Comcast 2014 Annual Report Download - page 160

Table of Contents
NBCUniversal Media, LLC
Notes to Consolidated Financial Statements
Note 1: Business and Basis of Presentation
Unless indicated otherwise, throughout these notes to the consolidated financial statements, we refer to NBCUniversal and its
consolidated subsidiaries as “we,” “us” and “our.” We are 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. In 2013,
Comcast acquired General Electric Company’s (“GE”)
49% common equity interest in our parent, NBCUniversal, LLC
(“NBCUniversal Holdings”), that it did not already own. See Note 4 for additional information on the redemption transaction.
We present our operations as the following four reportable business segments: Cable Networks, Broadcast Television, Filmed
Entertainment and Theme Parks. See Note 17 for additional information on our reportable business segments.
Our Cable Networks segment consists primarily of a diversified portfolio of cable television networks. Our cable networks are
comprised of our national cable networks, which provide a variety of entertainment, news and information, and sports content, our
regional sports and news networks, our international cable networks, and our cable television production operations.
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 (formerly mun2) national cable network, and our broadcast television
production operations.
Our Filmed Entertainment segment primarily produces, acquires, markets and distributes filmed entertainment worldwide. Our films
are produced primarily under the Universal Pictures, Focus Features and Illumination names.
Our Theme Parks segment consists primarily of our Universal theme parks in Orlando, Florida and Hollywood, California. Our
Theme Parks segment also receives fees from third parties that own and operate Universal Studios Japan and Universal Studios
Singapore for intellectual property licenses and other services.
Basis of Presentation
The accompanying consolidated financial statements include all entities in which we have a controlling voting interest
(“subsidiaries”) and variable interest entities (“VIEs”)
required to be consolidated in accordance with generally accepted accounting
principles in the United States (“GAAP”). Transactions between NBCUniversal and both Comcast and Comcast’
s consolidated
subsidiaries are reflected in these consolidated financial statements and disclosed as related party transactions when material.
We translate assets and liabilities of our foreign subsidiaries where the functional currency is the local currency, primarily the euro
and the British pound, into U.S. dollars at the exchange rate as of the balance sheet date and translate revenue and expenses
using average monthly exchange rates. The related translation adjustments are recorded as a component of accumulated other
comprehensive income (loss). Any foreign currency transaction gains and losses are included in our consolidated statement of
income.
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Comcast 2014 Annual Report on Form 10
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