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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, 2021
Or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                       to                      
https://cdn.kscope.io/9fa79289960958ead99289329d76c87b-cmcsa-20210331_g1.jpg
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
(215286-1700

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Class A Common Stock, $0.01 par valueCMCSANASDAQ Global Select Market
0.250% Notes due 2027CMCS27NASDAQ Global Market
1.500% Notes due 2029CMCS29NASDAQ Global Market
0.750% Notes due 2032CMCS32NASDAQ Global Market
1.875% Notes due 2036CMCS36NASDAQ Global Market
1.250% Notes due 2040CMCS40NASDAQ Global Market
9.455% Guaranteed Notes due 2022CMCSA/22New York Stock Exchange
5.50% Notes due 2029CCGBP29New York Stock Exchange
2.0% Exchangeable Subordinated Debentures due 2029CCZNew 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 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 March 31, 2021, there were 4,584,571,926 shares of Comcast Corporation Class A common stock and 9,444,375 shares of Class B common stock outstanding.



TABLE OF CONTENTS
  
  
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Item 3.
Item 4.
Item 1.
Item 1A.
Item 6.
 
Explanatory Note
This Quarterly Report on Form 10-Q is for the three months ended March 31, 2021. 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;” Comcast Cable Communications, LLC and its consolidated subsidiaries as “Comcast Cable;” Comcast Holdings Corporation as “Comcast Holdings;” NBCUniversal Media, LLC and its consolidated subsidiaries as “NBCUniversal;” and Sky Limited and its consolidated subsidiaries as “Sky.”
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,” “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 other reports we file with the SEC. Additionally, we operate in a highly competitive, consumer-driven and rapidly changing environment. This environment is affected by government regulation; economic, strategic, political and social conditions; consumer response to new and existing products and services; technological developments; and the ability to develop and protect intellectual property rights. Any of these factors could cause our actual results to differ materially from 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:
the COVID-19 pandemic has had, and will likely continue to have, a material adverse effect on our businesses and results of operations
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 driven by online video distribution platforms for viewing content 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
programming expenses for our video services are increasing, which could adversely affect Cable Communications’ video businesses
NBCUniversal’s and Sky’s success depends on consumer acceptance of their content, and their businesses may be adversely affected if their content fails to achieve sufficient consumer acceptance or the costs to create or acquire content increase
the loss of programming distribution and licensing agreements, or the renewal of these agreements on less favorable terms, could adversely affect our businesses
less favorable European telecommunications access regulations, the loss of Sky’s transmission access agreements with satellite or telecommunications providers or the renewal of these agreements on less favorable terms could adversely affect Sky’s 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
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
our businesses depend on keeping pace with technological developments
we rely on network and information systems and other technologies, as well as key properties, and a disruption, cyber attack, failure or destruction of such networks, systems, technologies or properties may disrupt our businesses
the loss of key management personnel or popular on-air and creative talent could have an adverse effect on 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
labor disputes, whether involving employees or sports organizations, may disrupt our operations and adversely affect our businesses
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
ITEM 1: FINANCIAL STATEMENTS
Comcast Corporation
Condensed Consolidated Statement of Income
(Unaudited)
 Three Months Ended
March 31,
(in millions, except per share data)20212020
Revenue$27,205 $26,609 
Costs and Expenses:
Programming and production8,919 8,301 
Other operating and administrative8,269 8,254 
Advertising, marketing and promotion1,616 1,938 
Depreciation2,117 2,107 
Amortization1,245 1,157 
Total costs and expenses22,166 21,757 
Operating income5,039 4,852 
Interest expense(1,018)(1,212)
Investment and other income (loss), net390 (716)
Income before income taxes4,411 2,924 
Income tax expense(1,119)(700)
Net income3,292 2,224 
Less: Net income (loss) attributable to noncontrolling interests and redeemable subsidiary preferred stock (37)77 
Net income attributable to Comcast Corporation$3,329 $2,147 
Basic earnings per common share attributable to Comcast Corporation shareholders$0.73 $0.47 
Diluted earnings per common share attributable to Comcast Corporation shareholders$0.71 $0.46 
See accompanying notes to condensed consolidated financial statements.
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Condensed Consolidated Statement of Comprehensive Income
(Unaudited) 
 Three Months Ended
March 31,
(in millions)20212020
Net income$3,292 $2,224 
Currency translation adjustments, net of deferred taxes of $(92) and $(7)
(35)(2,157)
Cash flow hedges:
Deferred gains (losses), net of deferred taxes of $(19) and $10
119 54 
Realized (gains) losses reclassified to net income, net of deferred taxes of $ and $17
 (106)
Employee benefit obligations and other, net of deferred taxes of $2 and $3
(10)(7)
Comprehensive income3,366 8 
Less: Net income (loss) attributable to noncontrolling interests and redeemable subsidiary preferred stock(37)77 
Less: Other comprehensive income (loss) attributable to noncontrolling interests(14)(25)
Comprehensive income (loss) attributable to Comcast Corporation$3,417 $(44)
See accompanying notes to condensed consolidated financial statements.
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Condensed Consolidated Statement of Cash Flows
(Unaudited) 
 Three Months Ended
March 31,
(in millions)20212020
Operating Activities
Net income$3,292 $2,224 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization3,362 3,264 
Share-based compensation373 298 
Noncash interest expense (income), net62 227 
Net (gain) loss on investment activity and other(239)791 
Deferred income taxes28 (120)
Changes in operating assets and liabilities, net of effects of acquisitions and divestitures:
Current and noncurrent receivables, net554 198 
Film and television costs, net393 3 
Accounts payable and accrued expenses related to trade creditors(198)(727)
Other operating assets and liabilities124 (334)
Net cash provided by operating activities7,751 5,824 
Investing Activities
Capital expenditures(1,859)(1,881)
Cash paid for intangible assets(612)(618)
Construction of Universal Beijing Resort(428)(371)
Acquisitions, net of cash acquired(147)(194)
Proceeds from sales of businesses and investments388 17 
Purchases of investments(52)(69)
Other98 15 
Net cash provided by (used in) investing activities(2,612)(3,101)
Financing Activities
Proceeds from borrowings192 9,281 
Repurchases and repayments of debt(124)(7,439)
Repurchases of common stock under employee plans(309)(233)
Dividends paid(1,080)(977)
Other(577)(258)
Net cash provided by (used in) financing activities(1,898)374 
Impact of foreign currency on cash, cash equivalents and restricted cash(33)(77)
Increase (decrease) in cash, cash equivalents and restricted cash3,208 3,020 
Cash, cash equivalents and restricted cash, beginning of period11,768 5,589 
Cash, cash equivalents and restricted cash, end of period$14,976 $8,609 
See accompanying notes to condensed consolidated financial statements.
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Condensed Consolidated Balance Sheet
(Unaudited)
(in millions, except share data)March 31,
2021
December 31,
2020
Assets
Current Assets:
Cash and cash equivalents$14,950 $11,740 
Receivables, net10,986 11,466 
Other current assets3,502 3,535 
Total current assets29,438 26,741 
Film and television costs12,983 13,340 
Investments7,889 7,820 
Investment securing collateralized obligation487 447 
Property and equipment, net of accumulated depreciation of $54,793 and $54,388
52,317 51,995 
Goodwill70,106 70,669 
Franchise rights59,365 59,365 
Other intangible assets, net of accumulated amortization of $20,885 and $19,825
34,861 35,389 
Other noncurrent assets, net11,065 8,103 
Total assets$278,511 $273,869 
Liabilities and Equity
Current Liabilities:
Accounts payable and accrued expenses related to trade creditors$11,148 $11,364 
Accrued participations and residuals1,619 1,706 
Deferred revenue3,376 2,963 
Accrued expenses and other current liabilities9,891 9,617 
Current portion of long-term debt4,777 3,146 
Total current liabilities30,811 28,796 
Long-term debt, less current portion98,936 100,614 
Collateralized obligation5,168 5,168 
Deferred income taxes28,260 28,051 
Other noncurrent liabilities20,690 18,222 
Commitments and contingencies
Redeemable noncontrolling interests and redeemable subsidiary preferred stock546 1,280 
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, 5,457,362,954 and 5,444,002,825; outstanding, 4,584,571,926 and 4,571,211,797
55 54 
Class B common stock, $0.01 par value—authorized, 75,000,000 shares; issued and outstanding, 9,444,375
  
Additional paid-in capital39,744 39,464 
Retained earnings58,321 56,438 
Treasury stock, 872,791,028 Class A common shares
(7,517)(7,517)
Accumulated other comprehensive income (loss)1,972 1,884 
Total Comcast Corporation shareholders’ equity92,575 90,323 
Noncontrolling interests1,525 1,415 
Total equity94,100 91,738 
Total liabilities and equity$278,511 $273,869 
See accompanying notes to condensed consolidated financial statements.
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Condensed Consolidated Statement of Changes in Equity
(Unaudited)
Three Months Ended
March 31,
(in millions, except per share data)20212020
Redeemable Noncontrolling Interests and Redeemable Subsidiary Preferred Stock
Balance, beginning of period$1,280 $1,372 
Redemption of subsidiary preferred stock(725) 
Contributions from (distributions to) noncontrolling interests, net
(27)(27)
Other(10)(153)
Net income (loss)28 67 
Balance, end of period$546 $1,259 
Class A Common Stock
Balance, beginning of period$54 $54 
Issuances of common stock under employee plans1  
Balance, end of period$55 $54 
Additional Paid-In Capital
Balance, beginning of period$39,464 $38,447 
Stock compensation plans296 212 
Repurchases of common stock under employee plans(88)(93)
Employee stock purchase plans62 54 
Other10 (23)
Balance, end of period$39,744 $38,597 
Retained Earnings
Balance, beginning of period$56,438 $50,695 
Cumulative effects of adoption of accounting standards
 (124)
Repurchases of common stock under employee plans(289)(142)
Dividends declared(1,161)(1,064)
Other4 4 
Net income (loss)3,329 2,147 
Balance, end of period$58,321 $51,516 
Treasury Stock at Cost
Balance, beginning of period$(7,517)$(7,517)
Balance, end of period$(7,517)$(7,517)
Accumulated Other Comprehensive Income (Loss)
Balance, beginning of period$1,884 $1,047 
Other comprehensive income (loss)88 (2,191)
Balance, end of period$1,972 $(1,144)
Noncontrolling Interests
Balance, beginning of period$1,415 $1,148 
Other comprehensive income (loss)(14)(14)
Contributions from (distributions to) noncontrolling interests, net
189 120 
Other 13 
Net income (loss)(65)10 
Balance, end of period$1,525 $1,277 
Total equity$94,100 $82,783 
Cash dividends declared per common share$0.25 $0.23 
See accompanying notes to condensed consolidated financial statements.
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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 2020 Annual Report on Form 10-K and the notes within this Form 10-Q.
Reclassifications
Reclassifications have been made to our notes to condensed consolidated financial statements for the prior year period to conform to classifications used in 2021. See Note 2 for a discussion of the changes in our presentation of segment operating results.
Note 2: Segment Information
In the first quarter of 2021, we changed our presentation of segment operating results. We now present our operations in five reportable business segments: (1) Comcast Cable in one reportable business segment, referred to as Cable Communications; (2) NBCUniversal in three reportable business segments: Media, Studios and Theme Parks (collectively, the “NBCUniversal segments”); and (3) Sky in one reportable business segment. The changes reflect a reorganized operating structure in NBCUniversal’s television and streaming businesses and primarily include: (i) the combination of NBCUniversal’s television networks (previously reported in Cable Networks and Broadcast Television) with the operations of Peacock (previously reported in Corporate and Other) in the Media segment, and (ii) the presentation of NBCUniversal’s television studio production operations (previously reported in Cable Networks and Broadcast Television) with the studio operations of Filmed Entertainment in the Studios segment. Prior periods have been adjusted to reflect this presentation.
Cable Communications is a leading provider of broadband, video, voice, wireless, and security and automation services to residential customers under the Xfinity brand; we also provide these and other services to business customers and sell advertising. Revenue is generated primarily from residential and business customers that subscribe to our services, which are marketed individually and as bundled services, and from the sale of advertising.
Media consists primarily of NBCUniversal’s television and streaming platforms, including national, regional and international cable networks; the NBC and Telemundo broadcast networks; NBC and Telemundo owned local broadcast television stations; Peacock, our direct-to-consumer streaming service; and various digital properties. Revenue is generated primarily from the sale of advertising on our television networks, Peacock and digital properties; and the fees received from the distribution of our television network programming to traditional and virtual multichannel video providers and from NBC-affiliated and Telemundo-affiliated local broadcast television stations. Media also generates other revenue from various digital properties.
Studios consists primarily of NBCUniversal’s film and television studio production and distribution operations. Revenue is generated primarily from the licensing of our owned film and television content to broadcast, cable and premium networks, and to direct-to-consumer streaming service providers, as well as through video on demand and pay-per-view services provided by multichannel video providers and over-the-top service providers; from the worldwide distribution of our produced and acquired films for exhibition in movie theaters; and from the sale of owned content on DVDs, Blu-ray discs and through digital distribution services.
Theme Parks consists primarily of our Universal theme parks in Orlando, Florida; Hollywood, California; and Osaka, Japan. In addition, we are developing a theme park in Beijing, China along with a consortium of Chinese state-owned companies, and an additional theme park in Orlando, Florida. Revenue is generated primarily from guest spending at our Universal theme parks.
Sky is one of Europe’s leading entertainment companies, which primarily includes a direct-to-consumer business, providing video, broadband, voice and wireless phone services, and a content business, operating entertainment networks, the Sky News broadcast network and Sky Sports networks. Revenue is generated primarily from residential and business customers that
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subscribe to our services; from the distribution of Sky’s owned television networks on third-party platforms and the licensing of owned and acquired programming to third-party video providers; and from the sale of advertising.
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.
We use Adjusted EBITDA to evaluate the profitability of our operating segments and the components of net income attributable to Comcast Corporation excluded from Adjusted EBITDA are not separately evaluated. Our financial data by business segment is presented in the tables below.
 Three Months Ended March 31, 2021
(in millions)
Revenue(a)
Adjusted EBITDA(b)
Depreciation and Amortization
Capital
Expenditures
Cash Paid for Intangible Assets
Cable Communications$15,805 $6,830 $1,929 $1,370 $315 
NBCUniversal
Media5,036 1,473 247 10 32 
Studios2,396 497 12 1 2 
Theme Parks619 (61)207 126 6 
Headquarters and Other16 (209)117 35 28 
Eliminations(a)
(1,043)(210)   
NBCUniversal7,024 1,490 583 172 68 
Sky4,997 364 814 271 201 
Corporate and Other89 (281)36 46 28 
Eliminations(a)
(710)10    
Comcast Consolidated$27,205 $8,413 $3,362 $1,859 $612 
 Three Months Ended March 31, 2020
(in millions)
Revenue(a)
Adjusted EBITDA(b)
Depreciation and Amortization
Capital
Expenditures
Cash Paid for Intangible Assets
Cable Communications$14,918 $6,076 $1,946 $1,269 $356 
NBCUniversal
Media4,878 1,529 243 31 38 
Studios2,409 300 17 4 1 
Theme Parks925 87 190 296 15 
Headquarters and Other9 (221)116 46 41 
Eliminations(a)
(492)(6)   
NBCUniversal7,729 1,689 566 377 95 
Sky4,517 551 718 197 166 
Corporate and Other120 (193)34 38 1 
Eliminations(a)
(675)7    
Comcast Consolidated$26,609 $8,130 $3,264 $1,881 $618 
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(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 Media for fees received from Cable Communications for the sale of cable network programming and under retransmission consent agreements; content licensing revenue at Studios for licenses of owned content to Media and Sky; and advertising revenue at Media and Cable Communications. Revenue for licenses of content from Studios to Media and Sky is generally recognized at a point in time, consistent with the recognition of transactions with third parties, when the content is delivered and made available for use. The costs of these licenses at Media 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 (losses) on these transactions are deferred in our consolidated results and recognized as the content is used over the license period. Under the previous segment structure, revenue for licenses of content between our previous NBCUniversal segments was recognized over time to correspond with the amortization of the costs of licensed content over the license period.
A summary of revenue for each of our segments resulting from transactions with other segments and eliminated in consolidation is presented in the table below.
Three Months Ended
March 31,
(in millions)20212020
Cable Communications$45 $42 
NBCUniversal
Media540 544 
Studios1,089 540 
Theme Parks1  
Headquarters and Other12 2 
Sky8 2 
Corporate and Other58 37 
Total intersegment revenue$1,753 $1,167 
(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.
 Three Months Ended
March 31,
(in millions)
20212020
Adjusted EBITDA$8,413 $8,130 
Adjustment for Sky transaction-related costs(12)(14)
Depreciation(2,117)(2,107)
Amortization(1,245)(1,157)
Interest expense
(1,018)(1,212)
Investment and other income (loss), net390 (716)
Income before income taxes$4,411 $2,924 
Goodwill by Segment
The changes in the carrying amount of goodwill by segment for the quarter ended March 31, 2021 are as follows:
  NBCUniversal  
(in billions)Cable
Communications
Cable
Networks
Broadcast
Television
Filmed
Entertainment
MediaStudiosTheme
Parks
SkyCorporate
and Other
Total
Balance, December 31, 2020$15.3 $14.0 $1.1 $3.3 $ $ $7.0 $30.0 $ $70.7 
Segment change (14.0)(1.1)(3.3)14.7 3.7     
Foreign currency translation and other0.1      (0.4)(0.3) (0.6)
Balance, March 31, 2021$15.4 $ $ $ $14.7 $3.7 $6.6 $29.7 $ $70.1 

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Note 3: Revenue
Three Months Ended
March 31,
(in millions)20212020
Residential:
Broadband$5,600 $5,001 
Video5,623 5,632 
Voice871 899 
Wireless513 343 
Business services2,167 2,043 
Advertising618 557 
Other413 443 
Total Cable Communications15,805 14,918 
Advertising2,094 2,167 
Distribution2,495 2,287 
Other447 424 
Total Media5,036 4,878 
Content licensing2,075 1,819 
Theatrical39 316 
Home entertainment and other 282 274 
Total Studios2,396 2,409 
Total Theme Parks619 925 
Headquarters and Other16 9 
Eliminations(a)
(1,043)(492)
Total NBCUniversal7,024 7,729 
Direct-to-consumer4,065 3,679 
Content358 325 
Advertising574 513 
Total Sky4,997 4,517 
Corporate and Other89 120 
Eliminations(a)
(710)(675)
Total revenue$27,205 $26,609 
(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.
Three Months Ended
March 31,
(in millions)20212020
United States$21,156 $20,690 
Europe5,352 5,033 
Other697 886 
Total revenue$27,205 $26,609 
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Condensed Consolidated Balance Sheet
The following tables summarize our accounts receivable and other balances that are not separately presented in our condensed 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.
(in millions)March 31,
2021
December 31,
2020
Receivables, gross$11,764 $12,273 
Less: Allowance for doubtful accounts778 807 
Receivables, net$10,986 $11,466 
(in millions)March 31,
2021
December 31,
2020
Noncurrent receivables, net (included in other noncurrent assets, net)$1,061 $1,091 
Contract acquisition and fulfillment costs (included in other noncurrent assets, net)$1,048 $1,060 
Noncurrent deferred revenue (included in other noncurrent liabilities)$726 $750 
Note 4: Programming and Production Costs
Three Months Ended
March 31,
(in millions)20212020
Video distribution programming$3,515 $3,215 
Film and television content:
Owned(a)
1,964 2,127
   Licensed, including sports rights3,175 2,664
Other265 295
Total programming and production costs$8,919 $8,301 
(a) Amount includes amortization of owned content of $1.6 billion and $1.8 billion for the three months ended March 31, 2021 and 2020, respectively, as well as participations and residuals expenses.
Capitalized Film and Television Costs
(in millions)March 31, 2021December 31,
2020
Owned:
Released, less amortization$3,885 $3,815 
Completed, not released626 139 
In production and in development2,369 2,755 
6,880 6,709 
Licensed, including sports advances6,103 6,631 
Film and television costs$12,983 $13,340 
Note 5: Long-Term Debt
As of March 31, 2021, our debt had a carrying value of $103.7 billion and an estimated fair value of $117.8 billion. As of December 31, 2020, our debt had a carrying value of $103.8 billion and an estimated fair value of $125.6 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 March 2021, we entered into a new $11 billion revolving credit facility due March 30, 2026 with a syndicate of banks that may be used for general corporate purposes. We may increase the commitments under the revolving credit facility up to a total of $14 billion, as well as extend the expiration date to no later than March 30, 2028, subject to approval of the lenders. The interest rate on the revolving credit facility consists of a base rate plus a borrowing margin that is determined based on Comcast’s credit rating. As of March 31, 2021, the borrowing margin for borrowings based on the London Interbank Offered Rate was 1.00%. Our revolving credit facility requires that we maintain certain financial ratios based on debt and EBITDA, as defined in the revolving credit facility. We were in compliance with all financial covenants for all periods presented. The new
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revolving credit facility replaced an aggregate $9.2 billion of existing revolving credit facilities due May 26, 2022, which were terminated. Our revolving credit facilities were undrawn as of both March 31, 2021 and December 31, 2020.
Note 6: Significant Transactions
Universal Beijing Resort
We entered into an agreement with a consortium of Chinese state-owned companies to build and operate a Universal theme park and resort in Beijing, China (“Universal Beijing Resort”). We own a 30% interest in Universal Beijing Resort and the construction is being funded through a combination of debt financing and equity contributions from the investors in accordance with their equity interests. As of March 31, 2021, Universal Beijing Resort had $3.0 billion of debt outstanding, including $2.7 billion principal amount of a term loan under the debt financing agreement.
As of March 31, 2021, our condensed consolidated balance sheet included assets and liabilities of Universal Beijing Resort, totaling $8.5 billion and $6.8 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: Investments
Investment and Other Income (Loss), Net
 Three Months Ended
March 31,
(in millions)20212020
Equity in net income (losses) of investees, net$136 $(668)
Realized and unrealized gains (losses) on equity securities, net
237 (58)
Other income (loss), net17 10 
Investment and other income (loss), net$390 $(716)
The amount of unrealized gains (losses) recognized in the three months ended March 31, 2021 and 2020 that related to marketable and nonmarketable equity securities still held as of the end of each reporting period were gains of $98 million and losses of $59 million, respectively.
(in millions)March 31,
2021
December 31,
2020
Equity method$6,048 $6,006 
Marketable equity securities260 460 
Nonmarketable equity securities2,021 1,950 
Other investments130 143 
Total investments8,459 8,559 
Less: Current investments83 292 
Less: Investment securing collateralized obligation487 447 
Noncurrent investments$7,889 $7,820 
Equity Method
Atairos
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. For both the three months ended March 31, 2021 and 2020, we made cash capital contributions to Atairos totaling $12 million. As of both March 31, 2021 and December 31, 2020, our investment in Atairos was $3.9 billion.
Hulu and Collateralized Obligation
In 2019, we borrowed $5.2 billion under a term loan facility due March 2024 which is fully collateralized by the minimum guaranteed proceeds of the put/call option related to our investment in Hulu. As of March 31, 2021 and December 31, 2020, the carrying value and fair value of our collateralized obligation were $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. We present our investment in Hulu and the term loan separately in our condensed consolidated balance sheet in the captions “investment securing collateralized obligation”
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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.
Note 8: Equity and Share-Based Compensation
Weighted-Average Common Shares Outstanding
Three Months Ended
March 31,
(in millions)20212020
Weighted-average number of common shares outstanding – basic4,591 4,562 
Effect of dilutive securities74 55 
Weighted-average number of common shares outstanding – diluted4,665 4,617 
Diluted earnings per common share attributable to Comcast Corporation shareholders (“diluted EPS”) considers the impact of potentially dilutive securities using the treasury stock method. 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)
(in millions)March 31,
2021
December 31,
2020
Cumulative translation adjustments$1,769 $1,790 
Deferred gains (losses) on cash flow hedges10 (109)
Unrecognized gains (losses) on employee benefit obligations and other193 203 
Accumulated other comprehensive income (loss), net of deferred taxes$1,972 $1,884 
Share-Based Compensation
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. 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 2021, we granted 12.8 million RSUs and 42.3 million stock options related to our annual management awards. The weighted-average fair values associated with these grants were $54.62 per RSU and $9.64 per stock option.
Recognized Share-Based Compensation Expense
 Three Months Ended
March 31,
(in millions)20212020
Restricted share units$206 $141 
Stock options90 71 
Employee stock purchase plans11 12 
Total$307 $224 
As of March 31, 2021, we had unrecognized pretax compensation expense of $1.6 billion and $821 million related to nonvested RSUs and nonvested stock options, respectively.
Note 9: Supplemental Financial Information
Cash Payments for Interest and Income Taxes
 Three Months Ended
March 31,
(in millions)20212020
Interest$911 $991 
Income taxes$87 $281 
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Noncash Activities
During the three months ended March 31, 2021:
we recognized operating lease assets and liabilities of $2.7 billion related to Universal Beijing Resort with lease terms of 33 years and using a weighted average discount rate of 4.4%
we acquired $1.6 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 $0.25 per common share paid in April 2021
During the three months ended March 31, 2020:
we acquired $1.6 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 April 2020
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 sheet to the total of the amounts reported in our condensed consolidated statement of cash flows.
(in millions)March 31,
2021
December 31,
2020
Cash and cash equivalents$14,950 $11,740 
Restricted cash included in other current assets12 14 
Restricted cash included in other noncurrent assets, net14 14 
Cash, cash equivalents and restricted cash, end of period$14,976 $11,768 
Note 10: Commitments and Contingencies
Redeemable Subsidiary Preferred Stock
In the first quarter of 2021, we redeemed all of the NBCUniversal Enterprise, Inc. preferred stock and made cash payments equal to the aggregate liquidation preference of $725 million. As of December 31, 2020, the preferred stock had a carrying value equal to its liquidation preference and was presented in redeemable noncontrolling interests and redeemable subsidiary preferred stock.
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.
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ITEM 2: MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
The following discussion is provided as a supplement to, and should be read in conjunction with, the condensed consolidated financial statements and related notes included in this Quarterly Report on Form 10-Q and our 2020 Annual Report on Form 10-K.
Overview
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 three reportable business segments: Media, Studios and Theme Parks (collectively, the “NBCUniversal segments”); and (3) Sky in one reportable business segment. Refer to Note 2 for information on our reportable segments, including a description of the segment change implemented in the first quarter of 2021. All amounts are presented on a consistent basis under the new segment structure.
Impacts of COVID-19
The novel coronavirus disease 2019 (“COVID-19”) and measures taken to prevent its spread across the globe have impacted our businesses in a number of ways. COVID-19 has had, and we expect will continue to have, material negative impacts on NBCUniversal and Sky results of operations primarily due to the temporary restrictions and closures at our theme parks and the impacts of professional sports, respectively. We expect the impacts of the COVID-19 pandemic will continue to have a material adverse impact on our consolidated results of operations over the near to medium term, although the extent of such impact will depend on restrictive governmental measures, further deterioration of the global economy, widespread availability and acceptance of vaccines and consumer behavior in response to COVID-19. The most significant effects of COVID-19 began in the second half of the first quarter of 2020. The following summary provides a discussion of current and potential future effects of the pandemic with direct impacts to our businesses.
Cable Communications
Beginning in March 2020 and continuing through June 2021, new qualifying customers for Internet Essentials, our low-income internet adoption program, receive 60 days of free broadband services. Our customer metrics do not include customers in the free Internet Essentials offer or certain high-risk customers who continued to receive service following nonpayment as a result of COVID-19 programs. The number of customers excluded from our customer metrics has continued to decrease as some of these customers either began paying for service, resulting in customer net additions, or disconnected and no longer receive service, and we expect this to continue in future periods. We also believe there continues to be a risk associated with collections on customer accounts.
NBCUniversal
In the first quarter of 2021, our theme parks in Orlando and Japan were open with limited capacity while our park in Hollywood remained closed. In April 2021, our theme park in Hollywood reopened with limited capacity, but our theme park in Japan has temporarily closed. The limited capacity and closure of our theme parks had a significant impact on our revenue and Adjusted EBITDA for the three months ended March 31, 2021 on a consolidated basis. We expect the results of operations at our theme parks will continue to be negatively impacted and we cannot predict if any parks will remain open or the level of attendance at our reopened parks. We currently expect that Universal Beijing Resort will open during summer 2021 and we have resumed the development of the Epic Universe theme park in Orlando in the first quarter of 2021.
Delays to the start of current seasons for certain professional sports leagues, including the NHL and NBA, resulted in the shift of additional events into the first quarter of 2021, which impacted the timing of revenue and expense recognition, since both advertising revenue and costs associated with broadcasting these programs are recognized when events are broadcast. We also expect additional events in the second quarter of 2021 compared to the same period in the prior year. We cannot predict the ultimate timing of when, or the extent to which, sporting events will occur in future periods. In addition, the 2020 Tokyo Olympics have been postponed from the third quarter of 2020 to the third quarter of 2021, resulting in a corresponding delay of the associated revenue and costs.
Our studio production operations have resumed, with some at a limited capacity. Additionally, with the temporary closure and limited-capacity operation of many movie theaters worldwide, we have delayed or altered the theatrical distribution strategy for certain of our films, both domestically and internationally. Delays in theatrical releases will affect both current and future periods as a result of corresponding delays in subsequent content licensing windows. We expect results of operations in our Studios segment to continue to be negatively impacted over the near to medium term as a result of COVID-19.
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Sky
Direct-to-consumer revenue has been negatively impacted, and future periods may be negatively impacted, as a result of lower sports subscription revenue due to the extent of reopening of our commercial customers. In addition, delays to the start of the current seasons for certain sports, including European football, resulted in the shift of additional events and the significant costs associated with broadcasting these programs into the first quarter of 2021. We also expect additional events in the second quarter of 2021 compared to the same period in the prior year. We cannot predict the ultimate timing of when, or the extent to which, sporting events will occur in future periods.
In 2020, our businesses implemented separate cost savings initiatives, with the most significant relating to severance at NBCUniversal in connection with the realignment of the operating structure in our television businesses as well as overall reductions in the cost base. The costs of these initiatives were presented in Corporate and Other. Payments related to NBCUniversal employee severance are expected to be completed in 2021 and the related costs savings will be realized in operating costs and expenses primarily beginning in 2021. A portion of these cost savings may be reallocated to investments in content and other strategic initiatives.
Consolidated Operating Results
 Three Months Ended
March 31,
Increase/
(Decrease)
(in millions, except per share data)20212020%
Revenue$27,205 $26,609 2.2 %