SEC Filing | Comcast Corporation

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cmcsa-20220930

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, 2022


☐			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

9.455% Guaranteed Notes due 2022

CMCSA/22

New York Stock Exchange

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 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 September 30, 2022, there were 4,313,964,319 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 Statement of Income (Unaudited)	1
	Condensed Consolidated Statement of Comprehensive Income (Unaudited)	2
	Condensed Consolidated Statement of Cash Flows (Unaudited)	3
	Condensed Consolidated Balance Sheet (Unaudited)	4
	Condensed Consolidated Statement of Changes in Equity (Unaudited)	5
	Notes to Condensed Consolidated Financial Statements (Unaudited)	6
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	15
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	34
Item 4.	Controls and Procedures	34
PART II. OTHER INFORMATION
Item 1.	Legal Proceedings	35
Item 1A.	Risk Factors	35
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	35
Item 5.	Other Information	35
Item 6.	Exhibits	35
SIGNATURES		36

Explanatory Note

This Quarterly Report on Form 10-Q is for the three and nine months ended September 30, 2022. 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.”

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 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 may 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 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

•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

•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 September 30,				Nine Months Ended September 30,
(in millions, except per share data)	2022		2021		2022		2021
Revenue	$	29,849	$	30,298	$	90,874	$	86,049
Costs and Expenses:
Programming and production	8,949		10,395		28,406		28,570
Other operating and administrative	9,344		8,981		27,701		25,799
Advertising, marketing and promotion	2,066		1,995		6,324		5,462
Depreciation	2,150		2,177		6,525		6,407
Amortization	1,183		1,301		3,824		3,815
Goodwill and long-lived asset impairments	8,583		—		8,583		—

Total costs and expenses	32,274		24,848		81,363		70,053
Operating income (loss)	(2,425)		5,450		9,511		15,996
Interest expense	(960)		(1,050)		(2,922)		(3,161)
Investment and other income (loss), net	(266)		766		(975)		2,374
Income (loss) before income taxes	(3,652)		5,166		5,614		15,208
Income tax expense	(1,014)		(1,235)		(3,562)		(4,354)
Net income (loss)	(4,665)		3,931		2,052		10,854
Less: Net income (loss) attributable to noncontrolling interests	(68)		(104)		(295)		(249)
Net income (loss) attributable to Comcast Corporation	$	(4,598)	$	4,035	$	2,347	$	11,102
Basic earnings (loss) per common share attributable to Comcast Corporation shareholders	$	(1.05)	$	0.88	$	0.53	$	2.42
Diluted earnings (loss) per common share attributable to Comcast Corporation shareholders	$	(1.05)	$	0.86	$	0.52	$	2.38

See accompanying notes to condensed consolidated financial statements.

Table of Contents

Comcast Corporation

Condensed Consolidated Statement of Comprehensive Income

(Unaudited)


	Three Months Ended September 30,				Nine Months Ended September 30,
(in millions)	2022		2021		2022		2021
Net income (loss)	$	(4,665)	$	3,931	$	2,052	$	10,854
Currency translation adjustments, net of deferred taxes of $15, $231, $304 and $122	(2,464)		(692)		(6,337)		(666)

Cash flow hedges:
Deferred gains (losses), net of deferred taxes of $4, $1, $(34) and $(16)	108		46		401		151



Realized (gains) losses reclassified to net income, net of deferred taxes of $(10), $(7), $(26) and $(7)	(56)		(9)		(118)		(5)
Employee benefit obligations and other, net of deferred taxes of $9, $2, $14 and $7	(29)		(8)		(50)		(25)

Comprehensive income (loss)	(7,106)		3,268		(4,053)		10,309
Less: Net income (loss) attributable to noncontrolling interests	(68)		(104)		(295)		(249)
Less: Other comprehensive income (loss) attributable to noncontrolling interests	(56)		2		(68)		11
Comprehensive income (loss) attributable to Comcast Corporation	$	(6,983)	$	3,370	$	(3,689)	$	10,546

See accompanying notes to condensed consolidated financial statements.

Table of Contents

Comcast Corporation

Condensed Consolidated Statement of Cash Flows

(Unaudited)


	Nine Months Ended September 30,
(in millions)	2022		2021
Operating Activities
Net income	$	2,052	$	10,854
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	10,349		10,222
Goodwill and long-lived asset impairments	8,583		—
Share-based compensation	989		1,019
Noncash interest expense (income), net	234		287
Net (gain) loss on investment activity and other	1,172		(1,953)
Deferred income taxes	(326)		2,087
Changes in operating assets and liabilities, net of effects of acquisitions and divestitures:
Current and noncurrent receivables, net	(574)		(720)
Film and television costs, net	(753)		(541)
Accounts payable and accrued expenses related to trade creditors	152		667
Other operating assets and liabilities	(1,347)		(465)
Net cash provided by operating activities	20,530		21,457
Investing Activities
Capital expenditures	(7,062)		(6,146)
Cash paid for intangible assets	(2,152)		(2,006)

Construction of Universal Beijing Resort	(221)		(825)

Acquisitions, net of cash acquired	(1)		(167)
Proceeds from sales of businesses and investments	1,197		500
Purchases of investments	(2,089)		(122)

Other	170		359
Net cash provided by (used in) investing activities	(10,158)		(8,406)
Financing Activities

Proceeds from borrowings	166		2,515

Repurchases and repayments of debt	(301)		(9,041)
Repurchases of common stock under repurchase program and employee plans	(9,813)		(2,617)
Dividends paid	(3,571)		(3,387)

Other	219		(416)
Net cash provided by (used in) financing activities	(13,299)		(12,946)
Impact of foreign currency on cash, cash equivalents and restricted cash	(122)		(15)
Increase (decrease) in cash, cash equivalents and restricted cash	(3,049)		90
Cash, cash equivalents and restricted cash, beginning of period	8,778		11,768
Cash, cash equivalents and restricted cash, end of period	$	5,729	$	11,858

See accompanying notes to condensed consolidated financial statements.

Table of Contents

Comcast Corporation

Condensed Consolidated Balance Sheet

(Unaudited)


(in millions, except share data)	September 30, 2022		December 31, 2021
Assets
Current Assets:
Cash and cash equivalents	$	5,695	$	8,711
Receivables, net	11,918		12,008
Other current assets	5,803		4,088
Total current assets	23,416		24,807
Film and television costs	12,685		12,806
Investments	7,318		8,082
Investment securing collateralized obligation	539		605
Property and equipment, net of accumulated depreciation of $56,638 and $55,611	53,555		54,047
Goodwill	56,414		70,189
Franchise rights	59,365		59,365
Other intangible assets, net of accumulated amortization of $25,446 and $23,545	28,604		33,580
Other noncurrent assets, net	12,411		12,424
Total assets	$	254,308	$	275,905
Liabilities and Equity
Current Liabilities:
Accounts payable and accrued expenses related to trade creditors	$	12,241	$	12,455
Accrued participations and residuals	1,725		1,822
Deferred revenue	2,757		3,040
Accrued expenses and other current liabilities	9,229		9,899
Current portion of long-term debt	2,047		2,132
Total current liabilities	27,999		29,348
Long-term debt, less current portion	90,404		92,718
Collateralized obligation	5,172		5,170
Deferred income taxes	29,102		30,041
Other noncurrent liabilities	20,288		20,620
Commitments and contingencies
Redeemable noncontrolling interests	409		519
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, 5,186,755,347 and 5,396,576,978; outstanding, 4,313,964,319 and 4,523,785,950	52		54
Class B common stock, $0.01 par value—authorized, 75,000,000 shares; issued and outstanding, 9,444,375	—		—
Additional paid-in capital	39,775		40,173
Retained earnings	52,541		61,902
Treasury stock, 872,791,028 Class A common shares	(7,517)		(7,517)
Accumulated other comprehensive income (loss)	(4,555)		1,480
Total Comcast Corporation shareholders’ equity	80,296		96,092
Noncontrolling interests	637		1,398
Total equity	80,933		97,490
Total liabilities and equity	$	254,308	$	275,905

See accompanying notes to condensed consolidated financial statements.

Table of Contents

Comcast Corporation

Condensed Consolidated Statement of Changes in Equity

(Unaudited)


	Three Months Ended September 30,				Nine Months Ended September 30,
(in millions, except per share data)	2022		2021		2022		2021
Redeemable Noncontrolling Interests
Balance, beginning of period	$	513	$	530	$	519	$	1,280
Redemption of subsidiary preferred stock	—		—		—		(725)
Contributions from (distributions to) noncontrolling interests, net	(31)		(19)		(64)		(59)
Other	(80)		—		(80)		(10)
Net income (loss)	7		9		34		33
Balance, end of period	$	409	$	520	$	409	$	520

Class A Common Stock
Balance, beginning of period	$	53	$	55	$	54	$	54
Issuances (repurchases) of common stock under repurchase program and employee plans	(1)		—		(2)		—

Balance, end of period	$	52	$	54	$	52	$	54

Additional Paid-In Capital
Balance, beginning of period	$	39,852	$	40,046	$	40,173	$	39,464

Stock compensation plans	245		233		767		802
Repurchases of common stock under repurchase program and employee plans	(637)		(209)		(1,713)		(340)
Employee stock purchase plans	63		62		213		201
Other	252		2		335		7
Balance, end of period	$	39,775	$	40,134	$	39,775	$	40,134

Retained Earnings
Balance, beginning of period	$	61,209	$	60,359	$	61,902	$	56,438

Repurchases of common stock under repurchase program and employee plans	(2,890)		(1,458)		(8,100)		(2,290)
Dividends declared	(1,179)		(1,153)		(3,607)		(3,470)
Other	(2)		—		(1)		4
Net income (loss)	(4,598)		4,035		2,347		11,102
Balance, end of period	$	52,541	$	61,783	$	52,541	$	61,783

Treasury Stock at Cost
Balance, beginning of period	$	(7,517)	$	(7,517)	$	(7,517)	$	(7,517)
Balance, end of period	$	(7,517)	$	(7,517)	$	(7,517)	$	(7,517)

Accumulated Other Comprehensive Income (Loss)
Balance, beginning of period	$	(2,170)	$	1,992	$	1,480	$	1,884

Other comprehensive income (loss)	(2,385)		(664)		(6,035)		(556)
Balance, end of period	$	(4,555)	$	1,328	$	(4,555)	$	1,328

Noncontrolling Interests
Balance, beginning of period	$	1,132	$	1,581	$	1,398	$	1,415
Other comprehensive income (loss)	(56)		2		(68)		11
Contributions from (distributions to) noncontrolling interests, net	(86)		55		(86)		379
Other	(278)		(2)		(277)		—
Net income (loss)	(75)		(112)		(329)		(282)
Balance, end of period	$	637	$	1,524	$	637	$	1,524

Total equity	$	80,933	$	97,306	$	80,933	$	97,306

Cash dividends declared per common share	$	0.27	$	0.25	$	0.81	$	0.75

See accompanying notes to condensed consolidated financial statements.

Table of Contents

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 2021 Annual Report on Form 10-K and the notes within this Quarterly Report on Form 10-Q.

Note 2: Segment Information

We 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.

Cable Communications is a leading provider of broadband, video, voice, wireless, and other services to residential customers in the United States under the Xfinity brand. We also provide these and other services to business customers and sell 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; and Peacock, our direct-to-consumer streaming service.

Studios consists primarily of NBCUniversal’s film and television studio production and distribution operations.

Theme Parks consists primarily of our Universal theme parks in Orlando, Florida; Hollywood, California; Osaka, Japan; and Beijing, China.

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.

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 reportable segment is presented in the tables below.

Table of Contents

Comcast Corporation


	Three Months Ended September 30, 2022
(in millions)	Revenue(a)		Adjusted EBITDA(b)		Depreciation and Amortization		Capital Expenditures		Cash Paid for Intangible Assets
Cable Communications	$	16,539	$	7,452	$	1,945	$	2,021	$	369
NBCUniversal
Media	5,230		583		198		25		63
Studios	3,163		537		11		1		4
Theme Parks	2,064		819		266		450		15
Headquarters and Other	22		(199)		121		137		46
Eliminations(a)	(909)		(59)		—		—		—
NBCUniversal	9,570		1,681		596		614		129
Sky(c)	4,253		701		722		96		183
Corporate and Other	147		(378)		70		59		87
Eliminations(a)	(660)		26		—		—		—
Comcast Consolidated	$	29,849	$	9,482	$	3,333	$	2,791	$	769


	Three Months Ended September 30, 2021
(in millions)	Revenue(a)		Adjusted EBITDA(b)		Depreciation and Amortization		Capital Expenditures		Cash Paid for Intangible Assets
Cable Communications	$	16,115	$	7,069	$	1,965	$	1,673	$	370
NBCUniversal
Media	6,770		997		248		20		38
Studios	2,407		179		14		1		3
Theme Parks	1,449		434		213		122		8
Headquarters and Other	28		(248)		115		87		36
Eliminations(a)	(654)		(12)		—		—		—
NBCUniversal	10,001		1,349		591		229		85
Sky	4,988		971		884		160		221
Corporate and Other	65		(335)		38		80		48
Eliminations(a)	(871)		(98)		—		—		—
Comcast Consolidated	$	30,298	$	8,957	$	3,477	$	2,142	$	723


	Nine Months Ended September 30, 2022
(in millions)	Revenue(a)		Adjusted EBITDA(b)		Depreciation and Amortization		Capital Expenditures		Cash Paid for Intangible Assets
Cable Communications	$	49,680	$	22,172	$	5,850	$	5,164	$	1,113
NBCUniversal
Media	17,427		3,080		698		59		152
Studios	8,885		783		34		3		12
Theme Parks	5,428		1,902		814		990		30
Headquarters and Other	46		(528)		363		331		122
Eliminations(a)	(2,474)		(98)		—		—		—
NBCUniversal	29,311		5,138		1,909		1,383		315
Sky(c)	13,529		2,185		2,402		373		506
Corporate and Other	549		(944)		188		141		219
Eliminations(a)	(2,196)		(93)		—		—		—
Comcast Consolidated	$	90,874	$	28,459	$	10,349	$	7,062	$	2,152

Table of Contents

Comcast Corporation


	Nine Months Ended September 30, 2021
(in millions)	Revenue(a)		Adjusted EBITDA(b)		Depreciation and Amortization		Capital Expenditures		Cash Paid for Intangible Assets
Cable Communications	$	47,922	$	20,972	$	5,845	$	4,739	$	1,022
NBCUniversal
Media	16,955		3,847		749		49		112
Studios	7,027		833		39		2		9
Theme Parks	3,163		593		615		348		23
Headquarters and Other	65		(643)		356		184		93
Eliminations(a)	(2,230)		(238)		—		—		—
NBCUniversal	24,981		4,392		1,759		584		238
Sky	15,205		1,895		2,524		615		633
Corporate and Other	246		(876)		95		208		113
Eliminations(a)	(2,304)		(87)		—		—		—
Comcast Consolidated	$	86,049	$	26,297	$	10,222	$	6,146	$	2,006

(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 content licensing revenue in Studios for licenses of owned content to Media and Sky; distribution revenue in Media for fees received from Cable Communications for the sale of cable network programming and under retransmission consent agreements; and advertising revenue in 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 in 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.

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 September 30,				Nine Months Ended September 30,
(in millions)	2022		2021		2022		2021
Cable Communications	$	55	$	69	$	172	$	162
NBCUniversal
Media	514		714		1,705		1,799
Studios	946		682		2,617		2,357
Theme Parks	—		—		1		1
Headquarters and Other	16		23		34		52
Sky	5		3		13		26
Corporate and Other	34		32		127		137
Total intersegment revenue	$	1,569	$	1,525	$	4,670	$	4,535

(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 reportable segments to consolidated income before income taxes is presented in the table below.


	Three Months Ended September 30,				Nine Months Ended September 30,
(in millions)	2022		2021		2022		2021
Adjusted EBITDA	$	9,482	$	8,957	$	28,459	$	26,297

Adjustments	9		(30)		(15)		(79)
Depreciation	(2,150)		(2,177)		(6,525)		(6,407)
Amortization	(1,183)		(1,301)