Comcast 2015 Annual Report Download - page 84

Comcast Corporation
Notes to Consolidated Financial Statements
Note 1: Business and Basis of Presentation
We are a global media and technology company with two primary businesses, Comcast Cable and NBCUni-
versal. We were incorporated under the laws of Pennsylvania in December 2001. Through our predecessors,
we have developed, managed and operated cable systems since 1963.
We present our operations for Comcast Cable in one reportable business segment, referred to as Cable
Communications, and our operations for NBCUniversal in four reportable business segments. The Cable
Networks, Broadcast Television, Filmed Entertainment and Theme Parks segments comprise the NBCUni-
versal businesses (collectively, the “NBCUniversal segments”). See Note 18 for additional information on our
reportable business segments.
Our Cable Communications segment primarily manages and operates cable systems that serve residential
and business customers in the United States. As of December 31, 2015, our cable systems had 27.7 million
total customer relationships and served 22.3 million video customers, 23.3 million high-speed Internet
customers and 11.5 million voice customers.
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 net-
works, and our cable television studio production operations.
Our Broadcast Television segment consists primarily of the NBC and Telemundo broadcast networks, our
owned NBC and Telemundo local broadcast television stations, the NBC Universo national cable network,
and our broadcast television studio production operations.
Our Filmed Entertainment segment primarily produces, acquires, markets and distributes filmed entertainment
worldwide. Our films are produced primarily under the Universal Pictures, Illumination and Focus Features
names.
Our Theme Parks segment consists primarily of our Universal theme parks in Orlando, Florida and Hollywood,
California. In November 2015, NBCUniversal acquired a 51% interest in the Universal Studios theme park in
Osaka, Japan (“Universal Studios Japan”). Our Theme Parks segment also receives fees from our agreements
with third parties that own and operate the Universal Studios Singapore theme park, as well as from the
Universal Studios Japan theme park, to license the right to use the Universal Studios brand name and other
intellectual property.
Our other business interests, which are included in Corporate and Other, consist primarily of Comcast Spec-
tacor, which owns the Philadelphia Flyers and the Wells Fargo Center arena in Philadelphia, Pennsylvania and
operates arena management-related businesses.
Basis of Presentation
The accompanying consolidated financial statements include all entities in which we have a controlling voting
interest and variable interest entities (“VIEs”) required to be consolidated in accordance with generally
accepted accounting principles in the United States (“GAAP”).
We translate assets and liabilities of our foreign operations where the functional currency is the local cur-
rency, primarily the euro, British pound, and Japanese yen, 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
81 Comcast 2015 Annual Report on Form 10-K