UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)



x	Quarterly Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the quarterly period ended ~~September~~June 30, ~~2013~~2017

¨c Transition Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the Transition Period from to

Commission File Number 333-174175




Commission File Number	Exact Name of Registrant; State of Incorporation; Address and Telephone Number of Principal Executive Offices	I.R.S. Employer Identification No.
001-32871	COMCAST CORPORATION	27-0000798
	PENNSYLVANIA One Comcast Center Philadelphia, PA 19103-2838 (215) 286-1700

001-36438	NBCUNIVERSAL MEDIA, LLC	14-1682529
	DELAWARE 30 Rockefeller Plaza New York, NY 10112-0015 (212) 664-4444

~~NBCUniversal~~Indicate ~~Media~~by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding twelve months (or for such shorter period that the registrant was required to file such reports), ~~LLC~~and (2) has been subject to such filing requirements for the past 90 days.

~~(Exact~~Comcast ~~name~~Corporation ofYes ~~registrant~~x asNo ~~specified~~c inNBCUniversal ~~its~~Media, ~~charter)~~LLC Yes x No c

DELAWARE		14-1682529
(State or other jurisdiction ofincorporation or organization)		(I.R.S. EmployerIdentification No.)
30 Rockefeller Plaza, New York, NY		10112-0015
(Address of principal executive offices)		(Zip Code)

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such period that the registrant was required to submit and post such files).

~~Registrant’s~~Comcast ~~telephone~~Corporation ~~number~~Yes x No c NBCUniversal Media, ~~including~~LLC ~~area~~Yes ~~code:~~x ~~(212) 664-4444~~No c

Indicate by check mark whether the registrant ~~(1) has~~is ~~filed~~a ~~all~~large ~~reports~~accelerated ~~required~~filer, toan beaccelerated ~~filed~~filer, bya ~~Section 13~~non-accelerated orfiler, ~~15(d)~~a ofsmaller ~~the Securities~~reporting ~~Exchange~~company, ~~Act~~or ofan ~~1934~~emerging ~~during~~growth ~~the~~company. ~~preceding~~See ~~twelve~~definitions ~~months~~of ~~(or~~“large ~~for~~accelerated ~~such~~filer,” ~~shorter~~“accelerated ~~period~~filer,” ~~that~~“smaller ~~the~~reporting ~~registrant~~company” ~~was~~and ~~required~~“emerging togrowth ~~file~~company” ~~such~~in ~~reports),~~Rule ~~and (~~12b-2~~) has~~ ~~been~~of ~~subject to such filing requirements for~~ the ~~past~~Exchange ~~90 days~~Act.

~~Yes~~ Comcast Corporation Large accelerated filer x ~~No ¨~~ Accelerated filer c Non-accelerated filer c Smaller reporting company c Emerging growth company c NBCUniversal Media, LLC Large accelerated filer c Accelerated filer c Non-accelerated filer x Smaller reporting company c Emerging growth company c

~~Indicate~~If an emerging growth company, indicate by check mark whether the registrant has ~~submitted~~elected ~~electronically~~not ~~and~~to ~~posted~~use onthe ~~its~~extended ~~corporate~~transition ~~Web~~period ~~site,~~for ifcomplying with any, ~~every~~new ~~Interactive Data~~or ~~File~~revised ~~required~~financial toaccounting bestandards ~~submitted~~provided ~~and posted~~ pursuant to ~~Rule~~Section ~~405~~13(a) of ~~Regulation S-T during~~ the ~~preceding~~Exchange ~~12 months (or for such period that the registrant was required to submit and post such files)~~Act.

~~Yes x No ¨~~Comcast Corporation c NBCUniversal Media, LLC c

Indicate by check mark whether the ~~Registrant~~registrant is a ~~large~~shell ~~accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting~~ company. ~~See~~(as ~~definitions~~defined ~~of “large accelerated filer,” “accelerated filer” and “smaller reporting company”~~ in Rule 12b-2 of the ~~Exchange~~ Act).

~~Large~~Comcast ~~accelerated~~Corporation ~~filer ¨ Accelerated~~Yes ~~filer ¨ Non-accelerated~~c ~~filer~~ No x ~~Smaller~~ ~~reporting~~NBCUniversal ~~company ¨~~Media, LLC Yes c No x

Indicate bythe ~~check~~number ~~mark~~of ~~whether~~shares ~~the~~outstanding ~~Registrant~~of iseach aof ~~shell~~the ~~company~~registrant’s ~~(as~~classes ~~defined~~of ~~in Rule 12b-2~~stock, as of the ~~Act).~~latest practical date:

~~Yes~~As of June ¨30, 2017, there were 4,703,928,010 shares of Comcast Corporation Class NoA common stock and 9,444,375 shares of Comcast Corporation Class xB common stock outstanding.

~~Indicate~~Not ~~the~~applicable ~~number~~for ofNBCUniversal ~~shares outstanding of each of the Registrant’s classes of common stock~~Media, ~~as of the latest practical date: Not applicable~~ LLC.

~~The~~NBCUniversal ~~Registrant~~Media, LLC meets the conditions set forth in General Instruction H(1)(a) and (b) of Form 10-Q and is therefore filing this ~~Form~~form ~~10-Q~~ with the reduced disclosure format.

~~Table~~TABLE ofOF ~~Contents~~CONTENTS

TABLE OF CONTENTS



		Page Number
PART I. FINANCIAL INFORMATION
Item 1.	Comcast Corporation Financial Statements	1
	Condensed Consolidated Balance Sheet as of June 30, 2017 and December 31, 2016 (Unaudited)	1
	Condensed Consolidated Statement of Income for the Three and Six Months Ended June 30, 2017 and 2016 (Unaudited)	2
	Condensed Consolidated Statement of Comprehensive Income for the Three and Six Months Ended June 30, 2017 and 2016 (Unaudited)	3
	Condensed Consolidated Statement of Cash Flows for the Six Months Ended June 30, 2017 and 2016 (Unaudited)	4
	Condensed Consolidated Statement of Changes in Equity for the Six Months Ended June 30, 2017 and 2016 (Unaudited)	5
	Notes to Condensed Consolidated Financial Statements (Unaudited)	6
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	25
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	38
Item 4.	Controls and Procedures	39
PART II. OTHER INFORMATION
Item 1.	Legal Proceedings	39
Item 1A.	Risk Factors	39
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	39
Item 5.	Other Information	40
Item 6.	Exhibits	41
SIGNATURES		42
NBCUniversal Media, LLC Financial Statements		43

		PageNumber
PART I. FINANCIAL INFORMATION
Item 1.	Financial Statements		1
	Condensed Consolidated Balance Sheet as of September 30, 2013 and December 31, 2012 (Unaudited)		1
	Condensed Consolidated Statement of Income for the Three and Nine Months Ended September 30, 2013 and 2012 (Unaudited)		2
	Condensed Consolidated Statement of Comprehensive Income for the Three and Nine Months Ended September 30, 2013 and 2012 (Unaudited)		3
	Condensed Consolidated Statement of Cash Flows for the Nine Months Ended September 30, 2013 and 2012 (Unaudited)		4
	Condensed Consolidated Statement of Changes in Equity for the Nine Months Ended September 30, 2013 and 2012 (Unaudited)		5
	Notes to Condensed Consolidated Financial Statements (Unaudited)		6
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations		15
Item 4.	Controls and Procedures		25
PART II. OTHER INFORMATION
Item 1.	Legal Proceedings		26
Item 1A.	Risk Factors		26
Item 6.	Exhibits		26
SIGNATURES			27

Explanatory Note

This Quarterly Report on Form 10-Q ~~is for~~ (the ~~three~~“report”) ~~and~~was ~~nine~~originally ~~months ended September 30, 2013. This Quarterly Report modifies and supersedes documents~~ filed ~~prior~~with tothe ~~this Quarterly Report. The~~ Securities and Exchange Commission (the “SEC”) ~~allows~~on usJuly to27, ~~“incorporate~~2017, byas ~~reference”~~a ~~information~~combined ~~that~~report weby ~~file~~Comcast ~~with~~Corporation ~~it,~~(“Comcast”) ~~which~~and ~~means~~NBCUniversal ~~that~~Media, weLLC ~~can~~(“NBCUniversal”). Because ~~disclose~~the ~~important information~~report toonly ~~you~~appeared byon ~~referring~~the ~~you~~SEC’s ~~directly~~EDGAR toSystem ~~those~~under ~~documents.~~the ~~Information~~Central ~~incorporated~~Index byKey ~~reference~~(“CIK”) isfor ~~considered~~Comcast, toNBCUniversal beis ~~part~~resubmitting of this ~~Quarterly~~report ~~Report.~~so ~~In addition, information~~ that weit ~~file~~also ~~with~~appears ~~the~~under ~~SEC~~NBCUniversal’s inCIK. ~~the~~Other ~~future~~than ~~will automatically update and supersede information contained in~~ this ~~Quarterly~~bolded ~~Report.~~paragraph, ~~Throughout~~ this ~~Quarterly~~report ~~Report,~~is weidentical ~~refer~~ to ~~NBCUniversal~~the ~~Media,~~original ~~LLC~~report and ~~its~~is ~~consolidated~~current ~~subsidiaries~~only as ~~“NBCUniversal,”~~of ~~“we,”~~and ~~“us”~~at ~~and~~July ~~“our;” NBCUniversal~~27, ~~LLC as “NBCUniversal Holdings;” Comcast Corporation as “Comcast;” and General Electric Company as “GE~~2017.”

~~You~~This ~~should~~Quarterly ~~carefully~~Report ~~review~~on ~~the~~Form ~~information~~10-Q ~~contained~~is ina ~~this~~combined ~~Quarterly~~report ~~Report~~being filed separately by Comcast Corporation (“Comcast”) and ~~particularly~~NBCUniversal ~~consider~~Media, ~~any~~LLC ~~risk~~(“NBCUniversal”). ~~factors~~Comcast owns all of the common equity interests in NBCUniversal, and NBCUniversal meets the conditions set forth in ~~this~~General ~~Quarterly~~Instruction ~~Report~~H(1)(a) and in(b) of ~~other~~Form ~~reports~~10-Q orand ~~documents~~is ~~that~~therefore wefiling ~~file from~~its ~~time~~information towithin ~~time~~this Form 10-Q with the ~~SEC~~reduced disclosure format. InEach of Comcast and NBCUniversal is filing on its own behalf the information contained in this ~~Quarterly~~report ~~Report~~that relates to itself, weand ~~state~~neither ~~our~~company ~~beliefs~~makes ofany ~~future~~representation ~~events~~as ~~and~~to ofinformation ~~our~~relating ~~future~~to ~~financial~~the ~~performance~~other company. InWhere ~~some~~information ~~cases,~~or ~~you~~an ~~can~~explanation ~~identify~~is ~~these~~provided ~~so-called~~that ~~“forward-looking~~is ~~statements”~~substantially bythe ~~words~~same ~~such~~for ~~as “may,”~~each ~~“will~~company,” ~~“should,”~~such ~~“expects,”~~information ~~“believes,”~~or ~~“estimates,”~~explanation ~~“potential,”~~has orbeen ~~“continue,”~~combined in this report. Where information or an explanation is not substantially the ~~negative~~same offor ~~those~~each ~~words~~company, separate information and ~~other~~explanation ~~comparable~~has ~~words~~been provided. ~~You~~In ~~should~~addition, beseparate ~~aware that~~condensed ~~these~~consolidated financial statements ~~are~~for ~~only~~each ~~our~~company, ~~predictions.~~along Inwith ~~evaluating~~notes ~~these~~to the condensed consolidated financial statements, ~~you~~are ~~should~~included ~~specifically~~in ~~consider~~this ~~various~~report. ~~factors~~Unless indicated otherwise, ~~including~~throughout ~~the~~this ~~risks~~Quarterly ~~outlined~~Report ~~below~~on Form 10-Q, we refer to Comcast and inits ~~other~~consolidated ~~reports~~subsidiaries, weincluding ~~file~~NBCUniversal ~~with~~and ~~the~~its ~~SEC.~~consolidated ~~Actual~~subsidiaries, ~~events~~as or“we,” “us” and “our;” ~~actual~~Comcast ~~results~~Cable ~~may differ~~Communications, ~~materially~~LLC ~~from~~and ~~any~~its ofconsolidated ~~our~~subsidiaries ~~forward-looking~~as ~~statements.~~“Comcast WeCable;” ~~undertake~~Comcast noHoldings ~~obligation~~Corporation toas ~~update~~“Comcast ~~any~~Holdings;” ~~forward-looking~~NBCUniversal, ~~statements~~LLC as “NBCUniversal Holdings;” and NBCUniversal Enterprise, Inc. as “NBCUniversal Enterprise.”

~~Our~~This ~~businesses~~Quarterly ~~may~~Report beon ~~affected~~Form 10-Q byis for the three and six months ended June 30, ~~among~~2017. ~~other~~This ~~things~~Quarterly Report on Form 10-Q modifies and supersedes documents filed before it. The Securities and Exchange Commission (“SEC”) allows us to “incorporate by reference” information that we file with it, ~~the~~which ~~following:~~means that we can disclose important information to you by referring you

•directly ~~our~~to ~~businesses~~those ~~currently~~documents. ~~face~~Information aincorporated ~~wide~~by ~~range~~reference is considered to be part of ~~competition~~this Quarterly Report on Form 10-Q. In addition, ~~and~~information ~~our~~that ~~businesses~~we ~~and~~file ~~results~~with ofthe ~~operations~~SEC ~~could~~in bethe ~~adversely~~future ~~affected~~will ifautomatically weupdate doand ~~not~~supersede ~~compete~~information ~~effectively~~contained in this Quarterly Report on Form 10-Q.

•You ~~changes~~should carefully review the information contained in ~~consumer~~this ~~behavior~~Quarterly ~~driven~~Report on Form 10-Q and particularly consider any risk factors set forth in this Quarterly Report on Form 10-Q and in other reports or documents that we file from time to time with the SEC. In this Quarterly Report on Form 10-Q, we state our beliefs of future events and of our future financial performance. In some cases, you can identify these so-called “forward-looking statements” by ~~new~~words ~~technologies~~such as “may,” “will,” “should,” “expects,” “believes,” “estimates,” “potential,” or “continue,” or the negative of these words, and other comparable words. You should be aware that these statements are only our predictions. In evaluating these statements, you should consider various factors, including the risks outlined below and in other reports we file with the SEC. Actual events or our actual results could differ materially from our forward-looking statements as a result of any such factors, which could adversely affect our businesses, results of operations or financial condition. We undertake no obligation to update any forward-looking statements.

•Our webusinesses ~~are~~may ~~subject~~be toaffected ~~regulation~~ by ~~federal~~, ~~state,~~among ~~local~~other ~~and foreign authorities~~things, ~~which~~the ~~may impose additional costs and restrictions on our businesses~~following:

• ~~weak~~our ~~economic~~businesses ~~conditions~~currently ~~may~~face ~~have~~ a ~~negative~~wide ~~impact~~range onof competition, and our businesses and results of operations could be adversely affected if we do not compete effectively

• achanges ~~decline~~ in ~~advertising~~consumer ~~expenditures~~behavior ordriven ~~changes~~by innew ~~advertising~~technologies ~~markets~~and ~~could~~distribution ~~negatively~~platforms ~~impact~~for viewing content may adversely affect our businesses and challenge existing business models

• ~~our~~a ~~success~~decline ~~depends~~in onadvertisers’ ~~consumer~~expenditures ~~acceptance~~or ofchanges ~~our~~in ~~content,~~advertising ~~which~~markets iscould ~~difficult~~negatively toimpact ~~predict, and~~ our businesses ~~may be adversely affected if our content fails to achieve sufficient consumer acceptance or our costs to create or acquire content increase~~

• ~~the loss of~~ our ~~programming~~businesses ~~distribution~~depend ~~agreements, or the renewal of these agreements~~ on ~~less~~keeping ~~favorable~~pace ~~terms,~~with ~~could~~technological ~~adversely affect our businesses~~developments

• ~~our~~we ~~businesses~~are ~~depend~~subject onto ~~using~~regulation ~~and~~by ~~protecting~~federal, ~~certain~~state, ~~intellectual~~local ~~property~~and ~~rights~~foreign ~~and~~authorities, onwhich ~~not~~may ~~infringing~~impose ~~the~~additional ~~intellectual~~costs ~~property~~and ~~rights~~restrictions ofon ~~others~~our businesses

• ~~our~~changes ~~businesses~~to ~~depend~~existing onstatutes, ~~keeping~~rules, ~~pace~~regulations, ~~with~~or ~~technological~~interpretations ~~developments~~thereof, or adoption of new ones, could have an adverse effect on our businesses

• weprogramming ~~rely~~expenses onfor ~~network~~our ~~and~~video ~~information~~services ~~systems~~are ~~and other technologies~~increasing, aswhich ~~well~~could asadversely ~~key~~affect ~~properties,~~our ~~and~~Cable aCommunications ~~disruption,~~segment’s ~~cyber~~video ~~attack, failure or destruction of such networks, systems, technologies or properties may disrupt our businesses~~business

• weNBCUniversal’s success depends on consumer acceptance of its content, and its businesses may be ~~unable~~adversely affected if its content fails to ~~obtain~~achieve ~~necessary~~sufficient ~~hardware,~~consumer ~~software~~acceptance ~~and~~or ~~operational~~the ~~support~~costs to create or acquire content increase

• ~~labor~~the ~~disputes,~~loss ~~whether~~of ~~involving~~NBCUniversal’s ~~employees~~programming distribution agreements, or ~~sports~~the ~~organizations,~~renewal ~~may~~of ~~disrupt~~these ~~our~~agreements ~~operations~~on ~~and~~less favorable terms, could adversely affect ~~our~~its businesses

• ~~sales~~we rely on network and information systems and other technologies, as well as key properties, and a disruption, cyber attack, failure or destruction of ~~DVDs~~such ~~have~~networks, ~~been~~systems, ~~declining~~technologies or properties may disrupt our businesses

• ~~the~~we ~~loss~~may ofbe ~~key~~unable ~~management~~to ~~personnel~~obtain ornecessary ~~popular~~hardware, ~~on-air~~software and ~~creative~~operational ~~talent could have an adverse effect on our businesses~~support

• weweak ~~face~~economic ~~risks~~conditions ~~relating~~may tohave ~~doing~~a ~~business~~negative ~~internationally~~impact ~~that~~on ~~could adversely affect~~ our businesses

~~Table~~• our businesses depend on using and protecting certain intellectual property rights and on not infringing the intellectual property rights of ~~Contents~~others

~~PART~~• I:acquisitions ~~FINANCIAL~~and ~~INFORMATION~~other strategic initiatives, including the launch of our wireless phone service, present many risks, and we may not realize the financial and strategic goals that we had contemplated

~~ITEM 1:~~• ~~FINANCIAL~~labor ~~STATEMENTS~~disputes, whether involving employees or sports organizations, may disrupt our operations and adversely affect our businesses

~~Condensed~~• ~~Consolidated~~the ~~Balance~~loss ~~Sheet~~of key management personnel or popular on-air and creative talent could have an adverse effect on our businesses

~~(Unaudited)~~• we face risks relating to doing business internationally that could adversely affect our businesses

(in millions)	September 30,2013			December 31,2012
Assets
Current Assets:
Cash and cash equivalents	$	870		$	5,921
Receivables, net		4,015			4,028
Programming rights		925			844
Other current assets		643			607
Total current assets		6,453			11,400
Film and television costs		4,585			5,041
Note receivable from Comcast		981			—
Investments		926			1,266
Property and equipment, net of accumulated depreciation of $1,502 and $1,083		7,449			5,381
Goodwill		14,863			14,770
Intangible assets, net of accumulated amortization of $3,818 and $3,238		14,954			15,420
Other noncurrent assets, net		1,051			1,184
Total assets	$	51,262		$	54,462
Liabilities and Equity
Current Liabilities:
Accounts payable and accrued expenses related to trade creditors	$	2,104		$	2,348
Accrued participations and residuals		1,372			1,350
Program obligations		603			561
Deferred revenue		904			681
Accrued expenses and other current liabilities		1,396			1,288
Current portion of long-term debt		907			10
Total current liabilities		7,286			6,238
Long-term debt, less current portion		10,249			11,231
Accrued participations, residuals and program obligations		1,122			862
Other noncurrent liabilities		3,409			3,746
Commitments and contingencies
Redeemable noncontrolling interests		127			131
Equity:
Member’s capital		28,785			31,900
Accumulated other comprehensive income (loss)		(103	)		(65	)
Total NBCUniversal member’s equity		28,682			31,835
Noncontrolling interests		387			419
Total equity		29,069			32,254
Total liabilities and equity	$	51,262		$	54,462


•	our Class B common stock has substantial voting rights and separate approval rights over several potentially material transactions, and our Chairman and CEO has considerable influence over our company through his beneficial ownership of our Class B common stock

~~See~~Table ~~accompanying~~of ~~notes to condensed consolidated financial statements.~~ Contents

1PART I: FINANCIAL INFORMATION

~~Table~~ITEM 1: ofFINANCIAL ~~Contents~~STATEMENTS

~~Condensed~~Comcast ~~Consolidated Statement of Income~~ Corporation

~~(Unaudited)~~Condensed Consolidated Balance Sheet

(Unaudited)

		Three Months EndedSeptember 30							Nine Months Ended September 30
(in millions, except share data)	June 30, 2017				December 31, 2016
(in millions)		2013				2012			2013			2012
Assets
Revenue		$	5,851			$	6,822		$	17,186		$	17,798
Current Assets:
Costs and Expenses:
Cash and cash equivalents	$	2,693			$	3,301
Programming and production			2,803				3,922			8,496			9,608
Receivables, net	7,849				7,955
Other operating and administrative			1,251				1,244			3,623			3,492
Programming rights	1,633				1,250
Advertising, marketing and promotion			547				516			1,673			1,763
Other current assets	2,657				3,855
Depreciation			160				141			467			402
Total current assets	14,832				16,361
Amortization			192				196			578			567
Film and television costs	6,595				7,252
			4,953				6,019			14,837			15,832
Investments	6,521				5,247
Operating income			898				803			2,349			1,966
Property and equipment, net of accumulated depreciation of $49,951 and $49,694	37,171				36,253
Other Income (Expense):
Franchise rights	59,364				59,364
Interest expense			(129	)			(117	)		(386	)		(348	)
Goodwill	36,742				35,980
Interest income			9				9			21			20
Other intangible assets, net of accumulated amortization of $11,900 and $11,013	18,907				17,274
Equity in net income (losses) of investees, net			(132	)			37			(105	)		169
Other noncurrent assets, net	2,899				2,769
Other income (expense), net			(306	)			1,061			(398	)		1,034
Total assets	$	183,031			$	180,500
			(558	)			990			(868	)		875
Liabilities and Equity
Income before income taxes			340				1,793			1,481			2,841
Current Liabilities:
Income tax (expense) benefit			(62	)			(72	)		(162	)		(154	)
Accounts payable and accrued expenses related to trade creditors	$	6,730			$	6,915
Net income (loss)			278				1,721			1,319			2,687
Accrued participations and residuals	1,882				1,726
Net (income) loss attributable to noncontrolling interests			(42	)			(49	)		(105	)		(117	)
Deferred revenue	1,448				1,132
Net income (loss) attributable to NBCUniversal		$	236			$	1,672		$	1,214		$	2,570
Accrued expenses and other current liabilities	5,858				6,282
Current portion of long-term debt	6,358				5,480
Total current liabilities	22,276				21,535
Long-term debt, less current portion	57,210				55,566
Deferred income taxes	35,409				34,854
Other noncurrent liabilities	10,837				10,925
Commitments and contingencies (Note 10)
Redeemable noncontrolling interests and redeemable subsidiary preferred stock	1,451				1,446
Equity:
Preferred stock—authorized, 20,000,000 shares; issued, zero	—				—
Class A common stock, $0.01 par value—authorized, 7,500,000,000 shares; issued, 5,576,719,038 and 5,614,950,039; outstanding, 4,703,928,010 and 4,742,159,011	56				56
Class B common stock, $0.01 par value—authorized, 75,000,000 shares; issued and outstanding, 9,444,375	—				—
Additional paid-in capital	37,478				38,230
Retained earnings	24,560				23,076
Treasury stock, 872,791,028 Class A common shares	(7,517		)		(7,517		)
Accumulated other comprehensive income (loss)	428				98
Total Comcast Corporation shareholders’ equity	55,005				53,943
Noncontrolling interests	843				2,231
Total equity	55,848				56,174
Total liabilities and equity	$	183,031			$	180,500

See accompanying notes to condensed consolidated financial statements.

2 1

Table of Contents

~~Condensed~~Comcast ~~Consolidated Statement of Comprehensive Income~~ Corporation

~~(Unaudited)~~Condensed Consolidated Statement of Income

	Three Months Ended September 30						Nine Months EndedSeptember 30
(in millions)	2013			2012			2013			2012
Net income	$	278		$	1,721		$	1,319		$	2,687
Employee benefit obligations, net		—			15			(1	)		6
Currency translation adjustments, net		13			20			(32	)		11
Other, net		(5	)		(1	)		(5	)		—
Comprehensive income (loss)		286			1,755			1,281			2,704
Net (income) loss attributable to noncontrolling interests		(42	)		(49	)		(105	)		(117	)
Comprehensive income attributable to NBCUniversal	$	244		$	1,706		$	1,176		$	2,587

(Unaudited)

See accompanying notes to condensed consolidated financial statements.



	Three Months Ended June 30						Six Months Ended June 30
(in millions, except per share data)	2017			2016			2017			2016
Revenue	$	21,165		$	19,269		$	41,628		$	38,059
Costs and Expenses:
Programming and production	6,341			5,492			12,415			10,923
Other operating and administrative	6,060			5,763			11,887			11,289
Advertising, marketing and promotion	1,665			1,559			3,195			3,025
Depreciation	1,970			1,868			3,885			3,653
Amortization	571			521			1,158			1,014
	16,607			15,203			32,540			29,904
Operating income	4,558			4,066			9,088			8,155
Other Income (Expense):
Interest expense	(758		)	(732		)	(1,513		)	(1,435		)
Investment income (loss), net	64			58			123			88
Equity in net income (losses) of investees, net	15			(19		)	51			(30		)
Other income (expense), net	20			(15		)	55			115
	(659		)	(708		)	(1,284		)	(1,262		)
Income before income taxes	3,899			3,358			7,804			6,893
Income tax expense	(1,364		)	(1,278		)	(2,622		)	(2,589		)
Net income	2,535			2,080			5,182			4,304
Net (income) loss attributable to noncontrolling interests and redeemable subsidiary preferred stock	(22		)	(52		)	(103		)	(142		)
Net income attributable to Comcast Corporation	$	2,513		$	2,028		$	5,079		$	4,162
Basic earnings per common share attributable to Comcast Corporation shareholders	$	0.53		$	0.42		$	1.07		$	0.86
Diluted earnings per common share attributable to Comcast Corporation shareholders	$	0.52		$	0.41		$	1.05		$	0.85
Dividends declared per common share	$	0.1575		$	0.1375		$	0.315		$	0.275

3See accompanying notes to condensed consolidated financial statements.

~~Table of Contents~~2

~~Condensed~~Table ~~Consolidated Statement~~ of ~~Cash Flows~~ Contents

~~(Unaudited)~~Comcast Corporation

	Nine Months EndedSeptember 30
(in millions)	2013			2012
Net cash provided by (used in) operating activities	$	3,734		$	2,529
Investing Activities
Capital expenditures		(807	)		(476	)
Cash paid for intangible assets		(86	)		(61	)
Acquisitions of real estate properties		(1,705	)		—
Acquisitions, net of cash acquired		(42	)		(95	)
Proceeds from sales of businesses and investments		—			3,025
Note receivable issued from Comcast		(981	)		—
Return of capital from investees		131			—
Purchases of investments		(235	)		(70	)
Other		(20	)		(9	)
Net cash provided by (used in) investing activities		(3,745	)		2,314
Financing Activities
Proceeds from (repayments of) short-term borrowings, net		—			(550	)
Repurchases and repayments of debt		(91	)		(4	)
Redemption Transaction distribution		(3,200	)		—
Distributions to member		(938	)		(693	)
Distributions to noncontrolling interests		(144	)		(155	)
Settlement of Station Venture liability		(602	)		—
Other		(65	)		(35	)
Net cash provided by (used in) financing activities		(5,040	)		(1,437	)
Increase (decrease) in cash and cash equivalents		(5,051	)		3,406
Cash and cash equivalents, beginning of period		5,921			808
Cash and cash equivalents, end of period	$	870		$	4,214

Condensed Consolidated Statement of Comprehensive Income

~~See accompanying notes to condensed consolidated financial statements.~~ (Unaudited)



	Three Months Ended June 30						Six Months Ended June 30
(in millions)	2017			2016			2017			2016
Net income	$	2,535		$	2,080		$	5,182		$	4,304
Unrealized gains (losses) on marketable securities, net of deferred taxes of $52, $—, $(9) and $(1)	(87		)	1			17			3
Deferred gains (losses) on cash flow hedges, net of deferred taxes of $(3), $35, $(7) and $53	5			(60		)	12			(91		)
Amounts reclassified to net income:
Realized (gains) losses on marketable securities, net of deferred taxes of $—, $—, $— and $1	—			—			—			(1		)
Realized (gains) losses on cash flow hedges, net of deferred taxes of $8, $(26), $8 and $(36)	(14		)	45			(14		)	62
Employee benefit obligations, net of deferred taxes of $4, $—, $(33) and $(2)	(6		)	—			57			2
Currency translation adjustments, net of deferred taxes of $2, $(58), $(39) and $(116)	(11		)	249			146			487
Comprehensive income	2,422			2,315			5,400			4,766
Net (income) loss attributable to noncontrolling interests and redeemable subsidiary preferred stock	(22		)	(52		)	(103		)	(142		)
Other comprehensive (income) loss attributable to noncontrolling interests	5			(150		)	(82		)	(287		)
Comprehensive income attributable to Comcast Corporation	$	2,405		$	2,113		$	5,215		$	4,337

~~Table~~See ofaccompanying ~~Contents~~notes to condensed consolidated financial statements.

~~Condensed Consolidated Statement of Changes in Equity~~ 3

~~(Unaudited)~~Table of Contents

(in millions)	RedeemableNoncontrollingInterests			Member’sCapital			AccumulatedOtherComprehensiveIncome (Loss)			NoncontrollingInterests			TotalEquity
Balance, January 1, 2012	$	184		$	29,798		$	(78	)	$	361		$	30,081
Compensation plans					6									6
Dividends declared					(693	)								(693	)
Contributions from (distributions to) noncontrolling interests, net		(15	)								(134	)		(134	)
Purchases of subsidiary shares from noncontrolling interests		(47	)
Other					4						84			88
Other comprehensive income (loss)								17						17
Net income		11			2,570						106			2,676
Balance, September 30, 2012	$	133		$	31,685		$	(61	)	$	417		$	32,041
Balance, January 1, 2013	$	131		$	31,900		$	(65	)	$	419		$	32,254
Compensation plans					7									7
Redemption Transaction distribution					(3,200	)								(3,200	)
Dividends declared					(938	)								(938	)
Contributions from (distributions to) noncontrolling interests, net		(14	)								(125	)		(125	)
Other					(198	)					(2	)		(200	)
Other comprehensive income (loss)								(38	)					(38	)
Net income		10			1,214						95			1,309
Balance, September 30, 2013	$	127		$	28,785		$	(103	)	$	387		$	29,069

Comcast Corporation

~~See~~Condensed ~~accompanying~~Consolidated ~~notes~~Statement toof ~~condensed~~Cash ~~consolidated financial statements.~~ Flows

5 (Unaudited)



	Six Months Ended June 30
(in millions)	2017			2016
Net cash provided by operating activities	$	10,814		$	9,794
Investing Activities
Capital expenditures	(4,405		)	(4,156		)
Cash paid for intangible assets	(836		)	(737		)
Acquisitions and construction of real estate properties	(250		)	(211		)
Acquisitions, net of cash acquired	(398		)	(126		)
Proceeds from sales of investments	57			138
Purchases of investments	(1,825		)	(580		)
Other	170			(156		)
Net cash provided by (used in) investing activities	(7,487		)	(5,828		)
Financing Activities
Proceeds from (repayments of) short-term borrowings, net	(1,695		)	205
Proceeds from borrowings	8,963			4,753
Repurchases and repayments of debt	(4,967		)	(2,551		)
Repurchases of common stock under repurchase program and employee plans	(2,476		)	(2,636		)
Dividends paid	(1,404		)	(1,281		)
Purchase of Universal Studios Japan noncontrolling interests	(2,299		)	—
Issuances of common stock	—			19
Distributions to noncontrolling interests and dividends for redeemable subsidiary preferred stock	(137		)	(125		)
Other	80			20
Net cash provided by (used in) financing activities	(3,935		)	(1,596		)
Increase (decrease) in cash and cash equivalents	(608		)	2,370
Cash and cash equivalents, beginning of period	3,301			2,295
Cash and cash equivalents, end of period	$	2,693		$	4,665

~~NOTES~~See TOaccompanying ~~CONDENSED~~notes ~~CONSOLIDATED~~to ~~FINANCIAL~~condensed ~~STATEMENTS~~consolidated financial statements.

~~(Unaudited)~~ 4

~~Note~~Table 1:of ~~Condensed Consolidated Financial Statements~~ Contents

~~Basis~~Comcast ~~of Presentation~~ Corporation

WeCondensed ~~have~~Consolidated ~~prepared~~Statement these unaudited condensed consolidated financial statements based on Securities and Exchange Commission (“SEC”) rules that permit reduced disclosure for interim periods. These financial statements include all adjustments that are necessary for a fair presentation of ~~our~~Changes ~~consolidated~~in results of operations, financial condition and cash flows for the periods shown, including normal, recurring accruals and other items. The consolidated results of operations for the interim periods presented are not necessarily indicative of results for the full year. Equity

The year-end condensed consolidated balance sheet was derived from audited financial statements but does not include all disclosures required by generally accepted accounting principles in the United States (~~“GAAP”~~Unaudited)~~. For a more complete discussion of our accounting policies and certain other information, refer to our consolidated financial statements included in our 2012 Annual Report on Form 10-K.~~

Reclassifications have been made to our condensed consolidated financial statements for the prior year periods to conform to classifications used in the current year periods.



	Redeemable Noncontrolling Interests and Redeemable Subsidiary Preferred Stock			Common Stock				Additional Paid-In Capital			Retained Earnings			Treasury Stock at Cost			Accumulated Other Comprehensive Income (Loss)			Non- controlling Interests			Total Equity
(in millions)				A		B
Balance, December 31, 2015	$	1,221		$	57	$	—	$	38,490		$	21,413		$	(7,517	)	$	(174	)	$	1,709		$	53,978
Stock compensation plans								422															422
Repurchases of common stock under repurchase program and employee plans								(519		)	(2,121		)										(2,640		)
Employee stock purchase plans								78															78
Dividends declared											(1,337		)										(1,337		)
Other comprehensive income (loss)																	175			287			462
Contributions from (distributions to) noncontrolling interests, net	1																			(68		)	(68		)
Other	(20		)					(31		)										154			123
Net income (loss)	46										4,162									96			4,258
Balance, June 30, 2016	$	1,248		$	57	$	—	$	38,440		$	22,117		$	(7,517	)	$	1		$	2,178		$	55,276
Balance, December 31, 2016	$	1,446		$	56	$	—	$	38,230		$	23,076		$	(7,517	)	$	98		$	2,231		$	56,174
Stock compensation plans								288															288
Repurchases of common stock under repurchase program and employee plans								(379		)	(2,097		)										(2,476		)
Employee stock purchase plans								94															94
Dividends declared											(1,498		)										(1,498		)
Other comprehensive income (loss)																	136			82			218
Contributions from (distributions to) noncontrolling interests, net	(27		)																	(49		)	(49		)
Purchase of Universal Studios Japan noncontrolling interests								(696		)							194			(1,736		)	(2,238		)
Other	(9		)					(59		)										253			194
Net income (loss)	41										5,079									62			5,141
Balance, June 30, 2017	$	1,451		$	56	$	—	$	37,478		$	24,560		$	(7,517	)	$	428		$	843		$	55,848

~~Note~~See 2:accompanying ~~Significant~~notes ~~Transactions~~to condensed consolidated financial statements.

~~Redemption Transaction~~ 5

OnTable ~~March 19,~~of 2013, Comcast acquired GE’s remaining 49% common equity interest in NBCUniversal Holdings for approximately $16.7 billion (the “Redemption Transaction”). In addition to this transaction, we purchased from GE certain properties we occupy at 30 Rockefeller Plaza in New York City and CNBC’s headquarters in Englewood Cliffs, New Jersey for approximately $1.4 billion. Contents

The total consideration for these transactions consisted of $11.4 billion of cash on hand (of which we funded $4.6 billion); $4 billion of senior debt securities issued by NBCUniversal Enterprise, Inc. (“NBCUniversal Enterprise”), a holding company whose principal assets are its interests in NBCUniversal Holdings; $750 million of cash funded through Comcast’s commercial paper program; $1.25 billion of borrowings under NBCUniversal Enterprise’s credit facility, which replaced our credit facility; and $725 million aggregate liquidation preference of Series A cumulative preferred stock of NBCUniversal Enterprise. After the close of the transaction, GE sold the interests in NBCUniversal Enterprise’s senior debt securities and preferred stock it acquired in the Redemption Transaction to unaffiliated third parties. Corporation

~~Following~~NOTES ~~the~~TO ~~close~~CONDENSED ofCONSOLIDATED ~~the~~FINANCIAL Redemption Transaction, Comcast owns 96% of NBCUniversal Holdings’ common units and NBCUniversal Enterprise owns the remaining 4%. NBCUniversal Enterprise is now a consolidated subsidiary of Comcast, but we do not have any ownership interests in NBCUniversal Enterprise. NBCUniversal Enterprise also owns all of NBCUniversal Holdings’ preferred units with a $9.4 billion aggregate liquidation preference. NBCUniversal Holdings is required to make quarterly payments to NBCUniversal Enterprise at an initial rate of 8.25% per annum on the $9.4 billion aggregate liquidation preference of the preferred units. On March 1, 2018, and thereafter on every fifth anniversary of such date, this rate will reset to 7.44% plus the yield on actively traded United States Treasury securities having a 5 year maturity. NBCUniversal Holdings has the right to redeem all of the preferred units during the 30 day period beginning on March 1, 2018, and NBCUniversal Enterprise has the right to cause NBCUniversal Holdings to redeem 15% of its preferred units during the 30 day period beginning on March 19, 2020. The price and units in a redemption initiated by either party will be based on the liquidation preference plus accrued but unpaid dividends and adjusted, in the case of an exercise of NBCUniversal Enterprise’s right, to the extent the equity value of NBCUniversal Holdings is less than the liquidation preference. Our cash flows are, and will continue to be, the primary source of funding for the required payments and any future redemption of the NBCUniversal Holdings preferred units. STATEMENTS

6 (Unaudited)

~~Table~~Note of1: ~~Contents~~Condensed Consolidated Financial Statements

~~Note~~Basis 3:of ~~Related Party Transactions~~ Presentation

InWe ~~the~~have ~~ordinary~~prepared ~~course~~these ofunaudited ~~our~~condensed ~~business,~~consolidated wefinancial ~~enter~~statements ~~into~~based ~~transactions~~on ~~with~~SEC ~~Comcast~~rules that permit reduced disclosure for interim periods. ~~Following~~These ~~the~~financial ~~close~~statements include all adjustments that are necessary for a fair presentation of ~~the~~our ~~Redemption~~consolidated ~~Transaction~~results of operations, financial condition and cash flows for the ~~subsequent~~periods ~~sale~~shown, ofincluding ~~NBCUniversal~~normal, ~~Enterprise’s~~recurring ~~preferred~~accruals ~~stock~~ and ~~senior~~other ~~notes~~items. byThe GEconsolidated toresults ~~unaffiliated~~of ~~third~~operations ~~parties,~~for wethe nointerim ~~longer~~periods ~~consider~~presented GEare tonot benecessarily aindicative ~~related~~of ~~party~~results for the full year.

WeThe ~~generate~~year-end ~~revenue~~condensed ~~from Comcast~~consolidated ~~primarily~~balance sheet was derived from ~~the~~audited ~~distribution~~financial ofstatements ~~our~~but ~~cable~~does ~~network~~not ~~programming~~include ~~and,~~all todisclosures arequired ~~lesser~~by ~~extent,~~generally accepted accounting principles in the ~~sale~~United States (“GAAP”). For a more complete discussion of ~~advertising~~our accounting policies and ~~our~~certain ~~owned~~other ~~programming~~information, ~~and~~refer weto ~~incur~~our ~~expenses~~consolidated ~~primarily~~financial ~~related~~statements toincluded ~~various~~in ~~support~~our ~~services~~2016 ~~provided~~Annual byReport ~~Comcast~~on toForm us10-K.

OnStock March 19, 2013, as part of the Comcast cash management process, we and Comcast entered into a revolving credit agreement under which we can borrow up to $3 billion from Comcast and Comcast can borrow up to $3 billion from us. Amounts owed by Comcast to us under the revolving credit agreement, including accrued interest, are presented under the caption “note receivable from Comcast” in our condensed consolidated balance sheet. The revolving credit agreements bear interest at floating rates equal to the interest rate under the Comcast and Comcast Cable Communications, LLC revolving credit facility (the “Comcast revolving credit facility”). The interest rate on the Comcast revolving credit facility consists of a base rate plus a borrowing margin that is determined based on Comcast’s credit rating. As of September 30, 2013, the interest rate was 1.252%. Split

~~The~~On ~~following~~January ~~tables~~24, ~~present~~2017, ~~transactions~~our ~~with~~Board ~~Comcast~~of ~~and~~Directors ~~its consolidated~~approved ~~subsidiaries~~a ~~that~~two-for-one ~~are~~stock ~~included~~split in ~~our~~the ~~condensed~~form ~~consolidated~~of ~~financial~~a ~~statements~~100% stock dividend that was distributed on February 17, 2017 to shareholders of record as of February 8, 2017. ~~Other~~The ~~than~~stock split was in the ~~transactions~~form ~~discussed~~of inone ~~Note~~additional 2share ~~and~~for ~~the~~every ~~Station~~share ~~Venture~~held ~~transaction~~and ~~discussed~~was payable in ~~Note~~shares 5,of ~~the~~Class ~~amounts~~A ~~related~~common tostock ~~transactions~~on ~~with~~the GEexisting Class A common stock and ~~its~~ ~~consolidated~~Class ~~subsidiaries~~B ~~that~~common ~~occurred~~stock. ~~prior~~All toshare-based data, including the ~~close~~number of shares outstanding and per share amounts, have been adjusted to reflect the ~~Redemption~~stock ~~Transaction~~split ~~were~~for ~~not~~all ~~material.~~periods presented.

~~Condensed Consolidated Balance Sheet~~ Reclassifications

(in millions)	September 30,2013		December 31,2012
Transactions with Comcast and Consolidated Subsidiaries
Receivables, net	$	213	$	204
Note receivable from Comcast	$	981	$	—
Accounts payable and accrued expenses related to trade creditors	$	37	$	25
Accrued expenses and other current liabilities	$	22	$	1

Reclassifications have been made to our condensed consolidated financial statements for the prior year periods to conform to classifications used in 2017.

~~Condensed~~Note ~~Consolidated~~2: ~~Statement~~Recent ofAccounting ~~Income~~ Pronouncements

	Three Months Ended September 30						Nine Months Ended September 30
(in millions)	2013			2012			2013			2012
Transactions with Comcast and Consolidated Subsidiaries
Revenue	$	299		$	340		$	953		$	955
Operating costs and expenses	$	(29	)	$	(35	)	$	(126	)	$	(135	)

Revenue Recognition

~~Distributions~~In May 2014, the Financial Accounting Standards Board (“FASB”) updated the accounting guidance related to ~~NBCUniversal~~revenue ~~Holdings~~recognition. The updated accounting guidance provides a single, contract-based revenue recognition model to help improve financial reporting by providing clearer guidance on when an entity should recognize revenue and by reducing the number of standards to which an entity has to refer. The updated accounting guidance is effective for us as of January 1, 2018.

InWe ~~addition~~have tosubstantially completed the ~~transactions~~review ~~above,~~of weour ~~make~~revenue ~~distributions~~arrangements toand ~~NBCUniversal~~do ~~Holdings~~not oncurrently expect that the adoption of the new standard will have a ~~periodic~~material ~~basis~~impact toon ~~enable~~our ~~its~~financial ~~owners~~position toor ~~meet~~results ~~their~~of ~~obligations~~operations. toHowever, ~~pay~~we ~~taxes~~do onexpect ~~taxable~~that ~~income~~the ~~generated~~new bystandard will impact the timing of recognition for (1) our ~~businesses.~~ WeCable ~~also~~Communications ~~make~~segment’s ~~quarterly~~installation ~~distributions~~revenue toand ~~NBCUniversal~~commission ~~Holdings~~expenses, towhich ~~enable~~will itbe torecognized ~~make~~as ~~its~~revenue ~~required~~and ~~quarterly~~costs ~~payments~~over toa ~~NBCUniversal~~period ~~Enterprise~~of attime aninstead ~~initial~~of ~~annual~~immediately, ~~rate~~and (2) our Cable Networks, Broadcast Television and Filmed Entertainment segments’ content licensing revenue associated with renewals or extensions of ~~8.25%~~existing onprogram licensing agreements, which will be recognized as revenue when the ~~$9.4~~licensed ~~billion~~content ~~aggregate~~becomes ~~liquidation~~available ~~preference~~under the renewal or extension instead of ~~preferred~~ ~~units~~when the agreement is renewed or extended. ~~These~~In ~~distributions~~addition, ~~are~~upon ~~presented~~adoption, ~~under~~we anticipate implementing certain changes in the ~~caption~~presentation ~~“distributions~~of revenue and expenses, including changes related to ~~member”~~the allocation of revenue among the cable services included in a bundle that our ~~condensed~~residential ~~consolidated~~customers ~~statement~~purchase at a discount. The updated guidance also requires additional disclosures regarding the nature, timing and uncertainty of ~~cash~~our ~~flows~~revenue transactions. ~~Following~~We intend to adopt the ~~close~~provisions of the ~~Redemption~~guidance ~~Transaction~~using the full retrospective method, ~~none~~under ofwhich ~~these~~we ~~distributions~~will ~~to NBCUniversal~~adjust ~~Holdings~~any ~~are~~prior ~~attributable~~periods presented to GEreflect the updated guidance.

InFinancial ~~connection~~Assets ~~with~~and ~~the~~Financial Redemption Transaction, we also made a distribution of $3.2 billion to NBCUniversal Holdings to fund a portion of the Redemption Transaction. This distribution is presented separately in our condensed consolidated statement of cash flows. Liabilities

7In January 2016, the FASB updated the accounting guidance related to the recognition and measurement of financial assets and financial liabilities. The updated accounting guidance, among other things, requires that all nonconsolidated equity investments, except those accounted for under the equity method, be measured at fair value and that the changes in fair value be recognized in net income. The updated guidance is effective for us as of January 1, 2018. The updated accounting guidance requires a cumulative effect adjustment to beginning retained earnings in the year the guidance is adopted with certain exceptions. If we had adopted the provisions of the updated guidance as of January 1, 2017 for our equity investments classified as available-for-sale securities, primarily our investment in Snap Inc. (see Note 6), net income attributable to Comcast Corporation would have decreased for the three months ended June 30, 2017 by $88 million and increased for the six months ended June 30, 2017 by $16 million. We are currently in the process of determining the impact that the updated accounting guidance will have on our cost method investments.

~~Table of Contents~~6

~~Note~~Table 4:of ~~Film and Television Costs~~ Contents

(in millions)	September 30, 2013		December 31, 2012
Film Costs:
Released, less amortization	$	1,439	$	1,472
Completed, not released		189		99
In production and in development		394		1,048
		2,022		2,619
Television Costs:
Released, less amortization		1,144		1,124
In production and in development		321		334
		1,465		1,458
Programming rights, less amortization		2,023		1,808
		5,510		5,885
Less: Current portion of programming rights		925		844
Film and television costs	$	4,585	$	5,041

Comcast Corporation

~~Note 5: Investments~~ Leases

(in millions)	September 30,2013		December 31,2012
Available-for-sale securities	$	12	$	21
Equity Method:
The Weather Channel		331		471
Other		560		545
		891		1,016
Cost method		23		229
Total investments	$	926	$	1,266

In February 2016, the FASB updated the accounting guidance related to leases. The updated accounting guidance requires lessees to recognize a right-of-use asset and a lease liability on the balance sheet for all leases with the exception of short-term leases. The asset and liability are initially measured based on the present value of committed lease payments. For a lessee, the recognition, measurement and presentation of expenses and cash flows arising from a lease do not significantly change from previous guidance. For a lessor, the accounting applied is also largely unchanged from previous guidance. The updated guidance is effective for us as of January 1, 2019 and early adoption is permitted. The updated accounting guidance must be adopted using a modified retrospective approach for leases that exist or are entered into after the beginning of the earliest comparative period in the financial statements. We are currently in the process of determining the impact that the updated accounting guidance will have on our consolidated financial statements.

~~Equity~~Share-Based ~~Method~~ Compensation

In ~~June~~March ~~2013~~2016, wethe ~~received~~FASB aupdated ~~distribution~~the ~~from~~accounting ~~The~~guidance ~~Weather~~that ~~Channel~~affects ~~Holding~~several ~~Corp~~aspects of the accounting for share-based compensation. (“The ~~Weather~~most ~~Channel”)~~significant change for us relates to the presentation of ~~$152~~the ~~million~~income and withholding tax consequences of share-based compensation in our consolidated financial statements. Among the changes, the updated guidance requires that the excess income tax benefits or deficiencies that arise when the tax consequences of ~~which~~share-based ~~$128~~compensation ~~million~~differ ~~was~~from ~~recorded~~amounts previously recognized in the statement of income be recognized as aincome ~~return~~tax benefit or expense in the statement of ~~our~~income ~~investment~~rather than as additional paid-in capital in the balance sheet. The ~~Weather~~ ~~Channel~~guidance also states that excess income tax benefits should not be presented separately from other income taxes in the statement of cash flows and, isthus, ~~included~~should be classified as an operating activity rather than a financing activity as they were under the prior guidance. In addition, the updated guidance requires that, when an employer withholds shares upon exercise of options or the vesting of restricted stock for the purpose of meeting withholding tax requirements, the cash paid for withholding taxes be classified as a financing activity and we include these amounts in the caption “~~return~~repurchases of ~~capital~~common ~~from~~stock ~~investees~~under repurchase program and employee plans” in our ~~condensed~~ consolidated statement of cash flows. We previously recorded these amounts as operating activities.

InWe ~~July~~adopted ~~2013,~~the weupdated ~~entered~~guidance ~~into~~as anof ~~agreement~~January ~~to provide capital contributions totaling $247 million to Hulu~~1, ~~LLC~~2017 ~~(“Hulu”)~~and, ~~which we had previously accounted for~~ as ~~a cost method investment. As of September 30~~required, ~~2013,~~ we ~~had~~prospectively ~~contributed~~adopted ~~$123 million under this agreement and~~ the ~~remaining~~provisions ~~amounts~~that ~~will~~relate beto ~~provided at a future date as specified under~~ the ~~terms~~recognition of the ~~agreement.~~excess Asincome atax ~~result~~benefits ofor ~~our~~deficiencies ~~agreement~~in ~~to provide funding to Hulu, which was~~ our ~~first~~condensed ~~capital~~consolidated ~~contribution~~statement ~~since Comcast acquired its interest in Hulu as part~~ of ~~its~~income. ~~acquisition~~The ofexcess atax ~~controlling~~benefits ~~interest~~resulted in ~~NBCUniversal~~a ~~Holdings~~decrease ~~(the “Joint Venture transaction”), we began~~ to ~~apply~~income ~~the~~tax ~~equity~~expense ~~method~~ of ~~accounting for~~$59 ~~our~~million ~~investment~~and in$198 ~~Hulu. The~~million ~~change~~for to the ~~equity~~three ~~method~~and ofsix ~~accounting~~months ~~requires~~ended ~~that~~June we30, ~~retroactively~~2017, ~~record our portion of Hulu’s accumulated losses since the date of the Joint Venture transaction~~respectively. ~~Prior~~ ~~period~~In ~~financial statements~~addition, ~~have not been restated as~~ the ~~amounts~~excess ~~are~~tax ~~not~~benefits ~~material~~resulted in ~~the~~an ~~current~~increase ~~period~~to ordiluted ~~any~~earnings ofper ~~the~~common ~~prior~~share ~~periods~~attributable ~~affected.~~to ~~Accordingly, equity~~Comcast inCorporation ~~net~~shareholders ~~income (losses)~~ of ~~investees,~~$0.01 ~~net~~and $0.03 for the three and ~~nine~~six months ended ~~September~~June 30, ~~2013~~ 2017, ~~included~~respectively. ~~$135~~As ~~million~~required ofby ~~equity~~the ~~losses~~updated guidance, ~~which~~the ~~represents~~prior year periods in our ~~portion~~condensed ofconsolidated ~~Hulu’s~~statement ~~accumulated~~of ~~losses~~income ~~from~~were ~~the~~not ~~date~~adjusted ofas ~~the~~a ~~Joint~~result ~~Venture~~of ~~transaction.~~these provisions.

8In addition, we retrospectively adopted the provisions of this guidance related to changes to the statement of cash flows for all periods presented. This resulted in increases to net cash provided by operating activities and decreases to net cash provided by (used in) financing activities of $543 million and $411 million for the six months ended June 30, 2017 and 2016, respectively.

~~Table~~Note of3: ~~Contents~~Earnings Per Share

~~Variable~~Computation ~~Interest~~of ~~Entities~~Diluted EPS

Station Venture



	Three Months Ended June 30
	2017					2016
(in millions, except per share data)	Net Income Attributable to Comcast Corporation		Shares	Per Share Amount		Net Income Attributable to Comcast Corporation		Shares	Per Share Amount
Basic EPS attributable to Comcast Corporation shareholders	$	2,513	4,728	$	0.53	$	2,028	4,839	$	0.42
Effect of dilutive securities:
Assumed exercise or issuance of shares relating to stock plans			81					52
Diluted EPS attributable to Comcast Corporation shareholders	$	2,513	4,809	$	0.52	$	2,028	4,891	$	0.41

We previously held an equity interest in Station Venture Holdings, LLC (“Station Venture”), a nonconsolidated variable interest entity, and the remaining equity interests in Station Venture were held by LIN TV, Corp. Station Venture was the obligor on an $816 million senior secured note (the “Station Venture note”) that was due in 2023 to General Electric Capital Corporation (“GECC”) as servicer. The Station Venture note, among other things, was collateralized by substantially all of the assets of Station Venture and Station Venture Operations, LP (“Station LP”). Station LP was a less than wholly owned consolidated subsidiary of ours. In connection with the Joint Venture transaction, a liability of $482 million was recorded to noncurrent liabilities in Comcast’s allocation of purchase price, which represented the fair value of the net assets of Station LP. In February 2013, Comcast closed an agreement with GE, GECC and LIN TV under which, among other things, we purchased the Station Venture note from GECC for $602 million, which represented the agreed upon fair value of the assets of Station LP. As of the closing date of the transaction, the $482 million recorded liability was effectively settled, and Station Venture and Station LP became wholly owned subsidiaries. We now consolidate Station Venture, and the Station Venture note is eliminated in consolidation. Due to the related party nature of this transaction, the excess of the purchase price of the Station Venture note over the recorded amount of the liability was recorded to member’s capital. 7

~~Note~~Table 6:of ~~Goodwill~~ Contents

(in millions)	CableNetworks		BroadcastTelevision		FilmedEntertainment		ThemeParks		Total
Balance, December 31, 2012	$	13,026	$	761	$	1	$	982	$	14,770
Acquisitions		17		1		—		—		18
Adjustments		69		6		—		—		75
Balance, September 30, 2013	$	13,112	$	768	$	1	$	982	$	14,863

Comcast Corporation

Adjustments to goodwill during the nine months ended September 30, 2013 were primarily related to an immaterial correction to the allocation of purchase price associated with the January 2011 Joint Venture transaction, which was recorded in the second quarter of 2013.



	Six Months Ended June 30
	2017					2016
(in millions, except per share amounts)	Net Income Attributable to Comcast Corporation		Shares	Per Share Amount		Net Income Attributable to Comcast Corporation		Shares	Per Share Amount
Basic EPS attributable to Comcast Corporation shareholders	$	5,079	4,738	$	1.07	$	4,162	4,853	$	0.86
Effect of dilutive securities:
Assumed exercise or issuance of shares relating to stock plans			82					55
Diluted EPS attributable to Comcast Corporation shareholders	$	5,079	4,820	$	1.05	$	4,162	4,908	$	0.85

~~Note~~Diluted 7:earnings ~~Long~~per common share attributable to Comcast Corporation shareholders (“diluted EPS”) considers the impact of potentially dilutive securities using the treasury stock method. Our potentially dilutive securities include potential common shares related to our stock options and our restricted share units (“RSUs”). The amount of potential common shares related to our share-~~Term~~based ~~Debt~~ compensation plans that were excluded from diluted EPS because their effect would have been antidilutive was not material for the three and six months ended June 30, 2017 and 2016.

~~Senior~~Note ~~Notes~~4: ~~and~~Significant ~~Other Debt~~ Transactions

AsFCC ofSpectrum September 30, 2013, our debt had an estimated fair value of $11.9 billion. The estimated fair value of our publicly traded debt is based on quoted market values for the debt. To estimate the fair value of debt for which there are no quoted market prices, we use interest rates available to us for debt with similar terms and remaining maturities. Auction

~~Revolving~~On ~~Credit~~April ~~Facility~~13, 2017, the Federal Communications Commission announced the results of its spectrum auction. In the auction, NBCUniversal relinquished its spectrum rights in the New York, Philadelphia and Chicago designated market areas (“DMAs”) where NBC and Telemundo had overlapping spectrum. NBCUniversal received proceeds of $482 million in July 2017. NBC and Telemundo stations will share broadcast signals in these DMAs. In connection with the auction, we also acquired the rights to $1.7 billion of spectrum, which were recorded to other intangible assets, net in our condensed consolidated balance sheet as of June 30, 2017. We had previously made a deposit of $1.8 billion to participate in the auction in the third quarter of 2016 and received a refund for amounts in excess of the purchase price in the second quarter of 2017.

InUniversal ~~connection~~Studios with the Redemption Transaction, on March 19, 2013, NBCUniversal Enterprise amended and restated our existing credit agreement to, among other things, substitute NBCUniversal Enterprise for us as the sole borrower to the revolving credit facility. As a result, we no longer have a revolving credit facility with third-party banks. Following the amendments to our credit agreement, our commercial paper program was terminated and we entered into a revolving credit agreement with Comcast. See Note 3 for additional information on the revolving credit agreement with Comcast. Japan

~~Cross~~On April 6, 2017, we acquired the remaining interests in Universal Studios Japan that we did not already own for $2.3 billion. The acquisition was funded through cash on hand and borrowings under our commercial paper program. Because we maintained control of Universal Studios Japan, the difference between the consideration transferred and the recorded value of the noncontrolling interests, as well as the related tax and accumulated other comprehensive income impacts, were recorded to additional paid-~~Guarantee~~in ~~Structure~~capital.

~~On March 27,~~DreamWorks 2013, we, Comcast and four of Comcast’s wholly owned cable holding company subsidiaries (the “cable guarantors”) entered into a series of agreements and supplemental indentures to include us as a part of Comcast’s existing cross-guarantee structure. As members of the cross-guarantee structure, Comcast and the cable guarantors fully and unconditionally guarantee our public debt securities, and we fully and unconditionally guarantee all of Comcast’s and the cable guarantors’ public debt securities. As of September 30, 2013, we Animation

9On August 22, 2016, we acquired all of the outstanding stock of DreamWorks Animation for $3.8 billion. DreamWorks Animation’s stockholders received $41 in cash for each share of DreamWorks Animation common stock. DreamWorks Animation creates animated feature films, television series and specials, live entertainment, and related consumer products. The results of operations for DreamWorks Animation are reported in our Filmed Entertainment segment following the acquisition date.

~~Table~~Allocation of ~~Contents~~Purchase Price

~~guaranteed~~The ~~$30~~transaction ~~billion~~was ofaccounted ~~outstanding~~for ~~debt~~under ~~securities~~the acquisition method of ~~Comcast~~accounting and, accordingly, the ~~cable~~assets ~~guarantors~~and liabilities are to be recorded at their fair market values as of the acquisition date. We ~~also~~recorded ~~fully~~the acquired assets and ~~unconditionally~~liabilities ~~guarantee~~of DreamWorks Animation at their estimated fair values based on valuation analyses. In valuing acquired assets and liabilities, fair value estimates were primarily based on Level 3 inputs, including future expected cash flows, market rate assumptions and discount rates. The fair value of the $6assumed debt was primarily based on quoted market values.25 ~~billion~~The ~~Comcast~~fair ~~revolving~~value ~~credit~~of ~~facility~~the ~~due~~liability ~~2017~~ related to a tax receivable agreement that DreamWorks Animation had previously entered into with one of ~~which~~its noformer ~~amounts~~stockholders ~~were~~(the ~~outstanding~~“tax asreceivable agreement”) was based on the contractual settlement provisions in the agreement. Further, we recorded deferred income taxes based on our estimates of ~~September~~the tax basis of the acquired net assets and the valuation allowances based on the expected use of net operating loss carryforwards. The goodwill is not deductible for tax purposes. During the six months ended June 30, ~~2013~~2017, we updated the preliminary allocation of purchase price for DreamWorks Animation, which primarily resulted in increases to noncontrolling interests, intangible assets and goodwill and decreases to working capital and deferred income tax assets. The changes did not have a material impact on our condensed consolidated financial statements. We may adjust these amounts further

We do not, however, guarantee the obligations of NBCUniversal Enterprise with respect to its $4 billion aggregate principal amount of senior notes, $1.35 billion credit facility or $725 million liquidation preference of Series A cumulative preferred stock. 8

~~Note~~Table 8:of ~~Fair Value Measurements~~ Contents

~~The~~Comcast accounting guidance related to financial assets and financial liabilities (“financial instruments”) establishes a hierarchy that prioritizes fair value measurements based on the types of inputs used for the various valuation techniques (market approach, income approach and cost approach). Level 1 consists of financial instruments whose values are based on quoted market prices for identical financial instruments in an active market. Level 2 consists of financial instruments that are valued using models or other valuation methodologies. These models use inputs that are observable either directly or indirectly. Level 3 consists of financial instruments whose values are determined using pricing models that use significant inputs that are primarily unobservable, discounted cash flow methodologies or similar techniques, as well as instruments for which the determination of fair value requires significant management judgment or estimation. Our financial instruments that are accounted for at fair value on a recurring basis are presented in the table below.Corporation

~~Recurring~~as ~~Fair~~valuations ~~Value~~are ~~Measures~~finalized and we obtain information necessary to complete the analyses, but no later than one year from the acquisition date.

	Fair Value as of
	September 30, 2013								December 31, 2012
(in millions)	Level 1		Level 2		Level 3		Total		Total
Assets
Interest rate swap agreements	$	—	$	21	$	—	$	21	$	31
Available-for-sale securities		—		—		12		12		21
Foreign exchange contracts		—		10		—		10		6
Total	$	—	$	31	$	12	$	43	$	58
Liabilities
Contractual obligations	$	—	$	—	$	1,130	$	1,130	$	1,055
Foreign exchange contracts		—		21		—		21		14
Total	$	—	$	21	$	1,130	$	1,151	$	1,069

The table below presents the preliminary allocation of the purchase price to the assets and liabilities of DreamWorks Animation.

Contractual Obligations



Allocation of Purchase Price
(in millions)
Film and television costs	$	854
Intangible assets	396
Working capital	163
Debt	(381		)
Tax receivable agreement	(146		)
Deferred income taxes	301
Other noncurrent assets and liabilities	134
Identifiable net assets (liabilities) acquired	1,321
Noncontrolling interests	(337		)
Goodwill	2,789
Cash consideration transferred	$	3,773

The ~~fair~~tax ~~values~~receivable ofagreement ~~the~~was ~~contractual~~settled ~~obligations~~immediately infollowing the ~~table~~acquisition ~~above~~and ~~are primarily based on certain expected future discounted cash flows,~~ the ~~determination~~payment ofwas ~~which~~recorded ~~involves~~as ~~the~~an ~~use~~operating ofactivity ~~significant unobservable~~in ~~inputs. The most significant unobservable inputs we use are~~ our ~~estimates~~condensed ofconsolidated ~~the~~statement ~~future revenue we expect to generate from certain~~ of ~~our~~cash ~~entities.~~flows ~~The discount rates used~~ in the ~~measurements~~third ofquarter ~~fair value were between 11% and 14% and are based on the underlying risk associated with our estimate~~ of ~~future~~2016. ~~revenue,~~We asalso ~~well~~repaid asall ~~the terms~~ of the ~~respective~~assumed ~~contracts.~~debt ~~The~~of ~~fair~~DreamWorks ~~value~~Animation ~~adjustments~~in ~~to these contractual obligations are sensitive to~~ the ~~assumptions~~third ~~related~~quarter ~~to future revenue, as well as to current interest rates, and therefore, the adjustments are recorded to other income (expense), net in our condensed consolidated statement~~ of ~~income~~2016.

InRevenue ~~October 2013, in connection with a transaction between Comcast~~ and ~~Liberty~~net ~~Media~~income ~~Corporation~~attributable ~~(“Liberty~~to ~~Media”),~~the ~~Comcast~~acquisition ~~acquired~~of ~~Liberty~~DreamWorks ~~Media’s~~Animation ~~interests~~were innot ~~one~~material offor ~~our~~the ~~contractual obligations~~three and ~~the~~six ~~liability~~months ~~associated~~ended ~~with this contractual obligation is now considered a related party transaction with Comcast. The fair value of this contractual obligation as of September~~June 30, ~~2013 was $383 million~~2017.

10Note 5: Film and Television Costs



(in millions)	June 30, 2017		December 31, 2016
Film Costs:
Released, less amortization	$	1,949	$	1,750
Completed, not released	93		50
In production and in development	813		1,310
	2,855		3,110
Television Costs:
Released, less amortization	1,888		1,953
In production and in development	751		853
	2,639		2,806
Programming rights, less amortization	2,734		2,586
	8,228		8,502
Less: Current portion of programming rights	1,633		1,250
Film and television costs	$	6,595	$	7,252

~~Changes in Contractual Obligations~~ 9

(in millions)
Balance, December 31, 2012	$	1,055
Fair value adjustments		141
Payments		(66	)
Balance, September 30, 2013	$	1,130

Table of Contents

~~Nonrecurring~~Comcast ~~Fair Value Measures~~ Corporation

WeNote ~~have~~6: assets and liabilities that we are required to record at fair value on a nonrecurring basis when certain circumstances occur. In the case of film or stage play production costs, upon the occurrence of an event or change in circumstance that may indicate that the fair value of a production is less than its unamortized costs, we determine the fair value of the production and record an adjustment for the amount by which the unamortized capitalized costs exceed the production’s fair value. The estimate of the fair value of a production is determined using Level 3 inputs, primarily an analysis of future expected cash flows. Adjustments to capitalized film production costs of $150 million and $155 million were recorded during the nine months ended September 30, 2013 and 2012, respectively. Investments

Note 9: Share-Based Compensation



(in millions)	June 30, 2017		December 31, 2016
Fair Value Method:
Snap	$	522	$	—
Other	163		198
	685		198
Equity Method:
Atairos	2,233		1,601
Hulu	218		225
Other	653		550
	3,104		2,376
Cost Method:
AirTouch	1,606		1,599
BuzzFeed	400		400
Other	759		771
	2,765		2,770
Total investments	6,554		5,344
Less: Current investments	33		97
Noncurrent investments	$	6,521	$	5,247

Investment Income (Loss), Net

Comcast maintains share-based compensation plans that primarily consist of awards of stock options and restricted share units (“RSUs”) to certain employees and directors as part of its approach to long-term incentive compensation. Certain of our employees participate in these plans and the expense associated with their participation is settled in cash with Comcast.



	Three Months Ended June 30						Six Months Ended June 30
(in millions)	2017			2016			2017			2016
Gains (losses) on sales and exchanges of investments, net	$	—		$	13		$	(1	)	$	15
Investment impairment losses	(2		)	(1		)	(6		)	(21		)
Interest and dividend income	32			31			65			60
Other, net	34			15			65			34
Investment income (loss), net	$	64		$	58		$	123		$	88

~~Recognized~~Fair ~~Share-Based~~Value ~~Compensation Expense—Comcast Equity Awards~~ Method

	Three Months Ended September 30				Nine Months Ended September 30
(in millions)	2013		2012		2013		2012
Stock options	$	4	$	4	$	11	$	12
Restricted share units		11		6		30		21
Employee stock purchase plans		1		1		4		3
Total	$	16	$	11	$	45	$	36

Snap

~~Note~~In ~~10:~~March ~~Supplemental~~2017, ~~Financial~~we ~~Information~~acquired an interest in Snap Inc. for $500 million as part of its initial public offering, which we have classified as an available-for-sale security. Snap is a camera company whose primary product is Snapchat, a camera app that was created to help people communicate through short videos and images.

~~Receivables~~Equity Method

(in millions)	September 30,2013		December 31,2012
Receivables, gross	$	4,320	$	4,381
Less: Allowance for returns and customer incentives		249		307
Less: Allowance for doubtful accounts		56		46
Receivables, net	$	4,015	$	4,028

Atairos

~~Accumulated~~For ~~Other~~the ~~Comprehensive~~six ~~Income~~months ended June 30, 2017, we made cash capital contributions totaling $994 million to Atairos Group, Inc., which included amounts accrued as of December 31, 2016. Atairos follows investment company accounting and records its investments at their fair values each reporting period with the net gains or losses reflected in its statement of income. We recognize our share of these gains and losses in equity in net income (~~Loss~~losses) of investees, net. For the three and six months ended June 30, 2017, our share of Atairos income was $42 million and $99 million, respectively. For the three and six months ended June 30, 2016, our share of Atairos losses was $12 million and $27 million, respectively.

(in millions)	September 30,2013			September 30,2012
Unrealized gains (losses) on derivative financial instruments	$	(5	)	$	—
Unrecognized gains (losses) on employee benefit obligations		(51	)		(58	)
Cumulative translation adjustments		(47	)		(3	)
Accumulated other comprehensive income (loss), net of deferred taxes	$	(103	)	$	(61	)

The Weather Channel

11In January 2016, following a legal restructuring at The Weather Channel, we and the other investors sold the entity holding The Weather Channel’s product and technology businesses to IBM. Following the close of the transaction, we continue to hold an investment in The Weather Channel cable network through a new holding company. As a result of the sale of our investment, we recognized a pretax gain of $108 million in other income (expense), net for the six months ended June 30, 2016.

~~Table of Contents~~10

~~Net~~Table ~~Cash~~of ~~Provided by Operating Activities~~ Contents

	Nine Months EndedSeptember 30
(in millions)	2013			2012
Net income	$	1,319		$	2,687
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		1,045			969
Amortization of film and television costs		5,945			7,255
Noncash compensation expense		7			6
Equity in net (income) losses of investees, net		105			(169	)
Cash received from investees		73			174
Net (gain) loss on investment activity and other		347			(1,095	)
Deferred income taxes		(6	)		26
Changes in operating assets and liabilities, net of effects of acquisitions and divestitures:
Change in current and noncurrent receivables, net		142			(681	)
Change in film and television costs		(5,577	)		(7,156	)
Change in accounts payable and accrued expenses related to trade creditors		(262	)		201
Change in other operating assets and liabilities		596			312
Net cash provided by operating activities	$	3,734		$	2,529

Comcast Corporation

~~Cash~~Cost ~~Payments for Interest and Income Taxes~~ Method

	Nine Months EndedSeptember 30
(in millions)	2013		2012
Interest	$	262	$	235
Income taxes	$	161	$	127

AirTouch

~~Note~~We ~~11:~~hold ~~Receivables~~two ~~Monetization~~series of preferred stock of Verizon Americas, Inc., formerly known as AirTouch Communications, Inc. (“AirTouch”), a subsidiary of Verizon Communications Inc., which are redeemable in April 2020. As of June 30, 2017, the estimated fair value of the AirTouch preferred stock and the estimated fair value of the associated liability related to the redeemable subsidiary preferred shares issued by one of our consolidated subsidiaries were each $1.7 billion. The estimated fair values are based on Level 2 inputs that use pricing models whose inputs are derived primarily from or corroborated by observable market data through correlation or other means for substantially the full term of the financial instrument.

WeNote ~~monetize~~7: certain of our accounts receivable under programs with a syndicate of banks. We transfer, at fair value, a significant portion of our accounts receivable that are to be monetized to NBCUniversal Receivables Funding LLC (“Funding LLC”), a wholly owned subsidiary of ours. The operating activities of Funding LLC are restricted to the transfer and sale of the monetized receivables to a thirdLong-~~party~~Term syndicate of banks. Due to these restrictions, Funding LLC is considered a variable interest entity, which we consolidate because we are the primary beneficiary. The assets and liabilities of this entity primarily represent the receivables and cash receipts that are not yet remitted to the programs as of the balance sheet date. Debt

WeAs ~~account~~of ~~for~~June 30, ~~receivables~~2017, ~~monetized~~our ~~through~~debt ~~these~~had ~~programs~~a ~~as sales~~carrying invalue ~~accordance~~of ~~with the appropriate accounting guidance~~$63.6 Webillion ~~receive~~and ~~deferred~~an ~~consideration~~estimated ~~from~~fair ~~the~~value ~~assets sold in the form~~ of a$70.3 ~~receivable, which is funded by residual cash flows after the senior interests have been fully paid~~billion. The ~~deferred consideration~~estimated isfair ~~included~~value inof ~~receivables,~~our ~~net~~publicly attraded ~~its~~debt ~~initial~~was ~~fair~~primarily ~~value,~~based ~~which~~on ~~reflects~~Level ~~the~~1 ~~net~~inputs ~~cash~~that ~~flows~~use wequoted ~~expect~~market tovalues ~~receive~~for ~~related~~the ~~to these interests~~debt. The ~~accounts~~estimated ~~receivable~~fair wevalue ~~sold~~of ~~that~~debt ~~underlie~~for ~~the~~which ~~deferred~~there ~~consideration~~ are ~~generally short-term~~no inquoted ~~nature~~market ~~and,~~prices ~~therefore,~~was ~~the~~based ~~fair~~on ~~value~~Level of2 ~~the~~inputs ~~deferred~~that ~~consideration~~use ~~approximated~~interest ~~its~~rates ~~carrying~~available ~~value~~to asus offor ~~September 30,~~debt ~~2013~~with similar terms and ~~December 31,~~remaining ~~2012~~maturities.

WeDebt ~~are~~Borrowings ~~responsible for servicing the receivables~~ and remitting collections to the purchasers under the monetization programs. We perform this service for a fee that is equal to the prevailing market rate for such services. As a result, no servicing asset or liability has been recorded on our condensed consolidated balance sheet as of September 30, 2013 and December 31, 2012. The servicing fees are recorded as a component of other income (expense), net. Repayments

~~The~~In ~~net~~June ~~cash~~2017, ~~payments~~NBCUniversal onEnterprise ~~transfers~~issued ~~that~~$1.5 ~~are~~billion ~~included~~aggregate ~~within~~principal ~~net~~amount ~~cash~~of ~~provided~~senior byfloating ~~operating~~rate ~~activities~~notes indue ~~our condensed~~2021. ~~consolidated~~In ~~statement~~March of2017, ~~cash~~we ~~flows~~issued ~~were~~ $~~367~~1.005 ~~million~~billion ~~for~~aggregate ~~the~~principal ~~nine~~amount ~~months~~of ~~ended~~4.45% ~~September 30~~senior notes due 2047. In January 2017, ~~2013~~we issued $1.25 ~~The~~billion ~~net~~aggregate ~~cash~~principal ~~proceeds~~amount onof ~~transfers~~3.00% ~~that~~senior ~~are~~notes ~~included~~due ~~within~~2024 ~~net~~and ~~cash~~$1.25 ~~provided~~billion byaggregate ~~operating~~principal ~~activities~~amount inof ~~our~~ 3.30% senior notes due 2027.

12In May 2017, we repaid at maturity $550 million aggregate principal amount of 8.875% senior notes due 2017. In January 2017, we repaid at maturity $1.0 billion aggregate principal amount of 6.50% senior notes due 2017.

~~Table~~In May 2017, Universal Studios Japan entered into a new ¥450 billion ($3.9 billion at issuance) term loan with a final maturity of ~~Contents~~March 2022. We used the proceeds from this borrowing to repay in full $3.3 billion of Universal Studios Japan’s existing yen-denominated term loans and a portion of amounts outstanding under our commercial paper program.

~~condensed~~Revolving ~~consolidated~~Credit statement of cash flows were $70 million for the nine months ended September 30, 2012. The receivables monetization program did not have a material effect on our condensed consolidated statement of income for the periods presented. Facilities

~~Receivables~~As ~~Monetized~~of June 30, 2017, amounts available under our consolidated revolving credit facilities, net of amounts outstanding under our commercial paper programs and ~~Deferred~~outstanding ~~Consideration~~ letters of credit, totaled $7.2 billion, which included $1.5 billion available under NBCUniversal Enterprise’s revolving credit facility.

(in millions)	September 30,2013		December 31,2012
Monetized receivables sold	$	642	$	791
Deferred consideration	$	217	$	274

Commercial Paper Programs

In ~~addition~~June ~~to the amounts presented above~~2017, we ~~had~~increased ~~$616~~the ~~million~~Comcast and ~~$882~~NBCUniversal ~~million~~Enterprise ~~payable~~commercial topaper ~~our monetization~~ programs asto of$7.0 ~~September 30,~~billion ~~2013~~ and ~~December 31,~~$1.5 ~~2012~~billion, respectively., ~~These amounts represent cash receipts that were not yet remitted~~ to ~~the~~coincide ~~monetization~~with ~~programs as of~~ the ~~balance~~Comcast ~~sheet date~~ and ~~are~~NBCUniversal ~~recorded~~Enterprise torevolving ~~accounts payable~~credit ~~and~~facilities’ ~~accrued expenses related to trade creditors~~commitments.

~~Note~~As ~~12:~~of ~~Financial~~June 30, ~~Data~~2017, byComcast ~~Business~~had ~~Segment~~$1.1 billion face amount of commercial paper outstanding and NBCUniversal Enterprise had no commercial paper outstanding.

WeNote ~~present our operations in four reportable business segments~~8: Share-Based Compensation

•Our ~~Cable~~share-based ~~Networks:~~compensation ~~Consists~~plans consist primarily of ~~our~~awards ~~national~~of ~~cable~~RSUs ~~networks,~~and ~~our~~stock ~~regional~~options ~~sports~~to certain employees and ~~news~~directors ~~networks,~~as part of our ~~international~~approach ~~cable~~to ~~networks~~long-term incentive compensation. Additionally, through our ~~cable~~employee ~~television~~stock ~~production~~purchase ~~operations~~plans, ~~and~~employees are able to purchase shares of our ~~related~~common ~~digital~~stock ~~media~~at ~~properties~~a discount through payroll deductions.

•In ~~Broadcast~~March ~~Television:~~2017, ~~Consists~~we ~~primarily~~granted of10.6 ~~the~~million ~~NBC~~RSUs and ~~Telemundo~~39.1 ~~broadcast~~million ~~networks,~~stock options related to our ~~NBC~~annual ~~and~~management ~~Telemundo~~awards. ~~owned~~The ~~local~~weighted-average ~~broadcast~~fair ~~television~~values ~~stations,~~associated ~~our~~with ~~broadcast~~these ~~television~~grants ~~production~~were ~~operations,~~$37.42 ~~and~~per ~~our~~RSU ~~related~~and ~~digital~~$7.01 ~~media~~per ~~properties~~stock option.

Recognized Share-Based Compensation Expense

• Filmed Entertainment: Consists primarily of the operations of Universal Pictures, which produces, acquires, markets and distributes filmed entertainment worldwide.



	Three Months Ended June 30				Six Months Ended June 30
(in millions)	2017		2016		2017		2016
Restricted share units	$	111	$	89	$	185	$	159
Stock options	63		48		103		85
Employee stock purchase plans	7		8		17		16
Total	$	181	$	145	$	305	$	260

•As ~~Theme~~of ~~Parks:~~June 30, ~~Consists~~2017, ~~primarily~~we had unrecognized pretax compensation expense of ~~our~~$915 ~~Universal~~million ~~theme~~and ~~parks~~$502 inmillion ~~Orlando~~related to nonvested RSUs and ~~Hollywood~~nonvested stock options, respectively.

In evaluating the profitability of our operating segments, the components of net income (loss) below operating income (loss) before depreciation and amortization are not separately evaluated by our management. Our financial data by business segment is presented in the tables below. 11

	Three Months Ended September 30, 2013
(in millions)	Revenue(c)			Operating Income (Loss) Before Depreciation and Amortization(d)			Depreciation andAmortization		Operating Income (Loss)			CapitalExpenditures
Cable Networks	$	2,239		$	853		$	183	$	670		$	19
Broadcast Television		1,644			34			23		11			21
Filmed Entertainment		1,400			189			4		185			1
Theme Parks		661			343			73		270			142
Headquarters and Other(a)		7			(167	)		69		(236	)		101
Eliminations(b)		(100	)		(2	)		—		(2	)		—
Total	$	5,851		$	1,250		$	352	$	898		$	284

Table of Contents

	Three Months Ended September 30, 2012
(in millions)	Revenue(c)			Operating Income (Loss) BeforeDepreciation and Amortization(d)			Depreciation and Amortization		Operating Income (Loss)			CapitalExpenditures
Cable Networks	$	2,152		$	809		$	190	$	619		$	56
Broadcast Television		2,790			88			25		63			17
Filmed Entertainment		1,355			72			4		68			—
Theme Parks		614			316			65		251			55
Headquarters and Other(a)		8			(143	)		53		(196	)		81
Eliminations(b)		(97	)		(2	)		—		(2	)		—
Total	$	6,822		$	1,140		$	337	$	803		$	209

Comcast Corporation

13Note 9: Supplemental Financial Information

~~Table of Contents~~Receivables

		Nine Months Ended September 30, 2013
(in millions)	June 30, 2017				December 31, 2016
(in millions)		Revenue(c)				Operating Income (Loss) Before Depreciation and Amortization(d)			Depreciation and Amortization		Operating Income (Loss)			CapitalExpenditures
Receivables, gross	$	8,459			$	8,622
Cable Networks		$	6,877			$	2,572		$	549	$	2,023		$	67
Less: Allowance for returns and customer incentives	345				417
Broadcast Television			4,893				205			74		131			38
Less: Allowance for doubtful accounts	265				250
Filmed Entertainment			4,004				291			11		280			4
Receivables, net	$	7,849			$	7,955
Theme Parks			1,669				747			218		529			427
Headquarters and Other(a)			25				(416	)		193		(609	)		271
Eliminations(b)			(282	)			(5	)		—		(5	)		—
Total		$	17,186			$	3,394		$	1,045	$	2,349		$	807

	Nine Months Ended September 30, 2012
(in millions)	Revenue(c)			Operating Income (Loss) Before Depreciation and Amortization(d)			Depreciation andAmortization		Operating Income (Loss)			CapitalExpenditures
Cable Networks	$	6,520		$	2,408		$	548	$	1,860		$	87
Broadcast Television		6,203			268			70		198			36
Filmed Entertainment		3,778			(5	)		12		(17	)		4
Theme Parks		1,565			708			190		518			154
Headquarters and Other(a)		31			(444	)		149		(593	)		195
Eliminations(b)		(299	)		—			—		—			—
Total	$	17,798		$	2,935		$	969	$	1,966		$	476

Accumulated Other Comprehensive Income (Loss)

(a) Headquarters and Other activities included costs associated with overhead, personnel costs and headquarter initiatives.



(in millions)	June 30, 2017			June 30, 2016
Unrealized gains (losses) on marketable securities	$	17		$	3
Deferred gains (losses) on cash flow hedges	(16		)	(75		)
Unrecognized gains (losses) on employee benefit obligations	276			8
Cumulative translation adjustments	151			65
Accumulated other comprehensive income (loss), net of deferred taxes	$	428		$	1

~~(b)~~Net ~~Included~~Cash inProvided ~~Eliminations~~by ~~are~~Operating transactions that our segments enter into with one another, which consisted primarily of the licensing of film and television content from our Filmed Entertainment and Broadcast Television segments to our Cable Networks segment.Activities



	Six Months Ended June 30
(in millions)	2017			2016
Net income	$	5,182		$	4,304
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	5,043			4,667
Share-based compensation	391			331
Noncash interest expense (income), net	122			113
Equity in net (income) losses of investees, net	(51		)	30
Cash received from investees	49			42
Net (gain) loss on investment activity and other	(110		)	(126		)
Deferred income taxes	470			618
Changes in operating assets and liabilities, net of effects of acquisitions and divestitures:
Current and noncurrent receivables, net	18			172
Film and television costs, net	277			(171		)
Accounts payable and accrued expenses related to trade creditors	(144		)	(104		)
Other operating assets and liabilities	(433		)	(82		)
Net cash provided by operating activities	$	10,814		$	9,794

~~(d)~~Cash WePayments use operating income (loss) before depreciation and amortization, excluding impairment charges related to fixed and intangible assets and gains or losses from the sale of assets, if any, as the measure of profit or loss for ~~our~~Interest operating segments. This measure eliminates the significant level of noncash amortization expense that results from intangible assets recognized in business combinations. Additionally, it is unaffected by our capital structure or investment activities. We use this measure to evaluate our consolidated operating performance and ~~the~~Income operating performance of our operating segments and to allocate resources and capital to our operating segments. It is also a significant performance measure in our annual incentive compensation programs. We believe that this measure is useful to investors because it is one of the bases for comparing our operating performance with that of other companies in our industries, although our measure may not be directly comparable to similar measures used by other companies. This measure should not be considered a substitute for operating income (loss), net income (loss) attributable to NBCUniversal, net cash provided by operating activities, or other measures of performance or liquidity we have reported in accordance with GAAP.Taxes



	Three Months Ended June 30				Six Months Ended June 30
(in millions)	2017		2016		2017		2016
Interest	$	477	$	512	$	1,372	$	1,235
Income taxes	$	2,077	$	1,495	$	2,209	$	1,685

~~Table~~Noncash ofInvesting ~~Contents~~and Financing Activities

~~ITEM 2:~~During ~~MANAGEMENT’S~~the ~~DISCUSSION~~six ~~AND~~months ~~ANALYSIS~~ended OFJune 30, ~~FINANCIAL CONDITION AND RESULTS OF OPERATIONS~~ 2017:

~~Overview~~• we acquired $1.3 billion of property and equipment and intangible assets that were accrued but unpaid

We• ~~are~~we recorded a ~~leading~~liability ~~media~~of ~~and~~$742 ~~entertainment~~million ~~company~~for ~~that~~a ~~develops,~~quarterly ~~produces~~cash ~~and~~dividend ~~distributes~~of ~~entertainment,~~$0.1575 ~~news~~per ~~and~~common ~~information,~~share ~~sports,~~to ~~and~~be ~~other~~paid ~~content~~in ~~for~~July ~~global audiences.~~ 2017

~~We report our operations as the following four reportable business segments.~~ 12

~~Cable~~Table ~~Networks~~of Contents

~~Our~~Comcast Cable Networks segment consists primarily of our national cable networks, which provide entertainment, news and information, and sports programming, our regional sports and news networks, our international cable networks, our cable television production operations, and our related digital media properties. Our Cable Networks segment generates revenue primarily from the distribution of our cable network programming to multichannel video providers, the sale of advertising and the licensing of our owned programming. Corporation

~~Broadcast~~Note ~~Television~~10: Commitments and Contingencies

~~Our~~Redeemable ~~Broadcast~~Subsidiary ~~Television~~Preferred segment consists primarily of the NBC and Telemundo broadcast networks, our NBC and Telemundo owned local broadcast television stations, our broadcast television production operations, and our related digital media properties. Our Broadcast Television segment generates revenue primarily from the sale of advertising, the licensing and sale of our owned programming and the fees received under retransmission consent agreements. Stock

~~Filmed~~As ~~Entertainment~~of June 30, 2017, the fair value of the NBCUniversal Enterprise redeemable subsidiary preferred stock was $762 million. The estimated fair value is based on Level 2 inputs that use pricing models whose inputs are derived primarily from or corroborated by observable market data through correlation or other means for substantially the full term of the financial instrument.

Our Filmed Entertainment segment produces, acquires, markets and distributes filmed entertainment worldwide. We also develop, produce and license live stage plays. Our Filmed Entertainment segment generates revenue primarily from the worldwide distribution of our owned and acquired films and the licensing and sale of our owned and acquired films. Our Filmed Entertainment segment also generates revenue from producing and licensing live stage plays and distributing filmed entertainment produced by third parties. Contingencies

~~Theme~~We ~~Parks~~are a defendant in a lawsuit filed in December 2011 by Sprint Communications Company L.P. (“Sprint”) in the United States District Court for the District of Kansas. Sprint’s initial complaint alleged that Comcast Digital Voice and XFINITY Voice infringe twelve Sprint patents covering various aspects of a telecommunications system. In March 2015, Sprint withdrew its allegations of infringement for two of the patents. In December 2016, the Court granted summary judgment for us with respect to non-infringement on one of the patents and granted summary judgment for Sprint on one of the patents as to infringement with respect to some but not all of our accused telecommunications systems but not as to the patent’s validity. In January 2017, the Court entered judgment in favor of us on Sprint’s claims for infringement of two of the patents. In March 2017, Sprint indicated that it would not proceed to trial on three of the patents. Trial with respect to the four remaining patents, including the patent for which the Court granted partial summary judgment to Sprint, is set to begin in late October 2017. Sprint seeks approximately $950 million in damages, plus pre-judgment interest. In July 2017, Sprint filed a motion to amend the pre-trial order seeking to add an allegation that we willfully infringed Sprint’s patents and should be subject to increased damages, which could as much as triple the amount of any damages awarded. In July 2017, Sprint also filed a motion for partial summary judgment of certain of our defenses.

~~Our~~We ~~Theme~~believe ~~Parks~~the ~~segment~~claims ~~consists~~in ~~primarily~~the ofSprint ~~our~~lawsuit ~~Universal~~are ~~theme~~without ~~parks~~merit inand ~~Orlando~~are ~~and~~defending ~~Hollywood.~~the action vigorously. We ~~also~~cannot ~~receive~~predict ~~fees~~the ~~from~~outcome ~~third~~of ~~parties that~~the ~~own~~Sprint ~~and~~lawsuit, ~~operate~~estimate ~~Universal~~a ~~Studios~~range ~~Japan~~of ~~and~~possible ~~Universal~~loss ~~Studios~~or ~~Singapore~~determine how the final resolution of the action would affect our results of operations or cash flows for ~~intellectual~~any ~~property~~one ~~licenses~~period ~~and~~or ~~other~~our ~~services~~consolidated financial position. ~~Our~~In ~~Theme~~addition, ~~Parks~~as ~~segment~~any ~~generates~~action ~~revenue~~nears ~~primarily~~a ~~from~~trial, ~~theme~~there ~~park~~is ~~attendance~~an ~~and~~increased ~~per~~possibility ~~capita~~that ~~spending~~the ataction ~~our Universal~~may ~~theme~~be ~~parks~~settled inby ~~Orlando~~the ~~and~~parties. ~~Hollywood~~Nevertheless, aswe ~~well~~do asnot ~~from~~expect ~~licensing~~the ~~and~~final ~~other~~disposition ~~fees.~~of ~~Per~~the ~~capita~~Sprint ~~spending~~lawsuit ~~includes~~to ~~ticket~~have ~~price~~a ~~and~~material ~~in-park~~adverse ~~spending~~effect on ~~food~~our consolidated financial position, ~~beverages~~but ~~and~~it ~~merchandise.~~could be material to our consolidated results of operations or cash flows for any one period.

~~Headquarters~~We also are a defendant in several unrelated lawsuits claiming infringement of various patents relating to various aspects of our businesses. In certain of these cases, other industry participants are also defendants, and ~~Other~~also in certain of these cases, we expect that any potential liability would be in part or in whole the responsibility of our equipment and technology vendors under applicable contractual indemnification provisions, including the Sprint lawsuit above. In addition, we are subject to other legal proceedings and claims that arise in the ordinary course of our business. While the amount of ultimate liability with respect to such actions is not expected to materially affect our results of operations, cash flows or financial position, any litigation resulting from any such legal proceedings or claims could be time-consuming and injure our reputation.

~~Our~~Note ~~other~~11: ~~business~~Financial ~~interests~~Data ~~primarily~~by ~~include~~Business equity method investments, such as The Weather Channel Holding Corp. (“The Weather Channel”) and Hulu, LLC (“Hulu”). For information on the performance of our equity method investments, see “Consolidated Other Income (Expense) Items, Net” below and refer to the “Equity in Net Income (Losses) of Investees, Net” heading within that section. Segment

~~Significant~~We ~~Transactions~~ present our operations in five reportable business segments:

On• ~~March 19,~~Cable ~~2013,~~Communications: ~~Comcast~~Consists ~~acquired~~of ~~GE’s~~the ~~remaining~~operations ~~49%~~of ~~common~~Comcast ~~equity~~Cable, ~~interest~~which inis ~~NBCUniversal~~one ~~Holdings~~of ~~for approximately $16.7 billion (~~the ~~“Redemption~~nation’s ~~Transaction”).~~largest Inproviders ~~addition~~of tovideo, ~~this~~high-speed ~~transaction~~Internet, wevoice, ~~purchased~~and ~~from~~security GEand ~~certain~~automation ~~properties~~services weto ~~occupy~~residential atcustomers 30under ~~Rockefeller~~the ~~Plaza~~XFINITY inbrand; ~~New~~we ~~York~~also ~~City~~provide these and ~~CNBC’s~~other ~~headquarters~~services ~~in Englewood Cliffs, New Jersey for approximately $1.4 billion. See Note 2~~ to ~~our~~business ~~condensed~~customers ~~consolidated~~and ~~financial~~sell ~~statements for additional information on these transactions~~advertising.

15• Cable Networks: Consists primarily of our national cable networks, our regional sports and news networks, our international cable networks, and our cable television studio production operations.

~~Table~~• Broadcast Television: Consists primarily of ~~Contents~~the NBC and Telemundo broadcast networks, our NBC and Telemundo owned local broadcast television stations, the NBC Universo national cable network, and our broadcast television studio production operations.

~~Consolidated~~• ~~Operating~~Filmed ~~Results~~Entertainment: Consists primarily of the operations of Universal Pictures, which produces, acquires, markets and distributes filmed entertainment worldwide; our films are also produced under the Illumination, Focus Features and DreamWorks Animation names.

	Three Months EndedSeptember 30						Increase/(Decrease)			Nine Months EndedSeptember 30						Increase/(Decrease)
(in millions)	2013			2012						2013			2012
Revenue	$	5,851		$	6,822			(14.2	)%	$	17,186		$	17,798			(3.4	)%
Costs and Expenses:
Programming and production		2,803			3,922			(28.5	)		8,496			9,608			(11.6	)
Other operating and administrative		1,251			1,244			0.6			3,623			3,492			3.8
Advertising, marketing and promotion		547			516			6.1			1,673			1,763			(5.1	)
Depreciation		160			141			12.7			467			402			16.1
Amortization		192			196			(2.1	)		578			567			1.9
		4,953			6,019			(17.7	)		14,837			15,832			(6.3	)
Operating income		898			803			11.9			2,349			1,966			19.5
Other income (expense) items, net		(558	)		990			(156.4	)		(868	)		875			(199.3	)
Income before income taxes		340			1,793			(81.0	)		1,481			2,841			(47.9	)
Income tax expense		(62	)		(72	)		(13.9	)		(162	)		(154	)		5.3
Net income		278			1,721			(83.8	)		1,319			2,687			(50.9	)
Net (income) loss attributable to noncontrolling interests		(42	)		(49	)		(13.3	)		(105	)		(117	)		(9.6	)
Net income attributable to NBCUniversal	$	236		$	1,672			(85.9	)%	$	1,214		$	2,570			(52.8	)%


•	Theme Parks: Consists primarily of our Universal theme parks in Orlando, Florida; Hollywood, California; and Osaka, Japan.

~~All~~We ~~percentages~~use ~~are~~Adjusted ~~calculated~~EBITDA ~~based~~(formerly onoperating ~~actual~~income ~~amounts.~~before ~~Minor~~depreciation ~~differences~~and ~~may~~amortization) ~~exist~~to ~~due~~evaluate the profitability of our operating segments and the components of net income attributable to ~~rounding~~Comcast Corporation below Adjusted EBITDA are not separately evaluated. Our financial data by business segment is presented in the tables below.

~~Percentage changes that are considered not meaningful are denoted with NM.~~ 13

~~Each~~Table of our businesses is subject to seasonal and cyclical variations. Revenue and operating costs and expenses in our Broadcast Television segment are cyclical as a result of our periodic broadcasts of the Olympic Games and the Super Bowl. Our advertising revenue and programming and production costs for the nine months ended September 30, 2012 include amounts attributable to our broadcasts of the 2012 Super Bowl and the 2012 London Olympics. There were no such broadcasts in the current year period. All of the revenue and operating costs and expenses associated with our broadcasts of the 2012 Super Bowl and 2012 London Olympics are reported in our Broadcast Television segment. Contents

~~Consolidated~~Comcast ~~Revenue~~ Corporation

Consolidated revenue decreased for the three and nine months ended September 30, 2013 compared to the same periods in 2012 primarily as a result of decreases in our Broadcast Television segment due to our broadcasts of the Super Bowl in February 2012 and the London Olympics in August 2012 in the prior year periods, partially offset by increases in our Cable Networks, Filmed Entertainment and Theme Parks segments. Excluding the revenue associated with these events, consolidated revenue increased 3.9% and 5.1%, respectively, for the three and nine months ended September 30, 2013.



	Three Months Ended June 30, 2017
(in millions)	Revenue^(e)			Adjusted EBITDA^(f)			Depreciation and Amortization		Operating Income (Loss)			Capital Expenditures		Cash Paid for Intangible Assets
Cable Communications^(a)	$	13,122		$	5,320		$	2,001	$	3,319		$	1,956	$	327
NBCUniversal
Cable Networks	2,696			1,055			181		874			8		4
Broadcast Television	2,241			416			31		385			30		4
Filmed Entertainment	2,155			285			26		259			19		6
Theme Parks	1,314			551			186		365			243		26
Headquarters and Other^(b)	9			(235		)	96		(331		)	38		33
Eliminations^(c)	(84		)	(1		)	—		(1		)	—		—
NBCUniversal	8,331			2,071			520		1,551			338		73
Corporate and Other^(d)	205			(302		)	20		(322		)	33		20
Eliminations^(c)	(493		)	10			—		10			—		—
Comcast Consolidated	$	21,165		$	7,099		$	2,541	$	4,558		$	2,327	$	420

Revenue for our segments is discussed separately below under the heading “Segment Operating Results.”



	Three Months Ended June 30, 2016
(in millions)	Revenue^(e)			Adjusted EBITDA^(f)			Depreciation and Amortization		Operating Income (Loss)			Capital Expenditures		Cash Paid for Intangible Assets
Cable Communications^(a)	$	12,444		$	5,048		$	1,904	$	3,144		$	1,881	$	289
NBCUniversal
Cable Networks	2,566			944			187		757			7		3
Broadcast Television	2,128			394			30		364			30		3
Filmed Entertainment	1,351			56			12		44			5		3
Theme Parks	1,136			469			145		324			240		20
Headquarters and Other^(b)	6			(175		)	91		(266		)	78		33
Eliminations^(c)	(84		)	1			—		1			—		—
NBCUniversal	7,103			1,689			465		1,224			360		62
Corporate and Other^(d)	180			(291		)	20		(311		)	30		8
Eliminations^(c)	(458		)	9			—		9			—		—
Comcast Consolidated	$	19,269		$	6,455		$	2,389	$	4,066		$	2,271	$	359

Consolidated Costs and Expenses



	Six Months Ended June 30, 2017
(in millions)	Revenue^(e)			Adjusted EBITDA^(f)			Depreciation and Amortization		Operating Income (Loss)			Capital Expenditures		Cash Paid for Intangible Assets
Cable Communications^(a)	$	26,034		$	10,518		$	3,981	$	6,537		$	3,737	$	679
NBCUniversal
Cable Networks	5,337			2,171			395		1,776			10		7
Broadcast Television	4,449			738			63		675			59		7
Filmed Entertainment	4,136			653			47		606			29		11
Theme Parks	2,432			948			328		620			472		39
Headquarters and Other^(b)	17			(420		)	195		(615		)	53		64
Eliminations^(c)	(172		)	(2		)	—		(2		)	—		—
NBCUniversal	16,199			4,088			1,028		3,060			623		128
Corporate and Other^(d)	413			(496		)	34		(530		)	45		29
Eliminations^(c)	(1,018		)	21			—		21			—		—
Comcast Consolidated	$	41,628		$	14,131		$	5,043	$	9,088		$	4,405	$	836

Consolidated costs and expenses, excluding depreciation and amortization (“operating costs and expenses”), decreased for the three and nine months ended September 30, 2013 compared to the same periods in 2012 primarily as a result of decreases in our Broadcast Television segment due to our broadcasts of the Super Bowl in February 2012 and the London Olympics in August 2012 in the prior year periods. 14

~~Operating~~Table ~~costs~~of ~~and expenses for our segments are discussed separately below under the heading “Segment Operating Results.”~~ Contents

16Comcast Corporation



	Six Months Ended June 30, 2016
(in millions)	Revenue^(e)			Adjusted EBITDA^(f)			Depreciation and Amortization		Operating Income (Loss)			Capital Expenditures		Cash Paid for Intangible Assets
Cable Communications^(a)	$	24,648		$	9,937		$	3,747	$	6,190		$	3,457	$	613
NBCUniversal
Cable Networks	5,019			1,900			377		1,523			8		4
Broadcast Television	4,212			678			62		616			49		6
Filmed Entertainment	2,734			223			20		203			8		6
Theme Parks	2,162			844			243		601			440		29
Headquarters and Other^(b)	9			(335		)	177		(512		)	150		69
Eliminations^(c)	(172		)	1			—		1			—		—
NBCUniversal	13,964			3,311			879		2,432			655		114
Corporate and Other^(d)	379			(445		)	41		(486		)	44		10
Eliminations^(c)	(932		)	19			—		19			—		—
Comcast Consolidated	$	38,059		$	12,822		$	4,667	$	8,155		$	4,156	$	737

~~Consolidated~~(a) ~~depreciation~~For ~~and amortization increased for~~ the three and ~~nine~~six months ended ~~September~~ June 30, ~~2013~~2017 ~~compared~~and to2016, ~~the~~Cable ~~same~~Communications ~~periods~~segment inrevenue ~~2012~~was ~~primarily~~derived ~~due~~from to the ~~incremental~~following ~~depreciation expense associated with the properties purchased in connection with the Redemption Transaction and higher capital expenditures in our Theme Parks segment.~~ sources:

Segment Operating Results



	Three Months Ended June 30				Six Months Ended June 30
	2017		2016		2017		2016
Residential:
Video	44.2	%	44.9	%	44.4	%	45.1	%
High-speed Internet	28.0	%	27.1	%	28.0	%	27.0	%
Voice	6.5	%	7.2	%	6.6	%	7.3	%
Business services	11.7	%	10.9	%	11.6	%	10.8	%
Advertising	4.4	%	4.7	%	4.2	%	4.6	%
Other	5.2	%	5.2	%	5.2	%	5.2	%
Total	100.0	%	100.0	%	100.0	%	100.0	%

~~Our~~Subscription ~~segment~~revenue ~~operating~~received results are presented based on how we assess operating performance and internally report financial information. We use operating income (loss) before depreciation and amortization, excluding impairment charges related to fixed and intangible assets and gains or losses from ~~the~~residential ~~sale~~customers ofwho ~~assets,~~purchase ifbundled ~~any,~~services asat the measure of profit or loss for our operating segments. This measure eliminates the significant level of noncash amortization expense that results from intangible assets recognized in business combinations. Additionally, it is unaffected by our capital structure or investment activities. We use this measure to evaluate our consolidated operating performance and the operating performance of our operating segments and to allocate resources and capital to our operating segments. It is also a ~~significant~~discounted ~~performance~~rate ~~measure in our annual incentive compensation programs. We believe that this measure~~ is ~~useful~~ toallocated ~~investors~~proportionally ~~because it is one of the bases for comparing our operating performance with that of other companies in our industries, although our measure may not be directly comparable~~ to ~~similar~~each ~~measures~~cable ~~used~~service bybased ~~other~~on ~~companies. Because we use operating income (loss) before depreciation and amortization to measure our segment profit or loss, we reconcile it to operating income,~~ the ~~most~~individual ~~directly~~service’s ~~comparable~~price ~~financial~~on measure calculated and presented in accordance with GAAP in the business segment footnote to our condensed consolidated financial statements (see Note 12 to our condensed consolidated financial statements). This measure should not be considered a ~~substitute~~stand-alone for operating income (loss), net income (loss) attributable to NBCUniversal, net cash provided by operating activities, or other measures of performance or liquidity we have reported in accordance with GAAPbasis.

~~Reclassifications~~For ~~have been made to~~ the ~~prior~~three ~~year~~and ~~periods~~six tomonths ~~conform~~ended toJune 30, ~~classifications~~2017 ~~used~~and in2016, ~~the current year periods~~2.8% ~~The presentation~~ of ~~operating costs and expenses in our~~ Cable ~~Networks,~~Communications ~~Broadcast Television~~segment ~~and~~revenue ~~Filmed Entertainment segments~~ was ~~also~~derived ~~expanded~~from tofranchise ~~present programming~~ and ~~production costs,~~ other ~~operating~~regulatory ~~and administrative expenses, and advertising, marketing and promotion expenses~~fees.

	Three Months EndedSeptember 30						Increase/ (Decrease)
(in millions)	2013			2012			$			%
Revenue
Cable Networks	$	2,239		$	2,152		$	87			4.0	%
Broadcast Television		1,644			2,790			(1,146	)		(41.1	)
Filmed Entertainment		1,400			1,355			45			3.3
Theme Parks		661			614			47			7.9
Headquarters, other and eliminations		(93	)		(89	)		(4	)		NM
Total revenue	$	5,851		$	6,822		$	(971	)		(14.2	)%
Operating income (loss) before depreciation and amortization
Cable Networks	$	853		$	809		$	44			5.4	%
Broadcast Television		34			88			(54	)		(61.1	)
Filmed Entertainment		189			72			117			164.1
Theme Parks		343			316			27			8.6
Headquarters, other and eliminations		(169	)		(145	)		(24	)		NM
Total operating income (loss) before depreciation and amortization	$	1,250		$	1,140		$	110			9.6	%


(b)	NBCUniversal Headquarters and Other activities include costs associated with overhead, allocations, personnel costs and headquarter initiatives.

17(c) Included in Eliminations are transactions that our segments enter into with one another. The most common types of transactions are the following:

~~Table~~• our Cable Networks segment generates revenue by selling programming to our Cable Communications segment, which represents a substantial majority of ~~Contents~~the revenue elimination amount

	Nine Months EndedSeptember 30						Increase/ (Decrease)
(in millions)	2013			2012			$			%
Revenue
Cable Networks	$	6,877		$	6,520		$	357			5.5	%
Broadcast Television		4,893			6,203			(1,310	)		(21.1	)
Filmed Entertainment		4,004			3,778			226			6.0
Theme Parks		1,669			1,565			104			6.7
Headquarters, other and eliminations		(257	)		(268	)		11			NM
Total revenue	$	17,186		$	17,798		$	(612	)		(3.4	)%
Operating income (loss) before depreciation and amortization
Cable Networks	$	2,572		$	2,408		$	164			6.8	%
Broadcast Television		205			268			(63	)		(23.4	)
Filmed Entertainment		291			(5	)		296			NM
Theme Parks		747			708			39			5.6
Headquarters, other and eliminations		(421	)		(444	)		23			NM
Total operating income (loss) before depreciation and amortization	$	3,394		$	2,935		$	459			15.6	%


•	our Broadcast Television segment generates revenue from the fees received under retransmission consent agreements with our Cable Communications segment

• our Cable ~~Networks~~Communications ~~Segment~~segment ~~Results~~generates revenue by selling advertising and by selling the use of ~~Operations~~satellite feeds to our Cable Networks segment

	Three Months EndedSeptember 30				Increase/(Decrease)
(in millions)	2013		2012		$			%
Revenue
Distribution	$	1,219	$	1,157	$	62			5.4	%
Advertising		835		798		37			4.6
Content licensing and other		185		197		(12	)		(6.5	)
Total revenue		2,239		2,152		87			4.0
Operating costs and expenses
Programming and production		953		918		35			3.8
Other operating and administrative		313		318		(5	)		(1.5	)
Advertising, marketing and promotion		120		107		13			12.1
Total operating costs and expenses		1,386		1,343		43			3.2
Operating income before depreciation and amortization	$	853	$	809	$	44			5.4	%


•	our Filmed Entertainment and Broadcast Television segments generate revenue from the licensing of film and television content to our Cable Networks segment

	Nine Months EndedSeptember 30				Increase/(Decrease)
(in millions)	2013		2012		$		%
Revenue
Distribution	$	3,679	$	3,467	$	212		6.1	%
Advertising		2,629		2,520		109		4.3
Content licensing and other		569		533		36		6.7
Total revenue		6,877		6,520		357		5.5
Operating costs and expenses
Programming and production		2,945		2,797		148		5.3
Other operating and administrative		985		949		36		3.8
Advertising, marketing and promotion		375		366		9		2.5
Total operating costs and expenses		4,305		4,112		193		4.7
Operating income before depreciation and amortization	$	2,572	$	2,408	$	164		6.8	%


(d)	Corporate and Other activities include costs associated with overhead and personnel, the costs of other business initiatives, including our new wireless phone service, and the operations of Comcast Spectacor, which owns the Philadelphia Flyers and the Wells Fargo Center arena in Philadelphia, Pennsylvania and operates arena management-related businesses.

18(e) No single customer accounted for a significant amount of revenue in any period.

~~Table~~(f) We use Adjusted EBITDA as the measure of ~~Contents~~profit or loss for our operating segments. Adjusted EBITDA is defined as net income attributable to Comcast Corporation before net (income) loss attributable to noncontrolling interests and redeemable subsidiary preferred stock, income tax expense, other income (expense) items, net, and depreciation and amortization, and excluding impairment charges related to fixed and intangible assets and gains or losses on the sale of long-lived assets, if any. Other income (expense) items, net include interest expense, investment income (loss), equity in net income (losses) of investees, and other income (expense), net (as stated in our condensed consolidated statement of income). This measure eliminates the significant level of noncash depreciation and amortization expense that results from the capital-intensive nature of certain of our businesses and from intangible assets recognized in business combinations. Additionally, it is unaffected by our capital and tax structures and by our investment activities. We use this measure to evaluate our consolidated operating performance and the operating performance of our operating segments and to allocate resources and capital to our operating segments. It is also a significant performance measure in our annual incentive compensation programs. We believe that this measure is useful to investors because it is one of the bases for comparing our operating performance with that of other companies in our industries, although our measure may not be directly comparable to similar measures used by other companies. This measure should not be considered a substitute for operating income (loss), net income (loss), net income (loss) attributable to Comcast Corporation, net cash provided by operating activities, or other measures of performance or liquidity we have reported in accordance with GAAP. Our reconciliation of the aggregate amount of Adjusted EBITDA for our reportable segments to consolidated income before income taxes is presented in the table below.

~~Cable Networks Segment—Revenue~~ 15

~~Our~~Table Cable Networks revenue increased for the three and nine months ended September 30, 2013 compared to the same periods in 2012 due to increases in distribution and advertising revenue. The increases in distribution revenue for both periods were primarily due to increases in the contractual rates charged under distribution agreements. Advertising revenue increased 4.6% and 4.3% for the three and nine months ended September 30, 2013, respectively. Higher prices and volume of advertising units sold contributed to increases in the three and nine months ended September 30, 2013 of 7% and 10%, respectively. These increases were partially offset by continuing declines in audience ratings at some of our networks. Contents

~~For the three and nine months ended September 30, 2013 and 2012, 13% of our Cable Networks segment revenue was generated from transactions with~~ Comcast. Corporation

Cable Networks Segment—Operating Costs and Expenses



	Three Months Ended June 30						Six Months Ended June 30
(in millions)	2017			2016			2017			2016
Adjusted EBITDA	$	7,099		$	6,455		$	14,131		$	12,822
Depreciation	(1,970		)	(1,868		)	(3,885		)	(3,653		)
Amortization	(571		)	(521		)	(1,158		)	(1,014		)
Other income (expense) items, net	(659		)	(708		)	(1,284		)	(1,262		)
Income before income taxes	$	3,899		$	3,358		$	7,804		$	6,893

~~Operating~~Note ~~costs~~12: ~~and~~Condensed ~~expenses~~Consolidating ~~increased~~Financial for the three and nine months ended September 30, 2013 compared to the same periods in 2012 primarily due to increases in programming and production costs from our continued investment in original programming at certain of our cable networks and higher sports programming rights costs. Information

~~Broadcast~~Comcast ~~Television~~(“Comcast ~~Segment~~Parent”), ~~Results~~Comcast ofCable ~~Operations~~Communications, LLC (“CCCL Parent”), and NBCUniversal (“NBCUniversal Media Parent”) have fully and unconditionally guaranteed each other’s debt securities, including the Comcast revolving credit facility.

	Three Months EndedSeptember 30				Increase/(Decrease)
(in millions)	2013		2012		$			%
Revenue
Advertising	$	1,104	$	1,998	$	(894	)		(44.7	)%
Content licensing		355		385		(30	)		(7.6	)
Other		185		407		(222	)		(54.9	)
Total revenue		1,644		2,790		(1,146	)		(41.1	)
Operating costs and expenses
Programming and production		1,194		2,278		(1,084	)		(47.5	)
Other operating and administrative		295		308		(13	)		(4.8	)
Advertising, marketing and promotion		121		116		5			4.3
Total operating costs and expenses		1,610		2,702		(1,092	)		(40.4	)
Operating income before depreciation and amortization	$	34	$	88	$	(54	)		(61.1	)%

Comcast Parent and CCCL Parent also fully and unconditionally guarantee NBCUniversal Enterprise’s $4.8 billion aggregate principal amount of senior notes, $1.5 billion revolving credit facility and commercial paper program. NBCUniversal Media Parent does not guarantee the NBCUniversal Enterprise senior notes, revolving credit facility or commercial paper program.

	Nine Months EndedSeptember 30				Increase/(Decrease)
(in millions)	2013		2012		$			%
Revenue
Advertising	$	3,323	$	4,393	$	(1,070	)		(24.3	)%
Content licensing		1,048		1,173		(125	)		(10.7	)
Other		522		637		(115	)		(18.1	)
Total revenue		4,893		6,203		(1,310	)		(21.1	)
Operating costs and expenses
Programming and production		3,508		4,791		(1,283	)		(26.8	)
Other operating and administrative		879		869		10			1.1
Advertising, marketing and promotion		301		275		26			9.2
Total operating costs and expenses		4,688		5,935		(1,247	)		(21.0	)
Operating income before depreciation and amortization	$	205	$	268	$	(63	)		(23.4	)%

Comcast Parent provides an unconditional subordinated guarantee of the $185 million principal amount currently outstanding of Comcast Holdings’ ZONES due October 2029. Comcast Parent also provides an unconditional guarantee of the Universal Studios Japan ¥450 billion term loan with a final maturity of March 2022. Neither CCCL Parent nor NBCUniversal Media Parent guarantee the Comcast Holdings’ ZONES due October 2029. None of Comcast Parent, CCCL Parent nor NBCUniversal Media Parent guarantee the $62 million principal amount currently outstanding of Comcast Holdings’ ZONES due November 2029.

19 16

Table of Contents

~~Broadcast~~Comcast ~~Television Segment—Revenue~~ Corporation

~~Our~~Condensed ~~Broadcast~~Consolidating ~~Television~~Balance revenue decreased for the three months ended September 30, 2013 compared to the same period in 2012 primarily due to our broadcast of the 2012 London Olympics in the prior year period. Excluding $1.2 billion of revenue associated with this event, Broadcast Television revenue increased 2.6% primarily due to an increase in other revenue from fees recognized under our retransmission consent agreements and higher advertising revenue. Sheet

~~Our Broadcast Television revenue decreased for the nine months ended September~~June 30, ~~2013~~2017 compared to the same period in 2012 primarily due to our broadcasts of the 2012 Super Bowl and the 2012 London Olympics in the prior year period. Excluding $1.4 billion of revenue associated with these events, Broadcast Television revenue increased 2.9% primarily due to fees recognized under our retransmission consent agreements and higher advertising revenue, partially offset by lower content licensing revenue associated with the timing of licensing agreements.

Broadcast Television Segment—Operating Costs and Expenses



(in millions)	Comcast Parent		Comcast Holdings		CCCL Parent		NBCUniversal Media Parent		Non- Guarantor Subsidiaries		Elimination and Consolidation Adjustments			Consolidated Comcast Corporation
Assets
Cash and cash equivalents	$	—	$	—	$	—	$	310	$	2,383	$	—		$	2,693
Receivables, net	—		—		—		—		7,849		—			7,849
Programming rights	—		—		—		—		1,633		—			1,633
Other current assets	67		—		—		21		2,569		—			2,657
Total current assets	67		—		—		331		14,434		—			14,832
Film and television costs	—		—		—		—		6,595		—			6,595
Investments	96		1		15		690		5,719		—			6,521
Investments in and amounts due from subsidiaries eliminated upon consolidation	101,430		126,187		124,549		49,038		110,545		(511,749		)	—
Property and equipment, net	434		—		—		—		36,737		—			37,171
Franchise rights	—		—		—		—		59,364		—			59,364
Goodwill	—		—		—		—		36,742		—			36,742
Other intangible assets, net	11		—		—		—		18,896		—			18,907
Other noncurrent assets, net	1,149		658		—		83		2,035		(1,026		)	2,899
Total assets	$	103,187	$	126,846	$	124,564	$	50,142	$	291,067	$	(512,775	)	$	183,031
Liabilities and Equity
Accounts payable and accrued expenses related to trade creditors	$	12	$	—	$	—	$	—	$	6,718	$	—		$	6,730
Accrued participations and residuals	—		—		—		—		1,882		—			1,882
Accrued expenses and other current liabilities	1,887		92		295		286		4,746		—			7,306
Current portion of long-term debt	4,032		—		—		4		2,322		—			6,358
Total current liabilities	5,931		92		295		290		15,668		—			22,276
Long-term debt, less current portion	39,725		142		2,100		8,204		7,039		—			57,210
Deferred income taxes	—		508		—		70		35,886		(1,055		)	35,409
Other noncurrent liabilities	2,526		—		—		1,111		7,171		29			10,837
Redeemable noncontrolling interests and redeemable subsidiary preferred stock	—		—		—		—		1,451		—			1,451
Equity:
Common stock	56		—		—		—		—		—			56
Other shareholders’ equity	54,949		126,104		122,169		40,467		223,009		(511,749		)	54,949
Total Comcast Corporation shareholders’ equity	55,005		126,104		122,169		40,467		223,009		(511,749		)	55,005
Noncontrolling interests	—		—		—		—		843		—			843
Total equity	55,005		126,104		122,169		40,467		223,852		(511,749		)	55,848
Total liabilities and equity	$	103,187	$	126,846	$	124,564	$	50,142	$	291,067	$	(512,775	)	$	183,031

Operating costs and expenses decreased for the three months ended September 30, 2013 compared to the same period in 2012 due to lower programming and production costs associated with our broadcast of the 2012 London Olympics in the prior year period. Excluding $1.1 billion of operating costs and expenses associated with this event, operating costs and expenses remained relatively flat. 17

~~Operating~~Table ~~costs and expenses decreased for the nine months ended September 30, 2013 compared to the same period in 2012 primarily due to lower programming and production costs associated with our broadcasts~~ of the 2012 Super Bowl and the 2012 London Olympics in the prior year period. Excluding the impact of these events, operating costs and expenses increased primarily due to higher costs associated with our 2013 primetime schedule. Contents

~~Filmed~~Comcast ~~Entertainment Segment Results of Operations~~ Corporation

	Three Months EndedSeptember 30				Increase/(Decrease)
(in millions)	2013		2012		$			%
Revenue
Theatrical	$	559	$	410	$	149			36.1	%
Content licensing		379		368		11			3.1
Home entertainment		359		482		(123	)		(25.6	)
Other		103		95		8			8.6
Total revenue		1,400		1,355		45			3.3
Operating costs and expenses
Programming and production		720		816		(96	)		(11.8	)
Other operating and administrative		188		170		18			9.5
Advertising, marketing and promotion		303		297		6			2.5
Total operating costs and expenses		1,211		1,283		(72	)		(5.7	)
Operating income before depreciation and amortization	$	189	$	72	$	117			164.1	%

Condensed Consolidating Balance Sheet

20December 31, 2016



(in millions)	Comcast Parent		Comcast Holdings		CCCL Parent		NBCUniversal Media Parent		Non- Guarantor Subsidiaries		Elimination and Consolidation Adjustments			Consolidated Comcast Corporation
Assets
Cash and cash equivalents	$	—	$	—	$	—	$	482	$	2,819	$	—		$	3,301
Receivables, net	—		—		—		—		7,955		—			7,955
Programming rights	—		—		—		—		1,250		—			1,250
Other current assets	151		—		—		36		3,668		—			3,855
Total current assets	151		—		—		518		15,692		—			16,361
Film and television costs	—		—		—		—		7,252		—			7,252
Investments	75		—		—		651		4,521		—			5,247
Investments in and amounts due from subsidiaries eliminated upon consolidation	98,350		120,071		117,696		47,393		97,704		(481,214		)	—
Property and equipment, net	298		—		—		—		35,955		—			36,253
Franchise rights	—		—		—		—		59,364		—			59,364
Goodwill	—		—		—		—		35,980		—			35,980
Other intangible assets, net	13		—		—		—		17,261		—			17,274
Other noncurrent assets, net	1,138		638		—		89		1,921		(1,017		)	2,769
Total assets	$	100,025	$	120,709	$	117,696	$	48,651	$	275,650	$	(482,231	)	$	180,500
Liabilities and Equity
Accounts payable and accrued expenses related to trade creditors	$	23	$	—	$	—	$	—	$	6,892	$	—		$	6,915
Accrued participations and residuals	—		—		—		—		1,726		—			1,726
Accrued expenses and other current liabilities	1,726		—		341		302		5,045		—			7,414
Current portion of long-term debt	3,739		—		550		4		1,187		—			5,480
Total current liabilities	5,488		—		891		306		14,850		—			21,535
Long-term debt, less current portion	38,123		141		2,100		8,208		6,994		—			55,566
Deferred income taxes	—		542		—		70		35,259		(1,017		)	34,854
Other noncurrent liabilities	2,471		—		—		1,166		7,288		—			10,925
Redeemable noncontrolling interests and redeemable subsidiary preferred stock	—		—		—		—		1,446		—			1,446
Equity:
Common stock	56		—		—		—		—		—			56
Other shareholders’ equity	53,887		120,026		114,705		38,901		207,582		(481,214		)	53,887
Total Comcast Corporation shareholders’ equity	53,943		120,026		114,705		38,901		207,582		(481,214		)	53,943
Noncontrolling interests	—		—		—		—		2,231		—			2,231
Total equity	53,943		120,026		114,705		38,901		209,813		(481,214		)	56,174
Total liabilities and equity	$	100,025	$	120,709	$	117,696	$	48,651	$	275,650	$	(482,231	)	$	180,500

	Nine Months EndedSeptember 30					Increase/(Decrease)
(in millions)	2013		2012			$			%
Revenue
Theatrical	$	1,425	$	1,176		$	249			21.1	%
Content licensing		1,223		1,127			96			8.6
Home entertainment		1,069		1,179			(110	)		(9.3	)
Other		287		296			(9	)		(3.2	)
Total revenue		4,004		3,778			226			6.0
Operating costs and expenses
Programming and production		2,235		2,199			36			1.6
Other operating and administrative		519		469			50			10.5
Advertising, marketing and promotion		959		1,115			(156	)		(13.9	)
Total operating costs and expenses		3,713		3,783			(70	)		(1.9	)
Operating income (loss) before depreciation and amortization	$	291	$	(5	)	$	296			NM

~~Filmed~~Table ~~Entertainment~~of ~~Segment—Revenue~~ Contents

~~Our~~Comcast Filmed Entertainment revenue increased for the three and nine months ended September 30, 2013 compared to the same periods in 2012 primarily due to increases in theatrical revenue, partially offset by decreases in home entertainment revenue. The increases in theatrical revenue were primarily due to the strong performance of Despicable Me 2 in the current quarter, as well as Fast and Furious 6, Les Miserables, Identity Thief and Mama for the nine months ended September 30, 2013. The decreases in home entertainment revenue were primarily due to fewer releases in the current year periods. Content licensing revenue also increased for the nine months ended September 30, 2013 primarily due to the international licensing of our 2012 theatrical releases. Corporation

~~Filmed~~Condensed ~~Entertainment Segment—Operating~~Consolidating ~~Costs~~Statement ~~and~~of ~~Expenses~~ Income

~~Operating~~For ~~costs~~the ~~and~~Three ~~expenses~~Months ~~decreased~~Ended ~~for~~June ~~the three months ended September~~ 30, ~~2013 compared to the same period in 2012 primarily due to lower amortization of film costs, including films in production.~~ 2017

Operating costs and expenses decreased for the nine months ended September 30, 2013 compared to the same period in 2012 primarily due to lower advertising, marketing and promotion expenses associated with our 2013 theatrical releases. The decrease was partially offset by higher amortization of film costs and higher other operating and administrative expenses due to the realization of a receivable in the prior year period that was previously reserved for as uncollectible.



(in millions)	Comcast Parent			Comcast Holdings			CCCL Parent			NBCUniversal Media Parent			Non- Guarantor Subsidiaries			Elimination and Consolidation Adjustments			Consolidated Comcast Corporation
Revenue:
Service revenue	$	—		$	—		$	—		$	—		$	21,165		$	—		$	21,165
Management fee revenue	281			—			277			—			—			(558		)	—
	281			—			277			—			21,165			(558		)	21,165
Costs and Expenses:
Programming and production	—			—			—			—			6,341			—			6,341
Other operating and administrative	200			—			277			261			5,880			(558		)	6,060
Advertising, marketing and promotion	—			—			—			—			1,665			—			1,665
Depreciation	7			—			—			—			1,963			—			1,970
Amortization	1			—			—			—			570			—			571
	208			—			277			261			16,419			(558		)	16,607
Operating income (loss)	73			—			—			(261		)	4,746			—			4,558
Other Income (Expense):
Interest expense	(531		)	(3		)	(51		)	(116		)	(57		)	—			(758		)
Investment income (loss), net	—			24			—			(16		)	56			—			64
Equity in net income (losses) of investees, net	2,811			2,613			2,301			1,659			1,291			(10,660		)	15
Other income (expense), net	—			—			—			18			2			—			20
	2,280			2,634			2,250			1,545			1,292			(10,660		)	(659		)
Income (loss) before income taxes	2,353			2,634			2,250			1,284			6,038			(10,660		)	3,899
Income tax (expense) benefit	160			(7		)	18			(8		)	(1,527		)	—			(1,364		)
Net income (loss)	2,513			2,627			2,268			1,276			4,511			(10,660		)	2,535
Net (income) loss attributable to noncontrolling interests and redeemable subsidiary preferred stock	—			—			—			—			(22		)	—			(22		)
Net income (loss) attributable to Comcast Corporation	$	2,513		$	2,627		$	2,268		$	1,276		$	4,489		$	(10,660	)	$	2,513
Comprehensive income (loss) attributable to Comcast Corporation	$	2,405		$	2,591		$	2,269		$	1,120		$	4,246		$	(10,226	)	$	2,405

~~Theme Parks Segment Results of Operations~~ 19

	Three Months EndedSeptember 30				Increase/(Decrease)
(in millions)	2013		2012		$		%
Revenue	$	661	$	614	$	47		7.9	%
Operating costs and expenses		318		298		20		7.1
Operating income before depreciation and amortization	$	343	$	316	$	27		8.6	%

Table of Contents

	Nine Months EndedSeptember 30				Increase/(Decrease)
(in millions)	2013		2012		$		%
Revenue	$	1,669	$	1,565	$	104		6.7	%
Operating costs and expenses		922		857		65		7.6
Operating income before depreciation and amortization	$	747	$	708	$	39		5.6	%

Comcast Corporation

21Condensed Consolidating Statement of Income

~~Table~~For ofthe ~~Contents~~Three Months Ended June 30, 2016

Theme Parks Segment—Revenue



(in millions)	Comcast Parent			Comcast Holdings			CCCL Parent			NBCUniversal Media Parent			Non- Guarantor Subsidiaries			Elimination and Consolidation Adjustments			Consolidated Comcast Corporation
Revenue:
Service revenue	$	—		$	—		$	—		$	—		$	19,269		$	—		$	19,269
Management fee revenue	266			—			261			—			—			(527		)	—
	266			—			261			—			19,269			(527		)	19,269
Costs and Expenses:
Programming and production	—			—			—			—			5,492			—			5,492
Other operating and administrative	285			—			261			222			5,522			(527		)	5,763
Advertising, marketing and promotion	—			—			—			—			1,559			—			1,559
Depreciation	6			—			—			—			1,862			—			1,868
Amortization	2			—			—			—			519			—			521
	293			—			261			222			14,954			(527		)	15,203
Operating income (loss)	(27		)	—			—			(222		)	4,315			—			4,066
Other Income (Expense):
Interest expense	(478		)	(3		)	(61		)	(112		)	(78		)	—			(732		)
Investment income (loss), net	3			1			—			(6		)	60			—			58
Equity in net income (losses) of investees, net	2,354			2,275			2,127			1,288			914			(8,977		)	(19		)
Other income (expense), net	—			—			—			(7		)	(8		)	—			(15		)
	1,879			2,273			2,066			1,163			888			(8,977		)	(708		)
Income (loss) before income taxes	1,852			2,273			2,066			941			5,203			(8,977		)	3,358
Income tax (expense) benefit	176			1			21			(8		)	(1,468		)	—			(1,278		)
Net income (loss)	2,028			2,274			2,087			933			3,735			(8,977		)	2,080
Net (income) loss attributable to noncontrolling interests and redeemable subsidiary preferred stock	—			—			—			—			(52		)	—			(52		)
Net income (loss) attributable to Comcast Corporation	$	2,028		$	2,274		$	2,087		$	933		$	3,683		$	(8,977	)	$	2,028
Comprehensive income (loss) attributable to Comcast Corporation	$	2,113		$	2,321		$	2,087		$	1,096		$	4,194		$	(9,698	)	$	2,113

Our Theme Parks revenue increased for the three months ended September 30, 2013 compared to the same period in 2012 primarily due to an increase in per capita spending at our Orlando and Hollywood theme parks and higher guest attendance at our Orlando theme park following the launch of the Transformers attraction. 20

~~Our~~Table ~~Theme~~of Parks revenue increased for the nine months ended September 30, 2013 compared to the same period in 2012 primarily due to higher guest attendance at our Orlando and Hollywood theme parks, as well as an increase in per capita spending. Contents

~~Theme~~Comcast ~~Parks Segment—Operating Costs and Expenses~~ Corporation

~~Theme~~Condensed ~~Parks~~Consolidating ~~segment~~Statement ~~operating~~of costs and expenses increased for the three and nine months ended September 30, 2013 compared to the same periods in 2012 primarily due to additional costs at our Orlando and Hollywood theme parks associated with additional attractions as well as the increases in per capita spending and attendance. Income

~~Headquarters,~~For ~~Other~~the ~~and~~Six ~~Eliminations~~Months Ended June 30, 2017

The change in operating income (loss) before depreciation and amortization for headquarters, other and eliminations for the three months ended September 30, 2013 compared to the same period in 2012 was primarily due to higher employee costs.



(in millions)	Comcast Parent			Comcast Holdings			CCCL Parent			NBCUniversal Media Parent			Non- Guarantor Subsidiaries			Elimination and Consolidation Adjustments			Consolidated Comcast Corporation
Revenue:
Service revenue	$	—		$	—		$	—		$	—		$	41,628		$	—		$	41,628
Management fee revenue	556			—			547			—			—			(1,103		)	—
	556			—			547			—			41,628			(1,103		)	41,628
Costs and Expenses:
Programming and production	—			—			—			—			12,415			—			12,415
Other operating and administrative	370			—			547			567			11,506			(1,103		)	11,887
Advertising, marketing and promotion	—			—			—			—			3,195			—			3,195
Depreciation	14			—			—			—			3,871			—			3,885
Amortization	3			—			—			—			1,155			—			1,158
	387			—			547			567			32,142			(1,103		)	32,540
Operating income (loss)	169			—			—			(567		)	9,486			—			9,088
Other Income (Expense):
Interest expense	(1,048		)	(6		)	(111		)	(228		)	(120		)	—			(1,513		)
Investment income (loss), net	1			52			—			(20		)	90			—			123
Equity in net income (losses) of investees, net	5,650			5,263			4,621			3,256			2,527			(21,266		)	51
Other income (expense), net	—			—			—			46			9			—			55
	4,603			5,309			4,510			3,054			2,506			(21,266		)	(1,284		)
Income (loss) before income taxes	4,772			5,309			4,510			2,487			11,992			(21,266		)	7,804
Income tax (expense) benefit	307			(16		)	39			(11		)	(2,941		)	—			(2,622		)
Net income (loss)	5,079			5,293			4,549			2,476			9,051			(21,266		)	5,182
Net (income) loss attributable to noncontrolling interests and redeemable subsidiary preferred stock	—			—			—			—			(103		)	—			(103		)
Net income (loss) attributable to Comcast Corporation	$	5,079		$	5,293		$	4,549		$	2,476

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