Comcast 10-Q 2024-03-31

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2024

Or

☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File Number			Exact Name of Registrant; State of Incorporation; Address and Telephone Number of Principal Executive Offices			I.R.S. Employer Identification No.
001-32871			COMCAST CORPORATION			27-0000798

Pennsylvania

One Comcast Center

Philadelphia, PA 19103-2838

(215) 286-1700

Securities registered pursuant to Section 12(b) of the Act:

Title of each class						Trading Symbol(s)						Name of each exchange on which registered
Class A Common Stock, $0.01 par value						CMCSA						The Nasdaq Stock Market LLC
0.000% Notes due 2026						CMCS26						The Nasdaq Stock Market LLC
0.250% Notes due 2027						CMCS27						The Nasdaq Stock Market LLC
1.500% Notes due 2029						CMCS29						The Nasdaq Stock Market LLC
0.250% Notes due 2029						CMCS29A						The Nasdaq Stock Market LLC
0.750% Notes due 2032						CMCS32						The Nasdaq Stock Market LLC
1.875% Notes due 2036						CMCS36						The Nasdaq Stock Market LLC
1.250% Notes due 2040						CMCS40						The Nasdaq Stock Market LLC
5.50% Notes due 2029						CCGBP29						New York Stock Exchange
2.0% Exchangeable Subordinated Debentures due 2029						CCZ						New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding twelve months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer			☒			Accelerated filer			☐			Non-accelerated filer			☐			Smaller reporting company			☐			Emerging growth company			☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date:

As of April 15, 2024, there were 3,914,181,673 shares of Comcast Corporation Class A common stock and 9,444,375 shares of Class B common stock outstanding.

TABLE OF CONTENTS

						Page Number
PART I. FINANCIAL INFORMATION
Item 1.			Financial Statements			1
			Condensed Consolidated Statements of Income (Unaudited)			1
			Condensed Consolidated Statements of Comprehensive Income (Unaudited)			2
			Condensed Consolidated Statements of Cash Flows (Unaudited)			3
			Condensed Consolidated Balance Sheets (Unaudited)			4
			Condensed Consolidated Statements of Changes in Equity (Unaudited)			5
			Notes to Condensed Consolidated Financial Statements (Unaudited)			6
			Note 1: Condensed Consolidated Financial Statements			6
			Note 2: Segment Information			6
			Note 3: Revenue			8
			Note 4: Programming and Production Costs			9
			Note 5: Debt			9
			Note 6: Investments and Variable Interest Entities			9
			Note 7: Equity and Share-Based Compensation			11
			Note 8: Supplemental Financial Information			11
			Note 9: Commitments and Contingencies			12
Item 2.			Management’s Discussion and Analysis of Financial Condition and Results of Operations			13
Item 3.			Quantitative and Qualitative Disclosures About Market Risk			28
Item 4.			Controls and Procedures			28
PART II. OTHER INFORMATION
Item 1.			Legal Proceedings			29
Item 1A.			Risk Factors			29
Item 2.			Unregistered Sales of Equity Securities and Use of Proceeds			29
Item 6.			Exhibits			29
SIGNATURES						30

Explanatory Note

This Quarterly Report on Form 10-Q is for the three months ended March 31, 2024. This Quarterly Report on Form 10-Q modifies and supersedes documents filed before it. The U.S. Securities and Exchange Commission (“SEC”) allows us to “incorporate by reference” information that we file with it, which means that we can disclose important information to you by referring you directly to those documents. Information incorporated by reference is considered to be part of this Quarterly Report on Form 10-Q. In addition, information that we file with the SEC in the future will automatically update and supersede information contained in this Quarterly Report on Form 10-Q. Unless indicated otherwise, throughout this Quarterly Report on Form 10-Q, we refer to Comcast and its consolidated subsidiaries as “Comcast,” “we,” “us” and “our.”

Numerical information in this report is presented on a rounded basis using actual amounts. Minor differences in totals and percentage calculations may exist due to rounding.

CAUTION CONCERNING FORWARD-LOOKING STATEMENTS

This Quarterly Report on Form 10-Q includes statements that may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements are not historical facts or statements of current conditions, but instead represent only our beliefs regarding future events, many of which, by their nature, are inherently uncertain and outside of our control. These may include estimates, projections and statements relating to our business plans, objectives and expected operating results, which are based on current expectations and assumptions that are subject to risks and uncertainties that may cause actual results to differ materially. These forward-looking statements are generally identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “potential,” “strategy,” “future,” “opportunity,” “commit,” “plan,” “goal,” “may,” “should,” “could,” “will,” “would,” “will be,” “will continue,” “will likely result” and similar expressions. In evaluating forward-looking statements, you should consider various factors, including the risks and uncertainties we describe in the “Risk Factors” sections of our Forms 10-K and 10-Q and in other reports we file with the SEC.

Any of these factors could cause our actual results to differ materially from those expressed or implied by our forward-looking statements, which could adversely affect our businesses, results of operations or financial condition. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date they are made. We undertake no obligation to update or revise publicly any forward-looking statements, whether because of new information, future events or otherwise.

Our businesses may be affected by, among other things, the following:

• our businesses operate in highly competitive and dynamic industries, and our businesses and results of operations could be adversely affected if we do not compete effectively

• changes in consumer behavior continue to adversely affect our businesses and challenge existing business models

• a decline in advertisers’ expenditures or changes in advertising markets could negatively impact our businesses

• our success depends on consumer acceptance of our content, and our businesses may be adversely affected if our content fails to achieve sufficient consumer acceptance

• programming expenses for our video services are increasing on a per subscriber basis, which could adversely affect our video businesses

• the loss of programming distribution agreements, or the renewal of these agreements on less favorable terms, could adversely affect our businesses

• our businesses depend on using and protecting certain intellectual property rights and on not infringing the intellectual property rights of others

• we may be unable to obtain necessary hardware, software and operational support

• our businesses depend on keeping pace with technological developments

• a cyber attack, information or security breach, or technology disruption or failure may negatively impact our ability to conduct our business or result in the misuse of confidential information, all of which could adversely affect our business, reputation and results of operations

• weak economic conditions may have a negative impact on our businesses

• acquisitions and other strategic initiatives present many risks, and we may not realize the financial and strategic goals that we had contemplated

• we face risks relating to doing business internationally that could adversely affect our businesses

• natural disasters, severe weather and other uncontrollable events could adversely affect our business, reputation and results of operations

• the loss of key management personnel or popular on-air and creative talent could have an adverse effect on our businesses

• labor disputes, whether involving employees or sports organizations, may disrupt our operations and adversely affect our businesses

• we are subject to regulation by federal, state, local and foreign authorities, which impose additional costs and restrictions on our businesses

• unfavorable litigation or governmental investigation results could require us to pay significant amounts or lead to onerous operating procedures

• our Class B common stock has substantial voting rights and separate approval rights over several potentially material transactions, and our Chairman and CEO has considerable influence over our company through his beneficial ownership of our Class B common stock

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PART I: FINANCIAL INFORMATION

Comcast Corporation

Condensed Consolidated Statements of Income

(Unaudited)

			Three Months Ended March 31,
(in millions, except per share data)			2024						2023
Revenue			$	30,058					$	29,691
Costs and Expenses:
Programming and production			8,823						9,004
Marketing and promotion			2,018						1,963
Other operating and administrative			9,857						9,301
Depreciation			2,175						2,264
Amortization			1,376						1,513
Total costs and expenses			24,248						24,045
Operating income			5,810						5,646
Interest expense			(1,002)						(1,010)
Investment and other income (loss), net			298						607
Income before income taxes			5,105						5,243
Income tax expense			(1,328)						(1,476)
Net income			3,777						3,767
Less: Net income (loss) attributable to noncontrolling interests			(79)						(67)
Net income attributable to Comcast Corporation			$	3,857					$	3,834
Basic earnings per common share attributable to Comcast Corporation shareholders			$	0.97					$	0.91
Diluted earnings per common share attributable to Comcast Corporation shareholders			$	0.97					$	0.91

See accompanying notes to condensed consolidated financial statements.

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Comcast Corporation

Condensed Consolidated Statements of Comprehensive Income

(Unaudited)

									Three Months Ended March 31,
(in millions)															2024						2023
Net income															$	3,777					$	3,767
Other comprehensive income (loss), net of tax (expense) benefit:
Currency translation adjustments, net of deferred taxes of $(21) and $(2)															(436)						778
Cash flow hedges:
Deferred gains (losses), net of deferred taxes of $(1) and $9															19						(14)
Realized (gains) losses reclassified to net income, net of deferred taxes of $(1) and $8															1						(47)
Employee benefit obligations and other, net of deferred taxes of $5 and $1															(24)						(6)
Other comprehensive income (loss)															(440)						711
Comprehensive income															3,337						4,478
Less: Net income (loss) attributable to noncontrolling interests															(79)						(67)
Less: Other comprehensive income (loss) attributable to noncontrolling interests															(13)						(3)
Comprehensive income attributable to Comcast Corporation															$	3,429					$	4,547

See accompanying notes to condensed consolidated financial statements.

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Comcast Corporation

Condensed Consolidated Statements of Cash Flows

(Unaudited)

			Three Months Ended March 31,
(in millions)			2024						2023
Operating Activities
Net income			$	3,777					$	3,767
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization			3,551						3,777
Share-based compensation			373						359
Noncash interest expense (income), net			103						78
Net (gain) loss on investment activity and other			(164)						(517)
Deferred income taxes			(17)						82
Changes in operating assets and liabilities, net of effects of acquisitions and divestitures:
Current and noncurrent receivables, net			643						363
Film and television costs, net			124						13
Accounts payable and accrued expenses related to trade creditors			(446)						(651)
Other operating assets and liabilities			(97)						(43)
Net cash provided by operating activities			7,848						7,228
Investing Activities
Capital expenditures			(2,630)						(2,664)
Cash paid for intangible assets			(679)						(765)
Construction of Universal Beijing Resort			(108)						(87)
Proceeds from sales of businesses and investments			274						343
Purchases of investments			(404)						(149)
Other			35						(48)
Net cash provided by (used in) investing activities			(3,511)						(3,370)
Financing Activities
Proceeds from (repayments of) short-term borrowings, net			—						(660)
Proceeds from borrowings			26						1,059
Repurchases and repayments of debt			(289)						(49)
Repurchases of common stock under repurchase program and employee plans			(2,664)						(2,176)
Dividends paid			(1,193)						(1,174)
Other			97						(82)
Net cash provided by (used in) financing activities			(4,023)						(3,082)
Impact of foreign currency on cash, cash equivalents and restricted cash			(10)						20
Increase (decrease) in cash, cash equivalents and restricted cash			304						796
Cash, cash equivalents and restricted cash, beginning of period			6,282						4,782
Cash, cash equivalents and restricted cash, end of period			$	6,586					$	5,577

See accompanying notes to condensed consolidated financial statements.

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Comcast Corporation

Condensed Consolidated Balance Sheets

(Unaudited)

(in millions, except share data)			March 31, 2024						December 31, 2023
Assets
Current Assets:
Cash and cash equivalents			$	6,515					$	6,215
Receivables, net			13,144						13,813
Other current assets			4,319						3,959
Total current assets			23,978						23,987
Film and television costs			12,757						12,920
Investments			9,548						9,385
Property and equipment, net of accumulated depreciation of $59,163 and $58,701			59,918						59,686
Goodwill			58,668						59,268
Franchise rights			59,365						59,365
Other intangible assets, net of accumulated amortization of $31,023 and $30,290			27,063						27,867
Other noncurrent assets, net			12,304						12,333
Total assets			$	263,601					$	264,811
Liabilities and Equity
Current Liabilities:
Accounts payable and accrued expenses related to trade creditors			$	11,792					$	12,437
Accrued participations and residuals			1,583						1,671
Deferred revenue			3,446						3,242
Accrued expenses and other current liabilities			11,834						11,613
Current portion of debt			2,502						2,069
Advance on sale of investment			9,167						9,167
Total current liabilities			40,324						40,198
Noncurrent portion of debt			94,071						95,021
Deferred income taxes			25,978						26,003
Other noncurrent liabilities			19,935						20,122
Commitments and contingencies
Redeemable noncontrolling interests			243						241
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, 4,798,654,750 and 4,842,108,959; outstanding, 3,925,863,722 and 3,969,317,931			48						48
Class B common stock, $0.01 par value—authorized, 75,000,000 shares; issued and outstanding, 9,444,375			—						—
Additional paid-in capital			38,274						38,533
Retained earnings			53,425						52,892
Treasury stock, 872,791,028 Class A common shares			(7,517)						(7,517)
Accumulated other comprehensive income (loss)			(1,680)						(1,253)
Total Comcast Corporation shareholders’ equity			82,549						82,703
Noncontrolling interests			500						523
Total equity			83,049						83,226
Total liabilities and equity			$	263,601					$	264,811

See accompanying notes to condensed consolidated financial statements.

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Comcast Corporation

Condensed Consolidated Statements of Changes in Equity

(Unaudited)

									Three Months Ended March 31,
(in millions, except per share data)												2024						2023
Redeemable Noncontrolling Interests
Balance, beginning of period												$	241					$	411
Contributions from (distributions to) noncontrolling interests, net												(10)						(7)
Net income												12						17
Balance, end of period												$	243					$	422
Class A Common Stock
Balance, beginning of period												$	48					$	51
Repurchases of common stock under repurchase program and employee plans												—						—
Balance, end of period												$	48					$	50
Additional Paid-In Capital
Balance, beginning of period												$	38,533					$	39,412
Share-based compensation												323						293
Repurchases of common stock under repurchase program and employee plans												(645)						(521)
Issuances of common stock under employee plans												62						76
Other												1						2
Balance, end of period												$	38,274					$	39,262
Retained Earnings
Balance, beginning of period												$	52,892					$	51,609
Repurchases of common stock under repurchase program and employee plans												(2,082)						(1,688)
Dividends declared												(1,243)						(1,231)
Net income												3,857						3,834
Balance, end of period												$	53,425					$	52,524
Treasury Stock at Cost
Balance, beginning and end of period												$	(7,517)					$	(7,517)
Accumulated Other Comprehensive Income (Loss)
Balance, beginning of period												$	(1,253)					$	(2,611)
Other comprehensive income (loss)												(427)						713
Balance, end of period												$	(1,680)					$	(1,898)
Noncontrolling Interests
Balance, beginning of period												$	523					$	684
Other comprehensive income (loss)												(13)						(3)
Contributions from (distributions to) noncontrolling interests, net												81						15
Net income (loss)												(91)						(84)
Balance, end of period												$	500					$	612
Total equity												$	83,049					$	83,033
Cash dividends declared per common share												$	0.31					$	0.29

See accompanying notes to condensed consolidated financial statements.

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Comcast Corporation

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

Note 1: Condensed Consolidated Financial Statements

Basis of Presentation

We have prepared these unaudited condensed consolidated financial statements based on SEC rules that permit reduced disclosure for interim periods. These financial statements include all adjustments that are necessary for a fair presentation of our consolidated results of operations, cash flows and financial condition for the periods shown, including normal, recurring accruals and other items. The consolidated results of operations for the interim periods presented are not necessarily indicative of results for the full year.

The year-end condensed consolidated balance sheet was derived from audited financial statements but does not include all disclosures required by generally accepted accounting principles in the United States (“GAAP”). For a more complete discussion of our accounting policies and certain other information, refer to our consolidated financial statements included in our 2023 Annual Report on Form 10-K.

Recent Accounting Pronouncements

Segment Disclosures

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

Income Tax Disclosures

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

Note 2: Segment Information

We are a global media and technology company with two primary businesses: Connectivity & Platforms and Content & Experiences. We present the operations of (1) our Connectivity & Platforms business in two segments: Residential Connectivity & Platforms and Business Services Connectivity; and (2) our Content & Experiences business in three segments: Media, Studios and Theme Parks.

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

			Three Months Ended March 31,
			2024						2023
(in millions)			Revenue(a)			Adjusted EBITDA(b)			Revenue(a)			Adjusted EBITDA(b)
Connectivity & Platforms
Residential Connectivity & Platforms			$	17,868		$	6,852		$	17,869		$	6,762
Business Services Connectivity			2,407			1,366			2,283			1,332
Connectivity & Platforms			20,275			8,218			20,153			8,093
Content & Experiences
Media			6,371			827			6,152			880
Studios			2,743			244			2,956			277
Theme Parks			1,979			632			1,949			658
Headquarters and Other			12			(243)			19			(232)
Eliminations(a)			(731)			33			(817)			24
Content & Experiences			10,374			1,493			10,259			1,607
Corporate and Other			767			(329)			707			(288)
Eliminations(a)			(1,358)			(26)			(1,427)			3
Comcast Consolidated			$	30,058		$	9,355		$	29,691		$	9,415

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Comcast Corporation

(a)Included in Eliminations are transactions that our segments enter into with one another. The most significant of these transactions include distribution revenue in Media related to fees from Residential Connectivity & Platforms for the rights to distribute television programming and content licensing revenue in Studios for licenses of owned content to Media.

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

			Three Months Ended March 31,
(in millions)			2024						2023
Connectivity & Platforms
Residential Connectivity & Platforms			$	38					$	53
Business Services Connectivity			6						—
Content & Experiences
Media			1,149						1,167
Studios			838						962
Theme Parks			—						—
Headquarters and Other			8						8
Corporate and Other			51						54
Total intersegment revenue			$	2,089					$	2,244

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

			Three Months Ended March 31,
(in millions)			2024						2023
Adjusted EBITDA			$	9,355					$	9,415
Adjustments			6						8
Depreciation			(2,175)						(2,264)
Amortization			(1,376)						(1,513)
Interest expense			(1,002)						(1,010)
Investment and other income (loss), net			298						607
Income (loss) before income taxes			$	5,105					$	5,243

Adjustments represent the impact of certain events, gains, losses or other charges that are excluded from Adjusted EBITDA, including costs related to our investment portfolio.

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Comcast Corporation

Note 3: Revenue

									Three Months Ended March 31,
(in millions)															2024						2023
Domestic broadband															$	6,591					$	6,343
Domestic wireless															972						858
International connectivity															1,116						897
Total residential connectivity															8,679						8,099
Video															6,876						7,382
Advertising															951						907
Other															1,362						1,482
Total Residential Connectivity & Platforms															17,868						17,869
Total Business Services Connectivity															2,407						2,283
Total Connectivity & Platforms															20,275						20,153
Domestic advertising															2,025						2,025
Domestic distribution															2,906						2,709
International networks															1,021						1,008
Other															420						410
Total Media															6,371						6,152
Content licensing															2,101						2,344
Theatrical															330						319
Other															312						292
Total Studios															2,743						2,956
Total Theme Parks															1,979						1,949
Headquarters and Other															12						19
Eliminations(a)															(731)						(817)
Total Content & Experiences															10,374						10,259
Corporate and Other															767						707
Eliminations(a)															(1,358)						(1,427)
Total revenue															$	30,058					$	29,691

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

Condensed Consolidated Balance Sheets

(in millions)			March 31, 2024						December 31, 2023
Receivables, gross			$	13,860					$	14,511
Less: Allowance for credit losses			716						698
Receivables, net			$	13,144					$	13,813

The following table summarizes our other balances that are not separately presented in our condensed consolidated balance sheets that relate to the recognition of revenue and collection of the related cash.

(in millions)			March 31, 2024						December 31, 2023
Noncurrent receivables, net (included in other noncurrent assets, net)			$	1,899					$	1,914
Noncurrent deferred revenue (included in other noncurrent liabilities)			$	622					$	618

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Comcast Corporation

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

(in millions)			March 31, 2024						December 31, 2023
Receivables, net			$	1,708					$	1,695
Noncurrent receivables, net (included in other noncurrent assets, net)			1,201						1,223
Total			$	2,909					$	2,918

Note 4: Programming and Production Costs

									Three Months Ended March 31,
(in millions)															2024						2023
Video distribution programming															$	3,020					$	3,191
Film and television content:
Owned(a)															2,562						2,734
Licensed, including sports rights															2,924						2,732
Other															317						347
Total programming and production costs															$	8,823					$	9,004

(a) Amount includes amortization of owned content of $2.1 billion and $2.2 billion for the three months ended March 31, 2024 and 2023, respectively, as well as participations and residuals expenses.

Capitalized Film and Television Costs

(in millions)			March 31, 2024						December 31, 2023
Owned:
In production and in development			$	2,821					$	2,893
Completed, not released			383						317
Released, less amortization			4,188						4,340
			7,392						7,551
Licensed, including sports advances			5,365						5,369
Film and television costs			$	12,757					$	12,920

Note 5: Debt

As of March 31, 2024, our debt had a carrying value of $96.6 billion and an estimated fair value of $89.5 billion. As of December 31, 2023, our debt had a carrying value of $97.1 billion and an estimated fair value of $92.2 billion. 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.

Note 6: Investments and Variable Interest Entities

Investment and Other Income (Loss), Net

									Three Months Ended March 31,
(in millions)															2024						2023
Equity in net income (losses) of investees, net															$	158					$	485
Realized and unrealized gains (losses) on equity securities, net															(51)						(6)
Other income (loss), net															191						128
Investment and other income (loss), net															$	298					$	607

The amount of unrealized gains (losses), net recognized in the three months ended March 31, 2024 and 2023 that related to marketable and nonmarketable equity securities still held as of the end of each reporting period was $(70) million and $(24) million, respectively.

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Investments

(in millions)			March 31, 2024						December 31, 2023
Equity method			$	7,850					$	7,615
Marketable equity securities			56						39
Nonmarketable equity securities			1,410						1,482
Other investments			562						559
Total investments			9,878						9,694
Less: Current investments			330						310
Noncurrent investments			$	9,548					$	9,385

Equity Me****thod Investments

The amount of cash distributions received from equity method investments presented within operating activities in the condensed consolidated statements of cash flows in the three months ended March 31, 2024 and 2023 was $32 million and $20 million, respectively.

Atairos

Atairos is a variable interest entity (“VIE”) that 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. For the three months ended March 31, 2024 and 2023, we made cash capital contributions to Atairos totaling $13 million and $14 million, respectively. As of March 31, 2024 and December 31, 2023, our investment in Atairos, inclusive of certain distributions retained by Atairos on our behalf and classified as advances within other investments, was $5.7 billion and $5.5 billion, respectively. As of March 31, 2024, our remaining unfunded capital commitment was $1.4 billion.

Other Investments

Other investments also includes investments in certain short-term instruments, which totaled $259 million and $254 million as of March 31, 2024 and December 31, 2023, respectively. The carrying amounts of these investments approximate their fair values, which are primarily based on Level 2 inputs that use interest rates for instruments with similar terms and remaining maturities. Proceeds from short-term instruments for the three months ended March 31, 2024 and 2023 were $255 million and $304 million, respectively. Purchases of short-term instruments for the three months ended March 31, 2024 were $257 million. There were no purchases of short-term instruments for the three months ended March 31, 2023.

Consolidated Variable Interest Entity

Universal Beijing Resort

We own a 30% interest in a Universal theme park and resort in Beijing, China (“Universal Beijing Resort”). Universal Beijing Resort is a consolidated VIE with the remaining interest owned by a consortium of Chinese state-owned companies. The construction was funded through a combination of debt financing and equity contributions from the partners in accordance with their equity interests. As of March 31, 2024, Universal Beijing Resort had $3.5 billion of debt outstanding, including $3.1 billion principal amount of a term loan outstanding under the debt financing agreement. As of December 31, 2023, Universal Beijing Resort had $3.5 billion of debt outstanding, including $3.1 billion principal amount of a term loan outstanding under the debt financing agreement.

As of March 31, 2024, our condensed consolidated balance sheets included assets and liabilities of Universal Beijing Resort totaling $7.5 billion and $7.1 billion, respectively. As of December 31, 2023, our condensed consolidated balance sheets included assets and liabilities of Universal Beijing Resort totaling $7.8 billion and $7.2 billion, respectively. The assets and liabilities of Universal Beijing Resort primarily consist of property and equipment, operating lease assets and liabilities, and debt.

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Note 7: Equity and Share-Based Compensation

Weighted-Average Common Shares Outstanding

						Three Months Ended March 31,
(in millions)															2024						2023
Weighted-average number of common shares outstanding – basic															3,959						4,208
Effect of dilutive securities															34						19
Weighted-average number of common shares outstanding – diluted															3,992						4,227
Antidilutive securities															162						202

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. Antidilutive securities represent the number of potential common shares related to share-based compensation awards that were excluded from diluted EPS because their effect would have been antidilutive.

Accumulated Other Comprehensive Income (Loss)

(in millions)			March 31, 2024						December 31, 2023
Cumulative translation adjustments			$	(2,019)					$	(1,596)
Deferred gains (losses) on cash flow hedges			70						49
Unrecognized gains (losses) on employee benefit obligations and other			269						293
Accumulated other comprehensive income (loss), net of deferred taxes			$	(1,680)					$	(1,253)

Share-Based Compensation

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

In March 2024, we granted 31 million RSUs and 3 million stock options related to our annual management awards. The weighted-average fair values associated with these grants were $42.62 per RSU and $9.49 per stock option. During the three months ended March 31, 2024 and 2023, share-based compensation expense recognized in our condensed consolidated statements of income was $303 million and $295 million, respectively. As of March 31, 2024, we had unrecognized pretax compensation expense of $2.8 billion related to nonvested RSUs and nonvested stock options.

Note 8: Supplemental Financial Information

Cash Payments for Interest and Income Taxes

			Three Months Ended March 31,
(in millions)			2024						2023
Interest			$	731					$	766
Income taxes			$	349					$	148

Noncash Activities

During the three months ended March 31, 2024:

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

• we recorded a liability of $1.2 billion for a quarterly cash dividend of $0.31 per common share paid in April 2024

During the three months ended March 31, 2023:

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

• we recorded a liability of $1.2 billion for a quarterly cash dividend of $0.29 per common share paid in April 2023

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Cash, Cash Equivalents and Restricted Cash

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

(in millions)			March 31, 2024						December 31, 2023
Cash and cash equivalents			$	6,515					$	6,215
Restricted cash included in other current assets and other noncurrent assets, net			71						67
Cash, cash equivalents and restricted cash, end of period			$	6,586					$	6,282

Note 9: Commitments and Contingencies

Contingencies

We are subject to legal proceedings and claims that arise in the ordinary course of our business. While the amount of ultimate liability with respect to such proceedings and claims is not expected to materially affect our results of operations, cash flows or financial position, any such legal proceedings or claims could be time-consuming and injure our reputation.

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