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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
x	Quarterly Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934	
For the quarterly period ended September 30, 2016
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	 	 	
 	 	 	
001-36438	 	NBCUNIVERSAL MEDIA, LLC	 	14-1682529	
 	 	DELAWARE
30 Rockefeller Plaza
New York, NY 10112-0015
(212) 664-4444	 	 	

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.

Comcast Corporation	 	Yes x	 	No ¨	
NBCUniversal Media, LLC	 	Yes x	 	No ¨	

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such period that the registrant was required to submit and post such files).

Comcast Corporation	 	Yes x	 	No ¨	
NBCUniversal Media, LLC	 	Yes x	 	No ¨	
Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

Comcast Corporation	 	Large accelerated filer	 	x	 	Accelerated filer	 	¨	 	Non-accelerated filer	 	¨	 	Smaller reporting company	 	¨	
NBCUniversal Media, LLC	 	Large accelerated filer	 	¨	 	Accelerated filer	 	¨	 	Non-accelerated filer	 	x	 	Smaller reporting company	 	¨	
Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Act).

Comcast Corporation	 	Yes ¨	 	No x	
NBCUniversal Media, LLC	 	Yes ¨	 	No x	
Indicate the number of shares outstanding of each of the registrant’s classes of stock, as of the latest practical date:
As of September 30, 2016, there were 2,383,388,019 shares of Comcast Corporation Class A common stock and 9,444,375 shares of Comcast Corporation Class B common stock outstanding.
Not applicable for NBCUniversal Media, LLC.
NBCUniversal Media, LLC meets the conditions set forth in General Instruction H(1)(a) and (b) of Form 10-Q and is therefore filing this form with the reduced disclosure format.

 

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TABLE OF CONTENTS
 	 	 	 	 	 	 	
  	 	  	 	Page
Number	 	
PART I. FINANCIAL INFORMATION	  	
Item 1.	 	Comcast Corporation Financial Statements	 	 	1	  	
 	 	Condensed Consolidated Balance Sheet as of September 30, 2016 and December 31, 2015 (Unaudited)	 	 	1	  	
 	 	Condensed Consolidated Statement of Income for the Three and Nine Months Ended September 30, 2016 and 2015 (Unaudited)	 	 	2	  	
 	 	Condensed Consolidated Statement of Comprehensive Income for the Three and Nine Months Ended September 30, 2016 and 2015 (Unaudited)	 	 	3	  	
 	 	Condensed Consolidated Statement of Cash Flows for the Nine Months Ended September 30, 2016 and 2015 (Unaudited)	 	 	4	  	
 	 	Condensed Consolidated Statement of Changes in Equity for the Nine Months Ended September 30, 2016 and 2015 (Unaudited)	 	 	5	  	
 	 	Notes to Condensed Consolidated Financial Statements (Unaudited)	 	 	6	  	
Item 2.	 	Management’s Discussion and Analysis of Financial Condition and Results of Operations	 	 	28	  	
Item 3.	 	Quantitative and Qualitative Disclosures About Market Risk	 	 	43	  	
Item 4.	 	Controls and Procedures	 	 	43	  	
PART II. OTHER INFORMATION	 	 	 	 	
Item 1.	 	Legal Proceedings	 	 	44	  	
Item 1A.	 	Risk Factors	 	 	44	  	
Item 2.	 	Unregistered Sales of Equity Securities and Use of Proceeds	 	 	44	  	
Item 5.	 	Other Information	 	 	45	  	
Item 6.	 	Exhibits	 	 	45	  	
SIGNATURES	 	 	46	  	
NBCUniversal Media, LLC Financial Statements	 	 	47	  	

Explanatory Note
This Quarterly Report on Form 10-Q is a combined report being filed separately by Comcast Corporation (“Comcast”) and NBCUniversal Media, LLC (“NBCUniversal”). Comcast owns all of the common equity interests in NBCUniversal, and NBCUniversal meets the conditions set forth in General Instruction H(1)(a) and (b) of Form 10-Q and is therefore filing its information within this Form 10-Q with the reduced disclosure format. Each of Comcast and NBCUniversal is filing on its own behalf the information contained in this report that relates to itself, and neither company makes any representation as to information relating to the other company. Where information or an explanation is provided that is substantially the same for each company, such information or explanation has been combined in this report. Where information or an explanation is not substantially the same for each company, separate information and explanation has been provided. In addition, separate condensed consolidated financial statements for each company, along with notes to the condensed consolidated financial statements, are included in this report. Unless indicated otherwise, throughout this Quarterly Report on Form 10-Q, we refer to Comcast and its consolidated subsidiaries, including NBCUniversal and its consolidated subsidiaries, as “we,” “us” and “our;” Comcast Cable Communications, LLC and its consolidated subsidiaries as “Comcast Cable;” Comcast Holdings Corporation as “Comcast Holdings;” and NBCUniversal, LLC as “NBCUniversal Holdings.”
This Quarterly Report on Form 10-Q is for the three and nine months ended September 30, 2016. This Quarterly Report modifies and supersedes documents filed before it. The 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. In addition, information that we file with the SEC in the future will automatically update and supersede information contained in this Quarterly Report.
You should carefully review the information contained in this Quarterly Report and particularly consider any risk factors set forth in this Quarterly Report and in other reports or documents that we file from time to time with the SEC. In this Quarterly Report, we state our beliefs of future events and of our future financial performance. In

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some cases, you can identify these so-called “forward-looking statements” by words such as “may,” “will,” “should,” “expects,” “believes,” “estimates,” “potential,” or “continue,” or the negative of those words, and other comparable words. You should be aware that these statements are only our predictions. In evaluating these statements, you should specifically consider various factors, including the risks outlined below and in other reports we file with the SEC. Actual events or our actual results may differ materially from any of our forward-looking statements. We undertake no obligation to update any forward-looking statements.
Our businesses may be affected by, among other things, the following:
 
 	•	 	our businesses currently face a wide range of competition, and our businesses and results of operations could be adversely affected if we do not compete effectively	 	
 
 	•	 	changes in consumer behavior driven by alternative methods for viewing content may 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 businesses depend on keeping pace with technological developments	 	
 
 	•	 	we are subject to regulation by federal, state, local and foreign authorities, which may impose additional costs and restrictions on our businesses	 	
 
 	•	 	changes to existing statutes, rules, regulations, or interpretations thereof, or adoption of new ones, could have an adverse effect on our businesses	 	
 
 	•	 	programming expenses for our video services are increasing, which could adversely affect our Cable Communications segment’s video business	 	
 
 	•	 	NBCUniversal’s success depends on consumer acceptance of its content, and its businesses may be adversely affected if its content fails to achieve sufficient consumer acceptance or the costs to create or acquire content increase	 	
 
 	•	 	the loss of NBCUniversal’s programming distribution agreements, or the renewal of these agreements on less favorable terms, could adversely affect its businesses	 	
 
 	•	 	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	 	
 
 	•	 	we may be unable to obtain necessary hardware, software and operational support	 	
 
 	•	 	weak economic conditions may have a negative impact on our businesses	 	
 
 	•	 	our businesses depend on using and protecting certain intellectual property rights and on not infringing the intellectual property rights of others	 	
 
 	•	 	strategic initiatives and acquisitions present many risks, and we may not realize the financial and strategic goals that we had contemplated	 	
 
 	•	 	labor disputes, whether involving employees or sports organizations, may disrupt our operations and adversely affect our businesses	 	
 
 	•	 	the loss of key management personnel or popular on-air and creative talent could have an adverse effect on our businesses	 	
 
 	•	 	we face risks relating to doing business internationally that could 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	 	

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PART I: FINANCIAL INFORMATION
ITEM 1: FINANCIAL STATEMENTS
Comcast Corporation
Condensed Consolidated Balance Sheet
(Unaudited)

(in millions, except share data)	 	September 30,
2016	 	 	December 31,
2015	 	
Assets	 	 	 	 	 	 	 	 	
Current Assets:	 	 	 	 	 	 	 	 	
Cash and cash equivalents	 	$	2,807	  	 	$	2,295	  	
Receivables, net	 	 	7,533	  	 	 	6,896	  	
Programming rights	 	 	1,369	  	 	 	1,213	  	
Other current assets	 	 	3,519	  	 	 	1,899	  	
Total current assets	 	 	15,228	  	 	 	12,303	  	
Film and television costs	 	 	7,153	  	 	 	5,855	  	
Investments	 	 	3,857	  	 	 	3,224	  	
Property and equipment, net of accumulated depreciation of $49,540 and $48,100	 	 	35,656	  	 	 	33,665	  	
Franchise rights	 	 	59,364	  	 	 	59,364	  	
Goodwill	 	 	36,652	  	 	 	32,945	  	
Other intangible assets, net of accumulated amortization of $10,678 and $9,868	 	 	17,356	  	 	 	16,946	  	
Other noncurrent assets, net	 	 	2,658	  	 	 	2,272	  	
Total assets	 	$	177,924	  	 	$	166,574	  	
 	 	 	
Liabilities and Equity	 	 	 	 	 	 	 	 	
Current Liabilities:	 	 	 	 	 	 	 	 	
Accounts payable and accrued expenses related to trade creditors	 	$	6,594	  	 	$	6,215	  	
Accrued participations and residuals	 	 	1,570	  	 	 	1,572	  	
Deferred revenue	 	 	1,340	  	 	 	1,302	  	
Accrued expenses and other current liabilities	 	 	5,201	  	 	 	5,462	  	
Current portion of long-term debt	 	 	3,333	  	 	 	3,627	  	
Total current liabilities	 	 	18,038	  	 	 	18,178	  	
Long-term debt, less current portion	 	 	57,095	  	 	 	48,994	  	
Deferred income taxes	 	 	34,523	  	 	 	33,566	  	
Other noncurrent liabilities	 	 	11,119	  	 	 	10,637	  	
Commitments and contingencies (Note 12)	 	 	 	 	 	 	 	 	
Redeemable noncontrolling interests and redeemable subsidiary preferred stock	 	 	1,326	  	 	 	1,221	  	
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, 2,819,783,533 and 2,869,349,502; outstanding, 2,383,388,019 and 2,432,953,988	 	 	28	  	 	 	29	  	
Class B common stock, $0.01 par value—authorized, 75,000,000 shares; issued and outstanding, 9,444,375	 	 	—	  	 	 	—	  	
Additional paid-in capital	 	 	38,426	  	 	 	38,518	  	
Retained earnings	 	 	22,510	  	 	 	21,413	  	
Treasury stock, 436,395,514 Class A common shares	 	 	(7,517	) 	 	 	(7,517	) 	
Accumulated other comprehensive income (loss)	 	 	34	  	 	 	(174	) 	
Total Comcast Corporation shareholders’ equity	 	 	53,481	  	 	 	52,269	  	
Noncontrolling interests	 	 	2,342	  	 	 	1,709	  	
Total equity	 	 	55,823	  	 	 	53,978	  	
Total liabilities and equity	 	$	177,924	  	 	$	166,574	  	
See accompanying notes to condensed consolidated financial statements.
 
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Comcast Corporation
Condensed Consolidated Statement of Income
(Unaudited)

 	 	Three Months Ended
September 30	 	 	Nine Months Ended
September 30	 	
(in millions, except per share data)	 	    2016    	 	 	    2015    	 	 	    2016    	 	 	    2015    	 	
Revenue	 	$	21,319	  	 	$	18,669	  	 	$	59,378	  	 	$	55,265	  	
Costs and Expenses:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Programming and production	 	 	7,003	  	 	 	5,582	  	 	 	17,926	  	 	 	16,714	  	
Other operating and administrative	 	 	5,994	  	 	 	5,390	  	 	 	17,280	  	 	 	15,738	  	
Advertising, marketing and promotion	 	 	1,487	  	 	 	1,513	  	 	 	4,515	  	 	 	4,407	  	
Depreciation	 	 	1,865	  	 	 	1,697	  	 	 	5,518	  	 	 	5,005	  	
Amortization	 	 	530	  	 	 	486	  	 	 	1,544	  	 	 	1,405	  	
 	 	 	16,879	  	 	 	14,668	  	 	 	46,783	  	 	 	43,269	  	
Operating income	 	 	4,440	  	 	 	4,001	  	 	 	12,595	  	 	 	11,996	  	
Other Income (Expense):	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Interest expense	 	 	(751	) 	 	 	(659	) 	 	 	(2,186	) 	 	 	(2,028	) 	
Investment income (loss), net	 	 	80	  	 	 	(26	) 	 	 	168	  	 	 	24	  	
Equity in net income (losses) of investees, net	 	 	(34	) 	 	 	1	  	 	 	(64	) 	 	 	(202	) 	
Other income (expense), net	 	 	(11	) 	 	 	(53	) 	 	 	104	  	 	 	364	  	
 	 	 	(716	) 	 	 	(737	) 	 	 	(1,978	) 	 	 	(1,842	) 	
Income before income taxes	 	 	3,724	  	 	 	3,264	  	 	 	10,617	  	 	 	10,154	  	
Income tax expense	 	 	(1,400	) 	 	 	(1,223	) 	 	 	(3,989	) 	 	 	(3,797	) 	
Net income	 	 	2,324	  	 	 	2,041	  	 	 	6,628	  	 	 	6,357	  	
Net (income) loss attributable to noncontrolling interests and redeemable subsidiary preferred stock	 	 	(87	) 	 	 	(45	) 	 	 	(229	) 	 	 	(165	) 	
Net income attributable to Comcast Corporation	 	$	2,237	  	 	$	1,996	  	 	$	6,399	  	 	$	6,192	  	
 	 	 	 	 	
Basic earnings per common share attributable to Comcast Corporation shareholders	 	$	0.93	  	 	$	0.81	  	 	$	2.65	  	 	$	2.48	  	
Diluted earnings per common share attributable to Comcast Corporation shareholders	 	$	0.92	  	 	$	0.80	  	 	$	2.62	  	 	$	2.45	  	
Dividends declared per common share	 	$	0.275	  	 	$	0.25	  	 	$	0.825	  	 	$	0.75	  	
See accompanying notes to condensed consolidated financial statements.
 
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Comcast Corporation
Condensed Consolidated Statement of Comprehensive Income
(Unaudited)

 	 	Three Months Ended
September 30	 	 	Nine Months Ended
September 30	 	
(in millions)	 	    2016    	 	 	    2015    	 	 	    2016    	 	 	    2015    	 	
Net income	 	$	2,324	  	 	$	2,041	  	 	$	6,628	  	 	$	6,357	  	
Unrealized gains (losses) on marketable securities, net of deferred taxes of $—, $—, $(1) and $—	 	 	(1	) 	 	 	1	  	 	 	2	  	 	 	1	  	
Deferred gains (losses) on cash flow hedges, net of deferred taxes of $(7), $30, $46 and $40	 	 	12	  	 	 	(50	) 	 	 	(79	) 	 	 	(67	) 	
Amounts reclassified to net income:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Realized (gains) losses on marketable securities, net of deferred taxes of $—, $1, $1 and $1	 	 	—	  	 	 	(1	) 	 	 	(1	) 	 	 	(1	) 	
Realized (gains) losses on cash flow hedges, net of deferred taxes of $(6), $(20), $(42) and $(26)	 	 	11	  	 	 	32	  	 	 	73	  	 	 	42	  	
Employee benefit obligations, net of deferred taxes of $—, $(8), $(2) and $(8)	 	 	—	  	 	 	14	  	 	 	2	  	 	 	14	  	
Currency translation adjustments, net of deferred taxes of $(6), $15, $(122) and $23	 	 	45	  	 	 	(41	) 	 	 	532	  	 	 	(64	) 	
Comprehensive income	 	 	2,391	  	 	 	1,996	  	 	 	7,157	  	 	 	6,282	  	
Net (income) loss attributable to noncontrolling interests and redeemable subsidiary preferred stock	 	 	(87	) 	 	 	(45	) 	 	 	(229	) 	 	 	(165	) 	
Other comprehensive (income) loss attributable to noncontrolling interests	 	 	(34	) 	 	 	16	  	 	 	(321	) 	 	 	26	  	
Comprehensive income attributable to Comcast Corporation	 	$	2,270	  	 	$	1,967	  	 	$	6,607	  	 	$	6,143	  	
See accompanying notes to condensed consolidated financial statements.
 
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Comcast Corporation
Condensed Consolidated Statement of Cash Flows
(Unaudited)

 	 	Nine Months Ended
September 30	 	
(in millions)	 	    2016    	 	 	    2015    	 	
Net cash provided by operating activities	 	$	13,497	  	 	$	13,813	  	
Investing Activities	 	 	 	 	 	 	 	 	
Capital expenditures	 	 	(6,562	) 	 	 	(5,862	) 	
Cash paid for intangible assets	 	 	(1,163	) 	 	 	(916	) 	
Acquisitions and construction of real estate properties	 	 	(303	) 	 	 	(116	) 	
Acquisitions, net of cash acquired	 	 	(3,904	) 	 	 	(286	) 	
Proceeds from sales of businesses and investments	 	 	188	  	 	 	420	  	
Purchases of investments	 	 	(618	) 	 	 	(712	) 	
Deposits	 	 	(1,761	) 	 	 	—	  	
Other	 	 	(29	) 	 	 	268	  	
Net cash provided by (used in) investing activities	 	 	(14,152	) 	 	 	(7,204	) 	
Financing Activities	 	 	 	 	 	 	 	 	
Proceeds from (repayments of) short-term borrowings, net	 	 	610	  	 	 	(220	) 	
Proceeds from borrowings	 	 	9,231	  	 	 	3,996	  	
Repurchases and repayments of debt	 	 	(2,994	) 	 	 	(4,353	) 	
Repurchases and retirements of common stock	 	 	(3,762	) 	 	 	(5,770	) 	
Dividends paid	 	 	(1,944	) 	 	 	(1,823	) 	
Issuances of common stock	 	 	23	  	 	 	35	  	
Distributions to noncontrolling interests and dividends for redeemable subsidiary preferred stock	 	 	(194	) 	 	 	(178	) 	
Other	 	 	197	  	 	 	(313	) 	
Net cash provided by (used in) financing activities	 	 	1,167	  	 	 	(8,626	) 	
Increase (decrease) in cash and cash equivalents	 	 	512	  	 	 	(2,017	) 	
Cash and cash equivalents, beginning of period	 	 	2,295	  	 	 	3,910	  	
Cash and cash equivalents, end of period	 	$	2,807	  	 	$	1,893	  	
See accompanying notes to condensed consolidated financial statements.
 
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Comcast Corporation
Condensed Consolidated Statement of Changes in Equity
(Unaudited)

 	 	 
Redeemable
Noncontrolling
Interests and
Redeemable
Subsidiary
Preferred Stock	 	 	 	 	 	 	 	 	 
Common Stock	 	 	Additional
Paid-In
Capital	 	 	Retained
Earnings	 	 	Treasury
Stock at
Cost	 	 	Accumulated
Other
Comprehensive
Income (Loss)	 	 	Non-
controlling
Interests	 	 	Total
Equity	 	 	
(in millions)	 	 	 	 	 	 	 	 	 	 	A	 	 	A Special	 	 	B	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Balance, December 31, 2014	 	$	1,066	  	 	 	 	 	 	 	 	 	 	$	25	  	 	$	5	  	 	$	 —	  	 	$	38,805	  	 	$	21,539	  	 	$	(7,517	) 	 	$	(146	) 	 	$	357	  	 	$	53,068	  	 	 	 	 	 	
Stock compensation plans	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	573	  	 	 	(363	) 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	210	  	 	 	 	 	 	
Repurchases and retirements of common stock	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	(1	) 	 	 	 	 	 	 	(1,155	) 	 	 	(4,614	) 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	(5,770	) 	 	 	 	 	 	
Employee stock purchase plans	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	106	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	106	  	 	 	 	 	 	
Dividends declared	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	(1,871	) 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	(1,871	) 	 	 	 	 	 	
Other comprehensive income (loss)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	(49	) 	 	 	(26	) 	 	 	(75	) 	 	 	 	 	 	
Contributions from (distributions to) noncontrolling interests, net	 	 	12	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	(114	) 	 	 	(114	) 	 	 	 	 	 	
Other	 	 	67	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	187	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	(74	) 	 	 	113	  	 	 	 	 	 	
Net income (loss)	 	 	59	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	6,192	  	 	 	 	 	 	 	 	 	 	 	106	  	 	 	6,298	  	 	 	 	 	 	
Balance, September 30, 2015	 	$	1,204	  	 	 	 	 	 	 	 	 	 	$	25	  	 	$	4	  	 	$	—	  	 	$	38,516	  	 	$	20,883	  	 	$	(7,517	) 	 	$	(195	) 	 	$	249	  	 	$	51,965	  	 	 	 	 	 	
Balance, December 31, 2015	 	$	1,221	  	 	 	 	 	 	 	 	 	 	$	29	  	 	$	 —	  	 	$	—	  	 	$	38,518	  	 	$	21,413	  	 	$	(7,517	) 	 	$	(174	) 	 	$	1,709	  	 	$	53,978	  	 	 	 	 	 	
Stock compensation plans	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	544	  	 	 	(264	) 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	280	  	 	 	 	 	 	
Repurchases and retirements of common stock	 	 	 	 	 	 	 	 	 	 	 	 	 	 	(1	) 	 	 	 	 	 	 	 	 	 	 	(722	) 	 	 	(3,039	) 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	(3,762	) 	 	 	 	 	 	
Employee stock purchase plans	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	117	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	117	  	 	 	 	 	 	
Dividends declared	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	(1,999	) 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	(1,999	) 	 	 	 	 	 	
Other comprehensive income (loss)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	208	  	 	 	321	  	 	 	529	  	 	 	 	 	 	
Contributions from (distributions to) noncontrolling interests, net	 	 	(20	) 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	(99	) 	 	 	(99	) 	 	 	 	 	 	
Other	 	 	62	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	(31	) 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	245	  	 	 	214	  	 	 	 	 	 	
Net income (loss)	 	 	63	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	6,399	  	 	 	 	 	 	 	 	 	 	 	166	  	 	 	6,565	  	 	 	 	 	 	
Balance, September 30, 2016	 	$	1,326	  	 	 	 	 	 	 	 	 	 	$	28	  	 	$	—	  	 	$	—	  	 	$	38,426	  	 	$	22,510	  	 	$	(7,517	) 	 	$	34	  	 	$	2,342	  	 	$	55,823	  	 	 	 	 	 	
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, financial condition and cash flows 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 2015 Annual Report on Form 10-K.
Reclassifications
Reclassifications have been made to our condensed consolidated financial statements for the prior year periods to conform to classifications used in 2016.
Note 2: Recent Accounting Pronouncements
Revenue Recognition
In May 2014, the Financial Accounting Standards Board (“FASB”) updated the accounting guidance related to revenue recognition. The updated accounting guidance provides a single, contract-based revenue recognition model to help improve financial reporting by providing clearer guidance on when an entity should recognize revenue and by reducing the number of standards to which an entity has to refer. The updated guidance is effective for us as of January 1, 2018. The updated accounting guidance provides companies with alternative methods of adoption. We are currently in the process of determining the impact that the updated accounting guidance will have on our consolidated financial statements and our method of adoption.
Consolidations
In February 2015, the FASB updated the accounting guidance related to consolidation under the variable interest entity (“VIE”) and voting interest entity models. The updated accounting guidance modifies the consolidation guidance for VIEs, limited partnerships and similar legal entities. We have adopted this guidance as of January 1, 2016 and it did not have a material impact on our consolidated financial statements.
Financial Assets and Financial Liabilities
In January 2016, the FASB updated the accounting guidance related to the recognition and measurement of financial assets and financial liabilities. The updated accounting guidance, among other things, requires that all nonconsolidated equity investments, except those accounted for under the equity method, be measured at fair value and that the changes in fair value be recognized in net income. The updated guidance is effective for us as of January 1, 2018. The updated accounting guidance requires a cumulative effect adjustment to beginning retained earnings when the guidance is adopted with certain exceptions. We are currently in the process of determining the impact that the updated accounting guidance will have on our consolidated financial statements.
Leases
In February 2016, the FASB updated the accounting guidance related to leases. The updated accounting guidance requires lessees to recognize a right-of-use asset and a lease liability on the balance sheet for all leases with the
 
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exception of short-term leases. For a lessee, the recognition, measurement and presentation of expenses and cash flows arising from a lease do not significantly change from previous guidance. For a lessor, the accounting applied is also largely unchanged from previous guidance. The updated guidance is effective for us as of January 1, 2019 and early adoption is permitted. The updated accounting guidance must be adopted using a modified retrospective approach for leases that exist or are entered into after the beginning of the earliest comparative period in the financial statements. We are currently in the process of determining the impact that the updated accounting guidance will have on our consolidated financial statements.
Share-Based Compensation
In March 2016, the FASB updated the accounting guidance that affects several aspects of the accounting for share-based compensation. The most significant change for us relates to the presentation of the income and withholding tax consequences of share-based compensation in our consolidated financial statements. Among the changes, the updated guidance requires that the excess income tax benefits or deficiencies that arise when the tax consequences of share-based compensation differ from amounts previously recognized in the statement of income be recognized as income tax benefit or expense in the statement of income rather than as additional paid-in capital in the balance sheet. The guidance also states that excess income tax benefits should not be presented separately from other income taxes in the statement of cash flows and, thus, should be classified as an operating activity rather than a financing activity as they are under the current guidance. In addition, the updated guidance requires when an employer withholds shares upon exercise of options or the vesting of restricted stock for the purpose of meeting withholding tax requirements, that the cash paid for withholding taxes be classified as a financing activity. We currently record these amounts within operating activities.
We will implement the updated guidance in the first quarter of 2017. As required under the updated guidance, we will prospectively adopt the provisions of this guidance related to the recognition of the excess tax benefits or deficiencies in the statement of income. In addition, upon adoption we will retrospectively adopt the provisions of this guidance related to changes to the statement of cash flows for all periods presented.
If we had adopted the provisions of the updated guidance as of January 1, 2016, it would have increased net income attributable to Comcast Corporation by $34 million and $193 million for the three and nine months ended September 30, 2016, respectively. In addition, the updated guidance would have increased net cash provided by operating activities and decreased net cash provided by (used in) financing activities by $493 million for the nine months ended September 30, 2016. The most significant impact of implementing the new guidance is expected to occur in the first quarter of each year as a result of the vesting of restricted stock awards, which primarily occurs in March.
Note 3: Earnings Per Share
Computation of Diluted EPS

 	 	Three Months Ended September 30	 	
 	 	2016	 	  	2015	 	
(in millions, except per share data)	 	Net Income
Attributable to
Comcast
Corporation	 	  	Shares	 	  	Per Share
Amount	 	  	Net Income
Attributable to
Comcast
Corporation	 	  	Shares	 	  	Per Share
Amount	 	
Basic EPS attributable to Comcast Corporation shareholders	 	$	2,237	  	  	 	2,403	  	  	$	0.93	  	  	$	1,996	  	  	 	2,472	  	  	$	0.81	  	
Effect of dilutive securities:	 	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Assumed exercise or issuance of shares relating to stock plans	 	 	 	 	  	 	28	  	  	 	 	 	  	 	 	 	  	 	30	  	  	 	 	 	
Diluted EPS attributable to Comcast Corporation shareholders	 	$	2,237	  	  	 	2,431	  	  	$	0.92	  	  	$	1,996	  	  	 	2,502	  	  	$	0.80	  	
 
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 	 	Nine Months Ended September 30	 	
 	 	2016	 	  	2015	 	
(in millions, except per share data)	 	Net Income
Attributable to
Comcast
Corporation	 	  	Shares	 	  	Per Share
Amount	 	  	Net Income
Attributable to
Comcast
Corporation	 	  	Shares	 	  	Per Share
Amount	 	
Basic EPS attributable to Comcast Corporation shareholders	 	$	6,399	  	  	 	2,419	  	  	$	2.65	  	  	$	6,192	  	  	 	2,498	  	  	$	2.48	  	
Effect of dilutive securities:	 	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Assumed exercise or issuance of shares relating to stock plans	 	 	 	 	  	 	27	  	  	 	 	 	  	 	 	 	  	 	32	  	  	 	 	 	
Diluted EPS attributable to Comcast Corporation shareholders	 	$	6,399	  	  	 	2,446	  	  	$	2.62	  	  	$	6,192	  	  	 	2,530	  	  	$	2.45	  	
Diluted earnings per common share attributable to Comcast Corporation shareholders (“diluted EPS”) considers the impact of potentially dilutive securities using the treasury stock method. Our potentially dilutive securities include potential common shares related to our stock options and our restricted share units (“RSUs”). 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 for the three and nine months ended September 30, 2016 and 2015.
Note 4: Significant Transactions
DreamWorks
On August 22, 2016, we acquired all of the outstanding stock of DreamWorks Animation SKG, Inc. (“DreamWorks”) for $3.8 billion. DreamWorks’ stockholders received $41 in cash for each share of DreamWorks common stock. DreamWorks creates animated feature films, television series and specials, live entertainment and related consumer products. The results of operations for DreamWorks are reported in our Filmed Entertainment segment following the acquisition date.
The transaction is accounted for under the acquisition method of accounting and, accordingly, the assets and liabilities are to be recorded at their fair market values as of the acquisition date. Due to the limited amount of time since the acquisition date, the assets and liabilities of DreamWorks were recorded based primarily on their historical carrying values. We recorded the debt we assumed from DreamWorks at its estimated fair value of $381 million and we recorded a liability related to a tax receivable agreement that DreamWorks had previously entered into with one of its former stockholders (the “tax receivable agreement”) at its estimated fair value of $146 million. The fair value of the assumed debt was primarily based on quoted market values. The fair value of the tax receivable agreement was based on the contractual settlement provisions in the agreement and the value is subject to adjustment. In addition, we recorded deferred income taxes based on our estimate of the tax basis of the acquired assets and valuation allowances based on the expected use of net operating loss carryforwards. The remaining assets and liabilities primarily consisted of goodwill and film and television costs. We will adjust the remaining assets and liabilities to fair value and will record the related deferred income tax adjustments as valuations are completed and we obtain information necessary to complete the analyses, but no later than one year from the acquisition date. For purposes of the preliminary allocation of purchase price, the excess of the total transaction value over the recorded values of the net assets acquired has been recorded as goodwill.
The tax receivable agreement was settled immediately following the acquisition and the payment was recorded as an operating activity in our condensed consolidated statement of cash flows. In addition, during the three months ended September 30, 2016, we repaid all of the assumed debt of DreamWorks (see Note 8).
Revenue and net income attributable to the acquisition of DreamWorks were not material for the three and nine months ended September 30, 2016. During the three months ended September 30, 2016, we incurred severance costs of $50 million, which were recorded in operating costs and expenses in our Filmed Entertainment segment.
 
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Universal Studios Japan
On November 13, 2015, NBCUniversal acquired a 51% economic interest in the Universal Studios theme park in Osaka, Japan (“Universal Studios Japan”) for $1.5 billion.
Universal Studios Japan is a VIE based on the governance structure and we consolidate Universal Studios Japan as we have the power to direct activities that most significantly impact its economic performance. There are no liquidity arrangements, guarantees, or other financial commitments between us and Universal Studios Japan, and therefore our maximum risk of financial loss is NBCUniversal’s 51% interest. Universal Studios Japan’s results of operations are reported in our Theme Parks segment following the acquisition date.
Preliminary Allocation of Purchase Price
The acquired assets and liabilities of Universal Studios Japan and the 49% noncontrolling interest were recorded at their estimated fair values. During the nine months ended September 30, 2016, we updated the preliminary allocation of purchase price for Universal Studios Japan based on valuation analyses, which primarily resulted in increases to property and equipment and intangible assets and a decrease in goodwill. The changes did not have a material impact on our consolidated financial statements. We may adjust these amounts further as valuations are finalized and we obtain information necessary to complete the analyses, but no later than one year from the acquisition date.
The table below presents the preliminary allocation of the purchase price to the assets and liabilities of Universal Studios Japan.
Preliminary Allocation of Purchase Price

(in millions)	 	  	 	
Property and equipment	 	$	780	  	
Intangible assets	 	 	323	  	
Working capital	 	 	(33	) 	
Debt	 	 	(3,271	) 	
Other noncurrent assets and liabilities	 	 	22	  	
Identifiable net assets (liabilities) acquired	 	 	(2,179	) 	
Noncontrolling interest	 	 	(1,440	) 	
Goodwill	 	 	5,118	  	
Cash consideration transferred	 	$	1,499	  	
Actual and Unaudited Pro Forma Results
Our consolidated revenue for the three and nine months ended September 30, 2016 included $424 million and $1.1 billion, respectively, from the acquisition of Universal Studios Japan. Our consolidated net income attributable to Comcast Corporation for the three and nine months ended September 30, 2016 included $48 million and $76 million, respectively, from the acquisition of Universal Studios Japan.
The following unaudited pro forma information has been presented as if the acquisition of Universal Studios Japan occurred on January 1, 2014. This information is primarily based on historical results of operations and is subject to change as valuations are finalized. In addition, the unaudited pro forma accounting adjustments are not necessarily indicative of what our results would have been had we operated Universal Studios Japan since January 1, 2014. No pro forma adjustments have been made for our transaction-related expenses.
 
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Unaudited Pro Forma Results

(in millions, except per share amounts)	 	Three Months Ended
September 30, 2015	 	  	Nine Months Ended
September 30, 2015	 	
Revenue	 	$	19,013	  	  	$	56,147	  	
Net income	 	$	2,113	  	  	$	6,498	  	
Net income attributable to Comcast Corporation	 	$	2,033	  	  	$	6,263	  	
Basic earnings per common share attributable to Comcast Corporation shareholders	 	$	0.82	  	  	$	2.51	  	
Diluted earnings per common share attributable to Comcast Corporation shareholders	 	$	0.81	  	  	$	2.48	  	
Note 5: Film and Television Costs

(in millions)	 	September 30,
2016	 	  	December 31,
2015	 	
Film Costs:	 	 	 	 	  	 	 	 	
Released, less amortization	 	$	1,586	  	  	$	1,275	  	
Completed, not released	 	 	222	  	  	 	226	  	
In production and in development	 	 	1,402	  	  	 	907	  	
 	 	 	3,210	  	  	 	2,408	  	
Television Costs:	 	 	 	 	  	 	 	 	
Released, less amortization	 	 	1,839	  	  	 	1,573	  	
In production and in development	 	 	886	  	  	 	737	  	
 	 	 	2,725	  	  	 	2,310	  	
Programming rights, less amortization	 	 	2,587	  	  	 	2,350	  	
 	 	 	8,522	  	  	 	7,068	  	
Less: Current portion of programming rights	 	 	1,369	  	  	 	1,213	  	
Film and television costs	 	$	7,153	  	  	$	5,855	  	
Note 6: Investments

 	 	 	 	 	 	 	 	 	
(in millions)	 	September 30,
2016	 	  	December 31,
2015	 	
Fair Value Method	 	$	166	  	  	$	167	  	
Equity Method:	 	 	 	 	  	 	 	 	
Atairos	 	 	363	  	  	 	—	  	
Hulu	 	 	286	  	  	 	184	  	
Other	 	 	563	  	  	 	494	  	
 	 	 	1,212	  	  	 	678	  	
Cost Method:	 	 	 	 	  	 	 	 	
AirTouch	 	 	1,595	  	  	 	1,583	  	
Other	 	 	938	  	  	 	902	  	
 	 	 	2,533	  	  	 	2,485	  	
Total investments	 	 	3,911	  	  	 	3,330	  	
Less: Current investments	 	 	54	  	  	 	106	  	
Noncurrent investments	 	$	3,857	  	  	$	3,224	  	
 
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Investment Income (Loss), Net

 	 	Three Months Ended
September 30	 	 	Nine Months Ended
September 30	 	
(in millions)	 	    2016    	 	 	    2015    	 	 	    2016    	 	 	    2015    	 	
Gains on sales and exchanges of investments, net	 	$	24	  	 	$	3	  	 	$	39	  	 	$	7	  	
Investment impairment losses	 	 	(7	) 	 	 	(15	) 	 	 	(28	) 	 	 	(46	) 	
Unrealized gains (losses) on securities underlying prepaid forward sale agreements	 	 	—	  	 	 	—	  	 	 	—	  	 	 	42	  	
Mark to market adjustments on derivative component of prepaid forward sale agreements and indexed debt instruments	 	 	(4	) 	 	 	(5	) 	 	 	(3	) 	 	 	(42	) 	
Interest and dividend income	 	 	31	  	 	 	27	  	 	 	91	  	 	 	83	  	
Other, net	 	 	36	  	 	 	(36	) 	 	 	69	  	 	 	(20	) 	
Investment income (loss), net	 	$	80	  	 	$	(26	) 	 	$	168	  	 	$	24	  	
Equity Method
The Weather Channel
On January 29, 2016, following a legal restructuring at The Weather Channel, we and the other investors sold the entity holding The Weather Channel’s product and technology businesses to IBM. Following the close of the transaction, we continue to hold an investment in The Weather Channel cable network through a new holding company. As a result of the sale of our investment, we recognized a pretax gain for the nine months ended September 30, 2016 of $108 million in other income (expense), net.
During the nine months ended September 30, 2015, The Weather Channel recorded an impairment charge related to goodwill. We recorded an expense of $252 million that represents NBCUniversal’s proportionate share of this impairment charge in equity in net income (losses) of investees, net in our condensed consolidated statement of income.
Atairos
In 2015, we entered into an agreement to establish Atairos Group, Inc. (“Atairos”), a strategic company focused on investing in and operating companies in a range of industries and business sectors, both domestically and internationally. The agreement became effective as of January 1, 2016. Atairos has a term of up to 12 years and is controlled by management companies led by our former CFO through interests that carry all of the voting rights. We are the only investor other than our former CFO and the other management company employees. We have committed to fund up to $4 billion in the aggregate at any one time in Atairos, subject to certain offsets, and $40 million annually to fund a management fee, subject to certain adjustments, while the management company investors have committed to fund up to $100 million (with at least $40 million to be funded by our former CFO, subject to his continued role with Atairos). Our economic interests do not carry voting rights and obligate us to absorb approximately 99% of any losses and provide us the right to receive approximately 86.5% of any residual returns in Atairos, in either case on a cumulative basis.
We have concluded that Atairos is a VIE, that we do not have the power to direct the activities that most significantly impact the economic performance of Atairos as we have no voting rights and only certain consent rights, and that we are not a related party with our former CFO or the management companies. We therefore do not consolidate Atairos and account for this investment as an equity method investment. There are no other liquidity arrangements, guarantees, or other financial commitments between Comcast and Atairos, and therefore our maximum risk of financial loss is our investment balance and remaining unfunded capital commitment.
For the nine months ended September 30, 2016, we made capital contributions totaling $399 million to Atairos.
Hulu
In August 2016, Time Warner Inc. acquired a 10% interest in Hulu, LLC (“Hulu”), which diluted our interest in Hulu from 33% to 30%. For a period not to exceed three years, Time Warner may put its shares to Hulu or Hulu
 
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may call Time Warner’s shares under certain limited circumstances arising from regulatory review. Given the contingent nature of the put and call options, we recorded a deferred gain of $159 million and a corresponding increase to our investment in Hulu as a result of the dilution. The deferred gain will be recognized in other income (expense), net if and when the options expire unexercised.
For the three and nine months ended September 30, 2016, we recognized our proportionate share of losses of $43 million and $108 million, respectively, related to our investment in Hulu. For the three and nine months ended September 30, 2015, we recognized our proportionate share of losses of $19 million and $43 million, respectively, related to our investment in Hulu.
Cost Method
AirTouch
We hold two series of preferred stock of Verizon Americas, Inc., formerly known as AirTouch Communications, Inc. (“AirTouch”), a subsidiary of Verizon Communications Inc., which are redeemable in April 2020. As of September 30, 2016, the estimated fair value of the AirTouch preferred stock and the estimated fair value of the associated liability related to the redeemable subsidiary preferred shares issued by one of our consolidated subsidiaries were each $1.7 billion. The estimated fair values are based on Level 2 inputs that use pricing models whose inputs are derived primarily from or corroborated by observable market data through correlation or other means for substantially the full term of the financial instrument.
Note 7: Goodwill

 	 	 	 	  	NBCUniversal	 	 	 	 	 	 	 	
(in millions)	 	Cable
Communications	 	  	Cable
Networks	 	  	Broadcast
Television	 	  	Filmed
Entertainment	 	  	Theme
Parks	 	 	Corporate
and Other	 	 	Total	 	
Balance, December 31, 2015	 	$	12,389	  	  	$	12,947	  	  	$	806	  	  	$	267	  	  	$	6,344	  	 	$	192	  	 	$	32,945	  	
Acquisitions	 	 	73	  	  	 	247	  	  	 	—	  	  	 	2,560	  	  	 	—	  	 	 	—	  	 	 	2,880	  	
Adjustments	 	 	175	  	  	 	—	  	  	 	—	  	  	 	2	  	  	 	(255	) 	 	 	(181	) 	 	 	(259	) 	
Foreign currency translation	 	 	—	  	  	 	5	  	  	 	—	  	  	 	10	  	  	 	1,071	  	 	 	—	  	 	 	1,086	  	
Balance, September 30, 2016	 	$	12,637	  	  	$	13,199	  	  	$	806	  	  	$	2,839	  	  	$	7,160	  	 	$	11	  	 	$	36,652	  	
Acquisitions during the nine months ended September 30, 2016 included the DreamWorks acquisition in our Filmed Entertainment segment (see Note 4 for additional information). Adjustments to goodwill during the nine months ended September 30, 2016 included the updated preliminary allocation of the purchase price for Universal Studios Japan in our Theme Parks segment and the reclassification of certain operations and businesses from Corporate and Other to our Cable Communications segment.
Note 8: Long-Term Debt
As of September 30, 2016, our debt had a carrying value of $60.4 billion and an estimated fair value of $69.4 billion. The estimated fair value of our publicly traded debt is primarily based on Level 1 inputs that use quoted market values for the debt. The estimated fair value of debt for which there are no quoted market prices is based on Level 2 inputs that use interest rates available to us for debt with similar terms and remaining maturities.
Debt Borrowings and Repayments
In July 2016, we issued $700 million aggregate principal amount of 1.625% senior notes due 2022, $1.4 billion aggregate principal amount of 2.35% senior notes due 2027, $1.0 billion aggregate principal amount of 3.20% senior notes due 2036 and $1.4 billion aggregate principal amount of 3.40% senior notes due 2046. The proceeds from this offering were primarily used to fund our acquisition of DreamWorks. In May 2016, we issued $1.43 billion aggregate principal amount of 4.05% senior notes due 2046. In February and March 2016, we issued $1.1 billion aggregate principal amount of 2.75% senior notes due 2023 and $2.2 billion aggregate principal amount of 3.15% senior notes due 2026.
 
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Following our acquisition of DreamWorks, we paid $381 million to settle all of the debt we assumed in the DreamWorks acquisition. In June 2016, we repaid at maturity $750 million aggregate principal amount of 4.95% senior notes due 2016. In April 2016, we repaid at maturity $1 billion aggregate principal amount of 2.875% senior notes due 2016 and $700 million aggregate principal amount of NBCUniversal Enterprise Inc.’s (“NBCUniversal Enterprise”) senior notes due 2016.
Revolving Credit Facilities
In May 2016, we entered into a new $7 billion revolving credit facility due 2021 with a syndicate of banks (“Comcast revolving credit facility”) that may be used for general corporate purposes. We may increase the commitment under the Comcast revolving credit facility up to a total of $10 billion, as well as extend the expiration date to a date no later than 2023, subject to approval of the lenders. In addition, NBCUniversal Enterprise entered into a new $1.5 billion revolving credit facility due 2021 with a syndicate of banks (“NBCUniversal Enterprise revolving credit facility”) that may be used for general corporate purposes. We may increase the commitment under the NBCUniversal Enterprise revolving credit facility up to a total of $2 billion, as well as extend the expiration date to a date no later than 2023, subject to approval of the lenders. The new revolving credit facilities replaced Comcast’s $6.25 billion and NBCUniversal Enterprise’s $1.35 billion revolving credit facilities, which were terminated in connection with the execution of the new revolving credit facilities. The interest rates on the new revolving credit facilities consist of a base rate plus a borrowing margin that is determined based on Comcast’s credit rating. As of September 30, 2016, the borrowing margin for borrowings based on the London Interbank Offered Rate was 1.00%. The terms of the new revolving credit facilities’ financial covenants and guarantees are substantially the same as those under the prior revolving credit facilities.
As of September 30, 2016, amounts available under the new consolidated revolving credit facilities, net of amounts outstanding under our commercial paper programs and outstanding letters of credit, totaled $6.6 billion, which included $408 million available under NBCUniversal Enterprise’s revolving credit facility.
Commercial Paper Programs
As of September 30, 2016, Comcast and NBCUniversal Enterprise had $505 million and $1.1 billion, respectively, face amount of commercial paper outstanding.
Note 9: Fair Value Measurements
The accounting guidance related to financial assets and financial liabilities (“financial instruments”) establishes a hierarchy that prioritizes fair value measurements based on the types of inputs used for the various valuation techniques (market approach, income approach and cost approach). Level 1 consists of financial instruments whose values are based on quoted market prices for identical financial instruments in an active market. Level 2 consists of financial instruments that are valued using models or other valuation methodologies. These models use inputs that are observable either directly or indirectly. Level 3 consists of financial instruments whose values are determined using pricing models that use significant inputs that are primarily unobservable, discounted cash flow methodologies or similar techniques, as well as instruments for which the determination of fair value requires significant management judgment or estimation. Our financial instruments that are accounted for at fair value on a recurring basis are presented in the table below.
 
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Recurring Fair Value Measurements

 	 	Fair Value as of	 	
 	 	September 30,
2016	 	  	December 31,
2015	 	
(in millions)	 	 Level 1	 	  	Level 2	 	  	Level 3	 	  	Total	 	  	Total	 	
Assets	 	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Trading securities	 	$	5	  	  	$	—	  	  	$	—	  	  	$	5	  	  	$	22	  	
Available-for-sale securities	 	 	—	  	  	 	126	  	  	 	11	  	  	 	137	  	  	 	133	  	
Interest rate swap agreements	 	 	—	  	  	 	43	  	  	 	—	  	  	 	43	  	  	 	53	  	
Other	 	 	—	  	  	 	6	  	  	 	24	  	  	 	30	  	  	 	17	  	
Total	 	$	5	  	  	$	175	  	  	$	35	  	  	$	215	  	  	$	225	  	
 	 	 	 	 	 	
Liabilities	 	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Other	 	$	 —	  	  	$	212	  	  	$	 —	  	  	$	212	  	  	$	91	  	
Total	 	$	—	  	  	$	212	  	  	$	—	  	  	$	212	  	  	$	91	  	
Fair Value of Redeemable Subsidiary Preferred Stock
As of September 30, 2016, the fair value of the NBCUniversal Enterprise redeemable subsidiary preferred stock was $757 million. The estimated fair value is based on Level 2 inputs that use pricing models whose inputs are derived primarily from or corroborated by observable market data through correlation or other means for substantially the full term of the financial instrument.
Note 10: Share-Based Compensation
Our share-based compensation plans primarily consist 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 Comcast Class A common stock at a discount through payroll deductions.
In March 2016, we granted 5.9 million RSUs and 20.7 million stock options related to our annual management awards. The weighted-average fair values associated with these grants were $59.50 per RSU and $11.45 per stock option.
Recognized Share-Based Compensation Expense

 	 	Three Months Ended
September 30	 	  	Nine Months Ended
September 30	 	
(in millions)	 	    2016    	 	  	    2015    	 	  	    2016    	 	  	    2015    	 	
Restricted share units	 	$	77	  	  	$	67	  	  	$	236	  	  	$	205	  	
Stock options	 	 	48	  	  	 	40	  	  	 	133	  	  	 	118	  	
Employee stock purchase plans	 	 	6	  	  	 	6	  	  	 	22	  	  	 	20	  	
Total	 	$	131	  	  	$	113	  	  	$	391	  	  	$	343	  	
As of September 30, 2016, we had unrecognized pretax compensation expense of $771 million and $425 million related to nonvested RSUs and nonvested stock options, respectively.
 
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Note 11: Supplemental Financial Information
Receivables

(in millions)	 	September 30,
2016	 	  	December 31,
2015	 	
Receivables, gross	 	$	8,090	  	  	$	7,595	  	
Less: Allowance for returns and customer incentives	 	 	289	  	  	 	473	  	
Less: Allowance for doubtful accounts	 	 	268	  	  	 	226	  	
Receivables, net	 	$	7,533	  	  	$	6,896	  	
Accumulated Other Comprehensive Income (Loss)

(in millions)	 	September 30,
2016	 	 	September 30,
2015	 	
Unrealized gains (losses) on marketable securities	 	$	2	  	 	$	1	  	
Deferred gains (losses) on cash flow hedges	 	 	(52	) 	 	 	(29	) 	
Unrecognized gains (losses) on employee benefit obligations	 	 	8	  	 	 	(54	) 	
Cumulative translation adjustments	 	 	76	  	 	 	(113	) 	
Accumulated other comprehensive income (loss), net of deferred taxes	 	$	34	  	 	$	(195	) 	
Net Cash Provided by Operating Activities

 	 	Nine Months Ended
September 30	 	
(in millions)	 	    2016    	 	 	    2015    	 	
Net income	 	$	6,628	  	 	$	6,357	  	
Adjustments to reconcile net income to net cash provided by operating activities:	 	 	 	 	 	 	 	 	
Depreciation and amortization	 	 	7,062	  	 	 	6,410	  	
Share-based compensation	 	 	495	  	 	 	430	  	
Noncash interest expense (income), net	 	 	172	  	 	 	147	  	
Equity in net (income) losses of investees, net	 	 	64	  	 	 	202	  	
Cash received from investees	 	 	58	  	 	 	139	  	
Net (gain) loss on investment activity and other	 	 	(159	) 	 	 	(344	) 	
Deferred income taxes	 	 	985	  	 	 	67	  	
Changes in operating assets and liabilities, net of effects of acquisitions and divestitures:	 	 	 	 	 	 	 	 	
Current and noncurrent receivables, net	 	 	(315	) 	 	 	(322	) 	
Film and television costs, net	 	 	(593	) 	 	 	(65	) 	
Accounts payable and accrued expenses related to trade creditors	 	 	46	  	 	 	169	  	
Other operating assets and liabilities	 	 	(946	) 	 	 	623	  	
Net cash provided by operating activities	 	$	13,497	  	 	$	13,813	  	
Cash Payments for Interest and Income Taxes

 	 	Three Months Ended
September 30	 	  	Nine Months Ended
September 30	 	
(in millions)	 	    2016    	 	  	    2015    	 	  	    2016    	 	  	    2015    	 	
Interest	 	$	808	  	  	$	673	  	  	$	2,043	  	  	$	1,914	  	
Income taxes	 	$	1,031	  	  	$	1,146	  	  	$	2,716	  	  	$	3,145	  	
Noncash Investing and Financing Activities
During the nine months ended September 30, 2016:
 
 	•	 	we acquired $1.3 billion of property and equipment and intangible assets that were accrued but unpaid	 	
 
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 	•	 	we recorded a liability of $658 million for a quarterly cash dividend of $0.275 per common share to be paid in October 2016	 	
Note 12: Commitments and Contingencies
Contingencies
We are a defendant in several unrelated lawsuits claiming infringement of various patents relating to various aspects of our businesses. In certain of these cases other industry participants are also defendants, and also in certain of these cases we expect that any potential liability would be in part or in whole the responsibility of our equipment and technology vendors under applicable contractual indemnification provisions.
We are also subject to other legal proceedings and claims that arise in the ordinary course of our business. While the amount of ultimate liability with respect to such actions is not expected to materially affect our results of operations, cash flows or financial position, any litigation resulting from any such legal proceedings or claims could be time-consuming and injure our reputation.
Note 13: Financial Data by Business Segment
We present our operations in five reportable business segments:
 
 	•	 	Cable Communications: Consists of the operations of Comcast Cable, which is one of the nation’s largest providers of video, high-speed Internet and voice services to residential customers under the XFINITY brand; we also provide these and other services to business customers and sell advertising.	 	
 
 	•	 	Cable Networks: Consists primarily of our national cable networks, our regional sports and news networks, our international cable networks and our cable television studio production operations.	 	
 
 	•	 	Broadcast Television: Consists primarily of the NBC and Telemundo broadcast networks, our NBC and Telemundo owned local broadcast television stations, the NBC Universo national cable network, and our broadcast television studio production operations.	 	
 
 	•	 	Filmed Entertainment: Consists primarily of the operations of Universal Pictures, which produces, acquires, markets and distributes filmed entertainment worldwide. On August 22, 2016, we acquired all of the outstanding stock of DreamWorks.	 	
 
 	•	 	Theme Parks: Consists primarily of our Universal theme parks in Orlando, Florida; Hollywood, California; and Osaka, Japan.	 	
 
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In evaluating the profitability of our operating segments, the components of net income (loss) below operating income (loss) before depreciation and amortization are not separately evaluated by our management. Our financial data by business segment is presented in the tables below.

 	 	Three Months Ended September 30, 2016	 	
(in millions)	 	Revenue(g)	 	 	Operating Income (Loss)
Before Depreciation and
Amortization (h)	 	 	Depreciation
and
Amortization	 	  	Operating
Income
(Loss)	 	 	Capital
Expenditures	 	
Cable Communications(a)(b)	 	$	12,557	  	 	$	4,986	  	 	$	1,929	  	  	$	3,057	  	 	$	2,044	  	
NBCUniversal	 	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	
Cable Networks(c)	 	 	2,942	  	 	 	893	  	 	 	184	  	  	 	709	  	 	 	7	  	
Broadcast Television(c)	 	 	3,087	  	 	 	378	  	 	 	27	  	  	 	351	  	 	 	28	  	
Filmed Entertainment	 	 	1,792	  	 	 	353	  	 	 	13	  	  	 	340	  	 	 	6	  	
Theme Parks(d)	 	 	1,440	  	 	 	706	  	 	 	130	  	  	 	576	  	 	 	228	  	
Headquarters and Other(e)	 	 	1	  	 	 	(183	) 	 	 	91	  	  	 	(274	) 	 	 	67	  	
Eliminations(f)	 	 	(84	) 	 	 	(1	) 	 	 	—	  	  	 	(1	) 	 	 	—	  	
NBCUniversal	 	 	9,178	  	 	 	2,146	  	 	 	445	  	  	 	1,701	  	 	 	336	  	
Corporate and Other(b)	 	 	168	  	 	 	(223	) 	 	 	21	  	  	 	(244	) 	 	 	26	  	
Eliminations(d)(f)	 	 	(584	) 	 	 	(74	) 	 	 	—	  	  	 	(74	) 	 	 	—	  	
Comcast Consolidated	 	$	21,319	  	 	$	6,835	  	 	$	2,395	  	  	$	4,440	  	 	$	2,406	  	

 	 	Three Months Ended September 30, 2015	 	
(in millions)	 	Revenue(g)	 	 	Operating Income (Loss)
Before Depreciation and
Amortization (h)	 	 	Depreciation
and
Amortization	 	  	Operating
Income
(Loss)	 	 	Capital
Expenditures	 	
Cable Communications(a)(b)	 	$	11,751	  	 	$	4,726	  	 	$	1,782	  	  	$	2,944	  	 	$	1,853	  	
NBCUniversal	 	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	
Cable Networks	 	 	2,412	  	 	 	835	  	 	 	193	  	  	 	642	  	 	 	9	  	
Broadcast Television	 	 	1,971	  	 	 	150	  	 	 	26	  	  	 	124	  	 	 	28	  	
Filmed Entertainment	 	 	1,946	  	 	 	376	  	 	 	8	  	  	 	368	  	 	 	2	  	
Theme Parks(d)	 	 	896	  	 	 	434	  	 	 	72	  	  	 	362	  	 	 	156	  	
Headquarters and Other(e)	 	 	5	  	 	 	(164	) 	 	 	81	  	  	 	(245	) 	 	 	94	  	
Eliminations(f)	 	 	(79	) 	 	 	2	  	 	 	—	  	  	 	2	  	 	 	—	  	
NBCUniversal	 	 	7,151	  	 	 	1,633	  	 	 	380	  	  	 	1,253	  	 	 	289	  	
Corporate and Other(b)	 	 	167	  	 	 	(211	) 	 	 	21	  	  	 	(232	) 	 	 	23	  	
Eliminations(d)(f)	 	 	(400	) 	 	 	36	  	 	 	—	  	  	 	36	  	 	 	—	  	
Comcast Consolidated	 	$	18,669	  	 	$	6,184	  	 	$	2,183	  	  	$	4,001	  	 	$	2,165	  	

 	 	Nine Months Ended September 30, 2016	 	
(in millions)	 	Revenue(g)	 	 	Operating Income (Loss)
Before Depreciation and
Amortization (h)	 	 	Depreciation
and
Amortization	 	  	Operating
Income
(Loss)	 	 	Capital
Expenditures	 	
Cable Communications(a)(b)	 	$	37,205	  	 	$	14,923	  	 	$	5,676	  	  	$	9,247	  	 	$	5,501	  	
NBCUniversal	 	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	
Cable Networks(c)	 	 	7,961	  	 	 	2,793	  	 	 	561	  	  	 	2,232	  	 	 	15	  	
Broadcast Television(c)	 	 	7,299	  	 	 	1,056	  	 	 	89	  	  	 	967	  	 	 	77	  	
Filmed Entertainment	 	 	4,526	  	 	 	576	  	 	 	33	  	  	 	543	  	 	 	14	  	
Theme Parks(d)	 	 	3,602	  	 	 	1,550	  	 	 	373	  	  	 	1,177	  	 	 	668	  	
Headquarters and Other(e)	 	 	10	  	 	 	(518	) 	 	 	268	  	  	 	(786	) 	 	 	217	  	
Eliminations(f)	 	 	(256	) 	 	 	—	  	 	 	—	  	  	 	—	  	 	 	—	  	
NBCUniversal	 	 	23,142	  	 	 	5,457	  	 	 	1,324	  	  	 	4,133	  	 	 	991	  	
Corporate and Other(b)	 	 	547	  	 	 	(668	) 	 	 	62	  	  	 	(730	) 	 	 	70	  	
Eliminations(d)(f)	 	 	(1,516	) 	 	 	(55	) 	 	 	—	  	  	 	(55	) 	 	 	—	  	
Comcast Consolidated	 	$	59,378	  	 	$	19,657	  	 	$	7,062	  	  	$	12,595	  	 	$	6,562	  	
 
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 	 	Nine Months Ended September 30, 2015	 	
(in millions)	 	Revenue(g)	 	 	Operating Income (Loss)
Before Depreciation and
Amortization (h)	 	 	Depreciation
and
Amortization	 	  	Operating
Income
(Loss)	 	 	Capital
Expenditures	 	
Cable Communications(a)(b)	 	$	34,932	  	 	$	14,161	  	 	$	5,194	  	  	$	8,967	  	 	$	4,977	  	
NBCUniversal	 	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	
Cable Networks	 	 	7,221	  	 	 	2,605	  	 	 	588	  	  	 	2,017	  	 	 	20	  	
Broadcast Television(c)	 	 	6,032	  	 	 	563	  	 	 	85	  	  	 	478	  	 	 	53	  	
Filmed Entertainment	 	 	5,658	  	 	 	1,091	  	 	 	19	  	  	 	1,072	  	 	 	7	  	
Theme Parks(d)	 	 	2,320	  	 	 	1,012	  	 	 	214	  	  	 	798	  	 	 	484	  	
Headquarters and Other(e)	 	 	12	  	 	 	(473	) 	 	 	243	  	  	 	(716	) 	 	 	265	  	
Eliminations(f)	 	 	(258	) 	 	 	2	  	 	 	—	  	  	 	2	  	 	 	—	  	
NBCUniversal	 	 	20,985	  	 	 	4,800	  	 	 	1,149	  	  	 	3,651	  	 	 	829	  	
Corporate and Other(b)	 	 	524	  	 	 	(651	) 	 	 	67	  	  	 	(718	) 	 	 	56	  	
Eliminations(d)(f)	 	 	(1,176	) 	 	 	96	  	 	 	—	  	  	 	96	  	 	 	—	  	
Comcast Consolidated	 	$	55,265	  	 	$	18,406	  	 	$	6,410	  	  	$	11,996	  	 	$	5,862	  	
 
(a)	For the three and nine months ended September 30, 2016 and 2015, Cable Communications segment revenue was derived from the following sources:	

 	 	Three Months Ended
September 30	 	 	Nine Months Ended
September 30	 	
  	 	    2016    	 	 	    2015    	 	 	    2016    	 	 	    2015    	 	
Residential:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Video	 	 	44.5	% 	 	 	45.5	% 	 	 	44.9	% 	 	 	46.1	% 	
High-speed Internet	 	 	27.1	% 	 	 	26.6	% 	 	 	27.0	% 	 	 	26.5	% 	
Voice	 	 	7.0	% 	 	 	7.7	% 	 	 	7.2	% 	 	 	7.8	% 	
Business services	 	 	11.1	% 	 	 	10.3	% 	 	 	10.9	% 	 	 	10.0	% 	
Advertising	 	 	5.1	% 	 	 	5.0	% 	 	 	4.8	% 	 	 	4.8	% 	
Other	 	 	5.2	% 	 	 	4.9	% 	 	 	5.2	% 	 	 	4.8	% 	
Total	 	 	100	% 	 	 	100	% 	 	 	100	% 	 	 	100	% 	
Subscription revenue received from customers who purchase bundled services at a discounted rate is allocated proportionally to each service based on the individual service’s price on a stand-alone basis.
For both the three and nine months ended September 30, 2016 and 2015, 2.8% of Cable Communications segment revenue was derived from franchise and other regulatory fees.
 
(b)	Beginning in the first quarter of 2016, certain operations and businesses, including several strategic business initiatives, that were previously presented in Corporate and Other are now presented in our Cable Communications segment to reflect a change in our management reporting presentation. For segment reporting purposes, we have adjusted all periods presented to reflect this change.	
 
(c)	The revenue and operating costs and expenses associated with our broadcast of the 2016 Rio Olympics were reported in our Cable Networks and Broadcast Television segments. The revenue and operating costs and expenses associated with our broadcast of the 2015 Super Bowl were reported in our Broadcast Television segment.	
 
(d)	Beginning in the fourth quarter of 2015, we changed our method of accounting for a contractual obligation that involves an interest in the revenue of certain theme parks. As a result of the change, amounts payable based on current period revenue are presented in operating costs and expenses. Amounts paid through the third quarter of 2015 were included in other income (expense), net in our consolidated statement of income. For segment reporting purposes, we have adjusted periods prior to the fourth quarter of 2015 to reflect management reporting presentation for this expense on a consistent basis for all periods in the Theme Parks segment and total NBCUniversal, which resulted in a corresponding offsetting adjustment in Eliminations to reconcile to consolidated totals.	
 
(e)	NBCUniversal Headquarters and Other activities include costs associated with overhead, personnel costs and headquarter initiatives.	
 
(f)	Included in Eliminations are transactions that our segments enter into with one another. The most common types of transactions are the following:	
 	•	 	our Cable Networks segment generates revenue by selling programming to our Cable Communications segment, which represents a substantial majority of the revenue elimination amount	 	
 
 	•	 	our Broadcast Television segment generates revenue from the fees received under retransmission consent agreements with our Cable Communications segment	 	
 
 	•	 	our Cable Communications segment generates revenue by selling advertising and by selling the use of satellite feeds to our Cable Networks segment	 	
 
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 	•	 	our Filmed Entertainment and Broadcast Television segments generate revenue by licensing content to our Cable Networks segment	 	
 
(g)	No single customer accounted for a significant amount of revenue in any period.	
 
(h)	We use operating income (loss) before depreciation and amortization, excluding impairment charges related to fixed and intangible assets and gains or losses on the sale of assets, if any, as the measure of profit or loss for our operating segments. This measure eliminates the significant level of noncash depreciation and amortization expense that results from the capital-intensive nature of certain of our businesses and from intangible assets recognized in business combinations. Additionally, it is unaffected by our capital structure or investment activities. We use this measure to evaluate our consolidated operating performance and the operating performance of our operating segments and to allocate resources and capital to our operating segments. It is also a significant performance measure in our annual incentive compensation programs. We believe that this measure is useful to investors because it is one of the bases for comparing our operating performance with that of other companies in our industries, although our measure may not be directly comparable to similar measures used by other companies. This measure should not be considered a substitute for operating income (loss), net income (loss) attributable to Comcast Corporation, net cash provided by operating activities, or other measures of performance or liquidity we have reported in accordance with GAAP.	
Note 14: Condensed Consolidating Financial Information
Comcast (“Comcast Parent”), Comcast Cable Communications, LLC (“CCCL Parent”), and NBCUniversal (“NBCUniversal Media Parent”) have fully and unconditionally guaranteed each other’s debt securities, including the Comcast revolving credit facility.
Comcast Parent and CCCL Parent also fully and unconditionally guarantee NBCUniversal Enterprise’s $3.3 billion of senior notes, revolving credit facility and commercial paper program. NBCUniversal Media Parent does not guarantee NBCUniversal Enterprise’s senior notes, revolving credit facility or commercial paper program.
Comcast Parent provides an unconditional subordinated guarantee of the $185 million principal amount currently outstanding of Comcast Holdings’ ZONES due October 2029. Neither CCCL Parent nor NBCUniversal Media Parent guarantee the Comcast Holdings’ ZONES due October 2029. None of Comcast Parent, CCCL Parent nor NBCUniversal Media Parent guarantee the $62 million principal amount currently outstanding of Comcast Holdings’ ZONES due November 2029 or the $3.8 billion of Universal Studios Japan term loans.
 
19

Table of Contents
Comcast Corporation
Condensed Consolidating Balance Sheet
September 30, 2016

(in millions)	 	Comcast
Parent	 	  	Comcast
Holdings	 	  	CCCL
Parent	 	 	NBCUniversal
Media Parent	 	 	Non-
Guarantor
Subsidiaries	 	 	Elimination
and
Consolidation
Adjustments	 	 	Consolidated
Comcast
Corporation	 	
Assets	 	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Cash and cash equivalents	 	$	—	  	  	$	—	  	  	$	—	  	 	$	576	  	 	$	2,231	  	 	$	—	  	 	$	2,807	  	
Receivables, net	 	 	—	  	  	 	—	  	  	 	—	  	 	 	—	  	 	 	7,533	  	 	 	—	  	 	 	7,533	  	
Programming rights	 	 	—	  	  	 	—	  	  	 	—	  	 	 	—	  	 	 	1,369	  	 	 	—	  	 	 	1,369	  	
Other current assets	 	 	70	  	  	 	—	  	  	 	—	  	 	 	16	  	 	 	3,433	  	 	 	—	  	 	 	3,519	  	
Total current assets	 	 	70	  	  	 	—	  	  	 	—	  	 	 	592	  	 	 	14,566	  	 	 	—	  	 	 	15,228	  	
Film and television costs	 	 	—	  	  	 	—	  	  	 	—	  	 	 	—	  	 	 	7,153	  	 	 	—	  	 	 	7,153	  	
Investments	 	 	58	  	  	 	—	  	  	 	—	  	 	 	449	  	 	 	3,350	  	 	 	—	  	 	 	3,857	  	
Investments in and amounts due from subsidiaries eliminated upon consolidation	 	 	96,542	  	  	 	119,137	  	  	 	125,719	  	 	 	47,218	  	 	 	119,344	  	 	 	(507,960	) 	 	 	—	  	
Property and equipment, net	 	 	244	  	  	 	—	  	  	 	—	  	 	 	—	  	 	 	35,412	  	 	 	—	  	 	 	35,656	  	
Franchise rights	 	 	—	  	  	 	—	  	  	 	—	  	 	 	—	  	 	 	59,364	  	 	 	—	  	 	 	59,364	  	
Goodwill	 	 	—	  	  	 	—	  	  	 	—	  	 	 	—	  	 	 	36,652	  	 	 	—	  	 	 	36,652	  	
Other intangible assets, net	 	 	10	  	  	 	—	  	  	 	—	  	 	 	—	  	 	 	17,346	  	 	 	—	  	 	 	17,356	  	
Other noncurrent assets, net	 	 	1,388	  	  	 	147	  	  	 	—	  	 	 	89	  	 	 	2,328	  	 	 	(1,294	) 	 	 	2,658	  	
Total assets	 	$	98,312	  	  	$	119,284	  	  	$	125,719	  	 	$	48,348	  	 	$	295,515	  	 	$	(509,254	) 	 	$	177,924	  	
 	 	 	 	 	 	 	 	
Liabilities and Equity	 	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Accounts payable and accrued expenses related to trade creditors	 	$	7	  	  	$	—	  	  	$	—	  	 	$	—	  	 	$	6,587	  	 	$	—	  	 	$	6,594	  	
Accrued participations and residuals	 	 	—	  	  	 	—	  	  	 	—	  	 	 	—	  	 	 	1,570	  	 	 	—	  	 	 	1,570	  	
Accrued expenses and other current liabilities	 	 	1,448	  	  	 	335	  	  	 	224	  	 	 	361	  	 	 	4,173	  	 	 	—	  	 	 	6,541	  	
Current portion of long-term debt	 	 	1,504	  	  	 	—	  	  	 	550	  	 	 	4	  	 	 	1,275	  	 	 	—	  	 	 	3,333	  	
Total current liabilities	 	 	2,959	  	  	 	335	  	  	 	774	  	 	 	365	  	 	 	13,605	  	 	 	—	  	 	 	18,038	  	
Long-term debt, less current portion	 	 	39,177	  	  	 	138	  	  	 	2,100	  	 	 	8,208	  	 	 	7,472	  	 	 	—	  	 	 	57,095	  	
Deferred income taxes	 	 	—	  	  	 	561	  	  	 	—	  	 	 	93	  	 	 	35,017	  	 	 	(1,148	) 	 	 	34,523	  	
Other noncurrent liabilities	 	 	2,695	  	  	 	—	  	  	 	—	  	 	 	1,160	  	 	 	7,410	  	 	 	(146	) 	 	 	11,119	  	
Redeemable noncontrolling interests and redeemable subsidiary preferred stock	 	 	—	  	  	 	—	  	  	 	—	  	 	 	—	  	 	 	1,326	  	 	 	—	  	 	 	1,326	  	
Equity:	 	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Common stock	 	 	28	  	  	 	—	  	  	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	28	  	
Other shareholders’ equity	 	 	53,453	  	  	 	118,250	  	  	 	122,845	  	 	 	38,522	  	 	 	228,343	  	 	 	(507,960	) 	 	 	53,453	  	
Total Comcast Corporation shareholders’ equity	 	 	53,481	  	  	 	118,250	  	  	 	122,845	  	 	 	38,522	  	 	 	228,343	  	 	 	(507,960	) 	 	 	53,481	  	
Noncontrolling interests	 	 	—	  	  	 	—	  	  	 	—	  	 	 	—	  	 	 	2,342	  	 	 	—	  	 	 	2,342	  	
Total equity	 	 	53,481	  	  	 	118,250	  	  	 	122,845	  	 	 	38,522	  	 	 	230,685	  	 	 	(507,960	) 	 	 	55,823	  	
Total liabilities and equity	 	$	98,312	  	  	$	119,284	  	  	$	125,719	  	 	$	48,348	  	 	$	295,515	  	 	$	(509,254	) 	 	$	177,924	  	
 
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Table of Contents
Comcast Corporation
Condensed Consolidating Balance Sheet
December 31, 2015

(in millions)	 	Comcast
Parent	 	 	Comcast
Holdings	 	 	CCCL
Parent	 	 	NBCUniversal
Media Parent	 	 	Non-
Guarantor
Subsidiaries	 	 	Elimination
and
Consolidation
Adjustments	 	 	Consolidated
Comcast
Corporation	 	
Assets	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Cash and cash equivalents	 	$	—	  	 	$	—	  	 	$	—	  	 	$	414	  	 	$	1,881	  	 	$	—	  	 	$	2,295	  	
Receivables, net	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	6,896	  	 	 	—	  	 	 	6,896	  	
Programming rights	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	1,213	  	 	 	—	  	 	 	1,213	  	
Other current assets	 	 	69	  	 	 	—	  	 	 	—	  	 	 	17	  	 	 	1,813	  	 	 	—	  	 	 	1,899	  	
Total current assets	 	 	69	  	 	 	—	  	 	 	—	  	 	 	431	  	 	 	11,803	  	 	 	—	  	 	 	12,303	  	
Film and television costs	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	5,855	  	 	 	—	  	 	 	5,855	  	
Investments	 	 	33	  	 	 	—	  	 	 	—	  	 	 	430	  	 	 	2,761	  	 	 	—	  	 	 	3,224	  	
Investments in and amounts due from subsidiaries eliminated upon consolidation	 	 	87,142	  	 	 	111,241	  	 	 	119,354	  	 	 	42,441	  	 	 	109,598	  	 	 	(469,776	) 	 	 	—	  	
Property and equipment, net	 	 	210	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	33,455	  	 	 	—	  	 	 	33,665	  	
Franchise rights	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	59,364	  	 	 	—	  	 	 	59,364	  	
Goodwill	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	32,945	  	 	 	—	  	 	 	32,945	  	
Other intangible assets, net	 	 	12	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	16,934	  	 	 	—	  	 	 	16,946	  	
Other noncurrent assets, net	 	 	1,301	  	 	 	147	  	 	 	—	  	 	 	78	  	 	 	2,114	  	 	 	(1,368	) 	 	 	2,272	  	
Total assets	 	$	88,767	  	 	$	111,388	  	 	$	119,354	  	 	$	43,380	  	 	$	274,829	  	 	$	(471,144	) 	 	$	166,574	  	
 	 	 	 	 	 	 	 	
Liabilities and Equity	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Accounts payable and accrued expenses related to trade creditors	 	$	16	  	 	$	—	  	 	$	—	  	 	$	—	  	 	$	6,199	  	 	$	—	  	 	$	6,215	  	
Accrued participations and residuals	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	1,572	  	 	 	—	  	 	 	1,572	  	
Accrued expenses and other current liabilities	 	 	1,789	  	 	 	335	  	 	 	290	  	 	 	389	  	 	 	3,961	  	 	 	—	  	 	 	6,764	  	
Current portion of long-term debt	 	 	1,149	  	 	 	—	  	 	 	—	  	 	 	1,005	  	 	 	1,473	  	 	 	—	  	 	 	3,627	  	
Total current liabilities	 	 	2,954	  	 	 	335	  	 	 	290	  	 	 	1,394	  	 	 	13,205	  	 	 	—	  	 	 	18,178	  	
Long-term debt, less current portion	 	 	31,106	  	 	 	130	  	 	 	2,650	  	 	 	8,211	  	 	 	6,897	  	 	 	—	  	 	 	48,994	  	
Deferred income taxes	 	 	—	  	 	 	624	  	 	 	—	  	 	 	66	  	 	 	34,098	  	 	 	(1,222	) 	 	 	33,566	  	
Other noncurrent liabilities	 	 	2,438	  	 	 	—	  	 	 	—	  	 	 	1,087	  	 	 	7,258	  	 	 	(146	) 	 	 	10,637	  	
Redeemable noncontrolling interests and redeemable subsidiary preferred stock	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	1,221	  	 	 	—	  	 	 	1,221	  	
Equity:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Common stock	 	 	29	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	29	  	
Other shareholders’ equity	 	 	52,240	  	 	 	110,299	  	 	 	116,414	  	 	 	32,622	  	 	 	210,441	  	 	 	(469,776	) 	 	 	52,240	  	
Total Comcast Corporation shareholders’ equity	 	 	52,269	  	 	 	110,299	  	 	 	116,414	  	 	 	32,622	  	 	 	210,441	  	 	 	(469,776	) 	 	 	52,269	  	
Noncontrolling interests	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	1,709	  	 	 	—	  	 	 	1,709	  	
Total equity	 	 	52,269	  	 	 	110,299	  	 	 	116,414	  	 	 	32,622	  	 	 	212,150	  	 	 	(469,776	) 	 	 	53,978	  	
Total liabilities and equity	 	$	88,767	  	 	$	111,388	  	 	$	119,354	  	 	$	43,380	  	 	$	274,829	  	 	$	(471,144	) 	 	$	166,574	  	
 
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Table of Contents
Comcast Corporation
Condensed Consolidating Statement of Income
For the Three Months Ended September 30, 2016

(in millions)	 	Comcast
Parent	 	 	Comcast
Holdings	 	 	CCCL
Parent	 	 	NBCUniversal
Media Parent	 	 	Non-
Guarantor
Subsidiaries	 	 	Elimination
and
Consolidation
Adjustments	 	 	Consolidated
Comcast
Corporation	 	
Revenue:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Service revenue	 	$	—	  	 	$	—	  	 	$	—	  	 	$	—	  	 	$	21,319	  	 	$	—	  	 	$	21,319	  	
Management fee revenue	 	 	268	  	 	 	—	  	 	 	263	  	 	 	—	  	 	 	—	  	 	 	(531	) 	 	 	—	  	
 	 	 	268	  	 	 	—	  	 	 	263	  	 	 	—	  	 	 	21,319	  	 	 	(531	) 	 	 	21,319	  	
Costs and Expenses:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Programming and production	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	7,003	  	 	 	—	  	 	 	7,003	  	
Other operating and administrative	 	 	194	  	 	 	—	  	 	 	263	  	 	 	222	  	 	 	5,846	  	 	 	(531	) 	 	 	5,994	  	
Advertising, marketing and promotion	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	1,487	  	 	 	—	  	 	 	1,487	  	
Depreciation	 	 	7	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	1,858	  	 	 	—	  	 	 	1,865	  	
Amortization	 	 	1	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	529	  	 	 	—	  	 	 	530	  	
 	 	 	202	  	 	 	—	  	 	 	263	  	 	 	222	  	 	 	16,723	  	 	 	(531	) 	 	 	16,879	  	
Operating income (loss)	 	 	66	  	 	 	—	  	 	 	—	  	 	 	(222	) 	 	 	4,596	  	 	 	—	  	 	 	4,440	  	
Other Income (Expense):	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Interest expense	 	 	(502	) 	 	 	(3	) 	 	 	(59	) 	 	 	(113	) 	 	 	(74	) 	 	 	—	  	 	 	(751	) 	
Investment income (loss), net	 	 	3	  	 	 	(4	) 	 	 	—	  	 	 	(12	) 	 	 	93	  	 	 	—	  	 	 	80	  	
Equity in net income (losses) of investees, net	 	 	2,519	  	 	 	2,385	  	 	 	2,134	  	 	 	1,644	  	 	 	1,255	  	 	 	(9,971	) 	 	 	(34	) 	
Other income (expense), net	 	 	—	  	 	 	—	  	 	 	—	  	 	 	(2	) 	 	 	(9	) 	 	 	—	  	 	 	(11	) 	
 	 	 	2,020	  	 	 	2,378	  	 	 	2,075	  	 	 	1,517	  	 	 	1,265	  	 	 	(9,971	) 	 	 	(716	) 	
Income (loss) before income taxes	 	 	2,086	  	 	 	2,378	  	 	 	2,075	  	 	 	1,295	  	 	 	5,861	  	 	 	(9,971	) 	 	 	3,724	  	
Income tax (expense) benefit	 	 	151	  	 	 	2	  	 	 	21	  	 	 	(6	) 	 	 	(1,568	) 	 	 	—	  	 	 	(1,400	) 	
Net income (loss)	 	 	2,237	  	 	 	2,380	  	 	 	2,096	  	 	 	1,289	  	 	 	4,293	  	 	 	(9,971	) 	 	 	2,324	  	
Net (income) loss attributable to noncontrolling interests and redeemable subsidiary preferred stock	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	(87	) 	 	 	—	  	 	 	(87	) 	
Net income (loss) attributable to Comcast Corporation	 	$	2,237	  	 	$	2,380	  	 	$	2,096	  	 	$	1,289	  	 	$	4,206	  	 	$	(9,971	) 	 	$	2,237	  	
Comprehensive income (loss) attributable to Comcast Corporation	 	$	2,270	  	 	$	2,388	  	 	$	2,096	  	 	$	1,310	  	 	$	4,235	  	 	$	(10,029	) 	 	$	2,270	  	
 
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Table of Contents
Comcast Corporation
Condensed Consolidating Statement of Income
For the Three Months Ended September 30, 2015

(in millions)	 	Comcast
Parent	 	 	Comcast
Holdings	 	 	CCCL
Parent	 	 	NBCUniversal
Media Parent	 	 	Non-
Guarantor
Subsidiaries	 	 	Elimination
and
Consolidation
Adjustments	 	 	Consolidated
Comcast
Corporation	 	
Revenue:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Service revenue	 	$	—	  	 	$	—	  	 	$	—	  	 	$	—	  	 	$	18,669	  	 	$	—	  	 	$	18,669	  	
Management fee revenue	 	 	251	  	 	 	—	  	 	 	244	  	 	 	—	  	 	 	—	  	 	 	(495	) 	 	 	—	  	
 	 	 	251	  	 	 	—	  	 	 	244	  	 	 	—	  	 	 	18,669	  	 	 	(495	) 	 	 	18,669	  	
Costs and Expenses:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Programming and production	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	5,582	  	 	 	—	  	 	 	5,582	  	
Other operating and administrative	 	 	146	  	 	 	—	  	 	 	244	  	 	 	235	  	 	 	5,260	  	 	 	(495	) 	 	 	5,390	  	
Advertising, marketing and promotion	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	1,513	  	 	 	—	  	 	 	1,513	  	
Depreciation	 	 	8	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	1,689	  	 	 	—	  	 	 	1,697	  	
Amortization	 	 	1	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	485	  	 	 	—	  	 	 	486	  	
 	 	 	155	  	 	 	—	  	 	 	244	  	 	 	235	  	 	 	14,529	  	 	 	(495	) 	 	 	14,668	  	
Operating income (loss)	 	 	96	  	 	 	—	  	 	 	—	  	 	 	(235	) 	 	 	4,140	  	 	 	—	  	 	 	4,001	  	
Other Income (Expense):	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Interest expense	 	 	(428	) 	 	 	(3	) 	 	 	(65	) 	 	 	(111	) 	 	 	(52	) 	 	 	—	  	 	 	(659	) 	
Investment income (loss), net	 	 	3	  	 	 	(4	) 	 	 	—	  	 	 	(3	) 	 	 	(22	) 	 	 	—	  	 	 	(26	) 	
Equity in net income (losses) of investees, net	 	 	2,210	  	 	 	2,123	  	 	 	1,981	  	 	 	1,289	  	 	 	928	  	 	 	(8,530	) 	 	 	1	  	
Other income (expense), net	 	 	—	  	 	 	—	  	 	 	—	  	 	 	(7	) 	 	 	(46	) 	 	 	—	  	 	 	(53	) 	
 	 	 	1,785	  	 	 	2,116	  	 	 	1,916	  	 	 	1,168	  	 	 	808	  	 	 	(8,530	) 	 	 	(737	) 	
Income (loss) before income taxes	 	 	1,881	  	 	 	2,116	  	 	 	1,916	  	 	 	933	  	 	 	4,948	  	 	 	(8,530	) 	 	 	3,264	  	
Income tax (expense) benefit	 	 	115	  	 	 	2	  	 	 	23	  	 	 	(6	) 	 	 	(1,357	) 	 	 	—	  	 	 	(1,223	) 	
Net income (loss)	 	 	1,996	  	 	 	2,118	  	 	 	1,939	  	 	 	927	  	 	 	3,591	  	 	 	(8,530	) 	 	 	2,041	  	
Net (income) loss attributable to noncontrolling interests and redeemable subsidiary preferred stock	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	(45	) 	 	 	—	  	 	 	(45	) 	
Net income (loss) attributable to Comcast Corporation	 	$	1,996	  	 	$	2,118	  	 	$	1,939	  	 	$	927	  	 	$	3,546	  	 	$	(8,530	) 	 	$	1,996	  	
Comprehensive income (loss) attributable to Comcast Corporation	 	$	1,967	  	 	$	2,112	  	 	$	1,940	  	 	$	902	  	 	$	3,546	  	 	$	(8,500	) 	 	$	1,967	  	
 
23

Table of Contents
Comcast Corporation
Condensed Consolidating Statement of Income
For the Nine Months Ended September 30, 2016

(in millions)	 	Comcast
Parent	 	 	Comcast
Holdings	 	 	CCCL
Parent	 	 	NBCUniversal
Media Parent	 	 	Non-
Guarantor
Subsidiaries	 	 	Elimination
and
Consolidation
Adjustments	 	 	Consolidated
Comcast
Corporation	 	
Revenue:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Service revenue	 	$	—	  	 	$	—	  	 	$	—	  	 	$	—	  	 	$	59,378	  	 	$	—	  	 	$	59,378	  	
Management fee revenue	 	 	793	  	 	 	—	  	 	 	778	  	 	 	—	  	 	 	—	  	 	 	(1,571	) 	 	 	—	  	
 	 	 	793	  	 	 	—	  	 	 	778	  	 	 	—	  	 	 	59,378	  	 	 	(1,571	) 	 	 	59,378	  	
Costs and Expenses:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Programming and production	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	17,926	  	 	 	—	  	 	 	17,926	  	
Other operating and administrative	 	 	635	  	 	 	—	  	 	 	778	  	 	 	739	  	 	 	16,699	  	 	 	(1,571	) 	 	 	17,280	  	
Advertising, marketing and promotion	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	4,515	  	 	 	—	  	 	 	4,515	  	
Depreciation	 	 	21	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	5,497	  	 	 	—	  	 	 	5,518	  	
Amortization	 	 	4	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	1,540	  	 	 	—	  	 	 	1,544	  	
 	 	 	660	  	 	 	—	  	 	 	778	  	 	 	739	  	 	 	46,177	  	 	 	(1,571	) 	 	 	46,783	  	
Operating income (loss)	 	 	133	  	 	 	—	  	 	 	—	  	 	 	(739	) 	 	 	13,201	  	 	 	—	  	 	 	12,595	  	
Other Income (Expense):	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Interest expense	 	 	(1,431	) 	 	 	(9	) 	 	 	(179	) 	 	 	(342	) 	 	 	(225	) 	 	 	—	  	 	 	(2,186	) 	
Investment income (loss), net	 	 	6	  	 	 	(3	) 	 	 	—	  	 	 	(20	) 	 	 	185	  	 	 	—	  	 	 	168	  	
Equity in net income (losses) of investees, net	 	 	7,239	  	 	 	6,924	  	 	 	6,375	  	 	 	4,229	  	 	 	3,160	  	 	 	(27,991	) 	 	 	(64	) 	
Other income (expense), net	 	 	—	  	 	 	—	  	 	 	—	  	 	 	115	  	 	 	(11	) 	 	 	—	  	 	 	104	  	
 	 	 	5,814	  	 	 	6,912	  	 	 	6,196	  	 	 	3,982	  	 	 	3,109	  	 	 	(27,991	) 	 	 	(1,978	) 	
Income (loss) before income taxes	 	 	5,947	  	 	 	6,912	  	 	 	6,196	  	 	 	3,243	  	 	 	16,310	  	 	 	(27,991	) 	 	 	10,617	  	
Income tax (expense) benefit	 	 	452	  	 	 	4	  	 	 	63	  	 	 	(19	) 	 	 	(4,489	) 	 	 	—	  	 	 	(3,989	) 	
Net income (loss)	 	 	6,399	  	 	 	6,916	  	 	 	6,259	  	 	 	3,224	  	 	 	11,821	  	 	 	(27,991	) 	 	 	6,628	  	
Net (income) loss attributable to noncontrolling interests and redeemable subsidiary preferred stock	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	(229	) 	 	 	—	  	 	 	(229	) 	
Net income (loss) attributable to Comcast Corporation	 	$	6,399	  	 	$	6,916	  	 	$	6,259	  	 	$	3,224	  	 	$	11,592	  	 	$	(27,991	) 	 	$	6,399	  	
Comprehensive income (loss) attributable to Comcast Corporation	 	$	6,607	  	 	$	7,015	  	 	$	6,261	  	 	$	3,552	  	 	$	12,134	  	 	$	(28,962	) 	 	$	6,607	  	
 
24

Table of Contents
Comcast Corporation
Condensed Consolidating Statement of Income
For the Nine Months Ended September 30, 2015

(in millions)	 	Comcast
Parent	 	 	Comcast
Holdings	 	 	CCCL
Parent	 	 	NBCUniversal
Media Parent	 	 	Non-
Guarantor
Subsidiaries	 	 	Elimination
and
Consolidation
Adjustments	 	 	Consolidated
Comcast
Corporation	 	
Revenue:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Service revenue	 	$	—	  	 	$	—	  	 	$	—	  	 	$	—	  	 	$	55,265	  	 	$	—	  	 	$	55,265	  	
Management fee revenue	 	 	747	  	 	 	—	  	 	 	727	  	 	 	—	  	 	 	—	  	 	 	(1,474	) 	 	 	—	  	
 	 	 	747	  	 	 	—	  	 	 	727	  	 	 	—	  	 	 	55,265	  	 	 	(1,474	) 	 	 	55,265	  	
Costs and Expenses:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Programming and production	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	16,714	  	 	 	—	  	 	 	16,714	  	
Other operating and administrative	 	 	597	  	 	 	—	  	 	 	727	  	 	 	727	  	 	 	15,161	  	 	 	(1,474	) 	 	 	15,738	  	
Advertising, marketing and promotion	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	4,407	  	 	 	—	  	 	 	4,407	  	
Depreciation	 	 	23	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	4,982	  	 	 	—	  	 	 	5,005	  	
Amortization	 	 	4	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	1,401	  	 	 	—	  	 	 	1,405	  	
 	 	 	624	  	 	 	—	  	 	 	727	  	 	 	727	  	 	 	42,665	  	 	 	(1,474	) 	 	 	43,269	  	
Operating income (loss)	 	 	123	  	 	 	—	  	 	 	—	  	 	 	(727	) 	 	 	12,600	  	 	 	—	  	 	 	11,996	  	
Other Income (Expense):	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Interest expense	 	 	(1,310	) 	 	 	(9	) 	 	 	(211	) 	 	 	(347	) 	 	 	(151	) 	 	 	—	  	 	 	(2,028	) 	
Investment income (loss), net	 	 	4	  	 	 	(3	) 	 	 	—	  	 	 	(17	) 	 	 	40	  	 	 	—	  	 	 	24	  	
Equity in net income (losses) of investees, net	 	 	6,963	  	 	 	6,511	  	 	 	5,993	  	 	 	3,801	  	 	 	2,489	  	 	 	(25,959	) 	 	 	(202	) 	
Other income (expense), net	 	 	(3	) 	 	 	—	  	 	 	—	  	 	 	(2	) 	 	 	369	  	 	 	—	  	 	 	364	  	
 	 	 	5,654	  	 	 	6,499	  	 	 	5,782	  	 	 	3,435	  	 	 	2,747	  	 	 	(25,959	) 	 	 	(1,842	) 	
Income (loss) before income taxes	 	 	5,777	  	 	 	6,499	  	 	 	5,782	  	 	 	2,708	  	 	 	15,347	  	 	 	(25,959	) 	 	 	10,154	  	
Income tax (expense) benefit	 	 	415	  	 	 	4	  	 	 	74	  	 	 	(17	) 	 	 	(4,273	) 	 	 	—	  	 	 	(3,797	) 	
Net income (loss)	 	 	6,192	  	 	 	6,503	  	 	 	5,856	  	 	 	2,691	  	 	 	11,074	  	 	 	(25,959	) 	 	 	6,357	  	
Net (income) loss attributable to noncontrolling interests and redeemable subsidiary preferred stock	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	(165	) 	 	 	—	  	 	 	(165	) 	
Net income (loss) attributable to Comcast Corporation	 	$	6,192	  	 	$	6,503	  	 	$	5,856	  	 	$	2,691	  	 	$	10,909	  	 	$	(25,959	) 	 	$	6,192	  	
Comprehensive income (loss) attributable to Comcast Corporation	 	$	6,143	  	 	$	6,489	  	 	$	5,855	  	 	$	2,639	  	 	$	10,908	  	 	$	(25,891	) 	 	$	6,143	  	
 
25

Table of Contents
Comcast Corporation
Condensed Consolidating Statement of Cash Flows
For the Nine Months Ended September 30, 2016

(in millions)	 	Comcast
Parent	 	 	Comcast
Holdings	 	 	CCCL
Parent	 	 	NBCUniversal
Media Parent	 	 	Non-
Guarantor
Subsidiaries	 	 	Elimination
and
Consolidation
Adjustments	 	 	Consolidated
Comcast
Corporation	 	
Net cash provided by (used in) operating activities	 	$	(1,129	) 	 	$	 —	  	 	$	(179	) 	 	$	(1,068	) 	 	$	15,873	  	 	$	 —	  	 	$	13,497	  	
Investing Activities	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net transactions with affiliates	 	 	(1,746	) 	 	 	—	  	 	 	179	  	 	 	2,150	  	 	 	(583	) 	 	 	—	  	 	 	—	  	
Capital expenditures	 	 	(9	) 	 	 	—	  	 	 	—	  	 	 	—	  	 	 	(6,553	) 	 	 	—	  	 	 	(6,562	) 	
Cash paid for intangible assets	 	 	(4	) 	 	 	—	  	 	 	—	  	 	 	—	  	 	 	(1,159	) 	 	 	—	  	 	 	(1,163	) 	
Acquisitions and construction of real estate properties	 	 	(2	) 	 	 	—	  	 	 	—	  	 	 	—	  	 	 	(301	) 	 	 	—	  	 	 	(303	) 	
Acquisitions, net of cash acquired	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	(3,904	) 	 	 	—	  	 	 	(3,904	) 	
Proceeds from sales of businesses and investments	 	 	—	  	 	 	—	  	 	 	—	  	 	 	104	  	 	 	84	  	 	 	—	  	 	 	188	  	
Purchases of investments	 	 	(23	) 	 	 	—	  	 	 	—	  	 	 	(9	) 	 	 	(586	) 	 	 	—	  	 	 	(618	) 	
Deposits	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	(1,761	) 	 	 	—	  	 	 	(1,761	) 	
Other	 	 	(108	) 	 	 	—	  	 	 	—	  	 	 	(35	) 	 	 	114	  	 	 	—	  	 	 	(29	) 	
Net cash provided by (used in) investing activities	 	 	(1,892	) 	 	 	—	  	 	 	179	  	 	 	2,210	  	 	 	(14,649	) 	 	 	—	  	 	 	(14,152	) 	
Financing Activities	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Proceeds from (repayments of) short-term borrowings, net	 	 	105	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	505	  	 	 	—	  	 	 	610	  	
Proceeds from borrowings	 	 	9,231	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	9,231	  	
Repurchases and repayments of debt	 	 	(750	) 	 	 	—	  	 	 	—	  	 	 	(1,005	) 	 	 	(1,239	) 	 	 	—	  	 	 	(2,994	) 	
Repurchases and retirements of common stock	 	 	(3,762	) 	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	(3,762	) 	
Dividends paid	 	 	(1,944	) 	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	(1,944	) 	
Issuances of common stock	 	 	23	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	23	  	
Distributions to noncontrolling interests and dividends for redeemable subsidiary preferred stock	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	(194	) 	 	 	—	  	 	 	(194	) 	
Other	 	 	118	  	 	 	—	  	 	 	—	  	 	 	25	  	 	 	54	  	 	 	—	  	 	 	197	  	
Net cash provided by (used in) financing activities	 	 	3,021	  	 	 	—	  	 	 	—	  	 	 	(980	) 	 	 	(874	) 	 	 	—	  	 	 	1,167	  	
Increase (decrease) in cash and cash equivalents	 	 	—	  	 	 	—	  	 	 	—	  	 	 	162	  	 	 	350	  	 	 	—	  	 	 	512	  	
Cash and cash equivalents, beginning of period	 	 	—	  	 	 	—	  	 	 	—	  	 	 	414	  	 	 	1,881	  	 	 	—	  	 	 	2,295	  	
Cash and cash equivalents, end of period	 	$	—	  	 	$	 —	  	 	$	—	  	 	$	576	  	 	$	2,231	  	 	$	 —	  	 	$	2,807	  	
 
26

Table of Contents
Comcast Corporation
Condensed Consolidating Statement of Cash Flows
For the Nine Months Ended September 30, 2015

(in millions)	 	Comcast
Parent	 	 	Comcast
Holdings	 	 	CCCL
Parent	 	 	NBCUniversal
Media Parent	 	 	Non-
Guarantor
Subsidiaries	 	 	Elimination
and
Consolidation
Adjustments	 	 	Consolidated
Comcast
Corporation	 	
Net cash provided by (used in) operating activities	 	$	(725	) 	 	$	51	  	 	$	(24	) 	 	$	(1,019	) 	 	$	15,530	  	 	$	 —	  	 	$	13,813	  	
Investing Activities	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net transactions with affiliates	 	 	6,786	  	 	 	(51	) 	 	 	697	  	 	 	2,249	  	 	 	(9,681	) 	 	 	—	  	 	 	—	  	
Capital expenditures	 	 	(19	) 	 	 	—	  	 	 	—	  	 	 	—	  	 	 	(5,843	) 	 	 	—	  	 	 	(5,862	) 	
Cash paid for intangible assets	 	 	(3	) 	 	 	—	  	 	 	—	  	 	 	—	  	 	 	(913	) 	 	 	—	  	 	 	(916	) 	
Acquisitions and construction of real estate properties	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	(116	) 	 	 	—	  	 	 	(116	) 	
Acquisitions, net of cash acquired	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	(286	) 	 	 	—	  	 	 	(286	) 	
Proceeds from sales of businesses and investments	 	 	—	  	 	 	—	  	 	 	—	  	 	 	1	  	 	 	419	  	 	 	—	  	 	 	420	  	
Purchases of investments	 	 	(3	) 	 	 	—	  	 	 	—	  	 	 	(400	) 	 	 	(309	) 	 	 	—	  	 	 	(712	) 	
Other	 	 	7	  	 	 	—	  	 	 	—	  	 	 	(5	) 	 	 	266	  	 	 	—	  	 	 	268	  	
Net cash provided by (used in) investing activities	 	 	6,768	  	 	 	(51	) 	 	 	697	  	 	 	1,845	  	 	 	(16,463	) 	 	 	—	  	 	 	(7,204	) 	
Financing Activities	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Proceeds from (repayments of) short-term borrowings, net	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	(220	) 	 	 	—	  	 	 	(220	) 	
Proceeds from borrowings	 	 	3,996	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	3,996	  	
Repurchases and repayments of debt	 	 	(2,650	) 	 	 	—	  	 	 	(673	) 	 	 	(1,002	) 	 	 	(28	) 	 	 	—	  	 	 	(4,353	) 	
Repurchases and retirements of common stock	 	 	(5,770	) 	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	(5,770	) 	
Dividends paid	 	 	(1,823	) 	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	(1,823	) 	
Issuances of common stock	 	 	35	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	35	  	
Distributions to noncontrolling interests and dividends for redeemable subsidiary preferred stock	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	(178	) 	 	 	—	  	 	 	(178	) 	
Other	 	 	169	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	(482	) 	 	 	—	  	 	 	(313	) 	
Net cash provided by (used in) financing activities	 	 	(6,043	) 	 	 	—	  	 	 	(673	) 	 	 	(1,002	) 	 	 	(908	) 	 	 	—	  	 	 	(8,626	) 	
Increase (decrease) in cash and cash equivalents	 	 	—	  	 	 	—	  	 	 	—	  	 	 	(176	) 	 	 	(1,841	) 	 	 	—	  	 	 	(2,017	) 	
Cash and cash equivalents, beginning of period	 	 	—	  	 	 	—	  	 	 	—	  	 	 	385	  	 	 	3,525	  	 	 	—	  	 	 	3,910	  	
Cash and cash equivalents, end of period	 	$	—	  	 	$	—	  	 	$	—	  	 	$	209	  	 	$	1,684	  	 	$	 —	  	 	$	1,893	  	
 
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ITEM 2: MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Overview
We are a global media and technology company with two primary businesses, Comcast Cable and NBCUniversal. We present our operations for Comcast Cable in one reportable business segment, referred to as Cable Communications, and our operations for NBCUniversal in four reportable business segments. The Cable Networks, Broadcast Television, Filmed Entertainment and Theme Parks segments comprise the NBCUniversal businesses (collectively, the “NBCUniversal segments”).
Cable Communications Segment
Comcast Cable is one of the nation’s largest providers of video, high-speed Internet and voice services (“cable services”) to residential customers under the XFINITY brand, and we also provide these and other services to business customers. As of September 30, 2016, our cable systems had 28.3 million total customer relationships; served 22.4 million video customers, 24.3 million high-speed Internet customers and 11.6 million voice customers; and passed more than 56 million homes and businesses. Our Cable Communications segment generates revenue primarily from residential and business customers subscribing to our cable services, which we market individually and as bundled services, and from the sale of advertising. During the nine months ended September 30, 2016, our Cable Communications segment generated 63% of our consolidated revenue and 76% of our operating income before depreciation and amortization.
NBCUniversal Segments
NBCUniversal is one of the world’s leading media and entertainment companies that develops, produces and distributes entertainment, news and information, sports, and other content for global audiences, and owns and operates theme parks worldwide.
Cable Networks
Our Cable Networks segment consists primarily of a diversified portfolio of cable television networks. Our cable networks are comprised of our national cable networks that provide a variety of entertainment, news and information, and sports content, our regional sports and news networks, various international cable networks, our cable television studio production operations, and related digital media properties. Our Cable Networks segment generates revenue primarily from the distribution of our cable network programming to multichannel video providers, from the sale of advertising units on our cable networks and related digital media properties, from the licensing of our owned programming to cable and broadcast networks and subscription video on demand services, and from the sale of our owned programming through digital distributors such as iTunes. Our Cable Networks segment also generates revenue from the production of programming for third-party networks and subscription video on demand services.
Broadcast Television
Our Broadcast Television segment consists primarily of the NBC and Telemundo broadcast networks, our NBC and Telemundo owned local broadcast television stations, the NBC Universo national cable network, our broadcast television studio production operations, and related digital media properties. Our Broadcast Television segment generates revenue primarily from the sale of advertising units on our broadcast networks, owned local television stations and related digital media properties, from the licensing of our owned programming to various distribution platforms, including to cable and broadcast networks as well as to subscription video on demand services, from fees received under retransmission consent agreements, and from the sale of our owned programming on standard-definition digital video discs and Blu-ray discs (together, “DVDs”) and in digital formats.
Filmed Entertainment
Our Filmed Entertainment segment primarily produces, acquires, markets and distributes filmed entertainment worldwide, and it also develops, produces and licenses live stage plays. Our films are produced primarily under
 
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the Universal Pictures, Illumination and Focus Features names. In August 2016, we acquired DreamWorks Animation SKG, Inc. (“DreamWorks”) for $3.8 billion and assumed $381 million of its debt. DreamWorks creates animated feature films, television series and specials, live entertainment and related consumer products. Our Filmed Entertainment segment generates revenue primarily from the worldwide theatrical release of owned and acquired films for exhibition in movie theaters, from the licensing of owned and acquired films through various distribution platforms, and from the sale of owned and acquired films on DVDs and in digital formats. Our Filmed Entertainment segment also generates revenue from producing and licensing live stage plays, from distributing filmed entertainment produced by third parties, and from Fandango, our movie ticketing and entertainment business.
Theme Parks
Our Theme Parks segment consists primarily of our Universal theme parks in Orlando, Florida and Hollywood, California. In November 2015, NBCUniversal acquired a 51% interest in the Universal Studios theme park in Osaka, Japan (“Universal Studios Japan”). In addition, along with a consortium of Chinese state-owned companies, we are developing a theme park in China. Our Theme Parks segment generates revenue primarily from ticket sales and guest spending at our theme parks, as well as from fees for the licensing of intellectual property and other services.
Other
We currently anticipate launching a Comcast-branded wireless phone service in 2017 using our virtual network operator rights to offer the service over Verizon’s wireless network, although we are still evaluating the parameters of the anticipated offering. A wireless phone service will have success-based working capital requirements, primarily associated with handset procurement, as we launch the new service.
Competition
The results of operations of our reportable business segments are affected by competition, as all of our businesses operate in intensely competitive, consumer-driven and rapidly changing environments and compete with a growing number of companies that provide a broad range of communications products and services, and entertainment, news and information content to consumers.
For additional information on the competition our businesses face, see Item 1A: Risk Factors included in our 2015 Annual Report on Form 10-K and refer to the risk factors within that section entitled “Our businesses currently face a wide range of competition, and our businesses and results of operations could be adversely affected if we do not compete effectively” and “Changes in consumer behavior driven by alternative methods for viewing content may adversely affect our businesses and challenge existing business models.”
Seasonality and Cyclicality
Each of our businesses is subject to seasonal and cyclical variations. In our Cable Communications segment, our results are impacted by the seasonal nature of customers receiving our cable services in college and vacation markets. This generally results in a reduction in net customer additions in the second quarter and an increase in net customer additions in the third and fourth quarters of each year.
Revenue in our Cable Communications, Cable Networks and Broadcast Television segments is subject to cyclical advertising patterns and changes in viewership levels. Advertising revenue in the U.S. is generally higher in the second and fourth quarters of each year, due in part to increases in consumer advertising in the spring and in the period leading up to and including the holiday season. Advertising revenue in the U.S. is also cyclical, with a benefit in even-numbered years due to advertising related to candidates running for political office and issue-oriented advertising. Revenue in our Cable Networks and Broadcast Television segments fluctuates depending on the timing of when our programming is aired on television, which typically results in higher advertising revenue in the second and fourth quarters of each year. Our revenue and operating costs and expenses, excluding depreciation and amortization (“operating costs and expenses”) are cyclical as a result of our periodic broadcasts of major sporting events such as the Olympic Games, which affects our Cable Networks and Broadcast Television segments, and the Super Bowl, which affects our Broadcast Television segment. Our advertising revenue generally
 
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increases in the period of these broadcasts due to increased demand for advertising time, and our operating costs and expenses also increase as a result of our production costs and the amortization of the related rights fees.
Revenue in our Filmed Entertainment segment fluctuates due to the timing of the release of films in movie theaters, on DVD and through digital distribution services. Release dates are determined by several factors, including competition and the timing of vacation and holiday periods. As a result, revenue tends to be seasonal, with increases experienced each year during the summer months and around the holiday season. Revenue in our Cable Networks, Broadcast Television and Filmed Entertainment segments also fluctuates due to the timing of when our content is made available to licensees.
Revenue in our Theme Parks segment fluctuates with changes in theme park attendance that result from the seasonal nature of vacation travel and weather variations, local entertainment offerings and the opening of new attractions. Our theme parks generally experience peak attendance during the spring holiday period, the summer months when schools are closed and the holiday season.
Consolidated Operating Results

 	 	Three Months Ended
September 30	 	 	Increase/
(Decrease)	 	 	Nine Months Ended
September 30	 	 	Increase/
(Decrease)	 	
(in millions)	 	    2016    	 	 	    2015    	 	 	  	 	 	    2016    	 	 	    2015    	 	 	  	 	
Revenue	 	$	21,319	  	 	$	18,669	  	 	 	14.2	% 	 	$	59,378	  	 	$	55,265	  	 	 	7.4	% 	
Costs and Expenses:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Programming and production	 	 	7,003	  	 	 	5,582	  	 	 	25.5	  	 	 	17,926	  	 	 	16,714	  	 	 	7.3	  	
Other operating and administrative	 	 	5,994	  	 	 	5,390	  	 	 	11.2	  	 	 	17,280	  	 	 	15,738	  	 	 	9.8	  	
Advertising, marketing and promotion	 	 	1,487	  	 	 	1,513	  	 	 	(1.7	) 	 	 	4,515	  	 	 	4,407	  	 	 	2.5	  	
Depreciation	 	 	1,865	  	 	 	1,697	  	 	 	9.9	  	 	 	5,518	  	 	 	5,005	  	 	 	10.3	  	
Amortization	 	 	530	  	 	 	486	  	 	 	9.1	  	 	 	1,544	  	 	 	1,405	  	 	 	9.9	  	
Operating income	 	 	4,440	  	 	 	4,001	  	 	 	11.0	  	 	 	12,595	  	 	 	11,996	  	 	 	5.0	  	
Other income (expense) items, net	 	 	(716	) 	 	 	(737	) 	 	 	(2.8	) 	 	 	(1,978	) 	 	 	(1,842	) 	 	 	7.4	  	
Income before income taxes	 	 	3,724	  	 	 	3,264	  	 	 	14.1	  	 	 	10,617	  	 	 	10,154	  	 	 	4.6	  	
Income tax expense	 	 	(1,400	) 	 	 	(1,223	) 	 	 	14.5	  	 	 	(3,989	) 	 	 	(3,797	) 	 	 	5.1	  	
Net income	 	 	2,324	  	 	 	2,041	  	 	 	13.8	  	 	 	6,628	  	 	 	6,357	  	 	 	4.3	  	
Net (income) loss attributable to noncontrolling interests and redeemable subsidiary preferred stock	 	 	(87	) 	 	 	(45	) 	 	 	89.1	  	 	 	(229	) 	 	 	(165	) 	 	 	38.4	  	
Net income attributable to Comcast Corporation	 	$	2,237	  	 	$	1,996	  	 	 	12.1	% 	 	$	6,399	  	 	$	6,192	  	 	 	3.4	% 	
All percentages are calculated based on actual amounts. Minor differences may exist due to rounding.
Consolidated Revenue
Our Cable Communications, Cable Networks, Broadcast Television and Theme Parks segments accounted for the increases in consolidated revenue for the three and nine months ended September 30, 2016. The increases in our Theme Parks segment for both the three and nine months ended September 30, 2016 were associated with the acquisition of a 51% interest in Universal Studios Japan in November 2015. The increases in consolidated revenue for the three and nine months ended September 30, 2016 were partially offset by decreases in revenue in our Filmed Entertainment segment. Consolidated revenue for the three and nine months ended September 30, 2016 included $1.6 billion of revenue associated with our broadcast of the 2016 Rio Olympics in August 2016, of which $1.2 billion was advertising revenue. Consolidated revenue for the nine months ended September 30, 2015 included $376 million of revenue associated with our broadcast of the 2015 Super Bowl in February 2015. Excluding the impact of these events, consolidated revenue increased 5.5% and 5.2% for the three and nine months ended September 30, 2016, respectively.
Revenue for our segments is discussed separately below under the heading “Segment Operating Results.” Revenue for our other businesses is discussed separately below under the heading “Corporate and Other Results of Operations.”
 
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Consolidated Costs and Expenses
Our Cable Communications, Cable Networks, Broadcast Television and Theme Parks segments accounted for the increases in consolidated operating costs and expenses for the three and nine months ended September 30, 2016. The increases in operating costs and expenses in our Theme Parks segment for the three and nine months ended September 30, 2016 were associated with the acquisition of a 51% interest in Universal Studios Japan in November 2015. The increases in consolidated operating costs and expenses for the three and nine months ended September 30, 2016 were partially offset by lower operating costs and expenses in our Filmed Entertainment segment. For the nine months ended September 30, 2015, our consolidated operating costs and expenses included transaction-related costs associated with the Time Warner Cable merger and related divestiture transactions of $178 million.
Operating costs and expenses for our segments are discussed separately below under the heading “Segment Operating Results.” Operating costs and expenses for our corporate and other businesses are discussed separately below under the heading “Corporate and Other Results of Operations.”
Consolidated Depreciation and Amortization Expenses

 	 	Three Months Ended
September 30	 	  	Increase/
(Decrease)	 	 	Nine Months Ended
September 30	 	  	Increase/
(Decrease)	 	
(in millions)	 	    2016    	 	  	    2015    	 	  	  	 	 	    2016    	 	  	    2015    	 	  	  	 	
Cable Communications	 	$	1,929	  	  	$	1,782	  	  	 	8.2	% 	 	$	5,676	  	  	$	5,194	  	  	 	9.3	% 	
NBCUniversal	 	 	445	  	  	 	380	  	  	 	17.6	  	 	 	1,324	  	  	 	1,149	  	  	 	15.3	  	
Corporate and Other	 	 	21	  	  	 	21	  	  	 	(2.5	) 	 	 	62	  	  	 	67	  	  	 	(6.6	) 	
Comcast Consolidated	 	$	2,395	  	  	$	2,183	  	  	 	9.7	% 	 	$	7,062	  	  	$	6,410	  	  	 	10.2	% 	
Consolidated depreciation and amortization expenses increased for the three and nine months ended September 30, 2016 primarily due to increases in capital expenditures, as well as expenditures for software, in our Cable Communications segment in recent years, and the acquisition of a 51% interest in Universal Studios Japan in NBCUniversal’s Theme Parks segment. We continue to invest in customer premise equipment, primarily for our X1 platform, wireless gateways and cloud DVR technology, and in equipment to increase our network capacity. In addition, because these assets generally have shorter estimated useful lives, our depreciation expenses increased for the three and nine months ended September 30, 2016.
Segment Operating Results
Our segment operating results are presented based on how we assess operating performance and internally report financial information. We use operating income (loss) before depreciation and amortization, excluding impairment charges related to fixed and intangible assets and gains or losses from the sale of assets, if any, as the measure of profit or loss for our operating segments. This measure eliminates the significant level of noncash depreciation and amortization expense that results from the capital-intensive nature of certain of our businesses and from intangible assets recognized in business combinations. Additionally, it is unaffected by our capital structure or investment activities. We use this measure to evaluate our consolidated operating performance and the operating performance of our operating segments and to allocate resources and capital to our operating segments. It is also a significant performance measure in our annual incentive compensation programs. We believe that this measure is useful to investors because it is one of the bases for comparing our operating performance with that of other companies in our industries, although our measure may not be directly comparable to similar measures used by other companies. Because we use operating income (loss) before depreciation and amortization to measure our segment profit or loss, we reconcile it to operating income, the most directly comparable financial measure calculated and presented in accordance with generally accepted accounting principles in the United States (“GAAP”), in the business segment footnote to our condensed consolidated financial statements (see Note 13 to Comcast’s condensed consolidated financial statements and Note 11 to NBCUniversal’s condensed consolidated financial statements). This measure should not be considered a substitute for operating income (loss), net income (loss) attributable to Comcast Corporation or NBCUniversal, net cash provided by operating activities, or other measures of performance or liquidity we have reported in accordance with GAAP.
 
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We have adjusted prior period segment operating results to reflect certain changes in our management reporting presentation. See Note 13 to Comcast’s condensed consolidated financial statements and Note 11 to NBCUniversal’s condensed consolidated financial statements for additional information on these changes.
Cable Communications Segment Results of Operations

 	 	Three Months Ended
September 30	 	  	Increase/
(Decrease)	 	
(in millions)	 	    2016    	 	  	    2015    	 	  	$	 	 	%	 	
Revenue	 	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	
Residential:	 	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	
Video	 	$	5,591	  	  	$	5,348	  	  	$	243	  	 	 	4.5	% 	
High-speed Internet	 	 	3,405	  	  	 	3,129	  	  	 	276	  	 	 	8.8	  	
Voice	 	 	878	  	  	 	900	  	  	 	(22	) 	 	 	(2.4	) 	
Business services	 	 	1,399	  	  	 	1,211	  	  	 	188	  	 	 	15.5	  	
Advertising	 	 	634	  	  	 	588	  	  	 	46	  	 	 	7.7	  	
Other	 	 	650	  	  	 	575	  	  	 	75	  	 	 	13.0	  	
Total revenue	 	 	12,557	  	  	 	11,751	  	  	 	806	  	 	 	6.9	  	
Operating costs and expenses	 	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	
Programming	 	 	2,905	  	  	 	2,607	  	  	 	298	  	 	 	11.4	  	
Technical and product support	 	 	1,611	  	  	 	1,518	  	  	 	93	  	 	 	6.2	  	
Customer service	 	 	628	  	  	 	608	  	  	 	20	  	 	 	3.5	  	
Franchise and other regulatory fees	 	 	371	  	  	 	347	  	  	 	24	  	 	 	7.0	  	
Advertising, marketing and promotion	 	 	935	  	  	 	873	  	  	 	62	  	 	 	7.2	  	
Other	 	 	1,121	  	  	 	1,072	  	  	 	49	  	 	 	4.3	  	
Total operating costs and expenses	 	 	7,571	  	  	 	7,025	  	  	 	546	  	 	 	7.8	  	
Operating income before depreciation and amortization	 	$	4,986	  	  	$	4,726	  	  	$	260	  	 	 	5.5	% 	

 	 	Nine Months Ended
September 30	 	  	Increase/
(Decrease)	 	
(in millions)	 	2016	 	  	2015	 	  	$	 	 	%	 	
Revenue	 	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	
Residential:	 	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	
Video	 	$	16,710	  	  	$	16,110	  	  	$	600	  	 	 	3.7	% 	
High-speed Internet	 	 	10,049	  	  	 	9,274	  	  	 	775	  	 	 	8.4	  	
Voice	 	 	2,667	  	  	 	2,709	  	  	 	(42	) 	 	 	(1.5	) 	
Business services	 	 	4,070	  	  	 	3,490	  	  	 	580	  	 	 	16.6	  	
Advertising	 	 	1,790	  	  	 	1,664	  	  	 	126	  	 	 	7.6	  	
Other	 	 	1,919	  	  	 	1,685	  	  	 	234	  	 	 	13.8	  	
Total revenue	 	 	37,205	  	  	 	34,932	  	  	 	2,273	  	 	 	6.5	  	
Operating costs and expenses	 	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	
Programming	 	 	8,659	  	  	 	7,917	  	  	 	742	  	 	 	9.4	  	
Technical and product support	 	 	4,709	  	  	 	4,437	  	  	 	272	  	 	 	6.1	  	
Customer service	 	 	1,872	  	  	 	1,770	  	  	 	102	  	 	 	5.8	  	
Franchise and other regulatory fees	 	 	1,106	  	  	 	1,028	  	  	 	78	  	 	 	7.6	  	
Advertising, marketing and promotion	 	 	2,651	  	  	 	2,504	  	  	 	147	  	 	 	5.9	  	
Other	 	 	3,285	  	  	 	3,115	  	  	 	170	  	 	 	5.4	  	
Total operating costs and expenses	 	 	22,282	  	  	 	20,771	  	  	 	1,511	  	 	 	7.3	  	
Operating income before depreciation and amortization	 	$	14,923	  	  	$	14,161	  	  	$	762	  	 	 	5.4	% 	
 
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Customer Metrics

 	 	Total Customers	 	  	Net Additional Customers	 	
 	 	September 30	 	  	Three Months Ended
September 30	 	 	Nine Months Ended
September 30	 	
(in thousands)	 	    2016    	 	  	    2015    	 	  	    2016    	 	  	    2015    	 	 	    2016    	 	  	    2015    	 	
Total customer relationships	 	 	28,301	  	  	 	27,421	  	  	 	216	  	  	 	156	  	 	 	600	  	  	 	385	  	
Single product customers	 	 	8,488	  	  	 	8,367	  	  	 	72	  	  	 	24	  	 	 	122	  	  	 	(42	) 	
Double product customers	 	 	9,540	  	  	 	9,066	  	  	 	141	  	  	 	130	  	 	 	319	  	  	 	316	  	
Triple product customers	 	 	10,273	  	  	 	9,988	  	  	 	4	  	  	 	1	  	 	 	159	  	  	 	112	  	
Video customers	 	 	22,428	  	  	 	22,258	  	  	 	32	  	  	 	(48	) 	 	 	81	  	  	 	(124	) 	
High-speed Internet customers	 	 	24,316	  	  	 	22,868	  	  	 	330	  	  	 	320	  	 	 	988	  	  	 	907	  	
Voice customers	 	 	11,643	  	  	 	11,336	  	  	 	2	  	  	 	17	  	 	 	168	  	  	 	143	  	
Customer metrics include residential and business customers and are presented based on actual amounts. Minor differences may exist due to rounding. Customer relationships represent the number of residential and business customers that subscribe to at least one of our cable services. Single product, double product and triple product customers represent customers that subscribe to one, two or three of our cable services, respectively.
Average monthly total revenue per customer relationship for the three and nine months ended September 30, 2016 was $148.47 and $147.63, respectively. Average monthly total revenue per customer relationship for the three and nine months ended September 30, 2015 was $143.26 and $142.55, respectively.
Our Cable Communications segment operating margin is operating income before depreciation and amortization as a percentage of revenue. The most significant operating costs and expenses for our Cable Communications segment are the programming expenses we incur to provide content to our video customers. We expect that our programming expenses will continue to increase, which may negatively impact our operating margin. We will attempt to mitigate increases in operating costs and expenses by growing revenue, particularly in our high-speed Internet, video and business services businesses.
Cable Communications Segment—Revenue
Video
Video revenue increased 4.5% and 3.7% for the three and nine months ended September 30, 2016, respectively, compared to the same periods in 2015. The primary contributors to revenue growth were rate adjustments and, to a lesser extent, increases in the number of residential customers subscribing to additional services such as premium channels and advanced services. These contributors accounted for increases in revenue of 4.3% and 3.8% for the three and nine months ended September 30, 2016, respectively. The increase for the nine months ended September 30, 2016 was partially offset by additional revenue in the prior year period associated with a boxing event available on pay-per-view. All of the increase in net additional video customers was attributable to reduced customer churn, which we believe is a result of our continued deployment of our X1 platform as well as improvements we have made more broadly in enhancing the customer experience. We have in the past, and may in the future, experience declines in the number of residential video customers due to competitive pressures and the impact of rate adjustments.
High-Speed Internet
High-speed Internet revenue increased 8.8% and 8.4% for the three and nine months ended September 30, 2016, respectively, compared to the same periods in 2015. Increases in the number of residential customers receiving our high-speed Internet service accounted for increases in revenue of 6.1% and 6.0% for the three and nine months ended September 30, 2016, respectively. The remaining increases in revenue for the three and nine months ended September 30, 2016 were primarily due to increases in the number of customers receiving higher levels of service and rate adjustments. Our customer base continues to grow as consumers continue to choose our high-speed Internet service and seek higher-speed offerings.
Voice
Voice revenue decreased 2.4% and 1.5% for the three and nine months ended September 30, 2016, respectively, compared to the same periods in 2015. While the number of residential customers receiving voice services through our discounted bundled service offerings increased for the three and nine months ended September 30, 2016, revenue was negatively impacted by the allocation of voice revenue for our customers who receive bundled
 
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services compared to the same periods in 2015. The amount allocated to voice revenue in the rate charged for bundled services decreased for the three and nine months ended September 30, 2016 because video and high-speed Internet rates increased while voice rates remained relatively flat.
Business Services
Business services revenue increased 15.5% and 16.6% for the three and nine months ended September 30, 2016, respectively, compared to the same periods in 2015. The increases were primarily due to increases in the number of small business customers, as well as continued growth in our medium-sized business services, including Ethernet network and advanced voice services. We believe the increases in the number of business customers are primarily the result of our efforts to gain market share from competitors by offering competitive services and pricing.
Advertising
Advertising revenue increased 7.7% and 7.6% for the three and nine months ended September 30, 2016, respectively, compared to the same periods in 2015 primarily due to increases in political advertising revenue. Excluding political advertising revenue, advertising revenue decreased slightly for the three months ended September 30, 2016 and increased slightly for the nine months ended September 30, 2016 compared to the same periods in 2015.
For both the three and nine months ended September 30, 2016, 5% of our Cable Communications segment advertising revenue was generated from our NBCUniversal segments. For the three and nine months ended September 30, 2015, 8% and 6%, respectively, of our Cable Communications segment advertising revenue was generated from our NBCUniversal segments. These amounts are eliminated in our condensed consolidated financial statements but are included in the amounts presented above.
Other
Other revenue increased 13.0% and 13.8% for the three and nine months ended September 30, 2016, respectively, compared to the same periods in 2015 primarily due to increases in cable franchise and other regulatory fees and increases in revenue from our home security and automation services.
Cable Communications Segment—Operating Costs and Expenses
Programming expenses increased for the three and nine months ended September 30, 2016 compared to the same periods in 2015 primarily due to increases in programming license fees, including contract renewals, retransmission consent fees, sports programming costs and fees to secure rights for additional programming for our customers across an increasing number of platforms. The increase in programming expenses for the nine months ended September 30, 2016 was partially offset by fees in the prior year period associated with a boxing event available on pay-per-view.
Technical and product support expenses increased for the three and nine months ended September 30, 2016 compared to the same periods in 2015 primarily due to expenses related to the development, delivery and support of our enhanced devices and services, including our X1 platform, cloud DVR technology and wireless gateways, and continued growth in business services and home security and automation services. The increases were also due to expenses related to investments to improve the customer experience.
Customer service expenses increased for the three and nine months ended September 30, 2016 compared to the same periods in 2015 primarily due to increased support for improving the customer experience and increases in total labor costs, which reflect sales and support activities associated with the continued deployment of our enhanced devices and services, including our X1 platform, wireless gateways, and home security and automation services, and continued growth in business services.
Franchise and other regulatory fees increased for the three and nine months ended September 30, 2016 compared to the same periods in 2015 primarily due to increases in the revenue to which the fees apply.
Advertising, marketing and promotion expenses increased for the three and nine months ended September 30, 2016 compared to the same periods in 2015 primarily due to increases in spending associated with attracting new residential and business services customers and encouraging existing customers to add additional or higher-tier services.
 
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Other costs and expenses increased for the three and nine months ended September 30, 2016 compared to the same periods in 2015 primarily due to increases in costs to support our advertising sales business, as well as increases in other administrative costs.
NBCUniversal Segments Actual and Pro Forma Results of Operations

 	 	Three Months Ended September 30	 	 	 	 	  	Increase/(Decrease)	 	
 	 	2016	 	 	 	 	  	2015	 	 	 	 	  	%	 	 	%	 	
(in millions)	 	Actual	 	 	 	 	  	Actual	 	 	Pro Forma
Adjustments (a)	 	 	Pro Forma
Combined	 	 	 	 	  	Actual	 	 	Pro Forma
Combined	 	
Revenue	 	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	
Cable Networks	 	$	2,942	  	 	 	 	 	  	$	2,412	  	 	$	—	  	 	$	2,412	  	 	 	 	 	  	 	22.0	% 	 	 	 	 	
Broadcast Television	 	 	3,087	  	 	 	 	 	  	 	1,971	  	 	 	—	  	 	 	1,971	  	 	 	 	 	  	 	56.6	  	 	 	 	 	
Filmed Entertainment	 	 	1,792	  	 	 	 	 	  	 	1,946	  	 	 	—	  	 	 	1,946	  	 	 	 	 	  	 	(7.9	) 	 	 	 	 	
Theme Parks	 	 	1,440	  	 	 	 	 	  	 	896	  	 	 	343	  	 	 	1,239	  	 	 	 	 	  	 	60.6	  	 	 	16.1	% 	
Headquarters, other and eliminations	 	 	(83	) 	 	 	 	 	  	 	(74	) 	 	 	1	  	 	 	(73	) 	 	 	 	 	  	 	NM	  	 	 	 	 	
Total revenue	 	$	9,178	  	 	 	 	 	  	$	7,151	  	 	$	344	  	 	$	7,495	  	 	 	 	 	  	 	28.3	% 	 	 	22.5	% 	
Operating Income Before Depreciation and Amortization	 	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	
Cable Networks	 	$	893	  	 	 	 	 	  	$	835	  	 	$	—	  	 	$	835	  	 	 	 	 	  	 	7.0	% 	 	 	 	 	
Broadcast Television	 	 	378	  	 	 	 	 	  	 	150	  	 	 	—	  	 	 	150	  	 	 	 	 	  	 	151.5	  	 	 	 	 	
Filmed Entertainment	 	 	353	  	 	 	 	 	  	 	376	  	 	 	—	  	 	 	376	  	 	 	 	 	  	 	(6.1	) 	 	 	 	 	
Theme Parks	 	 	706	  	 	 	 	 	  	 	434	  	 	 	169	  	 	 	603	  	 	 	 	 	  	 	62.4	  	 	 	17.1	% 	
Headquarters, other and eliminations	 	 	(184	) 	 	 	 	 	  	 	(162	) 	 	 	(1	) 	 	 	(163	) 	 	 	 	 	  	 	NM	  	 	 	 	 	
Total operating income before depreciation and amortization	 	$	2,146	  	 	 	 	 	  	$	1,633	  	 	$	168	  	 	$	1,801	  	 	 	 	 	  	 	31.5	% 	 	 	19.2	% 	

 	 	Nine Months Ended September 30	 	 	 	 	  	Increase/(Decrease)	 	
 	 	2016	 	 	 	 	  	2015	 	 	 	 	  	%	 	 	%	 	
(in millions)	 	Actual	 	 	 	 	  	Actual	 	 	Pro Forma
Adjustments (a)	 	  	Pro Forma
Combined	 	 	 	 	  	Actual	 	 	Pro Forma
Combined	 	
Revenue	 	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	
Cable Networks	 	$	7,961	  	 	 	 	 	  	$	7,221	  	 	$	—	  	  	$	7,221	  	 	 	 	 	  	 	10.2	% 	 	 	 	 	
Broadcast Television	 	 	7,299	  	 	 	 	 	  	 	6,032	  	 	 	—	  	  	 	6,032	  	 	 	 	 	  	 	21.0	  	 	 	 	 	
Filmed Entertainment	 	 	4,526	  	 	 	 	 	  	 	5,658	  	 	 	—	  	  	 	5,658	  	 	 	 	 	  	 	(20.0	) 	 	 	 	 	
Theme Parks	 	 	3,602	  	 	 	 	 	  	 	2,320	  	 	 	882	  	  	 	3,202	  	 	 	 	 	  	 	55.2	  	 	 	12.5	% 	
Headquarters, other and eliminations	 	 	(246	) 	 	 	 	 	  	 	(246	) 	 	 	—	  	  	 	(246	) 	 	 	 	 	  	 	NM	  	 	 	 	 	
Total revenue	 	$	23,142	  	 	 	 	 	  	$	20,985	  	 	$	882	  	  	$	21,867	  	 	 	 	 	  	 	10.3	% 	 	 	5.8	% 	
Operating Income Before Depreciation and Amortization	 	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	
Cable Networks	 	$	2,793	  	 	 	 	 	  	$	2,605	  	 	$	—	  	  	$	2,605	  	 	 	 	 	  	 	7.2	% 	 	 	 	 	
Broadcast Television	 	 	1,056	  	 	 	 	 	  	 	563	  	 	 	—	  	  	 	563	  	 	 	 	 	  	 	87.6	  	 	 	 	 	
Filmed Entertainment	 	 	576	  	 	 	 	 	  	 	1,091	  	 	 	—	  	  	 	1,091	  	 	 	 	 	  	 	(47.2	) 	 	 	 	 	
Theme Parks	 	 	1,550	  	 	 	 	 	  	 	1,012	  	 	 	399	  	  	 	1,411	  	 	 	 	 	  	 	53.1	  	 	 	9.8	% 	
Headquarters, other and eliminations	 	 	(518	) 	 	 	 	 	  	 	(471	) 	 	 	—	  	  	 	(471	) 	 	 	 	 	  	 	NM	  	 	 	 	 	
Total operating income before depreciation and amortization	 	$	5,457	  	 	 	 	 	  	$	4,800	  	 	$	399	  	  	$	5,199	  	 	 	 	 	  	 	13.7	% 	 	 	5.0	% 	
Percentage changes that are considered not meaningful are denoted with NM.
 
(a)	Pro forma adjustments are presented as if the acquisition of the 51% interest of Universal Studios Japan occurred on January 1, 2014. Pro forma information does not include adjustments for transaction-related costs, costs related to integration activities, or cost savings or synergies that have been or may be achieved by the combined businesses. The pro forma amounts are primarily based on historical results of operations and are subject to change as valuations are finalized. Pro forma amounts are not necessarily indicative of what our results would have been had we operated Universal Studios Japan since January 1, 2014, nor of our future results.	
 
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Cable Networks Segment Results of Operations

 	 	Three Months Ended
September 30	 	  	Increase/
(Decrease)	 	
(in millions)	 	    2016    	 	  	    2015    	 	  	$	 	 	%	 	
Revenue	 	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	
Distribution	 	$	1,772	  	  	$	1,392	  	  	$	380	  	 	 	27.3	% 	
Advertising	 	 	943	  	  	 	813	  	  	 	130	  	 	 	15.9	  	
Content licensing and other	 	 	227	  	  	 	207	  	  	 	20	  	 	 	9.8	  	
Total revenue	 	 	2,942	  	  	 	2,412	  	  	 	530	  	 	 	22.0	  	
Operating costs and expenses	 	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	
Programming and production	 	 	1,572	  	  	 	1,127	  	  	 	445	  	 	 	39.5	  	
Other operating and administrative	 	 	344	  	  	 	320	  	  	 	24	  	 	 	7.3	  	
Advertising, marketing and promotion	 	 	133	  	  	 	130	  	  	 	3	  	 	 	2.3	  	
Total operating costs and expenses	 	 	2,049	  	  	 	1,577	  	  	 	472	  	 	 	29.9	  	
Operating income before depreciation and amortization	 	$	893	  	  	$	835	  	  	$	58	  	 	 	7.0	% 	
 	 	 
Nine Months Ended
September 30	 	  	Increase/
(Decrease)	 	
(in millions)	 	2016	 	  	2015	 	  	$	 	 	%	 	
Revenue	 	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	
Distribution	 	$	4,644	  	  	$	4,091	  	  	$	553	  	 	 	13.5	% 	
Advertising	 	 	2,708	  	  	 	2,581	  	  	 	127	  	 	 	4.9	  	
Content licensing and other	 	 	609	  	  	 	549	  	  	 	60	  	 	 	11.0	  	
Total revenue	 	 	7,961	  	  	 	7,221	  	  	 	740	  	 	 	10.2	  	
Operating costs and expenses	 	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	
Programming and production	 	 	3,824	  	  	 	3,275	  	  	 	549	  	 	 	16.8	  	
Other operating and administrative	 	 	964	  	  	 	945	  	  	 	19	  	 	 	1.9	  	
Advertising, marketing and promotion	 	 	380	  	  	 	396	  	  	 	(16	) 	 	 	(4.0	) 	
Total operating costs and expenses	 	 	5,168	  	  	 	4,616	  	  	 	552	  	 	 	11.9	  	
Operating income before depreciation and amortization	 	$	2,793	  	  	$	2,605	  	  	$	188	  	 	 	7.2	% 	
Cable Networks Segment—Revenue
Cable Networks revenue increased for the three and nine months ended September 30, 2016 compared to the same periods in 2015 due to increases in distribution revenue, advertising revenue and content licensing and other revenue. The increases in distribution revenue were primarily due to our broadcast of the 2016 Rio Olympics in August 2016, as well as increases in the contractual rates charged under distribution agreements and contract renewals, which were partially offset by declines in the number of subscribers at our cable networks. The increases in advertising revenue were primarily due to our broadcast of the 2016 Rio Olympics. In addition, while we continued to experience declines in audience ratings at our networks that negatively affected advertising revenue, the impact of audience ratings was partially offset by higher prices for advertising units sold. The increases in content licensing and other revenue were primarily due to the timing of content provided under our licensing agreements. Excluding $432 million of revenue associated with our broadcast of the 2016 Rio Olympics, Cable Networks segment revenue increased 4.1% and 4.3% for the three and nine months ended September 30, 2016, respectively.
For both the three and nine months ended September 30, 2016, 14% of our Cable Networks segment revenue was generated from our Cable Communications segment. For both the three and nine months ended September 30, 2015, 13% of our Cable Networks segment revenue was generated from our Cable Communications segment. These amounts are eliminated in our condensed consolidated financial statements but are included in the amounts presented above.
 
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Cable Networks Segment—Operating Costs and Expenses
Operating costs and expenses increased for the three and nine months ended September 30, 2016 compared to the same periods in 2015 primarily due to increases in programming and production costs associated with the 2016 Rio Olympics, as well as increases in sports programming rights costs.
Broadcast Television Segment Results of Operations

 	 	Three Months Ended
September 30	 	  	Increase/
(Decrease)	 	
(in millions)	 	    2016    	 	  	    2015    	 	  	$	 	 	%	 	
Revenue	 	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	
Advertising	 	$	2,281	  	  	$	1,185	  	  	$	1,096	  	 	 	92.4	% 	
Content licensing	 	 	365	  	  	 	537	  	  	 	(172	) 	 	 	(32.0	) 	
Distribution and other	 	 	441	  	  	 	249	  	  	 	192	  	 	 	77.5	  	
Total revenue	 	 	3,087	  	  	 	1,971	  	  	 	1,116	  	 	 	56.6	  	
Operating costs and expenses	 	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	
Programming and production	 	 	2,205	  	  	 	1,357	  	  	 	848	  	 	 	62.5	  	
Other operating and administrative	 	 	371	  	  	 	326	  	  	 	45	  	 	 	14.2	  	
Advertising, marketing and promotion	 	 	133	  	  	 	138	  	  	 	(5	) 	 	 	(4.1	) 	
Total operating costs and expenses	 	 	2,709	  	  	 	1,821	  	  	 	888	  	 	 	48.8	  	
Operating income before depreciation and amortization	 	$	378	  	  	$	150	  	  	$	228	  	 	 	151.5	% 	
 	 	 
Nine Months Ended
September 30	 	  	Increase/
(Decrease)	 	
(in millions)	 	    2016    	 	  	    2015    	 	  	$	 	 	%	 	
Revenue	 	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	
Advertising	 	$	4,841	  	  	$	3,974	  	  	$	867	  	 	 	21.8	% 	
Content licensing	 	 	1,367	  	  	 	1,342	  	  	 	25	  	 	 	1.9	  	
Distribution and other	 	 	1,091	  	  	 	716	  	  	 	375	  	 	 	52.3	  	
Total revenue	 	 	7,299	  	  	 	6,032	  	  	 	1,267	  	 	 	21.0	  	
Operating costs and expenses	 	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	
Programming and production	 	 	4,872	  	  	 	4,133	  	  	 	739	  	 	 	17.9	  	
Other operating and administrative	 	 	1,024	  	  	 	957	  	  	 	67	  	 	 	7.0	  	
Advertising, marketing and promotion	 	 	347	  	  	 	379	  	  	 	(32	) 	 	 	(8.4	) 	
Total operating costs and expenses	 	 	6,243	  	  	 	5,469	  	  	 	774	  	 	 	14.1	  	
Operating income before depreciation and amortization	 	$	1,056	  	  	$	563	  	  	$	493	  	 	 	87.6	% 	
Broadcast Television Segment—Revenue
Broadcast Television revenue increased for the three months ended September 30, 2016 compared to the same period in 2015 due to increases in advertising revenue and distribution and other revenue, which were partially offset by a decrease in content licensing revenue. Broadcast Television revenue increased for the nine months ended September 30, 2016 compared to the same period in 2015 due to increases in advertising revenue, distribution and other revenue, and content licensing revenue. The increases in advertising revenue were primarily due to our broadcast of the 2016 Rio Olympics. Advertising revenue also increased due to higher prices for advertising units sold, which was partially offset by declines in audience ratings. The increase in advertising revenue for the nine months ended September 30, 2016 was partially offset by additional advertising revenue in the prior year period associated with our broadcast of the 2015 Super Bowl. The increases in distribution and other revenue for the three and nine months ended September 30, 2016 were primarily due to our broadcast of the 2016 Rio Olympics, as well as increases in fees recognized under our retransmission consent agreements. The decrease in content licensing revenue for the three months ended September 30, 2016 was primarily due to the timing of content provided under our licensing agreements. Excluding $1.2 billion of revenue associated with our broadcast of the 2016 Rio Olympics, revenue decreased 3.6% for the three months ended September 30, 2016. Excluding the revenue associated with our broadcast of the 2016 Rio Olympics in the current year period and $376 million of revenue associated with our broadcast of the 2015 Super Bowl in the prior year period, revenue increased 8.0% for the nine months ended September 30, 2016.
 
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Broadcast Television Segment—Operating Costs and Expenses
Operating costs and expenses increased for the three and nine months ended September 30, 2016 compared to the same periods in 2015 primarily due to increases in programming and production costs associated with our broadcast of the 2016 Rio Olympics. The increase for the nine months ended September 30, 2016 was partially offset by programming and production costs in the prior year period associated with our broadcast of the 2015 Super Bowl.
Filmed Entertainment Segment Results of Operations

 	 	Three Months Ended
September 30	 	  	Increase/
(Decrease)	 	
(in millions)	 	    2016    	 	  	    2015    	 	  	$	 	 	%	 	
Revenue	 	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	
Theatrical	 	$	700	  	  	$	886	  	  	$	(186	) 	 	 	(21.1	)% 	
Content licensing	 	 	595	  	  	 	496	  	  	 	99	  	 	 	19.8	  	
Home entertainment	 	 	267	  	  	 	379	  	  	 	(112	) 	 	 	(29.6	) 	
Other	 	 	230	  	  	 	185	  	  	 	45	  	 	 	25.8	  	
Total revenue	 	 	1,792	  	  	 	1,946	  	  	 	(154	) 	 	 	(7.9	) 	
Operating costs and expenses	 	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	
Programming and production	 	 	800	  	  	 	911	  	  	 	(111	) 	 	 	(12.2	) 	
Other operating and administrative	 	 	314	  	  	 	221	  	  	 	93	  	 	 	42.2	  	
Advertising, marketing and promotion	 	 	325	  	  	 	438	  	  	 	(113	) 	 	 	(25.8	) 	
Total operating costs and expenses	 	 	1,439	  	  	 	1,570	  	  	 	(131	) 	 	 	(8.3	) 	
Operating income before depreciation and amortization	 	$	353	  	  	$	376	  	  	$	(23	) 	 	 	(6.1	)% 	
 	 	 
Nine Months Ended
September 30	 	  	Increase/
(Decrease)	 	
(in millions)	 	    2016    	 	  	    2015    	 	  	$	 	 	%	 	
Revenue	 	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	
Theatrical	 	$	1,233	  	  	$	2,663	  	  	$	(1,430	) 	 	 	(53.7	)% 	
Content licensing	 	 	1,845	  	  	 	1,401	  	  	 	444	  	 	 	31.7	  	
Home entertainment	 	 	783	  	  	 	1,065	  	  	 	(282	) 	 	 	(26.4	) 	
Other	 	 	665	  	  	 	529	  	  	 	136	  	 	 	25.8	  	
Total revenue	 	 	4,526	  	  	 	5,658	  	  	 	(1,132	) 	 	 	(20.0	) 	
Operating costs and expenses	 	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	
Programming and production	 	 	2,050	  	  	 	2,671	  	  	 	(621	) 	 	 	(23.2	) 	
Other operating and administrative	 	 	750	  	  	 	631	  	  	 	119	  	 	 	19.0	  	
Advertising, marketing and promotion	 	 	1,150	  	  	 	1,265	  	  	 	(115	) 	 	 	(9.1	) 	
Total operating costs and expenses	 	 	3,950	  	  	 	4,567	  	  	 	(617	) 	 	 	(13.5	) 	
Operating income before depreciation and amortization	 	$	576	  	  	$	1,091	  	  	$	(515	) 	 	 	(47.2	)% 	
Filmed Entertainment Segment—Revenue
Filmed Entertainment revenue decreased for the three and nine months ended September 30, 2016 compared to the same periods in 2015 due to decreases in theatrical revenue and home entertainment revenue, which were partially offset by increases in content licensing revenue and other revenue. Total revenue included amounts attributable to DreamWorks for the period from August 22, 2016 through September 30, 2016. The decrease in theatrical revenue for the three months ended September 30, 2016 was primarily due to the strong performances of  Jurassic World  and  Minions  in the prior year period, which were partially offset by the strong performance of  The Secret Life of Pets  in the current year period. The decrease in theatrical revenue for the nine months ended September 30, 2016 was due to the strong performance in the prior year period of our larger film slate, which included  Furious 7 , Jurassic World  and  Minions . The decreases in home entertainment revenue were primarily due
 
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to the strong performance of several releases in the prior year period, including Furious 7 and Pitch Perfect 2. The increases in content licensing revenue were primarily due to the timing of when content related to our 2015 film slate was made available under licensing agreements. The increases in other revenue were primarily due to increases in revenue from Fandango.
Filmed Entertainment Segment—Operating Costs and Expenses
Operating costs and expenses decreased for the three and nine months ended September 30, 2016 compared to the same periods in 2015 primarily due to decreases in programming and production costs and advertising, marketing and promotion expenses, which were partially offset by increases in other operating and administrative expenses. Total operating costs and expenses included amounts attributable to DreamWorks for the period from August 22, 2016 through September 30, 2016, including $50 million related to severance costs. The decreases in programming and production costs were primarily due to lower amortization of film production costs in the current year periods due to our larger film slate in 2015, which included  Furious 7 ,  Jurassic World  and  Minions . The decreases in advertising, marketing and promotion expenses were primarily due to higher promotional costs associated with our larger film slate in the prior year periods.
Theme Parks Segment Actual and Pro Forma Results of Operations

 	 	Three Months Ended September 30	 	 	 	 	  	Increase/(Decrease)	 	
 	 	    2016    	 	 	 	 	  	2015	 	 	 	 	  	Actual	 	 	 	 	  	Pro Forma
Combined	 	
(in millions)	 	Actual	 	 	 	 	  	Actual	 	  	Pro Forma
Adjustments	 	  	Pro Forma
Combined	 	 	 	 	  	$	 	  	%	 	 	 	 	  	$	 	  	%	 	
Revenue	 	$	1,440	  	 	 	 	 	  	$	896	  	  	$	343	  	  	$	1,239	  	 	 	 	 	  	$	544	  	  	 	60.6	% 	 	 	 	 	  	$	201	  	  	 	16.1	% 	
Operating costs and expenses	 	 	734	  	 	 	 	 	  	 	462	  	  	 	174	  	  	 	636	  	 	 	 	 	  	 	272	  	  	 	59.0	  	 	 	 	 	  	 	98	  	  	 	15.3	  	
Operating income before depreciation and amortization	 	$	706	  	 	 	 	 	  	$	434	  	  	$	169	  	  	$	603	  	 	 	 	 	  	$	272	  	  	 	62.4	% 	 	 	 	 	  	$	103	  	  	 	17.1	% 	

 	 	Nine Months Ended September 30	 	 	 	 	 	Increase/(Decrease)	 	
 	 	2016	 	 	 	 	 	2015	 	 	 	 	 	Actual	 	 	 	 	  	Pro Forma
Combined	 	
(in millions)	 	    Actual    	 	 	 	 	 	Actual	 	 	Pro Forma
Adjustments	 	 	Pro Forma
Combined	 	 	 	 	 	$	 	 	%	 	 	 	 	  	$	 	  	%	 	
Revenue	 	$	3,602	  	 	 	 	 	 	$	2,320	  	 	$	882	  	 	$	3,202	  	 	 	 	 	 	$	1,282	  	 	 	55.2	% 	 	 	 	 	  	$	400	  	  	 	12.5	% 	
Operating costs and expenses	 	 	2,052	  	 	 	 	 	 	 	1,308	  	 	 	483	  	 	 	1,791	  	 	 	 	 	 	 	744	  	 	 	56.9	  	 	 	 	 	  	 	261	  	  	 	14.6	  	
Operating income before depreciation and amortization	 	$	1,550	  	 	 	 	 	 	$	1,012	  	 	$	399	  	 	$	1,411	  	 	 	 	 	 	$	538	  	 	 	53.1	% 	 	 	 	 	  	$	139	  	  	 	9.8	% 	
Theme Parks Segment—Revenue
Theme Parks revenue increased for the three and nine months ended September 30, 2016 compared to the pro forma combined revenue in the same periods in 2015 primarily due to increases in guest spending and higher guest attendance driven by the successful opening of  The Wizarding World of Harry Potter ™ attraction in Hollywood in April 2016, as well as the positive impact of foreign currency translation due to the strengthening of the Japanese yen. The strengthening of the Japanese yen accounted for approximately one-third of the increases in revenue for the three and nine months ended September 30, 2016.
Theme Parks Segment—Operating Costs and Expenses
Operating costs and expenses increased for the three and nine months ended September 30, 2016 compared to the pro forma combined operating costs and expenses in the same periods in 2015 primarily due to additional costs associated with newer attractions, such as  The Wizarding World of Harry Potter ™ attraction in Hollywood and  Skull Island: Reign of Kong ™ attraction in Orlando, as well as the impact of foreign currency translation due to the strengthening of the Japanese yen.
The strengthening of the Japanese yen accounted for approximately one-third of the increases in operating income before depreciation and amortization for the three and nine months ended September 30, 2016.
 
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Corporate and Other Results of Operations

 	 	Three Months Ended
September 30	 	 	Increase/
(Decrease)	 	
(in millions)	 	    2016    	 	 	    2015    	 	 	$	 	 	%	 	
Revenue	 	$	168	  	 	$	167	  	 	$	1	  	 	 	0.6	% 	
Operating costs and expenses	 	 	391	  	 	 	378	  	 	 	13	  	 	 	3.4	  	
Operating loss before depreciation and amortization	 	$	(223	) 	 	$	(211	) 	 	$	(12	) 	 	 	(5.6	)% 	

 	 	Nine Months Ended
September 30	 	 	Increase/
(Decrease)	 	
(in millions)	 	    2016    	 	 	    2015    	 	 	$	 	 	%	 	
Revenue	 	$	547	  	 	$	524	  	 	$	23	  	 	 	4.4	% 	
Operating costs and expenses	 	 	1,215	  	 	 	1,175	  	 	 	40	  	 	 	3.4	  	
Operating loss before depreciation and amortization	 	$	(668	) 	 	$	(651	) 	 	$	(17	) 	 	 	(2.6	)% 	
Corporate and Other—Revenue
Other revenue primarily relates to Comcast Spectacor, which owns the Philadelphia Flyers and the Wells Fargo Center arena in Philadelphia, Pennsylvania and operates arena management-related businesses.
Other revenue increased for the nine months ended September 30, 2016 compared to the same period in 2015 primarily due to increases in revenue from several of our Comcast Spectacor businesses.
Corporate and Other—Operating Costs and Expenses
Corporate and Other operating costs and expenses primarily includes overhead, personnel costs, the costs of corporate initiatives and branding, and operating costs and expenses associated with Comcast Spectacor.
Corporate and Other operating costs and expenses increased for the three and nine months ended September 30, 2016 due to an increase in expenses related to corporate activities and initiatives. Corporate and Other operating costs and expenses for the nine months ended September 30, 2015 included $178 million of transaction-related costs associated with the Time Warner Cable merger and related divestiture transactions.
Consolidated Other Income (Expense) Items, Net

 	 	Three Months Ended
September 30	 	 	Nine Months Ended
September 30	 	
(in millions)	 	    2016    	 	 	    2015    	 	 	2016	 	 	2015	 	
Interest expense	 	$	(751	) 	 	$	(659	) 	 	$	(2,186	) 	 	$	(2,028	) 	
Investment income (loss), net	 	 	80	  	 	 	(26	) 	 	 	168	  	 	 	24	  	
Equity in net income (losses) of investees, net	 	 	(34	) 	 	 	1	  	 	 	(64	) 	 	 	(202	) 	
Other income (expense), net	 	 	(11	) 	 	 	(53	) 	 	 	104	  	 	 	364	  	
Total	 	$	(716	) 	 	$	(737	) 	 	$	(1,978	) 	 	$	(1,842	) 	
Interest Expense
Interest expense increased for the three and nine months ended September 30, 2016 compared to the same periods in 2015 primarily due to increases in our debt outstanding, including the Universal Studios Japan term loans. Interest expense for the nine months ended September 30, 2015 included $47 million of additional interest expense associated with the early redemption in June 2015 of our $750 million aggregate principal amount of 5.85% senior notes due November 2015 and our $1.0 billion aggregate principal amount of 5.90% senior notes due March 2016.
Investment Income (Loss), Net
The components of investment income (loss), net for the three and nine months ended September 30, 2016 and 2015 are presented in a table in Note 6 to Comcast’s condensed consolidated financial statements.
Equity in Net Income (Losses) of Investees, Net
The change in equity in net income (losses) of investees, net for the three months ended September 30, 2016 compared to the same period in 2015 was primarily due to an increase in our proportionate share of losses at
 
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Hulu, LLC (“Hulu”), which was driven by Hulu’s higher programming and marketing costs. The change in equity in net income (losses) of investees, net for the nine months ended September 30, 2016 compared to the same period in 2015 was primarily due to an impairment charge related to goodwill recorded by The Weather Channel in the prior year period. We recorded an expense of $252 million in the prior year period representing NBCUniversal’s proportionate share of this impairment charge, which was partially offset by an increase in our proportionate share of net losses of Hulu and Atairos Group, Inc. in the current year period.
Other Income (Expense), Net
Other income (expense), net for the three months ended September 30, 2015 included a gain of $43 million related to an equity method investment, which was more than offset by $100 million of expenses related to fair value adjustments to contractual obligations.
Other income (expense), net for the nine months ended September 30, 2016 included a gain of $108 million related to the sale of our investment in The Weather Channel’s product and technology businesses. Other income (expense), net for the nine months ended September 30, 2015 included gains of $335 million on the sales of a business and an investment, $240 million on the settlement of a contingent consideration liability with General Electric Company related to the acquisition of NBCUniversal and $43 million related to an equity method investment, which were partially offset by $236 million of expenses related to fair value adjustments to contractual obligations.
Consolidated Income Tax Expense
Income tax expense for the three and nine months ended September 30, 2016 and 2015 reflects an effective income tax rate that differs from the federal statutory rate primarily due to state income taxes and adjustments associated with uncertain tax positions. We expect our 2016 annual effective tax rate to be in the range of 37% to 39%, absent changes in tax laws or significant changes in uncertain tax positions.
Liquidity and Capital Resources
Our businesses generate significant cash flows from operating activities. We believe that we will be able to continue to meet our current and long-term liquidity and capital requirements, including fixed charges, through our cash flows from operating activities; existing cash, cash equivalents and investments; available borrowings under our existing credit facilities; and our ability to obtain future external financing. We anticipate that we will continue to use a substantial portion of our cash flows in repaying our debt obligations, funding our capital expenditures, investing in business opportunities and returning capital to shareholders.
Operating Activities
Components of Net Cash Provided by Operating Activities

 	 	Nine Months Ended
September 30	 	
(in millions)	 	    2016    	 	 	    2015    	 	
Operating income	 	$	12,595	  	 	$	11,996	  	
Depreciation and amortization	 	 	7,062	  	 	 	6,410	  	
Operating income before depreciation and amortization	 	 	19,657	  	 	 	18,406	  	
Noncash share-based compensation	 	 	495	  	 	 	430	  	
Changes in operating assets and liabilities	 	 	(1,874	) 	 	 	108	  	
Cash basis operating income	 	 	18,278	  	 	 	18,944	  	
Payments of interest	 	 	(2,043	) 	 	 	(1,914	) 	
Payments of income taxes	 	 	(2,716	) 	 	 	(3,145	) 	
Excess tax benefits under share-based compensation	 	 	(193	) 	 	 	(255	) 	
Other	 	 	171	  	 	 	183	  	
Net cash provided by operating activities	 	$	13,497	  	 	$	13,813	  	
 
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The variance in changes in operating assets and liabilities for the nine months ended September 30, 2016 compared to the same period in 2015 was primarily due to the timing of collections on our receivables and recognition of deferred revenue associated with the broadcast of the 2016 Rio Olympics in August 2016; the timing of film and television production spending and related costs, net of amortization, including certain sports programming obligations; an increase in certain benefit payments; and the payment of a tax receivable agreement that DreamWorks previously entered into with one of its former stockholders in the current year period.
Investing Activities
Net cash used in investing activities for the nine months ended September 30, 2016 consisted primarily of cash paid for capital expenditures, acquisitions, deposits, intangible assets and purchases of investments. Capital expenditures increased for the nine months ended September 30, 2016 compared to the same period in 2015 primarily due to increased spending in our Cable Communications segment associated with continued investment in scalable infrastructure to increase network capacity, increased investment in line extensions, and continued spending on customer premise equipment related to the deployment of our X1 platform and wireless gateways. Capital expenditures in our NBCUniversal segments also increased primarily due to continued investment in our Universal theme parks, including Universal Studios Japan. Acquisitions, net of cash acquired, increased for the nine months ended September 30, 2016 compared to the same period in 2015 primarily due to the acquisition of DreamWorks in August 2016. Purchases of investments decreased for the nine months ended September 30, 2016 compared to the same period in 2015. Purchases of investments included capital contributions of $399 million to Atairos Group, Inc. in the current year period and NBCUniversal’s additional investment in Vox Media, Inc. and acquisition of an interest in BuzzFeed, Inc. for $200 million each in the prior year period.
Financing Activities
Net cash provided by financing activities for the nine months ended September 30, 2016 consisted primarily of proceeds from borrowings, which were partially offset by repurchases of our common stock, repayments of debt and dividend payments.
We have made, and may from time to time in the future make, optional repayments on our debt obligations, which may include repurchases of our outstanding public notes and debentures, depending on various factors, such as market conditions. See Note 8 to Comcast’s condensed consolidated financial statements for additional information on our financing activities, including details of our debt repayments and borrowings.
Available Borrowings Under Credit Facilities
We also maintain significant availability under our lines of credit and commercial paper programs to meet our short-term liquidity requirements.
See Note 8 to Comcast’s condensed consolidated financial statements for additional information on the new Comcast and NBCUniversal Enterprise revolving credit facilities.
As of September 30, 2016, amounts available under the new consolidated revolving credit facilities, net of amounts outstanding under our commercial paper programs and outstanding letters of credit, totaled $6.6 billion, which included $408 million available under the NBCUniversal Enterprise revolving credit facility.
Share Repurchases and Dividends
Effective January 1, 2016, our Board of Directors increased our share repurchase program authorization to $10 billion, which does not have an expiration date. Under the authorization, we may repurchase shares in the open market or in private transactions. During the nine months ended September 30, 2016, we repurchased a total of 61 million shares of our Class A common stock for approximately $3.8 billion. We expect to make $1.2 billion more in repurchases during the remainder of 2016, subject to market conditions.
In January 2016, our Board of Directors approved a 10.0% increase in our dividend to $1.10 per share on an annualized basis. In each of February, May and July 2016, our Board of Directors approved a quarterly dividend of $0.275 per share as part of our planned annual dividend. We expect to continue to pay quarterly dividends, although each dividend is subject to approval by our Board of Directors.
 
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Quarterly Dividends Declared

(in millions)	 	Amount	 	  	Month of Payment	
Three months ended March 31, 2016	 	$	670	  	  	April	
Three months ended June 30, 2016	 	$	663	  	  	July	
Three months ended September 30, 2016	 	$	658	  	  	October	
Critical Accounting Judgments and Estimates
The preparation of our condensed consolidated financial statements requires us to make estimates that affect the reported amounts of assets, liabilities, revenue and expenses, and the related disclosure of contingent assets and contingent liabilities. We base our judgments on our historical experience and on various other assumptions that we believe are reasonable under the circumstances, the results of which form the basis for making estimates about the carrying value of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions.
We believe our judgments and related estimates associated with the valuation and impairment testing of our cable franchise rights and accounting for film and television costs are critical in the preparation of our condensed consolidated financial statements. We performed our annual impairment testing of our cable franchise rights as of July 1, 2016 and no impairment charge was required.
For a more complete discussion of the accounting judgments and estimates that we have identified as critical in the preparation of our condensed consolidated financial statements, please refer to our Management’s Discussion and Analysis of Financial Condition and Results of Operations in our 2015 Annual Report on Form 10-K.
Recent Accounting Pronouncements
See Note 2 to each of Comcast’s and NBCUniversal’s condensed consolidated financial statements for additional information related to recent accounting pronouncements.
ITEM 3: QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
We have evaluated the information required under this item that was disclosed in our 2015 Annual Report on Form 10-K and there have been no significant changes to this information.
ITEM 4: CONTROLS AND PROCEDURES 
Comcast Corporation
Conclusions regarding disclosure controls and procedures
Our principal executive and principal financial officers, after evaluating the effectiveness of Comcast’s disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) as of the end of the period covered by this report, have concluded that, based on the evaluation of these controls and procedures required by paragraph (b) of Exchange Act Rules 13a-15 or 15d-15, Comcast’s disclosure controls and procedures were effective.
Changes in internal control over financial reporting
There were no changes in Comcast’s internal control over financial reporting identified in connection with the evaluation required by paragraph (d) of Exchange Act Rules 13a-15 or 15d-15 that occurred during Comcast’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, Comcast’s internal control over financial reporting.
NBCUniversal Media, LLC
Conclusions regarding disclosure controls and procedures
Our principal executive and principal financial officers, after evaluating the effectiveness of NBCUniversal’s disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) of the Exchange Act) as of the
 
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end of the period covered by this report, have concluded that, based on the evaluation of these controls and procedures required by paragraph (b) of Exchange Act Rules 13a-15 or 15d-15, NBCUniversal’s disclosure controls and procedures were effective.
Changes in internal control over financial reporting
There were no changes in NBCUniversal’s internal control over financial reporting identified in connection with the evaluation required by paragraph (d) of Exchange Act Rules 13a-15 or 15d-15 that occurred during NBCUniversal’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, NBCUniversal’s internal control over financial reporting.
PART II: OTHER INFORMATION
ITEM 1: LEGAL PROCEEDINGS 
Refer to Note 12 to Comcast’s condensed consolidated financial statements included in this Quarterly Report on Form 10-Q for a discussion of legal proceedings.
NBCUniversal is subject to legal proceedings and claims that arise in the ordinary course of its business and does not expect the final disposition of these matters to have a material adverse effect on its results of operations, cash flows or financial condition, although any such matters could be time-consuming and costly and could injure its reputation.
ITEM 1A: RISK FACTORS
There have been no significant changes from the risk factors previously disclosed in Item 1A of our 2015 Annual Report on Form 10-K.
ITEM 2: UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
The table below summarizes Comcast’s common stock repurchases under its Board-authorized share repurchase program during the three months ended September 30, 2016.
Purchases of Equity Securities

Period	 	Total
Number of
Shares
Purchased	 	  	Average
Price
Per
Share	 	  	Total Number of
Shares Purchased
as Part of  Publicly
Announced Authorization	 	  	Total Dollar
Amount
Purchased
Under the
Authorization	 	  	Maximum Dollar
Value of Shares That
May Yet Be
Purchased Under the
Authorization (a)	 	
July 1-31, 2016	 	 	—	  	  	$	—	  	  	 	—	  	  	$	—	  	  	$	7,614,882,661	  	
August 1-31, 2016	 	 	10,333,595	  	  	$	66.42	  	  	 	10,333,595	  	  	$	686,364,257	  	  	$	6,928,518,404	  	
September 1-30, 2016	 	 	10,502,806	  	  	$	65.72	  	  	 	10,502,693	  	  	$	690,211,481	  	  	$	6,238,306,923	  	
Total	 	 	20,836,401	  	  	$	66.07	  	  	 	20,836,288	  	  	$	1,376,575,738	  	  	$	6,238,306,923	  	
 
(a)	Effective January 1, 2016, our Board of Directors increased our share repurchase authorization to $10 billion, which does not have an expiration date. Under this authorization, we may repurchase shares in the open market or in private transactions. We expect to make $1.2 billion more in repurchases during the remainder of 2016, subject to market conditions.	
The total number of shares purchased during the three months ended September 30, 2016 includes 113 shares received in the administration of employee share-based compensation plans.
 
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ITEM 5: OTHER INFORMATION
Iran Threat Reduction and Syria Human Rights Act Disclosure
Pursuant to Section 219 of the Iran Threat Reduction and Syria Human Rights Act of 2012, companies are required, among other things, to disclose certain activities, transactions or dealings with the Government of Iran or entities controlled directly or indirectly by the Government of Iran. Disclosure is generally required even where the activities, transactions or dealings are conducted in compliance with applicable laws and regulations and are  de minimis . As of the date of this report, we are not aware of any activity, transaction or dealing during the three months ended September 30, 2016 that requires disclosure under the Act, except with respect to a January 2016 licensing agreement by a non-U.S. subsidiary of DreamWorks prior to our August 2016 DreamWorks acquisition. The agreement licensed a prior season of a children’s animated television series for a three-year, non-cancelable term and for a one-time fee of $5,200 to a broadcasting company that is owned and controlled by the Government of Iran. The broadcasting company paid the license fee in the first quarter of 2016. We believe that DreamWorks conducted its licensing activity in compliance with applicable laws and that the license is for the permissible exportation of informational materials pursuant to certain statutory and regulatory exemptions from U.S. sanctions.
ITEM 6: EXHIBITS
Comcast

Exhibit
No.	 	Description	
  10.1*	 	Amendment No. 3 to Employment Agreement with Stephen B. Burke, dated as of July 25, 2016 (incorporated by reference to exhibit 99.1 to Comcast’s Current Report on Form 8-K filed on July 28, 2016).	
  31.1	 	Certification of Chief Executive Officer and Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.	
  32.1	 	Certification of Chief Executive Officer and Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.	
  101	 	The following financial statements from Comcast Corporation’s Quarterly Report on Form 10-Q for the three and nine months ended September 30, 2016, filed with the Securities and Exchange Commission on October 26, 2016, formatted in XBRL (eXtensible Business Reporting Language): (i) the Condensed Consolidated Balance Sheet; (ii) the Condensed Consolidated Statement of Income; (iii) the Condensed Consolidated Statement of Comprehensive Income; (iv) the Condensed Consolidated Statement of Cash Flows; (v) the Condensed Consolidated Statement of Changes in Equity; and (vi) the Notes to Condensed Consolidated Financial Statements.	

*	Constitutes a management contract or compensatory plan or arrangement.	
NBCUniversal

Exhibit
No.	 	Description	
  31.2	 	Certification of Principal Executive Officer and Principal Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.	
  32.2	 	Certification of Principal Executive Officer and Principal Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.	
  101	 	The following financial statements from NBCUniversal Media, LLC’s Quarterly Report on Form 10-Q for the three and nine months ended September 30, 2016, filed with the Securities and Exchange Commission on October 26, 2016, formatted in XBRL (eXtensible Business Reporting Language): (i) the Condensed Consolidated Balance Sheet; (ii) the Condensed Consolidated Statement of Income; (iii) the Condensed Consolidated Statement of Comprehensive Income; (iv) the Condensed Consolidated Statement of Cash Flows; (v) the Condensed Consolidated Statement of Changes in Equity; and (vi) the Notes to Condensed Consolidated Financial Statements.	

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SIGNATURES
Comcast
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

 	 	COMCAST CORPORATION	
 	 	
By:  	 	/s/ LAWRENCE J. SALVA	
 	 	Lawrence J. Salva
Executive Vice President and Chief Accounting Officer
(Principal Accounting Officer)	
Date: October 26, 2016
NBCUniversal
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

 	 	NBCUNIVERSAL MEDIA, LLC	
 	 	
By:  	 	/s/ LAWRENCE J. SALVA	
 	 	Lawrence J. Salva
Executive Vice President
(Principal Accounting Officer)	
Date: October 26, 2016
 
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NBCUniversal Media, LLC Financial Statements

Index	 	Page	 	
Condensed Consolidated Balance Sheet	 	 	48	  	
Condensed Consolidated Statement of Income	 	 	49	  	
Condensed Consolidated Statement of Comprehensive Income	 	 	50	  	
Condensed Consolidated Statement of Cash Flows	 	 	51	  	
Condensed Consolidated Statement of Changes in Equity	 	 	52	  	
Notes to Condensed Consolidated Financial Statements	 	 	53	  	

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NBCUniversal Media, LLC
Condensed Consolidated Balance Sheet
(Unaudited)

(in millions)	 	September 30,
2016	 	  	December 31,
2015	 	
Assets	 	 	 	 	  	 	 	 	
Current Assets:	 	 	 	 	  	 	 	 	
Cash and cash equivalents	 	$	1,890	  	  	$	1,410	  	
Receivables, net	 	 	6,050	  	  	 	5,411	  	
Programming rights	 	 	1,362	  	  	 	1,200	  	
Other current assets	 	 	858	  	  	 	841	  	
Total current assets	 	 	10,160	  	  	 	8,862	  	
Film and television costs	 	 	7,145	  	  	 	5,847	  	
Investments	 	 	1,151	  	  	 	965	  	
Property and equipment, net of accumulated depreciation of $3,253 and $2,779	 	 	10,377	  	  	 	9,521	  	
Goodwill	 	 	24,004	  	  	 	20,364	  	
Intangible assets, net of accumulated amortization of $6,355 and $5,654	 	 	14,001	  	  	 	13,806	  	
Other noncurrent assets, net	 	 	1,392	  	  	 	1,325	  	
Total assets	 	$	68,230	  	  	$	60,690	  	
 	 	 	
Liabilities and Equity	 	 	 	 	  	 	 	 	
Current Liabilities:	 	 	 	 	  	 	 	 	
Accounts payable and accrued expenses related to trade creditors	 	$	1,517	  	  	$	1,564	  	
Accrued participations and residuals	 	 	1,570	  	  	 	1,572	  	
Program obligations	 	 	637	  	  	 	765	  	
Deferred revenue	 	 	1,196	  	  	 	1,242	  	
Accrued expenses and other current liabilities	 	 	1,712	  	  	 	1,675	  	
Note payable to Comcast	 	 	2,882	  	  	 	1,750	  	
Current portion of long-term debt	 	 	164	  	  	 	1,163	  	
Total current liabilities	 	 	9,678	  	  	 	9,731	  	
Long-term debt, less current portion	 	 	11,928	  	  	 	11,331	  	
Accrued participations, residuals and program obligations	 	 	1,182	  	  	 	1,163	  	
Other noncurrent liabilities	 	 	4,186	  	  	 	3,790	  	
Commitments and contingencies	 	 	 	 	  	 	 	 	
Redeemable noncontrolling interests	 	 	427	  	  	 	372	  	
Equity:	 	 	 	 	  	 	 	 	
Member’s capital	 	 	38,406	  	  	 	32,834	  	
Accumulated other comprehensive income (loss)	 	 	116	  	  	 	(212	) 	
Total NBCUniversal member’s equity	 	 	38,522	  	  	 	32,622	  	
Noncontrolling interests	 	 	2,307	  	  	 	1,681	  	
Total equity	 	 	40,829	  	  	 	34,303	  	
Total liabilities and equity	 	$	68,230	  	  	$	60,690	  	
See accompanying notes to condensed consolidated financial statements.
 
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NBCUniversal Media, LLC
Condensed Consolidated Statement of Income
(Unaudited)

 	 	Three Months Ended
September 30	 	 	Nine Months Ended
September 30	 	
(in millions)	 	    2016    	 	 	    2015    	 	 	    2016    	 	 	    2015    	 	
Revenue	 	$	9,178	  	 	$	7,151	  	 	$	23,142	  	 	$	20,985	  	
Costs and Expenses:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Programming and production	 	 	4,501	  	 	 	3,312	  	 	 	10,503	  	 	 	9,822	  	
Other operating and administrative	 	 	1,912	  	 	 	1,534	  	 	 	5,159	  	 	 	4,306	  	
Advertising, marketing and promotion	 	 	619	  	 	 	704	  	 	 	2,023	  	 	 	2,050	  	
Depreciation	 	 	209	  	 	 	163	  	 	 	624	  	 	 	493	  	
Amortization	 	 	236	  	 	 	217	  	 	 	700	  	 	 	656	  	
 	 	 	7,477	  	 	 	5,930	  	 	 	19,009	  	 	 	17,327	  	
Operating income	 	 	1,701	  	 	 	1,221	  	 	 	4,133	  	 	 	3,658	  	
Other Income (Expense):	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Interest expense	 	 	(151	) 	 	 	(116	) 	 	 	(444	) 	 	 	(361	) 	
Investment income (loss), net	 	 	6	  	 	 	—	  	 	 	20	  	 	 	(4	) 	
Equity in net income (losses) of investees, net	 	 	(34	) 	 	 	(14	) 	 	 	(55	) 	 	 	(241	) 	
Other income (expense), net	 	 	(16	) 	 	 	(69	) 	 	 	81	  	 	 	(57	) 	
 	 	 	(195	) 	 	 	(199	) 	 	 	(398	) 	 	 	(663	) 	
Income before income taxes	 	 	1,506	  	 	 	1,022	  	 	 	3,735	  	 	 	2,995	  	
Income tax expense	 	 	(139	) 	 	 	(60	) 	 	 	(311	) 	 	 	(171	) 	
Net income	 	 	1,367	  	 	 	962	  	 	 	3,424	  	 	 	2,824	  	
Net (income) loss attributable to noncontrolling interests	 	 	(78	) 	 	 	(35	) 	 	 	(200	) 	 	 	(133	) 	
Net income attributable to NBCUniversal	 	$	1,289	  	 	$	927	  	 	$	3,224	  	 	$	2,691	  	
See accompanying notes to condensed consolidated financial statements.
 
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Condensed Consolidated Statement of Comprehensive Income
(Unaudited)

 	 	Three Months Ended
September 30	 	 	Nine Months Ended
September 30	 	
(in millions)	 	    2016    	 	 	    2015    	 	 	    2016    	 	 	    2015    	 	
Net income	 	$	1,367	  	 	$	962	  	 	$	3,424	  	 	$	2,824	  	
Deferred gains (losses) on cash flow hedges, net	 	 	5	  	 	 	(6	) 	 	 	(7	) 	 	 	(12	) 	
Employee benefit obligations, net	 	 	—	  	 	 	22	  	 	 	4	  	 	 	22	  	
Currency translation adjustments, net	 	 	50	  	 	 	(57	) 	 	 	652	  	 	 	(88	) 	
Comprehensive income	 	 	1,422	  	 	 	921	  	 	 	4,073	  	 	 	2,746	  	
Net (income) loss attributable to noncontrolling interests	 	 	(78	) 	 	 	(35	) 	 	 	(200	) 	 	 	(133	) 	
Other comprehensive (income) loss attributable to noncontrolling interests	 	 	(34	) 	 	 	16	  	 	 	(321	) 	 	 	26	  	
Comprehensive income attributable to NBCUniversal	 	$	1,310	  	 	$	902	  	 	$	3,552	  	 	$	2,639	  	
See accompanying notes to condensed consolidated financial statements.
 
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Condensed Consolidated Statement of Cash Flows
(Unaudited)

 	 	Nine Months Ended
September 30	 	
(in millions)	 	    2016    	 	 	    2015    	 	
Net cash provided by operating activities	 	$	3,339	  	 	$	4,318	  	
Investing Activities	 	 	 	 	 	 	 	 	
Capital expenditures	 	 	(991	) 	 	 	(829	) 	
Cash paid for intangible assets	 	 	(181	) 	 	 	(99	) 	
Acquisitions of real estate properties	 	 	(78	) 	 	 	—	  	
Acquisitions, net of cash acquired	 	 	(195	) 	 	 	(38	) 	
Note receivable from Comcast	 	 	—	  	 	 	(77	) 	
Proceeds from sales of businesses and investments	 	 	104	  	 	 	218	  	
Purchases of investments	 	 	(74	) 	 	 	(626	) 	
Other	 	 	(41	) 	 	 	186	  	
Net cash provided by (used in) investing activities	 	 	(1,456	) 	 	 	(1,265	) 	
Financing Activities	 	 	 	 	 	 	 	 	
Proceeds from (repayments of) borrowings from Comcast, net	 	 	1,132	  	 	 	(896	) 	
Repurchases and repayments of debt	 	 	(1,515	) 	 	 	(1,004	) 	
Distributions to noncontrolling interests	 	 	(161	) 	 	 	(146	) 	
Distributions to member	 	 	(1,213	) 	 	 	(1,186	) 	
Other	 	 	354	  	 	 	—	  	
Net cash provided by (used in) financing activities	 	 	(1,403	) 	 	 	(3,232	) 	
Increase (decrease) in cash and cash equivalents	 	 	480	  	 	 	(179	) 	
Cash and cash equivalents, beginning of period	 	 	1,410	  	 	 	1,248	  	
Cash and cash equivalents, end of period	 	$	1,890	  	 	$	1,069	  	
See accompanying notes to condensed consolidated financial statements.
 
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Condensed Consolidated Statement of Changes in Equity
(Unaudited)

(in millions)	 	Redeemable
Noncontrolling
Interests	 	 	  	 	  	Member’s
Capital	 	 	Accumulated
Other
Comprehensive
Income (Loss)	 	 	Noncontrolling
Interests	 	 	Total Equity	 	
Balance, December 31, 2014	 	$	330	  	 	 	 	 	  	$	30,529	  	 	$	(159	) 	 	$	267	  	 	$	30,637	  	
Dividends declared	 	 	 	 	 	 	 	 	  	 	(1,186	) 	 	 	 	 	 	 	 	 	 	 	(1,186	) 	
Contributions from (distributions to) noncontrolling interests, net	 	 	(19	) 	 	 	 	 	  	 	 	 	 	 	 	 	 	 	(127	) 	 	 	(127	) 	
Contribution from member	 	 	 	 	 	 	 	 	  	 	252	  	 	 	 	 	 	 	 	 	 	 	252	  	
Other comprehensive income (loss)	 	 	 	 	 	 	 	 	  	 	 	 	 	 	(52	) 	 	 	(26	) 	 	 	(78	) 	
Other	 	 	28	  	 	 	 	 	  	 	30	  	 	 	 	 	 	 	2	  	 	 	32	  	
Net income (loss)	 	 	28	  	 	 	 	 	  	 	2,691	  	 	 	 	 	 	 	105	  	 	 	2,796	  	
Balance, September 30, 2015	 	$	367	  	 	 	 	 	  	$	32,316	  	 	$	(211	) 	 	$	221	  	 	$	32,326	  	
Balance, December 31, 2015	 	$	372	  	 	 	 	 	  	$	32,834	  	 	$	(212	) 	 	$	1,681	  	 	$	34,303	  	
Dividends declared	 	 	 	 	 	 	 	 	  	 	(1,213	) 	 	 	 	 	 	 	 	 	 	 	(1,213	) 	
Contributions from (distributions to) noncontrolling interests, net	 	 	(47	) 	 	 	 	 	  	 	 	 	 	 	 	 	 	 	(114	) 	 	 	(114	) 	
DreamWorks contributions	 	 	 	 	 	 	 	 	  	 	3,558	  	 	 	 	 	 	 	89	  	 	 	3,647	  	
Other comprehensive income (loss)	 	 	 	 	 	 	 	 	  	 	 	 	 	 	328	  	 	 	321	  	 	 	649	  	
Other	 	 	72	  	 	 	 	 	  	 	3	  	 	 	 	 	 	 	160	  	 	 	163	  	
Net income (loss)	 	 	30	  	 	 	 	 	  	 	3,224	  	 	 	 	 	 	 	170	  	 	 	3,394	  	
Balance, September 30, 2016	 	$	427	  	 	 	 	 	  	$	38,406	  	 	$	116	  	 	$	2,307	  	 	$	40,829	  	
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
Unless indicated otherwise, throughout these notes to the condensed consolidated financial statements, we refer to NBCUniversal and its consolidated subsidiaries as “we,” “us” and “our.” 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, financial condition and cash flows 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 2015 Annual Report on Form 10-K.
Note 2: Recent Accounting Pronouncements
Revenue Recognition
In May 2014, the Financial Accounting Standards Board (“FASB”) updated the accounting guidance related to revenue recognition. The updated accounting guidance provides a single, contract-based revenue recognition model to help improve financial reporting by providing clearer guidance on when an entity should recognize revenue and by reducing the number of standards to which an entity has to refer. The updated guidance is effective for us as of January 1, 2018. The updated accounting guidance provides companies with alternative methods of adoption. We are currently in the process of determining the impact that the updated accounting guidance will have on our consolidated financial statements and our method of adoption.
Consolidations
In February 2015, the FASB updated the accounting guidance related to consolidation under the variable interest entity (“VIE”) and voting interest entity models. The updated accounting guidance modifies the consolidation guidance for VIEs, limited partnerships and similar legal entities. We have adopted this guidance as of January 1, 2016 and it did not have a material impact on our consolidated financial statements.
Financial Assets and Financial Liabilities
In January 2016, the FASB updated the accounting guidance related to the recognition and measurement of financial assets and financial liabilities. The updated accounting guidance, among other things, requires that all nonconsolidated equity investments, except those accounted for under the equity method, be measured at fair value and that the changes in fair value be recognized in net income. The updated guidance is effective for us as of January 1, 2018. The updated accounting guidance requires a cumulative effect adjustment to beginning retained earnings when the guidance is adopted with certain exceptions. We are currently in the process of determining the impact that the updated accounting guidance will have on our consolidated financial statements.
Leases
In February 2016, the FASB updated the accounting guidance related to leases. The updated accounting guidance requires lessees to recognize a right-of-use asset and a lease liability on the balance sheet for all leases with the exception of short-term leases. For a lessee, the recognition, measurement and presentation of expenses and cash flows arising from a lease do not significantly change from previous guidance. For a lessor, the accounting applied
 
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is also largely unchanged from previous guidance. The updated guidance is effective for us as of January 1, 2019 and early adoption is permitted. The updated accounting guidance must be adopted using a modified retrospective approach for leases that exist or are entered into after the beginning of the earliest comparative period in the financial statements. We are currently in the process of determining the impact that the updated accounting guidance will have on our consolidated financial statements.
Share-Based Compensation
In March 2016, the FASB updated the accounting guidance that affects several aspects of the accounting for share-based compensation. The most significant change for us relates to the presentation of the income and withholding tax consequences of share-based compensation in our consolidated financial statements. Among the changes, the updated guidance requires that the excess income tax benefits or deficiencies that arise when the tax consequences of share-based compensation differ from amounts previously recognized in the statement of income be recognized as income tax benefit or expense in the statement of income rather than as additional paid-in capital in the balance sheet. The guidance also states that excess income tax benefits should not be presented separately from other income taxes in the statement of cash flows and, thus, should be classified as an operating activity rather than a financing activity as they are under the current guidance. In addition, the updated guidance requires when an employer withholds shares upon exercise of options or the vesting of restricted stock for the purpose of meeting withholding tax requirements, that the cash paid for withholding taxes be classified as a financing activity. We currently record these amounts within operating activities.
We will implement the updated guidance in the first quarter of 2017. As a limited liability company, we do not expect the updated accounting guidance related to the excess income tax benefits or deficiencies to be recognized in the statement of income to have an impact on our consolidated financial statements. In addition, we do not expect the updated accounting guidance to have a material impact on our statement of cash flows.
Note 3: Significant Transactions
DreamWorks
On August 22, 2016, Comcast acquired all of the outstanding stock of DreamWorks Animation SKG, Inc. (“DreamWorks”) for $3.8 billion. DreamWorks’ stockholders received $41 in cash for each share of DreamWorks common stock. DreamWorks creates animated feature films, television series and specials, live entertainment and related consumer products.
Following the acquisition, Comcast converted DreamWorks to a limited liability company and contributed its equity, as well as cash to settle a tax receivable agreement that DreamWorks had previously entered into with one of its former stockholders (the “tax receivable agreement”), to us as capital contributions. The net assets contributed to us excluded deferred income taxes and other tax-related items recorded by Comcast. The results of operations for DreamWorks are reported in our Filmed Entertainment segment following the acquisition date and are presented as if the equity contribution occurred on the date of Comcast’s acquisition.
The transaction is accounted for under the acquisition method of accounting and, accordingly, the assets and liabilities are to be recorded at their fair market values as of the acquisition date. Due to the limited amount of time since the acquisition date, the assets and liabilities of DreamWorks were recorded based primarily on their historical carrying values. We recorded the debt we assumed from DreamWorks at its estimated fair value of $381 million and we recorded a liability for the tax receivable agreement at its estimated fair value of $146 million. The fair value of the assumed debt was primarily based on quoted market values. The fair value of the tax receivable agreement was based on the contractual settlement provisions in the agreement and the value is subject to adjustment. The remaining assets and liabilities primarily consisted of goodwill and film and television costs. We will adjust the remaining assets and liabilities to fair value as valuations are completed and we obtain information necessary to complete the analyses, but no later than one year from the acquisition date. For purposes of the preliminary allocation of purchase price, the excess of the total transaction value over the recorded values of the net assets acquired has been recorded as goodwill.
 
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The tax receivable agreement was settled immediately following the acquisition and the payment was recorded as an operating activity in our condensed consolidated statement of cash flows. In addition, during the three months ended September 30, 2016, we repaid all of the assumed debt of DreamWorks (see Note 8).
Revenue and net income attributable to the acquisition of DreamWorks were not material for the three and nine months ended September 30, 2016. During the three months ended September 30, 2016, we incurred severance costs of $50 million, which were recorded in operating costs and expenses in our Filmed Entertainment segment.
Universal Studios Japan
On November 13, 2015, we acquired a 51% economic interest in the Universal Studios theme park in Osaka, Japan (“Universal Studios Japan”) for $1.5 billion.
Universal Studios Japan is a VIE based on the governance structure and we consolidate Universal Studios Japan as we have the power to direct activities that most significantly impact its economic performance. There are no liquidity arrangements, guarantees, or other financial commitments between us and Universal Studios Japan, and therefore our maximum risk of financial loss is our 51% interest. Universal Studios Japan’s results of operations are reported in our Theme Parks segment following the acquisition date.
Preliminary Allocation of Purchase Price
The acquired assets and liabilities of Universal Studios Japan and the 49% noncontrolling interest were recorded at their estimated fair values. During the nine months ended September 30, 2016, we updated the preliminary allocation of purchase price for Universal Studios Japan based on valuation analyses, which primarily resulted in increases to property and equipment and intangible assets and a decrease in goodwill. The changes did not have a material impact on our consolidated financial statements. We may adjust these amounts further as valuations are finalized and we obtain information necessary to complete the analyses, but no later than one year from the acquisition date.
The table below presents the preliminary allocation of the purchase price to the assets and liabilities of Universal Studios Japan.
Preliminary Allocation of Purchase Price

(in millions)	 	  	 	
Property and equipment	 	$	780 	  	
Intangible assets	 	 	323 	  	
Working capital	 	 	(33)	  	
Debt	 	 	(3,271)	  	
Other noncurrent assets and liabilities	 	 	22 	  	
Identifiable net assets (liabilities) acquired	 	 	(2,179)	  	
Noncontrolling interest	 	 	(1,440)	  	
Goodwill	 	 	5,118 	  	
Cash consideration transferred	 	$	1,499 	  	
Actual and Unaudited Pro Forma Results
Our consolidated revenue for the three and nine months ended September 30, 2016 included $424 million and $1.1 billion, respectively, from the acquisition of Universal Studios Japan. Our consolidated net income attributable to NBCUniversal for the three and nine months ended September 30, 2016 included $48 million and $76 million, respectively, from the acquisition of Universal Studios Japan.
The following unaudited pro forma information has been presented as if the acquisition of Universal Studios Japan occurred on January 1, 2014. This information is primarily based on historical results of operations and is subject to change as valuations are finalized. In addition, the unaudited pro forma accounting adjustments are not necessarily indicative of what our results would have been had we operated Universal Studios Japan since January 1, 2014. No pro forma adjustments have been made for our transaction-related expenses.
 
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Unaudited Pro Forma Results

(in millions)	 	Three Months Ended
September 30, 2015	 	  	Nine Months Ended
September 30, 2015	 	
Revenue	 	$	7,495	  	  	$	21,867	  	
Net income	 	$	1,034	  	  	$	2,965	  	
Net income attributable to NBCUniversal	 	$	964	  	  	$	2,762	  	
Note 4: Related Party Transactions
In the ordinary course of our business, we enter into transactions with Comcast.
We generate revenue from Comcast primarily from the distribution of our cable network programming, the fees received under retransmission consent agreements in our Broadcast Television segment and, to a lesser extent, the sale of advertising and our owned programming, and we incur expenses primarily related to advertising and various support services provided by Comcast to us.
In September 2016, as part of the Comcast cash management process, we and Comcast amended and restated our revolving credit agreements to increase the amount that we can borrow from Comcast and that Comcast can borrow from us from $3 billion to $5 billion and extended the maturity date to 2026. Amounts owed by us to Comcast or to us by Comcast under the revolving credit agreement, including accrued interest, are presented under the captions “note payable to Comcast” and “note receivable from Comcast,” respectively, in our condensed consolidated balance sheet. The revolving credit agreements bear interest at floating rates equal to the interest rate calculation under Comcast’s revolving credit facility. The interest rate on Comcast’s revolving credit facility consists of a base rate plus a borrowing margin that is determined based on Comcast’s credit rating. As of September 30, 2016, the borrowing margin for our London Interbank Offered Rate-based borrowings was 1.00%.
Comcast is also the counterparty to one of our contractual obligations. As of September 30, 2016, the carrying value of the liability associated with this contractual obligation was $383 million.
The following tables present transactions with Comcast and its consolidated subsidiaries that are included in our condensed consolidated financial statements.
Condensed Consolidated Balance Sheet

(in millions)	 	September 30,
2016	 	  	December 31,
2015	 	
Transactions with Comcast and Consolidated Subsidiaries	 	 	 	 	  	 	 	 	
Receivables, net	 	$	317	  	  	$	239	  	
Accounts payable and accrued expenses related to trade creditors	 	$	48	  	  	$	68	  	
Accrued expenses and other current liabilities	 	$	9	  	  	$	51	  	
Note payable to Comcast	 	$	2,882	  	  	$	1,750	  	
Other noncurrent liabilities	 	$	389	  	  	$	383	  	
Condensed Consolidated Statement of Income

 	 	Three Months Ended
September 30	 	 	Nine Months Ended
September 30	 	
(in millions)	 	    2016    	 	 	    2015    	 	 	    2016    	 	 	    2015    	 	
Transactions with Comcast and Consolidated Subsidiaries	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Revenue	 	$	522	  	 	$	334	  	 	$	1,335	  	 	$	1,006	  	
Operating costs and expenses	 	$	(53	) 	 	$	(71	) 	 	$	(157	) 	 	$	(164	) 	
Other income (expense)	 	$	(18	) 	 	$	(7	) 	 	$	(48	) 	 	$	(25	) 	
 
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Note 5: Film and Television Costs

(in millions)	 	September 30,
2016	 	  	December 31,
2015	 	
Film Costs:	 	 	 	 	  	 	 	 	
Released, less amortization	 	$	1,586	  	  	$	1,275	  	
Completed, not released	 	 	222	  	  	 	226	  	
In production and in development	 	 	1,402	  	  	 	907	  	
 	 	 	3,210	  	  	 	2,408	  	
Television Costs:	 	 	 	 	  	 	 	 	
Released, less amortization	 	 	1,839	  	  	 	1,573	  	
In production and in development	 	 	886	  	  	 	737	  	
 	 	 	2,725	  	  	 	2,310	  	
Programming rights, less amortization	 	 	2,572	  	  	 	2,329	  	
 	 	 	8,507	  	  	 	7,047	  	
Less: Current portion of programming rights	 	 	1,362	  	  	 	1,200	  	
Film and television costs	 	$	7,145	  	  	$	5,847	  	
Note 6: Investments

(in millions)	 	September 30,
2016	 	  	December 31,
2015	 	
Fair Value Method	 	$	5	  	  	$	10	  	
Equity Method:	 	 	 	 	  	 	 	 	
Hulu	 	 	286	  	  	 	184	  	
Other	 	 	367	  	  	 	313	  	
 	 	 	653	  	  	 	497	  	
Cost Method	 	 	493	  	  	 	458	  	
Total investments	 	$	1,151	  	  	$	965	  	
Equity Method
The Weather Channel
On January 29, 2016, following a legal restructuring at The Weather Channel, we and the other investors sold the entity holding The Weather Channel’s product and technology businesses to IBM. Following the close of the transaction, we continue to hold an investment in The Weather Channel cable network through a new holding company. As a result of the sale of our investment, we recognized a pretax gain for the nine months ended September 30, 2016 of $108 million in other income (expense), net.
During the nine months ended September 30, 2015, The Weather Channel recorded an impairment charge related to goodwill. We recorded an expense of $252 million that represents our proportionate share of this impairment charge in equity in net income (losses) of investees, net in our condensed consolidated statement of income.
Hulu
In August 2016, Time Warner Inc. acquired a 10% interest in Hulu, LLC (“Hulu”), which diluted our interest in Hulu from 33% to 30%. For a period not to exceed three years, Time Warner may put its shares to Hulu or Hulu may call Time Warner’s shares under certain limited circumstances arising from regulatory review. Given the contingent nature of the put and call options, we recorded a deferred gain of $159 million and a corresponding increase to our investment in Hulu as a result of the dilution. The deferred gain will be recognized in other income (expense), net if and when the options expire unexercised.
 
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For the three and nine months ended September 30, 2016, we recognized our proportionate share of losses of $43 million and $108 million, respectively, related to our investment in Hulu. For the three and nine months ended September 30, 2015, we recognized our proportionate share of losses of $19 million and $43 million, respectively, related to our investment in Hulu.
Note 7: Goodwill

(in millions)	 	Cable Networks	 	  	Broadcast
Television	 	  	Filmed
Entertainment	 	  	Theme Parks	 	 	Total	 	
Balance, December 31, 2015	 	$	12,947	  	  	$	806	  	  	$	267	  	  	$	6,344	  	 	$	20,364	  	
Acquisitions	 	 	247	  	  	 	—	  	  	 	2,560	  	  	 	—	  	 	 	2,807	  	
Adjustments	 	 	—	  	  	 	—	  	  	 	2	  	  	 	(255	) 	 	 	(253	) 	
Foreign currency translation	 	 	5	  	  	 	—	  	  	 	10	  	  	 	1,071	  	 	 	1,086	  	
Balance, September 30, 2016	 	$	13,199	  	  	$	806	  	  	$	2,839	  	  	$	7,160	  	 	$	24,004	  	
Acquisitions during the nine months ended September 30, 2016 included the DreamWorks acquisition in our Filmed Entertainment segment (see Note 3 for additional information). Adjustments to goodwill during the nine months ended September 30, 2016 included the updated preliminary allocation of the purchase price for Universal Studios Japan in our Theme Parks segment.
Note 8: Long-Term Debt
As of September 30, 2016, our debt, excluding the note payable to Comcast, had a carrying value of $12.1 billion and an estimated fair value of $13.6 billion. The estimated fair value of our publicly traded debt is primarily based on Level 1 inputs that use quoted market values for the debt. The estimated fair value of debt for which there are no quoted market prices is based on Level 2 inputs that use interest rates available to us for debt with similar terms and remaining maturities.
Debt Repayments
Following Comcast’s acquisition of DreamWorks, we paid $381 million to settle all of the debt we assumed in the DreamWorks acquisition. In April 2016, we repaid at maturity $1 billion aggregate principal amount of 2.875% senior notes due 2016.
Cross-Guarantee Structure
We, Comcast and a 100% owned cable holding company subsidiary of Comcast (“CCCL Parent”) have fully and unconditionally guaranteed each other’s debt securities, including the $7 billion Comcast revolving credit facility due 2021. As of September 30, 2016, we guaranteed $43.5 billion of outstanding debt securities of Comcast and CCCL Parent.
We do not, however, guarantee the obligations of NBCUniversal Enterprise with respect to its $3.3 billion aggregate principal amount of senior notes, $1.5 billion revolving credit facility, commercial paper program, or $725 million liquidation preference of Series A cumulative preferred stock.
Note 9: Share-Based Compensation
Comcast maintains share-based compensation plans that primarily consist of awards of restricted share units and stock options to certain employees and directors as part of its approach to long-term incentive compensation. Additionally, through its employee stock purchase plans, employees are able to purchase shares of Comcast Class A common stock at a discount through payroll deductions. Certain of our employees participate in these plans and the expense associated with their participation is settled in cash with Comcast.
 
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Recognized Share-Based Compensation Expense

 	 	Three Months Ended
September 30	 	  	Nine Months Ended
September 30	 	
(in millions)	 	    2016    	 	  	    2015    	 	  	    2016    	 	  	    2015    	 	
Restricted share units	 	$	19	  	  	$	20	  	  	$	64	  	  	$	61	  	
Stock options	 	 	3	  	  	 	3	  	  	 	7	  	  	 	8	  	
Employee stock purchase plans	 	 	1	  	  	 	1	  	  	 	6	  	  	 	5	  	
Total	 	$	23	  	  	$	24	  	  	$	77	  	  	$	74	  	
Note 10: Supplemental Financial Information
Receivables

(in millions)	 	September 30,
2016	 	  	December 31,
2015	 	
Receivables, gross	 	$	6,425	  	  	$	5,949	  	
Less: Allowance for returns and customer incentives	 	 	286	  	  	 	469	  	
Less: Allowance for doubtful accounts	 	 	89	  	  	 	69	  	
Receivables, net	 	$	6,050	  	  	$	5,411	  	
Accumulated Other Comprehensive Income (Loss)

(in millions)	 	September 30,
2016	 	 	September 30,
2015	 	
Deferred gains (losses) on cash flow hedges	 	$	(8	) 	 	$	8	  	
Unrecognized gains (losses) on employee benefit obligations	 	 	3	  	 	 	(39	) 	
Cumulative translation adjustments	 	 	121	  	 	 	(180	) 	
Accumulated other comprehensive income (loss)	 	$	116	  	 	$	(211	) 	
Net Cash Provided by Operating Activities

 	 	Nine Months Ended
September 30	 	
(in millions)	 	    2016    	 	 	    2015    	 	
Net income	 	$	3,424	  	 	$	2,824	  	
Adjustments to reconcile net income to net cash provided by operating activities:	 	 	 	 	 	 	 	 	
Depreciation and amortization	 	 	1,324	  	 	 	1,149	  	
Equity in net (income) losses of investees, net	 	 	55	  	 	 	241	  	
Cash received from investees	 	 	45	  	 	 	43	  	
Net (gain) loss on investment activity and other	 	 	(72	) 	 	 	14	  	
Deferred income taxes	 	 	139	  	 	 	(35	) 	
Changes in operating assets and liabilities, net of effects of acquisitions and divestitures:	 	 	 	 	 	 	 	 	
Current and noncurrent receivables, net	 	 	(338	) 	 	 	(346	) 	
Film and television costs, net	 	 	(600	) 	 	 	(74	) 	
Accounts payable and accrued expenses related to trade creditors	 	 	(114	) 	 	 	97	  	
Other operating assets and liabilities	 	 	(524	) 	 	 	405	  	
Net cash provided by operating activities	 	$	3,339	  	 	$	4,318	  	
 
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Cash Payments for Interest and Income Taxes

 	 	Three Months Ended
September 30	 	  	Nine Months Ended
September 30	 	
(in millions)	 	    2016    	 	  	    2015    	 	  	    2016    	 	  	    2015    	 	
Interest	 	$	69	  	  	$	35	  	  	$	354	  	  	$	277	  	
Income taxes	 	$	33	  	  	$	56	  	  	$	155	  	  	$	141	  	
Noncash Investing and Financing Activities
During the nine months ended September 30, 2016:
 
 	•	 	we acquired $211 million of property and equipment and intangible assets that were accrued but unpaid	 	
 
 	•	 	Comcast contributed the net assets of DreamWorks to us, which was primarily a noncash transaction (see Note 3)	 	
Note 11: Financial Data by Business Segment
We present our operations in four reportable business segments:
 
 	•	 	Cable Networks: Consists primarily of our national cable networks, our regional sports and news networks, our international cable networks and our cable television studio production operations.	 	
 
 	•	 	Broadcast Television: Consists primarily of the NBC and Telemundo broadcast networks, our NBC and Telemundo owned local broadcast television stations, the NBC Universo national cable network, and our broadcast television studio production operations.	 	
 
 	•	 	Filmed Entertainment: Consists primarily of the operations of Universal Pictures, which produces, acquires, markets and distributes filmed entertainment worldwide. On August 22, 2016, Comcast acquired all of the outstanding stock of DreamWorks. The results of operations for DreamWorks are reported in our Filmed Entertainment segment following the acquisition date.	 	
 
 	•	 	Theme Parks: Consists primarily of our Universal theme parks in Orlando, Florida; Hollywood, California; and Osaka, Japan.	 	
In evaluating the profitability of our operating segments, the components of net income (loss) below operating income (loss) before depreciation and amortization are not separately evaluated by our management. Our financial data by business segment is presented in the tables below.

 	 	Three Months Ended September 30, 2016	 	
(in millions)	 	Revenue(e)	 	 	Operating Income (Loss)
Before Depreciation and
Amortization (f)	 	 	Depreciation and
Amortization	 	  	Operating Income
(Loss)	 	 	Capital
Expenditures	 	
Cable Networks(a)	 	$	2,942	  	 	$	893	  	 	$	184	  	  	$	709	  	 	$	7	  	
Broadcast Television(a)	 	 	3,087	  	 	 	378	  	 	 	27	  	  	 	351	  	 	 	28	  	
Filmed Entertainment	 	 	1,792	  	 	 	353	  	 	 	13	  	  	 	340	  	 	 	6	  	
Theme Parks(b)	 	 	1,440	  	 	 	706	  	 	 	130	  	  	 	576	  	 	 	228	  	
Headquarters and Other(c)	 	 	1	  	 	 	(183	) 	 	 	91	  	  	 	(274	) 	 	 	67	  	
Eliminations(b)(d)	 	 	(84	) 	 	 	(1	) 	 	 	—	  	  	 	(1	) 	 	 	—	  	
Total	 	$	9,178	  	 	$	2,146	  	 	$	445	  	  	$	1,701	  	 	$	336	  	
 
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 	 	Three Months Ended September 30, 2015	 	
(in millions)	 	Revenue(e)	 	 	Operating Income (Loss)
Before Depreciation and
Amortization (f)	 	 	Depreciation and
Amortization	 	  	Operating Income
(Loss)	 	 	Capital
Expenditures	 	
Cable Networks	 	$	2,412	  	 	$	835	  	 	$	193	  	  	$	642	  	 	$	9	  	
Broadcast Television	 	 	1,971	  	 	 	150	  	 	 	26	  	  	 	124	  	 	 	28	  	
Filmed Entertainment	 	 	1,946	  	 	 	376	  	 	 	8	  	  	 	368	  	 	 	2	  	
Theme Parks(b)	 	 	896	  	 	 	434	  	 	 	72	  	  	 	362	  	 	 	156	  	
Headquarters and Other(c)	 	 	5	  	 	 	(164	) 	 	 	81	  	  	 	(245	) 	 	 	94	  	
Eliminations(b)(d)	 	 	(79	) 	 	 	(30	) 	 	 	—	  	  	 	(30	) 	 	 	—	  	
Total	 	$	7,151	  	 	$	1,601	  	 	$	380	  	  	$	1,221	  	 	$	289	  	

 	 	Nine Months Ended September 30, 2016	 	
(in millions)	 	Revenue(e)	 	 	Operating Income (Loss)
Before Depreciation and
Amortization (f)	 	 	Depreciation and
Amortization	 	  	Operating Income
(Loss)	 	 	Capital
Expenditures	 	
Cable Networks(a)	 	$	7,961	  	 	$	2,793	  	 	$	561	  	  	$	2,232	  	 	$	15	  	
Broadcast Television(a)	 	 	7,299	  	 	 	1,056	  	 	 	89	  	  	 	967	  	 	 	77	  	
Filmed Entertainment	 	 	4,526	  	 	 	576	  	 	 	33	  	  	 	543	  	 	 	14	  	
Theme Parks(b)	 	 	3,602	  	 	 	1,550	  	 	 	373	  	  	 	1,177	  	 	 	668	  	
Headquarters and Other(c)	 	 	10	  	 	 	(518	) 	 	 	268	  	  	 	(786	) 	 	 	217	  	
Eliminations(b)(d)	 	 	(256	) 	 	 	—	  	 	 	—	  	  	 	—	  	 	 	—	  	
Total	 	$	23,142	  	 	$	5,457	  	 	$	1,324	  	  	$	4,133	  	 	$	991	  	

 	 	Nine Months Ended September 30, 2015	 	
(in millions)	 	Revenue(e)	 	 	Operating Income (Loss)
Before Depreciation and
Amortization (f)	 	 	Depreciation and
Amortization	 	  	Operating Income
(Loss)	 	 	Capital
Expenditures	 	
Cable Networks	 	$	7,221	  	 	$	2,605	  	 	$	588	  	  	$	2,017	  	 	$	20	  	
Broadcast Television(a)	 	 	6,032	  	 	 	563	  	 	 	85	  	  	 	478	  	 	 	53	  	
Filmed Entertainment	 	 	5,658	  	 	 	1,091	  	 	 	19	  	  	 	1,072	  	 	 	7	  	
Theme Parks(b)	 	 	2,320	  	 	 	1,012	  	 	 	214	  	  	 	798	  	 	 	484	  	
Headquarters and Other(c)	 	 	12	  	 	 	(473	) 	 	 	243	  	  	 	(716	) 	 	 	265	  	
Eliminations(b)(d)	 	 	(258	) 	 	 	9	  	 	 	—	  	  	 	9	  	 	 	—	  	
Total	 	$	20,985	  	 	$	4,807	  	 	$	1,149	  	  	$	3,658	  	 	$	829	  	
 
(a)	The revenue and operating costs and expenses associated with our broadcast of the 2016 Rio Olympics were reported in our Cable Networks and Broadcast Television segments. The revenue and operating costs and expenses associated with our broadcast of the 2015 Super Bowl were reported in our Broadcast Television segment.	
 
(b)	Beginning in the fourth quarter of 2015, we changed our method of accounting for a contractual obligation that involves an interest in the revenue of certain theme parks. As a result of the change, amounts payable based on current period revenue are presented in operating costs and expenses. Amounts paid through the third quarter of 2015 were included in other income (expense), net in our consolidated statement of income. For segment reporting purposes, we have adjusted periods prior to the fourth quarter of 2015 to reflect management reporting presentation for this expense on a consistent basis for all periods in the Theme Parks segment, which resulted in a corresponding offsetting adjustment in Eliminations to reconcile to consolidated totals.	
 
(c)	Headquarters and Other activities include costs associated with overhead, personnel costs and headquarter initiatives.	
 
(d)	Included in Eliminations are transactions that our segments enter into with one another, which consist primarily of the licensing of film and television content from our Filmed Entertainment and Broadcast Television segments to our Cable Networks segment.	
 
(e)	No single customer accounted for a significant amount of revenue in any period.	
 
(f)	We use operating income (loss) before depreciation and amortization, excluding impairment charges related to fixed and intangible assets and gains or losses on the sale of assets, if any, as the measure of profit or loss for our operating segments. This measure eliminates the significant level of noncash amortization expense that results from intangible assets recognized in business combinations. Additionally, it is unaffected by our capital structure or investment activities. We use this measure to evaluate our consolidated operating performance and the operating performance of our operating segments and to allocate resources and capital to our operating segments. It is also a significant performance measure in our annual incentive compensation programs. We believe that this measure is useful to investors because it is one of the bases for comparing our operating performance with that of other companies in our industries, although our measure may not be directly comparable to similar measures used by other companies. This measure should not be considered a substitute for operating income (loss), net income (loss) attributable to NBCUniversal, net cash provided by operating activities, or other measures of performance or liquidity we have reported in accordance with GAAP.	
 
61

Exhibit 31.1
CERTIFICATIONS
I, Brian L. Roberts, certify that:
 
1.	I have reviewed this Quarterly Report on Form 10-Q of Comcast Corporation;	
 
2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;	
 
3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;	
 
4.	The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:	
 
 	a)	designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;	
 
 	b)	designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;	
 
 	c)	evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and	
 
 	d)	disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an Annual Report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and	
 
5.	The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):	
 
 	a)	all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and	
 
 	b)	any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.	
Date: October 26, 2016

 	
/s/ BRIAN L. ROBERTS	
Name: Brian L. Roberts	
Title: Chief Executive Officer	

I, Michael J. Cavanagh, certify that:
 
1.	I have reviewed this Quarterly Report on Form 10-Q of Comcast Corporation;	
 
2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;	
 
3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;	
 
4.	The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:	
 
 	a)	designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;	
 
 	b)	designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;	
 
 	c)	evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and	
 
 	d)	disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an Annual Report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and	
 
5.	The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):	
 
 	a)	all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and	
 
 	b)	any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.	
Date: October 26, 2016

 	
/s/ MICHAEL J. CAVANAGH	
Name: Michael J. Cavanagh	
Title: Chief Financial Officer	

Exhibit 31.2
CERTIFICATIONS
I, Brian L. Roberts, certify that:
 
1.	I have reviewed this Quarterly Report on Form 10-Q of NBCUniversal Media, LLC;	
 
2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;	
 
3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;	
 
4.	The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:	
 
 	a)	designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;	
 
 	b)	designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;	
 
 	c)	evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and	
 
 	d)	disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an Annual Report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and	
 
5.	The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):	
 
 	a)	all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and	
 
 	b)	any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.	
Date: October 26, 2016

 	
/s/ BRIAN L. ROBERTS	
Name: Brian L. Roberts	
Title: Principal Executive Officer	

I, Michael J. Cavanagh, certify that:
 
1.	I have reviewed this Quarterly Report on Form 10-Q of NBCUniversal Media, LLC;	
 
2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;	
 
3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;	
 
4.	The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:	
 
 	a)	designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;	
 
 	b)	designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;	
 
 	c)	evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and	
 
 	d)	disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an Annual Report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and	
 
5.	The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):	
 
 	a)	all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and	
 
 	b)	any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.	

Date: October 26, 2016	
 	
/s/ MICHAEL J. CAVANAGH	
Name: Michael J. Cavanagh	
Title: Principal Financial Officer	

Exhibit 32.1
Certification Pursuant to Section 906 of the Sarbanes-Oxley Act
October 26, 2016
Securities and Exchange Commission
100 F Street, N.E.
Washington, D.C. 20549
Ladies and Gentlemen:
The certification set forth below is being submitted in connection with the Quarterly Report on Form 10-Q of Comcast Corporation (the “Report”) for the purpose of complying with Rule 13a-14(b) or Rule 15d-14(b) of the Securities Exchange Act of 1934 (the “Exchange Act”) and Section 1350 of Chapter 63 of Title 18 of the United States Code.
Brian L. Roberts, the Chief Executive Officer, and Michael J. Cavanagh, the Chief Financial Officer, of Comcast Corporation, each certifies that, to the best of his knowledge:
 
1.	The Report fully complies with the requirements of Section 13(a) or 15(d) of the Exchange Act; and	
 
2.	The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of Comcast Corporation.	

 	
/s/ BRIAN L. ROBERTS	
Name: Brian L. Roberts
Title: Chief Executive Officer	
 	
/s/ MICHAEL J. CAVANAGH	
Name: Michael J. Cavanagh
Title: Chief Financial Officer	

Exhibit 32.2
Certification Pursuant to Section 906 of the Sarbanes-Oxley Act
October 26, 2016
Securities and Exchange Commission
100 F Street, N.E.
Washington, D.C. 20549
Ladies and Gentlemen:
The certification set forth below is being submitted in connection with the Quarterly Report on Form 10-Q of NBCUniversal Media, LLC (the “Report”) for the purpose of complying with Rule 13a-14(b) or Rule 15d-14(b) of the Securities Exchange Act of 1934 (the “Exchange Act”) and Section 1350 of Chapter 63 of Title 18 of the United States Code.
Brian L. Roberts, the Principal Executive Officer, and Michael J. Cavanagh, the Principal Financial Officer, of NBCUniversal Media, LLC, each certifies that, to the best of his knowledge:
 
1.	The Report fully complies with the requirements of Section 13(a) or 15(d) of the Exchange Act; and	
 
2.	The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of NBCUniversal Media, LLC.	

 	
/s/ BRIAN L. ROBERTS	
Name: Brian L. Roberts
Title: Principal Executive Officer	
 	
/s/ MICHAEL J. CAVANAGH	
Name: Michael J. Cavanagh
Title: Principal Financial Officer