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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 June 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	 	Registrant; State of
Incorporation; Address and Telephone
Number	 	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 June 30, 2016, there were 2,402,381,311 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 June 30, 2016 and December 31, 2015 (Unaudited)	 	 	1	  	
 	 	Condensed Consolidated Statement of Income for the Three and Six Months Ended June 30, 2016 and 2015 (Unaudited)	 	 	2	  	
 	 	Condensed Consolidated Statement of Comprehensive Income for the Three and Six Months Ended June 30, 2016 and 2015 (Unaudited)	 	 	3	  	
 	 	Condensed Consolidated Statement of Cash Flows for the Six Months Ended June 30, 2016 and 2015 (Unaudited)	 	 	4	  	
 	 	Condensed Consolidated Statement of Changes in Equity for the Six Months Ended June 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	 	 	27	  	
Item 3.	 	Quantitative and Qualitative Disclosures About Market Risk	 	 	42	  	
Item 4.	 	Controls and Procedures	 	 	42	  	
PART II. OTHER INFORMATION	 	 	 	 	
Item 1.	 	Legal Proceedings	 	 	42	  	
Item 1A.	 	Risk Factors	 	 	42	  	
Item 2.	 	Unregistered Sales of Equity Securities and Use of Proceeds	 	 	43	  	
Item 6.	 	Exhibits	 	 	44	  	
SIGNATURES	 	 	45	  	
NBCUniversal Media, LLC Financial Statements	 	 	46	  	

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 six months ended June 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 some cases, you can identify these so-called “forward-looking statements” by words such as “may,” “will,”

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“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	 	
 
 	•	 	acquisitions and other strategic initiatives 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)	 	June 30,
2016	 	 	December 31,
2015	 	
Assets	 	 	 	 	 	 	 	 	
Current Assets:	 	 	 	 	 	 	 	 	
Cash and cash equivalents	 	$	4,665	  	 	$	2,295	  	
Receivables, net	 	 	6,708	  	 	 	6,896	  	
Programming rights	 	 	1,435	  	 	 	1,213	  	
Other current assets	 	 	1,969	  	 	 	1,899	  	
Total current assets	 	 	14,777	  	 	 	12,303	  	
Film and television costs	 	 	5,811	  	 	 	5,855	  	
Investments	 	 	3,679	  	 	 	3,224	  	
Property and equipment, net of accumulated depreciation of $49,119 and $48,100	 	 	34,896	  	 	 	33,665	  	
Franchise rights	 	 	59,364	  	 	 	59,364	  	
Goodwill	 	 	33,792	  	 	 	32,945	  	
Other intangible assets, net of accumulated amortization of $10,299 and $9,868	 	 	17,204	  	 	 	16,946	  	
Other noncurrent assets, net	 	 	2,462	  	 	 	2,272	  	
Total assets	 	$	171,985	  	 	$	166,574	  	
 	 	 	
Liabilities and Equity	 	 	 	 	 	 	 	 	
Current Liabilities:	 	 	 	 	 	 	 	 	
Accounts payable and accrued expenses related to trade creditors	 	$	6,359	  	 	$	6,215	  	
Accrued participations and residuals	 	 	1,542	  	 	 	1,572	  	
Deferred revenue	 	 	1,611	  	 	 	1,302	  	
Accrued expenses and other current liabilities	 	 	5,155	  	 	 	5,462	  	
Current portion of long-term debt	 	 	2,934	  	 	 	3,627	  	
Total current liabilities	 	 	17,601	  	 	 	18,178	  	
Long-term debt, less current portion	 	 	52,629	  	 	 	48,994	  	
Deferred income taxes	 	 	34,512	  	 	 	33,566	  	
Other noncurrent liabilities	 	 	10,719	  	 	 	10,637	  	
Commitments and contingencies (Note 12)	 	 	 	 	 	 	 	 	
Redeemable noncontrolling interests and redeemable subsidiary preferred stock	 	 	1,248	  	 	 	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, 2,838,776,825 and 2,869,349,502; outstanding, 2,402,381,311 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	 	 	38,469	  	 	 	38,518	  	
Retained earnings	 	 	22,117	  	 	 	21,413	  	
Treasury stock, 436,395,514 Class A common shares	 	 	(7,517	) 	 	 	(7,517	) 	
Accumulated other comprehensive income (loss)	 	 	1	  	 	 	(174	) 	
Total Comcast Corporation shareholders’ equity	 	 	53,098	  	 	 	52,269	  	
Noncontrolling interests	 	 	2,178	  	 	 	1,709	  	
Total equity	 	 	55,276	  	 	 	53,978	  	
Total liabilities and equity	 	$	171,985	  	 	$	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
June 30	 	 	Six Months Ended
June 30	 	
(in millions, except per share data)	 	2016	 	 	2015	 	 	2016	 	 	2015	 	
Revenue	 	$	19,269	  	 	$	18,743	  	 	$	38,059	  	 	$	36,596	  	
Costs and Expenses:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Programming and production	 	 	5,492	  	 	 	5,669	  	 	 	10,923	  	 	 	11,132	  	
Other operating and administrative	 	 	5,761	  	 	 	5,274	  	 	 	11,286	  	 	 	10,348	  	
Advertising, marketing and promotion	 	 	1,561	  	 	 	1,534	  	 	 	3,028	  	 	 	2,894	  	
Depreciation	 	 	1,868	  	 	 	1,674	  	 	 	3,653	  	 	 	3,308	  	
Amortization	 	 	521	  	 	 	487	  	 	 	1,014	  	 	 	919	  	
 	 	 	15,203	  	 	 	14,638	  	 	 	29,904	  	 	 	28,601	  	
Operating income	 	 	4,066	  	 	 	4,105	  	 	 	8,155	  	 	 	7,995	  	
Other Income (Expense):	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Interest expense	 	 	(732	) 	 	 	(713	) 	 	 	(1,435	) 	 	 	(1,369	) 	
Investment income (loss), net	 	 	58	  	 	 	17	  	 	 	88	  	 	 	50	  	
Equity in net income (losses) of investees, net	 	 	(19	) 	 	 	(236	) 	 	 	(30	) 	 	 	(203	) 	
Other income (expense), net	 	 	(15	) 	 	 	315	  	 	 	115	  	 	 	417	  	
 	 	 	(708	) 	 	 	(617	) 	 	 	(1,262	) 	 	 	(1,105	) 	
Income before income taxes	 	 	3,358	  	 	 	3,488	  	 	 	6,893	  	 	 	6,890	  	
Income tax expense	 	 	(1,278	) 	 	 	(1,313	) 	 	 	(2,589	) 	 	 	(2,574	) 	
Net income	 	 	2,080	  	 	 	2,175	  	 	 	4,304	  	 	 	4,316	  	
Net (income) loss attributable to noncontrolling interests and redeemable subsidiary preferred stock	 	 	(52	) 	 	 	(38	) 	 	 	(142	) 	 	 	(120	) 	
Net income attributable to Comcast Corporation	 	$	2,028	  	 	$	2,137	  	 	$	4,162	  	 	$	4,196	  	
 	 	 	 	 	
Basic earnings per common share attributable to Comcast Corporation shareholders	 	$	0.84	  	 	$	0.85	  	 	$	1.71	  	 	$	1.67	  	
Diluted earnings per common share attributable to Comcast Corporation shareholders	 	$	0.83	  	 	$	0.84	  	 	$	1.70	  	 	$	1.65	  	
Dividends declared per common share	 	$	0.275	  	 	$	0.25	  	 	$	0.55	  	 	$	0.50	  	
See accompanying notes to condensed consolidated financial statements.
 
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Comcast Corporation
Condensed Consolidated Statement of Comprehensive Income
(Unaudited)

 	 	Three Months Ended
June 30	 	  	Six Months Ended
June 30	 	
(in millions)	 	2016	 	  	2015	 	  	2016	 	  	2015	 	
Net income	 	$	2,080	  	  	$	2,175	  	  	$	4,304	  	  	$	4,316	  	
Unrealized gains (losses) on marketable securities, net of deferred taxes of $—, $—, $(1) and $—	 	 	1	  	  	 	—	  	  	 	3	  	  	 	—	  	
Deferred gains (losses) on cash flow hedges, net of deferred taxes of $35, $(13), $53 and $10	 	 	(60	) 	  	 	22	  	  	 	(91	) 	  	 	(17	) 	
Amounts reclassified to net income:	 	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Realized (gains) losses on marketable securities, net of deferred taxes of $—, $—, $1 and $—	 	 	—	  	  	 	—	  	  	 	(1	) 	  	 	—	  	
Realized (gains) losses on cash flow hedges, net of deferred taxes of $(26), $16, $(36) and $(6)	 	 	45	  	  	 	(27	) 	  	 	62	  	  	 	10	  	
Employee benefit obligations, net of deferred taxes of $—, $—, $(2) and $—	 	 	—	  	  	 	—	  	  	 	2	  	  	 	—	  	
Currency translation adjustments, net of deferred taxes of $(58), $(15), $(116) and $8	 	 	249	  	  	 	32	  	  	 	487	  	  	 	(23	) 	
Comprehensive income	 	 	2,315	  	  	 	2,202	  	  	 	4,766	  	  	 	4,286	  	
Net (income) loss attributable to noncontrolling interests and redeemable subsidiary preferred stock	 	 	(52	) 	  	 	(38	) 	  	 	(142	) 	  	 	(120	) 	
Other comprehensive (income) loss attributable to noncontrolling interests	 	 	(150	) 	  	 	(5	) 	  	 	(287	) 	  	 	10	  	
Comprehensive income attributable to Comcast Corporation	 	$	2,113	  	  	$	2,159	  	  	$	4,337	  	  	$	4,176	  	
See accompanying notes to condensed consolidated financial statements.
 
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Comcast Corporation
Condensed Consolidated Statement of Cash Flows
(Unaudited)

 	 	Six Months Ended
June 30	 	
(in millions)	 	2016	 	  	2015	 	
Net cash provided by operating activities	 	$	9,383	  	  	$	8,834	  	
Investing Activities	 	 	 	 	  	 	 	 	
Capital expenditures	 	 	(4,156	) 	  	 	(3,697	) 	
Cash paid for intangible assets	 	 	(737	) 	  	 	(600	) 	
Acquisitions and construction of real estate properties	 	 	(211	) 	  	 	(65	) 	
Acquisitions, net of cash acquired	 	 	(126	) 	  	 	(179	) 	
Proceeds from sales of businesses and investments	 	 	138	  	  	 	395	  	
Purchases of investments	 	 	(580	) 	  	 	(272	) 	
Other	 	 	(156	) 	  	 	182	  	
Net cash provided by (used in) investing activities	 	 	(5,828	) 	  	 	(4,236	) 	
Financing Activities	 	 	 	 	  	 	 	 	
Proceeds from (repayments of) short-term borrowings, net	 	 	205	  	  	 	(137	) 	
Proceeds from borrowings	 	 	4,753	  	  	 	3,996	  	
Repurchases and repayments of debt	 	 	(2,551	) 	  	 	(3,666	) 	
Repurchases and retirements of common stock	 	 	(2,385	) 	  	 	(3,585	) 	
Dividends paid	 	 	(1,281	) 	  	 	(1,200	) 	
Issuances of common stock	 	 	19	  	  	 	32	  	
Distributions to noncontrolling interests and dividends for redeemable subsidiary preferred stock	 	 	(125	) 	  	 	(114	) 	
Other	 	 	180	  	  	 	(348	) 	
Net cash provided by (used in) financing activities	 	 	(1,185	) 	  	 	(5,022	) 	
Increase (decrease) in cash and cash equivalents	 	 	2,370	  	  	 	(424	) 	
Cash and cash equivalents, beginning of period	 	 	2,295	  	  	 	3,910	  	
Cash and cash equivalents, end of period	 	$	4,665	  	  	$	3,486	  	
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	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	436	  	 	 	(308	) 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	128	  	 	 	 	 	 	
Repurchases and retirements of common stock	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	(1	) 	 	 	 	 	 	 	(724	) 	 	 	(2,860	) 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	(3,585	) 	 	 	 	 	 	
Employee stock purchase plans	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	71	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	71	  	 	 	 	 	 	
Dividends declared	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	(1,254	) 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	(1,254	) 	 	 	 	 	 	
Other comprehensive income (loss)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	(20	) 	 	 	(10	) 	 	 	(30	) 	 	 	 	 	 	
Contributions from (distributions to) noncontrolling interests, net	 	 	4	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	(73	) 	 	 	(73	) 	 	 	 	 	 	
Other	 	 	(2	) 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	153	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	(25	) 	 	 	128	  	 	 	 	 	 	
Net income (loss)	 	 	40	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	4,196	  	 	 	 	 	 	 	 	 	 	 	80	  	 	 	4,276	  	 	 	 	 	 	
Balance, June 30, 2015	 	$	1,108	  	 	 	 	 	 	 	 	 	 	$	25	  	 	$	4	  	 	$	—	  	 	$	38,741	  	 	$	21,313	  	 	$	(7,517	) 	 	$	(166	) 	 	$	329	  	 	$	52,729	  	 	 	 	 	 	
Balance, December 31, 2015	 	$	1,221	  	 	 	 	 	 	 	 	 	 	$	29	  	 	$	—	  	 	$	—	  	 	$	38,518	  	 	$	21,413	  	 	$	(7,517	) 	 	$	(174	) 	 	$	1,709	  	 	$	53,978	  	 	 	 	 	 	
Stock compensation plans	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	377	  	 	 	(212	) 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	165	  	 	 	 	 	 	
Repurchases and retirements of common stock	 	 	 	 	 	 	 	 	 	 	 	 	 	 	(1	) 	 	 	 	 	 	 	 	 	 	 	(475	) 	 	 	(1,909	) 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	(2,385	) 	 	 	 	 	 	
Employee stock purchase plans	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	78	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	78	  	 	 	 	 	 	
Dividends declared	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	(1,337	) 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	(1,337	) 	 	 	 	 	 	
Other comprehensive income (loss)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	175	  	 	 	287	  	 	 	462	  	 	 	 	 	 	
Contributions from (distributions to) noncontrolling interests, net	 	 	1	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	(68	) 	 	 	(68	) 	 	 	 	 	 	
Other	 	 	(20	) 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	(29	) 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	154	  	 	 	125	  	 	 	 	 	 	
Net income (loss)	 	 	46	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	4,162	  	 	 	 	 	 	 	 	 	 	 	96	  	 	 	4,258	  	 	 	 	 	 	
Balance, June 30, 2016	 	$	1,248	  	 	 	 	 	 	 	 	 	 	$	28	  	 	$	 —	  	 	$	—	  	 	$	38,469	  	 	$	22,117	  	 	$	(7,517	) 	 	$	1	  	 	$	2,178	  	 	$	55,276	  	 	 	 	 	 	
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 accounting 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.
The updated guidance is effective for us as of January 1, 2017 and early adoption is permitted. The updated guidance provides companies with alternative methods of adoption, with certain items that are allowed to be applied retrospectively and certain other items that are only to be applied prospectively in the period of adoption. We are currently in the process of determining our method of adoption of this updated accounting guidance.
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 $48 million and $159 million for the three and six months ended June 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 $411 million for the six months ended June 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 June 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	 	$	2,028	  	  	 	2,420	  	  	$	0.84	  	  	$	2,137	  	  	 	2,500	  	  	$	0.85	  	
Effect of dilutive securities:	 	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Assumed exercise or issuance of shares relating to stock plans	 	 	 	 	  	 	26	  	  	 	 	 	  	 	 	 	  	 	31	  	  	 	 	 	
Diluted EPS attributable to Comcast Corporation shareholders	 	$	2,028	  	  	 	2,446	  	  	$	0.83	  	  	$	2,137	  	  	 	2,531	  	  	$	0.84	  	
 
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 	 	Six Months Ended June 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	 	$	4,162	  	  	 	2,427	  	  	$	1.71	  	  	$	4,196	  	  	 	2,510	  	  	$	1.67	  	
Effect of dilutive securities:	 	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Assumed exercise or issuance of shares relating to stock plans	 	 	 	 	  	 	27	  	  	 	 	 	  	 	 	 	  	 	34	  	  	 	 	 	
Diluted EPS attributable to Comcast Corporation shareholders	 	$	4,162	  	  	 	2,454	  	  	$	1.70	  	  	$	4,196	  	  	 	2,544	  	  	$	1.65	  	
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 six months ended June 30, 2016 and 2015.
Note 4: Significant Transactions
DreamWorks
On April 28, 2016, we entered into an agreement to acquire all of the outstanding stock of DreamWorks Animation SKG, Inc. (“DreamWorks”) for approximately $3.8 billion. DreamWorks stockholders will receive $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 transaction is expected to close in 2016, subject to receipt of certain international regulatory approvals and the satisfaction of other customary closing conditions.
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. The acquisition was funded through cash on hand and borrowings under our commercial paper program.
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 three months ended June 30, 2016, we updated the preliminary allocation of purchase price for Universal Studios Japan based on valuation analyses, which 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.
 
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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	 	$	793  	  	
Intangible assets	 	 	323  	  	
Working capital	 	 	(33) 	  	
Debt	 	 	(3,271) 	  	
Other noncurrent assets and liabilities	 	 	43  	  	
Identifiable net assets (liabilities) acquired	 	 	(2,145) 	  	
Noncontrolling interest	 	 	(1,440) 	  	
Goodwill	 	 	5,084  	  	
Cash consideration transferred	 	$	1,499  	  	
Actual and Unaudited Pro Forma Results
Our consolidated revenue for the three and six months ended June 30, 2016 included $283 million and $576 million, respectively, from the acquisition of Universal Studios Japan. Our consolidated net income attributable to Comcast Corporation for the three and six months ended June 30, 2016 included $10 million and $28 million, respectively, from the acquisition of Universal Studios Japan.
The following unaudited pro forma information has been presented as if the acquisition 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.

(in millions, except per share amounts)	 	Three Months Ended
June 30, 2015	 	  	Six Months Ended
June 30, 2015	 	
Revenue	 	$	18,997	  	  	$	37,134	  	
Net income	 	$	2,208	  	  	$	4,385	  	
Net income attributable to Comcast Corporation	 	$	2,153	  	  	$	4,230	  	
Basic earnings per common share attributable to Comcast Corporation shareholders	 	$	0.86	  	  	$	1.69	  	
Diluted earnings per common share attributable to Comcast Corporation shareholders	 	$	0.85	  	  	$	1.66	  	
Note 5: Film and Television Costs

(in millions)	 	June 30,
2016	 	  	December 31,
2015	 	
Film Costs:	 	 	 	 	  	 	 	 	
Released, less amortization	 	$	1,425	  	  	$	1,275	  	
Completed, not released	 	 	101	  	  	 	226	  	
In production and in development	 	 	1,005	  	  	 	907	  	
 	 	 	2,531	  	  	 	2,408	  	
Television Costs:	 	 	 	 	  	 	 	 	
Released, less amortization	 	 	1,577	  	  	 	1,573	  	
In production and in development	 	 	635	  	  	 	737	  	
 	 	 	2,212	  	  	 	2,310	  	
Programming rights, less amortization	 	 	2,503	  	  	 	2,350	  	
 	 	 	7,246	  	  	 	7,068	  	
Less: Current portion of programming rights	 	 	1,435	  	  	 	1,213	  	
Film and television costs	 	$	5,811	  	  	$	5,855	  	
 
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Note 6: Investments

(in millions)	 	June 30,
2016	 	  	December 31,
2015	 	
Fair Value Method	 	$	167	  	  	$	167	  	
Equity Method:	 	 	 	 	  	 	 	 	
Atairos	 	 	402	  	  	 	—	  	
Hulu	 	 	170	  	  	 	184	  	
Other	 	 	527	  	  	 	494	  	
 	 	 	1,099	  	  	 	678	  	
Cost Method:	 	 	 	 	  	 	 	 	
AirTouch	 	 	1,591	  	  	 	1,583	  	
Other	 	 	915	  	  	 	902	  	
 	 	 	2,506	  	  	 	2,485	  	
Total investments	 	 	3,772	  	  	 	3,330	  	
Less: Current investments	 	 	93	  	  	 	106	  	
Noncurrent investments	 	$	3,679	  	  	$	3,224	  	
Investment Income (Loss), Net

 	 	Three Months Ended
June 30	 	  	Six Months Ended
June 30	 	
(in millions)	 	    2016    	 	 	    2015    	 	  	    2016    	 	 	    2015    	 	
Gains on sales and exchanges of investments, net	 	$	13	  	 	$	4	  	  	$	15	  	 	$	4	  	
Investment impairment losses	 	 	(1	) 	 	 	(16	) 	  	 	(21	) 	 	 	(31	) 	
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	 	 	1	  	 	 	1	  	  	 	1	  	 	 	(37	) 	
Interest and dividend income	 	 	31	  	 	 	28	  	  	 	60	  	 	 	56	  	
Other, net	 	 	14	  	 	 	—	  	  	 	33	  	 	 	16	  	
Investment income (loss), net	 	$	58	  	 	$	17	  	  	$	88	  	 	$	50	  	
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 six months ended June 30, 2016 of $108 million in other income (expense), net.
During the three months ended June 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
 
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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 six months ended June 30, 2016, we made capital contributions totaling $429 million to Atairos.
Hulu
For the three and six months ended June 30, 2016, we recognized our proportionate share of losses of $40 million and $65 million, respectively, related to our investment in Hulu, LLC (“Hulu”). For the three and six months ended June 30, 2015, we recognized our proportionate share of losses of $13 million and $24 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 June 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	  	  	 	—	  	  	 	—	  	  	 	92	  	  	 	—	  	 	 	—	  	 	 	165	  	
Adjustments	 	 	176	  	  	 	—	  	  	 	—	  	  	 	—	  	  	 	(289	) 	 	 	(181	) 	 	 	(294	) 	
Foreign currency translation	 	 	—	  	  	 	7	  	  	 	—	  	  	 	12	  	  	 	957	  	 	 	—	  	 	 	976	  	
Balance, June 30, 2016	 	$	12,638	  	  	$	12,954	  	  	$	806	  	  	$	371	  	  	$	7,012	  	 	$	11	  	 	$	33,792	  	
Adjustments to goodwill during the six months ended June 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 June 30, 2016, our debt had a carrying value of $55.6 billion and an estimated fair value of $64.4 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.
 
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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. We intend to use the proceeds from this offering to fund our acquisition of DreamWorks, and for working capital and general corporate purposes. 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.
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 June 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 June 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 $7.1 billion, which included $326 million available under NBCUniversal Enterprise’s revolving credit facility.
Commercial Paper Programs
As of June 30, 2016, NBCUniversal Enterprise had $1.2 billion 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	 	
 	 	June 30,
2016	 	  	December 31,
2015	 	
(in millions)	 	Level 1	 	  	Level 2	 	  	Level 3	 	  	Total	 	  	Total	 	
Assets	 	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Trading securities	 	$	9	  	  	$	—	  	  	$	—	  	  	$	9	  	  	$	22	  	
Available-for-sale securities	 	 	—	  	  	 	125	  	  	 	14	  	  	 	139	  	  	 	133	  	
Interest rate swap agreements	 	 	—	  	  	 	61	  	  	 	—	  	  	 	61	  	  	 	53	  	
Other	 	 	—	  	  	 	10	  	  	 	19	  	  	 	29	  	  	 	17	  	
Total	 	$	9	  	  	$	196	  	  	$	33	  	  	$	238	  	  	$	225	  	
 	 	 	 	 	 	
Liabilities	 	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Other	 	$	—	  	  	$	235	  	  	$	—	  	  	$	235	  	  	$	91	  	
Total	 	$	 —	  	  	$	235	  	  	$	 —	  	  	$	235	  	  	$	91	  	
Fair Value of Redeemable Subsidiary Preferred Stock
As of June 30, 2016, the fair value of the NBCUniversal Enterprise redeemable subsidiary preferred stock was $761 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
June 30	 	  	Six Months Ended
June 30	 	
(in millions)	 	    2016    	 	  	    2015    	 	  	    2016    	 	  	    2015    	 	
Restricted share units	 	$	89	  	  	$	80	  	  	$	159	  	  	$	138	  	
Stock options	 	 	48	  	  	 	43	  	  	 	85	  	  	 	78	  	
Employee stock purchase plans	 	 	8	  	  	 	6	  	  	 	16	  	  	 	14	  	
Total	 	$	145	  	  	$	129	  	  	$	260	  	  	$	230	  	
As of June 30, 2016, we had unrecognized pretax compensation expense of $831 million and $448 million related to nonvested RSUs and nonvested stock options, respectively.
 
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Note 11: Supplemental Financial Information
Receivables

(in millions)	 	June 30,
2016	 	  	December 31,
2015	 	
Receivables, gross	 	$	7,255	  	  	$	7,595	  	
Less: Allowance for returns and customer incentives	 	 	292	  	  	 	473	  	
Less: Allowance for doubtful accounts	 	 	255	  	  	 	226	  	
Receivables, net	 	$	6,708	  	  	$	6,896	  	
Accumulated Other Comprehensive Income (Loss)

(in millions)	 	June 30,
2016	 	 	June 30,
2015	 	
Unrealized gains (losses) on marketable securities	 	$	3	  	 	$	1	  	
Deferred gains (losses) on cash flow hedges	 	 	(75	) 	 	 	(11	) 	
Unrecognized gains (losses) on employee benefit obligations	 	 	8	  	 	 	(68	) 	
Cumulative translation adjustments	 	 	65	  	 	 	(88	) 	
Accumulated other comprehensive income (loss), net of deferred taxes	 	$	1	  	 	$	(166	) 	
Net Cash Provided by Operating Activities

 	 	Six Months Ended
June 30	 	
(in millions)	 	    2016    	 	 	    2015    	 	
Net income	 	$	4,304	  	 	$	4,316	  	
Adjustments to reconcile net income to net cash provided by operating activities:	 	 	 	 	 	 	 	 	
Depreciation and amortization	 	 	4,667	  	 	 	4,227	  	
Share-based compensation	 	 	331	  	 	 	294	  	
Noncash interest expense (income), net	 	 	113	  	 	 	95	  	
Equity in net (income) losses of investees, net	 	 	30	  	 	 	203	  	
Cash received from investees	 	 	42	  	 	 	52	  	
Net (gain) loss on investment activity and other	 	 	(126	) 	 	 	(437	) 	
Deferred income taxes	 	 	618	  	 	 	111	  	
Changes in operating assets and liabilities, net of effects of acquisitions and divestitures:	 	 	 	 	 	 	 	 	
Current and noncurrent receivables, net	 	 	172	  	 	 	(707	) 	
Film and television costs, net	 	 	(171	) 	 	 	176	  	
Accounts payable and accrued expenses related to trade creditors	 	 	(104	) 	 	 	109	  	
Other operating assets and liabilities	 	 	(493	) 	 	 	395	  	
Net cash provided by operating activities	 	$	9,383	  	 	$	8,834	  	
Cash Payments for Interest and Income Taxes

 	 	Three Months Ended
June 30	 	  	Six Months Ended
June 30	 	
(in millions)	 	    2016    	 	  	    2015    	 	  	    2016    	 	  	    2015    	 	
Interest	 	$	512	  	  	$	550	  	  	$	1,235	  	  	$	1,241	  	
Income taxes	 	$	1,495	  	  	$	1,881	  	  	$	1,685	  	  	$	1,999	  	
 
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Noncash Investing and Financing Activities
During the six months ended June 30, 2016:
 
 	•	 	we acquired $1.2 billion of property and equipment and intangible assets that were accrued but unpaid	 	
 
 	•	 	we recorded a liability of $663 million for a quarterly cash dividend of $0.275 per common share to be paid in July 2016	 	
Note 12: Commitments and Contingencies
Insurance Obligations
We recorded an operating expense of $116 million during the three months ended June 30, 2016 and eliminated substantially all of our liabilities related to certain insurance obligations, which are disclosed in Note 12 of our consolidated financial statements included in our 2015 Annual Report on Form 10-K.
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.	 	
 
 	•	 	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 June 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)	 	$	12,444	  	 	$	5,048	  	 	$	1,904	  	  	$	3,144	  	 	$	1,881	  	
NBCUniversal	 	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	
Cable Networks	 	 	2,566	  	 	 	944	  	 	 	187	  	  	 	757	  	 	 	7	  	
Broadcast Television	 	 	2,128	  	 	 	394	  	 	 	30	  	  	 	364	  	 	 	30	  	
Filmed Entertainment	 	 	1,351	  	 	 	56	  	 	 	12	  	  	 	44	  	 	 	5	  	
Theme Parks(d)	 	 	1,136	  	 	 	469	  	 	 	145	  	  	 	324	  	 	 	240	  	
Headquarters and Other(e)	 	 	6	  	 	 	(175	) 	 	 	91	  	  	 	(266	) 	 	 	78	  	
Eliminations(f)	 	 	(84	) 	 	 	1	  	 	 	—	  	  	 	1	  	 	 	—	  	
NBCUniversal	 	 	7,103	  	 	 	1,689	  	 	 	465	  	  	 	1,224	  	 	 	360	  	
Corporate and Other(b)	 	 	180	  	 	 	(291	) 	 	 	20	  	  	 	(311	) 	 	 	30	  	
Eliminations(d)(f)	 	 	(458	) 	 	 	9	  	 	 	—	  	  	 	9	  	 	 	—	  	
Comcast Consolidated	 	$	19,269	  	 	$	6,455	  	 	$	2,389	  	  	$	4,066	  	 	$	2,271	  	

 	 	Three Months Ended June 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)	 	$	11,740	  	 	$	4,777	  	 	$	1,732	  	  	$	3,045	  	 	$	1,678	  	
NBCUniversal	 	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	
Cable Networks	 	 	2,450	  	 	 	872	  	 	 	211	  	  	 	661	  	 	 	5	  	
Broadcast Television	 	 	1,813	  	 	 	231	  	 	 	30	  	  	 	201	  	 	 	14	  	
Filmed Entertainment	 	 	2,266	  	 	 	422	  	 	 	6	  	  	 	416	  	 	 	4	  	
Theme Parks(d)	 	 	773	  	 	 	334	  	 	 	76	  	  	 	258	  	 	 	166	  	
Headquarters and Other(e)	 	 	3	  	 	 	(169	) 	 	 	82	  	  	 	(251	) 	 	 	83	  	
Eliminations(f)	 	 	(75	) 	 	 	2	  	 	 	—	  	  	 	2	  	 	 	—	  	
NBCUniversal	 	 	7,230	  	 	 	1,692	  	 	 	405	  	  	 	1,287	  	 	 	272	  	
Corporate and Other(b)	 	 	164	  	 	 	(231	) 	 	 	24	  	  	 	(255	) 	 	 	21	  	
Eliminations(d)(f)	 	 	(391	) 	 	 	28	  	 	 	—	  	  	 	28	  	 	 	—	  	
Comcast Consolidated	 	$	18,743	  	 	$	6,266	  	 	$	2,161	  	  	$	4,105	  	 	$	1,971	  	

 	 	Six Months Ended June 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)	 	$	24,648	  	 	$	9,937	  	 	$	3,747	  	  	$	6,190	  	 	$	3,457	  	
NBCUniversal	 	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	
Cable Networks	 	 	5,019	  	 	 	1,900	  	 	 	377	  	  	 	1,523	  	 	 	8	  	
Broadcast Television	 	 	4,212	  	 	 	678	  	 	 	62	  	  	 	616	  	 	 	49	  	
Filmed Entertainment	 	 	2,734	  	 	 	223	  	 	 	20	  	  	 	203	  	 	 	8	  	
Theme Parks(d)	 	 	2,162	  	 	 	844	  	 	 	243	  	  	 	601	  	 	 	440	  	
Headquarters and Other(e)	 	 	9	  	 	 	(335	) 	 	 	177	  	  	 	(512	) 	 	 	150	  	
Eliminations(f)	 	 	(172	) 	 	 	1	  	 	 	—	  	  	 	1	  	 	 	—	  	
NBCUniversal	 	 	13,964	  	 	 	3,311	  	 	 	879	  	  	 	2,432	  	 	 	655	  	
Corporate and Other(b)	 	 	379	  	 	 	(445	) 	 	 	41	  	  	 	(486	) 	 	 	44	  	
Eliminations(d)(f)	 	 	(932	) 	 	 	19	  	 	 	—	  	  	 	19	  	 	 	—	  	
Comcast Consolidated	 	$	38,059	  	 	$	12,822	  	 	$	4,667	  	  	$	8,155	  	 	$	4,156	  	
 
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 	 	Six Months Ended June 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)	 	$	23,181	  	 	$	9,435	  	 	$	3,412	  	  	$	6,023	  	 	$	3,124	  	
NBCUniversal	 	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	
Cable Networks	 	 	4,809	  	 	 	1,770	  	 	 	395	  	  	 	1,375	  	 	 	11	  	
Broadcast Television(c)	 	 	4,061	  	 	 	413	  	 	 	59	  	  	 	354	  	 	 	25	  	
Filmed Entertainment	 	 	3,712	  	 	 	715	  	 	 	11	  	  	 	704	  	 	 	5	  	
Theme Parks(d)	 	 	1,424	  	 	 	578	  	 	 	142	  	  	 	436	  	 	 	328	  	
Headquarters and Other(e)	 	 	7	  	 	 	(309	) 	 	 	162	  	  	 	(471	) 	 	 	171	  	
Eliminations(f)	 	 	(179	) 	 	 	—	  	 	 	—	  	  	 	—	  	 	 	—	  	
NBCUniversal	 	 	13,834	  	 	 	3,167	  	 	 	769	  	  	 	2,398	  	 	 	540	  	
Corporate and Other(b)	 	 	357	  	 	 	(440	) 	 	 	46	  	  	 	(486	) 	 	 	33	  	
Eliminations(d)(f)	 	 	(776	) 	 	 	60	  	 	 	—	  	  	 	60	  	 	 	—	  	
Comcast Consolidated	 	$	36,596	  	 	$	12,222	  	 	$	4,227	  	  	$	7,995	  	 	$	3,697	  	
 
(a)	For the three and six months ended June 30, 2016 and 2015, Cable Communications segment revenue was derived from the following sources:	

 	 	Three Months Ended
June 30	 	 	Six Months Ended
June 30	 	
  	 	    2016    	 	 	    2015    	 	 	    2016    	 	 	    2015    	 	
Residential:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Video	 	 	44.9	% 	 	 	46.3	% 	 	 	45.1	% 	 	 	46.4	% 	
High-speed Internet	 	 	27.1	% 	 	 	26.4	% 	 	 	27.0	% 	 	 	26.5	% 	
Voice	 	 	7.2	% 	 	 	7.7	% 	 	 	7.3	% 	 	 	7.8	% 	
Business services	 	 	10.9	% 	 	 	9.9	% 	 	 	10.8	% 	 	 	9.8	% 	
Advertising	 	 	4.8	% 	 	 	4.9	% 	 	 	4.7	% 	 	 	4.6	% 	
Other	 	 	5.1	% 	 	 	4.8	% 	 	 	5.1	% 	 	 	4.9	% 	
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 six months ended June 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 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. In addition, the Comcast revolving credit facility and the Comcast commercial paper program are also fully and unconditionally guaranteed by NBCUniversal. The Comcast commercial paper program is supported by the Comcast revolving credit facility.
Comcast Parent and CCCL Parent also fully and unconditionally guarantee NBCUniversal Enterprise’s $3.3 billion of senior notes, as well as the NBCUniversal Enterprise revolving credit facility and the associated commercial paper program. NBCUniversal Media Parent does not guarantee the NBCUniversal Enterprise senior notes, 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.
 
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Condensed Consolidating Balance Sheet
June 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	 	$	—	  	  	$	—	  	  	$	—	  	 	$	270	  	 	$	4,395	  	 	$	—	  	 	$	4,665	  	
Receivables, net	 	 	—	  	  	 	—	  	  	 	—	  	 	 	—	  	 	 	6,708	  	 	 	—	  	 	 	6,708	  	
Programming rights	 	 	—	  	  	 	—	  	  	 	—	  	 	 	—	  	 	 	1,435	  	 	 	—	  	 	 	1,435	  	
Other current assets	 	 	138	  	  	 	—	  	  	 	—	  	 	 	49	  	 	 	1,782	  	 	 	—	  	 	 	1,969	  	
Total current assets	 	 	138	  	  	 	—	  	  	 	—	  	 	 	319	  	 	 	14,320	  	 	 	—	  	 	 	14,777	  	
Film and television costs	 	 	—	  	  	 	—	  	  	 	—	  	 	 	—	  	 	 	5,811	  	 	 	—	  	 	 	5,811	  	
Investments	 	 	48	  	  	 	—	  	  	 	—	  	 	 	445	  	 	 	3,186	  	 	 	—	  	 	 	3,679	  	
Investments in and amounts due from subsidiaries eliminated upon consolidation	 	 	91,382	  	  	 	115,253	  	  	 	123,620	  	 	 	42,893	  	 	 	113,686	  	 	 	(486,834	) 	 	 	—	  	
Property and equipment, net	 	 	218	  	  	 	—	  	  	 	—	  	 	 	—	  	 	 	34,678	  	 	 	—	  	 	 	34,896	  	
Franchise rights	 	 	—	  	  	 	—	  	  	 	—	  	 	 	—	  	 	 	59,364	  	 	 	—	  	 	 	59,364	  	
Goodwill	 	 	—	  	  	 	—	  	  	 	—	  	 	 	—	  	 	 	33,792	  	 	 	—	  	 	 	33,792	  	
Other intangible assets, net	 	 	10	  	  	 	—	  	  	 	—	  	 	 	—	  	 	 	17,194	  	 	 	—	  	 	 	17,204	  	
Other noncurrent assets, net	 	 	1,361	  	  	 	147	  	  	 	—	  	 	 	85	  	 	 	2,117	  	 	 	(1,248	) 	 	 	2,462	  	
Total assets	 	$	93,157	  	  	$	115,400	  	  	$	123,620	  	 	$	43,742	  	 	$	284,148	  	 	$	(488,082	) 	 	$	171,985	  	
 	 	 	 	 	 	 	 	
Liabilities and Equity	 	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Accounts payable and accrued expenses related to trade creditors	 	$	31	  	  	$	—	  	  	$	—	  	 	$	—	  	 	$	6,328	  	 	$	—	  	 	$	6,359	  	
Accrued participations and residuals	 	 	—	  	  	 	—	  	  	 	—	  	 	 	—	  	 	 	1,542	  	 	 	—	  	 	 	1,542	  	
Accrued expenses and other current liabilities	 	 	1,672	  	  	 	335	  	  	 	282	  	 	 	282	  	 	 	4,195	  	 	 	—	  	 	 	6,766	  	
Current portion of long-term debt	 	 	1,000	  	  	 	—	  	  	 	550	  	 	 	4	  	 	 	1,380	  	 	 	—	  	 	 	2,934	  	
Total current liabilities	 	 	2,703	  	  	 	335	  	  	 	832	  	 	 	286	  	 	 	13,445	  	 	 	—	  	 	 	17,601	  	
Long-term debt, less current portion	 	 	34,757	  	  	 	133	  	  	 	2,100	  	 	 	8,228	  	 	 	7,411	  	 	 	—	  	 	 	52,629	  	
Deferred income taxes	 	 	—	  	  	 	581	  	  	 	—	  	 	 	69	  	 	 	34,964	  	 	 	(1,102	) 	 	 	34,512	  	
Other noncurrent liabilities	 	 	2,599	  	  	 	—	  	  	 	—	  	 	 	1,143	  	 	 	7,123	  	 	 	(146	) 	 	 	10,719	  	
Redeemable noncontrolling interests and redeemable subsidiary preferred stock	 	 	—	  	  	 	—	  	  	 	—	  	 	 	—	  	 	 	1,248	  	 	 	—	  	 	 	1,248	  	
Equity:	 	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Common stock	 	 	28	  	  	 	—	  	  	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	28	  	
Other shareholders’ equity	 	 	53,070	  	  	 	114,351	  	  	 	120,688	  	 	 	34,016	  	 	 	217,779	  	 	 	(486,834	) 	 	 	53,070	  	
Total Comcast Corporation shareholders’ equity	 	 	53,098	  	  	 	114,351	  	  	 	120,688	  	 	 	34,016	  	 	 	217,779	  	 	 	(486,834	) 	 	 	53,098	  	
Noncontrolling interests	 	 	—	  	  	 	—	  	  	 	—	  	 	 	—	  	 	 	2,178	  	 	 	—	  	 	 	2,178	  	
Total equity	 	 	53,098	  	  	 	114,351	  	  	 	120,688	  	 	 	34,016	  	 	 	219,957	  	 	 	(486,834	) 	 	 	55,276	  	
Total liabilities and equity	 	$	93,157	  	  	$	115,400	  	  	$	123,620	  	 	$	43,742	  	 	$	284,148	  	 	$	(488,082	) 	 	$	171,985	  	
 
19

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 June 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	 	$	 —	  	 	$	 —	  	 	$	 —	  	 	$	 —	  	 	$	19,269	  	 	$	 —	  	 	$	19,269	  	
Management fee revenue	 	 	266	  	 	 	—	  	 	 	261	  	 	 	—	  	 	 	—	  	 	 	(527	) 	 	 	—	  	
 	 	 	266	  	 	 	—	  	 	 	261	  	 	 	—	  	 	 	19,269	  	 	 	(527	) 	 	 	19,269	  	
Costs and Expenses:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Programming and production	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	5,492	  	 	 	—	  	 	 	5,492	  	
Other operating and administrative	 	 	285	  	 	 	—	  	 	 	261	  	 	 	222	  	 	 	5,520	  	 	 	(527	) 	 	 	5,761	  	
Advertising, marketing and promotion	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	1,561	  	 	 	—	  	 	 	1,561	  	
Depreciation	 	 	6	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	1,862	  	 	 	—	  	 	 	1,868	  	
Amortization	 	 	2	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	519	  	 	 	—	  	 	 	521	  	
 	 	 	293	  	 	 	—	  	 	 	261	  	 	 	222	  	 	 	14,954	  	 	 	(527	) 	 	 	15,203	  	
Operating income (loss)	 	 	(27	) 	 	 	—	  	 	 	—	  	 	 	(222	) 	 	 	4,315	  	 	 	—	  	 	 	4,066	  	
Other Income (Expense):	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Interest expense	 	 	(478	) 	 	 	(3	) 	 	 	(61	) 	 	 	(112	) 	 	 	(78	) 	 	 	—	  	 	 	(732	) 	
Investment income (loss), net	 	 	3	  	 	 	1	  	 	 	—	  	 	 	(6	) 	 	 	60	  	 	 	—	  	 	 	58	  	
Equity in net income (losses) of investees, net	 	 	2,354	  	 	 	2,275	  	 	 	2,127	  	 	 	1,288	  	 	 	914	  	 	 	(8,977	) 	 	 	(19	) 	
Other income (expense), net	 	 	—	  	 	 	—	  	 	 	—	  	 	 	(7	) 	 	 	(8	) 	 	 	—	  	 	 	(15	) 	
 	 	 	1,879	  	 	 	2,273	  	 	 	2,066	  	 	 	1,163	  	 	 	888	  	 	 	(8,977	) 	 	 	(708	) 	
Income (loss) before income taxes	 	 	1,852	  	 	 	2,273	  	 	 	2,066	  	 	 	941	  	 	 	5,203	  	 	 	(8,977	) 	 	 	3,358	  	
Income tax (expense) benefit	 	 	176	  	 	 	1	  	 	 	21	  	 	 	(8	) 	 	 	(1,468	) 	 	 	—	  	 	 	(1,278	) 	
Net income (loss)	 	 	2,028	  	 	 	2,274	  	 	 	2,087	  	 	 	933	  	 	 	3,735	  	 	 	(8,977	) 	 	 	2,080	  	
Net (income) loss attributable to noncontrolling interests and redeemable subsidiary preferred stock	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	(52	) 	 	 	—	  	 	 	(52	) 	
Net income (loss) attributable to Comcast Corporation	 	$	2,028	  	 	$	2,274	  	 	$	2,087	  	 	$	933	  	 	$	3,683	  	 	$	(8,977	) 	 	$	2,028	  	
Comprehensive income (loss) attributable to Comcast Corporation	 	$	2,113	  	 	$	2,321	  	 	$	2,087	  	 	$	1,096	  	 	$	4,194	  	 	$	(9,698	) 	 	$	2,113	  	
 
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Table of Contents
Comcast Corporation
Condensed Consolidating Statement of Income
For the Three Months Ended June 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	 	$	—	  	 	$	—	  	 	$	—	  	 	$	—	  	 	$	18,743	  	 	$	—	  	 	$	18,743	  	
Management fee revenue	 	 	252	  	 	 	—	  	 	 	246	  	 	 	—	  	 	 	—	  	 	 	(498	) 	 	 	—	  	
 	 	 	252	  	 	 	—	  	 	 	246	  	 	 	—	  	 	 	18,743	  	 	 	(498	) 	 	 	18,743	  	
Costs and Expenses:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Programming and production	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	5,669	  	 	 	—	  	 	 	5,669	  	
Other operating and administrative	 	 	225	  	 	 	—	  	 	 	246	  	 	 	255	  	 	 	5,046	  	 	 	(498	) 	 	 	5,274	  	
Advertising, marketing and promotion	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	1,534	  	 	 	—	  	 	 	1,534	  	
Depreciation	 	 	7	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	1,667	  	 	 	—	  	 	 	1,674	  	
Amortization	 	 	2	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	485	  	 	 	—	  	 	 	487	  	
 	 	 	234	  	 	 	—	  	 	 	246	  	 	 	255	  	 	 	14,401	  	 	 	(498	) 	 	 	14,638	  	
Operating income (loss)	 	 	18	  	 	 	—	  	 	 	—	  	 	 	(255	) 	 	 	4,342	  	 	 	—	  	 	 	4,105	  	
Other Income (Expense):	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Interest expense	 	 	(472	) 	 	 	(3	) 	 	 	(73	) 	 	 	(116	) 	 	 	(49	) 	 	 	—	  	 	 	(713	) 	
Investment income (loss), net	 	 	—	  	 	 	(1	) 	 	 	—	  	 	 	(8	) 	 	 	26	  	 	 	—	  	 	 	17	  	
Equity in net income (losses) of investees, net	 	 	2,431	  	 	 	2,162	  	 	 	2,020	  	 	 	1,281	  	 	 	676	  	 	 	(8,806	) 	 	 	(236	) 	
Other income (expense), net	 	 	2	  	 	 	—	  	 	 	—	  	 	 	16	  	 	 	297	  	 	 	—	  	 	 	315	  	
 	 	 	1,961	  	 	 	2,158	  	 	 	1,947	  	 	 	1,173	  	 	 	950	  	 	 	(8,806	) 	 	 	(617	) 	
Income (loss) before income taxes	 	 	1,979	  	 	 	2,158	  	 	 	1,947	  	 	 	918	  	 	 	5,292	  	 	 	(8,806	) 	 	 	3,488	  	
Income tax (expense) benefit	 	 	158	  	 	 	2	  	 	 	26	  	 	 	(6	) 	 	 	(1,493	) 	 	 	—	  	 	 	(1,313	) 	
Net income (loss)	 	 	2,137	  	 	 	2,160	  	 	 	1,973	  	 	 	912	  	 	 	3,799	  	 	 	(8,806	) 	 	 	2,175	  	
Net (income) loss attributable to noncontrolling interests and redeemable subsidiary preferred stock	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	(38	) 	 	 	—	  	 	 	(38	) 	
Net income (loss) attributable to Comcast Corporation	 	$	2,137	  	 	$	2,160	  	 	$	1,973	  	 	$	912	  	 	$	3,761	  	 	$	(8,806	) 	 	$	2,137	  	
Comprehensive income (loss) attributable to Comcast Corporation	 	$	2,159	  	 	$	2,168	  	 	$	1,973	  	 	$	936	  	 	$	3,761	  	 	$	(8,838	) 	 	$	2,159	  	
 
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Table of Contents
Comcast Corporation
Condensed Consolidating Statement of Income
For the Six Months Ended June 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	 	$	 —	  	 	$	 —	  	 	$	 —	  	 	$	 —	  	 	$	38,059	  	 	$	 —	  	 	$	38,059	  	
Management fee revenue	 	 	525	  	 	 	—	  	 	 	515	  	 	 	—	  	 	 	—	  	 	 	(1,040	) 	 	 	—	  	
 	 	 	525	  	 	 	—	  	 	 	515	  	 	 	—	  	 	 	38,059	  	 	 	(1,040	) 	 	 	38,059	  	
Costs and Expenses:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Programming and production	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	10,923	  	 	 	—	  	 	 	10,923	  	
Other operating and administrative	 	 	441	  	 	 	—	  	 	 	515	  	 	 	517	  	 	 	10,853	  	 	 	(1,040	) 	 	 	11,286	  	
Advertising, marketing and promotion	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	3,028	  	 	 	—	  	 	 	3,028	  	
Depreciation	 	 	14	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	3,639	  	 	 	—	  	 	 	3,653	  	
Amortization	 	 	3	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	1,011	  	 	 	—	  	 	 	1,014	  	
 	 	 	458	  	 	 	—	  	 	 	515	  	 	 	517	  	 	 	29,454	  	 	 	(1,040	) 	 	 	29,904	  	
Operating income (loss)	 	 	67	  	 	 	—	  	 	 	—	  	 	 	(517	) 	 	 	8,605	  	 	 	—	  	 	 	8,155	  	
Other Income (Expense):	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Interest expense	 	 	(929	) 	 	 	(6	) 	 	 	(120	) 	 	 	(229	) 	 	 	(151	) 	 	 	—	  	 	 	(1,435	) 	
Investment income (loss), net	 	 	3	  	 	 	1	  	 	 	—	  	 	 	(8	) 	 	 	92	  	 	 	—	  	 	 	88	  	
Equity in net income (losses) of investees, net	 	 	4,720	  	 	 	4,539	  	 	 	4,241	  	 	 	2,585	  	 	 	1,905	  	 	 	(18,020	) 	 	 	(30	) 	
Other income (expense), net	 	 	—	  	 	 	—	  	 	 	—	  	 	 	117	  	 	 	(2	) 	 	 	—	  	 	 	115	  	
 	 	 	3,794	  	 	 	4,534	  	 	 	4,121	  	 	 	2,465	  	 	 	1,844	  	 	 	(18,020	) 	 	 	(1,262	) 	
Income (loss) before income taxes	 	 	3,861	  	 	 	4,534	  	 	 	4,121	  	 	 	1,948	  	 	 	10,449	  	 	 	(18,020	) 	 	 	6,893	  	
Income tax (expense) benefit	 	 	301	  	 	 	2	  	 	 	42	  	 	 	(13	) 	 	 	(2,921	) 	 	 	—	  	 	 	(2,589	) 	
Net income (loss)	 	 	4,162	  	 	 	4,536	  	 	 	4,163	  	 	 	1,935	  	 	 	7,528	  	 	 	(18,020	) 	 	 	4,304	  	
Net (income) loss attributable to noncontrolling interests and redeemable subsidiary preferred stock	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	(142	) 	 	 	—	  	 	 	(142	) 	
Net income (loss) attributable to Comcast Corporation	 	$	4,162	  	 	$	4,536	  	 	$	4,163	  	 	$	1,935	  	 	$	7,386	  	 	$	(18,020	) 	 	$	4,162	  	
Comprehensive income (loss) attributable to Comcast Corporation	 	$	4,337	  	 	$	4,627	  	 	$	4,165	  	 	$	2,242	  	 	$	7,899	  	 	$	(18,933	) 	 	$	4,337	  	
 
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Table of Contents
Comcast Corporation
Condensed Consolidating Statement of Income
For the Six Months Ended June 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	 	$	 —	  	 	$	 —	  	 	$	 —	  	 	$	 —	  	 	$	36,596	  	 	$	 —	  	 	$	36,596	  	
Management fee revenue	 	 	496	  	 	 	—	  	 	 	483	  	 	 	—	  	 	 	—	  	 	 	(979	) 	 	 	—	  	
 	 	 	496	  	 	 	—	  	 	 	483	  	 	 	—	  	 	 	36,596	  	 	 	(979	) 	 	 	36,596	  	
Costs and Expenses:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Programming and production	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	11,132	  	 	 	—	  	 	 	11,132	  	
Other operating and administrative	 	 	451	  	 	 	—	  	 	 	483	  	 	 	492	  	 	 	9,901	  	 	 	(979	) 	 	 	10,348	  	
Advertising, marketing and promotion	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	2,894	  	 	 	—	  	 	 	2,894	  	
Depreciation	 	 	15	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	3,293	  	 	 	—	  	 	 	3,308	  	
Amortization	 	 	3	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	916	  	 	 	—	  	 	 	919	  	
 	 	 	469	  	 	 	—	  	 	 	483	  	 	 	492	  	 	 	28,136	  	 	 	(979	) 	 	 	28,601	  	
Operating income (loss)	 	 	27	  	 	 	—	  	 	 	—	  	 	 	(492	) 	 	 	8,460	  	 	 	—	  	 	 	7,995	  	
Other Income (Expense):	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Interest expense	 	 	(882	) 	 	 	(6	) 	 	 	(146	) 	 	 	(236	) 	 	 	(99	) 	 	 	—	  	 	 	(1,369	) 	
Investment income (loss), net	 	 	1	  	 	 	1	  	 	 	—	  	 	 	(14	) 	 	 	62	  	 	 	—	  	 	 	50	  	
Equity in net income (losses) of investees, net	 	 	4,753	  	 	 	4,388	  	 	 	4,012	  	 	 	2,512	  	 	 	1,561	  	 	 	(17,429	) 	 	 	(203	) 	
Other income (expense), net	 	 	(3	) 	 	 	—	  	 	 	—	  	 	 	5	  	 	 	415	  	 	 	—	  	 	 	417	  	
 	 	 	3,869	  	 	 	4,383	  	 	 	3,866	  	 	 	2,267	  	 	 	1,939	  	 	 	(17,429	) 	 	 	(1,105	) 	
Income (loss) before income taxes	 	 	3,896	  	 	 	4,383	  	 	 	3,866	  	 	 	1,775	  	 	 	10,399	  	 	 	(17,429	) 	 	 	6,890	  	
Income tax (expense) benefit	 	 	300	  	 	 	2	  	 	 	51	  	 	 	(11	) 	 	 	(2,916	) 	 	 	—	  	 	 	(2,574	) 	
Net income (loss)	 	 	4,196	  	 	 	4,385	  	 	 	3,917	  	 	 	1,764	  	 	 	7,483	  	 	 	(17,429	) 	 	 	4,316	  	
Net (income) loss attributable to noncontrolling interests and redeemable subsidiary preferred stock	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	(120	) 	 	 	—	  	 	 	(120	) 	
Net income (loss) attributable to Comcast Corporation	 	$	4,196	  	 	$	4,385	  	 	$	3,917	  	 	$	1,764	  	 	$	7,363	  	 	$	(17,429	) 	 	$	4,196	  	
Comprehensive income (loss) attributable to Comcast Corporation	 	$	4,176	  	 	$	4,377	  	 	$	3,915	  	 	$	1,737	  	 	$	7,362	  	 	$	(17,391	) 	 	$	4,176	  	
 
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Table of Contents
Comcast Corporation
Condensed Consolidating Statement of Cash Flows
For the Six Months Ended June 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	 	$	(778	) 	 	$	 —	  	 	$	(84	) 	 	$	(809	) 	 	$	11,054	  	 	$	 —	  	 	$	9,383	  	
Investing Activities	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net transactions with affiliates	 	 	880	  	 	 	—	  	 	 	84	  	 	 	1,579	  	 	 	(2,543	) 	 	 	—	  	 	 	—	  	
Capital expenditures	 	 	(7	) 	 	 	—	  	 	 	—	  	 	 	—	  	 	 	(4,149	) 	 	 	—	  	 	 	(4,156	) 	
Cash paid for intangible assets	 	 	(3	) 	 	 	—	  	 	 	—	  	 	 	—	  	 	 	(734	) 	 	 	—	  	 	 	(737	) 	
Acquisitions and construction of real estate properties	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	(211	) 	 	 	—	  	 	 	(211	) 	
Acquisitions, net of cash acquired	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	(126	) 	 	 	—	  	 	 	(126	) 	
Proceeds from sales of businesses and investments	 	 	—	  	 	 	—	  	 	 	—	  	 	 	102	  	 	 	36	  	 	 	—	  	 	 	138	  	
Purchases of investments	 	 	(15	) 	 	 	—	  	 	 	—	  	 	 	(2	) 	 	 	(563	) 	 	 	—	  	 	 	(580	) 	
Other	 	 	(164	) 	 	 	—	  	 	 	—	  	 	 	(35	) 	 	 	43	  	 	 	—	  	 	 	(156	) 	
Net cash provided by (used in) investing activities	 	 	691	  	 	 	—	  	 	 	84	  	 	 	1,644	  	 	 	(8,247	) 	 	 	—	  	 	 	(5,828	) 	
Financing Activities	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Proceeds from (repayments of) short-term borrowings, net	 	 	(400	) 	 	 	—	  	 	 	—	  	 	 	—	  	 	 	605	  	 	 	—	  	 	 	205	  	
Proceeds from borrowings	 	 	4,753	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	4,753	  	
Repurchases and repayments of debt	 	 	(750	) 	 	 	—	  	 	 	—	  	 	 	(1,004	) 	 	 	(797	) 	 	 	—	  	 	 	(2,551	) 	
Repurchases and retirements of common stock	 	 	(2,385	) 	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	(2,385	) 	
Dividends paid	 	 	(1,281	) 	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	(1,281	) 	
Issuances of common stock	 	 	19	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	19	  	
Distributions to noncontrolling interests and dividends for redeemable subsidiary preferred stock	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	(125	) 	 	 	—	  	 	 	(125	) 	
Other	 	 	131	  	 	 	—	  	 	 	—	  	 	 	25	  	 	 	24	  	 	 	—	  	 	 	180	  	
Net cash provided by (used in) financing activities	 	 	87	  	 	 	—	  	 	 	—	  	 	 	(979	) 	 	 	(293	) 	 	 	—	  	 	 	(1,185	) 	
Increase (decrease) in cash and cash equivalents	 	 	—	  	 	 	—	  	 	 	—	  	 	 	(144	) 	 	 	2,514	  	 	 	—	  	 	 	2,370	  	
Cash and cash equivalents, beginning of period	 	 	—	  	 	 	—	  	 	 	—	  	 	 	414	  	 	 	1,881	  	 	 	—	  	 	 	2,295	  	
Cash and cash equivalents, end of period	 	$	—	  	 	$	—	  	 	$	—	  	 	$	270	  	 	$	4,395	  	 	$	—	  	 	$	4,665	  	
 
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Table of Contents
Comcast Corporation
Condensed Consolidating Statement of Cash Flows
For the Six Months Ended June 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	 	$	(398	) 	 	$	(1	) 	 	$	(109	) 	 	$	(751	) 	 	$	10,093	  	 	$	 —	  	 	$	8,834	  	
Investing Activities	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net transactions with affiliates	 	 	3,661	  	 	 	1	  	 	 	109	  	 	 	1,670	  	 	 	(5,441	) 	 	 	—	  	 	 	—	  	
Capital expenditures	 	 	(13	) 	 	 	—	  	 	 	—	  	 	 	—	  	 	 	(3,684	) 	 	 	—	  	 	 	(3,697	) 	
Cash paid for intangible assets	 	 	(1	) 	 	 	—	  	 	 	—	  	 	 	—	  	 	 	(599	) 	 	 	—	  	 	 	(600	) 	
Acquisitions and construction of real estate properties	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	(65	) 	 	 	—	  	 	 	(65	) 	
Acquisitions, net of cash acquired	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	(179	) 	 	 	—	  	 	 	(179	) 	
Proceeds from sales of businesses and investments	 	 	—	  	 	 	—	  	 	 	—	  	 	 	1	  	 	 	394	  	 	 	—	  	 	 	395	  	
Purchases of investments	 	 	(2	) 	 	 	—	  	 	 	—	  	 	 	—	  	 	 	(270	) 	 	 	—	  	 	 	(272	) 	
Other	 	 	7	  	 	 	—	  	 	 	—	  	 	 	(5	) 	 	 	180	  	 	 	—	  	 	 	182	  	
Net cash provided by (used in) investing activities	 	 	3,652	  	 	 	1	  	 	 	109	  	 	 	1,666	  	 	 	(9,664	) 	 	 	—	  	 	 	(4,236	) 	
Financing Activities	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Proceeds from (repayments of) short-term borrowings, net	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	(137	) 	 	 	—	  	 	 	(137	) 	
Proceeds from borrowings	 	 	3,996	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	3,996	  	
Repurchases and repayments of debt	 	 	(2,650	) 	 	 	—	  	 	 	—	  	 	 	(1,001	) 	 	 	(15	) 	 	 	—	  	 	 	(3,666	) 	
Repurchases and retirements of common stock	 	 	(3,585	) 	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	(3,585	) 	
Dividends paid	 	 	(1,200	) 	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	(1,200	) 	
Issuances of common stock	 	 	32	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	32	  	
Distributions to noncontrolling interests and dividends for redeemable subsidiary preferred stock	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	(114	) 	 	 	—	  	 	 	(114	) 	
Other	 	 	153	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	(501	) 	 	 	—	  	 	 	(348	) 	
Net cash provided by (used in) financing activities	 	 	(3,254	) 	 	 	—	  	 	 	—	  	 	 	(1,001	) 	 	 	(767	) 	 	 	—	  	 	 	(5,022	) 	
Increase (decrease) in cash and cash equivalents	 	 	—	  	 	 	—	  	 	 	—	  	 	 	(86	) 	 	 	(338	) 	 	 	—	  	 	 	(424	) 	
Cash and cash equivalents, beginning of period	 	 	—	  	 	 	—	  	 	 	—	  	 	 	385	  	 	 	3,525	  	 	 	—	  	 	 	3,910	  	
Cash and cash equivalents, end of period	 	$	—	  	 	$	—	  	 	$	—	  	 	$	299	  	 	$	3,187	  	 	$	—	  	 	$	3,486	  	
 
26

Table of Contents
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 June 30, 2016, our cable systems had 28.1 million total customer relationships; served 22.4 million video customers, 24.0 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 six months ended June 30, 2016, our Cable Communications segment generated 65% of our consolidated revenue and 78% 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, which 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 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. Our Filmed Entertainment segment generates revenue primarily from the worldwide theatrical release of our owned and acquired films for exhibition in movie theaters, from the licensing of our owned and acquired films through various distribution platforms, and from the sale of our 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 licensing and other fees for intellectual property licenses and other services.
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 affect our Cable Networks and Broadcast Television segments, and the Super Bowl, which affect our Broadcast Television segment. Our advertising revenue generally 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 holidays. 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.
 
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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 summer months when schools are closed and during early winter and spring holiday periods.
Consolidated Operating Results

 	 	Three Months Ended
June 30	 	 	Increase/
(Decrease)	 	 	Six Months Ended
June 30	 	 	Increase/
(Decrease)	 	
(in millions)	 	2016	 	 	2015	 	 	  	 	 	2016	 	 	2015	 	 	  	 	
Revenue	 	$	19,269	  	 	$	18,743	  	 	 	2.8	% 	 	$	38,059	  	 	$	36,596	  	 	 	4.0	% 	
Costs and Expenses:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Programming and production	 	 	5,492	  	 	 	5,669	  	 	 	(3.1	) 	 	 	10,923	  	 	 	11,132	  	 	 	(1.9	) 	
Other operating and administrative	 	 	5,761	  	 	 	5,274	  	 	 	9.2	  	 	 	11,286	  	 	 	10,348	  	 	 	9.1	  	
Advertising, marketing and promotion	 	 	1,561	  	 	 	1,534	  	 	 	1.8	  	 	 	3,028	  	 	 	2,894	  	 	 	4.6	  	
Depreciation	 	 	1,868	  	 	 	1,674	  	 	 	11.6	  	 	 	3,653	  	 	 	3,308	  	 	 	10.4	  	
Amortization	 	 	521	  	 	 	487	  	 	 	7.0	  	 	 	1,014	  	 	 	919	  	 	 	10.4	  	
Operating income	 	 	4,066	  	 	 	4,105	  	 	 	(1.0	) 	 	 	8,155	  	 	 	7,995	  	 	 	2.0	  	
Other income (expense) items, net	 	 	(708	) 	 	 	(617	) 	 	 	14.6	  	 	 	(1,262	) 	 	 	(1,105	) 	 	 	14.1	  	
Income before income taxes	 	 	3,358	  	 	 	3,488	  	 	 	(3.7	) 	 	 	6,893	  	 	 	6,890	  	 	 	0.1	  	
Income tax expense	 	 	(1,278	) 	 	 	(1,313	) 	 	 	(2.7	) 	 	 	(2,589	) 	 	 	(2,574	) 	 	 	0.6	  	
Net income	 	 	2,080	  	 	 	2,175	  	 	 	(4.4	) 	 	 	4,304	  	 	 	4,316	  	 	 	(0.3	) 	
Net (income) loss attributable to noncontrolling interests and redeemable subsidiary preferred stock	 	 	(52	) 	 	 	(38	) 	 	 	37.3	  	 	 	(142	) 	 	 	(120	) 	 	 	19.1	  	
Net income attributable to Comcast Corporation	 	$	2,028	  	 	$	2,137	  	 	 	(5.1	)% 	 	$	4,162	  	 	$	4,196	  	 	 	(0.8	)% 	
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 six months ended June 30, 2016. The increases in our Theme Parks segment for both the three and six months ended June 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 six months ended June 30, 2016 were partially offset by decreases in revenue in our Filmed Entertainment segment. Consolidated revenue for the six months ended June 30, 2015 included $376 million of revenue associated with our broadcast of the 2015 Super Bowl in February 2015.
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.”
Consolidated Costs and Expenses
Our Cable Communications, Broadcast Television, Theme Parks and Cable Networks segments accounted for the increase in consolidated operating costs and expenses for the three months ended June 30, 2016. The increase for the three months ended June 30, 2016 was partially offset by lower operating costs and expenses in our Filmed Entertainment segment. Our Cable Communications, Theme Parks and Cable Networks segments accounted for the increase in consolidated operating costs and expenses for the six months ended June 30, 2016. The increase for the six months ended June 30, 2016 was partially offset by lower operating costs and expenses in our Filmed Entertainment segment and in our Broadcast Television segment, which was primarily due to our broadcast of the 2015 Super Bowl in the prior year period. The increases in operating costs and expenses in our Theme Parks segment for the three and six months ended June 30, 2016 were associated with the acquisition of a 51% interest in Universal Studios Japan in November 2015. For the three and six months ended June 30, 2015, our consolidated operating costs and expenses included transaction-related costs associated with the Time Warner Cable merger and related divestiture transactions of $79 million and $178 million, respectively.
 
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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
June 30	 	  	Increase/
(Decrease)	 	 	Six Months Ended
June 30	 	  	Increase/
(Decrease)	 	
(in millions)	 	    2016    	 	  	    2015    	 	  	  	 	 	2016	 	  	2015	 	  	  	 	
Cable Communications	 	$	1,904	  	  	$	1,732	  	  	 	9.9	% 	 	$	3,747	  	  	$	3,412	  	  	 	9.8	% 	
NBCUniversal	 	 	465	  	  	 	405	  	  	 	14.6	  	 	 	879	  	  	 	769	  	  	 	14.2	  	
Corporate and Other	 	 	20	  	  	 	24	  	  	 	(12.6	) 	 	 	41	  	  	 	46	  	  	 	(8.6	) 	
Comcast Consolidated	 	$	2,389	  	  	$	2,161	  	  	 	10.6	% 	 	$	4,667	  	  	$	4,227	  	  	 	10.4	% 	
Consolidated depreciation and amortization expenses increased for the three and six months ended June 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 expense increased for the three and six months ended June 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.
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.
 
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Cable Communications Segment Results of Operations

 	 	Three Months Ended
June 30	 	  	Increase/
(Decrease)	 	
(in millions)	 	    2016    	 	  	    2015    	 	  	$	 	 	%	 	
Revenue	 	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	
Residential:	 	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	
Video	 	$	5,581	  	  	$	5,431	  	  	$	150	  	 	 	2.8	% 	
High-speed Internet	 	 	3,369	  	  	 	3,101	  	  	 	268	  	 	 	8.6	  	
Voice	 	 	893	  	  	 	903	  	  	 	(10	) 	 	 	(1.1	) 	
Business services	 	 	1,360	  	  	 	1,163	  	  	 	197	  	 	 	17.0	  	
Advertising	 	 	597	  	  	 	577	  	  	 	20	  	 	 	3.5	  	
Other	 	 	644	  	  	 	565	  	  	 	79	  	 	 	13.7	  	
Total revenue	 	 	12,444	  	  	 	11,740	  	  	 	704	  	 	 	6.0	  	
Operating costs and expenses	 	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	
Programming	 	 	2,863	  	  	 	2,666	  	  	 	197	  	 	 	7.4	  	
Technical and product support	 	 	1,568	  	  	 	1,479	  	  	 	89	  	 	 	5.9	  	
Customer service	 	 	615	  	  	 	580	  	  	 	35	  	 	 	6.0	  	
Franchise and other regulatory fees	 	 	370	  	  	 	347	  	  	 	23	  	 	 	6.3	  	
Advertising, marketing and promotion	 	 	879	  	  	 	842	  	  	 	37	  	 	 	4.4	  	
Other	 	 	1,101	  	  	 	1,049	  	  	 	52	  	 	 	5.2	  	
Total operating costs and expenses	 	 	7,396	  	  	 	6,963	  	  	 	433	  	 	 	6.2	  	
Operating income before depreciation and amortization	 	$	5,048	  	  	$	4,777	  	  	$	271	  	 	 	5.7	% 	

 	 	Six Months Ended
June 30	 	  	Increase/
(Decrease)	 	
(in millions)	 	    2016    	 	  	    2015    	 	  	$	 	 	%	 	
Revenue	 	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	
Residential:	 	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	
Video	 	$	11,119	  	  	$	10,762	  	  	$	357	  	 	 	3.3	% 	
High-speed Internet	 	 	6,644	  	  	 	6,145	  	  	 	499	  	 	 	8.1	  	
Voice	 	 	1,789	  	  	 	1,809	  	  	 	(20	) 	 	 	(1.1	) 	
Business services	 	 	2,671	  	  	 	2,279	  	  	 	392	  	 	 	17.2	  	
Advertising	 	 	1,156	  	  	 	1,076	  	  	 	80	  	 	 	7.5	  	
Other	 	 	1,269	  	  	 	1,110	  	  	 	159	  	 	 	14.2	  	
Total revenue	 	 	24,648	  	  	 	23,181	  	  	 	1,467	  	 	 	6.3	  	
Operating costs and expenses	 	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	
Programming	 	 	5,754	  	  	 	5,310	  	  	 	444	  	 	 	8.4	  	
Technical and product support	 	 	3,098	  	  	 	2,919	  	  	 	179	  	 	 	6.1	  	
Customer service	 	 	1,244	  	  	 	1,162	  	  	 	82	  	 	 	7.0	  	
Franchise and other regulatory fees	 	 	735	  	  	 	681	  	  	 	54	  	 	 	7.8	  	
Advertising, marketing and promotion	 	 	1,716	  	  	 	1,631	  	  	 	85	  	 	 	5.2	  	
Other	 	 	2,164	  	  	 	2,043	  	  	 	121	  	 	 	6.0	  	
Total operating costs and expenses	 	 	14,711	  	  	 	13,746	  	  	 	965	  	 	 	7.0	  	
Operating income before depreciation and amortization	 	$	9,937	  	  	$	9,435	  	  	$	502	  	 	 	5.3	% 	
 
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Customer Metrics

 	 	Total Customers	 	  	Net Additional Customers	 	
 	 	June 30	 	  	Three Months Ended
June 30	 	 	Six Months Ended
June 30	 	
(in thousands)	 	    2016    	 	  	    2015    	 	  	    2016    	 	 	    2015    	 	 	    2016    	 	  	    2015    	 	
Total customer relationships	 	 	28,085	  	  	 	27,265	  	  	 	115	  	 	 	31	  	 	 	384	  	  	 	230	  	
Single product customers	 	 	8,416	  	  	 	8,343	  	  	 	6	  	 	 	(56	) 	 	 	50	  	  	 	(66	) 	
Double product customers	 	 	9,399	  	  	 	8,936	  	  	 	53	  	 	 	46	  	 	 	178	  	  	 	186	  	
Triple product customers	 	 	10,269	  	  	 	9,987	  	  	 	56	  	 	 	42	  	 	 	155	  	  	 	110	  	
Video customers	 	 	22,396	  	  	 	22,306	  	  	 	(4	) 	 	 	(69	) 	 	 	49	  	  	 	(77	) 	
High-speed Internet customers	 	 	23,987	  	  	 	22,548	  	  	 	220	  	 	 	180	  	 	 	658	  	  	 	587	  	
Voice customers	 	 	11,641	  	  	 	11,319	  	  	 	64	  	 	 	49	  	 	 	165	  	  	 	126	  	
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 six months ended June 30, 2016 was $147.99 and $147.27, respectively. Average monthly total revenue per customer relationship for the three and six months ended June 30, 2015 was $143.61 and $142.30, 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 2.8% and 3.3% for the three and six months ended June 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 2.9% and 3.6% for the three and six months ended June 30, 2016, respectively. These increases were partially offset by additional revenue in the prior year periods associated with a boxing event available on pay-per-view. 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 8.6% and 8.1% for the three and six months ended June 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 6.0% for both the three and six months ended June 30, 2016. The remaining increases in revenue for the three and six months ended June 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 1.1% for both the three and six months ended June 30, 2016 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 six months ended June 30, 2016, revenue was negatively impacted by the allocation of voice revenue for our customers who receive bundled services compared to the same
 
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periods in 2015. The amount allocated to voice revenue in the rate charged for bundled services decreased for the three and six months ended June 30, 2016 because video and high-speed Internet rates increased while voice rates remained relatively flat.
Business Services
Business services revenue increased 17.0% and 17.2% for the three and six months ended June 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 the 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 3.5% and 7.5% for the three and six months ended June 30, 2016, respectively, compared to the same periods in 2015 primarily due to increases in political advertising revenue.
For the three and six months ended June 30, 2016, 4% and 5%, respectively, of our Cable Communications segment advertising revenue was generated from our NBCUniversal segments. For the three and six months ended June 30, 2015, 6% and 5%, 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 13.7% and 14.2% for the three and six months ended June 30, 2016, respectively, compared to the same periods in 2015 primarily due to increases in our home security and automation services and increases in cable franchise and other regulatory fees.
Cable Communications Segment—Operating Costs and Expenses
Programming expenses increased for the three and six months ended June 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, which were partially offset by fees in the prior year periods associated with a boxing event available on pay-per-view.
Technical and product support expenses increased for the three and six months ended June 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 the 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 six months ended June 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, reflecting sales and support activities associated with the continued deployment of our enhanced devices and services, which include our X1 platform, wireless gateways, and home security and automation services, and the continued growth of business services.
Franchise and other regulatory fees increased for the three and six months ended June 30, 2016 compared to the same periods in 2015 primarily due to increases in the revenue on which the fees apply.
Advertising, marketing and promotion expenses increased for the three and six months ended June 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 six months ended June 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 June 30	 	 	 	 	 	Increase/(Decrease)	 	
 	 	2016	 	 	 	 	 	2015	 	 	 	 	 	%	 	 	%	 	
(in millions)	 	Actual	 	 	 	 	 	Actual	 	 	Pro Forma
Adjustments (a)	 	 	Pro Forma
Combined	 	 	 	 	 	Actual	 	 	Pro Forma
Combined	 	
Revenue	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Cable Networks	 	$	2,566	  	 	 	 	 	 	$	2,450	  	 	$	 —	  	 	$	2,450	  	 	 	 	 	 	 	4.7	% 	 	 	 	 	
Broadcast Television	 	 	2,128	  	 	 	 	 	 	 	1,813	  	 	 	—	  	 	 	1,813	  	 	 	 	 	 	 	17.3	  	 	 	 	 	
Filmed Entertainment	 	 	1,351	  	 	 	 	 	 	 	2,266	  	 	 	—	  	 	 	2,266	  	 	 	 	 	 	 	(40.4	) 	 	 	 	 	
Theme Parks	 	 	1,136	  	 	 	 	 	 	 	773	  	 	 	255	  	 	 	1,028	  	 	 	 	 	 	 	47.0	  	 	 	10.6	% 	
Headquarters, other and eliminations	 	 	(78	) 	 	 	 	 	 	 	(72	) 	 	 	(1	) 	 	 	(73	) 	 	 	 	 	 	 	NM	  	 	 	 	 	
Total revenue	 	$	7,103	  	 	 	 	 	 	$	7,230	  	 	$	254	  	 	$	7,484	  	 	 	 	 	 	 	(1.8	)% 	 	 	(5.1	)% 	
Operating Income Before Depreciation and Amortization	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Cable Networks	 	$	944	  	 	 	 	 	 	$	872	  	 	$	 —	  	 	$	872	  	 	 	 	 	 	 	8.3	% 	 	 	 	 	
Broadcast Television	 	 	394	  	 	 	 	 	 	 	231	  	 	 	—	  	 	 	231	  	 	 	 	 	 	 	70.5	  	 	 	 	 	
Filmed Entertainment	 	 	56	  	 	 	 	 	 	 	422	  	 	 	—	  	 	 	422	  	 	 	 	 	 	 	(86.7	) 	 	 	 	 	
Theme Parks	 	 	469	  	 	 	 	 	 	 	334	  	 	 	111	  	 	 	445	  	 	 	 	 	 	 	40.5	  	 	 	5.3	% 	
Headquarters, other and eliminations	 	 	(174	) 	 	 	 	 	 	 	(167	) 	 	 	1	  	 	 	(166	) 	 	 	 	 	 	 	NM	  	 	 	 	 	
Total operating income before depreciation and amortization	 	$	1,689	  	 	 	 	 	 	$	1,692	  	 	$	112	  	 	$	1,804	  	 	 	 	 	 	 	(0.2	)% 	 	 	(6.4	)% 	
 	 	 	 	
 	 	Six Months Ended June 30	 	 	 	 	 	Increase/(Decrease)	 	
 	 	2016	 	 	 	 	 	2015	 	 	 	 	 	%	 	 	%	 	
(in millions)	 	Actual	 	 	 	 	 	Actual	 	 	Pro Forma
Adjustments (a)	 	 	Pro Forma
Combined	 	 	 	 	 	Actual	 	 	Pro Forma
Combined	 	
Revenue	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Cable Networks	 	$	5,019	  	 	 	 	 	 	$	4,809	  	 	$	 —	  	 	$	4,809	  	 	 	 	 	 	 	4.4	% 	 	 	 	 	
Broadcast Television	 	 	4,212	  	 	 	 	 	 	 	4,061	  	 	 	—	  	 	 	4,061	  	 	 	 	 	 	 	3.7	  	 	 	 	 	
Filmed Entertainment	 	 	2,734	  	 	 	 	 	 	 	3,712	  	 	 	—	  	 	 	3,712	  	 	 	 	 	 	 	(26.4	) 	 	 	 	 	
Theme Parks	 	 	2,162	  	 	 	 	 	 	 	1,424	  	 	 	539	  	 	 	1,963	  	 	 	 	 	 	 	51.8	  	 	 	10.2	% 	
Headquarters, other and eliminations	 	 	(163	) 	 	 	 	 	 	 	(172	) 	 	 	(1	) 	 	 	(173	) 	 	 	 	 	 	 	NM	  	 	 	 	 	
Total revenue	 	$	13,964	  	 	 	 	 	 	$	13,834	  	 	$	538	  	 	$	14,372	  	 	 	 	 	 	 	0.9	% 	 	 	(2.8	)% 	
Operating Income Before Depreciation and Amortization	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Cable Networks	 	$	1,900	  	 	 	 	 	 	$	1,770	  	 	$	 —	  	 	$	1,770	  	 	 	 	 	 	 	7.3	% 	 	 	 	 	
Broadcast Television	 	 	678	  	 	 	 	 	 	 	413	  	 	 	—	  	 	 	413	  	 	 	 	 	 	 	64.3	  	 	 	 	 	
Filmed Entertainment	 	 	223	  	 	 	 	 	 	 	715	  	 	 	—	  	 	 	715	  	 	 	 	 	 	 	(68.8	) 	 	 	 	 	
Theme Parks	 	 	844	  	 	 	 	 	 	 	578	  	 	 	230	  	 	 	808	  	 	 	 	 	 	 	46.0	  	 	 	4.4	% 	
Headquarters, other and eliminations	 	 	(334	) 	 	 	 	 	 	 	(309	) 	 	 	1	  	 	 	(308	) 	 	 	 	 	 	 	NM	  	 	 	 	 	
Total operating income before depreciation and amortization	 	$	3,311	  	 	 	 	 	 	$	3,167	  	 	$	231	  	 	$	3,398	  	 	 	 	 	 	 	4.5	% 	 	 	(2.6	)% 	
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
June 30	 	  	Increase/
(Decrease)	 	
(in millions)	 	    2016    	 	  	    2015    	 	  	$	 	 	%	 	
Revenue	 	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	
Distribution	 	$	1,434	  	  	$	1,341	  	  	$	93	  	 	 	6.9	% 	
Advertising	 	 	914	  	  	 	917	  	  	 	(3	) 	 	 	(0.3	) 	
Content licensing and other	 	 	218	  	  	 	192	  	  	 	26	  	 	 	13.0	  	
Total revenue	 	 	2,566	  	  	 	2,450	  	  	 	116	  	 	 	4.7	  	
Operating costs and expenses	 	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	
Programming and production	 	 	1,194	  	  	 	1,125	  	  	 	69	  	 	 	6.1	  	
Other operating and administrative	 	 	313	  	  	 	320	  	  	 	(7	) 	 	 	(2.6	) 	
Advertising, marketing and promotion	 	 	115	  	  	 	133	  	  	 	(18	) 	 	 	(13.3	) 	
Total operating costs and expenses	 	 	1,622	  	  	 	1,578	  	  	 	44	  	 	 	2.7	  	
Operating income before depreciation and amortization	 	$	944	  	  	$	872	  	  	$	72	  	 	 	8.3	% 	
 	 	 	
 	 	Six Months Ended
June 30	 	  	Increase/
(Decrease)	 	
(in millions)	 	    2016    	 	  	    2015    	 	  	$	 	 	%	 	
Revenue	 	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	
Distribution	 	$	2,872	  	  	$	2,699	  	  	$	173	  	 	 	6.4	% 	
Advertising	 	 	1,765	  	  	 	1,768	  	  	 	(3	) 	 	 	(0.2	) 	
Content licensing and other	 	 	382	  	  	 	342	  	  	 	40	  	 	 	11.7	  	
Total revenue	 	 	5,019	  	  	 	4,809	  	  	 	210	  	 	 	4.4	  	
Operating costs and expenses	 	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	
Programming and production	 	 	2,252	  	  	 	2,148	  	  	 	104	  	 	 	4.9	  	
Other operating and administrative	 	 	620	  	  	 	625	  	  	 	(5	) 	 	 	(0.9	) 	
Advertising, marketing and promotion	 	 	247	  	  	 	266	  	  	 	(19	) 	 	 	(7.1	) 	
Total operating costs and expenses	 	 	3,119	  	  	 	3,039	  	  	 	80	  	 	 	2.6	  	
Operating income before depreciation and amortization	 	$	1,900	  	  	$	1,770	  	  	$	130	  	 	 	7.3	% 	
Cable Networks Segment—Revenue
Cable Networks revenue increased for the three and six months ended June 30, 2016 compared to the same periods in 2015 due to increases in distribution revenue and content licensing and other revenue, which were partially offset by slight decreases in advertising revenue. The increases in distribution revenue were primarily due to 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 content licensing and other revenue were primarily due to the timing of content provided under our licensing agreements. The decreases in advertising revenue were primarily due to continued declines in audience ratings at our networks, which were partially offset by higher prices for advertising units sold.
For both the three and six months ended June 30, 2016, 14% of our Cable Networks segment revenue was generated from our Cable Communications segment. For both the three and six months ended June 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.
Cable Networks Segment—Operating Costs and Expenses
Operating costs and expenses increased for the three and six months ended June 30, 2016 compared to the same periods in 2015 primarily due to increases in programming and production costs, which were partially offset by decreases in advertising, marketing and promotion expenses and other operating and administrative expenses. The increases in programming and production costs were primarily due to increases in sports programming rights costs and our continued investment in original programming.
 
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Broadcast Television Segment Results of Operations

 	 	Three Months Ended
June 30	 	  	Increase/
(Decrease)	 	
(in millions)	 	    2016    	 	  	    2015    	 	  	$	 	 	%	 	
Revenue	 	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	
Advertising	 	$	1,285	  	  	$	1,250	  	  	$	35	  	 	 	2.9	% 	
Content licensing	 	 	512	  	  	 	320	  	  	 	192	  	 	 	59.9	  	
Distribution and other	 	 	331	  	  	 	243	  	  	 	88	  	 	 	35.0	  	
Total revenue	 	 	2,128	  	  	 	1,813	  	  	 	315	  	 	 	17.3	  	
Operating costs and expenses	 	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	
Programming and production	 	 	1,304	  	  	 	1,150	  	  	 	154	  	 	 	13.3	  	
Other operating and administrative	 	 	335	  	  	 	321	  	  	 	14	  	 	 	3.9	  	
Advertising, marketing and promotion	 	 	95	  	  	 	111	  	  	 	(16	) 	 	 	(13.7	) 	
Total operating costs and expenses	 	 	1,734	  	  	 	1,582	  	  	 	152	  	 	 	9.5	  	
Operating income before depreciation and amortization	 	$	394	  	  	$	231	  	  	$	163	  	 	 	70.5	% 	
 	 	 	
 	 	Six Months Ended
June 30	 	  	Increase/
(Decrease)	 	
(in millions)	 	    2016    	 	  	    2015    	 	  	$	 	 	%	 	
Revenue	 	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	
Advertising	 	$	2,560	  	  	$	2,789	  	  	$	(229	) 	 	 	(8.2	)% 	
Content licensing	 	 	1,002	  	  	 	805	  	  	 	197	  	 	 	24.5	  	
Distribution and other	 	 	650	  	  	 	467	  	  	 	183	  	 	 	38.9	  	
Total revenue	 	 	4,212	  	  	 	4,061	  	  	 	151	  	 	 	3.7	  	
Operating costs and expenses	 	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	
Programming and production	 	 	2,667	  	  	 	2,776	  	  	 	(109	) 	 	 	(3.9	) 	
Other operating and administrative	 	 	653	  	  	 	631	  	  	 	22	  	 	 	3.2	  	
Advertising, marketing and promotion	 	 	214	  	  	 	241	  	  	 	(27	) 	 	 	(10.9	) 	
Total operating costs and expenses	 	 	3,534	  	  	 	3,648	  	  	 	(114	) 	 	 	(3.1	) 	
Operating income before depreciation and amortization	 	$	678	  	  	$	413	  	  	$	265	  	 	 	64.3	% 	
Broadcast Television Segment—Revenue
Broadcast Television revenue increased for the three months ended June 30, 2016 compared to the same period in 2015 due to increases in content licensing revenue, distribution and other revenue, and advertising revenue. The increase in content licensing revenue was primarily due to the timing of content provided under our licensing agreements. The increase in distribution and other revenue was primarily due to an increase in fees recognized under our retransmission consent agreements. The increase in advertising revenue was primarily due to higher prices for advertising units sold, which was partially offset by declines in audience ratings.
Broadcast Television revenue increased for the six months ended June 30, 2016 compared to the same period in 2015 primarily due to increases in content licensing revenue and distribution and other revenue, which were partially offset by a decrease in advertising revenue. The increase in content licensing revenue was primarily due to the timing of content provided under our licensing agreements. The increase in distribution and other revenue was primarily due to an increase in fees recognized under our retransmission consent agreements. The decrease in advertising revenue was primarily due to additional advertising revenue in the prior year period associated with our broadcast of the 2015 Super Bowl. Excluding $376 million of revenue associated with our broadcast of the 2015 Super Bowl in the prior year period, revenue increased 14.3% for the six months ended June 30, 2016.
Broadcast Television Segment—Operating Costs and Expenses
Operating costs and expenses increased for the three months ended June 30, 2016 compared to the same period in 2015 primarily due to an increase in programming and production costs. The increase in programming and production costs was primarily due to higher studio production costs.
 
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Operating costs and expenses decreased for the six months ended June 30, 2016 compared to the same period in 2015 primarily due to higher programming and production costs in the prior year associated with our broadcast of the 2015 Super Bowl.
Filmed Entertainment Segment Results of Operations

 	 	Three Months Ended
June 30	 	  	Increase/
(Decrease)	 	
(in millions)	 	    2016    	 	  	    2015    	 	  	$	 	 	%	 	
Revenue	 	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	
Theatrical	 	$	297	  	  	$	1,406	  	  	$	(1,109	) 	 	 	(78.8	)% 	
Content licensing	 	 	598	  	  	 	367	  	  	 	231	  	 	 	63.2	  	
Home entertainment	 	 	241	  	  	 	322	  	  	 	(81	) 	 	 	(25.1	) 	
Other	 	 	215	  	  	 	171	  	  	 	44	  	 	 	24.4	  	
Total revenue	 	 	1,351	  	  	 	2,266	  	  	 	(915	) 	 	 	(40.4	) 	
Operating costs and expenses	 	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	
Programming and production	 	 	628	  	  	 	1,149	  	  	 	(521	) 	 	 	(45.3	) 	
Other operating and administrative	 	 	227	  	  	 	214	  	  	 	13	  	 	 	6.0	  	
Advertising, marketing and promotion	 	 	440	  	  	 	481	  	  	 	(41	) 	 	 	(8.6	) 	
Total operating costs and expenses	 	 	1,295	  	  	 	1,844	  	  	 	(549	) 	 	 	(29.8	) 	
Operating income before depreciation and amortization	 	$	56	  	  	$	422	  	  	$	(366	) 	 	 	(86.7	)% 	

 	 	Six Months Ended
June 30	 	  	Increase/
(Decrease)	 	
(in millions)	 	    2016    	 	  	    2015    	 	  	$	 	 	%	 	
Revenue	 	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	
Theatrical	 	$	533	  	  	$	1,777	  	  	$	(1,244	) 	 	 	(70.0	)% 	
Content licensing	 	 	1,250	  	  	 	905	  	  	 	345	  	 	 	38.2	  	
Home entertainment	 	 	516	  	  	 	686	  	  	 	(170	) 	 	 	(24.7	) 	
Other	 	 	435	  	  	 	344	  	  	 	91	  	 	 	25.7	  	
Total revenue	 	 	2,734	  	  	 	3,712	  	  	 	(978	) 	 	 	(26.4	) 	
Operating costs and expenses	 	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	
Programming and production	 	 	1,250	  	  	 	1,760	  	  	 	(510	) 	 	 	(29.0	) 	
Other operating and administrative	 	 	436	  	  	 	410	  	  	 	26	  	 	 	6.4	  	
Advertising, marketing and promotion	 	 	825	  	  	 	827	  	  	 	(2	) 	 	 	(0.3	) 	
Total operating costs and expenses	 	 	2,511	  	  	 	2,997	  	  	 	(486	) 	 	 	(16.2	) 	
Operating income before depreciation and amortization	 	$	223	  	  	$	715	  	  	$	(492	) 	 	 	(68.8	)% 	
Filmed Entertainment Segment—Revenue
Filmed Entertainment revenue decreased for the three and six months ended June 30, 2016 compared to the same periods in 2015 primarily due to decreases in theatrical revenue and home entertainment revenue, which were partially offset by increases in content licensing revenue and other revenue. The decreases in theatrical revenue were primarily due to the strong performance of our prior year period releases, including  Furious 7  and  Jurassic World . The decreases in home entertainment revenue were primarily due to the strong performance of several releases in the prior year period, including Fifty Shades of Grey . 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 six months ended June 30, 2016 compared to the same periods in 2015 primarily due to decreases in programming and production 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  and  Jurassic World .
 
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Theme Parks Segment Actual and Pro Forma Results of Operations

 	 	Three Months Ended June 30	 	 	 	 	 	Increase/(Decrease)	 	
 	 	    2016    	 	 	 	 	 	2015	 	 	 	 	 	Actual	 	 	 	 	 	Pro Forma
Combined	 	
(in millions)	 	Actual	 	 	 	 	 	Actual	 	  	Pro Forma
Adjustments	 	  	Pro Forma
Combined	 	 	 	 	 	$	 	  	%	 	 	 	 	 	$	 	  	%	 	
Revenue	 	$	1,136	  	 	 	 	 	 	$	773	  	  	$	255	  	  	$	1,028	  	 	 	 	 	 	$	363	  	  	 	47.0	% 	 	 	 	 	 	$	108	  	  	 	10.6	% 	
Operating costs and expenses	 	 	667	  	 	 	 	 	 	 	439	  	  	 	144	  	  	 	583	  	 	 	 	 	 	 	228	  	  	 	51.9	  	 	 	 	 	 	 	84	  	  	 	14.7	  	
Operating income before depreciation and amortization	 	$	469	  	 	 	 	 	 	$	334	  	  	$	111	  	  	$	445	  	 	 	 	 	 	$	135	  	  	 	40.5	% 	 	 	 	 	 	$	24	  	  	 	5.3	% 	
 	 	 	 	
 	 	Six Months Ended June 30	 	 	 	 	 	Increase/(Decrease)	 	
 	 	    2016    	 	 	 	 	 	2015	 	 	 	 	 	Actual	 	 	 	 	 	Pro Forma
Combined	 	
(in millions)	 	Actual	 	 	 	 	 	Actual	 	  	Pro Forma
Adjustments	 	  	Pro Forma
Combined	 	 	 	 	 	$	 	  	%	 	 	 	 	 	$	 	  	%	 	
Revenue	 	$	2,162	  	 	 	 	 	 	$	1,424	  	  	$	539	  	  	$	1,963	  	 	 	 	 	 	$	738	  	  	 	51.8	% 	 	 	 	 	 	$	199	  	  	 	10.2	% 	
Operating costs and expenses	 	 	1,318	  	 	 	 	 	 	 	846	  	  	 	309	  	  	 	1,155	  	 	 	 	 	 	 	472	  	  	 	55.7	  	 	 	 	 	 	 	163	  	  	 	14.2	  	
Operating income before depreciation and amortization	 	$	844	  	 	 	 	 	 	$	578	  	  	$	230	  	  	$	808	  	 	 	 	 	 	$	266	  	  	 	46.0	% 	 	 	 	 	 	$	36	  	  	 	4.4	% 	
Theme Parks Segment—Revenue
Theme Parks revenue increased for the three and six months ended June 30, 2016 compared to the pro forma combined revenue in the same periods in 2015 primarily due to increases in guest spending and the successful opening of our new attraction  The Wizarding World of Harry Potte r™ in Hollywood in April 2016.
Theme Parks Segment—Operating Costs and Expenses
Operating costs and expenses increased for the three and six months ended June 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 Potte r™ attraction in Hollywood and pre-opening costs associated with a new attraction in Orlando.
Corporate and Other Results of Operations

 	 	Three Months Ended
June 30	 	 	Increase/
(Decrease)	 	
(in millions)	 	    2016    	 	 	    2015    	 	 	$	 	 	%	 	
Revenue	 	$	180	  	 	$	164	  	 	$	16	  	 	 	9.5	% 	
Operating costs and expenses	 	 	471	  	 	 	395	  	 	 	76	  	 	 	19.0	  	
Operating loss before depreciation and amortization	 	$	(291	) 	 	$	(231	) 	 	$	(60	) 	 	 	(25.8	)% 	
 	 	 	
 	 	Six Months Ended
June 30	 	 	Increase/
(Decrease)	 	
(in millions)	 	    2016    	 	 	    2015    	 	 	$	 	 	%	 	
Revenue	 	$	379	  	 	$	357	  	 	$	22	  	 	 	6.2	% 	
Operating costs and expenses	 	 	824	  	 	 	797	  	 	 	27	  	 	 	3.4	  	
Operating loss before depreciation and amortization	 	$	(445	) 	 	$	(440	) 	 	$	(5	) 	 	 	(1.1	)% 	
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 three and six months ended June 30, 2016 compared to the same periods in 2015 primarily due to increases in revenue from several of our Comcast Spectacor businesses.
 
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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 for the three and six months ended June 30, 2016 included expenses related to the settlement of insurance obligations. Corporate and Other operating costs and expenses for the three and six months ended June 30, 2015 included $79 million and $178 million, respectively, of transaction-related costs associated with the Time Warner Cable merger and divestiture transactions.
Consolidated Other Income (Expense) Items, Net

 	 	Three Months Ended
June 30	 	 	Six Months Ended
June 30	 	
(in millions)	 	    2016    	 	 	    2015    	 	 	    2016    	 	 	    2015    	 	
Interest expense	 	$	(732	) 	 	$	(713	) 	 	$	(1,435	) 	 	$	(1,369	) 	
Investment income (loss), net	 	 	58	  	 	 	17	  	 	 	88	  	 	 	50	  	
Equity in net income (losses) of investees, net	 	 	(19	) 	 	 	(236	) 	 	 	(30	) 	 	 	(203	) 	
Other income (expense), net	 	 	(15	) 	 	 	315	  	 	 	115	  	 	 	417	  	
Total	 	$	(708	) 	 	$	(617	) 	 	$	(1,262	) 	 	$	(1,105	) 	
Interest Expense
Interest expense increased for the three and six months ended June 30, 2016 compared to the same periods in 2015 primarily due to increases in our debt outstanding.
Investment Income (Loss), Net
The components of investment income (loss), net for the three and six months ended June 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 changes in equity in net income (losses) of investees, net for the three and six months ended June 30, 2016 compared to the same periods in 2015 were primarily due to an impairment charge related to goodwill recorded by The Weather Channel in the prior year periods. We recorded an expense of $252 million in the three and six months ended June 30, 2015 representing NBCUniversal’s proportionate share of this impairment charge. The changes in equity in net income (losses) of investees, net were also due to increases in our proportionate share of losses at Hulu, LLC.
Other Income (Expense), Net
Other income (expense), net for the three months ended June 30, 2015 included gains of $171 million related to the sale of an investment and $240 million on the settlement of a contingent consideration liability with General Electric Company related to the acquisition of NBCUniversal, which were offset by $96 million of expenses related to fair value adjustments to a contractual obligation.
Other income (expense), net for the six months ended June 30, 2016 included a $108 million gain related to the sale of our investment in The Weather Channel’s product and technology businesses. Other income (expense), net for the six months ended June 30, 2015 included a $164 million gain related to the sale of a business, which was partially offset by $136 million of expenses related to fair value adjustments to a contractual obligation.
Consolidated Income Tax Expense
Income tax expense for the three and six months ended June 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.
 
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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 to meet our debt repayment obligations, to fund our capital expenditures, to invest in business opportunities and to return capital to shareholders.
On April 28, 2016, we entered into an agreement to acquire all of the outstanding stock of DreamWorks Animation SKG, Inc. (“DreamWorks”) for $3.8 billion. DreamWorks stockholders will receive $41 in cash for each share of DreamWorks common stock. We intend to use the proceeds from our recent issuance of debt in July to fund this transaction (see Note 8). The transaction is expected to close in 2016, subject to receipt of certain international regulatory approvals and the satisfaction of other customary closing conditions.
Operating Activities
Components of Net Cash Provided by Operating Activities

 	 	Six Months Ended
June 30	 	
(in millions)	 	    2016    	 	 	    2015    	 	
Operating income	 	$	8,155	  	 	$	7,995	  	
Depreciation and amortization	 	 	4,667	  	 	 	4,227	  	
Operating income before depreciation and amortization	 	 	12,822	  	 	 	12,222	  	
Noncash share-based compensation	 	 	331	  	 	 	294	  	
Changes in operating assets and liabilities	 	 	(809	) 	 	 	(304	) 	
Cash basis operating income	 	 	12,344	  	 	 	12,212	  	
Payments of interest	 	 	(1,235	) 	 	 	(1,241	) 	
Payments of income taxes	 	 	(1,685	) 	 	 	(1,999	) 	
Excess tax benefits under share-based compensation	 	 	(160	) 	 	 	(220	) 	
Other	 	 	119	  	 	 	82	  	
Net cash provided by operating activities	 	$	9,383	  	 	$	8,834	  	
The variance in changes in operating assets and liabilities for the six months ended June 30, 2016 compared to the same period in 2015 was primarily due to an increase in certain benefit payments and the timing of film and television spending, including participations and residuals, in the current year period. These items were partially offset by the change in receivables compared to the prior year period, which included a significant increase in receivables associated with the success of our 2015 film slate.
Investing Activities
Net cash used in investing activities for the six months ended June 30, 2016 consisted primarily of cash paid for capital expenditures, intangible assets, purchases of investments, and acquisitions and construction of real estate properties, which was partially offset by proceeds from the sale of businesses and investments. Capital expenditures increased for the six months ended June 30, 2016 compared to the same period in 2015 primarily due to increased spending in our Cable Communications segment associated with increased investment in line extensions, continued investment in scalable infrastructure to increase network capacity, 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. Purchases of investments for the six months ended June 30, 2016 is comprised primarily of capital contributions of $429 million to Atairos Group, Inc.
 
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Financing Activities
Net cash used in financing activities for the six months ended June 30, 2016 consisted primarily of repayments of debt, repurchases of our common stock and dividend payments, which were partially offset by proceeds from borrowings.
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 June 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 $7.1 billion, which included $326 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 six months ended June 30, 2016, we repurchased a total of 40 million shares of our Class A common stock for approximately $2.4 billion. We expect to make $2.6 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 and May 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.
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	
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.
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.
 
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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 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.
 
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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 June 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)	 	
April 1-30, 2016	 	 	120	  	  	$	61.43	  	  	 	—	  	  	$	—	  	  	$	8,750,582,365	  	
May 1-31, 2016	 	 	8,361,170	  	  	$	61.08	  	  	 	8,361,170	  	  	$	510,699,704	  	  	$	8,239,882,661	  	
June 1-30, 2016	 	 	10,056,966	  	  	$	62.15	  	  	 	10,056,966	  	  	$	625,000,000	  	  	$	7,614,882,661	  	
Total	 	 	18,418,256	  	  	$	61.66	  	  	 	18,418,136	  	  	$	1,135,699,704	  	  	$	7,614,882,661	  	
 
(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 $2.6 billion more in repurchases during the remainder of 2016, subject to market conditions.	
The total number of shares purchased during the three months ended June 30, 2016 includes 120 shares received in the administration of employee share-based compensation plans.
 
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ITEM 6: EXHIBITS
Comcast

Exhibit
No.	 	Description	
  10.1	 	Credit Agreement dated as of May 26, 2016, among Comcast Corporation, the financial institutions party thereto, JPMorgan Chase Bank, N.A., as administrative agent, Citibank, N.A., as syndication agent, Morgan Stanley MUFG Partners, LLC, Wells Fargo Bank, National Association and Mizuho Bank, Ltd., as co-documentation agents (incorporated by reference to exhibit 10.1 to Comcast’s Current Report on Form 8-K filed on May 31, 2016).	
  10.2*	 	Amendment No. 16 to Employment Agreement with Brian L. Roberts, dated as of June 30, 2016 (incorporated by reference to exhibit 99.1 to Comcast’s Current Report on Form 8-K filed on July 1, 2016).	
  10.3*	 	Comcast Corporation 2002 Restricted Plan, as amended and restated effective February 22, 2016 (incorporated by reference to Appendix A to Comcast’s Definitive Proxy Statement on Schedule 14A filed on April 8, 2016).	
  10.4*	 	Comcast Corporation 2003 Stock Option Plan, as amended and restated effective February 22, 2016 (incorporated by reference to Appendix B to Comcast’s Definitive Proxy Statement on Schedule 14A filed on April 8, 2016).	
  10.5*	 	Comcast Corporation 2002 Employee Stock Purchase Plan, as amended and restated effective February 22, 2016 (incorporated by reference to Appendix C to Comcast’s Definitive Proxy Statement on Schedule 14A filed on April 8, 2016).	
  10.6*	 	Comcast-NBCUniversal Employee Stock Purchase Plan, as amended and restated effective February 22, 2016 (incorporated by reference to Appendix D to Comcast’s Definitive Proxy Statement on Schedule 14A filed on April 8, 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 six months ended June 30, 2016, filed with the Securities and Exchange Commission on July 27, 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	
  10.1	 	Credit Agreement dated as of May 26, 2016, among Comcast Corporation, the financial institutions party thereto, JPMorgan Chase Bank, N.A., as administrative agent, Citibank, N.A., as syndication agent, Morgan Stanley MUFG Partners, LLC, Wells Fargo Bank, National Association and Mizuho Bank, Ltd., as co-documentation agents (incorporated by reference to exhibit 10.1 to Comcast’s Current Report on Form 8-K filed on May 31, 2016).	
  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 six months ended June 30, 2016, filed with the Securities and Exchange Commission on July 27, 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: July 27, 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: July 27, 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)	 	June 30,
2016	 	  	December 31,
2015	 	
Assets	 	 	 	 	  	 	 	 	
Current Assets:	 	 	 	 	  	 	 	 	
Cash and cash equivalents	 	$	1,155	  	  	$	1,410	  	
Receivables, net	 	 	5,228	  	  	 	5,411	  	
Programming rights	 	 	1,427	  	  	 	1,200	  	
Other current assets	 	 	916	  	  	 	841	  	
Total current assets	 	 	8,726	  	  	 	8,862	  	
Film and television costs	 	 	5,806	  	  	 	5,847	  	
Investments	 	 	979	  	  	 	965	  	
Property and equipment, net of accumulated depreciation of $3,108 and $2,779	 	 	10,197	  	  	 	9,521	  	
Goodwill	 	 	21,143	  	  	 	20,364	  	
Intangible assets, net of accumulated amortization of $6,121 and $5,654	 	 	13,884	  	  	 	13,806	  	
Other noncurrent assets, net	 	 	1,190	  	  	 	1,325	  	
Total assets	 	$	61,925	  	  	$	60,690	  	
 	 	 	
Liabilities and Equity	 	 	 	 	  	 	 	 	
Current Liabilities:	 	 	 	 	  	 	 	 	
Accounts payable and accrued expenses related to trade creditors	 	$	1,426	  	  	$	1,564	  	
Accrued participations and residuals	 	 	1,542	  	  	 	1,572	  	
Program obligations	 	 	572	  	  	 	765	  	
Deferred revenue	 	 	1,547	  	  	 	1,242	  	
Accrued expenses and other current liabilities	 	 	1,374	  	  	 	1,675	  	
Note payable to Comcast	 	 	1,884	  	  	 	1,750	  	
Current portion of long-term debt	 	 	182	  	  	 	1,163	  	
Total current liabilities	 	 	8,527	  	  	 	9,731	  	
Long-term debt, less current portion	 	 	11,861	  	  	 	11,331	  	
Accrued participations, residuals and program obligations	 	 	1,133	  	  	 	1,163	  	
Other noncurrent liabilities	 	 	3,875	  	  	 	3,790	  	
Commitments and contingencies	 	 	 	 	  	 	 	 	
Redeemable noncontrolling interests	 	 	367	  	  	 	372	  	
Equity:	 	 	 	 	  	 	 	 	
Member’s capital	 	 	33,921	  	  	 	32,834	  	
Accumulated other comprehensive income (loss)	 	 	95	  	  	 	(212	) 	
Total NBCUniversal member’s equity	 	 	34,016	  	  	 	32,622	  	
Noncontrolling interests	 	 	2,146	  	  	 	1,681	  	
Total equity	 	 	36,162	  	  	 	34,303	  	
Total liabilities and equity	 	$	61,925	  	  	$	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
June 30	 	 	Six Months Ended
June 30	 	
(in millions)	 	    2016    	 	 	    2015    	 	 	    2016    	 	 	    2015    	 	
Revenue	 	$	7,103	  	 	$	7,230	  	 	$	13,964	  	 	$	13,834	  	
Costs and Expenses:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Programming and production	 	 	3,037	  	 	 	3,339	  	 	 	6,002	  	 	 	6,510	  	
Other operating and administrative	 	 	1,652	  	 	 	1,438	  	 	 	3,247	  	 	 	2,772	  	
Advertising, marketing and promotion	 	 	725	  	 	 	741	  	 	 	1,404	  	 	 	1,346	  	
Depreciation	 	 	223	  	 	 	170	  	 	 	415	  	 	 	330	  	
Amortization	 	 	242	  	 	 	235	  	 	 	464	  	 	 	439	  	
 	 	 	5,879	  	 	 	5,923	  	 	 	11,532	  	 	 	11,397	  	
Operating income	 	 	1,224	  	 	 	1,307	  	 	 	2,432	  	 	 	2,437	  	
Other Income (Expense):	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Interest expense	 	 	(146	) 	 	 	(121	) 	 	 	(293	) 	 	 	(245	) 	
Investment income (loss), net	 	 	8	  	 	 	(2	) 	 	 	14	  	 	 	(4	) 	
Equity in net income (losses) of investees, net	 	 	(19	) 	 	 	(247	) 	 	 	(21	) 	 	 	(227	) 	
Other income (expense), net	 	 	(18	) 	 	 	70	  	 	 	97	  	 	 	12	  	
 	 	 	(175	) 	 	 	(300	) 	 	 	(203	) 	 	 	(464	) 	
Income before income taxes	 	 	1,049	  	 	 	1,007	  	 	 	2,229	  	 	 	1,973	  	
Income tax expense	 	 	(74	) 	 	 	(63	) 	 	 	(172	) 	 	 	(111	) 	
Net income	 	 	975	  	 	 	944	  	 	 	2,057	  	 	 	1,862	  	
Net (income) loss attributable to noncontrolling interests	 	 	(42	) 	 	 	(32	) 	 	 	(122	) 	 	 	(98	) 	
Net income attributable to NBCUniversal	 	$	933	  	 	$	912	  	 	$	1,935	  	 	$	1,764	  	
See accompanying notes to condensed consolidated financial statements.
 
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NBCUniversal Media, LLC
Condensed Consolidated Statement of Comprehensive Income
(Unaudited)

 	 	Three Months Ended
June 30	 	 	Six Months Ended
June 30	 	
(in millions)	 	    2016    	 	 	    2015    	 	 	    2016    	 	 	    2015        	 	
Net income	 	$	975	  	 	$	944	  	 	$	2,057	  	 	$	1,862	  	
Deferred gains (losses) on cash flow hedges, net	 	 	6	  	 	 	(18	) 	 	 	(12	) 	 	 	(6	) 	
Employee benefit obligations, net	 	 	—	  	 	 	—	  	 	 	4	  	 	 	—	  	
Currency translation adjustments, net	 	 	307	  	 	 	47	  	 	 	602	  	 	 	(31	) 	
Comprehensive income	 	 	1,288	  	 	 	973	  	 	 	2,651	  	 	 	1,825	  	
Net (income) loss attributable to noncontrolling interests	 	 	(42	) 	 	 	(32	) 	 	 	(122	) 	 	 	(98	) 	
Other comprehensive (income) loss attributable to noncontrolling interests	 	 	(150	) 	 	 	(5	) 	 	 	(287	) 	 	 	10	  	
Comprehensive income attributable to NBCUniversal	 	$	1,096	  	 	$	936	  	 	$	2,242	  	 	$	1,737	  	
See accompanying notes to condensed consolidated financial statements.
 
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Condensed Consolidated Statement of Cash Flows
(Unaudited)

 	 	Six Months Ended
June 30	 	
(in millions)	 	    2016    	 	 	    2015    	 	
Net cash provided by operating activities	 	$	2,478	  	 	$	2,621	  	
Investing Activities	 	 	 	 	 	 	 	 	
Capital expenditures	 	 	(655	) 	 	 	(540	) 	
Cash paid for intangible assets	 	 	(114	) 	 	 	(64	) 	
Acquisitions of real estate properties	 	 	(78	) 	 	 	—	  	
Proceeds from sales of businesses and investments	 	 	102	  	 	 	217	  	
Purchases of investments	 	 	(62	) 	 	 	(209	) 	
Other	 	 	(45	) 	 	 	126	  	
Net cash provided by (used in) investing activities	 	 	(852	) 	 	 	(470	) 	
Financing Activities	 	 	 	 	 	 	 	 	
Proceeds from (repayments of) borrowings from Comcast, net	 	 	134	  	 	 	(299	) 	
Repurchases and repayments of debt	 	 	(1,083	) 	 	 	(1,003	) 	
Distributions to noncontrolling interests	 	 	(104	) 	 	 	(93	) 	
Distributions to member	 	 	(853	) 	 	 	(991	) 	
Other	 	 	25	  	 	 	—	  	
Net cash provided by (used in) financing activities	 	 	(1,881	) 	 	 	(2,386	) 	
Increase (decrease) in cash and cash equivalents	 	 	(255	) 	 	 	(235	) 	
Cash and cash equivalents, beginning of period	 	 	1,410	  	 	 	1,248	  	
Cash and cash equivalents, end of period	 	$	1,155	  	 	$	1,013	  	
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	 	 	 	 	 	 	 	 	  	 	(991	) 	 	 	 	 	 	 	 	 	 	 	(991	) 	
Contributions from (distributions to) noncontrolling interests, net	 	 	(14	) 	 	 	 	 	  	 	 	 	 	 	 	 	 	 	(79	) 	 	 	(79	) 	
Contribution from member	 	 	 	 	 	 	 	 	  	 	252	  	 	 	 	 	 	 	 	 	 	 	252	  	
Other comprehensive income (loss)	 	 	 	 	 	 	 	 	  	 	 	 	 	 	(27	) 	 	 	(10	) 	 	 	(37	) 	
Other	 	 	 	 	 	 	 	 	  	 	(1	) 	 	 	 	 	 	 	1	  	 	 	—	  	
Net income (loss)	 	 	21	  	 	 	 	 	  	 	1,764	  	 	 	 	 	 	 	77	  	 	 	1,841	  	
Balance, June 30, 2015	 	$	337	  	 	 	 	 	  	$	31,553	  	 	$	(186	) 	 	$	256	  	 	$	31,623	  	
Balance, December 31, 2015	 	$	372	  	 	 	 	 	  	$	32,834	  	 	$	(212	) 	 	$	1,681	  	 	$	34,303	  	
Dividends declared	 	 	 	 	 	 	 	 	  	 	(853	) 	 	 	 	 	 	 	 	 	 	 	(853	) 	
Contributions from (distributions to) noncontrolling interests, net	 	 	(29	) 	 	 	 	 	  	 	 	 	 	 	 	 	 	 	(75	) 	 	 	(75	) 	
Other comprehensive income (loss)	 	 	 	 	 	 	 	 	  	 	 	 	 	 	307	  	 	 	287	  	 	 	594	  	
Other	 	 	 	 	 	 	 	 	  	 	5	  	 	 	 	 	 	 	155	  	 	 	160	  	
Net income (loss)	 	 	24	  	 	 	 	 	  	 	1,935	  	 	 	 	 	 	 	98	  	 	 	2,033	  	
Balance, June 30, 2016	 	$	367	  	 	 	 	 	  	$	33,921	  	 	$	95	  	 	$	2,146	  	 	$	36,162	  	
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 accounting 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.
The updated guidance is effective for us as of January 1, 2017 and early adoption is permitted. The updated guidance provides companies with alternative methods of adoption, with certain items that are allowed to be applied retrospectively and certain other items that are only to be applied prospectively in the period of adoption. 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 April 28, 2016, Comcast entered into an agreement to acquire all of the outstanding stock of DreamWorks Animation SKG, Inc. (“DreamWorks”) for approximately $3.8 billion. DreamWorks stockholders will receive $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 transaction is expected to close in 2016, subject to receipt of certain international regulatory approvals and the satisfaction of other customary closing conditions.
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. The acquisition was funded through cash on hand and borrowings under Comcast’s commercial paper program.
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.
 
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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 three months ended June 30, 2016, we updated the preliminary allocation of purchase price for Universal Studios Japan based on valuation analyses, which 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	 	$	793	  	
Intangible assets	 	 	323	  	
Working capital	 	 	(33	) 	
Debt	 	 	(3,271	) 	
Other noncurrent assets and liabilities	 	 	43	  	
Identifiable net assets (liabilities) acquired	 	 	(2,145	) 	
Noncontrolling interest	 	 	(1,440	) 	
Goodwill	 	 	5,084	  	
Cash consideration transferred	 	$	1,499	  	
Actual and Unaudited Pro Forma Results
Our consolidated revenue for the three and six months ended June 30, 2016 included $283 million and $576 million, respectively, from the acquisition of Universal Studios Japan. Our consolidated net income attributable to NBCUniversal for the three and six months ended June 30, 2016 included $10 million and $28 million, respectively, from the acquisition of Universal Studios Japan.
The following unaudited pro forma information has been presented as if the acquisition 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.

(in millions)	 	Three Months Ended
June 30, 2015	 	  	Six Months Ended
June 30, 2015	 	
Revenue	 	$	7,484	  	  	$	14,372	  	
Net income	 	$	977	  	  	$	1,931	  	
Net income attributable to NBCUniversal	 	$	928	  	  	$	1,798	  	
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.
Comcast is also the counterparty to one of our contractual obligations. As of June 30, 2016, the carrying value of the liability associated with this contractual obligation was $383 million.
 
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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)	 	June 30,
2016	 	  	December 31,
2015	 	
Transactions with Comcast and Consolidated Subsidiaries	 	 	 	 	  	 	 	 	
Receivables, net	 	$	281	  	  	$	239	  	
Accounts payable and accrued expenses related to trade creditors	 	$	50	  	  	$	68	  	
Accrued expenses and other current liabilities	 	$	70	  	  	$	51	  	
Note payable to Comcast	 	$	1,884	  	  	$	1,750	  	
Other noncurrent liabilities	 	$	387	  	  	$	383	  	
Condensed Consolidated Statement of Income

 	 	Three Months Ended
June 30	 	 	Six Months Ended
June 30	 	
(in millions)	 	    2016    	 	 	    2015    	 	 	    2016    	 	 	    2015    	 	
Transactions with Comcast and Consolidated Subsidiaries	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Revenue	 	$	407	  	 	$	330	  	 	$	813	  	 	$	672	  	
Operating costs and expenses	 	$	(44	) 	 	$	(43	) 	 	$	(104	) 	 	$	(93	) 	
Other income (expense)	 	$	(17	) 	 	$	(9	) 	 	$	(30	) 	 	$	(18	) 	
Note 5: Film and Television Costs

(in millions)	 	June 30,
2016	 	  	December 31,
2015	 	
Film Costs:	 	 	 	 	  	 	 	 	
Released, less amortization	 	$	1,425	  	  	$	1,275	  	
Completed, not released	 	 	101	  	  	 	226	  	
In production and in development	 	 	1,005	  	  	 	907	  	
 	 	 	2,531	  	  	 	2,408	  	
Television Costs:	 	 	 	 	  	 	 	 	
Released, less amortization	 	 	1,577	  	  	 	1,573	  	
In production and in development	 	 	635	  	  	 	737	  	
 	 	 	2,212	  	  	 	2,310	  	
Programming rights, less amortization	 	 	2,490	  	  	 	2,329	  	
 	 	 	7,233	  	  	 	7,047	  	
Less: Current portion of programming rights	 	 	1,427	  	  	 	1,200	  	
Film and television costs	 	$	5,806	  	  	$	5,847	  	
 
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Note 6: Investments

(in millions)	 	June 30,
2016	 	  	December 31,
2015	 	
Fair Value Method	 	$	7	  	  	$	10	  	
Equity Method:	 	 	 	 	  	 	 	 	
Hulu	 	 	170	  	  	 	184	  	
Other	 	 	332	  	  	 	313	  	
 	 	 	502	  	  	 	497	  	
Cost Method	 	 	470	  	  	 	458	  	
Total investments	 	$	979	  	  	$	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 six months ended June 30, 2016 of $108 million in other income (expense), net.
During the three months ended June 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
For the three and six months ended June 30, 2016, we recognized our proportionate share of losses of $40 million and $65 million, respectively, related to our investment in Hulu, LLC (“Hulu”). For the three and six months ended June 30, 2015, we recognized our proportionate share of losses of $13 million and $24 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	 	 	—	  	  	 	—	  	  	 	92	  	  	 	—	  	 	 	92	  	
Adjustments	 	 	—	  	  	 	—	  	  	 	—	  	  	 	(289	) 	 	 	(289	) 	
Foreign currency translation	 	 	7	  	  	 	—	  	  	 	12	  	  	 	957	  	 	 	976	  	
Balance, June 30, 2016	 	$	12,954	  	  	$	806	  	  	$	371	  	  	$	7,012	  	 	$	21,143	  	
Adjustments to goodwill during the six months ended June 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 June 30, 2016, our debt, excluding the note payable to Comcast, had a carrying value of $12.0 billion and an estimated fair value of $13.5 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.
 
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Debt Repayments
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”) fully and unconditionally guarantee each other’s debt securities. As of June 30, 2016, we guaranteed $38.5 billion of outstanding debt securities of Comcast and CCCL Parent. We also fully and unconditionally guarantee the $7 billion Comcast revolving credit facility due 2021, of which no amounts were outstanding as of June 30, 2016, and the associated commercial paper program.
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 and associated 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.
Recognized Share-Based Compensation Expense

 	 	Three Months Ended
June 30	 	  	Six Months Ended
June 30	 	
(in millions)	 	2016	 	  	2015	 	  	2016	 	  	2015	 	
Restricted share units	 	$	27	  	  	$	24	  	  	$	45	  	  	$	41	  	
Stock options	 	 	2	  	  	 	3	  	  	 	4	  	  	 	5	  	
Employee stock purchase plans	 	 	2	  	  	 	2	  	  	 	5	  	  	 	4	  	
Total	 	$	31	  	  	$	29	  	  	$	54	  	  	$	50	  	
Note 10: Supplemental Financial Information
Receivables

(in millions)	 	June 30,
2016	 	  	December 31,
2015	 	
Receivables, gross	 	$	5,597	  	  	$	5,949	  	
Less: Allowance for returns and customer incentives	 	 	288	  	  	 	469	  	
Less: Allowance for doubtful accounts	 	 	81	  	  	 	69	  	
Receivables, net	 	$	5,228	  	  	$	5,411	  	
Accumulated Other Comprehensive Income (Loss)

(in millions)	 	June 30,
2016	 	 	June 30,
2015	 	
Deferred gains (losses) on cash flow hedges	 	$	(13	) 	 	$	14	  	
Unrecognized gains (losses) on employee benefit obligations	 	 	3	  	 	 	(61	) 	
Cumulative translation adjustments	 	 	105	  	 	 	(139	) 	
Accumulated other comprehensive income (loss)	 	$	95	  	 	$	(186	) 	
 
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Net Cash Provided by Operating Activities

 	 	Six Months Ended
June 30	 	
(in millions)	 	    2016    	 	 	    2015    	 	
Net income	 	$	2,057	  	 	$	1,862	  	
Adjustments to reconcile net income to net cash provided by operating activities:	 	 	 	 	 	 	 	 	
Depreciation and amortization	 	 	879	  	 	 	769	  	
Equity in net (income) losses of investees, net	 	 	21	  	 	 	227	  	
Cash received from investees	 	 	31	  	 	 	38	  	
Net (gain) loss on investment activity and other	 	 	(92	) 	 	 	(38	) 	
Deferred income taxes	 	 	64	  	 	 	(33	) 	
Changes in operating assets and liabilities, net of effects of acquisitions and divestitures:	 	 	 	 	 	 	 	 	
Current and noncurrent receivables, net	 	 	145	  	 	 	(726	) 	
Film and television costs, net	 	 	(179	) 	 	 	172	  	
Accounts payable and accrued expenses related to trade creditors	 	 	(185	) 	 	 	6	  	
Other operating assets and liabilities	 	 	(263	) 	 	 	344	  	
Net cash provided by operating activities	 	$	2,478	  	 	$	2,621	  	
Cash Payments for Interest and Income Taxes

 	 	Three Months Ended
June 30	 	  	Six Months Ended
June 30	 	
(in millions)	 	    2016    	 	  	    2015    	 	  	    2016    	 	  	    2015    	 	
Interest	 	$	219	  	  	$	209	  	  	$	285	  	  	$	242	  	
Income taxes	 	$	63	  	  	$	45	  	  	$	122	  	  	$	85	  	
Noncash Investing and Financing Activities
During the six months ended June 30, 2016:
 
 	•	 	we acquired $215 million of property and equipment and intangible assets that were accrued but unpaid	 	
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.	 	
 
 	•	 	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 June 30, 2016	 	
(in millions)	 	Revenue(e)	 	 	Operating Income (Loss)
Before Depreciation and
Amortization (f)	 	 	Depreciation and
Amortization	 	  	Operating Income
(Loss)	 	 	Capital
Expenditures	 	
Cable Networks	 	$	2,566	  	 	$	944	  	 	$	187	  	  	$	757	  	 	$	7	  	
Broadcast Television	 	 	2,128	  	 	 	394	  	 	 	30	  	  	 	364	  	 	 	30	  	
Filmed Entertainment	 	 	1,351	  	 	 	56	  	 	 	12	  	  	 	44	  	 	 	5	  	
Theme Parks(b)	 	 	1,136	  	 	 	469	  	 	 	145	  	  	 	324	  	 	 	240	  	
Headquarters and Other(c)	 	 	6	  	 	 	(175	) 	 	 	91	  	  	 	(266	) 	 	 	78	  	
Eliminations(b)(d)	 	 	(84	) 	 	 	1	  	 	 	—	  	  	 	1	  	 	 	—	  	
Total	 	$	7,103	  	 	$	1,689	  	 	$	465	  	  	$	1,224	  	 	$	360	  	

 	 	Three Months Ended June 30, 2015	 	
(in millions)	 	Revenue(e)	 	 	Operating Income (Loss)
Before Depreciation and
Amortization (f)	 	 	Depreciation and
Amortization	 	  	Operating Income
(Loss)	 	 	Capital
Expenditures	 	
Cable Networks	 	$	2,450	  	 	$	872	  	 	$	211	  	  	$	661	  	 	$	5	  	
Broadcast Television	 	 	1,813	  	 	 	231	  	 	 	30	  	  	 	201	  	 	 	14	  	
Filmed Entertainment	 	 	2,266	  	 	 	422	  	 	 	6	  	  	 	416	  	 	 	4	  	
Theme Parks(b)	 	 	773	  	 	 	334	  	 	 	76	  	  	 	258	  	 	 	166	  	
Headquarters and Other(c)	 	 	3	  	 	 	(169	) 	 	 	82	  	  	 	(251	) 	 	 	83	  	
Eliminations(b)(d)	 	 	(75	) 	 	 	22	  	 	 	—	  	  	 	22	  	 	 	—	  	
Total	 	$	7,230	  	 	$	1,712	  	 	$	405	  	  	$	1,307	  	 	$	272	  	

 	 	Six Months Ended June 30, 2016	 	
(in millions)	 	Revenue(e)	 	 	Operating Income (Loss)
Before Depreciation and
Amortization (f)	 	 	Depreciation and
Amortization	 	  	Operating Income
(Loss)	 	 	Capital
Expenditures	 	
Cable Networks	 	$	5,019	  	 	$	1,900	  	 	$	377	  	  	$	1,523	  	 	$	8	  	
Broadcast Television	 	 	4,212	  	 	 	678	  	 	 	62	  	  	 	616	  	 	 	49	  	
Filmed Entertainment	 	 	2,734	  	 	 	223	  	 	 	20	  	  	 	203	  	 	 	8	  	
Theme Parks(b)	 	 	2,162	  	 	 	844	  	 	 	243	  	  	 	601	  	 	 	440	  	
Headquarters and Other(c)	 	 	9	  	 	 	(335	) 	 	 	177	  	  	 	(512	) 	 	 	150	  	
Eliminations(b)(d)	 	 	(172	) 	 	 	1	  	 	 	—	  	  	 	1	  	 	 	—	  	
Total	 	$	13,964	  	 	$	3,311	  	 	$	879	  	  	$	2,432	  	 	$	655	  	

 	 	Six Months Ended June 30, 2015	 	
(in millions)	 	Revenue(e)	 	 	Operating Income (Loss)
Before Depreciation and
Amortization (f)	 	 	Depreciation and
Amortization	 	  	Operating Income
(Loss)	 	 	Capital
Expenditures	 	
Cable Networks	 	$	4,809	  	 	$	1,770	  	 	$	395	  	  	$	1,375	  	 	$	11	  	
Broadcast Television(a)	 	 	4,061	  	 	 	413	  	 	 	59	  	  	 	354	  	 	 	25	  	
Filmed Entertainment	 	 	3,712	  	 	 	715	  	 	 	11	  	  	 	704	  	 	 	5	  	
Theme Parks(b)	 	 	1,424	  	 	 	578	  	 	 	142	  	  	 	436	  	 	 	328	  	
Headquarters and Other(c)	 	 	7	  	 	 	(309	) 	 	 	162	  	  	 	(471	) 	 	 	171	  	
Eliminations(b)(d)	 	 	(179	) 	 	 	39	  	 	 	—	  	  	 	39	  	 	 	—	  	
Total	 	$	13,834	  	 	$	3,206	  	 	$	769	  	  	$	2,437	  	 	$	540	  	
 
(a)	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	
 
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Table of Contents
NBCUniversal Media, LLC
 
 	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.	
 
60

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: July 27, 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: July 27, 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: July 27, 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: July 27, 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
July 27, 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
July 27, 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