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What changed in Comcast's 10-K — 2022 vs 2023

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Paragraph-level year-over-year comparison of Comcast's 2022 and 2023 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 2023 report.

+548 added−592 removedSource: 10-K (2024-01-31) vs 10-K (2023-02-03)

Top changes in Comcast's 2023 10-K

548 paragraphs added · 592 removed · 375 edited across 6 sections

Item 1. Business

Business — how the company describes what it does

147 edited+67 added−117 removed45 unchanged
Biggest changeThese agreements also include certain other rights, including streaming rights, additional exclusive games on Peacock and the Spanish-language U.S. broadcast rights for certain NFL games, which are aired on Telemundo • Olympics: U.S. broadcast and streaming rights for the summer and winter Olympic Games through 2032 with programming to be aired on the NBC network, multiple cable networks and Peacock We also have varying U.S. broadcast and/or streaming rights to the PGA TOUR and other golf events through 2031, Big Ten football and basketball starting with the 2023-24 season through the 2029-30 season, English Premier League soccer through the 2027-28 season, Worldwide Wrestling Entertainment (“WWE”) events on television through 2024 and on Peacock through 2026, certain NASCAR events through 2024, and the Spanish-language U.S. broadcast rights to FIFA World Cup soccer games through 2026, as well as local broadcast rights for certain professional sports teams through our regional sports networks with terms ending between 2024 and 2040.
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.
Certain companies that offer DSL service have increased data transmission speeds, lowered prices or created bundled services to compete with our broadband services. Various wireless companies are offering internet services using a variety of technologies, including 4G and 5G wireless broadband services and 5G fixed wireless networks.
Certain companies that offer DSL service have increased data transmission speeds, lowered prices or created bundled services to compete with our broadband services. Various wireless companies are offering internet services using a variety of technologies, including 5G fixed wireless networks and 4G and 5G wireless broadband services.
Investors generally assume the full risks and rewards of ownership proportionate to their ownership in the film. In connection with studio productions, we typically owe “residuals” payments to individuals hired under collective bargaining agreements to work on productions, which are generally calculated based on post-theatrical or content licensing revenue.
Investors generally assume the full risks and rewards of ownership proportionate to their ownership in the film. In connection with film studio productions, we typically owe “residuals” payments to individuals hired under collective bargaining agreements, which are generally calculated based on post-theatrical or content licensing revenue.
As a result, revenue tends to be seasonal, with increases experienced each year during the summer months and around the holiday season. We incur significant marketing expenses before and throughout the release of a film in movie theaters and as a result, we typically incur losses on a film prior to and during the film’s exhibition in movie theaters.
As a result, revenue tends to be seasonal, with increases experienced each year during the summer months and around the winter holiday season. We incur significant marketing expenses before and throughout the release of a film in movie theaters and as a result, we typically incur losses on a film prior to and during the film’s exhibition in movie theaters.
The FCC frequently considers imposing new broadband-related regulations such as those relating to an Open Internet, and from time to time, imposing new regulatory obligations on internet service providers (“ISPs”) such as us. States and localities also consider new broadband-related regulations from time to time, including those regarding government-owned broadband networks, net neutrality and broadband affordability.
The FCC frequently considers imposing new broadband-related regulations such as those relating to an Open Internet, and from time to time, imposing new regulatory obligations on internet service providers (“ISPs”) such as us. States and localities also periodically consider new broadband-related regulations, including those regarding government-owned broadband networks, net neutrality and broadband affordability.
Our film and television studios also compete to obtain creative, performing and technical talent, including writers, actors, directors, and producers, as well as scripts for films and television shows, and for the distribution of, and consumer interest in, their content.
Our studios also compete to obtain creative, performing and technical talent, including writers, actors, directors, and producers, as well as scripts for films and television shows, and for the distribution of, and consumer interest in, their content.
International Communications-Related Regulations Sky and certain NBCUniversal 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 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.
In particular, advertising revenue increases due to increased demand for advertising time for these events and distribution revenue increases in the period of broadcasts of the Olympic Games. Costs and expenses also increase as a result of our production costs for these broadcasts and the amortization of the related rights fees.
In particular, advertising revenue increases due to increased demand for advertising time for these events and distribution revenue increases in the period of broadcasts of the Olympic Games. Costs and expenses also increase as a result of our production costs for these broadcasts and the recognition of the related rights fees.
Our broadcast networks compete with the other broadcast networks in markets across the United States to secure affiliations with independently owned television stations, which are necessary to ensure the effective distribution of broadcast network programming to a nationwide audience.
Our domestic broadcast networks compete with the other broadcast networks in markets across the United States to secure affiliations with independently owned local broadcast television stations, which are necessary to ensure the effective distribution of broadcast network programming to a nationwide audience.
Competition Media Our Media segment competes for viewers’ attention and audience share with all forms of programming provided to viewers, including cable, broadcast and premium networks; DTC streaming and other OTT service providers; local broadcast television stations; 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 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.
New broadband regulations, if adopted, may have adverse effects on our businesses. We may also be subject to additional broadband-related commitments as a condition of receiving federal or state broadband funding.
New broadband regulations, if adopted, may have adverse effects on our businesses. We may also become subject to additional broadband-related commitments as a condition of receiving federal or state broadband funding.
Theme Parks Segment The following Universal theme parks primarily comprise the Theme Parks segment: • Universal Orlando Resort: Includes two theme parks, Universal Studios Florida and Islands of Adventure, and our water park, Volcano Bay, all of which are located in Orlando Florida.
Theme Parks Segment Our Theme Parks segment primarily includes the operations of the following Universal theme parks: • Universal Orlando Resort: Includes two theme parks, Universal Studios Florida and Islands of Adventure, and our water park, Volcano Bay, all of which are located in Orlando, Florida.
Our advertising sales are affected by the prices we charge for each advertising unit, which are generally based on the size and demographics of our viewing audiences, audience ratings on our television networks, the number of advertising units we can place in our programming and on our digital properties, and our ability to sell our advertising across our platforms.
Our advertising sales are affected by the prices we charge for each advertising unit, which are generally based on the size and demographics of our viewing audiences, audience ratings on our television networks, the number of advertising units we can place in our programming and on our digital properties, and our ability to sell advertising across our television and streaming business.
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 premium networks and with DTC streaming and other OTT service providers. 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 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 have various multiyear contractual commitments for the licensing of programming, 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 platforms, including Peacock.
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.
These networks work with devices such as smartphones, laptops, tablets, and mobile and fixed wireless routers, as well as wireless data cards. Certain companies have launched fiber-to-the-premises 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 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.
Sky is also subject to E.U. and other Open Internet/net neutrality regulations, which prohibit the blocking, throttling or discrimination of online content, applications and services and require ISPs to disclose their traffic management, throughput limitations and other practices impacting quality of service in customer contracts.
We are also subject to E.U. and other Open Internet/net neutrality regulations, which prohibit the blocking, throttling or discrimination of online content, applications and services and require ISPs to disclose their traffic management, throughput limitations and other practices impacting quality of service in customer contracts.
Advertising revenue in the United States is generally higher in the second and fourth quarters of each year and in even-numbered years due to increases in advertising in the spring and in the period leading up to and including the holiday season, and advertising related to candidates running for political office and issue-oriented advertising, respectively.
Domestic advertising revenue is generally higher in the second and fourth quarters of each year and in even-numbered years due to increases in advertising in the spring and in the period leading up to and including the winter holiday season, and advertising related to candidates running for political office and issue-oriented advertising, respectively.
Several states have passed or introduced legislation, or have adopted executive orders, that impose Open Internet requirements in a variety of ways, and new state legislation may be introduced and adopted in the future. Such attempts by the states to regulate have the potential to create differing and/or conflicting state regulations.
In addition, several states have adopted laws or executive orders that impose Open Internet requirements in a variety of ways, and new state legislation may be adopted in the future. Such attempts by the states to regulate have the potential to create differing and/or conflicting state regulations.
Comcast 2022 Annual Report on Form 10-K 22 Table of Contents 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, Ireland 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 2022. • 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 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.
We undertake no obligation to update or revise publicly any forward-looking statements, whether because of new information, future events or otherwise. 23 Comcast 2022 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. 19 Comcast 2023 Annual Report on Form 10-K Table of Contents
The competitive position of our film and television studios primarily depends on the number of films and shows and episodes produced, their distribution and marketing success, and consumer response.
The competitive position of our studios primarily depends on the number of films and television series and episodes produced, their distribution and marketing success, and consumer response.
These platforms are based on our global technology platform, which integrates linear television networks, owned and third-party DTC streaming services and other internet-based apps, and on demand content in one 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 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.
A small overall portion of our full-time U.S. employees are unionized, although many of NBCUniversal’s freelance and temporary writers, directors, actors, technical and production personnel, as well as some on-air and creative talent employees, are covered by industry-wide collective bargaining agreements or work councils.
A small overall portion of our full-time U.S. employees are unionized, although many of Content & Experiences’ freelance and temporary writers, directors, actors, technical and production per sonnel, as well as some on-air and creative talent employees, are covered by industry-wide collective bargaining agreements or work councils.
Similar to the competitive environment in our Media segment, the willingness of advertisers to purchase advertising from us may be adversely affected by declines in audience ratings and television viewership and difficulty in measuring fragmented audiences.
Similar to the competitive environment in our Media segment, the willingness of advertisers to purchase advertising from us may be adversely affected by declines in audience ratings and television viewership, difficulty in measuring fragmented audiences and the increasing number of entertainment choices available.
Federal agencies likewise may consider adopting new regulations for communications services, including broadband. 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 compliance costs.
Federal agencies are considering adopting new regulations for communications services, including broadband. 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.
State and Local Taxes Some U.S. states and localities have imposed or are considering imposing, through both legislative and administrative channels, new or additional taxes or fees on, or limiting or eliminating incentives or credits earned or monetized by, the businesses operated by our Cable Communications and NBCUniversal segments, or imposing adverse methodologies by which taxes, fees, incentives or credits are computed, earned or monetized.
State and Local Taxes Some U.S. states and localities have imposed or are considering imposing, through both legislative and administrative channels, new or additional taxes or fees on, or limiting or eliminating incentives or credits earned or monetized by, our businesses, or imposing adverse methodologies by which taxes, fees, incentives or credits are computed, earned or monetized.
Congress has also considered, and may consider again, proposals to bar or limit states from imposing taxes on these DBS providers or other competitors 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 and other OTT service providers) that are equivalent to the taxes or fees that we pay.
As a global media and technology company, we have a wide range of employees, including management professionals, technicians, engineers, call center employees, theme park employees, and media talent and production employees. Some of our key workforce-related programs and initiatives include the following. Diversity, Equity and Inclusion • Our commitment to diversity, equity and inclusion is longstanding.
As a global media and technology company, we have a wide range of employees, including management professionals, technicians, engineers, call center employees, theme park employees, and media talent and production employees. Some of our key workforce-related programs and initiatives include the following.
MVNOs are subject to many of the same FCC regulations as facilities-based wireless carriers (e.g., E911 services, local number portability, etc.), as well as certain state or local regulations.
MVNOs are subject to many of the same FCC regulations as facilities-based wireless carriers, such as E911 services and local number portability, as well as certain state or local regulations.
Broadband Deployment and Adoption Initiatives There have been, and may continue to be, substantial broadband-deployment funding initiatives at the federal and state level that could subsidize (i) other service providers building networks within our footprint and (ii) potential expansion of our network to new areas. Federal agencies are adopting rules for recently-enacted federal broadband funding programs.
Broadband Deployment and Adoption Initiatives There have been, and may continue to be, substantial broadband-deployment funding initiatives at the federal and state level that could subsidize (i) other service providers building networks within our footprint and (ii) potential expansion of our network to new areas.
Certain states have enacted laws that restrict or prohibit local municipalities from operating municipally owned broadband networks, and there may be efforts in other state legislatures to restrict the development of government-owned networks, although others may choose to ease or facilitate such networks.
Certain states have enacted laws that restrict or prohibit local municipalities from operating municipally owned broadband networks, and there may be efforts in other state legislatures to restrict the development of government-owned networks. Other states, however, have amended or may amend such laws to facilitate such networks.
Revenue in Cable Communications, Media and Sky is also subject to cyclical advertising patterns and changes in viewership levels.
Revenue in Media is also subject to cyclical advertising patterns and changes in viewership levels.
Revenue in Studios fluctuates due to the timing, nature and number of films released in movie theaters, on DVDs/Blu-ray discs, and through various other distribution platforms, including viewing on demand, DTC platforms or 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, 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.
Throughout the year, our senior executive management team, as well as a broader array of executives throughout our businesses, make presentations to the Board and its committees and interact with our directors informally outside of regularly scheduled Board meetings, which provides directors with meaningful insight into our current pool of talent, what attracts and retains our executives, and our company culture.
Throughout the year, our senior executive management team, as well as a broader array of executives throughout our businesses, make presentations to the Board and its committees and interact with our directors informally outside of regularly scheduled Board meetings, which provides directors with meaningful insight into our current pool of talent, what attracts and retains our executives, and our company culture. • We seek to have a workforce that reflects the diversity of the communities we serve across the company.
Other We purchase from a limited number of suppliers a significant amount of customer premise equipment, including set-top boxes, wireless hubs and network equipment to provide our video and broadband services to residential and business customers.
Other Sources of Supply and Operations We purchase from a limited number of suppliers a significant amount of customer premise equipment, including wireless gateways and set-top boxes, network equipment and services to provide our broadband and video services to residential and business customers. We also purchase from a limited number of suppliers a significant number of wireless devices.
The FCC or other regulatory authorities may adopt new or different regulations for MVNOs and/or mobile broadband providers in the future, which could adversely affect our wireless phone service offering or our business generally.
The FCC or other regulatory authorities may adopt new or different regulations for MVNOs and/or mobile broadband providers in the future, which could adversely affect our wireless phone service offering or our business generally. Voice We provide voice services using VoIP technology.
Customers may either bring their own device or purchase devices from us with the option to pay upfront or finance the purchase interest-free over periods ranging from 24 to 48 months.
Customers may either bring their own device or purchase devices from us with the option to pay upfront or finance the purchase interest-free over 24 months for domestic customers and over 24 to 48 months for international customers.
Residential Broadband Cable Communications competes 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 have built and are continuing to build fiber-based network infrastructure farther 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 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.
Television Channels and On-Demand Services Sky and NBCUniversal hold a number of licenses and authorizations for their portfolios of television channels and on-demand services. For example, in the United Kingdom, Sky’s channels are licensed and subject to various codes issued by Ofcom affecting the content and delivery of these channels.
Television Networks and On-Demand Services Our video business holds a number of licenses and authorizations for their portfolios of television networks and on-demand services. For example, in the United Kingdom, Sky-branded television networks are licensed and subject to various codes issued by Ofcom affecting the content and delivery of these networks.
Our film studios have entered into, and may continue to enter into, film cofinancing arrangements with third parties, including both studio and nonstudio entities, to jointly finance or distribute certain of our film productions. These arrangements can take various forms, but in most cases involve the grant of an economic inter est in a film to an investor.
In certain cases, we have also entered into film co-financing arrangements with third party studios and non-studio entities to jointly finance or distribute certain of our film productions. These arrangements can take various forms, but in most cases involve the grant of an economic inter est in a film to an investor.
Certain of our businesses are subject to the European Union’s General Data Protection Regulation (“GDPR”) and the United Kingdom’s Data Protection Act 2018 (“DPA”), which broadly regulate the processing of personal data collected from individuals in the European Union and United Kingdom, 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.
Cable Communications also pursues technology initiatives related to broadband and wireless services that also leverage our global technology platform, providing customers with in-and-out-of-home Wi-Fi, the ability to manage their Wi-Fi network and connected home with our xFi whole-home application and online portal, advanced security technology and other features.
Our Connectivity & Platforms business also pursues technology initiatives related to broadband and wireless services that leverage our global technology platform. We provide our customers with in-and-out-of-home Wi-Fi, the ability to manage their Wi-Fi network and connected home with our mobile apps and online portal, advanced security technology, and other features.
Households as of December 31, 2022 (in millions) (a) Description of Programming USA Network 75 General entertainment and sports E! 75 Entertainment and pop culture Syfy 75 Imagination-based entertainment Bravo 74 Entertainment, culture and arts MSNBC 74 News, political commentary and information CNBC 73 Business and financial news Oxygen 64 Crime, mystery and suspense for women Golf Channel 63 Golf competition and golf entertainment Universal Kids 49 Children’s entertainment Universo 28 Spanish language entertainment CNBC World 19 Global financial news (a) Household data is based on information from The Nielsen Company as of December 31, 2022 using its Cable Coverage Universe Estimates report and dynamic ad insertion est imates.
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.
Material changes to these regulations could affect Sky’s business. As a provider of broadband services, Sky is subject to applicable laws and regulations relating to telecommunications security, including a U.K. law that requires providers to take certain measures with respect to potential security compromises.
As a provider of broadband services, we are subject to applicable laws and regulations relating to telecommunications security, including a U.K. law that requires providers to take certain measures with respect to potential security compromises.
Wireless Cable Communications competes with national wireless service providers in the United States, including AT&T, T-Mobile and Verizon, which offer wireless service on both a stand-alone basis or along with other services as bundled offerings, as well as regional wireless service providers.
Wireless We compete with national and regional wireless service providers in the United States, including AT&T, T-Mobile and Verizon, and wireless service providers in the United Kingdom that offer wireless service on both a stand-alone basis and with other services as bundled offerings.
Universal Orlando also includes Universal CityWalk Orlando, a dining, retail and entertainment complex, and features on-site themed hotels in which we own a noncontrolling interest.
Universal Orlando Resort also includes Universal CityWalk Orlando, a dining, retail and entertainment complex, and features on-site themed hotels in which we own a noncontrolling interest. • Universal Studios Hollywood: Includes a theme park located in Hollywood, California and Universal CityWalk Hollywood. • Universal Studios Japan: Includes a theme park located in Osaka, Japan.
Privacy and Data Security Regulation Our businesses are subject to federal, state and foreign laws and regulations that impose various restrictions and obligations related to privacy and the handling of consumers’ personal information.
Privacy and Data Protection Regulation Our businesses are subject to laws and regulations that impose various restrictions and obligations related to privacy and the processing of individuals’ personal information.
Broadcast Ownership Restrictions The Communications Act and FCC regulations impose certain limitations on local and national television ownership, as well as limits on foreign ownership in a broadcast television station.
Broadcast Ownership Restrictions The Communications Act and FCC regulations impose certain limitations on local and national television ownership, as well as limits on foreign ownership in a broadcast television station. Some of these limitations currently are under review at the FCC, including the national television ownership limit.
We license films, including recent titles and selections from our film library, which is comprised of more than 6,000 movies in a variety of genres, to television networks and DTC streaming service providers, including our Media segment, and to video on demand and pay-per-view services provided by multichannel video providers, including the Cable Communications and Sky 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 and pay-per-view services provided by multichannel video providers. This includes licenses to our Media and Residential Connectivity & Platforms segments.
Other Areas of Regulation Intellectual Property Copyright, trademark, unfair competition, patent, trade secret and other proprietary-rights laws of the United States and other countries help protect our intellectual property rights.
Comcast 2023 Annual Report on Form 10-K 16 Table of Contents Other Areas of Regulation Intellectual Property Copyright, trademark, unfair competition, patent, trade secret and other proprietary-rights laws of the United States and other countries help protect our intellectual property rights.
Platform Services In the United Kingdom, Sky has agreed to provide its electronic program guide (“EPG”) and conditional access (“CA”) services to other programming providers on fair, reasonable and non-discriminatory terms, among other things, so that those providers’ content is available on Sky’s satellite platform via the EPG on set-top boxes.
We cannot predict how the proposed regulation will affect Sky’s businesses. Platform Services In the United Kingdom, Sky’s electronic program guide (“EPG”) and conditional access (“CA”) services are provided to other programming providers on fair, reasonable and nondiscriminatory terms, among other things, so that those providers’ content is available on the Sky satellite platform via the EPG on set-top boxes.
Congress may also consider legislation addressing these regulations and the regulatory framework for broadband internet access services. We cannot predict whether or how the rules might be changed, the impact of potential new legislation, or the outcome of any litigation.
Congress may also consider legislation addressing these regulations and the regulatory framework for broadband internet access services. 13 Comcast 2023 Annual Report on Form 10-K Table of Contents We cannot predict whether or how the rules might be changed, the impact of any potential new legislation or the outcome of any litigation relating to such rule changes or new legislation.
The FCC adopted an order in 2019 that prohibits state and local authorities from imposing duplicative franchise and/or fee requirements on the provision of broadband and other non-cable services, affirming that franchise fees were subject to a federal statutory cap of 5% of cable service revenue and could not include other revenue.
The FCC currently prohibits state and local authorities from imposing duplicative franchise and/or fee requirements on the provision of broadband and other non-cable services, and franchise fees are subject to a federal statutory cap of 5% of cable service revenue only and may not include revenue from broadband or other non-cable services offered over a cable system.
The NBC owned local broadcast 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, 2022, representing approximately 28% of U.S. television households.
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.
State regulatory commissions and legislatures in other jurisdictions may continue to consider imposing regulatory requirements on our voice services as long as the regulatory classification of VoIP remains unsettled at the federal level. Wireless We offer a wireless voice and data service primarily using our MVNO rights to provide the service over Verizon’s wireless network.
State regulatory commissions and legislatures in other jurisdictions may continue to consider imposing regulatory requirements on our voice services as long as the regulatory classification of VoIP remains unsettled at the federal level.
Our business services offerings for medium-sized and enterprise customers also include a software-defined networking product, and larger enterprises may also receive support services related to Wi-Fi networks, router management, network security, business continuity risks and other services.
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.
Comcast 2022 Annual Report on Form 10-K 8 Table of Contents Programming Our television and streaming platforms include content licensed from our Studios segment and from third parties, as well as content produced by Media segment businesses, such as live news and sports programming and certain original programming, including late-night comedy for NBC and original telenovelas for Telemundo.
Programming Our television networks and Peacock include content licensed from our Studios segment and from third parties, as well as content produced by Media segment businesses, such as live news and sports programming and certain original content, including late-night comedy for NBC and original telenovelas for Telemundo.
Several localities have attempted, generally unsuccessfully to date, to impose franchise fees on DTC streaming and other OTT service providers. 17 Comcast 2022 Annual Report on Form 10-K Table of Contents Program Carriage FCC regulations prohibit us from unreasonably restraining the ability of an unaffiliated video programming network to compete fairly by discriminating against the network on the basis of its non-affiliation in the selection, terms or conditions for its carriage.
Comcast 2023 Annual Report on Form 10-K 14 Table of Contents Program Carriage FCC regulations prohibit us from unreasonably restraining the ability of an unaffiliated video programming network to compete fairly by discriminating against the network on the basis of its non-affiliation in the selection, terms or conditions for its carriage.
For a majority of customers, our DTH video platform is delivered via one-way digital satellite transmission that uses satellites leased from third parties for the distribution of television channels and is augmented by a set-top box with local DVR storage and high-speed, two-way broadband connectivity enabling interactive video services such as integrated search functionality, on demand, DVR and voice services.
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.
We also owe “participations” payments to creative talent, to third parties under cofinancing agreements and to other parties involved in content production, which are generally based on the financial performance of the content. Television Studios Our television studios develop and produce original content, including scripted and unscripted television series.
We also typically owe “participations” payments to creative talent, to third parties under co-financing agreements and to other parties involved in content production, which are generally based on the financial performance of the content.
We also generate revenue from the production and licensing of live stage plays. Film Studios Our film studios develop, produce, acquire, market and distribute filmed entertainment worldwide.
We also generate revenue from the sale of physical and digital home entertainment products, as well as the production and licensing of live stage plays and the distribution of content produced by third parties. Film Studios Our film studios develop, produce, acquire, market and distribute filmed entertainment worldwide.
As part of our broadband service, we also 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 and xFi Pod plug-in devices that extend a customer’s in-home Wi-Fi coverage.
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.
The FCC has not yet ruled on whether VoIP services such as ours should be classified as an “information service” or a “telecommunications service” under the Communications Act. The classification determination is important because telecommunications services are regulated more extensively than information services. The U.S.
The FCC has not yet ruled on whether VoIP services such as ours should be classified as an “information service” or a “telecommunications service” under the Communications Act.
Our service offerings for small business locations primarily include broadband services, as well as voice and video services, that are similar to those provided to our residential customers; cloud-based cybersecurity services; wireless backup connectivity; advanced Wi-Fi solutions; video monitoring services; and cloud-based services for file sharing, online backup and web conferencing, among other uses.
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.
Studios Our film and television studios compete for audiences for our film and television content 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 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.
Our television and streaming platforms compete for the acquisition of content and for on-air and creative talent primarily with other cable, broadcast and premium networks, DTC streaming and other OTT service providers, and local broadcast television stations. The market for content is very competitive, particularly for sports rights, where the cost is significant.
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.
NBCUniversal’s television studios, branded as the Universal Studio Group, produces content under the following names: • Universal Television • Universal Content Productions • Universal Television Alternative Studio • Universal International Studios Our original content is primarily licensed initially to cable, broadcast and premium networks, as well as to DTC streaming service providers, including our Media segment.
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.
Broadband-deployment funding initiatives at the federal and state level may result in other service providers deploying new subsidized internet access networks within our footprint.
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.
Other Regulations U.S. states and localities, and various regulatory authorities, actively regulate other aspects of our businesses, including our Studios and Theme Parks businesses, accessibility to our video and voice services and broadcast television programming for people with disabilities, customer service standards, inside wiring, cable equipment, pole attachments, universal service fees, regulatory fees, public safety, telemarketing, leased access, indecency, loudness of commercial advertisements, advertising, political broadcasting, sponsorship identification, Emergency Alert System, equal employment opportunity and other employment-related laws, environmental-related matters, our equipment supply chain, and technical standards relating to the operation of cable systems and television stations.
The Internet Tax Freedom Act (“ITFA”) prohibits most states and localities from imposing sales and other taxes on our internet access charges and discriminating against electronic commerce; however, some jurisdictions may challenge the ITFA or the application of the ITFA to our business, or may assert that certain taxes akin to right-of-way fees are not preempted by the ITFA. 17 Comcast 2023 Annual Report on Form 10-K Table of Contents Other Regulations U.S. states and localities, and various regulatory authorities, actively regulate other aspects of our businesses, including our Studios and Theme Parks businesses, accessibility to our video and voice services and broadcast television programming for people with disabilities, customer service standards, inside wiring, cable equipment, pole attachments, universal service fees, regulatory fees, public safety, telemarketing, leased access, indecency, loudness of commercial advertisements, advertising, political broadcasting, sponsorship identification, Emergency Alert System, equal employment opportunity and other employment-related laws, environmental-related matters, our equipment supply chain, and technical standards relating to the operation of cable systems and television stations.
The FCC under the Biden Administration likely will revisit the regulatory classification of broadband internet access service and reclassify it as a “telecommunications service,” which would authorize the FCC to subject it to traditional common carriage regulation under Title II of the Communications Act.
However, in October 2023, the FCC proposed to reclassify broadband internet access services as a “telecommunications service,” which would authorize the FCC to subject our broadband services to traditional common carriage regulation under Title II of the Communications Act.
Certain titles are also licensed to our Media segment and made available for viewing on Peacock on the same date as the theatrical release.
Certain films are also licensed to our Media segment and made available for viewing on Peacock on the same date as the theatrical release. We also distribute films globally through the sale of physical and digital home entertainment products.
The availability of these and other offerings could negatively impact the demand for our broadband services. 5 Comcast 2022 Annual Report on Form 10-K Table of Contents Video Cable Communications competes with a number of different sources in the United States that provide news, sports, information and entertainment programming to consumers, including: • DTC streaming and other OTT service providers 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 programming networks • DBS providers, including DIRECTV and DISH Network, that transmit satellite signals to substantially all U.S. households 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 our s and provide bundled offerings that include wireless phone services • other providers that build and operate communications systems and services in the same areas that we serve, including those operating as franchised cable operators • other companies, such as local broadcast television stations, that provide multiple channels of free over-the-air programming 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 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.
In particular, the Communications Act of 1934, as amended (the “Communications Act”), and Federal Communications Commission (“FCC”) regulations and policies affect significant aspects of our cable communications and broadcast businesses in the United States.
Legislation and Regulation Our businesses are subject to various federal, state and local laws and regulations, with some also subject to international laws and regulations. In particular, the Communications Act of 1934, as amended (the “Communications Act”), and Federal Communications Commission (“FCC”) regulations and policies affect significant aspects of our communications businesses in the United States.
We seek to include in distribution agreements the rights to offer such programming through multiple delivery platforms, such as through our on demand services, mobile apps and our NOW streaming service.
Additionally, certain of our agreements include the rights to offer such programming through multiple delivery platforms, such as through our on demand services, online portal, mobile apps, the Xumo Stream Box and our NOW and NOW TV streaming services.
In Europe, broadcasting rights for major sports are usually tendered through a competitive auction process, with the winning bidder or bidders acquiring rights over a 3 to 5 year period.
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.
As part of our low-income broadband adoption program, we also offer qualifying customers Internet Essentials and Internet Essentials Plus, high-speed broadband services provided at discounted rates.
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.
We also acquire distribution rights to films produced by third parties, which may be limited to particular geographic regions, specific forms of media or certain periods of time.
We market a nd distribute our films worldwide and we also acquire distribution rights to films produced by third parties, which may be limited to particular geographic regions, specific forms of media or certain periods of time. Television Studios Our television studios develop, produce and distribute original content, including scripted and unscripted television series.
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. 15 Comcast 2022 Annual Report on Form 10-K Table of Contents 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.
We offer wireless services to customers in the United Kingdom using a combination of an arrangement to access network assets from Telefónica and our own mobile core network.
We offer wireless services in the United Kingdom using a combination of Virgin Media O2’s network and our own mobile core network.

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Item 1A. Risk Factors

Risk Factors — what could go wrong, per management

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Biggest changeWe 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.
Biggest changeWe 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.
In addition, any such events could 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.
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.
Item 1A: Risk Factors Risks Related to Our Business, Industry and Operations Our businesses operate in highly competitive and dynamic industries, and our businesses and results of operations could be adversely affected if we do not compete effectively. All of our businesses operate in intensely competitive, consumer-driven, rapidly changing environments.
Item 1A: Risk Factors Risks Related to Our Business, Industry and Operations Our businesses operate in highly competitive and dynamic industries, and our businesses and results of operations could be adversely affected if we do not compete effectively. Our businesses operate in intensely competitive, consumer-driven, rapidly changing environments.
In addition, doing business internationally subjects us to risks relating to political or social unrest, as well as corruption and government regulation, including U.S. laws such as the Foreign Corrupt Practices Act and the U.K. Bribery Act, that impose stringent requirements on how we conduct our foreign operations.
In addition, doing business internationally subjects us to risks relating to political or social unrest, as well as corruption and government regulations, including U.S. laws such as the Foreign Corrupt Practices Act and the U.K. Bribery Act, that impose stringent requirements on how we conduct our foreign operations.
In addition, NBCUniversal’s broadcast television networks depend on their ability to secure and maintain network affiliation agreements with third-party local broadcast television stations in the markets where we do not own the affiliated local broadcast television station.
In addition, our broadcast television networks depend on their ability to secure and maintain network affiliation agreements with third-party local broadcast television stations in the markets where we do not own the affiliated local broadcast television station.
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 also may 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 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.
We also incorporate third-party software (including extensive open-source software), applications, and data hosting and cloud-based services into many aspects of our products, services and operations, as well as rely on service providers to help us perform our business operations, all of which expose us to cyber attacks on such third-party suppliers and service providers.
We also incorporate third-party software (including extensive open-source software), applications, and data hosting and cloud-based services into many aspects of our products, services and operations, as well as rely on service providers to help us perform our business operations, all of which expose us to cyber attacks with respect to such third-party suppliers and service providers and their products and services.
Particularly with respect to long-term contracts for sports programming rights for NBCUniversal and Sky, our results of operations and cash flows over the term of a contract depend on a number of factors, including the strength of the advertising market, audience size, the timing and amount of rights payments, and the ability to secure distribution from, impose surcharges on, or obtain carriage on multichannel video providers or to grow and retain subscribers to our own DTC services.
Particularly with respect to contracts for sports rights, our results of operations and cash flows over the term of a contract depend on a number of factors, including the strength of the advertising market, audience size, the timing and amount of rights payments, and the ability to secure distribution from, impose surcharges on, or obtain carriage on multichannel video providers or to grow and retain subscribers to our own DTC services.
There are risks inherent in doing business internationally, including global financial market turmoil; economic volatility and global economic slowdown; currency exchange rate fluctuations and inflationary pressures; political risks; requirements of local laws and customs relating to the publication and distribution of content and the display and sale of advertising; import or export restrictions, tariffs, sanctions and trade regulations; difficulties in developing, staffing and managing foreign operations; issues related to occupational safety and adherence to diverse local labor laws and regulations; and potentially adverse tax developments.
There are risks inherent in doing business internationally, including global financial market turmoil; economic volatility and global economic slowdown; currency exchange rate fluctuations and inflationary pressures; geopolitical risks, including acts of terror and war; requirements of local laws and customs relating to the publication and distribution of content and the display and sale of advertising; import or export restrictions, tariffs, sanctions and trade regulations; difficulties in developing, staffing and managing foreign operations; issues related to occupational safety and adherence to diverse local labor laws and regulations; and potentially adverse tax developments.
Part of Cable Communications’ 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 increasing demands for payment and other concessions from local broadcast television stations.
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 wild fires, 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, including COVID-19, terrorist attacks or other similar events.
If any of these vendors experience operating or financial difficulties 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 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.
These market factors may be exacerbated by increased consolidation in the media industry, which may further increase our programming expenses. If we are unable to offset programming cost increases through rate increases, the sale of additional services, cost management or other initiatives, the increasing cost of programming could have an adverse effect on our Cable Communications segment’s results of operations.
These market factors may be exacerbated by consolidation in the media industry, which may further increase our programming expenses. If we are unable to offset programming cost increases through rate increases, the sale of additional services, cost management or other initiatives, the increasing cost of programming could have an adverse effect on our results of operations.
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. 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.
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.
In addition, NBCUniversal and Sky 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, 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.
New technologies can materially impact our businesses in a number of ways, including affecting the demand for our products, the distribution methods of our products and content to our customers, the ways in which our customers can purchase and view our content and the growth of distribution platforms available to advertisers.
New technologies can materially impact our businesses in a number of ways, including affecting the demand for our products, the distribution methods of our products and content to our customers, how we create our entertainment products, the ways in which our customers can purchase and view our content and the growth of distribution platforms available to advertisers.
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. 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. Weak economic conditions may have a negative impact on our businesses.
We derive substantial revenue from the sale of advertising, and a decline in expenditures by advertisers, including through traditional linear television distribution models, could negatively impact our results of operations.
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.
Below is a summary of our most significant sources of competition; for a more detailed description of the competition facing our businesses, see Item 1: Business and refer to the “Competition” discussion within that section. • Cable Communications’ and Sky’s broadband services compete primarily against wireline telecommunications companies, including many that are increasing deployment of fiber-based networks, wireless telecommunications companies offering internet services (using a variety of technologies, including 4G and 5G wireless broadband services and 5G fixed wireless networks), certain electric cooperatives and municipalities in the United States that own and operate their own broadband networks and DBS and newer satellite broadband providers.
For a more detailed description of the competition facing our businesses, see Item 1: Business and refer to the “Competition” discussion within that section. • Connectivity & Platforms’ broadband services compete primarily against wireline telecommunications companies, including many that are increasing deployment of fiber-based networks; wireless telecommunications companies offering internet services (using a variety of technologies, including 5G fixed wireless networks and 4G and 5G wireless broadband services); electric cooperatives and municipalities in the United States that own and operate their own broadband networks; and DBS and newer satellite broadband providers.
Declines can be caused by the economic prospects of specific advertisers or industries, increased competition for the leisure time of viewers, such as from social media 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, regulatory intervention regarding where and when advertising may be placed, or economic conditions generally.
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.
Changes in consumer behavior continue to adversely affect our businesses and challenge existing business models. Distribution platforms for viewing and purchasing content have been, and will likely continue to be, developed that further increase the number of competitors that all our businesses face and challenge existing business models.
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.
There can be no assurance that we will renew our collective bargaining agreements as they expire or that we can renew them on favorable terms or without any work stoppages. 31 Comcast 2022 Annual Report on Form 10-K Table of Contents In addition, labor disputes in sports organizations with which we have programming rights agreements of varying scope and duration could have an adverse effect on our businesses.
There can be no assurance that we will renew our collective bargaining agreements as they expire or that we can renew them on favorable terms or without any work stoppages in the future. In addition, labor disputes in sports organizations with which we have programming rights agreements of varying scope and duration could have an adverse effect on our businesses.
We also may be unable to license popular third-party content for NBCUniversal’s and Sky’s television programming channels if media companies determine that licensing the content to us is not in their strategic best interests.
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.
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 of confidential or technical business information or damage to our or our customers’ or vendors’ data, equipment and reputation.
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.
We may incur significant expenses defending any such suit or government charge and may be required to pay amounts or otherwise change our operations in ways that could adversely impact our businesses, results of operations or financial condition. Labor disputes, whether involving employees or sports organizations, may disrupt our operations and adversely affect our businesses.
We may incur significant expenses defending any such suit or government charge and may be required to pay amounts or otherwise change our operations in ways that could adversely impact our businesses, results of operations or financial condition.
If we choose technology or equipment that is not as effective or attractive to consumers as that employed by our competitors, if we fail to employ technologies desired by consumers before our competitors do so, or if we fail to execute effectively on our technology initiatives, our businesses and results of operations could be adversely affected.
If we choose technology or equipment that is not as effective or attractive to consumers as that employed by our competitors, if we fail to employ technologies desired by consumers or that enhance our business operations, such as through the use of AI, or if we fail to execute effectively on our technology initiatives, our businesses and results of operations could be adversely affected.
Federal agencies likewise may consider adopting new regulations for communications services, including broadband. 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 compliance costs.
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.
We expect programming expenses for our video services to continue to be the largest single expense item for our Cable Communications segment and to continue to increase on a per subscriber basis.
We expect programming expenses for our video services to continue to be the largest single expense item for our Residential Connectivity & Platforms business and to continue to increase on a per subscriber basis.
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 Peacock.
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.
Comcast 2022 Annual Report on Form 10-K 28 Table of Contents While we develop and maintain systems, and operate extensive programs that seek to prevent security incidents from occurring, these efforts are costly and must be constantly monitored and updated in the face of sophisticated and rapidly evolving attempts to overcome our security measures and protections.
While we develop and maintain systems, and operate programs that seek to prevent security incidents from occurring, these efforts are costly and must be constantly monitored and updated in the face of sophisticated and rapidly evolving attempts to overcome our security measures and protections.
The occurrence of any of these events could have an adverse effect on our business and results of operations. 29 Comcast 2022 Annual Report on Form 10-K Table of Contents We face risks relating to doing business internationally that could adversely affect our businesses. We operate our businesses worldwide.
The occurrence of any of these events could have an adverse effect on our business and results of operations. We face risks relating to doing business internationally that could adversely affect our businesses. We operate our businesses worldwide.
Broadband-deployment funding initiatives at the federal and state level, including as part of the America Rescue Plan Act of 2021, may result in other service providers deploying new subsidized internet access networks within our footprint, and in cases where we agree to receive subsidies, may impose constraints on how we conduct our businesses in certain areas.
Broadband-deployment funding initiatives at the federal and state level may result in other service providers deploying new subsidized internet access networks within our footprint, and in cases where we receive subsidies, may impose constraints on how we conduct our businesses.
If any U.S. or international laws intended to combat piracy and protect intellectual property rights are repealed or weakened or are not adequately enforced, or if the legal system fails to adapt to new technologies that facilitate piracy, we may be unable to effectively protect our rights, the value of our intellectual property may be negatively impacted and our costs of enforcing our rights may increase. 27 Comcast 2022 Annual Report on Form 10-K Table of Contents We may be unable to obtain necessary hardware, software and operational support.
If any U.S. or international laws intended to combat piracy and protect intellectual property rights are repealed or weakened or are not adequately enforced, or if the legal system fails to adapt to new technologies that facilitate piracy, we may be unable to effectively protect our rights, the value of our intellectual property may be negatively impacted and our costs of enforcing our rights may increase.
We have invested, and will continue to invest, substantial amounts in our content, including in the production of original content for NBCUniversal, including Peacock, and Sky, in our films and for new theme parks and theme park attractions, before learning the extent to which they will earn consumer acceptance.
We have invested, and will continue to invest, substantial amounts in content, such as the production of films and original content for television networks and streaming services, and in the creation of new theme parks and theme park attractions, before learning the extent to which they will earn consumer acceptance.
In addition, as more programming providers offer their content directly to consumers through their own apps or platforms, they may reduce the quantity and quality of the programming they license to NBCUniversal or Sky’s television channels or to Peacock.
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.
For example, such consolidation or cooperation may allow competitors to offer free or lower cost streaming services, potentially on an exclusive basis, through unlimited data-usage plans for internet or wireless phone services.
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.
Although we have attempted to adapt our video service offerings, enhance our broadband services for changing consumer behaviors, and offer new programming, such as Peacock, 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 distribution business models.
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.
Moreover, as we also obtain certain confidential, proprietary and personal information about our customers, personnel and vendors, and in some cases provide this information to third party vendors who agree to protect it, we face the risk that this information may become compromised through a cyber attack or data breach, misappropriation, misuse, leakage, falsification or accidental release or loss of information.
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, which has in the past and may in the future become compromised through a cyber attack or data breach, misappropriation, misuse, leakage, falsification or accidental release or loss of information by us or a third party.
In addition, advertisers have shifted a portion of their total expenditures to digital media, and this trend may continue or accelerate.
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.
Consolidation of, or cooperation between, our competitors, including suppliers and distributors of content, may increase competition in all of these areas, as may the emergence of additional competitors with significant resources, greater efficiencies of scale, fewer regulatory burdens and more competitive pricing and packaging, that are competing with our businesses in all forms of content distribution and production.
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.
Weak economic conditions and disruptions in the global financial markets may impact our ability to obtain financing or to refinance existing debt on acceptable terms, if at all, could increase the cost of our borrowings and may increase our exposure to currency fluctuations in countries where we operate.
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.
NBCUniversal and Sky must compete to obtain talent, popular content (including sports programming) and other resources required to successfully operate their businesses. This competition has intensified as DTC streaming and other OTT service providers develop high-quality programming and acquire live sports programming rights to attract viewers.
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.
The increase in DTC streaming and other OTT service providers, as well as in gaming and virtual reality products and services, also has significantly increased the number of entertainment choices available to consumers, which has intensified audience fragmentation and disaggregated the way that content traditionally has been distributed and viewed by consumers.
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.
The success of these businesses depends on our ability to consistently create, acquire, market and distribute television programming, filmed entertainment, theme park attractions and other content that meet the changing preferences of the broad domestic and international consumer markets.
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.
In addition, intellectual property constitutes a significant part of the value of NBCUniversal’s and Sky’s businesses, and their success is highly dependent on protecting the intellectual property rights of the content they create or acquire against third-party misappropriation, reproduction or infringement.
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.
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.
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.
In particular, piracy of programming and films through unauthorized distribution platforms continues to present challenges for NBCUniversal’s businesses, and certain entities may stream our broadcast television content illegally online without our consent and without paying us any compensation. It also presents similar challenges for Sky’s businesses, including as a result of illegal retransmission of sports events.
In particular, piracy of programming and films through unauthorized distribution platforms continues to present challenges for our businesses. For example, certain entities may stream our broadcast television content illegally online without our consent and without paying us any compensation, and sporting events on our international networks may be illegally transmitted.
The use of DTC streaming and other OTT services reduces traditional television viewership, 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 programming channels.
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.
Moreover, as our contracts with content providers expire, there can be no assurance that they will be renewed on acceptable terms, or at all, in which case we may be unable to provide such content as part of Cable Communications’ video services, and our businesses and results of operations could be adversely affected. 25 Comcast 2022 Annual Report on Form 10-K Table of Contents NBCUniversal’s and Sky’s success depends on consumer acceptance of their content, and their businesses may be adversely affected if their content fails to achieve sufficient consumer acceptance.
Moreover, as our contracts with programming providers expire, there can be no assurance that they will be renewed on acceptable terms, or at all, in which case we may be unable to provide such programming as part of our video services, and our businesses and results of operations could be adversely affected.
Our businesses are subject to various federal, state and local laws and regulations, with some also subject to international laws and regulations. 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 particular, the Communications Act and FCC regulations and policies affect significant aspects of our cable communications and broadcast businesses in the United States.
We depend on third-party vendors to supply us with a significant amount of the hardware, software and operational support necessary to provide certain of our products and services. Some of these vendors represent our primary source of supply or grant us the right to incorporate their intellectual property into some of our hardware and software products.
We may be unable to obtain necessary hardware, software and operational support. We depend on third-party vendors to supply us with a significant amount of the hardware, software and operational support necessary to provide certain of our products and services.
Comcast 2022 Annual Report on Form 10-K 30 Table of Contents 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.
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.
The occurrence of both intentional and unintentional incidents have in the past, and could in the future, cause a variety of potential adverse business impacts.
The occurrence of both intentional and unintentional incidents has caused, and may from time to time in the future cause, a variety of business impacts.
NBCUniversal’s cable television networks depend on their ability to secure and maintain distribution agreements with traditional and virtual multichannel video providers. The number of subscribers to NBCUniversal’s cable television networks has been, and likely will continue to be, reduced as a result of fewer subscribers to multichannel video providers.
The number of subscribers to our television networks has been, and likely will continue to be, reduced as a result of fewer subscribers to multichannel video providers as the media distribution business model changes.
Their willingness to purchase advertising from us may be adversely affected by lower audience ratings and reduced viewership, which many of NBCUniversal’s networks and some of Sky’s television channels have experienced and likely will continue to experience, or from the level of popularity or perceived acceptance of Peacock.
Lower audience ratings and reduced viewership, which many of our linear television networks have experienced, and likely will continue to experience, as well as the level of popularity of Peacock, affect advertisers’ willingness to purchase advertising from us and the rates paid.
For example, current and new wireless internet technologies (including 4G and 5G wireless broadband services and 5G fixed wireless networks) continue to evolve rapidly and may allow for greater speed and reliability for those services as compared with prior technologies. In addition, some companies and U.S. municipalities are building advanced fiber-based networks that provide very fast internet access speeds.
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.
The ability of our businesses 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. In addition, our ability to compete will be negatively affected if we do not provide our customers with a satisfactory customer experience.
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.
Advertising sales and rates also are dependent on the methodology used for audience measurement and could be negatively affected if methodologies do not accurately reflect actual viewership levels. Programming expenses for our video services are increasing on a per subscriber basis, which could adversely affect Cable Communications’ video businesses.
Advertising sales and rates also are dependent on the methodology used for audience measurement and could be negatively affected if methodologies do not accurately reflect actual viewership levels. Our success depends on consumer acceptance of our content, and our businesses may be adversely affected if our content fails to achieve sufficient consumer acceptance.
If our content does not achieve sufficient consumer acceptance, or if we cannot obtain or retain rights to popular content on acceptable terms, or at all, NBCUniversal’s and Sky’s businesses may be adversely affected. The loss of programming distribution and licensing agreements, or the renewal of these agreements on less favorable terms, could adversely affect our businesses.
If our content does not achieve sufficient consumer acceptance, or if we cannot obtain or retain rights to popular content on acceptable terms, or at all, our businesses may be adversely affected. Programming expenses for our video services are increasing on a per subscriber basis, which could adversely affect our video businesses.
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, and at times, we may increase the price we are willing to pay or be outbid by our competitors for popular content.
For 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.
For 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.
Many of NBCUniversal’s writers, directors, actors, technical and production personnel, as well as some of our on-air and creative talent employees, are covered by collective bargaining agreements or works councils. Most of NBCUniversal’s collective bargaining agreements are industry-wide agreements, and we may lack practical control over the negotiations and terms of the agreements.
Labor disputes, whether involving employees or sports organizations, may disrupt our operations and adversely affect our businesses. Many of the writers, directors, actors, technical and production personnel, as well as some on-air and creative talent employees in our Content & Experiences business, are covered by collective bargaining agreements or works councils.
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.
We rely on certain key management personnel in the operation of our businesses.
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.
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.
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 the intellectual property rights of others.
There can be no assurance that any of these agreements will be entered into or renewed in the future on acceptable terms. The inability to enter into or renew these agreements could reduce our revenues and the reach of our programming, which could adversely affect NBCUniversal’s and Sky’s businesses.
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.
In addition, there can be no assurance that Peacock will continue to grow or sustain its revenue or user base or successfully compete as a standalone DTC streaming service. NBCUniversal and Sky also obtain a significant portion of their content from third parties, such as movie studios, television production companies, sports organizations and other suppliers, sometimes on an exclusive basis.
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.
We compete for the sale of advertising time with digital media distributors, websites and search engines, other television networks and stations, as well as with all other advertising platforms, such as radio and print.
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.
Our results of operations may be impacted as we license our own content exclusively on our content platforms, including Peacock, rather than receiving license revenue from third parties for rights to such content.
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.
As consumers increasingly turn to DTC streaming and other OTT services, the number of Cable Communications’ video customers and amount of subscriber fees paid to NBCUniversal’s television networks decrease, even as Cable Communications’ broadband services have become more important to consumers.
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.
In addition, COVID-19 and corresponding governmental measures to prevent its spread across the globe have negatively impacted, and may continue to negatively impact, our businesses. For example, as a result of COVID-19, we have at times temporarily closed our theme parks or operated them with capacity restrictions.
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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Competition for video services offered by Cable Communications and Sky consists primarily of DTC streaming and other OTT service providers, DBS providers and telecommunications companies. Our voice and wireless services primarily compete with wireless and wireline telecommunications providers.
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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.
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Many of our competitors offer bundled products and services with favorable pricing to customers, which has increased competition. • NBCUniversal and Sky 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 and recreational activities.
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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.
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Comcast 2022 Annual Report on Form 10-K 24 Table of Contents Cable Communications continues to experience accelerated net losses in its video and voice customers. For example, in Europe, more of Sky’s new video customers have recently subscribed, and may continue to subscribe, to NOW, Sky’s DTC streaming service, instead of its traditional DTH video service.
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For example, some of these constituencies may have their own, and some have conflicting, environmental, social and governance priorities, which may present risks to our reputation and brands if these constituencies perceive misalignment. Changes in consumer behavior continue to adversely affect our businesses and challenge existing business models.
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NBCUniversal and Sky create and acquire media and entertainment content, the success of which depends substantially on consumer tastes and preferences that often change in unpredictable ways.
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The loss of programming distribution agreements, or the renewal of these agreements on less favorable terms, could adversely affect our businesses. Our linear television networks depend on their ability to secure and maintain distribution agreements with traditional and virtual multichannel video providers.
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Entering into or renewing contracts for such programming rights or acquiring additional rights has in the past resulted, and may result in the future, in significantly increased costs.

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Item 2. Properties

Properties — owned and leased real estate

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Biggest changeThe Universal City location in California includes offices, studios, and theme park and retail operations that are owned by NBCUniversal and used by all NBCUniversal segments. Our owned CNBC headquarters and production facilities and disaster recovery center are located in Englewood Cliffs, New Jersey and are used by the Media segment and Headquarters and Other.
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.
Item 2: Properties We believe our physical assets are generally in good operating condition and are suitable and adequate for our business operations. We own our corporate headquarters and Cable Communications segment headquarters, which are located in Philadelphia, Pennsylvania at One Comcast Center.
Item 2: Properties We believe our physical assets are generally in good operating condition and are suitable and adequate for our business operations. We own our corporate headquarters, which is located in Philadelphia, Pennsylvania at One Comcast Center.
Comcast 2022 Annual Report on Form 10-K 32 Table of Contents NBCUniversal Segments NBCUniversal’s corporate headquarters are located in New York, New York at 30 Rockefeller Plaza and surrounding campus and include offices and studios, which are used by Headquarters and Other and the Media segment. We own substantially all of the space we occupy at 30 Rockefeller Plaza.
Content & Experiences Business Our Content & Experiences business and NBCUniversal headquarters are located in New York, New York at 30 Rockefeller Plaza and its surrounding campus, which include offices and studios used by the Media segment. We own substantially all of the space we occupy at 30 Rockefeller Plaza, and we lease the spaces in the surrounding campus.
We also own or lease offices, studios, production facilities, screening rooms, retail operations, warehouse space, satellite transmission receiving facilities and data centers in numerous locations in the United States and around the world, including property for our owned local broadcast television stations.
Refer to Item 1: Business: Studios Segment and Theme Parks Segment for information on properties used in those respective segment operations. We also own or lease additional offices, studios, production facilities, screening rooms, retail operations, warehouse space, satellite transmission receiving facilities and data centers in numerous locations in the United States and around the world.
Additionally, we own the Comcast Technology Center, which is adjacent to the Comcast Center, and is a center for Cable Communications’ technology and engineering workforce, as well as the home of our NBCUniversal and Telemundo owned local broadcast stations in Philadelphia, Pennsylvania.
Our Connectivity & Platforms business headquarters is located in One Comcast Center, Philadelphia, Pennsylvania. We also own the Comcast Technology Center, which is a center for our technology and engineering workforce located adjacent to the Comcast Center, and our Sky headquarters, located in Middlesex, United Kingdom.
In addition, we maintain network operations centers with equipment necessary to monitor and manage the status of our services and network. We own or lease buildings throughout the United States that contain retail stores and customer service centers, warehouses and administrative space. We also own a building that houses our digital media center.
We also own or lease buildings throughout the Connectivity & Platforms markets that contain administrative space, retail stores and customer service centers, and warehouses.
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We also have leases for numerous business offices, warehouses and properties throughout the United States that house divisional information technology operations. Cable Communications Segment Our principal physical assets consist of operating plant and equipment, including cable system signal receiving, encoding and decoding devices, headends and distribution networks.
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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.
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Our distribution network consists primarily of headends, content distribution servers, coaxial and fiber-optic cables, lasers, routers, switches and related electronic equipment. Our cable plant and related equipment generally are connected to utility poles under pole rental agreements with local public utilities, although in some areas the distribution cable is buried in underground ducts or trenches.
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The physical components of cable systems require periodic maintenance and replacement. Our cable system signal reception sites, which consist primarily of antenna towers and headends, and our microwave facilities are located on owned and leased parcels of land, and we own or lease space on the towers on which certain of our equipment is located.
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We own most of our service vehicles. Our broadband network consists of fiber-optic cables owned or leased by us and related equipment. We also operate national and regional data centers with equipment that is used to provide services, such as email and web services, to our broadband and voice customers, as well as cloud services to our video customers.
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The digital media center contains equipment that we own or lease, including equipment related to network origination, video transmission via satellite and terrestrial fiber-optics, broadcast studios, post-production services and interactive television services.
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We also lease space in 10 Rockefeller Plaza that includes The Today Show studio, production facilities and offices used by the Media segment. Telemundo’s leased headquarters and production facilities are located in Miami, Florida and are used by the Media segment and Headquarters and Other.
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In addition, we own theme parks and own or lease related facilities in Orlando, Florida; Hollywood, California; Osaka, Japan; and Beijing, China, that are used in the Theme Parks segment, and we are developing a new theme park in Orlando, Florida.
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Sky Segment Sky’s principal physical assets consist of operating plant and equipment, including leased satellite system signal receiving, encoding and decoding devices, and owned and leased headends and distribution networks, including coaxial, fiber-optic cables and other related equipment.
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In the United Kingdom, Sky uses a combination of its own core fiber network and wholesaling arrangements over third-party telecommunication providers’ networks as the core network and also accesses the “last mile” network from third-party network operators for a fee to provide its services to customers. The physical components of cable systems require periodic maintenance and replacement.
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We own Sky’s corporate headquarters, which are located in Middlesex, U.K. We lease the Sky Deutschland headquarters located in Unterföhring, Germany and the Sky Italia headquarters located in Milan, Italy. We also own or lease offices, production facilities and studios, broadcasting facilities, customer support centers and retail stores throughout Europe, including in the United Kingdom, Ireland, Germany, Italy and Austria.
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We opened the first stages of our new film and television studio facility in Elstree, U.K. in 2022, which is leased by Sky. Other The Wells Fargo Center, a large, multipurpose arena in Philadelphia, Pennsylvania that we own is the principal physical operating asset used by our other businesses.

Item 5. Market for Registrant's Common Equity

Market for Common Equity — stock, dividends, buybacks

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Biggest changeClass A), Paramount Global (formerly ViacomCBS Inc.) (Class B) and The Walt Disney Company (the “media subgroup”). The peer group is constructed as a composite peer group in which the transmission and distribution subgroup is weighted 66% and the media subgroup is weighted 34% based on the respective revenue of our transmission and distribution and media businesses.
Biggest changeThe 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 5: Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities Comcast’s Class A common stock is listed on The Nasdaq Stock Market LLC under the symbol CMCSA. There is no established public trading market for Comcast’s Class B common stock.
Item 5: Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities Market Information Comcast’s Class A common stock is listed on The Nasdaq Stock Market LLC under the symbol CMCSA. There is no established public trading market for Comcast’s Class B common stock.
The comparison assumes $100 was invested on December 31, 2017 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, 2018 in our Class A common stock and in each of the following indices and assumes the reinvestment of dividends.
Comcast 2022 Annual Report on Form 10-K 34 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, 2022 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 cable, communications and media industries.
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.
In September 2022, our Board of Directors approved a new share repurchase program authorization of $20 billion, effective September 13, 2022. Under the new authorization, which does not have an expiration date, we expect to repurchase additional shares of our Class A common stock in the open market or in private transactions, subject to market and other conditions.
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.
This peer group consists of our Class A common stock and the common stock of AT&T Inc., Charter Communications, Inc., DISH Network Corporation (Class A), Lumen Technologies, Inc., T-Mobile US, Inc. and Verizon Communications Inc. (the “transmission and distribution subgroup”); and Warner Bros. Discovery Inc. (formerly Discovery Inc.
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”).
Generally, including as to the election of directors, holders of Class A common stock and Class B common stock vote as one class except where class voting is required by law. Record holders as of January 15, 2023 are presented in the table below.
Generally, including as to the election of directors, holders of Class A common stock and Class B common stock vote as one class except where class voting is required by law. Dividends We expect to continue to pay quarterly dividends, although each dividend is subject to approval by our Board of Directors.
The Class B common stock can be converted, on a share for share basis, into Class A common stock.
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.
In January 2023, our Board of Directors approved a 7.4% increase in our dividend to $1.16 per share on an annualized basis. 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 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.
Comparison of 5 Year Cumulative Total Return 2018 2019 2020 2021 2022 Comcast Class A $ 87 $ 117 $ 139 $ 136 $ 97 S&P 500 Stock Index $ 96 $ 126 $ 149 $ 191 $ 157 Peer Group Index $ 93 $ 122 $ 136 $ 127 $ 100
Comparison 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
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Dividends Declared 2022 2021 Month Declared: Dividend Per Share Month Declared: Dividend Per Share January $ 0.27 January $ 0.25 May $ 0.27 May $ 0.25 July $ 0.27 July $ 0.25 October (paid in January 2023) $ 0.27 October (paid in January 2022) $ 0.25 Total $ 1.08 Total $ 1.00 We expect to continue to pay quarterly dividends, although each dividend is subject to approval by our Board of Directors .
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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.
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Stock Class Record Holders Class A Common Stock 336,649 Class B Common Stock 1 The table below summarizes Comcast’s common stock repurchases during 2022.
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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.
Removed
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 2022 62,528,653 $ 47.98 62,528,653 $ 2,999,999,980 $ 7,000,000,020 Second Quarter 2022 70,846,487 $ 42.35 70,846,487 $ 3,000,000,186 $ 3,999,999,835 Third Quarter 2022 92,343,679 $ 37.90 92,343,679 $ 3,499,999,758 $ 19,500,000,217 October 1-31, 2022 36,283,485 $ 30.32 36,283,485 $ 1,100,000,250 $ 18,399,999,967 November 1-30, 2022 37,890,008 $ 33.48 37,890,008 $ 1,268,472,576 $ 17,131,527,391 December 1-31, 2022 32,128,261 $ 35.22 32,128,261 $ 1,131,527,211 $ 16,000,000,180 Total 332,020,573 $ 39.15 332,020,573 $ 12,999,999,960 $ 16,000,000,180 (a) Effective January 1, 2022, our Board of Directors increased our share repurchase program authorization to $10 billion.
Added
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.

Item 7. Management's Discussion & Analysis

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

126 edited+90 added−70 removed51 unchanged
Biggest changeRevenue 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 Cable Communications, NBCUniversal and Sky segments, as well as by Corporate and Other activities, including adjustments and eliminations. 39 Comcast 2022 Annual Report on Form 10-K Table of Contents The primary drivers of the change in consolidated costs and expenses, excluding depreciation expense, amortization expense, and goodwill and long-lived asset impairments, from 2021 to 2022 were as follows: • An increase in NBCUniversal expenses due to increases in our Studios, Media and Theme Parks segments. • An increase in Cable Communications segment expenses due to increased other expenses and technical and product support costs, partially offset by decreases in programming expense; franchise and other regulatory fees; advertising, marketing and promotion expenses; and customer service expenses. • An increase in Corporate and Other expenses primarily due to costs related to Sky Glass, Xumo and Spectacor. • A decrease in Sky segment expenses primarily due to a decrease in programming and production costs, partially offset by increases in direct network costs and other expenses, as well as the impacts of foreign currency translation.
Biggest changeRevenue 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.
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 cable franchise rights and reporting units 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, 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.
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 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 statements and related notes (“Notes”) to enhance the understanding of our operations and our present business environment.
Our other contractual obligations relate primarily to operating leases (see Note 15) and other arrangements recorded in our consolidated balance sheet and/or disclosed in the notes to our financial statements, including benefit plan obligations (see Note 11), liabilities for uncertain tax positions (see Note 5), our remaining unfunded capital commitment to Atairos (see Note 8) and a contractual obligation related to an interest held by a third party in the revenue of certain theme parks (see Note 15).
Our other contractual obligations relate primarily to operating leases (see Note 15) and other arrangements recorded in our consolidated balance sheets and/or disclosed in the notes to our financial statements, including benefit plan obligations (see Note 11), liabilities for uncertain tax positions (see Note 5), our remaining unfunded capital commitment to Atairos (see Note 8) and a contractual obligation related to an interest held by a third party in the revenue of certain theme parks (see Note 15).
Management has discussed the development and selection of these critical accounting judgments and 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 10.
Critical Accounting Judgments and Estimates The preparation of our consolidated financial statements requires us to make estimates that affect the reported amounts of assets, liabilities, revenue and expenses, and the related disclosure of contingent assets and contingent liabilities.
Critical Accounting Estimates The preparation of our consolidated financial statements requires us to make estimates that affect the reported amounts of assets, liabilities, revenue and expenses, and the related disclosure of contingent assets and contingent liabilities.
Our effective income tax rate for 2022 was also impacted by the goodwill impairment, which was primarily not deductible for tax purposes. See Note 5 for additional information on our effective income tax rate.
Our effective income tax rate for 2022 was impacted by the goodwill impairment, which was primarily not deductible for tax purposes. See Note 5 for additional information on our effective income tax rate.
Content licensing revenue increased in 2022 primarily due to the timing of when content was made available by our television and film studios under licensing agreements, including additional sales of content as production levels returned to normal, partially offset by the impact of a new licensing agreement for content that became exclusively available for streaming on Peacock in 2021.
Content licensing revenue increased in 2022 primarily due to the timing of when content was made available by our television and film studios under licensing agreements and included additional sales of content as production levels returned to normal, partially offset by the impact of a new licensing agreement for content that became exclusively available for streaming on Peacock in 2021.
As of December 31, 2022, we met this financial covenant by a significant margin, and we expect to remain in compliance with this financial covenant and other covenants related to our debt. The covenants and restrictions in our revolving credit facility do not apply to certain entities, including Sky and our international theme parks.
As of December 31, 2023, we met this financial covenant by a significant margin, and we expect to remain in compliance with this financial covenant and other covenants related to our debt. The covenants and restrictions in our revolving credit facility do not apply to certain entities, including Sky and our international theme parks.
One-Way Guarantees Comcast provides full and unconditional guarantees of certain debt issued by 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.
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.
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 Sky, have operations outside the United States that are conducted in local currencies.
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.
See Notes 6 and 8 for additional information on our financing activities. 55 Comcast 2022 Annual Report on Form 10-K Table of Contents Share Repurchases and Dividends In the second quarter of 2021, we restarted our share repurchase program, which had been paused since the beginning of 2019.
See Notes 6 and 8 for additional information on our financing activities. 51 Comcast 2023 Annual Report on Form 10-K Table of Contents Share Repurchases and Dividends In the second quarter of 2021, we restarted our share repurchase program, which had been paused since the beginning of 2019.
See Note 8 for additional information. 57 Comcast 2022 Annual Report on Form 10-K Table of Contents Cross-Guarantees Comcast, NBCUniversal and Comcast Cable (the “Guarantors”) fully and unconditionally, jointly and severally, guarantee each other’s debt securities. NBCUniversal and Comcast Cable also guarantee other borrowings of Comcast, including its revolving credit facility.
See Note 8 for additional information. 53 Comcast 2023 Annual Report on Form 10-K Table of Contents Cross-Guarantees Comcast, NBCUniversal and Comcast Cable (the “Guarantors”) fully and unconditionally, jointly and severally, guarantee each other’s debt securities. NBCUniversal and Comcast Cable also guarantee other borrowings of Comcast, including its revolving credit facility.
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, 2022, approximately 36% 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, 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.
Theme park segment revenue increas ed in 2022 primarily due to improved operating conditions compared to 2021, when our theme parks in Orlando, Hollywood and Japan were impacted by COVID-19 restrictions, as well as the operations of Universal Beijing Resort, which opened in September 2021.
Theme parks segment revenue increased in 2022 primarily due to improved operating conditions compared to 2021, when our theme parks in Orlando, Hollywood and Japan were impacted by COVID-19 restrictions, as well as the operations of Universal Beijing Resort, which opened in September 2021.
The income (losses) at Atairos were driven by fair value adjustments on its underlying investments with income (loss) of $(434) million and $1.8 billion in 2022 and 2021, respectively.
The income (losses) at Atairos were driven by fair value adjustments on its underlying investments with income (loss) of $1.1 billion and $(434) million in 2023 and 2022, respectively.
Programming and production costs increased in 2022 primarily due to higher programming costs at Peacock and costs associated with our broadcasts of the Beijing Olympics, Super Bowl and FIFA World Cup in 2022, partially offset by costs associated with our broadcast of the Tokyo Olympics in 2021.
Programming and production costs increased in 2022 primarily due to higher programming costs at Peacock and costs associated with our broadcasts of the Beijing Olympics, Super Bowl, and FIFA World Cup in 2022, partially offset by costs associated with our broadcast of the Tokyo Olympics in 2021 and a decrease in international sports programming costs.
(a) Adjusted EBITDA is a non-GAAP financial measure. Refer to the “Non-GAAP Financial Measure” section on page 52 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 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.
As a result, the amounts included in the table above under fixed or minimum guaranteed commitments for these distribution agreements are not material and we expect the total fees to be paid under these arrangements to be significantly higher than the amounts included above.
The amounts included in the table above relate to minimum guaranteed commitments for these distribution agreements or fixed fees, and as a result, we expect the total fees to be paid under these arrangements to be significantly higher than the amounts included above.
As of December 31, 2022 and 2021, the combined Guarantors have noncurrent notes payable to non-guarantor subsidiaries of $128 billion and $126 billion, respectively, and noncurrent notes receivable from non-guarantor subsidiaries of $30 billion. This financial information is that of the Guarantors presented on a combined basis with intercompany balances between the Guarantors eliminated.
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.
Refer to the “Non-GAAP Financial Measure” section on page 52 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 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 Item 7: Management’s Discussion and Analysis of Financial Condition and Results of Operations in our 2021 Annual Report on Form 10-K for management’s discussion and analysis of financial condition and results of operations for the fiscal year 2021 compared to fiscal year 2020.
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.
Comcast 2022 Annual Report on Form 10-K 58 Table of Contents We believe our judgments and related 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.
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.
The decreases at our networks were primarily due to continued audience ratings declines and the impact of additional sporting events in the prior year, partially offset by higher pricing in the current year and increased political advertising.
The decreases at our networks were primarily due to continued audience ratings declines and the impact of additional sporting events in 2021, partially offset by higher pricing in 2022 and increased political advertising.
Constant currency and constant currency growth rates are calculated by comparing the prior year results adjusted to reflect the average exchange rates from the current year rather than the actual exchange rates that were in effect during the respective prior year.
Constant currency and constant currency growth rates are calculated by comparing the results for each comparable prior year period adjusted to reflect the average exchange rates from each current year period presented rather than the actual exchange rates that were in effect during the respective periods.
As of December 31, 2022 and 2021, Comcast and Comcast Holdings, the combined issuer and guarantor of the guaranteed subordinated debt, have noncurrent senior notes payable to non-guarantor subsidiaries of $97 billion and $96 billion, respectively, and noncurrent notes receivable from non-guarantor subsidiaries of $28 billion and $29 billion, respectively.
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.
Results at our international theme parks in the current year have been negatively impacted by fluctuations in foreign currency exchange rates and by temporary restrictions and closures that were reinstituted in certain periods due to COVID-19.
Results at our international theme parks in 2022 were negatively impacted by fluctuations in foreign currency exchange rates and by temporary restrictions and closures that were reinstituted in certain periods due to COVID-19.
Theme park segment costs and expenses increased in 2022 primarily as a result of decreased operating costs in the prior year due to COVID-19 restrictions at our theme parks and due to operating costs associated with Universal Beijing Resort in the current year, which were higher than pre-opening costs in the prior year.
Theme parks segment costs and expenses increased in 2022 primarily as a result of lower operating costs in 2021 due to COVID-19 restrictions at our theme parks and due to operating costs associated with Universal Beijing Resort in 2022, which were higher than pre-opening costs in 2021.
Debt and Guarantee Structure December 31 (in billions) 2022 2021 Debt Subject to Cross-Guarantees Comcast $ 88.4 $ 85.9 Comcast Cable (a) 0.9 2.1 NBCUniversal (a) 1.6 1.6 90.9 89.6 Debt Subject to One-Way Guarantees Sky 5.2 6.3 Other (a) 0.1 0.1 5.3 6.5 Debt Not Guaranteed Universal Beijing Resort (b) 3.5 3.6 Other 1.3 1.2 4.8 4.7 Debt issuance costs, premiums, discounts, fair value adjustments for acquisition accounting and hedged positions, net (6.2) (6.0) Total debt $ 94.8 $ 94.8 (a) NBCUniversal, Comcast Cable and Comcast Holdings (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) 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.
From time to time, we may exclude from Adjusted EBITDA the impact of certain events, gains, losses or other charges (such as significant legal settlements) that affect the period-to-period comparability of our operating performance. Comcast 2022 Annual Report on Form 10-K 52 Table of Contents We reconcile consolidated Adjusted EBITDA to net income attributable to Comcast Corporation.
From time to time, we may exclude from Adjusted EBITDA the impact of certain events, gains, losses or other charges (such as significant legal settlements) that affect the period-to-period comparability of our operating performance. We reconcile consolidated Adjusted EBITDA to net income attributable to Comcast Corporation.
Excluding $1.4 billion and $1.2 billion of incremental revenue associated with the broadcasts of these events in 2022 and 2021, respectively, advertising revenue remained consistent with the prior year primarily due to a decrease in revenue at our networks, offset by increased revenue at Peacock.
Excluding incremental revenue associated with the broadcasts of these events in 2022 and 2021, domestic advertising in 2022 remained consistent with 2021 primarily due to increased revenue at Peacock, offset by a decrease in revenue at our networks.
The costs associated with the construction of Universal Beijing Resort are presented separately in our consolidated statement of cash flows. See Note 8. Our most significant capital expenditures are in our Cable Communications segment, and we expect that this will continue in the future.
The costs associated with the construction of Universal Beijing Resort are presented separately in our consolidated statements of cash flows. See Note 8. Our most significant capital expenditures are within the Connectivity & Platforms business, and we expect that this will continue in the future.
We evaluated the fair value indicated under the discounted cash flow model considering multiples of earnings from comparable public companies and recent market transactions.
When analyzing the fair value indicated under the discounted cash flow model, we also considered multiples of earnings from comparable public companies and recent market transactions.
The timing impacts included the delayed start of 2020-21 European football seasons due to COVID-19 and the shifting of certain football matches and the related programming expense to the first half of 2023 due to the 2022 FIFA World Cup, which occurred in the fourth quarter of 2022.
The timing impacts included the delayed start of 2020-21 European football seasons due to COVID-19 and the shifting of certain European football matches from the fourth quarter of 2022 primarily into the first half of 2023 due to the 2022 FIFA World Cup.
Reconciliation from Net Income Attributable to Comcast Corporation to Adjusted EBITDA Year ended December 31 (in millions) 2022 2021 2020 Net income attributable to Comcast Corporation $ 5,370 $ 14,159 $ 10,534 Net income (loss) attributable to noncontrolling interests (445) (325) 167 Income tax expense 4,359 5,259 3,364 Investment and other (income) loss, net 861 (2,557) (1,160) Interest expense 3,896 4,281 4,588 Depreciation 8,724 8,628 8,320 Amortization 5,097 5,176 4,780 Goodwill and long-lived asset impairments 8,583 — — Adjustments (a) 13 87 233 Adjusted EBITDA $ 36,459 $ 34,708 $ 30,826 (a) Amounts represent the impact of certain events, gains, losses or other charges that are excluded from Adjusted EBITDA, including costs related to our investment portfolio, and Sky transaction-related costs in 2021 and 2020. 2020 also includes $177 million related to a legal settlement.
Reconciliation from Net Income Attributable to Comcast Corporation to Adjusted EBITDA Year ended December 31 (in millions) 2023 2022 2021 Net income attributable to Comcast Corporation $ 15,388 $ 5,370 $ 14,159 Net income (loss) attributable to noncontrolling interests (282) (445) (325) Income tax expense 5,371 4,359 5,259 Interest expense 4,087 3,896 4,281 Investment and other (income) loss, net (1,252) 861 (2,557) Depreciation 8,854 8,724 8,628 Amortization 5,482 5,097 5,176 Goodwill and long-lived asset impairments — 8,583 — Adjustments (a) (16) 13 87 Adjusted EBITDA $ 37,633 $ 36,459 $ 34,708 (a) Amounts represent the impact of certain events, gains, losses or other charges that are excluded from Adjusted EBITDA, including costs related to our investment portfolio, and Sky transaction-related costs in 2021.
While revenue from our residential broadband, video, voice and wireless services is also impacted by changes in the allocation of revenue among services sold in a bundle, the allocation does not impact average monthly total revenue per customer relationship. Each of our services has a different contribution to operating margin.
While revenue from our individual service offerings is also impacted by changes in the allocation of revenue among services sold in a bundle, the allocation does not impact average monthly total revenue per customer relationship. Each of our services has a different contribution to Adjusted EBITDA margin.
Refer to the “Non-GAAP Financial Measures” section on page 52 for additional information, including our definition and our use of constant currency, and for a reconciliation of Sky’s constant currency growth rates.
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.
Excluding the impact of foreign currency, these costs decreased primarily reflecting lower costs associated with Serie A in Italy as a result of the reduced broadcast rights and the timing of recognition of costs related to sporting events.
The decrease in international sports programming costs in 2022 primarily reflected lower costs associated with Serie A in Italy as a result of reduced broadcast rights, the timing of recognition of costs related to sporting events and the impact of foreign currency.
Goodwill Goodwill results from business combinations and represents the excess amount of the consideration paid over the identifiable assets and liabilities recorded in the acquisition. We test goodwill for impairment at the reporting unit level and have concluded that our reporting units are generally the same as our reportable segments.
Goodwill Goodwill results from business combinations and represents the excess amount of the consideration paid over the identifiable assets and liabilities recorded in the acquisition. We test goodwill for impairment at the reporting unit level.
Comcast 2022 Annual Report on Form 10-K 56 Table of Contents We also have significant contractual obligations associated with our programming and production expenses. NBCUniversal and Sky have multiyear agreements for broadcast rights of sporting events, such as for the NFL, the Olympics and European football leagues, which represent the substantial majority of our programming and production obligations.
Comcast 2023 Annual Report on Form 10-K 52 Table of Contents We also have significant contractual obligations associated with our programming and production expenses. We have multiyear agreem ents for broadcast rights of sporting events, such as for the NFL, the Olympics and the English Premier League, which represent the substantial majority of our programming and production obligations.
Comcast 2022 Annual Report on Form 10-K 60 Table of Contents
Comcast 2023 Annual Report on Form 10-K 56 Table of Contents
These decreases were partially offset by increases in repurchases of common stock under our share repurchase program and employee plans and dividends paid in the current year.
These increases were partially offset by higher proceeds from borrowings in the current year and a decrease in repurchases of common stock under our share repurchase program and employee plans.
The chart below summarizes our share repurchases under our publicly announced share repurchase program authorization and dividends paid in 2022, 2021 and 2020. In addition, we paid $321 million and $674 million in 2022 and 2021, respectively, related to employee taxes associated with the administration of our share-based compensation plans.
The chart below summarizes share repurchases and dividend payments. In addition, we paid $291 million, $321 million and $674 million in 2023, 2022 and 2021, respectively, related to employee taxes associated with the administration of our share-based compensation plans.
Repurchased a total of 332 million shares of our Class A common stock for $13.0 billion in 2022 compared to a total of 73.2 million shares of our Class A common stock for $4.0 billion in 2021.
Other • Repurchased a total of 262 million shares of our Class A common stock for $11.0 billion in 2023 compared to a total of 332 million shares of our Class A common stock for $13.0 billion in 2022.
NBCUniversal Headquarters, Other and Eliminations Headquarters and Other Results of Operations Year ended December 31 (in millions) 2022 2021 2020 % Change 2021 to 2022 % Change 2020 to 2021 Revenue $ 75 $ 87 $ 53 (13.6) % 63.8 % Costs and expenses 956 927 616 3.1 50.5 Adjusted EBITDA $ (881) $ (840) $ (563) (4.8) % (49.3) % Headquarters and other expenses include overhead, personnel costs and costs associated with corporate initiatives.
Content & Experiences Headquarters, Other and Eliminations Headquarters and Other Results of Operations Year ended December 31 (in millions) 2023 2022 2021 Change 2022 to 2023 Change 2021 to 2022 Revenue $ 64 $ 75 $ 87 (15.4) % (13.6) % Costs and expenses 1,010 956 927 5.7 3.1 Adjusted EBITDA $ (946) $ (881) $ (840) (7.5) % (4.8) % Headquarter s and Other expenses include overhead, personnel costs and costs associated with corporate initiatives.
Home entertainment and other revenue consists of the sale of content on DVDs/Blu-ray discs and through digital distribution services, as well as the production and licensing of live stage plays and the distribution of content produced by third parties.
Other revenue consists primarily of the sale of physical and digital home entertainment products, as well as the production and licensing of live stage plays and the distribution of content produced by third parties.
Refer to the “Non-GAAP Financial Measures” section on page 52 for additional information, including our definition and our use of constant currency, and for a reconciliation of Sky’s constant currency growth rates.
(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.
Operating Activities Components of Net Cash Provided by Operating Activities Year ended December 31 (in millions) 2022 2021 2020 Operating income $ 14,041 $ 20,817 $ 17,493 Depreciation and amortization 13,821 13,804 13,100 Goodwill and long-lived asset impairments 8,583 — — Noncash share-based compensation 1,336 1,315 1,193 Changes in operating assets and liabilities (3,006) (1,499) (178) Payments of interest (3,413) (3,908) (3,878) Payments of income taxes (5,265) (2,628) (3,183) Proceeds from investments and other 316 1,246 190 Net cash provided by operating activities $ 26,413 $ 29,146 $ 24,737 The variance in changes in operating assets and liabilities in 2022 compared to 2021 was primarily related to the timing of amortization and related payments for our film and television costs, including the return to normal production levels and the timing of sporting events, as well as decreases in deferred revenue, partially offset by accruals related to severance in 2022.
Operating Activities Components of Net Cash Provided by Operating Activities Year ended December 31 (in millions) 2023 2022 2021 Operating income $ 23,314 $ 14,041 $ 20,817 Depreciation and amortization 14,336 13,821 13,804 Goodwill and long-lived asset impairments — 8,583 — Noncash share-based compensation 1,241 1,336 1,315 Changes in operating assets and liabilities (2,055) (3,006) (1,499) Payments of interest (3,711) (3,413) (3,908) Payments of income taxes (5,107) (5,265) (2,628) Proceeds from investments and other 483 316 1,246 Net cash provided by operating activities $ 28,501 $ 26,413 $ 29,146 The variance in changes in operating assets and liabilities in 2023 was primarily related to the timing of amortization and related payments for our film and television costs, including reduced spending due to the work stoppages and the timing of sports, and the timing of deferred revenue, as well as increases in accounts receivable, partially offset by higher accruals related to severance in 2022 compared to 2023.
We evaluate the unit of account periodically to ensure our impairment testing is performed at an appropriate level. 59 Comcast 2022 Annual Report on Form 10-K Table of Contents 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.
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.
Consolidated Investment and Other Income (Loss), Net Year ended December 31 (in millions) 2022 2021 2020 Equity in net income (losses) of investees, net $ (537) $ 2,006 $ (113) Realized and unrealized gains (losses) on equity securities, net (320) 339 1,014 Other income (loss), net (3) 211 259 Total investment and other income (loss), net $ (861) $ 2,557 $ 1,160 Comcast 2022 Annual Report on Form 10-K 40 Table of Contents The change in equity in net income (losses) of investees, net in 2022 compared to 2021 was primarily due to our investment in Atairos.
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.
Consolidated Operating Results Year ended December 31 (in millions, except per share data) 2022 2021 2020 % Change 2021 to 2022 % Change 2020 to 2021 Revenue $ 121,427 $ 116,385 $ 103,564 4.3 % 12.4 % Costs and Expenses: Programming and production 38,213 38,450 33,121 (0.6) 16.1 Other operating and administrative 38,263 35,619 33,109 7.4 7.6 Advertising, marketing and promotion 8,506 7,695 6,741 10.5 14.2 Depreciation 8,724 8,628 8,320 1.1 3.7 Amortization 5,097 5,176 4,780 (1.5) 8.3 Goodwill and long-lived assets impairments 8,583 — — NM NM Total costs and expenses 107,385 95,568 86,071 12.4 11.0 Operating income 14,041 20,817 17,493 (32.5) 19.0 Interest expense (3,896) (4,281) (4,588) (9.0) (6.7) Investment and other income (loss), net (861) 2,557 1,160 NM 120.4 Income before income taxes 9,284 19,093 14,065 (51.4) 35.7 Income tax expense (4,359) (5,259) (3,364) (17.1) 56.3 Net income 4,925 13,833 10,701 (64.4) 29.3 Less: Net income (loss) attributable to noncontrolling interests (445) (325) 167 36.9 NM Net income attributable to Comcast Corporation $ 5,370 $ 14,159 $ 10,534 (62.1) % 34.4 % Basic earnings per common share attributable to Comcast Corporation shareholders $ 1.22 $ 3.09 $ 2.30 (60.5) % 34.3 % Diluted earnings per common share attributable to Comcast Corporation shareholders $ 1.21 $ 3.04 $ 2.28 (60.2) % 33.3 % Adjusted EBITDA (a) $ 36,459 $ 34,708 $ 30,826 5.0 % 12.6 % Percentage changes that are considered not meaningful are denoted with NM.
Consolidated Operating Results Year ended December 31 (in millions, except per share data) 2023 2022 2021 Change 2022 to 2023 Change 2021 to 2022 Revenue $ 121,572 $ 121,427 $ 116,385 0.1 % 4.3 % Costs and Expenses: Programming and production 36,762 38,213 38,450 (3.8) (0.6) Marketing and promotion 7,971 8,506 7,695 (6.3) 10.5 Other operating and administrative 39,190 38,263 35,619 2.4 7.4 Depreciation 8,854 8,724 8,628 1.5 1.1 Amortization 5,482 5,097 5,176 7.5 (1.5) Goodwill and long-lived assets impairments — 8,583 — NM NM Total costs and expenses 98,258 107,385 95,568 (8.5) 12.4 Operating income 23,314 14,041 20,817 66.0 (32.5) Interest expense (4,087) (3,896) (4,281) 4.9 (9.0) Investment and other income (loss), net 1,252 (861) 2,557 NM NM Income before income taxes 20,478 9,284 19,093 120.6 (51.4) Income tax expense (5,371) (4,359) (5,259) 23.2 (17.1) Net income 15,107 4,925 13,833 NM (64.4) Less: Net income (loss) attributable to noncontrolling interests (282) (445) (325) (36.8) 36.9 Net income attributable to Comcast Corporation $ 15,388 $ 5,370 $ 14,159 186.5 % (62.1) % Basic earnings per common share attributable to Comcast Corporation shareholders $ 3.73 $ 1.22 $ 3.09 NM (60.5) % Diluted earnings per common share attributable to Comcast Corporation shareholders $ 3.71 $ 1.21 $ 3.04 NM (60.2) % Weighted-average number of common shares outstanding - basic 4,122 4,406 4,584 (6.4) % (3.9) % Weighted average number of common shares outstanding - diluted 4,148 4,430 4,654 (6.4) % (4.8) % Adjusted EBITDA (a) $ 37,633 $ 36,459 $ 34,708 3.2 % 5.0 % Percentage changes that are considered not meaningful are denoted with NM.
The change in realized and unrealized gains (losses) on equity securities, net in 2022 compared to 2021 was primarily due to gains on nonmarketable securities in the prior year, while losses on marketable securities were consistent in both years.
The change in realized and unrealized gains (losses) on equity securities, net in 2023 compared to 2022 was primarily due to losses on marketable securities in the prior year, partially offset by losses on nonmarketable securities in the current year.
Theme parks 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 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.
Share Repurchases Under Share Repurchase Program Authorization and Dividends Paid (in billions) Contractual Obligations The following table summarizes our most significant contractual obligations as of December 31, 2022: As of December 31, 2022 (in billions) Total Within the next 12 months Beyond the next 12 months Debt obligations (a) $ 101.0 $ 1.7 $ 99.2 Programming and production obligations 72.8 16.4 56.4 (a) Amounts represent the face value of debt and exclude interest payments and a collateralized obligation (see Note 8).
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.
In our Sky segment, we use constant currency and constant currency growth rates to evaluate the underlying performance of the business, and we believe it is helpful for investors to present operating results on a comparable basis year over year to evaluate its underlying performance.
In our Connectivity & Platforms business, we use constant currency and constant currency growth rates to evaluate the underlying performance of the businesses, and we believe they are helpful for investors because such measures present operating results on a comparable basis year over year to allow the evaluation of their underlying performance.
Cable Communications’ capital expenditures increased primarily due to increased spending on line extensions, scalable infrastructure, support capital and customer premise equipment. The table below summarizes the capital expenditures we incurred in our Cable Communications segment in 2022, 2021 and 2020.
Connectivity & Platforms’ capital expenditures increased primarily due to increased spending on line extensions and scalable infrastructure, partially offset by decreased spending on customer premise equipment and support capital. The table below summarizes the capital expenditures we incurred in our segments in the Connectivity & Platforms business in 2023, 2022 and 2021.
Theatrical r evenue relates to the worldwide distribution of our produced and acquired films for exhibition in movie theaters. Theatrical revenue increased in 2022 primarily due to the strong performances of releases in our 2022 slate, including Jurassic World: Dominion and Minions: The Rise of Gru .
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.
In January 2023, our Board of Directors approved an 7.4% increase in our dividend to $1.16 per share on an annualized basis. We expect to continue to pay quarterly dividends, although each dividend is subject to approval by our Board of Directors.
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.
We believe, among other things, that the adjusted information may help investors evaluate our ongoing operations and can assist in making meaningful period-over-period comparisons. 53 Comcast 2022 Annual Report on Form 10-K Table of Contents Liquidity and Capital Resources Year ended December 31 (in billions) 2022 2021 2020 Cash provided by operating activities $ 26.4 $ 29.1 $ 24.7 Cash used in investing activities $ (14.1) $ (13.4) $ (12.0) Cash used in financing activities $ (16.2) $ (18.6) $ (6.5) December 31 (in billions) 2022 2021 Cash and cash equivalents $ 4.7 $ 8.7 Short-term and long-term debt $ 94.8 $ 94.8 Our businesses generate significant cash flows from operating activities.
Liquidity and Capital Resources Year ended December 31 (in billions) 2023 2022 2021 Cash provided by operating activities $ 28.5 $ 26.4 $ 29.1 Cash used in investing activities $ (7.2) $ (14.1) $ (13.4) Cash used in financing activities $ (19.9) $ (16.2) $ (18.6) 49 Comcast 2023 Annual Report on Form 10-K Table of Contents December 31 (in billions) 2023 2022 Cash and cash equivalents $ 6.2 $ 4.7 Short-term and long-term debt $ 97.1 $ 94.8 Our businesses generate significant cash flows from operating activities.
Advertising, marketing and promotion expenses increased in 2022 primarily due to higher marketing costs related to Peacock. * * * Media segment total costs and expenses included $4.6 billion and $2.5 billion related to Peacock in 2022 and 2021, respectively .
Other expenses include salaries, employee benefits, rent and other overhead expenses. Other expenses increased in 2023 and 2022 primarily due to increases in costs related to Peacock. * * * Media segment total costs and expenses included $6.1 billion , $4.6 billion and $2.5 billion related to Peacock in 2023, 2022 and 2021, respectively .
Comcast 2022 Annual Report on Form 10-K 38 Table of Contents Consolidated Revenue The following graph illustrates the contributions to the change in consolidated revenue made by our Cable Communications, NBCUniversal and Sky segments, as well as by Corporate and Other activities, including eliminations.
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.
Pursuant to our practice of performing quantitative assessments of cable franchise rights approximately once every four years, our current year impairment testing was based on a quantitative assessment. Based on this assessment, the estimated fair values of our franchise rights substantially exceeded their carrying values and no impairment was required.
At the time of our previous quantitative assessment in 2022, which was pursuant to our practice of performing quantitative assessments of cable franchise rights approximately once every four years, the estimated fair values of our franchise rights substantially exceeded their carrying values.
Business services revenue increased in 2022 primarily due to increases in average rates and customer relationships compared to the prior year and due to the acquisition of Masergy in October 2021.
Business services connectivity revenue increased in 2022 primarily due to an increase in revenue from medium-sized and enterprise customers, primarily due to the acquisition of Masergy in October 2021, and an increase in revenue from small business customers, driven by an increase in average rates and customer relationships compared to 2021.
Refer to Note 2 for further discussion of transactions between our segments.
Refer to Note 2 for additional information on transactions between our segments.
The change in other income (loss), net in 2022 compared to 2021 primarily resulted from losses on insurance contracts and equity method investment impairments. Consolidated Income Tax (Expense) Benefit Our effective income tax rate in 2022 and 2021 was 47.0% and 27.5%, respectively.
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.
Year ended December 31 (in millions) 2022 2021 2020 Customer premise equipment $ 2,293 $ 2,203 $ 2,333 Scalable infrastructure 2,851 2,658 2,289 Line extensions 1,824 1,565 1,394 Support capital 600 503 589 Total $ 7,568 $ 6,930 $ 6,605 We expect our capital expenditures for 2023 will be focused on increased investment in scalable infrastructure as we increase capacity and execute our plans to upgrade our network to deliver multigigabit speeds, in line extensions for the expansion of both business services and residential passings in our Cable Communications segment, and in the continued deployment of wireless gateways.
Year ended December 31 (in millions) 2023 2022 2021 Customer premise equipment $ 2,234 $ 2,579 $ 2,745 Scalable infrastructure 3,161 2,919 2,725 Line extensions 2,333 1,824 1,566 Support capital 514 795 828 Total $ 8,241 $ 8,116 $ 7,864 We expect our capital expenditures in 2024 will continue to be focused on investments in line extensions for the expansion of both business services and residential passings in the Connectivity & Platforms business, in scalable infrastructure as we increase capacity and continue to execute our plans to upgrade our network to deliver multigigabit speeds, and in the continued deployment of wireless gateways.
We performed a quantitative assessment for goodwill in our Sky reporting unit in the current year and determined that the fair value had declined, resulting in an impairment of $8.1 billion (see Note 10). In preparing the quantitative assessment, we estimated the fair value of the Sky reporting unit using a discounted cash flow analysis.
In 2022, in connection with our annual impairment testing, we recorded an impairment of $8.1 billion related to goodwill in our Sky reporting unit (See Note 10). In preparing this assessment, we estimated the fair value of the Sky reporting unit using a discounted cash flow analysis.
Financing Activities Net cash used in financing activities decreased in 2022 compared to 2021 primarily due to higher repurchases and repayments of debt in the prior year, the change in other financing activities and proceeds from short-term borrowings, net in the current year.
Financing Activities Net cash used in financing activities increased in 2023 primarily due to repayment of a collateralized obligation in the current year (see Note 8), higher repurchases and repayments of debt, repayments of short-term borrowings, net in the current year compared to proceeds from short-term borrowings, net in the prior year, and higher settlements of derivative contracts in the prior year, which are included in other financing activities.
In September 2022, our Board of Directors approved a new share repurchase program authorization of $20 billion, effective September 13, 2022. During 2022, we repurchased a total of 332.0 million shares of our Class A common stock for $13.0 billion. As of December 31, 2022, we had $16.0 billion remaining under the new share repurchase program authorization.
In 2023, we repurchased a total of 262 million shares of our Class A common stock for $11.0 billion under the share repurchase program authorization of $20 billion approved by our Board of Directors in September 2022. We did not purchase any shares outside of the program.
Our largest contractual obligations relate to our outstanding debt. As of December 31, 2022, our debt has a weighted-average time to maturity of approximately 17 years and, including the effects of our derivative financial instruments, our debt had a weighted-average interest rate based on the stated coupons of 3.59% and 93% of our debt obligations were fixed-rate debt.
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%.
Eliminations Year ended December 31 (in millions) 2022 2021 2020 % Change 2021 to 2022 % Change 2020 to 2021 Revenue $ (2,903) $ (3,008) $ (2,540) (3.5) % 18.5 % Costs and expenses (2,838) (2,942) (2,572) (3.5) 14.4 Adjusted EBITDA $ (64) $ (65) $ 32 (1.7) % NM Percentage changes that are considered not meaningful are denoted with NM.
Eliminations Year ended December 31 (in millions) 2023 2022 2021 Change 2022 to 2023 Change 2021 to 2022 Revenue $ (5,583) $ (5,590) $ (6,783) (0.1) % (17.6) % Costs and expenses (5,611) (5,526) (6,718) 1.5 (17.7) Adjusted EBITDA $ 28 $ (64) $ (65) NM (1.7) % Percentage changes that are considered not meaningful are denoted with NM.
As of December 31, 2022, 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 $10.4 billion. We entered into a new revolving credit facility in March 2021 (see Note 6).
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.
Excluding $327 million and $522 million of incremental revenue associated with our broadcasts of the Beijing and Tokyo Olympics in 2022 and 2021, respectively, distribution revenue increased primarily due to increased revenue at Peacock. Distribution revenue at our networks remained consistent with the prior year due to contractual rates increases, offset by a decline in the number of subscribers.
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.
The decrease in payments of interest in 2022 was primarily due to the debt exchange in August 2021, including the impact of timing of interest payments, reduced debt balances following repayments in the prior year and cash proceeds from the early settlement of interest rate swaps related to the collateralized obligation.
The increase in payments of interest in 2023 was primarily due to increased debt balances following debt issuances in the current year, cash proceeds from the early settlement of interest rate swaps related to our collateralized obligation in the prior year and higher weighted-average interest rates.
The significant judgments in the discounted cash flow analysis for the Sky reporting unit included estimated future cash flows generated by the business, including the estimated impacts of macroeconomic conditions in the Sky territories, and the selection of the discount rate, which increased by 125 basis points compared to the analysis in 2021.
This analysis involved significant judgment, including market participant estimates of future cash flows expected to be generated by the business, including the estimated impact of macroeconomic conditions in the Sky territories, as well as the selection of the discount rate, which increased by 125 basis points compared to the prior analysis.
Other expenses primarily include administrative personnel costs; fees paid to third-party channels for which Cable represents the advertising sales efforts; other business support costs, including building and office expenses, taxes and billing costs; and bad debt.
(e) Customer service expenses include the personnel and other costs associated with customer service and certain selling activities. (f) Other expenses primarily include administrative personnel costs; franchise and other regulatory fees; fees paid to third parties where we represent the advertising sales efforts; other business support costs, including building and office expenses, taxes and billing costs; and bad debt.
We believe this metric is useful particularly as we continue to focus on growing our higher-margin businesses and improving overall cost management.
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.
Technical and product support expenses increased in 2022 primarily due to increased costs associated with our wireless phone service resulting from increases in device sales and the number of customers receiving the service, and the acquisition of Masergy, partially offset by lower personnel costs.
Other expenses decreased in 2023 primarily due to decreased spending on marketing and promotion, lower technical and support costs, lower severance charges in 2023 compared to 2022 and a decrease in fees paid to third-party channels relating to advertising sales, partially offset by increased direct product costs associated with our wireless services resulting from increases in device sales and the number of customers receiving our services.
Typically when we acquire a cable system, the most significant asset we record is the value of the cable franchise rights. Often these cable system acquisitions include multiple franchise areas. We currently serve more than 6,500 franchise areas in the United States.
Typically when we acquire a cable system, the most significant asset we record is the value of the cable franchise rights.
Year ended December 31 (in millions) 2022 2021 2020 % Change 2021 to 2022 % Change 2020 to 2021 Revenue Media $ 23,406 $ 22,780 $ 18,936 2.7 % 20.3 % Studios 11,622 9,449 8,134 23.0 16.2 Theme Parks 7,541 5,051 2,094 49.3 141.2 Headquarters and Other 75 87 53 (13.6) 63.8 Eliminations (3,442) (3,048) (2,006) (12.9) (51.9) Total revenue $ 39,203 $ 34,319 $ 27,211 14.2 % 26.1 % Adjusted EBITDA Media $ 3,212 $ 4,569 $ 5,574 (29.7) % (18.0) % Studios 942 884 1,041 6.6 (15.1) Theme Parks 2,683 1,267 (477) 111.7 NM Headquarters and Other (881) (840) (563) (4.8) (49.3) Eliminations (2) (205) (220) 99.1 6.5 Total Adjusted EBITDA $ 5,955 $ 5,675 $ 5,355 4.9 % 6.0 % Percentage changes that are considered not meaningful are denoted with NM.
Content & Experiences Overview Year ended December 31 (in millions) 2023 2022 2021 Change 2022 to 2023 Change 2021 to 2022 Revenue Media $ 25,355 $ 26,719 $ 27,406 (5.1) % (2.5) % Studios 11,625 12,257 10,077 (5.2) 21.6 Theme Parks 8,947 7,541 5,051 18.6 49.3 Headquarters and Other 64 75 87 (15.4) (13.6) Eliminations (2,800) (3,442) (3,048) 18.7 (12.9) Total Content & Experiences revenue $ 43,191 $ 43,151 $ 39,574 0.1 % 9.0 % Adjusted EBITDA Media $ 2,955 $ 3,598 $ 5,133 (17.9) % (29.9) % Studios 1,269 961 879 32.0 9.4 Theme Parks 3,345 2,683 1,267 24.7 111.7 Headquarters and Other (946) (881) (840) (7.5) (4.8) Eliminations 77 (2) (205) NM 99.1 Total Content & Experiences Adjusted EBITDA $ 6,700 $ 6,360 $ 6,234 5.4 % 2.0 % Percentage changes that are considered not meaningful are denoted with NM.

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Item 7A. Quantitative and Qualitative Disclosures About Market Risk

Market Risk — interest-rate, FX, commodity exposure

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Biggest change(in billions) 2023 2024 2025 2026 2027 Thereafter Total Estimated Fair Value as of December 31, 2022 Debt Fixed-rate debt $ 1.1 $ 3.8 $ 6.8 $ 5.1 $ 5.7 $ 74.2 $ 96.7 $ 82.6 Average interest rate (a) 2.0 % 2.9 % 3.6 % 2.4 % 3.1 % 3.6 % 3.5 % Variable-rate debt $ 0.7 $ 0.5 $ — $ — $ — $ 3.1 $ 4.3 $ 4.3 Average interest rate 4.6 % 5.6 % — % — % — % 4.4 % 4.6 % Fixed-to-Variable Interest Rate Swaps Notional amount (b) $ — $ — $ — $ 1.3 $ 0.3 $ 1.0 $ 2.5 $ (0.3) Average pay rate — % — % — % 6.3 % 6.2 % 6.6 % 6.4 % 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) 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.
The results of our analysis indicate that such a shift in exchange rates would not have a material impact on our 2022 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 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.
We have analyzed our foreign currency exposure related to our foreign operations as of December 31, 2022, 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, 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 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, 2022, plus the applicable borrowing margin.
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.
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, 2022.
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.
As of December 31, 2022 and 2021, 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 2022 Annual Report on Form 10-K 62 Table of Contents
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, 2022 and 2021, the amount of foreign currency denominated debt designated as hedges of our net investment in foreign subsidiaries was $7.6 billion and $8.2 billion, respectively, and the notional amount of cross-currency swaps designated as hedges of our net investment in foreign subsidiaries was $2.5 billion and $3.6 billion, respectively.
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.
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 losses of $397 million in 2022, gains of $760 million in 2021 and losses of $686 million in 2020.
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.
The effect of our interest rate derivative financial instruments to our consolidated interest expense was a decrease of $66 million in 2022, a decrease of $2 million in 2021, and a decrease of $9 million in 2020. 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 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.
As of December 31, 2022 and 2021, the aggregate estimated fair value of these cross-currency swaps was a net asset of $108 million and a net liability of $104 million, respectively.
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.
See Notes 1, 6 and 8 for additional information. 61 Comcast 2022 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 through Sky and NBCUniversal, and certain of our operations are conducted in foreign currencies.
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.
As of December 31, 2022 and 2021, we had cross-currency swaps designated as cash flow hedges on $752 million and $1.6 billion of our foreign currency denominated debt, respectively, and the aggregate estimated fair value of these cross-currency swaps was a net liability of $274 million and $53 million, respectively.
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.
As of December 31, 2022, we had foreign currency forwards designated as fair value hedges on $5.4 billion of our foreign currency intercompany loans receivable, and the aggregate estimated fair value of these foreign currency forwards was a net liability of $56 million. There were no foreign currency forwards designated as fair value hedges as of December 31, 2021.
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.
The estimated fair value approximates the amount of payments to be made or proceeds to be received to settle the outstanding contracts, excluding accrued interest. Additionally, we have a $5.2 billion variable rate term loan presented separately as a collateralized obligation that will mature in March 2024.
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.
As of December 31, 2022 and 2021, the aggregate estimated fair value of these foreign exchange contracts was a net asset of $73 million and $180 million, respectively. 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.
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.
Removed
This term loan has an average interest rate of 5.7% estimated using December 31, 2022 implied forward rates through the year of maturity and its estimated fair value was $5.2 billion. During 2022, we settled the variable-to-fixed interest rate swaps related to this collateralized obligation.
Removed
As of December 31, 2022 and 2021, we also had foreign currency forward contracts that were not designated as fair value hedges with a total notional value of $4.9 billion and $8.0 billion, respectively.

Other CMCSA 10-K year-over-year comparisons