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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-K
(Mark One)
ÈANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
FOR THE FISCAL YEAR ENDED DECEMBER 31, 2015
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF
1934
FOR THE TRANSITION PERIOD FROM TO
Commission File Number Registrant; State of Incorporation; Address and
Telephone Number I.R.S. Employer Identification No.
001-32871 COMCAST CORPORATION
PENNSYLVANIA
One Comcast Center
Philadelphia, PA 19103-2838
(215) 286-1700
27-0000798
001-36438 NBCUniversal Media, LLC
DELAWARE
30 Rockefeller Plaza
New York, NY 10112-0015
(212) 664-4444
14-1682529
SECURITIES REGISTERED PURSUANT TO SECTION 12(b) OF THE ACT:
Comcast Corporation –
Title of Each Class Name of Each Exchange on Which Registered
Class A Common Stock, $0.01 par value
2.0% Exchangeable Subordinated Debentures due 2029
5.00% Notes due 2061
5.50% Notes due 2029
9.455% Guaranteed Notes due 2022
NASDAQ Global Select Market
New York Stock Exchange
New York Stock Exchange
New York Stock Exchange
New York Stock Exchange
NBCUniversal Media, LLC – NONE
SECURITIES REGISTERED PURSUANT TO SECTION 12(g) OF THE ACT:
Comcast Corporation – NONE
NBCUniversal Media, LLC – NONE
Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.
Comcast Corporation Yes ÈNo
NBCUniversal Media, LLC Yes ÈNo
Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.
Comcast Corporation Yes No È
NBCUniversal Media, LLC Yes No È
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 12 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 ÈNo
NBCUniversal Media, LLC Yes ÈNo
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate website, 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 shorter period that the registrant was required to submit and post such files).
Comcast Corporation Yes ÈNo
NBCUniversal Media, LLC Yes ÈNo
Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will
not be contained, to the best of registrant’s knowledge, in definitive proxy or information statements incorporated by reference in
Part III of this Form 10-K or any amendments to this Form 10-K.
Comcast Corporation
NBCUniversal Media, LLC N/A
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller
reporting company. See definition of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of
the Exchange Act:
Comcast Corporation Large accelerated filer ÈAccelerated filer Non-accelerated filer Smaller reporting company
NBCUniversal Media, LLC Large accelerated filer Accelerated filer Non-accelerated filer ÈSmaller reporting company
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).
Comcast Corporation Yes No È
NBCUniversal Media, LLC Yes No È
As of June 30, 2015, the aggregate market value of the Comcast Corporation common stock held by non-affiliates of the regis-
trant was $148.617 billion.
Indicate the number of shares outstanding of each of the registrant’s classes of stock, as of the latest practicable date:
As of December 31, 2015, there were 2,432,953,988 shares of Comcast Corporation Class A common stock and 9,444,375
shares of Class B common stock outstanding.
Not applicable for NBCUniversal Media, LLC.
NBCUniversal Media, LLC meets the conditions set forth in General Instruction I(1)(a), (b) and (d) of Form 10-K and is
therefore filing this form with the reduced disclosure format.
DOCUMENTS INCORPORATED BY REFERENCE
Comcast Corporation – Part III – The registrant’s definitive Proxy Statement for its annual meeting of shareholders presently
scheduledtobeheldinMay2016.
NBCUniversal Media, LLC – NONE

Table of contents

  • Page 1
    ...were 2,432,953,988 shares of Comcast Corporation Class A common stock and 9,444,375 shares of Class B common stock outstanding. Not applicable for NBCUniversal Media, LLC. NBCUniversal Media, LLC meets the conditions set forth in General Instruction I(1)(a), (b) and (d) of Form 10-K and is therefore...

  • Page 2
    ... Officers and Corporate Governance Item 11 Executive Compensation Item 12 Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters Item 13 Certain Relationships and Related Transactions, and Director Independence Item 14 Principal Accountant Fees and Services...

  • Page 3
    ..., 2015. This Annual Report on Form 10-K 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...

  • Page 4
    ...'s consolidated financial statements included in this Annual Report on Form 10-K. Available Information and Websites Comcast's phone number is (215) 286-1700, and its principal executive offices are located at One Comcast Center, Philadelphia, PA 19103-2838. NBCUniversal's phone number is...

  • Page 5
    ...of our cable services. Single product, double product and triple product customers represent customers that subscribe to one, two or three of our cable services, respectively. (c) Generally, a home or business receiving video programming from our distribution system counts as one video customer. For...

  • Page 6
    ... contracts, which may include an early termination fee. The Areas We Serve The map below highlights our footprint as of December 31, 2015 and the designated market areas ("DMAs") in which we offer cable services that have 125,000 or more video customers. The number of high-speed Internet customers...

  • Page 7
    ... Mbps in limited markets. These services include our online portal and mobile apps, which provide access to email, contacts and calendars, and online security features. In addition, we are actively deploying wireless gateways, which combine a customer's wireless router, cable modem and voice adapter...

  • Page 8
    ... allow access to certain third-party Internet applications • deploying wireless gateways to improve the performance of multiple Internet-enabled devices used at the same time within the home, provide faster Internet speeds and create an in-home Wi-Fi network 5 Comcast 2015 Annual Report on Form...

  • Page 9
    ... and business customers. For our high-speed Internet services, we license software products, such as email and security software, and content, such as news feeds for our online portal, from a variety of suppliers. Under our contracts with these suppliers, we generally pay on a fixed-fee basis, on...

  • Page 10
    ...cable network, our broadcast television studio production operations, and related digital media properties. NBC Network The NBC network distributes more than 5,000 hours of entertainment, news and sports programming annually, and its programs reach viewers in virtually all U.S. television households...

  • Page 11
    ... programming agreements also include the rights to distribute content on our national cable networks, including the NBC Sports Network and Golf Channel, on our regional sports networks where applicable, and also online, including through our mobile apps. Our broadcast television studio production...

  • Page 12
    ... television network featuring original telenovelas, movies, news, specials and sporting events. Telemundo develops original programming primarily through its production studio and also acquires the rights to content from third parties. It holds the Spanishlanguage U.S. broadcast rights to FIFA World...

  • Page 13
    ... entertainment, news and information products and services, to consumers. Technological changes are further intensifying and complicating the competitive landscape for all of our businesses by challenging existing business models and affecting consumer behavior. Comcast 2015 Annual Report on Form...

  • Page 14
    ... our voice services are facing increased competition as customers replace wireline phones with mobile phones and Internet-based phone services such as Skype. Video Services We compete with a number of different sources that provide news, sports, information and entertainment programming to consumers...

  • Page 15
    ...Demand services. Other Our cable services also may compete for customers with other companies, such as local broadcast television stations that provide multiple channels of free over-the-air programming, as well as video rental services and home entertainment and gaming products. High-Speed Internet...

  • Page 16
    ... provided to viewers, including cable, broadcast and premium networks, local broadcast television stations, home entertainment, pay-per-view and video on demand services, online activities, such as social networking and viewing user-generated content, 13 Comcast 2015 Annual Report on Form 10-K

  • Page 17
    ... the acquisition of programming and for on-air and creative talent with other cable and broadcast networks, local television stations and subscription video on demand services. The market for programming is very competitive, particularly for sports programming, where the cost for such programming is...

  • Page 18
    ...entire Communications Act to account for changes in the communications marketplace, whether it should address the FCC's authority to implement or enforce open Internet regulations, and whether it should modify rules relating to cable distribution of local broadcast television stations. We are unable...

  • Page 19
    ... granted by local or state franchising authorities. While the terms and conditions of franchises vary materially from jurisdiction to jurisdiction, franchises typically last for a fixed term, obligate the franchisee to pay franchise fees and meet Comcast 2015 Annual Report on Form 10-K 16

  • Page 20
    ... to assist law enforcement in conducting surveillance of persons suspected of criminal activity. Open Internet Regulations In February 2015, the FCC reclassified broadband Internet access service as a "telecommunications service" subject to new open Internet regulations and certain common carrier...

  • Page 21
    ... voice services such as ours, including regulations relating to privacy of customer proprietary network information, local number portability duties and benefits, disability access, E911, law enforcement assistance, outage reporting, rural call completion reporting, Universal Service Fund...

  • Page 22
    ...known as the Universal Service program generally requires telecommunications service providers to pay a fee based on revenue from their services into a fund used to subsidize the provision of telecommunications services in high-cost areas and to low-income consumers and the provision of Internet and...

  • Page 23
    ... limited, and certain television station programming must serve the educational and informational needs of children under 17 years of age. In addition, the NBCUniversal Order includes certain commitments and conditions related to children's television and advertising directed at children. Broadcast...

  • Page 24
    ... linear video programming networks to customers with a broadband Internet connection as multichannel video providers under FCC rules to ensure that OVDs have program access rights to video programming from vertically integrated cable programmers and the right to force local television broadcast...

  • Page 25
    ...help protect our intellectual property rights. In particular, piracy of programming and films through unauthorized distribution of counterfeit DVDs, peer-to-peer file sharing and other platforms presents challenges for our cable networks, broadcast television and filmed entertainment businesses. The...

  • Page 26
    ...") related to our voice services. The FCC expects broadband Internet access service providers such as us to take reasonable, good faith steps to comply with existing statutory requirements to protect broadband CPNI and plans to propose new privacy and data security rules for broadband ISPs in 2016...

  • Page 27
    ... Internet access services as Title II telecommunications services may cause or allow, directly or indirectly, some states and localities to impose additional taxes and fees on our high-speed Internet business. Environmental Matters Certain of our business operations are subject to environmental laws...

  • Page 28
    ...better understand a company's future prospects and make informed investment decisions. In this Annual Report on Form 10-K, 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...

  • Page 29
    ...the cable services we offer consists primarily of companies that typically offer features, pricing and packaging for services comparable to our video, high-speed Internet and voice services, such as DBS providers and phone companies with fiber-based networks. In 2015, AT&T, our largest phone company...

  • Page 30
    ...several companies now offer smaller packages of channels directly to customers over the Internet at price points lower than our standard packages, which could adversely affect demand for our video services and reduce the subscription revenue that our cable networks or broadcast television businesses...

  • Page 31
    .... Our cable networks, filmed entertainment and theme parks businesses are also subject to various other laws and regulations at the international, federal, state and local levels, including laws and regulations relating to environmental protection, which have become more stringent over time, and...

  • Page 32
    ... content from third parties, such as movie studios, television production companies, sports organizations and other suppliers. Competition for popular content, particularly for sports programming, is intense, and we may have to increase the price we are willing to pay or be outbid by our competitors...

  • Page 33
    ... favorable terms, could reduce our distribution revenue and the reach of our television programming and its attractiveness to advertisers, which in turn could adversely affect our cable networks, broadcast television and filmed entertainment businesses. We rely on network and information systems and...

  • Page 34
    ... high-speed Internet and voice services, such as mobile phones, smartphones and Wi-Fi networks. Weak economic conditions also may have a negative impact on our advertising revenue, the performance of our films and home entertainment releases, and attendance and spending in our theme parks business...

  • Page 35
    ... as from the sale of advertising in connection with our content, and increases our costs due to our active enforcement of our intellectual property rights. For example, NBCUniversal has brought a suit against a multichannel video provider to challenge the commercial-skipping functionality in its DVR...

  • Page 36
    ... any person or group owning shares representing more than 10% of the combined voting power of the resulting or surviving corporation, issuances of Class B common stock or securities exercisable or convertible into Class B common stock, and amendments to our articles of incorporation or by-laws that...

  • Page 37
    ...the world, including property for our owned local broadcast television stations. In addition, we own theme parks and related facilities in Orlando, Florida and Hollywood, California. In November 2015, NBCUniversal acquired a 51% interest in the Universal Studios Japan. Comcast 2015 Annual Report on...

  • Page 38
    ...Center, a large, multipurpose arena in Philadelphia, Pennsylvania that we own, was the principal physical operating asset of our other businesses as of December 31, 2015. Item 3: Legal Proceedings Refer to Note 17 to Comcast's consolidated financial statements included in this Annual Report on Form...

  • Page 39
    ... of Directors approved a 10.0% increase in our dividend to $1.10 per share on an annualized basis and approved our first quarter dividend of $0.275 per share to be paid in April 2016. Holders of Class A common stock in the aggregate hold 66 2/3% of the voting power of our common stock. The number of...

  • Page 40
    ...11, 2015, we issued 2,655,008 shares of our Class A common stock in connection with our acquisition of a closely-held company in a private transaction exempt from registration under the Securities Act of 1933, as amended, in accordance with Section 4(a)(2) thereof. 37 Comcast 2015 Annual Report on...

  • Page 41
    ...$ 47.21 $ 52.43 $ 49.26 (a) The high and low sales price of Comcast's Class A Special common stock reflects the prices until December 11, 2015 when each issued share of Class A Special common stock was reclassified into one share of Class A common stock. Comcast 2015 Annual Report on Form 10-K 38

  • Page 42
    ... 31, 2010 in our Class A common stock and in each of the following indices and assumes the reinvestment of dividends. Comparison of 5 Year Cumulative Total Return Comcast Class A S&P 500 Peer Group Index $200 $150 $100 $50 $0 12/10 12/11 12/12 2011 $300 $250 12/13 2012 12/14 2013 12/15 2014 2015...

  • Page 43
    ...For 2015, 2014 and 2013, refer to Item 7: Management's Discussion and Analysis of Financial Condition and Results of Operations included in this Annual Report on Form 10-K for a discussion of the effects of items impacting net income attributable to Comcast Corporation. In 2015, 2014, 2013, 2012 and...

  • Page 44
    ...as bundled services, and from the sale of advertising. Customers are typically billed in advance on a monthly basis based on the services and features they receive and the type of equipment they use. The majority of our residential cable services customers are 41 Comcast 2015 Annual Report on Form...

  • Page 45
    ..., Starz and Cinemax; pay-per-view services; and our On Demand service. Our video customers may subscribe for additional fees to our high-definition video ("HD") and digital video recorder ("DVR") advanced services. We are actively deploying X1 set-top boxes throughout our footprint and have launched...

  • Page 46
    ... CNBC World), our national cable sports networks (Golf Channel and NBC Sports Network), our regional sports and news networks, various international cable networks, our cable television studio production operations, and related digital media properties. Our Cable Networks segment generates revenue...

  • Page 47
    ... third and fourth quarters of each year. Revenue in our Cable Communications, Cable Networks and Broadcast Television segments is subject to cyclical advertising patterns and changes in viewership levels. Our U.S. advertising revenue is generally higher Comcast 2015 Annual Report on Form 10-K 44

  • Page 48
    ..., with a benefit in even-numbered years due to advertising related to candidates running for political office and issue-oriented advertising. Revenue in our Cable Networks and Broadcast Television segments fluctuates depending on the timing of when our programming is aired on television, which...

  • Page 49
    ... Segment Corporate and Other 2014 Cable NBCUniversal Communications Segments Segment Corporate and Other 2015 Consolidated revenue in 2015 included $376 million of revenue associated with our broadcast of the Super Bowl in February 2015 and an increase in revenue at our Filmed Entertainment...

  • Page 50
    ...in 2015 and 2014, respectively, which is included in Corporate and Other. On April 24, 2015, we and Time Warner Cable Inc. terminated our planned merger and we terminated our related agreement with Charter Communications, Inc. to spin off, exchange and sell certain cable systems. Operating costs and...

  • Page 51
    ...income (loss) attributable to Comcast Corporation or NBCUniversal, net cash provided by operating activities, or other measures of performance or liquidity we have reported in accordance with GAAP. The revenue and operating costs and expenses associated with our broadcast of the 2015 Super Bowl were...

  • Page 52
    ...2014 to 2015 % Change 2013 to 2014 Revenue Residential: Video High-speed Internet Voice Business services Advertising Other Total revenue Operating costs and expenses Programming Technical and product support Customer service Franchise and other regulatory fees Advertising, marketing and promotion...

  • Page 53
    ... services and pricing. Advertising As part of our distribution agreements with cable networks, we generally receive an allocation of scheduled advertising time on cable networks that our Spotlight business sells to local, regional and national advertisers. In most cases, the available advertising...

  • Page 54
    ... set-top boxes, Cloud DVR technology and wireless gateways, and the continued growth in business services and home security and automation services. The increase in 2015 was also due to expenses related to investments we are making to improve the customer experience. 51 Comcast 2015 Annual Report...

  • Page 55
    ... as increases in other administrative costs. NBCUniversal Segments Overview 2015 NBCUniversal Segments Operating Results Operating Income Before Depreciation and Amortization Revenue Cable Networks Broadcast Television Filmed Entertainment Theme Parks Comcast 2015 Annual Report on Form 10-K 52

  • Page 56
    ... millions) 2015 2014 2013 % Change 2014 to 2015 % Change 2013 to 2014 Revenue Cable Networks Broadcast Television Filmed Entertainment Theme Parks Headquarters, other and eliminations Total revenue Operating Income Before Depreciation and Amortization Cable Networks Broadcast Television Filmed...

  • Page 57
    ... number of programming choices continues to increase and as more viewers use DVRs and video on demand services to view content outside of audience ratings measurement periods. Advertising revenue decreased in 2015 primarily due to revenue in the prior year associated with our broadcast of the 2014...

  • Page 58
    ... media properties. Advertising, marketing and promotion expenses increased in 2015 primarily due to an increase in marketing expenses related to the launch of new programming on our cable networks. Advertising, marketing and promotion expenses remained relatively flat in 2014. Broadcast Television...

  • Page 59
    ... to broadcast networks, cable networks and local broadcast television stations owned by us and third parties, as well as to subscription video on demand services. The production and distribution costs related to our owned programming generally exceed the revenue generated from the initial network...

  • Page 60
    ... of the costs associated with promoting our owned and licensed television programming, as well as the marketing of DVDs and costs associated with our related digital media properties. Advertising, marketing and promotion expenses increased in 2015 and 2014 primarily due to increased spending on...

  • Page 61
    ... films to cable, broadcast and premium networks, as well as to subscription video on demand services. Content licensing revenue increased in 2015 and 2014 primarily due to the timing of when content was made available under licensing agreements. Home Entertainment Home entertainment revenue is...

  • Page 62
    ... profits, if any, until the film generates home entertainment and content licensing revenue. The costs associated with producing and marketing films have generally increased in recent years and may continue to increase in the future. Advertising, marketing and promotion expenses increased in 2015...

  • Page 63
    ...Center arena in Philadelphia, Pennsylvania and operates arena management-related businesses. Other revenue increased in 2015 and 2014 primarily due to increases in revenue from food and other services associated with new contracts entered into by one of our Comcast Spectacor businesses. The increase...

  • Page 64
    ... (loss), net in 2015 was primarily due to a $154 million gain related to the sale of our shares of Arris Group common stock in 2014. The change in investment income (loss), net in 2014 was primarily due to a $443 million gain related to the sale of our investment in Clearwire Corporation in 2013...

  • Page 65
    ... of the increase in tax basis associated with the redemption of our Liberty Media Series A common stock in October 2013. Our income tax expense in the future may continue to be impacted by adjustments to uncertain tax positions and related interest, and changes in tax laws. We expect our 2016 annual...

  • Page 66
    ... Financial Officer through June 30, 2015, now serves as the Chairman and Chief Executive Officer of Atairos. Under the agreement, we are the exclusive non-management investor. Atairos has a term of up to 12 years. We are committed to invest up to $4 billion at any one time in the company, subject...

  • Page 67
    ... are developing a Universal theme park in Beijing, China. We expect the development of this park to continue in 2016. Cash Paid for Intangible Assets In 2015, 2014 and 2013, cash paid for intangible assets consisted primarily of expenditures for software. Comcast 2015 Annual Report on Form 10-K 64

  • Page 68
    ... stock during 2016, subject to market conditions. Our Board of Directors declared quarterly dividends totaling $2.5 billion in 2015. We paid dividends of $2.4 billion in 2015. In January 2016, our Board of Directors approved an 10.0% increase in our dividend to $1.10 per share on an annualized basis...

  • Page 69
    ... obligations related to our Cable Communications segment include programming contracts with cable networks and local broadcast television stations; contracts with customer premise equipment manufacturers, communications vendors and multichannel video providers for which we provide advertising sales...

  • Page 70
    ... benefits we receive from the right to solicit new customers and to market new services, such as advanced video services and high-speed Internet and voice services, in a particular service area. The amounts we record for cable franchise rights are primarily a result of cable system acquisitions...

  • Page 71
    ...used in future annual quantitative impairment testing and result in a reduction in the fair values of our cable franchise rights. Film and Television Costs We capitalize film and television production costs, including direct costs, production overhead, print costs, development costs and interest. We...

  • Page 72
    ... on estimated future discounted cash flows, which are supported by our internal forecasts. Adjustments to capitalized film and stage play production costs of $42 million, $26 million and $167 million were recorded in 2015, 2014 and 2013, respectively. 69 Comcast 2015 Annual Report on Form 10-K

  • Page 73
    ... instruments reduced the portion of NBCUniversal's total consolidated debt at fixed rates as of December 31, 2015 to 71.5% from 73.9%. In 2015, 2014 and 2013, the effect of our interest rate derivative financial instruments was to decrease Comcast's consolidated interest expense by $62 million...

  • Page 74
    ... 31, 2015, plus the applicable borrowing margin on December 31, 2015. See Note 2 to each of Comcast's and NBCUniversal's consolidated financial statements for additional information on our accounting policies for derivative financial instruments. Foreign Exchange Risk Management NBCUniversal has...

  • Page 75
    ... on our and the counterparty's credit ratings. As of December 31, 2015 and 2014, Comcast was not required to post collateral under the terms of these agreements. As of December 31, 2015, we did not hold any collateral under the terms of these agreements. Comcast 2015 Annual Report on Form 10-K 72

  • Page 76
    ... Statement of Cash Flows Consolidated Statement of Changes in Equity Notes to Consolidated Financial Statements NBCUniversal Media, LLC See Index to NBCUniversal Media, LLC Financial Statements and Supplemental Data on page 143. 74 75 76 77 78 79 80 81 73 Comcast 2015 Annual Report on Form...

  • Page 77
    ... of the Universal Studios Japan theme park, in which NBCUniversal acquired a 51% interest on November 13, 2015, as permitted by Securities and Exchange Commission guidelines that allow companies to exclude certain acquisitions from their assessment of internal control over financial reporting during...

  • Page 78
    ... statements constitute approximately 4% of total assets as of December 31, 2015 and less than 1% of total revenue for the year ended December 31, 2015. Accordingly, our audit did not include the internal control over financial reporting at Universal Studios Japan theme park. The Company's management...

  • Page 79
    Comcast Corporation Consolidated Balance Sheet December 31 (in millions, except share data) 2015 2014 Assets Current Assets: Cash and cash equivalents Investments Receivables, net Programming rights Other current assets Total current assets Film and television costs Investments Property and ...

  • Page 80
    Comcast Corporation Consolidated Statement of Income Year ended December 31 (in millions, except per share data) 2015 2014 2013 Revenue Costs and Expenses: Programming and production Other operating and administrative Advertising, marketing and promotion Depreciation Amortization $ 74,510 22,550 ...

  • Page 81
    Comcast Corporation Consolidated Statement of Comprehensive Income Year ended December 31 (in millions) 2015 2014 2013 Net income Unrealized gains (losses) on marketable securities, net of deferred taxes of $(1), $(19) and $(110) Deferred gains (losses) on cash flow hedges, net of deferred taxes of...

  • Page 82
    ... television costs, net Accounts payable and accrued expenses related to trade creditors Other operating assets and liabilities Net cash provided by operating activities Investing Activities Capital expenditures Cash paid for intangible assets Acquisitions and construction of real estate properties...

  • Page 83
    ..., 2014 Stock compensation plans Repurchases and retirements of common stock Employee stock purchase plans Dividends declared Other comprehensive income (loss) Contributions from (distributions to) noncontrolling interests, net Reclassification of Class A Special common stock Universal Studios Japan...

  • Page 84
    ... other intellectual property. Our other business interests, which are included in Corporate and Other, consist primarily of Comcast Spectacor, which owns the Philadelphia Flyers and the Wells Fargo Center arena in Philadelphia, Pennsylvania and operates arena management-related businesses. Basis of...

  • Page 85
    ... to our cable systems is less than the related direct selling costs, we recognize revenue as connections are completed. We manage credit risk by screening applicants through the use of internal customer information, identification verification tools and credit bureau data. If a customer's account is...

  • Page 86
    ... programming our cable production studio sells to third-party networks and subscription video on demand services. 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...

  • Page 87
    ... recognize revenue on a straight-line basis over the period following the activation date. Cable Communications Programming Expenses Cable Communications programming expenses are the fees we pay to license the programming we distribute to our video customers. Programming is generally acquired under...

  • Page 88
    Comcast Corporation Note 3: 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...

  • Page 89
    ... price of our common stock. 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 2015, 2014 and 2013. Note 5: Significant Transactions 2015 Universal Studios...

  • Page 90
    ... our planned merger, and we terminated our related agreement with Charter Communications, Inc. to spin off, exchange and sell certain cable systems. In connection with these proposed transactions, we incurred incremental transaction-related expenses of $198 million and $237 million in 2015 and 2014...

  • Page 91
    ... of NBCUniversal Holdings, the difference between the consideration transferred and the recorded value of GE's 49% redeemable noncontrolling common equity interest, and the related tax impacts, were recorded to additional paid-in capital. The NBCUniversal Enterprise preferred stock pays dividends at...

  • Page 92
    ... fair value. We do not capitalize costs related to the distribution of a film in movie theaters or the licensing or sale of a film or television production, which are primarily costs associated with the marketing and distribution of film and television programming. In determining the estimated lives...

  • Page 93
    ...is no plan to broadcast certain programming, we recognize an impairment charge to programming and production expenses. Note 7: Investments December 31 (in millions) 2015 2014 Fair Value Method Equity Method: The Weather Channel Hulu Other Cost Method: AirTouch Other Total investments Less: Current...

  • Page 94
    ... price fluctuations in the common stock of the related investments. For these derivative financial instruments, we separated the derivative component from the host contract and recorded in each period the change in its value to investment income (loss), net. 91 Comcast 2015 Annual Report on Form...

  • Page 95
    ...net income (losses) of investees, net in our consolidated statement of income. On January 29, 2016, IBM acquired The Weather Channel's product and technology businesses. The Weather Channel cable network was not acquired and, following the close of the transaction, licenses weather forecast data and...

  • Page 96
    Comcast Corporation In 2015, 2014 and 2013, we recognized our proportionate share of losses of $106 million, $20 million and $142 million, respectively, related to our investment in Hulu. Cost Method We use the cost method to account for investments not accounted for under the fair value method or ...

  • Page 97
    ... is a property located at 10 Universal City Plaza, which is adjacent to our Universal theme park in Hollywood, California, and our acquisition of an 80% interest in a business whose primary asset is our corporate headquarters in Philadelphia, Pennsylvania. The purchase price of these acquisitions is...

  • Page 98
    ... Adjustments to goodwill in 2014 included the reclassification of Fandango, our movie ticketing and entertainment business, from our Cable Networks segment to our Filmed Entertainment segment. (b) Acquisitions in 2015 in our Theme Parks segment related to the Universal Studios Japan transaction (see...

  • Page 99
    ... to agreements with state and local authorities that allow access to homes and businesses in cable service areas acquired in business combinations. We do not amortize our cable franchise rights because we have determined that they meet the definition of indefinite-lived intangible assets since...

  • Page 100
    ... of customer relationships acquired in business combinations, software, cable franchise renewal costs, contractual operating rights and intellectual property rights. Our finite-lived intangible assets are amortized primarily on a straight-line basis over their estimated useful life or the term of...

  • Page 101
    ...% 3.14% 4.09% 5.23% $ 3,627 $ 2,695 $ 4,194 $ 2,445 $ 6,076 $ 33,846 Comcast 4.60% senior notes due 2045 Comcast 3.375% senior notes due 2025 Comcast 4.60% senior notes due 2046 Comcast 4.40% senior notes due 2035 Total $ 1,700 1,500 1,490 800 $ 5,490 Comcast 2015 Annual Report on Form 10-K 98

  • Page 102
    ...the acquisition date. These term loans contain financial and operating covenants and are secured by the assets of Universal Studios Japan and the equity interests of the investors. We do not guarantee these term loans and they are otherwise nonrecourse to us. Commercial Paper Programs Our commercial...

  • Page 103
    ...millions) Level 1 Level 2 Level 3 Total Fair Value as of December 31, 2014 Level 1 Level 2 Level 3 Total Assets Trading securities Available-for-sale securities Interest rate swap agreements Other Total Liabilities Derivative component of prepaid forward sale agreements and indexed debt instruments...

  • Page 104
    ... is based on Level 3 inputs that primarily use an analysis of future expected cash flows. Adjustments to capitalized film and stage play production costs of $42 million, $26 million and $167 million were recorded in 2015, 2014 and 2013, respectively. 101 Comcast 2015 Annual Report on Form 10-K

  • Page 105
    ... time of the NBCUniversal transaction in 2011. In September 2015, we settled all of our obligations related to the termination in December 2013 of the NBCUniversal qualified pension plan. In connection with this final settlement, we fully funded the plan with an Comcast 2015 Annual Report on Form...

  • Page 106
    ... presents the benefit obligation and expenses related to our split-dollar life insurance agreements. Year ended December 31 (in millions) 2015 2014 2013 Benefit obligation Other operating and administrative expenses $ 233 $ 67 $ 217 $ 52 $ 212 $ 50 103 Comcast 2015 Annual Report on Form 10-K

  • Page 107
    ... time. The 331/3% aggregate voting power of our Class B common stock cannot be diluted by additional issuances of any other class of common stock. Our Class B common stock is convertible, share for share, into Class A common stock, subject to certain restrictions. Comcast 2015 Annual Report on Form...

  • Page 108
    ...our share-based compensation. Recognized Share-Based Compensation Expense Year ended December 31 (in millions) 2015 2014 2013 Restricted share units Stock options Employee stock purchase plans Total $ 273 157 25 $ 455 $ 231 160 23 $ 414 $ 175 139 20 $ 334 105 Comcast 2015 Annual Report on Form...

  • Page 109
    ... In 2015, 2014 and 2013, we recorded increases to additional paid-in capital of $311 million, $299 million and $244 million, respectively, which were the result of tax benefits associated with our sharebased compensation plans. Stock Options and Restricted Share Units As of December 31, 2015, unless...

  • Page 110
    ...guidance. We adjust the deferred tax accounts and the liabilities periodically to reflect any revised estimated tax basis and any estimated settlements with the various tax authorities. The effects of these adjustments are recorded to income tax expense. 107 Comcast 2015 Annual Report on Form 10-K

  • Page 111
    ... tax basis of investments Differences between book and tax basis of indexed debt securities Differences between book and tax basis of foreign subsidiaries and undistributed foreign earnings 36,392 - 457 731 37,580 Net deferred tax liability $ 33,566 $ 32,764 Comcast 2015 Annual Report on Form...

  • Page 112
    ... its examination of our income tax returns for the year 2013. Various states are examining our tax returns, with most of the periods relating to tax years 2000 and forward. The tax years of our state tax returns currently under examination vary by state. 109 Comcast 2015 Annual Report on Form 10-K

  • Page 113
    ... per common share paid in January 2016 • we assumed liabilities related to the Universal Studios Japan transaction (see Note 5 for additional information) • we used $517 million of equity securities to settle a portion of our obligations under prepaid forward sale agreements During 2014: • we...

  • Page 114
    ... of $509 million for a quarterly cash dividend of $0.195 per common share paid in January 2014 • we used $1.4 billion of equity securities to settle a portion of our obligations under prepaid forward sale agreements • we closed a transaction with Liberty Media that included, among other things...

  • Page 115
    ... "Boston Cluster" area, and the potential class in the Pennsylvania case is our customer base in the "Philadelphia and Chicago Clusters," as those terms are defined in the complaints. In each case, the plaintiffs allege that certain customer exchange transactions with other cable providers resulted...

  • Page 116
    ... Income (Loss) Capital Expenditures Assets 2015 Cable Communications(a) NBCUniversal Cable Networks(b)(c) Broadcast Television(c) Filmed Entertainment(b) Theme Parks(d) Headquarters and Other(e) Eliminations(d)(f) NBCUniversal Corporate and Other Eliminations(f) Comcast Consolidated $ 46...

  • Page 117
    ...: 2015 Residential: Video High-speed Internet Voice Business services Advertising Other Total 45.9% 26.6% 7.7% 10.1% 4.9% 4.8% 100% 2014 47.1% 25.6% 8.3% 9.0% 5.4% 4.6% 100% 2013 49.1% 24.7% 8.7% 7.7% 5.1% 4.7% 100% Subscription revenue received from customers who purchase bundled services at...

  • Page 118
    ... associated with our broadcast of the 2015 Super Bowl were reported in our Broadcast Television segment. The revenue and operating costs and expenses associated with our broadcast of the 2014 Sochi Olympics were reported in our Cable Networks and Broadcast Television segments. (d) As disclosed...

  • Page 119
    ... 19: Quarterly Financial Information (Unaudited) (in millions, except per share data) First Quarter Second Quarter Third Quarter Fourth Quarter Total Year 2015 Revenue Operating income Net income attributable to Comcast Corporation Basic earnings per common share attributable to Comcast Corporation...

  • Page 120
    ...in millions) Comcast Parent Comcast Holdings Assets Cash and cash equivalents Investments Receivables, net Programming rights Other current assets Total current assets Film and television costs Investments Investments in and amounts due from subsidiaries eliminated upon consolidation Property and...

  • Page 121
    ...in millions) Comcast Parent Comcast Holdings Assets Cash and cash equivalents Investments Receivables, net Programming rights Other current assets Total current assets Film and television costs Investments Investments in and amounts due from subsidiaries eliminated upon consolidation Property and...

  • Page 122
    ... Consolidated CCCL NBCUniversal Guarantor Consolidation Comcast Parent Media Parent Subsidiaries Adjustments Corporation For the Year Ended December 31, 2015 (in millions) Comcast Comcast Parent Holdings Revenue: Service revenue Management fee revenue $ - $ 1,005 1,005 12) (1) 8,651 - 8,638...

  • Page 123
    ... Elimination NBCUniversal Nonand Consolidated CCCL Media Guarantor Consolidation Comcast Parent Parent Subsidiaries Adjustments Corporation For the Year Ended December 31, 2014 (in millions) Comcast Parent Comcast Holdings Revenue: Service revenue Management fee revenue $ - $ 947 947 11) 12...

  • Page 124
    ...Elimination NBCUniversal Nonand Consolidated CCCL Media Guarantor Consolidation Comcast Parent Parent Subsidiaries Adjustments Corporation For the Year Ended December 31, 2013 (in millions) Comcast Parent Comcast Holdings Revenue: Service revenue Management fee revenue $ - $ 897 897 11) (13...

  • Page 125
    ... December 31, 2015 (in millions) Comcast Comcast Parent Holdings Net cash provided by (used in) operating activities Investing Activities: Net transactions with affiliates Capital expenditures Cash paid for intangible assets Acquisitions and construction of real estate properties Acquisitions, net...

  • Page 126
    ... December 31, 2014 (in millions) Comcast Comcast Parent Holdings Net cash provided by (used in) operating activities Investing Activities: Net transactions with affiliates Capital expenditures Cash paid for intangible assets Acquisitions and construction of real estate properties Acquisitions, net...

  • Page 127
    ... December 31, 2013 (in millions) Comcast Comcast Parent Holdings Net cash provided by (used in) operating activities Investing Activities: Net transactions with affiliates Capital expenditures Cash paid for intangible assets Acquisitions and construction of real estate properties Acquisitions, net...

  • Page 128
    ...'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 Exchange...

  • Page 129
    ... of the Universal Studios Japan theme park, in which NBCUniversal acquired a 51% interest on November 13, 2015, as permitted by Securities and Exchange Commission guidelines that allow companies to exclude certain acquisitions from their assessment of internal control over financial reporting during...

  • Page 130
    ... the Corporate & Investment Bank of JPMorgan Chase & Co. from 2012 until 2014; the Chief Executive Officer of JPMorgan Chase & Co's Treasury & Securities Services business from 2010 to 2012; and the Chief Financial Officer of JPMorgan Chase & Co from 2004 to 2010. Mr. Cavanagh is also a director of...

  • Page 131
    ... services provided by our executive officers. Item 11: Executive Compensation Comcast incorporates the information required by this item by reference to its 2016 Proxy Statement. This information is omitted for NBCUniversal pursuant to General Instruction I(2)(c) to Form 10-K. Item 12: Security...

  • Page 132
    ... its annual financial statements, reviews of its quarterly financial statements and audit services provided in connection with other statutory or regulatory filings. Audit-related fees in 2015 and 2014 consisted primarily of fees paid or accrued for audits associated with employee benefit plans and...

  • Page 133
    ...Inc.) (incorporated by reference to Exhibit 2.2 to Comcast's Quarterly Report on Form 10-Q for the quarter ended March 31, 2013). Agreement and Plan of Merger dated as of February 12, 2014 among Comcast Corporation, Time Warner Cable Inc. and Tango Acquisition Sub, Inc. (incorporated by reference to...

  • Page 134
    ... Comcast Corporation, the Cable Guarantors party thereto, and The Bank of New York Mellon, as trustee (incorporated by reference to Exhibit 4.1 to Comcast's Quarterly Report on Form 10-Q for the quarter ended March 31, 2013). Certain instruments defining the rights of holders of long-term obligation...

  • Page 135
    ..., 2015. Comcast Corporation Retirement-Investment Plan, as amended and restated effective January 1, 2016. Comcast Corporation 2002 Non-Employee Director Compensation Plan, as amended and restated effective May 14, 2013 (incorporated by reference to Exhibit 10.1 to Comcast's Quarterly Report on Form...

  • Page 136
    ... between Comcast Corporation and Brian L. Roberts, dated as of December 14, 2012 (incorporated by reference to Exhibit 10.23 to Comcast's Annual Report on Form 10-K for the year ended December 31, 2012). Amendment No. 10 to Employment Agreement with Brian L. Roberts, effective as of June 30, 2013...

  • Page 137
    ... 13, 2008). Compensation and Deferred Compensation Agreement and Stock Appreciation Bonus Plan between Comcast Holdings Corporation and Ralph J. Roberts, as amended and restated March 16, 1994 (incorporated by reference to Exhibit 10.13 to the Comcast Holdings Corporation Annual Report on Form 10...

  • Page 138
    ... 2015). Form of Non-Qualified Stock Option under the Comcast Corporation 2003 Stock Option Plan (incorporated by reference to Exhibit 10.40 to Comcast's Annual Report on Form 10-K for the year ended December 31, 2008). Form of Long-Term Incentive Awards Summary Schedule under the Comcast Corporation...

  • Page 139
    ... December 31, 2014). Form of Director Indemnification Agreement (incorporated by reference to Exhibit 10.3 to Comcast's Quarterly Report on Form 10-Q for the quarter ended June 30, 2009). Letter dated January 28, 2015 among Comcast Corporation, Tango Acquisition Sub, Inc. and Time Warner Cable Inc...

  • Page 140
    ... of Chief Executive Officer and Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. The following financial statements from Comcast Corporation's Annual Report on Form 10-K for the year ended December 31, 2015, filed with the Securities and Exchange Commission on...

  • Page 141
    ... by reference to Exhibit 4.3 of the Quarterly Report on Form 10-Q of Comcast Corporation for the quarter ended March 31, 2013). Second Supplemental Indenture, dated October 1, 2015, to the Indenture dated April 30, 2010 between NBC Universal, Inc. (n/k/a NBCUniversal Media, LLC) and The Bank of New...

  • Page 142
    ...Report on Form 10-Q of Comcast Corporation for the quarter ended March 31, 2013). Credit Agreement, dated as of June 6, 2012, among Comcast Corporation, Comcast Cable Communications, LLC, the Financial Institutions party thereto and JP Morgan Chase Bank, N.A., as Administrative Agent and the Issuing...

  • Page 143
    ... Principal Executive Officer and Principal Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. The following financial statements from NBCUniversal Media, LLC's Annual Report on Form 10-K for the year ended December 31, 2015, filed with the Securities and Exchange Commission...

  • Page 144
    ...5, 2016 Director February 5, 2016 Director February 5, 2016 Director February 5, 2016 Director February 5, 2016 Director February 5, 2016 Director February 5, 2016 Director February 5, 2016 Director February 5, 2016 Director February 5, 2016 141 Comcast 2015 Annual Report on Form...

  • Page 145
    ... NBCUniversal Media, LLC; Director of NBCUniversal, LLC Director of NBCUniversal, LLC February 5, 2016 February 5, 2016 February 5, 2016 Director of NBCUniversal, LLC February 5, 2016 Principal Accounting Officer of NBCUniversal Media, LLC February 5, 2016 Comcast 2015 Annual Report on Form...

  • Page 146
    ... Balance Sheet Consolidated Statement of Income Consolidated Statement of Comprehensive Income Consolidated Statement of Cash Flows Consolidated Statement of Changes in Equity Notes to Consolidated Financial Statements 144 145 146 147 148 149 150 143 Comcast 2015 Annual Report on Form 10-K

  • Page 147
    ... effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant...

  • Page 148
    ..., net Programming rights Other current assets Total current assets Film and television costs Investments Property and equipment, net Goodwill Intangible assets, net Other noncurrent assets, net Total assets Liabilities and Equity Current Liabilities: Accounts payable and accrued expenses related to...

  • Page 149
    NBCUniversal Media, LLC Consolidated Statement of Income Year ended December 31 (in millions) 2015 2014 2013 Revenue Costs and Expenses: Programming and production Other operating and administrative Advertising, marketing and promotion Depreciation Amortization $ 28,462 13,418 5,891 2,795 669 870 ...

  • Page 150
    NBCUniversal Media, LLC Consolidated Statement of Comprehensive Income Year ended December 31 (in millions) 2015 2014 2013 Net income Deferred gains (losses) on cash flow hedges, net Employee benefit obligations, net Currency translation adjustments, net Comprehensive income Net (income) loss ...

  • Page 151
    ... and television costs, net Accounts payable and accrued expenses related to trade creditors Other operating assets and liabilities Net cash provided by operating activities Investing Activities Capital expenditures Cash paid for intangible assets Acquisitions of real estate properties Acquisitions...

  • Page 152
    ...Media, LLC Consolidated Statement of Changes in Equity Redeemable Noncontrolling Interests Accumulated Other NonMember's Comprehensive controlling Capital Income (Loss) Interests (in millions) Total Equity Balance, December 31, 2012 Compensation plans Redemption transaction distribution Dividends...

  • Page 153
    ... world's leading media and entertainment companies that develops, produces and distributes entertainment, news and information, sports, and other content for global audiences. We present our operations as the following four reportable business segments: Cable Networks, Broadcast Television, Filmed...

  • Page 154
    ... programming our cable production studio sells to third-party networks and subscription video on demand services. 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...

  • Page 155
    ... Universal theme parks in Orlando, Florida; Hollywood, California; and, as of November 2015, Osaka, Japan, as well as from licensing and other fees. We recognize revenue from advance theme park ticket sales when the tickets are used. For annual passes, we recognize revenue on a straight-line basis...

  • Page 156
    ... risk of financial loss is our 51% interest. Universal Studios Japan's results of operations are reported in our Theme Parks segment following the acquisition date. Preliminary Allocation of Purchase Price Due to the limited amount of time since the date of acquisition, the assets and liabilities...

  • Page 157
    ... transaction-related expenses. Year ended December 31 (in millions) 2015 2014 Revenue Net income Net income attributable to NBCUniversal 2013 $ 29,514 $ 3,851 $ 3,529 $ 26,513 $ 3,463 $ 3,198 Redemption Transaction On March 19, 2013, Comcast acquired General Electric Company's ("GE") 49% common...

  • Page 158
    ...the distribution of our cable network programming and, to a lesser extent, the sale of advertising and our owned programming, and we incur expenses primarily related to advertising and various support services provided by Comcast to us. In 2013, as part of the Comcast cash management process, we and...

  • Page 159
    ... and the subsequent sale of NBCUniversal Enterprise's preferred stock and senior notes by GE to unaffiliated third parties in March 2013, we no longer consider GE to be a related party. In February 2013, Comcast closed an agreement with GE, General Electric Capital Corporation ("GECC") and LIN...

  • Page 160
    ... fair value. We do not capitalize costs related to the distribution of a film in movie theaters or the licensing or sale of a film or television production, which are primarily costs associated with the marketing and distribution of film and television programming. In determining the estimated lives...

  • Page 161
    ... if there is no plan to broadcast certain programming, we recognize an impairment charge to programming and production expenses. Note 7: Investments December 31 (in millions) 2015 2014 Fair Value Method Equity Method: The Weather Channel Hulu Other Cost Method Total investments $ 10 - 184 313 497...

  • Page 162
    ...net income (losses) of investees, net in our consolidated statement of income. On January 29, 2016, IBM acquired The Weather Channel's product and technology businesses. The Weather Channel cable network was not acquired and, following the close of the transaction, licenses weather forecast data and...

  • Page 163
    ... located at 10 Universal City Plaza, which is adjacent to our Universal theme park in Hollywood, California. The purchase price of these acquisitions is included in the caption "acquisitions of real estate properties" in our consolidated statement of cash flows. Comcast 2015 Annual Report on Form...

  • Page 164
    ... Adjustments to goodwill in 2014 included the reclassification of Fandango, our movie ticketing and entertainment business, from our Cable Networks segment to our Filmed Entertainment segment. (b) Acquisitions in 2015 in our Theme Parks segment related to the Universal Studios Japan transaction (see...

  • Page 165
    ...of customer relationships acquired in business combinations, intellectual property rights and software. Our finite-lived intangible assets are amortized primarily on a straight-line basis over their estimated useful life or the term of the associated agreement. We capitalize direct development costs...

  • Page 166
    ... were recorded at fair value as of the acquisition date. These term loans contain financial and operating covenants and are secured by the assets of Universal Studios Japan and the equity interests of the investors. We do not guarantee these term loans and they are otherwise nonrecourse to us...

  • Page 167
    ... a production is based on Level 3 inputs that primarily use an analysis of future expected cash flows. Adjustments to capitalized film and stage play production costs of $42 million, $26 million and $167 million were recorded in 2015, 2014 and 2013, respectively. Comcast 2015 Annual Report on Form...

  • Page 168
    ... we did not recognize service costs related to our pension plans for the periods presented. The expense we recognize for our defined benefit plans is determined using certain assumptions, including the discount rate and the expected long-term rate of return on plan assets. We recognize the funded...

  • Page 169
    ... the plans and applicable tax law. The table below presents the benefit obligation and interest expense for our deferred compensation plans. Year ended December 31 (in millions) 2015 2014 2013 Benefit obligation Interest expense $ 417 $ 28 $ 349 $ 24 $ 250 $ 18 Retirement Investment Plans We...

  • Page 170
    ... (in millions) 2015 2014 2013 Restricted share units Stock options Employee stock purchase plans Total $ 78 10 6 $ 94 $ 69 16 6 $ 91 $ 42 15 5 $ 62 As of December 31, 2015, we had unrecognized pretax compensation expense of $150 million related to nonvested Comcast restricted share units ("RSUs...

  • Page 171
    ...15: Supplemental Financial Information Receivables December 31 (in millions) 2015 2014 Receivables, gross Less: Allowance for returns and customer incentives Less: Allowance for doubtful accounts Receivables, net $ 5,949 469 69 $ 5,411 $ 5,258 356 60 $ 4,842 Comcast 2015 Annual Report on Form 10...

  • Page 172
    ... 2014 2013 Interest Income taxes Noncash Investing and Financing Activities During 2015: $ 456 $ 182 $ 485 $ 174 $ 462 $ 205 • we acquired $287 million of property and equipment and intangible assets that were accrued but unpaid • Comcast contributed the net assets of $252 million related...

  • Page 173
    ..., including writers, directors, actors, technical and production personnel, and others, as well as some of our on-air and creative talent, are covered by collective bargaining agreements or works councils. As of December 31, 2015, the total number of full-time, part-time and hourly employees on our...

  • Page 174
    ... broadcast of the 2015 Super Bowl were reported in our Broadcast Television segment. The revenue and operating costs and expenses associated with our broadcast of the 2014 Sochi Olympics were reported in our Cable Networks and Broadcast Television segments. 171 Comcast 2015 Annual Report on Form...

  • Page 175
    ...in select international markets primarily in Europe and Asia. The table below summarizes revenue by geographic location. Year ended December 31 (in millions) Revenue: United States Foreign 2015 $ 22,663 $ 5,799 2014 $ 20,995 $ 4,433 2013 $ 18,887 $ 4,763 Comcast 2015 Annual Report on Form 10-K 172

  • Page 176
    ... schedule, when considered in relation to the basic consolidated financial statements taken as a whole, presents fairly, in all material respects, the information set forth therein. /s/ Deloitte & Touche LLP Philadelphia, Pennsylvania February 5, 2016 173 Comcast 2015 Annual Report on Form...

  • Page 177
    ... financial statement schedule, when considered in relation to the basic consolidated financial statements taken as a whole, presents fairly, in all material respects, the information set forth therein. /s/ Deloitte & Touche LLP New York, New York February 5, 2016 Comcast 2015 Annual Report on Form...

  • Page 178
    ... amounts for distribution on behalf of third parties. Additions and deductions related to allowance for returns and customer incentives for the year ended December 31, 2013 also reflect corrections to change amounts that were previously recorded net. 175 Comcast 2015 Annual Report on Form 10-K