Table of Contents

 	
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)

x	Quarterly Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934	
For the quarterly period ended September 30, 2017 
OR

c	Transition Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934	
For the Transition Period from                      to                      

 	 	 	
Commission File Number	Exact Name of Registrant; State of
Incorporation; Address and Telephone
Number of Principal Executive Offices	I.R.S. Employer Identification No.	
001-32871	COMCAST CORPORATION	27-0000798	
 	PENNSYLVANIA
One Comcast Center
Philadelphia, PA 19103-2838
(215) 286-1700	 	
 	 	 	
001-36438	NBCUNIVERSAL MEDIA, LLC	14-1682529	
 	DELAWARE
30 Rockefeller Plaza
New York, NY 10112-0015
(212) 664-4444	 	
 
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding twelve months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

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

Comcast Corporation	Large accelerated filer	x	Accelerated filer	c	Non-accelerated filer	c	Smaller reporting company	c	Emerging growth company	c	
NBCUniversal Media, LLC	Large accelerated filer	c	Accelerated filer	c	Non-accelerated filer	x	Smaller reporting company	c	Emerging growth company	c	
If an emerging growth company, indicate by check mark whether the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Comcast Corporation	c	
NBCUniversal Media, LLC	c	
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).

 	Comcast Corporation	 	Yes	c	 	No	x	 	
 	NBCUniversal Media, LLC	 	Yes	c	 	No	x	 	
Indicate the number of shares outstanding of each of the registrant’s classes of stock, as of the latest practical date:
As of September 30, 2017, there were 4,664,327,455 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.

 	

TABLE OF CONTENTS

  	  	Page
Number	
PART I. FINANCIAL INFORMATION	
Item 1.	Comcast Corporation Financial Statements	1	
 	Condensed Consolidated Balance Sheet as of September 30, 2017 and December 31, 2016 (Unaudited)	1	
 	Condensed Consolidated Statement of Income for the Three and Nine Months Ended September 30, 2017 and 2016 (Unaudited)	2	
 	Condensed Consolidated Statement of Comprehensive Income for the Three and Nine Months Ended September 30, 2017 and 2016 (Unaudited)	3	
 	Condensed Consolidated Statement of Cash Flows for the Nine Months Ended September 30, 2017 and 2016 (Unaudited)	4	
 	Condensed Consolidated Statement of Changes in Equity for the Nine Months Ended September 30, 2017 and 2016 (Unaudited)	5	
 	Notes to Condensed Consolidated Financial Statements (Unaudited)	6	
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	25	
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	40	
Item 4.	Controls and Procedures	40	
PART II. OTHER INFORMATION	
Item 1.	Legal Proceedings	40	
Item 1A.	Risk Factors	41	
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	41	
Item 5.	Other Information	41	
Item 6.	Exhibits	42	
SIGNATURES	43	
NBCUniversal Media, LLC Financial Statements	44	
 
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;” NBCUniversal, LLC as “NBCUniversal Holdings;” and NBCUniversal Enterprise, Inc. as “NBCUniversal Enterprise.”
This Quarterly Report on Form 10-Q is for the three and nine months ended September 30, 2017. This Quarterly Report on Form 10-Q 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 on Form 10-Q. In addition, information that we file with the SEC in the future will automatically update and supersede information contained in this Quarterly Report on Form 10-Q.

You should carefully review the information contained in this Quarterly Report on Form 10-Q and particularly consider any risk factors set forth in this Quarterly Report on Form 10-Q and in other reports or documents that we file from time to time with the SEC. In this Quarterly Report on Form 10-Q, 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,” “should,” “expects,” “believes,” “estimates,” “potential,” or “continue,” or the negative of these words, and other comparable words. You should be aware that these statements are only our predictions. In evaluating these statements, you should consider various factors, including the risks outlined below and in other reports we file with the SEC. Actual events or our actual results could differ materially from our forward-looking statements as a result of any such factors, which could adversely affect our businesses, results of operations or financial condition. 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 new technologies and distribution platforms 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, including the launch of our wireless phone service, 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	

Table of Contents

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

(in millions, except share data)	September 30,
2017	 	December 31,
2016	
Assets	 	 	 	
Current Assets:	 	 	 	
Cash and cash equivalents	$	4,114	
 	 	$	3,301	
 	
Receivables, net	7,915	
 	 	7,955	
 	
Programming rights	1,779	
 	 	1,250	
 	
Other current assets	2,152	
 	 	3,855	
 	
Total current assets	15,960	
 	 	16,361	
 	
Film and television costs	6,796	
 	 	7,252	
 	
Investments	6,695	
 	 	5,247	
 	
Property and equipment, net of accumulated depreciation of $49,943 and $49,694	37,856	
 	 	36,253	
 	
Franchise rights	59,364	
 	 	59,364	
 	
Goodwill	36,752	
 	 	35,980	
 	
Other intangible assets, net of accumulated amortization of $12,371 and $11,013	18,733	
 	 	17,274	
 	
Other noncurrent assets, net	3,145	
 	 	2,769	
 	
Total assets	$	185,301	
 	 	$	180,500	
 	
Liabilities and Equity	 	 	 	
Current Liabilities:	 	 	 	
Accounts payable and accrued expenses related to trade creditors	$	6,976	
 	 	$	6,915	
 	
Accrued participations and residuals	1,811	
 	 	1,726	
 	
Deferred revenue	1,572	
 	 	1,132	
 	
Accrued expenses and other current liabilities	5,849	
 	 	6,282	
 	
Current portion of long-term debt	5,241	
 	 	5,480	
 	
Total current liabilities	21,449	
 	 	21,535	
 	
Long-term debt, less current portion	59,720	
 	 	55,566	
 	
Deferred income taxes	35,602	
 	 	34,854	
 	
Other noncurrent liabilities	10,914	
 	 	10,925	
 	
Commitments and contingencies (Note 10)	

 	
 	
Redeemable noncontrolling interests and redeemable subsidiary preferred stock	1,353	
 	 	1,446	
 	
Equity:	 	 	 	
Preferred stock—authorized, 20,000,000 shares; issued, zero	—	
 	 	—	
 	
Class A common stock, $0.01 par value—authorized, 7,500,000,000 shares; issued, 5,537,118,483 and 5,614,950,039; outstanding, 4,664,327,455 and 4,742,159,011	55	
 	 	56	
 	
Class B common stock, $0.01 par value—authorized, 75,000,000 shares; issued and outstanding, 9,444,375	—	
 	 	—	
 	
Additional paid-in capital	37,529	
 	 	38,230	
 	
Retained earnings	24,979	
 	 	23,076	
 	
Treasury stock, 872,791,028 Class A common shares	(7,517	)	 	(7,517	)	
Accumulated other comprehensive income (loss)	381	
 	 	98	
 	
Total Comcast Corporation shareholders’ equity	55,427	
 	 	53,943	
 	
Noncontrolling interests	836	
 	 	2,231	
 	
Total equity	56,263	
 	 	56,174	
 	
Total liabilities and equity	$	185,301	
 	 	$	180,500	
 	
See accompanying notes to condensed consolidated financial statements.

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Comcast Corporation

Condensed Consolidated Statement of Income
(Unaudited)

 	Three Months Ended
September 30	 	Nine Months Ended
September 30	
(in millions, except per share data)	2017	 	2016	 	2017	 	2016	
Revenue	$	20,983	
 	 	$	21,319	
 	 	$	62,611	
 	 	$	59,378	
 	
Costs and Expenses:	 	 	 	 	

Programming and production	6,077	
 	 	7,003	
 	 	18,492	
 	 	17,926	
 	
Other operating and administrative	6,423	
 	 	5,996	
 	 	18,310	
 	 	17,285	
 	
Advertising, marketing and promotion	1,553	
 	 	1,485	
 	 	4,748	
 	 	4,510	
 	
Depreciation	1,991	
 	 	1,865	
 	 	5,876	
 	 	5,518	
 	
Amortization	589	
 	 	530	
 	 	1,747	
 	 	1,544	
 	
Other operating gains	(442	)	 	—	
 	 	(442	)	 	—	
 	
 	16,191	
 	 	16,879	
 	 	48,731	
 	 	46,783	
 	
Operating income	4,792	
 	 	4,440	
 	 	13,880	
 	 	12,595	
 	
Other Income (Expense):	 	 	 	 	 	 	 	
Interest expense	(766	)	 	(751	)	 	(2,279	)	 	(2,186	)	
Investment income (loss), net	82	
 	 	80	
 	 	205	
 	 	168	
 	
Equity in net income (losses) of investees, net	(39	)	 	(34	)	 	12	
 	 	(64	)	
Other income (expense), net	27	
 	 	(11	)	 	82	
 	 	104	
 	
 	(696	)	 	(716	)	 	(1,980	)	 	(1,978	)	
Income before income taxes	4,096	
 	 	3,724	
 	 	11,900	
 	 	10,617	
 	
Income tax expense	(1,413	)	 	(1,400	)	 	(4,035	)	 	(3,989	)	
Net income	2,683	
 	 	2,324	
 	 	7,865	
 	 	6,628	
 	
Net (income) loss attributable to noncontrolling interests and redeemable subsidiary preferred stock	(33	)	 	(87	)	 	(136	)	 	(229	)	
Net income attributable to Comcast Corporation	$	2,650	
 	 	$	2,237	
 	 	$	7,729	
 	 	$	6,399	
 	
Basic earnings per common share attributable to Comcast Corporation shareholders	$	0.56	
 	 	$	0.47	
 	 	$	1.64	
 	 	$	1.32	
 	
Diluted earnings per common share attributable to Comcast Corporation shareholders	$	0.55	
 	 	$	0.46	
 	 	$	1.61	
 	 	$	1.31	
 	
Dividends declared per common share	$	0.1575	
 	 	$	0.1375	
 	 	$	0.4725	
 	 	$	0.4125	
 	
See accompanying notes to condensed consolidated financial statements.

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Comcast Corporation

Condensed Consolidated Statement of Comprehensive Income
(Unaudited) 

 	Three Months Ended
September 30	 	Nine Months Ended
September 30	
(in millions)	2017	 	2016	 	2017	 	2016	
Net income	$	2,683	
 	 	$	2,324	
 	 	$	7,865	
 	 	$	6,628	
 	
Unrealized gains (losses) on marketable securities, net of deferred taxes of $35, $—, $26 and $(1)	(59	)	 	(1	)	 	(42	)	 	2	
 	
Deferred gains (losses) on cash flow hedges, net of deferred taxes of $(9), $(7), ($16) and $46	16	
 	 	12	
 	 	28	
 	 	(79	)	
Amounts reclassified to net income:	 	 	 	 	 	 	 	
Realized (gains) losses on marketable securities, net of deferred taxes of $—, $—, $— and $1	(1	)	 	—	
 	 	(1	)	 	(1	)	
Realized (gains) losses on cash flow hedges, net of deferred taxes of $7, $(6), $15 and $(42)	(12	)	 	11	
 	 	(26	)	 	73	
 	
Employee benefit obligations, net of deferred taxes of $3, $—, $(30) and $(2)	(6	)	 	—	
 	 	51	
 	 	2	
 	
Currency translation adjustments, net of deferred taxes of $(8), $(6), $(47) and $(122)	20	
 	 	45	
 	 	166	
 	 	532	
 	
Comprehensive income	2,641	
 	 	2,391	
 	 	8,041	
 	 	7,157	
 	
Net (income) loss attributable to noncontrolling interests and redeemable subsidiary preferred stock	(33	)	 	(87	)	 	(136	)	 	(229	)	
Other comprehensive (income) loss attributable to noncontrolling interests	(5	)	 	(34	)	 	(87	)	 	(321	)	
Comprehensive income attributable to Comcast Corporation	$	2,603	
 	 	$	2,270	
 	 	$	7,818	
 	 	$	6,607	
 	
See accompanying notes to condensed consolidated financial statements.

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Comcast Corporation

Condensed Consolidated Statement of Cash Flows
(Unaudited) 

 	Nine Months Ended
September 30	
(in millions)	2017	 	2016	
Net cash provided by operating activities	$	15,961	
 	 	$	13,989	
 	
Investing Activities	 	 	 	
Capital expenditures	(6,839	)	 	(6,562	)	
Cash paid for intangible assets	(1,240	)	 	(1,163	)	
Acquisitions and construction of real estate properties	(325	)	 	(303	)	
Acquisitions, net of cash acquired	(429	)	 	(3,904	)	
Proceeds from sales of investments	120	
 	 	188	
 	
Purchases of investments	(2,064	)	 	(618	)	
Deposits	—	
 	 	(1,748	)	
Other	750	
 	 	(42	)	
Net cash provided by (used in) investing activities	(10,027	)	 	(14,152	)	
Financing Activities	 	 	 	
Proceeds from (repayments of) short-term borrowings, net	(2,807	)	 	610	
 	
Proceeds from borrowings	11,460	
 	 	9,231	
 	
Repurchases and repayments of debt	(5,021	)	 	(2,994	)	
Repurchases of common stock under repurchase program and employee plans	(4,212	)	 	(4,061	)	
Dividends paid	(2,147	)	 	(1,944	)	
Purchase of Universal Studios Japan noncontrolling interests	(2,299	)	 	—	
 	
Issuances of common stock	—	
 	 	23	
 	
Distributions to noncontrolling interests and dividends for redeemable subsidiary preferred stock	(198	)	 	(194	)	
Other	103	
 	 	4	
 	
Net cash provided by (used in) financing activities	(5,121	)	 	675	
 	
Increase (decrease) in cash and cash equivalents	813	
 	 	512	
 	
Cash and cash equivalents, beginning of period	3,301	
 	 	2,295	
 	
Cash and cash equivalents, end of period	$	4,114	
 	 	$	2,807	
 	
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	B	 	 	 	 	 	 	 	 	 	
Balance, December 31, 2015	$	1,221	
 	$	57	
 	$	—	
 	$	38,490	
 	$	21,413	
 	$	(7,517	)	$	(174	)	$	1,709	
 	$	53,978	
 	 	 	 	
Stock compensation plans	 	 	 	582	
 	 	 	 	 	582	
 	 	 	 	
Repurchases of common stock under repurchase program and employee plans	 	(1	)	 	(758	)	(3,303	)	 	 	 	(4,062	)	 	 	 	
Employee stock purchase plans	 	 	 	117	
 	 	 	 	 	117	
 	 	 	 	
Dividends declared	 	 	 	 	(1,999	)	 	 	 	(1,999	)	 	 	 	
Other comprehensive income (loss)	 	 	 	 	 	 	208	
 	321	
 	529	
 	 	 	 	
Contributions from (distributions to) noncontrolling interests, net	(20	)	 	 	 	 	 	 	(99	)	(99	)	 	 	 	
Other	62	
 	 	 	(33	)	 	 	 	245	
 	212	
 	 	 	 	
Net income (loss)	63	
 	 	 	 	6,399	
 	 	 	166	
 	6,565	
 	 	 	 	
Balance, September 30, 2016	$	1,326	
 	$	56	
 	$	—	
 	$	38,398	
 	$	22,510	
 	$	(7,517	)	$	34	
 	$	2,342	
 	$	55,823	
 	 	 	 	
Balance, December 31, 2016	$	1,446	
 	$	56	
 	$	—	
 	$	38,230	
 	$	23,076	
 	$	(7,517	)	$	98	
 	$	2,231	
 	$	56,174	
 	 	 	 	
Stock compensation plans	 	 	 	440	
 	 	 	 	 	440	
 	 	 	 	
Repurchases of common stock under repurchase program and employee plans	 	(1	)	 	(633	)	(3,587	)	 	 	 	(4,221	)	 	 	 	
Employee stock purchase plans	 	 	 	140	
 	 	 	 	 	140	
 	 	 	 	
Dividends declared	 	 	 	 	(2,239	)	 	 	 	(2,239	)	 	 	 	
Other comprehensive income (loss)	 	 	 	 	 	 	89	
 	87	
 	176	
 	 	 	 	
Contributions from (distributions to) noncontrolling interests, net	(31	)	 	 	 	 	 	 	(81	)	(81	)	 	 	 	
 Purchase of Universal Studios Japan noncontrolling interests	 	 	 	(696	)	 	 	194	
 	(1,736	)	(2,238	)	 	 	 	
Other	(114	)	 	 	48	
 	 	 	 	251	
 	299	
 	 	 	 	
Net income (loss)	52	
 	 	 	 	7,729	
 	 	 	84	
 	7,813	
 	 	 	 	
Balance, September 30, 2017	$	1,353	
 	$	55	
 	$	—	
 	$	37,529	
 	$	24,979	
 	$	(7,517	)	$	381	
 	$	836	
 	$	56,263	
 	 	 	 	
See accompanying notes to condensed consolidated financial statements.

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Comcast Corporation

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
Note 1: Condensed Consolidated Financial Statements
Basis of Presentation
We have prepared these unaudited condensed consolidated financial statements based on SEC rules that permit reduced disclosure for interim periods. These financial statements include all adjustments that are necessary for a fair presentation of our consolidated results of operations, 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 2016 Annual Report on Form 10-K. 
Stock Split
On January 24, 2017, our Board of Directors approved a two-for-one stock split in the form of a 100% stock dividend that was distributed on February 17, 2017 to shareholders of record as of February 8, 2017. The stock split was in the form of one additional share for every share held and was payable in shares of Class A common stock on the existing Class A common stock and Class B common stock. All share-based data, including the number of shares outstanding and per share amounts, have been adjusted to reflect the stock split for all periods presented.
Reclassifications
Reclassifications have been made to our condensed consolidated financial statements for the prior year periods to conform to classifications used in 2017.
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.
We have substantially completed the review of our revenue arrangements and do not currently expect that the adoption of the new standard will have a material impact on our financial position or results of operations. Upon adoption, we anticipate implementing certain changes in the presentation of revenue and expenses, including changes related to the allocation of revenue among the cable services included in a bundle that our residential customers purchase at a discount. We also expect that the new standard will impact the timing of recognition for (1) our Cable Communications segment’s installation revenue and commission expenses, which will be recognized as revenue and costs over a period of time instead of immediately, and (2) our Cable Networks, Broadcast Television and Filmed Entertainment segments’ content licensing revenue associated with renewals or extensions of existing program licensing agreements, which will be recognized as revenue when the licensed content becomes available under the renewal or extension instead of when the agreement is renewed or extended. In addition, the updated guidance requires additional disclosures regarding the nature, timing and uncertainty of our revenue transactions. We intend to adopt the provisions of the guidance using the full retrospective method, under which we will adjust any prior periods presented to reflect the updated guidance.
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 in the year the guidance is adopted with certain exceptions. If we had adopted the provisions of the updated guidance as of January 1, 2017 for our equity investments classified as available-for-sale securities, primarily our investment in Snap Inc. (see Note 6), net income attributable to Comcast Corporation would have decreased for the three and nine months ended September 30, 2017 by $63 million and $47 million, respectively. We are currently in the process of determining the impact that the updated accounting guidance will have on our cost method investments.

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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. The asset and liability are initially measured based on the present value of committed lease payments. 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 were under the prior guidance. In addition, the updated guidance requires that, when an employer withholds shares upon exercise of options or the vesting of restricted stock for the purpose of meeting withholding tax requirements, the cash paid for withholding taxes be classified as a financing activity and we include these amounts in the caption “repurchases of common stock under repurchase program and employee plans” in our consolidated statement of cash flows. We previously recorded these amounts as operating activities.
We adopted the updated guidance as of January 1, 2017 and, as required, we prospectively adopted the provisions that relate to the recognition of the excess income tax benefits or deficiencies in our condensed consolidated statement of income. The excess tax benefits resulted in a decrease to income tax expense of $49 million and $247 million for the three and nine months ended September 30, 2017, respectively. In addition, the excess tax benefits resulted in an increase to diluted earnings per common share attributable to Comcast Corporation shareholders of $0.01 and $0.04 for the three and nine months ended September 30, 2017, respectively. As required by the updated guidance, the prior year periods in our condensed consolidated statement of income were not adjusted as a result of these provisions.
In addition, we retrospectively adopted the provisions of this guidance related to changes to the statement of cash flows for all periods presented. This resulted in increases to net cash provided by operating activities and decreases to net cash provided by (used in) financing activities of $644 million and $492 million for the nine months ended September 30, 2017 and 2016, respectively.
Note 3: Earnings Per Share
Computation of Diluted EPS

 	Three Months Ended September 30	
 	2017	 	2016	
(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	$	2,650	
 	 	4,698	
 	 	$	0.56	
 	 	$	2,237	
 	 	4,805	
 	 	$	0.47	
 	
Effect of dilutive securities:	 	 	 	 	 	 	 	 	 	 	 	
Assumed exercise or issuance of shares relating to stock plans	 	 	79	
 	 	 	 	 	 	56	
 	 	 	
Diluted EPS attributable to Comcast Corporation shareholders	$	2,650	
 	 	4,777	
 	 	$	0.55	
 	 	$	2,237	
 	 	4,861	
 	 	$	0.46	

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 	Nine Months Ended September 30	
 	2017	 	2016	
(in millions, except per share amounts)	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	$	7,729	
 	 	4,725	
 	 	$	1.64	
 	 	$	6,399	
 	 	4,837	
 	 	$	1.32	
 	
Effect of dilutive securities:	 	 	 	 	 	 	 	 	 	 	 	
Assumed exercise or issuance of shares relating to stock plans	 	 	81	
 	 	 	 	 	 	56	
 	 	 	
Diluted EPS attributable to Comcast Corporation shareholders	$	7,729	
 	 	4,806	
 	 	$	1.61	
 	 	$	6,399	
 	 	4,893	
 	 	$	1.31	
 	
Diluted earnings per common share attributable to Comcast Corporation shareholders (“diluted EPS”) considers the impact of potentially dilutive securities using the treasury stock method. Our potentially dilutive securities include potential common shares related to our stock options and our restricted share units (“RSUs”). The amount of potential common shares related to our share-based compensation plans that were excluded from diluted EPS because their effect would have been antidilutive was not material for the three and nine months ended September 30, 2017 and 2016.
Note 4: Significant Transactions
FCC Spectrum Auction
On April 13, 2017, the Federal Communications Commission announced the results of its spectrum auction. In the auction, NBCUniversal relinquished its spectrum rights in the New York, Philadelphia and Chicago designated market areas (“DMAs”) where NBC and Telemundo had overlapping spectrum. NBCUniversal received proceeds of $482 million in July 2017, which were recorded in other investing activities in our condensed consolidated statement of cash flows. NBCUniversal recognized a pretax gain of $337 million in other operating gains for the three months ended September 30, 2017 in our condensed consolidated statement of income. NBC and Telemundo stations will share broadcast signals in these DMAs. In connection with the auction, we also acquired the rights to $1.7 billion of spectrum, which were recorded to other intangible assets, net in our condensed consolidated balance sheet. We had previously made a deposit of $1.8 billion to participate in the auction in the third quarter of 2016 and received a refund for amounts in excess of the purchase price in the second quarter of 2017.
Universal Studios Japan
On April 6, 2017, we acquired the remaining interests in Universal Studios Japan that we did not already own for $2.3 billion. The acquisition was funded through cash on hand and borrowings under our commercial paper program. Because we maintained control of Universal Studios Japan, the difference between the consideration transferred and the recorded value of the noncontrolling interests, as well as the related tax and accumulated other comprehensive income impacts, were recorded to additional paid-in capital.
DreamWorks Animation
On August 22, 2016, we acquired all of the outstanding stock of DreamWorks Animation for $3.8 billion. DreamWorks Animation’s stockholders received $41 in cash for each share of DreamWorks Animation common stock. DreamWorks Animation creates animated feature films, television series and specials, live entertainment, and related consumer products. The results of operations for DreamWorks Animation are reported in our Filmed Entertainment segment following the acquisition date.
Allocation of Purchase Price
The transaction was accounted for under the acquisition method of accounting and, accordingly, the assets and liabilities are to be recorded at their fair market values as of the acquisition date. We recorded the acquired assets and liabilities of DreamWorks Animation at their estimated fair values based on valuation analyses. In valuing acquired assets and liabilities, fair value estimates were primarily based on Level 3 inputs, including future expected cash flows, market rate assumptions and discount rates. The fair value of the assumed debt was primarily based on quoted market values. The fair value of the liability related to a tax receivable agreement that DreamWorks Animation had previously entered into with one of its former stockholders (the “tax receivable agreement”) was based on the contractual settlement provisions in the agreement. Further, we recorded deferred income taxes based on the tax basis of the acquired net assets and the valuation allowances based on the expected use of net operating loss carryforwards. The goodwill is not deductible for tax purposes. During the nine months ended September 30, 2017, we updated the allocation of purchase price for DreamWorks Animation based on final valuation analyses, which primarily resulted in increases 

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to noncontrolling interests, intangible assets and goodwill and decreases to working capital and deferred income tax assets. The changes did not have a material impact on our condensed consolidated financial statements.
The table below presents the allocation of the purchase price to the assets and liabilities of DreamWorks Animation.

Allocation of Purchase Price	
(in millions)	  	
Film and television costs	$	838	
 	
Intangible assets	396	
 	
Working capital	156	
 	
Debt	(381	)	
Tax receivable agreement	(146	)	
Deferred income taxes	291	
 	
Other noncurrent assets and liabilities	170	
 	
Identifiable net assets (liabilities) acquired	1,324	
 	
Noncontrolling interests	(337	)	
Goodwill	2,786	
 	
Cash consideration transferred	$	3,773	
 	
The tax receivable agreement was settled immediately following the acquisition and the payment was recorded as an operating activity in our condensed consolidated statement of cash flows in the third quarter of 2016. We also repaid all of the assumed debt of DreamWorks Animation in the third quarter of 2016.
Revenue and net income attributable to the acquisition of DreamWorks Animation were not material for the three and nine months ended September 30, 2017 and 2016.
Note 5: Film and Television Costs

(in millions)	September 30,
2017	 	December 31,
2016	
Film Costs:	 	 	 	
Released, less amortization	$	1,747	
 	 	$	1,750	
 	
Completed, not released	198	
 	 	50	
 	
In production and in development	829	
 	 	1,310	
 	
 	2,774	
 	 	3,110	
 	
Television Costs:	 	 	 	
Released, less amortization	2,047	
 	 	1,953	
 	
In production and in development	853	
 	 	853	
 	
 	2,900	
 	 	2,806	
 	
Programming rights, less amortization	2,901	
 	 	2,586	
 	
 	8,575	
 	 	8,502	
 	
Less: Current portion of programming rights	1,779	
 	 	1,250	
 	
Film and television costs	$	6,796	
 	 	$	7,252	

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Note 6: Investments

(in millions)	September 30,
2017	 	December 31,
2016	
Fair Value Method:	 	 	 	
Snap	$	427	
 	 	$	—	
 	
Other	164	
 	 	198	

 	591	
 	 	198	
 	
Equity Method:	

 	
 	
Atairos	2,225	
 	 	1,601	
 	
Hulu	255	
 	 	225	
 	
Other	871	
 	 	550	

 	3,351	
 	 	2,376	
 	
Cost Method:	

AirTouch	1,610	
 	 	1,599	
 	
BuzzFeed	400	
 	 	400	
 	
Other	756	
 	 	771	
 	
 	2,766	
 	 	2,770	
 	
Total investments	6,708	
 	 	5,344	
 	
Less: Current investments	13	
 	 	97	
 	
Noncurrent investments	$	6,695	
 	 	$	5,247	
 	
Investment Income (Loss), Net

 	Three Months Ended
September 30	 	Nine Months Ended
September 30	
(in millions)	2017	 	2016	 	2017	 	2016	
Gains (losses) on sales and exchanges of investments, net	$	10	
 	 	$	24	
 	 	$	9	
 	 	$	39	
 	
Investment impairment losses	(3	)	 	(7	)	 	(9	)	 	(28	)	
Interest and dividend income	36	
 	 	31	
 	 	101	
 	 	91	
 	
Other, net	39	
 	 	32	
 	 	104	
 	 	66	
 	
Investment income (loss), net	$	82	
 	 	$	80	
 	 	$	205	
 	 	$	168	
 	
Fair Value Method
Snap
In March 2017, we acquired an interest in Snap Inc. for $500 million as part of its initial public offering, which we have classified as an available-for-sale security. Snap is a camera company whose primary product is Snapchat, a camera app that was created to help people communicate through short videos and images. 
Equity Method
Atairos
For the nine months ended September 30, 2017, we made cash capital contributions totaling $994 million to Atairos Group, Inc., which included amounts accrued as of December 31, 2016. Atairos follows investment company accounting and records its investments at their fair values each reporting period with the net gains or losses reflected in its statement of income. We recognize our share of these gains and losses in equity in net income (losses) of investees, net. For the three and nine months ended September 30, 2017, our share of Atairos income was $7 million and $106 million, respectively. For the three and nine months ended September 30, 2016, our share of Atairos losses was $9 million and $36 million, respectively.
In July 2017, we sold a business to a company owned by Atairos and received as consideration an investment in that company, which we account for as an equity method investment. In connection with the sale of the business, we recognized a pretax gain of $105 million in other operating gains for the three months ended September 30, 2017.
The Weather Channel
In January 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 of $108 million in other income (expense), net for the nine months ended September 30, 2016.

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Cost Method
AirTouch
We hold two series of preferred stock of Verizon Americas, Inc., formerly known as AirTouch Communications, Inc. (“AirTouch”), a subsidiary of Verizon Communications Inc., which are redeemable in April 2020. As of September 30, 2017, the estimated fair value of the AirTouch preferred stock was $1.7 billion. The estimated fair value of the associated liability related to the redeemable subsidiary preferred shares issued by one of our consolidated subsidiaries was $1.8 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: Long-Term Debt
As of September 30, 2017, our debt had a carrying value of $65.0 billion and an estimated fair value of $71.7 billion. The estimated fair value of our publicly traded debt was 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 was based on Level 2 inputs that use interest rates available to us for debt with similar terms and remaining maturities.
Debt Borrowings and Repayments
In August 2017, we issued $1.65 billion aggregate principal amount of 3.15% senior notes due 2028 and $850 million aggregate principal amount of 4.00% senior notes due 2047. In June 2017, NBCUniversal Enterprise issued $1.5 billion aggregate principal amount of senior floating rate notes due 2021. In March 2017, we issued $1.005 billion aggregate principal amount of 4.45% senior notes due 2047. In January 2017, we issued $1.25 billion aggregate principal amount of 3.00% senior notes due 2024 and $1.25 billion aggregate principal amount of 3.30% senior notes due 2027.
In May 2017, we repaid at maturity $550 million aggregate principal amount of 8.875% senior notes due 2017. In January 2017, we repaid at maturity $1.0 billion aggregate principal amount of 6.50% senior notes due 2017.
In May 2017, Universal Studios Japan entered into ¥450 billion ($3.9 billion at issuance) of new term loans with a final maturity of March 2022. We used the proceeds from these borrowings to repay in full $3.3 billion of Universal Studios Japan’s existing yen-denominated term loans and a portion of amounts outstanding under our commercial paper program.
Revolving Credit Facilities
As of September 30, 2017, amounts available under our consolidated revolving credit facilities, net of amounts outstanding under our commercial paper programs and outstanding letters of credit, totaled $8.3 billion, which included $1.5 billion available under NBCUniversal Enterprise’s revolving credit facility.
Commercial Paper Programs
In June 2017, we increased the Comcast and NBCUniversal Enterprise commercial paper programs to $7.0 billion and $1.5 billion, respectively, to coincide with the borrowing capacities under the Comcast and NBCUniversal Enterprise revolving credit facilities.
As of September 30, 2017, Comcast and NBCUniversal Enterprise had no commercial paper outstanding.
Senior Notes Exchange
In October 2017, we and NBCUniversal announced and settled a private debt exchange transaction. We issued $2.0 billion aggregate principal amount of new 3.969% senior notes due 2047, $2.0 billion aggregate principal amount of new 3.999% senior notes due 2049, and $1.5 billion aggregate principal amount of new 4.049% senior notes due 2052 in exchange for $3.9 billion aggregate principal amount of certain series of outstanding senior notes issued by Comcast and NBCUniversal. The new notes are fully and unconditionally guaranteed by NBCUniversal and Comcast Cable Communications, LLC.
Note 8: Share-Based Compensation
Our share-based compensation plans consist primarily of awards of RSUs and stock options to certain employees and directors as part of our approach to long-term incentive compensation. Additionally, through our employee stock purchase plans, employees are able to purchase shares of our common stock at a discount through payroll deductions.
In March 2017, we granted 10.6 million RSUs and 39.1 million stock options related to our annual management awards. The weighted-average fair values associated with these grants were $37.42 per RSU and $7.01 per stock option.

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Recognized Share-Based Compensation Expense

 	Three Months Ended
September 30	 	Nine Months Ended
September 30	
(in millions)	2017	 	2016	 	2017	 	2016	
Restricted share units	$	99	
 	 	$	77	
 	 	$	284	
 	 	$	236	
 	
Stock options	52	
 	 	48	
 	 	155	
 	 	133	
 	
Employee stock purchase plans	8	
 	 	6	
 	 	25	
 	 	22	
 	
Total	$	159	
 	 	$	131	
 	
 	$	464	
 	 	$	391	
 	
As of September 30, 2017, we had unrecognized pretax compensation expense of $886 million and $451 million related to nonvested RSUs and nonvested stock options, respectively.
Note 9: Supplemental Financial Information
Receivables

(in millions)	September 30,
2017	 	December 31,
2016	
Receivables, gross	$	8,549	
 	 	$	8,622	
 	
Less: Allowance for returns and customer incentives	357	
 	 	417	
 	
Less: Allowance for doubtful accounts	277	
 	 	250	
 	
Receivables, net	$	7,915	
 	 	$	7,955	
 	
Accumulated Other Comprehensive Income (Loss)

(in millions)	September 30,
2017	 	September 30,
2016	
Unrealized gains (losses) on marketable securities	$	(43	)	 	$	2	
 	
Deferred gains (losses) on cash flow hedges	(12	)	 	(52	)	
Unrecognized gains (losses) on employee benefit obligations	270	
 	 	8	
 	
Cumulative translation adjustments	166	
 	 	76	
 	
Accumulated other comprehensive income (loss), net of deferred taxes	$	381	
 	 	$	34	
 	
Net Cash Provided by Operating Activities

 	Nine Months Ended
September 30	
(in millions)	2017	 	2016	
Net income	$	7,865	
 	 	$	6,628	
 	
Adjustments to reconcile net income to net cash provided by operating activities:	 	 	 	
Depreciation, amortization and other operating gains	7,181	
 	 	7,062	
 	
Share-based compensation	594	
 	 	495	
 	
Noncash interest expense (income), net	187	
 	 	172	
 	
Equity in net (income) losses of investees, net	(12	)	 	64	
 	
Cash received from investees	72	
 	 	58	
 	
Net (gain) loss on investment activity and other	(193	)	 	(159	)	
Deferred income taxes	678	
 	 	985	
 	
Changes in operating assets and liabilities, net of effects of acquisitions and divestitures:	 	 	 	
Current and noncurrent receivables, net	28	
 	 	(315	)	
Film and television costs, net	(71	)	 	(593	)	
Accounts payable and accrued expenses related to trade creditors	(17	)	 	46	
 	
Other operating assets and liabilities	(351	)	 	(454	)	
Net cash provided by operating activities	$	15,961	
 	 	$	13,989	

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Cash Payments for Interest and Income Taxes 

 	Three Months Ended
September 30	 	Nine Months Ended
September 30	
(in millions)	2017	 	2016	 	2017	 	2016	
Interest	$	905	
 	 	$	808	
 	 	$	2,277	
 	 	$	2,043	
 	
Income taxes	$	1,206	
 	 	$	1,031	
 	 	$	3,415	
 	 	$	2,716	
 	
Noncash Investing and Financing Activities
During the nine months ended September 30, 2017:
 	 	
•	we acquired $1.4 billion of property and equipment and intangible assets that were accrued but unpaid	
 	 	
•	we recorded a liability of $736 million for a quarterly cash dividend of $0.1575 per common share to be paid in October 2017 	
Note 10: Commitments and Contingencies
Redeemable Subsidiary Preferred Stock
As of September 30, 2017, the fair value of the NBCUniversal Enterprise redeemable subsidiary preferred stock was $756 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.
Contingencies
We were a defendant in a lawsuit filed in December 2011 by Sprint Communications Company L.P. (“Sprint”) in the United States District Court for the District of Kansas. Sprint’s initial complaint alleged that Comcast Digital Voice and XFINITY Voice infringe twelve Sprint patents covering various aspects of a telecommunications system. In March 2015, Sprint withdrew its allegations of infringement for two of the patents. In December 2016, the Court granted summary judgment for us with respect to non-infringement on one of the patents and granted summary judgment for Sprint on one of the patents as to infringement with respect to some but not all of our accused telecommunications systems but not as to the patent’s validity. In January 2017, the Court entered judgment in favor of us on Sprint’s claims for infringement of two of the patents. In March 2017, Sprint indicated that it would not proceed to trial on three of the patents. Trial with respect to the four remaining patents, including the patent for which the Court granted partial summary judgment to Sprint, was set to begin on October 23, 2017. On October 16, 2017, the parties entered into a settlement agreement which dismisses all claims and resolves the parties’ disputes asserted in the matters described above, as well as in all other outstanding patent litigation matters between the parties, for a payment to Sprint and certain contractual rights. In connection therewith, we recorded a charge of $250 million in the third quarter of 2017.
We also 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. In addition, we are 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 11: 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, voice, and security and automation services to residential customers under the XFINITY brand; we also provide these and other services to business customers and sell advertising.	
 	 	
•	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. 	

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•	Filmed Entertainment: Consists primarily of the operations of Universal Pictures, which produces, acquires, markets and distributes filmed entertainment worldwide; our films are also produced under the Illumination, Focus Features and DreamWorks Animation names. 	
 	 	
•	Theme Parks: Consists primarily of our Universal theme parks in Orlando, Florida; Hollywood, California; and Osaka, Japan. 	
We use Adjusted EBITDA to evaluate the profitability of our operating segments and the components of net income attributable to Comcast Corporation below Adjusted EBITDA are not separately evaluated. Our financial data by business segment is presented in the tables below. 

 	Three Months Ended September 30, 2017	
(in millions)	Revenue(f)	Adjusted EBITDA (g)	Depreciation, Amortization and Other (h)	Operating
Income (Loss)	Capital
Expenditures	Cash Paid for Intangible Assets	
Cable Communications(a)	$	13,203	
 	$	5,246	
 	$	2,049	
 	$	3,197	
 	$	2,061	
 	$	322	
 	
NBCUniversal	 	 	 	 	 	 	
Cable Networks	2,603	
 	905	
 	179	
 	726	
 	5	
 	4	
 	
Broadcast Television	2,133	
 	321	
 	(305	)	626	
 	66	
 	4	
 	
Filmed Entertainment	1,784	
 	394	
 	32	
 	362	
 	18	
 	6	
 	
Theme Parks	1,550	
 	775	
 	166	
 	609	
 	199	
 	18	
 	
Headquarters and Other(b)	15	
 	(122	)	97	
 	(219	)	66	
 	37	
 	
Eliminations(c)	(71	)	1	
 	—	
 	1	
 	—	
 	—	
 	
NBCUniversal	8,014	
 	2,274	
 	169	
 	2,105	
 	354	
 	69	
 	
Corporate and Other(d)	266	
 	(349	)	170	
 	(519	)	19	
 	13	
 	
Eliminations(c)	(500	)	9	
 	—	
 	9	
 	—	
 	—	
 	
Comcast Consolidated	$	20,983	
 	$	7,180	
 	$	2,388	
 	$	4,792	
 	$	2,434	
 	$	404	

 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	Three Months Ended September 30, 2016	
(in millions)	Revenue(f)	Adjusted EBITDA (g)	Depreciation, Amortization and Other	Operating
Income (Loss)	Capital
Expenditures	Cash Paid for Intangible Assets	
Cable Communications(a)	$	12,557	
 	$	4,986	
 	$	1,929	
 	$	3,057	
 	$	2,044	
 	$	352	
 	
NBCUniversal	 	 	 	 	 	 	
Cable Networks(e)	2,942	
 	893	
 	184	
 	709	
 	7	
 	4	
 	
Broadcast Television(e)	3,087	
 	378	
 	27	
 	351	
 	28	
 	6	
 	
Filmed Entertainment	1,792	
 	353	
 	13	
 	340	
 	6	
 	4	
 	
Theme Parks	1,440	
 	706	
 	130	
 	576	
 	228	
 	19	
 	
Headquarters and Other(b)	1	
 	(183	)	91	
 	(274	)	67	
 	34	
 	
Eliminations(c)	(84	)	(1	)	—	
 	(1	)	—	
 	—	
 	
NBCUniversal	9,178	
 	2,146	
 	445	
 	1,701	
 	336	
 	67	
 	
Corporate and Other(d)	168	
 	(223	)	21	
 	(244	)	26	
 	7	
 	
Eliminations(c)	(584	)	(74	)	—	
 	(74	)	—	
 	—	
 	
Comcast Consolidated	$	21,319	
 	$	6,835	
 	$	2,395	
 	$	4,440	
 	$	2,406	
 	$	426	

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 	Nine Months Ended September 30, 2017	
(in millions)	Revenue(f)	Adjusted EBITDA (g)	Depreciation, Amortization and Other (h)	Operating
Income (Loss)	Capital
Expenditures	Cash Paid for Intangible Assets	
Cable Communications(a)	$	39,237	
 	$	15,764	
 	$	6,030	
 	$	9,734	
 	$	5,798	
 	$	1,001	
 	
NBCUniversal	 	 	 	 	 	
 	
Cable Networks	7,940	
 	3,076	
 	574	
 	2,502	
 	15	
 	11	
 	
Broadcast Television	6,582	
 	1,059	
 	(242	)	1,301	
 	125	
 	11	
 	
Filmed Entertainment	5,920	
 	1,047	
 	79	
 	968	
 	47	
 	17	
 	
Theme Parks	3,982	
 	1,723	
 	494	
 	1,229	
 	671	
 	57	
 	
Headquarters and Other(b)	32	
 	(542	)	292	
 	(834	)	119	
 	101	
 	
Eliminations(c)	(243	)	(1	)	—	
 	(1	)	—	
 	—	
 	
NBCUniversal	24,213	
 	6,362	
 	1,197	
 	5,165	
 	977	
 	197	
 	
Corporate and Other(d)	679	
 	(845	)	204	
 	(1,049	)	64	
 	42	
 	
Eliminations(c)	(1,518	)	30	
 	—	
 	30	
 	—	
 	—	
 	
Comcast Consolidated	$	62,611	
 	$	21,311	
 	$	7,431	
 	$	13,880	
 	$	6,839	
 	$	1,240	

 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	Nine Months Ended September 30, 2016	
(in millions)	Revenue(f)	Adjusted EBITDA (g)	Depreciation, Amortization and Other	Operating
Income (Loss)	Capital
Expenditures	Cash Paid for Intangible Assets	
Cable Communications(a)	$	37,205	
 	$	14,923	
 	$	5,676	
 	$	9,247	
 	$	5,501	
 	$	965	
 	
NBCUniversal	 	 	 	 	 	
 	
Cable Networks(e)	7,961	
 	2,793	
 	561	
 	2,232	
 	15	
 	8	
 	
Broadcast Television(e)	7,299	
 	1,056	
 	89	
 	967	
 	77	
 	12	
 	
Filmed Entertainment	4,526	
 	576	
 	33	
 	543	
 	14	
 	10	
 	
Theme Parks	3,602	
 	1,550	
 	373	
 	1,177	
 	668	
 	48	
 	
Headquarters and Other(b)	10	
 	(518	)	268	
 	(786	)	217	
 	103	
 	
Eliminations(c)	(256	)	—	
 	—	
 	—	
 	—	
 	—	
 	
NBCUniversal	23,142	
 	5,457	
 	1,324	
 	4,133	
 	991	
 	181	
 	
Corporate and Other(d)	547	
 	(668	)	62	
 	(730	)	70	
 	17	
 	
Eliminations(c)	(1,516	)	(55	)	—	
 	(55	)	—	
 	—	
 	
Comcast Consolidated	$	59,378	
 	$	19,657	
 	$	7,062	
 	$	12,595	
 	$	6,562	
 	$	1,163	

(a)	For the three and nine months ended September 30, 2017 and 2016, Cable Communications segment revenue was derived from the following sources:	

 	 	 	 	 	 	 	 	 	 	 	 	
 	Three Months Ended
September 30	 	Nine Months Ended
September 30	
  	2017	 	2016	 	2017	 	2016	
Residential:	 	 	 	 	 	 	 	
Video	44.1	%	 	44.5	%	 	44.3	%	 	44.9	%	
High-speed Internet	28.1	%	 	27.1	%	 	28.0	%	 	27.0	%	
Voice	6.4	%	 	7.0	%	 	6.5	%	 	7.2	%	
Business services	11.9	%	 	11.1	%	 	11.7	%	 	10.9	%	
Advertising	4.1	%	 	5.0	%	 	4.1	%	 	4.7	%	
Other	5.4	%	 	5.3	%	 	5.4	%	 	5.3	%	
Total	100.0	%	 	100.0	%	 	100.0	%	 	100.0	%	
Subscription revenue received from residential customers who purchase bundled services at a discounted rate is allocated proportionally to each cable service based on the individual service’s price on a stand-alone basis.
For the three and nine months ended September 30, 2017, 2.7% and 2.8%, respectively, of Cable Communications segment revenue was derived from franchise and other regulatory fees. For both the three and nine months ended September 30, 2016, 2.8% of Cable Communications segment revenue was derived from franchise and other regulatory fees.
 	 	
(b)	NBCUniversal Headquarters and Other activities include costs associated with overhead, allocations, personnel costs and headquarter initiatives. 	
 	 	
(c)	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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Comcast Corporation
 	 	
•	our Filmed Entertainment and Broadcast Television segments generate revenue from the licensing of film and television content to our Cable Networks segment	
 	 	
(d)	Corporate and Other activities include costs associated with overhead and personnel, the costs of other business development initiatives, including our new wireless phone service, and the operations of Comcast Spectacor, which owns the Philadelphia Flyers and the Wells Fargo Center arena in Philadelphia, Pennsylvania and operates arena management-related businesses.	
 	 	
(e)	The revenue and operating costs and expenses associated with our broadcast of the 2016 Rio Olympics were reported in our Cable Networks and Broadcast Television segments.	
 	 	
(f)	No single customer accounted for a significant amount of revenue in any period. 	
 	 	
(g)	We use Adjusted EBITDA as the measure of profit or loss for our operating segments. Adjusted EBITDA is defined as net income attributable to Comcast Corporation before net (income) loss attributable to noncontrolling interests and redeemable subsidiary preferred stock, income tax expense, other income (expense) items, net, depreciation and amortization expense, and other operating gains, and excluding impairment charges related to fixed and intangible assets and gains or losses on the sale of long-lived assets, if any. From time to time we may exclude from Adjusted EBITDA the impact of events, gains, losses or other charges (such as significant legal settlements) that affect the period-to-period comparability of our operating performance. Other income (expense) items, net include interest expense, investment income (loss), equity in net income (losses) of investees, and other income (expense), net (as stated in our condensed consolidated statement of income). 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 and tax structures and by our 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), 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. Our reconciliation of the aggregate amount of Adjusted EBITDA for our reportable segments to consolidated income before income taxes is presented in the table below.	

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	Three Months Ended
September 30	 	Nine Months Ended
September 30	
(in millions)	2017	 	2016	 	2017	 	2016	
Adjusted EBITDA	$	7,180	
 	 	$	6,835	
 	 	$	21,311	
 	 	$	19,657	
 	
Adjustment for legal settlement	(250	)	 	—	
 	 	(250	)	 	—	
 	
Depreciation	(1,991	)	 	(1,865	)	 	(5,876	)	 	(5,518	)	
Amortization	(589	)	 	(530	)	 	(1,747	)	 	(1,544	)	
Other operating gains	442	
 	 	—	
 	 	442	
 	 	—	
 	
Other income (expense) items, net	(696	)	 	(716	)	 	(1,980	)	 	(1,978	)	
Income before income taxes	$	4,096	
 	 	$	3,724	
 	 	$	11,900	
 	 	$	10,617	

(h)	Other represents other operating gains in our condensed consolidated statement of income and a charge related to a legal settlement. For both the three and nine months ended September 30, 2017, other operating gains included a pretax gain of $337 million related to NBCUniversal’s relinquishment of spectrum rights in our Broadcast Television segment and a pretax gain of $105 million related to the sale of a business in Corporate and Other. A charge related to a legal settlement of $250 million was recorded in other operating and administrative expenses in Corporate and Other and was excluded from Adjusted EBITDA for both the three and nine months ended September 30, 2017.	
Note 12: Condensed Consolidating Financial Information
Comcast (“Comcast Parent”), Comcast Cable Communications, LLC (“CCCL Parent”), and NBCUniversal (“NBCUniversal Media Parent”) have fully and unconditionally guaranteed each other’s debt securities, including the Comcast revolving credit facility.
Comcast Parent and CCCL Parent also fully and unconditionally guarantee NBCUniversal Enterprise’s $4.8 billion aggregate principal amount of senior notes, $1.5 billion revolving credit facility and commercial paper program. NBCUniversal Media Parent does not guarantee the NBCUniversal Enterprise senior notes, revolving credit facility or commercial paper program.
Comcast Parent provides an unconditional guarantee of the Universal Studios Japan ¥450 billion term loans with a final maturity of March 2022. Comcast Parent also 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.

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Comcast Corporation

Condensed Consolidating Balance Sheet
September 30, 2017 

(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	$	—	
 	$	—	
 	$	—	
 	$	260	
 	$	3,854	
 	$	—	
 	$	4,114	
 	
Receivables, net	—	
 	—	
 	—	
 	—	
 	7,915	
 	—	
 	7,915	
 	
Programming rights	—	
 	—	
 	—	
 	—	
 	1,779	
 	—	
 	1,779	
 	
Other current assets	65	
 	—	
 	—	
 	30	
 	2,057	
 	—	
 	2,152	
 	
Total current assets	65	
 	—	
 	—	
 	290	
 	15,605	
 	—	
 	15,960	
 	
Film and television costs	—	
 	—	
 	—	
 	—	
 	6,796	
 	—	
 	6,796	
 	
Investments	132	
 	11	
 	79	
 	691	
 	5,782	
 	—	
 	6,695	
 	
Investments in and amounts due from subsidiaries eliminated upon consolidation	102,930	
 	128,663	
 	126,361	
 	50,474	
 	111,087	
 	(519,515	)	—	
 	
Property and equipment, net	482	
 	—	
 	—	
 	—	
 	37,374	
 	—	
 	37,856	
 	
Franchise rights	—	
 	—	
 	—	
 	—	
 	59,364	
 	—	
 	59,364	
 	
Goodwill	—	
 	—	
 	—	
 	—	
 	36,752	
 	—	
 	36,752	
 	
Other intangible assets, net	11	
 	—	
 	—	
 	—	
 	18,722	
 	—	
 	18,733	
 	
Other noncurrent assets, net	1,178	
 	687	
 	—	
 	86	
 	2,249	
 	(1,055	)	3,145	
 	
Total assets	$	104,798	
 	$	129,361	
 	$	126,440	
 	$	51,541	
 	$	293,731	
 	$	(520,570	)	$	185,301	
 	
Liabilities and Equity	

 	

 	 	
Accounts payable and accrued expenses related to trade creditors	$	17	
 	$	—	
 	$	—	
 	$	—	
 	$	6,959	
 	$	—	
 	$	6,976	
 	
Accrued participations and residuals	—	
 	—	
 	—	
 	—	
 	1,811	
 	—	
 	1,811	
 	
Accrued expenses and other current liabilities	1,640	
 	92	
 	208	
 	394	
 	5,087	
 	—	
 	7,421	
 	
Current portion of long-term debt	2,913	
 	—	
 	—	
 	4	
 	2,324	
 	—	
 	5,241	
 	
Total current liabilities	4,570	
 	92	
 	208	
 	398	
 	16,181	
 	—	
 	21,449	
 	
Long-term debt, less current portion	42,237	
 	139	
 	2,100	
 	8,204	
 	7,040	
 	—	
 	59,720	
 	
Deferred income taxes	—	
 	492	
 	—	
 	70	
 	36,124	
 	(1,084	)	35,602	
 	
Other noncurrent liabilities	2,564	
 	—	
 	—	
 	1,138	
 	7,183	
 	29	
 	10,914	
 	
Redeemable noncontrolling interests and redeemable subsidiary preferred stock	—	
 	—	
 	—	
 	—	
 	1,353	
 	—	
 	1,353	
 	
Equity:	

 	

 	 	
Common stock	55	
 	—	
 	—	
 	—	
 	—	
 	—	
 	55	
 	
Other shareholders’ equity	55,372	
 	128,638	
 	124,132	
 	41,731	
 	225,014	
 	(519,515	)	55,372	
 	
Total Comcast Corporation shareholders’ equity	55,427	
 	128,638	
 	124,132	
 	41,731	
 	225,014	
 	(519,515	)	55,427	
 	
Noncontrolling interests	—	
 	—	
 	—	
 	—	
 	836	
 	—	
 	836	
 	
Total equity	55,427	
 	128,638	
 	124,132	
 	41,731	
 	225,850	
 	(519,515	)	56,263	
 	
Total liabilities and equity	$	104,798	
 	$	129,361	
 	$	126,440	
 	$	51,541	
 	$	293,731	
 	$	(520,570	)	$	185,301	

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Comcast Corporation

Condensed Consolidating Balance Sheet
December 31, 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	$	—	
 	$	—	
 	$	—	
 	$	482	
 	$	2,819	
 	$	—	
 	$	3,301	
 	
Receivables, net	—	
 	—	
 	—	
 	—	
 	7,955	
 	—	
 	7,955	
 	
Programming rights	—	
 	—	
 	—	
 	—	
 	1,250	
 	—	
 	1,250	
 	
Other current assets	151	
 	—	
 	—	
 	36	
 	3,668	
 	—	
 	3,855	
 	
Total current assets	151	
 	—	
 	—	
 	518	
 	15,692	
 	—	
 	16,361	
 	
Film and television costs	—	
 	—	
 	—	
 	—	
 	7,252	
 	—	
 	7,252	
 	
Investments	75	
 	—	
 	—	
 	651	
 	4,521	
 	—	
 	5,247	
 	
Investments in and amounts due from subsidiaries eliminated upon consolidation	98,350	
 	120,071	
 	117,696	
 	47,393	
 	97,704	
 	(481,214	)	—	
 	
Property and equipment, net	298	
 	—	
 	—	
 	—	
 	35,955	
 	—	
 	36,253	
 	
Franchise rights	—	
 	—	
 	—	
 	—	
 	59,364	
 	—	
 	59,364	
 	
Goodwill	—	
 	—	
 	—	
 	—	
 	35,980	
 	—	
 	35,980	
 	
Other intangible assets, net	13	
 	—	
 	—	
 	—	
 	17,261	
 	—	
 	17,274	
 	
Other noncurrent assets, net	1,138	
 	638	
 	—	
 	89	
 	1,921	
 	(1,017	)	2,769	
 	
Total assets	$	100,025	
 	$	120,709	
 	$	117,696	
 	$	48,651	
 	$	275,650	
 	$	(482,231	)	$	180,500	
 	
Liabilities and Equity	 	 	 	 	 	 	 	
Accounts payable and accrued expenses related to trade creditors	$	23	
 	$	—	
 	$	—	
 	$	—	
 	$	6,892	
 	$	—	
 	$	6,915	
 	
Accrued participations and residuals	—	
 	—	
 	—	
 	—	
 	1,726	
 	—	
 	1,726	
 	
Accrued expenses and other current liabilities	1,726	
 	—	
 	341	
 	302	
 	5,045	
 	—	
 	7,414	
 	
Current portion of long-term debt	3,739	
 	—	
 	550	
 	4	
 	1,187	
 	—	
 	5,480	
 	
Total current liabilities	5,488	
 	—	
 	891	
 	306	
 	14,850	
 	—	
 	21,535	
 	
Long-term debt, less current portion	38,123	
 	141	
 	2,100	
 	8,208	
 	6,994	
 	—	
 	55,566	
 	
Deferred income taxes	—	
 	542	
 	—	
 	70	
 	35,259	
 	(1,017	)	34,854	
 	
Other noncurrent liabilities	2,471	
 	—	
 	—	
 	1,166	
 	7,288	
 	—	
 	10,925	
 	
Redeemable noncontrolling interests and redeemable subsidiary preferred stock	—	
 	—	
 	—	
 	—	
 	1,446	
 	—	
 	1,446	
 	
Equity:	 	 	 	 	 	 	 	
Common stock	56	
 	—	
 	—	
 	—	
 	—	
 	—	
 	56	
 	
Other shareholders’ equity	53,887	
 	120,026	
 	114,705	
 	38,901	
 	207,582	
 	(481,214	)	53,887	
 	
Total Comcast Corporation shareholders’ equity	53,943	
 	120,026	
 	114,705	
 	38,901	
 	207,582	
 	(481,214	)	53,943	
 	
Noncontrolling interests	—	
 	—	
 	—	
 	—	
 	2,231	
 	—	
 	2,231	
 	
Total equity	53,943	
 	120,026	
 	114,705	
 	38,901	
 	209,813	
 	(481,214	)	56,174	
 	
Total liabilities and equity	$	100,025	
 	$	120,709	
 	$	117,696	
 	$	48,651	
 	$	275,650	
 	$	(482,231	)	$	180,500	

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Comcast Corporation

Condensed Consolidating Statement of Income
For the Three Months Ended September 30, 2017 

(in millions)	Comcast
Parent	Comcast
Holdings	CCCL
Parent	NBCUniversal
Media Parent	Non-
Guarantor
Subsidiaries	Elimination
and
Consolidation
Adjustments	Consolidated
Comcast
Corporation	
Revenue:	 	 	 	 	 	 	 	
Service revenue	$	—	
 	$	—	
 	$	—	
 	$	—	
 	$	20,983	
 	$	—	
 	$	20,983	
 	
Management fee revenue	285	
 	—	
 	280	
 	—	
 	—	
 	(565	)	—	
 	
 	285	
 	—	
 	280	
 	—	
 	20,983	
 	(565	)	20,983	
 	
Costs and Expenses:	 	 	 	 	 	 	 	
Programming and production	—	
 	—	
 	—	
 	—	
 	6,077	
 	—	
 	6,077	
 	
Other operating and administrative	183	
 	—	
 	280	
 	277	
 	6,248	
 	(565	)	6,423	
 	
Advertising, marketing and promotion	—	
 	—	
 	—	
 	—	
 	1,553	
 	—	
 	1,553	
 	
Depreciation	7	
 	—	
 	—	
 	—	
 	1,984	
 	—	
 	1,991	
 	
Amortization	1	
 	—	
 	—	
 	—	
 	588	
 	—	
 	589	
 	
Other operating gains	—	
 	—	
 	—	
 	—	
 	(442	)	—	
 	(442	)	
 	191	
 	—	
 	280	
 	277	
 	16,008	
 	(565	)	16,191	
 	
Operating income (loss)	94	
 	—	
 	—	
 	(277	)	4,975	
 	—	
 	4,792	
 	
Other Income (Expense):	 	 	 	 	 	 	 	
Interest expense	(544	)	(3	)	(48	)	(116	)	(55	)	—	
 	(766	)	
Investment income (loss), net	(2	)	32	
 	—	
 	(9	)	61	
 	—	
 	82	
 	
Equity in net income (losses) of investees, net	2,944	
 	2,483	
 	1,992	
 	2,221	
 	1,786	
 	(11,465	)	(39	)	
Other income (expense), net	—	
 	—	
 	—	
 	12	
 	15	
 	—	
 	27	
 	
 	2,398	
 	2,512	
 	1,944	
 	2,108	
 	1,807	
 	(11,465	)	(696	)	
Income (loss) before income taxes	2,492	
 	2,512	
 	1,944	
 	1,831	
 	6,782	
 	(11,465	)	4,096	
 	
Income tax (expense) benefit	158	
 	(10	)	17	
 	(6	)	(1,572	)	—	
 	(1,413	)	
Net income (loss)	2,650	
 	2,502	
 	1,961	
 	1,825	
 	5,210	
 	(11,465	)	2,683	
 	
Net (income) loss attributable to noncontrolling interests and redeemable subsidiary preferred stock	—	
 	—	
 	—	
 	—	
 	(33	)	—	
 	(33	)	
Net income (loss) attributable to Comcast Corporation	$	2,650	
 	$	2,502	
 	$	1,961	
 	$	1,825	
 	$	5,177	
 	$	(11,465	)	$	2,650	
 	
Comprehensive income (loss) attributable to Comcast Corporation	$	2,603	
 	$	2,486	
 	$	1,965	
 	$	1,740	
 	$	5,049	
 	$	(11,240	)	$	2,603	

19

Table of Contents

Comcast Corporation

Condensed Consolidating Statement of Income
For the Three Months Ended September 30, 2016

(in millions)	Comcast
Parent	Comcast
Holdings	CCCL
Parent	NBCUniversal
Media Parent	Non-
Guarantor
Subsidiaries	Elimination
and
Consolidation
Adjustments	Consolidated
Comcast
Corporation	
Revenue:	 	 	 	 	 	 	 	
Service revenue	$	—	
 	$	—	
 	$	—	
 	$	—	
 	$	21,319	
 	$	—	
 	$	21,319	
 	
Management fee revenue	268	
 	—	
 	263	
 	—	
 	—	
 	(531	)	—	
 	
 	268	
 	—	
 	263	
 	—	
 	21,319	
 	(531	)	21,319	
 	
Costs and Expenses:	 	 	 	 	 	 	 	
Programming and production	—	
 	—	
 	—	
 	—	
 	7,003	
 	—	
 	7,003	
 	
Other operating and administrative	194	
 	—	
 	263	
 	222	
 	5,848	
 	(531	)	5,996	
 	
Advertising, marketing and promotion	—	
 	—	
 	—	
 	—	
 	1,485	
 	—	
 	1,485	
 	
Depreciation	7	
 	—	
 	—	
 	—	
 	1,858	
 	—	
 	1,865	
 	
Amortization	1	
 	—	
 	—	
 	—	
 	529	
 	—	
 	530	
 	
Other operating gains	—	
 	—	
 	—	
 	—	
 	—	
 	—	
 	—	
 	
 	202	
 	—	
 	263	
 	222	
 	16,723	
 	(531	)	16,879	
 	
Operating income (loss)	66	
 	—	
 	—	
 	(222	)	4,596	
 	—	
 	4,440	
 	
Other Income (Expense):	 	 	 	 	 	 	 	
Interest expense	(502	)	(3	)	(59	)	(113	)	(74	)	—	
 	(751	)	
Investment income (loss), net	3	
 	(4	)	—	
 	(12	)	93	
 	—	
 	80	
 	
Equity in net income (losses) of investees, net	2,519	
 	2,385	
 	2,134	
 	1,644	
 	1,255	
 	(9,971	)	(34	)	
Other income (expense), net	—	
 	—	
 	—	
 	(2	)	(9	)	—	
 	(11	)	
 	2,020	
 	2,378	
 	2,075	
 	1,517	
 	1,265	
 	(9,971	)	(716	)	
Income (loss) before income taxes	2,086	
 	2,378	
 	2,075	
 	1,295	
 	5,861	
 	(9,971	)	3,724	
 	
Income tax (expense) benefit	151	
 	2	
 	21	
 	(6	)	(1,568	)	—	
 	(1,400	)	
Net income (loss)	2,237	
 	2,380	
 	2,096	
 	1,289	
 	4,293	
 	(9,971	)	2,324	
 	
Net (income) loss attributable to noncontrolling interests and redeemable subsidiary preferred stock	—	
 	—	
 	—	
 	—	
 	(87	)	—	
 	(87	)	
Net income (loss) attributable to Comcast Corporation	$	2,237	
 	$	2,380	
 	$	2,096	
 	$	1,289	
 	$	4,206	
 	$	(9,971	)	$	2,237	
 	
Comprehensive income (loss) attributable to Comcast Corporation	$	2,270	
 	$	2,388	
 	$	2,096	
 	$	1,310	
 	$	4,235	
 	$	(10,029	)	$	2,270	

20

Table of Contents

Comcast Corporation

Condensed Consolidating Statement of Income
For the Nine Months Ended September 30, 2017 

(in millions)	Comcast
Parent	Comcast
Holdings	CCCL
Parent	NBCUniversal
Media Parent	Non-
Guarantor
Subsidiaries	Elimination
and
Consolidation
Adjustments	Consolidated
Comcast
Corporation	
Revenue:	 	 	 	 	 	 	 	
Service revenue	$	—	
 	$	—	
 	$	—	
 	$	—	
 	$	62,611	
 	$	—	
 	$	62,611	
 	
Management fee revenue	841	
 	—	
 	827	
 	—	
 	—	
 	(1,668	)	—	
 	
 	841	
 	—	
 	827	
 	—	
 	62,611	
 	(1,668	)	62,611	
 	
Costs and Expenses:	 	 	 	 	 	 	 	
Programming and production	—	
 	—	
 	—	
 	—	
 	18,492	
 	—	
 	18,492	
 	
Other operating and administrative	553	
 	—	
 	827	
 	844	
 	17,754	
 	(1,668	)	18,310	
 	
Advertising, marketing and promotion	—	
 	—	
 	—	
 	—	
 	4,748	
 	—	
 	4,748	
 	
Depreciation	21	
 	—	
 	—	
 	—	
 	5,855	
 	—	
 	5,876	
 	
Amortization	4	
 	—	
 	—	
 	—	
 	1,743	
 	—	
 	1,747	
 	
Other operating gains	—	
 	—	
 	—	
 	—	
 	(442	)	—	
 	(442	)	
 	578	
 	—	
 	827	
 	844	
 	48,150	
 	(1,668	)	48,731	
 	
Operating income (loss)	263	
 	—	
 	—	
 	(844	)	14,461	
 	—	
 	13,880	
 	
Other Income (Expense):	 	 	 	 	 	 	 	
Interest expense	(1,592	)	(9	)	(159	)	(344	)	(175	)	—	
 	(2,279	)	
Investment income (loss), net	(1	)	84	
 	—	
 	(29	)	151	
 	—	
 	205	
 	
Equity in net income (losses) of investees, net	8,594	
 	7,746	
 	6,613	
 	5,477	
 	4,313	
 	(32,731	)	12	
 	
Other income (expense), net	—	
 	—	
 	—	
 	58	
 	24	
 	—	
 	82	
 	
 	7,001	
 	7,821	
 	6,454	
 	5,162	
 	4,313	
 	(32,731	)	(1,980	)	
Income (loss) before income taxes	7,264	
 	7,821	
 	6,454	
 	4,318	
 	18,774	
 	(32,731	)	11,900	
 	
Income tax (expense) benefit	465	
 	(26	)	56	
 	(17	)	(4,513	)	—	
 	(4,035	)	
Net income (loss)	7,729	
 	7,795	
 	6,510	
 	4,301	
 	14,261	
 	(32,731	)	7,865	
 	
Net (income) loss attributable to noncontrolling interests and redeemable subsidiary preferred stock	—	
 	—	
 	—	
 	—	
 	(136	)	—	
 	(136	)	
Net income (loss) attributable to Comcast Corporation	$	7,729	
 	$	7,795	
 	$	6,510	
 	$	4,301	
 	$	14,125	
 	$	(32,731	)	$	7,729	
 	
Comprehensive income (loss) attributable to Comcast Corporation	$	7,818	
 	$	7,793	
 	$	6,516	
 	$	4,266	
 	$	13,998	
 	$	(32,573	)	$	7,818	

21

Table of Contents

Comcast Corporation

Condensed Consolidating Statement of Income
For the Nine Months Ended September 30, 2016 

(in millions)	Comcast
Parent	Comcast
Holdings	CCCL
Parent	NBCUniversal
Media Parent	Non-
Guarantor
Subsidiaries	Elimination
and
Consolidation
Adjustments	Consolidated
Comcast
Corporation	
Revenue:	 	 	 	 	 	 	 	
Service revenue	$	—	
 	$	—	
 	$	—	
 	$	—	
 	$	59,378	
 	$	—	
 	$	59,378	
 	
Management fee revenue	793	
 	—	
 	778	
 	—	
 	—	
 	(1,571	)	—	
 	
 	793	
 	—	
 	778	
 	—	
 	59,378	
 	(1,571	)	59,378	
 	
Costs and Expenses:	 	 	 	 	 	 	 	
Programming and production	—	
 	—	
 	—	
 	—	
 	17,926	
 	—	
 	17,926	
 	
Other operating and administrative	635	
 	—	
 	778	
 	739	
 	16,704	
 	(1,571	)	17,285	
 	
Advertising, marketing and promotion	—	
 	—	
 	—	
 	—	
 	4,510	
 	—	
 	4,510	
 	
Depreciation	21	
 	—	
 	—	
 	—	
 	5,497	
 	—	
 	5,518	
 	
Amortization	4	
 	—	
 	—	
 	—	
 	1,540	
 	—	
 	1,544	
 	
Other operating gains	—	
 	—	
 	—	
 	—	
 	—	
 	—	
 	—	
 	
 	660	
 	—	
 	778	
 	739	
 	46,177	
 	(1,571	)	46,783	
 	
Operating income (loss)	133	
 	—	
 	—	
 	(739	)	13,201	
 	—	
 	12,595	
 	
Other Income (Expense):	 	 	 	 	 	 	 	
Interest expense	(1,431	)	(9	)	(179	)	(342	)	(225	)	—	
 	(2,186	)	
Investment income (loss), net	6	
 	(3	)	—	
 	(20	)	185	
 	—	
 	168	
 	
Equity in net income (losses) of investees, net	7,239	
 	6,924	
 	6,375	
 	4,229	
 	3,160	
 	(27,991	)	(64	)	
Other income (expense), net	—	
 	—	
 	—	
 	115	
 	(11	)	—	
 	104	
 	
 	5,814	
 	6,912	
 	6,196	
 	3,982	
 	3,109	
 	(27,991	)	(1,978	)	
Income (loss) before income taxes	5,947	
 	6,912	
 	6,196	
 	3,243	
 	16,310	
 	(27,991	)	10,617	
 	
Income tax (expense) benefit	452	
 	4	
 	63	
 	(19	)	(4,489	)	—	
 	(3,989	)	
Net income (loss)	6,399	
 	6,916	
 	6,259	
 	3,224	
 	11,821	
 	(27,991	)	6,628	
 	
Net (income) loss attributable to noncontrolling interests and redeemable subsidiary preferred stock	—	
 	—	
 	—	
 	—	
 	(229	)	—	
 	(229	)	
Net income (loss) attributable to Comcast Corporation	$	6,399	
 	$	6,916	
 	$	6,259	
 	$	3,224	
 	$	11,592	
 	$	(27,991	)	$	6,399	
 	
Comprehensive income (loss) attributable to Comcast Corporation	$	6,607	
 	$	7,015	
 	$	6,261	
 	$	3,552	
 	$	12,134	
 	$	(28,962	)	$	6,607	

22

Table of Contents

Comcast Corporation

Condensed Consolidating Statement of Cash Flows
For the Nine Months Ended September 30, 2017 

(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	$	(931	)	$	91	
 	$	(233	)	$	(1,054	)	$	18,088	
 	$	—	
 	$	15,961	
 	
Investing Activities	 	 	 	 	 	 	 	
Net transactions with affiliates	4,216	
 	(91	)	818	
 	833	
 	(5,776	)	—	
 	—	
 	
Capital expenditures	(6	)	—	
 	—	
 	—	
 	(6,833	)	—	
 	(6,839	)	
Cash paid for intangible assets	(2	)	—	
 	—	
 	—	
 	(1,238	)	—	
 	(1,240	)	
Acquisitions and construction of real estate properties	(190	)	—	
 	—	
 	—	
 	(135	)	—	
 	(325	)	
Acquisitions, net of cash acquired	—	
 	—	
 	—	
 	—	
 	(429	)	—	
 	(429	)	
Proceeds from sales of investments	—	
 	—	
 	—	
 	10	
 	110	
 	—	
 	120	
 	
Purchases of investments	(56	)	—	
 	(35	)	(57	)	(1,916	)	—	
 	(2,064	)	
Deposits	—	
 	—	
 	—	
 	—	
 	—	
 	—	
 	—	
 	
Other	101	
 	—	
 	—	
 	49	
 	600	
 	—	
 	750	
 	
Net cash provided by (used in) investing activities	4,063	
 	(91	)	783	
 	835	
 	(15,617	)	—	
 	(10,027	)	
Financing Activities	 	 	 	 	 	 	 	
Proceeds from (repayments of) short-term borrowings, net	(1,739	)	—	
 	—	
 	—	
 	(1,068	)	—	
 	(2,807	)	
Proceeds from borrowings	5,997	
 	—	
 	—	
 	—	
 	5,463	
 	—	
 	11,460	
 	
Repurchases and repayments of debt	(1,000	)	—	
 	(550	)	(3	)	(3,468	)	—	
 	(5,021	)	
Repurchases of common stock under repurchase program and employee plans	(4,212	)	—	
 	—	
 	—	
 	—	
 	—	
 	(4,212	)	
Dividends paid	(2,147	)	—	
 	—	
 	—	
 	—	
 	—	
 	(2,147	)	
Purchase of Universal Studios Japan noncontrolling interests	—	
 	—	
 	—	
 	—	
 	(2,299	)	—	
 	(2,299	)	
Issuances of common stock	—	
 	—	
 	—	
 	—	
 	—	
 	—	
 	—	
 	
Distributions to noncontrolling interests and dividends for redeemable subsidiary preferred stock	—	
 	—	
 	—	
 	—	
 	(198	)	—	
 	(198	)	
Other	(31	)	—	
 	—	
 	—	
 	134	
 	—	
 	103	
 	
Net cash provided by (used in) financing activities	(3,132	)	—	
 	(550	)	(3	)	(1,436	)	—	
 	(5,121	)	
Increase (decrease) in cash and cash equivalents	—	
 	—	
 	—	
 	(222	)	1,035	
 	—	
 	813	
 	
Cash and cash equivalents, beginning of period	—	
 	—	
 	—	
 	482	
 	2,819	
 	—	
 	3,301	
 	
Cash and cash equivalents, end of period	$	—	
 	$	—	
 	$	—	
 	$	260	
 	$	3,854	
 	$	—	
 	$	4,114	

23

Table of Contents

Comcast Corporation

Condensed Consolidating Statement of Cash Flows
For the Nine Months Ended September 30, 2016 

(in millions)	Comcast
Parent	Comcast
Holdings	CCCL
Parent	NBCUniversal
Media Parent	Non-
Guarantor
Subsidiaries	Elimination
and
Consolidation
Adjustments	Consolidated
Comcast
Corporation	
Net cash provided by (used in) operating activities	$	(637	)	$	—	
 	$	(179	)	$	(1,068	)	$	15,873	
 	$	—	
 	$	13,989	
 	
Investing Activities	 	 	 	 	 	 	 	
Net transactions with affiliates	(1,746	)	—	
 	179	
 	2,150	
 	(583	)	—	
 	—	
 	
Capital expenditures	(9	)	—	
 	—	
 	—	
 	(6,553	)	—	
 	(6,562	)	
Cash paid for intangible assets	(4	)	—	
 	—	
 	—	
 	(1,159	)	—	
 	(1,163	)	
Acquisitions and construction of real estate properties	(2	)	—	
 	—	
 	—	
 	(301	)	—	
 	(303	)	
Acquisitions, net of cash acquired	—	
 	—	
 	—	
 	—	
 	(3,904	)	—	
 	(3,904	)	
Proceeds from sales of investments	—	
 	—	
 	—	
 	104	
 	84	
 	—	
 	188	
 	
Purchases of investments	(23	)	—	
 	—	
 	(9	)	(586	)	—	
 	(618	)	
Deposits	—	
 	—	
 	—	
 	—	
 	(1,748	)	—	
 	(1,748	)	
Other	(108	)	—	
 	—	
 	(35	)	101	
 	—	
 	(42	)	
Net cash provided by (used in) investing activities	(1,892	)	—	
 	179	
 	2,210	
 	(14,649	)	—	
 	(14,152	)	
Financing Activities	 	 	 	 	 	 	 	
Proceeds from (repayments of) short-term borrowings, net	105	
 	—	
 	—	
 	—	
 	505	
 	—	
 	610	
 	
Proceeds from borrowings	9,231	
 	—	
 	—	
 	—	
 	—	
 	—	
 	9,231	
 	
Repurchases and repayments of debt	(750	)	—	
 	—	
 	(1,005	)	(1,239	)	—	
 	(2,994	)	
Repurchases of common stock under repurchase program and employee plans	(4,061	)	—	
 	—	
 	—	
 	—	
 	—	
 	(4,061	)	
Dividends paid	(1,944	)	—	
 	—	
 	—	
 	—	
 	—	
 	(1,944	)	
Issuances of common stock	23	
 	—	
 	—	
 	—	
 	—	
 	—	
 	23	
 	
Distributions to noncontrolling interests and dividends for redeemable subsidiary preferred stock	—	
 	—	
 	—	
 	—	
 	(194	)	—	
 	(194	)	
Other	(75	)	—	
 	—	
 	25	
 	54	
 	—	
 	4	
 	
Net cash provided by (used in) financing activities	2,529	
 	—	
 	—	
 	(980	)	(874	)	—	
 	675	
 	
Increase (decrease) in cash and cash equivalents	—	
 	—	
 	—	
 	162	
 	350	
 	—	
 	512	
 	
Cash and cash equivalents, beginning of period	—	
 	—	
 	—	
 	414	
 	1,881	
 	—	
 	2,295	
 	
Cash and cash equivalents, end of period	$	—	
 	$	—	
 	$	—	
 	$	576	
 	$	2,231	
 	$	—	
 	$	2,807	

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ITEM 2: MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Overview
We are a global media and technology company with two primary businesses, Comcast Cable and NBCUniversal. We present our operations for Comcast Cable in one reportable business segment, referred to as Cable Communications, and our operations for NBCUniversal in four reportable business segments: Cable Networks, Broadcast Television, Filmed Entertainment and Theme Parks (collectively, the “NBCUniversal segments”).
Cable Communications Segment
Comcast Cable is one of the nation’s largest providers of video, high-speed Internet, voice, and security and automation services (“cable services”) to residential customers under the XFINITY brand; we also provide these and other services to business customers and sell advertising. As of September 30, 2017, our cable systems had 29.1 million total customer relationships, including 27.0 million residential and 2.1 million business customer relationships, and passed more than 57 million homes and businesses. Our Cable Communications segment generates revenue primarily from residential and business customers that subscribe to our cable services, which we market individually and as bundled services, and from the sale of advertising. During the nine months ended September 30, 2017, our Cable Communications segment generated 63% of our consolidated revenue and 70% of the aggregate Adjusted EBITDA for our reportable business segments.
NBCUniversal Segments
NBCUniversal is one of the world’s leading media and entertainment companies that develops, produces and distributes entertainment, news and information, sports, and other content for global audiences, and owns and operates theme parks worldwide.
Cable Networks
Our Cable Networks segment consists primarily of a diversified portfolio of cable television networks. Our cable networks are comprised of our national cable networks that provide a variety of entertainment, news and information, and sports content; our regional sports and news networks; our 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 traditional and virtual multichannel video providers; from the sale of advertising on our cable networks and related digital media properties; from the licensing of our owned programming, including programming from our cable television studio production operations, to cable and broadcast networks and subscription video on demand services; and from the sale of our owned programming on standard-definition digital video discs and Blu-ray discs (together, “DVDs”) and through digital distribution services such as iTunes.
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 on our broadcast networks, owned local broadcast television stations and related digital media properties; from the licensing of our owned programming by our broadcast television studio production operations to various distribution platforms, including to cable and broadcast networks as well as to subscription video on demand services; from the fees received under retransmission consent agreements and associated fees received from NBC-affiliated local broadcast television stations; and from the sale of our owned programming on DVDs and through digital distribution services.
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 the Universal Pictures, Illumination, Focus Features and DreamWorks Animation names. Our Filmed Entertainment segment generates revenue primarily from the worldwide distribution of our produced and acquired films for exhibition in movie theaters, from the licensing of produced and acquired films through various distribution platforms, and from the sale of produced and acquired films on DVDs and through digital distribution services. Our Filmed Entertainment segment also generates revenue from producing and licensing live stage plays, from the distribution of filmed entertainment produced by third parties, and from Fandango, our movie ticketing and entertainment business.

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Theme Parks
Our Theme Parks segment consists primarily of our Universal theme parks in Orlando, Florida; Hollywood, California; and Osaka, 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 Universal theme parks.
Corporate and Other
Our other business interests consist primarily of the operations of Comcast Spectacor, which owns the Philadelphia Flyers and the Wells Fargo Center arena in Philadelphia, Pennsylvania and operates arena management-related businesses.
We are also pursuing other business development initiatives, such as our wireless phone service that we launched in the second quarter of 2017 on a small scale to our residential cable customers using our virtual network operator rights to provide the service over Verizon’s wireless network and our existing network of in-home and outdoor Wi-Fi hotspots. We offer the wireless phone service only as part of our bundled service offerings to residential customers subscribing to our high-speed Internet service within our cable distribution footprint and may in the future also offer wireless phone service to our small business customers on similar terms. The wireless phone service has success-based working capital requirements, primarily associated with the procurement of handsets, which customers are able to pay for upfront or finance interest-free over 24 months, and other equipment. 
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 our 2016 Annual Report on Form 10-K and refer to Item 1: Business and Item 1A: Risk Factors. Within the Business section, refer to the “Competition” discussion, and within the Risk Factors section, refer to the risk factors 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 new technologies and distribution platforms 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 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, which typically results in higher advertising revenue in the second and fourth quarters of each year. Our revenue and 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 affects our Broadcast Television segment. We define our operating costs and expenses as total costs and expenses, excluding depreciation and amortization expense and other operating gains. Our advertising revenue 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 DVDs and through various other distribution platforms. Release dates are determined by several factors, including competition and the timing of vacation and holiday periods. As a result, revenue tends to be seasonal, with increases experienced each year during the summer months and around the holiday season. Revenue in our Cable Networks, Broadcast Television and Filmed Entertainment segments also fluctuates due to the timing of when our content is made available to licensees.
Revenue in our Theme Parks segment fluctuates with changes in theme park attendance that result from the seasonal nature of vacation travel and weather variations, local entertainment offerings and the opening of new attractions, as well as with changes in currency exchange rates. Our theme parks generally experience peak attendance during the spring holiday period, the summer months when schools are closed and the holiday season.

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Consolidated Operating Results

 	Three Months Ended
September 30	 	Increase/
(Decrease)	 	Nine Months Ended
September 30	 	Increase/
(Decrease)	
(in millions)	2017	 	2016	 	  	
 	 	2017	 	2016	 	  	
 	
Revenue	$	20,983	
 	 	$	21,319	
 	 	(1.6	)%	 	$	62,611	
 	 	$	59,378	
 	 	5.4	 %	
Costs and Expenses:	 	 	 	 	 	 	 	 	 	 	 	
Programming and production	6,077	
 	 	7,003	
 	 	(13.2	)	 	18,492	
 	 	17,926	
 	 	3.2	
 	
Other operating and administrative	6,423	
 	 	5,996	
 	 	7.1	
 	 	18,310	
 	 	17,285	
 	 	5.9	
 	
Advertising, marketing and promotion	1,553	
 	 	1,485	
 	 	4.5	
 	 	4,748	
 	 	4,510	
 	 	5.3	
 	
Depreciation	1,991	
 	 	1,865	
 	 	6.8	
 	 	5,876	
 	 	5,518	
 	 	6.5	
 	
Amortization	589	
 	 	530	
 	 	11.0	
 	 	1,747	
 	 	1,544	
 	 	13.1	
 	
Other operating gains	(442	)	 	—	
 	 	NM	
 	 	(442	)	 	—	
 	 	NM	
 	
Operating income	4,792	
 	 	4,440	
 	 	7.9	
 	 	13,880	
 	 	12,595	
 	 	10.2	
 	
Other income (expense) items, net	(696	)	 	(716	)	 	(2.9	)	 	(1,980	)	 	(1,978	)	 	0.1	
 	
Income before income taxes	4,096	
 	 	3,724	
 	 	10.0	
 	 	11,900	
 	 	10,617	
 	 	12.1	
 	
Income tax expense	(1,413	)	 	(1,400	)	 	1.0	
 	 	(4,035	)	 	(3,989	)	 	1.2	
 	
Net income	2,683	
 	 	2,324	
 	 	15.5	
 	 	7,865	
 	 	6,628	
 	 	18.7	
 	
Net (income) loss attributable to noncontrolling interests and redeemable subsidiary preferred stock	(33	)	 	(87	)	 	(61.9	)	 	(136	)	 	(229	)	 	(40.7	)	
Net income attributable to Comcast Corporation	$	2,650	
 	 	$	2,237	
 	 	18.5	 %	 	$	7,729	
 	 	$	6,399	
 	 	20.8	 %	
All percentages are calculated based on actual amounts. Minor differences may exist due to rounding.
Percentage changes that are considered not meaningful are denoted with NM.
Consolidated Revenue
Consolidated revenue decreased for the three months ended September 30, 2017 primarily due to revenue associated with our broadcast of the Rio Olympics in August 2016, which is reflected in our Cable Networks and Broadcast Television segments in the prior year period. The decrease was partially offset by increases in revenue in our Cable Communications and Theme Parks segments. Excluding $1.5 billion of revenue associated with our broadcast of the 2016 Rio Olympics, consolidated revenue increased 5.8% for the three months ended September 30, 2017.
Our Cable Communications, Filmed Entertainment and Theme Parks segments accounted for the increase in consolidated revenue for the nine months ended September 30, 2017, which was partially offset by decreases in our Cable Networks and Broadcast Television segments due to revenue associated with our broadcast of the 2016 Rio Olympics in the prior year period. Excluding $1.5 billion of revenue associated with our broadcast of the 2016 Rio Olympics, consolidated revenue increased 8.2% for the nine months ended September 30, 2017.
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
Consolidated operating costs and expenses decreased for the three months ended September 30, 2017 primarily due to expenses associated with our broadcast of the 2016 Rio Olympics, which is reflected in our Cable Networks and Broadcast Television segments in the prior year period. The decrease was partially offset by increases in operating costs and expenses in our Cable Communications segment.
Our Cable Communications, Filmed Entertainment and Theme Parks segments accounted for the increase in consolidated operating costs and expenses for the nine months ended September 30, 2017, which was partially offset by decreases in our Cable Networks and Broadcast Television segments due to expenses associated with our broadcast of the 2016 Rio Olympics in the prior year period.
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 and initiatives are discussed separately below under the heading “Corporate and Other Results of Operations.”

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Consolidated Depreciation and Amortization Expense 

 	Three Months Ended
September 30	 	Increase/
(Decrease)	 	Nine Months Ended
September 30	 	Increase/
(Decrease)	
(in millions)	2017	 	2016	 	  	 	2017	 	2016	 	  	
Cable Communications	$	2,049	
 	 	$	1,929	
 	 	6.3	%	 	$	6,030	
 	 	$	5,676	
 	 	6.2	 %	
NBCUniversal	506	
 	 	445	
 	 	13.5	
 	 	1,534	
 	 	1,324	
 	 	15.8	
 	
Corporate and Other	25	
 	 	21	
 	 	16.7	
 	 	59	
 	 	62	
 	 	(6.7	)	
Total	$	2,580	
 	 	$	2,395	
 	 	7.7	%	 	$	7,623	
 	 	$	7,062	
 	 	7.9	 %	
Consolidated depreciation and amortization expense increased for both the three and nine months ended September 30, 2017 primarily due to increases in capital expenditures, as well as expenditures for software, in our Cable Communications segment in recent years and our continued investments in new attractions in our Theme Parks segment. We continue to invest to increase our network capacity and in customer premise equipment, primarily for our X1 platform, cloud DVR technology and wireless gateways. Certain of these assets have shorter estimated useful lives, which is also a contributor to the increase in depreciation expense for both the three and nine months ended September 30, 2017 in our Cable Communications segment.
Consolidated Other Operating Gains
Consolidated other operating gains for both the three and nine months ended September 30, 2017 included $337 million related to NBCUniversal’s relinquishment of spectrum rights (see Note 4 to Comcast’s condensed consolidated financial statements and Note 3 to NBCUniversal's condensed consolidated financial statements) and $105 million related to the sale of a business in Corporate and Other (see Note 6 to Comcast's condensed consolidated financial statements).
Segment Operating Results
Our segment operating results are presented based on how we assess operating performance and internally report financial information. We use Adjusted EBITDA as the measure of profit or loss for our operating segments. Adjusted EBITDA is defined as net income attributable to Comcast Corporation before net (income) loss attributable to noncontrolling interests and redeemable subsidiary preferred stock, income tax expense, other income (expense) items, net, depreciation and amortization expense, and other operating gains, and excluding impairment charges related to fixed and intangible assets and gains or losses on the sale of long-lived assets, if any. From time to time we may exclude from Adjusted EBITDA the impact of events, gains, losses or other charges (such as significant legal settlements) that affect the period-to-period comparability of our operating performance. Other income (expense) items, net include interest expense, investment income (loss), equity in net income (losses) of investees and other income (expense), net, as stated in our condensed consolidated statement of income. 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 and tax structures and by our 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. We reconcile the aggregate amount of Adjusted EBITDA for our reportable business segments to consolidated income before income taxes in the business segment footnote to our condensed consolidated financial statements (see Note 11 to Comcast’s condensed consolidated financial statements and Note 10 to NBCUniversal’s condensed consolidated financial statements). This measure should not be considered a substitute for operating income (loss), net 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 generally accepted accounting principles in the United States.
To be consistent with our current management reporting presentation, certain 2016 operating results were reclassified within the Cable Communications segment.

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Cable Communications Segment Results of Operations

 	Three Months Ended
September 30	 	Increase/
(Decrease)	
(in millions)	2017	 	2016	 	$	 	%	
Revenue	 	 	 	 	 	 	 	
Residential:	 	 	 	 	 	 	 	
Video	$	5,825	
 	 	$	5,591	
 	 	$	234	
 	 	4.2	 %	
High-speed Internet	3,709	
 	 	3,405	
 	 	304	
 	 	8.9	
 	
Voice	840	
 	 	878	
 	 	(38	)	 	(4.5	)	
Business services	1,575	
 	 	1,399	
 	 	176	
 	 	12.6	
 	
Advertising	542	
 	 	625	
 	 	(83	)	 	(13.2	)	
Other	712	
 	 	659	
 	 	53	
 	 	7.8	
 	
Total revenue	13,203	
 	 	12,557	
 	 	646	
 	 	5.1	
 	
Operating costs and expenses	 	 	 	 	 	 	 	
Programming	3,264	
 	 	2,905	
 	 	359	
 	 	12.4	
 	
Technical and product support	1,633	
 	 	1,600	
 	 	33	
 	 	2.1	
 	
Customer service	626	
 	 	627	
 	 	(1	)	 	(0.1	)	
Advertising, marketing and promotion	912	
 	 	934	
 	 	(22	)	 	(2.4	)	
Franchise and other regulatory fees	379	
 	 	371	
 	 	8	
 	 	2.2	
 	
Other	1,143	
 	 	1,134	
 	 	9	
 	 	0.6	
 	
Total operating costs and expenses	7,957	
 	 	7,571	
 	 	386	
 	 	5.1	
 	
Adjusted EBITDA	$	5,246	
 	 	$	4,986	
 	 	$	260	
 	 	5.2	 %	

 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	Nine Months Ended
September 30	 	Increase/
(Decrease)	
(in millions)	2017	 	2016	 	$	 	%	
Revenue	 	 	 	 	 	 	 	
Residential:	 	 	 	 	 	 	 	
Video	$	17,396	
 	 	$	16,710	
 	 	$	686	
 	 	4.1	 %	
High-speed Internet	10,994	
 	 	10,049	
 	 	945	
 	 	9.4	
 	
Voice	2,559	
 	 	2,667	
 	 	(108	)	 	(4.1	)	
Business services	4,596	
 	 	4,070	
 	 	526	
 	 	12.9	
 	
Advertising	1,628	
 	 	1,757	
 	 	(129	)	 	(7.3	)	
Other	2,064	
 	 	1,952	
 	 	112	
 	 	5.7	
 	
Total revenue	39,237	
 	 	37,205	
 	 	2,032	
 	 	5.5	
 	
Operating costs and expenses	

 	 	
 	
Programming	9,698	
 	 	8,659	
 	 	1,039	
 	 	12.0	
 	
Technical and product support	4,778	
 	 	4,674	
 	 	104	
 	 	2.2	
 	
Customer service	1,854	
 	 	1,869	
 	 	(15	)	 	(0.8	)	
Advertising, marketing and promotion	2,666	
 	 	2,646	
 	 	20	
 	 	0.7	
 	
Franchise and other regulatory fees	1,142	
 	 	1,106	
 	 	36	
 	 	3.3	
 	
Other	3,335	
 	 	3,328	
 	 	7	
 	 	0.2	
 	
Total operating costs and expenses	23,473	
 	 	22,282	
 	 	1,191	
 	 	5.3	
 	
Adjusted EBITDA	$	15,764	
 	 	$	14,923	
 	 	$	841	
 	 	5.6	 %	

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Customer Metrics

 	Total Customers	Net Additional Customers	
 	September 30	Three Months Ended
September 30	Nine Months Ended
September 30	
(in thousands, except per customer amounts)	2017	2016	2017	2016	2017	2016	
Video	 	 	 	 	 	 	
Video residential customers	21,341	
 	21,420	
 	(134	)	19	
 	(147	)	36	
 	
Video business services customers	1,049	
 	1,007	
 	9	
 	13	
 	30	
 	45	
 	
Total video customers	22,390	
 	22,428	
 	(125	)	32	
 	(118	)	81	
 	
High-Speed Internet	 	 	 	 	 	 	
High-speed Internet residential customers	23,546	
 	22,477	
 	182	
 	288	
 	718	
 	868	
 	
High-speed Internet business services customers	1,974	
 	1,839	
 	32	
 	41	
 	100	
 	120	
 	
Total high-speed Internet customers	25,519	
 	24,316	
 	214	
 	330	
 	818	
 	988	
 	
Voice	 	 	 	 	 	 	
Voice residential customers	10,351	
 	10,527	
 	(119	)	(24	)	(195	)	90	
 	
Voice business services customers	1,214	
 	1,116	
 	25	
 	26	
 	74	
 	77	
 	
Total voice customers	11,565	
 	11,643	
 	(94	)	2	
 	(122	)	168	
 	
Security and Automation	 	 	 	 	 	 	
Security and automation customers	1,079	
 	815	
 	51	
 	78	
 	188	
 	203	
 	
Customer Relationships	 	 	 	 	 	 	
Residential customer relationships	26,957	
 	26,312	
 	83	
 	175	
 	424	
 	484	
 	
Business services customer relationships	2,146	
 	2,006	
 	31	
 	43	
 	102	
 	119	
 	
Total customer relationships	29,104	
 	28,318	
 	115	
 	217	
 	527	
 	604	
 	
Residential customer relationships mix	 	 	 	 	 	 	
Single product customers	8,055	
 	7,722	
 	125	
 	51	
 	299	
 	75	
 	
Double product customers	8,983	
 	8,682	
 	38	
 	97	
 	186	
 	203	
 	
Triple and quad product customers	9,919	
 	9,908	
 	(79	)	26	
 	(61	)	205	
 	
Customer metrics are presented based on actual amounts. Minor differences may exist due to rounding. Beginning in 2017, we include prepaid customers, which are customers who prepay for at least 30 days of service, in our customer metrics. Residential video and high-speed Internet customers as of September 30, 2017 included prepaid customers totaling approximately 2,000 and 42,000, respectively. 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 and quad product customers represent residential customers that subscribe to one, two, or three and four of our cable services, respectively. Beginning in 2017, we include customers subscribing to our security and automation services in customer relationship information. All periods presented have been adjusted for the inclusion of security and automation customers.
Average monthly total revenue per customer relationship for the three and nine months ended September 30, 2017 was $151.51 and $151.16, respectively. Average monthly total revenue per customer relationship for the three and nine months ended September 30, 2016 was $148.38 and $147.55, respectively.
Cable Communications Segment—Revenue
Video
Video revenue increased 4.2% and 4.1% for the three and nine months ended September 30, 2017, respectively, compared to the same periods in 2016. The primary contributors to revenue growth were rate adjustments, revenue received from a boxing event available on pay-per-view and increases in the number of residential customers subscribing to additional services such as advanced services, which are high-definition video and DVR services. These contributors accounted for substantially all of the increases in revenue for the three and nine months ended September 30, 2017. We have experienced, and may experience in the future, declines in the number of residential video customers due to competitive pressures and the impact of rate adjustments. Competition is intense, both from traditional multichannel video providers and from new technologies and distribution platforms for viewing content. We have responded to this competition, and have attempted to mitigate industry-wide declines in residential video customers at traditional multichannel video providers, through our X1 platform and sales and marketing programs, such as promotions, bundled service offerings and service offerings targeted at specific market segments.
High-Speed Internet
High-speed Internet revenue increased 8.9% and 9.4% for the three and nine months ended September 30, 2017, respectively, compared to the same periods in 2016. Increases in the number of residential customers receiving our high-speed Internet services accounted for increases in revenue of 5.0% and 5.2% for the three and nine months ended September 30, 2017, respectively. The remaining increases in revenue were primarily due to increases in the number of customers receiving higher levels of service and

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the impact of rate adjustments. Our customer base continues to grow as consumers choose our high-speed Internet services and seek higher-speed offerings.
Voice
Voice revenue decreased 4.5% and 4.1% for the three and nine months ended September 30, 2017, respectively, compared to the same periods in 2016. The decreases were primarily due to the allocation of voice revenue for our customers who received bundled services. The amount allocated to voice revenue in the rate charged for bundled services decreased for the three and nine months ended September 30, 2017 because video and high-speed Internet rates increased while voice rates remained relatively flat. The decreases in revenue were also partially due to decreases in the number of residential voice customers, which may continue to decline.
Business Services
Business services revenue increased 12.6% and 12.9% for the three and nine months ended September 30, 2017, respectively, compared to the same periods in 2016. The increases were primarily due to increases in the number of customers receiving our small and medium-sized business services offerings. 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, although the rate of growth in the number of our small business customers may slow as the business matures.
Advertising
Advertising revenue decreased 13.2% and 7.3% for the three and nine months ended September 30, 2017, respectively, compared to the same periods in 2016 primarily due to decreases in political advertising revenue. Excluding political advertising revenue, advertising revenue decreased 4.7% and 2.7% for the three and nine months ended September 30, 2017, respectively, compared to the same periods in 2016.
For both the three and nine months ended September 30, 2017, 4% of our Cable Communications segment advertising revenue was generated from our NBCUniversal segments. For both the three and nine months ended September 30, 2016, 5% of our Cable Communications segment advertising revenue was generated from our NBCUniversal segments. These amounts are eliminated in our condensed consolidated financial statements but are included in the amounts presented above.
Other
Other revenue increased 7.8% and 5.7% for the three and nine months ended September 30, 2017, respectively, compared to the same periods in 2016 primarily due to increases in revenue associated with the licensing of our X1 platform to other multichannel video providers, increases in revenue from our 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 nine months ended September 30, 2017 compared to the same periods in 2016 primarily due to the timing of contract renewals, other increases in programming license fees, including retransmission consent fees and sports programming costs, and fees associated with a boxing event available on pay-per-view.
Technical and product support expenses increased for the three and nine months ended September 30, 2017 compared to the same periods in 2016 primarily due to expenses related to the development, delivery and support of our X1 platform, cloud DVR technology and wireless gateways, and the continued growth in business services and security and automation services.
Customer service expenses remained relatively flat for the three and nine months ended September 30, 2017 compared to the same periods in 2016 primarily due to reduced call volumes, which were partially offset by increased personnel costs.
Advertising, marketing and promotion expenses decreased for the three months ended September 30, 2017 compared to the same period in 2016 primarily due to higher advertising expenses associated with the 2016 Rio Olympics in the prior year period. Advertising, marketing and promotion expenses remained relatively flat for the nine months ended September 30, 2017 compared to the same period in 2016, which reflects increases in spending in the current year period associated with attracting new customers and encouraging existing customers to add additional or higher-tier services offset by higher advertising expenses associated with the 2016 Rio Olympics.
Franchise and other regulatory fees increased for the three and nine months ended September 30, 2017 compared to the same periods in 2016 primarily due to increases in the revenue to which the fees apply.
Other costs and expenses remained relatively flat for the three and nine months ended September 30, 2017 compared to the same periods in 2016.

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Cable Communications Segment—Operating Margin
Our Cable Communications segment operating margin is Adjusted EBITDA 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, and through cost management. Adjusted EBITDA was negatively impacted by two hurricanes that affected our service areas in the third quarter of 2017.
Our operating margin for both the three months ended September 30, 2017 and 2016 was 39.7%. Our operating margin for the nine months ended September 30, 2017 and 2016 was 40.2% and 40.1%, respectively.
NBCUniversal Segments Results of Operations

 	Three Months Ended
September 30	 	Increase/
(Decrease)	
(in millions)	2017	 	2016	 	$	%	
Revenue	 	 	 	 	 	 	
Cable Networks	$	2,603	
 	 	$	2,942	
 	 	$	(339	)	(11.5	)%	
Broadcast Television	2,133	
 	 	3,087	
 	 	(954	)	(30.9	)	
Filmed Entertainment	1,784	
 	 	1,792	
 	 	(8	)	(0.5	)	
Theme Parks	1,550	
 	 	1,440	
 	 	110	
 	7.7	
 	
Headquarters, other and eliminations	(56	)	 	(83	)	 	27	
 	NM	
 	
Total revenue	$	8,014	
 	 	$	9,178	
 	 	$	(1,164	)	(12.7	)%	
Adjusted EBITDA	 	 	 	 	 	 	
Cable Networks	$	905	
 	 	$	893	
 	 	$	12	
 	1.5	 %	
Broadcast Television	321	
 	 	378	
 	 	(57	)	(15.0	)	
Filmed Entertainment	394	
 	 	353	
 	 	41	
 	11.9	
 	
Theme Parks	775	
 	 	706	
 	 	69	
 	9.8	
 	
Headquarters, other and eliminations	(121	)	 	(184	)	 	63	
 	NM	
 	
Total Adjusted EBITDA	$	2,274	
 	 	$	2,146	
 	 	$	128	
 	6.0	 %	

 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	Nine Months Ended
September 30	 	Increase/
(Decrease)	
(in millions)	2017	 	2016	 	$	%	
Revenue	 	 	 	 	 	 	
Cable Networks	$	7,940	
 	 	$	7,961	
 	 	$	(21	)	(0.3	)%	
Broadcast Television	6,582	
 	 	7,299	
 	 	(717	)	(9.8	)	
Filmed Entertainment	5,920	
 	 	4,526	
 	 	1,394	
 	30.8	
 	
Theme Parks	3,982	
 	 	3,602	
 	 	380	
 	10.6	
 	
Headquarters, other and eliminations	(211	)	 	(246	)	 	35	
 	NM	
 	
Total revenue	$	24,213	
 	 	$	23,142	
 	 	$	1,071	
 	4.6	 %	
Adjusted EBITDA	 	 	 	 	 	 	
Cable Networks	$	3,076	
 	 	$	2,793	
 	 	$	283	
 	10.1	 %	
Broadcast Television	1,059	
 	 	1,056	
 	 	3	
 	0.3	
 	
Filmed Entertainment	1,047	
 	 	576	
 	 	471	
 	81.9	
 	
Theme Parks	1,723	
 	 	1,550	
 	 	173	
 	11.2	
 	
Headquarters, other and eliminations	(543	)	 	(518	)	 	(25	)	NM	
 	
Total Adjusted EBITDA	$	6,362	
 	 	$	5,457	
 	 	$	905	
 	16.6	 %	

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Cable Networks Segment Results of Operations

 	Three Months Ended
September 30	 	Increase/
(Decrease)	
(in millions)	2017	 	2016	 	$	%	
Revenue	 	 	 	 	 	 	
Distribution	$	1,533	
 	 	$	1,772	
 	 	$	(239	)	(13.4	)%	
Advertising	787	
 	 	943	
 	 	(156	)	(16.5	)	
Content licensing and other	283	
 	 	227	
 	 	56	
 	24.0	
 	
Total revenue	2,603	
 	 	2,942	
 	 	(339	)	(11.5	)	
Operating costs and expenses	 	 	 	 	 	 	
Programming and production	1,219	
 	 	1,572	
 	 	(353	)	(22.5	)	
Other operating and administrative	344	
 	 	344	
 	 	—	
 	(0.4	)	
Advertising, marketing and promotion	135	
 	 	133	
 	 	2	
 	2.2	
 	
Total operating costs and expenses	1,698	
 	 	2,049	
 	 	(351	)	(17.2	)	
Adjusted EBITDA	$	905	
 	 	$	893	
 	 	$	12	
 	1.5	 %	

 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	Nine Months Ended
September 30	 	Increase/
(Decrease)	
(in millions)	2017	 	2016	 	$	%	
Revenue	 	 	 	 	 	 	
Distribution	$	4,645	
 	 	$	4,644	
 	 	$	1	
 	—	 %	
Advertising	2,519	
 	 	2,708	
 	 	(189	)	(7.0	)	
Content licensing and other	776	
 	 	609	
 	 	167	
 	27.3	
 	
Total revenue	7,940	
 	 	7,961	
 	 	(21	)	(0.3	)	
Operating costs and expenses	 	 	 	 	 	 	
Programming and production	3,499	
 	 	3,824	
 	 	(325	)	(8.5	)	
Other operating and administrative	990	
 	 	964	
 	 	26	
 	2.6	
 	
Advertising, marketing and promotion	375	
 	 	380	
 	 	(5	)	(1.1	)	
Total operating costs and expenses	4,864	
 	 	5,168	
 	 	(304	)	(5.9	)	
Adjusted EBITDA	$	3,076	
 	 	$	2,793	
 	 	$	283	
 	10.1	 %	
Cable Networks Segment—Revenue
Cable Networks revenue decreased for the three months ended September 30, 2017 compared to the same period in 2016 due to decreases in distribution revenue and advertising revenue, which were partially offset by an increase in content licensing and other revenue. The decrease in distribution revenue was primarily due to our broadcast of the 2016 Rio Olympics and a decline in the number of subscribers at our cable networks in the current year period, which were partially offset by increases in the contractual rates charged under distribution agreements and the timing of contract renewals in the current year period. The decrease in advertising revenue was primarily due to advertising revenue in the prior year period associated with our broadcast of the 2016 Rio Olympics and the impact of continued declines in audience ratings at our networks in the current year period, which was partially offset by higher prices for advertising units sold. The increase in content licensing and other revenue was primarily due to the timing of content provided under our licensing agreements. Excluding $432 million of revenue associated with our broadcast of the 2016 Rio Olympics, Cable Networks segment revenue increased 3.7% for the three months ended September 30, 2017.
Cable Networks revenue decreased slightly for the nine months ended September 30, 2017 compared to the same period in 2016 due to a decrease in advertising revenue, which was partially offset by an increase in content licensing and other revenue. The decrease in advertising revenue was primarily due to advertising revenue in the prior year period associated with our broadcast of the 2016 Rio Olympics and the impact of continued declines in audience ratings at our networks in the current year period, which was partially offset by higher prices for advertising units sold. The increase in content licensing and other revenue was primarily due to the timing of content provided under our licensing agreements. Distribution revenue remained flat primarily due to increases in the contractual rates charged under distribution agreements and the timing of contract renewals in the current year period, which were offset by our broadcast of the 2016 Rio Olympics and a decline in the number of subscribers at our cable networks. Excluding $432 million of revenue associated with our broadcast of the 2016 Rio Olympics, Cable Networks segment revenue increased 5.5% for the nine months ended September 30, 2017.

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For both the three and nine months ended September 30, 2017, 15% of our Cable Networks segment revenue was generated from our Cable Communications segment. For both the three and nine months ended September 30, 2016, 14% of our Cable Networks segment revenue was generated from our Cable Communications segment. 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 decreased for the three and nine months ended September 30, 2017 compared to the same periods in 2016 primarily due to programming and production costs in the prior year periods associated with the 2016 Rio Olympics. The decreases in programming and production costs were partially offset by increases in sports programming rights costs and higher studio production costs in the current year periods.
Broadcast Television Segment Results of Operations

 	Three Months Ended
September 30	 	Increase/
(Decrease)	
(in millions)	2017	 	2016	 	$	%	
Revenue	 	 	 	 	 	 	
Advertising	$	1,241	
 	 	$	2,281	
 	 	$	(1,040	)	(45.6	)%	
Content licensing	440	
 	 	365	
 	 	75	
 	20.5	
 	
Distribution and other	452	
 	 	441	
 	 	11	
 	2.3	
 	
Total revenue	2,133	
 	 	3,087	
 	 	(954	)	(30.9	)	
Operating costs and expenses	 	 	 	 	 	 	
Programming and production	1,342	
 	 	2,205	
 	 	(863	)	(39.1	)	
Other operating and administrative	337	
 	 	371	
 	 	(34	)	(9.4	)	
Advertising, marketing and promotion	133	
 	 	133	
 	 	—	
 	—	
 	
Total operating costs and expenses	1,812	
 	 	2,709	
 	 	(897	)	(33.1	)	
Adjusted EBITDA	$	321	
 	 	$	378	
 	 	$	(57	)	(15.0	)%	

 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	Nine Months Ended
September 30	 	Increase/
(Decrease)	
(in millions)	2017	 	2016	 	$	%	
Revenue	 	 	 	 	 	 	
Advertising	$	3,790	
 	 	$	4,841	
 	 	$	(1,051	)	(21.7	)%	
Content licensing	1,466	
 	 	1,367	
 	 	99	
 	7.2	
 	
Distribution and other	1,326	
 	 	1,091	
 	 	235	
 	21.6	
 	
Total revenue	6,582	
 	 	7,299	
 	 	(717	)	(9.8	)	
Operating costs and expenses	 	 	 	 	 	 	
Programming and production	4,126	
 	 	4,872	
 	 	(746	)	(15.3	)	
Other operating and administrative	1,022	
 	 	1,024	
 	 	(2	)	(0.1	)	
Advertising, marketing and promotion	375	
 	 	347	
 	 	28	
 	7.9	
 	
Total operating costs and expenses	5,523	
 	 	6,243	
 	 	(720	)	(11.5	)	
Adjusted EBITDA	$	1,059	
 	 	$	1,056	
 	 	$	3	
 	0.3	 %	
Broadcast Television Segment—Revenue
Broadcast Television revenue decreased for the three and nine months ended September 30, 2017 compared to the same periods in 2016 due to decreases in advertising revenue, which were partially offset by increases in content licensing revenue and distribution and other revenue. The decreases in advertising revenue were primarily due to advertising revenue in the prior year periods associated with our broadcast of the 2016 Rio Olympics and declines in audience ratings in the current year periods, which were partially offset by higher prices for advertising units sold. The increases in content licensing revenue were primarily due to the timing of content provided under our licensing agreements. The increases in distribution and other revenue were primarily due to increases in fees recognized under our retransmission consent agreements, which were partially offset by revenue associated with our broadcast of the 2016 Rio Olympics in the prior year periods. Excluding $1.2 billion of revenue associated with our broadcast of the 2016 Rio Olympics, revenue increased 12.3% and 7.7% for the three and nine months ended September 30, 2017, respectively.

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Broadcast Television Segment—Operating Costs and Expenses
Operating costs and expenses decreased for the three and nine months ended September 30, 2017 compared to the same periods in 2016 primarily due to decreases in programming and production costs. The decreases in programming and production costs were primarily due to costs associated with our broadcast of the 2016 Rio Olympics, which were partially offset by higher studio production costs and our continued investment in original programming and sports programming rights in the current year periods.
Filmed Entertainment Segment Results of Operations

 	Three Months Ended
September 30	 	Increase/
(Decrease)	
(in millions)	2017	 	2016	 	$	%	
Revenue	 	 	 	 	 	 	
Theatrical	$	515	
 	 	$	700	
 	 	$	(185	)	(26.4	)%	
Content licensing	683	
 	 	595	
 	 	88	
 	14.9	
 	
Home entertainment	306	
 	 	267	
 	 	39	
 	14.4	
 	
Other	280	
 	 	230	
 	 	50	
 	21.0	
 	
Total revenue	1,784	
 	 	1,792	
 	 	(8	)	(0.5	)	
Operating costs and expenses	 	 	 	 	 	 	
Programming and production	789	
 	 	800	
 	 	(11	)	(1.5	)	
Other operating and administrative	286	
 	 	314	
 	 	(28	)	(9.4	)	
Advertising, marketing and promotion	315	
 	 	325	
 	 	(10	)	(3.1	)	
Total operating costs and expenses	1,390	
 	 	1,439	
 	 	(49	)	(3.6	)	
Adjusted EBITDA	$	394	
 	 	$	353	
 	 	$	41	
 	11.9	 %	

 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	Nine Months Ended
September 30	 	Increase/
(Decrease)	
(in millions)	2017	 	2016	 	$	%	
Revenue	 	 	 	 	 	 	
Theatrical	$	2,003	
 	 	$	1,233	
 	 	$	770	
 	62.4	%	
Content licensing	2,097	
 	 	1,845	
 	 	252	
 	13.7	
 	
Home entertainment	949	
 	 	783	
 	 	166	
 	21.1	
 	
Other	871	
 	 	665	
 	 	206	
 	31.1	
 	
Total revenue	5,920	
 	 	4,526	
 	 	1,394	
 	30.8	
 	
Operating costs and expenses	 	 	 	 	 	 	
Programming and production	2,752	
 	 	2,050	
 	 	702	
 	34.2	
 	
Other operating and administrative	948	
 	 	750	
 	 	198	
 	26.4	
 	
Advertising, marketing and promotion	1,173	
 	 	1,150	
 	 	23	
 	2.0	
 	
Total operating costs and expenses	4,873	
 	 	3,950	
 	 	923	
 	23.3	
 	
Adjusted EBITDA	$	1,047	
 	 	$	576	
 	 	$	471	
 	81.9	%	
Filmed Entertainment Segment—Revenue
Filmed Entertainment revenue decreased for the three months ended September 30, 2017 compared to the same period in 2016 due to a decrease in theatrical revenue, which was partially offset by increases in content licensing revenue, other revenue and home entertainment revenue. The decrease in theatrical revenue was primarily due to a higher number of releases in the prior year period, including  The Secret Life of Pets  and  Jason Bourne , which was partially offset by the strong performance of Despicable Me 3  in the current year period. The increase in content licensing revenue was primarily due to the timing of when content was made available under licensing agreements. The increase in other revenue was primarily due to an increase in revenue from consumer products. The increase in home entertainment revenue was primarily due to strong sales of our 2017 film slate, including  The Fate of the Furious .
Filmed Entertainment revenue increased for the nine months ended September 30, 2017 compared to the same period in 2016 due to increases in theatrical revenue, content licensing revenue, other revenue and home entertainment revenue. Theatrical revenue

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increased due to the strong performances of several releases in our 2017 film slate, including The Fate of the Furious, Despicable Me 3  and  Fifty Shades Darker . Content licensing revenue increased primarily due to the inclusion of DreamWorks Animation in the current year period. Other revenue increased primarily due to increases in revenue from consumer products, including from DreamWorks Animation, in the current year period. Home entertainment revenue increased primarily due to strong sales of several 2017 releases, including  Sing ,  The Fate of the Furious  and  Fifty Shades Darker.
Filmed Entertainment Segment—Operating Costs and Expenses
Operating costs and expenses decreased for the three months ended September 30, 2017 compared to the same period in 2016 due to decreases in other operating and administrative expenses, programming and production costs, and advertising, marketing and promotion costs. The decrease in other operating and administrative expenses was due to $50 million related to severance costs attributable to DreamWorks in the prior year period. The decreases in programming and production costs and advertising, marketing and promotion costs were primarily due to a higher number of releases in the prior year period.
Operating costs and expenses increased for the nine months ended September 30, 2017 compared to the same period in 2016 primarily due to an increase in programming and production costs and other operating and administrative expenses. The increase in programming and production costs was primarily due to higher amortization of film production costs for our 2017 releases, as well as the inclusion of costs associated with DreamWorks Animation. The increase in other operating and administrative expenses was primarily due to an increase in employee-related costs as well as the inclusion of expenses associated with DreamWorks Animation.
Theme Parks Segment Results of Operations

 	Three Months Ended
September 30	 	Increase/
(Decrease)	
(in millions)	2017	 	2016	 	$	%	
Revenue	$	1,550	
 	 	$	1,440	
 	 	$	110	
 	7.7	%	
Operating costs and expenses	775	
 	 	734	
 	 	41	
 	5.6	
 	
Adjusted EBITDA	$	775	
 	 	$	706	
 	 	$	69	
 	9.8	%	

 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	Nine Months Ended
September 30	 	Increase/
(Decrease)	
(in millions)	2017	 	2016	 	$	%	
Revenue	$	3,982	
 	 	$	3,602	
 	 	$	380	
 	10.6	%	
Operating costs and expenses	2,259	
 	 	2,052	
 	 	207	
 	10.1	
 	
Adjusted EBITDA	$	1,723	
 	 	$	1,550	
 	 	$	173	
 	11.2	%	
Theme Parks Segment—Revenue
Theme Parks revenue increased for the three and nine months ended September 30, 2017 compared to the same periods in 2016 primarily due to increases in guest spending that reflect the continued success of  The Wizarding World of Harry Potter ™ attraction in Hollywood, which opened in April 2016, and the openings of  Minion Park ™ in Japan in April 2017 and Volcano Bay ™ in Orlando in May 2017.
Theme Parks Segment—Operating Costs and Expenses
Operating costs and expenses increased for the three and nine months ended September 30, 2017 compared to the same periods in 2016 primarily due to higher operating costs related to new attractions, employee-related costs and additional marketing costs associated with our domestic theme parks.

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Corporate and Other Results of Operations

 	Three Months Ended
September 30	 	Increase/
(Decrease)	
(in millions)	2017	 	2016	 	$	 	%	
Revenue	$	266	
 	
 	$	168	
 	
 	$	98	
 	
 	58.2	 %	
Operating costs and expenses	865	
 	
 	391	
 	
 	474	
 	
 	NM	
 	
Adjustment for legal settlement	(250	)	 	—	
 	 	(250	)	 	NM	
 	
Adjusted EBITDA	$	(349	)	
 	$	(223	)	
 	$	(126	)	
 	(56.7	)%	
 	 	 	 	 	 	 	 	
 	Nine Months Ended
September 30	
 	Increase/
(Decrease)	
(in millions)	2017	
 	2016	
 	$	
 	%	
Revenue	$	679	
 	
 	$	547	
 	
 	$	132	
 	
 	24.1	 %	
Operating costs and expenses	1,774	
 	
 	1,215	
 	
 	559	
 	
 	46.1	
 	
Adjustment for legal settlement	(250	)	 	—	
 	 	(250	)	 	NM	
 	
Adjusted EBITDA	$	(845	)	
 	$	(668	)	
 	$	(177	)	
 	(26.6	)%	
Corporate and Other—Revenue
Other revenue primarily relates to Comcast Spectacor, which owns the Philadelphia Flyers and the Wells Fargo Center arena in Philadelphia, Pennsylvania and operates arena management-related businesses, as well as revenue from other business development initiatives, such as our wireless phone service.
Corporate and Other—Operating Costs and Expenses
Corporate and Other operating costs and expenses primarily include overhead, personnel costs, the costs of other business development initiatives, and operating costs and expenses associated with Comcast Spectacor.
Corporate and Other operating costs and expenses increased for the three and nine months ended September 30, 2017 primarily due to expenses associated with our new wireless phone service. Corporate and Other Adjusted EBITDA excludes $250 million of expense related to a legal settlement for the three and nine months ended September 30, 2017 (see Note 10 to Comcast's condensed consolidated financial statements).
Consolidated Other Income (Expense) Items, Net

 	Three Months Ended
September 30	 	Nine Months Ended
September 30	
(in millions)	2017	 	2016	 	2017	 	2016	
Interest expense	$	(766	)	 	$	(751	)	 	$	(2,279	)	 	$	(2,186	)	
Investment income (loss), net	82	
 	 	80	
 	 	205	
 	 	168	
 	
Equity in net income (losses) of investees, net	(39	)	 	(34	)	 	12	
 	 	(64	)	
Other income (expense), net	27	
 	 	(11	)	 	82	
 	 	104	
 	
Total	$	(696	)	 	$	(716	)	 	$	(1,980	)	 	$	(1,978	)	
Interest Expense
Interest expense increased for the three and nine months ended September 30, 2017 compared to the same periods in 2016 primarily due to increases in our debt outstanding.
Investment Income (Loss), Net
The components of investment income (loss), net for the three and nine months ended September 30, 2017 and 2016 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 nine months ended September 30, 2017 compared to the same periods in 2016 were primarily related to our equity method investments in Atairos Group, Inc. and Hulu, LLC. Atairos follows investment company accounting and records its investments at their fair values each reporting period with the net gains or losses reflected in its statement of income. We recognize our share of these gains and losses in equity in net income (losses) of

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investees, net. The losses at Hulu were primarily due to its higher programming and marketing costs. The equity in net income (losses) of Atairos and Hulu for the three and nine months ended September 30, 2017 and 2016 are presented in the table below.

 	Three Months Ended
September 30	 	Nine Months Ended
September 30	
(in millions)	2017	 	2016	 	2017	 	2016	
Atairos	$	7	
 	 	$	(9	)	 	$	106	
 	 	$	(36	)	
Hulu	$	(62	)	 	$	(43	)	 	$	(168	)	 	$	(108	)	
Other Income (Expense), Net
Other income (expense), net for the nine months ended September 30, 2016 included a gain of $108 million related to the sale of our investment in The Weather Channel’s product and technology businesses.
Consolidated Income Tax Expense
Income tax expense for the three and nine months ended September 30, 2017 and 2016 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. In 2017, we prospectively adopted the new accounting guidance related to share-based compensation, which resulted in decreases in income tax expense of $49 million and $247 million for the three and nine months ended September 30, 2017, respectively (see Note 2 to Comcast's condensed consolidated financial statements). In addition, our income tax expense decreased $121 million due to the impact of an internal legal reorganization, which was partially offset by an increase of $53 million due to state tax law changes for both the three and nine months ended September 30, 2017. Including the impacts of these items, we expect our 2017 annual effective tax rate to be in the range of 34% to 36%, absent further changes in tax laws or significant changes in uncertain tax positions.
Liquidity and Capital Resources
Our businesses generate significant cash flows from operating activities. We believe that we will be able to continue to meet our current and long-term liquidity and capital requirements, including fixed charges, through our cash flows from operating activities; existing cash, cash equivalents and investments; available borrowings under our existing credit facilities; and our ability to obtain future external financing. We anticipate that we will continue to use a substantial portion of our cash flows in repaying our debt obligations, funding our capital expenditures, investing in business opportunities and returning capital to shareholders.
Operating Activities
Components of Net Cash Provided by Operating Activities

 	Nine Months Ended
September 30	
(in millions)	2017	 	2016	
Operating income	$	13,880	
 	 	$	12,595	
 	
Depreciation, amortization and other operating gains	7,181	
 	 	7,062	
 	
Noncash share-based compensation	594	
 	 	495	
 	
Changes in operating assets and liabilities	(168	)	 	(1,575	)	
Payments of interest	(2,277	)	 	(2,043	)	
Payments of income taxes	(3,415	)	 	(2,716	)	
Other	166	
 	 	171	
 	
Net cash provided by operating activities	$	15,961	
 	 	$	13,989	
 	
The variance in changes in operating assets and liabilities for the nine months ended September 30, 2017 compared to the same period in 2016 was primarily due to the timing of collections on our receivables and recognition of deferred revenue associated with our broadcast of the 2016 Rio Olympics and the payment of a tax receivable agreement that DreamWorks previously entered into with one of its former stockholders in the prior year period. The variance was also due to the timing of film and television spending, including certain sports programming obligations, and an increase related to a legal settlement in the current year period.

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Investing Activities
Net cash used in investing activities for the nine months ended September 30, 2017 consisted primarily of capital expenditures, purchases of investments, cash paid for intangible assets and acquisitions. Capital expenditures increased for the nine months ended September 30, 2017 compared to the same period in 2016 primarily due to our Cable Communications segment's continued investment in scalable infrastructure to increase network capacity and increased investment in line extensions primarily for the expansion of business services, partially offset by a decrease in spending on customer premise equipment. NBCUniversal capital expenditures decreased for the nine months ended September 30, 2017 compared to the same period in 2016 primarily due to the timing of real estate and infrastructure spending. Purchases of investments for the nine months ended September 30, 2017 consisted primarily of our cash capital contributions to Atairos of $994 million and our investment in Snap Inc. of $500 million.
On April 13, 2017, the Federal Communications Commission announced the results of its spectrum auction. In the auction, NBCUniversal relinquished its spectrum rights in the New York, Philadelphia and Chicago designated market areas where NBC and Telemundo had overlapping spectrum. NBCUniversal received proceeds of $482 million in July 2017, which were recorded in other investing activities in our condensed consolidated statement of cash flows. In connection with the auction, we also acquired the rights to $1.7 billion of spectrum. We had previously made a deposit of $1.8 billion to participate in the auction in the third quarter of 2016 and received a refund for amounts in excess of the purchase price in the second quarter of 2017.
Financing Activities
Net cash used in financing activities for the nine months ended September 30, 2017 consisted primarily of repayments of debt, repurchases of common stock under our share repurchase program and employee plans, the purchase of the remaining 49% noncontrolling interests in Universal Studios Japan, 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 or exchanges of our outstanding public notes and debentures, depending on various factors, such as market conditions. See Note 7 to Comcast’s condensed consolidated financial statements for additional information on our financing activities, including details of our debt repayments and borrowings and our exchange of senior notes.
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.
As of September 30, 2017, amounts available under our consolidated revolving credit facilities, net of amounts outstanding under our commercial paper programs and outstanding letters of credit, totaled $8.3 billion, which included $1.5 billion available under the NBCUniversal Enterprise revolving credit facility.
Share Repurchases and Dividends
Effective January 1, 2017, our Board of Directors increased our share repurchase program authorization to $12 billion, which does not have an expiration date. Under the authorization, we may repurchase shares in the open market or in private transactions. During the nine months ended September 30, 2017, we repurchased a total of 98 million shares of our Class A common stock for $3.8 billion. We expect to make $1.2 billion more in repurchases under this authorization during the remainder of 2017, although the actual repurchase amount may be more or less. 
In addition, we paid $397 million for the nine months ended September 30, 2017 related to employee taxes associated with the administration of our share-based compensation plans.
In January 2017, our Board of Directors approved a 15% increase in our dividend to $0.63 per share on an annualized basis. In July 2017, our Board of Directors approved our third quarter dividend of $0.1575 per share to be paid in October 2017. We expect to continue to pay quarterly dividends, although each dividend is subject to approval by our Board of Directors.
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.

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We believe our judgments and related estimates associated with the valuation and impairment testing of our cable franchise rights and accounting for film and television costs are critical in the preparation of our condensed consolidated financial statements. We performed our annual impairment testing of our cable franchise rights as of July 1, 2017 and no impairment charge was required.
For a more complete discussion of the accounting judgments and estimates that we have identified as critical in the preparation of our condensed consolidated financial statements, please refer to our Management’s Discussion and Analysis of Financial Condition and Results of Operations in our 2016 Annual Report on Form 10-K.
Recent Accounting Pronouncements
See Note 2 to each of Comcast’s and NBCUniversal’s condensed consolidated financial statements for additional information related to recent accounting pronouncements.
ITEM 3: QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
We have evaluated the information required under this item that was disclosed in our 2016 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 10 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.

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ITEM 1A: RISK FACTORS
There have been no significant changes from the risk factors previously disclosed in Item 1A of our 2016 Annual Report on Form 10-K.
ITEM 2: UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
The table below summarizes Comcast’s common stock repurchases during the three months ended September 30, 2017.
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 Publicly Announced
Authorization	Maximum Dollar
Value of Shares That
May Yet Be
Purchased Under the Publicly Announced
Authorization (a)	
July 1-31, 2017	—	
 	 	$	—	
 	—	
 	$	—	
 	$	9,868,909,599	
 	
August 1-31, 2017	18,907,754	
 	
 	$	39.34	
 	18,907,754	
 	$	743,909,599	
 	$	9,125,000,000	
 	
September 1-30, 2017	23,975,477	
 	 	$	39.21	
 	23,975,477	
 	$	939,986,531	
 	$	8,185,013,469	
 	
Total	42,883,231	
 	 	$	39.27	
 	42,883,231	
 	$	1,683,896,130	
 	$	8,185,013,469	

(a)	Effective January 1, 2017, our Board of Directors increased our share repurchase program authorization to $12 billion, which does not have an expiration date. Under this authorization, we may repurchase shares in the open market or in private transactions.	
The total number of shares purchased during the three months ended September 30, 2017 does not include any shares received in the administration of employee share-based compensation plans.
ITEM 5: OTHER INFORMATION
Iran Threat Reduction and Syria Human Rights Act Disclosure
Pursuant to Section 219 of the Iran Threat Reduction and Syria Human Rights Act of 2012, companies are required, among other things, to disclose certain activities, transactions or dealings with the Government of Iran or entities controlled directly or indirectly by the Government of Iran. Disclosure is generally required even where the activities, transactions or dealings are conducted in compliance with applicable laws and regulations and are de minimis. As of the date of this report, we are not aware of any activity, transaction or dealing during the three months ended September 30, 2017 that requires disclosure under the Act, except with respect to a January 2016 licensing agreement by a non-U.S. subsidiary of DreamWorks Animation prior to our August 2016 DreamWorks Animation acquisition. The agreement licensed a prior season of a children’s animated television series for a three-year, non-cancelable term and for a one-time fee of $5,200 to a broadcasting company that is owned and controlled by the Government of Iran. The broadcasting company paid the license fee in the first quarter of 2016. We believe that DreamWorks Animation conducted its licensing activity in compliance with applicable laws and that the license is for the permissible exportation of informational materials pursuant to certain statutory and regulatory exemptions from U.S. sanctions.

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ITEM 6: EXHIBITS
Comcast

Exhibit
No.	 	Description	
10.1*	 	Employment Agreement between Comcast Corporation and Brian L. Roberts, dated as of July 26, 2017 (incorporated by reference to Exhibit 10.2 to Comcast's Quarterly Report on Form 10-Q for the quarter ended June 30, 2017).	
31.1	 	Certification of Chief Executive Officer and Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.	
32.1	 	Certification of Chief Executive Officer and Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.	
101	 	The following financial statements from Comcast Corporation’s Quarterly Report on Form 10-Q for the three and nine months ended September 30, 2017, filed with the Securities and Exchange Commission on October 26, 2017, formatted in XBRL (eXtensible Business Reporting Language): (i) the Condensed Consolidated Balance Sheet; (ii) the Condensed Consolidated Statement of Income; (iii) the Condensed Consolidated Statement of Comprehensive Income; (iv) the Condensed Consolidated Statement of Cash Flows; (v) the Condensed Consolidated Statement of Changes in Equity; and (vi) the Notes to Condensed Consolidated Financial Statements.	
* Constitutes a management contract or compensatory plan or arrangement.	
 
NBCUniversal

Exhibit
No.	 	Description	
31.2	 	Certification of Principal Executive Officer and Principal Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.	
32.2	 	Certification of Principal Executive Officer and Principal Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.	
101	 	The following financial statements from NBCUniversal Media, LLC’s Quarterly Report on Form 10-Q for the three and nine months ended September 30, 2017, filed with the Securities and Exchange Commission on October 26, 2017, 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/ DANIEL C. MURDOCK	
 	 	Daniel C. Murdock
Senior Vice President, Chief Accounting Officer and Controller
(Principal Accounting Officer)	
Date: October 26, 2017 
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/ DANIEL C. MURDOCK	
 	 	Daniel C. Murdock
Senior Vice President
(Principal Accounting Officer)	
Date: October 26, 2017 

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NBCUniversal Media, LLC Financial Statements

Index	Page	
Condensed Consolidated Balance Sheet	45	
Condensed Consolidated Statement of Income	46	
Condensed Consolidated Statement of Comprehensive Income	47	
Condensed Consolidated Statement of Cash Flows	48	
Condensed Consolidated Statement of Changes in Equity	49	
Notes to Condensed Consolidated Financial Statements	50	

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NBCUniversal Media, LLC

Condensed Consolidated Balance Sheet
(Unaudited)

(in millions)	September 30,
2017	 	December 31,
2016	
Assets	 	 	 	
Current Assets:	 	 	 	
Cash and cash equivalents	$	2,014	
 	 	$	1,966	
 	
Receivables, net	6,177	
 	 	6,302	
 	
Programming rights	1,772	
 	 	1,241	
 	
Other current assets	1,114	
 	 	938	
 	
Total current assets	11,077	
 	 	10,447	
 	
Film and television costs	6,791	
 	 	7,245	
 	
Investments	1,817	
 	 	1,263	
 	
Property and equipment, net of accumulated depreciation of $3,999 and $3,350	11,040	
 	 	10,511	
 	
Goodwill	23,963	
 	 	23,323	
 	
Intangible assets, net of accumulated amortization of $7,372 and $6,568	13,375	
 	 	13,777	
 	
Other noncurrent assets, net	1,582	
 	 	1,688	
 	
Total assets	$	69,645	
 	 	$	68,254	
 	
Liabilities and Equity	 	 	 	
Current Liabilities:	 	 	 	
Accounts payable and accrued expenses related to trade creditors	$	1,449	
 	 	$	1,647	
 	
Accrued participations and residuals	1,811	
 	 	1,726	
 	
Program obligations	576	
 	 	807	
 	
Deferred revenue	1,479	
 	 	1,016	
 	
Accrued expenses and other current liabilities	1,807	
 	 	1,888	
 	
Note payable to Comcast	1,805	
 	 	2,703	
 	
Current portion of long-term debt	196	
 	 	127	
 	
Total current liabilities	9,123	
 	 	9,914	
 	
Long-term debt, less current portion	12,157	
 	 	11,461	
 	
Accrued participations, residuals and program obligations	1,202	
 	 	1,202	
 	
Other noncurrent liabilities	4,099	
 	 	4,130	
 	
Commitments and contingencies	

Redeemable noncontrolling interests	407	
 	 	530	
 	
Equity:	
 	 	 	
Member’s capital	41,760	
 	 	39,036	
 	
Accumulated other comprehensive income (loss)	(29	)	 	(135	)	
Total NBCUniversal member’s equity	41,731	
 	 	38,901	
 	
Noncontrolling interests	926	
 	 	2,116	
 	
Total equity	42,657	
 	 	41,017	
 	
Total liabilities and equity	$	69,645	
 	 	$	68,254	
 	
See accompanying notes to condensed consolidated financial statements.

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NBCUniversal Media, LLC

Condensed Consolidated Statement of Income
(Unaudited) 

 	Three Months Ended
September 30	 	Nine Months Ended
September 30	
(in millions)	2017	 	2016	 	2017	 	2016	
Revenue	$	8,014	
 	 	$	9,178	
 	 	$	24,213	
 	 	$	23,142	
 	
Costs and Expenses:	 	 	 	 	 	 	 	
Programming and production	3,257	
 	 	4,501	
 	 	10,157	
 	 	10,503	
 	
Other operating and administrative	1,859	
 	 	1,912	
 	 	5,586	
 	 	5,159	
 	
Advertising, marketing and promotion	624	
 	 	619	
 	 	2,108	
 	 	2,023	
 	
Depreciation	253	
 	 	209	
 	 	749	
 	 	624	
 	
Amortization	253	
 	 	236	
 	 	785	
 	 	700	
 	
Other operating gains	(337	)	 	—	
 	 	(337	)	 	—	
 	
 	5,909	
 	 	7,477	
 	 	19,048	
 	 	19,009	
 	
Operating income	2,105	
 	 	1,701	
 	 	5,165	
 	 	4,133	
 	
Other Income (Expense):	 	 	 	 	 	 	 	
Interest expense	(139	)	 	(151	)	 	(431	)	 	(444	)	
Investment income (loss), net	10	
 	 	6	
 	 	34	
 	 	20	
 	
Equity in net income (losses) of investees, net	(52	)	 	(34	)	 	(107	)	 	(55	)	
Other income (expense), net	16	
 	 	(16	)	 	31	
 	 	81	
 	
 	(165	)	 	(195	)	 	(473	)	 	(398	)	
Income before income taxes	1,940	
 	 	1,506	
 	 	4,692	
 	 	3,735	
 	
Income tax expense	(98	)	 	(139	)	 	(289	)	 	(311	)	
Net income	1,842	
 	 	1,367	
 	 	4,403	
 	 	3,424	
 	
Net (income) loss attributable to noncontrolling interests	(17	)	 	(78	)	 	(102	)	 	(200	)	
Net income attributable to NBCUniversal	$	1,825	
 	 	$	1,289	
 	 	$	4,301	
 	 	$	3,224	
 	
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
September 30	 	Nine Months Ended
September 30	
(in millions)	2017	 	2016	 	2017	 	2016	
Net income	$	1,842	
 	 	$	1,367	
 	 	$	4,403	
 	 	$	3,424	
 	
Unrealized gains (losses) on marketable securities, net	(94	)	 	—	
 	 	(233	)	 	—	
 	
Deferred gains (losses) on cash flow hedges, net	(5	)	 	5	
 	 	(27	)	 	(7	)	
Employee benefit obligations, net	(3	)	 	—	
 	 	101	
 	 	4	
 	
Currency translation adjustments, net	22	
 	 	50	
 	 	211	
 	 	652	
 	
Comprehensive income	1,762	
 	 	1,422	
 	 	4,455	
 	 	4,073	
 	
Net (income) loss attributable to noncontrolling interests	(17	)	 	(78	)	 	(102	)	 	(200	)	
Other comprehensive (income) loss attributable to noncontrolling interests	(5	)	 	(34	)	 	(87	)	 	(321	)	
Comprehensive income attributable to NBCUniversal	$	1,740	
 	 	$	1,310	
 	 	$	4,266	
 	 	$	3,552	
 	
See accompanying notes to condensed consolidated financial statements.

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NBCUniversal Media, LLC

Condensed Consolidated Statement of Cash Flows
(Unaudited) 

 	Nine Months Ended
September 30	
(in millions)	2017	 	2016	
Net cash provided by operating activities	$	5,572	
 	 	$	3,339	
 	
Investing Activities	 	 	 	
Capital expenditures	(977	)	 	(991	)	
Cash paid for intangible assets	(197	)	 	(181	)	
Acquisitions of real estate properties	—	
 	 	(78	)	
Proceeds from sales of investments	42	
 	 	104	
 	
Purchases of investments	(368	)	 	(74	)	
Other	474	
 	 	(236	)	
Net cash provided by (used in) investing activities	(1,026	)	 	(1,456	)	
Financing Activities	 	 	 	
Proceeds from borrowings	3,948	
 	 	—	
 	
Repurchases and repayments of debt	(3,450	)	 	(1,515	)	
Proceeds from (repayments of) borrowings from Comcast, net	(898	)	 	1,132	
 	
Distributions to member	(1,720	)	 	(1,213	)	
Distributions to noncontrolling interests	(165	)	 	(161	)	
Purchase of Universal Studios Japan noncontrolling interests	(2,299	)	 	—	
 	
Other	86	
 	 	354	
 	
Net cash provided by (used in) financing activities	(4,498	)	 	(1,403	)	
Increase (decrease) in cash and cash equivalents	48	
 	 	480	
 	
Cash and cash equivalents, beginning of period	1,966	
 	 	1,410	
 	
Cash and cash equivalents, end of period	$	2,014	
 	 	$	1,890	
 	
See accompanying notes to condensed consolidated financial statements.

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NBCUniversal Media, LLC

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, 2015	$	372	
 	 	$	32,834	
 	 	$	(212	)	 	$	1,681	
 	 	$	34,303	
 	
Dividends declared	
 	 	(1,213	)	 	
 	 	
 	 	(1,213	)	
Contributions from (distributions to) noncontrolling interests, net	(47	)	 	
 	 	
 	 	(114	)	 	(114	)	
DreamWorks contributions	 	 	3,558	
 	 	 	 	89	
 	 	3,647	
 	
Other comprehensive income (loss)	
 	 	
 	 	328	
 	 	321	
 	 	649	
 	
Other	72	
 	 	3	
 	 	
 	 	160	
 	 	163	
 	
Net income (loss)	30	
 	 	3,224	
 	 	 	 	170	
 	 	3,394	
 	
Balance, September 30, 2016	$	427	
 	 	$	38,406	
 	 	$	116	
 	 	$	2,307	
 	 	$	40,829	
 	
Balance, December 31, 2016	$	530	
 	 	$	39,036	
 	 	$	(135	)	 	$	2,116	
 	 	$	41,017	
 	
Dividends declared	 	 	(1,720	)	 	
 	 	
 	 	(1,720	)	
Contributions from (distributions to) noncontrolling interests, net	(56	)	 	
 	 	
 	 	(95	)	 	(95	)	
Contribution from member	
 	 	662	

 	 	
 	
 	 	662	
 	
Other comprehensive income (loss)	

 	 	(35	)	 	87	
 	 	52	
 	
Purchase of Universal Studios Japan noncontrolling interests	 	 	(704	)	 	141	
 	 	(1,736	)	 	(2,299	)	
Other	(85	)	 	185	
 	 	
 	 	470	
 	 	655	
 	
Net income (loss)	18	
 	 	4,301	
 	 	
 	 	84	
 	 	4,385	
 	
Balance, September 30, 2017	$	407	
 	 	$	41,760	
 	 	$	(29	)	 	$	926	
 	 	$	42,657	
 	
See accompanying notes to condensed consolidated financial statements.

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NBCUniversal Media, LLC

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 2016 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.
We have substantially completed the review of our revenue arrangements and do not currently expect that the adoption of the new standard will have a material impact on our financial position or results of operations. However, we do expect that the new standard will impact the timing of recognition for our Cable Networks, Broadcast Television and Filmed Entertainment segments’ content licensing revenue associated with renewals or extensions of existing program licensing agreements, which will be recognized as revenue when the licensed content becomes available under the renewal or extension instead of when the agreement is renewed or extended. The updated guidance also requires additional disclosures regarding the nature, timing and uncertainty of our revenue transactions. We intend to adopt the provisions of the guidance using the full retrospective method, under which we will adjust any prior periods presented to reflect the updated guidance.
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 in the year the guidance is adopted with certain exceptions. If we had adopted the provisions of the updated guidance as of January 1, 2017 for our equity investments classified as available-for-sale securities, primarily our investment in Snap Inc. (see Note 6), net income attributable to NBCUniversal would have decreased for the three and nine months ended September 30, 2017 by $95 million and $234 million, respectively. We are currently in the process of determining the impact that the updated accounting guidance will have on our cost method investments.
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. The asset and liability are initially measured based on the present value of committed lease payments. 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.

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Note 3: Significant Transactions
FCC Spectrum Auction
On April 13, 2017, the Federal Communications Commission announced the results of its spectrum auction. In the auction, we relinquished our spectrum rights in the New York, Philadelphia and Chicago designated market areas (“DMAs”) where NBC and Telemundo had overlapping spectrum. We received proceeds of $482 million in July 2017, which were recorded in other investing activities in our condensed consolidated statement of cash flows. We recognized a pretax gain of $337 million in other operating gains for the three months ended September 30, 2017 in our condensed consolidated statement of income. NBC and Telemundo stations will share broadcast signals in these DMAs.
Universal Studios Japan
On April 6, 2017, we acquired the remaining interests in Universal Studios Japan that we did not already own for $2.3 billion. The acquisition was funded through borrowings under our revolving credit agreement with Comcast. Because we maintained control of Universal Studios Japan, the difference between the consideration transferred and the recorded value of the noncontrolling interests, as well as the related accumulated other comprehensive income impact, were recorded to additional paid-in capital.
DreamWorks Animation
On August 22, 2016, Comcast acquired all of the outstanding stock of DreamWorks Animation for $3.8 billion. DreamWorks Animation’s stockholders received $41 in cash for each share of DreamWorks Animation common stock. DreamWorks Animation creates animated feature films, television series and specials, live entertainment, and related consumer products.
Following the acquisition, Comcast converted DreamWorks Animation to a limited liability company and contributed its equity to us as a capital contribution. The net assets contributed to us excluded deferred income taxes and other tax-related items recorded by Comcast. The results of operations for DreamWorks Animation are reported in our Filmed Entertainment segment following the acquisition date and are presented as if the initial equity contribution occurred on the date of Comcast’s acquisition.
Allocation of Purchase Price
The transaction was accounted for under the acquisition method of accounting and, accordingly, the assets and liabilities are to be recorded at their fair market values as of the acquisition date. We recorded the acquired assets and liabilities of DreamWorks Animation at their estimated fair values based on valuation analyses. In valuing acquired assets and liabilities, fair value estimates were primarily based on Level 3 inputs, including future expected cash flows, market rate assumptions and discount rates. The fair value of the assumed debt was primarily based on quoted market values. The fair value of the liability related to a tax receivable agreement that DreamWorks Animation had previously entered into with one of its former stockholders (the “tax receivable agreement”) was based on the contractual settlement provisions in the agreement. During the nine months ended September 30, 2017, we updated the allocation of purchase price for DreamWorks Animation based on final valuation analyses, which primarily resulted in increases to noncontrolling interests, intangible assets and goodwill and a decrease to working capital. The changes did not have a material impact on our condensed consolidated financial statements.
The table below presents the allocation of the purchase price to the assets and liabilities of DreamWorks Animation.

Allocation of Purchase Price	
(in millions)	  	
Film and television costs	$	838	
 	
Intangible assets	396	
 	
Working capital	156	
 	
Debt	(381	)	
Tax receivable agreement(a)	(146	)	
Other noncurrent assets and liabilities and other(b)	461	
 	
Identifiable net assets (liabilities) acquired	1,324	
 	
Noncontrolling interests	(337	)	
Goodwill	2,786	
 	
Cash consideration transferred	$	3,773	

(a)	The tax receivable agreement was settled immediately following the acquisition and the payment was recorded as an operating activity in our condensed consolidated statement of cash flows in the third quarter of 2016. Comcast made a separate cash capital contribution of $146 million to fund the settlement which was recorded as a financing activity in our condensed consolidated statement of cash flows in the third quarter of 2016.	
 	 	
(b)	Other included $279 million recorded to member’s capital that represented deferred income tax assets and other tax-related items recorded by Comcast but excluded from the net assets contributed to us.	

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Revenue and net income attributable to the acquisition of DreamWorks Animation were not material for the three and nine months ended September 30, 2017 and 2016.
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 September 30, 2017, the carrying value of the liability associated with this contractual obligation was $383 million.
The following tables present transactions with Comcast and its consolidated subsidiaries that are included in our condensed consolidated financial statements.
Condensed Consolidated Balance Sheet

(in millions)	September 30,
2017	 	December 31,
2016	
Transactions with Comcast and Consolidated Subsidiaries	 	 	 	
Receivables, net	$	327	
 	 	$	285	
 	
Accounts payable and accrued expenses related to trade creditors	$	33	
 	 	$	55	
 	
Accrued expenses and other current liabilities	$	39	
 	 	$	4	
 	
Note payable to Comcast	$	1,805	
 	 	$	2,703	
 	
Other noncurrent liabilities	$	389	
 	 	$	389	
 	
Condensed Consolidated Statement of Income

 	Three Months Ended
September 30	 	Nine Months Ended
September 30	
(in millions)	2017	 	2016	 	2017	 	2016	
Transactions with Comcast and Consolidated Subsidiaries	 	 	 	 	 	 	 	
Revenue	$	463	
 	 	$	522	
 	 	$	1,382	
 	 	$	1,335	
 	
Operating costs and expenses	$	(38	)	 	$	(53	)	 	$	(148	)	 	$	(157	)	
Other income (expense)	$	(20	)	 	$	(18	)	 	$	(67	)	 	$	(48	)	
Note 5: Film and Television Costs

(in millions)	September 30,
2017	 	December 31,
2016	
Film Costs:	 	 	 	
Released, less amortization	$	1,747	
 	 	$	1,750	
 	
Completed, not released	198	
 	 	50	
 	
In production and in development	829	
 	 	1,310	
 	
 	2,774	
 	 	3,110	
 	
Television Costs:	 	 	 	
Released, less amortization	2,047	
 	 	1,953	
 	
In production and in development	853	
 	 	853	
 	
 	2,900	
 	 	2,806	
 	
Programming rights, less amortization	2,889	
 	 	2,570	
 	
 	8,563	
 	 	8,486	
 	
Less: Current portion of programming rights	1,772	
 	 	1,241	
 	
Film and television costs	$	6,791	
 	 	$	7,245	

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Note 6: Investments

(in millions)	September 30,
2017	 	December 31,
2016	
Fair Value Method:	

 	
 	
Snap	$	427	
 	 	$	—	
 	
Other	4	
 	 	6	

 	431	
 	 	6	
 	
Equity Method:	

 	
 	
Hulu	255	
 	 	225	
 	
Other	432	
 	 	336	

 	687	
 	 	561	
 	
Cost Method:	

 	
 	
BuzzFeed	400	
 	 	400	
 	
Other	299	
 	 	296	

 	699	
 	 	696	
 	
Total investments	$	1,817	
 	 	$	1,263	
 	
Fair Value Method
Snap
In March 2017, Comcast acquired an interest in Snap Inc. as part of its initial public offering. On March 31, 2017, Comcast contributed its investment in Snap to us as an equity contribution of $662 million, which was recorded in our condensed consolidated statement of equity based on the fair value of the investment as of March 31, 2017. We have classified our investment as an available-for-sale security. Snap is a camera company whose primary product is Snapchat, a camera app that was created to help people communicate through short videos and images.
Equity Method
The Weather Channel
In January 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 of $108 million in other income (expense), net for the nine months ended September 30, 2016.
Note 7: Long-Term Debt
As of September 30, 2017, our debt, excluding the note payable to Comcast, had a carrying value of $12.4 billion and an estimated fair value of $13.5 billion. The estimated fair value of our publicly traded debt was 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 was based on Level 2 inputs that use interest rates available to us for debt with similar terms and remaining maturities.
In May 2017, Universal Studios Japan entered into ¥450 billion ($3.9 billion at issuance) of new term loans with a final maturity of March 2022. We used the proceeds from these borrowings to repay in full $3.3 billion of Universal Studios Japan’s existing yen-denominated term loans and a portion of amounts outstanding under our revolving credit agreement with Comcast.
Cross-Guarantee Structure
We, Comcast and a 100% owned cable holding company subsidiary of Comcast (“CCCL Parent”) have fully and unconditionally guaranteed each other’s debt securities, including the $7 billion Comcast revolving credit facility due 2021. As of September 30, 2017, outstanding debt securities of $47.5 billion of Comcast and CCCL Parent were subject to the cross-guarantee structure.
We do not, however, guarantee the obligations of NBCUniversal Enterprise with respect to its $4.8 billion aggregate principal amount of senior notes, $1.5 billion revolving credit facility, commercial paper program, or $725 million liquidation preference of Series A cumulative preferred stock.
The Universal Studios Japan term loans are not subject to the cross-guarantee structure, however they have a separate guarantee from Comcast.
Senior Notes Exchange
In October 2017, we and Comcast announced and settled a private debt exchange transaction. Comcast issued $2.0 billion aggregate principal amount of new 3.969% senior notes due 2047, $2.0 billion aggregate principal amount of new 3.999% senior notes due 2049, and $1.5 billion aggregate principal amount of new 4.049% senior notes due 2052 in exchange for $3.9 billion aggregate

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principal amount of certain series of outstanding senior notes issued by Comcast and us, including $442 million of our 6.400% senior notes due 2040. The new notes are fully and unconditionally guaranteed by us and Comcast Cable Communications, LLC. In connection with the exchange transaction, we issued $610 million of 3.999% notes due 2049 to Comcast.
Note 8: Share-Based Compensation
Comcast maintains share-based compensation plans that consist primarily 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 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
September 30	 	Nine Months Ended
September 30	
(in millions)	2017	 	2016	 	2017	 	2016	
Restricted share units	$	32	
 	 	$	19	
 	 	$	86	
 	 	$	64	
 	
Stock options	3	
 	 	3	
 	 	10	
 	 	7	
 	
Employee stock purchase plans	3	
 	 	1	
 	 	7	
 	 	6	
 	
Total	$	38	
 	 	$	23	
 	 	$	103	
 	 	$	77	
 	
Note 9: Supplemental Financial Information
Receivables

(in millions)	September 30,
2017	 	December 31,
2016	
Receivables, gross	$	6,610	
 	 	$	6,799	
 	
Less: Allowance for returns and customer incentives	352	
 	 	413	
 	
Less: Allowance for doubtful accounts	81	
 	 	84	
 	
Receivables, net	$	6,177	
 	 	$	6,302	
 	
Accumulated Other Comprehensive Income (Loss)

(in millions)	September 30,
2017	 	September 30,
2016	
Unrealized gains (losses) on marketable securities	$	(233	)	 	$	—	
 	
Deferred gains (losses) on cash flow hedges	(4	)	 	(8	)	
Unrecognized gains (losses) on employee benefit obligations	115	
 	 	3	
 	
Cumulative translation adjustments	93	
 	 	121	
 	
Accumulated other comprehensive income (loss)	$	(29	)	 	$	116	

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Net Cash Provided by Operating Activities 

 	Nine Months Ended
September 30	
(in millions)	2017	 	2016	
Net income	$	4,403	
 	 	$	3,424	
 	
Adjustments to reconcile net income to net cash provided by operating activities:	 	 	 	
Depreciation, amortization and other operating gains	1,197	
 	 	1,324	
 	
Equity in net (income) losses of investees, net	107	
 	 	55	
 	
Cash received from investees	63	
 	 	45	
 	
Net (gain) loss on investment activity and other	(45	)	 	(72	)	
Deferred income taxes	(6	)	 	139	
 	
Changes in operating assets and liabilities, net of effects of acquisitions and divestitures:	 	 	 	
Current and noncurrent receivables, net	152	
 	 	(338	)	
Film and television costs, net	(75	)	 	(600	)	
Accounts payable and accrued expenses related to trade creditors	(270	)	 	(114	)	
Other operating assets and liabilities	46	
 	 	(524	)	
Net cash provided by operating activities	$	5,572	
 	 	$	3,339	
 	
Cash Payments for Interest and Income Taxes 

 	Three Months Ended
September 30	 	Nine Months Ended
September 30	
(in millions)	2017	 	2016	 	2017	 	2016	
Interest	$	53	
 	 	$	69	
 	 	$	340	
 	 	$	354	
 	
Income taxes	$	64	
 	 	$	33	
 	 	$	213	
 	 	$	155	
 	
Noncash Investing and Financing Activities
During the nine months ended September 30, 2017:
 	 	
•	we acquired $296 million of property and equipment and intangible assets that were accrued but unpaid	
 	 	
•	Comcast contributed its investment in Snap to us at its fair value as of March 31, 2017, which was a noncash transaction (see Note 6 for additional information)	
Note 10: 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; our films are also produced under the Illumination, Focus Features and DreamWorks Animation names. 	
 	 	
•	Theme Parks: Consists primarily of our Universal theme parks in Orlando, Florida; Hollywood, California; and Osaka, Japan.	
We use Adjusted EBITDA to evaluate the profitability of our operating segments and the components of net income attributable to NBCUniversal below Adjusted EBITDA are not separately evaluated. Our financial data by business segment is presented in the tables below.

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 	Three Months Ended September 30, 2017	
(in millions)	Revenue(d)	Adjusted EBITDA (e)	Depreciation, Amortization and Other (f)	Operating 
Income (Loss)	Capital
Expenditures	Cash Paid for Intangible Assets	
Cable Networks	$	2,603	
 	$	905	
 	$	179	
 	$	726	
 	$	5	
 	$	4	
 	
Broadcast Television	2,133	
 	321	
 	(305	)	626	
 	66	
 	4	
 	
Filmed Entertainment	1,784	
 	394	
 	32	
 	362	
 	18	
 	6	
 	
Theme Parks	1,550	
 	775	
 	166	
 	609	
 	199	
 	18	
 	
Headquarters and Other(a)	15	
 	(122	)	97	
 	(219	)	66	
 	37	
 	
Eliminations(b)	(71	)	1	
 	—	
 	1	
 	—	
 	—	
 	
Total	$	8,014	
 	$	2,274	
 	$	169	
 	$	2,105	
 	$	354	
 	$	69	

 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	Three Months Ended September 30, 2016	
(in millions)	Revenue(d)	Adjusted EBITDA (e)	Depreciation, Amortization and Other	Operating 
Income (Loss)	Capital
Expenditures	Cash Paid for Intangible Assets	
Cable Networks(c)	$	2,942	
 	$	893	
 	$	184	
 	$	709	
 	$	7	
 	$	4	
 	
Broadcast Television(c)	3,087	
 	378	
 	27	
 	351	
 	28	
 	6	
 	
Filmed Entertainment	1,792	
 	353	
 	13	
 	340	
 	6	
 	4	
 	
Theme Parks	1,440	
 	706	
 	130	
 	576	
 	228	
 	19	
 	
Headquarters and Other(a)	1	
 	(183	)	91	
 	(274	)	67	
 	34	
 	
Eliminations(b)	(84	)	(1	)	—	
 	(1	)	—	
 	—	
 	
Total	$	9,178	
 	$	2,146	
 	$	445	
 	$	1,701	
 	$	336	
 	$	67	

 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	Nine Months Ended September 30, 2017	
(in millions)	Revenue(d)	Adjusted EBITDA (e)	Depreciation, Amortization and Other (f)	Operating 
Income (Loss)	Capital
Expenditures	Cash Paid for Intangible Assets	
Cable Networks	$	7,940	
 	$	3,076	
 	$	574	
 	$	2,502	
 	$	15	
 	$	11	
 	
Broadcast Television	6,582	
 	1,059	
 	(242	)	1,301	
 	125	
 	11	
 	
Filmed Entertainment	5,920	
 	1,047	
 	79	
 	968	
 	47	
 	17	
 	
Theme Parks	3,982	
 	1,723	
 	494	
 	1,229	
 	671	
 	57	
 	
Headquarters and Other(a)	32	
 	(542	)	292	
 	(834	)	119	
 	101	
 	
Eliminations(b)	(243	)	(1	)	—	
 	(1	)	—	
 	—	
 	
Total	$	24,213	
 	$	6,362	
 	$	1,197	
 	$	5,165	
 	$	977	
 	$	197	

 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	Nine Months Ended September 30, 2016	
(in millions)	Revenue(d)	Adjusted EBITDA (e)	Depreciation, Amortization and Other	Operating 
Income (Loss)	Capital
Expenditures	Cash Paid for Intangible Assets	
Cable Networks(c)	$	7,961	
 	$	2,793	
 	$	561	
 	$	2,232	
 	$	15	
 	$	8	
 	
Broadcast Television(c)	7,299	
 	1,056	
 	89	
 	967	
 	77	
 	12	
 	
Filmed Entertainment	4,526	
 	576	
 	33	
 	543	
 	14	
 	10	
 	
Theme Parks	3,602	
 	1,550	
 	373	
 	1,177	
 	668	
 	48	
 	
Headquarters and Other(a)	10	
 	(518	)	268	
 	(786	)	217	
 	103	
 	
Eliminations(b)	(256	)	—	
 	—	
 	—	
 	—	
 	—	
 	
Total	$	23,142	
 	$	5,457	
 	$	1,324	
 	$	4,133	
 	$	991	
 	$	181	

(a)	Headquarters and Other activities include costs associated with overhead, allocations, personnel costs and headquarter initiatives.	
 	 	
(b)	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.	
 	 	
(c)	The revenue and operating costs and expenses associated with our broadcast of the 2016 Rio Olympics were reported in our Cable Networks and Broadcast Television segments.	
 	 	
(d)	No single customer accounted for a significant amount of revenue in any period. 	
 	 	
(e)	We use Adjusted EBITDA as the measure of profit or loss for our operating segments. Adjusted EBITDA is defined as net income attributable to NBCUniversal before net (income) loss attributable to noncontrolling interests, income tax expense, other income (expense) items, net, depreciation and amortization expense, and other operating gains, and excluding impairment charges related to fixed and intangible assets and gains or losses on the sale of long-lived assets, if any. From time to time we may exclude from Adjusted EBITDA the impact of events, gains, losses or other charges (such as significant legal settlements) that affect the period-to-period comparability of our operating performance. Other income (expense) items, net include interest expense, investment income (loss), equity in net income (losses) of investees, and other income (expense), net (as stated in our condensed consolidated statement of	

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income). 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 and tax structures and by our 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), 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. Our reconciliation of the aggregate amount of Adjusted EBITDA for our reportable segments to consolidated income before income taxes is presented in the table below.

 	Three Months Ended
September 30	 	Nine Months Ended
September 30	
(in millions)	2017	 	2016	 	2017	 	2016	
Adjusted EBITDA	$	2,274	
 	 	$	2,146	
 	 	$	6,362	
 	 	$	5,457	
 	
Depreciation	(253	)	 	(209	)	 	(749	)	 	(624	)	
Amortization	(253	)	 	(236	)	 	(785	)	 	(700	)	
Other operating gains	337	
 	 	—	
 	 	337	
 	 	—	
 	
Other income (expense) items, net	(165	)	 	(195	)	 	(473	)	 	(398	)	
Income before income taxes	$	1,940	
 	 	$	1,506	
 	 	$	4,692	
 	 	$	3,735	

(f)	Other represents other operating gains in our condensed consolidated statement of income. For both the three and nine months ended September 30, 2017, other operating gains included a pretax gain of $337 million related to our relinquishment of spectrum rights in our Broadcast Television segment.	

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Exhibit 31.1

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

Date: October 26, 2017 

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

I, Michael J. Cavanagh, certify that:
 	 	
1.	I have reviewed this Quarterly Report on Form 10-Q of Comcast Corporation;	
 	 	
2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;	
 	 	
3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;	
 	 	
4.	The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:	
 	 	
a)	designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;	
 	 	
b)	designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;	
 	 	
c)	evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and	
 	 	
d)	disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an Annual Report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and	
 	 	
5.	The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):	
 	 	
a)	all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and	
 	 	
b)	any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.	
Date: October 26, 2017 

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

Exhibit 31.2

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

Date: October 26, 2017

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

I, Michael J. Cavanagh, certify that:
 	 	
1.	I have reviewed this Quarterly Report on Form 10-Q of NBCUniversal Media, LLC;	
 	 	
2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;	
 	 	
3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;	
 	 	
4.	The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:	
 	 	
a)	designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;	
 	 	
b)	designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;	
 	 	
c)	evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and	
 	 	
d)	disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an Annual Report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and	
 	 	
5.	The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):	
 	 	
a)	all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and	
 	 	
b)	any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.	
Date: October 26, 2017 

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

Exhibit 32.1

CERTIFICATION PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT
October 26, 2017 
Securities and Exchange Commission
100 F Street, N.E.
Washington, D.C. 20549

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

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

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

Exhibit 32.2

CERTIFICATION PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT
October 26, 2017 
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