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What changed in COMCAST CORP's 10-K — 2023 vs 2024

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Paragraph-level year-over-year comparison of COMCAST CORP's 2023 and 2024 10-K annual filings, covering the Business, Risk Factors, Legal Proceedings, Cybersecurity, MD&A and Market Risk sections. Every new, removed and edited paragraph is highlighted side-by-side so you can see exactly what management changed in the 2024 report.

+431 added−497 removedSource: 10-K (2025-01-31) vs 10-K (2024-01-31)

Top changes in COMCAST CORP's 2024 10-K

431 paragraphs added · 497 removed · 361 edited across 7 sections

Item 1. Business

Business — how the company describes what it does

120 edited+26 added−56 removed83 unchanged
Biggest changeThe table below presents a summary of these and certain other sports rights commitments for broadcast and/or streaming rights: Broadcast and/or Streaming Rights Market Rights Expiration NFL (a) United States 2033-34 season Summer and Winter Olympic Games United States 2032 English Premier League United Kingdom and United States 2028-29 season and 2027-28 season, respectively NASCAR United States 2031 PGA Tour and other golf events United States 2031 Big Ten football and basketball United States 2029-30 season Worldwide Wrestling Entertainment (“WWE”) United States 2029 on television and 2026 on Peacock Formula One United Kingdom and Italy 2029 and 2027, respectively England and Wales Cricket Board United Kingdom 2028 English Football League United Kingdom 2028-29 season Serie A Italy 2028-29 season Spanish-language FIFA World Cup United States 2026 Certain professional sports teams through our Regional Sports Networks Certain regions in the United States Between 2024 and 2040 (a) Includes agreements to produce and broadcast a specified number of regular season and playoff games, including Sunday Night Football and three remaining Super Bowl games on the NBC network, the next of which is in February 2026, through the 2033-34 season, with a termination right available to the NFL after the 2029-30 season.
Biggest changeThe table below presents a summary of these and certain other sports rights: Television and/or Streaming Rights Market Rights Expiration NBA and WNBA (a) United States, United Kingdom and Italy 2035-36 NBA season and 2036 WNBA season NFL (b) United States 2033-34 season Summer and Winter Olympic Games United States 2032 English Premier League United Kingdom, Italy and United States 2028-29, 2027-28 and 2027-28 seasons, respectively PGA Tour and other golf events United States Between 2026 and 2031 NASCAR (c) United States 2031 Big Ten football and basketball United States 2029-30 season World Wrestling Entertainment (“WWE”) United States 2029 on television and 2026 on Peacock Formula One United Kingdom and Italy 2029 and 2027, respectively England and Wales Cricket Board United Kingdom 2028 English Football League United Kingdom 2028-29 season Serie A Italy 2028-29 season FIFA World Cup (Spanish-language) United States 2026 Certain professional sports teams through our Regional Sports Networks Certain regions in the United States Between 2027 and 2040 Comcast 2024 Annual Report on Form 10-K 8 Table of Contents (a) Beginning with the 2025-26 NBA season and 2026 WNBA season, includes the rights to produce and distribute across our networks and on Peacock a specified number of NBA and WNBA regular season and playoff games, the NBA All-Star game and NBA All-Star Saturday Night each season, as well as six NBA Conference Finals series and three WNBA Finals series over the term of the agreements.
We also offer video services in the United Kingdom and Italy over a broadband connection without the need for a satellite dish. These services have an operating system similar to Sky Q and are offered to customers that purchase our Sky Glass smart televisions or through Sky Stream, which leverages a streaming device and Wi-Fi.
We also offer video services in the United Kingdom and Italy over a broadband connection without the need for a satellite dish. These services have an operating system similar to Sky Q and are offered to customers through Sky Stream, which leverages a streaming device and Wi-Fi, or to customers that purchase our Sky Glass smart televisions.
This network provides the two-way transmissions required to provide connectivity services and interactive video and entertainment services through our platforms, and consists primarily of headends, coaxial and fiber-optic cables owned or leased by us, and equipment such as lasers, routers, switches and content distribution servers.
This network provides the two-way transmissions required to provide connectivity services and interactive video and entertainment services through our platforms, and consists primarily of headends, fiber-optic and coaxial cables owned or leased by us, and equipment such as lasers, routers, switches and content distribution servers.
We operate national and regional data centers with equipment that is used to provide our services and maintain network operations centers with equipment necessary to monitor and manage the status of our services and network.
We operate national and regional data centers with equipment that is used to provide our services, and we maintain network operations centers with equipment necessary to monitor and manage the status of our services and network.
Our Connectivity & Platforms business engineering teams continue to focus on technology initiatives to develop and deploy next-generation media, content delivery, content aggregation and streaming platforms that support X1, Sky Q, NOW, Sky Glass, Sky Stream, Xumo and our cloud DVR technology.
Our Connectivity & Platforms business engineering teams continue to focus on technology initiatives to develop and deploy next-generation media, content delivery, content aggregation and streaming platforms that support X1, Sky Q, NOW, Sky Stream, Sky Glass, Xumo and our cloud DVR technology.
Municipally Owned Broadband Networks A number of local municipalities operate municipally owned broadband networks, and there may be further efforts by local governments to expand or create government-owned networks, particularly in light of federal funding for broadband deployment.
A number of municipalities operate municipally owned broadband networks, and there may be further efforts by local governments to expand or create government-owned networks, particularly in light of federal funding for broadband deployment.
Competition Media Our Media segment competes for viewers’ attention and audience share with all forms of programming provided to viewers, including television networks; DTC streaming and other OTT service providers; local broadcast television stations; physical and digital home en tertainment products; video on demand and pay-per-view services; online activities, such as social networking and viewing user-generated content; gaming products; and other forms of entertainment, news and information.
Competition Media Our Media segment competes for viewers’ attention and audience share with all forms of programming provided to viewers, including DTC streaming service providers; television networks; local broadcast television stations; physical and digital home en tertainment products; video on demand and pay-per-view services; online activities, such as social networking and viewing user-generated content; gaming products; and other forms of entertainment, news and information.
Much of the federal funding authorized for broadband deployment is conditioned on states agreeing to make it available for potential use by government-owned networks, although the funding prioritizes deployment to unserved areas and locations. We cannot predict how successful any of those efforts will be and how they might affect our businesses.
Much of the federal funding authorized for broadband deployment is conditioned on states agreeing to make it available for potential use by government-owned networks, although the funding prioritizes deployment to unserved and underserved areas and locations. We cannot predict how successful any of those efforts will be and how they might affect our businesses.
The willingness of advertisers to purchase advertising from us may be adversely affected by lower audience ratings and viewership at the related networks, stations or digital properties. Declines in audience ratings can be caused by increased competition for the leisure time of viewers and by audience fragmentation resulting from the increasing number of entertainment choices available.
The willingness of advertisers to purchase advertising from us may be adversely affected by lower audience ratings and viewership at the related networks, stations or digital properties. Declines in audience ratings can be caused by increased competition for the leisure time of viewers and by audience fragmentation resulting from the increasing number and forms of entertainment choices available.
We use a limited number of vendors to provide customer billing for our residential and business customers. Our technical services groups perform various tasks, including installations, plant maintenance and upgrades to our domestic HFC network, and servicing and upgrades of customer premise equipment. The service vehicles used by our technical services groups are primarily owned.
We use a limited number of vendors to provide customer billing for our residential and business customers. Our technical services groups perform various tasks, including installations, plant maintenance and upgrades to our domestic network, and servicing and upgrades of customer premise equipment. The service vehicles used by our technical services groups are primarily owned.
Our domestic NOW TV service is only offered to residential broadband customers and includes monthly access to a variety of linear television networks; entertainment and movie programming; integrated access to free streaming channels from Xumo Play, NBC and Sky; and access to the ad-supported tier of Peacock.
Our domestic NOW TV service is only offered to qualifying residential broadband customers and includes monthly access to a variety of linear television networks; entertainment and movie programming; integrated access to free streaming channels from Xumo Play, NBC and Sky; and access to the ad-supported tier of Peacock.
These services are primarily provided to Fortune 1000 companies and other large enterprises with multiple locations both within and outside of our distribution footprint, where we provide coverage outside of our service areas through agreements with other companies to use their networks. 3 Comcast 2023 Annual Report on Form 10-K Table of Contents Network and Technology The segments within our Connectivity & Platforms business use our HFC network in the United States, which we believe is sufficiently flexible and scalable to support our future technology requirements and enables us to continue to grow capacity and capabilities over time.
These services are primarily provided to Fortune 1000 companies and other large enterprises with multiple locations both within and outside of our distribution footprint, where we provide coverage outside of our service areas through agreements with other companies to use their networks. 3 Comcast 2024 Annual Report on Form 10-K Table of Contents Network and Technology The segments within our Connectivity & Platforms business use our HFC network in the United States, which we believe is sufficiently flexible and scalable to support our future technology requirements and enables us to continue to grow capacity and capabilities over time.
Congress has also considered, and may consider again, proposals to bar or limit states from imposing taxes on these DBS providers or other competitors (such as DTC streaming and other OTT service providers) that are equivalent to the taxes or fees that we pay.
Congress has also considered, and may consider again, proposals to bar or limit states from imposing taxes on these DBS providers or other competitors (such as DTC streaming service providers) that are equivalent to the taxes or fees that we pay.
Domestic broadband-deployment funding initiatives at the federal and state levels may result in other service providers deploying subsidized internet access networks within our footprint. The availability of these and other offerings could negatively impact the demand for our domestic broadband services.
Domestic broadband-deployment funding initiatives at the federal and state levels may result in other service providers deploying subsidized internet access within our footprint. The availability of these and other offerings could negatively impact the demand for our domestic broadband services.
We deliver broadband, wireless, video and voice services primarily under the Xfinity, Comcast Business and Sky brands; produce, distribute and stream leading entertainment, sports and news through brands including NBC, Telemundo, Universal, Peacock and Sky; and own and operate Universal theme parks.
We deliver broadband, wireless, video and voice services primarily under the Xfinity, Comcast Business, Sky and NOW brands; produce, distribute and stream leading entertainment, sports and news through brands including NBC, Telemundo, Universal, Peacock and Sky; and own and operate Universal theme parks.
Peacock competes for subscribers primarily with other DTC streaming and other OTT service providers, as well as with traditional providers of linear television programming. Studios Our film and television studios compete for audiences with other major film and television studios, independent film producers and creators of content, as well as with alternative forms of entertainment.
Peacock competes for subscribers primarily with other DTC streaming service providers, as well as with traditional providers of linear television programming. Studios Our film and television studios compete for audiences with other major film and television studios, independent film producers and creators of content, as well as with alternative forms of entertainment.
In some situations, DBS providers and other competitors (such as DTC streaming and other OTT service providers) that deliver their services over a broadband connection do not face the same state and local tax and fee burdens.
In some situations, DBS providers and other competitors (such as DTC streaming service providers) that deliver their services over a broadband connection do not face the same state and local tax and fee burdens.
Additionally, it is increasingly challenging to accurately measure fragmented audiences. Our domestic cable networks and international networks compete primarily with other cable networks and programming providers for carriage by multichannel video providers and DTC streaming and other OTT service providers.
Additionally, it is increasingly challenging to accurately measure fragmented audiences. Our domestic cable networks and international networks compete primarily with other cable networks and programming providers for carriage by multichannel video providers and DTC streaming service providers.
These platforms are based on our global technology platform and integrate linear television networks, owned and third-party DTC streaming services and other internet-based apps, and on demand programming in a unified experience with voice-activated remote control search and interactive features. We also continue to focus on leveraging our own cloud network services to deliver video and advanced search capabilities.
These platforms are based on our global technology platform and integrate linear television networks, owned and third-party DTC streaming services and other internet-based apps, and on demand programming into a unified experience with voice-activated remote control search and interactive features. We also continue to focus on leveraging our own cloud network services to deliver video and advanced search capabilities.
X1 and Sky Q are cloud-based platforms that provide integrated search functionality leveraging set-top boxes and a voice-activated remote control. The integrated features operate across content in customers’ video service packages and content from internet-based streaming services that customers may access in a manner similar to our Xumo Stream Box.
X1 and Sky Q are cloud-based platforms that provide integrated search functionality leveraging set-top boxes and voice-activated remote controls. The integrated features operate across content in customers’ video service packages and content from internet-based streaming services that customers may access in a manner similar to our Xumo Stream Box.
In Europe, broadcasting rights for major sports, which are significant to our international networks, are usually tendered through a competitive auction process, with the winning bidder or bidders acquiring rights over a 3 to 5 year period. Studios Segment Our Studios segment primarily includes our NBCUniversal and Sky film and television studio production and distribution operations.
In Europe, major sports rights, which are significant to our international networks, are usually tendered through a competitive auction process, with the winning bidder or bidders acquiring rights over a 3 to 5 year period. Studios Segment Our Studios segment primarily includes our NBCUniversal and Sky film and television studio production and distribution operations.
The production and distribution costs related to original television content generally exceed the revenue generated from the initial license, which means that obtaining additional licenses following the initial license is critical to the content’s financial success. Similar to our film studio s, we typically owe residuals and participations payments in connection with television studio productions.
The production and distribution costs related to original broadcast television content generally exceed the revenue generated from the initial license, which means that obtaining additional licenses following the initial network license is critical to the content’s financial success. Similar to our film studio s, we typically owe residuals and participations payments in connection with television studio productions.
In addition, we offer comprehensive family planning options, including for adoption and surrogacy, and provide specialized support teams to help employees manage all stages in the family planning journey including the first few months of parenthood. • We continue to invest in the emotional wellbeing of our employees and offer a broad array of tools and resources such as our Employee Assistance Program, which provides personal counseling sessions to support employees and their families and provide problem-solving support for a broad range of issues, including stress, anxiety, depression, substance use and more.
In addition, we offer comprehensive family planning options, including for adoption and surrogacy, and provide specialized support teams to help employees manage all stages in the family planning journey including parenthood. • We continue to invest in the emotional wellbeing of our employees and offer a broad array of tools and resources such as our Employee Assistance Program, which provides personal counseling sessions to support employees and their families and provide problem-solving support for a broad range of issues, including stress, anxiety, depression, substance use and more.
Our television studios produce content primarily under the following names: • Universal Television • Universal Content Productions • Universal Television Alternative Studio • Universal International Studios • Sky Studios Our original content is primarily initially licensed to linear television networks, as well as to DTC streaming service providers, including those in our Media and Residential Connectivity & Platforms segments.
Our television studios produce content primarily under the following names: • Universal Television • Universal Content Productions • Universal Television Alternative Studio • Universal International Studios • Sky Studios Our original content is primarily initially licensed to linear television networks and DTC streaming service providers, including those in our Media and Residential Connectivity & Platforms segments.
Our small business broadband, wireline voice and wireless service offerings are similar to those provided to our residential customers and additionally include cloud-based cybersecurity services, wireless backup connectivity, advanced Wi-Fi solutions, video monitoring services and other cl oud-based services.
Our small business broadband, wireline voice and wireless service offerings are similar to those provided to our residential customers and also include cloud-based cybersecurity services, wireless backup connectivity, advanced Wi-Fi solutions, video monitoring services and other cl oud-based services.
We also offer DTC streaming services marketed using the NOW brand, with an offering in the United States that launched in 2023. NOW services provide video content over the internet and do not require a set-top box.
We also offer DTC streaming services marketed under the NOW brand, with an offering in the United States that launched in 2023. NOW services provide video content over the internet and do not require a set-top box.
Competition Residential Connectivity & Platforms Broadband We compete with a number of companies offering internet services, including: • wireline telecommunications companies • wireless telecommunications companies • municipal broadband networks and power companies • satellite broadband providers Certain wireline telecommunications companies, such as AT&T, Frontier, Lumen and Verizon in the United States and BT and Virgin Media in the United Kingdom, have built and are continuing to build fiber-based wireline network infrastructure further into their networks, which enables them to provide data transmission speeds that exceed those that can be provided with traditional copper digital subscriber line (“DSL”) technology, and are offering services with these higher speeds in many of our service areas.
Competition Residential Connectivity & Platforms Broadband We compete with a number of companies, many with significant financial resources, that offer internet services, including: • wireline telecommunications companies • wireless telecommunications companies • municipal broadband networks and power companies • satellite broadband providers Certain wireline telecommunications companies, such as AT&T, Frontier, Lumen and Verizon in the United States and BT and Virgin Media O2 in the United Kingdom, have built and are continuing to build fiber-based wireline network infrastructure further into their networks, which enables them to provide data transmission speeds that exceed those that can be provided with traditional copper digital subscriber line (“DSL”) technology, and are offering services with these higher speeds in many of our service areas.
We license films, including recent films and selections from our film library, which is comprised of more than 6,500 movies in a variety of genre s, to linear television networks and DTC streaming service providers, and to video on demand and pay-per-view services provided by multichannel video providers. This includes licenses to our Media and Residential Connectivity & Platforms segments.
We license films, including recent films and selections from our film library, which is comprised of more than 6,500 movies in a variety of genre s, to linear television networks and DTC streaming service providers, and to video on demand services provided by multichannel video providers. This includes licenses to our Media and Residential Connectivity & Platforms segments.
We offer domestic wireless services using an MVNO agreement that allows us to offer services using Verizon’s wireless network along with our existing network of Wi-Fi hotspots across our HFC network. We continue to evolve and enhance the capabilities of our domestic network.
We offer domestic wireless services using an MVNO agreement that allows us to offer services using Verizon’s wireless network along with our existing network of Wi-Fi hotspots across our network. We continue to evolve and enhance our domestic network capabilities.
Comcast 2023 Annual Report on Form 10-K 2 Table of Contents Video We offer video services to residential and business customers primarily through our X1 platform in the United States over our HFC network, and through our Sky Q platform internationally in the United Kingdom and Italy using a combination of satellite transmission and broadband connections.
Comcast 2024 Annual Report on Form 10-K 2 Table of Contents Video We offer video services to residential and business customers primarily through our X1 platform in the United States over our network, and through our Sky Q platform internationally in the United Kingdom and Italy using a combination of satellite transmission and broadband connections.
Our television and streaming business competes for the acquisition of content, including sports rights, and for on-air and creative talent primarily with other television networks, DTC streaming and other OTT service providers, and local broadcast television stations.
Our television and streaming business competes for the acquisition of content, including sports rights, and for on-air and creative talent primarily with other television networks, DTC streaming providers, and local broadcast television stations.
We also compete with other major film and television studios and other producers of entertainment content for the exhibition of content in theaters, on demand, on television networks, and on DTC streaming and other OTT services. Theme Parks Theme Parks competes with other multi-park entertainment companies as well as other providers of entertainment, lodging, tourism and recreational activities.
We also compete with other major film and television studios and other producers of entertainment content for the exhibition of content in theaters, on demand, on television networks, and on DTC streaming services. Theme Parks Our theme parks compete with other multi-park entertainment companies as well as other providers of entertainment, tourism, recreational activities and lodging.
We have various multiyear contractual commitments for the licensing of content, including contracts related to broadcast and/or streaming rights for sporting events. We generally seek to include in our sports rights agreements the rights to distribute content on one or more of our television networks and on digital properties, including Peacock.
We have various multiyear agreements for the licensing of content, including contracts related to television and/or streaming rights for sporting events. We generally seek to include in our sports rights agreements the rights to distribute content on one or more of our television networks and on digital properties, including Peacock.
These forward-looking statements are generally identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “potential,” “strategy,” “future,” “opportunity,” “commit,” “plan,” “goal,” “may,” “should,” “could,” “will,” “would,” “will be,” “will continue,” “will likely result” and similar expressions.
These forward-looking statements are generally identified by words such as “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “potential,” “strategy,” “future,” “opportunity,” “commit,” “plan,” “goal,” “may,” “should,” “could,” “will,” “would,” “will be,” “will continue,” “will likely result” and similar expressions.
Our medium- sized and enterprise customer offerings also include ethernet network services, which connect multiple locations and provide higher downstream and upstream speed options, advanced voice services, and a software-defined networking product. Our larger enterprises may also receive support services related to Wi-Fi networks, router management, network security, business continuity risks and other services.
Our enterprise solutions offerings also include ethernet network services, which connect multiple locations and provide higher downstream and upstream speed options, advanced voice services, and a software-defined networking product. Larger enterprises may also receive support services related to Wi-Fi networks, router management, network security, business continuity risks and other services.
Comcast 2023 Annual Report on Form 10-K 4 Table of Contents The programming on our Sky-branded entertainment television networks includes content licensed from third parties and from our Studios segment, including certain original content. Our most significant commitments for the licensing of film and television entertainment content include exclusive rights with Paramount, Warner Bros. and our Studios segment.
Comcast 2024 Annual Report on Form 10-K 4 Table of Contents The programming on our Sky-branded entertainment television networks includes content licensed from third parties and from our Studios segment, including certain original content. Our most significant agreements for the licensing of film and television entertainment content include exclusive rights with Paramount, Warner Bros. and our Studios segment.
Financial Benefits • We focus on attracting and retaining employees by providing compensation and benefits packages that are competitive within the applicable market, taking into account the job position’s location and responsibilities. • We provide competitive financial benefits such as a 401(k) retirement plan in the United States with a company match and other retirement arrangements internationally. • We have employee stock purchase plans in the United States, United Kingdom, India and several other European countries where most of our full-time and part-time employees can purchase our stock at a discount. • We generally grant awards of restricted stock units and stock options on an annual basis to a meaningful portion of our employees, with over 20,000 employees receiving such awards in 2023. • We offer financial literacy training and counseling to support employees in making their own financial decisions.
Financial Benefits • We focus on attracting and retaining employees by providing compensation and benefits packages that are competitive within the applicable market, taking into account the job position’s location and responsibilities. • We provide competitive financial benefits such as a 401(k) retirement plan in the United States with a company match and other retirement arrangements internationally. • We have employee stock purchase plans in the United States, United Kingdom, India and several other European countries where most of our full-time and part-time employees can purchase our stock at a discount. • We generally grant stock-based awards on an annual basis to a meaningful portion of our employees, with over 24,000 employees receiving such awards in 2024 . • We offer financial literacy training and counseling to support employees in making their own financial decisions.
Human Capital Resources As of December 31, 2023, we had approximately 186,000 full-time and part-time employees calculated on a full-time equivalent basis. Approximately 30% of our employees were located in over 30 countries outside the United States, with larger workforce concentrations in the United Kingdom, Western Europe, East Asia and South Asia.
Human Capital Resources As of December 31, 2024, we had approximately 182,000 full-time and part-time employees calculated on a full-time equivalent basis. Approximately 30% of our employees were located in over 30 countries outside the United States, with larger workforce concentrations in the United Kingdom, Western Europe, East Asia and South Asia.
Our international NOW service offerings include packages for monthly access to entertainment, sports and movies programming, as well as daily pass options for sports programming.
Our international NOW service offerings include packages for monthly access to entertainment, sports and movie programming, as well as daily pass options for sports programming.
In addition, many international data protection laws, some federal laws and all 50 U.S. states have security breach notification requirements that mandate a business to provide notice to consumers and government agencies if certain information has been accessed or exfiltrated by an unauthorized party; some of these laws also require documented information security programs.
In addition, many international data protection laws, some federal laws, and all 50 U.S. states have security breach notification requirements that obligate businesses to provide notice to consumers and government agencies if certain information has been accessed or exfiltrated by an unauthorized party; some of these laws also require documented information security programs.
Across nearly our entire domestic footprint, we currently leverage DOCSIS 3.1 to offer downstream broadband speeds up to over a gigabit per second to residential and business customers. We also deploy fiber-to-the-premises, with symmetrical speed offerings ranging up to 10 gigabits per second to customers who request that service, subject to local construction constraints.
Across nearly our entire domestic footprint, we leverage DOCSIS 3.1 to offer up to gigabit-plus downstream broadband speeds to residential and business customers. We also deploy fiber-to-the-premises with symmetrical speed offerings ranging up to 10 gigabits per second to residential customers who request that service, subject to local construction constraints, and up to 100 gigabits per second to business customers.
As part of our low-income broadband adoption program, we offer qualifying domestic customers high-speed broadband services at discounted rates through our Internet Essentials and Internet Essentials Plus services, with downstream speeds of up to 50 and 100 megabits per second, respectively.
As part of our low-income broadband adoption program, we offer qualifying domestic customers broadband services at discounted rates through our Internet Essentials and Internet Essentials Plus services, with downstream speeds of up to 75 and 100 megabits per second, respectively.
Internationally, many of the laws are similar to the European Union’s General Data Protection Regulation and the United Kingdom’s Data Protection Act 2018, which broadly regulate the processing of personal data collected from individuals in the European Union and United Kingdom, respectively.
Internationally, many of the laws that apply to our businesses are similar to the European Union’s General Data Protection Regulation and the United Kingdom’s Data Protection Act of 2018, which broadly regulate the processing of personal data collected from individuals in the European Union and United Kingdom, respectively.
In addition, our international businesses are subject to various similar regulations, including those that cover television broadcasting, programming and advertising. We are occasionally subject to enforcement actions and investigations at the FCC and other federal, state and local agencies, as well as foreign governments and regulatory authorities, which can result in fines or being subject to sanctions.
In addition, our international businesses are subject to various similar regulations, including those that cover television broadcasting, programming, and advertising. We are occasionally subject to enforcement actions and investigations at the FCC and other federal, state, and local agencies, as well as foreign governments and regulatory authorities, which can result in fines, sanctions and/or ongoing compliance plans and government oversight.
We undertake no obligation to update or revise publicly any forward-looking statements, whether because of new information, future events or otherwise. 19 Comcast 2023 Annual Report on Form 10-K Table of Contents
We undertake no obligation to update or revise publicly any forward-looking statements, whether because of new information, future events or otherwise. 17 Comcast 2024 Annual Report on Form 10-K Table of Contents
In the United States, federal privacy laws and regulations, such as those found within the Communications Act or the Video Privacy Protection Act, focus on restricting companies’ collection, use, disclosure and retention of personal information.
In the United States, federal privacy laws and regulations, such as those found within the Communications Act or the Video Privacy Protection Act, restrict companies’ collection, use, disclosure and retention of personal information.
The FTC has sought to expand its authority in this area through various rulemakings related to general privacy, targeted advertising and children’s privacy. There has been an increased focus on children’s privacy at both the state and federal levels within the United States, as well as internationally, such as the United Kingdom’s Age-Appropriate Design Code.
The FTC has sought to expand its authority in this area through various rulemakings related to general privacy, targeted advertising and children’s privacy. There has been an increased focus on children’s privacy at both the state and federal levels within the United States, as well as internationally.
Universal Beijing Resort is owned by us and a consortium of Chinese state-owned companies (see Note 8 to the consolidated financial statements included in this Annual Report on Form 10-K). Our Theme Parks segment properties are primarily owned with certain properties under lease including land in Beijing, China and Osaka, Japan.
Universal Beijing Resort is owned by us and a consortium of Chinese state-owned companies (see Note 7 to the consolidated financial statements included in this Annual Report on Form 10-K). Our Theme Parks segment properties are primarily owned by us, although certain properties are leased, including land in Beijing, China and Osaka, Japan.
Comcast 2023 Annual Report on Form 10-K 6 Table of Contents Content & Experiences Business Media Segment We operate our Media segment as a combined television and streaming business, which primarily includes: • NBCUniversal’s national and regional cable networks • NBC and Telemundo broadcast networks and owned local broadcast television stations • Peacock DTC streaming service • international television networks, including Sky Sports networks in the United Kingdom and Italy We distribute a wide variety of programming on our linear television networks and streaming services to appeal to consumers with varying preferences across demographics and geographic areas.
Content & Experiences Business Media Segment We operate our Media segment as a combined television and streaming business, which primarily includes: • NBCUniversal’s national and regional cable networks • NBC and Telemundo broadcast networks and owned local broadcast television stations • Peacock DTC streaming service • International television networks, including Sky Sports networks in the United Kingdom and Italy We distribute a wide variety of programming on our linear television networks and streaming services to appeal to consumers with varying preferences across demographics and geographic areas.
Comcast 2023 Annual Report on Form 10-K 18 Table of Contents Health and Welfare Benefits • We offer a robust portfolio of health and welfare programs and solutions designed to meet the unique needs of our employees and their families, delivered through a consistent and seamless member experience. • Our offerings include comprehensive and affordable health care coverage options along with a variety of additional tools and resources, including access to dedicated health care navigators, expert medical opinion services, virtual primary care services and a diabetes management program.
Health and Welfare Benefits • We offer a robust portfolio of health and welfare programs and solutions designed to meet the unique needs of our employees and their families, delivered through a consistent and seamless member experience. • Our offerings include comprehensive and affordable health care coverage options along with a variety of additional tools and resources, including access to dedicated health care navigators, expert medical opinion services, virtual primary care services and a diabetes management program.
Households as of December 31, 2023 (in millions) (a) Description of Programming USA Network 71 General entertainment and sports Syfy 71 Genre-based entertainment E! 71 Entertainment and pop culture MSNBC 70 News, political commentary and information Bravo 70 Lifestyle entertainment CNBC 70 Business and financial news Oxygen 64 True crime Golf Channel 59 Golf competition and golf entertainment Universal Kids 47 Children’s entertainment Universo 21 Spanish-language entertainment CNBC World 18 Global financial news (a) Household data is based on information from The Nielsen Company as of December 31, 2023 using its Cable Coverage Universe Estimates report and dynamic ad insertion est imates.
Households as of December 31, 2024 (in millions) (a) Description of Programming USA Network 66 General entertainment and sports E! 65 Entertainment and pop culture Syfy 65 Genre-based entertainment MSNBC 65 News, political commentary and information Bravo 65 Lifestyle entertainment CNBC 64 Business and financial news Oxygen 62 True crime Golf Channel 54 Golf competition and golf entertainment Universal Kids 43 Children’s entertainment Universo 16 Spanish-language entertainment CNBC World 16 Global financial news (a) Household data is based on information from The Nielsen Company as of December 31, 2024 using its Cable Coverage Universe Estimates report and dynamic ad insertion est imates.
For example, Congress has approved tens of billions of dollars in new funding for broadband deployment and adoption initiatives, and may consider other proposals that address communications issues, including whether it should rewrite the entire Communications Act to account for changes in the communications marketplace and whether it should enact new, permanent Open Internet/net neutrality requirements.
For example, Congress has approved tens of billions of dollars in new funding for broadband deployment and adoption initiatives, and may consider other proposals that address communications issues, including whether it should rewrite the Communications Act to account for changes in the communications marketplace.
Our domestic wireless services are offered over Verizon’s wireless network and our existing network of secure residential, outdoor and business Wi-Fi hotspots, and are offered initially only as part of our bundled service offerings to customers that subscribe to our broadband services.
Our domestic wireless services are offered over Verizon’s wireless network and our existing network of secure residential, outdoor and business Wi-Fi hotspots, and are offered initially only as part of our bundled service offerings to customers that subscribe to our qualifying broadband services. Wireless customers may activate multiple lines per account.
Advertising We compete for the sale of advertising with television networks and stations, digital properties , including an increasing number of ad-supported DTC streaming and other OTT service providers and a broad array of other online content providers, such as social networking platforms and user-generated content providers, and all other advertising platforms.
Advertising We compete for the sale of advertising with digital properties , including an increasing number of ad-supported DTC streaming service providers and other online content providers, such as social networking platforms and user-generated content providers, as well as with t elevision networks and stations, and all other advertising platforms.
International Communications-Related and Other Regulations Certain of our international businesses are subject to telecommunications and media-specific regulation described below in Europe, Latin America and other international jurisdictions, and all of our international businesses are subject to regulation under generally applicable laws, such as competition, consumer protection, data protection and taxation in the jurisdictions where they operate.
International Communications-Related and Other Regulations Certain of our international businesses are subject to telecommunications and media-specific regulation, including those related to broadband and voice services and television networks, in Europe, Latin America, and other international jurisdictions, and all of our international businesses are subject to regulation under generally applicable laws, such as competition, consumer protection, data protection, and taxation in the jurisdictions where they operate.
These networks work with devices such as smartphones, laptops, tablets, and mobile and fixed wireless routers, as well as wireless data cards. Other companies have launched fiber networks that provide broadband services in certain areas in which we operate, and certain municipalities in our service areas are also building fiber-based networks.
These networks work with devices such as smartphones, laptops, tablets, and mobile and fixed wireless routers, as well as wireless data cards. Other companies and municipalities have launched fiber-based or newer satellite-based broadband technologies that provide services in certain areas in which we operate.
Video We compete with a number of companies offering video services in the Connectivity & Platforms markets, including: • DTC streaming and other over-the-top (“OTT”) service providers and aggregators, including: ◦ subscription-based services, such as Disney+ and Netflix, that offer online services that enable internet streaming and downloading of movies, television shows and other video programming ◦ virtual multichannel video providers, such as Hulu + Live TV and YouTube TV, that offer streamed linear television networks ◦ free ad-supported television services 5 Comcast 2023 Annual Report on Form 10-K Table of Contents ◦ companies that offer streaming devices that access and integrate streaming content • direct broadcast satellite (“DBS”) providers that transmit satellite signals to substantially all households in the Connectivity & Platforms markets to provide video programming and other information similar to our video services • companies that have built and continue to build fiber-based networks that provide video services similar to ours and provide bundled offerings that include wireless and/or broadband services • other providers that build and operate communications systems and services in the same areas that we serve, including traditional providers of linear television programming • a broad array of other online content providers, such as social networking platforms and user-generated content providers • other companies, such as broadcast television stations, that provide multiple free-to-air networks Many of these competitors also have significant financial resources.
Video We compete with a number of companies offering video services in the Connectivity & Platforms markets, including: • DTC streaming service providers and aggregators, including: ◦ subscription-based services, such as Disney+ and Netflix, that offer online services that enable internet streaming and downloading of movies, television shows and other video programming ◦ virtual multichannel video providers, such as Hulu + Live TV and YouTube TV, that offer streamed linear television networks ◦ free ad-supported television services 5 Comcast 2024 Annual Report on Form 10-K Table of Contents ◦ companies that offer streaming devices that access and integrate streaming content • direct broadcast satellite (“DBS”) providers that transmit satellite signals to substantially all households in the Connectivity & Platforms markets to provide video programming and other information similar to our video services • companies that have built and continue to build fiber-based networks that provide video services similar to ours and provide bundled offerings that include wireless and/or broadband services • other providers that build and operate communications systems and services in the same areas that we serve, including traditional providers of linear television programming • a broad array of other online content providers, such as social networking platforms and user-generated content providers • other companies, such as broadcast television stations, that provide multiple free-to-air networks Similar to the competitive environment in our Media segment, our Sky-branded entertainment television networks compete for the distribution of our television network programming to third-party video service providers and for viewers’ attention and audience share.
Revenue in Studios fluctuates due to the timing, nature and number of films released in movie theaters, on physical and digital home entertainment products, and through various other distribution platforms, including viewing on demand, DTC platforms or other OTT service providers. Release dates are determined by several factors, including competition and the timing of vacation and holiday periods.
Revenue in Studios fluctuates due to the timing, nature and number of films released in movie theaters, through DTC streaming services and viewing on demand, and on physical and digital home entertainment products. Release dates are determined by several factors, including competition and the timing of vacation and holiday periods.
Employee Engagement • We seek to create an engaged workforce through proactive listening and constructive dialogue, including through employee engagement surveys, as well as through employee resource groups. • We are committed to creating an environment that encourages employees to ask questions, raise concerns and speak up about a workplace issue or suspected illegal or unethical conduct.
Employee Engagement • We seek to create an engaged workforce through proactive listening and constructive dialogue, including through employee engagement surveys, as well as through employee resource groups. 15 Comcast 2024 Annual Report on Form 10-K Table of Contents • We are committed to creating an environment that encourages employees to ask questions, raise concerns and speak up about a workplace issue or suspected illegal or unethical conduct.
State legislative and regulatory initiatives can create a patchwork of different and/or conflicting state requirements, such as with respect to privacy and Open Internet/net neutrality regulations, that can affect our businesses and ability to effectively compete.
State legislative and regulatory initiatives can create a patchwork of different and/or conflicting state requirements, such as with respect to privacy and Open Internet/net neutrality regulations, that can affect our businesses and ability to effectively compete. Legislative and regulatory activity has increased in recent years, particularly with respect to broadband networks.
Macroeconomic conditions and other factors may also result in shifting consumer preferences toward other types of destinations and experiences. 11 Comcast 2023 Annual Report on Form 10-K Table of Contents Seasonality and Cyclicality Revenue and costs and expenses in our Media segment are cyclical as a result of our periodic broadcasts of major sporting events, such as the Olympic Games and the Super Bowl.
Macroeconomic conditions and other factors may also result in shifting consumer preferences toward other types of destinations, experiences and products. Seasonality and Cyclicality Revenue and costs and expenses in our Media segment are cyclical as a result of our periodic broadcasts of major sporting events, such as the Olympic Games and the Super Bowl.
Advertising We generally receive an allocation of scheduled advertising time as part of our distribution agreements with domestic cable networks that our advertising business sells, and we also sell advertising on our Sky-branded entertainment television networks, on our digital platforms, and where we represent the advertising sales efforts of third parties both domestically and internationally.
Advertising As part of our distribution agreements with domestic cable networks, we generally receive an allocation of scheduled advertising time that our advertising business sells, and we also sell advertising on our Sky-branded entertainment television networks and on our digital platforms.
These fees include amounts for our owned television networks, including under NBC and Telemundo retransmission consent agreements, as well as associated fees from NBC-affiliated and Telemundo-affiliated local broadcast television stations. We also receive monthly retail or wholesale subscription fees for our Peacock service.
These fees include amounts for our owned television networks, including under NBC and Telemundo retransmission consent agreements, as well as associated fees from NBC-affiliated and Telemundo-affiliated local broadcast television stations. We also receive monthly retail or wholesale subscription fees for Peacock. We also generate revenue from the licensing of our owned content and technology and from various digital properties.
In connection with a multiyear network transformation plan, in 2022 we began rolling out downstream speeds of up to 2 gigabits per second to our residential customers, which are now available to approximately a third of our footprint on our HFC network, and in 2023, we began deploying DOCSIS 4.0 in select markets.
In connection with a multiyear network transformation plan, in 2022 we began rolling out downstream speeds of up to 2 gigabits per second to our residential customers, which are now available to approximately 50% of our HFC network footprint.
Some of our businesses are also subject to the FTC’s general oversight of consumer privacy protections through its enforcement authority over unfair and deceptive acts or practices, as well as through its enforcement authority over the Children’s Online Privacy Protection Act.
Comcast 2024 Annual Report on Form 10-K 14 Table of Contents Some of our businesses are also subject to the FTC’s general oversight of consumer privacy protections through its enforcement authority over unfair and deceptive acts or practices, as well as through its enforcement authority over the Children’s Online Privacy Protection Act.
For a majority of international customers, our video platform is delivered via one-way digital satellite transmission that uses satellites leased from third parties for the distribution of television networks, augmented by a set-top box and high-speed, two-way broadband connectivity.
For a majority of international customers, our video platform is delivered via one-way digital satellite transmission that uses satellites leased from third parties for the distribution of television networks, augmented by a set-top box and two-way broadband connectivity. We offer broadband and wireline voice services in the United Kingdom and Italy using third-party networks.
DOCSIS 4.0 enables us to deliver multigigabit symmetrical broadband speeds over our existing HFC network. Additionally, as part of our network evolution, our engineering teams have been virtualizing and automating many core network functions using various technologies to expand capacity, increase operating efficiency, and identify and fix network issues proactively before they affect our customers.
Additionally, as part of our network evolution, our engineering teams have been virtualizing and automating many core network functions using various technologies to expand capacity, increase operating efficiency, and identify and fix network issues proactively before they affect our customers.
We also generate revenue from the licensing of our owned content and technology and from various digital properties. Domestic Cable Networks We operate a diversified portfolio of cable networks operating predominantly in the United States. The table below presents a summary of NBCUniversal’s national cable networks and their advertising reach to U.S. households. Cable Network Approximate U.S.
Domestic Cable Networks We operate a diversified portfolio of cable networks operating predominantly in the United States. The table below presents a summary of NBCUniversal’s national cable networks and their advertising reach to U.S. households. Cable Network Approximate U.S.
R evenue is primarily generated from the sale of advertising and from the distribution of our television and streaming programming. We sell advertising on our linear television networks, Peacock and other digital properties.
Comcast 2024 Annual Report on Form 10-K 6 Table of Contents R evenue is primarily generated from the sale of advertising and from the distribution of our television and streaming programming. We sell advertising on our linear television networks, Peacock and other digital properties.
Xumo is focused on developing and offering a streaming platform on a variety of devices, including Xumo TV smart televisions, which have an operating system that leverages our global technology platform, and also operates the Xumo Play streaming service.
Xumo is focused on developing and offering a streaming platform on a variety of devices, including Xumo TV smart televisions, which have an operating system that leverages our global technology platform, and also operates the Xumo Play streaming service. Legislation and Regulation Our businesses are subject to various federal, state, local, and international laws and regulations.
Media competes for the sale of advertising with other television networks and stations, digital properties, including an increasing number of ad-supported DTC streaming and other OTT service providers and a broad array of other online content, such as social networking platforms and user-generated content, and all other advertising platforms.
Comcast 2024 Annual Report on Form 10-K 10 Table of Contents Media competes for the sale of advertising with digital properties, including an increasing number of ad-supported DTC streaming service providers and other online content, such as social networking platforms and user-generated content, as well as with other television networks and stations, and all other advertising platforms.
The information posted on our websites is not incorporated into our SEC filings. Caution Concerning Forward-Looking Statements This Annual Report on Form 10-K includes statements that may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, and Section 21E of the Securities Exchange Act of 1934.
Comcast 2024 Annual Report on Form 10-K 16 Table of Contents Caution Concerning Forward-Looking Statements This Annual Report on Form 10-K includes statements that may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, and Section 21E of the Securities Exchange Act of 1934.
We have invested and continue to invest significantly in existing and new theme park attractions, hotels and infrastructure, as well as in new destinations and experiences, including an additional theme park at Universal Orlando Resort named Universal’s Epic Universe that is expected to open in 2025, a smaller-scale Universal theme park in Frisco, Texas designed specifically for younger audiences and a year-round horror entertainment experience in Las Vegas, Nevada.
We have invested and will continue to invest significantly in existing and new theme park attractions, hotels and infrastructure, as well as in new destinations and experiences, such as Epic Universe; Universal Kids Resort, a smaller-scale theme park in Frisco, Texas expected to open in 2026; and Universal Horror Unleashed, a year-round horror entertainment experience in Las Vegas, Nevada expected to open in 2025.
We compete for the sale of services to medium-sized customers and larger enterprises primarily with wide area network managed service providers, cloud-based application service providers, and other telecommunication carriers.
We compete for the sale of enterprise solutions offerings primarily with wide area network managed service providers, cloud-based application service providers and other telecommunication carriers.
The NBC owned local broadcast television stations include stations in 8 of the top 10 general markets and collectively reached approximately 35 million U.S. television households as of December 31, 2023, representing approximately 28% of U.S. television households. In addition to broadcasting the NBC network’s national programming, local broadcast television stations deliver local news, weather, and investigative and consumer reporting.
The NBC owned local broadcast television stations include stations in 8 of the top 10 general markets and collectively reached approximately 35 million U.S. television households as of December 31, 2024, representing approximately 28% of U.S. television households.
We are unable to predict the outcome or effects of any of these potential actions or any other legislative or regulatory proposals on our businesses. The following paragraphs summarize the more significant legal and regulatory requirements and risks affecting our businesses. Communications-Related Regulations in the United States Broadband Our broadband services are subject to a number of regulations and commitments.
The following paragraphs summarize the more significant legal and regulatory requirements and risks affecting our businesses. Communications-Related Regulations in the United States Broadband Our broadband services are subject to a number of regulations and commitments.
Our international broadband services primarily include fiber-to-the-cabinet offerings, and increasingly fiber-to-the-premises offerings. As part of our domestic and international broadband services, we offer our advanced, proprietary wireless gateways to customers that combine an internet modem with a Wi-Fi router to deliver reliable internet speeds and enhanced coverage through an in-and-out-of-home Wi-Fi network.
As part of our domestic and international broadband services, we offer to customers our advanced, proprietary wireless gateways that combine an internet modem with a Wi-Fi router to deliver reliable internet speeds and enhanced coverage through an in-and-out-of-home Wi-Fi network. In addition, customers may personalize and manage their Wi-Fi network and connected devices with our mobile apps and online portal.
We offer broadband and wireline voice services primarily using BT Openreach’s network in the United Kingdom and Fastweb and Open Fiber’s networks in Italy, and in many cases, the fee for us to access these networks is on regulated terms. The ranges of service levels and speeds we offer are dependent upon the capabilities and reach of these third-party networks.
In many cases, the fee for us to access these networks is on regulated terms. The ranges of service levels and speeds we offer are dependent upon the capabilities and reach of these third-party networks. We offer wireless services in the United Kingdom using a combination of a third-party’s network and our own mobile core network.
We offer broadband services primarily over our HFC network with a range of service levels that include downstream speeds up to 1.25 gigabits per second, as well as fiber-based services that deliver symmetrical speeds ranging up to 100 gigabits per second. We have also launched small business connectivity service offerings in the United Kingdom.
We also have certain business connectivity service offerings in the United Kingdom. Our domestic broadband offerings have a range of service levels, including fiber-based services that deliver symmetrical speeds ranging up to 100 gigabits per second.
The Xumo Stream Box includes integrated search functionality and a voice-activated remote control. The Xumo Stream Box also provides access to and integration of streaming content and music from certain internet-based apps, including direct-to-consumer streaming services (“DTC streaming services”) such as Peacock and third-party services Disney+ and Netflix, and certain pay-per-view and video on demand programming available over the internet.
We offer Xumo Stream Box (formerly Flex) devices to our domestic customers. The Xumo Stream Box provides access to and integration of streaming content and music from certain internet-based apps, including direct-to-consumer streaming services (“DTC streaming services”) such as Peacock, Disney+ and Netflix, and certain pay-per-view and video on demand programming that is available over the internet.

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Item 1A. Risk Factors

Risk Factors — what could go wrong, per management

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Biggest changeFor example, content creators have launched, and may continue to launch, their own DTC streaming or other OTT services, forgoing license fees from us to provide their content directly to consumers, or they may license their content to our competitors on an exclusive basis. 21 Comcast 2023 Annual Report on Form 10-K Table of Contents Entering into or renewing contracts for such content rights or acquiring additional rights has in the past resulted, and may result in the future, in significantly increased costs.
Biggest changeEntering into or renewing contracts for such content rights or acquiring additional rights has in the past resulted, and may result in the future, in significantly increased costs, potentially over an extended contractual term.
They must compete to obtain talent, popular content (including sports programming), advertising and other resources required to successfully operate their businesses. This competition has further intensified as certain DTC streaming and other OTT service providers have commissioned, and may continue to commission, high-cost programming and acquire live sports programming rights to attract viewers at significant costs.
They must compete to obtain talent, popular content (including sports programming), advertising and other resources required to successfully operate their businesses. This competition has further intensified as certain DTC streaming service providers have commissioned, and may continue to commission, high-cost programming and acquire live sports programming rights to attract viewers at significant costs.
Part of these programming expenses include payments to certain local broadcast television stations in exchange for their required consent for the retransmission of broadcast network programming to video services customers; we expect to continue to be subject to increasing demands for payment and other concessions from local broadcast television stations.
Part of these programming expenses include payments to certain local broadcast television stations in exchange for their required consent for the retransmission of broadcast network programming to video services customers; we expect to continue to be subject to demands for payment and other concessions from local broadcast television stations.
For a more extensive discussion of the significant risks associated with the regulation of our businesses, see “—We are subject to regulation by federal, state, local and foreign authorities, which impose additional costs and restrictions on our businesses” below and Item 1: Business and refer to the “Legislation and Regulation” discussion within that section. • Competition for video services consists primarily of DTC streaming and other OTT service providers and aggregators, DBS providers and telecommunications companies, and our wireless and voice services compete with both telecommunications and wireless telecommunication providers. • Business Services Connectivity primarily competes with wireline telecommunications companies and wide area network managed service providers. • Our businesses in Content & Experiences, as well as our video business, face substantial and increasing competition from providers of similar types of entertainment, sports, news and information content, as well as from other forms of entertainment, including from social networking and user-generated content, and recreational activities.
For a more extensive discussion of the significant risks associated with the regulation of our businesses, see “—We are subject to regulation by federal, state, local and foreign authorities, which impose additional costs and restrictions on our businesses” below and Item 1: Business and refer to the “Legislation and Regulation” discussion within that section. • Our wireless and voice services compete with both telecommunications and wireless telecommunication providers. • Competition for video services consists primarily of DTC streaming service providers and aggregators, DBS providers and telecommunications companies. • Business Services Connectivity primarily competes with wireline telecommunications companies and wide area network managed service providers. • Our businesses in Content & Experiences, as well as our video business, face substantial and increasing competition from providers of similar types of entertainment, sports, news and information content, as well as from other forms of entertainment, including from social networking and user-generated content, as well as tourism, recreational activities and lodging.
Legal challenges to our intellectual property rights and claims of intellectual property infringement by third parties could require that we enter into royalty or licensing agreements on unfavorable terms, incur substantial monetary liability, or be enjoined preliminarily or permanently from further use of the intellectual property in question, from importing into the United States or other jurisdictions in which we operate hardware or software that uses such intellectual property or from the continuation of our businesses as currently conducted.
Legal challenges to our intellectual property rights and claims of intellectual property infringement, misappropriation or other violation by third parties could require that we enter into royalty or licensing agreements on unfavorable terms, incur substantial monetary liability, or be enjoined preliminarily or permanently from further use of the intellectual property in question, from importing into the United States or other jurisdictions in which we operate hardware or software that uses such intellectual property or from the continuation of our businesses as currently conducted.
For all of these types of arrangements, our ability to renew agreements on favorable terms may be affected by evolving market dynamics and industry consolidation. There can be no assurance that any of these agreements will be entered into or renewed in the future on similar terms.
For all of these types of arrangements, our ability to renew agreements on acceptable terms may be affected by evolving market dynamics and industry consolidation. There can be no assurance that any of these agreements will be entered into or renewed in the future on similar terms.
Our businesses depend on keeping pace with technological developments. Our success is, to a large extent, dependent on our ability to acquire, develop, adopt and leverage new and existing technologies, and our competitors’ use of certain types of technology and equipment may provide them with a competitive advantage.
Our businesses depend on keeping pace with technological developments. Our success is, to a large extent, dependent on our ability to acquire, develop, adopt and leverage new and existing technologies, and our competitors’ use of certain types of technology, including AI, and equipment may provide them with a competitive advantage.
We also may generate less revenue or incur increased costs if changes in our competitors’ product offerings require that we offer certain services or enhancements at a lower or no cost to our customers or that we increase our research and development expenditures. 23 Comcast 2023 Annual Report on Form 10-K Table of Contents A cyber attack, information or security breach, or technology disruption or failure may negatively impact our ability to conduct our business or result in the misuse of confidential information, all of which could adversely affect our business, reputation and results of operations.
We also may generate less revenue or incur increased costs if changes in our competitors’ product offerings require that we offer certain services or enhancements at a lower or no cost to our customers or that we increase our research and development expenditures. 21 Comcast 2024 Annual Report on Form 10-K Table of Contents A cyber attack, information or security breach, or technology disruption or failure may negatively impact our ability to conduct our business or result in the misuse of confidential information, all of which could adversely affect our business, reputation and results of operations.
Our services, products and properties are vulnerable to damage from the occurrence of certain events, including natural disasters, severe weather events such as hurricanes and wildfires, and a range of other unforeseeable events such as infectious disease outbreaks, including COVID-19, terrorist attacks or other similar events.
Our services, products and properties are vulnerable to damage from the occurrence of certain events, including natural disasters, severe weather events such as hurricanes and wildfires, and a range of other unforeseeable events such as infectious disease outbreaks, terrorist attacks or other similar events.
If any of these vendors experience operating or financial difficulties, including as a result of cybersecurity incidents, or any other supply chain compliance-related issues, if our demand exceeds their capacity or if they breach or terminate their agreements with us or are otherwise unable to meet our specifications or provide the equipment, products or services we need in a timely manner (or at all), or at reasonable prices, our ability to provide some products or services may be adversely affected and we may incur additional costs.
If any of these vendors experience operating or financial difficulties, including as a result of cybersecurity vulnerabilities or incidents, faulty software updates, or any other supply chain compliance-related issues, if our demand exceeds their capacity or if they breach or terminate their agreements with us or are otherwise unable to meet our specifications or provide the equipment, products or services we need in a timely manner (or at all), or at reasonable prices, our ability to provide some products or services may be adversely affected and we may incur additional costs.
This risk may be increased by the expanded availability of free or lower cost competitive services, such as certain DTC streaming and other OTT services, or substitute services for broadband and voice services, such as wireless and public Wi-Fi networks.
This risk may be increased by the expanded availability of free or lower cost competitive services, such as certain DTC streaming services, or substitute services for broadband and voice services, such as wireless and public Wi-Fi networks.
These include degradation or disruption of our network, products and services, excessive call volume to call centers, theft or misuse of our intellectual property or other assets, disruption of the security of our internal systems, products, services or satellite transmission signals, power outages, and the compromise or exfiltration of confidential or technical business information and customer or vendor data, and reputational impacts.
These include degradation or disruption of our network, products and services, excessive call volume to call centers, theft or misuse of our intellectual property or other assets, disruption of the security of our internal systems, products, services or satellite transmission signals, power outages, and the compromise or exfiltration of sensitive, personal, proprietary, confidential or technical business information and customer or vendor data, and reputational impacts.
In the ordinary course of our business, there are constant attempts by third parties to cause systems-related events and security incidents and to identify and exploit vulnerabilities in security architecture and system design.
In the ordinary course of our business, there are constant attempts by unauthorized parties to cause systems-related events and security incidents and to identify and exploit vulnerabilities in security architecture and system design.
In addition, Content & Experiences depend on the abilities and expertise of on-air and creative talent. If we fail to attract or retain on-air or creative talent, if the costs to attract or retain such talent increase materially, or if these individuals cause negative publicity or lose their current appeal, our businesses could be adversely affected.
In addition, our Content & Experiences business depends on the abilities and expertise of on-air and creative talent. If we fail to attract or retain on-air or creative talent, if the costs to attract or retain such talent increase materially, or if these individuals cause negative publicity or lose their current appeal, our businesses could be adversely affected.
The inability to enter into or renew some or all of these agreements could reduce our revenues and the reach of our programming, which could adversely affect our businesses. Our businesses depend on using and protecting certain intellectual property rights and on not infringing the intellectual property rights of others.
The inability to enter into or renew some or all of these agreements could reduce our revenues and the reach of our programming, which could adversely affect our businesses. Our businesses depend on using and protecting certain intellectual property rights and on not infringing, misappropriating or otherwise violating the intellectual property rights of others.
These events also may result in lost revenue and large expenditures to repair or replace damaged properties, products and services and could lead to litigation and fines, including if we inadvertently contributed to damages suffered by others.
These events also may result in lost revenue and large expenditures to repair or replace damaged properties, products and services and could lead to litigation and regulatory fines or remedial measures, including if we inadvertently contributed to damages suffered by others.
Comcast 2023 Annual Report on Form 10-K 22 Table of Contents In addition, intellectual property constitutes a significant part of the value of our businesses, and our success is highly dependent on protecting the intellectual property rights of the content we create or acquire against third-party misappropriation, reproduction or infringement.
Comcast 2024 Annual Report on Form 10-K 20 Table of Contents In addition, intellectual property constitutes a significant part of the value of our businesses, and our success is highly dependent on protecting the intellectual property rights of the content we create or acquire against third-party misappropriation, reproduction or infringement.
For example, current and new wireless internet technologies (including 5G fixed wireless networks and 4G and 5G wireless broadband services) continue to evolve rapidly and may allow for greater speed and reliability for those services as compared with prior technologies and create more competitors for our businesses.
For example, current and new wireless internet technologies (including 5G fixed wireless networks and 4G and 5G wireless broadband services) continue to evolve rapidly and may allow for greater speed and reliability for those services as compared with prior technologies and create further competition for our businesses.
Risks Related to Legal, Regulatory and Governance Matters We are subject to regulation by federal, state, local and foreign authorities, which impose additional costs and restrictions on our businesses. Our businesses are subject to various federal, state and local laws and regulations, with some also subject to international laws and regulations.
Risks Related to Legal, Regulatory and Governance Matters We are subject to regulation by federal, state, local and foreign authorities, which impose additional costs and restrictions on our businesses. Our businesses are subject to various federal, state, local and federal laws and regulations.
There can be no assurance that revenue from these contracts will exceed our costs for the rights, as well as the other costs of producing and distributing the programming.
There can be no assurance that revenue generated from these contracts will exceed our costs for the rights and of producing and distributing the programming.
Despite our efforts, we expect that we will continue to experience such incidents in the future, and there can be no assurance that any such incident will not have an adverse effect on our business, reputation or results of operations. Refer to Item 1C: Cybersecurity for additional information. Weak economic conditions may have a negative impact on our businesses.
Despite our efforts, we expect that we will continue to experience such incidents in the future, and there can be no assurance that any such incident will not have an adverse effect on our business, reputation or results of operations. Refer to Item 1C: Cybersecurity for additional information.
In addition, as more content owners offer their content directly to consumers through their own platforms, they may reduce the quantity and quality of the content they license to our linear television networks or Peacock.
In addition, media companies may determine not to license popular content to us, and as more content owners offer their content directly to consumers through their own platforms, they may reduce the quantity and quality of the content they license to our linear television networks or Peacock.
For example, the Writers Guild of America (“Writers Guild”) and the Screen Actors Guild-American Federation of Television and Radio Artists (“SAG”) work stoppages from May to September 2023 and July to November 2023, respectively, paused productions, which reduced content licensing revenue at our Studios segment.
For example, the Writers Guild of America (“Writers Guild”) and the Screen Actors Guild-American Federation of Television and Radio Artists (“SAG”) work stoppages in 2023 paused productions, which reduced content licensing revenue at our Studios segment.
In particular, the Communications Act and FCC regulations and policies affect significant aspects of our cable communications and broadcast businesses in the United States.
In the United States in particular, the Communications Act and FCC rules and regulations affect significant aspects of our communications businesses.
Comcast 2023 Annual Report on Form 10-K 24 Table of Contents Weak economic conditions and disruptions in the global financial markets, such as higher interest rates, may impact our ability to obtain financing or to refinance existing debt on acceptable terms, if at all, which could increase the cost of our borrowings over time and may increase our exposure to currency fluctuations in countries where we operate.
Weak economic conditions and disruptions in the global financial markets, such as high interest rates, may impact our ability to obtain financing or to refinance existing debt on acceptable terms, if at all, which could increase the cost of our borrowings over time and may increase our exposure to currency fluctuations in countries where we operate.
For example, Congress has approved tens of billions of dollars in new funding for broadband deployment and adoption initiatives, and may consider other proposals that address communications issues, including whether it should rewrite the entire Communications Act to account for changes in the communications marketplace and whether it should enact new, permanent Open Internet/net neutrality requirements.
For example, Congress has approved tens of billions of dollars in new funding for broadband deployment and adoption initiatives, and may from time to time consider other proposals that address communications issues, including whether it should rewrite the Communications Act to account for changes in the communications marketplace.
We create and acquire media and entertainment content, the success of which depends substantially on consumer tastes and preferences that often change in unpredictable ways, and to meet the changing preferences of the broad domestic and international consumer markets, we must consistently create, acquire, market and distribute television programming, filmed entertainment, theme park attractions and other content.
We create and acquire media, sports and entertainment content, the success of which depends substantially on consumer tastes and preferences that often change in unpredictable ways. To meet the changing preferences of our consumer markets, we must consistently create, acquire, market and distribute a broad array of content and theme park attractions.
State legislative and regulatory initiatives can create a patchwork of different and/or conflicting state requirements, such as with respect to privacy and Open Internet/net neutrality regulations, that can affect our businesses and ability to effectively compete. Legislative and regulatory activity has increased under the Biden Administration, particularly with respect to broadband networks.
State legislative and regulatory initiatives can create a patchwork of different and/or conflicting state requirements, such as with respect to privacy and Open Internet/net neutrality regulations, that can affect our businesses and ability to effectively compete.
If any of these events occur or our conduct does not comply with such laws and regulations, our businesses may be adversely affected. Natural disasters, severe weather and other uncontrollable events could adversely affect our business, reputation and results of operations.
If any of these events occur or our conduct does not comply with such laws and regulations, our businesses may be adversely affected. 23 Comcast 2024 Annual Report on Form 10-K Table of Contents Natural disasters, severe weather and other uncontrollable events could adversely affect our business, reputation and results of operations.
Competitors with significant resources, greater efficiencies of scale, fewer regulatory burdens and more competitive pricing and packaging continue to increasingly compete with our businesses in all forms of content distribution and production. Further, consolidation of, or cooperation between, our competitors may increase competition in all of these areas.
Competitors with significant resources, greater efficiencies of scale, fewer regulatory burdens and more competitive pricing and packaging continue to increasingly compete with our businesses in all forms. Some of these competitors could also have preferential access to customer data or other competitive information. Further, consolidation of, or cooperation between, our competitors may increase competition in all of these areas.
Acquisitions and other strategic initiatives present many risks, and we may not realize the financial and strategic goals that we had contemplated. From time to time, we make acquisitions and investments and may pursue other strategic initiatives, such as Xumo, our consolidated streaming platform joint venture.
Acquisitions and other strategic initiatives present many risks, and we may not realize the financial and strategic goals that we had contemplated. From time to time, we make acquisitions and investments and may pursue other strategic initiatives, such as the proposed Spin-off.
We obtain a significant portion of our content from third parties, such as movie studios, television production companies, sports organizations and other suppliers, sometimes on an exclusive basis. Competition for popular content, particularly for sports programming, is intense, and at times, we may increase the price we are willing to pay or be outbid by our competitors for popular content.
We obtain a significant portion of our content from third parties, such as movie studios, television production companies, sports organizations and other suppliers, sometimes on an exclusive basis. Competition for popular content, particularly for sports programming, is intense.
Even if we believe any such challenges or claims are without merit, they can be time-consuming, costly to defend and may divert management’s attention and resources away from our businesses. Moreover, if we are unable to obtain or continue to obtain licenses from our vendors and other third parties on reasonable terms, our businesses could be adversely affected.
Even if we believe any such challenges or claims are without merit, they can be time-consuming, costly to defend and may divert management’s attention and resources away from our businesses.
The number of entertainment choices available to consumers, such as DTC streaming and other OTT service providers and aggregators, social networking and user-generated content platforms, and gaming and virtual reality products and services, continue to significantly increase, intensify audience fragmentation and disaggregate the way that content traditionally has been distributed and viewed by consumers.
Comcast 2024 Annual Report on Form 10-K 18 Table of Contents The number of entertainment choices available to consumers, including DTC streaming service providers and aggregators, social networking and user-generated content platforms, and gaming and virtual reality products and services, continue to increase, intensify audience fragmentation and disaggregate how content traditionally has been distributed to and viewed by consumers.
We expect that we will continue to experience some or all of these events in the future, and there can be no assurance that any such event will not have an adverse effect on our business, reputation or results of operations. 25 Comcast 2023 Annual Report on Form 10-K Table of Contents The loss of key management personnel or popular on-air and creative talent could have an adverse effect on our businesses.
We expect that we will continue to experience some or all of these events in the future, and there can be no assurance that any such event will not have an adverse effect on our business, reputation or results of operations.
A substantial portion of our revenue comes from customers whose spending patterns may be affected by prevailing economic conditions. Weak economic conditions in the United States, in Europe or globally could adversely affect demand for any of our products and services, including advertising, and have a negative impact on our results of operations.
Weak economic conditions in the United States, in Europe or globally could adversely affect demand for any of our products and services and have a negative impact on our results of operations.
We have experienced, and may continue to experience, declines caused by the economic prospects of specific advertisers or industries, increased competition for the leisure time of viewers, such as from social networking and user-generated content platforms and video games, audience fragmentation, increased viewing of content through DTC streaming and other OTT service providers, increased use of time-shifting and advertising-blocking technologies or regulatory intervention regarding where and when advertising may be placed, and economic conditions generally.
We have experienced, and may continue to experience, declines caused by the economic prospects of specific advertisers or industries and economic conditions generally; increased competition for the leisure time of viewers, audience fragmentation and viewing content on DTC streaming services; use of time-shifting or advertising-blocking technologies; and regulatory intervention on advertising placement.
We derive substantial revenue from the sale of advertising, and we expect that a decline in expenditures by advertisers, including through traditional linear television distribution models or on Peacock, could negatively impact our results of operations.
We also compete with other online content providers, such as social networking platforms and user-generated content providers, television networks and stations, and all other advertising platforms. Because we derive substantial revenue from the sale of advertising, a decline in expenditures by advertisers, including through traditional linear television distribution models or on Peacock, could negatively impact our results of operations.
These legislators and regulators, along with some state attorneys general and foreign governmental authorities, have been active in conducting inquiries and reviews regarding our services.
Applying existing laws in novel ways to new technologies, including streaming services and AI, may also affect our business. These legislators and regulators, along with some state attorneys general and foreign governmental authorities, have been active in conducting inquiries and reviews regarding our services.
Below is a summary of our most significant sources of competition. Many of these competitors offer competitive pricing, packaging and/or bundling of services to customers, which further increases competition. In addition, our ability to compete will be negatively affected if we do not provide our customers with a satisfactory customer experience.
Below is a summary of our most significant sources of competition. Many of these competitors offer competitive pricing, packaging and/or bundling of services to customers, which further increases competition.
In addition, any such events have and could continue to lead to litigation or cause regulators in the United States and internationally to impose significant fines or other remedial measures, including with respect to relevant customer privacy rules, or otherwise have an adverse effect on our company.
Repercussions of these incidents, some of which we have experienced in the past, could include litigation or cause regulators to impose significant fines or other remedial measures, including with respect to relevant customer privacy rules, or otherwise have an adverse effect on our company.
Cyber threats and attacks are constantly evolving and are growing in sophistication and frequency, which increases the difficulty of detecting and successfully defending against them. For example, we expect threat actors will continue to gain sophistication by using tools and techniques (such as AI) that are specifically designed to circumvent security controls.
For example, we expect threat actors will continue to gain sophistication by using tools and techniques, such as AI, that are specifically designed to circumvent security controls.
For example, cooperation between competitors may allow them to offer free or lower cost DTC streaming and other OTT services, potentially on an exclusive basis, through unlimited data-usage plans for internet or wireless phone services or to bundle DTC streaming and other OTT services on their platform.
For example, cooperation between competitors may allow them to offer a range of products and services, including aggregating certain content into a stand-alone offering, offering free or lower cost DTC streaming services, potentially on an exclusive basis, through unlimited data-usage plans for broadband and wireless services or bundling DTC streaming services on their platforms.
In addition, there can be no assurance that Peacock will continue to grow or sustain its revenue or user base, successfully compete as a standalone DTC streaming service or fully offset decreases to our linear television networks’ results of operations as the media distribution business model continues to change.
While we have adapted some of our video and content offerings to compete in the evolving media distribution landscape, such as by offering Peacock and NOW, there also can be no assurance that we will be able to successfully compete or that Peacock will grow or sustain its revenue or user base, successfully compete as a stand-alone DTC streaming service or fully offset decreases to our linear television networks’ results of operations.
Comcast 2023 Annual Report on Form 10-K 20 Table of Contents As consumers increasingly turn to DTC streaming and other OTT services in lieu of our linear video services, which continue to experience accelerated net customer losses, the number of video customers we have, the related video revenues and the amount of subscriber fees we receive for our linear television networks from other video service providers each decrease.
As consumers increasingly turn to DTC streaming services in lieu of linear video services, which continue to experience accelerated net customer losses, our video customers and video revenues, and linear television network subscriber fees received from video service providers, each decrease.
This in turn has reduced traditional television viewership, and when coupled with time-shifting technologies, such as DVR and on demand services, has caused, and likely will continue to cause, audience ratings declines for our television networks.
In addition to reducing traditional television viewership, these trends when coupled with time-shifting technologies, such as DVR and on demand services, have caused, and likely will continue to cause, audience ratings declines for our television networks. Shifting content consumption patterns also may result in lower demand for home entertainment products or theatrical attendance.
The legal landscape for new technologies, including artificial intelligence (“AI”), remains uncertain, and development of the law in this area could impact our ability to protect against unauthorized third-party use, misappropriation, reproduction or infringement.
The legal landscape for new technologies, including AI, remains uncertain, and legal developments could impact our ability to protect against unauthorized third-party use, misappropriation, reproduction or infringement or impact our ability to deploy new technologies. Our use or adoption of new and emerging technologies may also increase our exposure to intellectual property claims.
The continuing trend of content owners delivering their content directly to consumers, rather than through, or in addition to, traditional video distribution channels, continues to disrupt traditional media distribution business models despite our efforts to adapt our video service offerings and offer new services, such as Peacock and NOW.
The continuing trend of content owners, including us with Peacock, delivering their content directly to consumers, rather than through, or in addition to, traditional video distribution channels also disrupts traditional media distribution business models.
We are unable to predict the outcome or effects of any of these potential actions or any other legislative or regulatory proposals on our businesses. Failure to comply with the laws and regulations applicable to our businesses could result in administrative enforcement actions, fines, and civil and criminal liability.
Failure to comply with the laws and regulations applicable to our businesses could result in administrative enforcement actions, fines, and civil and criminal liability. Any changes to the legal and regulatory framework applicable to any of our services or businesses could have an adverse impact on our businesses and results of operations.
DTC streaming and other OTT services have driven, and will continue to drive, changes in consumer behavior as consumers seek more control over when, where and how they consume content and access communications services, and how much they pay for such content.
Distribution platforms for viewing and purchasing content continue to challenge existing business models, increase the number of competitors that our businesses face, and have driven, and will continue to drive, changes in consumer behavior as consumers seek control over when, where and how they consume content and access communications services, and how much or for how long they pay for such content.
Our businesses’ ability to compete effectively also depends on our perceived image and reputation among our various constituencies, including our customers, consumers, advertisers, business partners, employees, investors and government authorities.
Our competitive position may be negatively affected if we do not provide our customers with a satisfactory customer experience. In addition, our ability to compete effectively depends on our perceived image and reputation among our various constituencies, including our customers, consumers, advertisers, business partners, employees, investors and government authorities.
Any changes to the legal and regulatory framework applicable to any of our services or businesses could have an adverse impact on our businesses and results of operations. For a more extensive discussion of the significant risks associated with the regulation of our businesses, see Item 1: Business and refer to the “Legislation and Regulation” discussion within that section.
For a more extensive discussion of the significant risks associated with the regulation of our businesses, see Item 1: Business and refer to the “Legislation and Regulation” discussion within that section. Unfavorable litigation or governmental investigation results could require us to pay significant amounts or lead to onerous operating procedures.
We rely on certain key management personnel in the operation of our businesses.
The loss of key management personnel or popular on-air and creative talent could have an adverse effect on our businesses. We rely on certain key management personnel in the operation of our businesses.
On the other hand, this practice may also negatively impact our results of operations when we keep our content for our own use, including for Peacock, rather than licensing it to third parties who pay us licensing fees for such content.
The inability to license such content on acceptable terms or at all could negatively impact our business. Moreover, we may generate lower revenue when we opt to retain our content for our own use, including for Peacock, rather than licensing it to third parties who pay licensing fees for such content.
In addition, U.S. and foreign regulators and courts could adopt new interpretations of existing competition or antitrust laws or enact new competition or antitrust laws or regulatory tools that could negatively impact our businesses. Any future legislative, judicial, regulatory or administrative actions may increase our costs or impose additional restrictions on our businesses, some of which may be significant.
Any of these regulations could significantly affect our business and our legal and compliance costs. In addition, United States and foreign regulators and courts could adopt new interpretations of existing competition or antitrust laws or enact new competition or antitrust laws or regulatory tools that could negatively impact our businesses.
We compete for the sale of advertising time with television networks and stations, digital properties, including an increasing number of ad-supported DTC streaming service providers and a broad array of other online content providers, such as social networking platforms and user-generated content providers, and all other advertising platforms.
We compete for the sale of advertising time with digital properties, including an increasing number of ad-supported DTC streaming service providers as advertisers have shifted, and may continue to shift, a larger portion of their total expenditures to digital media.
These incidents include computer hackings, cyber attacks, computer viruses, worms or other destructive or disruptive software, denial of service attacks, phishing attacks, malicious social engineering and other malicious activities. Incidents can be caused inadvertently by us or our third-party vendors, such as process breakdowns and vulnerabilities in security architecture or system design.
These incidents include computer hacking, cyber attacks, computer viruses, worms or other destructive or disruptive software, denial of service attacks, phishing attacks, malware, ransomware, malicious social engineering, theft, misconduct, fraud and other malicious activities.
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Distribution platforms for viewing and purchasing content have been, and will likely continue to be, developed that further challenge existing business models and increase the number of competitors that our businesses face.
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The inability to enter into or renew some or all of these contracts on acceptable terms could reduce the reach of our programming, which could adversely affect our results of operations and businesses. 19 Comcast 2024 Annual Report on Form 10-K Table of Contents We also create content for licensing to third parties and to our linear television networks or Peacock.
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In addition, advertisers have shifted, and may continue to shift, a portion of their total expenditures to digital media, including DTC streaming service providers and other online content providers, and this trend may continue or accelerate.
Added
Moreover, if we are unable to obtain, or continue to obtain, licenses from our vendors and other third parties on reasonable terms, or at all, our businesses could be adversely affected.
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We also may be unable to license popular third-party content if media companies determine that licensing the content to us is not in their strategic best interests.
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Incidents can be caused inadvertently by us or our third-party vendors, such as process breakdowns, human error, software or hardware failures or vulnerabilities in security architecture or system design. Cyber threats and attacks are constantly evolving and are growing in sophistication and frequency, which increases the difficulty of detecting and successfully defending against them.
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For example, COVID-19 and corresponding governmental measures negatively impacted our businesses in the past, including as recently as in 2022 by requiring temporary closures of our theme parks.
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Due to applicable laws, regulations and contractual obligations, we may be held responsible for cybersecurity breaches or incidents experienced by such third parties in relation to the information we share with them.
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Comcast 2023 Annual Report on Form 10-K 26 Table of Contents Federal agencies likewise may consider adopting new regulations for communications services, including broadband.
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Due to the complexity and interconnectedness of our systems and those of our third-party vendors, the process of enhancing our protective measures can itself create a risk of systems disruptions and security issues.
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For example, the FCC has proposed reimposing network neutrality requirements that would reclassify our broadband service as a “telecommunications service” under Title II of the Communications Act, which would authorize the FCC to potentially regulate our customer rates, speeds, data usage thresholds or other terms for internet services and prohibit, or seriously restrict, arrangements between us and internet content, applications and service providers.
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In addition, despite efforts to detect unlawful intrusions, attacks can persist for an extended period of time before being detected, and following detection, it may take considerable time to understand the nature, scope, impact and timing of the incident.
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States and localities are also increasingly proposing new regulations impacting communications services, including broader regulation of broadband networks. Any of these regulations could significantly affect our business and our legal and compliance costs.
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Comcast 2024 Annual Report on Form 10-K 22 Table of Contents Weak economic conditions may have a negative impact on our businesses. A substantial portion of our revenue comes from customers whose spending patterns may be affected by prevailing economic conditions.
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Unfavorable litigation or governmental investigation results could require us to pay significant amounts or lead to onerous operating procedures.
Added
Weak economic conditions may also cause governments and regulators to impose additional tax or product affordability regulations, which could have a negative impact on our results of operations.
Added
Comcast 2024 Annual Report on Form 10-K 24 Table of Contents Legislative and regulatory activity has increased in recent years, particularly with respect to broadband networks.
Added
Federal agencies have considered adopting new regulations for communications services, including broadband, although it is uncertain whether those initiatives will continue under the new Administration. States and localities are increasingly proposing new regulations impacting communications services, including broader regulation of broadband networks. Regulators in various international jurisdictions are similarly considering changes to telecommunications and media requirements.
Added
Any future legislative, judicial, regulatory or administrative actions may increase our costs or impose additional restrictions on our businesses, some of which may be significant. We are unable to predict the outcome or effects of any of these potential actions or any other legislative or regulatory proposals on our businesses.

Item 1C. Cybersecurity

Cybersecurity — threats and controls disclosure

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Biggest changeFor example, an outside consulting firm conducts a National Institute of Standards and Technology and International Organization for Standardization based cybersecurity capability maturity assessment every three years, which is reviewed with the Audit Committee, and our security teams leverage third-party advisors, as appropriate. We also perform penetration tests, data recovery testing, security audits and risk assessments throughout the year.
Biggest changeIn the normal course, we engage assessors, consultants and other third parties to assist in various cyber-related matters. For example, an outside consulting firm conducts a National Institute of Standards and Technology and International Organization for Standardization-based cybersecurity capability maturity assessment every three years, which is reviewed with the Audit Committee, and our security teams leverage third-party advisors, as appropriate.
Our senior executive management team has the overall responsibility for, and oversight of, our ERM process, and an ERM steering committee manages the process, with one or more senior business executives then monitoring and managing each of the identified risks.
Our executive management team has the overall responsibility for, and oversight of, our ERM process, and an ERM steering committee manages the process, with one or more senior business executives then monitoring and managing each of the identified risks.
To help inform this reporting framework, our primary businesses maintain incident response plans and other policies and procedures designed to respond to, mitigate and remediate cybersecurity incidents according to a defined set of severity ratings based on the potential impact to our business, information technology systems, network or data, including data held or information technology (“IT”) services provided by third-party vendors or other service providers.
To help inform this reporting framework, our primary businesses maintain incident response plans and other policies and procedures designed to respond to, mitigate and remediate cybersecurity incidents according to a defined set of severity ratings based on the potential impact to our business, information technology systems, network or data, including data held or information technology services provided by third-party vendors or other service providers.
Cybersecurity is among the risks identified for Board-level oversight as a result of our most recent ERM assessment, with our Audit Committee of the Board being responsible for overseeing our policies, practices and assessments with respect to cybersecurity. The Board and/or our Audit Committee receive regular updates throughout the year on cybersecurity.
Cybersecurity is among the risks identified for Board-level oversight as a result of our most recent ERM assessment, with our Audit Committee of the Board overseeing our policies, practices and assessments with respect to cybersecurity. The Board and/or our Audit Committee receive regular updates throughout the year on cybersecurity.
As a result, we have multiple layers of security designed to detect and block cybersecurity events, as well as a dedicated team of cybersecurity personnel, which assist our CISOs in helping to assess, identify, monitor, detect and manage cybersecurity risks, threats, vulnerabilities and incidents.
As a result, we have multiple layers of security designed to detect and block cybersecurity events, as well as a dedicated team of cybersecurity personnel, who assist our CISOs in helping to assess, identify, monitor, detect and manage cybersecurity risks, threats, vulnerabilities and incidents.
Comcast 2023 Annual Report on Form 10-K 28 Table of Contents However, while we develop and maintain systems, and operate programs that seek to prevent security incidents from occurring, these systems and programs must be constantly monitored and updated in the face of sophisticated and rapidly evolving attempts to overcome our security measures and protections.
Comcast 2024 Annual Report on Form 10-K 26 Table of Contents However, while we develop and maintain systems, and operate programs that seek to prevent security incidents from occurring, these systems and programs must be constantly monitored and updated in the face of sophisticated and rapidly evolving attempts to overcome our security measures and protections.
The CLC includes our Chief Financial Officer (“CFO”), Chief Legal Officer, head of Internal Audit, and lead internal securities counsel, as well as the CISOs, CTOs, CFOs and General Counsels of our primary businesses.
The CLC includes our Chief Financial Officer (“CFO”), Chief Legal Officer, head of Internal Audit, Chief Privacy and Data Strategy Officer, and lead internal securities counsel, as well as the CISOs, CTOs, CFOs and General Counsels of our primary businesses.
We also obtain certain confidential, proprietary and personal information about our customers, personnel and vendors, that in many cases is provided or made available to third-party vendors who agree to protect it.
We frequently obtain certain confidential, proprietary and/or personal information about our customers, personnel and vendors, which in many cases is provided or made available to third-party vendors who agree to protect it.
The Connectivity & Platforms CISO has served in various roles in product security and privacy at our company since 2016, held various leadership and technical positions in Fortune 500 companies before joining our company, and has educational degrees in computer science and electrical engineering.
The Connectivity & Platforms CISO has served in various roles in product security and privacy at our company since 2016 and held various leadership and technical positions in Fortune 500 companies before joining our company.
The Content & Experiences CISO has served in various roles in information security at our company since 2018, held various roles in managing security operation center service portfolios and information security before joining our company, and has educational degrees in management and business organizational management and management information systems and services.
The Content & Experiences CISO has served in various roles in information security at our company since 2018 and held various roles in managing security operation center service portfolios and information security before joining our company.
Each of our Board and Audit Committee separately receives an annual report on cybersecurity matters and related risk exposures from our primary businesses’ Chief Information Security Officers (“CISOs”) and Chief Technology Officers or other similar officers (“CTOs”). When covered during an Audit Committee meeting, the chair of the Audit Committee reports on its discussion to the full Board.
Each of our Board and Audit Committee separately receives an annual report on cybersecurity matters and related risk exposures from our primary businesses’ Chief Information Security Officers (“CISOs”) and Chief Technology Officers or other similar officers (“CTOs”). Our Audit Committee also receives regular updates on our cybersecurity posture throughout the year, as appropriate.
Our cybersecurity program also incorporates intelligence sharing capabilities about emerging threats within the telecommunications industry and other industries through collaboration with peer companies and specialized consultants and through public-private partnerships with government intelligence agencies. We hold cybersecurity trainings for our employees and request that key vendors do the same.
We also perform penetration tests, data recovery testing, security audits and risk assessments throughout the year. Our cybersecurity program also incorporates intelligence sharing capabilities about emerging threats within the telecommunications industry and other industries through collaboration with peer companies and specialized consultants and through public-private partnerships with government intelligence agencies.
Our Audit Committee also receives regular updates on our cybersecurity posture throughout the year, as appropriate. In addition to this Board-level oversight, our Cybersecurity Leadership Council (“CLC”) oversees our cybersecurity strategy and is responsible for overseeing and managing our cybersecurity risk.
When covered during an Audit Committee meeting, the chair of the Audit Committee reports on its discussion to the full Board. In addition to this Board-level oversight, our Cybersecurity Leadership Council (“CLC”) oversees our cybersecurity strategy and is responsible for overseeing and managing our cybersecurity risks.
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In the normal course, we engage assessors, consultants and other third parties to assist in various cyber-related matters.
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We hold cybersecurity trainings for our employees and request that key vendors do the same.

Item 2. Properties

Properties — owned and leased real estate

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Biggest changeOther principal locations supporting our Media segment operations include our leased Telemundo headquarters and production facilities in Miami, Florida, as well as our Universal City location in Los Angeles, California and our owned CNBC headquarters and production facilities located in Englewood Cliffs, New Jersey.
Biggest changeOther principal locations supporting our Media segment operations include our leased Telemundo headquarters and production facilities in Miami, Florida, as well as our Universal City location in Los Angeles, California, our owned CNBC headquarters and production facilities located in Englewood Cliffs, New Jersey and our leased NBC Sports headquarters and production facilities in Stamford, Connecticut.
Connectivity & Platforms Business Our principal physical assets for the operations of the Residential Connectivity & Platforms and the Business Services Connectivity segments consist of operating plant and equipment, including our HFC network in the United States. Refer to Item 1: Business: Network and Technology for additional information.
Connectivity & Platforms Business Our principal physical assets for the operations of the Residential Connectivity & Platforms and the Business Services Connectivity segments consist of operating plant and equipment, including our network in the United States. Refer to Item 1: Business: Network and Technology for additional information.

Item 5. Market for Registrant's Common Equity

Market for Common Equity — stock, dividends, buybacks

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Biggest changeComparison of 5 Year Cumulative Total Return 2019 2020 2021 2022 2023 Comcast Class A $ 134 $ 160 $ 156 $ 111 $ 144 S&P 500 Stock Index $ 131 $ 156 $ 200 $ 164 $ 207 Prior Peer Group $ 132 $ 147 $ 137 $ 108 $ 120 New Peer Group $ 131 $ 147 $ 135 $ 104 $ 114
Biggest changeComparison of 5 Year Cumulative Total Return 2020 2021 2022 2023 2024 Comcast Class A $ 119 $ 117 $ 83 $ 107 $ 95 S&P 500 Stock Index $ 118 $ 152 $ 125 $ 157 $ 197 Peer Group $ 112 $ 103 $ 79 $ 87 $ 103
This peer group consists of our Class A common stock and the common stock of AT&T Inc., Charter Communications, Inc., Fox Corp. (Class A), Lumen Technologies, Inc., Paramount Global (Class B), T-Mobile US, Inc., Verizon Communications Inc., Warner Bros. Discovery Inc. and The Walt Disney Company (the “New Peer Group”).
This peer group consists of our Class A common stock and the common stock of AT&T Inc., Charter Communications, Inc., Fox Corp. (Class A), Lumen Technologies, Inc., Paramount Global (Class B), T-Mobile US, Inc., Verizon Communications Inc., Warner Bros. Discovery Inc. and The Walt Disney Company.
Refer to Liquidity and Capital Resources in Item 7: Management’s Discussion and Analysis of Financial Condition and Results of Operations for additional information. Share Repurchases The table below summarizes Comcast’s common stock repurchases during 2023.
Refer to Liquidity and Capital Resources in Item 7: Management’s Discussion and Analysis of Financial Condition and Results of Operations for additional information. Share Repurchases The table below summarizes Comcast’s common stock repurchases during 2024.
The Class B common stock can be converted, on a share for share basis, into Class A common stock. Holders Record holder s as of January 15, 2024 are presented in the table below.
The Class B common stock can be converted, on a share for share basis, into Class A common stock. Holders Record holder s as of January 15, 2025 are presented in the table below.
Comcast 2023 Annual Report on Form 10-K 30 Table of Contents Stock Performance Graph The following graph compares the annual percentage change in the cumulative total shareholder return on Comcast’s Class A common stock during the five years ended December 31, 2023 with the cumulative total returns on the Standard & Poor’s 500 Stock Index and a select peer group consisting of us and other companies engaged in the transmission and distribution and media industries.
Comcast 2024 Annual Report on Form 10-K 28 Table of Contents Stock Performance Graph The following graph compares the annual percentage change in the cumulative total shareholder return on Comcast’s Class A common stock during the five years ended December 31, 2024 with the cumulative total returns on the Standard & Poor’s 500 Stock Index and a select peer group consisting of us and other companies engaged in the transmission and distribution and media industries.
The comparison assumes $100 was invested on December 31, 2018 in our Class A common stock and in each of the following indices and assumes the reinvestment of dividends.
The comparison assumes $100 was invested on December 31, 2019 in our Class A common stock and in each of the following indices and assumes the reinvestment of dividends.
In January 2024, our Board of Directors approved a new share repurchase program authorization of $15 billion, which has no expiration date. We expect to repurchase additional shares of our Class A common stock under this authorization in the open market or in private transactions, subject to market and other conditions.
In January 2025, our Board of Directors terminated this existing program and approved a new program authorization of $15 billion, which has no expiration date. We expect to repurchase additional shares of our Class A common stock under this authorization in the open market or in private transactions, subject to market and other conditions.
Stock Class Record Holders Class A Common Stock 320,193 Class B Common Stock 1 Holders of Class A common stock in the aggregate hold 66 2 / 3 % of the combined voting power of our common stock.
Stock Class Record Holders Class A Common Stock 303,127 Class B Common Stock 1 Holders of Class A common stock in the aggregate hold 66 2 / 3 % of the combined voting power of our common stock.
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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) First Quarter 2023 52,545,035 $ 38.06 52,545,035 $ 1,999,999,325 $ 14,000,000,855 Second Quarter 2023 50,509,440 $ 39.60 50,509,440 $ 1,999,999,962 $ 12,000,000,893 Third Quarter 2023 77,464,030 $ 45.18 77,464,030 $ 3,500,000,652 $ 8,500,000,241 October 1-31, 2023 44,347,247 $ 42.84 44,347,247 $ 1,899,957,474 $ 6,600,042,767 November 1-30, 2023 22,423,430 $ 42.14 22,423,430 $ 944,948,397 $ 5,655,094,370 December 1-31, 2023 15,161,912 $ 43.21 15,161,912 $ 655,093,867 $ 5,000,000,503 Total 262,451,094 $ 41.91 262,451,094 $ 10,999,999,677 $ 5,000,000,503 (a) In September 2022, our Board of Directors ap proved a share repurchase program authorization of $20 billion.
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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) First Quarter 2024 55,961,536 $ 43.03 55,961,536 $ 2,408,046,377 $ 13,186,952,831 Second Quarter 2024 56,381,926 $ 39.29 56,381,926 $ 2,214,999,556 $ 10,971,953,275 Third Quarter 2024 49,913,271 $ 39.44 49,913,271 $ 1,968,792,051 $ 9,003,161,225 October 1-31, 2024 16,562,668 $ 41.66 16,562,668 $ 689,999,638 $ 8,313,161,586 November 1-30, 2024 12,943,713 $ 43.26 12,943,713 $ 559,999,640 $ 7,753,161,946 December 1-31, 2024 20,002,768 $ 39.89 20,002,768 $ 797,999,685 $ 6,955,162,262 Total 211,765,882 $ 40.80 211,765,882 $ 8,639,836,946 $ 6,955,162,262 (a) In September 2022, our Board of Directors ap proved a share repurchase program authorization of $20 billion and in January 2024, our Board of Directors terminated the existing program and approved a new program authorization of $15 billion effective as of January 26, 2024, which had no expiration date.
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Following the change in our segment reporting in 2023, we have updated the peer group presented to simplify the calculation, to remove DISH Network Corporation (Class A) due to its smaller market capitalization and to add Fox Corp.
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The peer group presented in our 2022 Annual Report on Form 10-K was constructed as a composite peer group in which the subgroup of transmission and distribution industry peer companies listed above, along with DISH Network, and the subgroup of media industry peer companies listed above, were weighted based on the respective revenue of our transmission and distribution and media businesses, or 65% and 35%, respectively in the current year (the “Prior Peer Group”).

Item 7. Management's Discussion & Analysis

Management's Discussion & Analysis (MD&A) — revenue / margin commentary

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Biggest changeReconciliation of Connectivity & Platforms Constant Currency 2022 2021 Year ended December 31 (in millions) As Reported Effects of Foreign Currency Constant Currency Amounts As Reported Effects of Foreign Currency Constant Currency Amounts Revenue Residential Connectivity & Platforms $ 72,386 $ 78 $ 72,464 $ 72,694 $ (1,699) $ 70,995 Business Services Connectivity 8,819 — 8,819 8,056 (2) 8,054 Total Connectivity & Platforms revenue $ 81,205 $ 79 $ 81,284 $ 80,750 $ (1,701) $ 79,049 Adjusted EBITDA Residential Connectivity & Platforms $ 26,111 $ (23) $ 26,088 $ 25,188 $ (176) $ 25,012 Business Services Connectivity 5,060 — 5,060 4,682 2 4,684 Total Connectivity & Platforms Adjusted EBITDA $ 31,171 $ (23) $ 31,148 $ 29,871 $ (175) $ 29,696 Adjusted EBITDA Margin Residential Connectivity & Platforms 36.1 % (10) bps 36.0 % 34.6 % 60 bps 35.2 % Business Services Connectivity 57.4 — bps 57.4 58.1 10 bps 58.2 Total Connectivity & Platforms Adjusted EBITDA margin 38.4 % (10) bps 38.3 % 37.0 % 60 bps 37.6 % Comcast 2023 Annual Report on Form 10-K 48 Table of Contents 2022 2021 As Reported Effects of Foreign Currency Constant Currency Amounts As Reported Effects of Foreign Currency Constant Currency Amounts Average monthly total Connectivity & Platforms revenue per customer relationship $ 129.10 $ 0.12 $ 129.22 $ 129.41 $ (2.73) $ 126.68 Average monthly total Connectivity & Platforms Adjusted EBITDA per customer relationship $ 49.55 $ (0.03) $ 49.52 $ 47.87 $ (0.28) $ 47.59 2022 2021 (in millions) As Reported Effects of Foreign Currency Constant Currency Amounts As Reported Effects of Foreign Currency Constant Currency Amounts Costs and Expenses Programming $ 18,500 $ 32 $ 18,532 $ 20,542 $ (653) $ 19,889 Technical and support 7,721 11 7,732 7,682 (141) 7,541 Direct product costs 5,598 20 5,618 4,901 (275) 4,626 Marketing and promotion 5,101 11 5,112 5,180 (128) 5,052 Customer service 2,870 3 2,873 3,018 (68) 2,950 Other 10,244 25 10,269 9,557 (261) 9,296 Total Connectivity & Platforms costs and expenses $ 50,033 $ 103 $ 50,136 $ 50,880 $ (1,527) $ 49,353 Reconciliation of Residential Connectivity & Platforms Constant Currency 2022 2021 (in millions) As Reported Effects of Foreign Currency Constant Currency Amounts As Reported Effects of Foreign Currency Constant Currency Amounts Revenue Domestic broadband $ 24,469 $ — $ 24,469 $ 22,979 $ — $ 22,979 Domestic wireless 3,071 — 3,071 2,380 — 2,380 International connectivity 3,426 25 3,451 3,293 (341) 2,952 Total residential connectivity 30,966 25 30,991 28,652 (340) 28,312 Video 30,496 47 30,543 32,440 (995) 31,445 Advertising 4,546 7 4,553 4,507 (176) 4,331 Other 6,378 (1) 6,377 7,095 (188) 6,907 Total revenue 72,386 78 72,464 72,694 (1,699) 70,995 Costs and Expenses Programming 18,500 32 18,532 20,542 (653) 19,889 Other 27,775 70 27,845 26,964 (869) 26,095 Total costs and expenses 46,275 102 46,377 47,506 (1,523) 45,983 Adjusted EBITDA $ 26,111 $ (23) $ 26,088 $ 25,188 $ (176) $ 25,012 Other Adjustments From time to time, we present adjusted information, such as revenue, to exclude the impact of certain events, gains, losses or other charges.
Biggest changeReconciliation of Connectivity & Platforms Constant Currency 2023 Year ended December 31 (in millions) As Reported Effects of Foreign Currency Constant Currency Amounts Revenue Residential Connectivity & Platforms $ 71,946 $ 355 $ 72,301 Business Services Connectivity 9,255 1 9,256 Total Connectivity & Platforms revenue $ 81,201 $ 356 $ 81,557 Adjusted EBITDA Residential Connectivity & Platforms $ 26,948 $ 60 $ 27,008 Business Services Connectivity 5,291 (1) 5,291 Total Connectivity & Platforms Adjusted EBITDA $ 32,239 $ 60 $ 32,299 Adjusted EBITDA Margin Residential Connectivity & Platforms 37.5 % (10) bps 37.4 % Business Services Connectivity 57.2 — bps 57.2 Total Connectivity & Platforms Adjusted EBITDA margin 39.7 % (10) bps 39.6 % 2023 As Reported Effects of Foreign Currency Constant Currency Amounts Average monthly total Connectivity & Platforms revenue per customer relationship $ 129.43 $ 0.57 $ 130.00 Average monthly total Connectivity & Platforms Adjusted EBITDA per customer relationship $ 51.39 $ 0.09 $ 51.48 2023 (in millions) As Reported Effects of Foreign Currency Constant Currency Amounts Costs and Expenses Programming $ 18,067 $ 100 $ 18,167 Technical and support 7,416 27 7,443 Direct product costs 6,146 84 6,230 Marketing and promotion 4,720 22 4,741 Customer service 2,783 11 2,795 Other 9,830 53 9,883 Total Connectivity & Platforms costs and expenses $ 48,962 $ 297 $ 49,259 45 Comcast 2024 Annual Report on Form 10-K Table of Contents Reconciliation of Residential Connectivity & Platforms Constant Currency 2023 (in millions) As Reported Effects of Foreign Currency Constant Currency Amounts Revenue Domestic broadband $ 25,489 $ — $ 25,489 Domestic wireless 3,664 — 3,664 International connectivity 4,207 112 4,319 Total residential connectivity 33,359 112 33,472 Video 28,797 169 28,966 Advertising 3,969 35 4,004 Other 5,820 39 5,859 Total revenue 71,946 355 72,301 Costs and Expenses Programming 18,067 100 18,167 Other 26,932 195 27,126 Total costs and expenses 44,998 295 45,293 Adjusted EBITDA $ 26,948 $ 60 $ 27,008 Other Adjustments From time to time, we present adjusted information, such as revenue, to exclude the impact of certain events, gains, losses or other charges.
These expenses also include the costs of content on the Sky-branded entertainment television networks, including amortization of licensed content. (b) Technical and support expenses primarily include costs for labor to complete service call and installation activities; and costs for network operations and satellite transmission, product development, fulfillment and provisioning.
These expenses also include the costs of content on the Sky-branded entertainment television networks, including amortization of licensed content. (b) Technical and support expenses primarily consists of costs for labor to complete service call and installation activities; and costs for network operations and satellite transmission, product development, fulfillment and provisioning.
Video revenue consists of revenue from sales of video services to residential and business customers across the Connectivity & Platforms markets, including equipment and installation services. Video revenue includes pay-per-view and other transactional revenue and franchise fees, as well as revenue from sales of certain hardware, including Sky Glass smart televisions.
Video revenue primarily consists of revenue from sales of video services to residential and business customers across the Connectivity & Platforms markets, including equipment and installation services. Video revenue includes pay-per-view and other transactional revenue and franchise fees, as well as revenue from sales of certain hardware, including Sky Glass smart televisions.
International connectivity revenue consists of revenue from sales of broadband services, including equipment and installation services, wireless services and wireless devices to residential customers in the United Kingdom and Italy, as well as commission revenue from the sale of certain third-party DTC streaming services.
International connectivity revenue primarily consists of revenue from sales of broadband services, including equipment and installation services, wireless services and wireless devices to residential customers in the United Kingdom and Italy, as well as commission revenue from the sale of certain third-party DTC streaming services.
(c) Direct product costs primarily include access fees related to using wireless and broadband networks owned by third parties to deliver our services and costs of products sold, including wireless devices and Sky Glass smart televisions. (d) Marketing and promotion expenses include the costs associated with attracting new customers and promoting our service offerings.
(c) Direct product costs primarily consists of access fees related to using wireless and broadband networks owned by third parties to deliver our services and costs of products sold, including wireless devices and Sky Glass smart televisions. (d) Marketing and promotion expenses primarily consists of the costs associated with attracting new customers and promoting our service offerings.
Refer to the “Non-GAAP Financial Measures” section on page 47 for additional information, including our definition and our use of constant currency, and for a reconciliation of constant currency amounts. We continue to focus on growing our higher-margin connectivity businesses while managing overall operating costs.
Refer to the “Non-GAAP Financial Measures” section on page 44 for additional information, including our definition and our use of constant currency, and for a reconciliation of constant currency amounts. We continue to focus on growing our higher-margin connectivity businesses while managing overall operating costs.
(a) Adjusted EBITDA is a non-GAAP financial measure. Refer to the “Non-GAAP Financial Measures” section on page 47 for additional information, including our definition and our use of Adjusted EBITDA, and for a reconciliation from net income attributable to Comcast Corporation to Adjusted EBITDA.
(a) Adjusted EBITDA is a non-GAAP financial measure. Refer to the “Non-GAAP Financial Measures” section on page 44 for additional information, including our definition and our use of Adjusted EBITDA, and for a reconciliation from net income attributable to Comcast Corporation to Adjusted EBITDA.
Refer to the “Non-GAAP Financial Measures” section on page 47 for additional information, including our definition and our use of Adjusted EBITDA, and for a reconciliat ion from net income attributable to Comcast Corporation to Adjusted EBITDA.
Refer to the “Non-GAAP Financial Measures” section on page 44 for additional information, including our definition and our use of Adjusted EBITDA, and for a reconciliat ion from net income attributable to Comcast Corporation to Adjusted EBITDA.
Revenue, Net Income Attributable to Comcast Corporation and Adjusted EBITDA charts are not presented on the same scale. 2023 Revenue and Adjusted EBITDA Segment Contribution (a) Revenue Adjusted EBITDA (a) Charts exclude the results of Content & Experiences Headquarters and Other, Corporate and Other, and eliminations.
Revenue, Net Income Attributable to Comcast Corporation and Adjusted EBITDA charts are not presented on the same scale. 2024 Revenue and Adjusted EBITDA Segment Contribution (a) Revenue Adjusted EBITDA (a) Charts exclude the results of Content & Experiences Headquarters and Other, Corporate and Other, and eliminations.
Other revenue includes revenue in the Connectivity & Platforms markets from sales of wireline voice services to residential customers; our residential security and automation services businesses; the licensing of our technology platforms to other multichannel video providers; the distribution of certain of our Sky-branded entertainment television networks to third-party video service providers; commissions from electronic retailing networks; and certain billing and collection fees.
Other revenue primarily consists of revenue in the Connectivity & Platforms markets from sales of wireline voice services to residential customers; our residential security and automation services businesses; the licensing of our technology platforms to other multichannel video providers; the distribution of certain of our Sky-branded entertainment television networks to third-party video service providers; commissions from electronic retailing networks; and certain billing and collection fees.
Management has discussed the development and selection of these critical accounting estimates with the Audit Committee of our Board of Directors, and the Audit Committee has reviewed the related disclosures below. See also Notes 4 and 10.
Management has discussed the development and selection of these critical accounting estimates with the Audit Committee of our Board of Directors, and the Audit Committee has reviewed the related disclosures below. See also Notes 4 and 9.
This analysis considered the results of previous quantitative assessments, and also considered various factors that would affect the estimated fair value of these reporting units in our qualitative assessments, including changes in projected future cash flows, recent market transactions and overall macroeconomic conditions, discount rates, and changes in our market capitalization.
These analyses considered the results of previous quantitative assessments, and also considered various factors that would affect the estimated fair value of these reporting units in our qualitative assessments, including changes in projected future cash flows, recent market transactions and overall macroeconomic conditions, discount rates, and changes in our market capitalization.
Debt and Guarantee Structure December 31 (in billions) 2023 2022 Debt Subject to Cross-Guarantees Comcast $ 91.9 $ 88.4 NBCUniversal (a) 1.6 1.6 Comcast Cable (a) 0.9 0.9 94.4 90.9 Debt Subject to One-Way Guarantees Sky 3.6 5.2 Other (a) 0.1 0.1 3.8 5.3 Debt Not Guaranteed Universal Beijing Resort (b) 3.5 3.5 Other 1.5 1.3 5.0 4.8 Debt issuance costs, premiums, discounts, fair value adjustments for acquisition accounting and hedged positions, net (6.1) (6.2) Total debt $ 97.1 $ 94.8 (a) NBCUniversal Media, LLC (“NBCUniversal”), Comcast Cable Communications, LLC (“Comcast Cable”) and Comcast Holdings Corporation (“Comcast Holdings”), which is included within other debt subject to one-way guarantees, are each consolidated subsidiaries subject to the periodic reporting requirements of the SEC.
Debt and Guarantee Structure December 31 (in billions) 2024 2023 Debt Subject to Cross-Guarantees Comcast $ 94.6 $ 91.9 NBCUniversal (a) 1.6 1.6 Comcast Cable (a) 0.9 0.9 97.1 94.4 Debt Subject to One-Way Guarantees Sky 3.0 3.6 Other (a) 0.1 0.1 3.1 3.8 Debt Not Guaranteed Universal Beijing Resort (b) 3.4 3.5 Other 1.4 1.5 4.8 5.0 Debt issuance costs, premiums, discounts, fair value adjustments for acquisition accounting and hedged positions, net (6.0) (6.1) Total debt $ 99.1 $ 97.1 (a) NBCUniversal Media, LLC (“NBCUniversal”), Comcast Cable Communications, LLC (“Comcast Cable”) and Comcast Holdings Corporation (“Comcast Holdings”), which is included within other debt subject to one-way guarantees, are each consolidated subsidiaries subject to the periodic reporting requirements of the SEC.
Refer to the “Non-GAAP Financial Measure’ section on page 47 for additional information, including our definition and our use of constant currency, and for a reconciliation of constant currency amounts.
Refer to the “Non-GAAP Financial Measure” section on page 44 for additional information, including our definition and our use of constant currency, and for a reconciliation of constant currency amounts.
Item 7: Management’s Discussion and Analysis of Financial Condition and Results of Operations Management’s discussion and analysis of financial condition and results of operations is provided as a supplement to, and should be read in conjunction with, the consolidated financial statements and related notes (“Notes”) to enhance the understanding of our operations and our present business environment.
Item 7: Management’s Discussion and Analysis of Financial Condition and Results of Operations Management’s discussion and analysis of financial condition and results of operations is provided as a supplement to, and should be read in conjunction with, the consolidated financial stateme nts and related notes (“Notes”) to enhance the understanding of our operations and our present business environment.
Comcast 2023 Annual Report on Form 10-K 34 Table of Contents Consolidated Revenue The following graph illustrates the contributions to the change in consolidated revenue made by our Connectivity & Platforms and Content & Experiences businesses, as well as by Corporate and Other activities, including eliminations. (a) Graph is presented using a truncated scale.
Comcast 2024 Annual Report on Form 10-K 32 Table of Contents Consolidated Revenue The following graph illustrates the contributions to the change in consolidated revenue made by our Connectivity & Platforms and Content & Experiences businesses, as well as by Corporate and Other activities, including eliminations. (a) Graph is presented using a truncated scale.
Our largest contractual obligations relate to our outstanding debt. As of December 31, 2023 , our debt had a weighted-average time to maturity of approximately 16 years.
Our largest contractual obligations relate to our outstanding debt. As of December 31, 2024 , our debt had a weighted-average time to maturity of approximately 16 years.
Theatrical r evenue relates to the worldwide distribution of our produced and acquired films for exhibition in movie theaters. Theatrical revenue increased in 2023 primarily due to higher revenue from releases in our 2023 slate, including The Super Mario Bros.
Theatrical r evenue primarily relates to the worldwide distribution of our produced and acquired films for exhibition in movie theaters. Theatrical revenue decreased in 2024 primarily due to higher revenue from releases in our 2023 slate, including The Super Mario Bros.
Refer to our Management’s Discussion and Analysis of Financial Condition and Results of Operations for additional information. Comcast 2023 Annual Report on Form 10-K 32 Table of Contents 2023 Developments Connectivity & Platforms (a) Content & Experiences (a)(b) (a) Revenue and Adjusted EBITDA charts are not presented on the same scale.
Refer to our Management’s Discussion and Analysis of Financial Condition and Results of Operations for additional information. Comcast 2024 Annual Report on Form 10-K 30 Table of Contents 2024 Developments Connectivity & Platforms (a) Content & Experiences (a)(b) (a) Revenue and Adjusted EBITDA charts are not presented on the same scale.
Advertising revenue includes revenue from the sale of advertising across our platforms in the Connectivity & Platforms markets, including advertising as part of our distribution agreements with cable networks in the United States, and advertising on Sky-branded entertainment television networks and on our digital properties.
Advertising revenue primarily consists of revenue from the sale of advertising across our platforms in the Connectivity & Platforms markets, including advertising as part of our distribution agreements with cable networks in the United States, and advertising on Sky-branded entertainment television networks and on our digital properties.
We have funded and expect to continue to be able to fund our programming and production obligations with the cash generated from our operations. As of December 31, 2023 , approximately 29% of cash payments related to our programming and production obligations are due after five years, of which the vast majority related to multiyear sports rights agreements.
We have funded and expect to continue to be able to fund our programming and production obligations with the cash generated from our operations. As of December 31, 2024 , approximately 37% of cash payments related to our programming and production obligations are due after five years, of which the vast majority related to multiyear sports rights agreements.
Revenue for our segments and other businesses is discussed separately below under the heading “Segment Operating Results.” Consolidated Costs and Expenses The following graph illustrates the contributions to the change in consolidated costs and expenses, excluding depreciation expense, amortization expense, and goodwill and long-lived asset impairments, made by our Connectivity & Platforms and Content & Experiences businesses, as well as by Corporate and Other activities, including adjustments and eliminations.
Revenue for our segments and other businesses is discussed separately below under the heading “Segment Operating Results.” Consolidated Costs and Expenses The following graph illustrates the contributions to the change in consolidated costs and expenses, excluding depreciation expense and amortization expense, made by our Connectivity & Platforms and Content & Experiences businesses, as well as by Corporate and Other activities, including adjustments and eliminations.
Content licensing revenue decreased in 2023 primarily due to the timing of when content was made available by our television studios under licensing agreements, including the impact of the Writers Guild and SAG work stoppages in the current year, partially offset by the timing of when content was made available by our film studios.
Content licensing revenue decreased in 2024 primarily due to the timing of when content was made available by our film studios, partially offset by the timing of when content was made available by our television studios under licensing agreements, including the impact of the Writers Guild and SAG work stoppages in the prior year.
As of December 31, 2023, we had $5.0 billion remaining under the authorization, and in January 2024, our Board of Directors terminated the existing program and approved a new share repurchase program authorization of $15 billion, which has no expiration date.
As of December 31, 2024, we had $7.0 billion remaining under the authorization, and in January 2025, our Board of Directors terminated the existing program and approved a new share repurchase program authorization of $15 billion, which has no expiration date.
Comcast 2023 Annual Report on Form 10-K 36 Table of Contents Segment Operating Results Our segment operating results are presented based on how we assess operating performance and internally report financial information. See Note 2 for additional information on our segments.
Comcast 2024 Annual Report on Form 10-K 34 Table of Contents Segment Operating Results Our segment operating results are presented based on how we assess operating performance and internally report financial information. See Note 2 for additional information on our segments.
Domestic wireless revenue consists of revenue from sales of wireless services and devices, including handsets, tablets and smart watches, to residential customers in the United States. Domestic wireless revenue increased in 2023 and 2022 primarily due to an increase in the number of customer lines.
Domestic wireless revenue primarily consists of revenue from sales of wireless services and devices, including handsets, tablets and smart watches, to residential customers in the United States. Domestic wireless revenue increased in 2024 primarily due to an increase in the number of customer lines and device sales.
Comcast 2023 Annual Report on Form 10-K 38 Table of Contents Connectivity & Platforms — Supplemental Costs and Expenses Information Connectivity & Platforms supplemental costs and expenses information in the table below is presented on an aggregate basis across the Connectivity & Platforms segments as the segments use certain shared infrastructure, including our HFC network in the United States.
Comcast 2024 Annual Report on Form 10-K 36 Table of Contents Connectivity & Platforms — Supplemental Costs and Expenses Information Connectivity & Platforms supplemental costs and expenses information in the table below is presented on an aggregate basis across the Connectivity & Platforms segments as the segments use certain shared infrastructure, including our network in the United States.
Domestic distribution r evenue primarily includes revenue generated from the distribution of our television networks operating predominantly in the United States to traditional and virtual multichannel video providers, and from NBC-affiliated and Telemundo-affiliated local broadcast television stations.
Domestic distribution revenue primarily consists of revenue generated from the distribution of our television networks operating predominantly in the United States to traditional and virtual multichannel video providers, and from NBC-affiliated and Telemundo-affiliated local broadcast television stations.
Refer to the “Non-GAAP Financial Measures” section on page 47 for additional information, including our definition and our use of constant currency, and for a reconciliation of constant currency amounts. 39 Comcast 2023 Annual Report on Form 10-K Table of Contents Residential Connectivity & Platforms Segment – Revenue Domestic broadband revenue consists of revenue from sales of broadband services to residential customers in the United States, including equipment and installation services.
Refer to the “Non-GAAP Financial Measures” section on page 44 for additional information, including our definition and our use of constant currency, and for a reconciliation of constant currency amounts. 37 Comcast 2024 Annual Report on Form 10-K Table of Contents Residential Connectivity & Platforms Segment – Revenue Domestic broadband revenue primarily consists of revenue from sales of broadband services to residential customers in the United States, including equipment and installation services.
Our credit facility contains a financial covenant pertaining to leverage, which is the ratio of debt to EBITDA, as defined in the credit facility. Compliance with this financial covenant is tested on a quarterly basis under the terms of the credit facility.
Our revolving credit facility contains a financial covenant pertaining to leverage, which is the ratio of debt to EBITDA, as defined in the agreement. Compliance with this financial covenant is tested on a quarterly basis.
We believe this metric is useful particularly as we continue to focus on growing our higher-margin businesses and improving overall operating cost management. Change in Adjusted EBITDA margin reflects the year-over-year basis point change. (b) Constant currency is a non-GAAP financial measure.
We believe this metric is useful particularly as we continue to focus on growing our higher-margin businesses and improving overall operating cost management. The changes reflect the year-over-year basis point changes in the rounded Adjusted EBITDA margins. (b) Constant currency is a non-GAAP financial measure.
In addition, we expect to continue investment in existing and new attractions at our Universal theme parks, including the development of Epic Universe.
In addition, we expect to continue investment in existing and new attractions at our Universal theme parks, including Epic Universe.
As of December 31, 2023 and 2022, the combined Guarantors have noncurrent notes payable to non-guarantor subsidiaries of $136 billion and $128 billion, respectively, and noncurrent notes receivable from non-guarantor subsidiaries of $18 billion and $30 billion, respectively. This financial information is that of the Guarantors presented on a combined basis with intercompany balances between the Guarantors eliminated.
As of December 31, 2024 and 2023, the combined Guarantors have noncurrent notes payable to non-guarantor subsidiaries of $88 billion and $136 billion, respectively, and noncurrent notes receivable from non-guarantor subsidiaries of $14 billion and $18 billion, respectively. This financial information is that of the Guarantors presented on a combined basis with intercompany balances between the Guarantors eliminated.
Consolidated investment and other income (loss), net increased in 2023 compared to 2022 .
Consolidated investment and other income (loss), net increased in 2024 compared to 2023 .
While results of operations for our Studios segment are not impacted, results for our total Content & Experiences business may be impacted as the Studios segment licenses content to the Media segment, including for Peacock, rather than licensing the content to third parties.
Our Studios segment generates revenue primarily from third parties and from licensing content to our Media segment. While results of operations for our Studios segment are not impacted, results for our total Content & Experiences business may be impacted as the Studios segment licenses content to the Media segment, including for Peacock, rather than licensing the content to third parties.
As of December 31, 2023, amounts available under our revolving credit facility, net of amounts outstanding under our commercial paper program and outstanding letters of credit and bank guarantees, totaled $11.0 billion.
As of December 31, 2024, amounts available under our revolving credit facility, net of amounts outstanding under our commercial paper program and outstanding letters of credit and bank guarantees, totaled $ 11.8 billion.
The Writers Guild of America and the SAG work stoppages from May to September 2023 and July to November 2023, respectively, paused productions, which primarily resulted in reduced content licensing revenue at our Studios segment and reduced programming and production costs at both our Studios and Media segments.
The Writers Guild and the SAG work stoppages from May to September 2023 and July to November 2023, respectively, resulted in reduced content licensing revenue at our Studios segment and reduced programming and production costs at both our Studios and Media segments in 2023.
The guarantee structures and related disclosures in this section, together with Exhibit 22, satisfy these reporting obligations. (b) Universal Beijing Resort debt financing is secured by the assets of Universal Beijing Resort and the equity interests of the investors.
The guarantee structures and related disclosures in this section, together with Exhibit 22, satisfy these reporting obligations. (b) Universal Beijing Resort debt financing is secured by the assets of Universal Beijing Resort and the equity interests of the investors. See Note 7 for additional information.
Amortization expense from acquisition-related intangible assets totaled $2.3 billion and $2.2 billion in 2023 and 2022, respectively.
Amortization expense from acquisition-related intangible assets totaled $2.7 billion and $2.3 billion in 2024 and 2023, respectively.
Including the effects of our derivative financial instruments, as of December 31, 2023, our debt had a weighted-average interest rate based on the stated coupons of 3.6% and the percentage of our debt obligations that were fixed-rate debt was 97%.
Including the effects of our derivative financial instruments, as of December 31, 2024, our debt had a weighted-average interest rate based on the stated coupons of 3.7% and the percentage of our debt obligations that were fixed-rate debt was 98%.
As of December 31, 2023 and 2022, Comcast and Comcast Holdings, the combined issuer and guarantor of the guaranteed subordinated debt, have noncurrent senior notes payable to non-guarantor subsidiaries of $104 billion and $97 billion, respectively, and noncurrent notes receivable from non-guarantor subsidiaries of $14 billion and $28 billion, respectively.
As of December 31, 2024 and 2023, Comcast and Comcast Holdings, the combined issuer and guarantor of the guaranteed subordinated debt, have noncurrent senior notes payable to non-guarantor subsidiaries of $53 billion and $104 billion, respectively, and noncurrent notes receivable from non-guarantor subsidiaries of $10 billion and $14 billion, respectively.
In January 2024, our Board of Directors approved a 6.9% increase in our dividend to $1.24 per share on an annualized basis and approved our first quarter dividend of $0.31 per share, to be paid in April 2024. We expect to continue to pay quarterly dividends, although each dividend is subject to approval by our Board of Directors.
In January 2025, our Board of Directors approved a 6.5% increase in our dividend to $1.32 per share on an annualized basis and approved our first quarter dividend of $0.33 per share, to be paid in April 2025. We expect to continue to pay quarterly dividends, although each dividend is subject to approval by our Board of Directors.
Domestic broadband revenue also includes revenue related to Xumo Stream Boxes and commission revenue from the sale of certain DTC streaming services. Domestic broadband revenue increased in 2023 and 2022 primarily due to an increase in average rates. The increase in 2022 also includes an increase in the number of residential broadband customers.
Domestic broadband revenue also includes revenue related to Xumo Stream Boxes and commission revenue from the sale of certain DTC streaming services. Domestic broadband revenue increased in 2024 primarily due to an increase in average rates.
Changes in market conditions, laws and regulations and key assumptions made in future quantitative assessments, including expected cash flows, competitive factors and discount rates, could negatively impact the results of future impairment testing and could result in the recognition of an impairment charge.
Changes in market conditions, laws and regulations, and key assumptions made in future quantitative assessments, such as expected cash flows, competitive factors, discount rates, and value indications from market transactions, could negatively impact the results of future impairment testing and could result in the recognition of an impairment charge.
A quantitative assessment is performed if the qualitative assessment results in a more-likely-than-not determination or if a qualitative assessment is not performed. In connection with our impairment assessment process, in order to support our qualitative assessments, we typically perform quantitative assessments of our reporting units and cable franchise rights approximately once every four years.
A quantitative assessment is performed if the qualitative assessment results in a more-likely-than-not determination or if a qualitative assessment is not performed. In connection with our impairment assessment process, from time to time, we perform quantitative assessments of our reporting units and cable franchise rights in order to support our qualitative assessments.
Refer to Item 7: Management’s Discussion and Analysis of Financial Condition and Results of Operations in our 2022 Annual Report on Form 10-K for management’s discussion and analysis of our consolidated financial condition and results of operations for fiscal year 2022 compared to fiscal year 2021.
Refer to Item 7: Management’s Discussion and Analysis of Financial Condition and Results of Operations in our 2023 Annual Report on Form 10-K for management’s discussion and analysis of our financial condition and results of operations for fiscal year 2022, including comparison to fiscal year 2023.
Based on these assessments, we concluded that it was more likely than not that the estimated fair values of our reporting units were substantially higher than their carrying values and that the performance of a quantitative impairment test was not required.
Based on these assessments, we concluded that it was more likely than not that the estimated fair values of our reporting units were substantially higher than their carrying values and that the performance of a quantitative impairment test was not required. We performed a quantitative assessment in 2024 for goodwill in our Media segment.
(g) Constant currency is a non-GAAP financial measure. Refer to the “Non-GAAP Financial Measures” section on page 47 for additional information, including our definition and our use of constant currency, and for a reconciliation of constant currency amounts.
Refer to the “Non-GAAP Financial Measures” section on page 44 for additional information, including our definition and our use of constant currency, and for a reconciliation of constant currency amounts.
Our revenue from distribution agreements is generally based on the number of subscribers receiving the programming on our television networks and a per subscriber fee. Distribution revenue also includes Peacock subscription fees. Domestic distribution revenue increased in 2023 , including the impacts of our broadcast of the Beijing Olympics in 2022.
Our revenue from distribution agreements is generally based on the number of subscribers receiving the programming on our television networks and a per subscriber fee. Distribution revenue also includes Peacock subscription fees. Domestic distribution revenue increased in 2024, including the impact of the Paris Olympics in 2024.
Share Repurchases Under Share Repurchase Program Authorization and Dividends Paid and Weighted-Average Number of Common Shares Outstanding - Diluted ($ in billions and shares in millions) Contractual Obligations The following table summarizes our most significant contractual obligations as of December 31, 2023 : As of December 31, 2023 (in billions) Total Within the next 12 months Beyond the next 12 months Debt obligations (a) $ 103.2 $ 2.1 $ 101.1 Programming and production obligations 78.0 17.7 60.3 (a) Amounts represent the face value of debt and exclude interest payments.
Share Repurchases Under Share Repurchase Program Authorization and Dividends Paid and Weighted-Average Number of Common Shares Outstanding - Diluted ($ in billions and shares in millions) Contractual Obligations The following table summarizes our most significant contractual obligations as of December 31, 2024 : As of December 31, 2024 (in billions) Total Within the next 12 months Beyond the next 12 months Debt obligations (a) $ 105.1 $ 4.9 $ 100.2 Programming and production obligations 96.2 17.2 79.0 (a) Amounts represent the face value of debt and exclude interest payments.
Excluding incremental revenue associated with our broadcast of the Beijing Olympics in 2022, domestic distribution revenue increased primarily due to an increase in Peacock paid subscribers, partially offset by a decrease in revenue at our networks. The decrease in revenue at our networks was primarily due to a decline in the number of subscribers, partially offset by contractual rate increases.
Excluding incremental revenue associated with this event, domestic distribution revenue increased in 2024 primarily due to an increase in Peacock paid subscribers, partially offset by a decrease in revenue at our linear television networks. The decrease at our networks was primarily due to a decline in the number of subscribers, partially offset by contractual rate increases.
Constant Currency Constant currency and constant currency growth rates are non-GAAP financial measures that present our results of operations excluding the estimated effects of foreign currency exchange rate fluctuations. Certain of our businesses, including Connectivity & Platforms, have operations outside the United States that are conducted in local currencies.
Comcast 2024 Annual Report on Form 10-K 44 Table of Contents Constant Currency Constant currency and constant currency growth rates are non-GAAP financial measures that present our results of operations excluding the estimated effects of foreign currency exchange rate fluctuations. Certain of our businesses, including Connectivity & Platforms, have operations outside the United States that are conducted in local currencies.
We maintain significant availability under our revolving credit facility and our commercial paper program to meet our short-term liquidity requirements. Our commercial paper program generally provides a lower-cost source of borrowing to fund our short-term working capital requirements.
We entered into a new revolving credit facility in May 2024 (see Note 6). We maintain significant availability under our revolving credit facility and our commercial paper program to meet our short-term liquidity requirements. Our commercial paper program generally provides a lower-cost source of borrowing to fund our short-term working capital requirements.
When performing a quantitative assessment, we estimate the fair values of our cable franchise rights primarily based on a discounted cash flow analysis that involves significant judgment, including the estimate of future cash flows and the selection of discount rates. 55 Comcast 2023 Annual Report on Form 10-K Table of Contents In 2023, we performed a qualitative assessment of our cable franchise rights.
When performing a quantitative assessment, we estimate the fair values of our cable franchise rights primarily based on a discounted cash flow analysis that involves significant judgment, including the estimate of future cash flows and the selection of discount rates. In 2024, we performed a qualitative assessment of our cable franchise rights.
Amounts are affected by the periodic broadcast of the Olympic Games, including the Beijing and Tokyo Olympics in 2022 and 2021, respectively. Refer to Note 2 for additional information on transactions between our segments.
Amounts are affected by the periodic broadcast of the Olympic Games, including the Paris Olympics in 2024. Refer to Note 2 for additional information on transactions between our segments.
Residential Connectivity & Platforms Media • Revenue remained consistent with the prior year due to decreases in video, advertising and other revenue, offset by increases in domestic broadband, international connectivity and domestic wireless revenue. • Adjusted EBITDA increased primarily due to decreases in other expenses and programming expenses. • Adjusted EBITDA margin increased from 36.1% to 37.5%.
Residential Connectivity & Platforms Media • Revenue remained consistent due to decreases in video and other revenue, offset by increases in domestic broadband, domestic wireless, international connectivity and advertising revenue. • Adjusted EBITDA increased primarily due to a decrease in programming expenses, while revenue remained consistent. • Adjusted EBITDA margin increased from 37.5% to 38.2%.
Programming and production costs decreased in 2023 primarily due to lower costs associated with content licensing sales, including the impact of the Writers Guild and SAG work stoppages in the current year, partially offset by higher costs associated with theatrical releases.
Programming and production costs decreased in 2024 primarily due to lower costs associated with theatrical releases, partially offset by higher costs associated with content licensing sales, including the impact of the Writers Guild and SAG work stoppages in the prior year. Marketing and promotion expenses primarily consists of expenses associated with advertising for our theatrical releases.
Costs and expenses information reported separately for the Residential Connectivity & Platforms and Business Services Connectivity segments include each segment’s direct costs and an allocation of shared costs. 2022 to 2023 2021 to 2022 (in millions) 2023 2022 2021 Change Constant Currency Change (g) Change Constant Currency Change (g) Costs and Expenses Programming (a) $ 18,067 $ 18,500 $ 20,542 (2.3) % (2.5) % (9.9) % (7.0) % Technical and support (b) 7,416 7,721 7,682 (3.9) (4.1) 0.5 2.4 Direct product costs (c) 6,146 5,598 4,901 9.8 9.4 14.2 21.0 Marketing and promotion (d) 4,720 5,101 5,180 (7.5) (7.7) (1.5) 1.0 Customer service (e) 2,783 2,870 3,018 (3.0) (3.1) (4.9) (2.7) Other (f) 9,830 10,244 9,557 (4.0) (4.3) 7.2 10.2 Total Connectivity & Platforms costs and expenses $ 48,962 $ 50,033 $ 50,880 (2.1) % (2.3) % (1.7) % 1.4 % (a) Programming expenses, which represent our most significant operating expense, are the fees we incur to provide video services to our customers, and primarily include fees related to the distribution of television network programming and fees charged for retransmission of the signals from local broadcast television stations.
Costs and expenses information reported separately for the Residential Connectivity & Platforms and Business Services Connectivity segments includes each segment’s direct costs and an allocation of shared costs. 2023 to 2024 (in millions) 2024 2023 Change Constant Currency Change (g) Costs and Expenses Programming (a) $ 16,881 $ 18,067 (6.6) % (7.1) % Technical and support (b) 7,617 7,416 2.7 2.3 Direct product costs (c) 6,607 6,146 7.5 6.0 Marketing and promotion (d) 4,772 4,720 1.1 0.6 Customer service (e) 2,732 2,783 (1.9) (2.3) Other (f) 9,828 9,830 — (0.6) Total Connectivity & Platforms costs and expenses $ 48,438 $ 48,962 (1.1) % (1.7) % (a) Programming expenses, which represent our most significant operating expense, are the fees we incur to provide video services to our customers, and primarily include fees related to the distribution of television network programming and fees charged for retransmission of the signals from local broadcast television stations.
(f) Penetration is calculated by dividing the number of domestic customers located within our network by the number of domestic homes and businesses passed. 2022 to 2023 2021 to 2022 2023 2022 2021 Change Constant Currency Change (a) Change Constant Currency Change (a) Average monthly total Connectivity & Platforms revenue per customer relationship $ 129.43 $ 129.10 $ 129.41 0.3 % 0.2 % (0.2) % 1.9 % Average monthly total Connectivity & Platforms Adjusted EBITDA per customer relationship $ 51.39 $ 49.55 $ 47.87 3.7 % 3.8 % 3.5 % 4.1 % (a) Constant currency is a non-GAAP financial measure.
(e) Penetration is calculated by dividing the number of domestic customers located within our network by the number of domestic homes and businesses passed. 2023 to 2024 2024 2023 Change Constant Currency Change (a) Average monthly total Connectivity & Platforms revenue per customer relationship $ 130.57 $ 129.43 0.9 % 0.4 % Average monthly total Connectivity & Platforms Adjusted EBITDA per customer relationship $ 52.75 $ 51.39 2.7 % 2.5 % (a) Constant currency is a non-GAAP financial measure.
We capitalize the costs of licensed content when the license period begins, the content is made available for use and the costs of the licenses are known. Licensed content is amortized as the associated programs are used, incorporating estimated viewing patterns.
We capitalize the costs of licensed content when the license period begins, the content is made available for use and the costs of the licenses are known. Licensed content is amortized as the associated programs are used, incorporating estimated viewing patterns. Capitalized film and television costs are subject to impairment testing when certain triggering events are identified.
Comcast 2023 Annual Report on Form 10-K 54 Table of Contents We believe our estimates associated with the valuation and impairment testing of goodwill and cable franchise rights and the accounting for film and television costs are critical in the preparation of our consolidated financial statements.
We believe our estimates associated with the valuation and impairment testing of goodwill and cable franchise rights and the accounting for film and television costs are critical in the preparation of our consolidated financial statements.
Licensed content that is not part of a fil m group is tested for impairment primarily on a channel, network or platform basis, with the exception of our broadcast networks and owned local broadcast television stations, which are tested on a daypart basis. Sports rights are accounted for as executory contracts and are not subject to impairment.
The substantial majority of our owned content is evaluated for impairment on an individual title basis. Licensed content that is not part of a fil m group is tested for impairment primarily on a channel, network or platform basis, with the exception of our broadcast networks and owned local broadcast television stations, which are tested on a daypart basis.
We present the operations of (1) our Connectivity & Platforms business in two reportable business segments: Residential Connectivity & Platforms and Business Services Connectivity and (2) our Content & Experiences business in three reportable business segments: Media, Studios and Theme Parks.
Overview We are a global media and technology company with two primary businesses: Connectivity & Platforms and Content & Experiences. We present the operations of (1) our Connectivity & Platforms business in two segments: Residential Connectivity & Platforms and Business Services Connectivity; and (2) our Content & Experiences business in three segments: Media, Studios and Theme Parks.
Comcast 2023 Annual Report on Form 10-K 40 Table of Contents Business Services Connectivity Segment Results of Operations (in millions) 2023 2022 2021 Change 2022 to 2023 Change 2021 to 2022 Revenue $ 9,255 $ 8,819 $ 8,056 4.9 % 9.5 % Costs and expenses 3,964 3,759 3,374 5.4 11.4 Adjusted EBITDA $ 5,291 $ 5,060 $ 4,682 4.6 % 8.1 % Business services connectivity revenue primarily consists of revenue from our service offerings for small business locations in the United States, which include broadband, wireline voice and wireless services, as well as our service offerings for medium-sized customers and larger enterprises, and our small business connectivity service offerings in the United Kingdom.
Comcast 2024 Annual Report on Form 10-K 38 Table of Contents Business Services Connectivity Segment Results of Operations (in millions) 2024 2023 Change 2023 to 2024 Revenue $ 9,701 $ 9,255 4.8 % Costs and expenses 4,201 3,964 6.0 Adjusted EBITDA $ 5,500 $ 5,291 3.9 % Business services connectivity revenue primarily consists of revenue from our service offerings for small business locations in the United States, which include broadband, wireline voice and wireless services, as well as our enterprise solutions offerings, and our business connectivity service offerings in the United Kingdom.
Year ended December 31 (in millions) 2023 2022 2021 Equity in net income (losses) of investees, net $ 789 $ (537) $ 2,006 Realized and unrealized gains (losses) on equity securities, net (130) (320) 339 Other income (loss), net 592 (3) 211 Total investment and other income (loss), net $ 1,252 $ (861) $ 2,557 The change in equity in net income (losses) of investees, net in 2023 compared to 2022 was primarily due to our investment in Atairos.
Year ended December 31 (in millions) 2024 2023 Equity in net income (losses) of investees, net $ (680) $ 789 Realized and unrealized gains (losses) on equity securities, net (313) (130) Other income (loss), net 502 592 Total investment and other income (loss), net $ (490) $ 1,252 The change in equity in net income (losses) of investees, net in 2024 compared to 2023 was primarily due to our investment in Atairos.
We are subject to customary covenants and restrictions set forth in agreements related to debt issued at Comcast and certain of our subsidiaries, including the indentures governing our public debt securities and the credit agreement governing the Comcast revolving credit facility.
Comcast 2024 Annual Report on Form 10-K 46 Table of Contents W e are subject to customary covenants and restrictions set forth in agreements related to debt issued at Comcast and certain of our subsidiaries, including the indentures governing our public debt securities and the credit agreement governing the Comcast revolving credit facility.
Business Services Connectivity • Revenue increased due to increases in revenue from small business, medium-sized and enterprise customers. • Adjusted EBITDA increased due to an increase in revenue, partially offset by increased costs and expenses. • Adjusted EBITDA margin was consistent at 57.2%.
Business Services Connectivity • Revenue increased due to an increase in revenue from enterprise solutions offerings and small business customers. • Adjusted EBITDA increased due to an increase in revenue, partially offset by increased costs and expenses. • Adjusted EBITDA margin decreased from 57.2% to 56.7%.
Marketing and promotion expenses consist primarily of the costs associated with promoting our television networks, Peacock and other digital properties. Marketing and promotion expenses decreased in 2023 primarily due to lower costs related to marketing for entertainment programming. Marketing and promotion expenses increased in 2022 primarily due to higher marketing costs related to Peacock.
Marketing and promotion expenses primarily consists of the costs associated with promoting our television networks, Peacock and other digital properties. Marketing and promotion expenses increased in 2024 primarily due to increased costs associated with the Paris Olympics, partially offset by lower costs related to marketing for entertainment programming.
The change in other income (loss), net in 2023 compared to 2022 primarily resulted from gains on foreign exchange remeasurement compared to losses in the prior year, gains on insurance contracts compared to losses in the prior year, and increased interest income. Consolidated Income Tax Expense Our effective income tax rate in 2023 and 2022 was 26.2% and 47.0%, respectively.
The change in other income (loss), net in 2024 compared to 2023 primarily resulted from foreign exchange remeasurement. Consolidated Income Tax Expense Our effective income tax rate in 2024 and 2023 was 15.0% and 26.2%, respectively.
Because each of our services includes a variety of product tiers, which may change from time to time, net additions or losses in any one period will reflect a mix of customers at various tiers.
International Residential Connectivity & Platforms customer relationships represent customers receiving Sky services in the United Kingdom and Italy. Because each of our services includes a variety of product tiers, which may change from time to time, net additions or losses in any one period will reflect a mix of customers at various tiers.
We also continue to invest in our network to support higher-speed broadband offerings and to expand the number of homes and businesses passed. An increasingly competitive environment and continued low domestic household move levels have had negative impacts on our customer relationships additions/(losses).
We also continue to invest in our network to support higher-speed broadband offerings and to expand the number of homes and businesses passed. A competitive environment, which has increased in recent years, has had negative impacts on our customer relationships additions/(losses).
We expect to receive additional proceeds for the sale of our interest in Hulu in 2024 following the finalization of the third-party appraisal process, at which time we will recognize the sale of our interest. See Note 8.
We expect to receive additional proceeds for the sale of our interest in Hulu following the final determination of Hulu’s fair value pursuant to a third-party appraisal process, at which time we will recognize the sale of our interest.
Comcast 2023 Annual Report on Form 10-K 46 Table of Contents Corporate, Other and Eliminations Corporate and Other Results of Operations Year ended December 31 (in millions) 2023 2022 2021 Change 2022 to 2023 Change 2021 to 2022 Revenue $ 2,763 $ 2,662 $ 2,844 3.8 % (6.4) % Costs and expenses 4,098 3,670 4,175 11.7 (12.1) Adjusted EBITDA $ (1,335) $ (1,008) $ (1,331) (32.4) % 24.2 % Corporate and Other primarily includes overhead and personnel costs; Sky-branded video services and television networks in Germany; Comcast Spectacor, which owns the Philadelphia Flyers and the We lls Fargo Center arena in Philadelphia, Penn sylvania; and Xumo, our consolidated streaming platform joint venture beginning in June 2022.
Corporate, Other and Eliminations Corporate and Other Results of Operations Year ended December 31 (in millions) 2024 2023 Change 2023 to 2024 Revenue $ 2,933 $ 2,763 6.1 % Costs and expenses 4,308 4,098 5.1 Adjusted EBITDA $ (1,376) $ (1,335) (3.1) % Corporate and Other primarily consists of overhead and personnel costs; Sky-branded video services and television networks in Germany; Comcast Spectacor, which owns the Philadelphia Flyers and the We lls Fargo Center arena in Philadelphia, Penn sylvania; and Xumo, our consolidated streaming platform joint venture.
With respect to television series or other owned television programming, the most sensitive factor affecting our estimate of ultimate revenue is whether the series can be successfully licensed beyond its initial license window. Initial estimates of ultimate revenue are limited to the amount of revenue attributed to the initial license window.
Comcast 2024 Annual Report on Form 10-K 52 Table of Contents With respect to television series or other owned television programming, the most sensitive factor affecting our estimate of ultimate revenue is whether the series can be successfully licensed beyond its initial license window.
Residential Connectivity & Platforms Segment – Costs and Expenses Programming expenses decreased in 2023 primarily due to a decline in the number of domestic video subscribers, partially offset by domestic contractual rate increases and an increase in programming expenses for international sports channels.
Other revenue decreased in 2024 primarily due to a decrease in residential wireline voice revenue driven by a decline in the number of customers. Residential Connectivity & Platforms Segment – Costs and Expenses Programming expenses decreased in 2024 primarily due to a decline in the number of domestic video subscribers, partially offset by domestic contractual rate increases.
Changes in market conditions, laws and regulations, and key assumptions made in future quantitative assessments, including expected cash flows, competitive factors and discount rates, could negatively impact the results of future impairment testing and could result in the recogn ition of an additional impairment charge.
Changes in market conditions, laws and regulations, and key assumptions made in future quantitative assessments, such as expected cash flows, competitive factors, discount rates, and value indications from market transactions, including the proposed Spin-off of businesses within our Media segment, could negatively impact the results of future impairment testing and could result in the recognition of an impairment charge.
Theme parks segment costs and expenses consist primarily of theme park operations, including repairs and maintenance and related administrative expenses; food, beverage and merchandise costs; labor costs; and sales and marketing costs. Theme parks segment costs and expenses increased in 2023 due to higher costs primarily associated with increased guest attendance.
Theme parks segment costs and expenses primarily consists of theme park operations, including repairs and maintenance and related administrative expenses; food, beverage and merchandise costs; labor costs; and sales and marketing costs.
One-Way Guarantees Comcast provides full and unconditional guarantees of certain debt issued by Sky Limited (“Sky ”) , including all of its senior notes, and other consolidated subsidiaries not subject to the periodic reporting requirements of the SEC. Comcast also provides a full and unconditional guarantee of $138 million principal amount of subordinated debt issued by Comcast Holdings.
Comcast 2024 Annual Report on Form 10-K 50 Table of Contents One-Way Guarantees Comcast provides full and unconditional guarantees of certain debt issued by Sky Limited (“Sky ”) , including all of its senior notes, and other consolidated subsidiaries not subject to the periodic reporting requirements of the SEC.
Other expenses include salaries, employee benefits, rent and other overhead expenses. 45 Comcast 2023 Annual Report on Form 10-K Table of Contents Theme Parks Segment Results of Operations Year ended December 31 (in millions) 2023 2022 2021 Change 2022 to 2023 Change 2021 to 2022 Revenue $ 8,947 $ 7,541 $ 5,051 18.6 % 49.3 % Costs and expenses 5,602 4,858 3,783 15.3 28.4 Adjusted EBITDA $ 3,345 $ 2,683 $ 1,267 24.7 % 111.7 % Theme parks segment revenue primarily relates to guest spending at our theme parks, including ticket sales and in-park spending, and to our consumer products business.
Theme Parks Segment Results of Operations Year ended December 31 (in millions) 2024 2023 Change 2023 to 2024 Revenue $ 8,617 $ 8,947 (3.7) % Costs and expenses 5,668 5,602 1.2 Adjusted EBITDA $ 2,949 $ 3,345 (11.8) % Comcast 2024 Annual Report on Form 10-K 42 Table of Contents Theme parks segment revenue primarily relates to guest spending at our theme parks, including ticket sales and in-park spending, and to our consumer products business.
When performing an impairment assessment, we estimate fair value primarily based on a discounted cash flow analysis that involves significant judgment, including market participant estimates of future cash flows, which are supported by internal forecasts. Impairments of capitalized film and television costs were not material in any of the periods presented.
Sports rights are accounted for as executory contracts and are not subject to impairment. When performing an impairment assessment, we estimate fair value primarily based on a discounted cash flow analysis that involves significant judgment, including market participant estimates of future cash flows, which are supported by internal forecasts.

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Item 7A. Quantitative and Qualitative Disclosures About Market Risk

Market Risk — interest-rate, FX, commodity exposure

13 edited+1 added−6 removed6 unchanged
Biggest change(in billions) 2024 2025 2026 2027 2028 Thereafter Total Estimated Fair Value as of December 31, 2023 Debt Fixed-rate debt $ 1.8 $ 6.3 $ 5.2 $ 5.7 $ 7.0 $ 76.9 $ 102.9 $ 92.0 Average interest rate (a) 3.7 % 3.2 % 1.7 % 3.2 % 4.0 % 3.7 % 3.5 % Variable-rate debt $ 0.2 $ — $ — $ — $ — $ — $ 0.2 $ 0.2 Average interest rate 6.0 % — % — % — % — % — % 6.0 % Fixed-to-Variable Interest Rate Swaps Notional amount (b) $ — $ — $ 1.3 $ 0.3 $ 1.0 $ — $ 2.5 $ (0.2) Average pay rate — % — % 6.2 % 6.1 % 6.5 % — % 6.3 % Average receive rate — % — % 3.3 % 3.6 % 4.2 % — % 3.7 % (a) Includes the effects of our fixed-to-fixed cross-currency swaps, which are discussed further below under the heading “Foreign Exchange Risk Management.” (b) Notional amounts are used to calculate the interest to be paid or received and do not represent our exposure to credit loss.
Biggest change(in billions) 2025 2026 2027 2028 2029 Thereafter Total Estimated Fair Value as of December 31, 2024 Debt Fixed-rate debt $ 4.9 $ 4.9 $ 5.7 $ 7.0 $ 4.8 $ 77.7 $ 105.1 $ 89.8 Average interest rate (a) 2.9 % 1.7 % 3.3 % 4.0 % 3.7 % 3.8 % 3.6 % Fixed-to-Variable Interest Rate Swaps Notional amount (b) $ — $ 1.3 $ 0.3 $ 1.0 $ — $ — $ 2.5 $ (0.2) Average pay rate — % 6.5 % 6.3 % 6.8 % — % — % 6.6 % Average receive rate — % 3.3 % 3.6 % 4.2 % — % — % 3.7 % (a) Includes the effects of our fixed-to-fixed cross-currency swaps, which are discussed further below under the heading “Foreign Exchange Risk Management.” (b) Notional amounts are used to calculate the interest to be paid or received and do not represent our exposure to credit loss.
We enter into foreign currency forward contracts that change in value as currency exchange rates fluctuate to protect the functional currency equivalent value of non-functional currency denominated assets, liabilities, commitments, and forecasted non-functional currency revenue and expenses. In accordance with our policy, we hedge forecasted foreign currency transactions for periods generally not to exceed 30 months.
We also enter into foreign currency forward contracts that change in value as currency exchange rates fluctuate to protect the functional currency equivalent value of non-functional currency denominated assets, liabilities, commitments, and forecasted non-functional currency revenue and expenses. In accordance with our policy, we hedge forecasted foreign currency transactions for periods generally not to exceed 30 months.
The results of our analysis indicate that such a shift in exchange rates would not have a material impact on our 2023 net income attributable to Comcast Corporation. Counterparty Credit Risk Management We manage the credit risks associated with our derivative financial instruments through diversification and the evaluation and monitoring of the creditworthiness of counterparties.
The results of our analysis indicate that such a shift in exchange rates would not have a material impact on our 2024 net income attributable to Comcast Corporation. Counterparty Credit Risk Management We manage the credit risks associated with our derivative financial instruments through diversification and the evaluation and monitoring of the creditworthiness of counterparties.
We have analyzed our foreign currency exposure related to our foreign operations as of December 31, 2023, including our hedging contracts, to identify assets and liabilities denominated in a currency other than their functional currency. For those assets and liabilities, we then evaluated the effect of a hypothetical 10% shift in currency exchange rates, inclusive of the effects of derivatives.
We have analyzed our foreign currency exposure related to our foreign operations as of December 31, 2024, including our hedging contracts, to identify assets and liabilities denominated in a currency other than their functional currency. For those assets and liabilities, we then evaluated the effect of a hypothetical 10% shift in currency exchange rates, inclusive of the effects of derivatives.
As of December 31, 2023 and 2022, we were not required to post collateral under the terms of these agreements, nor did we hold any collateral under the terms of these agreements. Comcast 2023 Annual Report on Form 10-K 58 Table of Contents
As of December 31, 2024 and 2023, we were not required to post collateral under the terms of these agreements, nor did we hold any collateral under the terms of these agreements. 55 Comcast 2024 Annual Report on Form 10-K Table of Contents
We estimate interest rates on variable rate debt and swaps using the relevant average implied forward rates through the year of maturity based on the yield curve in effect on December 31, 2023, plus the applicable borrowing margin.
We estimate interest rates on variable rate swaps using the relevant average implied forward rates through the year of maturity based on the yield curve in effect on December 31, 2024, plus the applicable borrowing margin.
The effect of our interest rate derivative financial instruments to our consolidated interest expense was a decrease of $56 million in 2023, a decrease of $66 million in 2022 and a decrease of $2 million in 2021. Interest rate derivative financial instruments may have a significant effect on consolidated interest expense in the future.
The effect of our interest rate derivative financial instruments to our consolidated interest expense was an increase of $49 million in 2024, a decrease of $56 million in 2023 and a decrease of $66 million in 2022. Interest rate derivative financial instruments may have a significant effect on consolidated interest expense in the future.
The table below summarizes by contractual year of maturity the principal amount of our debt, notional amount of our interest rate instruments, effective rates, and fair values subject to interest rate risk maintained by us as of December 31, 2023.
The table below summarizes by contractual year of maturity the principal amount of our debt, notional amount of our interest rate instruments, effective rates, and fair values subject to interest rate risk maintained by us as of December 31, 2024. We had no variable rate debt outstanding as of December 31, 2024.
The value of these currencies, primarily including the British pound, euro, Japanese yen and Chinese yuan, fluctuates relative to the U.S. dollar. These changes could adversely affect the U.S. dollar equivalent value of our non-U.S. dollar operations, which could negatively affect our business, financial condition and results of operations in a given period or in specific territories.
These changes could adversely affect the U.S. dollar equivalent value of our non-U.S. dollar operations, which could negatively affect our business, financial condition or results of operations in a given period or in specific territories.
We are also exposed to foreign exchange risk on the consolidation of our foreign operations. We have foreign currency denominated debt and cross-currency swaps designated as hedges of our net investments in certain of these subsidiaries.
We have foreign currency denominated debt and cross-currency swaps designated as hedges of our net investments in certain of these subsidiaries. See Note 6 for additional information.
Our other foreign currency forwards were not material in any period presented. We use cross-currency swaps as cash flow hedges for certain debt obligations denominated in a currency other than the functional currency of the issuer.
We use cross-currency swaps as fair value and cash flow hedges for certain debt obligations denominated in a currency other than the functional currency of the issuer. Cross-currency swaps effectively convert foreign currency denominated debt to debt denominated in the functional currency, which hedge currency exchange risks associated with foreign currency denominated debt.
See Notes 1, 6 and 8 for additional information. 57 Comcast 2023 Annual Report on Form 10-K Table of Contents Foreign Exchange Risk Management We have significant operations in a number of countries outside the United States, and certain of our operations are conducted in foreign currencies.
Comcast 2024 Annual Report on Form 10-K 54 Table of Contents Foreign Exchange Risk Management We have significant operations in a number of countries outside the United States, and certain of our operations are conducted in foreign currencies. The value of these currencies, primarily including the British pound, euro, Japanese yen and Chinese yuan, fluctuates relative to the U.S. dollar.
The estimated fair value approximate s the amount of payments to be made or proceeds to be received to settle the outstanding contracts, excluding accrued interest. Additionally, we had a $5.2 billion variable rate term loan presented separately as a collateralized obligation that was repaid in December 2023.
The estimated fair value approximate s the amount of payments to be made or proceeds to be received to settle the outstanding contracts, excluding accrued interest. See Notes 1 and 6 for additional information.
Removed
As of December 31, 2023 and 2022, we had foreign currency forwards designated as fair value hedges on $2.0 billion and $5.4 billion of our foreign currency intercompany loans receivable, respectively, and the aggregate estimated fair value of these foreign currency forwards was a net liability of $15 million and $56 million, respectively.
Added
Certain of these derivatives are designated as fair value hedges, including foreign currency forwards designated as fair value hedges on our foreign currency intercompany loans receivable. We are also exposed to foreign exchange risk on the consolidation of our foreign operations.
Removed
Cross-currency swaps effectively convert foreign currency denominated debt to debt denominated in the functional currency, which hedge currency exchange risks associated with foreign currency denominated cash flows such as interest and principal debt repayments.
Removed
As of December 31, 2023 and 2022, we had cross-currency swaps designated as cash flow hedges on $797 million and $752 million of our foreign currency denominated debt, respectively, and the aggregate estimated fair value of these cross-currency swaps was a net liability of $211 million and $274 million, respectively.
Removed
As of December 31, 2023 and 2022, the amount of foreign currency denominated debt designated as hedges of our net investment in foreign subsidiaries was $7.4 billion and $7.6 billion, respectively, and the notional amount of cross-currency swaps designated as hedges of our net investment in foreign subsidiaries was $2.8 billion and $2.5 billion, respectively.
Removed
As of December 31, 2023 and 2022, the aggregate estimated fair value of these cross-currency swaps was a net liability of $3 million and a net asset of $108 million, respectively.
Removed
The amount of pre-tax gains (losses) related to net investment hedges recognized in the cumulative translation adjustments component of other comprehensive income (loss) were gains of $316 million in 2023, losses of $397 million in 2022 and gains of $760 million in 2021.

Other CCZ 10-K year-over-year comparisons