributable to Comcast Corporation shareholders			$	0.46		$	0.65		$	0.44		$	0.73		$	2.28
Dividends declared per common share			$	0.23		$	0.23		$	0.23		$	0.23		$	0.92
2019
Revenue			$	26,859		$	26,858		$	26,827		$	28,398		$	108,942
Operating income			$	5,182		$	5,356		$	5,340		$	5,247		$	21,125
Net income attributable to Comcast Corporation			$	3,553		$	3,125		$	3,217		$	3,162		$	13,057
Basic earnings per common share attributable to Comcast Corporation shareholders			$	0.78		$	0.69		$	0.71		$	0.69		$	2.87
Diluted earnings per common share attributable to Comcast Corporation shareholders			$	0.77		$	0.68		$	0.70		$	0.68		$	2.83
Dividends declared per common share			$	0.21		$	0.21		$	0.21		$	0.21		$	0.84

Minor differences may exist due to rounding.

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