Comcast 10-Q 2024-09-30

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 September 30, 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
3.250% Notes due 2032						CMCS32A						The Nasdaq Stock Market LLC
1.875% Notes due 2036						CMCS36						The Nasdaq Stock Market LLC
3.550% Notes due 2036						CMCS36A						The Nasdaq Stock Market LLC
1.250% Notes due 2040						CMCS40						The Nasdaq Stock Market LLC
5.250% Notes due 2040						CMCS40A						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 October 15, 2024, there were 3,817,095,628 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			7
			Note 3: Revenue			9
			Note 4: Programming and Production Costs			10
			Note 5: Debt			10
			Note 6: Investments and Variable Interest Entities			11
			Note 7: Equity and Share-Based Compensation			12
			Note 8: Supplemental Financial Information			13
			Note 9: Commitments and Contingencies			13
Item 2.			Management’s Discussion and Analysis of Financial Condition and Results of Operations			14
Item 3.			Quantitative and Qualitative Disclosures About Market Risk			31
Item 4.			Controls and Procedures			31
PART II. OTHER INFORMATION
Item 1.			Legal Proceedings			32
Item 1A.			Risk Factors			32
Item 2.			Unregistered Sales of Equity Securities and Use of Proceeds			32
Item 6.			Exhibits			32
SIGNATURES						33

Explanatory Note

This Quarterly Report on Form 10-Q is for the three and nine months ended September 30, 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 words such as “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

Table of Contents

PART I: FINANCIAL INFORMATION

Comcast Corporation

Condensed Consolidated Statements of Income

(Unaudited)

			Three Months Ended September 30,												Nine Months Ended September 30,
(in millions, except per share data)			2024						2023						2024						2023
Revenue			$	32,070					$	30,115					$	91,817					$	90,319
Costs and Expenses:
Programming and production			10,216						8,652						27,000						26,506
Marketing and promotion			1,989						1,866						5,929						5,929
Other operating and administrative			10,128						9,629						29,615						28,247
Depreciation			2,219						2,203						6,548						6,662
Amortization			1,659						1,290						4,421						4,146
Total costs and expenses			26,211						23,640						73,512						71,489
Operating income			5,859						6,475						18,304						18,830
Interest expense			(1,037)						(1,060)						(3,065)						(3,068)
Investment and other income (loss), net			(3)						50						(140)						672
Income before income taxes			4,819						5,465						15,099						16,434
Income tax expense			(1,243)						(1,468)						(3,906)						(4,481)
Net income			3,576						3,997						11,192						11,954
Less: Net income (loss) attributable to noncontrolling interests			(53)						(49)						(222)						(175)
Net income attributable to Comcast Corporation			$	3,629					$	4,046					$	11,415					$	12,128
Basic earnings per common share attributable to Comcast Corporation shareholders			$	0.94					$	0.98					$	2.92					$	2.92
Diluted earnings per common share attributable to Comcast Corporation shareholders			$	0.94					$	0.98					$	2.90					$	2.90

See accompanying notes to condensed consolidated financial statements.

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Comcast Corporation

Condensed Consolidated Statements of Comprehensive Income

(Unaudited)

			Three Months Ended September 30,												Nine Months Ended September 30,
(in millions)			2024						2023						2024						2023
Net income			$	3,576					$	3,997					$	11,192					$	11,954
Other comprehensive income (loss), net of tax (expense) benefit:
Currency translation adjustments, net of deferred taxes of $(31), $(20), $(74) and $(42)			1,889						(1,154)						1,322						114
Cash flow hedges:
Deferred gains (losses), net of deferred taxes of $3, $(19), $1, and $4			(19)						62						5						41
Realized (gains) losses reclassified to net income, net of deferred taxes of $11, $2, $11 and $18			(35)						13						(39)						(84)
Employee benefit obligations and other, net of deferred taxes of $2, $2, $10 and $5			(6)						(7)						(42)						(17)
Other comprehensive income (loss)			1,829						(1,086)						1,247						54
Comprehensive income			5,405						2,911						12,439						12,007
Less: Net income (loss) attributable to noncontrolling interests			(53)						(49)						(222)						(175)
Less: Other comprehensive income (loss) attributable to noncontrolling interests			15						7						2						(32)
Comprehensive income attributable to Comcast Corporation			$	5,443					$	2,953					$	12,660					$	12,214

See accompanying notes to condensed consolidated financial statements.

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Comcast Corporation

Condensed Consolidated Statements of Cash Flows

(Unaudited)

			Nine Months Ended September 30,
(in millions)			2024						2023
Operating Activities
Net income			$	11,192					$	11,954
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization			10,969						10,807
Share-based compensation			983						955
Noncash interest expense (income), net			331						235
Net (gain) loss on investment activity and other			620						(266)
Deferred income taxes			123						394
Changes in operating assets and liabilities, net of effects of acquisitions and divestitures:
Current and noncurrent receivables, net			74						(26)
Film and television costs, net			(287)						(531)
Accounts payable and accrued expenses related to trade creditors			(906)						(518)
Other operating assets and liabilities			(3,505)						(425)
Net cash provided by operating activities			19,593						22,579
Investing Activities
Capital expenditures			(8,267)						(8,922)
Cash paid for intangible assets			(2,043)						(2,405)
Construction of Universal Beijing Resort			(111)						(119)
Proceeds from sales of businesses and investments			689						410
Purchases of investments			(934)						(949)
Other			108						267
Net cash provided by (used in) investing activities			(10,559)						(11,718)
Financing Activities
Proceeds from (repayments of) short-term borrowings, net			—						(660)
Proceeds from borrowings			6,268						6,046
Repurchases and repayments of debt			(2,433)						(3,041)
Repurchases of common stock under repurchase program and employee plans			(6,920)						(7,770)
Dividends paid			(3,624)						(3,586)
Other			250						(126)
Net cash provided by (used in) financing activities			(6,459)						(9,136)
Impact of foreign currency on cash, cash equivalents and restricted cash			21						(18)
Increase (decrease) in cash, cash equivalents and restricted cash			2,596						1,707
Cash, cash equivalents and restricted cash, beginning of period			6,282						4,782
Cash, cash equivalents and restricted cash, end of period			$	8,878					$	6,489

See accompanying notes to condensed consolidated financial statements.

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Comcast Corporation

Condensed Consolidated Balance Sheets

(Unaudited)

(in millions, except share data)			September 30, 2024						December 31, 2023
Assets
Current Assets:
Cash and cash equivalents			$	8,814					$	6,215
Receivables, net			14,036						13,813
Other current assets			4,336						3,959
Total current assets			27,186						23,987
Film and television costs			13,340						12,920
Investments			9,021						9,385
Property and equipment, net of accumulated depreciation of $60,114 and $58,701			61,775						59,686
Goodwill			60,076						59,268
Franchise rights			59,365						59,365
Other intangible assets, net of accumulated amortization of $34,162 and $30,290			26,423						27,867
Other noncurrent assets, net			12,686						12,333
Total assets			$	269,871					$	264,811
Liabilities and Equity
Current Liabilities:
Accounts payable and accrued expenses related to trade creditors			$	11,779					$	12,437
Accrued participations and residuals			1,476						1,671
Deferred revenue			3,778						3,242
Accrued expenses and other current liabilities			8,977						11,613
Current portion of debt			2,610						2,069
Advance on sale of investment			9,167						9,167
Total current liabilities			37,786						40,198
Noncurrent portion of debt			98,754						95,021
Deferred income taxes			26,263						26,003
Other noncurrent liabilities			20,526						20,122
Commitments and contingencies
Redeemable noncontrolling interests			224						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, 4,697,741,828 and 4,842,108,959; outstanding, 3,824,950,800 and 3,969,317,931			47						48
Class B common stock, $0.01 par value—authorized, 75,000,000 shares; issued and outstanding, 9,444,375			—						—
Additional paid-in capital			38,147						38,533
Retained earnings			55,105						52,892
Treasury stock, 872,791,028 Class A common shares			(7,517)						(7,517)
Accumulated other comprehensive income (loss)			(8)						(1,253)
Total Comcast Corporation shareholders’ equity			85,774						82,703
Noncontrolling interests			544						523
Total equity			86,318						83,226
Total liabilities and equity			$	269,871					$	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 September 30,									Nine Months Ended September 30,
(in millions, except per share data)			2024			2023						2024			2023
Redeemable Noncontrolling Interests
Balance, beginning of period			$	236		$	239					$	241		$	411
Contributions from (distributions to) noncontrolling interests, net			(3)			(5)						(11)			(20)
Other			—			—						—			(171)
Net income (loss)			(9)			(5)						(6)			9
Balance, end of period			$	224		$	230					$	224		$	230
Class A Common Stock
Balance, beginning of period			$	47		$	50					$	48		$	51
Repurchases of common stock under repurchase program and employee plans			—			(1)						(1)			(2)
Balance, end of period			$	47		$	49					$	47		$	49
Additional Paid-In Capital
Balance, beginning of period			$	38,203		$	39,118					$	38,533		$	39,412
Share-based compensation			272			258						882			801
Repurchases of common stock under repurchase program and employee plans			(389)			(579)						(1,462)			(1,486)
Issuances of common stock under employee plans			61			65						193			223
Other			—			4						2			(83)
Balance, end of period			$	38,147		$	38,866					$	38,147		$	38,866
Retained Earnings
Balance, beginning of period			$	54,308		$	53,900					$	52,892		$	51,609
Repurchases of common stock under repurchase program and employee plans			(1,625)			(3,005)						(5,531)			(6,357)
Dividends declared			(1,205)			(1,190)						(3,670)			(3,628)
Other			(1)			—						(1)			(1)
Net income			3,629			4,046						11,415			12,128
Balance, end of period			$	55,105		$	53,751					$	55,105		$	53,751
Treasury Stock at Cost
Balance, beginning and end of period			$	(7,517)		$	(7,517)					$	(7,517)		$	(7,517)
Accumulated Other Comprehensive Income (Loss)
Balance, beginning of period			$	(1,822)		$	(1,432)					$	(1,253)		$	(2,611)
Other comprehensive income (loss)			1,814			(1,093)						1,245			86
Balance, end of period			$	(8)		$	(2,525)					$	(8)		$	(2,525)
Noncontrolling Interests
Balance, beginning of period			$	485		$	559					$	523		$	684
Other comprehensive income (loss)			15			7						2			(32)
Contributions from (distributions to) noncontrolling interests, net			89			16						236			72
Other			—			—						—			(2)
Net income (loss)			(44)			(44)						(216)			(183)
Balance, end of period			$	544		$	538					$	544		$	538
Total equity			$	86,318		$	83,163					$	86,318		$	83,163
Cash dividends declared per common share			$	0.31		$	0.29					$	0.93		$	0.87

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, will result in our disclosure of certain significant segment expenses. We will adopt the updated accounting guidance on a retrospective basis 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.

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Comcast Corporation

Note 2: Segment Information

We are a global media and technology company with five segments: Residential Connectivity & Platforms, Business Services Connectivity, 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.

			Three Months Ended September 30, 2024
(in millions)			Residential Connectivity & Platforms			Business Services Connectivity			Media			Studios			Theme Parks			Total
Revenue from external customers			$	17,807		$	2,419		$	6,926		$	1,993		$	2,289		$	31,434
Intersegment revenue(a)			59			6			1,305			833			—			2,203
			17,866			2,425			8,231			2,826			2,289			33,637
Reconciliation of Revenue
Other revenue(b)																		686
Eliminations(a)																		(2,253)
Total consolidated revenue																		$	32,070
Segment Adjusted EBITDA(c)			$	6,904		$	1,391		$	650		$	468		$	847		$	10,259
Reconciliation of total segment Adjusted EBITDA
Media, Studios and Theme Parks headquarters and other(d)																		(200)
Corporate and other(b)(c)																		(300)
Eliminations																		(21)
Depreciation																		(2,219)
Amortization																		(1,659)
Interest expense																		(1,037)
Investment and other income (loss), net																		(3)
Income before income taxes																		$	4,819

			Three Months Ended September 30, 2023
(in millions)			Residential Connectivity & Platforms			Business Services Connectivity			Media			Studios			Theme Parks			Total
Revenue from external customers			$	17,901		$	2,314		$	4,869		$	1,994		$	2,419		$	29,497
Intersegment revenue(a)			50			6			1,160			524			(1)			1,739
			17,951			2,320			6,029			2,518			2,418			31,236
Reconciliation of Revenue
Other revenue(b)																		656
Eliminations(a)																		(1,777)
Total consolidated revenue																		$	30,115
Segment Adjusted EBITDA(c)			$	6,886		$	1,335		$	723		$	429		$	983		$	10,356
Reconciliation of total segment Adjusted EBITDA
Media, Studios and Theme Parks headquarters and other(d)																		(178)
Corporate and other(b)(c)																		(244)
Eliminations																		33
Depreciation																		(2,203)
Amortization																		(1,290)
Interest expense																		(1,060)
Investment and other income (loss), net																		50
Income before income taxes																		$	5,465

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Comcast Corporation

			Nine Months Ended September 30, 2024
(in millions)			Residential Connectivity & Platforms			Business Services Connectivity			Media			Studios			Theme Parks			Total
Revenue from external customers			$	53,431		$	7,236		$	17,338		$	5,555		$	6,242		$	89,802
Intersegment revenue(a)			127			17			3,588			2,268			1			6,001
			53,558			7,253			20,926			7,822			6,243			95,803
Reconciliation of Revenue
Other revenue(b)																		2,181
Eliminations(a)																		(6,167)
Total consolidated revenue																		$	91,817
Segment Adjusted EBITDA(c)			$	20,859		$	4,137		$	2,832		$	835		$	2,111		$	30,774
Reconciliation of total segment Adjusted EBITDA
Media, Studios and Theme Parks headquarters and other(d)																		(642)
Corporate and other(b)(c)																		(881)
Eliminations																		22
Depreciation																		(6,548)
Amortization																		(4,421)
Interest expense																		(3,065)
Investment and other income (loss), net																		(140)
Income before income taxes																		$	15,099

			Nine Months Ended September 30, 2023
(in millions)			Residential Connectivity & Platforms			Business Services Connectivity			Media			Studios			Theme Parks			Total
Revenue from external customers			$	53,742		$	6,878		$	14,884		$	6,328		$	6,577		$	88,409
Intersegment revenue(a)			146			17			3,492			2,233			(1)			5,886
			53,888			6,894			18,376			8,561			6,576			94,296
Reconciliation of Revenue
Other revenue(b)																		2,048
Eliminations(a)																		(6,025)
Total consolidated revenue																		$	90,319
Segment Adjusted EBITDA(c)			$	20,672		$	3,988		$	2,847		$	961		$	2,473		$	30,941
Reconciliation of total segment Adjusted EBITDA
Media, Studios and Theme Parks headquarters and other(d)																		(610)
Corporate and other(b)(c)																		(824)
Eliminations																		131
Depreciation																		(6,662)
Amortization																		(4,146)
Interest expense																		(3,068)
Investment and other income (loss), net																		672
Income before income taxes																		$	16,434

(a)Our most significant intersegment revenue 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.

(b)Includes the operations of our Sky-branded video services and television networks in Germany; Comcast Spectacor, which owns the Philadelphia Flyers and the Wells Fargo Center arena in Philadelphia, Pennsylvania; and Xumo, our consolidated streaming platform joint venture with Charter Communications. Corporate and other also includes overhead and personnel costs for Corporate.

(c)We use Adjusted EBITDA as the measure of profit or loss for our segments. From time to time we may report the impact of certain events, gains, losses or other charges related to our segments within Corporate and other.

(d)Includes overhead, personnel costs and costs associated with corporate initiatives for our Media, Studios and Theme Park segments.

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Note 3: Revenue

			Three Months Ended September 30,												Nine Months Ended September 30,
(in millions)			2024						2023						2024						2023
Domestic broadband			$	6,539					$	6,366					$	19,700					$	19,086
Domestic wireless			1,093						917						3,084						2,644
International connectivity			1,236						1,109						3,500						3,009
Total residential connectivity			8,869						8,393						26,284						24,739
Video			6,713						7,154						20,370						21,895
Advertising			987						960						2,931						2,860
Other			1,298						1,444						3,973						4,394
Total Residential Connectivity & Platforms Segment			17,866						17,951						53,558						53,888
Total Business Services Connectivity Segment			2,425						2,320						7,253						6,894
Domestic advertising			3,347						1,913						7,363						5,965
Domestic distribution			3,272						2,591						8,942						7,916
International networks			1,070						1,019						3,193						3,062
Other			542						506						1,429						1,433
Total Media Segment			8,231						6,029						20,926						18,376
Content licensing			1,865						1,691						5,680						5,856
Theatrical			611						504						1,178						1,735
Other			350						324						964						970
Total Studios Segment			2,826						2,518						7,822						8,561
Total Theme Parks Segment			2,289						2,418						6,243						6,576
Other revenue			686						656						2,181						2,048
Eliminations(a)			(2,253)						(1,777)						(6,167)						(6,025)
Total revenue			$	32,070					$	30,115					$	91,817					$	90,319

(a)See Note 2 for additional information on intersegment revenue transactions.

Condensed Consolidated Balance Sheets

(in millions)			September 30, 2024						December 31, 2023
Receivables, gross			$	14,798					$	14,511
Less: Allowance for credit losses			763						698
Receivables, net			$	14,036					$	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)			September 30, 2024						December 31, 2023
Noncurrent receivables, net (included in other noncurrent assets, net)			$	1,782					$	1,914
Noncurrent deferred revenue (included in other noncurrent liabilities)			$	650					$	618

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

(in millions)			September 30, 2024						December 31, 2023
Receivables, net			$	1,808					$	1,695
Noncurrent receivables, net (included in other noncurrent assets, net)			1,199						1,223
Total			$	3,008					$	2,918

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Note 4: Programming and Production Costs

			Three Months Ended September 30,												Nine Months Ended September 30,
(in millions)			2024						2023						2024						2023
Video distribution programming			$	2,783					$	3,084					$	8,682					$	9,465
Film and television content:
Owned(a)			2,111						2,083						6,888						7,622
Licensed, including sports rights			4,991						3,048						10,484						8,241
Other			330						438						946						1,178
Total programming and production costs			$	10,216					$	8,652					$	27,000					$	26,506

(a) Amount includes amortization of owned content of $1.6 billion and $5.6 billion for the three and nine months ended September 30, 2024, respectively, and $1.6 billion and $5.9 billion for the three and nine months ended September 30, 2023, respectively, as well as participations and residuals expenses.

Capitalized Film and Television Costs

(in millions)			September 30, 2024						December 31, 2023
Owned:
In production and in development			$	3,566					$	2,893
Completed, not released			428						317
Released, less amortization			4,266						4,340
			8,261						7,551
Licensed, including sports advances			5,080						5,369
Film and television costs			$	13,340					$	12,920

Note 5: Debt

As of September 30, 2024, our debt had a carrying value of $101.4 billion and an estimated fair value of $96.8 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.

In May 2024, we entered into a new $11.8 billion revolving credit facility with a syndicate of banks, due May 17, 2029, that may be used for general corporate purposes. We may increase the commitments under the facility up to a total of $14.8 billion, as well as extend the expiration date to no later than May 17, 2031, subject to the approval of the lenders. The interest rate consists of a benchmark rate plus a borrowing margin that is determined based on Comcast’s credit rating. As of September 30, 2024, the borrowing margin for borrowings based on the Adjusted Term SOFR Rate, as defined in the agreement, was 0.875%. The facility requires that we maintain a certain financial ratio based on debt and EBITDA, as defined in the agreement. In connection with our entry into the new credit facility, we terminated our prior credit facility dated as of March 30, 2021, and as of September 30, 2024 and December 31, 2023, we had no borrowings outstanding under the new and prior credit facility, respectively. As of September 30, 2024, amounts available under our new credit facility, net of amounts outstanding under our commercial paper program and outstanding letters of credit and bank guarantees, totaled $11.8 billion.

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Note 6: Investments and Variable Interest Entities

Investment and Other Income (Loss), Net

			Three Months Ended September 30,												Nine Months Ended September 30,
(in millions)			2024						2023						2024						2023
Equity in net income (losses) of investees, net			$	(152)					$	49					$	(438)					$	454
Realized and unrealized gains (losses) on equity securities, net			(22)						(87)						(163)						(130)
Other income (loss), net			171						88						461						349
Investment and other income (loss), net			$	(3)					$	50					$	(140)					$	672

The amount of unrealized gains (losses), net recognized in the three months ended September 30, 2024 and 2023 that related to marketable and nonmarketable equity securities still held as of the end of each reporting period was $(15) million and $(82) million, respectively. The amount of unrealized gains (losses), net recognized in the nine months ended September 30, 2024 and 2023 that related to marketable and nonmarketable equity securities still held as of the end of each reporting period was $(117) million and $(145) million, respectively.

Investments

(in millions)			September 30, 2024						December 31, 2023
Equity method			$	7,516					$	7,615
Marketable equity securities			21						39
Nonmarketable equity securities			1,380						1,482
Other investments			206						559
Total investments			9,122						9,694
Less: Current investments			101						310
Noncurrent investments			$	9,021					$	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 nine months ended September 30, 2024 and 2023 was $244 million and $185 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 nine months ended September 30, 2024 and 2023, we made cash capital contributions to Atairos totaling $60 million and $132 million, respectively. As of September 30, 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 $5.3 billion and $5.5 billion, respectively. As of September 30, 2024, our remaining unfunded capital commitment was $1.4 billion.

Other Investments

Other investments also includes certain short-term instruments, which totaled $70 million and $254 million as of September 30, 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 nine months ended September 30, 2024 and 2023 were $632 million and $339 million, respectively. Purchases of short-term instruments for the nine months ended September 30, 2024 and 2023 were $443 million and $286 million, respectively.

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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 September 30, 2024, Universal Beijing Resort had $3.6 billion of debt outstanding, including $3.2 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 September 30, 2024, our condensed consolidated balance sheets included assets and liabilities of Universal Beijing Resort totaling $7.7 billion and $7.3 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.

Note 7: Equity and Share-Based Compensation

Weighted-Average Common Shares Outstanding

			Three Months Ended September 30,									Nine Months Ended September 30,
(in millions)			2024						2023						2024						2023
Weighted-average number of common shares outstanding – basic			3,861						4,109						3,908						4,160
Effect of dilutive securities			18						33						22						23
Weighted-average number of common shares outstanding – diluted			3,880						4,141						3,930						4,184
Antidilutive securities			188						86						193						172

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)			September 30, 2024						December 31, 2023
Cumulative translation adjustments			$	(275)					$	(1,596)
Deferred gains (losses) on cash flow hedges			16						49
Unrecognized gains (losses) on employee benefit obligations and other			251						293
Accumulated other comprehensive income (loss), net of deferred taxes			$	(8)					$	(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 long-term incentive compensation structure. 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 under our annual management awards program. 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 September 30, 2024 and 2023, share-based compensation expense recognized in our condensed consolidated statements of income was $247 million and $238 million, respectively. During the nine months ended September 30, 2024 and 2023, share-based compensation expense recognized in our condensed consolidated statements of income was $811 million and $786 million, respectively. As of September 30, 2024, we had unrecognized pretax compensation expense of $2.3 billion related to unvested RSUs and unvested stock options.

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Note 8: Supplemental Financial Information

Cash Payments for Interest and Income Taxes

			Nine Months Ended September 30,
(in millions)			2024						2023
Interest			$	2,503					$	2,566
Income taxes(a)			$	5,988					$	3,823

a) Cash payments for income taxes in the nine months ended September 30, 2024 include $1.2 billion related to the purchase of transferable tax credits.

Noncash Activities

During the nine months ended September 30, 2024:

• we acquired $2.4 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 October 2024

During the nine months ended September 30, 2023:

• we acquired $2.2 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 October 2023

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)			September 30, 2024						December 31, 2023
Cash and cash equivalents			$	8,814					$	6,215
Restricted cash included in other current assets and other noncurrent assets, net			64						67
Cash, cash equivalents and restricted cash, end of period			$	8,878					$	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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