Comcast
Annual Report 2016

Plain-text annual report

COMCAST CORP FORM 10-K (Annual Report) Filed 02/03/17 for the Period Ending 12/31/16 CIK 0001166691 Symbol CMCSA SIC Code Industry 4841 - Cable and Other Pay Television Services Broadcasting Sector Consumer Cyclicals Fiscal Year 12/31 http://www.edgar-online.com © Copyright 2017, EDGAR Online, Inc. All Rights Reserved. Distribution and use of this document restricted under EDGAR Online, Inc. Terms of Use. Table of Contents UNITED STATESSECURITIES AND EXCHANGE COMMISSIONWashington, D.C. 20549 FORM 10-K(Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934FOR THE FISCAL YEAR ENDED DECEMBER 31, 2016OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934FOR THE TRANSITION PERIOD FROM                      TO                      Commission File Number Registrant; State of Incorporation; Address and Telephone Number I.R.S. Employer Identification No.001-32871 COMCAST CORPORATIONPENNSYLVANIAOne Comcast CenterPhiladelphia, PA 19103-2838(215) 286-1700 27-0000798001-36438 NBCUniversal Media, LLCDELAWARE30 Rockefeller PlazaNew York, NY 10112-0015(212) 664-4444 14-1682529 SECURITIES REGISTERED PURSUANT TO SECTION 12(b) OF THE ACT:Comcast Corporation –Title of Each Class  Name of Each Exchange on Which RegisteredClass A Common Stock, $0.01 par value2.0% Exchangeable Subordinated Debentures due 20295.00% Notes due 20615.50% Notes due 20299.455% Guaranteed Notes due 2022  NASDAQ Global Select MarketNew York Stock ExchangeNew York Stock ExchangeNew York Stock ExchangeNew York Stock ExchangeNBCUniversal Media, LLC – NONESECURITIES REGISTERED PURSUANT TO SECTION 12(g) OF THE ACT:Comcast Corporation – NONENBCUniversal Media, LLC – NONE Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.Comcast Corporation Yes ☒  No ☐NBCUniversal Media, LLC Yes ☒  No ☐Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.Comcast Corporation Yes ☐  No ☒NBCUniversal Media, LLC Yes ☐  No ☒Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or forsuch shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days.Comcast Corporation Yes ☒  No ☐NBCUniversal Media, LLC Yes ☒  No ☐Indicate by check mark whether the registrant has submitted electronically and posted on its corporate website, if any, every Interactive Data File required to be submitted and posted pursuantto Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).Comcast Corporation Yes ☒  No ☐NBCUniversal Media, LLC Yes ☒  No ☐Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of registrant’s knowledge, indefinitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendments to this Form 10-K.Comcast Corporation ☐NBCUniversal Media, LLC N/AIndicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See definition of “large accelerated filer,”“accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act:Comcast Corporation Large accelerated filer ☒ Accelerated filer ☐ Non-accelerated filer ☐ Smaller reporting company ☐NBCUniversal Media, LLC Large accelerated filer ☐ Accelerated filer ☐ Non-accelerated filer ☒ Smaller reporting company ☐Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).Comcast Corporation Yes ☐  No ☒NBCUniversal Media, LLC Yes ☐  No ☒As of June 30, 2016, the aggregate market value of the Comcast Corporation common stock held by non-affiliates of the registrant was $155.940 billion.Indicate the number of shares outstanding of each of the registrant’s classes of stock, as of the latest practicable date:As of December 31, 2016, there were 2,366,357,318 shares of Comcast Corporation Class A common stock and 9,444,375 shares of Class B common stock outstanding.Not applicable for NBCUniversal Media, LLC.NBCUniversal Media, LLC meets the conditions set forth in General Instruction I(1)(a), (b) and (d) of Form 10-K and is therefore filing this form with the reduced disclosure format. DOCUMENTS INCORPORATED BY REFERENCEComcast Corporation – Part III – The registrant’s definitive Proxy Statement for its annual meeting of shareholders presently scheduled to be held in June 2017.NBCUniversal Media, LLC – NONE Table of ContentsComcast Corporation2016 Annual Report on Form 10-KTable of Contents PART I  Item 1  Business     1 Item 1A  Risk Factors     25 Item 1B  Unresolved Staff Comments     34 Item 2  Properties     34 Item 3  Legal Proceedings     35 Item 4  Mine Safety Disclosures     35 PART II  Item 5  Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities     36 Item 6  Selected Financial Data     39 Item 7  Management’s Discussion and Analysis of Financial Condition and Results of Operations     40 Item 7A  Quantitative and Qualitative Disclosures About Market Risk     69 Item 8  Comcast Corporation Financial Statements and Supplementary Data     72 Item 9  Changes in and Disagreements with Accountants on Accounting and Financial Disclosure     121 Item 9A  Controls and Procedures     121 Item 9B  Other Information     122 PART III  Item 10  Directors, Executive Officers and Corporate Governance     123 Item 11  Executive Compensation     124 Item 12  Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters     124 Item 13  Certain Relationships and Related Transactions, and Director Independence     125 Item 14  Principal Accountant Fees and Services     125 PART IV  Item 15  Exhibits and Financial Statement Schedules     126 Signatures     135 NBCUniversal Media, LLC Financial Statements and Supplementary Data     137 Explanatory NoteThis Annual Report on Form 10-K is a combined report being filed separately by Comcast Corporation (“Comcast”) and NBCUniversal Media, LLC(“NBCUniversal”). Comcast owns all of the common equity interests in NBCUniversal, and NBCUniversal meets the conditions set forth in GeneralInstruction I(1)(a), (b) and (d) of Form 10-K and is therefore filing its information within this Form 10-K with the reduced disclosure format. Each ofComcast and NBCUniversal is filing on its own behalf the information contained in this report that relates to itself, and neither company makes anyrepresentation as to information relating to the other company. Where information or an explanation is provided that is substantially the same foreach company, such information or explanation has been combined in this report. Where information or an explanation is not substantially the samefor each company, separate information and explanation has been provided. In addition, separate consolidated financial statements for eachcompany, along with notes to the consolidated financial statements, are included in this report. Unless indicated otherwise, throughout this AnnualReport on Form 10-K, we refer to Comcast and its consolidated subsidiaries, including NBCUniversal and its consolidated subsidiaries, as “we,” “us”and “our;” Comcast Cable Communications, LLC and its subsidiaries as  Table of Contents“Comcast Cable;” Comcast Holdings Corporation as “Comcast Holdings;” and NBCUniversal, LLC as “NBCUniversal Holdings.”This Annual Report on Form 10-K is for the year ended December 31, 2016. This Annual Report on Form 10-K modifies and supersedes documentsfiled before it.The Securities and Exchange Commission (“SEC”) allows us to “incorporate by reference” information that we file with it, which means that we candisclose important information to you by referring you directly to those documents. Information incorporated by reference is considered to be part ofthis Annual Report on Form 10-K. In addition, information that we file with the SEC in the future will automatically update and supersede informationcontained in this Annual Report on Form 10-K.Our registered trademarks include Comcast, NBCUniversal and the Comcast and NBCUniversal logos. This Annual Report on Form 10-K alsocontains other trademarks, service marks and trade names owned by us, as well as those owned by others.  Table of ContentsPart I Item 1: BusinessWe are a global media and technology company with two primary businesses, Comcast Cable and NBCUniversal. We were incorporated under thelaws of Pennsylvania in December 2001. Through our predecessors, we have developed, managed and operated cable systems since 1963. In2011, we acquired control of NBCUniversal from General Electric Company (the “NBCUniversal transaction”), and in 2013, we acquired GeneralElectric Company’s remaining interest in NBCUniversal.We present our operations for Comcast Cable in one reportable business segment, referred to as Cable Communications, and our operations forNBCUniversal in four reportable business segments: Cable Networks, Broadcast Television, Filmed Entertainment and Theme Parks (collectively,the “NBCUniversal segments”).  • Cable Communications: Consists of the operations of Comcast Cable, which is one of the nation’s largest providersof video, high-speed Internet and voice services (“cable services”) to residential customers under the XFINITY brand;we also provide these and other services to business customers and sell advertising.   • Cable Networks: Consists primarily of our national cable networks, our regional sports and news networks, ourinternational cable networks, and our cable television studio production operations.   • Broadcast Television: Consists primarily of the NBC and Telemundo broadcast networks, our NBC and Telemundoowned local broadcast television stations, and our broadcast television studio production operations.   • Filmed Entertainment: Consists primarily of the operations of Universal Pictures, which produces, acquires, marketsand distributes filmed entertainment worldwide, as well as DreamWorks Animation, which we acquired in August 2016;our films are also produced under the Illumination and Focus Features names.   • Theme Parks: Consists primarily of our Universal theme parks in Orlando, Florida and Hollywood, California and our51% interest in the Universal Studios theme park in Osaka, Japan (“Universal Studios Japan”), which we acquired inNovember 2015. Our other business interests consist primarily of Comcast Spectacor, which owns the Philadelphia Flyers and the Wells Fargo Center arena inPhiladelphia, Pennsylvania and operates arena management-related businesses. We are also pursuing other business initiatives, such as a wirelessphone service that we expect to launch in 2017 using our virtual network operator rights to provide the service over a third party’s wireless network.For financial and other information about our reportable business segments, refer to Item 7: Management’s Discussion and Analysis of FinancialCondition and Results of Operations, Note 17 to Comcast’s consolidated financial statements, and Note 16 to NBCUniversal’s consolidated financialstatements included in this Annual Report on Form 10-K.Available Information and WebsitesComcast’s phone number is (215) 286-1700, and its principal executive offices are located at One Comcast Center, Philadelphia, PA 19103-2838.NBCUniversal’s phone number is (212) 664-4444, and its principal executive offices are located at 30 Rockefeller Plaza, New York, NY 10112-0015.Comcast and NBCUniversal’s   1 Comcast 2016 Annual Report on Form 10-KTable of ContentsAnnual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and any amendments to such reports filed with orfurnished to the SEC under Sections 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), are available free ofcharge on the SEC’s website at www.sec.gov and on Comcast’s website at www.comcastcorporation.com as soon as reasonably practicable aftersuch reports are electronically filed with the SEC. The information posted on our websites is not incorporated into our SEC filings. The public mayread and copy any materials filed with the SEC at the SEC’s Public Reference Room at 100 F Street, NE, Washington, DC 20549. The public mayobtain information on the operation of the Public Reference Room by calling the SEC at 1-800-SEC-0330.Description of Our BusinessesCable Communications Segment The table below summarizes certain customer and penetration data for our cable system operations. December 31 (in millions) 2016  2015  2014 Homes and businesses passed   56.4    55.7   54.7 Total customer relationships   28.6    27.7   27.0 Single product customers   8.5    8.4   8.4 Double product customers   9.7    9.2   8.8 Triple product customers   10.3    10.1   9.9 Video   Video customers   22.5    22.3   22.4 Video penetration   39.9%   40.1%   40.9% High-speed Internet   High-speed Internet customers  24.7    23.3   22.0 High-speed Internet penetration   43.8%   41.9%   40.2% Voice   Voice customers  11.7    11.5   11.2 Voice penetration   20.7%   20.6%   20.5% Basis of Presentation: Customer metrics include our residential and business customers. All percentages are calculated based on actual amounts. Minor differences may exist due to rounding. (a) Homes and businesses are considered passed if we can connect them to our distribution system without further extending the transmission lines. Homes and businesses passed isestimated based on the best available information. (b) Customer relationships represent the number of residential and business customers that subscribe to at least one of our cable services. Single product, double product and triple productcustomers represent customers that subscribe to one, two or three of our cable services, respectively. As of December 31, 2016, we had 26.5 million residential customer relationships. (c) Generally, a home or business receiving video programming from our distribution system counts as one video customer. For multiple dwelling units (“MDUs”) whose residents have theability to receive additional cable services, such as additional programming choices or our high-definition video (“HD”) or digital video recorder (“DVR”) advanced services, we count andreport customers based on the number of potential billable relationships within each MDU. For MDUs whose residents are not able to receive additional cable services, the MDU is countedas a single customer. (d) Penetration is calculated by dividing the number of customers by the number of homes and businesses passed.  Comcast 2016 Annual Report on Form 10-K 2 (a)(b)(b)(b)(b)(c)(d)(d)(d)Table of ContentsCable ServicesWe offer our video, high-speed Internet and voice services individually and as bundled services over our cable distribution system to residential andbusiness customers. Our bundled service offerings aim to meet the needs of the various segments of our customer base, ranging from high-speedInternet services packaged with video or streaming services that include a limited number of channels, to a triple product bundle, consisting of ourvideo, high-speed Internet and voice services. We also offer our home security and automation services as a component of our bundled serviceofferings. Subscription rates and related charges vary according to the services and features customers receive and the type of equipment they use,and customers are typically billed in advance on a monthly basis. The majority of our residential cable services customers are not subject tominimum-term contracts for their services, while substantially all of our business customers are. Minimum-term contracts are typically 2 years inlength for residential customers and typically range from 2 to 5 years for business services customers. Customers with minimum-term contracts mayonly discontinue service in accordance with the terms of their contracts, which typically include an early termination fee.The Areas We ServeThe map below highlights our footprint as of December 31, 2016 and the designated market areas (“DMAs”) in which we offer cable services thathave 250,000 or more customer relationships. The locations that are bolded represent the DMAs in which we operate that were also included in thetop 25 U.S. television DMAs as of December 31, 2016. Video ServicesWe offer a broad variety of video services under the XFINITY brand that provide access to hundreds of channels depending on the customer’s levelof service. Our levels of service typically range from a limited basic service with access to between 20 and 40 channels to a full service with accessto more than 300 channels. Our video services generally include programming provided by national broadcast networks, local broadcast stations,and national and regional cable networks, as well as government and public access programming. We also offer packages that include extensiveamounts of foreign-language programming and other specialty tiers of programming with sports, family and international themes. We tailor our videoservices for a particular geographic area according to applicable local and federal regulatory requirements, programming preferences anddemographics.   3 Comcast 2016 Annual Report on Form 10-KTable of ContentsOur video customers may also subscribe to premium networks. Premium networks include networks such as HBO, Showtime, Starz and Cinemaxthat generally provide, without commercial interruption, movies, original programming, live and taped sporting events and concerts, and otherfeatures.Our video services generally include access to our video on demand service (“On Demand”) and an interactive, on-screen program guide. Our OnDemand service provides video customers with over 100,000 programming choices over the course of a month, including approximately 40,000 inhigh definition. A substantial portion of our On Demand content is available at no additional charge; other content, primarily movies and special-events programming, such as sporting events and concerts, can be rented or in some cases purchased to own digitally. We continue to increase thenumber of On Demand choices we offer.Our HD service provides customers with high-resolution picture quality, improved audio quality and a wide-screen format through an HD set-top box.Our HD service includes a broad selection of HD programming choices, including major broadcast networks, national cable networks, premiumnetworks and regional sports networks. Our DVR service allows video customers to record and store programs and play them at whatever time isconvenient. Our DVR service also provides the ability to pause and rewind live television. We refer to our HD and DVR services as “advancedservices.”We are actively deploying set-top boxes for our Internet Protocol (“IP”) and cloud-enabled video platform, referred to as our X1 platform. Our X1platform provides customers with integrated search functionality, personalized recommendations and access to certain third-party Internetapplications, such as Netflix. We also offer our cloud DVR technology in substantially all of our markets. Cloud DVR technology allows our videocustomers to record programming using cloud-based servers and also view those recordings on mobile devices via our mobile apps.Through our mobile apps and online portal, we offer streaming services that allow our video customers to view certain live programming and OnDemand content, browse program listings, and schedule and manage DVR recordings. Depending on the customer’s level of service, these servicesmay require an additional monthly fee.High-Speed Internet ServicesWe offer high-speed Internet services with downstream speeds from a range of up to 10 Mbps to fiber-based speeds up to 2 Gbps. These servicesinclude access to our online portal and mobile apps, which provide email, an address book, calendars and online security features. We are activelydeploying wireless gateways throughout our footprint, which combine a customer’s wireless router, cable modem and voice adapter, to improve theperformance of multiple IP-enabled devices used at the same time within the home, provide faster Internet speeds and create an in-home Wi-Finetwork. We are continuing to expand our network of residential, outdoor and business Wi-Fi hotspots to allow most of our high-speed Internetcustomers to access our high-speed Internet services inside and outside the home. As of December 31, 2016, there were approximately 15.8 millionof these hotspots.Voice ServicesWe offer voice services using an interconnected Voice over Internet Protocol (“VoIP”) technology. Our voice services provide either unlimited orusage-based local and domestic long-distance calling and include options for international calling plans, voicemail, voicemail transcriptions, textmessaging, caller ID and call waiting. For customers with our high-speed Internet services, our voice services also include the ability to access andmanage voicemail, text messaging and other account features through our online portal or mobile apps.  Comcast 2016 Annual Report on Form 10-K 4 Table of ContentsBusiness ServicesWe offer our cable services to small and medium-sized businesses and to large enterprises with multiple locations. Our large enterprise businessservices are designed for Fortune 1000 companies and other large enterprises with multiple locations both within and outside of our cabledistribution footprint. We service these multiple locations through agreements with other cable companies to use their networks to provide coverageoutside of our service areas. In addition to the features available to our residential cable services customers, our services for business customersinclude an interactive tool that allows customers to store, share, and collaborate on files online, hosted voice services that use cloud networkservers, a business directory listing, and additional capacity for multiple phone lines.We offer Ethernet network services that connect multiple locations and provide higher downstream and upstream speed options to medium-sizedbusinesses and large enterprises. We also provide cellular backhaul services to mobile network operators to help those customers manage networkbandwidth.AdvertisingAs part of our distribution agreements with cable networks, we generally receive an allocation of scheduled advertising time on cable networks thatwe sell through our advertising business, Spotlight, to local, regional and national advertisers. In most cases, the available advertising units are soldby our sales force. In some cases, we work with representation firms as an extension of our sales force to sell a portion of the advertising unitsallocated to us. We also represent the advertising sales efforts of other multichannel video providers in some markets. In addition, we generaterevenue from the sale of advertising online and on our On Demand service.OtherWe also offer home security and automation services that provide home monitoring services and the ability to manage other functions within thehome, such as lighting and room temperature, through our online portal or our mobile apps.TechnologyOur cable distribution system uses a hybrid fiber-optic and coaxial cable network that we believe is sufficiently flexible and scalable to support ourfuture technology requirements. This network provides the two-way transmissions that are essential to providing high-speed Internet services,interactive video services, such as On Demand, and voice services.We continue to focus on technology initiatives, including:  • developing and deploying next-generation media and content delivery platforms, such as our X1 platform and relatedcloud DVR technology, that use IP technology and our own cloud network servers to deliver video and advancedsearch capabilities, including through a voice-activated remote control, and allow access to certain third-party Internetapplications   • deploying wireless gateways to improve the performance of multiple IP-enabled devices used at the same time withinthe home, provide faster Internet speeds and create an in-home Wi-Fi network   • expanding our network of residential, outdoor and business Wi-Fi hotspots   • developing multiple tools to recapture bandwidth and optimize our network to allow for faster Internet speeds andcapacity, including using advanced video encoding and digital compression technologies and DOCSIS innovations,such as DOCSIS 3.1    5 Comcast 2016 Annual Report on Form 10-KTable of Contents • developing and deploying various technology and software tools to improve the customer experience Sources of SupplyTo offer our video services, we license a substantial portion of our programming from cable networks and broadcast networks, as well as from localbroadcast television stations. We attempt to secure long-term programming distribution agreements with these programming providers. We seek toinclude in our distribution agreements the rights to offer such programming through multiple delivery platforms that may be used in a variety oflocations, such as through On Demand, our online portal, our mobile apps, and our streaming services.For our high-speed Internet services, we license software products, such as email and security software, and content, such as news feeds for ouronline portal, from a variety of suppliers. Under our contracts with these suppliers, we generally pay on a fixed-fee basis, on a per subscriber basis inthe case of software product licenses or on a video advertising revenue share basis in the case of content licenses.For our voice services, we license software products such as voicemail and text messaging from a variety of suppliers under multiyear contracts.The fees we pay are generally based on the consumption of the related services.We purchase from a limited number of suppliers a significant number of set-top boxes and certain other customer premise equipment, networkequipment and services to provide our cable services and our home security and automation services to residential and business customers.We use two primary vendors to provide customer billing for our cable services to our residential and business customers.Customer and Technical ServicesOur customer service call centers provide 24/7 call-answering capability, telemarketing and other services. Our technical services group performsvarious tasks, including installations, plant maintenance and upgrades to our cable distribution system.Sales and MarketingWe offer our services directly to residential and business customers through customer service call centers, customer service centers, our website,door-to-door selling, telemarketing and retail outlets, as well as through advertising via direct mail, television and the Internet.NBCUniversal Segments Cable NetworksOur Cable Networks segment consists of a diversified portfolio of national cable networks that provide a variety of entertainment, news andinformation, and sports content, our regional sports and news networks, our international cable networks, and our cable television studio productionoperations. We also own related digital media properties, which primarily include brand-aligned websites.  Comcast 2016 Annual Report on Form 10-K 6 Table of ContentsThe table below presents a summary of our national cable networks and their advertising reach to U.S. households.   Approximate U.S.Households as ofDecember 31(in millions)     Cable Network 2016   2015   2014   Description of ProgrammingUSA Network  92     94    96   General entertainmentMSNBC  91     92    95   News and informationE!  90     92    94   Entertainment and pop cultureSyfy  90     92    95   Imagination-based entertainmentCNBC  89     91    94   Business and financial newsBravo  88     90    92   Entertainment, culture and artsNBC Sports Network  83     83    81   SportsGolf Channel  78     77    79   Golf competition and golf entertainmentOxygen  76     77    78   Women’s interestsSprout  59     56    58   Children’s entertainmentEsquire Network   58     68    70   Men’s lifestyle and entertainmentChiller  37     38    39   Horror and suspenseCNBC World  36     36    38   Global financial newsUniversal HD  30     29    31   General entertainment HD programmingCloo   24     25    26   Crime, mystery and suspense (a) Household data is based on The Nielsen Company’s January reports, except for Universal HD, which is derived from information provided by multichannel video providers. Household datafor 2016 is derived from information available during the period from November 28, 2016 through December 25, 2016. (b) In January 2017, we announced plans to convert the Esquire Network to an online-only format in 2017 and we ceased operations of the Cloo network.Our regional sports and news networks together serve more than 27 million households across the United States, including key markets such asBaltimore/Washington, Boston, Chicago, Philadelphia, Portland, Sacramento and San Francisco.We market and distribute our cable network programming in the United States and internationally to traditional and virtual multichannel videoproviders, as well as to subscription video on demand services, such as those offered by Amazon, Hulu and Netflix. These distributors may provideour content on television, including via video on demand services, online and through mobile apps.Our cable networks produce their own programs or acquire the rights to programming from third parties, including sports programming rights that arediscussed below under the heading “Broadcast Television.” Our cable television studio production operations identify, develop and produce originalcontent for our cable networks and third parties. We license this content to cable networks, broadcast networks and subscription video on demandservices and it is sold on standard-definition DVDs and Blu-ray discs (together, “DVDs”) and through digital distribution services such as iTunes.Broadcast TelevisionOur Broadcast Television segment operates the NBC and Telemundo broadcast networks, which together serve viewers and advertisers in all 50states. Our Broadcast Television segment also includes our owned NBC and Telemundo local broadcast television stations, the NBC Universonational cable network, our broadcast television studio production operations, and related digital media properties.   7 Comcast 2016 Annual Report on Form 10-K(a)(b)(b)Table of ContentsNBC NetworkThe NBC network distributes entertainment, news and sports programming that reaches viewers in virtually all U.S. television households throughmore than 200 affiliated stations across the United States, including our 10 owned NBC-affiliated local broadcast television stations. The NBCnetwork’s programming library consists of rights of varying nature to more than 100,000 episodes of popular television content, including current andclassic titles, unscripted programming, sports, news, long-form and short-form programming, and locally produced programming from around theworld. In addition, the NBC network owns related digital media properties, which primarily include brand-aligned websites.The NBC network produces its own programs or acquires the rights to programming from third parties. NBCUniversal has various contractualcommitments for the licensing of rights to multiyear programming, primarily sports programming. Our most significant sports programmingcommitments include the U.S. broadcast rights for the summer and winter Olympic Games through 2032 and agreements with the NFL to produceand broadcast a specified number of regular season and playoff games, including Thursday Night Football through the 2017-18 season, SundayNight Football through the 2022-23 season and the 2018 and 2021 Super Bowl games. We also have U.S. broadcast rights to a specified number ofNHL games through the 2020-21 season, English Premier League soccer through the 2021-22 season, certain NASCAR events through 2024 andcertain PGA TOUR and other golf events through 2030. NBCUniversal’s sports programming agreements also include the rights to distribute contenton our national cable networks, including the NBC Sports Network and Golf Channel, on our regional sports networks, and online, including throughour mobile apps.Our broadcast television studio production operations develop and produce original content, including scripted and unscripted programming seriesand talk shows. This original content is licensed to broadcast networks, cable networks and local broadcast television stations owned by us and thirdparties, as well as to subscription video on demand services, and it is sold on DVDs and through digital distribution services both in the United Statesand internationally. We also produce first-run syndicated shows for local markets that are broadcast on local broadcast television stations in theUnited States on a market-by-market basis. We currently distribute some of our television programs after their initial broadcast, as well as oldertelevision programs from our library, to local broadcast television stations and cable networks in the off-network syndication market.  Comcast 2016 Annual Report on Form 10-K 8 Table of ContentsNBC Local Broadcast Television StationsAs of December 31, 2016, we owned and operated 10 NBC-affiliated local broadcast television stations that collectively reached approximately31 million U.S. television households, which represent approximately 27% of U.S. television households. In addition to broadcasting the NBCnetwork’s national programming, our local broadcast television stations produce news, sports, public affairs and other programming that addresseslocal needs and acquire syndicated programming from other sources. The table below presents a summary of the NBC-affiliated local broadcasttelevision stations that we owned and operated as of December 31, 2016. DMA Served  Station  General Market Rank    Percentage of U.S.Television Households  New York, NY WNBC   1    6% Los Angeles, CA KNBC   2    5% Chicago, IL WMAQ   3    3% Philadelphia, PA WCAU   4    3% Dallas-Fort Worth, TX KXAS   5    2% San Francisco-Oakland-San Jose, CA KNTV   6    2% Washington, D.C. WRC   7    2% Miami-Ft. Lauderdale, FL WTVJ   16    1% San Diego, CA KNSD   28    1% Hartford, CT WVIT   30    1%  (a) DMA served is defined by Nielsen Media Research as a geographic market for the sale of national spot and local advertising time. (b) On January 1, 2017, we launched a new owned and operated NBC-affiliated local broadcast television station in the Boston market that reaches approximately 2 million U.S. televisionhouseholds. Boston’s general market rank is No. 9, which represents approximately 2% of U.S. television households. (c) General market rank is based on the relative size of the DMA among the 210 generally recognized DMAs in the United States based on Nielsen estimates for the 2016-17 season. (d) Based on Nielsen estimates for the 2016-17 season. The percentage of U.S. television households does not reflect the calculation of national audience reach under the FederalCommunications Commission’s (“FCC”) national television ownership cap limits. See “Legislation and Regulation — Broadcast Television — Ownership Limits — National TelevisionOwnership.”TelemundoTelemundo is a leading Hispanic media company that produces, acquires and distributes Spanish-language content in the United States andinternationally. Telemundo’s operations include the Telemundo network, its 17 owned local broadcast television stations and the NBC Universonational cable network.The Telemundo network is a leading Spanish-language broadcast network featuring original telenovelas, movies, news, specials and sportingevents. Telemundo develops original programming primarily through its production studio and also acquires the rights to programming from thirdparties. It holds the Spanish-language U.S. broadcast rights to FIFA World Cup soccer through 2026 and the Spanish-language U.S. broadcastrights for certain NFL games that the NBC network will broadcast through the 2022-23 season.   9 Comcast 2016 Annual Report on Form 10-K(a)(b)(c)(d)Table of ContentsTelemundo Local Broadcast Television StationsAs of December 31, 2016, Telemundo owned 17 local broadcast television stations, including 16 local broadcast television stations affiliated with theTelemundo network, which collectively reached approximately 59% of U.S. Hispanic television households as of December 31, 2016, and anindependent television station in Puerto Rico. The table below presents a summary of these local broadcast television stations. DMA Served  Station  Hispanic Market Rank    Percentage of U.S.Hispanic TelevisionHouseholds  Los Angeles, CA KVEA   1    13% New York, NY WNJU   2    10% Miami, FL WSCV   3    5% Houston, TX KTMD   4    5% Dallas-Fort Worth, TX KXTX   5    4% Chicago, IL WSNS   6    4% San Antonio, TX KVDA   7    3% San Francisco-Oakland-San Jose, CA KSTS   8    3% Phoenix, AZ KTAZ   9    3% Harlingen-Brownsville-McAllen, TX KTLM   10    2% Fresno, CA KNSO    14    2% Philadelphia, PA WWSI   16    2% Denver, CO KDEN   17    2% Boston, MA WNEU   21    1% Las Vegas, NV KBLR   24    1% Tucson, AZ KHRR   26    1% Puerto Rico WKAQ   N/A    N/A  (a) DMA served is defined by Nielsen Media Research as a geographic market for the sale of national spot and local advertising time. (b) Hispanic market rank is based on the relative size of the DMA among approximately 15.1 million U.S. Hispanic households based on Nielsen estimates for the 2016-17 season. (c) Based on Nielsen estimates for the 2016-17 season. The percentage of U.S. Hispanic television households does not reflect the calculation of national audience reach under the FCC’snational television ownership cap limits. See “Legislation and Regulation — Broadcast Television — Ownership Limits — National Television Ownership.” (d) Operated by a third party that provides certain non-network programming and operations services under a time brokerage agreement.Filmed EntertainmentOur Filmed Entertainment segment primarily produces, acquires, markets and distributes filmed entertainment worldwide, and it also develops,produces and licenses live stage plays.We produce films both on our own and jointly with other studios or production companies, as well as with other entities. Our films are producedprimarily under the Universal Pictures, Illumination and Focus Features names, and in August 2016, we acquired DreamWorks Animation. Our filmsare marketed and distributed worldwide primarily through our own marketing and distribution operations. We also acquire distribution rights to filmsproduced by others, which may be limited to particular geographic regions, specific forms of media or certain periods of time. Our content includestheatrical films, direct-to-video movies and our film library, which is comprised of more than 5,000 movies in a variety of genres.We have entered into, and may continue to enter into, film cofinancing arrangements with third parties, including both studio and nonstudio entities,to jointly finance or distribute certain of our film productions. These arrangements can take various forms, but in most cases involve the grant of aneconomic interest in a film to an investor. Investors generally assume the full risks and rewards of ownership proportionate to their ownership in thefilm.  Comcast 2016 Annual Report on Form 10-K 10 (a)(b)(c)(d)Table of ContentsThe majority of our produced and acquired films are initially distributed for exhibition in movie theaters. After their release in movie theaters, we selland license our films through various methods. We distribute our films globally by selling them on DVDs to retail stores, rental kiosks andsubscription by mail services and by selling them through digital distribution services and video on demand services provided by multichannel videoproviders, including our Cable Communications segment. We also license our films, including selections from our film library, to cable, broadcast andpremium networks, to subscription video on demand services, and to video on demand and pay-per-view services. The number of films that welicense through subscription video on demand services is increasing as consumers continue to seek additional ways to view our content.Theme ParksOur Theme Parks segment consists primarily of our Universal theme parks in Orlando, Florida and Hollywood, California and our 51% interest inUniversal Studios Japan, which we acquired in November 2015. Universal Orlando includes two theme parks, Universal Studios Florida andUniversal’s Islands of Adventure, as well as Universal CityWalk Orlando, a dining, retail and entertainment complex. Universal Orlando also featureson-site themed hotels in which we own a noncontrolling interest. Our Universal theme park in Hollywood, California consists primarily of UniversalStudios Hollywood, as well as Universal CityWalk Hollywood. We continue to expand our theme park business internationally, such as through ourplans to develop a Universal Studios theme park in Beijing, China along with a consortium of Chinese state-owned companies. In addition, welicense the right to use the Universal Studios brand name and other intellectual property, and also provide other services, to third parties that ownand operate the Universal Studios Singapore theme park on Sentosa Island, Singapore. We also owned a water park, Wet ‘n Wild in Orlando,Florida, which closed on December 31, 2016, and are developing a new water park, Volcano Bay, in Orlando, Florida, that we plan to open inmid-2017.Our Theme Parks segment licenses the right to use a substantial amount of intellectual property from third parties for its themed elements in rides,attractions and merchandising.Competition All of our businesses operate in intensely competitive, consumer-driven and rapidly changing environments and compete with a growing number ofcompanies that provide a broad range of communications products and services, and entertainment, news and information products and services, toconsumers. Technological changes are further intensifying and complicating the competitive landscape for all of our businesses by challengingexisting business models and affecting consumer behavior.Cable CommunicationsCompetition for our cable services consists primarily of direct broadcast satellite (“DBS”) providers, which have a national footprint and compete in allof our service areas, and phone companies with fiber-based networks, which overlap approximately 60% of our service areas and are continuing toexpand the areas they serve. Many of these competitors offer features, pricing and packaging for these services, individually and in bundles,comparable to what we offer, and some of these traditional competitors also offer smaller online-only video packages. In 2015, AT&T, one of ourlargest phone company competitors, acquired DIRECTV, the nation’s largest DBS provider, which created an even larger competitor to our cableservices and has enabled it to enhance its bundled offerings with video, high-speed Internet, and wireline and wireless phone services. AT&T alsoannounced in 2016 a proposed merger with Time Warner Inc., a media and entertainment company, which competes with our NBCUniversalbusinesses.Current and future wireless Internet services, such as 3G, 4G and 5G wireless broadband services and Wi-Fi networks, may compete with our high-speed Internet services, and our voice services are facing increased competition as customers replace wireline phones with wireless phones andInternet-based phone services such as Skype.   11 Comcast 2016 Annual Report on Form 10-KTable of ContentsThere also continue to be new companies, some with significant financial resources, that offer or are seeking to offer services that potentially maycompete with some or all of our cable services. For example, Google has launched high-speed Internet and video services in a limited number ofareas in which we operate and other companies continue to emerge that provide Internet streaming and downloading of video programming, someof which charge a nominal or no fee.Video ServicesWe compete with a number of different sources that provide news, sports, information and entertainment programming to consumers, including:  • DBS providers, including AT&T’s DIRECTV and DISH Network, that transmit satellite signals to substantially all U.S.households to provide video programming and other information similar to our video services   • phone companies, including AT&T and Verizon, that have built and continue to build fiber-based networks that providecable services similar to ours, which overlap a substantial portion of our service areas, and that in some cases offerbundled offerings that include wireless phone services   • online video distributors that offer online services and devices that enable Internet streaming and downloading ofmovies, television shows and other video programming, including linear and video on demand programming, andgenerally involve the offering of smaller packages of programming networks at prices lower than our traditional videoservice package offerings   • other providers that build and operate wireline communications systems in the same communities that we serve,including those operating as franchised cable operators   • satellite master antenna television systems that offer to their subscribers both improved reception of local broadcasttelevision stations and much of the programming offered by our cable systems and generally serve MDUs, officecomplexes and residential developments   • other companies, such as local broadcast television stations, that provide multiple channels of freeover-the-air programming, as well as video rental services and home entertainment and gaming products High-Speed Internet ServicesWe compete with a number of companies offering Internet services, including:  • wireline phone companies   • Internet service providers   • wireless phone companies and other providers of wireless Internet service   • satellite broadband providers   • power companies   • municipal broadband networks Some phone companies, such as AT&T, CenturyLink, Frontier and Verizon, have built and are continuing to build fiber-based network infrastructurefarther into their networks, which allows them to provide data trans-  Comcast 2016 Annual Report on Form 10-K 12 Table of Contentsmission speeds that exceed those that can be provided with traditional digital subscriber line (“DSL”) technology, and are now offering these higher-speed services in many of our service areas. Certain companies that offer DSL service have increased data transmission speeds, lowered prices orcreated bundled services to compete with our high-speed Internet services.Google has launched a fiber-to-the-home network that provides high-speed Internet services in a limited number of areas in which we operate, andcertain municipalities in our service areas are also building fiber-based networks.Various wireless companies are offering Internet services using a variety of network types, including 3G and 4G, and in the future 5G, wirelessbroadband services and Wi-Fi networks. These networks work with devices such as smartphones, laptops, tablets and mobile wireless routers, aswell as wireless data cards. A growing number of commercial venues, such as retail malls, restaurants and airports, also offer Wi-Fi service.Numerous local governments are also considering or actively pursuing publicly subsidized Wi-Fi and other Internet access networks. The availabilityof these wireless offerings could negatively impact the demand for our high-speed Internet services.Voice ServicesOur voice services compete with wireline and wireless phone companies, including incumbent local exchange carriers (“ILECs”) and competitivelocal exchange carriers (“CLECs”), and other Internet-based and VoIP service providers. Certain phone companies, such as the ILECs AT&T andVerizon, have substantial capital and other resources, longstanding customer relationships, and extensive existing facilities and networkrights-of-way. A few CLECs also have existing local networks and significant financial resources. In addition, we are increasingly competing withother phone service providers as customers replace traditional wireline phone services with wireless and Internet-based phone services.Business ServicesOur business services primarily compete with a variety of phone companies, including ILECs and CLECs. These companies either operate their ownnetwork infrastructure or rely on reselling all or part of another carrier’s network. We also compete with satellite operators who offer video services tobusinesses.NBCUniversal SegmentsCable Networks and Broadcast TelevisionOur cable networks, broadcast networks and owned local broadcast television stations compete for viewers’ attention and audience share with allforms of programming provided to viewers, including cable, broadcast and premium networks; subscription video on demand services; localbroadcast television stations; home entertainment products; pay-per-view and video on demand services; online activities, such as social networkingand viewing user-generated content; gaming products; and other forms of entertainment, news and information.Our cable networks, broadcast networks and owned local broadcast television stations compete for the acquisition of programming and for on-airand creative talent with other cable and broadcast networks, local television stations and subscription video on demand services. The market forprogramming is very competitive, particularly for sports programming, where the cost for such programming is significant.Our cable networks compete with other cable networks and programming providers for carriage of their programming by multichannel videoproviders and subscription video on demand services. Our broadcast networks compete with the other broadcast networks in markets across theUnited States to secure affiliations with independently owned television stations, which are necessary to ensure the effective distribution of broadcastnetwork programming to a nationwide audience.   13 Comcast 2016 Annual Report on Form 10-KTable of ContentsIn addition, our cable television and broadcast television studio production operations compete with other production companies and creators ofcontent for the acquisition of story properties, for creative, performing and technical personnel, and for distribution of, and consumer interest in, theircontent.Filmed EntertainmentOur filmed entertainment business competes for audiences for its films and other entertainment content with other major studios and, to a lesserextent, with independent film producers, as well as with alternative forms of entertainment. Our competitive position primarily depends on the numberof films we produce, their distribution and marketing success, and consumer response. Our filmed entertainment business also competes to obtaincreative, performing and technical talent, including writers, actors, directors and producers, as well as scripts for films. Our filmed entertainmentbusiness also competes with the other major studios and other producers of entertainment content for the exhibition of its films in theaters and forpremium network and digital distribution of its films.Theme ParksOur theme parks business competes with other multi-park entertainment companies. We also compete with other providers of entertainment,lodging, tourism and recreational activities. To help maintain the competitiveness of our theme parks, we have invested and continue to invest inexisting and new theme park attractions, hotels and infrastructure.AdvertisingOur cable communications business, cable networks, broadcast networks, and owned local broadcast television stations compete for the sale ofadvertising with other television networks and stations, as well as with all other advertising platforms, such as digital, radio and print media. Thewillingness of advertisers to purchase advertising from us may be adversely affected by lower audience ratings at our cable networks, broadcastnetworks and owned local broadcast television stations. Declines in advertising revenue also can be caused by increased competition for the leisuretime of viewers and audience fragmentation and from the growing use of technologies such as DVRs and video on demand services, which giveconsumers greater flexibility to watch programming on a time-delayed or on-demand basis or to fast-forward or skip advertisements withinprogramming; from subscription video on demand services; and from other online programming.Seasonality and Cyclicality Each of our businesses is subject to seasonal and cyclical variations. See Item 7: Management’s Discussion and Analysis of Financial Condition andResults of Operations and refer to the “Seasonality and Cyclicality” discussion within that section for additional information.Legislation and RegulationThe Communications Act of 1934, as amended (the “Communications Act”), and FCC regulations and policies affect significant aspects of ourbusinesses. Our businesses are also subject to other regulation by federal, state, local and foreign authorities and to agreements we enter into withlocal cable franchising authorities. In addition, we must comply with the terms, conditions and commitments of the FCC Order that approved theNBCUniversal transaction in January 2011 (the “NBCUniversal Order”) and a consent decree entered into between us, the Department of Justice(“DOJ”) and five states (the “NBCUniversal Consent Decree”) in September 2011, which contain conditions and commitments of varying duration,ranging from three to seven years thereafter.Legislators and regulators at all levels of government frequently consider changing, and sometimes do change, existing statutes, rules orregulations, or interpretations of existing statutes, rules or regulations, or  Comcast 2016 Annual Report on Form 10-K 14 Table of Contentsprescribe new ones, any of which may significantly affect our businesses. In addition, in recent years, the FCC and certain states have been moreactive in considering rulemakings and legislation, as well as in conducting inquiries and reviews, regarding our services. Any future legislative,judicial, regulatory or administrative actions may increase our costs or impose additional restrictions on our businesses, some of which may besignificant. Congress may consider proposals to address communications issues, including whether it should rewrite the entire Communications Actto account for changes in the communications marketplace, whether it should address the FCC’s authority to implement or enforce open Internetregulations, and whether it should fund new broadband infrastructure. We are unable to predict the effects of any of these or any other furtherlegislative requirements on our businesses. In addition, with the new Administration in place, the FCC and other agencies may pursue newregulations or seek changes to, or the elimination of, existing regulations, such as the classification of broadband Internet service and requirementsrelating to the Internet and privacy. We cannot predict what changes will be sought and, if adopted, how they will affect our businesses.The following paragraphs summarize material existing and potential future legal and regulatory requirements affecting our businesses, althoughreference should be made to the Communications Act, FCC regulations, the NBCUniversal Order, the NBCUniversal Consent Decree, and otherlegislation and regulations for further information.Cable Communications Segment Video ServicesProgram CarriageCable operators and other multichannel video providers are prohibited from requiring as a condition of carriage a financial interest in, or exclusivedistribution rights for, a video programming network. In addition, FCC regulations, as well as the NBCUniversal Order, prohibit us from unreasonablyrestraining the ability of an unaffiliated video programming network to compete fairly by discriminating against the network on the basis of itsnon-affiliation in the selection, terms or conditions for its carriage. We have been involved in program carriage disputes at the FCC and may besubject to new complaints in the future.Must-Carry/Retransmission ConsentCable operators are required to carry, without compensation, programming transmitted by most local commercial and noncommercial broadcasttelevision stations. As an alternative to this “must-carry” requirement, local broadcast television stations may choose to negotiate with the cableoperator for “retransmission consent,” under which the station gives up its must-carry rights and instead seeks to negotiate a carriage agreementwith the cable operator, which frequently will involve payments to the station. We currently pay certain local broadcast television stations in exchangefor their required consent for the retransmission of the stations’ broadcast programming to our video services customers and expect to continue to besubject to demands for increased payment and other concessions from local broadcast television stations. For information on must-carry andretransmission consent issues relating to our broadcast television business, see “NBCUniversal Segments — Broadcast Television” below and referto the “Must-Carry/Retransmission Consent” discussion within that section.Pricing and PackagingIn 2015, the FCC revised its rate regulations to create a presumption that all local communities are subject to effective competition and should nolonger be subject to rate regulation that limits prices cable operators may charge for basic video service, equipment and installation. That decisionhas been appealed in federal court. While the FCC has accepted a certification from a Massachusetts franchising authority that demonstrated anabsence of effective competition in a number of the communities we serve in Massachusetts that will allow for   15 Comcast 2016 Annual Report on Form 10-KTable of Contentscontinued rate regulation in those communities, all of the other areas we serve are unregulated. In addition to the FCC’s rate regulation rules, certainstate entities monitor and may challenge the marketing and advertising of our services. For example, in 2016, the Washington State AttorneyGeneral filed suit in state court alleging our service protection plan, an optional plan that protects customers from incurring charges for service visitsto diagnose and repair installed in-home wiring for residential cable services, violates state consumer protection laws.Cable EquipmentThe Communications Act includes provisions aimed at promoting the retail availability of set-top boxes and other equipment that can be used toreceive digital video services. In 2016, the FCC launched a rulemaking to consider proposed technology mandates on multichannel video providersaimed at enabling third-party retail video devices to access a provider’s video service without the need for a provider-supplied set-top box. Ifimplemented, these mandates would impose substantial costs on us, impair our ability to innovate and have other adverse effects on our business. Itis unclear whether the FCC under the new Administration will pursue this proceeding or adopt these rules.Pole AttachmentsThe FCC regulates the rates, terms and conditions that most pole-owning utility companies charge cable operators and telecommunications carriers,including broadband Internet access service providers such as us, for allowing attachments to their poles. States are permitted to preempt FCCjurisdiction and regulate the rates, terms and conditions of attachments themselves, and many states in which we operate have done so. Most ofthese states have generally followed the FCC’s pole attachment rate standards, which set rates for telecommunications service pole attachments tolevels at or near the rates for cable service attachments. In 2015, the FCC eliminated the ability of utility companies to justify higher rates fortelecommunication service pole attachments. Cable operators had requested this FCC action because the FCC’s new open Internet regulations, asdescribed below under the heading “Open Internet Regulations”, reclassified Internet access service as a telecommunications service, which couldhave allowed for higher rental rates to be applied to a majority of our pole attachments. The FCC’s order ensuring that pole rates fortelecommunications service attachments approximate the cable service pole rate has been appealed in federal court by the utility companies. Somemunicipalities have enacted “one-touch” make ready pole attachment ordinances, which permit third parties to alter components of our networkattached to utility poles in ways that could adversely affect our businesses. We and other providers have filed complaints in federal court challengingthese ordinances.FranchisingCable operators generally operate their cable systems under nonexclusive franchises granted by local or state franchising authorities. While theterms and conditions of franchises vary materially from jurisdiction to jurisdiction, franchises typically last for a fixed term, obligate the franchisee topay franchise fees and meet service quality, customer service and other requirements, and are terminable if the franchisee fails to comply withmaterial provisions. Franchising authorities also may establish reasonable requirements for public, educational and governmental accessprogramming, and some of our franchises require substantial channel capacity and financial support for this programming. The Communications Actalso contains provisions governing the franchising process, including renewal procedures designed to protect incumbent franchisees againstarbitrary denials of renewal. We believe that our franchise renewal prospects are generally favorable but cannot guarantee the future renewal of anyindividual franchise.Approximately half of the states in which we operate provide for statewide franchising or have simplified local franchising requirements for newentrants. Some allow new entrants to operate on more favorable terms than our current operations, for instance by not requiring that the new entrantprovide service to all parts of the franchise area or permitting the new entrant to designate only those portions it wishes to serve. Certain states allowincumbent cable operators such as us to opt in to the new state franchise immediately or later  Comcast 2016 Annual Report on Form 10-K 16 Table of Contentswhen a competing state franchise has been issued, although even in those states, incumbent cable operators may be required to retain certainfranchise obligations that are more burdensome than the new entrant’s state franchise.High-Speed Internet ServicesWe provide high-speed Internet services to our customers. Many of these services are subject to a number of regulatory obligations describedbelow, including open Internet regulations prescribed by the FCC and certain common carrier regulations under Title II of the Communications Act.As an Internet service provider (“ISP”), we are also subject to a requirement to implement certain network capabilities to assist law enforcement inconducting surveillance of persons suspected of criminal activity. From time to time, the FCC considers imposing new regulatory obligations on ISPs,including, for example, proposals to require broadband network outage reporting. New broadband regulations, if adopted, may have adverse effectson our businesses.Open Internet RegulationsIn 2015, the FCC reclassified broadband Internet access service as a “telecommunications service” subject to new open Internet regulations andcertain common carrier regulations under Title II of the Communications Act, including requirements that charges and practices of ISPs for and inconnection with broadband Internet access service be just, reasonable and not unjustly or unreasonably discriminatory. However, the FCC refrainedfrom implementing a number of utility-style regulations that might otherwise apply under Title II, such as rate regulation, tariffs and unbundlingrequirements.The new open Internet regulations bar ISPs from blocking access to lawful content, applications, services or non-harmful devices; prohibit ISPs fromimpairing or degrading lawful Internet traffic on the basis of content, applications or services, or impairing or degrading the use of non-harmfuldevices; prohibit ISPs from favoring lawful traffic from one provider of Internet content, applications or services (called an “edge provider”) over lawfultraffic of another edge provider in exchange for consideration (“paid prioritization”); establish a new “general conduct standard” that prohibits ISPsfrom unreasonably interfering with or unreasonably disadvantaging the ability of consumers to select, access and use the lawful Internet content,applications, services or devices of their choosing or of edge providers to make lawful content, applications, services or devices available toconsumers; and require ISPs to disclose information regarding network management, performance and commercial terms of the service. In addition,interconnection arrangements, which govern how Internet traffic is exchanged between high-speed Internet networks and provide direct, dedicatedinterconnection capacity to edge providers, are now subject to FCC oversight under Title II of the Communications Act. All of these regulations aresubject to FCC enforcement and could give rise to third-party claims for damages or equitable relief. These requirements could adversely affect ourbusiness, although the extent to which they do so will depend upon the manner in which the FCC interprets and enforces them.In June 2016, a panel of the United States Court of Appeals for the District of Columbia affirmed the FCC’s new open Internet regulations on appeal.Petitions have been filed requesting a rehearing of the decision. In addition, Congress may consider legislation addressing these regulations, andthe FCC under the new Administration may also revisit the rules. We cannot predict whether or how the rules might be changed. States haveattempted, and may continue to attempt, to use the FCC’s open Internet decision to justify imposing new regulations and taxes and fees on ISPs thatcould adversely affect our business.Separate and apart from the FCC’s new open Internet regulations, we committed to be bound by the FCC’s original “open Internet” regulationsadopted in 2010 as a condition of the NBCUniversal Order and the NBCUniversal Consent Decree until 2018, although we did not agree to be boundby any future open Internet regulations. As a result, among other things, we cannot block access to lawful Internet content, applications, services ornon-harmful devices or unreasonably discriminate in transmitting lawful Internet network traffic, although we may engage in reasonable networkmanagement.   17 Comcast 2016 Annual Report on Form 10-KTable of ContentsBusiness Data ServicesIn April 2016, the FCC proposed new regulations for “business data services” (formerly “special access” services), which provide dedicatedpoint-to-point transmission of data at certain guaranteed speeds and service levels using high-capacity connections. The FCC proposed new rateregulation and other regulatory mandates that could apply to business data services offered by cable companies. The proposed rules or anyvariation of the proposed rules, if implemented, could impose substantial costs on us and have other significant adverse effects on our business. It isuncertain whether the FCC under the new Administration will pursue this proceeding or adopt these rules.NBCUniversal Order/Consent Decree ConditionsThe NBCUniversal Order and NBCUniversal Consent Decree include various conditions and commitments requiring us to offer all of our broadbandInternet access service speed tiers on a stand-alone basis at reasonable market-based prices, to maintain a broadband Internet access service of atleast 12 Mbps downstream across most of our footprint, and to avoid discrimination in how we treat “specialized services” (defined as services weprovide over the same last-mile facilities as our broadband Internet access service, but not including our broadband Internet access service, videoservices or voice services).Municipally Owned Broadband NetworksA number of local municipalities operate municipally-owned broadband networks. Certain states have enacted laws that restrict or prohibit localmunicipalities from operating municipally owned broadband networks. The FCC’s efforts to preempt such laws in Tennessee and North Carolinawere overturned in 2016 by the United States Court of Appeals for the Sixth Circuit. However, there may be further efforts by local governments toexpand or create government-owned networks and there may also be efforts in state legislatures to restrict the development of government-ownednetworks or to ease or facilitate such networks. In addition, as part of any federal infrastructure program, governmental subsidies or funding ofadditional Internet broadband networks may be encouraged. We cannot predict how successful those efforts will be and how they might affect ourbusiness.Voice ServicesWe provide voice services using VoIP technology. The FCC has adopted a number of regulations for providers of nontraditional voice services suchas ours, including regulations relating to privacy of customer proprietary network information, local number portability duties and benefits, disabilityaccess, E911, law enforcement assistance, outage reporting, Universal Service Fund contribution obligations and certain regulatory filingrequirements. The FCC has not yet ruled on whether VoIP services such as ours should be classified as an “information service” or a“telecommunications service” under the Communications Act. The classification determination is important because telecommunications services areregulated more extensively than information services. State regulatory commissions and legislatures may continue to investigate imposing regulatoryrequirements on our voice services, and the FCC’s open Internet regulations reclassifying Internet access as a telecommunications service mayfurther encourage state-level regulatory actions.Voice InterconnectionBecause the FCC has not determined the appropriate classification of our voice services, providers of VoIP services typically either secure CLECauthorization or obtain interconnection to traditional wireline phone company networks by contracting with an existing CLEC, which has the right, asa telecommunications carrier, to request and obtain interconnection with the traditional wireline phone companies. We have arranged for suchinterconnection rights through affiliated CLECs. If a regulatory or judicial authority were to deny our ability to interconnect through one of our affiliatedCLECs, our ability to provide voice services and compete in the area in question would be negatively impacted. The FCC regulates thearrangements by which telecommunications carriers compensate one another for exchanged traffic and has affirmed the right of CLECs to collectintercarrier compensation when providing interconnection for VoIP providers.  Comcast 2016 Annual Report on Form 10-K 18 Table of ContentsUniversal ServiceThe federal Universal Service program generally requires us and other phone service providers to pay a fee based on revenue from their servicesinto a fund used to subsidize the provision of telecommunications services in high-cost areas and to low-income consumers and the provision ofInternet and telecommunications services to schools, libraries and certain health care providers. Some states also have analogous programs thatsupport service in high-cost areas or to low-income consumers. The FCC has long considered implementing changes to the Universal Serviceprogram, such as changing the fee calculation from a revenue-based formula to a per-user fee or per-connection fee, adopting a fee based onbandwidth, and expanding the services subject to the fee to include broadband Internet access services. We are unable to predict if or how the FCCmay change the Universal Service program, or the effects any such changes would have on our businesses.The FCC recently has shifted its focus away from supporting traditional telephone service, and toward subsidizing broadband deployment. This shiftcould assist some of our competitors. For example, in 2014, the FCC substantially revised the program that provides Universal Service support forservices to schools and libraries to shift support from voice services to broadband services and the deployment of Wi-Fi networks. Similarly, the FCChas expanded its Lifeline subsidy program for low-income consumers to include broadband services in addition to voice services. The FCC underthe new Administration or Congress may revisit these subsidy programs and how they are funded. We cannot predict whether or how theseprograms will be changed.NBCUniversal Segments Cable NetworksProgram AccessThe Communications Act and FCC regulations (the “program access rules”) generally prevent cable networks affiliated with cable operators fromfavoring cable operators over competing multichannel video programming distributors (“MVPDs”).The FCC and Congress have considered proposals that would require companies that own multiple cable networks to make each of their networksavailable individually when negotiating distribution agreements with MVPDs and potentially with online video distributors (“OVDs”). We currently offerour cable networks both on a bundled basis and, when requested, individually.Under the terms of the NBCUniversal Order, MVPDs in certain circumstances can invoke commercial arbitration for access to our cable networksand broadcast television networks, including our regional sports networks. In addition, under the NBCUniversal Order and NBCUniversal ConsentDecree, we are required to make certain of our cable network, broadcast television and filmed entertainment programming available to bona fideOVDs in certain circumstances. For further discussion of these conditions, see “Broadcast Television” below and refer to the “Must-Carry/Retransmission Consent” and “Internet Distribution” discussions within that section.Children’s ProgrammingUnder federal regulations, the amount of commercial content that may be shown on cable networks, broadcast networks and broadcast televisionstations during programming originally produced and broadcast primarily for an audience of children under 13 years of age is limited, and certaintelevision station programming must serve the educational and informational needs of children under 17 years of age. In addition, the NBCUniversalOrder includes certain commitments and conditions related to children’s television and advertising directed at children.   19 Comcast 2016 Annual Report on Form 10-KTable of ContentsBroadcast TelevisionLicensingLocal broadcast television stations may be operated only in accordance with a license issued by the FCC upon a finding that the grant of the licensewill serve the public interest, convenience and necessity. The FCC grants broadcast television station licenses for specific periods of time, whichmay be renewed with or without conditions. Substantially all of our broadcast television station licenses have pending applications for renewal,although our stations’ authority to operate is automatically extended while a renewal application is under review. Several of these applications havebeen opposed by third parties. Although our licenses have been renewed in the past, there can be no assurance that we will always obtain renewalgrants.Ownership LimitsFCC regulations limit the ability of individuals and entities to have “attributable interests” above specific ownership levels in local television stationsand place limitations on ownership of other specified mass media entities, such as limits on the cross-ownership of broadcast television stations andnewspapers in the same market. The FCC is in the process of reviewing these ownership regulations.Local Television OwnershipUnder FCC regulations, a licensee generally may own up to two broadcast television stations in the same DMA, as long as at least one of thestations is not among the top four-ranked stations in the market based on audience share and there are at least eight independently owned andoperating full-power broadcast television stations in the market. Without regard to the number of remaining independently owned television stations,ownership of more than one television station within the same DMA is permitted so long as certain signal contours of the stations involved do notoverlap.National Television OwnershipThe Communications Act and FCC regulations limit the number of broadcast television stations one entity may own or control nationally. No entitymay have an attributable interest in broadcast television stations that reach, in the aggregate, more than 39% of all U.S. television households. TheFCC also has adopted a rule that eliminates a 50% discount formerly afforded to UHF stations (channels 14 and above) in calculating the extent ofan individual station owner’s holdings under the national cap. Our owned broadcast television station reach does not exceed this limit, but theelimination of this discount places us closer to the national cap and limits our flexibility to acquire stations in the future.Foreign OwnershipThe Communications Act generally limits foreign ownership in a broadcast television station to 20% direct ownership and 25% indirect ownership,although the limit on indirect ownership can be waived if the FCC finds it to be in the public interest.Dual Network RuleEach of the four major broadcast television networks — ABC, CBS, Fox and NBC — is prohibited from being under common ownership or controlwith another of the four.Must-Carry/Retransmission ConsentEvery three years, each commercial television station must elect for each cable system in its DMA either must-carry or retransmission consent. Asimilar regulatory scheme applies to satellite providers. For the current period, which ends on December 31, 2017, all of our owned NBC broadcasttelevision stations and our owned Telemundo broadcast television stations elected retransmission consent.In enacting the STELA Reauthorization Act of 2014, Congress modified certain aspects of the compulsory copyright licenses under which satelliteproviders and cable operators retransmit broadcast television sta-  Comcast 2016 Annual Report on Form 10-K 20 Table of Contentstions. Congress also is considering legislation that would modify the must-carry and retransmission consent regime. Under conditions imposed in theNBCUniversal Order, MVPDs may invoke commercial arbitration to resolve disputes regarding carriage of our owned local broadcast televisionstations.Internet DistributionThe NBCUniversal Order and NBCUniversal Consent Decree establish certain obligations and restraints concerning distribution of our contentonline. We must make available certain of our cable network, broadcast television and filmed entertainment programming to bona fide OVDs incertain circumstances, and they may invoke commercial arbitration to resolve disputes over access to such programming. We also must distributeprogramming via nbc.com that is generally equivalent to the programming that we distributed via nbc.com as of January 1, 2011, on generallyequivalent prices, terms and conditions, so long as at least one of the other major broadcast networks continues to distribute its programming in asimilar fashion. We are one of three broadcast network owners of Hulu, but we have no voting rights or board representation. We have entered intorenewal license agreements with Hulu on substantially the same terms as its other broadcast network owners.IndecencyA federal statute and FCC regulations prohibit the broadcast of obscene material on television stations at any time and indecent or profane materialbetween the hours of 6 a.m. and 10 p.m. From time to time, we have received and may receive in the future letters of inquiry from the FCC promptedby complaints alleging that certain programming on our owned local broadcast television stations included indecent or profane material.Filmed EntertainmentOur filmed entertainment business is subject to “trade practice laws” in effect in 25 states and Puerto Rico relating to theatrical distribution of motionpictures. In countries outside the United States, a variety of existing or contemplated laws and regulations may affect our ability to distribute andlicense motion picture and television products, as well as consumer merchandise products. The ability of countries to deny market access or refusenational treatment to products originating outside their territories is regulated under various international agreements.Theme ParksOur theme parks are subject to various regulations, including laws and regulations regarding environmental protection, privacy and data protection,consumer product safety and theme park operations, such as health, sanitation, safety and fire standards, as well as liquor licenses.Other Areas of Regulation Intellectual PropertyCopyright, trademark, unfair competition, patent, trade secret and other proprietary-rights laws of the United States and other countries help protectour intellectual property rights. In particular, piracy of programming and films through unauthorized distribution of counterfeit DVDs, peer-to-peer filesharing and other platforms presents challenges for our cable networks, broadcast television and filmed entertainment businesses. The unauthorizedreproduction, distribution or display of copyrighted material over the Internet or through other methods of distribution, such as through devices,software or websites that allow the reproduction, viewing, sharing and/or downloading of content by either ignoring or interfering with the content’ssecurity features and copyrighted status, interferes with the market for copyrighted works and disrupts our ability to exploit our content. The extent ofcopyright protection and the use of technological protections, such as encryption, are controversial. Modifications to existing laws that weaken theseprotections could have an adverse effect on our ability to license and sell our programming.   21 Comcast 2016 Annual Report on Form 10-KTable of ContentsWhile many legal protections exist to combat piracy, laws in the United States and internationally continue to evolve, as do technologies used toevade these laws. We have actively engaged in the enforcement of our intellectual property rights and likely will continue to expend substantialresources to protect our content. The repeal of laws intended to combat piracy and protect intellectual property or weakening of such laws orenforcement in the United States or internationally, or a failure of existing laws to adapt to new technologies, could make it more difficult for us toadequately protect our intellectual property rights, which could negatively affect their value and further increase the costs of enforcing our rights.Copyright laws also require that we contribute a percentage of revenue to a federal copyright royalty pool in exchange for retransmitting copyrightedmaterial in broadcast signals under a compulsory license and that we pay standard industry licensing fees for the public performance of music in theprograms we distribute, such as local advertising and local origination programming on our cable systems, as well as in the content we create. Thefees we pay to music performance rights organizations are typically renegotiated when we renew licenses with those organizations, while theroyalties we contribute to the copyright royalty pool for broadcast signals can be challenged by copyright owners in annual audits, and we cannotpredict what those fees will be in the future or if disputes will arise over them. In addition, in response to a 2014 FCC decision eliminating the FCC’s“sports blackout” rule, which previously enabled sports teams to insist that cable operators black out sports events not available on local broadcastsignals, the leading sports leagues petitioned the Copyright Royalty Board to impose a copyright surcharge on cable operators to compensate sportsteams for the loss of programming exclusivity, and that proceeding is now pending.There has been litigation related to a number of online entities that stream our broadcast television content online without the consent of, orcompensation to, NBC or its affiliates. In 2014, the U.S. Supreme Court ruled that one such entity, Aereo, violated the broadcasters’ exclusive rightto perform their copyrighted works publicly. Subsequently, Aereo sought to operate as a cable system under the Copyright Act. Although the U.S.Copyright Office rejected its application for a compulsory copyright license, other companies continue to seek legislation or court rulings to obtain acompulsory license to stream broadcast programming online.Privacy and Data Security RegulationThe Communications Act generally restricts the nonconsensual collection and disclosure to third parties of cable customers’ personally identifiableinformation by cable operators, except for rendering service, conducting legitimate business activities related to the service, and responding to legalrequests. We are also subject to various state and federal regulations that provide privacy protections for customer proprietary network informationrelated to our voice services.As a result of the FCC’s 2015 decision to reclassify broadband Internet access service as a “telecommunications service” subject to Title II of theCommunications Act, the FCC has concluded that ISPs are subject to FCC regulations regarding the use and disclosure of certain customerinformation. Specifically, in October 2016, the FCC adopted new privacy and data security regulations governing the use of certain customerinformation by telecommunications carriers, including ISPs and providers of VoIP services such as ours. Under these new regulations, we may use,disclose or permit access to any customer non-sensitive proprietary information subject to the customer’s ability to opt out, but must obtain opt-inapproval from the customer to use, disclose or permit access to customer sensitive proprietary information, with certain exceptions. The newregulations also impose breach notification obligations and data security requirements. These new rules are more stringent than the FTC’s privacyrules that previously applied to ISPs and could have adverse effects on our ability to compete in the highly concentrated online advertising market.The FCC under the new Administration or Congress may revisit and revise these new rules, although we cannot predict whether or how the rulesmight be changed.  Comcast 2016 Annual Report on Form 10-K 22 Table of ContentsIn addition to FCC privacy regulations governing ISPs, the FTC generally exercises authority over privacy protections applicable to some of our otherbusinesses by using its existing authority over unfair and deceptive acts or practices to apply greater restrictions on the collection and use ofpersonally identifiable and other information relating to consumers. It also has undertaken numerous enforcement actions against parties that do notprovide sufficient security protections against the loss or unauthorized disclosure of this type of information. However, a recent court decision hasraised questions regarding the extent of FTC jurisdiction over companies like us, whose service offerings include some common carrier services.The FTC has appealed this decision. We cannot predict the outcome of the litigation or the impact of the decision on our business. We also aresubject to stringent data security and data retention requirements that apply to website operators and online services directed to children under 13years of age, or that knowingly collect or post personal information from children under 13 years of age. Other privacy-oriented laws have beenextended by courts to online video providers and are increasingly being used in privacy lawsuits, including class actions, against providers of videomaterials online.We are also subject to state and federal “do not call” laws regarding telemarketing and state and federal laws regarding unsolicited commercialemails, as well as FCC regulations relating to automated telemarketing calls, texts and SMS messages. The FTC and state attorneys general alsohave initiated efforts to increase and enforce transparency requirements about the collection and use of consumer information, even in anaggregated, non-customer-identifiable form, which may require ongoing review of new and rapidly evolving technologies and methods for deliveringcontent and advertising to ensure that appropriate notice is given to consumers and consent is obtained where required.We are also subject to state and federal laws and regulations regarding data security that primarily apply to sensitive personal information that couldbe used to commit identity theft. Most states have security breach notification laws that generally require a business to give notice to consumers andgovernment agencies when certain information has been disclosed due to a security breach, and the FCC has adopted security breach rules forvoice services and broadband Internet access services. Several states have also enacted general data security requirements to safeguard consumerinformation, including the proper disposal of consumer information.The National Institute of Standards and Technology (“NIST”), in cooperation with other federal agencies and owners and operators of U.S. criticalinfrastructure, including us, have developed a voluntary framework that provides a prioritized, flexible, repeatable, performance-based and cost-effective approach to cybersecurity risk. It is a compendium of existing cross-sector cyber-defense processes, practices and protocols that can helpcompanies identify, assess and manage their cyber risks and vulnerabilities, and several government agencies have encouraged compliance withthis framework. NIST recently proposed draft updates to this voluntary framework and is collecting feedback on the draft. In June 2016, theDepartment of Homeland Security and the Department of Justice, in collaboration with other federal agencies, released final guidance regarding thesharing of cyber threat indicators and defensive measures between and among Federal and Non-Federal entities under the Cybersecurity Act of2015. Finally, there are pending legislative proposals that could impose new requirements on owners and operators of critical infrastructure,including us, and the FCC is considering expanding its cybersecurity guidelines or adopting new cybersecurity requirements.FCC Spectrum AuctionCongress has authorized the FCC to conduct an auction to repurpose some broadcast spectrum to mobile broadband use. In this auction, licenseesof full-power and Class A television stations have the opportunity to sell some or all of their spectrum rights in exchange for cash. TV stations that donot voluntarily sell their spectrum rights may be assigned new channels on which to operate, but the FCC must make “all reasonable efforts” topreserve those stations’ over-the-air coverage areas and populations served, and to reimburse them for reasonable relocation costs (subject to anaggregate limit of $1.75 billion).   23 Comcast 2016 Annual Report on Form 10-KTable of ContentsNBCUniversal has submitted applications with the FCC indicating its potential interest in selling broadcast spectrum rights, and we have filed anapplication to bid on new mobile broadband licenses. Filing an application in the auction does not create any obligation to sell, bid on or buyspectrum.Bidding in the auction began in May 2016 and is still ongoing. We cannot predict the outcome of the auction or the impact the outcome may have onour business.State and Local TaxesSome states and localities have imposed or are considering imposing, through both legislative and administrative channels, new or additional taxesor fees on, or limiting or eliminating incentives or credits earned or monetized by, the businesses operated by our Cable Communications andNBCUniversal segments, or imposing adverse methodologies by which taxes, fees, incentives or credits are computed, earned or monetized. Theseinclude combined reporting or other changes to general business taxes, central assessments for property tax, and taxes and fees on the businessesoperated or services provided by our Cable Communications and NBCUniversal segments. In some situations, DBS providers and other competitorsthat deliver their services over a high-speed Internet connection do not face the same state tax and fee burdens. Congress has also considered, andmay consider again, proposals to bar or limit states from imposing taxes on these DBS providers or other competitors that are equivalent to the taxesor fees that we pay. The Internet Tax Freedom Act, which prohibits most states and localities from imposing sales and other taxes on our Internetaccess charges, has now been made permanent by 2016 legislation; however, some jurisdictions have or may assert that certain taxes akin toright-of-way fees are not preempted by Internet Tax Freedom Act. The FCC’s reclassification of broadband Internet access services as Title IItelecommunications services may cause or allow, directly or indirectly, some states and localities to impose various other taxes and fees on ourhigh-speed Internet business.Environmental MattersCertain of our business operations are subject to environmental laws and regulations since they involve air emissions, wastewater discharges, andthe use, disposal and cleanup of toxic and hazardous substances. Any failure to comply with environmental requirements could result in monetaryfines, civil or criminal sanctions, third-party claims, or other costs or liabilities.Environmental requirements have become more stringent over time, and pending or proposed new regulations could impact our operations or costs.For example, climate change regulation, such as proposed greenhouse gas emissions limits or cap and trade programs, could result in an increasein the cost of electricity, which is a significant component of our operational costs for some aspects of our businesses.Other RegulationsFederal regulators actively regulate other aspects of our businesses, including accessibility to our video and voice services and broadcast televisionprogramming for people with disabilities, customer service standards, inside wiring, leased access, loudness of commercial advertisements,advertising, Emergency Alert System, equal employment opportunity, lottery programming, recordkeeping and public file access requirements,regulatory fees and technical standards relating to the operation of cable systems and television stations. We are occasionally subject toenforcement actions at the FCC, which can result in us having to pay fines to the agency or being subject to other sanctions. We also are subject tovarious international regulations, including those that cover television broadcasting, programming and advertising.  Comcast 2016 Annual Report on Form 10-K 24 Table of ContentsEmployeesAs of December 31, 2016, we had approximately 159,000 full-time and part-time employees calculated on a full-time equivalent basis. Of theseemployees, approximately 91,000 and 58,000 were associated with our cable communications business and our NBCUniversal businesses,respectively. We also use freelance and temporary employees in the normal course of our business.Caution Concerning Forward-Looking StatementsThe SEC encourages companies to disclose forward-looking information so that investors can better understand a company’s future prospects andmake informed investment decisions. In this Annual Report on Form 10-K, we state our beliefs of future events and of our future financialperformance. In some cases, you can identify these so-called “forward-looking statements” by words 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 thesestatements are only our predictions. In evaluating these statements, you should consider various factors, including the risks and uncertainties listedin “Risk Factors” and in other reports we file with the SEC.Additionally, we operate in a highly competitive, consumer-driven and rapidly changing environment. This environment is affected by governmentregulation; economic, strategic, political and social conditions; consumer response to new and existing products and services; technologicaldevelopments; and, particularly in view of new technologies, the ability to develop and protect intellectual property rights. Our actual results coulddiffer materially from our forward-looking statements as a result of any of such factors, which could adversely affect our businesses, results ofoperations or financial condition. We undertake no obligation to update any forward-looking statements.Item 1A: Risk FactorsOur businesses currently face a wide range of competition, and our businesses and results of operations could be adversely affected ifwe do not compete effectively.All of our businesses operate in intensely competitive, consumer-driven and rapidly changing environments and compete with a growing number ofcompanies that provide a broad range of communications products and services and entertainment, news and information content to consumers.Technological changes are further intensifying and complicating the competitive landscape and influencing consumer behavior, which is discussed inthe risk factor immediately below under the heading “Changes in consumer behavior driven by new technologies and distribution platforms forviewing content may adversely affect our businesses and challenge existing business models.”Competition for our cable services consists primarily of DBS providers and phone companies with fiber-based networks that typically offer features,pricing and packaging for services comparable to ours. In 2015, AT&T, our largest phone company competitor, acquired DirecTV, the nation’slargest DBS provider to create an even larger competitor that also has its own wireless phone facilities, which we do not, and in 2016, announced aproposed merger with Time Warner, a media and entertainment company. Some of these competitors have begun offering smaller packages ofchannels at price points lower than our standard packages, both through traditional and online distribution platforms, which could cause us to offermore customized programming packages that may be less profitable. In addition, if consolidation between wireless distributors and content providersoccurs, some of our competitors may offer free or lower cost streaming services for viewing their content through unlimited data-usage plans for theirInternet or wireless phone serv-   25 Comcast 2016 Annual Report on Form 10-KTable of Contentsices. Additional companies, some with significant financial resources, continue to enter or are seeking to enter the video distribution market, primarilyby offering online video programming services that can be viewed live, through streaming services or by downloading.Current and future wireless Internet services, such as 3G, 4G and 5G wireless broadband services and Wi-Fi networks, and devices such aswireless data cards, tablets and smartphones, and mobile wireless routers that connect to such devices, may compete with our high-speed Internetservices. Our voice services are facing increased competition as customers replace wireline phones with wireless and Internet-based phoneservices.Our cable communications business continues to seek ways to enhance the value of our cable services network, such as by growing our high-speedInternet and business services businesses and by launching additional services, such as our home security and automation services. There can beno assurance that we can execute on these and other initiatives in a manner sufficient to grow or maintain our Cable Communications segmentrevenue, maintain our Cable Communications segment operating margin, or to compete successfully in the future.Each of NBCUniversal’s businesses also faces substantial and increasing competition from providers of similar types of content, as well as fromother forms of entertainment and recreational activities. NBCUniversal must compete to obtain talent, programming and other resources required inoperating these businesses.The ability of all of our businesses to compete effectively depends on our perceived image and reputation among our various constituencies,including our customers, consumers, advertisers, investors and government authorities. Our ability to compete may be negatively affected if we donot provide our customers with a satisfactory customer experience.There can be no assurance that we will be able to compete effectively against existing or new competitors or that competition will not have anadverse effect on our businesses. For a more detailed description of the competition facing our businesses, see Item 1: Business and refer to the“Competition” discussion within that section.Changes in consumer behavior driven by new technologies and distribution platforms for viewing content may adversely affect ourbusinesses and challenge existing business models.New technologies and platforms for the distribution, sale and viewing of content have been, and will likely continue to be, developed that furtherincrease the number of competitors that all our businesses face and challenge existing business models. These technologies and distributionplatforms are driving changes in consumer behavior as consumers seek more control over when, where and how they consume content and accesscommunications services.While our cable communications business is attempting to adapt to changing consumer behaviors, for example, by deploying our X1 platform, cloudDVR technology and apps such as Netflix on our X1 set top boxes, new and traditional competitors, as well as some programming networks,continue to launch subscription video on demand services, live online broadcast and cable television streaming services and downloading servicesthat can be viewed on television sets, computers, smartphones and tablets. Many of these service offerings charge no fee or a lower fee than ourtraditional video packages for access to their content, which could have an adverse effect on demand for our video services, including for expandeddigital video packages, premium networks, and our DVR and On Demand services.New technologies and distribution platforms, together with an increasing number of companies offering their content directly to consumers over theInternet, including some that also offer exclusive high-quality original  Comcast 2016 Annual Report on Form 10-K 26 Table of Contentsvideo programming, have increased the number of entertainment choices available to consumers, which has intensified audience fragmentation. Theincrease in entertainment choices has and may continue to reduce the number of subscribers to our cable networks. Time-shifting technologies,such as DVRs and cloud-based recording services and video on demand services, reduce the viewing of content through traditional linear televisiondistribution outlets. Reduced viewing of our content through traditional linear television distribution outlets has caused and will likely continue tocause audience ratings declines for NBCUniversal’s linear television content and may adversely affect the price and amount of advertising thatadvertisers are willing to purchase from us and the amount NBCUniversal receives for distribution of its content.The success of any of these ongoing or future developments or our failure to effectively anticipate or adapt to emerging competitors or changes inconsumer behavior, including among younger consumers, could have an adverse effect on our competitive position, businesses and results ofoperations.A decline in advertisers’ expenditures or changes in advertising markets could negatively impact our businesses.Our cable communications, cable networks and broadcast television businesses compete for the sale of advertising time with other televisionnetworks and stations, as well as with all other advertising platforms, such as digital media, as well as radio and print. We derive substantial revenuefrom the sale of advertising, and a decline in expenditures by advertisers, including through traditional linear television distribution models, couldnegatively impact our results of operations. Declines can be caused by the economic prospects of specific advertisers or industries, increasedcompetition for the leisure time of viewers and audience fragmentation, the growing use of new technologies, or the economy in general. In addition,advertisers’ willingness to purchase advertising from us may be adversely affected by lower audience ratings, which many of our networks haveexperienced and likely will continue to experience. Advertising sales and rates also are dependent on the methodology used for audiencemeasurement and could be negatively affected if methodologies do not accurately reflect actual viewership levels. For example, certain methods ofviewing content, such as delayed viewing on DVRs or viewing content online, might not be counted in audience measurements or may generateless, if any, revenue than traditional distribution methods, which could have an adverse effect on our advertising revenue. Reductions in advertisers’expenditures could adversely affect our revenue and businesses.Our businesses depend on keeping pace with technological developments.Our success is, to a large extent, dependent on our ability to acquire, develop, adopt and leverage new and existing technologies, and ourcompetitors’ use of certain types of technology and equipment may provide them with a competitive advantage. For example, current and newwireless Internet technologies such as 4G and 5G wireless broadband services continue to evolve rapidly to allow for greater speed and reliability,and some companies and municipalities are building advanced fiber-based networks that provide very fast Internet access speeds. We expect otheradvances in communications technology to occur in the future. If we choose technology or equipment that is not as effective or attractive toconsumers as that employed by our competitors, if we fail to employ technologies desired by consumers before our competitors do so, or if we fail toexecute effectively on our technology initiatives, our businesses and results of operations could be adversely affected. We also will continue to incuradditional costs as we execute our technology initiatives, such as the deployment of DOCSIS 3.1, X1 set-top boxes, wireless gateways and cloudDVR technology, and there can be no assurance that we can execute on these and other initiatives in a manner sufficient to grow or maintain ourrevenue or to compete successfully in the future. We also may incur increased costs if changes in our competitors’ product offerings require that weoffer certain of our existing services or enhancements at a lower or no cost to our customers or that we make additional research and developmentexpenditures.   27 Comcast 2016 Annual Report on Form 10-KTable of ContentsWe are subject to regulation by federal, state, local and foreign authorities, which may impose additional costs and restrictions on ourbusinesses.Federal, state and local governments extensively regulate the video, high-speed Internet and voice services industries. Our broadcast televisionbusiness is also highly regulated by federal laws and regulations. Our cable networks, filmed entertainment and theme parks businesses are alsosubject to various other laws and regulations at the international, federal, state and local levels, including laws and regulations relating toenvironmental protection, which have become more stringent over time, and the safety of consumer products and theme park operations. In addition,we are subject to the NBCUniversal Order and the NBCUniversal Consent Decree, which have imposed numerous conditions on our businessesrelating to the treatment of competitors and other matters. In recent years, the FCC and certain states also have been more active in conductinginquiries and reviews regarding our services, and this trend may continue. Failure to comply with the laws and regulations applicable to ourbusinesses could result in administrative enforcement actions, fines, and civil and criminal liability. For a more extensive discussion of the significantrisks associated with the regulation of our businesses, see Item 1: Business and refer to the “Legislation and Regulation” discussion within thatsection.Changes to existing statutes, rules, regulations, or interpretations thereof, or adoption of new ones, could have an adverse effect on ourbusinesses.Legislators and regulators at all levels of government frequently consider changing, and sometimes do change, existing statutes, rules, regulations,or interpretations thereof, or prescribe new ones, which may significantly affect our businesses. In addition, in recent years, the FCC and certainstates have been more active in considering rulemakings and legislation regarding our services. Any future legislative, judicial, regulatory oradministrative actions may increase our costs or impose additional restrictions on our businesses, some of which may be significant. In addition,Congress is expected to consider proposals to address communications issues, including whether it should rewrite the entire Communications Act toaccount for changes in the communications marketplace, whether it should address the FCC’s authority to implement or enforce open Internetregulations, and whether it should fund new broadband infrastructure. We are unable to predict the effects of any of these or any other furtherlegislative requirements on our businesses, nor can we predict how the FCC or other agencies under the new Administration will address regulatorymatters affecting our businesses. Any changes to the legal and regulatory framework applicable to any of our services or businesses could have anegative impact on our businesses and results of operations.Programming expenses for our video services are increasing, which could adversely affect our Cable Communications segment’s videobusiness.We expect programming expenses for our video services to continue to be our Cable Communications segment’s largest single expense item and toincrease in the foreseeable future. The multichannel video provider industry has experienced continued increases in the cost of programming,especially sports programming, which we expect will continue for the foreseeable future. Our programming expenses may also increase as we addprogramming to our video services or distribute existing programming to more of our customers or through additional delivery platforms, such as OnDemand or streaming services. Additionally, in the past few years, we have begun paying certain local broadcast television stations in exchange fortheir required consent for the retransmission of broadcast network programming to our video services customers; we expect to continue to besubject to increasing demands for payment and other concessions from local broadcast television stations. These market factors may beexacerbated by increased consolidation in the media industry, which may further increase our programming expenses. If we are unable to raise ourcustomers’ rates or offset programming cost increases through the sale of additional services, the increasing cost of programming could have anadverse effect on our Cable Communications segment’s results of operations. Moreover, as our contracts with content providers expire, there can beno assurance that they will be renewed on acceptable terms or that they will be renewed at all, in which case we may be unable to provide suchcontent as part of our video services, and our businesses and results of operations could be adversely affected.  Comcast 2016 Annual Report on Form 10-K 28 Table of ContentsNBCUniversal’s success depends on consumer acceptance of its content, and its businesses may be adversely affected if its content failsto achieve sufficient consumer acceptance or the costs to create or acquire content increase.Most of NBCUniversal’s businesses create and acquire media and entertainment content, the success of which depends substantially on consumertastes and preferences that change in often unpredictable ways. The success of these businesses depends on our ability to consistently create,acquire, market and distribute cable network and broadcast television programming, filmed entertainment, theme park attractions and other contentthat meet the changing preferences of the broad domestic and international consumer markets. We have invested, and will continue to invest,substantial funds in our content, including in the production of original content on our cable networks and broadcast television networks, in our filmsand for theme park attractions, before learning the extent to which it would earn consumer acceptance.We also obtain a significant portion of our content from third parties, such as movie studios, television production companies, sports organizationsand other suppliers. Competition for popular content, particularly for sports programming, is intense, and we may have to increase the price we arewilling to pay or be outbid by our competitors for popular content. Entering into or renewing contracts for such programming rights or acquiringadditional rights may result in significantly increased costs. Particularly with respect to long-term contracts for sports programming rights, our resultsof operations and cash flows over the term of a contract depend on a number of factors, including the strength of the advertising market, ouraudience size, the ability to secure distribution from and impose surcharges or obtain carriage on multichannel video providers for the content, andthe timing and amount of our rights payments. There can be no assurance that revenue from these contracts will exceed our costs for the rights, aswell as the other costs of producing and distributing the programming. If our content does not achieve sufficient consumer acceptance, or if wecannot obtain or retain rights to popular content on acceptable terms, or at all, our businesses may be adversely affected.The loss of NBCUniversal’s programming distribution agreements, or the renewal of these agreements on less favorable terms, couldadversely affect its businesses.Our cable networks depend on their ability to secure and maintain distribution agreements with multichannel video providers, and if a network doesnot attract sufficient viewers, multichannel video providers may decide not to distribute the network. Our broadcast television networks depend ontheir ability to secure and maintain network affiliation agreements with third-party local broadcast television stations in the markets where we do notown the affiliated local broadcast television station. In addition, every three years, each of our owned local broadcast television stations must elect,with respect to its retransmission by multichannel video providers within its DMA, either “must-carry” status, in which the distributor’s carriage of thestation is mandatory and does not generate any compensation for the local station, or “retransmission consent,” in which the station gives up its rightto mandatory carriage and instead seeks to negotiate the terms and conditions of carriage with the distributor, including the amount ofcompensation, if any, paid to the station by such distributor. All of our NBC and Telemundo owned local broadcast television stations have electedretransmission consent through December 31, 2017. Increasingly, our cable networks, broadcast television and filmed entertainment businesseshave entered into agreements to license their prior season and library content on other distribution platforms, including subscription video ondemand services, and some multichannel video providers are offering smaller packages of channels as part of their streaming and linear televisionprogramming packages. In addition, certain online entities may stream our broadcast television content online without our consent and withoutpaying any compensation to us. As a result, there can be no assurance that any of our distribution agreements will be renewed in the future onacceptable terms, or at all. The loss of any of these agreements, or the renewal of these agreements on less favorable terms, could reduce ourdistribution revenue and the reach of our television programming and its attractiveness to advertisers, which in turn could adversely affect our cablenetworks, broadcast television and filmed entertainment businesses.   29 Comcast 2016 Annual Report on Form 10-KTable of ContentsWe rely on network and information systems and other technologies, as well as key properties, and a disruption, cyber attack, failure ordestruction of such networks, systems, technologies or properties may disrupt our businesses.Network and information systems and other technologies, including those related to our network management, customer service operations andprogramming delivery, are critical to our business activities. Network and information systems-related events, including those caused by us or bythird parties, such as computer hackings, cyber attacks, computer viruses, worms or other destructive or disruptive software, process breakdowns,denial of service attacks, malicious social engineering or other malicious activities, or any combination of the foregoing, or power outages, naturaldisasters, infectious disease outbreaks, terrorist attacks or other similar events, could result in a degradation or disruption of our services, excessivecall volume to call centers, a reduction in demand for our theme parks or damage to our equipment, data, properties and reputation. These eventsalso could result in large expenditures to repair or replace the damaged properties, networks or information systems or to protect them from similarevents in the future, and any such events could have an adverse effect on our results of operations.In addition, we may obtain certain confidential, proprietary and personal information about our customers, personnel and vendors, and may providethis information to third parties, in connection with our business. While we obtain assurances that these third parties will protect this information,there is a risk that this information may be compromised. Any security breaches, such as misappropriation, misuse, leakage, falsification oraccidental release or loss of information maintained in our information technology systems, including customer, personnel and vendor data, coulddamage our reputation and require us to expend significant capital and other resources to remedy any such security breach, and could causeregulators to impose fines or other remedies for failure to comply with relevant customer privacy rules.The risk of these systems-related events and security breaches occurring continues to intensify in many lines of business, and our lines of businessmay be at a disproportionately heightened risk of these events occurring, due to the nature of our businesses and the fact that we maintain certaininformation necessary to conduct our business in digital form stored on cloud servers. In the ordinary course of our business, there are frequentattempts to cause such systems-related events and security breaches, and we have experienced minor systems-related events that, to date, havenot resulted in any significant degradation or disruption to our network or information systems or our services or operations. While we develop andmaintain systems, and operate a comprehensive security program, seeking to prevent systems-related events and security breaches from occurring,the development, maintenance and operation of these systems and programs is costly and requires ongoing monitoring and updating astechnologies change and efforts to overcome security measures become more sophisticated. Despite any efforts to prevent these events andsecurity breaches, there can be no assurance that they will not occur in the future or will not have an adverse effect on our businesses. Moreover,the amount and scope of insurance we maintain against losses resulting from any such events or security breaches likely would not be sufficient tocover our losses or otherwise adequately compensate us for any disruptions to our business that may result, and the occurrence of any such eventsor security breaches could have an adverse effect on our business.We may be unable to obtain necessary hardware, software and operational support.We depend on third-party vendors to supply us with a significant amount of the hardware, software and operational support necessary to providecertain of our services. Some of these vendors represent our primary source of supply or grant us the right to incorporate their intellectual propertyinto some of our hardware and software products. While we actively monitor the operations and financial condition of key vendors in an attempt todetect any potential difficulties, there can be no assurance that we would timely identify any operating or financial difficulties associated with thesevendors or that we could effectively mitigate our risks with respect to any such difficulties. If any of these vendors experience operating or financialdifficulties, if our demand exceeds their capacity or if they are otherwise unable to meet our specifications or provide the  Comcast 2016 Annual Report on Form 10-K 30 Table of Contentsequipment or services we need in a timely manner or at reasonable prices, our ability to provide some services may be adversely affected.Weak economic conditions may have a negative impact on our businesses.A substantial portion of our revenue comes from customers whose spending patterns may be affected by prevailing economic conditions. Weakeconomic conditions could adversely affect demand for any of our products and services and have a negative impact on our results of operations.For example, customers may reduce the level of cable services to which they subscribe, or may discontinue subscribing to one or more of our cableservices. This risk may be increased by the expanded availability of free or lower cost competitive services, such as subscription video on demandservices, or substitute services for our high-speed Internet and voice services, such as mobile phones, smartphones and Wi-Fi networks. Weakeconomic conditions also may have a negative impact on our advertising revenue, the performance of our films and home entertainment releases,and attendance and spending in our theme parks. Weak economic conditions and turmoil in the global financial markets may also impair the ability ofthird parties to satisfy their obligations to us, and any disruption in the global financial markets may affect our ability to obtain financing or refinanceany existing debt on acceptable terms.Our businesses depend on using and protecting certain intellectual property rights and on not infringing the intellectual property rights ofothers.We rely on our intellectual property, such as patents, copyrights, trademarks and trade secrets, as well as licenses and other agreements with ourvendors and other third parties, to use various technologies, conduct our operations and sell our products and services. Legal challenges to ourintellectual property rights and claims of intellectual property infringement by third parties could require that we enter into royalty or licensingagreements on unfavorable terms, incur substantial monetary liability, or be enjoined preliminarily or permanently from further use of the intellectualproperty in question or from the continuation of our businesses as currently conducted. We may need to change our business practices if any ofthese events occur, which may limit our ability to compete effectively and could have an adverse effect on our results of operations. Even if webelieve any such challenges or claims are without merit, they can be time-consuming and costly to defend and divert management’s attention andresources away from our businesses. Moreover, if we are unable to obtain or continue to obtain licenses from our vendors and other third parties onreasonable terms, our businesses could be adversely affected.In addition, intellectual property constitutes a significant part of the value of NBCUniversal’s businesses, and its success is highly dependent onprotecting the intellectual property rights of the content it creates or acquires against third-party misappropriation, reproduction or infringement. Theunauthorized reproduction, distribution or display of copyrighted material negatively affects our ability to generate revenue from the legitimate sale ofour content, as well as from the sale of advertising in connection with our content, and increases our costs due to our active enforcement of ourintellectual property rights.Piracy and other unauthorized uses of content are made easier, and the enforcement of intellectual property rights more challenging, bytechnological advances that allow the conversion of programming, films and other content into digital formats, which facilitates the creation,transmission and sharing of high-quality unauthorized copies. In particular, piracy of programming and films through unauthorized distribution onDVDs, peer-to-peer computer networks and other platforms continues to present challenges for our cable networks, broadcast television and filmedentertainment businesses. While piracy is a challenge in the United States, it is particularly prevalent in many parts of the world that lack developedcopyright laws, effective enforcement of copyright laws and technical protective measures like those in effect in the United States. If any U.S. orinternational laws intended to combat piracy and protect intellectual property rights are repealed or weakened or are not adequately enforced, or ifthe legal system fails to adapt to new technologies that facilitate piracy, we may be unable to effectively protect our rights, the value of ourintellectual property may   31 Comcast 2016 Annual Report on Form 10-KTable of Contentsbe negatively impacted and our costs of enforcing our rights may increase. See Item 1: Business and refer to the “Legislation and Regulation —Other Areas of Regulation — Intellectual Property” discussion for additional information.Acquisitions and other strategic initiatives present many risks, and we may not realize the financial and strategic goals that we hadcontemplated.From time to time, we make acquisitions and investments and may pursue other strategic initiatives, including, for example, with respect to ourwireless strategy. In connection with such acquisitions and strategic initiatives, we may incur unanticipated expenses, fail to realize anticipatedbenefits, have difficulty incorporating an acquired or new line of business, disrupt relationships with current and new employees, customers andvendors, incur significant debt, or have to delay or not proceed with announced transactions or initiatives. For example, our launch of a wirelessphone service in 2017 using virtual network operator rights from a third party will have success-based working capital requirements, primarilyassociated with the procurement of handsets and other equipment, as we launch the service, which could have negative effects on our cash flows.Additionally, regulatory agencies, such as the FCC or DOJ, may impose restrictions on the operation of our businesses as a result of our seekingregulatory approvals for any significant acquisitions and strategic initiatives, or may dissuade us from pursing certain transactions. The occurrence ofany of these events could have an adverse effect on our businesses.Labor disputes, whether involving employees or sports organizations, may disrupt our operations and adversely affect our businesses.Many of NBCUniversal’s employees, including writers, directors, actors, technical and production personnel and others, as well as some of ouron-air and creative talent employees, are covered by collective bargaining agreements or works councils. Most of NBCUniversal’s collectivebargaining agreements are industry-wide agreements, and we may lack practical control over the negotiations and terms of the agreements. If weare unable to reach agreement with a labor union before the expiration of a collective bargaining agreement, our employees who were covered bythat agreement may have a right to strike or take other actions that could adversely affect us, which could disrupt our operations and reduce ourrevenue, and the resolution of any disputes may increase our costs. There can be no assurance that we will renew our collective bargainingagreements as they expire or that we can renew them on favorable terms or without any work stoppages.In addition, our cable networks and broadcast television networks have programming rights agreements of varying scope and duration with varioussports organizations to broadcast and produce sporting events, including certain NFL, NHL, NBA and MLB games. Labor disputes in these and othersports organizations could have an adverse effect on our businesses.The loss of key management personnel or popular on-air and creative talent could have an adverse effect on our businesses.We rely on certain key management personnel in the operation of our businesses. While we maintain long-term and emergency transition plans forkey management personnel and believe we could either identify internal candidates or attract outside candidates to fill any vacancy created by theloss of any key management personnel, the loss of one or more of our key management personnel could have a negative impact on our businesses.In addition, our cable networks, broadcast television and filmed entertainment businesses depend on the abilities and expertise of our on-air andcreative talent. If we fail to retain our on-air or creative talent, if the costs to retain such talent increase materially, if we need to make significanttermination payments, or if these individuals lose their current appeal, our businesses could be adversely affected.We face risks relating to doing business internationally that could adversely affect our businesses.We, primarily through NBCUniversal, operate our businesses worldwide. There are risks inherent in doing business internationally, including globalfinancial market turmoil; economic volatility and the global economic  Comcast 2016 Annual Report on Form 10-K 32 Table of Contentsslowdown; currency exchange rate fluctuations and inflationary pressures; the requirements of local laws and customs relating to the publication anddistribution of content and the display and sale of advertising; import or export restrictions and changes in trade regulations; difficulties in developing,staffing and managing foreign operations; issues related to occupational safety and adherence to diverse local labor laws and regulations; andpotentially adverse tax developments. In addition, doing business internationally subjects us to risks relating to political or social unrest, corruptionand government regulation, including U.S. laws such as the Foreign Corrupt Practices Act, that impose stringent requirements on how we conductour foreign operations. If any of these events occur, our businesses may be adversely affected.Our Class B common stock has substantial voting rights and separate approval rights over several potentially material transactions, andour Chairman and CEO has considerable influence over our company through his beneficial ownership of our Class B common stock.Our Class B common stock has a nondilutable 33 / % of the combined voting power of our Class A and Class B common stock. This nondilutablevoting power is subject to proportional decrease to the extent the number of shares of Class B common stock is reduced below 9,444,375, whichwas the number of shares of Class B common stock outstanding on the date of our 2002 acquisition of AT&T Corp.’s cable business, subject toadjustment in specified situations. Stock dividends payable on the Class B common stock in the form of Class B or Class A common stock do notdecrease the nondilutable voting power of the Class B common stock. The Class B common stock also has separate approval rights over severalpotentially material transactions, even if they are approved by our Board of Directors or by our other shareholders and even if they might be in thebest interests of our other shareholders. These potentially material transactions include mergers or consolidations involving Comcast Corporation,transactions (such as a sale of all or substantially all of our assets) or issuances of securities that require shareholder approval, transactions thatresult in any person or group owning shares representing more than 10% of the combined voting power of the resulting or surviving corporation,issuances of Class B common stock or securities exercisable or convertible into Class B common stock, and amendments to our articles ofincorporation or by-laws that would limit the rights of holders of our Class B common stock. Brian L. Roberts, our chairman and CEO, beneficiallyowns all of the outstanding shares of our Class B common stock and, accordingly, has considerable influence over our company and the potentialability to transfer effective control by selling the Class B common stock, which could be at a premium.   33 Comcast 2016 Annual Report on Form 10-K 1 3 Table of ContentsItem 1B: Unresolved Staff CommentsNone.Item 2: PropertiesWe believe that substantially all of our physical assets were in good operating condition as of December 31, 2016. Our corporate headquarters andCable Communications segment headquarters are located in Philadelphia, Pennsylvania at One Comcast Center. We own an 80% interest in theentity whose primary asset is One Comcast Center. In addition, we own an 80% interest in an entity that is currently constructing the ComcastTechnology Center, which is adjacent to One Comcast Center. We also lease locations for numerous business offices, warehouses and propertieshousing divisional information technology operations throughout the United States.Cable Communications Segment Our principal physical assets consist of operating plant and equipment, including signal receiving, encoding and decoding devices, headends anddistribution networks, and equipment at or near our customers’ homes. Our distribution network consists primarily of headends, content distributionservers, coaxial and fiber-optic cables, lasers, routers, switches and related electronic equipment. Our cable plant and related equipment generallyare connected to utility poles under pole rental agreements with local public utilities, although in some areas the distribution cable is buried inunderground ducts or trenches. Customer premise equipment consists primarily of set-top boxes, cable modems and wireless gateways. Thephysical components of cable systems require periodic maintenance and replacement.Our signal reception sites, which consist primarily of antenna towers and headends, and our microwave facilities are located on owned and leasedparcels of land, and we own or lease space on the towers on which certain of our equipment is located. We own most of our service vehicles.Our high-speed Internet network consists of fiber-optic cables owned or leased by us and related equipment. We also operate national and regionaldata centers with equipment that is used to provide services, such as email and web services, to our high-speed Internet and voice customers, aswell as cloud services to our video customers. In addition, we maintain network operations centers with equipment necessary to monitor andmanage the status of our services and network.We own or lease buildings throughout the country that contain customer service call centers, customer service retail centers, warehouses andadministrative space. We also own a building that houses our digital media center. The digital media center contains equipment that we own orlease, including equipment related to network origination, video transmission via satellite and terrestrial fiber-optics, broadcast studios, post-production services and interactive television services.NBCUniversal Segments NBCUniversal’s corporate headquarters are located in New York City at 30 Rockefeller Plaza. NBCUniversal owns the space it occupies at 30Rockefeller Plaza. We also own or lease offices, studios, production facilities, screening rooms, retail operations, warehouse space, satellitetransmission receiving facilities and data centers in numerous locations in the United States and around the world, including property for our ownedlocal broadcast television stations. In addition, we own theme parks and related facilities in Orlando, Florida and Hollywood, California, as well as a51% interest in the theme park and related facilities in Osaka, Japan.  Comcast 2016 Annual Report on Form 10-K 34 Table of ContentsNBCUniversal Properties as of December 31, 2016Location  Principal Use  Principal Segment in Which Used  Owned or Leased30 Rockefeller PlazaNew York, NY  NBCUniversal corporateheadquarters, offices and studios  Headquarters and Other, CableNetworks and Broadcast Television  Owned10 Rockefeller PlazaNew York, NY  The Today Show studio,production facilities and offices  Broadcast Television  LeasedUniversal CityUniversal City, CA  Offices, studios, theme park and retailoperations  All  Owned1000 Universal Studios PlazaOrlando, FL  Theme parks, production facilities,parking structures and administrativebuildings  Theme Parks  Owned2 Chome-1-33 Sakurajima,Konohana Ward, Osaka, OsakaPrefecture 554-0031, Japan  Theme park and administrativebuildings  Theme Parks  Tangibleproperties ownedon leased parcels ofland2290 W. 8th Ave.Hialeah, FL  Telemundo headquarters andproduction facilities  Headquarters and Other andBroadcast Television  LeasedOther The Wells Fargo Center, a large, multipurpose arena in Philadelphia, Pennsylvania that we own, was the principal physical operating asset of ourother businesses as of December 31, 2016.Item 3: Legal ProceedingsRefer to Note 16 to Comcast’s consolidated financial statements included in this Annual Report on Form 10-K for a discussion of recentdevelopments related to our legal proceedings.NBCUniversal is subject to legal proceedings and claims that arise in the ordinary course of its business and it does not expect the final dispositionof these matters to have a material adverse effect on its results of operations, cash flows or financial condition, although any such matters could betime-consuming and costly and could injure its reputation.Item 4: Mine Safety DisclosuresNot applicable.   35 Comcast 2016 Annual Report on Form 10-KTable of ContentsPart II Item 5: Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases ofEquity SecuritiesComcast’s Class A common stock is listed on the NASDAQ Global Select Market under the symbol CMCSA. There is no established public tradingmarket for Comcast’s Class B common stock. The Class B common stock can be converted, on a share for share basis, into Class A common stock.On January 24, 2017, our Board of Directors approved a two-for-one stock split in the form of a 100% dividend payable on February 17, 2017 toshareholders of record as of the close of business on February 8, 2017. As the common stock is not yet trading on a post-split basis, all share andper-share amounts are presented on a pre-split basis. Dividends Declared  2016   2015 Month Declared:  Dividend Per Share   Month Declared:  Dividend Per Share February  $ 0.275    February  $ 0.25 May  $0.275    May  $0.25 July  $0.275    July  $0.25 October (paid in January 2017)  $0.275    October (paid in January 2016)  $0.25 Total  $1.10    Total  $1.00 We expect to continue to pay quarterly dividends, although each dividend is subject to approval by our Board of Directors. In January 2017, ourBoard of Directors approved a 15% increase in our dividend to $1.26 per share on an annualized, pre-split basis, or $0.63 per share on anannualized, post-split basis. In addition, the Board of Directors approved our first quarter dividend of $0.1575 a share on a post-split basis to be paidin April 2017.Holders of Class A common stock in the aggregate hold 66 / % of the voting power of our common stock. The number of votes that each share ofClass A common stock has at any given time depends on the number of shares of Class A common stock and Class B common stock thenoutstanding. The Class B common stock has a 33 / % nondilutable voting interest, and each share of Class B common stock has 15 votes pershare. Mr. Brian L. Roberts beneficially owns all outstanding shares of Class B common stock. Generally, including as to the election of directors,holders of Class A common stock and Class B common stock vote as one class except where class voting is required by law.Record holders as of December 31, 2016 are presented in the table below. Stock Class RecordHolders Class A Common Stock  463,104 Class B Common Stock  3   Comcast 2016 Annual Report on Form 10-K 36  2 3 1 3 Table of ContentsThe table below summarizes our repurchases under our Board-authorized share repurchase program during 2016. Period Total Number of Shares Purchased   Average Price Per Share   Total Number of Shares Purchased as Part of Publicly Announced Authorization   Total Dollar Amount Purchased Under the Authorization   Maximum Dollar Value of Shares That May Yet Be Purchased Under the Authorization  First Quarter 2016  22,025,226   $56.82    21,989,334   $1,249,417,635   $8,750,582,365 Second Quarter 2016  18,418,256   $61.66    18,418,136   $1,135,699,704   $7,614,882,661 Third Quarter 2016  20,836,401   $66.07    20,836,288   $1,376,575,738   $6,238,306,923 October 1-31, 2016  13,294,399   $64.00    13,294,399   $850,819,050   $5,387,487,873 November 1-30, 2016  4,036,116   $61.80    4,036,116   $249,446,256   $5,138,041,617 December 1-31, 2016  1,995,929   $69.18    1,995,464   $138,041,588   $5,000,000,029 Total  80,606,327    $ 62.06     80,569,737    $ 4,999,999,971    $ 5,000,000,029   (a) In December 2015, our Board of Directors increased our share repurchase program authorization to $10 billion, and in January 2017, it increased the authorization to $12 billion, which doesnot have an expiration date.The total number of shares purchased during 2016 includes 36,590 shares received in the administration of employee share-based compensationplans.Under our share repurchase program authorization, we may repurchase shares in the open market or in private transactions. We expect torepurchase $5.0 billion of our Class A common stock during 2017, subject to market conditions.Issuance of Equity SecuritiesIn December 2016, we issued 356,635 shares of our Class A common stock to an institutional accredited investor in connection with an advance onfuture services in a transaction exempt from registration under the Securities Act of 1933, as amended, in accordance with Section 4(a)(2) thereof.Comcast Common Stock Sales Price Table The following table sets forth, for the indicated periods, the high and low sales prices of Comcast’s Class A and Class A Special common stock.   Class A   Class A Special      High   Low   High   Low 2016       First Quarter $ 61.37    $ 52.34    $—    $—  Second Quarter $65.42    $59.62    $—    $—  Third Quarter $68.36    $64.27    $—    $—  Fourth Quarter $71.32    $60.04    $—    $—  2015       First Quarter $60.70   $52.45   $ 60.19   $ 52.23 Second Quarter $61.64   $56.05   $61.38   $55.74 Third Quarter $64.99   $50.00   $64.70   $51.26 Fourth Quarter  $63.38   $55.39   $63.48   $56.88  (a) The high and low sales price of Comcast’s Class A Special common stock reflects the prices until December 11, 2015, when each issued share of Class A Special common stock wasreclassified into one share of Class A common stock (see Note 12 to Comcast’s consolidated financial statements).   37 Comcast 2016 Annual Report on Form 10-K(a)(a)(a)Table of ContentsStock Performance Graph ComcastThe following graph compares the annual percentage change in the cumulative total shareholder return on Comcast’s Class A common stock duringthe five years ended December 31, 2016 with the cumulative total returns on the Standard & Poor’s 500 Stock Index and with a select peer groupconsisting of us and other companies engaged in the cable, communications and media industries. This peer group (the “new peer group index”)consists of our common stock, DISH Network Corporation (Class A), Charter Communications, Inc., AT&T Inc., Verizon Communications Inc.,CenturyLink, Inc., and Sprint Corporation (the “transmission and distribution subgroup”); and Time Warner Inc., Walt Disney Company, Viacom Inc.(Class B), Twenty-First Century Fox, Inc. (Class A), and CBS Corporation (Class B) (the “media subgroup”). The new peer group index was createdas a result of merger and acquisition activity that impacted our prior peer group index, which had consisted of our common stock as well asCablevision Systems Corporation (Class A) (included through June 21, 2016, the date of acquisition by Altice NV), DISH Network Corporation (ClassA), DirecTV Inc. (included through July 24, 2015, the date of acquisition by AT&T Inc.), Time Warner Cable Inc. (included through May 18, 2016, thedate of acquisition by Charter Communications, Inc.) (the “cable subgroup”); and Time Warner Inc., Walt Disney Company, Viacom Inc. (Class B),Twenty-First Century Fox, Inc. (Class A), and CBS Corporation (Class B) (the “media subgroup”). The peer groups are constructed as compositepeer groups in which the transmission and distribution subgroup and the cable subgroup are weighted 61% and the media subgroup is weighted39% based on the respective revenue of our Cable Communications and NBCUniversal segments. The comparison assumes $100 was invested onDecember 31, 2011 in our Class A common stock and in each of the following indices and assumes the reinvestment of dividends.Comparison of 5 Year Cumulative Total Return         2012   2013   2014   2015   2016 Comcast Class A $160   $226   $256   $253   $316 S&P 500 Stock Index $116   $153   $174   $176   $197 Prior Peer Group Index $144   $211   $244   $242   $284 New Peer Group Index $ 130   $ 170   $ 180   $ 178   $ 220 NBCUniversalNBCUniversal is a wholly owned subsidiary of NBCUniversal Holdings and there is no market for its equity securities.  Comcast 2016 Annual Report on Form 10-K 38 Table of ContentsItem 6: Selected Financial Data Comcast Year ended December 31 (in millions, except per share data) 2016  2015  2014  2013  2012 Statement of Income Data      Revenue $80,403   $74,510  $68,775  $64,657  $62,570 Operating income  16,859    15,998   14,904   13,563   12,179 Net income attributable to Comcast Corporation   8,695    8,163   8,380   6,816   6,203 Basic earnings per common share attributable to Comcast Corporationshareholders   3.61    3.28   3.24   2.60   2.32 Diluted earnings per common share attributable to Comcast Corporationshareholders   3.57    3.24   3.20   2.56   2.28 Dividends declared per common share   1.10    1.00   0.90   0.78   0.65 Balance Sheet Data (at year end)     Total assets $ 180,500   $ 166,574  $ 159,186  $ 158,672  $ 164,837 Total debt, including current portion  61,046    52,621   48,081   47,706   40,323 Comcast Corporation shareholders’ equity  53,943    52,269   52,711   50,694   49,356 Statement of Cash Flows Data     Net cash provided by (used in):     Operating activities  19,240    18,778   16,945   14,160   14,854 Investing activities  (18,385)   (11,964)   (8,733)   (9,514)   (1,486) Financing activities  151    (8,429)   (6,020)   (13,879)   (4,037)  (a) For 2016, 2015 and 2014, refer to Item 7: Management’s Discussion and Analysis of Financial Condition and Results of Operations included in this Annual Report on Form 10-K for adiscussion of the effects of items impacting net income attributable to Comcast Corporation. In 2016, 2015, 2014, 2013 and 2012, net income attributable to Comcast Corporation is statedafter deducting net income attributable to noncontrolling interests of $350 million, $250 million, $212 million, $319 million and $1.7 billion, respectively. The reduction in net incomeattributable to noncontrolling interests in 2013 was primarily due to our acquisition of General Electric Company’s remaining interest in NBCUniversal. (b) Per share amounts are presented on a pre-split basis (see Note 1 to Comcast’s consolidated financial statements).NBCUniversal Omitted pursuant to General Instruction I(2)(a) to Form 10-K.   39 Comcast 2016 Annual Report on Form 10-K(a)(b)(b)(b)Table of ContentsItem 7: Management’s Discussion and Analysis of Financial Condition and Results of OperationsIntroduction and Overview We are a global media and technology company with two primary businesses, Comcast Cable and NBCUniversal. We present our operations forComcast Cable in one reportable business segment, referred to as Cable Communications, and our operations for NBCUniversal in four reportablebusiness segments: Cable Networks, Broadcast Television, Filmed Entertainment and Theme Parks (collectively, the “NBCUniversal segments”).The following provides an overview of our businesses.     2016 Consolidated Operating Results by Segment      (a) Excludes the results of NBCUniversal Headquarters and Other, Corporate and Other, and eliminations.Cable Communications SegmentComcast Cable is one of the nation’s largest providers of video, high-speed Internet and voice services (“cable services”) to residential customersunder the XFINITY brand, and we also provide these and other services to business customers. As of December 31, 2016, our cable systems had28.6 million total customer relationships, of which 26.5 million were residential customer relationships; served 22.5 million video customers,24.7 million high-speed Internet customers and 11.7 million voice customers; and passed more than 56 million homes and businesses.Our Cable Communications segment generates revenue primarily from residential and business customers subscribing to our cable services, whichwe market individually and as bundled services, and from the sale of advertising. Customers are typically billed in advance on a monthly basis basedon the services and features  Comcast 2016 Annual Report on Form 10-K 40 (a)Table of Contentsthey receive and the type of equipment they use. The majority of our residential cable services customers are not subject to minimum-term contractsfor their services, while substantially all of our business customers are. Minimum-term contracts are typically 2 years in length for residentialcustomers and typically range from 2 to 5 years for business services customers. Customers with minimum-term contracts may only discontinueservice in accordance with the terms of their contracts, which typically include an early termination fee.NBCUniversal SegmentsNBCUniversal is one of the world’s leading media and entertainment companies that develops, produces and distributes entertainment, news andinformation, sports, and other content for global audiences, and owns and operates theme parks worldwide.Cable NetworksOur Cable Networks segment consists primarily of a diversified portfolio of cable television networks. Our cable networks are comprised of ournational cable entertainment networks (USA Network, E!, Syfy, Bravo, Oxygen, Sprout, Esquire Network, Chiller, Universal HD and Cloo), ournational cable news and information networks (MSNBC, CNBC and CNBC World), our national cable sports networks (NBC Sports Network and GolfChannel), our regional sports and news networks, our international cable networks, our cable television studio production operations, and relateddigital media properties.Our Cable Networks segment generates revenue primarily from the distribution and licensing of its programming and from the sale of advertising onits networks.Broadcast TelevisionOur Broadcast Television segment consists primarily of the NBC and Telemundo broadcast television networks, our NBC and Telemundo ownedlocal broadcast television stations, the NBC Universo national cable network, our broadcast television studio production operations, and relateddigital media properties.Our Broadcast Television segment generates revenue primarily from the sale of advertising on its networks, from the licensing of its programming,and from fees received under retransmission consent agreements and associated fees received from NBC-affiliated local broadcast televisionstations.Filmed EntertainmentOur Filmed Entertainment segment primarily produces, acquires, markets and distributes filmed entertainment worldwide, and it also develops,produces and licenses live stage plays. Our films are produced primarily under the Universal Pictures, Illumination and Focus Features names, andin August 2016, we acquired DreamWorks Animation. DreamWorks Animation creates animated feature films, television series and specials, liveentertainment and related consumer products.Our Filmed Entertainment segment generates revenue primarily from the worldwide distribution of our owned and acquired films for exhibition inmovie theaters and from the licensing and sale of our owned and acquired films.Theme ParksOur Theme Parks segment consists primarily of our Universal theme parks in Orlando, Florida and Hollywood, California and our 51% interest in theUniversal Studios theme park in Osaka, Japan (“Universal Studios Japan”), which we acquired in November 2015. In addition, along with aconsortium of Chinese state-owned companies, we are developing a theme park in China.Our Theme Parks segment generates revenue primarily from ticket sales and guest spending at our theme parks.   41 Comcast 2016 Annual Report on Form 10-KTable of ContentsCorporate and OtherOur other business interests consist primarily of the operations of Comcast Spectacor, which owns the Philadelphia Flyers and the Wells FargoCenter arena in Philadelphia, Pennsylvania and operates arena management-related businesses.We currently anticipate launching a Comcast-branded wireless phone service in 2017 using our virtual network operator rights to provide the serviceover a third party’s wireless network, although we are still evaluating the parameters of the anticipated offering. A wireless phone service will havesuccess-based working capital requirements, primarily associated with the procurement of handsets and other equipment, as we launch the newservice.2016 DevelopmentsThe following are the more significant developments in our businesses during 2016:Cable Communications Segment  • An increase in revenue of 6.6% to $50.0 billion and an increase in operating income before depreciation andamortization of 5.6% to $20.1 billion   • A decrease in operating margin to 40.2% primarily due to higher programming expenses, which were partially offset byincreases in high-speed Internet, video and business services revenue   • Investments to improve the customer experience, including by hiring additional personnel and developing anddeploying various technology and software tools   • An increase in capital expenditures of 7.9% to $7.6 billion primarily due to:   • an increased investment in line extensions, primarily for the expansion of our business services   • an increased investment in scalable infrastructure to increase network capacity   • the continued deployment of wireless gateways   • the continued deployment of our X1 platform, which is now available in all of the markets in which we operate,and our cloud DVR technology, which is now available in substantially all of our markets NBCUniversal Segments  • An increase in total NBCUniversal revenue of 11.0% to $31.6 billion; excluding $1.6 billion of revenue associated withour broadcast of the Rio Olympics in August 2016, as well as $376 million of revenue associated with our broadcast ofthe Super Bowl in February 2015, total NBCUniversal revenue increased 6.7%   • An increase in total NBCUniversal operating income before depreciation and amortization of 13.8% to $7.2 billion   • An increase in Cable Networks segment revenue of 8.7%, including $432 million associated with our broadcast of the2016 Rio Olympics   • An increase in Broadcast Television segment revenue of 19.0%, including $1.2 billion associated with our broadcast ofthe 2016 Rio Olympics   • The acquisition of DreamWorks Animation for $3.8 billion in our Filmed Entertainment segment   Comcast 2016 Annual Report on Form 10-K 42 Table of Contents • An increase in Theme Parks segment revenue of 12.7% on a pro forma combined basis to include Universal StudiosJapan Corporate and Other  • The announcement that we anticipate launching a Comcast-branded wireless phone service in 2017 using our virtualnetwork operator rights to provide the service over a third party’s wireless network CompetitionThe results of operations of our reportable business segments are affected by competition, as all of our businesses operate in intensely competitive,consumer-driven and rapidly changing environments and compete with a growing number of companies that provide a broad range ofcommunications products and services and entertainment, news and information content to consumers.For additional information on the competition our businesses face, see Item 1: Business and refer to the “Competition” discussion within that sectionand see Item 1A: Risk Factors and refer to the risk factors within that section entitled “Our businesses currently face a wide range of competition,and our businesses and results of operations could be adversely affected if we do not compete effectively” and “Changes in consumer behaviordriven by new technologies and distribution platforms for viewing content may adversely affect our businesses and challenge existing businessmodels.”Seasonality and CyclicalityEach of our businesses is subject to seasonal and cyclical variations. In our Cable Communications segment, our results are impacted by theseasonal nature of customers receiving our cable services in college and vacation markets. This generally results in a reduction in net customeradditions in the second quarter and an increase in net customer additions in the third and fourth quarters of each year.Revenue in our Cable Communications, Cable Networks and Broadcast Television segments is subject to cyclical advertising patterns and changesin viewership levels. Advertising revenue in the U.S. is generally higher in the second and fourth quarters of each year, due in part to increases inconsumer advertising in the spring and in the period leading up to and including the holiday season. Advertising revenue in the U.S. is also cyclical,with a benefit in even-numbered years due to advertising related to candidates running for political office and issue-oriented advertising. Revenue inour Cable Networks and Broadcast Television segments fluctuates depending on the timing of when our programming is aired, which typically resultsin higher advertising revenue in the second and fourth quarters of each year. Our revenue and operating costs and expenses, excluding depreciationand amortization (“operating costs and expenses”) are cyclical as a result of our periodic broadcasts of major sporting events, such as the OlympicGames, which affect our Cable Networks and Broadcast Television segments, and the Super Bowl, which affects our Broadcast Television segment.Our advertising revenue increases in the period of these broadcasts due to increased demand for advertising time, and our operating costs andexpenses also increase as a result of our production costs and the amortization of the related rights fees.Revenue in our Filmed Entertainment segment fluctuates due to the timing of the release of films in movie theaters, on standard-definition digitalvideo discs and Blu-ray discs (together, “DVDs”) and through various other distribution platforms. Release dates are determined by several factors,including competition and the timing of vacation and holiday periods. As a result, revenue tends to be seasonal, with increases experienced eachyear during the summer months and around the holiday season. Revenue in our Cable Networks, Broadcast Television and Filmed Entertainmentsegments also fluctuates due to the timing of when our content is made available to licensees.   43 Comcast 2016 Annual Report on Form 10-KTable of ContentsRevenue in our Theme Parks segment fluctuates with changes in theme park attendance that result from the seasonal nature of vacation travel andweather variations, local entertainment offerings and the opening of new attractions as well as with changes in currency exchange rates. Our themeparks generally experience peak attendance during the spring holiday period, the summer months when schools are closed and the holiday season.Consolidated Operating Results  Year ended December 31 (in millions) 2016   2015   2014   % Change2015 to 2016  % Change2014 to 2015 Revenue $ 80,403    $ 74,510   $ 68,775    7.9%   8.3% Costs and Expenses:        Programming and production  24,463     22,550    20,912    8.5    7.8 Other operating and administrative  23,409     21,319    19,839    9.8    7.5 Advertising, marketing and promotion  6,114     5,963    5,101    2.5    16.9 Depreciation  7,464     6,781    6,337    10.1    7.0 Amortization  2,094     1,899    1,682    10.3    12.8 Operating income  16,859     15,998    14,904    5.4    7.3 Other income (expense) items, net  (2,506)    (2,626)    (2,439)    (4.6)   7.7 Income before income taxes  14,353     13,372    12,465    7.3    7.3 Income tax expense  (5,308)    (4,959)    (3,873)    7.0    28.0 Net income  9,045     8,413    8,592    7.5    (2.1) Net (income) loss attributable to noncontrolling interests and redeemable subsidiarypreferred stock  (350)    (250)    (212)    39.3    18.1 Net income attributable to Comcast Corporation $8,695    $8,163   $8,380    6.5%   (2.6)% All percentages are calculated based on actual amounts. Minor differences may exist due to rounding.Consolidated RevenueThe following graph illustrates the contributions to the increases in consolidated revenue made by our Cable Communications and NBCUniversalsegments, as well as by Corporate and Other activities including eliminations.   Comcast 2016 Annual Report on Form 10-K 44 Table of ContentsThe primary drivers of the changes in revenue were as follows:2016  • Growth in our Cable Communications segment driven by our high-speed Internet, video and business servicesbusinesses   • Our broadcast of the 2016 Rio Olympics that generated $1.6 billion of revenue, which was reported in ourNBCUniversal segments 2015  • Growth in our Cable Communications segment driven by our high-speed Internet, business services and videobusinesses   • Our larger film slate in our Filmed Entertainment segment, which led to an increase in revenue of $2.3 billion, and ourbroadcast of the 2015 Super Bowl, which generated $376 million of revenue, both of which were reported in ourNBCUniversal segments Revenue for our segments is discussed separately below under the heading “Segment Operating Results.” Revenue for our other businesses isdiscussed separately under the heading “Corporate and Other Results of Operations.”Consolidated Costs and ExpensesThe following graph illustrates the contributions to the increases in consolidated operating costs and expenses made by our Cable Communicationsand NBCUniversal segments, as well as by Corporate and Other activities including eliminations. The primary drivers of the changes in operating costs and expenses were as follows:2016  • An increase in programming expenses in our Cable Communications segment   • Our broadcast of the 2016 Rio Olympics, which was reported in our NBCUniversal segments    45 Comcast 2016 Annual Report on Form 10-KTable of Contents2015  • An increase in programming expenses in our Cable Communications segment   • Our larger film slate and our broadcast of the 2015 Super Bowl, both of which were reported in our NBCUniversalsegments   • Transaction-related costs associated with the Time Warner Cable merger and the related divestiture transactions of$178 million, which were reported in Corporate and Other activities. In April 2015, we and Time Warner Cable Inc.terminated our planned merger and, as a result, we terminated our related agreement with Charter Communications,Inc. to spin off, exchange and sell certain cable systems Operating costs and expenses for our segments is discussed separately below under the heading “Segment Operating Results.” Operating costsand expenses for our other businesses is discussed separately below under the heading “Corporate and Other Results of Operations.”Consolidated Depreciation and AmortizationYear ended December 31 (in millions) 2016   2015   2014   % Change 2015 to 2016  % Change 2014 to 2015 Cable Communications $ 7,670    $ 7,051   $ 6,436    8.8%   9.6% NBCUniversal  1,805     1,539    1,495    17.3    2.9 Corporate and Other  83     90    88    (7.3)   1.3 Comcast Consolidated $9,558    $8,680   $8,019    10.1%   8.2% Consolidated depreciation and amortization expense increased in 2016 and 2015 primarily due to increases in capital expenditures, as well asexpenditures for software, in our Cable Communications segment in recent years. We continue to invest to increase our network capacity and incustomer premise equipment, primarily for our X1 platform and cloud DVR technology and for wireless gateways. In addition, because these assetsgenerally have shorter estimated useful lives, our depreciation expenses have increased and we expect this will continue in 2017. NBCUniversaldepreciation and amortization expense also increased due to the acquisition of the 51% interest in Universal Studios Japan in November 2015 andour investments in new attractions in the Theme Parks segment.Segment Operating Results Our segment operating results are presented based on how we assess operating performance and internally report financial information. We useoperating income (loss) before depreciation and amortization, excluding impairment charges related to fixed and intangible assets and gains orlosses from the sale of assets, if any, as the measure of profit or loss for our operating segments. This measure eliminates the significant level ofnoncash depreciation and amortization expense that results from the capital-intensive nature of certain of our businesses and from intangible assetsrecognized in business combinations. Additionally, it is unaffected by our capital structure or investment activities. We use this measure to evaluateour consolidated operating performance and the operating performance of our operating segments and to allocate resources and capital to ouroperating segments. It is also a significant performance measure in our annual incentive compensation programs. We believe that this measure isuseful to investors because it is one of the bases for comparing our operating performance with that of other companies in our industries, althoughour measure may not be directly comparable to similar measures used by other companies. Because we use operating income (loss) beforedepreciation and amortization to measure our segment profit or loss, we reconcile it to operating income, the most directly comparable financialmeasure calculated and presented in accordance with generally accepted accounting principles in the United States (“GAAP”), in the businesssegment footnote to our  Comcast 2016 Annual Report on Form 10-K 46 Table of Contentsconsolidated financial statements (see Note 17 to Comcast’s consolidated financial statements and Note 16 to NBCUniversal’s consolidated financialstatements). This measure should not be considered a substitute for operating income (loss), net income (loss) attributable to Comcast Corporationor NBCUniversal, net cash provided by operating activities, or other measures of performance or liquidity we have reported in accordance withGAAP.The revenue and operating costs and expenses associated with our broadcasts of the 2016 Rio Olympics and the Sochi Olympics in February 2014were reported in our Cable Networks and Broadcast Television segments. The revenue and operating costs and expenses associated with ourbroadcast of the 2015 Super Bowl were reported in our Broadcast Television segment.We have adjusted prior period segment operating results to reflect certain changes in our management reporting presentation. See Note 17 toComcast’s consolidated financial statements for additional information on these changes.Cable Communications Segment Results of Operations     47 Comcast 2016 Annual Report on Form 10-KTable of ContentsYear ended December 31 (in millions) 2016   2015   2014   % Change 2015 to 2016  % Change 2014 to 2015 Revenue        Residential:        Video $ 22,357    $ 21,526   $ 20,783    3.9%   3.6% High-speed Internet  13,532     12,471    11,321    8.5    10.2 Voice  3,540     3,608    3,671    (1.9)   (1.7) Business services  5,514     4,751    3,960    16.1    20.0 Advertising  2,518     2,298    2,388    9.6    (3.8) Other  2,587     2,274    2,042    13.8    11.3 Total revenue  50,048     46,928    44,165    6.6    6.3 Operating costs and expenses        Programming  11,576     10,516    9,819    10.1    7.1 Technical and product support  6,371     5,996    5,594    6.3    7.2 Customer service  2,486     2,396    2,226    3.7    7.7 Franchise and other regulatory fees  1,481     1,382    1,296    7.2    6.7 Advertising, marketing and promotion  3,547     3,369    3,098    5.3    8.7 Other  4,478     4,232    4,035    5.8    4.8 Total operating costs and expenses  29,939     27,891    26,068    7.3    7.0 Operating income before depreciation and amortization $20,109    $19,037   $18,097    5.6%   5.2% Customer Metrics    Total Customers   Net Additional Customers December 31 (in thousands) 2016   2015   2014   2016   2015   2014 Total customer relationships   28,559     27,701    27,035    858     666    358 Single product customers   8,541     8,366    8,409    175     (43)    (343) Double product customers   9,699     9,221    8,750    477     472    209 Triple product customers   10,319     10,114    9,876    205     238    492 Video customers  22,508     22,347    22,383    161     (36)    (194) High-speed Internet customers  24,701     23,329    21,962    1,373     1,367    1,277 Voice customers  11,687     11,475    11,193    211     282    470 Average monthly total revenue per customer relationship $ 148.26    $ 142.89   $ 137.04                Customer metrics include residential and business customers and are presented based on actual amounts. Minor differences may exist due to rounding. (a) Customer relationships represent the number of residential and business customers that subscribe to at least one of our cable services. Single product, double product and triple productcustomers represent customers that subscribe to one, two or three of our cable services, respectively.Cable Communications Segment – RevenueVideoOur Cable Communications segment offers a broad variety of video service packages that may include premium networks, pay-per-view servicesand our On Demand service. Our video customers may subscribe for additional fees to our high-definition (“HD”) video and digital video recorder(“DVR”) advanced services. We are actively deploying set-top boxes for our Internet Protocol (“IP”) and cloud-enabled video platform, referred to asour X1 platform, and cloud DVR technology throughout our footprint.  Comcast 2016 Annual Report on Form 10-K 48 (a)(a)(a)(a)Table of ContentsVideo revenue increased 3.9% and 3.6% in 2016 and 2015, respectively. The increases in revenue in both years were primarily due to rateadjustments and an increase in the number of residential customers subscribing to additional services such as premium channels and advancedservices, which accounted for increases in revenue of 3.9% and 4.5% in 2016 and 2015, respectively. As of December 31, 2016, 14.8 millioncustomers subscribed to at least one of our HD or DVR advanced services compared to 13.9 million customers and 13.0 million customers as ofDecember 31, 2015 and 2014, respectively. Net additional video customers increased in 2016 primarily due to reduced customer churn, which webelieve is a result of our continued deployment of our X1 platform as well as improvements we have made in the customer experience. The increasein revenue in 2015 was partially offset by a decrease in the number of residential video customers, which was primarily due to competitive pressuresand the impact of rate adjustments.As of December 31, 2016, 39.9% of the homes and businesses in the areas we serve subscribed to our video services, compared to 40.1% and40.9% as of December 31, 2015 and 2014, respectively. We have in the past, and may in the future, experience declines in the number of residentialvideo customers due to competitive pressures and the impact of rate adjustments.High-Speed InternetWe offer high-speed Internet services with downstream speeds from a range of up to 10 Mbps to fiber-based speeds up to 2 Gbps. We are activelydeploying wireless gateways throughout our footprint, which combine a customer’s wireless router, cable modem and voice adapter, to improve theperformance of multiple IP-enabled devices used at the same time within the home, provide faster Internet speeds and create an in-home Wi-Finetwork. We are continuing to expand our network of residential, outdoor and business Wi-Fi hotspots to allow most of our high-speed Internetcustomers to access our high-speed Internet services inside and outside the home. As of December 31, 2016, there were approximately 15.8 millionof these hotspots.High-speed Internet revenue increased 8.5% and 10.2% in 2016 and 2015, respectively. Increases in the number of residential customers receivingour high-speed Internet services accounted for increases in revenue of 5.8% in both 2016 and 2015. The remaining increases in revenue in both2016 and 2015 were primarily due to increases in the number of customers receiving higher levels of service and the impact of rate adjustments.As of December 31, 2016, 43.8% of the homes and businesses in the areas we serve subscribed to our high-speed Internet services, compared to41.9% and 40.2% as of December 31, 2015 and 2014, respectively. Our customer base continues to grow as consumers choose our high-speedInternet service and seek higher-speed offerings.VoiceWe offer voice services that provide local and long-distance calling and other related features.Voice revenue decreased 1.9% and 1.7% in 2016 and 2015, respectively. While the number of residential customers receiving voice servicesthrough our discounted bundled service offerings increased in both years, revenue was negatively impacted by the allocation of voice revenue forour customers who receive bundled services. The amount allocated to voice revenue in the rate charged for bundled services decreased in bothyears because video and high-speed Internet rates increased while voice rates remained relatively flat.As of December 31, 2016, 20.7% of the homes and businesses in the areas we serve subscribed to our voice services, compared to 20.6% and20.5% as of December 31, 2015 and 2014, respectively.   49 Comcast 2016 Annual Report on Form 10-KTable of ContentsBusiness ServicesWe offer our cable services to small and medium-sized businesses and to large enterprises with multiple locations. We offer Ethernet networkservices that connect multiple locations and provide higher downstream and upstream speed options to medium-sized businesses and largeenterprises. We also provide cellular backhaul services to mobile network operators to help those customers manage network bandwidth.Business services revenue increased 16.1% and 20.0% in 2016 and 2015, respectively. The increase in 2016 was primarily due to an increase in thenumber of small business customers, as well as continued growth in our medium-sized business services, including Ethernet network and advancedvoice services. The increase in 2015 was primarily due to an increase in the number of small business customers receiving our high-speed Internetand voice services and rate adjustments. In 2016, 2015 and 2014, our small business customers represented more than 70% of total businessservices revenue. We believe the increases in the number of business customers were primarily the result of our efforts to gain market share fromcompetitors by offering competitive services and pricing, although the rate of growth in the number of our small business customers may slow as thebusiness matures.AdvertisingOur Cable Communications segment also sells advertising. As part of our distribution agreements with cable networks, we generally receive anallocation of scheduled advertising time on cable networks that we sell through our advertising business, Spotlight, to local, regional and nationaladvertisers. In most cases, the available advertising units are sold by our sales force. In some cases, we work with representation firms as anextension of our sales force to sell a portion of the advertising units allocated to us. We also represent the advertising sales efforts of othermultichannel video providers in some markets. In addition, we generate revenue from the sale of advertising online and on our On Demand service.Advertising revenue is affected by the strength of the advertising market and general economic conditions.Advertising revenue increased 9.6% in 2016 primarily due to an increase in political advertising revenue. Advertising revenue decreased 3.8% in2015 primarily due to a decrease in political advertising revenue. Excluding the impact of political advertising revenue, advertising revenue increasedslightly in 2016 and 3.0% in 2015.In 2016, 5% of our Cable Communications segment advertising revenue was generated from our NBCUniversal segments, compared to 6% and 5%in 2015 and 2014, respectively. These amounts are eliminated in our consolidated financial statements but are included in the amounts presentedabove.OtherOther revenue primarily includes revenue related to cable franchise and other regulatory fees. We also receive revenue related to fees from otherservices, such as our home security and automation services. Cable franchise and other regulatory fees represent the fees we are required to pay tofederal, state and local authorities that we pass through to our customers. Under the terms of our cable franchise agreements, we are generallyrequired to pay to the cable franchising authority an amount based on our gross video revenue. The changes in franchise and other regulatory feescollected from our cable services customers are generally due to changes in the revenue to which the fees apply.Other revenue increased 13.8% and 11.3% in 2016 and 2015, respectively, primarily due to increases in cable franchise and other regulatory fees,revenue from our home security and automation services and revenue from other services.  Comcast 2016 Annual Report on Form 10-K 50 Table of ContentsCable Communications Segment – Operating Costs and ExpensesProgramming ExpensesProgramming expenses, which represent our most significant operating expense, are the fees we incur to provide content to our video customers.These expenses are affected by the programming license fees charged by cable networks, the fees charged for retransmission of the signals fromlocal broadcast television stations, the number of video customers we serve and the amount of content we provide. Programming expensesincreased in 2016 and 2015 primarily due to increases in programming license fees, including retransmission consent fees, sports programmingcosts and fees to secure rights for additional programming for distribution across an increasing number of platforms.We anticipate that our programming expenses will increase at a higher growth rate in 2017, as the fees we pay will increase primarily due to thetiming of contract renewals and increases in retransmission consent fees and sports programming costs; as we provide additional content to ourvideo customers; and as we deliver this content through an increasing number of platforms, including On Demand, online and through our mobileapps. We believe that adding more content and delivering it on various platforms will help us to attract and retain video customers.Technical and Product Support ExpensesTechnical and product support expenses include costs to complete service call and installation activities, as well as costs for network operations,product development, fulfillment and provisioning. Technical and product support expenses increased in 2016 and 2015 primarily due to expensesrelated to the development, delivery and support of our enhanced devices and services, including our X1 platform, cloud DVR technology andwireless gateways, and continued growth in business services and home security and automation services. The increases in both years were alsodue to expenses related to investments to improve the customer experience.Customer Service ExpensesCustomer service expenses include the personnel and other costs associated with handling the sale of services to customers and customer serviceactivity. Customer service expenses increased in 2016 and 2015 primarily due to increased support for improving the customer experience andincreases in total labor costs, which reflect sales and support activities associated with the continued deployment of our enhanced devices andservices, including our X1 platform and wireless gateways, and continued growth in business services and home security and automation services.The rate of growth of our customer service expenses decreased in 2016 primarily due to reduced call volumes.Franchise and Other Regulatory FeesFranchise and other regulatory fees increased in 2016 and 2015 primarily due to increases in the revenue to which the fees apply.Advertising, Marketing and Promotion ExpensesAdvertising, marketing and promotion expenses increased in 2016 and 2015 primarily due to increases in spending associated with attracting newresidential and business services customers and encouraging existing customers to add additional or higher-tier services.Other Operating Costs and ExpensesOther operating costs and expenses increased in 2016 and 2015 primarily due to increases in costs to support our advertising sales business, aswell as increases in other administrative costs.   51 Comcast 2016 Annual Report on Form 10-KTable of ContentsCable Communications Segment – Operating MarginOur Cable Communications segment operating margin is operating income before depreciation and amortization as a percentage of revenue. Themost significant operating costs and expenses for our Cable Communications segment are the programming expenses we incur to provide contentto our video customers. We expect that our programming expenses will continue to increase, which may negatively impact our operating margin. Wewill attempt to mitigate increases in operating costs and expenses by growing revenue, particularly in our high-speed Internet, video and businessservices businesses and through cost management.Our operating margin in 2016, 2015 and 2014 was 40.2%, 40.6% and 41.0%, respectively.NBCUniversal Segments Overview 2016 NBCUniversal Segments Operating Results      (a) Excludes the results of NBCUniversal Headquarters, Other and eliminations. Year ended December 31 (in millions) 2016      2015      % Change 2015 to 2016     Actual      Actual   Pro Forma Adjustments    Pro Forma Combined      Actual  Pro FormaCombined Revenue            Cable Networks $ 10,464     $9,628   $—   $9,628     8.7%  Broadcast Television  10,147      8,530    —    8,530     19.0   Filmed Entertainment  6,360      7,287    —    7,287     (12.7)  Theme Parks  4,946      3,339    1,052    4,391     48.2    12.7% Headquarters, other and eliminations  (324)     (322)    —    (322)     NM      Total revenue $31,593     $ 28,462   $ 1,052   $ 29,514     11.0%   7.0% Operating Income Before Depreciation and Amortization            Cable Networks $3,709     $3,499   $—   $3,499     6.0%  Broadcast Television  1,320      780    —    780     69.1   Filmed Entertainment  697      1,234    —    1,234     (43.5)  Theme Parks  2,190      1,464    488    1,952     49.6    12.2% Headquarters, other and eliminations  (689)     (625)    —    (625)     (10.1)     Total operating income before depreciation and amortization $7,227     $6,352   $488   $6,840     13.8%   5.7%   Comcast 2016 Annual Report on Form 10-K 52 (a)(a)Table of ContentsYear ended December 31 (in millions) 2015     2014     % Change 2014 to 2015     Actual  Pro Forma Adjustments   Pro Forma Combined     Actual  Pro Forma Adjustments   Pro Forma Combined     Actual  Pro FormaCombined Revenue          Cable Networks $9,628  $—  $9,628   $9,563  $—  $9,563    0.7%  Broadcast Television  8,530   —   8,530    8,542   —   8,542    (0.1)  Filmed Entertainment  7,287   —   7,287    5,008   —   5,008    45.5  Theme Parks  3,339   1,052   4,391    2,623   1,085   3,708    27.3   18.4% Headquarters, other and eliminations  (322)   —   (322)    (308)   —   (308)    NM     Total revenue $ 28,462  $ 1,052  $ 29,514   $ 25,428  $ 1,085  $ 26,513    11.9%   11.3% Operating Income Before Depreciation andAmortization          Cable Networks $3,499  $—  $3,499   $3,589  $—  $3,589    (2.5)%  Broadcast Television  780   —   780    734   —   734    6.3  Filmed Entertainment  1,234   —   1,234    711   —   711    73.5  Theme Parks  1,464   488   1,952    1,096   451   1,547    33.5   26.2% Headquarters, other and eliminations  (625)   —   (625)    (614)   —   (614)    (1.8)     Total operating income before depreciationand amortization $6,352  $488  $6,840   $5,516  $451  $5,967    15.1%   14.6% Percentage changes that are considered not meaningful are denoted with NM. (a) Pro forma adjustments are presented as if the acquisition of the 51% interest of Universal Studios Japan occurred on January 1, 2014. Pro forma information does not include adjustmentsfor transaction-related costs, costs related to integration activities, or cost savings or synergies that have been or may be achieved by the combined businesses. The pro forma amounts areprimarily based on historical results of operations, adjusted for the allocation of purchase price, and are not necessarily indicative of what our results would have been had we operatedUniversal Studios Japan since January 1, 2014, nor of our future results.Cable Networks Segment Results of Operations  Year ended December 31 (in millions) 2016   2015   2014   % Change2015 to 2016  % Change2014 to 2015 Revenue        Distribution $6,078    $5,461   $5,307    11.3%   2.9% Advertising  3,566     3,435    3,494    3.8    (1.7) Content licensing and other  820     732    762    11.9    (4.0) Total revenue   10,464     9,628    9,563    8.7    0.7 Operating costs and expenses        Programming and production  4,932     4,319    4,241    14.2    1.8 Other operating and administrative  1,310     1,270    1,232    3.2    3.1 Advertising, marketing and promotion  513     540    501    (5.1)   7.7 Total operating costs and expenses  6,755     6,129    5,974    10.2    2.6 Operating income before depreciation and amortization $3,709    $ 3,499   $ 3,589    6.0%   (2.5)%    53 Comcast 2016 Annual Report on Form 10-K(a)(a)Table of ContentsCable Networks Segment – RevenueDistributionDistribution revenue is generated from the distribution of our cable network programming to multichannel video providers and is affected by thenumber of subscribers receiving our cable networks and the fees we charge per subscriber.Distribution revenue increased in 2016 primarily due to increases in the contractual rates charged under distribution agreements and contractrenewals, as well as $298 million of revenue associated with our broadcast of the 2016 Rio Olympics, which were partially offset by a decline in thenumber of subscribers at some of our cable networks. Distribution revenue increased in 2015 primarily due to increases in the contractual ratescharged under distribution agreements that were partially attributable to the premiere of NASCAR programming on the NBC Sports Network in 2015.The increases in 2015 were partially offset by a decrease in revenue from a decline in the number of subscribers at some of our cable networks and$177 million of revenue in 2014 associated with our broadcast of the 2014 Sochi Olympics. Excluding revenue associated with our broadcasts of the2016 Rio Olympics and the 2014 Sochi Olympics, distribution revenue increased 5.8% and 6.5% in 2016 and 2015, respectively.AdvertisingAdvertising revenue is generated from the sale of advertising units sold on our cable networks and related digital media properties. Advertisingrevenue is primarily based on the price we charge for each advertising unit, which is generally based on audience ratings, the value of our viewerdemographics to advertisers and the number of advertising units we can place in our cable networks’ programming schedules. Advertising revenueis affected by the audience ratings of our programming, the strength of the national advertising market and general economic conditions. Audienceratings at our cable networks have declined, which has negatively affected advertising revenue in recent years, and may continue to decline as thenumber of programming choices, such as subscription video on demand services, continues to increase and as more viewers use DVRs and videoon demand services to view our content outside of traditional audience ratings measurement periods.Advertising revenue increased in 2016 primarily due to $134 million of revenue associated with our broadcast of the 2016 Rio Olympics. Also, higherprices for advertising units were offset by the impact of declining audience ratings. Advertising revenue decreased in 2015 primarily due to$80 million of revenue in 2014 associated with our broadcast of the 2014 Sochi Olympics. In addition, the impact of declining audience ratings in2015 was partially offset by higher prices for, and an increase in the volume of, advertising units sold, as well as increased advertising revenueassociated with the broadcast of NASCAR programming. Excluding revenue associated with our broadcasts of the 2016 Rio Olympics and the 2014Sochi Olympics, advertising revenue decreased slightly in 2016 and increased slightly in 2015 due to the broadcast of NASCAR programming.Content Licensing and OtherContent licensing and other revenue is generated primarily from the licensing of our owned programming in the United States and internationally tocable and broadcast networks and subscription video on demand services, as well as from the sale of our owned programming on DVDs andthrough digital distribution services such as iTunes. In addition, our cable television studio production operations generate revenue fromprogramming it produces for third-party networks and subscription video on demand services.Content licensing and other revenue increased in 2016 and decreased in 2015 primarily due to the timing of content provided under our licensingagreements.  Comcast 2016 Annual Report on Form 10-K 54 Table of ContentsIn 2016, 2015 and 2014, 14%, 13% and 12%, respectively, of our Cable Networks segment revenue was generated from our Cable Communicationssegment. These amounts are eliminated in Comcast’s consolidated financial statements but are included in the amounts presented above.Cable Networks Segment – Operating Costs and ExpensesProgramming and Production CostsProgramming and production costs include the amortization of owned and acquired programming, sports rights, direct production costs, residual andparticipation payments, production overhead, costs associated with the distribution of our programming to third-party networks and other distributionplatforms, and on-air talent costs.Programming and production costs increased in 2016 primarily due to our broadcast of the 2016 Rio Olympics, as well as an increase in other sportsprogramming rights costs. Programming and production costs increased in 2015 primarily due to our continued investment in programming, includingthe premiere of NASCAR programming and other sports programming rights costs. These increases in 2015 were partially offset by costs in 2014associated with our broadcast of the 2014 Sochi Olympics.Other Operating and Administrative Costs and ExpensesOther operating and administrative costs and expenses include salaries, employee benefits, rent and other overhead expenses, and these costsincreased in 2016 and 2015 primarily due to increases in employee-related costs.Advertising, Marketing and Promotion ExpensesAdvertising, marketing and promotion expenses consist primarily of the costs associated with promoting programming on our cable networks andrelated digital media properties. These expenses decreased in 2016 and increased in 2015 primarily due to increased spending on marketing in2015 related to the launch of new programming on our cable networks.Broadcast Television Segment Results of Operations  Year ended December 31 (in millions) 2016   2015   2014   % Change2015 to 2016  % Change2014 to 2015 Revenue        Advertising $6,834    $ 5,747   $ 5,888    18.9%   (2.4)% Content licensing  1,899     1,784    1,569    6.4    13.7 Distribution and other  1,414     999    1,085    41.5    (7.8) Total revenue   10,147     8,530    8,542    19.0    (0.1) Operating costs and expenses        Programming and production  6,984     5,950    6,127    17.4    (2.9) Other operating and administrative  1,381     1,276    1,199    8.3    6.4 Advertising, marketing and promotion  462     524    482    (11.9)   8.9 Total operating costs and expenses  8,827     7,750    7,808    13.9    (0.7) Operating income before depreciation and amortization $1,320    $780   $734    69.1%   6.3%    55 Comcast 2016 Annual Report on Form 10-KTable of ContentsBroadcast Television Segment – RevenueAdvertisingAdvertising revenue is generated from the sale of advertising units sold on our broadcast networks, owned local television stations and related digitalmedia properties. Advertising revenue is primarily based on the price we charge for each advertising unit, which is generally based on audienceratings and the value of our viewer demographics to advertisers, and the number of advertising units we can place in our broadcast networks’ andowned local television stations’ programming schedules. Advertising revenue is affected by the strength of the national and local advertisingmarkets, general economic conditions, cyclicality related to political campaigns and issue-oriented advertising, and the success and ratings of ourprogramming.Advertising revenue increased in 2016 primarily due to $1.0 billion of revenue associated with our broadcast of the 2016 Rio Olympics. Advertisingrevenue also increased due to higher prices for advertising units sold, the premiere of Thursday Night Football and higher political advertising, whichwas partially offset by revenue in 2015 associated with our broadcast of the 2015 Super Bowl and a decline in audience ratings. Advertising revenuedecreased in 2015 primarily due to $730 million of revenue in 2014 associated with our broadcast of the 2014 Sochi Olympics, which was partiallyoffset by $376 million of revenue in 2015 associated with our broadcast of the 2015 Super Bowl. Excluding revenue associated with our broadcastsof the 2016 Rio Olympics and the 2015 Super Bowl, revenue increased 7.7% in 2016. Excluding revenue associated with our broadcasts of the 2015Super Bowl and the 2014 Sochi Olympics, revenue increased 4.1% in 2015 primarily due to higher prices for, and an increase in the volume of,advertising units sold.Content LicensingContent licensing revenue is generated from the licensing of our owned programming in the United States and internationally to various distributionplatforms, including to cable and broadcast networks, as well as to subscription video on demand services. In addition, our broadcast televisionstudio production operations develop and produce original content that they license to broadcast networks, cable networks and local broadcasttelevision stations owned by us and third parties, as well as to subscription video on demand services. The production and distribution costs relatedto our owned programming generally exceed the revenue generated from the initial network license, which means the subsequent licensing of ourowned programming series following the initial network license is critical to their financial success.Content licensing revenue increased in 2016 and 2015 primarily due to the timing of content provided under our licensing agreements.Distribution and OtherWe generate distribution and other revenue primarily from fees for retransmission consent of our owned local broadcast television stations andassociated fees received from NBC-affiliated local broadcast television stations, as well as from the sale of our owned programming on DVDs andthrough digital distribution services. The sale of our owned programming is driven primarily by the popularity of our broadcast networks andprogramming series and therefore fluctuates based on consumer spending and acceptance. Distribution and other revenue also includes distributionrevenue associated with our periodic broadcasts of the Olympic Games.Distribution and other revenue increased in 2016 primarily due to increases in fees recognized under our retransmission consent agreements, aswell as $140 million of distribution revenue associated with our broadcast of the 2016 Rio Olympics. Distribution and other revenue decreased in2015 primarily due to $116 million of distribution revenue in 2014 that was associated with our broadcast of the 2014 Sochi Olympics. The decreasewas partially offset by an increase in fees recognized under our retransmission consent agreements, as well as new syndication agreements enteredinto in 2015.  Comcast 2016 Annual Report on Form 10-K 56 Table of ContentsBroadcast Television Segment – Operating Costs and ExpensesProgramming and Production CostsProgramming and production costs relate to content originating on our broadcast networks and owned local broadcast television stations, as well asowned content that is licensed to third parties. These costs include the amortization of owned and acquired programming costs, sports rights, directproduction costs, residual and participation payments, production overhead, costs associated with the distribution of our programming to third-partynetworks and other distribution platforms, and on-air talent costs.Programming and production costs increased in 2016 primarily due to our broadcast of the 2016 Rio Olympics, as well as our broadcast of ThursdayNight Football , which were partially offset by costs in 2015 associated with our broadcast of the 2015 Super Bowl. Programming and productioncosts decreased in 2015 primarily due to costs in 2014 associated with our broadcast of the 2014 Sochi Olympics, which was partially offset by costsassociated with our broadcast of the 2015 Super Bowl, the timing of content provided under our licensing agreements and higher studio productioncosts.Other Operating and Administrative Costs and ExpensesOther operating and administrative costs and expenses include salaries, employee benefits, rent and other overhead expenses, and these costsincreased in 2016 and 2015 primarily due to increases in employee-related costs.Advertising, Marketing and Promotion ExpensesAdvertising, marketing and promotion expenses consist primarily of the costs associated with promoting our owned and acquired televisionprogramming, as well as the marketing of DVDs and costs associated with our related digital media properties. These expenses decreased in 2016and increased in 2015 primarily due to increased spending on marketing in 2015 associated with our NBC primetime lineup.Filmed Entertainment Segment Results of Operations  Year ended December 31 (in millions) 2016   2015   2014   % Change2015 to 2016  % Change2014 to 2015 Revenue        Theatrical $ 1,560    $ 2,829   $ 1,101    (44.9)%   156.9% Content licensing  2,563     1,923    1,792    33.3    7.3 Home entertainment  1,254     1,801    1,457    (30.4)   23.6 Other  983     734    658    34.1    11.5 Total revenue  6,360     7,287    5,008    (12.7)   45.5 Operating costs and expenses        Programming and production  2,962     3,488    2,331    (15.1)   49.6 Other operating and administrative  1,101     872    849    26.3    2.8 Advertising, marketing and promotion  1,600     1,693    1,117    (5.5)   51.7 Total operating costs and expenses  5,663     6,053    4,297    (6.4)   40.9 Operating income before depreciation and amortization $697    $1,234   $711    (43.5)%   73.5% Filmed Entertainment Segment – RevenueTheatricalTheatrical revenue is generated from the worldwide theatrical release of our owned and acquired films for exhibition in movie theaters and issignificantly affected by the timing of each release and the number of films   57 Comcast 2016 Annual Report on Form 10-KTable of Contentswe distribute, as well as their acceptance by audiences. Theatrical revenue is also affected by the number of exhibition screens, ticket prices, thepercentage of ticket sale retention by the exhibitors and the popularity of competing films at the time our films are released. The success of a film inmovie theaters is a significant factor in determining the revenue a film is likely to generate in succeeding distribution platforms.Theatrical revenue decreased in 2016 and increased in 2015 primarily due to the strong performance of our larger 2015 film slate, including Furious7 , Jurassic World and Minions . The decrease in 2016 was partially offset by the strong performance of The Secret Life of Pets and Sing in 2016.Content LicensingContent licensing revenue is generated primarily from the licensing of our owned and acquired films to cable, broadcast and premium networks, aswell as to subscription video on demand services.Content licensing revenue increased in 2016 and 2015 primarily due to the timing of when content was made available under licensing agreements.The increase in 2016 was partially due to the timing of when content related to our 2015 film slate was made available under licensing agreements.Home EntertainmentHome entertainment revenue is generated from the sale of our owned and acquired films on DVDs to retail stores, rental kiosks and subscription bymail services, and in digital formats. Home entertainment revenue is significantly affected by the timing and number of our releases and theiracceptance by consumers. Release dates are determined by several factors, including the timing of the exhibition of a film in movie theaters, holidayperiods and the timing of competitive releases. The overall DVD market continues to experience declines due to the maturation of the standard-definition DVD format, increasing shifts in consumer behavior toward digital distribution services, and subscription rental services, all of whichgenerate less revenue per transaction than DVD sales, as well as due to piracy.Home entertainment revenue decreased in 2016 and increased in 2015 primarily due to the strong performance of our 2015 releases, includingMinions and Jurassic World . The decrease in 2016 was partially offset by the home entertainment sales of Jason Bourne and The Secret Life ofPets .OtherWe also generate revenue from producing and licensing live stage plays, from distributing filmed entertainment produced by third parties, fromFandango, our movie ticketing and entertainment business, and from the sale of consumer products.Other revenue increased in 2016 and 2015 primarily due to increases in revenue generated from Fandango.Filmed Entertainment Segment – Operating Costs and ExpensesProgramming and Production CostsProgramming and production costs include the amortization of capitalized film production and acquisition costs, residual and participation payments,and distribution expenses. Residual payments represent amounts payable to certain of our employees who are represented by labor unions orguilds, including freelance and temporary employees, and are based on post-theatrical revenue. Participation payments are primarily based on filmperformance and represent contingent consideration payable to creative talent, third parties that have entered into cofinancing agreements with usand other parties involved in the production of a film. The costs associated with producing films have generally increased in recent years and maycontinue to increase in the future.  Comcast 2016 Annual Report on Form 10-K 58 Table of ContentsProgramming and production costs decreased in 2016 and increased in 2015 primarily due to higher amortization of film production costs in 2015associated with our larger 2015 film slate, which included Furious 7 , Jurassic World and Minions .Other Operating and Administrative Costs and ExpensesOther operating and administrative costs and expenses include salaries, employee benefits, rent and other overhead expenses.Other operating and administrative expenses increased in 2016 primarily due to costs attributable to DreamWorks Animation, including $61 million ofseverance costs. Other operating and administrative expenses increased slightly in 2015 due to increased expenses associated with our larger filmslate.Advertising, Marketing and Promotion ExpensesAdvertising, marketing and promotion expenses consist primarily of expenses associated with advertising for our theatrical releases and themarketing of our films on DVDs and in digital formats. We incur significant marketing expenses before and throughout the release of a film in movietheaters. As a result, we typically incur losses on a film prior to and during the film’s exhibition in movie theaters and may not realize profits, if any,until the film generates home entertainment and content licensing revenue. The costs associated with marketing films have generally increased inrecent years and may continue to increase in the future.Advertising, marketing and promotion expenses decreased in 2016 and increased in 2015 primarily due to higher promotional costs associated withour larger 2015 film slate. The decrease in 2016 was partially offset due to advertising in 2016 for our domestic and international film slate.Advertising, marketing and promotion expenses also increased in 2015 due to increased advertising expenses associated with Fandango.Theme Parks Segment Actual and Pro Forma Results of Operations  Year ended December 31 (in millions) 2016      2015      % Change2015 to 2016     Actual      Actual   Pro Forma Adjustments   Pro FormaCombined      Actual  Pro FormaCombined Revenue $ 4,946     $ 3,339   $ 1,052   $ 4,391     48.2%   12.7% Operating costs and expenses  2,756      1,875    564    2,439     47.0    13.0  Operating income before depreciation and amortization $2,190     $1,464   $488   $1,952     49.6%   12.2%  Year ended December 31 (in millions) 2015     2014     % Change 2014 to 2015     Actual  Pro Forma Adjustments  Pro FormaCombined     Actual  Pro Forma Adjustments  Pro FormaCombined     Actual  Pro FormaCombined Revenue $ 3,339  $ 1,052  $ 4,391   $ 2,623  $ 1,085  $ 3,708    27.3%   18.4% Operating costs and expenses  1,875   564   2,439    1,527   634   2,161    22.8   12.8 Operating income before depreciation andamortization $1,464  $488  $1,952   $1,096  $451  $1,547    33.5%   26.2% Theme Parks Segment – RevenueOur Theme Parks segment revenue is generated primarily from ticket sales and guest spending at our Universal theme parks. Guest spendingincludes in-park spending on food, beverages and merchandise. Guest attendance at our theme parks and guest spending depend heavily on thegeneral environment for travel and tourism, including consumer spending on travel and other recreational activities.   59 Comcast 2016 Annual Report on Form 10-KTable of ContentsTheme Parks segment revenue increased in 2016 compared to the pro forma combined revenue in 2015 primarily due to increases in guestspending and higher guest attendance driven by the successful opening of The Wizarding World of Harry Potter™ attraction in Hollywood in April2016, as well as the positive impact of foreign currency translation due to the strengthening of the Japanese yen. The strengthening of the Japaneseyen accounted for approximately one-third of the increase in revenue for 2016.Theme Parks segment pro forma combined revenue increased in 2015 compared to the pro forma combined revenue in 2014 primarily due to higherguest attendance and increases in guest spending at our Universal theme parks. The increase in 2015 was primarily due to the success of ourattractions, including The Wizarding World of Harry Potter™ — Diagon Alley™ in Orlando, which opened in 2014, and the Fast & Furious™ —Supercharged™ studio tour and The Simpson’s Springfield attraction in Hollywood, both of which opened in 2015.Theme Parks Segment – Operating Costs and ExpensesOur Theme Parks segment operating costs and expenses consist primarily of theme park operations, including repairs and maintenance and relatedadministrative expenses; food, beverage and merchandise costs; labor costs; and sales and marketing costs.Theme Parks segment operating costs and expenses increased in 2016 compared to the pro forma combined operating costs and expenses in 2015primarily due to additional costs associated with newer attractions, such as The Wizarding World of Harry Potter™ attraction in Hollywood and SkullIsland: Reign of Kong™ attraction in Orlando, as well as the impact of foreign currency translation due to the strengthening on the Japanese yen.Theme Parks segment pro forma combined operating costs and expenses in 2015 increased compared to the pro forma combined operating costsand expenses in 2014 primarily due to additional costs associated with newer attractions, such as the Fast & Furious™ — Supercharged™ studiotour in Hollywood, and increases in food, beverage and merchandise costs associated with higher guest attendance.The strengthening of the Japanese yen accounted for approximately one-third of the increase in operating income before depreciation andamortization in 2016. NBCUniversal Headquarters, Other and EliminationsHeadquarters and Other operating costs and expenses incurred by our NBCUniversal businesses include overhead, personnel costs and costsassociated with corporate initiatives. Operating costs and expenses increased in 2016 and 2015 primarily due to higher employee-related costs.Corporate and Other Results of Operations  Year ended December 31 (in millions) 2016   2015   2014   % Change2015 to 2016  % Change2014 to 2015 Revenue $750    $713   $683    5.1%   4.4% Operating costs and expenses   1,624     1,528    1,446    6.2    5.7 Operating loss before depreciation and amortization $(874)   $(815)   $(763)    (7.1)%   (6.9)% Corporate and Other – RevenueOther revenue primarily relates to Comcast Spectacor, which owns the Philadelphia Flyers and the Wells Fargo Center arena in Philadelphia,Pennsylvania and operates arena management-related businesses.  Comcast 2016 Annual Report on Form 10-K 60 Table of ContentsOther revenue increased in 2016 primarily due to increases in revenue from several of our Comcast Spectacor businesses. Other revenue increasedin 2015 primarily due to an increase in revenue from food and other services associated with new contracts entered into by one of our ComcastSpectacor businesses.Corporate and Other – Operating Costs and ExpensesCorporate and Other operating costs and expenses primarily include overhead, personnel costs, the costs of corporate initiatives and branding, andoperating costs and expenses associated with Comcast Spectacor.Corporate and Other operating costs and expenses increased in 2016 due to an increase in expenses related to corporate activities and initiatives,including expenses associated with our anticipated wireless phone service offering. Corporate and Other operating costs and expenses increased in2015 due to an increase in expenses related to corporate initiatives and an increase in operating costs and expenses at Comcast Spectacor thatwas primarily associated with new contracts entered into by one of its businesses. In addition, Corporate and Other operating costs and expenses in2015 and 2014 included $178 million and $237 million, respectively, of transaction-related costs associated with the Time Warner Cable merger andrelated divestiture transactions.Consolidated Other Income (Expense) Items, Net  Year ended December 31 (in millions) 2016   2015   2014 Interest expense $ (2,942)   $ (2,702)   $ (2,617) Investment income (loss), net  213     81    296 Equity in net income (losses) of investees, net  (104)    (325)    97 Other income (expense), net  327     320    (215) Total $(2,506)   $(2,626)   $(2,439) Interest ExpenseInterest expense increased in 2016 primarily due to higher levels of debt outstanding, including the Universal Studios Japan term loans. Interestexpense increased in 2015 primarily due to higher levels of debt outstanding and $47 million of additional interest expense associated with the earlyredemption in June 2015 of our $750 million aggregate principal amount of 5.85% senior notes due November 2015 and our $1.0 billion aggregateprincipal amount of 5.90% senior notes due March 2016.Investment Income (Loss), NetThe change in investment income (loss), net in 2016 was primarily due to an increase in income of certain investments and gains recorded on thesale of certain investments. The change in investment income (loss), net in 2015 was primarily due to a $154 million gain related to the sale of ourshares of ARRIS Group, Inc. common stock in 2014. The components of investment income (loss), net are presented in a table in Note 7 toComcast’s consolidated financial statements.Equity in Net Income (Losses) of Investees, NetThe changes in equity in net income (losses) of investees, net in 2016 and 2015 were primarily due to an impairment charge related to goodwillrecorded by The Weather Channel in 2015. We recorded expenses of $333 million that represented NBCUniversal’s proportionate share of theimpairment charge. In addition, the changes in 2016 and 2015 were also due to increases in our proportionate share of losses at Hulu, LLC, whichwere driven by Hulu’s higher programming and marketing costs. In 2016, 2015 and 2014, we recognized our proportionate share of losses at Hulu of$168 million, $106 million and $20 million respectively. The change in 2016 was also due to our proportionate share of losses at Atairos Group, Inc.,which commenced operations in 2016.   61 Comcast 2016 Annual Report on Form 10-KTable of ContentsOther Income (Expense), NetOther income (expense), net for 2016 included $225 million recognized in connection with the settlement of amounts owed to us under an agencyagreement that had provided for, among other things, Verizon Wireless’ sale of our cable services and $108 million related to the sale of ourinvestment in The Weather Channel’s product and technology business to IBM.Other income (expense), net for 2015 included gains of $335 million on the sales of a business and an investment, $240 million recorded on thesettlement of a contingent consideration liability with General Electric Company related to the acquisition of NBCUniversal, and $43 million related toan equity method investment. These gains were partially offset by $236 million of expenses related to fair value adjustments to a contractualobligation.Other income (expense), net for 2014 included a $27 million favorable settlement of a contingency related to the AT&T Broadband transaction in2002, which was more than offset by $208 million of expenses related to fair value adjustments to a contractual obligation and $35 million ofexpenses related to an indemnification receivable associated with an adjustment to our accruals for uncertain tax positions.Consolidated Income Tax Expense Income tax expense reflects federal and state income taxes and adjustments associated with uncertain tax positions. Our effective income tax rate in2016, 2015 and 2014 was 37.0%, 37.1% and 31.1%, respectively.In 2014, we reduced our accruals for uncertain tax positions and the related accrued interest on these tax positions and, as a result, our income taxexpense decreased by $759 million. See Note 14 to Comcast’s consolidated financial statements for additional information on the changes in ouraccruals for uncertain tax positions and related interest on these tax positions.We expect our 2017 annual effective tax rate to be in the range of 35% to 37%, absent changes in tax laws or significant changes in uncertain taxpositions. The expected annual effective tax rate includes the impact of the adoption of the new accounting guidance related to share-basedcompensation (see Note 3 to Comcast’s consolidated financial statements). If significant tax legislation is enacted in 2017 that includes a change tothe federal statutory rate, this could significantly impact our deferred income taxes. For example, using information as of December 31, 2016, foreach 1% change in the federal statutory rate, our deferred income tax liability would change by $850 million, which would primarily result in acorresponding change to income tax expense.Consolidated Net (Income) Loss Attributable to Noncontrolling Interests and Redeemable Subsidiary Preferred Stock The increases in net income attributable to noncontrolling interests and redeemable subsidiary preferred stock in 2016 and 2015 were primarily dueto NBCUniversal’s acquisition of the 51% interest in Universal Studios Japan.Liquidity and Capital Resources Our businesses generate significant cash flows from operating activities. We believe that we will be able to continue to meet our current and long-term liquidity and capital requirements, including fixed charges, through our cash flows from operating activities; existing cash, cash equivalents andinvestments; available borrowings under our existing credit facilities; and our ability to obtain future external financing. We anticipate that we willcontinue to use a substantial portion of our cash flows in repaying our debt obligations, funding our capital expenditures, investing in businessopportunities and returning capital to shareholders.  Comcast 2016 Annual Report on Form 10-K 62 Table of ContentsWe also maintain significant availability under our lines of credit and our commercial paper programs to meet our short-term liquidity requirements.Our commercial paper programs provide a lower-cost source of borrowing to fund our short-term working capital requirements. See Note 10 andNote 19 to Comcast’s consolidated financial statements for additional information on the Comcast and NBCUniversal Enterprise revolving creditfacilities and the related guarantees.As of December 31, 2016, amounts available under our consolidated credit facilities, net of amounts outstanding under our commercial paperprograms and outstanding letters of credit, totaled $5.5 billion, which included $460 million available under the NBCUniversal Enterprise revolvingcredit facility.We, NBCUniversal and Comcast Cable Communications, LLC are subject to the covenants and restrictions set forth in the indentures governing ourpublic debt securities and in the credit agreements governing the Comcast revolving credit facility. The only financial covenant is in the credit facilityand pertains to leverage, which is the ratio of debt to operating income before depreciation and amortization, as defined in the credit facility. We testfor compliance with this financial covenant on an ongoing basis. As of December 31, 2016, we met this financial covenant by a significant margin.We do not expect to have to reduce debt or improve operating results in order to continue to comply with this financial covenant. In addition, theUniversal Studios Japan term loans contain certain financial covenants. As of December 31, 2016, Universal Studios Japan was in compliance withall of these covenants.Operating ActivitiesComponents of Net Cash Provided by Operating ActivitiesYear ended December 31 (in millions) 2016   2015   2014 Operating income $ 16,859    $ 15,998   $ 14,904 Depreciation and amortization  9,558     8,680    8,019 Operating income before depreciation and amortization  26,417     24,678    22,923 Noncash share-based compensation  640     567    513 Changes in operating assets and liabilities  (1,782)    (267)    (357) Cash basis operating income  25,275     24,978    23,079 Payments of interest  (2,565)    (2,443)    (2,389) Payments of income taxes  (3,693)    (3,726)    (3,668) Proceeds from investments and other  456     251    190 Excess tax benefits under share-based compensation  (233)    (282)    (267) Net cash provided by operating activities $19,240    $18,778   $16,945 The variance in changes in operating assets and liabilities in 2016 compared to 2015 was primarily due to the timing of film and television productionspending and related costs, net of amortization, including certain sports programming obligations; the recognition of deferred revenue associatedwith the broadcast of the 2016 Rio Olympics; an increase in certain benefit payments; and the payment of a tax receivable agreement thatDreamWorks Animation entered into with one of its former stockholders prior to our acquisition . The variance in changes in operating assets andliabilities in 2015 compared to 2014 was primarily related to the timing of film and television production spending and related costs, net ofamortization; the timing of payments related to our accounts payable and accrued expenses related to trade creditors; and increases in deferredrevenue associated with our Olympics broadcasts, which were partially offset by the timing of collections on our receivables.The increases in interest payments in 2016 and 2015 were primarily due to higher levels of debt outstanding.   63 Comcast 2016 Annual Report on Form 10-KTable of ContentsThe decrease in income tax payments in 2016 was primarily due to taxable losses in 2016 related to the sale of certain investments as well astaxable gains in 2015 related to the sale of a business and investments partially offset by higher taxable income from operations. The increase inincome tax payments in 2015 was primarily due to higher taxable income from operations offset by the timing of certain tax deductions. We expectincome tax payments to increase in 2017 primarily due to higher taxable income from operations.Investing ActivitiesNet cash used in investing activities in 2016 consisted primarily of cash paid for capital expenditures, acquisitions, deposits, purchases ofinvestments and intangible assets. Net cash used in investing activities in 2015 consisted primarily of cash paid for capital expenditures,acquisitions, intangible assets and purchases of investments, which was partially offset by proceeds from the sales of businesses and investments.Net cash used in investing activities in 2014 consisted primarily of cash paid for capital expenditures and intangible assets.Capital ExpendituresOur most significant recurring investing activity has been capital expenditures in our Cable Communications segment, and we expect that this willcontinue in the future. The table below summarizes the capital expenditures we incurred in our Cable Communications segment in 2016, 2015 and2014. Year ended December 31 (in millions) 2016   2015   2014 Customer premise equipment $3,665    $3,698   $3,397 Scalable infrastructure  1,827     1,539    1,375 Line extensions  1,208     886    673 Support capital  896     917    711 Total $ 7,596    $ 7,040   $ 6,156 Cable Communications capital expenditures increased in 2016 and 2015 primarily due to increased investment in line extensions and increasedspending in scalable infrastructure to increase network capacity, as well as continued spending on customer premise equipment related to thedeployment of our X1 platform and wireless gateways.Capital expenditures in our NBCUniversal segments increased 4.8% to $1.5 billion in 2016 and 13.5% to $1.4 billion in 2015 primarily due tocontinued investment in our Universal theme parks, including Universal Studios Japan and a purchase of land in 2015.Our capital expenditures for 2017 are focused on continued investment in scalable infrastructure to increase network capacity; increased investmentin line extensions primarily for the expansion of business services; and the continued deployment of wireless gateways, our X1 platform, and cloudDVR technology. In addition, we expect to continue to invest in existing and new attractions at our Universal theme parks. Capital expenditures forsubsequent years will depend on numerous factors, including acquisitions, competition, changes in technology, regulatory changes, the timing andrate of deployment of new services, the capacity required for existing services, and the timing of new attractions at our theme parks. We aredeveloping a Universal theme park in Beijing, China, and we expect to continue to develop this park throughout 2017.Cash Paid for Intangible AssetsIn 2016, 2015 and 2014, cash paid for intangible assets consisted primarily of expenditures for software in our Cable Communications segment.Acquisitions and Construction of Real Estate PropertiesAcquisitions and construction of real estate properties in 2016 and 2015 primarily included our investment in the construction of the ComcastTechnology Center in Philadelphia, Pennsylvania.  Comcast 2016 Annual Report on Form 10-K 64 Table of ContentsAcquisitions, Net of Cash AcquiredIn August 2016, we acquired all of the outstanding stock of DreamWorks Animation. In November 2015, NBCUniversal acquired a 51% interest inUniversal Studios Japan.Proceeds from Sales of Businesses and InvestmentsProceeds from sales of businesses and investments in 2016 were primarily related to the sale of our investment in The Weather Channel’s productand technology business to IBM. Proceeds from sales of businesses and investments in 2015 were primarily related to the sale of our investment inTV One, LLC and the sale of a business, CTI Towers Assets I, LLC. Proceeds from sales of businesses and investments in 2014 were primarilyrelated to the sale of our investment in Arris Group and the sale of equity securities following the settlement of certain of our prepaid forward saleagreements.Purchases of InvestmentsPurchases of investments in 2016 were primarily related to capital contributions to Atairos and NBCUniversal’s additional investment in BuzzFeed,Inc. Purchases of investments in 2015 were primarily related to NBCUniversal’s investments in Vox Media, Inc. and BuzzFeed. Purchases ofinvestments in 2014 were not significant.Financing ActivitiesNet cash provided by financing activities in 2016 consisted primarily of proceeds from new borrowings, which were partially offset by repurchases ofour common stock, repayments of debt, dividend payments and our purchase of the remaining noncontrolling interest in Comcast Spectacor. Netcash used in financing activities in 2015 and 2014 consisted primarily of repurchases of our common stock, repayments of debt and dividendpayments, which were partially offset by proceeds from new borrowings. Proceeds from borrowings fluctuate from year to year based on theamounts paid to fund acquisitions and debt repayments.We have made, and may from time to time in the future make, optional repayments on our debt obligations, which may include repurchases of ouroutstanding public notes and debentures, depending on various factors, such as market conditions. See Note 10 to Comcast’s consolidated financialstatements for additional information on our financing activities, including details of our debt repayments and borrowings.Share Repurchases and DividendsIn 2016, we repurchased a total of 81 million shares of our Class A common stock for $5.0 billion. Effective January 1, 2017, our Board of Directorsincreased our share repurchase program authorization to a total of $12 billion, which does not have an expiration date. Under the authorization, wemay repurchase shares in the open market or in private transactions. We expect to repurchase $5.0 billion of our Class A common stock during2017, subject to market conditions.Our Board of Directors declared quarterly dividends totaling $2.7 billion in 2016. We paid dividends of $2.6 billion in 2016. In January 2017, ourBoard of Directors approved a 15% increase in our dividend to $1.26 per share on an annualized, pre-split basis, or $0.63 per share on anannualized, post-split basis. In addition, the Board of Directors approved our first quarter dividend of $0.1575 a share on a post-split basis to be paidin April 2017. We expect to continue to pay quarterly dividends, although each dividend is subject to approval by our Board of Directors.   65 Comcast 2016 Annual Report on Form 10-KTable of ContentsThe table below sets forth information on our share repurchases and dividends paid in 2016, 2015 and 2014. Contractual Obligations    Payment Due by Period As of December 31, 2016 (in millions) Total   Year 1   Years 2-3   Years 4-5   More than 5 Debt obligations  $61,133   $5,454   $6,604   $8,189   $40,886 Capital lease obligations  238    29    65    71    73 Operating lease obligations  4,007    517    918    699    1,873 Purchase obligations   51,649    9,978    11,404    8,538    21,729 Other long-term liabilities reflected on the balance sheet   5,928    336    1,262    2,316    2,014 Total  $ 122,955   $ 16,314   $ 20,253   $ 19,813   $ 66,575 Refer to Note 10 and Note 16 to Comcast’s consolidated financial statements. (a) Excludes interest payments. (b) Purchase obligations consist of agreements to purchase goods and services that are legally binding on us and specify all significant terms, including fixed or minimum quantities to bepurchased and price provisions. Our purchase obligations related to our Cable Communications segment and other activities include programming contracts with cable networks and localbroadcast television stations; contracts with customer premise equipment manufacturers; communications vendors and multichannel video providers for which we provide advertising salesrepresentation; contracts to acquire handsets and other equipment; and other contracts entered into in the normal course of business. Cable Communications programming contracts in thetable above include amounts payable under fixed or minimum guaranteed commitments and do not represent the total fees that are expected to be paid under programming contracts,which we expect to be significantly higher because these contracts are generally based on the number of subscribers receiving the programming. Our purchase obligations related to ourNBCUniversal segments consist primarily of commitments to acquire film and television programming, including U.S. broadcast rights to future Olympic Games through 2032, Sunday NightFootball through the 2022-23 season, including the Super Bowl in 2018 and 2021, Thursday Night Football through the 2017-18 season, NHL games through the 2020-21 season, Spanish-language U.S. broadcast rights to FIFA World Cup games through 2022, U.S broadcast rights to English Premier League soccer games through the 2021-22 season, certain PGA TOURand other golf events through 2030, and certain NASCAR events through 2024, as well as obligations under various creative talent agreements, including obligations to actors, producersand television personalities, and various other television commitments. Purchase obligations do not include contracts with immaterial future commitments. (c) Other long-term liabilities reflected on the balance sheet consist primarily of subsidiary preferred shares; deferred compensation obligations; and postretirement, pension andpostemployment benefit obligations. A contractual obligation with a carrying value of $1.1 billion is not included in the table above because it is uncertain if the arrangement will be settled.The contractual obligation involves an interest held by a third party in the revenue of certain theme parks. The arrangement provides the counterparty with the right to periodic paymentsassociated with current period revenue and, beginning in June 2017, the option to require NBCUniversal to purchase the interest for cash in an amount based on a contractual formula. Thecontractual formula is based on an average of specified historical theme park revenue at the time of exercise, which amount could be significantly higher than the carrying value. If the optionhad been exercisable as of December 31, 2016, the estimated value of the contractual obligation would have been approximately $1.4 billion, based on inputs to the contractual formula asof that date. See Note 16 to Comcast’s consolidated financial statements for additional information related to this arrangement. Reserves for uncertain tax positions of $1.1 billion are notincluded in the table above because it is uncertain if or when these reserves will become payable. Payments of $2.4 billion of participations and residuals are also not included in the tableabove because we cannot make a reliable estimate of the period in which these obligations will be settled. (d) Our contractual obligations do not include our commitment to invest up to $4 billion at any one time as an investor in Atairos due to our inability to estimate the timing of this funding. As ofDecember 31, 2016, our remaining commitment is $2.4 billion based on the capital  Comcast 2016 Annual Report on Form 10-K 66 (a)(b)(c)(d)(e)Table of Contents calls received as of that date (see Note 7 to Comcast’s consolidated financial statements). In addition, our contractual obligations do not include any future expenditures related to theconstruction and development of the proposed Universal Studios theme park in Beijing, China or the Comcast Technology Center, as we do not currently have any obligation to fund eitherinitiative. (e) Total contractual obligations are made up of the following components. (in millions)     Liabilities recorded on the balance sheet $68,694 Commitments not recorded on the balance sheet  54,261 Total $ 122,955  Off-Balance Sheet Arrangements As of December 31, 2016, we did not have any material off-balance sheet arrangements that are reasonably likely to have a current or future effecton our financial condition, results of operations, liquidity, capital expenditures or capital resources.Recent Accounting Pronouncements See Note 3 to each of Comcast’s and NBCUniversal’s consolidated financial statements for additional information related to recent accountingpronouncements.Critical Accounting Judgments and Estimates The preparation of our consolidated financial statements requires us to make estimates that affect the reported amounts of assets, liabilities, revenueand expenses, and the related disclosure of contingent assets and contingent liabilities. We base our judgments on our historical experience and onvarious other assumptions that we believe are reasonable under the circumstances, the results of which form the basis for making estimates aboutthe carrying value of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates underdifferent assumptions or conditions.We believe our judgments and related estimates associated with the valuation and impairment testing of our cable franchise rights and theaccounting for film and television costs are critical in the preparation of our consolidated financial statements. Management has discussed thedevelopment and selection of these critical accounting judgments and estimates with the Audit Committee of our Board of Directors, and the AuditCommittee has reviewed our disclosures relating to them, which are presented below. See Notes 9 and 6 to Comcast’s consolidated financialstatements for a discussion of our accounting policies with respect to these items.Valuation and Impairment Testing of Cable Franchise RightsOur largest asset, our cable franchise rights, results from agreements we have with state and local governments that allow us to construct andoperate a cable business within a specified geographic area. The value of a franchise is derived from the economic benefits we receive from theright to solicit new customers and to market additional services, such as advanced video services and high-speed Internet and voice services, in aparticular service area. The amounts we record for cable franchise rights are primarily a result of cable system acquisitions. Typically when weacquire a cable system, the most significant asset we record is the value of the cable franchise rights. Often these cable system acquisitions includemultiple franchise areas. We currently serve approximately 6,400 franchise areas in the United States.We have concluded that our cable franchise rights have an indefinite useful life since there are no legal, regulatory, contractual, competitive,economic or other factors which limit the period over which these rights will contribute to our cash flows. Accordingly, we do not amortize our cablefranchise rights but assess the carrying value of our cable franchise rights annually, or more frequently whenever events or changes incircumstances indicate that the carrying amount may exceed the fair value (“impairment testing”).   67 Comcast 2016 Annual Report on Form 10-KTable of ContentsFor the purpose of our impairment testing, we have grouped the recorded values of our various cable franchise rights into our three CableCommunications divisions or units of account. We evaluate the unit of account periodically to ensure our impairment testing is performed at anappropriate level.The annual impairment test for indefinite-lived intangibles allows for the option to first assess qualitative factors to determine whether it is more likelythan not that the fair value of an indefinite-lived intangible is less than its carrying amount. An entity may choose to perform the qualitativeassessment or an entity may bypass the qualitative assessment and proceed directly to the quantitative impairment test. If it is determined, on thebasis of qualitative factors, that the fair value of the indefinite-lived intangible asset is, more likely than not, less than its carrying value, thequantitative impairment test is required. When performing a quantitative assessment, we estimate the fair value of our cable franchise rights primarilybased on a discounted cash flow analysis that involves significant judgment. When analyzing the fair values indicated under the discounted cashflow models, we also consider multiples of operating income before depreciation and amortization generated by the underlying assets, currentmarket transactions and profitability information.In 2016, we performed a qualitative assessment of our cable franchise rights. At the time of our previous quantitative assessment in 2014, theestimated fair values of our franchise rights exceeded the carrying value in our three Cable Communications divisions by 26%, 42% and 50%,respectively. We also considered various factors that would affect the estimated fair values of our cable franchise rights in our qualitativeassessment in 2016, including changes in our projected future cash flows associated with our Cable Communications segment; market transactionsand macroeconomic conditions; weighted-average cost of capital; and an increase in our market capitalization. Based on this assessment, weconcluded that it was more likely than not that the estimated fair values of our cable franchise rights were higher than the carrying values and thatthe performance of a quantitative impairment test was not required.Since the adoption of the accounting guidance related to goodwill and intangible assets in 2002, we have not recorded any significant impairmentcharges to cable franchise rights as a result of our impairment testing.We could record impairment charges in the future if there are changes in long-term market conditions, in expected future operating results, or infederal or state regulations that prevent us from recovering the carrying value of these cable franchise rights. Assumptions made about increasedcompetition and economic conditions could also impact the results of any qualitative assessment and the valuations used in future annualquantitative impairment testing and result in a reduction in the fair values of our cable franchise rights. In addition, a future change in the unit ofaccount could result in the recognition of an impairment charge.Film and Television CostsWe capitalize film and television production costs, including direct costs, production overhead, print costs, development costs and interest. Weamortize capitalized film and television production costs, including acquired libraries, and accrue costs associated with participation and residualpayments to programming and production expenses. We generally record the amortization and the accrued costs using the individual film forecastcomputation method, which amortizes the costs using the ratio of the current period’s revenue to estimated total remaining revenue from all sources(“ultimate revenue”). Estimates of ultimate revenue have a significant impact on how quickly capitalized costs are amortized and, therefore, areupdated regularly.Our estimates of ultimate revenue for films generally include revenue from all sources that are expected to be earned within 10 years from the dateof a film’s initial release. These estimates are based on the historical performance of similar content, as well as factors unique to the content itself.The most sensitive factor affecting our estimate of ultimate revenue for a film intended for theatrical release is the film’s theatrical performance, assubsequent revenue from the licensing and sale of a film has historically exhibited a high correlation to its theatrical performance. Upon a film’srelease, our estimates of revenue from succeeding  Comcast 2016 Annual Report on Form 10-K 68 Table of Contentsmarkets, including from content licensing across multiple platforms and home entertainment sales, are revised based on historical relationships andan analysis of current market trends.With respect to television series or other owned television programming, the most sensitive factor affecting our estimate of ultimate revenue iswhether the series can be successfully licensed beyond its initial license. Initial estimates of ultimate revenue are limited to the amount of revenuecontracted for each episode under the initial license. Once it is determined that a television series or other owned television programming can belicensed for subsequent platforms, revenue estimates for these platforms, such as U.S. and international syndication, home entertainment, and otherdistribution platforms, are included in ultimate revenue. Revenue estimates for produced episodes include revenue expected to be earned within 10years of delivery of the initial episode or, if still in production, 5 years from the delivery of the most recent episode, if later.We capitalize the costs of programming content that we license but do not own, including rights to multiyear, live-event sports programming, at theearlier of when payments are made for the programming or when the license period begins and the content is made available for use. We amortizecapitalized programming costs as the associated programs are broadcast. We generally amortize multiyear, live-event sports programming rightsusing the ratio of the current period revenue to the estimated ultimate revenue or under the terms of the contract.Capitalized film and television costs, as well as stage play production costs, are subject to impairment testing when certain triggering events areidentified. If the fair value of a production were to fall below its unamortized cost, we would record an adjustment for the amount by which theunamortized capitalized costs exceed the production’s fair value. The fair value assessment is generally based on estimated future discounted cashflows, which are supported by our internal forecasts. Adjustments to capitalized film and stage play production costs of $14 million, $42 million and$26 million were recorded in 2016, 2015 and 2014, respectively.Item 7A: Quantitative and Qualitative Disclosures About Market RiskInterest Rate Risk Management We maintain a mix of fixed-rate and variable-rate debt and we are exposed to the market risk of adverse changes in interest rates. In order tomanage the cost and volatility relating to the interest cost of our outstanding debt, we enter into various interest rate risk management derivativetransactions in accordance with our policies.We monitor our exposure to the risk of adverse changes in interest rates through the use of techniques that include market value and sensitivityanalyses. We do not engage in any speculative or leveraged derivative transactions.Our interest rate derivative financial instruments, which may include swaps, rate locks, caps and collars, represent an integral part of our interest raterisk management program. Comcast’s interest rate derivative financial instruments reduced the portion of Comcast’s total consolidated debt at fixedrates as of December 31, 2016 to 85.3% from 88.9%. As of December 31, 2016, NBCUniversal had no outstanding interest rate derivative financialinstruments.In 2016, 2015 and 2014, the effect of our interest rate derivative financial instruments was to decrease Comcast’s consolidated interest expense by$36 million, $62 million and $66 million, respectively. The effect   69 Comcast 2016 Annual Report on Form 10-KTable of Contentsof NBCUniversal’s interest rate derivative financial instruments was not material to NBCUniversal’s consolidated financial statements for all periodspresented. Interest rate derivative financial instruments may have a significant effect on Comcast’s interest expense in the future.The table below summarizes as of December 31, 2016 by contractual year of maturity the principal cash flows, notional amounts, fair values andcontract terms of financial instruments subject to interest rate risk maintained by us. (in millions) 2017  2018  2019  2020  2021  Thereafter  Total  EstimatedFair Value as ofDecember 31,2016 Debt        Fixed rate $ 2,589  $ 3,346  $ 2,234  $ 3,429  $ 2,043  $ 40,959  $ 54,600  $ 59,561 Average interest rate  6.9%   4.5%   3.2%   5.1%   4.4%   4.8%   4.8%  Variable rate $2,894  $857  $232  $2,788  $—  $—  $6,771  $6,777 Average interest rate  1.8%   2.5%   2.4%   3.0%   —%   —%   2.4%  Interest Rate Instruments        Fixed to variable swaps $400  $1,600  $200  $—  $—  $—  $2,200  $34 Average pay rate  6.0%   4.5%   5.1%   —%   —%   —%   4.5%  Average receive rate  6.3%   5.8%   5.7%   —%   —%   —%   5.9%     We use the notional amount of each interest rate derivative financial instrument to calculate the interest to be paid or received. The notional amountsdo not represent our exposure to credit loss. The estimated fair value approximates the amount of payments to be made or proceeds to be receivedto settle the outstanding contracts, including accrued interest. We estimate interest rates on variable rate debt and swaps using the relevant averageimplied forward rates through the year of maturity based on the yield curve in effect on December 31, 2016, plus the applicable borrowing margin onDecember 31, 2016.See Note 2 to each of Comcast’s and NBCUniversal’s consolidated financial statements for additional information on our accounting policies forderivative financial instruments.Foreign Exchange Risk Management NBCUniversal has significant operations in a number of countries outside the United States, and certain of NBCUniversal’s operations are conductedin foreign currencies. The value of these currencies fluctuates relative to the U.S. dollar. These changes could adversely affect the U.S. dollarequivalent value of our non-U.S. dollar revenue and operating costs and expenses and reduce international demand for our content, all of whichcould negatively affect our business, financial condition and results of operations in a given period or in specific territories.As part of our overall strategy to manage the level of exposure to the risk of foreign exchange rate fluctuations, NBCUniversal enters into derivativefinancial instruments related to a significant portion of its foreign currency exposure, which is a result of transactions denominated in other than thefunctional currency. NBCUniversal enters into foreign currency forward contracts that change in value as currency exchange rates fluctuate toprotect the U.S. dollar equivalent value of its non-U.S. dollar assets, liabilities, commitments, and forecasted foreign currency revenue andexpenses. In accordance with our policy, NBCUniversal hedges forecasted foreign currency transactions for periods generally not to exceed 18months. In certain circumstances, NBCUniversal enters into foreign exchange contracts with initial maturities in excess of 18 months. As ofDecember 31, 2016 and 2015, NBCUniversal had foreign exchange contracts with a total notional value of $1.5 billion and $998 million, respectively.As of December 31, 2016 and 2015, the aggregate estimated fair value of these foreign exchange contracts was not material.  Comcast 2016 Annual Report on Form 10-K 70 Table of ContentsWe have analyzed our foreign currency exposure related to NBCUniversal’s operations as of December 31, 2016, including our hedging contracts, toidentify assets and liabilities denominated in a currency other than their functional currency. For those assets and liabilities, we then evaluated theeffect of a 10% shift in currency exchange rates between the functional currency and the U.S. dollar. Our analysis of such a shift in exchange ratesindicated that there would be an immaterial effect on our 2016 income. In addition, the impact of fluctuations in currencies relative to the U.S. dollarfor our non-U.S. dollar functional currency operations did not have a material impact on our financial condition or results of operations in 2016.Comcast is also exposed to the market risks associated with fluctuations in currency exchange rates as they relate to its foreign currencydenominated debt obligations. We use cross-currency swaps for foreign currency denominated debt obligations when those obligations aredenominated in a currency other than the functional currency. Cross-currency swaps effectively convert fixed-rate foreign currency denominateddebt to fixed-rate U.S. dollar denominated debt in order to hedge the risk that the cash flows related to annual interest payments and the payment ofprincipal at maturity may be adversely affected by fluctuations in currency exchange rates. The gains and losses on the cross-currency swaps offsetchanges in the U.S. dollar equivalent value of the related exposures. As of December 31, 2016 and 2015, the fair value of our cross-currency swapson our £625 million principal amount of 5.50% senior notes due 2029 was a liability of $189 million and $71 million, respectively.Counterparty Credit Risk Management Comcast and NBCUniversal manage the credit risks associated with our derivative financial instruments through diversification and the evaluationand monitoring of the creditworthiness of counterparties. Although we may be exposed to losses in the event of nonperformance by counterparties,we do not expect such losses, if any, to be significant. Comcast has agreements with certain counterparties that include collateral provisions. Theseprovisions require a party with an aggregate unrealized loss position in excess of certain thresholds to post cash collateral for the amount in excessof the threshold. The threshold levels in our collateral agreements are based on our and the counterparty’s credit ratings. As of December 31, 2016and 2015, Comcast was not required to post collateral under the terms of these agreements. As of December 31, 2016 and 2015, we did not holdany collateral under the terms of these agreements.   71 Comcast 2016 Annual Report on Form 10-KTable of ContentsItem 8: Comcast Corporation Financial Statements and Supplementary Data Index  PageReport of Management  73Report of Independent Registered Public Accounting Firm  74Consolidated Balance Sheet  75Consolidated Statement of Income  76Consolidated Statement of Comprehensive Income  77Consolidated Statement of Cash Flows  78Consolidated Statement of Changes in Equity  79Notes to Consolidated Financial Statements  80NBCUniversal Media, LLCSee Index to NBCUniversal Media, LLC Financial Statements and Supplemental Data on page 137.  Comcast 2016 Annual Report on Form 10-K 72 Table of ContentsReport of Management Management’s Report on Comcast’s Financial StatementsOur management is responsible for the preparation, integrity and fair presentation of information in Comcast’s consolidated financial statements,including estimates and judgments. The consolidated financial statements presented in this report have been prepared in accordance withaccounting principles generally accepted in the United States. Our management believes the Comcast consolidated financial statements and otherfinancial information included in this report fairly present, in all material respects, Comcast’s financial condition, results of operations and cash flowsas of and for the periods presented in this report. The Comcast consolidated financial statements have been audited by Deloitte & Touche LLP, anindependent registered public accounting firm, as stated in their report, which is included herein.Management’s Report on Comcast’s Internal Control Over Financial ReportingOur management is responsible for establishing and maintaining an adequate system of internal control over financial reporting. Our system ofinternal control over financial reporting is designed to provide reasonable assurance regarding the reliability of financial reporting and the preparationof financial statements for external purposes in accordance with accounting principles generally accepted in the United States.Our internal control over financial reporting includes those policies and procedures that:  • Pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect our transactions anddispositions of our assets.   • Provide reasonable assurance that our transactions are recorded as necessary to permit preparation of our financialstatements in accordance with accounting principles generally accepted in the United States, and that our receipts andexpenditures are being made only in accordance with authorizations of our management and our directors.   • Provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or dispositionof our assets that could have a material effect on the financial statements. Because of its inherent limitations, a system of internal control over financial reporting can provide only reasonable assurance and may not preventor detect misstatements. Further, because of changes in conditions, effectiveness of internal control over financial reporting may vary over time. Oursystem contains self-monitoring mechanisms, and actions are taken to correct deficiencies as they are identified.Our management conducted an evaluation of the effectiveness of the system of internal control over financial reporting based on the framework inInternal Control — Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission. Based on thisevaluation, our management concluded that Comcast’s system of internal control over financial reporting was effective as of December 31, 2016.Our assessment of the effectiveness of internal control over financial reporting as of December 31, 2016 did not include the internal controls ofDreamWorks Animation, which we acquired on August 22, 2016, as permitted by Securities and Exchange Commission guidelines that allowcompanies to exclude certain acquisitions from their assessment of internal control over financial reporting during the first year of an acquisition. Thetotal assets and total revenues of DreamWorks Animation represented approximately 2% of our total assets as of December 31, 2016, and less than1% of our total revenues for the year ended December 31, 2016. The effectiveness of Comcast’s internal controls over financial reporting ofComcast has been audited by Deloitte & Touche LLP, an independent registered public accounting firm, as stated in their report, which is includedherein.Audit Committee OversightThe Audit Committee of the Board of Directors, which is comprised solely of independent directors, has oversight responsibility for our financialreporting process and the audits of Comcast’s consolidated financial statements and internal control over financial reporting. The Audit Committeemeets regularly with management and with our internal auditors and independent registered public accounting firm (collectively, the “auditors”) toreview matters related to the quality and integrity of our financial reporting, internal control over financial reporting (including compliance mattersrelated to our Code of Conduct), and the nature, extent, and results of internal and external audits. Our auditors have full and free access and reportdirectly to the Audit Committee. The Audit Committee recommended, and the Board of Directors approved, that the Comcast audited consolidatedfinancial statements be included in this Form 10-K.    Brian L. Roberts Michael J. Cavanagh  Lawrence J. SalvaChairman andChief Executive Officer Senior Executive Vice President andChief Financial Officer  Executive Vice Presidentand Chief Accounting Officer   73 Comcast 2016 Annual Report on Form 10-KTable of ContentsReport of Independent Registered Public Accounting Firm To the Board of Directors and Stockholders ofComcast CorporationPhiladelphia, PennsylvaniaWe have audited the accompanying consolidated balance sheets of Comcast Corporation and subsidiaries (the “Company”) as of December 31,2016 and 2015, and the related consolidated statements of income, comprehensive income, cash flows and changes in equity for each of the threeyears in the period ended December 31, 2016. We also have audited the Company’s internal control over financial reporting as of December 31,2016, based on criteria established in Internal Control — Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of theTreadway Commission. As described in the Report of Management on Internal Control over Financial Reporting, management excluded from itsassessment the internal control over financial reporting at DreamWorks Animation, acquired on August 22, 2016 and whose financial statementsconstitute approximately 2% of total assets as of December 31, 2016 and less than 1% of total revenue for the year ended December 31, 2016.Accordingly, our audit did not include the internal control over financial reporting at DreamWorks Animation. The Company’s management isresponsible for these financial statements, for maintaining effective internal control over financial reporting, and for its assessment of theeffectiveness of internal control over financial reporting, included in the accompanying Management’s Report on Comcast’s Internal Control OverFinancial Reporting . Our responsibility is to express an opinion on these financial statements and an opinion on the Company’s internal control overfinancial reporting based on our audits.We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standardsrequire that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatementand whether effective internal control over financial reporting was maintained in all material respects. Our audits of the financial statements includedexamining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles usedand significant estimates made by management, and evaluating the overall financial statement presentation. Our audit of internal control overfinancial reporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists,and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audits also included performingsuch other procedures as we considered necessary in the circumstances. We believe that our audits provide a reasonable basis for our opinions.A company’s internal control over financial reporting is a process designed by, or under the supervision of, the company’s principal executive andprincipal financial officers, or persons performing similar functions, and effected by the company’s board of directors, management, and otherpersonnel to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for externalpurposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policiesand procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositionsof the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financialstatements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only inaccordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timelydetection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.Because of the inherent limitations of internal control over financial reporting, including the possibility of collusion or improper management overrideof controls, material misstatements due to error or fraud may not be prevented or detected on a timely basis. Also, projections of any evaluation ofthe effectiveness of the internal control over financial reporting to future periods are subject to the risk that the controls may become inadequatebecause of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of ComcastCorporation and subsidiaries as of December 31, 2016 and 2015, and the results of their operations and their cash flows for each of the three yearsin the period ended December 31, 2016, in conformity with accounting principles generally accepted in the United States of America. Also, in ouropinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2016, based on thecriteria established in Internal Control — Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the TreadwayCommission ./s/ Deloitte & Touche LLPPhiladelphia, PennsylvaniaFebruary 3, 2017  Comcast 2016 Annual Report on Form 10-K 74 Table of ContentsComcast CorporationConsolidated Balance Sheet  December 31 (in millions, except share data) 2016   2015 Assets   Current Assets:   Cash and cash equivalents $3,301    $2,295 Receivables, net  7,955     6,896 Programming rights  1,250     1,213 Deposits  1,772     21 Other current assets  2,083     1,878 Total current assets  16,361     12,303 Film and television costs  7,252     5,855 Investments  5,247     3,224 Property and equipment, net  36,253     33,665 Franchise rights  59,364     59,364 Goodwill  35,980     32,945 Other intangible assets, net  17,274     16,946 Other noncurrent assets, net  2,769     2,272 Total assets $ 180,500    $ 166,574 Liabilities and Equity   Current Liabilities:   Accounts payable and accrued expenses related to trade creditors $6,915    $6,215 Accrued participations and residuals  1,726     1,572 Deferred revenue  1,132     1,302 Accrued expenses and other current liabilities  6,282     5,462 Current portion of long-term debt  5,480     3,627 Total current liabilities  21,535     18,178 Long-term debt, less current portion  55,566     48,994 Deferred income taxes  34,854     33,566 Other noncurrent liabilities  10,925     10,637 Commitments and contingencies (Note 16)   Redeemable noncontrolling interests and redeemable subsidiary preferred stock  1,446     1,221 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, 2,802,752,832 and2,869,349,502; outstanding, 2,366,357,318 and 2,432,953,988  28     29 Class B common stock, $0.01 par value—authorized, 75,000,000 shares; issued and outstanding, 9,444,375  —     — Additional paid-in capital  38,258     38,518 Retained earnings  23,076     21,413 Treasury stock, 436,395,514 Class A common shares  (7,517)    (7,517) Accumulated other comprehensive income (loss)  98     (174) Total Comcast Corporation shareholders’ equity  53,943     52,269 Noncontrolling interests  2,231     1,709 Total equity  56,174     53,978 Total liabilities and equity $180,500    $166,574 See accompanying notes to consolidated financial statements.   75 Comcast 2016 Annual Report on Form 10-KTable of ContentsComcast CorporationConsolidated Statement of Income Year ended December 31 (in millions, except per share data) 2016   2015   2014 Revenue $ 80,403    $ 74,510   $ 68,775 Costs and Expenses:     Programming and production  24,463     22,550    20,912 Other operating and administrative  23,409     21,319    19,839 Advertising, marketing and promotion  6,114     5,963    5,101 Depreciation  7,464     6,781    6,337 Amortization  2,094     1,899    1,682    63,544     58,512    53,871 Operating income  16,859     15,998    14,904 Other Income (Expense):     Interest expense  (2,942)    (2,702)    (2,617) Investment income (loss), net  213     81    296 Equity in net income (losses) of investees, net  (104)    (325)    97 Other income (expense), net  327     320    (215)    (2,506)    (2,626)    (2,439) Income before income taxes  14,353     13,372    12,465 Income tax expense  (5,308)    (4,959)    (3,873) Net income  9,045     8,413    8,592 Net (income) loss attributable to noncontrolling interests and redeemable subsidiary preferred stock  (350)    (250)    (212) Net income attributable to Comcast Corporation $8,695    $8,163   $8,380 Basic earnings per common share attributable to Comcast Corporation shareholders $3.61    $3.28   $3.24 Diluted earnings per common share attributable to Comcast Corporation shareholders $3.57    $3.24   $3.20 Dividends declared per common share $1.10    $1.00   $0.90                         Unaudited pro forma diluted earnings per common share attributable to Comcast Corporationshareholders, adjusted for the two-for-one stock split. See Note 1. $1.78    $1.62   $1.60 See accompanying notes to consolidated financial statements.  Comcast 2016 Annual Report on Form 10-K 76 Table of ContentsComcast CorporationConsolidated Statement of Comprehensive Income  Year ended December 31 (in millions)  2016   2015   2014 Net income  $9,045    $8,413   $8,592 Unrealized gains (losses) on marketable securities, net of deferred taxes of $(1), $(1) and $(19)   —     1    33 Deferred gains (losses) on cash flow hedges, net of deferred taxes of $35, $62 and $3   (60)    (106)    (5) Amounts reclassified to net income:      Realized (gains) losses on marketable securities, net of deferred taxes of $1, $1 and $59   (1)    (1)    (99) Realized (gains) losses on cash flow hedges, net of deferred taxes of $(54), $(38) and $(27)   92     64    46 Employee benefit obligations, net of deferred taxes of $(125), $(43) and $82   213     74    (139) Currency translation adjustments, net of deferred taxes of $(14), $34 and $23   102     (89)    (38) Comprehensive income   9,391     8,356    8,390 Net (income) loss attributable to noncontrolling interests and redeemable subsidiary preferred stock   (350)    (250)    (212) Other comprehensive (income) loss attributable to noncontrolling interests   (74)    29    — Comprehensive income attributable to Comcast Corporation  $ 8,967    $ 8,135   $ 8,178 See accompanying notes to consolidated financial statements.   77 Comcast 2016 Annual Report on Form 10-KTable of ContentsComcast CorporationConsolidated Statement of Cash Flows  Year ended December 31 (in millions)  2016   2015   2014 Operating Activities      Net income  $9,045    $8,413   $8,592 Adjustments to reconcile net income to net cash provided by operating activities:      Depreciation and amortization   9,558     8,680    8,019 Share-based compensation   640     567    513 Noncash interest expense (income), net   230     205    180 Equity in net (income) losses of investees, net   104     325    (97) Cash received from investees   85     168    104 Net (gain) loss on investment activity and other   (169)    (318)    4 Deferred income taxes   1,444     958    1,165 Changes in operating assets and liabilities, net of effects of acquisitions and divestitures:      Current and noncurrent receivables, net   (782)    (708)    (33) Film and television costs, net   (495)    (299)    (562) Accounts payable and accrued expenses related to trade creditors   374     384    153 Other operating assets and liabilities   (794)    403    (1,093) Net cash provided by operating activities   19,240     18,778    16,945 Investing Activities      Capital expenditures   (9,135)    (8,499)    (7,420) Cash paid for intangible assets   (1,686)    (1,370)    (1,122) Acquisitions and construction of real estate properties   (428)    (178)    (43) Acquisitions, net of cash acquired   (3,929)    (1,786)    (477) Proceeds from sales of businesses and investments   218     433    666 Purchases of investments   (1,697)    (784)    (191) Deposits   (1,749)    (18)    — Other   21     238    (146) Net cash provided by (used in) investing activities   (18,385)    (11,964)    (8,733) Financing Activities      Proceeds from (repayments of) short-term borrowings, net   1,790     135    (504) Proceeds from borrowings   9,231     5,486    4,182 Repurchases and repayments of debt   (3,052)    (4,378)    (3,175) Repurchases and retirements of common stock   (5,000)    (6,750)    (4,251) Dividends paid   (2,601)    (2,437)    (2,254) Issuances of common stock   23     36    35 Distributions to noncontrolling interests and dividends for redeemable subsidiary preferred stock   (253)    (232)    (220) Other   13     (289)    167 Net cash provided by (used in) financing activities   151     (8,429)    (6,020) Increase (decrease) in cash and cash equivalents   1,006     (1,615)    2,192 Cash and cash equivalents, beginning of year   2,295     3,910    1,718 Cash and cash equivalents, end of year  $3,301    $2,295   $3,910 See accompanying notes to consolidated financial statements.  Comcast 2016 Annual Report on Form 10-K 78 Table of ContentsComcast CorporationConsolidated Statement of Changes in Equity    RedeemableNoncontrollingInterests andRedeemableSubsidiaryPreferredStock         Common Stock  AdditionalPaid-InCapital  RetainedEarnings  TreasuryStock atCost  AccumulatedOtherComprehensiveIncome (Loss)  Non-controllingInterests  TotalEquity (in millions)    A  ASpecial  B       Balance, December 31, 2013 $957          $ 25  $5  $—  $ 38,890  $ 19,235  $ (7,517)  $56  $364  $51,058 Stock compensation plans         732   (433)      299 Repurchases and retirements of common stock         (928)   (3,323)      (4,251) Employee stock purchase plans         118       118 Dividends declared          (2,320)      (2,320) Other comprehensive income (loss)            (202)    (202) Issuance of subsidiary shares to noncontrolling interests  85             11   11 Contributions from (distributions to) noncontrolling interests,net  (19)             (132)   (132) Other  (33)         (7)      (22)   (29) Net income (loss)  76                           8,380           136   8,516 Balance, December 31, 2014  1,066      25   5   —   38,805   21,539   (7,517)   (146)   357   53,068 Stock compensation plans         739   (402)      337 Repurchases and retirements of common stock       (1)    (1,345)   (5,404)      (6,750) Employee stock purchase plans         136       136 Dividends declared          (2,483)      (2,483) Other comprehensive income (loss)            (28)   (29)   (57) Contributions from (distributions to) noncontrolling interests,net  11             (146)   (146) Reclassification of Class A Special common stock      4   (4)         — Universal Studios Japan             1,440   1,440 Other  58         183      (77)   106 Net income (loss)  86                           8,163           164   8,327 Balance, December 31, 2015  1,221      29   —   —   38,518   21,413   (7,517)   (174)   1,709   53,978 Stock compensation plans         720    (326)      394  Repurchases and retirements of common stock      (1)     (949)   (4,050)      (5,000) Employee stock purchase plans         156        156  Dividends declared          (2,656)      (2,656) Other comprehensive income (loss)            272    74    346  Contributions from (distributions to) noncontrollinginterests, net  (16)             (134)   (134) Other  148          (187)      325    138  Net income (loss)  93                            8,695            257    8,952  Balance, December 31, 2016 $1,446           $ 28   $ —   $ —   $ 38,258   $ 23,076   $ (7,517)  $98   $ 2,231   $ 56,174  See accompanying notes to consolidated financial statements.   79 Comcast 2016 Annual Report on Form 10-KTable of ContentsComcast CorporationNotes to Consolidated Financial Statements Note 1: Business and Basis of Presentation We are a global media and technology company with two primary businesses, Comcast Cable and NBCUniversal. We were incorporated under thelaws of Pennsylvania in December 2001. Through our predecessors, we have developed, managed and operated cable systems since 1963.We present our operations for Comcast Cable in one reportable business segment, referred to as Cable Communications, and our operations forNBCUniversal in four reportable business segments: Cable Networks, Broadcast Television, Filmed Entertainment and Theme Parks (collectively,the “NBCUniversal segments”). See Note 17 for additional information on our reportable business segments.Our Cable Communications segment primarily manages and operates cable systems that serve residential and business customers in the UnitedStates. As of December 31, 2016, our cable systems had 28.6 million total customer relationships and served 22.5 million video customers,24.7 million high-speed Internet customers and 11.7 million voice customers.Our Cable Networks segment consists primarily of a diversified portfolio of cable television networks. Our cable networks are comprised of ournational cable networks that provide a variety of entertainment, news and information, and sports content, our regional sports and news networks,our international cable networks, and our cable television studio production operations.Our Broadcast Television segment consists primarily of the NBC and Telemundo broadcast networks, our owned NBC and Telemundo localbroadcast television stations, the NBC Universo national cable network, and our broadcast television studio production operations.Our Filmed Entertainment segment primarily produces, acquires, markets and distributes filmed entertainment worldwide. Our films are producedprimarily under the Universal Pictures, Illumination and Focus Features names and in August 2016, we acquired DreamWorks Animation. See Note5 for additional information on the acquisition.Our Theme Parks segment consists primarily of our Universal theme parks in Orlando, Florida and Hollywood, California and our 51% interest in theUniversal Studios theme park in Osaka, Japan (“Universal Studios Japan”), which we acquired in November 2015. See Note 5 for additionalinformation on the acquisition.Our other business interests, which are included in Corporate and Other, consist primarily of Comcast Spectacor, which owns the PhiladelphiaFlyers and the Wells Fargo Center arena in Philadelphia, Pennsylvania and operates arena management-related businesses.Basis of PresentationThe accompanying consolidated financial statements include all entities in which we have a controlling voting interest and variable interest entities(“VIEs”) required to be consolidated in accordance with generally accepted accounting principles in the United States (“GAAP”).We translate assets and liabilities of our foreign operations where the functional currency is the local currency, primarily the Japanese yen, euro andBritish pound, into U.S. dollars at the exchange rate as of the balance sheet date and translate revenue and expenses using average monthlyexchange rates. The related translation adjustments are recorded as a component of accumulated other comprehensive income (loss) in ourconsolidated balance sheet. Any foreign currency transaction gains or losses are included in our consolidated statement of income.  Comcast 2016 Annual Report on Form 10-K 80 Table of ContentsComcast Corporation ReclassificationsReclassifications have been made to our consolidated financial statements for the prior years to conform to classifications used in 2016.Stock SplitOn January 24, 2017, our Board of Directors approved a two-for-one stock split in the form of a 100% stock dividend (the “Stock Split”) payable onFebruary 17, 2017 to shareholders of record as of February 8, 2017. The Stock Split will be in the form of one additional share for every share heldand will be payable in shares of Class A common stock on the outstanding Class A common stock and Class B common stock. The pro formadiluted earnings per common share attributable to Comcast Corporation shareholders in our consolidated statement of income has been adjusted toreflect the Stock Split for all periods presented. All other share-based data, including the number of shares outstanding and related prices, per shareamounts, and share authorizations and conversions have not been adjusted to reflect the Stock Split for any of the periods presented.Note 2: Accounting Policies Our consolidated financial statements are prepared in accordance with GAAP, which require us to select accounting policies, including in certaincases industry-specific policies, and make estimates that affect the reported amount of assets, liabilities, revenue and expenses, and the relateddisclosure of contingent assets and contingent liabilities. Actual results could differ from these estimates. We believe that the judgments and relatedestimates for the following items are critical in the preparation of our consolidated financial statements:  • valuation and impairment testing of cable franchise rights (see Note 9)   • film and television costs (see Note 6) In addition, the following accounting policies are specific to the industries in which we operate:  • capitalization and amortization of film and television costs (see Note 6)   • installation revenue and costs for connecting customers to our cable systems (see revenue recognition below and Note8) Information on our other accounting policies and methods that are used in the preparation of our consolidated financial statements are included,where applicable, in their respective footnotes that follow. Below is a discussion of accounting policies and methods used in our consolidatedfinancial statements that are not presented within other footnotes.Revenue RecognitionCable Communications SegmentOur Cable Communications segment generates revenue primarily from subscriptions to our video, high-speed Internet and voice services (“cableservices”) and from the sale of advertising. We recognize revenue from cable services as each service is provided. Customers are typically billed inadvance on a monthly basis based on the services and features they receive and the type of equipment they use. Since installation revenueobtained from the connection of customers to our cable systems is less than the related direct selling costs, we recognize revenue as connectionsare completed. We manage credit risk by screening applicants through the use of internal customer information, identification verification tools andcredit bureau data. If a customer’s account is delinquent, various measures are used to collect outstanding amounts, including termination of thecustomer’s cable services.   81 Comcast 2016 Annual Report on Form 10-KTable of ContentsComcast Corporation As part of our distribution agreements with cable networks, we generally receive an allocation of scheduled advertising time on cable networks thatwe sell through our advertising business, Spotlight, to local, regional and national advertisers. We recognize advertising revenue when theadvertising is aired or viewed. In most cases, the available advertising units are sold by our sales force. In some cases, we work with representationfirms as an extension of our sales force to sell a portion of the advertising units allocated to us. We also represent the advertising sales efforts ofother multichannel video providers in some markets. Since we are acting as the principal in these arrangements, we record the advertising that issold in revenue and the fees paid to representation firms and multichannel video providers in other operating and administrative expenses.Revenue earned from other sources, such as our home security and automation services, is recognized when services are provided or events occur.Under the terms of our cable franchise agreements, we are generally required to pay to the cable franchising authority an amount based on ourgross video revenue. We pass these fees through to our cable services customers and classify the fees as a component of revenue with thecorresponding costs included in other operating and administrative expenses.Cable Networks and Broadcast Television SegmentsOur Cable Networks segment generates revenue primarily from the distribution of our cable network programming to multichannel video providers,from the sale of advertising on our cable networks and related digital media properties, from the licensing of our owned programming to cable andbroadcast networks and subscription video on demand services, from the sale of our owned programming on standard-definition digital video discsand Blu-ray discs (together, “DVDs”) and through digital distribution services such as iTunes, and from the sale of programming by our cabletelevision studio production operations to third-party networks and subscription video on demand services. Our Broadcast Television segmentgenerates revenue primarily from the sale of advertising on our broadcast networks, owned local broadcast television stations and related digitalmedia properties, from the licensing of our owned programming by our broadcast television studio production operations to various distributionplatforms, including to cable and broadcast networks as well as to subscription video on demand services, from the fees received underretransmission consent agreements and associated fees received from NBC-affiliated local broadcast television stations, and from the sale of ourowned programming on DVDs and through digital distribution services. We recognize revenue from distributors as programming is provided,generally under multiyear distribution agreements. From time to time, the distribution agreements expire while programming continues to be providedto the distributor based on interim arrangements while the parties negotiate new contract terms. Revenue recognition is generally limited to currentpayments being made by the distributor, typically under the prior contract terms, until a new contract is negotiated, sometimes with effective datesthat affect prior periods. Differences between actual amounts determined upon resolution of negotiations and amounts recorded during these interimarrangements are recorded in the period of resolution.Advertising revenue for our Cable Networks and Broadcast Television segments is recognized in the period in which commercials are aired orviewed. In some instances, we guarantee audience ratings for the commercials. To the extent there is a shortfall in the ratings that were guaranteed,a portion of the revenue is deferred until the shortfall is settled, primarily by providing additional advertising units. We recognize revenue from thelicensing of our owned programming and programming produced by our studios for third parties when the content is made available for use by thelicensee, and when certain other conditions are met. When license fees include advertising time, we recognize the component of revenue associatedwith the advertisements when they are aired or viewed.Filmed Entertainment SegmentOur Filmed Entertainment segment generates revenue primarily from the worldwide distribution of our produced and acquired films for exhibition inmovie theaters, from the licensing of our owned and acquired films through various distribution platforms, and from the sale of our owned andacquired films on DVDs and  Comcast 2016 Annual Report on Form 10-K 82 Table of ContentsComcast Corporation through digital distribution services. Our Filmed Entertainment segment also generates revenue from producing and licensing live stage plays, fromthe distribution of filmed entertainment produced by third parties, and from Fandango, our movie ticketing and entertainment business. We recognizerevenue from the distribution of films to movie theaters when the films are exhibited. We recognize revenue from the licensing of a film when the filmis available for use by the licensee, and when certain other conditions are met. We recognize revenue from the sale of DVDs, net of estimatedreturns and customer incentives, on the date that the DVDs are delivered to and made available for sale by retailers.Theme Parks SegmentOur Theme Parks segment generates revenue primarily from ticket sales and guest spending at our Universal theme parks. We recognize revenuefrom advance theme park ticket sales when the tickets are used. For annual passes, we recognize revenue on a straight-line basis over the periodfollowing the activation date.Cable Communications Programming ExpensesCable Communications programming expenses are the fees we pay to license the programming we distribute to our video customers. Programmingis generally acquired under multiyear distribution agreements, with rates typically based on the number of customers that receive the programming,channel positioning and the extent of distribution. From time to time, these contracts expire and programming continues to be provided under interimarrangements while the parties negotiate new contract terms, sometimes with effective dates that affect prior periods. While payments are typicallymade under the prior contract’s terms, the amount of programming expenses recorded during the interim arrangement is based on our estimate ofthe ultimate contract terms expected to be negotiated. Differences between actual amounts determined upon resolution of negotiations and amountsrecorded during these interim arrangements are recorded in the period of resolution.When our Cable Communications segment receives incentives from a cable network for the licensing of its programming, we defer a portion of theseincentives, which are included in other current and noncurrent liabilities, and recognize them over the term of the contract as a reduction toprogramming expenses.Advertising ExpensesAdvertising costs are expensed as incurred.Cash EquivalentsThe carrying amounts of our cash equivalents approximate their fair values. Our cash equivalents consist primarily of money market funds and U.S.government obligations, as well as commercial paper and certificates of deposit with maturities of three months or less when purchased.Derivative Financial InstrumentsWe use derivative financial instruments to manage our exposure to the risks associated with fluctuations in interest rates, foreign exchange ratesand equity prices. Our objective is to manage the financial and operational exposure arising from these risks by offsetting gains and losses on theunderlying exposures with gains and losses on the derivatives used to economically hedge them.Our derivative financial instruments are recorded in our consolidated balance sheet at fair value. The impact of our derivative financial instrumentson our consolidated financial statements was not material in any of the periods presented.Fair Value MeasurementsThe accounting guidance related to financial assets and financial liabilities (“financial instruments”) establishes a hierarchy that prioritizes fair valuemeasurements based on the types of inputs used for the various   83 Comcast 2016 Annual Report on Form 10-KTable of ContentsComcast Corporation valuation techniques (market approach, income approach and cost approach). The levels of the hierarchy are described below.  • Level 1: Values are determined using quoted market prices for identical financial instruments in an active market   • Level 2: Values are determined using quoted prices for similar financial instruments and valuation models whose inputsare observable   • Level 3: 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 fairvalue requires significant management judgment or estimation We use these levels of hierarchy for the measurement of fair value related to acquisitions, investments, long-term debt, redeemable subsidiarypreferred stock and impairment testing, among others. Our assessment of the significance of a particular input to the fair value measurementrequires judgment and may affect the valuation and classification within the fair value hierarchy. Our financial instruments that are accounted for atfair value on a recurring basis were not material as of December 31, 2016 and 2015.Asset Retirement ObligationsCertain of our cable franchise agreements and lease agreements contain provisions requiring us to restore facilities or remove property in the eventthat the franchise or lease agreement is not renewed. We expect to continually renew our cable franchise agreements and therefore cannotreasonably estimate any liabilities associated with such agreements. A remote possibility exists that franchise agreements could be terminatedunexpectedly, which could result in us incurring significant expense in complying with restoration or removal provisions. We do not have anysignificant liabilities related to asset retirements recorded in our consolidated financial statements.Note 3: Recent Accounting Pronouncements Revenue RecognitionIn May 2014, the Financial Accounting Standards Board (“FASB”) updated the accounting guidance related to revenue recognition. The updatedaccounting guidance provides a single, contract-based revenue recognition model to help improve financial reporting by providing clearer guidanceon when an entity should recognize revenue and by reducing the number of standards to which an entity has to refer. The updated accountingguidance is effective for us as of January 1, 2018.We have reviewed a majority of our revenue arrangements and expect our review to be completed in the second quarter of 2017. As a result of ourreview, we do not expect any material impact on our consolidated financial statements. However, we do expect that the new standard will impact thetiming of recognition for (1) our Cable Communications segment’s installation revenue and commission expenses, which upon adoption will berecognized as revenue and costs over a period of time instead of immediately, and (2) our Cable Networks, Broadcast Television and FilmedEntertainment segments’ content licensing revenue associated with renewals or extensions of existing program licensing agreements, which uponadoption will be recognized as revenue when the licensed content becomes available under the renewal or extension instead of when the agreementis renewed or extended.The guidance provides companies with alternative methods of adoption and we are in the process of determining our method of adoption, whichdepends in part upon our completion of the evaluation of our remaining revenue arrangements.  Comcast 2016 Annual Report on Form 10-K 84 Table of ContentsComcast Corporation ConsolidationsIn February 2015, the FASB updated the accounting guidance related to consolidation under the variable interest entity and voting interest entitymodels. The updated accounting guidance modifies the consolidation guidance for VIEs, limited partnerships and similar legal entities. We haveadopted this guidance as of January 1, 2016 and it did not have a material impact on our consolidated financial statements.Financial Assets and Financial LiabilitiesIn 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 theequity 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 asof January 1, 2018. The updated accounting guidance requires, with certain exceptions, a cumulative effect adjustment to beginning retainedearnings when the guidance is adopted. We are currently in the process of determining the impact that the updated accounting guidance will have onour consolidated financial statements.LeasesIn February 2016, the FASB updated the accounting guidance related to leases. The updated accounting guidance requires lessees to recognize aright-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 initiallymeasured based on the present value of committed lease payments. For a lessee, the recognition, measurement and presentation of expenses andcash flows arising from a lease do not significantly change from previous guidance. For a lessor, the accounting applied is also largely unchangedfrom previous guidance. The updated guidance is effective for us as of January 1, 2019 and early adoption is permitted. The updated accountingguidance must be adopted using a modified retrospective approach for leases that exist or are entered into after the beginning of the earliestcomparative period in the financial statements. We are currently in the process of determining the impact that the updated accounting guidance willhave on our consolidated financial statements. See Note 16 for a summary of our undiscounted minimum rental commitments under operatingleases as of December 31, 2016.Share-Based CompensationIn March 2016, the FASB updated the accounting guidance that affects several aspects of the accounting for share-based compensation. The mostsignificant change for us relates to the presentation of the income and withholding tax consequences of share-based compensation in ourconsolidated financial statements. Among the changes, the updated guidance requires that the excess income tax benefits or deficiencies that arisewhen the tax consequences of share-based compensation differ from amounts previously recognized in the statement of income be recognized asincome tax benefit or expense in the statement of income rather than as additional paid-in capital in the balance sheet. The guidance also states thatexcess income tax benefits should not be presented separately from other income taxes in the statement of cash flows and, thus, should beclassified as an operating activity rather than a financing activity as they are under the current guidance. In addition, the updated guidance requireswhen an employer withholds shares upon exercise of options or the vesting of restricted stock for the purpose of meeting withholding taxrequirements, that the cash paid for withholding taxes be classified as a financing activity. We currently record these amounts within operatingactivities.We will adopt the updated guidance in the first quarter of 2017. As required under the updated guidance, we will prospectively adopt the provisionsof this guidance that relate to the recognition of the excess income tax benefits or deficiencies in the statement of income. If we had adopted theupdated guidance in 2016, our income tax expense and effective tax rate would have decreased by $233 million and 1.6%, respectively, and   85 Comcast 2016 Annual Report on Form 10-KTable of ContentsComcast Corporation our diluted earnings per common share attributable to Comcast Corporation shareholders in 2016 would have increased by $0.08.In addition, upon adoption we will retrospectively adopt the provisions of this guidance related to changes to the statement of cash flows in any of theperiods presented. The table below presents the effect on our consolidated statement of cash flows for each of the years ended December 31, 2016,2015 and 2014. These amounts are not necessarily indicative of amounts that we will recognize in future years related to the excess income taxbenefits or deficiencies nor the cash paid for withholding taxes. Year ended December 31 (in millions) As Reported   Effect of Adoption   Upon Adoption 2016     Net cash provided by operating activities $ 19,240   $ 585   $ 19,825 Net cash provided by (used in) financing activities $151   $ (585)   $(434) 2015     Net cash provided by operating activities $18,778   $708   $19,486 Net cash provided by (used in) financing activities $(8,429)   $(708)   $(9,137) 2014     Net cash provided by operating activities $16,945   $652   $17,597 Net cash provided by (used in) financing activities $(6,020)   $(652)   $(6,672) Note 4: Earnings Per Share Computation of Diluted EPS    2016  2015  2014 Year ended December 31 (in millions, except per share data) Net IncomeAttributableto ComcastCorporation  Shares  Per ShareAmount  Net IncomeAttributableto ComcastCorporation  Shares  Per ShareAmount  Net IncomeAttributableto ComcastCorporation  Shares  Per ShareAmount Basic EPS attributable to Comcast Corporationshareholders $ 8,695    2,410   $ 3.61   $ 8,163   2,486  $ 3.28  $ 8,380   2,583  $ 3.24 Effect of dilutive securities:         Assumed exercise or issuance of shares relating tostock plans      28            32           37     Diluted EPS attributable toComcast Corporation shareholders $8,695    2,438   $3.57   $8,163   2,518  $3.24  $8,380   2,620  $3.20 Diluted earnings per common share attributable to Comcast Corporation shareholders (“diluted EPS”) considers the impact of potentially dilutivesecurities using the treasury stock method. Our potentially dilutive securities include potential common shares related to our stock options and ourrestricted share units (“RSUs”). Diluted EPS excludes the impact of potential common shares related to our stock options in periods in which thecombination of the option exercise price and the associated unrecognized compensation expense is greater than the average market price of ourcommon stock.The amount of potential common shares related to our share-based compensation plans that were excluded from diluted EPS because their effectwould have been antidilutive was not material in any of the periods presented.  Comcast 2016 Annual Report on Form 10-K 86 Table of ContentsComcast Corporation Note 5: Significant Transactions 2016DreamWorks AnimationOn August 22, 2016, we acquired all of the outstanding stock of DreamWorks Animation for $3.8 billion. DreamWorks Animation’s stockholdersreceived $41 in cash for each share of DreamWorks Animation common stock. DreamWorks Animation creates animated feature films, televisionseries and specials, live entertainment and related consumer products. The results of operations for DreamWorks Animation are reported in ourFilmed Entertainment segment following the acquisition date.Preliminary Allocation of Purchase PriceThe transaction was accounted for under the acquisition method of accounting and, accordingly, the assets and liabilities are to be recorded at theirfair market values as of the acquisition date. We recorded the acquired assets and liabilities of DreamWorks Animation at their estimated fair valuesbased on preliminary valuation analyses. In valuing acquired assets and liabilities, fair value estimates are primarily based on Level 3 inputsincluding future expected cash flows, market rate assumptions and discount rates. The fair value of the assumed debt was primarily based onquoted market values. The fair value of the liability related to a tax receivable agreement that DreamWorks Animation had previously entered intowith one of its former stockholders (the “tax receivable agreement”) was based on the contractual settlement provisions in the agreement. Further,we recorded the deferred income taxes based on our estimates of the tax basis of the acquired net assets and the valuation allowances based onthe expected use of net operating loss carryforwards. The goodwill is not deductible for tax purposes. We will adjust the assets and liabilities asvaluations are completed and we obtain information necessary to complete the analyses, but no later than one year from the acquisition date.The table below presents the preliminary allocation of the purchase price to the assets and liabilities of DreamWorks Animation.Preliminary Allocation of Purchase Price(in millions)     Film and television costs (see Note 6) $854 Intangible assets (see Note 9)  164 Working capital  248 Debt (see Note 10)  (381) Tax receivable agreement  (146) Deferred income taxes (see Note 14)  366 Other noncurrent assets and liabilities  137 Identifiable net assets (liabilities) acquired  1,242 Noncontrolling interest  (89) Goodwill (see Note 9)  2,620 Cash consideration transferred $ 3,773 The tax receivable agreement was settled immediately following the acquisition and the payment was recorded as an operating activity in ourconsolidated statement of cash flows. In addition, we repaid all of the assumed debt of DreamWorks Animation.Revenue and net income attributable to the acquisition of DreamWorks Animation were not material for 2016.   87 Comcast 2016 Annual Report on Form 10-KTable of ContentsComcast Corporation 2015Universal Studios JapanOn November 13, 2015, NBCUniversal acquired a 51% economic interest in Universal Studios Japan for $1.5 billion.Universal Studios Japan is a VIE based on the governance structure and we consolidate Universal Studios Japan since we have the power to directactivities that most significantly impact its economic performance. There are no liquidity arrangements, guarantees or other financial commitmentsbetween us and Universal Studios Japan, and therefore our maximum risk of financial loss is NBCUniversal’s 51% interest. Universal StudiosJapan’s results of operations are reported in our Theme Parks segment following the acquisition date.Allocation of Purchase PriceThe transaction was accounted for under the acquisition method of accounting and, accordingly, the acquired assets and liabilities and the 49%noncontrolling interest were recorded at their estimated fair values. In 2016, we updated the allocation of the purchase price for Universal StudiosJapan based on final valuation analyses, which primarily resulted in increases to property and equipment and intangible assets and a decrease ingoodwill. The changes did not have a material impact on our consolidated financial statements. The goodwill is not deductible for tax purposes.The table below presents the allocation of the purchase price to the assets and liabilities of Universal Studios Japan.Allocation of Purchase Price(in millions)     Property and equipment (see Note 8) $780 Intangible assets (see Note 9)  323 Working capital  (33) Debt (see Note 10)  (3,271) Other noncurrent assets and liabilities  17 Identifiable net assets (liabilities) acquired  (2,184) Noncontrolling interest  (1,440) Goodwill (see Note 9)  5,123 Cash consideration transferred $1,499 Actual and Unaudited Pro Forma ResultsOur consolidated revenue in 2016 and 2015 included $1.4 billion and $169 million, respectively, from the acquisition of Universal Studios Japan. Ournet income attributable to Comcast Corporation in 2016 and 2015 included $124 million and $18 million, respectively, from the acquisition ofUniversal Studios Japan.  Comcast 2016 Annual Report on Form 10-K 88 Table of ContentsComcast Corporation The following unaudited pro forma information has been presented as if the acquisition of Universal Studios Japan occurred on January 1, 2014.This information is primarily based on historical results of operations, adjusted for the allocation of purchase price, and is not necessarily indicative ofwhat our results would have been had we operated Universal Studios Japan since January 1, 2014. No pro forma adjustments have been made forour transaction-related expenses. Year ended December 31 (in millions, except per share amounts) 2015   2014 Revenue $ 75,563   $ 69,860 Net income $8,591   $8,704 Net income attributable to Comcast Corporation $8,253   $8,435 Basic earnings per common share attributable to Comcast Corporation shareholders $3.32   $3.27 Diluted earnings per common share attributable to Comcast Corporation shareholders $3.28   $3.22 Time Warner Cable Merger and Related Divestiture TransactionsOn April 24, 2015, we and Time Warner Cable Inc. terminated our planned merger, and we terminated our related agreement with CharterCommunications, Inc. to spin off, exchange and sell certain cable systems. In connection with these proposed transactions, we incurred incrementaltransaction-related expenses of $198 million and $237 million in 2015 and 2014, respectively. The transaction-related expenses are includedprimarily in other operating and administrative expenses, with $20 million recorded in depreciation and amortization expenses associated with thewrite-off of certain capitalized costs in 2015.Note 6: Film and Television Costs  December 31 (in millions) 2016   2015 Film Costs:   Released, less amortization $ 1,750    $ 1,275 Completed, not released  50     226 In production and in development  1,310     907   3,110     2,408 Television Costs:   Released, less amortization  1,953     1,573 In production and in development  853     737   2,806     2,310 Programming rights, less amortization  2,586     2,350   8,502     7,068 Less: Current portion of programming rights  1,250     1,213 Film and television costs $7,252    $5,855 Based on our current estimates of the total remaining revenue from all sources (“ultimate revenue”), in 2017 we expect to amortize approximately$1.9 billion of film and television costs associated with our original film and television productions that have been released, or are completed andhave not been released. Through 2019, we expect to amortize approximately 88% of unamortized film and television costs for our releasedproductions, excluding amounts allocated to acquired libraries.As of December 31, 2016, acquired film and television libraries, which are included within the “released, less amortization” captions in the tableabove, had remaining unamortized costs of $596 million. These costs are generally amortized over a period not to exceed 20 years, andapproximately 45% of these costs are expected to be amortized through 2019.   89 Comcast 2016 Annual Report on Form 10-KTable of ContentsComcast Corporation Capitalization of Film and Television CostsWe capitalize film and television production costs, including direct costs, production overhead, print costs, development costs and interest. Weamortize capitalized film and television production costs, including acquired libraries, and accrue costs associated with participation and residualpayments to programming and production expenses. We generally record the amortization and the accrued costs using the individual film forecastcomputation method, which amortizes the costs in the same ratio as the associated ultimate revenue. Estimates of ultimate revenue and total costsare based on anticipated release patterns, public acceptance and historical results for similar productions. Unamortized film and television costs,including acquired film and television libraries, are stated at the lower of unamortized cost or fair value. We do not capitalize costs related to thedistribution of a film in movie theaters or the licensing or sale of a film or television production, which are primarily costs associated with themarketing and distribution of them.In determining the method of amortization and estimated life of an acquired film or television library, we generally use the method and the life thatmost closely follow the undiscounted cash flows over the estimated life of the asset.When an event or a change in circumstance occurs that was known or knowable as of the balance sheet date and that indicates the fair value of afilm is less than its unamortized costs, we determine the fair value of the film and record an impairment charge for the amount by which theunamortized capitalized costs exceed the film’s fair value. The estimated fair value of a production is based on Level 3 inputs that primarily use ananalysis of future expected cash flows. Adjustments to capitalized film and stage play production costs of $14 million, $42 million and $26 millionwere recorded in 2016, 2015 and 2014, respectively.We enter into cofinancing arrangements with third parties to jointly finance or distribute certain of our film productions. Cofinancing arrangementscan take various forms, but in most cases involve the grant of an economic interest in a film to an investor. The number of investors and the terms ofthese arrangements can vary, although investors generally assume the full risks and rewards for the portion of the film acquired in thesearrangements. We account for the proceeds received from a third-party investor under these arrangements as a reduction to our capitalized filmcosts. Under these arrangements, the investor owns an undivided copyright interest in the film, and therefore in each period we record either acharge or a benefit to programming and production expenses to reflect the estimate of the third-party investor’s interest in the profit or loss of thefilm. The estimate of the third-party investor’s interest in the profit or loss of a film is determined using the ratio of actual revenue earned to date tothe ultimate revenue expected to be recognized over the film’s useful life.We capitalize the costs of programming content that we license but do not own, including rights to multiyear, live-event sports programming, at theearlier of when payments are made for the programming or when the license period begins and the content is made available for use. We amortizecapitalized programming costs as the associated programs are broadcast. We generally amortize multiyear, live-event sports programming rightsusing the ratio of the current period revenue to the estimated ultimate revenue or under the terms of the contract.Acquired programming costs are recorded at the lower of unamortized cost or net realizable value on a program by program, package, channel ordaypart basis. A daypart is an aggregation of programs broadcast during a particular time of day or programs of a similar type. Programmingacquired by our Cable Networks segment is primarily tested on a channel basis for impairment, whereas programming acquired by our BroadcastTelevision segment is tested on a daypart basis. If we determine that the estimates of future cash flows are insufficient or if there is no plan tobroadcast certain programming, we recognize an impairment charge to programming and production expenses.  Comcast 2016 Annual Report on Form 10-K 90 Table of ContentsComcast Corporation Note 7: Investments  December 31 (in millions) 2016   2015 Fair Value Method $198    $167 Equity Method:   Atairos  1,601     — Hulu  225     184 Other  550     494   2,376     678 Cost Method:   AirTouch  1,599     1,583 BuzzFeed  400     200 Other  771     702    2,770     2,485 Total investments  5,344     3,330 Less: Current investments  97     106 Noncurrent investments $ 5,247    $ 3,224 Investment Income (Loss), NetYear ended December 31 (in millions) 2016   2015   2014 Gains on sales and exchanges of investments, net $46    $12   $192 Investment impairment losses  (34)    (59)    (50) Unrealized gains on securities underlying prepaid forward sale agreements  —     42    66 Mark to market adjustments on derivative component of prepaid forward sale agreements and indexed debt instruments  (4)    (42)    (56) Interest and dividend income  123     115    116 Other, net  82     13    28 Investment income (loss), net $ 213    $81   $ 296 Fair Value MethodWe classify publicly traded investments that are not accounted for under the equity method as available-for-sale (“AFS”) or trading securities andrecord them at fair value. For AFS securities, we record unrealized gains or losses resulting from changes in fair value between measurement datesas a component of other comprehensive income (loss), except when we consider declines in value to be other than temporary. For trading securities,we record unrealized gains or losses resulting from changes in fair value between measurement dates as a component of investment income (loss),net. We recognize realized gains and losses associated with our fair value method investments using the specific identification method. We classifythe cash flows related to purchases of and proceeds from the sale of trading securities based on the nature of the securities and the purpose forwhich they were acquired.Equity MethodWe use the equity method to account for investments in which we have the ability to exercise significant influence over the investee’s operating andfinancial policies or in which we hold a significant partnership or LLC interest. Equity method investments are recorded at cost and are adjusted torecognize (1) our proportionate share of the investee’s net income or loss after the date of investment, (2) amortization of the recorded investmentthat exceeds our share of the book value of the investee’s net assets, (3) additional contributions made and dividends received, and (4) impairmentsresulting from other-than-temporary declines in fair value.   91 Comcast 2016 Annual Report on Form 10-KTable of ContentsComcast Corporation For some investments, we record our share of the investee’s net income or loss one quarter in arrears due to the timing of our receipt of suchinformation. Gains or losses on the sale of equity method investments are recorded to other income (expense), net. If an equity method investeewere to issue additional securities that would change our proportionate share of the entity, we would recognize the change, if any, as a gain or lossin our consolidated statement of income.AtairosIn 2015, we entered into an agreement to establish Atairos Group, Inc., a strategic company focused on investing in and operating companies in arange of industries and business sectors, both domestically and internationally. The agreement became effective as of January 1, 2016. Atairos hasa term of up to 12 years and is controlled by management companies led by our former CFO through interests that carry all of the voting rights. Weare the only investor other than our former CFO and the other management company employees. We have committed to fund Atairos up to $4 billionin the aggregate at any one time, subject to certain offsets, and $40 million annually for a management fee, subject to certain adjustments, while themanagement company investors have committed to fund up to $100 million, with at least $40 million to be funded by our former CFO, subject to hiscontinued role with Atairos. Our economic interests do not carry voting rights and obligate us to absorb approximately 99% of any losses and theyprovide us the right to receive approximately 86.5% of any residual returns in Atairos, in either case on a cumulative basis.We have concluded that Atairos is a VIE, that we do not have the power to direct the activities that most significantly impact the economicperformance of Atairos as we have no voting rights and only certain consent rights, and that we are not a related party with our former CFO or themanagement companies. We therefore do not consolidate Atairos and account for our investment as an equity method investment. There are noother liquidity arrangements, guarantees or other financial commitments between Comcast and Atairos, and therefore our maximum risk of financialloss is our investment balance and remaining unfunded capital commitment.In 2016, we made cash capital contributions totaling $1.2 billion to Atairos. In addition, we recorded capital contributions of $447 million that wereaccrued in 2016 and paid in January 2017.HuluIn August 2016, Time Warner Inc. acquired a 10% interest in Hulu, LLC, which diluted our interest in Hulu from 33% to 30%. For a period not toexceed 3 years, Time Warner may put its shares to Hulu or Hulu may call Time Warner’s shares under certain limited circumstances arising fromregulatory review. Given the contingent nature of the put and call options, we recorded a deferred gain of $159 million and a corresponding increaseto our investment in Hulu as a result of the dilution. The deferred gain will be recognized in other income (expense), net if and when the optionsexpire unexercised.In 2016, 2015 and 2014, we recognized our proportionate share of losses of $168 million, $106 million and $20 million, respectively, related to ourinvestment in Hulu.The Weather ChannelIn January 2016, following a legal restructuring at The Weather Channel, we and the other investors sold the entity holding The Weather Channel’sproduct and technology businesses to IBM. Following the close of the transaction, we continue to hold an investment in The Weather Channel cablenetwork 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.In June and December 2015, The Weather Channel recorded impairment charges related to goodwill. In 2015, we recorded expenses of$333 million that represented NBCUniversal’s proportionate share of these impairment charges in equity in net income (losses) of investees, net inour consolidated statement of income.  Comcast 2016 Annual Report on Form 10-K 92 Table of ContentsComcast Corporation Cost MethodWe use the cost method to account for investments not accounted for under the fair value method or the equity method.AirTouchWe hold two series of preferred stock of Verizon Americas, Inc., formerly known as AirTouch Communications, Inc., a subsidiary of VerizonCommunications Inc., which are redeemable in April 2020. As of both December 31, 2016 and 2015, the estimated fair value of the AirTouchpreferred stock was $1.7 billion.The dividend and redemption activity of the AirTouch preferred stock determines the dividend and redemption payments associated withsubstantially all of the preferred shares issued by one of our consolidated subsidiaries, which is a VIE. The subsidiary has three series of preferredstock outstanding with an aggregate redemption value of $1.75 billion. Substantially all of the AirTouch preferred stock is redeemable in April 2020 ata redemption value of $1.65 billion. As of both December 31, 2016 and 2015, the two series of redeemable subsidiary preferred shares wererecorded at $1.6 billion, and those amounts are included in other noncurrent liabilities. As of both December 31, 2016 and 2015, the liability relatedto the redeemable subsidiary preferred shares had an aggregate estimated fair value of $1.7 billion. The estimated fair values of the AirTouchpreferred stock and redeemable subsidiary preferred shares are based on Level 2 inputs that use pricing models whose inputs are derived primarilyfrom or corroborated by observable market data through correlation or other means for substantially the full term of the financial instrument. The oneseries of nonredeemable subsidiary preferred shares was recorded at $100 million as of both December 31, 2016 and 2015, and those amounts areincluded in noncontrolling interests in our consolidated balance sheet. The carrying amount of the nonredeemable subsidiary preferred stockapproximates its fair value.BuzzFeed and Vox MediaIn September 2015, NBCUniversal acquired an interest in BuzzFeed, Inc. and made an additional investment in Vox Media, Inc. for $200 millioneach in cash. In November 2016, NBCUniversal made an additional investment of $200 million in BuzzFeed. BuzzFeed is a global media companythat produces and distributes original news, entertainment and videos. Vox Media is a digital media company comprised of eight distinct brands.Impairment Testing of InvestmentsWe review our investment portfolio each reporting period to determine whether there are identified events or circumstances that would indicate thereis a decline in the fair value that would be considered other than temporary. For our nonpublic investments, if there are no identified events orcircumstances that would have a significant adverse effect on the fair value of the investment, then the fair value is not estimated. If an investment isdeemed to have experienced an other-than-temporary decline below its cost basis, we reduce the carrying amount of the investment to its quoted orestimated fair value, as applicable, and establish a new cost basis for the investment. For our AFS securities and our cost method investments, werecord the impairment to investment income (loss), net. For our equity method investments, we record the impairment to other income (expense),net.   93 Comcast 2016 Annual Report on Form 10-KTable of ContentsComcast Corporation Note 8: Property and Equipment  December 31 (in millions) Weighted-AverageOriginal Useful LifeAs of December 31, 2016   2016   2015 Cable distribution system  11 years   $ 34,028    $ 32,586 Customer premise equipment  6 years    28,621     28,559 Other equipment  8 years    9,475     8,539 Buildings and leasehold improvements  29 years    12,550     10,829 Land  N/A    1,273     1,252 Property and equipment, at cost    85,947     81,765 Less: Accumulated depreciation       49,694     48,100 Property and equipment, net      $36,253    $33,665 Property and equipment are stated at cost. We capitalize improvements that extend asset lives and expense repairs and maintenance costs asincurred. We record depreciation using the straight-line method over the asset’s estimated useful life. For assets that are sold or retired, we removethe applicable cost and accumulated depreciation and, unless the gain or loss on disposition is presented separately, we recognize it as acomponent of depreciation expense.In accordance with the accounting guidance related to cable television companies, we capitalize the costs associated with the construction of andimprovements to our cable transmission and distribution facilities, including scalable infrastructure and line extensions; costs associated withacquiring and deploying new customer premise equipment; and costs associated with installation of our services. Costs capitalized include all directcosts for labor and materials, as well as various indirect costs. Costs incurred in connection with subsequent disconnects and reconnects areexpensed as they are incurred.We evaluate the recoverability of our property and equipment whenever events or substantive changes in circumstances indicate that the carryingamount may not be recoverable. The evaluation is based on the cash flows generated by the underlying asset groups, including estimated futureoperating results, trends or other determinants of fair value. If the total of the expected future undiscounted cash flows were less than the carryingamount of the asset group, we would recognize an impairment charge to the extent the carrying amount of the asset group exceeded its estimatedfair value. Unless presented separately, the impairment charge is included as a component of depreciation expense.  Comcast 2016 Annual Report on Form 10-K 94 Table of ContentsComcast Corporation Note 9: Goodwill and Intangible Assets Goodwill      NBCUniversal       (in millions) CableCommunications  CableNetworks  BroadcastTelevision   FilmedEntertainment  ThemeParks  Corporateand Other  Total Balance, December 31, 2014 $ 12,217  $ 12,948  $ 767   $211  $982  $191  $27,316 Acquisitions   173   17   39    58   5,373   1   5,661 Adjustments  (1)   —   —    —   —   —   (1) Foreign currency translation  —   (18)   —    (2)   (11)   —   (31) Balance, December 31, 2015  12,389   12,947   806    267   6,344   192   32,945 Acquisitions   82    232    —     2,717    —    1    3,032  Adjustments   174    —    —     —    (250)    (181)   (257) Foreign currency translation  —    4    —     9    247    —    260  Balance, December 31, 2016 $12,645   $13,183   $806    $ 2,993   $ 6,341   $12   $ 35,980   (a) Acquisitions in 2015 in our Theme Parks segment included the Universal Studios Japan transaction (see Note 5 for additional information). (b) Acquisitions in 2016 in our Filmed Entertainment segment primarily included the DreamWorks Animation acquisition (see Note 5 for additional information). (c) Adjustments in 2016 primarily included the updated allocation of the purchase price for Universal Studios Japan in our Theme Parks segment (see Note 5 for additional information) and thereclassification of certain operations and businesses from Corporate and Other to our Cable Communications segment.Goodwill is calculated as the excess of the consideration transferred over the identifiable net assets acquired in a business combination andrepresents the future economic benefits expected to arise from anticipated synergies and intangible assets acquired that do not qualify for separaterecognition, including assembled workforce, noncontractual relationships and other agreements. We assess the recoverability of our goodwillannually, or more frequently whenever events or substantive changes in circumstances indicate that the carrying amount of a reporting unit mayexceed its fair value. We test goodwill for impairment at the reporting unit level. To determine our reporting units, we evaluate the components onelevel below the segment level and we aggregate the components if they have similar economic characteristics. As a result of this assessment, ourreporting units are the same as our five reportable segments. We evaluate the determination of our reporting units used to test for impairmentperiodically or whenever events or substantive changes in circumstances occur. The assessment of recoverability may first consider qualitativefactors to determine whether the existence of events or circumstances leads to a determination that it is more likely than not that the fair value of areporting unit is less than its carrying amount. A quantitative assessment is performed if the qualitative assessment results in a more-likely-than-notdetermination or if a qualitative assessment is not performed. The quantitative assessment considers whether the carrying amount of a reporting unitexceeds its fair value, in which case an impairment charge is recorded to the extent the carrying amount of the reporting unit’s goodwill exceeds itsimplied fair value. Unless presented separately, the impairment charge is included as a component of amortization expense. We did not recognizeany impairment charges in any of the periods presented.   95 Comcast 2016 Annual Report on Form 10-K(a)(b)(c)Table of ContentsComcast Corporation Intangible Assets      2016   2015 December 31 (in millions) Weighted-AverageOriginal Useful Lifeas of December 31, 2016  GrossCarryingAmount   AccumulatedAmortization   GrossCarryingAmount   AccumulatedAmortization Indefinite-Lived Intangible Assets:        Franchise rights  N/A  $ 59,364      $ 59,364   Trade names  N/A   2,981       2,857   FCC licenses  N/A   651       651   Finite-Lived Intangible Assets:        Customer relationships  19 years   13,478    $(5,110)    13,396   $ (4,442) Software  4 years   7,017     (3,997)    6,008    (3,429) Cable franchise renewal costs and contractual operating rights  9 years   1,460     (800)    1,499    (849) Patents and other technology rights  7 years   257     (208)    409    (350) Other agreements and rights  15 years   2,443     (898)    1,994    (798) Total     $87,651    $ (11,013)   $86,178   $(9,868) Indefinite-Lived Intangible AssetsIndefinite-lived intangible assets consist primarily of our cable franchise rights. Our cable franchise rights represent the values we attributed toagreements with state and local authorities that allow access to homes and businesses in cable service areas acquired in business combinations.We do not amortize our cable franchise rights because we have determined that they meet the definition of indefinite-lived intangible assets sincethere are no legal, regulatory, contractual, competitive, economic or other factors which limit the period over which these rights will contribute to ourcash flows. We reassess this determination periodically or whenever events or substantive changes in circumstances occur. Costs we incur innegotiating and renewing cable franchise agreements are included in other intangible assets and are generally amortized on a straight-line basisover the term of the franchise agreement.We assess the recoverability of our cable franchise rights and other indefinite-lived intangible assets annually, or more frequently whenever eventsor substantive changes in circumstances indicate that the assets might be impaired. Our three Cable Communications divisions represent the unit ofaccount we use to test for impairment of our cable franchise rights. We evaluate the unit of account used to test for impairment of our cable franchiserights and other indefinite-lived intangible assets periodically or whenever events or substantive changes in circumstances occur to ensureimpairment testing is performed at an appropriate level. The assessment of recoverability may first consider qualitative factors to determine whetherit is more likely than not that the fair value of an indefinite-lived intangible asset is less than its carrying amount. A quantitative assessment isperformed if the qualitative assessment results in a more-likely-than-not determination or if a qualitative assessment is not performed. Whenperforming a quantitative assessment, we estimate the fair value of our cable franchise rights and other indefinite-lived intangible assets primarilybased on a discounted cash flow analysis that involves significant judgment. When analyzing the fair values indicated under the discounted cashflow models, we also consider multiples of operating income before depreciation and amortization generated by the underlying assets, currentmarket transactions, and profitability information. If the fair value of our cable franchise rights or other indefinite-lived intangible assets was less thanthe carrying amount, we would recognize an impairment charge for the difference between the estimated fair value and the carrying value of theassets. Unless presented separately, the impairment charge is included as a component of amortization expense. We did not recognize any materialimpairment charges in any of the periods presented.  Comcast 2016 Annual Report on Form 10-K 96 Table of ContentsComcast Corporation Finite-Lived Intangible AssetsEstimated Amortization Expense of Finite-Lived Intangible Assets(in millions)     2017 $ 2,077 2018 $1,828 2019 $1,475 2020 $1,168 2021 $939 Finite-lived intangible assets are subject to amortization and consist primarily of customer relationships acquired in business combinations, software,cable franchise renewal costs, contractual operating rights and intellectual property rights. Our finite-lived intangible assets are amortized primarilyon a straight-line basis over their estimated useful life or the term of the associated agreement.We capitalize direct development costs associated with internal-use software, including external direct costs of material and services and payrollcosts for employees devoting time to these software projects. We also capitalize costs associated with the purchase of software licenses. We includethese costs in other intangible assets and generally amortize them on a straight-line basis over a period not to exceed five years. We expensemaintenance and training costs, as well as costs incurred during the preliminary stage of a project, as they are incurred. We capitalize initialoperating system software costs and amortize them over the life of the associated hardware.We evaluate the recoverability of our finite-lived intangible assets whenever events or substantive changes in circumstances indicate that thecarrying amount may not be recoverable. The evaluation is based on the cash flows generated by the underlying asset groups, including estimatedfuture operating results, trends or other determinants of fair value. If the total of the expected future undiscounted cash flows were less than thecarrying amount of the asset group, we would recognize an impairment charge to the extent the carrying amount of the asset group exceeded itsestimated fair value. Unless presented separately, the impairment charge is included as a component of amortization expense.Note 10: Long-Term Debt Long-Term Debt OutstandingDecember 31 (in millions) Weighted-Average Interest Rate as of December 31, 2016   2016   2015 Commercial paper  1.01%   $2,781    $975 Revolving bank credit facilities  —%    —     — Term loans   2.93%    3,262     3,259 Senior notes with maturities of 5 years or less, at face value  4.68%    13,850     14,300 Senior notes with maturities between 5 and 10 years, at face value  3.86%    12,049     9,630 Senior notes with maturities greater than 10 years, at face value   5.19%    28,587     23,925 Other, including capital lease obligations  —    842     794 Debt issuance costs, premiums, discounts and fair value adjustments for hedged positions, net  —    (325)    (262) Total debt  4.50%    61,046     52,621 Less: Current portion       5,480     3,627 Long-term debt      $ 55,566    $ 48,994    97 Comcast 2016 Annual Report on Form 10-K(a)(b)(c) Table of ContentsComcast Corporation  (a) The December 31, 2016 and 2015 amounts consist of ¥382 billion and ¥400 billion, respectively, of Universal Studios Japan term loans translated using the exchange rates as of thesedates. (b) The December 31, 2016 and 2015 amounts include £625 million of 5.50% notes due 2029, which translated to $771 million and $921 million, respectively, using the exchange rates as ofthese dates. (c) Includes the effects of our derivative financial instruments.As of December 31, 2016 and 2015, our debt had an estimated fair value of $66.3 billion and $58.0 billion, respectively. The estimated fair value ofour publicly traded debt is primarily based on Level 1 inputs that use quoted market values for the debt. The estimated fair value of debt for whichthere are no quoted market prices is based on Level 2 inputs that use interest rates available to us for debt with similar terms and remainingmaturities. See Note 19 for additional information on our cross-guarantee structure.Principal Maturities of Debt(in millions) Weighted-AverageInterest Rate as ofDecember 31, 2016      2017  4.22%  $5,483 2018  4.05%  $4,203 2019  3.11%  $2,466 2020  4.18%  $6,217 2021  4.36%  $2,043 Thereafter  4.82%  $ 40,959 2016 Debt BorrowingsYear ended December 31, 2016 (in millions)     Comcast 3.15% senior notes due 2026 $ 2,200 Comcast 4.05% senior notes due 2046  1,430 Comcast 2.35% senior notes due 2027  1,400 Comcast 3.40% senior notes due 2046  1,400 Comcast 2.75% senior notes due 2023  1,100 Comcast 3.20% senior notes due 2036  1,000 Comcast 1.625% senior notes due 2022  700 Other  1 Total $9,231 2016 Debt Redemptions and RepaymentsYear ended December 31, 2016 (in millions)     NBCUniversal 2.875% senior notes due 2016 $ 1,000 Comcast 4.95% senior notes due 2016  750 NBCUniversal Enterprise senior notes due 2016  700 DreamWorks Animation assumed debt (see Note 5)  381 Other  221 Total $3,052 Debt InstrumentsRevolving Bank Credit FacilitiesIn May 2016, we entered into a new $7 billion revolving credit facility due 2021 with a syndicate of banks (“Comcast revolving credit facility”) that maybe used for general corporate purposes. We may increase the commitment under the Comcast revolving credit facility up to a total of $10 billion, aswell as extend the  Comcast 2016 Annual Report on Form 10-K 98 Table of ContentsComcast Corporation expiration date to a date no later than 2023, subject to approval of the lenders. In addition, NBCUniversal Enterprise entered into a new $1.5 billionrevolving credit facility due 2021 with a syndicate of banks (“NBCUniversal Enterprise revolving credit facility”) that may be used for generalcorporate purposes. We may increase the commitment under the NBCUniversal Enterprise revolving credit facility up to a total of $2 billion, as wellas extend the expiration date to a date no later than 2023, subject to approval of the lenders. The new revolving credit facilities replaced Comcast’s$6.25 billion and NBCUniversal Enterprise’s $1.35 billion revolving credit facilities, which were terminated in connection with the execution of the newrevolving credit facilities. The interest rates on the new revolving credit facilities consist of a base rate plus a borrowing margin that is determinedbased on Comcast’s credit rating. As of December 31, 2016, the borrowing margin for borrowings based on the London Interbank Offered Rate was1.00%. Similar to the Comcast and NBCUniversal Enterprise prior revolving credit facilities, each of the new revolving credit facilities require that wemaintain certain financial ratios based on their respective debt and operating income before depreciation and amortization, as defined in the creditfacility. We were in compliance with all financial covenants for all periods presented.As of December 31, 2016, amounts available under our consolidated credit facilities, net of amounts outstanding under our commercial paperprograms and outstanding letters of credit, totaled $5.5 billion, which included $460 million available under the NBCUniversal Enterprise revolvingcredit facility.Commercial Paper ProgramsOur commercial paper programs provide a lower-cost source of borrowing to fund our short-term working capital requirements. The maximumborrowing capacity under the Comcast commercial paper program is $6.25 billion. We support this commercial paper program with unused capacityunder the Comcast revolving credit facility. The maximum borrowing capacity under the NBCUniversal Enterprise commercial paper program is$1.35 billion. We support this commercial paper program with unused capacity under the NBCUniversal Enterprise revolving credit facility.Term LoansOur term loans consist of the Universal Studios Japan term loans, which have a final maturity of November 2020. These term loans contain financialand operating covenants and are secured by the assets of Universal Studios Japan and the equity interests of the other investors. We do notguarantee these term loans and they are otherwise nonrecourse to us.Letters of CreditAs of December 31, 2016, we and certain of our subsidiaries had unused irrevocable standby letters of credit totaling $443 million to cover potentialfundings under various agreements.Note 11: Postretirement, Pension and Other Employee Benefit Plans Postretirement Benefit Plans Year ended December 31 (in millions) 2016  2015  2014 Benefit obligation  $  538    $ 820   $ 837 Plan funded status and recorded benefit obligation  $ (538)   $ (820)   $ (837) Portion of benefit obligation not yet recognized in benefits expense  $ (372)   $ (33)   $ 46 Benefits expense  $    70    $ 75   $ 59 Discount rate  4.07-4.56%   4.70-4.73%   4.25% We sponsor various benefit plans that provide postretirement benefits to eligible employees based on years of service. The Comcast PostretirementHealthcare Stipend Program (the “stipend plan”) provides an annual stipend for   99 Comcast 2016 Annual Report on Form 10-KTable of ContentsComcast Corporation reimbursement of healthcare costs to each eligible employee based on years of service. Under the stipend plan, we are not exposed to theincreasing costs of healthcare because the benefits are fixed at a predetermined amount. In December 2016, the stipend plan was amendedprimarily to reduce the benefits of active employees who retire after December 31, 2017. The plan amendments reduced our benefit obligation in2016 by $361 million.NBCUniversal’s postretirement medical and life insurance plans provide continuous coverage to employees eligible to receive such benefits. A smallnumber of eligible employees also participate in legacy plans of acquired companies.All of our postretirement benefit plans are unfunded and substantially all of our postretirement benefit obligations are recorded to noncurrentliabilities. The expense we recognize for our postretirement benefit plans is determined using certain assumptions, including the discount rate.Pension PlansNBCUniversal sponsors various qualified and nonqualified defined benefit pension plans for domestic employees. Since the future benefits havebeen frozen since the beginning of 2013, we did not recognize service costs related to the pension plans for all periods presented. The benefitsexpense we recognized for our defined benefit plans was not material for all periods presented. In addition to the defined benefit plans it sponsors,NBCUniversal is also obligated to reimburse General Electric (“GE”) for future benefit payments to those participants who were vested in thesupplemental pension plan sponsored by GE at the time of the NBCUniversal transaction in 2011. These pension plans are currently unfunded andwe recorded a benefit obligation of $314 million and $309 million as of December 31, 2016 and 2015, respectively, which consists primarily of ourobligations to reimburse GE.Other Employee BenefitsDeferred Compensation PlansWe maintain unfunded, nonqualified deferred compensation plans for certain members of management and nonemployee directors (each, a“participant”). The amount of compensation deferred by each participant is based on participant elections. Participant accounts, except for those inthe NBCUniversal plan, are credited with income primarily based on a fixed annual rate. Participants in the NBCUniversal plan designate one ormore valuation funds, independently established funds or indices that are used to determine the amount of investment gain or loss in theparticipant’s account. Participants are eligible to receive distributions from their account based on elected deferral periods that are consistent withthe plans and applicable tax law.The table below presents the benefit obligation and interest expense for our deferred compensation plans. Year ended December 31 (in millions) 2016   2015   2014 Benefit obligation $ 2,164    $ 2,038   $ 1,774 Interest expense $178    $171   $149 We have purchased life insurance policies to recover a portion of the future payments related to our deferred compensation plans. As ofDecember 31, 2016 and 2015, the cash surrender value of these policies, which is recorded to other noncurrent assets, was $709 million and$658 million, respectively.Retirement Investment PlansWe sponsor several 401(k) defined contribution retirement plans that allow eligible employees to contribute a portion of their compensation throughpayroll deductions in accordance with specified plan guidelines. We make contributions to the plans that include matching a percentage of theemployees’ contributions up to certain limits. In 2016, 2015 and 2014, expenses related to these plans totaled $446 million, $416 million and$379 million, respectively.  Comcast 2016 Annual Report on Form 10-K 100 Table of ContentsComcast Corporation Multiemployer Benefit PlansWe participate in various multiemployer benefit plans, including pension and postretirement benefit plans, that cover some of our employees andtemporary employees who are represented by labor unions. We also participate in other multiemployer benefit plans that provide health and welfareand retirement savings benefits to active and retired participants. We make periodic contributions to these plans in accordance with the terms ofapplicable collective bargaining agreements and laws but do not sponsor or administer these plans. We do not participate in any multiemployerbenefit plans for which we consider our contributions to be individually significant, and the largest plans in which we participate are funded at a levelof 80% or greater.In 2016, 2015 and 2014, the total contributions we made to multiemployer pension plans were $84 million, $77 million and $58 million, respectively.In 2016, 2015 and 2014, the total contributions we made to multiemployer postretirement and other benefit plans were $136 million, $119 million and$125 million, respectively.If we cease to be obligated to make contributions or were to otherwise withdraw from participation in any of these plans, applicable law would requireus to fund our allocable share of the unfunded vested benefits, which is known as a withdrawal liability. In addition, actions taken by otherparticipating employers may lead to adverse changes in the financial condition of one of these plans, which could result in an increase in ourwithdrawal liability.Severance BenefitsWe provide severance benefits to certain former employees. A liability is recorded when payment is probable, the amount is reasonably estimable,and the obligation relates to rights that have vested or accumulated. In 2016, 2015 and 2014, we recorded severance costs of $315 million,$181 million and $152 million, respectively. Severance costs in 2016 included $61 million of severance costs associated with the acquisition ofDreamWorks Animation.Note 12: Equity Common StockIn the aggregate, holders of our Class A common stock have 66 / % of the voting power of our common stock and holders of our Class B commonstock have 33 / % of the voting power of our common stock. Each share of our Class B common stock is entitled to 15 votes. The number ofvotes held by each share of our Class A common stock depends on the number of shares of Class A and Class B common stock outstanding at anygiven time. The 33 / % aggregate voting power of our Class B common stock cannot be diluted by additional issuances of any other class ofcommon stock. Our Class B common stock is convertible, share for share, into Class A common stock, subject to certain restrictions.Class A Special Common Stock ReclassificationIn December 2015, our shareholders approved a proposal to amend and restate our Amended and Restated Certificate of Incorporation in order toreclassify each issued share of our Class A Special common stock into one share of our Class A common stock. This reclassification becameeffective as of the close of business on December 11, 2015, at which time our Class A Special common stock was no longer outstanding and ceasedtrading on the NASDAQ under the symbol CMCSK and instead became listed on the NASDAQ under the symbol CMCSA. There was no impact onbasic and diluted EPS or the carrying value of total common stock as presented in our consolidated balance sheet because it was aone-for-one stock exchange.   101 Comcast 2016 Annual Report on Form 10-K 2 3 1 3 1 3 Table of ContentsComcast Corporation Shares of Common Stock Outstanding(in millions) A   A Special   B Balance, December 31, 2013  2,138    459    9 Stock compensation plans  13    —    — Repurchases and retirements of common stock  (22)    (59)    — Employee stock purchase plans  2    —    — Balance, December 31, 2014  2,131    400    9 Stock compensation plans  12    —    — Repurchases and retirements of common stock  (62)    (54)    — Employee stock purchase plans  2    —    — Reclassification of Class A Special common stock  346    (346)    — Other  4    —    — Balance, December 31, 2015  2,433    —    9 Stock compensation plans  11     —     —  Repurchases and retirements of common stock  (81)    —     —  Employee stock purchase plans  3     —     —  Balance, December 31, 2016  2,366     —     9  Share RepurchasesEffective January 1, 2017, our Board of Directors increased our share repurchase program authorization to a total of $12 billion, which does not havean expiration date. Under the authorization, we may repurchase shares in the open market or in private transactions.Share RepurchasesYear ended December 31 (in millions) 2016   2015   2014 Cash consideration $ 5,000    $ 6,750   $ 4,251 Shares repurchased  81     116    81 Accumulated Other Comprehensive Income (Loss)December 31 (in millions) 2016   2015 Unrealized gains (losses) on marketable securities $—    $1 Deferred gains (losses) on cash flow hedges  (14)    (46) Unrecognized gains (losses) on employee benefit obligations  219     6 Cumulative translation adjustments   (107)    (135) Accumulated other comprehensive income (loss), net of deferred taxes $98    $ (174) Note 13: Share-Based Compensation The tables below provide condensed information on our share-based compensation.Recognized Share-Based Compensation ExpenseYear ended December 31 (in millions) 2016   2015   2014 Restricted share units $306    $273   $231 Stock options  173     157    160 Employee stock purchase plans  28     25    23 Total $ 507    $ 455   $ 414   Comcast 2016 Annual Report on Form 10-K 102 Table of ContentsComcast Corporation As of December 31, 2016, we had unrecognized pretax compensation expense of $712 million related to nonvested RSUs and unrecognized pretaxcompensation expense of $375 million related to nonvested stock options that will be recognized over a weighted-average period of approximately1.7 years and 1.8 years, respectively. In 2016, 2015 and 2014, we recorded increases to additional paid-in capital of $233 million, $311 million and$299 million, respectively, which were the result of tax benefits associated with our share-based compensation plans.Stock Options and Restricted Share UnitsAs of December 31, 2016, unless otherwise stated (in millions, except per share data) StockOptions   RSUs Awards granted during 2016  21    8 Weighted-average exercise price of awards granted during 2016 $ 60.01      Stock options outstanding and nonvested RSUs  95    22 Weighted-average exercise price of stock options outstanding $42.60   Weighted-average fair value at grant date of nonvested RSUs      $ 52.11 As of December 31, 2016, substantially all of our stock options outstanding were net settled stock options. Net settled stock options, as opposed tostock options exercised with a cash payment, result in fewer shares being issued and no cash proceeds being received by us when the options areexercised. Our share-based compensation primarily consists of awards of RSUs and stock options to certain employees and directors as part of ourapproach to long-term incentive compensation. Awards generally vest over a period of 5 years and in the case of stock options, have a 10 year term.Additionally, through our employee stock purchase plans, employees are able to purchase shares of Comcast common stock at a discount throughpayroll deductions.The cost associated with our share-based compensation is based on an award’s estimated fair value at the date of grant and is recognized over theperiod in which any related services are provided. RSUs are valued based on the closing price of our common stock on the date of grant and arediscounted for the lack of dividends, if any, during the vesting period. We use the Black-Scholes option pricing model to estimate the fair value ofstock option awards. The table below presents the weighted-average fair value on the date of grant of RSUs and stock options awarded under ourvarious plans and the related weighted-average valuation assumptions. Year ended December 31 2016  2015  2014 RSUs fair value $ 60.03   $ 58.81  $ 47.91 Stock options fair value $11.55   $11.78  $11.11 Stock Option Valuation Assumptions:   Dividend yield  1.8%   1.7%   1.8% Expected volatility  23.0%   23.0%   24.0% Risk-free interest rate  1.5%   1.6%   2.2% Expected option life (in years)  6.1    6.0   6.5    103 Comcast 2016 Annual Report on Form 10-KTable of ContentsComcast Corporation Note 14: Income Taxes Components of Income Tax ExpenseYear ended December 31 (in millions) 2016   2015   2014 Current Expense (Benefit):     Federal $ 3,190    $ 3,210   $ 2,392 State  480     570    174 Foreign  194     221    142    3,864     4,001    2,708 Deferred Expense (Benefit):     Federal  1,192     890    1,000 State  154     66    173 Foreign  98     2    (8)    1,444     958    1,165 Income tax expense $5,308    $4,959   $3,873 Our income tax expense differs from the federal statutory amount because of the effect of the items detailed in the table below. Year ended December 31 (in millions) 2016   2015   2014 Federal tax at statutory rate $ 5,024    $ 4,680   $ 4,363 State income taxes, net of federal benefit  373     326    329 Foreign income taxes, net of federal credit  65     13    — Nontaxable income attributable to noncontrolling interests  (128)    (69)    (62) Adjustments to uncertain and effectively settled tax positions, net  24     15    (408) Accrued interest on uncertain and effectively settled tax positions, net  17     73    (235) Other  (67)    (79)    (114) Income tax expense $5,308    $4,959   $3,873 We base our provision for income taxes on our current period income, changes in our deferred income tax assets and liabilities, income tax rates,changes in estimates of our uncertain tax positions, and tax planning opportunities available in the jurisdictions in which we operate. We recognizedeferred tax assets and liabilities when there are temporary differences between the financial reporting basis and tax basis of our assets andliabilities and for the expected benefits of using net operating loss carryforwards. When a change in the tax rate or tax law has an impact on deferredtaxes, we apply the change based on the years in which the temporary differences are expected to reverse. We record the change in ourconsolidated financial statements in the period of enactment.The determination of the income tax consequences of a business combination includes identifying the tax basis of assets and liabilities acquired andany contingencies associated with uncertain tax positions assumed or resulting from the business combination. Deferred tax assets and liabilitiesrelated to temporary differences of an acquired entity are recorded as of the date of the business combination and are based on our estimate of theultimate tax basis that will be accepted by the various tax authorities. We record liabilities for contingencies associated with prior tax returns filed bythe acquired entity based on criteria set forth in the appropriate accounting guidance. We adjust the deferred tax accounts and the liabilitiesperiodically to reflect any revised estimated tax basis and any estimated settlements with the various tax authorities. The effects of theseadjustments are recorded to income tax expense.  Comcast 2016 Annual Report on Form 10-K 104 Table of ContentsComcast Corporation From time to time, we engage in transactions in which the tax consequences may be subject to uncertainty. In these cases, we evaluate our taxposition using the recognition threshold and the measurement attribute in accordance with the accounting guidance related to uncertain taxpositions. Examples of these transactions include business acquisitions and dispositions, including consideration paid or received in connection withthese transactions, certain financing transactions, and the allocation of income among state and local tax jurisdictions. Significant judgment isrequired in assessing and estimating the tax consequences of these transactions. We determine whether it is more likely than not that a tax positionwill be sustained on examination, including the resolution of any related appeals or litigation processes, based on the technical merits of the position.A tax position that meets the more-likely-than-not recognition threshold is measured to determine the amount of benefit to be recognized in ourconsolidated financial statements. We classify interest and penalties, if any, associated with our uncertain tax positions as a component of incometax expense.NBCUniversalFor U.S. federal income tax purposes, NBCUniversal Holdings is treated as a partnership and NBCUniversal is disregarded as an entity separatefrom NBCUniversal Holdings. Accordingly, for U.S. federal and state income tax purposes, the income of NBCUniversal Holdings and NBCUniversalis included in tax returns filed by us and our subsidiaries. Therefore, neither NBCUniversal Holdings nor NBCUniversal and its subsidiaries incur anymaterial current or deferred domestic income taxes.We are indemnified by GE for any income tax liability attributable to the NBCUniversal contributed businesses for periods prior to the close of theNBCUniversal transaction in January 2011 and also for any income tax liability attributable to NBCUniversal Enterprise for periods prior to the date ofthe NBCUniversal redemption transaction in March 2013. We have indemnified GE for any income tax liability attributable to the businesses wecontributed to NBCUniversal for periods prior to the close of the NBCUniversal transaction.Current and deferred foreign income taxes are incurred by NBCUniversal’s foreign subsidiaries. In 2016, 2015 and 2014, NBCUniversal had foreignincome before taxes of $871 million, $704 million and $385 million, respectively, on which foreign income tax expense was recorded. We recordedU.S. income tax expense on our allocable share of our subsidiaries’ income before domestic and foreign taxes, which was reduced by a U.S. taxcredit equal to our allocable share of our subsidiaries’ foreign income tax expense.Components of Net Deferred Tax LiabilityDecember 31 (in millions) 2016   2015 Deferred Tax Assets:   Net operating loss carryforwards $544    $551 Differences between book and tax basis of investments  —     101 Nondeductible accruals and other  3,789     3,704 Less: Valuation allowance  266     342    4,067     4,014 Deferred Tax Liabilities:   Differences between book and tax basis of property and equipment and intangible assets  37,401     36,392 Differences between book and tax basis of investments  144     — Differences between book and tax basis of indexed debt securities  375     457 Differences between book and tax basis of foreign subsidiaries and undistributed foreign earnings  960     731    38,880     37,580 Net deferred tax liability $ 34,813    $ 33,566    105 Comcast 2016 Annual Report on Form 10-KTable of ContentsComcast Corporation Changes in our net deferred tax liability in 2016 that were not recorded as deferred income tax expense are primarily related to an increase of$158 million associated with items included in other comprehensive income (loss), a decrease of $226 million related to acquisitions and a decreaseof $129 million associated with our purchase of a noncontrolling interest. Our net deferred tax liability includes $23 billion related to cable franchiserights that will remain unchanged unless we recognize an impairment or dispose of a cable franchise or there is a change in the tax law.As of December 31, 2016, we had federal net operating loss carryforwards of $598 million, including losses of DreamWorks Animation, and variousstate net operating loss carryforwards that expire in periods through 2036. As of December 31, 2016, we also had foreign net operating losscarryforwards of $431 million that are related to the foreign operations of NBCUniversal, the majority of which expire in periods through 2026. Thedetermination of the realization of the state and foreign net operating loss carryforwards is dependent on our subsidiaries’ taxable income or loss,apportionment percentages, redetermination from taxing authorities, and state and foreign laws that can change from year to year and impact theamount of such carryforwards. We recognize a valuation allowance if we determine it is more likely than not that some portion, or all, of a deferredtax asset will not be realized. As of December 31, 2016 and 2015, our valuation allowance was primarily related to state and foreign net operatingloss carryforwards.Uncertain Tax PositionsOur uncertain tax positions as of December 31, 2016 totaled $1.1 billion, which exclude the federal benefits on state tax positions that were recordedas deferred income taxes. Included in our uncertain tax positions was $181 million related to tax positions of NBCUniversal and NBCUniversalEnterprise for which we have been indemnified by GE. If we were to recognize the tax benefit for our uncertain tax positions in the future,$600 million would impact our effective tax rate and the remaining amount would increase our deferred income tax liability. The amount and timing ofthe recognition of any such tax benefit is dependent on the completion of examinations of our tax filings by the various tax authorities and theexpiration of statutes of limitations. In 2014, we reduced our accruals for uncertain tax positions and the related accrued interest on these taxpositions and, as a result, our income tax expense decreased by $759 million. It is reasonably possible that certain tax contests could be resolvedwithin the next 12 months that may result in a decrease in our effective tax rate.Reconciliation of Unrecognized Tax Benefits(in millions) 2016   2015   2014 Balance, January 1 $ 1,136    $ 1,171   $ 1,701 Additions based on tax positions related to the current year  74     67    63 Additions based on tax positions related to prior years  67     98    111 Additions from acquired subsidiaries  13     —    — Reductions for tax positions of prior years  (62)    (84)    (220) Reductions due to expiration of statutes of limitations  (44)    (41)    (448) Settlements with tax authorities  (81)    (75)    (36) Balance, December 31 $1,103    $1,136   $1,171 As of December 31, 2016 and 2015, our accrued interest associated with uncertain tax positions was $483 million and $510 million, respectively. Asof December 31, 2016 and 2015, $39 million and $49 million, respectively, of these amounts were related to tax positions of NBCUniversal andNBCUniversal Enterprise for which we have been indemnified by GE.During 2016, the IRS completed its examination of our income tax returns for the year 2014. Various states are examining our tax returns, with mostof the periods relating to tax years 2000 and forward. The tax years of our state tax returns currently under examination vary by state.  Comcast 2016 Annual Report on Form 10-K 106 Table of ContentsComcast Corporation Note 15: Supplemental Financial Information ReceivablesDecember 31 (in millions) 2016   2015 Receivables, gross $ 8,622    $ 7,595 Less: Allowance for returns and customer incentives  417     473 Less: Allowance for doubtful accounts  250     226 Receivables, net $7,955    $6,896 In addition to the amounts in the table above, as of December 31, 2016 and 2015, noncurrent receivables of $939 million and $721 million,respectively, are included in other noncurrent assets, net that primarily relate to the licensing of our television and film productions to third parties.Cash Payments for Interest and Income TaxesYear ended December 31 (in millions) 2016   2015   2014 Interest $ 2,565    $ 2,443   $ 2,389 Income taxes $3,693    $3,726   $3,668 Noncash Investing and Financing ActivitiesDuring 2016:  • we acquired $1.3 billion of property and equipment and intangible assets that were accrued but unpaid   • we recorded a liability of $653 million for a quarterly cash dividend of $0.275 per common share paid in January 2017   • we recorded a liability for capital contributions for an investment that were accrued in December and paid in January2017 (see Note 7 for additional information) During 2015:  • we acquired $1.1 billion of property and equipment and intangible assets that were accrued but unpaid   • we recorded a liability of $612 million for a quarterly cash dividend of $0.25 per common share paid in January 2016   • we assumed liabilities related to the Universal Studios Japan transaction (see Note 5 for additional information)   • we used $517 million of equity securities to settle a portion of our obligations under prepaid forward sale agreements During 2014:  • we acquired $797 million of property and equipment and intangible assets that were accrued but unpaid   • we recorded a liability of $572 million for a quarterly cash dividend of $0.225 per common share paid in January 2015   • we used $3.2 billion of equity securities to settle a portion of our obligations under prepaid forward sale agreements    107 Comcast 2016 Annual Report on Form 10-KTable of ContentsComcast Corporation Note 16: Commitments and Contingencies CommitmentsNBCUniversal enters into long-term commitments with third parties in the ordinary course of its business, including commitments to acquire film andtelevision programming, obligations under various creative talent agreements, and various other television-related commitments. Many ofNBCUniversal’s employees, including writers, directors, actors, technical and production personnel, and others, as well as some of its on-air andcreative talent, are covered by collective bargaining agreements or works councils. As of December 31, 2016, the total number of NBCUniversal full-time, part-time and hourly employees on its payroll covered by collective bargaining agreements was 8,500 full-time equivalent employees.Approximately 15% of these full-time equivalent employees were covered by collective bargaining agreements that have expired or are scheduled toexpire during 2017.We, through Comcast Spectacor, have employment agreements with both players and coaches of the Philadelphia Flyers. Certain of theseemployment agreements, which provide for payments that are guaranteed regardless of employee injury or termination, are covered by disabilityinsurance if certain conditions are met.The table below summarizes our minimum annual programming and talent commitments and our minimum annual rental commitments for officespace, equipment and transponder service agreements under operating leases. Programming and talent commitments include acquired film andtelevision programming, including U.S. broadcast rights to the Olympic Games through 2032, Sunday Night Football through the 2022-23 season,Thursday Night Football through the 2017-18 season, certain NASCAR events through 2024 and other programming commitments, as well asvarious contracts with creative talent. As of December 31, 2016 (in millions) Programming andTalent Commitments   OperatingLeases 2017 $5,222   $517 2018 $4,879   $485 2019 $3,503   $433 2020 $4,587   $378 2021 $3,177   $321 Thereafter $ 20,847   $ 1,873 The table below presents our rental expense charged to operations. Year ended December 31 (in millions) 2016   2015   2014 Rental expense $ 744    $ 608   $ 580 Contractual ObligationWe are party to a contractual obligation that involves an interest held by a third party in the revenue of certain theme parks. The arrangementprovides the counterparty with the right to periodic payments associated with current period revenue and, beginning in June 2017, the option torequire NBCUniversal to purchase the interest for cash in an amount based on a contractual formula. The contractual formula is based on anaverage of specified historical theme park revenue at the time of exercise, which amount could be significantly higher than our carrying value. As ofDecember 31, 2016, our carrying value was $1.1 billion, and if the option had been exercisable as of December 31, 2016, the estimated value of thecontractual obligation would have been approximately $1.4 billion, based on inputs to the contractual formula as of that date.Contingent ConsiderationIn June 2015, we settled a contingent consideration liability related to the acquisition of NBCUniversal, which was based upon future net tax benefitsrealized by us that would affect future payments to GE, for a payment  Comcast 2016 Annual Report on Form 10-K 108 Table of ContentsComcast Corporation of $450 million, which is included as a financing activity in our consolidated statement of cash flows. The settlement resulted in a gain of$240 million, which was recorded to other income (expense), net in our consolidated statement of income.Redeemable Subsidiary Preferred StockNBCUniversal Enterprise is a holding company that we control and consolidate whose principal assets are its interests in NBCUniversal Holdings.The NBCUniversal Enterprise preferred stock pays dividends at a fixed rate of 5.25% per annum. The holders have the right to cause NBCUniversalEnterprise to redeem their shares at a price equal to the liquidation preference plus accrued but unpaid dividends for a 30 day period beginning onMarch 19, 2020 and thereafter on every third anniversary of such date (each such date, a “put date”). Shares of preferred stock can be called forredemption by NBCUniversal Enterprise at a price equal to the liquidation preference plus accrued but unpaid dividends one year following the putdate applicable to such shares. Because certain of these redemption provisions are outside of our control, the NBCUniversal Enterprise preferredstock is presented outside of equity under the caption “redeemable noncontrolling interests and redeemable subsidiary preferred stock” in ourconsolidated balance sheet. Its initial value was based on the liquidation preference of the preferred stock and is adjusted for accrued but unpaiddividends. As of December 31, 2016 and 2015, the fair value of the NBCUniversal Enterprise redeemable subsidiary preferred stock was$741 million and $758 million, respectively. The estimated fair values are based on Level 2 inputs that use pricing models whose inputs are derivedprimarily from or corroborated by observable market data through correlation or other means for substantially the full term of the financial instrument.ContingenciesWe are a defendant in several unrelated lawsuits claiming infringement of various patents relating to various aspects of our businesses. In certain ofthese cases other industry participants are also defendants, and also in certain of these cases we expect that any potential liability would be in partor in whole the responsibility of our equipment and technology vendors under applicable contractual indemnification provisions. We are also subjectto other legal proceedings and claims that arise in the ordinary course of our business. While the amount of ultimate liability with respect to suchactions is not expected to materially affect our results of operations, cash flows or financial position, any litigation resulting from any such legalproceedings or claims could be time-consuming and injure our reputation.   109 Comcast 2016 Annual Report on Form 10-KTable of ContentsComcast Corporation Note 17: Financial Data by Business Segment We present our operations in one reportable business segment for Cable Communications and four reportable business segments forNBCUniversal. The Cable Networks, Broadcast Television, Filmed Entertainment and Theme Parks segments comprise the NBCUniversalbusinesses and are collectively referred to as the NBCUniversal segments. Our financial data by reportable business segment is presented in thetables below. We do not present a measure of total assets for our reportable business segments as this information is not used by management toallocate resources and capital. (in millions) Revenue    OperatingIncome (Loss) BeforeDepreciationandAmortization    DepreciationandAmortization   OperatingIncome(Loss)   CapitalExpenditures   Cash Paid for Intangible Assets 2016           Cable Communications  $50,048   $20,109   $7,670   $12,439   $7,596   $1,377 NBCUniversal           Cable Networks   10,464    3,709    745    2,964    32    20 Broadcast Television   10,147    1,320    125    1,195    153    19 Filmed Entertainment  6,360    697    47    650    33    16 Theme Parks  4,946    2,190    512    1,678    922    72 Headquarters and Other   20    (699)    376    (1,075)    312    156 Eliminations   (344)    10    —    10    —    — NBCUniversal  31,593    7,227    1,805    5,422    1,452    283 Corporate and Other   750    (874)    83    (957)    87    26 Eliminations   (1,988)    (45)    —    (45)    —    — Comcast Consolidated $ 80,403    $ 26,417    $ 9,558    $ 16,859    $ 9,135    $ 1,686   (in millions) Revenue    OperatingIncome (Loss) BeforeDepreciationandAmortization    DepreciationandAmortization   OperatingIncome (Loss)   CapitalExpenditures   Cash Paid for Intangible Assets 2015           Cable Communications  $46,928   $19,037   $7,051   $11,986   $7,040   $1,151 NBCUniversal           Cable Networks  9,628    3,499    784    2,715    44    22 Broadcast Television   8,530    780    111    669    117    17 Filmed Entertainment  7,287    1,234    26    1,208    14    20 Theme Parks  3,339    1,464    292    1,172    833    54 Headquarters and Other   14    (625)    326    (951)    378    98 Eliminations   (336)    —    —    —    —    — NBCUniversal  28,462    6,352    1,539    4,813    1,386    211 Corporate and Other   713    (815)    90    (905)    73    8 Eliminations   (1,593)    104    —    104    —    — Comcast Consolidated $ 74,510   $ 24,678   $ 8,680   $ 15,998   $ 8,499   $ 1,370   Comcast 2016 Annual Report on Form 10-K 110 (f)(g)(a)(b)(c)(c)(d)(e)(b)(e)(f)(g)(a)(b)(c)(d)(e)(b)(e)Table of ContentsComcast Corporation  (in millions) Revenue    OperatingIncome (Loss) Before DepreciationandAmortization    DepreciationandAmortization   OperatingIncome(Loss)   CapitalExpenditures   Cash Paid for Intangible Assets 2014           Cable Communications  $44,165   $18,097   $6,436   $11,661   $6,156   $979 NBCUniversal           Cable Networks   9,563    3,589    748    2,841    49    21 Broadcast Television   8,542    734    127    607    76    12 Filmed Entertainment  5,008    711    21    690    11    7 Theme Parks  2,623    1,096    273    823    671    15 Headquarters and Other   13    (613)    326    (939)    414    75 Eliminations   (321)    (1)    —    (1)    —    — NBCUniversal  25,428    5,516    1,495    4,021    1,221    130 Corporate and Other   683    (763)    88    (851)    43    13 Eliminations   (1,501)    73    —    73    —    — Comcast Consolidated $ 68,775   $ 22,923   $ 8,019   $ 14,904   $ 7,420   $ 1,122  (a) For the years ended December 31, 2016, 2015 and 2014, Cable Communications segment revenue was derived from the following sources:     2016  2015  2014 Residential:   Video  44.7%   45.9%   47.1% High-speed Internet  27.0%   26.6%   25.6% Voice  7.1%   7.7%   8.3% Business services  11.0%   10.1%   9.0% Advertising  5.0%   4.9%   5.4% Other  5.2%   4.8%   4.6% Total  100%   100%   100%    Subscription revenue received from customers who purchase bundled services at a discounted rate is allocated proportionally to each service based on the individual service’s price on astand-alone basis.   For each of 2016, 2015 and 2014, 2.8% of Cable Communications revenue was derived from franchise and other regulatory fees. (b) Beginning in 2016, certain operations and businesses, including several strategic business initiatives, that were previously presented in Corporate and Other are now presented in our CableCommunications segment to reflect a change in our management reporting presentation. For segment reporting purposes, we have adjusted all periods presented to reflect this change. (c) The revenue and operating costs and expenses associated with our broadcast of the 2016 Rio Olympics and 2014 Sochi Olympics were reported in our Cable Networks and BroadcastTelevision segments. The revenue and operating costs and expenses associated with our broadcast of the 2015 Super Bowl were reported in our Broadcast Television segment. (d) NBCUniversal Headquarters and Other activities include costs associated with overhead, allocations, personnel costs and headquarter initiatives. (e) Included in Eliminations are transactions that our segments enter into with one another. The most common types of transactions are the following:  • our Cable Networks segment generates revenue by selling programming to our Cable Communications segment, which represents a substantial majorityof the revenue elimination amount   • our Broadcast Television segment generates revenue from the fees received under retransmission consent agreements with our Cable Communicationssegment   • our Cable Communications segment generates revenue by selling advertising and by selling the use of satellite feeds to our Cable Networks segment   • our Filmed Entertainment and Broadcast Television segments generate revenue by licensing content to our Cable Networks segment  (f) Revenue from customers located outside of the United States, primarily in Europe and Asia, in 2016, 2015 and 2014 was $6.5 billion, $5.8 billion and $4.4 billion, respectively. No singlecustomer accounted for a significant amount of revenue in any period. (g) We 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, ifany, as the measure of profit or loss for our operating segments. This measure eliminates the significant level of noncash depreciation and amortization expense that results from thecapital-intensive nature of certain of our busi-   111 Comcast 2016 Annual Report on Form 10-K(f)(g)(a)(b)(c)(c)(d)(e)(b)(e)Table of ContentsComcast Corporation  nesses and from intangible assets recognized in business combinations. Additionally, it is unaffected by our capital structure or investment activities. We use this measure to evaluate ourconsolidated operating performance and the operating performance of our operating segments and to allocate resources and capital to our operating segments. It is also a significantperformance 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 operatingperformance 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 beconsidered a substitute for operating income (loss), net income (loss) attributable to Comcast Corporation, net cash provided by operating activities, or other measures of performance orliquidity we have reported in accordance with GAAP.Note 18: Quarterly Financial Information (Unaudited)  (in millions, except per share data) First Quarter   Second Quarter   Third Quarter   Fourth Quarter   Total Year 2016         Revenue $ 18,790    $ 19,269    $ 21,319    $ 21,025    $ 80,403  Operating income $4,089    $4,066    $4,440    $4,264    $16,859  Net income attributable to Comcast Corporation  $2,134    $2,028    $2,237    $2,296    $8,695  Basic earnings per common share attributable to Comcast Corporationshareholders $0.88    $0.84    $0.93    $0.96    $3.61  Diluted earnings per common share attributable to Comcast Corporationshareholders $0.87    $0.83    $0.92    $0.95    $3.57  Dividends declared per common share $0.275    $0.275    $0.275    $0.275    $1.10  2015         Revenue $17,853   $18,743   $18,669   $19,245   $74,510 Operating income $3,890   $4,105   $4,001   $4,002   $15,998 Net income attributable to Comcast Corporation $2,059   $2,137   $1,996   $1,971   $8,163 Basic earnings per common share attributable to Comcast Corporation shareholders $0.82   $0.85   $0.81   $0.80   $3.28 Diluted earnings per common share attributable to Comcast Corporation shareholders $0.81   $0.84   $0.80   $0.79   $3.24 Dividends declared per common share $0.25   $0.25   $0.25   $0.25   $1.00  (a) In the fourth quarter of 2016, net income attributable to Comcast Corporation included $225 million, $143 million net of tax, recognized in connection with the settlement of amounts owed tous under an agency agreement that had provided for, among other things, Verizon Wireless’ sale of our cable services.Note 19: Condensed Consolidating Financial Information Comcast (“Comcast Parent”), Comcast Cable Communications, LLC (“CCCL Parent”) and NBCUniversal (“NBCUniversal Media Parent”) have fullyand unconditionally guaranteed each other’s debt securities, including the Comcast revolving credit facility. The principal amount of debt securitieswithin the guarantee structure total $52.9 billion, of which $12.3 billion will mature within the next five years.Comcast Parent and CCCL Parent also fully and unconditionally guarantee NBCUniversal Enterprise’s $3.3 billion principal amount of senior notes,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.Comcast Parent provides an unconditional subordinated guarantee of the $185 million principal amount currently outstanding of Comcast Holdings’ZONES due October 2029. 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 ofComcast Holdings’ ZONES due November 2029 or the $3.3 billion of Universal Studios Japan term loans.  Comcast 2016 Annual Report on Form 10-K 112 (a)Table of ContentsComcast Corporation Condensed Consolidating Balance Sheet December 31, 2016 (in millions) ComcastParent  ComcastHoldings  CCCLParent  NBCUniversalMediaParent  Non-GuarantorSubsidiaries  EliminationandConsolidationAdjustments  ConsolidatedComcastCorporation Assets       Cash and cash equivalents $—  $—  $—  $482  $2,819  $—  $3,301 Receivables, net  —   —   —   —   7,955   —   7,955 Programming rights  —   —   —   —   1,250   —   1,250 Deposits  —   —   —   —   1,772   —   1,772 Other current assets  151   —   —   36   1,896   —   2,083 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 subsidiarieseliminated 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 totrade 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 redeemablesubsidiary preferred stock  —   —   —   —   1,446   —   1,446 Equity:       Common stock  28   —   —   —   —   —   28 Other shareholders’ equity  53,915   120,026   114,705   38,901   207,582   (481,214)   53,915 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     113 Comcast 2016 Annual Report on Form 10-KTable of ContentsComcast Corporation Condensed Consolidating Balance Sheet December 31, 2015 (in millions) Comcast Parent  Comcast Holdings  CCCL Parent  NBCUniversalMedia Parent  Non- Guarantor Subsidiaries  Elimination and ConsolidationAdjustments  ConsolidatedComcast Corporation Assets       Cash and cash equivalents $—  $—  $—  $414  $1,881  $—  $2,295 Receivables, net  —   —   —   —   6,896   —   6,896 Programming rights  —   —   —   —   1,213   —   1,213 Deposits  —   —   —   —   21   —   21 Other current assets  69   —   —   17   1,792   —   1,878 Total current assets  69   —   —   431   11,803   —   12,303 Film and television costs  —   —   —   —   5,855   —   5,855 Investments  33   —   —   430   2,761   —   3,224 Investments in and amounts due from subsidiarieseliminated upon consolidation  87,142   111,241   119,354   42,441   109,598   (469,776)   — Property and equipment, net  210   —   —   —   33,455   —   33,665 Franchise rights  —   —   —   —   59,364   —   59,364 Goodwill  —   —   —   —   32,945   —   32,945 Other intangible assets, net  12   —   —   —   16,934   —   16,946 Other noncurrent assets, net  1,301   147   —   78   2,114   (1,368)   2,272 Total assets $ 88,767   $ 111,388   $ 119,354   $ 43,380   $ 274,829   $ (471,144)  $ 166,574  Liabilities and Equity       Accounts payable and accrued expenses related totrade creditors $16  $—  $—  $—  $6,199  $—  $6,215 Accrued participations and residuals  —   —   —   —   1,572   —   1,572 Accrued expenses and other current liabilities  1,789   335   290   389   3,961   —   6,764 Current portion of long-term debt  1,149   —   —   1,005   1,473   —   3,627 Total current liabilities  2,954   335   290   1,394   13,205   —   18,178 Long-term debt, less current portion  31,106   130   2,650   8,211   6,897   —   48,994 Deferred income taxes  —   624   —   66   34,098   (1,222)   33,566 Other noncurrent liabilities  2,438   —   —   1,087   7,258   (146)   10,637 Redeemable noncontrolling interests and redeemablesubsidiary preferred stock  —   —   —   —   1,221   —   1,221 Equity:       Common stock  29   —   —   —   —   —   29 Other shareholders’ equity  52,240   110,299   116,414   32,622   210,441   (469,776)   52,240 Total Comcast Corporation shareholders’ equity  52,269   110,299   116,414   32,622   210,441   (469,776)   52,269 Noncontrolling interests  —   —   —   —   1,709   —   1,709 Total equity  52,269   110,299   116,414   32,622   212,150   (469,776)   53,978 Total liabilities and equity $88,767   $111,388   $119,354   $43,380   $274,829   $(471,144)  $166,574    Comcast 2016 Annual Report on Form 10-K 114 Table of ContentsComcast Corporation Condensed Consolidating Statement of Income For the Year Ended December 31, 2016 (in millions) Comcast Parent  ComcastHoldings  CCCL Parent  NBCUniversalMedia Parent  Non- Guarantor Subsidiaries  Elimination and ConsolidationAdjustments  ConsolidatedComcast Corporation Revenue:       Service revenue $—  $—  $—  $—  $80,403  $—  $ 80,403 Management fee revenue  1,067   —   1,049   —   —   (2,116)   —    1,067   —   1,049   —   80,403   (2,116)   80,403 Costs and Expenses:       Programming and production  —   —   —   —   24,463   —   24,463 Other operating and administrative  813   —   1,049   932   22,731   (2,116)   23,409 Advertising, marketing and promotion  —   —   —   —   6,114   —   6,114 Depreciation  28   —   —   —   7,436   —   7,464 Amortization  6   —   —   —   2,088   —   2,094    847   —   1,049   932   62,832   (2,116)   63,544 Operating income (loss)  220   —   —   (932)   17,571   —   16,859 Other Income (Expense):       Interest expense  (1,941)   (12)   (239)   (456)   (294)   —   (2,942) Investment income (loss), net  7   (5)   —   (25)   236   —   213 Equity in net income (losses) of investees, net  9,809   9,286   8,679   5,545   4,131   (37,554)   (104) Other income (expense), net  —   —   —   116   211   —   327    7,875   9,269   8,440   5,180   4,284   (37,554)   (2,506) Income (loss) before income taxes  8,095   9,269   8,440   4,248   21,855   (37,554)   14,353 Income tax (expense) benefit  600   6   84   (13)   (5,985)   —   (5,308) Net income (loss)  8,695   9,275   8,524   4,235   15,870   (37,554)   9,045 Net (income) loss attributable to noncontrolling interests andredeemable subsidiary preferred stock  —   —   —   —   (350)   —   (350) Net income (loss) attributable to Comcast Corporation $8,695   $9,275   $8,524   $4,235   $15,520   $(37,554)  $8,695  Comprehensive income (loss) attributable to ComcastCorporation $ 8,967   $ 9,317   $ 8,530   $ 4,312   $ 15,610   $ (37,769)  $8,967     115 Comcast 2016 Annual Report on Form 10-KTable of ContentsComcast Corporation Condensed Consolidating Statement of Income For the Year Ended December 31, 2015 (in millions) Comcast Parent  Comcast Holdings  CCCL Parent  NBCUniversalMedia Parent  Non- Guarantor Subsidiaries  Elimination and ConsolidationAdjustments  ConsolidatedComcast Corporation Revenue:       Service revenue $—  $—  $—  $—  $ 74,510  $—  $ 74,510 Management fee revenue  1,005   —   977   —   —   (1,982)   —    1,005   —   977   —   74,510   (1,982)   74,510 Costs and Expenses:       Programming and production  —   —   —   —   22,550   —   22,550 Other operating and administrative  760   —   977   922   20,642   (1,982)   21,319 Advertising, marketing and promotion  —   —   —   —   5,963   —   5,963 Depreciation  31   —   —   —   6,750   —   6,781 Amortization  6   —   —   —   1,893   —   1,899    797   —   977   922   57,798   (1,982)   58,512 Operating income (loss)  208   —   —   (922)   16,712   —   15,998 Other Income (Expense):       Interest expense  (1,744)   (12)   (270)   (462)   (214)   —   (2,702) Investment income (loss), net  6   (1)   —   (19)   95   —   81 Equity in net income (losses) of investees, net  9,159   8,651   8,040   4,852   3,089   (34,116)   (325) Other income (expense), net  (3)   —   —   (31)   354   —   320    7,418   8,638   7,770   4,340   3,324   (34,116)   (2,626) Income (loss) before income taxes  7,626   8,638   7,770   3,418   20,036   (34,116)   13,372 Income tax (expense) benefit  537   4   94   (4)   (5,590)   —   (4,959) Net income (loss)  8,163   8,642   7,864   3,414   14,446   (34,116)   8,413 Net (income) loss attributable to noncontrolling interests andredeemable subsidiary preferred stock  —   —   —   —   (250)   —   (250) Net income (loss) attributable to Comcast Corporation $8,163   $8,642   $7,864   $3,414   $14,196   $ (34,116)  $8,163  Comprehensive income (loss) attributable to ComcastCorporation $8,135   $ 8,625   $ 7,864   $ 3,361   $14,192   $(34,042)  $8,135    Comcast 2016 Annual Report on Form 10-K 116 Table of ContentsComcast Corporation Condensed Consolidating Statement of Income For the Year Ended December 31, 2014 (in millions) Comcast Parent  Comcast Holdings  CCCL Parent  NBCUniversalMedia Parent  Non- Guarantor Subsidiaries  Elimination and ConsolidationAdjustments  ConsolidatedComcast Corporation Revenue:       Service revenue $—  $—  $—  $—  $68,775  $—  $ 68,775 Management fee revenue  947   —   921   —   —   (1,868)   —    947   —   921   —   68,775   (1,868)   68,775 Costs and Expenses:       Programming and production  —   —   —   —   20,912   —   20,912 Other operating and administrative  751   —   921   908   19,127   (1,868)   19,839 Advertising, marketing and promotion  —   —   —   —   5,101   —   5,101 Depreciation  34   —   —   —   6,303   —   6,337 Amortization  6   —   —   —   1,676   —   1,682    791   —   921   908   53,119   (1,868)   53,871 Operating income (loss)  156   —   —   (908)   15,656   —   14,904 Other Income (Expense):       Interest expense  (1,621)   (11)   (294)   (479)   (212)   —   (2,617) Investment income (loss), net  3   12   —   (7)   288   —   296 Equity in net income (losses) of investees, net  9,330   8,843   8,350   4,523   3,212   (34,161)   97 Other income (expense), net  —   —   —   (4)   (211)   —   (215)    7,712   8,844   8,056   4,033   3,077   (34,161)   (2,439) Income (loss) before income taxes  7,868   8,844   8,056   3,125   18,733   (34,161)   12,465 Income tax (expense) benefit  512   —   103   (10)   (4,478)   —   (3,873) Net income (loss)  8,380   8,844   8,159   3,115   14,255   (34,161)   8,592 Net (income) loss attributable to noncontrolling interests andredeemable subsidiary preferred stock  —   —   —   —   (212)   —   (212) Net income (loss) attributable to Comcast Corporation $8,380   $8,844   $ 8,159   $ 3,115   $ 14,043   $ (34,161)  $8,380  Comprehensive income (loss) attributable to ComcastCorporation $8,178   $ 8,807   $8,163   $2,972   $13,980   $(33,922)  $8,178     117 Comcast 2016 Annual Report on Form 10-KTable of ContentsComcast Corporation Condensed Consolidating Statement of Cash Flows For the Year Ended December 31, 2016 (in millions) Comcast Parent  Comcast Holdings  CCCL Parent  NBCUniversal Media Parent  Non- Guarantor Subsidiaries  Elimination and Consolidation Adjustments  Consolidated Comcast Corporation Net cash provided by (used in) operating activities $(1,332)  $ (189)  $ (100)  $ (1,453)  $22,314  $ —  $19,240 Investing Activities:       Net transactions with affiliates  (860)   189   100   2,642   (2,071)   —   — Capital expenditures  (13)   —   —   —   (9,122)   —   (9,135) Cash paid for intangible assets  (9)   —   —   —   (1,677)   —   (1,686) Acquisitions and construction of real estate properties  (35)   —   —   —   (393)   —   (428) Acquisitions, net of cash acquired  —   —   —   —   (3,929)   —   (3,929) Proceeds from sales of businesses and investments  —   —   —   104   114   —   218 Purchases of investments  (40)   —   —   (210)   (1,447)   —   (1,697) Deposits  —   —   —   —   (1,749)   —   (1,749) Other  (108)   —   —   (35)   164   —   21 Net cash provided by (used in) investing activities  (1,065)   189   100   2,501   (20,110)   —   (18,385) Financing Activities:       Proceeds from (repayments of) short-term borrowings, net  1,339   —   —   —   451   —   1,790 Proceeds from borrowings  9,231   —   —   —   —   —   9,231 Repurchases and repayments of debt  (750)   —   —   (1,005)   (1,297)   —   (3,052) Repurchases and retirements of common stock  (5,000)   —   —   —   —   —   (5,000) Dividends paid  (2,601)   —   —   —   —   —   (2,601) Issuances of common stock  23   —   —   —   —   —   23 Distributions to noncontrolling interests and dividends forredeemable subsidiary preferred stock  —   —   —   —   (253)   —   (253) Other  155   —   —   25   (167)   —   13 Net cash provided by (used in) financing activities  2,397   —   —   (980)   (1,266)   —   151 Increase (decrease) in cash and cash equivalents  —   —   —   68   938   —   1,006 Cash and cash equivalents, beginning of year  —   —   —   414   1,881   —   2,295 Cash and cash equivalents, end of year $—   $—   $—   $482   $2,819   $—   $3,301    Comcast 2016 Annual Report on Form 10-K 118 Table of ContentsComcast Corporation Condensed Consolidating Statement of Cash Flows For the Year Ended December 31, 2015 (in millions) ComcastParent  ComcastHoldings  CCCL Parent  NBCUniversalMedia Parent  Non- Guarantor Subsidiaries  Elimination and ConsolidationAdjustments  ConsolidatedComcast Corporation Net cash provided by (used in) operating activities $(792)  $48  $ (167)  $ (1,398)  $21,087  $ —  $ 18,778 Investing Activities:       Net transactions with affiliates  6,559   (48)   840   2,839   (10,190)   —   — Capital expenditures  (27)   —   —   —   (8,472)   —   (8,499) Cash paid for intangible assets  (6)   —   —   —   (1,364)   —   (1,370) Acquisitions and construction of real estate properties  —   —   —   —   (178)   —   (178) Acquisitions, net of cash acquired  —   —   —   —   (1,786)   —   (1,786) Proceeds from sales of businesses and investments  —   —   —   4   429   —   433 Purchases of investments  (7)   —   —   (407)   (370)   —   (784) Deposits  —   —   —   —   (18)   —   (18) Other  7   —   —   (5)   236   —   238 Net cash provided by (used in) investing activities  6,526   (48)   840   2,431   (21,713)   —   (11,964) Financing Activities:       Proceeds from (repayments of) short-term borrowings, net  400   —   —   —   (265)   —   135 Proceeds from borrowings  5,486   —   —   —   —   —   5,486 Repurchases and repayments of debt  (2,650)   —   (673)   (1,004)   (51)   —   (4,378) Repurchases and retirements of common stock  (6,750)   —   —   —   —   —   (6,750) Dividends paid  (2,437)   —   —   —   —   —   (2,437) Issuances of common stock  36   —   —   —   —   —   36 Distributions to noncontrolling interests and dividends forredeemable subsidiary preferred stock  —   —   —   —   (232)   —   (232) Other  181   —   —   —   (470)   —   (289) Net cash provided by (used in) financing activities  (5,734)   —   (673)   (1,004)   (1,018)   —   (8,429) Increase (decrease) in cash and cash equivalents  —   —   —   29   (1,644)   —   (1,615) Cash and cash equivalents, beginning of year  —   —   —   385   3,525   —   3,910 Cash and cash equivalents, end of year $—   $—   $—   $414   $1,881   $—   $2,295     119 Comcast 2016 Annual Report on Form 10-KTable of ContentsComcast Corporation Condensed Consolidating Statement of Cash Flows For the Year Ended December 31, 2014 (in millions) Comcast Parent  ComcastHoldings  CCCL Parent  NBCUniversalMedia Parent  Non- Guarantor Subsidiaries  Elimination and ConsolidationAdjustments  ConsolidatedComcast Corporation Net cash provided by (used in) operating activities $(354)  $9  $ (139)  $ (1,299)  $18,728  $ —  $ 16,945 Investing Activities:       Net transactions with affiliates  4,784   (9)   139   2,247   (7,161)   —   — Capital expenditures  (3)   —   —   —   (7,417)   —   (7,420) Cash paid for intangible assets  (6)   —   —   —   (1,116)   —   (1,122) Acquisitions and construction of real estate properties  —   —   —   —   (43)   —   (43) Acquisitions, net of cash acquired  —   —   —   —   (477)   —   (477) Proceeds from sales of businesses and investments  —   —   —   8   658   —   666 Purchases of investments  (19)   —   —   (10)   (162)   —   (191) Deposits  —   —   —   —   —   —   — Other  —   —   —   5   (151)   —   (146) Net cash provided by (used in) investing activities  4,756   (9)   139   2,250   (15,869)   —   (8,733) Financing Activities:       Proceeds from (repayments of) short-term borrowings, net  (1,350)   —   —   —   846   —   (504) Proceeds from borrowings  4,180   —   —   —   2   —   4,182 Repurchases and repayments of debt  (1,000)   —   —   (902)   (1,273)   —   (3,175) Repurchases and retirements of common stock  (4,251)   —   —   —   —   —   (4,251) Dividends paid  (2,254)   —   —   —   —   —   (2,254) Issuances of common stock  35   —   —   —   —   —   35 Distributions to noncontrolling interests and dividends forredeemable subsidiary preferred stock  —   —   —   —   (220)   —   (220) Other  238   —   —   —   (71)   —   167 Net cash provided by (used in) financing activities  (4,402)   —   —   (902)   (716)   —   (6,020) Increase (decrease) in cash and cash equivalents  —   —   —   49   2,143   —   2,192 Cash and cash equivalents, beginning of year  —   —   —   336   1,382   —   1,718 Cash and cash equivalents, end of year $—   $—   $—   $385   $3,525   $—   $3,910    Comcast 2016 Annual Report on Form 10-K 120 Table of ContentsItem 9: Changes in and Disagreements with Accountants on Accounting and Financial DisclosureNone.Item 9A: Controls and ProceduresComcast Corporation Conclusions regarding disclosure controls and proceduresOur principal executive and principal financial officers, after evaluating the effectiveness of Comcast’s disclosure controls and procedures (asdefined in Exchange Act Rules 13a-15(e) and 15d-15(e)) as of the end of the period covered by this report, have concluded that, based on theevaluation of these controls and procedures required by paragraph (b) of Exchange Act Rules 13a-15 or 15d-15, Comcast’s disclosure controls andprocedures were effective.Management’s annual report on internal control over financial reportingRefer to Management’s Report on Comcast’s Internal Control Over Financial Reporting on page 73.Attestation report of the registered public accounting firmRefer to Report of Independent Registered Public Accounting Firm on page 74.Changes in internal control over financial reportingAs a result of our acquisition of DreamWorks Animation on August 22, 2016, our internal control over financial reporting, subsequent to the date ofacquisition, includes certain additional internal controls relating to DreamWorks Animation. Except as described above, there were no changes inComcast’s internal control over financial reporting identified in connection with the evaluation required by paragraph (d) of Exchange Act Rules13a-15 or 15d-15 that occurred during our last fiscal quarter that have materially affected, or are reasonably likely to materially affect, Comcast’sinternal control over financial reporting.NBCUniversal Media, LLC Conclusions regarding disclosure controls and proceduresOur principal executive and principal financial officers, after evaluating the effectiveness of NBCUniversal’s disclosure controls and procedures (asdefined in Exchange Act Rules 13a-15(e) and 15d-15(e)) as of the end of the period covered by this report, have concluded that, based on theevaluation of these controls and procedures required by paragraph (b) of Exchange Act Rules 13a-15 or 15d-15, NBCUniversal’s disclosure controlsand procedures were effective.Management’s annual report on internal control over financial reportingOur management is responsible for establishing and maintaining an adequate system of internal control over financial reporting. Our system ofinternal control over financial reporting is designed to provide reasonable assurance regarding the reliability of financial reporting and the preparationof financial statements for external purposes in accordance with accounting principles generally accepted in the United States.Our internal control over financial reporting includes those policies and procedures that:  • pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect our transactions anddispositions of our assets    121 Comcast 2016 Annual Report on Form 10-KTable of Contents • provide reasonable assurance that our transactions are recorded as necessary to permit preparation of our financialstatements in accordance with accounting principles generally accepted in the United States, and that our receipts andexpenditures are being made only in accordance with authorizations of our management and our directors   • provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or dispositionof our assets that could have a material effect on the financial statements Because of its inherent limitations, a system of internal control over financial reporting can provide only reasonable assurance and may not preventor detect misstatements. Further, because of changes in conditions, effectiveness of internal control over financial reporting may vary over time. Oursystem contains self-monitoring mechanisms, and actions are taken to correct deficiencies as they are identified.Our management conducted an evaluation of the effectiveness of the system of internal control over financial reporting based on the framework inInternal Control — Integrated Framework ( 2013 ) issued by the Committee of Sponsoring Organizations of the Treadway Commission. Based onthis evaluation, our management concluded that NBCUniversal’s system of internal control over financial reporting was effective as of December 31,2016. Our assessment of the effectiveness of internal control over financial reporting as of December 31, 2016 did not include the internal controls ofDreamWorks Animation, which we acquired on August 22, 2016, as permitted by Securities and Exchange Commission guidelines that allowcompanies to exclude certain acquisitions from their assessment of internal control over financial reporting during the first year of an acquisition. Thetotal assets and total revenues of DreamWorks Animation represented approximately 6% of NBCUniversal’s total assets as of December 31, 2016,and approximately 1% of its total revenues for the year ended December 31, 2016.Changes in internal control over financial reportingAs a result of our acquisition of DreamWorks Animation on August 22, 2016, NBCUniversal’s internal control over financial reporting, subsequent tothe date of acquisition, includes certain additional internal controls relating to DreamWorks Animation. Except as described above, there were nochanges in NBCUniversal’s internal control over financial reporting identified in connection with the evaluation required by paragraph (d) ofExchange Act Rules 13a-15 or 15d-15 that occurred during our last fiscal quarter that have materially affected, or are reasonably likely to materiallyaffect, NBCUniversal’s internal control over financial reporting.Item 9B: Other InformationIran Threat Reduction and Syria Human Rights Act DisclosurePursuant to Section 219 of the Iran Threat Reduction and Syria Human Rights Act of 2012, companies are required, among other things, to disclosecertain activities, transactions or dealings with the Government of Iran or entities controlled directly or indirectly by the Government of Iran.Disclosure is generally required even where the activities, transactions or dealings are conducted in compliance with applicable laws and regulationsand are de minimis . As of the date of this report, we are not aware of any activity, transaction or dealing during the year ended December 31, 2016that requires disclosure under the Act, except with respect to a January 2016 licensing agreement by a non-U.S. subsidiary of DreamWorksAnimation prior to our August 2016 DreamWorks Animation acquisition. The agreement licensed a prior season of a children’s animated televisionseries for a three-year, non-cancelable term and for a one-time fee of $5,200 to a broadcasting company that is owned and controlled by theGovernment of Iran. The broadcasting company paid the license fee in the first quarter of 2016. We believe that DreamWorks Animation conductedits licensing activity in compliance with applicable laws and that the license is for the permissible exportation of informational materials pursuant tocertain statutory and regulatory exemptions from U.S. sanctions.  Comcast 2016 Annual Report on Form 10-K 122 Table of ContentsPart III Item 10: Directors, Executive Officers and Corporate GovernanceComcast Except for the information regarding executive officers required by Item 401 of Regulation S-K, we incorporate the information required by this itemby reference to our definitive proxy statement for our annual meeting of shareholders presently scheduled to be held in June 2017. We refer to thisproxy statement as the 2017 Proxy Statement.The term of office of each of our executive officers continues until his successor is selected and qualified or until his earlier death, resignation orremoval. The following table sets forth information concerning our executive officers, including their ages, positions and tenure, as of the date of thisAnnual Report on Form 10-K. Name  Age  Officer Since  Position with ComcastBrian L. Roberts  57  1986  Chairman and Chief Executive Officer; PresidentMichael J. Cavanagh  51  2015  Senior Executive Vice President; Chief Financial OfficerStephen B. Burke  58  1998  Senior Executive Vice President; President and Chief Executive Officer,NBCUniversal Holdings and NBCUniversalDavid L. Cohen  61  2002  Senior Executive Vice PresidentNeil Smit  58  2011  Senior Executive Vice President; President and Chief Executive Officer,Comcast CableArthur R. Block  62  1993  Executive Vice President; General Counsel; SecretaryLawrence J. Salva  60  2000  Executive Vice President; Chief Accounting OfficerBrian L. Roberts has served as a director and as our President, Chief Executive Officer and Chairman of the Board for more than five years. As ofDecember 31, 2016, Mr. Roberts had sole voting power over approximately 33 / % of the combined voting power of our two classes of commonstock. He is a son of our late founder, Mr. Ralph J. Roberts. Mr. Roberts is also a director of the National Cable and TelecommunicationsAssociation.Michael J. Cavanagh has served as the Chief Financial Officer of Comcast Corporation since July 2015. Prior to joining our company, Mr. Cavanaghhad been Co-President and Co-Chief Operating Officer for The Carlyle Group, a global investment firm, since 2014. Prior to that, Mr. Cavanagh wasthe Co-Chief Executive Officer of the Corporate & Investment Bank of JPMorgan Chase & Co. from 2012 until 2014; the Chief Executive Officer ofJPMorgan Chase & Co.’s Treasury & Securities Services business from 2010 to 2012; and the Chief Financial Officer of JPMorgan Chase & Co.from 2004 to 2010. Mr. Cavanagh is also a director of Yum Brands, Incorporated.Stephen B. Burke has served as a Senior Executive Vice President since March 2015 and previously had served as an Executive Vice President formore than five years. In January 2011, Mr. Burke became the President and Chief Executive Officer of NBCUniversal Holdings and NBCUniversaland resigned from his position as our Chief Operating Officer. Mr. Burke also had been the President of Comcast Cable until March 2010. Mr. Burkeis also a director of JPMorgan Chase & Co. and Berkshire Hathaway, Incorporated.David L. Cohen has served as a Senior Executive Vice President since March 2015 and previously had served as an Executive Vice President formore than five years. Mr. Cohen is also a director of the FS Global Credit Opportunities Funds, the FS Global Credit Opportunities Fund A and theFS Global Credit Opportunities Fund D.   123 Comcast 2016 Annual Report on Form 10-K 1 3 Table of ContentsNeil Smit has served as a Senior Executive Vice President since March 2015 and previously had served as an Executive Vice President for morethan five years. Mr. Smit has been the President of Comcast Cable since March 2010 and was appointed as Chief Executive Officer of ComcastCable in November 2011. Before joining Comcast, Mr. Smit was the President and Chief Executive Officer and a director of CharterCommunications, Inc., a cable company, since August 2005. Charter Communications filed a voluntary petition for reorganization under Chapter 11of the U.S. Bankruptcy Code in March 2009 and emerged from Chapter 11 bankruptcy in November 2009. Mr. Smit is also the Chairman of theBoard of Directors of the National Cable and Telecommunications Association and Chairman of CableLabs.Arthur R. Block has served as an Executive Vice President since March 2015 and previously had served as a Senior Vice President for more thanfive years. He has been our General Counsel and Secretary for more than five years.Lawrence J. Salva has served as an Executive Vice President since March 2015 and previously had served as a Senior Vice President for morethan five years. He has been our Chief Accounting Officer for more than five years and prior to July 2015, was also our Controller.NBCUniversal Certain information under this Item 10 has been omitted pursuant to General Instruction I(2)(c) to Form 10-K.The table below sets forth certain information with respect to each of NBCUniversal’s executive officers as of December 31, 2016, each of whom hasserved as such since the close of the NBCUniversal transaction in January 2011, except for Michael J. Cavanagh, who has served since July 2015.The table also sets forth NBCUniversal Holdings’ directors as of December 31, 2016. Name TitleBrian L. Roberts Principal Executive OfficerMichael J. Cavanagh Principal Financial Officer; Director of NBCUniversal HoldingsStephen B. Burke Chief Executive Officer and PresidentDavid L. Cohen Senior Executive Vice President; Director of NBCUniversal HoldingsArthur R. Block Executive Vice President; Director of NBCUniversal HoldingsLawrence J. Salva Executive Vice PresidentFor the year ended December 31, 2016, NBCUniversal reimbursed Comcast $40 million for direct services provided by our executive officers.Item 11: Executive CompensationComcast incorporates the information required by this item by reference to its 2017 Proxy Statement.This information is omitted for NBCUniversal pursuant to General Instruction I(2)(c) to Form 10-K.Item 12: Security Ownership of Certain Beneficial Owners and Management and Related StockholderMattersComcast incorporates the information required by this item by reference to its 2017 Proxy Statement.This information is omitted for NBCUniversal pursuant to General Instruction I(2)(c) to Form 10-K.  Comcast 2016 Annual Report on Form 10-K 124 Table of ContentsItem 13: Certain Relationships and Related Transactions, and Director IndependenceComcast incorporates the information required by this item by reference to its 2017 Proxy Statement.This information is omitted for NBCUniversal pursuant to General Instruction I(2)(c) to Form 10-K.Item 14: Principal Accountant Fees and ServicesComcast incorporates the information required by this item by reference to its 2017 Proxy Statement.NBCUniversal The Audit Committee of Comcast’s Board of Directors appointed Deloitte & Touche LLP as NBCUniversal’s independent registered publicaccounting firm for the years ended December 31, 2016 and 2015. Set forth below are the fees paid or accrued for the services of Deloitte & ToucheLLP, the member firms of Deloitte Touche Tohmatsu and their respective affiliates in 2016 and 2015. (in millions) 2016   2015 Audit fees $11.0    $10.6 Audit-related fees  1.0     0.8 Tax fees  0.2     0.1 All other fees  —     0.1   $ 12.2    $ 11.6 Audit fees in 2016 and 2015 consisted of fees paid or accrued for services rendered to NBCUniversal and its subsidiaries for the audits of its annualfinancial statements, reviews of its quarterly financial statements and audit services provided in connection with other statutory or regulatory filings.Audit-related fees in 2016 and 2015 consisted primarily of fees paid or accrued for audits associated with employee benefit plans and attestationservices related to contractual and regulatory compliance.Tax fees in 2016 and 2015 consisted of fees paid or accrued for domestic and foreign tax compliance services.All other fees in 2015 primarily consisted of fees paid or accrued for consulting services regarding content security.Preapproval Policy of Audit Committee of Services Performed by Independent AuditorsAs a consolidated subsidiary of Comcast, NBCUniversal is subject to the policies of Comcast’s Audit Committee regarding the preapproval ofservices provided by the independent auditors. This policy requires that the Audit Committee preapprove all audit and non-audit services performedby the independent auditors to assure that the services do not impair the auditors’ independence. Unless a type of service has received generalpreapproval, it requires separate preapproval by the Audit Committee. Even if a service has received general preapproval, if the fee associated withthe service exceeds $250,000 in a single engagement or series of related engagements or relates to tax planning, it requires separate preapproval.The Audit Committee has delegated its preapproval authority to its Chair.   125 Comcast 2016 Annual Report on Form 10-KTable of ContentsPart IV Item 15: Exhibits and Financial Statement SchedulesComcast (a) Comcast’s consolidated financial statements are filed as a part of this report on Form 10-K in Item 8, Financial Statements and SupplementaryData, and a list of Comcast’s consolidated financial statements are found on page 72 of this report. Schedule II, Valuation and Qualifying Accounts,is found on page 169 of this report; all other financial statement schedules are omitted because the required information is not applicable, orbecause the information required is included in the consolidated financial statements and notes thereto.(b) Exhibits required to be filed by Item 601 of Regulation S-K (all of which are under Commission File No. 001-32871, except as otherwise noted): 3.1  Amended and Restated Articles of Incorporation of Comcast Corporation (incorporated by reference to Exhibit 3.1 to Comcast’s CurrentReport on Form 8-K filed on December 15, 2015).3.2  Amended and Restated By-Laws of Comcast Corporation (incorporated by reference to Exhibit 3.1 to Comcast’s Current Report on Form8-K filed on January 27, 2017).4.1  Specimen Class A Common Stock Certificate (incorporated by reference to Exhibit 4.1 to Comcast’s Annual Report on Form 10-K for theyear ended December 31, 2002).4.2  Indenture, dated January 7, 2003, between Comcast Corporation, the subsidiary guarantor party thereto, and The Bank of New YorkMellon (f/k/a The Bank of New York), as trustee (incorporated by reference to Exhibit 4.4 to Comcast’s Annual Report on Form 10-K forthe year ended December 31, 2008).4.3  First Supplemental Indenture, dated March 25, 2003, to the Indenture between Comcast Corporation, the subsidiary guarantors partythereto, and The Bank of New York Mellon (f/k/a The Bank of New York), as trustee, dated January 7, 2003 (incorporated by reference toExhibit 4.5 to Comcast’s Annual Report on Form 10-K for the year ended December 31, 2008).4.4  Second Supplemental Indenture, dated August 31, 2009, to the Indenture between Comcast Corporation, the subsidiary guarantors partythereto, and The Bank of New York Mellon, as Trustee, dated January 7, 2003, as supplemented by a First Supplemental Indenture datedMarch 25, 2003 (incorporated by reference to Exhibit 4.1 to Comcast’s Current Report on Form 8-K filed on September 2, 2009).4.5  Third Supplemental Indenture, dated March 27, 2013, to the Indenture between Comcast Corporation, the subsidiary guarantors partythereto, and The Bank of New York Mellon (f/k/a The Bank of New York), as trustee, dated January 7, 2003, as supplemented by a FirstSupplemental Indenture dated March 25, 2003 and a second Supplemental Indenture dated August 31, 2009 (incorporated by referenceto Exhibit 4.4 to Comcast’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2013).4.6  Fourth Supplemental Indenture, dated October 1, 2015, to the Indenture dated January 7, 2003 between Comcast Corporation, thesubsidiary guarantors party thereto, and The Bank of New York Mellon (f/k/a The Bank of New York), as trustee, as supplemented by aFirst Supplemental Indenture dated March 25, 2003, a second Supplemental Indenture dated August 31, 2009 and a third SupplementalIndenture dated March 27, 2013 (incorporated by reference to Exhibit 4.1 to Comcast’s Quarterly Report on Form 10-Q for the quarterended September 30, 2015).4.7  Senior Indenture dated September 18, 2013, among Comcast Corporation, the guarantors party thereto and The Bank of New YorkMellon, as trustee (incorporated by reference to Exhibit 4.3 to Comcast’s Registration Statement on Form S-3 filed September 18, 2013).  Comcast 2016 Annual Report on Form 10-K 126 Table of Contents 4.8  First Supplemental Indenture dated as of November 17, 2015, to the Senior Indenture dated September 18, 2013, among ComcastCorporation, the guarantors party thereto, and The Bank of New York Mellon, as trustee (incorporated by reference to Exhibit 4.4 to PostEffective Amendment No. 2 to Comcast’s Registration Statement on Form S-3 filed November 23, 2015). 4.9  Indenture, dated as of April 30, 2010, between NBC Universal, Inc. (n/k/a NBCUniversal Media, LLC) and The Bank of New York Mellon,as trustee (incorporated by reference to Exhibit 4.1 to the Registration Statement on Form S-4 of NBCUniversal Media, LLC(Commission File No. 333-174175) filed on May 13, 2011). 4.10  First Supplemental Indenture, dated March 27, 2013, to the Indenture between NBCUniversal Media, LLC (f/k/a NBC Universal, Inc.) andThe Bank of New York Mellon, as trustee, dated April 30, 2010 (incorporated by reference to Exhibit 4.3 to Comcast’s Quarterly Reporton Form 10-Q for the quarter ended March 31, 2013). 4.11  Second Supplemental Indenture, dated October 1, 2015, to the Indenture dated April 30, 2010 between NBC Universal, Inc. (n/k/aNBCUniversal Media, LLC) and The Bank of New York Mellon, as trustee, as supplemented by a First Supplemental Indenture datedMarch 27, 2013 (incorporated by reference to Exhibit 4.2 to Comcast’s Quarterly Report on Form 10-Q for the quarter endedSeptember 30, 2015). 4.12  Indenture, dated March 19, 2013, among NBCUniversal Enterprise, Inc. (f/k/a Navy Holdings, Inc.), Comcast Corporation, the CableGuarantors party thereto, and The Bank of New York Mellon, as trustee (incorporated by reference to Exhibit 4.1 to Comcast’s QuarterlyReport on Form 10-Q for the quarter ended March 31, 2013).  Certain instruments defining the rights of holders of long-term obligation of the registrant and certain of its subsidiaries (the total amountof securities authorized under each of which does not exceed ten percent of the total assets of the registrant and its subsidiaries on aconsolidated basis), are omitted pursuant to Item 601(b)(4)(iii)(A) of Regulation S-K. We agree to furnish copies of any such instrumentsto the SEC upon request.10.1  Credit Agreement dated as of May 26, 2016, among Comcast Corporation, the financial institutions party thereto, JPMorgan ChaseBank, N.A., as administrative agent, Citibank, N.A., as syndication agent, Morgan Stanley MUFG Partners, LLC, Wells Fargo Bank,National Association and Mizuho Bank, Ltd., as co-documentation agents (incorporated by reference to exhibit 10.1 to Comcast’sCurrent Report on Form 8-K filed on May 31, 2016).10.2  Second Amended and Restated Certificate of Incorporation of NBCUniversal Enterprise, Inc. (f/k/a/ Navy Holdings, Inc.), datedMarch 19, 2013 (incorporated by reference to Exhibit 10.3 to Comcast’s Quarterly Report on Form 10-Q for the quarter ended March 31,2013).10.3  Certificate of Designations for Series A Cumulative Preferred Stock of NBCUniversal Enterprise, Inc. (f/k/a/ Navy Holdings, Inc.), datedMarch 19, 2013 (incorporated by reference to Exhibit 10.4 to Comcast’s Quarterly Report on Form 10-Q for the quarter ended March 31,2013).10.4  Amendment to Certificate of Designations for Series A Cumulative Preferred Stock of NBCUniversal Enterprise, Inc. dated March 19,2013 (incorporated by reference to Exhibit 10.5 to Comcast’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2013).10.5*  Comcast Corporation 2003 Stock Option Plan, as amended and restated December 5, 2016.10.6*  Comcast Corporation 2002 Deferred Compensation Plan, as amended and restated effective February 10, 2009 (incorporated byreference to Exhibit 10.5 to Comcast’s Annual Report on Form 10-K for the year ended December 31, 2009).   127 Comcast 2016 Annual Report on Form 10-KTable of Contents10.7*  Comcast Corporation 2005 Deferred Compensation Plan, as amended and restated effective May 20, 2015 (incorporated by referenceto Exhibit 10.5 to Comcast’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2015).10.8*  Comcast Corporation 2002 Restricted Stock Plan, as amended and restated effective December 5, 2016.10.9*  Comcast Corporation 2006 Cash Bonus Plan, as amended and restated effective February 18, 2015 (incorporated by reference toExhibit 10.11 to Comcast’s Annual Report on Form 10-K for the year ended December 31, 2015).10.10*  Comcast Corporation Retirement-Investment Plan, as amended and restated effective January 1, 2016 (incorporated by reference toExhibit 10.12 to Comcast’s Annual Report on Form 10-K for the year ended December 31, 2015).10.11*  Comcast Corporation 2002 Non-Employee Director Compensation Plan, as amended and restated effective May 14, 2013(incorporated by reference to Exhibit 10.1 to Comcast’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2013).10.12*  Comcast Corporation 2002 Employee Stock Purchase Plan, as amended and restated effective February 22, 2016 (incorporated byreference to Appendix C to our Definitive Proxy Statement on Schedule 14A filed on April 8, 2016).10.13*  Comcast-NBCUniversal 2011 Employee Stock Purchase Plan, as amended and restated effective February 22, 2016 (incorporated byreference to Appendix D to our Definitive Proxy Statement on Schedule 14A filed on April 8, 2016).10.14*  Employment Agreement between Comcast Corporation and Brian L. Roberts, dated as of June 1, 2005 (incorporated by reference toExhibit 99.1 to Comcast’s Current Report on Form 8-K filed on August 5, 2005).10.15*  Amendment to Employment Agreement between Comcast Corporation and Brian L. Roberts, dated as of February 13, 2009(incorporated by reference to Exhibit 99.1 to Comcast’s Current Report on Form 8-K filed on February 13, 2009).10.16*  Amendment No. 2 to Employment Agreement between Comcast Corporation and Brian L. Roberts, dated as of December 31, 2009(incorporated by reference to Exhibit 10.23 to Comcast’s Annual Report on Form 10-K for the year ended December 31, 2009).10.17*  Amendment No. 3 to Employment Agreement between Comcast Corporation and Brian L. Roberts, dated as of June 30, 2010(incorporated by reference to Exhibit 99.1 to Comcast’s Current Report on Form 8-K filed on July 7, 2010).10.18*  Amendment No. 4 to Employment Agreement between Comcast Corporation and Brian L. Roberts, dated as of December 31, 2010(incorporated by reference to Exhibit 10.25 to Comcast’s Annual Report on Form 10-K for the year ended December 31, 2010).10.19*  Amendment No. 5 to Employment Agreement between Comcast Corporation and Brian L. Roberts, dated as of June 30, 2011(incorporated by reference to Exhibit 99.1 to Comcast’s Current Report on Form 8-K filed on July 1, 2011).10.20*  Amendment No. 6 to Employment Agreement between Comcast Corporation and Brian L. Roberts, dated as of December 15, 2011(incorporated by reference to Exhibit 10.21 to Comcast’s Annual Report on Form 10-K for the year ended December 31, 2011).10.21*  Amendment No. 7 to Employment Agreement between Comcast Corporation and Brian L. Roberts, effective as of June 30, 2012(incorporated by reference to Exhibit 99.1 to Comcast’s Current Report on Form 8-K filed on September 14, 2012).  Comcast 2016 Annual Report on Form 10-K 128 Table of Contents10.22*  Amendment No. 8 to Employment Agreement between Comcast Corporation and Brian L. Roberts, dated as of December 14, 2012(incorporated by reference to Exhibit 10.23 to Comcast’s Annual Report on Form 10-K for the year ended December 31, 2012).10.23*  Amendment No. 10 to Employment Agreement with Brian L. Roberts, effective as of June 30, 2013 (incorporated by reference toExhibit 99.1 to Comcast’s Current Report on Form 8-K filed on July 24, 2013).10.24*  Amendment No. 11 to Employment Agreement with Brian L. Roberts, effective as of December 18, 2013 (incorporated by reference toExhibit 10.29 to Comcast’s Annual Report on Form 10-K filed on February 12, 2014).10.25*  Amendment No. 12 to Employment Agreement with Brian L. Roberts, effective as of June 30, 2014 (incorporated by reference toExhibit 99.1 to Comcast’s Current Report on Form 8-K filed on July 1, 2014).10.26*  Amendment No. 13 to Employment Agreement with Brian L. Roberts, effective as of December 9, 2014 (incorporated by reference toExhibit 10.30 to Comcast’s Annual Report on Form 10-K for the year ended December 31, 2014).10.27*  Amendment No. 14 to Employment Agreement with Brian L. Roberts, dated June 30, 2015 (incorporated by reference to Exhibit 99.1 toComcast’s Current Report on Form 8-K filed on July 7, 2015).10.28*  Amendment No. 15 to Employment Agreement with Brian L. Roberts, dated December 17, 2015 (incorporated by reference to Exhibit10.31 to Comcast’s Annual Report on Form 10-K for the year ended December 31, 2015).10.29*  Amendment No. 16 to Employment Agreement with Brian L. Roberts, dated June 30, 2016 (incorporated by reference to Exhibit 99.1 toComcast’s Current Report on Form 8-K filed on July 1, 2016).10.30*  Amendment No. 17 to Employment Agreement with Brian L. Roberts, dated December 12, 2016.10.31*  Employment Agreement between Comcast Corporation and Stephen B. Burke, dated as of December 16, 2009 (incorporated byreference to Exhibit 99.1 to Comcast’s Current Report on Form 8-K filed on December 22, 2009).10.32*  Amendment No. 2 to Employment Agreement with Stephen B. Burke, dated as of August 16, 2013 (incorporated by reference to Exhibit99.1 to Comcast’s Current Report on Form 8-K filed on August 16, 2013).10.33*  Amendment No. 3 to Employment Agreement with Stephen B. Burke dated as of July 25, 2016 (incorporated by reference to Exhibit99.1 to Comcast’s Current Report on Form 8-K filed on July 28, 2016).10.34*  Employment Agreement between Comcast Corporation and David L. Cohen, dated as of October 23, 2015 (incorporated by referenceto Exhibit 10.1 to Comcast’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2015).10.35*  Employment Agreement between Comcast Corporation and Neil Smit, dated as of November 21, 2011 (incorporated by reference toExhibit 10.37 to Comcast’s Annual Report on Form 10-K for the year ended December 31, 2011).10.36*  Employment Agreement between Comcast Corporation and Neil Smit, dated as of December 22, 2014 (incorporated by reference toExhibit 99.1 to Comcast’s Current Report on Form 8-K filed on December 23, 2014).   129 Comcast 2016 Annual Report on Form 10-KTable of Contents10.37*  Form of Amendment, dated as of December 16, 2008, to the Employment Agreements with Ralph J. Roberts and Brian L. Roberts(incorporated by reference to Exhibit 10.38 to Comcast’s Annual Report on Form 10-K for the year ended December 31, 2008).10.38*  Form of Amendment, dated as of December 14, 2012, to the Employment Agreements with Brian L. Roberts, Stephen B. Burke, NeilSmit and David L. Cohen (incorporated by reference to Exhibit 10.41 to Comcast’s Annual Report on Form 10-K for the year endedDecember 31, 2012).10.39*  Employment Agreement dated May 10, 2015 between Comcast Corporation and Michael J. Cavanagh (incorporated by reference toExhibit 99.1 to Comcast’s Current Report on Form 8-K filed on May 11, 2015).10.40*  Form of Non-Qualified Stock Option under the Comcast Corporation 2003 Stock Option Plan (incorporated by reference to Exhibit10.40 to Comcast’s Annual Report on Form 10-K for the year ended December 31, 2008).10.41*  Form of Non-Qualified Stock Option under the Comcast Corporation 2003 Stock Option Plan (incorporated by reference to Exhibit 10.2to Comcast’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2016).10.42*  Form of Non-Qualified Stock Option under the Comcast Corporation 2003 Stock Option Plan.10.43*  Form of Restricted Stock Unit Award under the Comcast Corporation 2002 Restricted Stock Plan (incorporated by reference to Exhibit10.7 to Comcast’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2011).10.44*  Form of Restricted Stock Unit Award under the Comcast Corporation 2002 Restricted Stock Plan (incorporated by reference to Exhibit10.1 to Comcast’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2012).10.45*  Form of Restricted Stock Unit Award under the Comcast Corporation 2002 Restricted Stock Plan (incorporated by reference to Exhibit10.6 to Comcast’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2013).10.46*  Form of Restricted Stock Unit Award under the Comcast Corporation 2002 Restricted Stock Plan (incorporated by reference to Exhibit10.1 to Comcast’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2016).10.47*  Form of Restricted Stock Unit Award and Long-Term Incentive Awards Summary Schedule under the Comcast Corporation 2002Restricted Stock Plan (incorporated by reference to Exhibit 10.2 to Comcast’s Quarterly Report on Form 10-Q for the quarter endedSeptember 30, 2015).10.48*  Form of Airplane Time Sharing Agreement (incorporated by reference to Exhibit 10.60 to Comcast’s Annual Report on Form 10-K forthe year ended December 31, 2014).10.49*  Form of Director Indemnification Agreement (incorporated by reference to Exhibit 10.3 to Comcast’s Quarterly Report on Form 10-Q forthe quarter ended June 30, 2009).10.50  Shareholders Agreement, effective as of January 1, 2016, among Atairos Group, Inc., Comcast AG Holdings, LLC, Atairos Partners,L.P., Atairos Management, L.P., and Comcast Corporation (incorporated by reference to Exhibit 10.66 to Comcast’s Annual Report onForm 10-K for the year ended December 31, 2015).10.51  Advisor Agreement, effective as of January 1, 2016, between Comcast Corporation and Michael J. Angelakis (incorporated byreference to Exhibit 10.67 to Comcast’s Annual Report on Form 10-K for the year ended December 31, 2015).10.52  Letter Agreement dated November 24, 2015 between Comcast Corporation and Michael J. Angelakis (incorporated by reference toExhibit 10.68 to Comcast’s Annual Report on Form 10-K for the year ended December 31, 2015).  Comcast 2016 Annual Report on Form 10-K 130 Table of Contents 10.53†  Consultant Agreement, dated as of January 20, 1987, between Steven Spielberg and Universal City Florida Partners (incorporated byreference to Exhibit 10.49 to the Registration Statement on Form S-4 of Universal City Development Partners, Ltd. and UCDPFinance, Inc. filed on January 20, 2010 (File No. 333-164431)). 10.54  Amendment dated February 5, 2001 to the Consultant Agreement dated as of January 20, 1987, between the Consultant andUniversal City Florida Partners (incorporated by reference to Exhibit 10.50 to the Registration Statement on Form S-4 of UniversalCity Development Partners, Ltd. and UCDP Finance, Inc. filed on January 20, 2010 (File No. 333-164431)). 10.55†  Amendment to the Consultant Agreement, dated as of October 18, 2009, between Steven Spielberg, Diamond Lane Productions, Inc.and Universal City Development Partners, Ltd. (incorporated by reference to Exhibit 10.52 to the Registration Statement on Form S-4of Universal City Development Partners, Ltd. and UCDP Finance, Inc. filed on January 20, 2010 (File No. 333-164431)). 10.56†  Letter Agreement dated July 15, 2003, among Diamond Lane Productions, Vivendi Universal Entertainment LLLP and Universal CityDevelopment Partners, Ltd. (incorporated by reference to Exhibit 10.51 to the Registration Statement on Form S-4 of Universal CityDevelopment Partners, Ltd. and UCDP Finance, Inc. filed on January 20, 2010 (File No. 333-164431)). 12.1  Statement of Earnings to Fixed Charges and Earnings to Combined Fixed Charges and Preferred Dividends. 21.1  List of subsidiaries. 23.1  Consent of Deloitte & Touche LLP. 31.1  Certification of Chief Executive Officer and Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. 32.1  Certification of Chief Executive Officer and Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.101  The following financial statements from Comcast Corporation’s Annual Report on Form 10-K for the year ended December 31, 2016,filed with the Securities and Exchange Commission on February 3, 2017, formatted in XBRL (eXtensible Business ReportingLanguage): (1) the Consolidated Balance Sheet; (2) the Consolidated Statement of Income; (3) the Consolidated Statement ofComprehensive Income; (4) the Consolidated Statement of Cash Flows; (5) the Consolidated Statement of Changes in Equity; and(6) the Notes to Consolidated Financial Statements. * Constitutes a management contract or compensatory plan or arrangement. † Confidential treatment granted.   131 Comcast 2016 Annual Report on Form 10-KTable of ContentsNBCUniversal (a) NBCUniversal’s consolidated financial statements are filed as a part of this report on Form 10-K and a list of the consolidated financialstatements are found on page 137 of this report. Schedule II – Valuation and Qualifying Accounts is found on page 169 of this report; all otherfinancial statement schedules are omitted because the required information is not applicable, or because the information required is included in theconsolidated financial statements and notes thereto.(b) Exhibits required to be filed by Item 601 of Regulation S-K: 3.1  Certificate of Formation of NBCUniversal Media, LLC (incorporated by reference to Exhibit 3.1 to NBCUniversal’s Registration Statementon Form S-4 filed on May 13, 2011).3.2  Certificate of Amendment to Certificate of Formation of NBCUniversal Media, LLC (incorporated by reference to Exhibit 3.2 toNBCUniversal’s Registration Statement on Form S-4 filed on May 13, 2011).3.3  Limited Liability Company Agreement of NBCUniversal Media, LLC (incorporated by reference to Exhibit 3.2 to Amendment No. 2 toNBCUniversal’s Registration Statement on Form S-4 filed on July 12, 2011).4.1  Indenture, dated as of April 30, 2010 between NBC Universal, Inc. (n/k/a NBCUniversal Media, LLC) and The Bank of New York Mellon,as Trustee (incorporated by reference to Exhibit 4.1 to NBCUniversal’s Registration Statement on Form S-4 filed on May 13, 2011).4.2  First Supplemental Indenture, dated March 27, 2013, to the Indenture between NBCUniversal Media, LLC (f/k/a NBC Universal, Inc.) andThe Bank of New York Mellon, as trustee, dated April 30, 2010 (incorporated by reference to Exhibit 4.3 of the Quarterly Report on Form10-Q of Comcast Corporation for the quarter ended March 31, 2013).4.3  Second Supplemental Indenture, dated October 1, 2015, to the Indenture dated April 30, 2010 between NBC Universal, Inc. (n/k/aNBCUniversal Media, LLC) and The Bank of New York Mellon, as trustee, as supplemented by a First Supplemental Indenture datedMarch 27, 2013 (incorporated by reference to Exhibit 4.2 of the Quarterly Report on Form 10-Q of Comcast Corporation for the quarterended September 30, 2015).4.4  Indenture, dated January 7, 2003, between Comcast Corporation, the subsidiary guarantor party thereto, and The Bank of New YorkMellon (f/k/a The Bank of New York), as trustee (incorporated by reference to Exhibit 4.4 to the Annual Report on Form 10-K of ComcastCorporation for the year ended December 31, 2008).4.5  First Supplemental Indenture, dated March 25, 2003, to the Indenture between Comcast Corporation, the subsidiary guarantors partythereto, and The Bank of New York Mellon (f/k/a The Bank of New York), as trustee, dated January 7, 2003 (incorporated by reference toExhibit 4.5 to the Annual Report on Form 10-K of Comcast Corporation for the year ended December 31, 2008).4.6  Second Supplemental Indenture, dated August 31, 2009, to the Indenture between Comcast Corporation, the subsidiary guarantors partythereto, and The Bank of New York Mellon, as Trustee, dated January 7, 2003, as supplemented by a First Supplemental Indenture datedMarch 25, 2003 (incorporated by reference to Exhibit 4.1 to the Current Report on Form 8-K of Comcast Corporation filed on September 2,2009).4.7  Third Supplemental Indenture, dated March 27, 2013, to the Indenture between Comcast Corporation, the subsidiary guarantors partythereto, and The Bank of New York Mellon (f/k/a The Bank of New York), as trustee, dated January 7, 2003, as supplemented by a FirstSupplemental Indenture dated March 25, 2003 and a Second Supplemental Indenture dated August 31, 2009 (incorporated by referenceto Exhibit 4.4 of the Quarterly Report on Form 10-Q of Comcast Corporation for the quarter ended March 31, 2013).  Comcast 2016 Annual Report on Form 10-K 132 Table of Contents4.8  Fourth Supplemental Indenture, dated October 1, 2015, to the Indenture dated January 7, 2003 between Comcast Corporation, thesubsidiary guarantors party thereto, and The Bank of New York Mellon (f/k/a The Bank of New York), as trustee, as supplemented by aFirst Supplemental Indenture dated March 25, 2003, a second Supplemental Indenture dated August 31, 2009 and a thirdSupplemental Indenture dated March 27, 2013 (incorporated by reference to Exhibit 4.1 of the Quarterly Report on Form 10-Q ofComcast Corporation for the quarter ended September 30, 2015).4.9  Senior Indenture dated September 18, 2013, among Comcast Corporation, the guarantors party thereto and The Bank of New YorkMellon, as trustee (incorporated by reference to Exhibit 4.3 to Comcast’s Registration Statement on Form S-3 filed September 18,2013).4.10  First Supplemental Indenture dated as of November 17, 2015, to the Senior Indenture dated September 18, 2013, among ComcastCorporation, the guarantors party thereto, and The Bank of New York Mellon, as trustee (incorporated by reference to Exhibit 4.4 toPost Effective Amendment No. 2 to Comcast’s Registration Statement on Form S-3 filed November 23, 2015).10.1  Second Amended and Restated Limited Liability Company Agreement of NBCUniversal, LLC, dated March 19, 2013 (incorporated byreference to Exhibit 10.2 of the Quarterly Report on Form 10-Q of Comcast Corporation for the quarter ended March 31, 2013).10.2  Credit Agreement dated as of May 26, 2016, among Comcast Corporation, the financial institutions party thereto, JPMorgan ChaseBank, N.A., as administrative agent, Citibank, N.A., as syndication agent, Morgan Stanley MUFG Partners, LLC, Wells Fargo Bank,National Association and Mizuho Bank, Ltd., as co-documentation agents (incorporated by reference to exhibit 10.1 to Comcast’sCurrent Report on Form 8-K filed on May 31, 2016.10.3†  Consultant Agreement, dated as of January 20, 1987, between Steven Spielberg and Universal City Florida Partners (incorporated byreference to Exhibit 10.49 to the Registration Statement on Form S-4 of Universal City Development Partners, Ltd. and UCDP Finance,Inc. filed on January 20, 2010 (File No. 333-164431)).10.4  Amendment dated February 5, 2001 to the Consultant Agreement dated as of January 20, 1987, between the Consultant and UniversalCity Florida Partners (incorporated by reference to Exhibit 10.50 to the Registration Statement on Form S-4 of Universal CityDevelopment Partners, Ltd. and UCDP Finance, Inc. filed on January 20, 2010 (File No. 333-164431)).10.5†  Amendment to the Consultant Agreement, dated as of October 18, 2009, between Steven Spielberg, Diamond Lane Productions, Inc.and Universal City Development Partners, Ltd. (incorporated by reference to Exhibit 10.52 to the Registration Statement on Form S-4of Universal City Development Partners, Ltd. and UCDP Finance, Inc. filed on January 20, 2010 (File No. 333-164431)).10.6†  Letter Agreement dated July 15, 2003, among Diamond Lane Productions, Vivendi Universal Entertainment LLLP and Universal CityDevelopment Partners, Ltd. (incorporated by reference to Exhibit 10.51 to the Registration Statement on Form S-4 of Universal CityDevelopment Partners, Ltd. and UCDP Finance, Inc. filed on January 20, 2010 (File No. 333-164431)).23.2  Consent of Deloitte & Touche LLP.31.2  Certification of Principal Executive Officer and Principal Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.32.2  Certification of Principal Executive Officer and Principal Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.   133 Comcast 2016 Annual Report on Form 10-KTable of Contents101  The following financial statements from NBCUniversal Media, LLC’s Annual Report on Form 10-K for the year ended December 31,2016, filed with the Securities and Exchange Commission on February 3, 2017, formatted in XBRL (eXtensible Business ReportingLanguage): (1) the Consolidated Balance Sheet; (2) the Consolidated Statement of Income; (3) the Consolidated Statement ofComprehensive Income; (4) the Consolidated Statement of Cash Flows; (5) the Consolidated Statement of Changes in Equity; and(6) the Notes to Consolidated Financial Statements. † Confidential treatment granted.  Comcast 2016 Annual Report on Form 10-K 134 Table of ContentsSignatures ComcastPursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signedon its behalf by the undersigned, thereunto duly authorized in Philadelphia, Pennsylvania on February 3, 2017. By: / S / B RIAN L. R OBERTS Brian L. Roberts Chairman and CEOPursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of theRegistrant and in the capacities and on the dates indicated. Signature Title Date/ S / B RIAN L. R OBERTSBrian L. Roberts Chairman and CEO; Director(Principal Executive Officer) February 3, 2017/ S / M ICHAEL J. C AVANAGHMichael J. Cavanagh Senior Executive Vice President and CFO(Principal Financial Officer) February 3, 2017/ S / L AWRENCE J. S ALVALawrence J. Salva Executive Vice President andChief Accounting Officer(Principal Accounting Officer) February 3, 2017/ S / K ENNETH J. B ACONKenneth J. Bacon Director February 3, 2017/ S / M ADELINE S. B ELLMadeline S. Bell Director February 3, 2017/ S / S HELDON M. B ONOVITZSheldon M. Bonovitz Director February 3, 2017/ S / E DWARD D. B REENEdward D. Breen Director February 3, 2017/ S / J OSEPH J. C OLLINSJoseph J. Collins Director February 3, 2017/ S / G ERALD L. H ASSELLGerald L. Hassell Director February 3, 2017/ S / J EFFREY A. H ONICKMANJeffrey A. Honickman Director February 3, 2017/ S / E DUARDO G. M ESTREEduardo G. Mestre Director February 3, 2017/ S / D AVID C. N OVAKDavid C. Novak Director February 3, 2017/ S / J OHNATHAN A. R ODGERSJohnathan A. Rodgers Director February 3, 2017/ S / D R . J UDITH R ODINDr. Judith Rodin Director February 3, 2017   135 Comcast 2016 Annual Report on Form 10-KTable of ContentsNBCUniversalPursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signedon its behalf by the undersigned, thereunto duly authorized in Philadelphia, Pennsylvania on February 3, 2017. NBCUNIVERSAL MEDIA, LLCBy: NBCUNIVERSAL, LLC, its sole memberBy: / S / S TEPHEN B. B URKE Stephen B. BurkeChief Executive OfficerPursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of theRegistrant and in the capacities and on the dates indicated. Signature Title Date/ S / B RIAN L . R OBERTSBrian L. Roberts Principal Executive Officerof NBCUniversal Media, LLC February 3, 2017/ S / M ICHAEL J. C AVANAGHMichael J. Cavanagh Principal Financial Officerof NBCUniversal Media, LLC;Director of NBCUniversal, LLC February 3, 2017/ S / A RTHUR R. B LOCKArthur R. Block Director of NBCUniversal, LLC February 3, 2017/ S / D AVID L. C OHENDavid L. Cohen Director of NBCUniversal, LLC February 3, 2017/ S / L AWRENCE J. S ALVALawrence J. Salva Principal Accounting Officerof NBCUniversal Media, LLC February 3, 2017  Comcast 2016 Annual Report on Form 10-K 136 Table of ContentsNBCUniversal Media, LLC Financial Statements and Supplementary Data Index  PageReport of Independent Registered Public Accounting Firm  138Consolidated Balance Sheet  139Consolidated Statement of Income  140Consolidated Statement of Comprehensive Income  141Consolidated Statement of Cash Flows  142Consolidated Statement of Changes in Equity  143Notes to Consolidated Financial Statements  144   137 Comcast 2016 Annual Report on Form 10-KTable of ContentsReport of Independent Registered Public Accounting Firm To the Member of NBCUniversal Media, LLCNew York, New YorkWe have audited the accompanying consolidated balance sheets of NBCUniversal Media, LLC and subsidiaries (the “Company”) as ofDecember 31, 2016 and 2015, and the related consolidated statements of income, comprehensive income, cash flows and changes in equity foreach of the three years in the period ended December 31, 2016. These financial statements are the responsibility of the Company’s management.Our responsibility is to express an opinion on these financial statements based on our audits.We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standardsrequire that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement.The Company is not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. Our audits includedconsideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but notfor the purposes of expressing an opinion on the effectiveness of the Company’s internal control over financial reporting. Accordingly, we express nosuch opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements,assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statementpresentation. We believe that our audits provide a reasonable basis for our opinion.In our opinion, such consolidated financial statements present fairly, in all material respects, the financial position of NBCUniversal Media, LLC andsubsidiaries as of December 31, 2016 and 2015, and the results of their operations and their cash flows for each of the three years in the periodended December 31, 2016, in conformity with accounting principles generally accepted in the United States of America./s/ Deloitte & Touche LLPNew York, New YorkFebruary 3, 2017  Comcast 2016 Annual Report on Form 10-K 138 Table of ContentsNBCUniversal Media, LLCConsolidated Balance Sheet December 31 (in millions) 2016   2015 Assets   Current Assets:   Cash and cash equivalents $1,966    $1,410 Receivables, net  6,302     5,411 Programming rights  1,241     1,200 Other current assets  938     841 Total current assets  10,447     8,862 Film and television costs  7,245     5,847 Investments  1,263     965 Property and equipment, net  10,511     9,521 Goodwill  23,323     20,364 Intangible assets, net  13,777     13,806 Other noncurrent assets, net  1,688     1,325 Total assets $ 68,254    $ 60,690 Liabilities and Equity   Current Liabilities:   Accounts payable and accrued expenses related to trade creditors $1,647    $1,564 Accrued participations and residuals  1,726     1,572 Program obligations  807     765 Deferred revenue  1,016     1,242 Accrued expenses and other current liabilities  1,888     1,675 Note payable to Comcast  2,703     1,750 Current portion of long-term debt  127     1,163 Total current liabilities  9,914     9,731 Long-term debt, less current portion  11,461     11,331 Accrued participations, residuals and program obligations  1,202     1,163 Other noncurrent liabilities  4,130     3,790 Commitments and contingencies (Note 15)   Redeemable noncontrolling interests  530     372 Equity:   Member’s capital  39,036     32,834 Accumulated other comprehensive income (loss)  (135)    (212) Total NBCUniversal member’s equity  38,901     32,622 Noncontrolling interests  2,116     1,681 Total equity  41,017     34,303 Total liabilities and equity $68,254    $60,690 See accompanying notes to consolidated financial statements.   139 Comcast 2016 Annual Report on Form 10-KTable of ContentsNBCUniversal Media, LLCConsolidated Statement of Income Year ended December 31 (in millions) 2016   2015   2014 Revenue $ 31,593    $ 28,462   $ 25,428 Costs and Expenses:     Programming and production  14,540     13,418    12,318 Other operating and administrative  7,059     5,891    5,364 Advertising, marketing and promotion  2,767     2,795    2,158 Depreciation  861     669    654 Amortization  944     870    841    26,171     23,643    21,335 Operating income  5,422     4,819    4,093 Other Income (Expense):     Interest expense  (595)    (495)    (508) Investment income (loss), net  30     5    27 Equity in net income (losses) of investees, net  (99)    (376)    46 Other income (expense), net  93     (102)    (218)    (571)    (968)    (653) Income before income taxes  4,851     3,851    3,440 Income tax expense  (305)    (227)    (143) Net income  4,546     3,624    3,297 Net (income) loss attributable to noncontrolling interests  (311)    (210)    (182) Net income attributable to NBCUniversal $4,235    $3,414   $3,115 See accompanying notes to consolidated financial statements.  Comcast 2016 Annual Report on Form 10-K 140 Table of ContentsNBCUniversal Media, LLCConsolidated Statement of Comprehensive Income Year ended December 31 (in millions) 2016   2015   2014 Net income $ 4,546    $ 3,624   $ 3,297 Deferred gains (losses) on cash flow hedges, net  24     (21)    25 Employee benefit obligations, net  15     60    (106) Currency translation adjustments, net  112     (121)    (62) Comprehensive income  4,697     3,542    3,154 Net (income) loss attributable to noncontrolling interests  (311)    (210)    (182) Other comprehensive (income) loss attributable to noncontrolling interests  (74)    29    — Comprehensive income attributable to NBCUniversal $4,312    $3,361   $2,972 See accompanying notes to consolidated financial statements.   141 Comcast 2016 Annual Report on Form 10-KTable of ContentsNBCUniversal Media, LLCConsolidated Statement of Cash Flows Year ended December 31 (in millions) 2016   2015   2014 Operating Activities     Net income $ 4,546    $ 3,624   $ 3,297 Adjustments to reconcile net income to net cash provided by operating activities:     Depreciation and amortization  1,805     1,539    1,495 Equity in net (income) losses of investees, net  99     376    (46) Cash received from investees  68     60    74 Net (gain) loss on investment activity and other  (80)    56    136 Deferred income taxes  89     (11)    (12) Changes in operating assets and liabilities, net of effects of acquisitions and divestitures:     Current and noncurrent receivables, net  (635)    (718)    (25) Film and television costs, net  (502)    (304)    (571) Accounts payable and accrued expenses related to trade creditors  51     97    (88) Other operating assets and liabilities  (544)    585    264 Net cash provided by operating activities  4,897     5,304    4,524 Investing Activities     Capital expenditures  (1,452)    (1,386)    (1,221) Cash paid for intangible assets  (283)    (211)    (130) Acquisitions, net of cash acquired  (205)    (1,522)    (118) Proceeds from sales of businesses and investments  109     218    13 Purchases of investments  (290)    (649)    (35) Other  (123)    150    (122) Net cash provided by (used in) investing activities  (2,244)    (3,400)    (1,613) Financing Activities     Repurchases and repayments of debt  (1,565)    (1,022)    (906) Proceeds from (repayments of) borrowings from Comcast, net  928     854    97 Distributions to member  (1,606)    (1,385)    (1,641) Distributions to noncontrolling interests  (210)    (189)    (177) Other  356     —    (3) Net cash provided by (used in) financing activities  (2,097)    (1,742)    (2,630) Increase (decrease) in cash and cash equivalents  556     162    281 Cash and cash equivalents, beginning of year  1,410     1,248    967 Cash and cash equivalents, end of year $1,966    $1,410   $1,248 See accompanying notes to consolidated financial statements.  Comcast 2016 Annual Report on Form 10-K 142 Table of ContentsNBCUniversal Media, LLCConsolidated Statement of Changes in Equity (in millions) Redeemable NoncontrollingInterests      Member’s Capital  Accumulated Other ComprehensiveIncome (Loss)  Non- controllingInterests  Total Equity Balance, December 31, 2013 $231    $29,056  $(16)  $287  $29,327 Dividends declared     (1,641)     (1,641) Issuance of subsidiary shares from noncontrolling interests  85        — Contributions from (distributions to) noncontrolling interests, net  (24)       (152)   (152) Other comprehensive income (loss)      (143)    (143) Other     (1)    (12)   (13) Net income (loss)  38       3,115       144   3,259 Balance, December 31, 2014  330     30,529   (159)   267   30,637 Dividends declared     (1,385)     (1,385) Contributions from (distributions to) noncontrolling interests, net  (30)       (159)   (159) Contribution from member     252     252 Other comprehensive income (loss)      (53)   (29)   (82) Universal Studios Japan     (11)    1,440   1,429 Other  28     35    (4)   31 Net income (loss)  44       3,414       166   3,580 Balance, December 31, 2015  372     32,834   (212)   1,681   34,303 Dividends declared     (1,606)     (1,606) Contributions from (distributions to) noncontrolling interests, net  (59)       (148)   (148) DreamWorks Animation contributions     3,566     89    3,655  Other comprehensive income (loss)      77    74    151  Other  168      7     158    165  Net income (loss)  49        4,235        262    4,497  Balance, December 31, 2016 $ 530       $ 39,036   $ (135)  $ 2,116   $ 41,017  See accompanying notes to consolidated financial statements.   143 Comcast 2016 Annual Report on Form 10-KTable of ContentsNBCUniversal Media, LLCNotes to Consolidated Financial Statements  Note 1: Business and Basis of Presentation Unless indicated otherwise, throughout these notes to the consolidated financial statements, we refer to NBCUniversal and its consolidatedsubsidiaries as “we,” “us” and “our.” We are one of the world’s leading media and entertainment companies that develops, produces and distributesentertainment, news and information, sports, and other content for global audiences, and owns and operates theme parks worldwide.We present our operations as the following four reportable business segments: Cable Networks, Broadcast Television, Filmed Entertainment andTheme Parks. See Note 16 for additional information on our reportable business segments.Our Cable Networks segment consists primarily of a diversified portfolio of cable television networks. Our cable networks are comprised of ournational cable networks that provide a variety of entertainment, news and information, and sports content, our regional sports and news networks,our international cable networks, and our cable television studio production operations.Our Broadcast Television segment consists primarily of the NBC and Telemundo broadcast networks, our owned NBC and Telemundo localbroadcast television stations, the NBC Universo national cable network, and our broadcast television studio production operations.Our Filmed Entertainment segment primarily produces, acquires, markets and distributes filmed entertainment worldwide. Our films are producedprimarily under the Universal Pictures, Illumination and Focus Features names and in August 2016, Comcast acquired DreamWorks Animation. SeeNote 4 for additional information on the acquisition.Our Theme Parks segment consists primarily of our Universal theme parks in Orlando, Florida and Hollywood, California and our 51% interest in theUniversal Studios theme park in Osaka, Japan (“Universal Studios Japan”), which we acquired in November 2015. See Note 4 for additionalinformation on the acquisition.Basis of PresentationThe accompanying consolidated financial statements include all entities in which we have a controlling voting interest and variable interest entities(“VIEs”) required to be consolidated in accordance with generally accepted accounting principles in the United States (“GAAP”). Transactionsbetween NBCUniversal and both Comcast and Comcast’s consolidated subsidiaries are reflected in these consolidated financial statements anddisclosed as related party transactions when material.We translate assets and liabilities of our foreign operations where the functional currency is the local currency, primarily the Japanese yen, euro andBritish pound, into U.S. dollars at the exchange rate as of the balance sheet date and translate revenue and expenses using average monthlyexchange rates. The related translation adjustments are recorded as a component of accumulated other comprehensive income (loss) in ourconsolidated balance sheet. Any foreign currency transaction gains or losses are included in our consolidated statement of income.  Comcast 2016 Annual Report on Form 10-K 144 Table of ContentsNBCUniversal Media, LLC Note 2: Accounting Policies Our consolidated financial statements are prepared in accordance with GAAP, which require us to select accounting policies, including in certaincases industry-specific policies, and make estimates that affect the reported amount of assets, liabilities, revenue and expenses, and the relateddisclosure of contingent assets and contingent liabilities. Actual results could differ from these estimates. We believe that the judgments and relatedestimates for the following items are critical in the preparation of our consolidated financial statements:  • revenue recognition (see below)   • film and television costs (see Note 6)   • goodwill and intangible assets (see Note 9) In addition, the following accounting policy is specific to the industries in which we operate:  • capitalization and amortization of film and television costs (see Note 6) Information on our other accounting policies and methods that are used in the preparation of our consolidated financial statements are included,where applicable, in their respective footnotes that follow. Below is a discussion of accounting policies and methods used in our consolidatedfinancial statements that are not presented within other footnotes.Revenue RecognitionCable Networks and Broadcast Television SegmentsOur Cable Networks segment generates revenue primarily from the distribution of our cable network programming to multichannel video providers,from the sale of advertising on our cable networks and related digital media properties, from the licensing of our owned programming to cable andbroadcast networks and subscription video on demand services, from the sale of our owned programming on standard-definition digital video discsand Blu-ray discs (together, “DVDs”) and through digital distribution services such as iTunes, and from the sale of programming by our cabletelevision studio production operations to third-party networks and subscription video on demand services. Our Broadcast Television segmentgenerates revenue primarily from the sale of advertising on our broadcast networks, owned local broadcast television stations and related digitalmedia properties, from the licensing of our owned programming by our broadcast television studio production operations to various distributionplatforms, including to cable and broadcast networks as well as to subscription video on demand services, from the fees received underretransmission consent agreements and associated fees received from NBC-affiliated local broadcast television stations, and from the sale of ourowned programming on DVDs and through digital distribution services. We recognize revenue from distributors as programming is provided,generally under multiyear distribution agreements. From time to time, the distribution agreements expire while programming continues to be providedto the distributor based on interim arrangements while the parties negotiate new contract terms. Revenue recognition is generally limited to currentpayments being made by the distributor, typically under the prior contract terms, until a new contract is negotiated, sometimes with effective datesthat affect prior periods. Differences between actual amounts determined upon resolution of negotiations and amounts recorded during these interimarrangements are recorded in the period of resolution.Advertising revenue for our Cable Networks and Broadcast Television segments is recognized in the period in which commercials are aired orviewed. In some instances, we guarantee audience ratings for the commercials. To the extent there is a shortfall in the ratings that were guaranteed,a portion of the revenue is deferred until the shortfall is settled, primarily by providing additional advertising units. We recognize revenue from thelicensing of our owned programming and programming produced by our studios for third parties when the content is made available for use by thelicensee, and when certain other conditions are met. When license fees include advertising time, we recognize the component of revenue associatedwith the advertisements when they are aired or viewed.   145 Comcast 2016 Annual Report on Form 10-KTable of ContentsNBCUniversal Media, LLC Filmed Entertainment SegmentOur Filmed Entertainment segment generates revenue primarily from the worldwide distribution of our produced and acquired films for exhibition inmovie theaters, from the licensing of our owned and acquired films through various distribution platforms, and from the sale of our owned andacquired films on DVDs and through digital distribution services. Our Filmed Entertainment segment also generates revenue from producing andlicensing live stage plays, from the distribution of filmed entertainment produced by third parties, and from Fandango, our movie ticketing andentertainment business. We recognize revenue from the distribution of films to movie theaters when the films are exhibited. We recognize revenuefrom the licensing of a film when the film is available for use by the licensee, and when certain other conditions are met. We recognize revenue fromthe sale of DVDs, net of estimated returns and customer incentives, on the date that the DVDs are delivered to and made available for sale byretailers.Theme Parks SegmentOur Theme Parks segment generates revenue primarily from ticket sales and guest spending at our Universal theme parks. We recognize revenuefrom advance theme park ticket sales when the tickets are used. For annual passes, we recognize revenue on a straight-line basis over the periodfollowing the activation date.Advertising ExpensesAdvertising costs are expensed as incurred.Cash EquivalentsThe carrying amounts of our cash equivalents approximate their fair values. Our cash equivalents consist primarily of money market funds and U.S.government obligations, as well as commercial paper and certificates of deposit with maturities of three months or less when purchased.Derivative Financial InstrumentsWe use derivative financial instruments to manage our exposure to the risks associated with fluctuations in foreign exchange rates and interestrates. Our objective is to manage the financial and operational exposure arising from these risks by offsetting gains and losses on the underlyingexposures with gains and losses on the derivatives used to economically hedge them.Our derivative financial instruments are recorded in our consolidated balance sheet at fair value. The impact of our derivative financial instrumentson our consolidated financial statements was not material for all periods presented.Fair Value MeasurementsThe accounting guidance related to financial assets and financial liabilities (“financial instruments”) establishes a hierarchy that prioritizes fair valuemeasurements based on the types of inputs used for the various valuation techniques (market approach, income approach and cost approach). Thelevels of the hierarchy are described below.  • Level 1: Values are determined using quoted market prices for identical financial instruments in an active market   • Level 2: Values are determined using quoted prices for similar financial instruments and valuation models whose inputsare observable   • Level 3: 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 fairvalue requires significant management judgment or estimation   Comcast 2016 Annual Report on Form 10-K 146 Table of ContentsNBCUniversal Media, LLC We use these levels of hierarchy for the measurement of fair value related to acquisitions, investments, long-term debt and impairment testing,among others. Our assessment of the significance of a particular input to the fair value measurement requires judgment and may affect the valuationand classification within the fair value hierarchy. Our financial instruments that are accounted for at fair value on a recurring basis were not materialas of December 31, 2016 and 2015.Note 3: Recent Accounting Pronouncements Revenue RecognitionIn May 2014, the Financial Accounting Standards Board (“FASB”) updated the accounting guidance related to revenue recognition. The updatedaccounting guidance provides a single, contract-based revenue recognition model to help improve financial reporting by providing clearer guidanceon when an entity should recognize revenue and by reducing the number of standards to which an entity has to refer. The updated accountingguidance is effective for us as of January 1, 2018.We have reviewed a majority of our revenue arrangements and expect our review to be completed in the second quarter of 2017. As a result of ourreview, we do not expect any material impact on our consolidated financial statements. However, we do expect that the new standard will impact thetiming of recognition for our Cable Networks, Broadcast Television and Filmed Entertainment segments’ content licensing revenue associated withrenewals or extensions of existing program licensing agreements, which upon adoption will be recognized as revenue when the licensed contentbecomes available under the renewal or extension instead of when the agreement is renewed or extended.The guidance provides companies with alternative methods of adoption and we are in the process of determining our method of adoption, whichdepends in part upon our completion of the evaluation of our remaining revenue arrangements.ConsolidationsIn February 2015, the FASB updated the accounting guidance related to consolidation under the variable interest entity and voting interest entitymodels. The updated accounting guidance modifies the consolidation guidance for VIEs, limited partnerships and similar legal entities. We haveadopted this guidance as of January 1, 2016 and it did not have a material impact on our consolidated financial statements.Financial Assets and Financial LiabilitiesIn 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 theequity 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 asof January 1, 2018. The updated accounting guidance requires, with certain exceptions, a cumulative effect adjustment to beginning retainedearnings when the guidance is adopted. We are currently in the process of determining the impact that the updated accounting guidance will have onour consolidated financial statements.LeasesIn February 2016, the FASB updated the accounting guidance related to leases. The updated accounting guidance requires lessees to recognize aright-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 initiallymeasured based on the present value of committed lease payments. For a lessee, the recognition, measurement and presentation of expenses andcash flows arising from a lease do not significantly change from previous guidance. For a   147 Comcast 2016 Annual Report on Form 10-KTable of ContentsNBCUniversal Media, LLC lessor, the accounting applied is also largely unchanged from previous guidance. The updated guidance is effective for us as of January 1, 2019 andearly adoption is permitted. The updated accounting guidance must be adopted using a modified retrospective approach for leases that exist or areentered into after the beginning of the earliest comparative period in the financial statements. We are currently in the process of determining theimpact that the updated accounting guidance will have on our consolidated financial statements. See Note 15 for a summary of our undiscountedminimum rental commitments under operating leases as of December 31, 2016.Share-Based CompensationIn March 2016, the FASB updated the accounting guidance that affects several aspects of the accounting for share-based compensation. Among thechanges, the updated guidance requires that the excess income tax benefits or deficiencies that arise when the tax consequences of share-basedcompensation differ from amounts previously recognized in the statement of income be recognized as income tax benefit or expense in thestatement of income rather than as additional paid-in capital in the balance sheet. The guidance also states that excess income tax benefits shouldnot be presented separately from other income taxes in the statement of cash flows and, thus, should be classified as an operating activity ratherthan a financing activity as they are under the current guidance. In addition, the updated guidance requires when an employer withholds shares uponexercise of options or the vesting of restricted stock for the purpose of meeting withholding tax requirements, that the cash paid for withholding taxesbe classified as a financing activity.We will adopt the updated guidance in the first quarter of 2017. As a limited liability company, the updated guidance related to the excess income taxbenefits or deficiencies to be recognized in the statement of income will not have a material impact on our consolidated financial statements. Inaddition, as the share-based compensation expense is settled in cash with Comcast, we do not expect the updated accounting guidance to have amaterial impact on our statement of cash flows.Note 4: Significant Transactions 2016DreamWorks AnimationOn August 22, 2016, Comcast acquired all of the outstanding stock of DreamWorks Animation for $3.8 billion. DreamWorks Animation’sstockholders 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.Following the acquisition, Comcast converted DreamWorks Animation to a limited liability company and contributed its equity to us as a capitalcontribution. The net assets contributed to us excluded deferred income taxes and other tax-related items recorded by Comcast. The results ofoperations for DreamWorks Animation are reported in our Filmed Entertainment segment following the acquisition date and are presented as if theequity contribution occurred on the date of Comcast’s acquisition.Preliminary Allocation of Purchase PriceThe transaction was accounted for under the acquisition method of accounting and, accordingly, the assets and liabilities are to be recorded at theirfair market values as of the acquisition date. We recorded the acquired assets and liabilities of DreamWorks Animation at their estimated fair valuesbased on preliminary valuation analyses. In valuing acquired assets and liabilities, fair value estimates are primarily based on Level 3 inputsincluding future expected cash flows, market rate assumptions and discount rates. The fair value of the assumed debt was primarily based onquoted market values. The fair value of the liability related  Comcast 2016 Annual Report on Form 10-K 148 Table of ContentsNBCUniversal Media, LLC to a tax receivable agreement that DreamWorks Animation had previously entered into with one of its former stockholders (the “tax receivableagreement”) was based on the contractual settlement provisions in the agreement. We will adjust the assets and liabilities as valuations arecompleted and we obtain information necessary to complete the analyses, but no later than one year from the acquisition date.The table below presents the preliminary allocation of the purchase price to the assets and liabilities of DreamWorks Animation.Preliminary Allocation of Purchase Price(in millions)     Film and television costs (see Note 6) $854 Intangible assets (see Note 9)  164 Working capital  248 Debt (see Note 10)  (381) Tax receivable agreement   (146) Other noncurrent assets and liabilities and other   503 Identifiable net assets (liabilities) acquired  1,242 Noncontrolling interest  (89) Goodwill (see Note 9)  2,620 Cash consideration transferred by Comcast $ 3,773  (a) The tax receivable agreement was settled immediately following the acquisition and the payment was recorded as an operating activity in our consolidated statement of cash flows.Comcast made a separate cash capital contribution of $146 million to fund the settlement which was recorded as a financing activity in our consolidated statement of cash flows. (b) Other included $353 million recorded to member’s capital that represented deferred income tax assets and other tax-related items recorded by Comcast but excluded from the net assetscontributed to us.Revenue and net income attributable to the acquisition of DreamWorks Animation were not material for 2016.2015Universal Studios JapanOn November 13, 2015, we acquired a 51% economic interest in Universal Studios Japan for $1.5 billion.Universal Studios Japan is a VIE based on the governance structure and we consolidate Universal Studios Japan since we have the power to directactivities that most significantly impact its economic performance. There are no liquidity arrangements, guarantees or other financial commitmentsbetween us and Universal Studios Japan, and therefore our maximum risk of financial loss is our 51% interest. Universal Studios Japan’s results ofoperations are reported in our Theme Parks segment following the acquisition date.Allocation of Purchase PriceThe transaction was accounted for under the acquisition method of accounting and, accordingly, the acquired assets and liabilities and the 49%noncontrolling interest were recorded at their estimated fair values. In 2016, we updated the allocation of the purchase price for Universal StudiosJapan based on final valuation analyses, which primarily resulted in increases to property and equipment and intangible assets and a decrease ingoodwill. The changes did not have a material impact on our consolidated financial statements.   149 Comcast 2016 Annual Report on Form 10-K(a)(b)Table of ContentsNBCUniversal Media, LLC The table below presents the allocation of the purchase price to the assets and liabilities of Universal Studios Japan.Allocation of Purchase Price(in millions)     Property and equipment (see Note 8) $780 Intangible assets (see Note 9)  323 Working capital  (33) Debt (see Note 10)  (3,271) Other noncurrent assets and liabilities and other  17 Identifiable net assets (liabilities) acquired  (2,184) Noncontrolling interest  (1,440) Goodwill (see Note 9)  5,123 Cash consideration transferred $1,499 Actual and Unaudited Pro Forma ResultsOur consolidated revenue in 2016 and 2015 included $1.4 billion and $169 million, respectively, from the acquisition of Universal Studios Japan. Ournet income attributable to NBCUniversal in 2016 and 2015 included $124 million and $18 million, respectively, from the acquisition of UniversalStudios Japan.The following unaudited pro forma information has been presented as if the acquisition of Universal Studios Japan occurred on January 1, 2014.This information is primarily based on historical results of operations, adjusted for the allocation of purchase price, and is not necessarily indicative ofwhat our results would have been had we operated Universal Studios Japan since January 1, 2014. No pro forma adjustments have been made forour transaction-related expenses. Year ended December 31 (in millions) 2015   2014 Revenue $ 29,514   $ 26,513 Net income $3,801   $3,409 Net income attributable to NBCUniversal $3,503   $3,170 Note 5: Related Party Transactions In the ordinary course of our business, we enter into transactions with Comcast.We generate revenue from Comcast primarily from the distribution of our cable network programming, the fees received under retransmissionconsent agreements in our Broadcast Television segment and, to a lesser extent, the sale of advertising and our owned programming, and we incurexpenses primarily related to advertising and various support services provided by Comcast to us.In September 2016, as part of the Comcast cash management process, we and Comcast amended and restated our revolving credit agreements toincrease the amount that we can borrow from Comcast and that Comcast can borrow from us from $3 billion to $5 billion and to extend the maturitydate to 2026. Amounts owed by us to Comcast or to us by Comcast under the revolving credit agreement, including accrued interest, are presentedunder the captions “note payable to Comcast” and “note receivable from Comcast,” respectively, in our consolidated balance sheet and arepresented as current as there are daily borrowings and repayments throughout the year based on our working capital needs. The revolving creditagreements bear interest at floating rates equal to the interest rate calculation under Comcast’s revolving credit facility.  Comcast 2016 Annual Report on Form 10-K 150 Table of ContentsNBCUniversal Media, LLC The interest rate on Comcast’s revolving credit facility consists of a base rate plus a borrowing margin that is determined based on Comcast’s creditrating. As of December 31, 2016, the borrowing margin for London Interbank Offered Rate-based borrowings was 1.00%.Comcast is also the counterparty to one of our contractual obligations. As of both December 31, 2016 and 2015, the carrying value of the liabilityassociated with this contractual obligation was $383 million.The following tables present transactions with Comcast and its consolidated subsidiaries that are included in our consolidated financial statements.Consolidated Balance SheetDecember 31 (in millions) 2016   2015 Transactions with Comcast and Consolidated Subsidiaries   Receivables, net $285    $239 Accounts payable and accrued expenses related to trade creditors $55    $68 Accrued expenses and other current liabilities $4    $51 Note payable to Comcast $ 2,703    $ 1,750 Other noncurrent liabilities $389    $383 Consolidated Statement of IncomeYear ended December 31 (in millions) 2016   2015   2014 Transactions with Comcast and Consolidated Subsidiaries     Revenue $ 1,742    $ 1,349   $ 1,315 Operating costs and expenses $(220)   $(246)   $(162) Other income (expense) $(69)   $(37)   $(43) Distributions to NBCUniversal HoldingsIn addition to the transactions amounts presented in the table above, we make distributions to NBCUniversal Holdings on a periodic basis to enableits owners to meet their obligations to pay taxes on taxable income generated by our businesses. We also make quarterly distributions toNBCUniversal Holdings to enable it to make its required quarterly payments to NBCUniversal Enterprise at an annual rate of 8.25% on the$9.4 billion aggregate liquidation preference of its preferred units. These distributions are presented under the caption “distributions to member” inour consolidated statement of cash flows.Note 6: Film and Television Costs  December 31 (in millions) 2016   2015 Film Costs:   Released, less amortization $ 1,750    $ 1,275 Completed, not released  50     226 In production and in development  1,310     907   3,110     2,408 Television Costs:   Released, less amortization  1,953     1,573 In production and in development  853     737   2,806     2,310 Programming rights, less amortization  2,570     2,329   8,486     7,047 Less: Current portion of programming rights  1,241     1,200 Film and television costs $7,245    $5,847    151 Comcast 2016 Annual Report on Form 10-KTable of ContentsNBCUniversal Media, LLC Based on our current estimates of the total remaining revenue from all sources (“ultimate revenue”), in 2017 we expect to amortize approximately$1.9 billion of film and television costs associated with our original film and television productions that have been released, or are completed andhave not been released. Through 2019, we expect to amortize approximately 88% of unamortized film and television costs for our releasedproductions, excluding amounts allocated to acquired libraries.As of December 31, 2016, acquired film and television libraries, which are included within the “released, less amortization” captions in the tableabove, had remaining unamortized costs of $596 million. These costs are generally amortized over a period not to exceed 20 years, andapproximately 45% of these costs are expected to be amortized through 2019.Capitalization of Film and Television CostsWe capitalize film and television production costs, including direct costs, production overhead, print costs, development costs and interest. Weamortize capitalized film and television production costs, including acquired libraries, and accrue costs associated with participation and residualpayments to programming and production expenses. We generally record the amortization and the accrued costs using the individual film forecastcomputation method, which amortizes the costs in the same ratio as the associated ultimate revenue. Estimates of ultimate revenue and total costsare based on anticipated release patterns, public acceptance and historical results for similar productions. Unamortized film and television costs,including acquired film and television libraries, are stated at the lower of unamortized cost or fair value. We do not capitalize costs related to thedistribution of a film in movie theaters or the licensing or sale of a film or television production, which are primarily costs associated with themarketing and distribution of them.In determining the method of amortization and estimated life of an acquired film or television library, we generally use the method and the life thatmost closely follow the undiscounted cash flows over the estimated life of the asset.When an event or a change in circumstance occurs that was known or knowable as of the balance sheet date and that indicates the fair value of afilm is less than its unamortized costs, we determine the fair value of the film and record an impairment charge for the amount by which theunamortized capitalized costs exceed the film’s fair value. The estimated fair value of a production is based on Level 3 inputs that primarily use ananalysis of future expected cash flows. Adjustments to capitalized film and stage play production costs of $14 million, $42 million and $26 millionwere recorded in 2016, 2015 and 2014, respectively.We enter into cofinancing arrangements with third parties to jointly finance or distribute certain of our film productions. Cofinancing arrangementscan take various forms, but in most cases involve the grant of an economic interest in a film to an investor. The number of investors and the terms ofthese arrangements can vary, although investors generally assume the full risks and rewards for the portion of the film acquired in thesearrangements. We account for the proceeds received from a third-party investor under these arrangements as a reduction to our capitalized filmcosts. Under these arrangements, the investor owns an undivided copyright interest in the film, and therefore in each period we record either acharge or a benefit to programming and production expenses to reflect the estimate of the third-party investor’s interest in the profit or loss of thefilm. The estimate of the third-party investor’s interest in the profit or loss of a film is determined using the ratio of actual revenue earned to date tothe ultimate revenue expected to be recognized over the film’s useful life.We capitalize the costs of programming content that we license but do not own, including rights to multiyear, live-event sports programming, at theearlier of when payments are made for the programming or when the license period begins and the content is made available for use. We amortizecapitalized programming costs as the associated programs are broadcast. We generally amortize multiyear, live-event sports programming rightsusing the ratio of the current period revenue to the estimated ultimate revenue or under the terms of the contract.  Comcast 2016 Annual Report on Form 10-K 152 Table of ContentsNBCUniversal Media, LLC Acquired programming costs are recorded at the lower of unamortized cost or net realizable value on a program by program, package, channel ordaypart basis. A daypart is an aggregation of programs broadcast during a particular time of day or programs of a similar type. Programmingacquired by our Cable Networks segment is primarily tested on a channel basis for impairment, whereas programming acquired by our BroadcastTelevision segment is tested on a daypart basis. If we determine that the estimates of future cash flows are insufficient or if there is no plan tobroadcast certain programming, we recognize an impairment charge to programming and production expenses.Note 7: Investments  December 31 (in millions) 2016   2015 Fair Value Method $6    $10 Equity Method:   Hulu  225     184 Other  336     313   561     497 Cost Method:   BuzzFeed  400     200 Other  296     258    696     458 Total investments $ 1,263    $ 965 Equity MethodWe use the equity method to account for investments in which we have the ability to exercise significant influence over the investee’s operating andfinancial policies or in which we hold a significant partnership or LLC interest. Equity method investments are recorded at cost and are adjusted torecognize (1) our proportionate share of the investee’s net income or loss after the date of investment, (2) amortization of the recorded investmentthat exceeds our share of the book value of the investee’s net assets, (3) additional contributions made and dividends received, and (4) impairmentsresulting from other-than-temporary declines in fair value. For some investments, we record our share of the investee’s net income or loss onequarter in arrears due to the timing of our receipt of such information. Gains or losses on the sale of equity method investments are recorded to otherincome (expense), net. If an equity method investee were to issue additional securities that would change our proportionate share of the entity, wewould recognize the change, if any, as a gain or loss in our consolidated statement of income.HuluIn August 2016, Time Warner Inc. acquired a 10% interest in Hulu, LLC, which diluted our interest in Hulu from 33% to 30%. For a period not toexceed 3 years, Time Warner may put its shares to Hulu or Hulu may call Time Warner’s shares under certain limited circumstances arising fromregulatory review. Given the contingent nature of the put and call options, we recorded a deferred gain of $159 million and a corresponding increaseto our investment in Hulu as a result of the dilution. The deferred gain will be recognized in other income (expense), net if and when the optionsexpire unexercised.In 2016, 2015 and 2014, we recognized our proportionate share of losses of $168 million, $106 million and $20 million, respectively, related to ourinvestment in Hulu.The Weather ChannelIn January 2016, following a legal restructuring at The Weather Channel, we and the other investors sold the entity holding The Weather Channel’sproduct and technology businesses to IBM. Following the close of the   153 Comcast 2016 Annual Report on Form 10-KTable of ContentsNBCUniversal Media, LLC 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 ourinvestment, we recognized a pretax gain of $108 million in other income (expense), net.In June and December 2015, The Weather Channel recorded impairment charges related to goodwill. In 2015, we recorded expenses of$333 million that represented NBCUniversal’s proportionate share of these impairment charges in equity in net income (losses) of investees, net inour consolidated statement of income.Summarized Financial InformationThe tables below present the summarized combined financial information of our equity method investments. December 31 (in millions) 2016   2015 Current assets $ 2,105    $ 1,904 Noncurrent assets $2,724    $3,584 Current liabilities $1,921    $1,225 Noncurrent liabilities $2,853    $4,879  Year ended December 31 (in millions) 2016   2015   2014 Revenue $ 4,285    $3,944   $ 3,756 Operating income (loss) $(182)   $ (1,609)   $483 Net income (loss) $(313)   $(1,820)   $243 Cost MethodWe use the cost method to account for investments not accounted for under the fair value method or the equity method.In September 2015, we acquired an interest in BuzzFeed, Inc. and made an additional investment in Vox Media, Inc. for $200 million each in cash. InNovember 2016, NBCUniversal made an additional investment of $200 million in BuzzFeed. BuzzFeed is a global media company that producesand distributes original news, entertainment and videos. Vox Media is a digital media company comprised of eight distinct brands.Impairment Testing of InvestmentsWe review our investment portfolio each reporting period to determine whether there are identified events or circumstances that would indicate thereis a decline in the fair value that would be considered other than temporary. For our nonpublic investments, if there are no identified events orcircumstances that would have a significant adverse effect on the fair value of the investment, then the fair value is not estimated. If an investment isdeemed to have experienced an other-than-temporary decline below its cost basis, we reduce the carrying amount of the investment to its quoted orestimated fair value, as applicable, and establish a new cost basis for the investment. For our available-for-sale securities and our cost methodinvestments, we record the impairment to investment income (loss), net. For our equity method investments, we record the impairment to otherincome (expense), net.  Comcast 2016 Annual Report on Form 10-K 154 Table of ContentsNBCUniversal Media, LLC Note 8: Property and Equipment  December 31 (in millions) Weighted-Average Original Useful Life as of December 31, 2016   2016   2015 Buildings and leasehold improvements  30 years   $7,543    $6,543 Furniture, fixtures and equipment  11 years    4,158     3,457 Construction in process  N/A    1,176     1,339 Land  N/A    984     961 Property and equipment, at cost    13,861     12,300 Less: Accumulated depreciation       3,350     2,779 Property and equipment, net      $ 10,511    $9,521 Property and equipment are stated at cost. We capitalize improvements that extend asset lives and expense repairs and maintenance costs asincurred. We record depreciation using the straight-line method over the asset’s estimated useful life. For assets that are sold or retired, we removethe applicable cost and accumulated depreciation and, unless the gain or loss on disposition is presented separately, we recognize it as acomponent of depreciation expense.We evaluate the recoverability of our property and equipment whenever events or substantive changes in circumstances indicate that the carryingamount may not be recoverable. The evaluation is based on the cash flows generated by the underlying asset groups, including estimated futureoperating results, trends or other determinants of fair value. If the total of the expected future undiscounted cash flows were less than the carryingamount of the asset group, we would recognize an impairment charge to the extent the carrying amount of the asset group exceeded its estimatedfair value. Unless presented separately, the impairment charge is included as a component of depreciation expense.Note 9: Goodwill and Intangible Assets Goodwill (in millions) Cable Networks   BroadcastTelevision   Filmed Entertainment   Theme Parks   Total Balance, December 31, 2014 $ 12,948   $ 767   $211   $982   $ 14,908 Acquisitions   17    39    58    5,373    5,487 Foreign currency translation  (18)    —    (2)    (11)    (31) Balance, December 31, 2015  12,947    806    267    6,344    20,364 Acquisitions   232     —     2,717     —     2,949  Adjustments   —     —     —     (250)    (250) Foreign currency translation  4     —     9     247     260  Balance, December 31, 2016 $13,183    $806    $ 2,993    $ 6,341    $23,323   (a) Acquisitions in 2015 in our Theme Parks segment included the Universal Studios Japan transaction (see Note 4 for additional information). (b) Acquisitions in 2016 in our Filmed Entertainment segment primarily included the DreamWorks Animation acquisition (see Note 4 for additional information). (c) Adjustments in 2016 included the updated allocation of the purchase price for Universal Studios Japan in our Theme Parks segment (see Note 4 for additional information).Goodwill is calculated as the excess of the consideration transferred over the identifiable net assets acquired in a business combination andrepresents the future economic benefits expected to arise from anticipated   155 Comcast 2016 Annual Report on Form 10-K(a)(b)(c)Table of ContentsNBCUniversal Media, LLC synergies and intangible assets acquired that do not qualify for separate recognition, including assembled workforce, noncontractual relationshipsand other agreements. We assess the recoverability of our goodwill annually, or more frequently whenever events or substantive changes incircumstances indicate that the carrying amount of a reporting unit may exceed its fair value. We test goodwill for impairment at the reporting unitlevel. To determine our reporting units, we evaluate the components one level below the segment level and we aggregate the components if theyhave similar economic characteristics. As a result of this assessment, our reporting units are the same as our four reportable segments. We evaluatethe determination of our reporting units used to test for impairment periodically or whenever events or substantive changes in circumstances occur.The assessment of recoverability may first consider qualitative factors to determine whether the existence of events or circumstances leads to adetermination that it is more likely than not that the fair value of a reporting unit is less than its carrying amount. A quantitative assessment isperformed if the qualitative assessment results in a more-likely-than-not determination or if a qualitative assessment is not performed. Thequantitative assessment considers whether the carrying amount of a reporting unit exceeds its fair value, in which case an impairment charge isrecorded to the extent the carrying amount of the reporting unit’s goodwill exceeds its implied fair value. Unless presented separately, theimpairment charge is included as a component of amortization expense. We did not recognize any impairment charges in any of the periodspresented.Intangible Assets       2016   2015 December 31 (in millions) Weighted-Average Original Useful Life asof December 31, 2016   Gross Carrying Amount   AccumulatedAmortization   Gross Carrying Amount   AccumulatedAmortization Finite-Lived Intangible Assets:         Customer relationships  19 years   $13,173    $ (4,952)   $ 13,107   $ (4,291) Software  5 years    1,195     (563)    849    (431) Other  15 years    2,345     (1,053)    1,996    (932) Indefinite-Lived Intangible Assets:         Trade names  N/A    2,981       2,857   FCC licenses  N/A    651          651      Total      $ 20,345    $(6,568)   $19,460   $(5,654) Indefinite-Lived Intangible AssetsIndefinite-lived intangible assets consist of trade names and FCC licenses. We assess the recoverability of our indefinite-lived intangible assetsannually, or more frequently whenever events or substantive changes in circumstances indicate that the assets might be impaired. We evaluate theunit of account used to test for impairment of our indefinite-lived intangible assets periodically or whenever events or substantive changes incircumstances occur to ensure impairment testing is performed at an appropriate level. The assessment of recoverability may first considerqualitative factors to determine whether it is more likely than not that the fair value of an indefinite-lived intangible asset is less than its carryingamount. A quantitative assessment is performed if the qualitative assessment results in a more-likely-than-not determination or if a qualitativeassessment is not performed. When performing a quantitative assessment, we estimate the fair value of our indefinite-lived intangible assetsprimarily based on a discounted cash flow analysis that involves significant judgment. When analyzing the fair values indicated under the discountedcash flow models, we also consider multiples of operating income before depreciation and amortization generated by the underlying assets, currentmarket transactions, and profitability information. If the fair value of our indefinite-lived intangible assets was less than the carrying amount, we wouldrecognize an impairment charge for the difference between the estimated fair value and the carrying value of the assets. Unless presentedseparately, the impairment charge is included as a component of amortization expense. We did not recognize any material impairment charges inany of the periods presented.  Comcast 2016 Annual Report on Form 10-K 156 Table of ContentsNBCUniversal Media, LLC Finite-Lived Intangible AssetsEstimated Amortization Expense of Finite-Lived Intangible Assets (in millions)     2017 $ 946 2018 $929 2019 $900 2020 $873 2021 $804 Finite-lived intangible assets are subject to amortization and consist primarily of customer relationships acquired in business combinations,intellectual property rights and software. Our finite-lived intangible assets are amortized primarily on a straight-line basis over their estimated usefullife or the term of the associated agreement.We capitalize direct development costs associated with internal-use software, including external direct costs of material and services and payrollcosts for employees devoting time to these software projects. We also capitalize costs associated with the purchase of software licenses. We includethese costs in intangible assets and generally amortize them on a straight-line basis over a period not to exceed five years. We expensemaintenance and training costs, as well as costs incurred during the preliminary stage of a project, as they are incurred. We capitalize initialoperating system software costs and amortize them over the life of the associated hardware.We evaluate the recoverability of our finite-lived intangible assets whenever events or substantive changes in circumstances indicate that thecarrying amount may not be recoverable. The evaluation is based on the cash flows generated by the underlying asset groups, including estimatedfuture operating results, trends or other determinants of fair value. If the total of the expected future undiscounted cash flows were less than thecarrying amount of the asset group, we would recognize an impairment charge to the extent the carrying amount of the asset group exceeded itsestimated fair value. Unless presented separately, the impairment charge is included as a component of amortization expense.   157 Comcast 2016 Annual Report on Form 10-KTable of ContentsNBCUniversal Media, LLC Note 10: Long-Term Debt Long-Term Debt OutstandingDecember 31 (in millions) Weighted-Average Interest Rate as of December 31, 2016   2016   2015 Term loans   2.93%   $3,262    $3,259 Senior notes with maturities of 5 years or less, at face value  4.76%    4,000     3,000 Senior notes with maturities between 5 and 10 years, at face value  2.88%    1,000     3,000 Senior notes with maturities greater than 10 years, at face value  5.62%    3,200     3,200 Other, including capital lease obligations  —    138     47 Debt issuance costs, premiums, discounts and fair value adjustments for hedged positions, net  —    (12)    (12) Total debt  4.38%    11,588     12,494 Less: Current portion       127     1,163 Long-term debt      $ 11,461    $ 11,331  (a) The December 31, 2016 and 2015 amounts consist of ¥382 billion and ¥400 billion, respectively, of Universal Studios Japan term loans translated using the exchange rates as of thesedates. (b) Includes the effects of our derivative financial instruments.As of December 31, 2016 and 2015, our debt, excluding the note payable to Comcast, had an estimated fair value of $12.6 billion and $13.4 billion,respectively. The estimated fair value of our publicly traded debt is primarily based on Level 1 inputs that use quoted market values for the debt. Theestimated fair value of debt for which there are no quoted market prices is based on Level 2 inputs that use interest rates available to us for debt withsimilar terms and remaining maturities.Principal Maturities of Debt(in millions) Weighted-Average Interest Rate as of December 31, 2016      2017  2.94%  $127 2018  3.15%  $148 2019  2.74%  $247 2020  3.90%  $4,797 2021  4.40%  $2,008 Thereafter  5.04%  $ 4,273 Term LoansOur term loans consist of the Universal Studios Japan term loans, which have a final maturity of November 2020. These term loans contain financialand operating covenants and are secured by the assets of Universal Studios Japan and the equity interests of the other investors. We do notguarantee these term loans and they are otherwise nonrecourse to us.Debt RepaymentsFollowing Comcast’s acquisition of DreamWorks Animation, we paid $381 million to settle all of the debt we assumed in the DreamWorks Animationacquisition. In April 2016, we repaid at maturity $1 billion aggregate principal amount of 2.875% senior notes due 2016.  Comcast 2016 Annual Report on Form 10-K 158 (a)(b) Table of ContentsNBCUniversal Media, LLC Cross-Guarantee StructureWe, Comcast and a 100% owned cable holding company subsidiary of Comcast (“CCCL Parent”) fully and unconditionally guarantee each other’sdebt securities, including the $7 billion Comcast revolving credit facility due 2021. As of December 31, 2016, outstanding debt securities of$44.7 billion of Comcast and CCCL Parent were subject to the guarantee structure.We do not, however, guarantee the obligations of NBCUniversal Enterprise with respect to its $3.3 billion aggregate principal amount of senior notes,$1.5 billion revolving credit facility, commercial paper program, or $725 million liquidation preference of Series A cumulative preferred stock.Note 11: Postretirement, Pension and Other Employee Benefit Plans Postretirement Benefit Plans Year ended December 31 (in millions) 2016  2015  2014 Benefit obligation $192   $197  $209 Plan funded status and recorded benefit obligation $ (192)  $ (197)  $ (209) Portion of benefit obligation not yet recognized in benefits expense $(42)  $(27)  $(3) Benefits expense $13   $15  $12 Discount rate  4.56%   4.73%   4.25% We have postretirement medical and life insurance plans that provide continuous coverage to employees eligible to receive such benefits and givecredit for length of service provided before Comcast’s acquisition of a controlling interest in NBCUniversal Holdings in 2011 (the “joint venturetransaction”).Substantially all of the employees that were contributed by Comcast as part of the joint venture transaction participate in a postretirement healthcarestipend program (the “stipend plan”). The stipend plan provides an annual stipend for reimbursement of healthcare costs to each eligible employeebased on years of service. Under the stipend plan, we are not exposed to the increasing costs of healthcare because the benefits are fixed at apredetermined amount.All of our postretirement benefit plans are unfunded and substantially all of our postretirement benefit obligations are recorded to noncurrentliabilities. The expense we recognize for our postretirement benefit plans is determined using certain assumptions, including the discount rate.Pension PlansWe sponsor various qualified and nonqualified defined benefit pension plans for domestic employees. Since the future benefits have been frozensince the beginning of 2013, we did not recognize service costs related to our pension plans for all periods presented. The benefits expense werecognized for our defined benefit plans was not material for all periods presented. In addition to the defined benefit plans we sponsor, we are alsoobligated to reimburse General Electric (“GE”) for future benefit payments to those participants who were vested in the supplemental pension plansponsored by GE at the time of the joint venture transaction. These pension plans are currently unfunded and we recorded a benefit obligation of$314 million and $309 million as of December 31, 2016 and 2015, respectively, which consists primarily of our obligations to reimburse GE.Our consolidated balance sheet also includes the assets and liabilities of certain legacy pension plans, as well as the assets and liabilities forpension plans of certain foreign subsidiaries. As of December 31, 2016 and 2015, the benefit obligations associated with these plans exceeded thefair value of the plan assets by $62 million and $67 million, respectively.   159 Comcast 2016 Annual Report on Form 10-KTable of ContentsNBCUniversal Media, LLC Other Employee BenefitsDeferred Compensation PlansWe maintain unfunded, nonqualified deferred compensation plans for certain members of management (each, a “participant”). The amount ofcompensation deferred by each participant is based on participant elections. Participants in the plan designate one or more valuation funds,independently established funds or indices that are used to determine the amount of investment gain or loss in the participant’s account.Additionally, certain members of management participate in Comcast’s unfunded, nonqualified deferred compensation plan. The amount ofcompensation deferred by each participant is based on participant elections. Participant accounts are credited with income primarily based on a fixedannual rate.In the case of both deferred compensation plans, participants are eligible to receive distributions from their account based on elected deferralperiods that are consistent with the plans and applicable tax law.The table below presents the benefit obligation and interest expense for our deferred compensation plans. Year ended December 31 (in millions) 2016   2015   2014 Benefit obligation $ 494    $ 417   $ 349 Interest expense $48    $28   $24 Retirement Investment PlansWe sponsor several 401(k) defined contribution retirement plans that allow eligible employees to contribute a portion of their compensation throughpayroll deductions in accordance with specified plan guidelines. We make contributions to the plans that include matching a percentage of theemployees’ contributions up to certain limits. In 2016, 2015 and 2014, expenses related to these plans totaled $185 million, $174 million and$165 million, respectively.Multiemployer Benefit PlansWe participate in various multiemployer benefit plans, including pension and postretirement benefit plans, that cover some of our employees andtemporary employees who are represented by labor unions. We also participate in other multiemployer benefit plans that provide health and welfareand retirement savings benefits to active and retired participants. We make periodic contributions to these plans in accordance with the terms ofapplicable collective bargaining agreements and laws but do not sponsor or administer these plans. We do not participate in any multiemployerbenefit plans for which we consider our contributions to be individually significant, and the largest plans in which we participate are funded at a levelof 80% or greater.In 2016, 2015 and 2014, the total contributions we made to multiemployer pension plans were $84 million, $77 million and $58 million, respectively.In 2016, 2015 and 2014, the total contributions we made to multiemployer postretirement and other benefit plans were $136 million, $119 million and$125 million, respectively.If we cease to be obligated to make contributions or were to otherwise withdraw from participation in any of these plans, applicable law would requireus to fund our allocable share of the unfunded vested benefits, which is known as a withdrawal liability. In addition, actions taken by otherparticipating employers may lead to adverse changes in the financial condition of one of these plans, which could result in an increase in ourwithdrawal liability.Severance BenefitsWe provide severance benefits to certain former employees. A liability is recorded when payment is probable, the amount is reasonably estimable,and the obligation relates to rights that have vested or accumulated. In  Comcast 2016 Annual Report on Form 10-K 160 Table of ContentsNBCUniversal Media, LLC 2016, 2015 and 2014, we recorded severance costs of $165 million, $113 million and $113 million, respectively. Severance costs in 2016 included$61 million of severance costs associated with the acquisition of DreamWorks Animation.Note 12: Share-Based Compensation The tables below provide condensed information on our share-based compensation.Recognized Share-Based Compensation Expense Year ended December 31 (in millions) 2016   2015   2014 Restricted share units $ 82    $ 78   $ 69 Stock options  9     10    16 Employee stock purchase plans  8     6    6 Total $99    $94   $91 As of December 31, 2016, we had unrecognized pretax compensation expense of $204 million related to nonvested Comcast restricted share units(“RSUs”) and unrecognized pretax compensation expense of $28 million related to nonvested Comcast stock options that will be recognized over aweighted-average period of approximately 1.9 years and 1.8 years, respectively.Comcast maintains share-based compensation plans that primarily consist of awards of RSUs and stock options to certain employees and directorsas part of its approach to long-term incentive compensation. Awards generally vest over a period of 5 years and in the case of stock options, have a10 year term. Additionally, through its employee stock purchase plans, employees are able to purchase shares of Comcast common stock at adiscount through payroll deductions. Certain of our employees participate in these plans and the expense associated with their participation is settledin cash with Comcast.The cost associated with Comcast’s share-based compensation is based on an award’s estimated fair value at the date of grant and is recognizedover the period in which any related services are provided. RSUs are valued based on the closing price of Comcast common stock on the date ofgrant and are discounted for the lack of dividends, if any, during the vesting period. Comcast uses the Black-Scholes option pricing model toestimate the fair value of stock option awards. The table below presents the weighted-average fair value on the date of grant of RSUs and stockoptions awarded under Comcast’s various plans to employees of NBCUniversal and the related weighted-average valuation assumptions. Year ended December 31 2016  2015  2014 RSUs fair value $ 59.58   $ 59.37  $ 48.04 Stock options fair value $13.17   $11.79  $11.09 Stock Option Valuation Assumptions:   Dividend yield  1.7%   1.7%   1.8% Expected volatility  23.2%   23.0%   24.0% Risk-free interest rate  1.5%   1.6%   2.2% Expected option life (in years)  7.5    6.0   6.5    161 Comcast 2016 Annual Report on Form 10-KTable of ContentsNBCUniversal Media, LLC Note 13: Income Taxes Components of Income Tax ExpenseYear ended December 31 (in millions) 2016   2015   2014 Foreign     Current income tax expense $38    $81   $33 Deferred income tax expense  96     2    (8) Withholding tax expense  158     139    108 U.S. domestic tax expense  13     5    10 Income tax expense $ 305    $ 227   $ 143 We are a limited liability company, and our company is disregarded for U.S. federal income tax purposes as an entity separate from NBCUniversalHoldings, a tax partnership. For U.S. federal and state income tax purposes, our income is included in tax returns filed by Comcast and itssubsidiaries, and therefore we are not expected to incur any significant current or deferred U.S. domestic income taxes. Our tax liability is comprisedprimarily of withholding tax on foreign licensing activity and income taxes on foreign earnings. As a result of our tax status, the deferred tax assetsand liabilities included in our consolidated balance sheet at December 31, 2016 and 2015 were not material.In jurisdictions in which we are subject to income taxes, we base our provision for income taxes on our current period income, changes in ourdeferred income tax assets and liabilities, income tax rates, changes in estimates of our uncertain tax positions, and tax planning opportunitiesavailable in the jurisdictions in which we operate. We recognize deferred tax assets and liabilities when there are temporary differences between thefinancial reporting basis and tax basis of our assets and liabilities and for the expected benefits of using net operating loss carryforwards. When achange in the tax rate or tax law has an impact on deferred taxes, we apply the change based on the years in which the temporary differences areexpected to reverse. We record the change in our consolidated financial statements in the period of enactment.We classify interest and penalties, if any, associated with our uncertain tax positions as a component of income tax expense.Uncertain Tax PositionsWe retain liabilities for uncertain tax positions where we are the tax filer of record. GE and Comcast have indemnified NBCUniversal Holdings and uswith respect to our income tax obligations attributable to periods prior to the close of the joint venture transaction, including indemnification ofuncertain tax positions for these periods. The liabilities for uncertain tax positions included in our consolidated balance sheet were not material as ofDecember 31, 2016 and 2015.Various domestic and foreign tax authorities are examining our tax returns through tax year 2015. The majority of the periods under examinationrelate to tax years 2009 and forward.Note 14: Supplemental Financial Information ReceivablesDecember 31 (in millions) 2016   2015 Receivables, gross $ 6,799    $ 5,949 Less: Allowance for returns and customer incentives  413     469 Less: Allowance for doubtful accounts  84     69 Receivables, net $6,302    $5,411   Comcast 2016 Annual Report on Form 10-K 162 Table of ContentsNBCUniversal Media, LLC In addition to the amounts in the table above, as of December 31, 2016 and 2015, noncurrent receivables of $939 million and $721 million,respectively, are included in other noncurrent assets, net that primarily relate to the licensing of our television and film productions to third parties.Accumulated Other Comprehensive Income (Loss)December 31 (in millions) 2016   2015 Deferred gains (losses) on cash flow hedges $23    $(1) Unrecognized gains (losses) on employee benefit obligations  14     (1) Cumulative translation adjustments  (172)    (210) Accumulated other comprehensive income (loss) $ (135)   $ (212) Cash Payments for Interest and Income TaxesYear ended December 31 (in millions) 2016   2015   2014 Interest $ 548    $ 456   $ 485 Income taxes $208    $182   $174 Noncash Investing and Financing ActivitiesDuring 2016:  • we acquired $189 million of property and equipment and intangible assets that were accrued but unpaid   • Comcast contributed the net assets of DreamWorks Animation to us, which was primarily a noncash transaction (seeNote 4 for additional information) During 2015:  • we acquired $287 million of property and equipment and intangible assets that were accrued but unpaid   • Comcast contributed the net assets of $252 million related to an acquired business, which was a noncash transaction   • we assumed liabilities related to the Universal Studios Japan transaction (see Note 4 for additional information) During 2014:  • we acquired $148 million of property and equipment and intangible assets that were accrued but unpaid    163 Comcast 2016 Annual Report on Form 10-KTable of ContentsNBCUniversal Media, LLC Note 15: Commitments and Contingencies CommitmentsWe enter into long-term commitments with third parties in the ordinary course of our business, including commitments to acquire film and televisionprogramming, obligations under various creative talent agreements, and various other television-related commitments. Many of our employees,including writers, directors, actors, technical and production personnel, and others, as well as some of our on-air and creative talent, are covered bycollective bargaining agreements or works councils. As of December 31, 2016, the total number of full-time, part-time and hourly employees on ourpayroll covered by collective bargaining agreements was 8,500 full-time equivalent employees. Approximately 15% of these full-time equivalentemployees were covered by collective bargaining agreements that have expired or are scheduled to expire during 2017.The table below summarizes our minimum annual programming and talent commitments and our minimum annual rental commitments for officespace and equipment under operating leases. Programming and talent commitments include acquired film and television programming, includingU.S. broadcast rights to the Olympic Games through 2032, Sunday Night Football through the 2022-23 season, Thursday Night Football through the2017-18 season, certain NASCAR events through 2024 and other programming commitments, as well as various contracts with creative talent. As of December 31, 2016 (in millions) Programming andTalent Commitments   OperatingLeases 2017 $5,213   $198 2018 $4,876   $182 2019 $3,503   $173 2020 $4,587   $163 2021 $3,177   $147 Thereafter $ 20,847   $ 1,238 The table below presents our rental expense charged to operations. Year ended December 31 (in millions) 2016   2015   2014 Rental expense $ 259    $ 213   $ 222 Contractual ObligationWe are party to a contractual obligation that involves an interest held by a third party in the revenue of certain theme parks. The arrangementprovides the counterparty with the right to periodic payments associated with current period revenue and, beginning in June 2017, the option torequire NBCUniversal to purchase the interest for cash in an amount based on a contractual formula. The contractual formula is based on anaverage of specified historical theme park revenue at the time of exercise, which amount could be significantly higher than our carrying value. As ofDecember 31, 2016, our carrying value was $1.1 billion, and if the option had been exercisable as of December 31, 2016, the estimated value of thecontractual obligation would have been approximately $1.4 billion, based on inputs to the contractual formula as of that date.  Comcast 2016 Annual Report on Form 10-K 164 Table of ContentsNBCUniversal Media, LLC Note 16: Financial Data by Business Segment We present our operations in four reportable business segments: Cable Networks, Broadcast Television, Filmed Entertainment and Theme Parks.Our financial data by reportable business segment is presented in the tables below. We do not present a measure of total assets for our reportablebusiness segments as this information is not used by management to allocate resources and capital. (in millions) Revenue    Operating Income (Loss) Before Depreciation and Amortization    Depreciation and Amortization   Operating Income (Loss)   Capital Expenditures   Cash Paid for Intangible Assets 2016           Cable Networks  $10,464   $3,709   $745   $2,964   $32   $20 Broadcast Television   10,147    1,320    125    1,195    153    19 Filmed Entertainment  6,360    697    47    650    33    16 Theme Parks  4,946    2,190    512    1,678    922    72 Headquarters and Other   20    (699)    376    (1,075)    312    156 Eliminations   (344)    10    —    10    —    — Total $ 31,593    $ 7,227    $ 1,805    $ 5,422    $ 1,452    $ 283   (in millions) Revenue    Operating Income (Loss) Before Depreciation and Amortization    Depreciation and Amortization   Operating Income (Loss)   Capital Expenditures   Cash Paid for Intangible Assets 2015           Cable Networks $9,628   $3,499   $784   $2,715   $44   $22 Broadcast Television   8,530    780    111    669    117    17 Filmed Entertainment  7,287    1,234    26    1,208    14    20 Theme Parks  3,339    1,464    292    1,172    833    54 Headquarters and Other   14    (625)    326    (951)    378    98 Eliminations   (336)    6    —    6    —    — Total $ 28,462   $ 6,358   $ 1,539   $ 4,819   $ 1,386   $ 211  (in millions) Revenue    Operating Income (Loss) Before Depreciation and Amortization    Depreciation and Amortization   Operating Income (Loss)   Capital Expenditures   Cash Paid for Intangible Assets 2014           Cable Networks  $9,563   $3,589   $748   $2,841   $49   $21 Broadcast Television   8,542    734    127    607    76    12 Filmed Entertainment  5,008    711    21    690    11    7 Theme Parks  2,623    1,096    273    823    671    15 Headquarters and Other   13    (613)    326    (939)    414    75 Eliminations   (321)    71    —    71    —    — Total $ 25,428   $ 5,588   $ 1,495   $ 4,093   $ 1,221   $ 130    165 Comcast 2016 Annual Report on Form 10-K(d)(e)(a)(a)(b)(c)(d)(e)(a)(b)(c)(d)(e)(a)(a)(b)(c)Table of ContentsNBCUniversal Media, LLC  (a) The revenue and operating costs and expenses associated with our broadcast of the 2016 Rio Olympics and 2014 Sochi Olympics were reported in our Cable Networks and BroadcastTelevision segments. The revenue and operating costs and expenses associated with our broadcast of the 2015 Super Bowl were reported in our Broadcast Television segment. (b) Headquarters and Other activities include costs associated with overhead, allocations, personnel costs and headquarter initiatives. (c) Eliminations are transactions that our segments enter into with one another, which consisted primarily of the licensing of film and television content from our Filmed Entertainment andBroadcast Television segments to our Cable Networks segment. (d) We operate primarily in the United States, but also in select international markets primarily in Europe and Asia. The table below summarizes revenue by geographic location. No singlecustomer accounted for a significant amount of revenue in any period. Year ended December 31 (in millions) 2016   2015   2014 Revenue:     United States $ 25,076   $ 22,663   $ 20,995 Foreign $6,517   $5,799   $4,433  (e) We 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, ifany, as the measure of profit or loss for our operating segments. This measure eliminates the significant level of noncash amortization expense that results from intangible assetsrecognized in connection with the joint venture transaction and other business combinations. Additionally, it is unaffected by our capital structure or investment activities. We use thismeasure to evaluate our consolidated operating performance and the operating performance of our operating segments and to allocate resources and capital to our operating segments. Itis 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 comparingour 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. Thismeasure 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 ofperformance or liquidity we have reported in accordance with GAAP.  Comcast 2016 Annual Report on Form 10-K 166 Table of ContentsReport of Independent Registered Public Accounting Firm To the Board of Directors and Stockholders ofComcast CorporationPhiladelphia, PennsylvaniaWe have audited the consolidated financial statements of Comcast Corporation and subsidiaries (the “Company”) as of December 31, 2016 and2015, and for each of the three years in the period ended December 31, 2016, and the Company’s internal control over financial reporting as ofDecember 31, 2016, and have issued our report thereon dated February 3, 2017; such report is included elsewhere in this Form 10-K. Our auditsalso included the consolidated financial statement schedule of the Company listed in Item 15. This consolidated financial statement schedule is theresponsibility of the Company’s management. Our responsibility is to express an opinion based on our audits. In our opinion, such consolidatedfinancial statement schedule, when considered in relation to the basic consolidated financial statements taken as a whole, presents fairly, in allmaterial respects, the information set forth therein./s/ Deloitte & Touche LLPPhiladelphia, PennsylvaniaFebruary 3, 2017   167 Comcast 2016 Annual Report on Form 10-KTable of ContentsReport of Independent Registered Public Accounting Firm To the Member of NBCUniversal Media, LLCNew York, New YorkWe have audited the consolidated financial statements of NBCUniversal Media, LLC and subsidiaries (the “Company”) as of December 31, 2016 and2015, and for each of the three years in the period ended December 31, 2016, and have issued our report thereon dated February 3, 2017; suchreport is included elsewhere in this Form 10-K. Our audits also included the consolidated financial statement schedule of the Company listed inItem 15. This consolidated financial statement schedule is the responsibility of the Company’s management. Our responsibility is to express anopinion based on our audits. In our opinion, such consolidated financial statement schedule, when considered in relation to the basic consolidatedfinancial statements taken as a whole, presents fairly, in all material respects, the information set forth therein./s/ Deloitte & Touche LLPNew York, New YorkFebruary 3, 2017  Comcast 2016 Annual Report on Form 10-K 168 Table of ContentsComcast Corporation and SubsidiariesSchedule II – Valuation and Qualifying AccountsYear ended December 31, 2016, 2015 and 2014  Year Ended December 31 (in millions) Balance at Beginningof Year   Additions Charged toCosts and Expenses    Deductions fromReserves    Balance at Endof Year 2016       Allowance for doubtful accounts $ 226   $86   $62   $250 Allowance for returns and customer incentives  473    1,041    1,097    417 Valuation allowance on deferred tax assets  342    23    99    266 2015       Allowance for doubtful accounts $205   $ 166   $ 145   $ 226 Allowance for returns and customer incentives  359    1,236    1,122    473 Valuation allowance on deferred tax assets  375    4    37    342 2014       Allowance for doubtful accounts $221   $162   $178   $205 Allowance for returns and customer incentives  375    932    948    359 Valuation allowance on deferred tax assets  405    33    63    375 NBCUniversal Media, LLCSchedule II – Valuation and Qualifying AccountsYear ended December 31, 2016, 2015 and 2014 Year Ended December 31 (in millions) Balance at Beginningof Year   Additions Charged toCosts and Expenses    Deductions fromReserves    Balance at Endof Year 2016       Allowance for doubtful accounts $ 69   $ 26   $ 11   $ 84 Allowance for returns and customer incentives  469    1,040    1,096    413 Valuation allowance on deferred tax assets  71    23    22    72 2015       Allowance for doubtful accounts $60   $27   $18   $69 Allowance for returns and customer incentives  356    1,233    1,120    469 Valuation allowance on deferred tax assets  87    4    20    71 2014       Allowance for doubtful accounts $65   $11   $16   $60 Allowance for returns and customer incentives  372    930    946    356 Valuation allowance on deferred tax assets  60    33    6    87  (a) Additions and deductions related to allowance for returns and customer incentives include amounts for distribution on behalf of third parties.   169 Comcast 2016 Annual Report on Form 10-K(a)(a)(a)(a)Exhibit 10.5COMCAST CORPORATION2003 STOCK OPTION PLAN(As Amended And Restated Effective December 5, 2016) 1.BACKGROUND AND PURPOSE(a) Background . COMCAST CORPORATION, a Pennsylvania corporation hereby amends and restates the Comcast Corporation 2003 Stock Option Plan,(the “Plan”), effective December 5, 2016.(b) Purpose . The purpose of the Plan is to assist the Sponsor and its Affiliates in retaining valued employees, officers and directors by offering them agreater stake in the Sponsor’s success and a closer identity with it, and to aid in attracting individuals whose services would be helpful to the Sponsor and wouldcontribute to its success. 2.DEFINITIONS(a) “ Affiliate ” means, with respect to any Person, any other Person that, directly or indirectly, is in control of, is controlled by, or is under common controlwith, such Person. For purposes of this definition, the term “control,” including its correlative terms “controlled by” and “under common control with,” mean, withrespect to any Person, the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of such Person, whetherthrough the ownership of voting securities, by contract or otherwise.(b) “ AT&T Broadband Transaction ” means the acquisition of AT&T Broadband Corp. (now known as Comcast Cable Communications Holdings, Inc.) bythe Sponsor.(c) “ Board ” means the Board of Directors of the Sponsor.(d) “ Cash Right ” means any right to receive cash in lieu of Shares granted under the Plan and described in Paragraph 3(a)(iii).(e) “ Cause ” means (i) fraud; (ii) misappropriation; (iii) embezzlement; (iv) gross negligence in the performance of duties; (v) self-dealing; (vi) dishonesty;(vii) misrepresentation; (viii) conviction of a crime of a felony; (ix) material violation of any Company policy; (x) material violation of the Sponsor’s Code ofConduct or, (xi) in the case of an employee of a Company who is a party to an employment agreement with a Company, material breach of such agreement;provided that as to items (ix), (x) and (xi), if capable of being cured, such event or condition remains uncured following 30 days written notice thereof.(f) “ Change in Control ” means the occurrence of any one or more of the following events:  (i)following February 22, 2016, any person or “group” (as defined in Section 13(d) of the Exchange Act) (each, a “Person”), other than an employeebenefit plan or trust maintained by the Sponsor, becomes the “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act), directly orindirectly, of securities of the Sponsor representing 30% or more of the combined voting power of the Sponsor’s outstanding securities entitled to votegenerally in the election of directors, unless a majority of the directors of the Sponsor in office immediately preceding the date on which such Personacquires such beneficial ownership, by resolution negates the effectiveness of this provision in a particular circumstance);  (ii)at any time during a period of 12 consecutive months, individuals who at the beginning of such period constituted the Board and any new member ofthe Board whose election or nomination for election was approved by a vote of at least a majority of the directors then still in office who either weredirectors at the beginning of such period or whose election or nomination for election was so approved, cease for any reason to constitute a majority ofmembers of the Board;  (iii)the consummation of (x) a merger, consolidation, reorganization or similar corporate transaction involving the Sponsor or any of its subsidiaries withany other corporation or entity, which would result in combined voting power of the Sponsor’s securities entitled to vote generally in the election ofdirectors outstanding immediately prior to such merger, consolidation, reorganization or other similar transaction representing (either by remainingoutstanding or being converted into voting securities of the surviving entity or, if applicable, the ultimate parent thereof) less than a majority of thecombined voting power of the Sponsor or such surviving entity or parent outstanding immediately after such merger, consolidation, reorganization orother similar transaction, or (y) any sale, lease, exchange or other transfer to any Person of all or substantially all of the assets of the Sponsor, in onetransaction or a series of related transactions; or  (iv)the approval by the shareholders of the Sponsor of a liquidation or dissolution of the Sponsor.(g) “ Code ” means the Internal Revenue Code of 1986, as amended.(h) “ Comcast Plan ” means any restricted stock, stock bonus, stock option or other compensation plan, program or arrangement established or maintained bythe Sponsor or an Affiliate of the Sponsor, including, but not limited to this Plan, the Comcast Corporation 2002 Stock Option Plan, the Comcast Corporation 2002Restricted Stock Plan, the Comcast Corporation 1987 Stock Option Plan and the AT&T Broadband Corp. Adjustment Plan. -2-(i) “ Committee ” means the committee described in Paragraph 5, provided that for purposes of Paragraph 7:  (i)all references to the Committee shall be treated as references to the Board with respect to any Option granted to or held by a Non-Employee Director;and  (ii)all references to the Committee shall be treated as references to the Committee’s delegate with respect to any Option granted within the scope of thedelegate’s authority pursuant to Paragraph 5(b).(j) “ Common Stock ” means the Sponsor’s Class A Common Stock, par value, $.01.(k) “ Company ” means the Sponsor and the Subsidiary Companies.(l) “ Date of Grant ” means the date as of which an Option is granted.(m) “ Director Emeritus ” means an individual designated by the Board, in its sole discretion, as Director Emeritus, pursuant to the Board’s DirectorEmeritus Policy.(n) “ Disability ” means:  (i)For any Incentive Stock Option, a disability within the meaning of section 22(e)(3) of the Code.  (ii)For any Non-Qualified Option:  (A)An Optionee’s substantially inability to perform the Optionee’s employment duties due to partial or total disability or incapacity resultingfrom a mental or physical illness, injury or other health-related cause for a period of twelve (12) consecutive months or for a cumulativeperiod of fifty-two (52) weeks in any two calendar year period; or  (B)If different from the definition in Paragraph 2(n)(i)(A) above, “Disability” as it may be defined in such Optionee’s employment agreementbetween the Optionee and the Sponsor or an Affiliate, if any.(o) “ Fair Market Value .”  (i)In General . If Shares are listed on a stock exchange, Fair Market Value shall be determined based on the last reported sale price of a -3- Share on the principal exchange on which Shares are listed on the date of determination, or if such date is not a trading day, the next trading date. IfShares are not so listed, but trades of Shares are reported on the Nasdaq National Market, Fair Market Value shall be determined based on the lastquoted sale price of a Share on the Nasdaq National Market on the date of determination, or if such date is not a trading day, the next trading date. IfShares are not so listed nor trades of Shares so reported, Fair Market Value shall be determined by the Board or the Committee in good faith.  (ii)Option Exercise and Tax Withholding . For purposes of Paragraph 7(d) and Paragraph 15 (except to the extent that the Optionee pays the full optionprice and all applicable withholding taxes in cash, by certified check or surrender or attestation to ownership of Shares, as described in Paragraph 7(d)(i), (ii) and (iii), respectively) the fair market value of Shares applied to pay the option price and the fair market value of Shares withheld to payapplicable tax liabilities shall be determined based on the available price of Shares at the time the option exercise transaction is executed.(p) “ Family Member ” has the meaning given to such term in General Instructions A.1(a)(5) to Form S-8 under the Securities Act of 1933, as amended, andany successor thereto.(q) “ Incentive Stock Option ” means an Option granted under the Plan, designated by the Committee at the time of such grant as an Incentive Stock Optionwithin the meaning of section 422 of the Code and containing the terms specified herein for Incentive Stock Options; provided, however , that to the extent anOption granted under the Plan and designated by the Committee at the time of grant as an Incentive Stock Option fails to satisfy the requirements for an incentivestock option under section 422 of the Code for any reason, such Option shall be treated as a Non-Qualified Option.(r) “ Non-Employee Director ” means an individual who is a member of the Board, and who is not an employee of a Company, including an individual whois a member of the Board and who previously was, but at the time of reference is not, an employee of a Company.(s) “ Non-Qualified Option ” means:  (i)an Option granted under the Plan, designated by the Committee at the time of such grant as a Non-Qualified Option and containing the terms specifiedherein for Non-Qualified Options; and -4- (ii)an Option granted under the Plan and designated by the Committee at the time of grant as an Incentive Stock Option, to the extent such Option fails tosatisfy the requirements for an incentive stock option under section 422 of the Code for any reason.(t) “ Officer ” means an officer of the Sponsor (as defined in section 16 of the 1934 Act).(u) “ Option ” means any stock option granted under the Plan and described in Paragraph 3(a)(i) or Paragraph 3(a)(ii).(v) “ Optionee ” means a person to whom an Option has been granted under the Plan, which Option has not been exercised in full and has not expired orterminated.(w) “ Other Available Shares ” means, as of any date, the sum of:  (i)the total number of Shares owned by an Optionee or such Optionee’s Family Member that were not acquired by such Optionee or such Optionee’sFamily Member pursuant to a Comcast Plan or otherwise in connection with the performance of services to the Sponsor or an Affiliate; plus  (ii)the excess, if any of:  (A)the total number of Shares owned by an Optionee or such Optionee’s Family Member other than the Shares described in Paragraph 2(w)(i);over  (B)the sum of:(1) the number of such Shares owned by such Optionee or such Optionee’s Family Member for less than six months; plus(2) the number of such Shares owned by such Optionee or such Optionee’s Family Member that has, within the preceding six months, been thesubject of a withholding certification pursuant to Paragraph 15(b) or any similar withholding certification under any other Comcast Plan; plus(3) the number of such Shares owned by such Optionee or such Optionee’s Family Member that has, within the preceding six months, beenreceived in exchange for Shares surrendered as payment, in full or in part, or as to which ownership was attested to as payment, in full or in part, of theexercise price for an option to purchase any securities of the Sponsor or an Affiliate of the Sponsor, under any Comcast Plan, but only to the extent ofthe number of Shares surrendered or attested to; plus -5-(4) the number of such Shares owned by such Optionee or such Optionee’s Family Member as to which evidence of ownership has, within thepreceding six months, been provided to the Sponsor in connection with the crediting of “Deferred Stock Units” to such Optionee’s Account under theComcast Corporation 2002 Deferred Stock Option Plan (as in effect from time to time).For purposes of this Paragraph 2(w), a Share that is subject to a deferral election pursuant to another Comcast Plan shall not be treated as owned by an Optioneeuntil all conditions to the delivery of such Share have lapsed. For purposes of determining the number of Other Available Shares, the term “Shares” shall alsoinclude the securities held by an Optionee or such Optionee’s Family Member immediately before the consummation of the AT&T Broadband Transaction thathave converted into Common Stock.(x) [RESERVED](y) “ Person ” means an individual, a corporation, a partnership, an association, a trust or any other entity or organization.(z) “ Plan ” means the Comcast Corporation 2003 Stock Option Plan.(aa) “ Share ” or “ Shares .”  (i)Except as provided in this Paragraph 2(aa), a share or shares of Common Stock.  (ii)The term “Share” or “Shares” also means such other securities issued by the Sponsor as may be the subject of an adjustment under Paragraph 10, orfor purposes of Paragraph 2(w) and Paragraph 15, as may have been the subject of a similar adjustment under similar provisions of a Comcast Plan asnow in effect or as may have been in effect before the AT&T Broadband Transaction.(bb) [RESERVED](cc) “ Sponsor ” means Comcast Corporation, a Pennsylvania corporation, including any successor thereto by merger, consolidation, acquisition of all orsubstantially all the assets thereof, or otherwise.(dd) “ Subsidiary Companies ” means all business entities that, at the time in question, are subsidiaries of the Sponsor within the meaning of section 424(f) ofthe Code. -6-(ee) “ Ten Percent Shareholder ” means a person who on the Date of Grant owns, either directly or within the meaning of the attribution rules contained insection 424(d) of the Code, stock possessing more than 10% of the total combined voting power of all classes of stock of his employer corporation or of its parentor subsidiary corporations, as defined respectively in sections 424(e) and (f) of the Code, provided that the employer corporation is a Company.(ff) “ Terminating Event ” means a Change in Control.(gg) “ Third Party ” means any Person other than a Company, together with such Person’s Affiliates, provided that the term “Third Party” shall not includethe Sponsor or an Affiliate of the Sponsor.(hh) “ 1933 Act ” means the Securities Act of 1933, as amended.(ii) “ 1934 Act ” means the Securities Exchange Act of 1934, as amended. 3.RIGHTS TO BE GRANTED(a) Types of Options and Other Rights Available for Grant . Rights that may be granted under the Plan are:  (i)Incentive Stock Options, which give an Optionee who is an employee of a Company the right for a specified time period to purchase a specifiednumber of Shares for a price not less than the Fair Market Value on the Date of Grant.  (ii)Non-Qualified Options, which give the Optionee the right for a specified time period to purchase a specified number of Shares for a price not less thanthe Fair Market Value on the Date of Grant; and  (iii)Cash Rights, which give an Optionee the right for a specified time period, and subject to such conditions, if any, as shall be determined by theCommittee and stated in the option document, to receive a cash payment of such amount per Share as shall be determined by the Committee and statedin the option document, not to exceed the excess, if any, of the Fair Market Value of a Share on the date of exercise of a Cash Right over the FairMarket Value of Share on the date of grant of a Cash Right, in lieu of exercising a Non-Qualified Option.(b) Limit on Grant of Options . The maximum number of Shares for which Options may be granted to any single individual in any calendar year, adjusted asprovided in Paragraph 10, shall be 15,000,000 Shares. -7-(c) Limit on Term of Options . In no event shall (i) an Incentive Stock Option be exercisable after five years from the Date of Grant in the case of a grant to aTen Percent Shareholder and (ii) any other Option be exercisable after ten years from the Date of Grant. 4.SHARES SUBJECT TO PLAN(a) Shares Available For Grant . Subject to adjustment as provided in Paragraph 10, not more than 344 million Shares in the aggregate may be issuedpursuant to the Plan upon exercise of Options. Shares delivered pursuant to the exercise of an Option may, at the Sponsor’s option, be either treasury Shares orShares originally issued for such purpose.(b) Shares Returned to the Reserve . For avoidance of doubt, if an Option covering Shares is forfeited, terminates or expires without having been exercised infull, the Shares underlying such forfeited, terminated or expired Option shall return to the pool of Shares available for issuance under the Plan.(c) Share Recycling Prohibitions . If (i) the Sponsor withholds Shares to satisfy an Optionee’s tax liabilities as provided in Paragraph 15(b) and Paragraph15(c) or (ii) an Option covering Shares is exercised pursuant to the cashless exercise provisions of Paragraph 7(d)(iv), other Options may not be granted coveringthe Shares so withheld to satisfy the Optionee’s tax liabilities or covering the Shares that were subject to such Option but not delivered because of the application ofsuch cashless exercise provisions, as applicable. In addition, for the avoidance of doubt, Options may not be granted covering Shares repurchased by the Sponsoron the open market with proceeds, if any, received by the Sponsor on account of the payment of the option price for an Option by Optionees. 5.ADMINISTRATION OF PLAN(a) Committee . The Plan shall be administered by the Compensation Committee of the Board or any other committee or subcommittee designated by theBoard, provided that the committee administering the Plan is composed of two or more non-employee members of the Board.(b) Delegation of Authority . The Committee may delegate its authority with respect to the grant, amendment, interpretation and administration of Options toa person, persons or committee, in its sole and absolute discretion. Actions taken by the Committee’s duly-authorized delegate shall have the same force and effectas actions taken by the Committee. Any delegation of authority pursuant to this Paragraph 5(b) shall continue in effect until the earliest of:  (i)such time as the Committee shall, in its sole and absolute discretion, revoke such delegation of authority; -8- (ii)in the case of delegation to a person that is conditioned on such person’s continued service as an employee of the Company or as a member of theBoard, the date such delegate shall cease to serve in such capacity for any reason; or  (iii)the delegate shall notify the Committee that he or she declines to continue to exercise such authority.(c) Meetings . The Committee shall hold meetings at such times and places as it may determine. Acts approved at a meeting by a majority of the members ofthe Committee or acts approved by the unanimous consent of the members of the Committee shall be the valid acts of the Committee.(d) Exculpation . No member of the Committee shall be personally liable for monetary damages for any action taken or any failure to take any action inconnection with the administration of the Plan or the granting of Options thereunder unless (i) the member of the Committee has breached or failed to perform theduties of his office, and (ii) the breach or failure to perform constitutes self-dealing, willful misconduct or recklessness; provided, however , that the provisions ofthis Paragraph 5(d) shall not apply to the responsibility or liability of a member of the Committee pursuant to any criminal statute.(e) Indemnification . Service on the Committee shall constitute service as a member of the Board. Each member of the Committee shall be entitled withoutfurther act on his part to indemnity from the Sponsor to the fullest extent provided by applicable law and the Sponsor’s By-laws in connection with or arising out ofany actions, suit or proceeding with respect to the administration of the Plan or the granting of Options thereunder in which he may be involved by reasons of hisbeing or having been a member of the Committee, whether or not he continues to be such member of the Committee at the time of the action, suit or proceeding. 6.ELIGIBILITY(a) Eligible individuals to whom Options may be granted shall be employees, officers or directors of a Company who are selected by the Committee for thegrant of Options. Eligible individuals to whom Cash Rights may be granted shall be individuals who are employees of a Company on the Date of Grant other thanOfficers. The terms and conditions of Options granted to individuals other than Non-Employee Directors shall be determined by the Committee, subject toParagraph 7. The terms and conditions of Cash Rights shall be determined by the Committee, subject to Paragraph 7. The terms and conditions of Options grantedto Non-Employee Directors shall be determined by the Board, subject to Paragraph 7.(b) An Incentive Stock Option shall not be granted to a Ten Percent Shareholder except on such terms concerning the option price and term as are providedin Paragraph 7(b) and 7(g) with respect to such a person. An Option designated as Incentive -9-Stock Option granted to a Ten Percent Shareholder but which does not comply with the requirements of the preceding sentence shall be treated as a Non-QualifiedOption. An Option designated as an Incentive Stock Option shall be treated as a Non-Qualified Option if the Optionee is not an employee of a Company on theDate of Grant. 7.OPTION DOCUMENTS AND TERMS – IN GENERALAll Options granted to Optionees shall be evidenced by option documents. The terms of each such option document for any Optionee who is an employee ofa Company shall be determined from time to time by the Committee, and the terms of each such option document for any Optionee who is a Non-EmployeeDirector shall be determined from time to time by the Board, consistent, however, with the following:(a) Time of Grant . All Options shall be granted on or before May 19, 2026.(b) Option Price . Except as otherwise provided in Section 13(b), the option price per Share with respect to any Option shall be determined by theCommittee, provided, however , that with respect to any Options, the option price per share shall not be less than 100% of the Fair Market Value of such Share onthe Date of Grant, and provided further that with respect to any Incentive Stock Options granted to a Ten Percent Shareholder, the option price per Share shall notbe less than 110% of the Fair Market Value of such Share on the Date of Grant.(c) Restrictions on Transferability . No Option granted under this Paragraph 7 shall be transferable otherwise than by will or the laws of descent anddistribution and, during the lifetime of the Optionee, shall be exercisable only by him or for his benefit by his attorney-in-fact or guardian; provided that theCommittee may, in its discretion, at the time of grant of a Non-Qualified Option or by amendment of an option document for an Incentive Stock Option or aNon-Qualified Option, provide that Options granted to or held by an Optionee may be transferred, in whole or in part, to one or more transferees and exercised byany such transferee; provided further that (i) any such transfer is without consideration and (ii) each transferee is a Family Member with respect to the Optionee;and provided further that any Incentive Stock Option granted pursuant to an option document which is amended to permit transfers during the lifetime of theOptionee shall, upon the effectiveness of such amendment, be treated thereafter as a Non-Qualified Option. No transfer of an Option shall be effective unless theCommittee is notified of the terms and conditions of the transfer and the Committee determines that the transfer complies with the requirements for transfers ofOptions under the Plan and the option document. Any person to whom an Option has been transferred may exercise any Options only in accordance with theprovisions of Paragraph 7(g) and this Paragraph 7(c). -10-(d) Payment Upon Exercise of Options . With respect to Options granted on and after February 28, 2007 (other than Options subject to the automatic exerciserules described in Paragraph 7(h)(ii)), full payment for Shares purchased upon the exercise of an Option shall be made pursuant to one or more of the followingmethods as determined by the Committee and set forth in the Option document:  (i)In cash;  (ii)By certified check payable to the order of the Sponsor;  (iii)By surrendering or attesting to ownership of Shares with an aggregate Fair Market Value equal to the aggregate option price, provided, however , withrespect to Options granted before February 28, 2007, that ownership of Shares may be attested to and Shares may be surrendered in satisfaction of theoption price only if the Optionee certifies in writing to the Sponsor that the Optionee owns a number of Other Available Shares as of the date theOption is exercised that is at least equal to the number of Shares as to which ownership has been attested, or the number of Shares to be surrendered insatisfaction of the option price, as applicable; provided further , however, that the option price may not be paid in Shares if the Committee determinesthat such method of payment would result in liability under section 16(b) of the 1934 Act to an Optionee. Except as otherwise provided by theCommittee, if payment is made in whole or in part by surrendering Shares, the Optionee shall deliver to the Sponsor certificates registered in the nameof such Optionee (or record the equivalent thereof on a book entry recordkeeping system maintained by the Sponsor) representing Shares legally andbeneficially owned by such Optionee, free of all liens, claims and encumbrances of every kind and having a Fair Market Value on the date of deliverythat is equal to or greater than the aggregate option price for the Option Shares subject to payment by the surrender of Shares, accompanied by anynecessary stock powers duly endorsed in blank by the record holder of such Shares; and if payment is made in whole or in part by attestation ofownership, the Optionee shall attest to ownership of Shares representing Shares legally and beneficially owned by such Optionee, free of all liens,claims and encumbrances of every kind and having a Fair Market Value on the date of attestation that is equal to or greater than the aggregate optionprice for the Option Shares subject to payment by attestation of Share ownership. The Committee may impose such limitations and prohibitions onattestation or ownership of Shares and the use of Shares to exercise an Option as it deems appropriate; or  (iv)Via cashless exercise, such that subject to the other terms and conditions of the Plan, following the date of exercise, the Company -11- shall deliver to the Optionee Shares having a Fair Market Value at the time of exercise, equal to the excess, if any, of (A) the Fair Market Value ofsuch Shares at the time of exercise of the Option over (B) the sum of (1) the aggregate option price for such Shares, plus (2) the applicable taxwithholding amounts (as determined pursuant to Paragraph 15) for such exercise; provided that in connection with such cashless exercise that wouldnot result in the issuance of a whole number of Shares, the Company shall withhold cash that would otherwise be payable to the Optionee from itsregular payroll or the Optionee shall deliver cash or a certified check payable to the order of the Company for the balance of the option price for awhole Share to the extent necessary to avoid the issuance of a fractional Share or the payment of cash by the Company (as provided in Paragraph7(e)).Except (x) as authorized by the Committee and agreed to by an Optionee, or (y) for Options subject to the automatic exercise rules described in Paragraph7(h)(ii), with respect to Options granted before February 28, 2007, the payment methods described in Paragraph 7(d)(i), (ii) and (iii) shall, to the extent so providedin an Option document, be the exclusive payment methods, provided that the Committee may, in its sole discretion, and subject to the Optionee’s written consenton a form provided by the Committee, authorize Option documents covering Options granted before February 28, 2007 to be amended to provide that the paymentmethod described in Paragraph 7(d)(iv) shall be an additional or the exclusive payment method.(e) Recording of Shares Upon Exercise of Options; Payment of Cash . For purposes of the Plan, the Sponsor may satisfy its obligation to deliver Sharesfollowing the exercise of Options by arranging for the recording of Optionee’s ownership of Shares issuable on the exercise of Options on a book entryrecordkeeping system maintained by the Sponsor. Only whole Shares shall be issuable upon exercise of Options. No fractional Shares shall be issued. Any right toa fractional Share shall be satisfied in cash. Following the exercise of an Option and the satisfaction of the conditions of Paragraph 9, the Sponsor shall deliver tothe Optionee the number of whole Shares issuable on the exercise of an Option and a check for the Fair Market Value on the date of exercise of any fractionalShare to which the Optionee is entitled.(f) Termination of Employment . For purposes of the Plan, a transfer of an employee between two employers, each of which is a Company, shall not bedeemed a termination of employment. For purposes of Paragraph 7(g), an Optionee’s termination of employment shall be deemed to occur on the date an Optioneeceases to have a regular obligation to perform services for a Company, without regard to whether (i) the Optionee continues on the Company’s payroll for regular,severance or other pay or (ii) the Optionee continues to participate in one or more health and welfare plans maintained by the Company on the same basis as activeemployees. Whether an Optionee ceases to have a regular obligation to perform services for a Company shall be determined by the -12-Committee in its sole discretion. Notwithstanding the foregoing, if an Optionee is a party to an employment agreement or severance agreement with a Companywhich establishes the effective date of such Optionee’s termination of employment for purposes of this Paragraph 7(f), that date shall apply. An Optionee who is aNon-Employee Director shall be treated as having terminated employment on the Optionee’s termination of service as a Non-Employee Director, provided that ifsuch an Optionee is designated as a Director Emeritus upon termination of service as a Non-Employee Director, such Optionee shall not be treated as havingterminated employment until the Optionee’s termination of service as a Director Emeritus.(g) Periods of Exercise of Options . An Option shall be exercisable in whole or in part at such time or times as may be determined by the Committee andstated in the option document, or as described in Paragraph 7(h)(ii), provided, however, that if the grant of an Option would be subject to section 16(b) of the 1934Act, unless the requirements for exemption therefrom in Rule 16b-3(c)(1), under such Act, or any successor provision, are met, the option document for suchOption shall provide that such Option is not exercisable until not less than six months have elapsed from the Date of Grant. Except as otherwise provided by theCommittee in its discretion, no Option shall first become exercisable following an Optionee’s termination of employment for any reason; provided further, that:  (i)In the event that an Optionee’s employment with the Company terminates for any reason other than death or Cause, any Option held by such Optioneeand which is then exercisable shall be exercisable for a period of 90 days following the date the Optionee’s employment with the Company terminates(unless a longer period is established by the Committee); provided, however, that if such termination of employment with the Company is due to theDisability of the Optionee, he shall have the right to exercise those of his Options which are then exercisable for a period of one year following suchtermination of employment (unless a longer period is established by the Committee); provided, however, that in no event shall an Incentive StockOption be exercisable after five years from the Date of Grant in the case of a grant to a Ten Percent Shareholder, nor shall any other Option beexercisable after ten years from the Date of Grant.  (ii)In the event that an Optionee’s employment with the Company terminates by reason of his death, any Option held at death by such Optionee which isthen exercisable shall be exercisable for a period of one year from the date of death (unless a longer period is established by the Committee) by theperson to whom the rights of the Optionee shall have passed by will or by the laws of descent and distribution; provided, however , that in no eventshall an Incentive Stock Option be exercisable after five years from the -13- Date of Grant in the case of a grant to a Ten Percent Shareholder, nor shall any other Option be exercisable after ten years from the Date of Grant.  (iii)In the event that an Optionee’s employment with the Company is terminated for Cause, each unexercised Option held by such Optionee shallterminate and cease to be exercisable; provided further , that in such event, in addition to immediate termination of the Option, the Optionee, upon adetermination by the Committee shall automatically forfeit all Shares otherwise subject to delivery upon exercise of an Option but for which theSponsor has not yet delivered such Shares, upon refund by the Sponsor of the option price.(h) Date of Exercise .  (i)In General . The date of exercise of an Option shall be the date on which written notice of exercise, addressed to the Sponsor at its main office to theattention of its Secretary, is hand delivered, telecopied or mailed first class postage prepaid; provided, however , that the Sponsor shall not beobligated to deliver any Shares pursuant to the exercise of an Option until the Optionee shall have made payment in full of the option price for suchShares. Each such exercise shall be irrevocable when given. Each notice of exercise must (i) specify the Incentive Stock Option, Non-Qualified Optionor combination thereof being exercised; and (ii) if applicable, include a statement of preference (which shall be binding on and irrevocable by theOptionee but shall not be binding on the Committee) as to the manner in which payment to the Sponsor shall be made. Each notice of exercise shallalso comply with the requirements of Paragraph 15.  (ii)Automatic Exercise . The provisions of this Paragraph 7(h)(ii) shall apply to any Option that is unexercised, in whole or in part, on or after October 28,2013. Immediately before the time at which any such Option is scheduled to expire in accordance with the terms and conditions of the Plan and theapplicable option document, such Option shall be deemed automatically exercised, if such Option satisfies the following conditions:  (A)Such Option is covered by a then current registration statement or a Notification under Regulation A under the 1933 Act. -14- (B)The last reported sale price of a Share on the principal exchange on which Shares are listed on the date of determination, or if such date is nota trading day, the last preceding trading day, exceeds the option price per Share by such amount as may be determined by the Committee or itsdelegate from time to time. Absent a contrary determination, such excess per Share shall be $0.01.An Option subject to this Paragraph 7(h)(ii) shall be exercised via cashless exercise, such that subject to the other terms and conditions of the Plan,following the date of exercise, the Company shall deliver to the Optionee Shares having a value, at the time of exercise, equal to the excess, if any, of(A) the value of such Shares based on the last reported sale price of such Shares on the principal exchange on which Shares are listed on the date ofdetermination, or if such date is not a trading day, the last preceding trading date, over (B) the sum of (1) the aggregate option price for such Shares,plus (2) the applicable tax withholding amounts (as determined pursuant to Paragraph 15) for such exercise; provided that in connection with suchcashless exercise that would not result in the issuance of a whole number of Shares, the Company shall pay cash in lieu of any fractional Share.(i) Cash Rights . The Committee may, in its sole discretion, provide in an option document for an eligible Optionee that Cash Rights shall be attached toNon-Qualified Options granted under the Plan. All Cash Rights that are attached to Non-Qualified Options shall be subject to the following terms:  (i)Such Cash Right shall expire no later than the Non-Qualified Option to which it is attached.  (ii)Such Cash Right shall provide for the cash payment of such amount per Share as shall be determined by the Committee and stated in the optiondocument.  (iii)Such Cash Right shall be subject to the same restrictions on transferability as the Non-Qualified Option to which it is attached.  (iv)Such Cash Right shall be exercisable only when such conditions to exercise as shall be determined by the Committee and stated in the optiondocument, if any, have been satisfied.  (v)Such Cash Right shall expire upon the exercise of the Non-Qualified Option to which it is attached. -15- (vi)Upon exercise of a Cash Right that is attached to a Non-Qualified Option, the Option to which the Cash Right is attached shall expire. 8.LIMITATION ON EXERCISE OF INCENTIVE STOCK OPTIONSThe aggregate Fair Market Value (determined as of the time Options are granted) of the Shares with respect to which Incentive Stock Options may firstbecome exercisable by an Optionee in any one calendar year under the Plan and any other plan of the Company shall not exceed $100,000. The limitations imposedby this Paragraph 8 shall apply only to Incentive Stock Options granted under the Plan, and not to any other options or stock appreciation rights. In the event anindividual receives an Option intended to be an Incentive Stock Option which is subsequently determined to have exceeded the limitation set forth above, or if anindividual receives Options that first become exercisable in a calendar year (whether pursuant to the terms of an option document, acceleration of exercisability orother change in the terms and conditions of exercise or any other reason) that have an aggregate Fair Market Value (determined as of the time the Options aregranted) that exceeds the limitations set forth above, the Options in excess of the limitation shall be treated as Non-Qualified Options. 9.RIGHTS AS SHAREHOLDERSAn Optionee shall not have any right as a shareholder with respect to any Shares subject to his Options until the Option shall have been exercised inaccordance with the terms of the Plan and the option document and the Optionee shall have paid the full purchase price for the number of Shares in respect ofwhich the Option was exercised and the Optionee shall have made arrangements acceptable to the Sponsor for the payment of applicable taxes consistent withParagraph 15. 10.CHANGES IN CAPITALIZATIONIn the event that Shares are changed into or exchanged for a different number or kind of shares of stock or other securities of the Sponsor, whether throughmerger, consolidation, reorganization, recapitalization, stock dividend, stock split-up or other substitution of securities of the Sponsor, the Board shall makeappropriate equitable anti-dilution adjustments to the number and class of shares of stock available for issuance under the Plan, and subject to outstanding Options,and to the option prices and the amounts payable pursuant to any Cash Rights. Any reference to the option price in the Plan and in option documents shall be areference to the option price as so adjusted. Any reference to the term “Shares” in the Plan and in option documents shall be a reference to the appropriate numberand class of shares of stock available for issuance under the Plan, as adjusted pursuant to this Paragraph 10. The Board’s adjustment shall be effective and bindingfor all purposes of this Plan. -16-11.TERMINATING EVENTS(a) The Sponsor shall give Optionees at least thirty (30) days’ notice (or, if not practicable, such shorter notice as may be reasonably practicable) prior to theanticipated date of the consummation of a Terminating Event. Upon receipt of such notice, and for a period of ten (10) days thereafter (or such shorter period as theBoard shall reasonably determine and so notify the Optionees), each Optionee shall be permitted to exercise the Option to the extent the Option is then exercisable;provided that , the Sponsor may, by similar notice, require the Optionee to exercise the Option, to the extent the Option is then exercisable, or to forfeit the Option(or portion thereof, as applicable). The Committee may, in its discretion, provide that upon the Optionee’s receipt of the notice of a Terminating Event under thisParagraph 11(a), the entire number of Shares covered by Options shall become immediately exercisable.(b) Notwithstanding Paragraph 11(a), in the event the Terminating Event is not consummated, the Option shall be deemed not to have been exercised andshall be exercisable thereafter to the extent it would have been exercisable if no such notice had been given. 12.INTERPRETATIONThe Committee shall have the power to interpret the Plan’s provisions, prescribe, amend and rescind rules and regulations for the Plan, and make all otherdeterminations necessary or advisable for the administration of the Plan. All determinations by the Committee shall be final, conclusive and binding on all Persons,including Optionees and their beneficiaries. It is intended that the Incentive Stock Options granted under the Plan shall constitute incentive stock options within themeaning of section 422 of the Code, and that Shares transferred pursuant to the exercise of Non-Qualified Options shall constitute property subject to federalincome tax pursuant to the provisions of section 83 of the Code. The provisions of the Plan shall be interpreted and applied insofar as possible to carry out suchintent. 13.AMENDMENTS(a) In General . The Board or the Committee may amend the Plan from time to time in such manner as it may deem advisable. Nevertheless, neither theBoard nor the Committee may, without obtaining approval within twelve months before or after such action by such vote of the Sponsor’s shareholders as may berequired by Pennsylvania law for any action requiring shareholder approval, or by a majority of votes cast at a duly held shareholders’ meeting at which a majorityof all voting stock is present and voting on such amendment, either in person or in proxy (but not, in any event, less than the vote required pursuant to Rule16b-3(b) under the 1934 Act) change the class of individuals eligible to receive an Incentive Stock Option, extend the expiration date of the Plan, decrease theminimum option price of an Incentive Stock Option granted under the Plan or increase the maximum number of shares as to which Options may be granted, exceptas provided in Paragraph 10 hereof. -17-(b) Repricing of Options and Cash Rights . Notwithstanding any provision in the Plan to the contrary, neither the Board nor the Committee may, withoutobtaining prior approval by the Sponsor’s shareholders, reduce the option or exercise price of any issued and outstanding Option or Cash Right granted under thePlan, including through cancellation and regrant or any other method (including the repurchase of an Option or Cash Right that is “out of the money” in exchangefor an Option, Cash Right, cash and/or other property), at any time during the term of such option or Cash Right (other than by adjustment pursuant to Paragraph 10relating to Changes in Capitalization). This Paragraph 13(b) may not be repealed, modified or amended without the prior approval of the Sponsor’s shareholders.14. SECURITIES LAW(a) In General . The Committee shall have the power to make each grant under the Plan subject to such conditions as it deems necessary or appropriate tocomply with the then-existing requirements of the 1933 Act or the 1934 Act, including Rule 16b-3 (or any similar rule) of the Securities and ExchangeCommission.(b) Acknowledgment of Securities Law Restrictions on Exercise . To the extent required by the Committee, unless the Shares subject to the Option arecovered by a then current registration statement or a Notification under Regulation A under the 1933 Act, each notice of exercise of an Option shall contain theOptionee’s acknowledgment in form and substance satisfactory to the Committee that:  (i)the Shares subject to the Option are being purchased for investment and not for distribution or resale (other than a distribution or resale which, in theopinion of counsel satisfactory to the Sponsor, may be made without violating the registration provisions of the Act);  (ii)the Optionee has been advised and understands that (A) the Shares subject to the Option have not been registered under the 1933 Act and are“restricted securities” within the meaning of Rule 144 under the 1933 Act and are subject to restrictions on transfer and (B) the Sponsor is under noobligation to register the Shares subject to the Option under the 1933 Act or to take any action which would make available to the Optionee anyexemption from such registration;  (iii)the book entry recordkeeping system maintained by the Sponsor evidencing the Shares may bear a restrictive legend; and  (iv)the Shares subject to the Option may not be transferred without compliance with all applicable federal and state securities laws. -18-(c) Delay of Exercise Pending Registration of Securities . Notwithstanding any provision in the Plan or an option document to the contrary, if the Committeedetermines, in its sole discretion, that issuance of Shares pursuant to the exercise of an Option should be delayed pending registration or qualification under federalor state securities laws or the receipt of a legal opinion that an appropriate exemption from the application of federal or state securities laws is available, theCommittee may defer exercise of any Option until such Shares are appropriately registered or qualified or an appropriate legal opinion has been received, asapplicable. 15.WITHHOLDING OF TAXES ON EXERCISE OF OPTION(a) Whenever the Company proposes or is required to deliver or transfer Shares in connection with the exercise of an Option, the Company shall have theright to (i) require the recipient to remit to the Sponsor an amount sufficient to satisfy any federal, state and local withholding tax requirements prior to the deliveryor transfer of any such Shares or (ii) take any action whatever that it deems necessary to protect its interests with respect to tax liabilities. The Sponsor’s obligationto make any delivery or transfer of Shares on the exercise of an Option shall be conditioned on the recipient’s compliance, to the Sponsor’s satisfaction, with anywithholding requirement. In addition, if the Committee grants Options or amends option documents to permit Options to be transferred during the life of theOptionee, the Committee may include in such option documents such provisions as it determines are necessary or appropriate to permit the Company to deductcompensation expenses recognized upon exercise of such Options for federal or state income tax purposes.(b) Except as otherwise provided in this Paragraph 15(b), any tax liabilities incurred in connection with the exercise of an Option under the Plan other thanan Incentive Stock Option shall be satisfied by the Sponsor’s withholding a portion of the Shares underlying the Option exercised having a Fair Market Valueapproximately equal to the minimum amount of taxes required to be withheld by the Sponsor under applicable law, unless otherwise determined by the Committeewith respect to any Optionee. Notwithstanding the foregoing, except with respect to Options subject to the automatic exercise provisions described in Paragraph7(h)(ii), the Committee may permit an Optionee to elect one or more of the following:  (i)To the extent permitted by law, to have taxes withheld in excess of the minimum amount required to be withheld by the Sponsor under applicable law;provided that the Optionee certifies in writing to the Sponsor that the Optionee owns a number of Other Available Shares having a Fair Market Valuethat is at least equal to the Fair Market Value of Option Shares to be withheld by the Sponsor for the then-current exercise on account of withheldtaxes in excess of such minimum amount;  (ii)With respect to Options (other than Incentive Stock Options) exercised on and after January 1, 2017, to have Shares otherwise -19- deliverable to the Optionee after the application of this Paragraph 15(b) redeemed by the Sponsor for the Fair Market Value of such Shares on the dateof the exercise of the applicable Option, and have the cash proceeds of such redemption remitted by the Sponsor to the Optionee to facilitate one ormore estimated tax payments to the Internal Revenue Service or other taxing authority for the taxable year in which the Optionee exercises the Option,provided that the Optionee certifies in writing to the Sponsor at the time of such election that the Optionee owns Other Available Shares having a FairMarket Value that is at least equal to the Fair Market Value of such Shares to be redeemed by the Sponsor; and  (iii)To pay to the Sponsor in cash all or a portion of the taxes to be withheld upon the exercise of an Option.In all cases, the Shares so withheld or redeemed by the Sponsor, as applicable, shall have a Fair Market Value that does not exceed the amount of taxes to bewithheld or remitted via estimated tax payments minus the cash payment, if any, made by the Optionee. Any election pursuant to this Paragraph 15(b) mustbe in writing made prior to the date specified by the Committee, and in any event prior to the date the amount of tax to be withheld or paid is determined. Anelection pursuant to this Paragraph 15(b) may be made only by an Optionee or, in the event of the Optionee’s death, by the Optionee’s legal representative.Shares withheld or redeemed, as applicable, pursuant to this Paragraph 15(b) shall not continue to be available for subsequent grants under the Plan. TheCommittee may add such other requirements and limitations regarding elections pursuant to this Paragraph 15(b) as it deems appropriate.(c) Except as otherwise provided in this Paragraph 15(c), any tax liabilities incurred in connection with the exercise of an Incentive Stock Option under thePlan (other than an Incentive Stock Option that is subject to the automatic exercise provisions described in Paragraph 7(h)(ii)), shall be satisfied by the Optionee’spayment to the Sponsor in cash all of the taxes to be withheld upon exercise of the Incentive Stock Option. Notwithstanding the foregoing, the Committee maypermit an Optionee to elect to have the Sponsor withhold a portion of the Shares underlying the Incentive Stock Option exercised having a Fair Market Valueapproximately equal to the minimum amount of taxes required to be withheld by the Sponsor under applicable law. Any tax liabilities incurred in connection withthe automatic exercise of an Incentive Stock Option that is subject to the automatic exercise provisions described in Paragraph 7(h)(ii) shall be satisfied by theSponsor’s withholding of a portion of the Shares underlying the Incentive Stock Option exercised having a Fair Market Value approximately equal to the minimumamount of taxes required to be withheld by the Sponsor under applicable law. Any election pursuant to this Paragraph 15(c) must be in writing made prior to thedate specified by the Committee, and in any event prior to the date the amount of tax to be -20-withheld or paid is determined. An election pursuant to this Paragraph 15(c) may be made only by an Optionee or, in the event of the Optionee’s death, by theOptionee’s legal representative. Shares withheld pursuant to this Paragraph 15(c) shall not continue to be available for subsequent grants under the Plan. TheCommittee may add such other requirements and limitations regarding elections pursuant to this Paragraph 15(c) as it deems appropriate. 16.EFFECTIVE DATE AND TERM OF PLANThis amendment and restatement of the Plan shall be effective December 5, 2016, except as otherwise specifically provided herein. The Plan shall expire onMay 19, 2026, unless sooner terminated by the Board. 17.GENERALEach Option shall be evidenced by a written instrument containing such terms and conditions not inconsistent with the Plan as the Committee maydetermine. The issuance of Shares on the exercise of an Option shall be subject to all of the applicable requirements of the corporation law of the Sponsor’s state ofincorporation and other applicable laws, including federal or state securities laws, and all Shares issued under the Plan shall be subject to the terms and restrictionscontained in the Articles of Incorporation and By-Laws of the Sponsor, as amended from time to time.Executed on the 5 th day of December, 2016. COMCAST CORPORATIONBY:     /s/ David L. CohenATTEST:   /s/ Arthur R. Block -21-Exhibit 10.8COMCAST CORPORATION2002 RESTRICTED STOCK PLAN(As Amended and Restated, Effective December 5, 2016) 1.BACKGROUND AND PURPOSE(a) Background . COMCAST CORPORATION, a Pennsylvania corporation, hereby amends and restates the Comcast Corporation 2002 Restricted StockPlan (the “Plan”) effective December 5, 2016.(b) Purpose . The purpose of the Plan is to promote the ability of Comcast Corporation to recruit and retain employees and enhance the growth andprofitability of Comcast Corporation by providing the incentive of long-term awards for continued employment and the attainment of performance objectives.(c) Purpose of the Amendment; Credits Affected . The Plan was previously amended and restated, effective January 1, 2005 in order (i) to preserve thefavorable tax treatment available to amounts deferred pursuant to the Plan before January 1, 2005 and the earnings credited in respect of such amounts (each a“Grandfathered Amount”) in light of the enactment of section 409A of the Internal Revenue Code of 1986, as amended (the “Code”) as part of the American JobsCreation Act of 2004, and the issuance of various Notices, Announcements, Proposed Regulations and Final Regulations thereunder (collectively, “Section 409A”),and (ii) with respect to all other amounts eligible to be deferred under the Plan, to comply with the requirements of Section 409A. Grandfathered Amounts willcontinue to be subject to the terms and conditions of the Plan as in effect prior to January 1, 2005. All amounts eligible to be deferred under the Plan other thanGrandfathered Amounts will be subject to the terms of this amendment and restatement of the Plan and Section 409A.(d) Reservation of Right to Amend to Comply with Section 409A . In addition to the powers reserved to the Board and the Committee under Paragraph 14 ofthe Plan, the Board and the Committee reserve the right to amend the Plan, either retroactively or prospectively, in whatever respect is required to achieve andmaintain compliance with the requirements of the Section 409A.(e) Deferral Provisions of Plan Unfunded and Limited to Select Group of Management or Highly Compensated Employees . Deferral Eligible Grantees andNon-Employee Directors may elect to defer the receipt of Restricted Stock and Restricted Stock Units as provided in Paragraph 8. The deferral provisions ofParagraph 8 and the other provisions of the Plan relating to the deferral of Restricted Stock and Restricted Stock Units are unfunded and maintained primarily forthe purpose of providing a select group of management or highly compensated employees the opportunity to defer the receipt of compensation otherwise payable tosuch eligible employees in accordance with the terms of the Plan.(f) References to Written Forms, Elections and Notices . Any action under the Plan that requires a written form, election, notice or other action shall betreated as completed if taken via electronic or other means, to the extent authorized by the Committee. 2.DEFINITIONS(a) [RESERVED](b) “ Account ” means unfunded bookkeeping accounts established pursuant to Paragraph 8(h) and maintained by the Committee in the names of therespective Grantees (i) to which Deferred Stock Units, dividend equivalents and earnings on dividend equivalents shall be credited with respect to the portion of theAccount allocated to the Company Stock Fund and (ii) to which an amount equal to the Fair Market Value of Deferred Stock Units with respect to which aDiversification Election has been made and interest thereon are deemed credited, reduced by distributions in accordance with the Plan.(c) “ Active Grantee ” means each Grantee who is actively employed by a Participating Company.(d) “ Affiliate ” means, with respect to any Person, any other person that, directly or indirectly, is in control of, is controlled by, or is under common controlwith, such Person. For purposes of this definition, the term “control,” including its correlative terms “controlled by” and “under common control with,” mean, withrespect to any Person, the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of such Person, whetherthrough the ownership of voting securities, by contract or otherwise.(e) “ Annual Rate of Pay ” means, as of any date, an employee’s annualized base pay rate. An employee’s Annual Rate of Pay shall not include salescommissions or other similar payments or awards.(f) “ Applicable Interest Rate ” means:  (i)Except as otherwise provided in Paragraph 2(f)(ii):  (A)The Applicable Interest Rate with respect to amounts credited to the Income Fund that are attributable to (1) dividends and other distributionscredited with respect to Deferred Stock Units that are deferred pursuant to Initial Elections made before January 1, 2010 and(2) Diversification Elections and Special Diversification Elections made before January 1, 2010 shall be the interest rate that, whencompounded annually pursuant to rules established by the Committee from time to time, is -2- mathematically equivalent to 8% (0.08) per annum, or such other interest rate established by the Committee from time to time.  (B)The Applicable Interest Rate with respect to amounts credited to the Income Fund that are attributable to (1) dividends and other distributionscredited with respect to Deferred Stock Units that are deferred pursuant to Initial Elections made on or after January 1, 2010 and beforeJanuary 1, 2014 and (2) Diversification Elections and Special Diversification Elections made on or after January 1, 2010 and before January 1,2014, shall be the interest rate that, when compounded annually pursuant to rules established by the Committee from time to time, ismathematically equivalent to 12% per annum, or such other interest rate established by the Committee from time to time.  (C)Effective with respect to amounts credited to the Income Fund that are attributable to (1) dividends and other distributions credited withrespect to Deferred Stock Units that are deferred pursuant to Initial Elections made on or after January 1, 2014, (2) dividends and otherdistributions credited with respect to Deferred Stock Units that are deferred pursuant to Regular Deferral Elections, and (3) DiversificationElections and Special Diversification Elections made on or after January 1, 2014, the “Applicable Interest Rate” shall be the ApplicableInterest Rate that applies to “Protected Benefits” under the Comcast Corporation 2005 Deferred Compensation Plan (the “2005 DeferredCompensation Plan”) if, as of the September 30 th immediately preceding the Plan Year to which the Initial Election, Regular DeferralElection or Diversification Election applies, the sum of (x) the Grantee’s Account under the 2005 Deferred Compensation Plan, plus (y) theGrantee’s Account under the Comcast Corporation 2002 Deferred Compensation Plan (the “2002 Deferred Compensation Plan”), plus (z) theportion of the Grantee’s Account under this Plan credited to the Income Fund, is less than the High Water Mark. If the conditions described inthe preceding sentence do not apply, the “Applicable Interest Rate” shall be the Applicable Interest Rate that applies under the 2005 DeferredCompensation Plan to amounts credited pursuant to Initial Elections with respect to compensation earned after December 31, 2013, that arenot Protected Benefits. -3- (ii)Effective for the period beginning as soon as administratively practicable following a Grantee’s employment termination date to the date the Grantee’sAccount is distributed in full, the Committee, in its sole and absolute discretion, may designate the term “Applicable Interest Rate” for such Grantee’sAccount to mean the lesser of: (A) the rate in effect under Paragraph 2(f)(i) or (B) the interest rate that, when compounded annually pursuant to rulesestablished by the Committee from time to time, is mathematically equivalent to the Prime Rate plus one percent, compounded annually as of the lastday of the calendar year. A Grantee’s re-employment by a Participating Company following an employment termination date shall not affect theApplicable Interest Rate that applies to the part of the Grantee’s Account (including interest credited with respect to such part of the Grantee’sAccount) that was credited before such employment termination date. Notwithstanding the foregoing, the Committee may delegate its authority todetermine the Applicable Interest Rate under this Paragraph 2(f)(ii) to an officer of the Company or committee of two or more officers of theCompany.(g) “ AT&T Broadband Transaction ” means the acquisition of AT&T Broadband Corp. (now known as Comcast Cable Communications, LLC) by theCompany.(h) “ Award ” means an award of Restricted Stock or Restricted Stock Units granted under the Plan.(i) “ Board ” means the Board of Directors of the Company.(j) “ Change in Control ” means:  (i)Except as provided in Paragraph 2(j)(ii), “Change in Control” means the occurrence of any one or more of the following events:  (A)following February 22, 2016, any person or “group” (as defined in Section 13(d) of the Exchange Act) (each, a “Person”), other than anemployee benefit plan or trust maintained by the Company, becomes the “beneficial owner” (as defined in Rule 13d-3 under the ExchangeAct), directly or indirectly, of securities of the Company representing 30% or more of the combined voting power of the Company’soutstanding securities entitled to vote generally in the election of directors, unless a majority of -4- the directors of the Company in office immediately preceding the date on which such Person acquires such beneficial ownership, by resolutionnegates the effectiveness of this provision in a particular circumstance);  (B)at any time during a period of 12 consecutive months, individuals who at the beginning of such period constituted the Board and any newmember of the Board whose election or nomination for election was approved by a vote of at least a majority of the directors then still inoffice who either were directors at the beginning of such period or whose election or nomination for election was so approved, cease for anyreason to constitute a majority of members of the Board;  (C)the consummation of (x) a merger, consolidation, reorganization or similar corporate transaction involving the Company or any of itssubsidiaries with any other corporation or entity, which would result in the combined voting power of the Company’s securities entitled tovote generally in the election of directors outstanding immediately prior to such merger, consolidation, reorganization or other similartransaction representing (either by remaining outstanding or being converted into voting securities of the surviving entity or, if applicable, theultimate parent thereof) less than a majority of the combined voting power of the Company or such surviving entity or parent outstandingimmediately after such merger, consolidation, reorganization or other similar transaction, or (y) any sale, lease, exchange or other transfer toany Person of all or substantially all of the assets of the Company, in one transaction or a series of related transactions; or  (D)the approval by the shareholders of the Company of a liquidation or dissolution of the Company.  (ii)For purposes of Paragraph 8, and with respect to the distribution of amounts subject to an Award that constitute “deferred compensation” (within themeaning of Section 409A), the term “Change in Control” shall mean any transaction or series of transactions that constitutes a change in theownership or effective control or a change in the ownership of a substantial portion of the assets of the Company, within the meaning of Section 409A.(k) “ Code ” means the Internal Revenue Code of 1986, as amended. -5-(l) “ Comcast Plan ” means any restricted stock, restricted stock unit, stock bonus, stock option or other compensation plan, program or arrangementestablished or maintained by the Company or an Affiliate, including but not limited to this Plan, the Comcast Corporation 2003 Stock Option Plan, the ComcastCorporation 2002 Stock Option Plan, the Comcast Corporation 1996 Stock Option Plan, Comcast Corporation 1987 Stock Option Plan and the ComcastCorporation 2002 Deferred Stock Option Plan.(m) “ Committee ” means the Compensation Committee of the Board, provided that all references to the Committee shall be treated as references to theCommittee’s delegate with respect to any Award granted within the scope of the delegate’s authority pursuant to Paragraph 5(f).(n) “ Common Stock ” means Class A Common Stock, par value $0.01, of the Company.(o) “ Company ” means Comcast Corporation, a Pennsylvania corporation, including any successor thereto by merger, consolidation, acquisition of all orsubstantially all the assets thereof, or otherwise.(p) “ Company Stock Fund ” means a hypothetical investment fund pursuant to which Deferred Stock Units are credited with respect to a portion of anAward subject to an Election, and thereafter until (i) the date of distribution or (ii) the effective date of a Diversification Election, to the extent a DiversificationElection applies to such Deferred Stock Units, as applicable. The portion of a Grantee’s Account deemed invested in the Company Stock Fund shall be treated as ifsuch portion of the Account were invested in hypothetical shares of Common Stock otherwise deliverable as Shares upon the Vesting Date associated withRestricted Stock or Restricted Stock Units, and all dividends and other distributions paid with respect to Common Stock were credited to the Income Fund, helduninvested in cash and credited with interest at the Applicable Interest Rate as of the next succeeding December 31 (to the extent the Account continues to bedeemed credited in the form of Deferred Stock Units through such December 31), provided that dividends and other distributions paid with respect to CommonStock shall be credited with interest at the Applicable Interest Rate commencing as of the date on which dividends or other distributions are paid.(q) “ Date of Grant ” means the date on which an Award is granted.(r) “ Deceased Grantee ” means:  (i)A Grantee whose employment by a Participating Company is terminated by death; or  (ii)A Grantee who dies following termination of employment by a Participating Company. -6-(s) “ Deferral Eligible Employee ” means:  (i)Effective before January 1, 2014:  (A)An Eligible Employee whose Annual Rate of Pay is $200,000 or more as of both: (x) the date on which an Initial Election is filed with theCommittee; and (y) the first day of the calendar year in which such Initial Election filed.  (B)An Eligible Employee whose Annual Rate of Pay is $125,000 as of each of: (x) June 30, 2002; (y) the date on which an Initial Election is filedwith the Committee; and (z) the first day of each calendar year beginning after December 31, 2002.  (C)Each New Key Employee.  (D)Each other employee of a Participating Company who is designated by the Committee, in its sole and absolute discretion, as a DeferralEligible Employee.  (ii)Effective on and after January 1, 2014:  (A)An Eligible Employee whose Annual Rate of Pay is $250,000 or more as of both: (x) the date on which an Initial Election or Regular DeferralElection is filed with the Committee; and (y) the first day of the calendar year in which such Initial Election or Regular Deferral Election isfiled.  (B)Each New Key Employee.  (C)Each other employee of a Participating Company who is designated by the Committee, in its sole and absolute discretion, as a DeferralEligible Employee.Notwithstanding anything in this Paragraph 2(s) to the contrary, except as otherwise provided by the Committee or its delegate, no Grantee who is an employee ofNBCUniversal, LLC, a Delaware limited liability company, and its subsidiaries (collectively, “NBCUniversal”) shall be a Deferral Eligible Employee with respectto any Award granted to such Grantee on or after January 29, 2011.(t) “ Deferred Stock Units ” means the number of hypothetical Shares subject to an Election. -7-(u) “ Disability ” means:  (i)A Grantee’s substantial inability to perform Grantee’s employment duties due to partial or total disability or incapacity resulting from a mental orphysical illness, injury or other health-related cause for a period of 12 consecutive months or for a cumulative period of 52 weeks in any two calendaryear period; or  (ii)If different from the definition in Paragraph 2(u)(i) above, “Disability” as it may be defined in such Grantee’s employment agreement between theGrantee and the Company or an Affiliate, if any.(v) “ Disabled Grantee ” means:  (i)A Grantee whose employment by a Participating Company is terminated by reason of Disability;  (ii)The duly-appointed legal guardian of an individual described in Paragraph 2(v)(i) acting on behalf of such individual.(w) “ Diversification Election ” means a Grantee’s election to have a portion of the Grantee’s Account credited in the form of Deferred Stock Units andattributable to any grant of Restricted Stock or Restricted Stock Units deemed liquidated and credited thereafter under the Income Fund, as provided in Paragraph8(k).(x) “ Election ” means, as applicable, an Initial Election, Regular Deferral Election, or a Subsequent Election.(y) “ Eligible Employee ” means an employee of a Participating Company, as determined by the Committee.(z) “ Fair Market Value ” means:  (i)If Shares are listed on a stock exchange, Fair Market Value shall be determined based on the last reported sale price of a Share on the principalexchange on which Shares are listed on the date of determination, or if such date is not a trading day, the next trading date.  (ii)If Shares are not so listed, but trades of Shares are reported on the Nasdaq National Market, Fair Market Value shall be determined based on the lastquoted sale price of a Share on the Nasdaq National Market on the date of determination, or if such date is not a trading day, the next trading date.  (iii)If Shares are not so listed nor trades of Shares so reported, Fair Market Value shall be determined by the Committee in good faith. -8-(aa) “ Family Member ” has the meaning given to such term in General Instructions A.1(a)(5) to Form S-8 under the Securities Act of 1933, as amended, andany successor thereto.(bb) “ Grandfathered Amount ” means amounts described in Paragraph 1(c) that were deferred under the Plan and that were earned and vested beforeJanuary 1, 2005.(cc) “ Grantee ” means an Eligible Employee or Non-Employee Director who is granted an Award.(dd) “ Hardship ” means an “unforeseeable emergency,” as defined in Section 409A. The Committee shall determine whether the circumstances of theGrantee constitute an unforeseeable emergency and thus a Hardship within the meaning of this Paragraph 2(dd). Following a uniform procedure, the Committee’sdetermination shall consider any facts or conditions deemed necessary or advisable by the Committee, and the Grantee shall be required to submit any evidence ofthe Grantee’s circumstances that the Committee requires. The determination as to whether the Grantee’s circumstances are a case of Hardship shall be based on thefacts of each case; provided however, that all determinations as to Hardship shall be uniformly and consistently made according to the provisions of this Paragraph2(dd) for all Grantees in similar circumstances.(ee) “ High Water Mark ” means:  (i)With respect to amounts credited to the Income Fund on account of Diversification Elections made in 2014, the highest of the sum of the amountsdescribed in (A), (B) and (C) below as of the last day of any calendar quarter beginning after December 31, 2008 and before October 1, 2013:  (A)the Grantee’s Account under the 2005 Deferred Compensation Plan; plus  (B)the Grantee’s Account under the 2002 Deferred Compensation Plan; plus  (C)the portion of the Grantee’s Account under this Plan credited to the Income Fund. -9- (ii)With respect to amounts credited to the Income Fund on account of Diversification Elections and Special Diversification Elections made after 2014,the sum of (x) plus (y) where (x) equals the highest of the sum of the amounts described in Paragraphs 2(ee)(i)(A), (B) and (C) as of the last day of anycalendar quarter beginning after December 31, 2008 and before January 1, 2014, and (y) equals the sum of:  (A)The amount credited to a Grantee’s Account under Section 3.8 of the 2005 Deferred Compensation Plan after December 31, 2013 and on orbefore September 30, 2014 that is contractually committed pursuant to an employment agreement entered into on or before December 31,2013; plus  (B)The deferred portion of a Grantee’s cash bonus award earned for 2013 and payable, but for the Grantee’s deferral election under the 2005Deferred Compensation Plan after December 31, 2013 and on or before September 30, 2014; plus  (C)The amount credited to the Income Fund pursuant to a Diversification Election or Special Diversification Election made by a Grantee beforeJanuary 1, 2014 with respect to Restricted Stock Units that vest after December 31, 2013 and on or before September 30, 2014.(ff) “ Income Fund ” means a hypothetical investment fund pursuant to which an amount equal to the Fair Market Value of Deferred Stock Units subject to aDiversification Election is credited as of the effective date of such Diversification Election and as to which interest is credited thereafter until the date ofdistribution at the Applicable Interest Rate. In addition, the Income Fund shall also be deemed to hold dividend equivalents and earnings on dividend equivalentscredited to a Grantee’s Account as described in Paragraph 2(b) and Paragraph 2(p). Notwithstanding any other provision of the Plan to the contrary, for purposes ofdetermining the time and form of payment of amounts credited to the Income Fund, the rules of the 2005 Deferred Compensation Plan shall apply on the samebasis as if such amounts were credited to a participant’s account under such 2005 Deferred Compensation Plan.(gg) “ Initial Election ” means a written election on a form provided by the Committee, pursuant to which a Grantee: (i) elects, within the time or timesspecified in Paragraph 8(a)(i), to defer the distribution date of Shares issuable with respect to Restricted Stock Units; and (ii) designates the distribution date ofsuch Shares.(hh) “ New Key Employee ” means:  (i)Effective before January 1, 2014, each employee of a Participating Company who:  (A)becomes an employee of a Participating Company and has an Annual Rate of Pay of $200,000 or more as of his employment commencementdate; or -10- (B)has an Annual Rate of Pay that is increased to $200,000 or more and who, immediately preceding such increase, was not a Deferral EligibleEmployee.  (ii)Effective on and after January 1, 2014, each employee of a Participating Company who:  (A)becomes an employee of a Participating Company and has an Annual Rate of Pay of $250,000 or more as of his employment commencementdate; or  (B)has an Annual Rate of Pay that is increased to $250,000 or more and who, immediately preceding such increase, was not a Deferral EligibleEmployee.(ii) “ Non-Employee Director ” means an individual who is a member of the Board, and who is not an employee of the Company, including an individualwho is a member of the Board and who previously was an employee of the Company.(jj) “ Normal Retirement ” means a Grantee’s termination of employment that is treated by the Participating Company as a retirement under its employmentpolicies and practices as in effect from time to time.(kk) “ Other Available Shares ” means, as of any date, the sum of:  (i)The total number of Shares owned by a Grantee or such Grantee’s Family Member that were not acquired by such Grantee or such Grantee’s FamilyMember pursuant to a Comcast Plan or otherwise in connection with the performance of services to the Company or an Affiliate; plus  (ii)The excess, if any of:  (A)The total number of Shares owned by a Grantee or such Grantee’s Family Member other than the Shares described in Paragraph 2(kk)(i); over  (B)The sum of:(1) The number of such Shares owned by such Grantee or such Grantee’s Family Member for less than six months; plus(2) The number of such Shares owned by such Grantee or such Grantee’s Family Member that has, within the preceding six months, been thesubject of a certification pursuant to Paragraph 9(c)(ii) or any similar certification under any other Comcast Plan; plus -11-(3) The number of such Shares owned by such Grantee or such Grantee’s Family Member that has, within the preceding six months, beenreceived in exchange for Shares surrendered as payment, in full or in part, or as to which ownership was attested to as payment, in full or in part, of theexercise price for an option to purchase any securities of the Company or an Affiliate of the Company, under any Comcast Plan, but only to the extentof the number of Shares surrendered or attested to; plus(4) The number of such Shares owned by such Grantee or such Grantee’s Family Member as to which evidence of ownership has, within thepreceding six months, been provided to the Company in connection with the crediting of “Deferred Stock Units” to such Grantee’s Account under theComcast Corporation 2002 Deferred Stock Option Plan (as in effect from time to time).For purposes of this Paragraph 2(kk), a Share that is subject to an Election pursuant to Paragraph 8 or a deferral election pursuant to another Comcast Plan shall notbe treated as owned by a Grantee until all conditions to the delivery of such Share have lapsed. For purposes of determining the number of Other Available Shares,the term “Shares” shall also include the securities held by a Grantee or such Grantee’s Family Member immediately before the consummation of the AT&TBroadband Transaction that have converted into Shares.(ll) “ Participating Company ” means the Company and each of the Subsidiary Companies.(mm) “ Performance-Based Compensation ” means “Performance-Based Compensation” within the meaning of Section 409A.(nn) “ Performance Period ” means a period of at least 12 months during which a Grantee may earn Performance-Based Compensation.(oo) “ Person ” means an individual, a corporation, a partnership, an association, a trust or any other entity or organization.(pp) “ Plan ” means the Comcast Corporation 2002 Restricted Stock Plan, as set forth herein, and as amended from time to time.(qq) “ Prime Rate ” means, for any calendar year, the interest rate that, when compounded daily pursuant to rules established by the Committee from time totime, is mathematically equivalent to the prime rate of interest (compounded annually) as published in the Eastern Edition of The Wall Street Journal on the lastbusiness day preceding the first day of such calendar year, and as adjusted as of the last business day preceding the first day of each calendar year beginningthereafter. -12-(rr) “ Regular Deferral Election ” means a written election on a form provided by the Committee, pursuant to which a Grantee: (i) elects, within the time ortimes specified in Paragraph 8(a)(ii), to defer the distribution date of Shares issuable with respect to Restricted Stock Units; and (ii) designates the distribution dateof such Shares.(ss) “ Restricted Stock ” means Shares subject to restrictions as set forth in an Award.(tt) “ Restricted Stock Unit ” means a unit that entitles the Grantee, upon the Vesting Date set forth in an Award, to receive one Share.(uu) “ Retired Grantee ” means a Grantee who has terminated employment pursuant to a Normal Retirement.(vv) “ Rule 16b-3 ” means Rule 16b-3 promulgated under the 1934 Act, as in effect from time to time.(ww) “ Section 16(b) Officer ” means an officer of the Company who is subject to the short-swing profit recapture rules of section 16(b) of the 1934 Act.(xx) “ Share ” or “ Shares ” means a share or shares of Common Stock.(yy) “ Special Diversification Election ” means, with respect to each separate Award, a Diversification Election by a Grantee other than a Non-EmployeeDirector to have more than 40 percent of the Deferred Stock Units credited to such Grantee’s Account in the Company Stock Fund liquidated and creditedthereafter under the Income Fund, as provided in Paragraph 8(k)(i), if (and to the extent that) it is approved by the Committee or its delegate in accordance withParagraph 8(k)(ii).(zz) “ Subsequent Election ” means a written election on a form provided by the Committee, filed with the Committee in accordance with Paragraph 8(d),pursuant to which a Grantee: (i) elects, within the time or times specified in Paragraph 8(d), to further defer the distribution date of Shares issuable with respect toRestricted Stock or Restricted Stock Units; and (ii) designates the distribution date of such Shares.(aaa) “ Subsidiary Companies ” means all business entities that, at the time in question, are subsidiaries of the Company, within the meaning of section424(f) of the Code.(bbb) “ Successor-in-Interest ” means the estate or beneficiary to whom the right to payment under the Plan shall have passed by will or the laws of descentand distribution. -13-(ccc) “ Terminating Event ” means a Change in Control.(ddd) “ Third Party ” means any Person, together with such Person’s Affiliates, provided that the term “Third Party” shall not include the Company or anAffiliate of the Company.(eee) “ Vesting Date ” means, as applicable: (i) the date on which the restrictions imposed on a Share of Restricted Stock lapse or (ii) the date on which theGrantee vests in a Restricted Stock Unit.(fff) “ 1933 Act ” means the Securities Act of 1933, as amended.(ggg) “ 1934 Act ” means the Securities Exchange Act of 1934, as amended. 3.RIGHTS TO BE GRANTEDRights that may be granted under the Plan are:(a) Rights to Restricted Stock which gives the Grantee ownership rights in the Shares subject to the Award, subject to a substantial risk of forfeiture, as setforth in Paragraph 7, and to deferred payment, as set forth in Paragraph 8; and(b) Rights to Restricted Stock Units which give the Grantee the right to receive Shares upon a Vesting Date, as set forth in Paragraph 7, and to deferredpayment, as set forth in Paragraph 8. The maximum number of Shares subject to Awards that may be granted to any single individual in any calendar year, adjustedas provided in Paragraph 10, shall be 2.0 million Shares. 4.SHARES SUBJECT TO THE PLAN(a) Shares Available for Grant . Subject to adjustment as provided in Paragraph 10, not more than 134 million Shares in the aggregate may be issued underthe Plan pursuant to the grant of Awards. The Shares issued under the Plan may, at the Company’s option, be either Shares held in treasury or Shares originallyissued for such purpose.(b) Shares Returned to the Reserve . If Restricted Stock or Restricted Stock Units are forfeited pursuant to the terms of an Award, the Shares underlying suchforfeited Award shall return to the pool of Shares available for issuance under the Plan.(c) Share Recycling Prohibitions . If the Company withholds Shares to satisfy its tax withholding obligations, such withheld Shares shall not again becomeavailable for Awards or increase the number of Shares available for grant under Paragraph 4(a). -14-5.ADMINISTRATION OF THE PLAN(a) Administration . The Plan shall be administered by the Committee, provided that with respect to Awards to Non-Employee Directors, the rules of thisParagraph 5 shall apply so that all references in this Paragraph 5 to the Committee shall be treated as references to either the Board or the Committee acting alone.(b) Grants . Subject to the express terms and conditions set forth in the Plan, the Committee shall have the power, from time to time, to select thoseEmployees and Non-Employee Directors to whom Awards shall be granted under the Plan, to determine the number of Shares and/or Restricted Stock Units, asapplicable, to be granted pursuant to each Award, and, pursuant to the provisions of the Plan, to determine the terms and conditions of each Award, including therestrictions applicable to such Shares and the conditions upon which a Vesting Date shall occur. The determination of the Committee in all such matters shall beconclusive.(c) Meetings . The Committee shall hold meetings at such times and places as it may determine. Acts approved at a meeting by a majority of the members ofthe Committee or acts approved in writing by the unanimous consent of the members of the Committee shall be the valid acts of the Committee.(d) Exculpation . No member of the Committee shall be personally liable for monetary damages for any action taken or any failure to take any action inconnection with the administration of the Plan or the granting of Awards thereunder unless (i) the member of the Committee has breached or failed to perform theduties of his office, and (ii) the breach or failure to perform constitutes self-dealing, willful misconduct or recklessness; provided, however, that the provisions ofthis Paragraph 5(d) shall not apply to the responsibility or liability of a member of the Committee pursuant to any criminal statute.(e) Indemnification . Service on the Committee shall constitute service as a member of the Board. Each member of the Committee shall be entitled withoutfurther act on his part to indemnity from the Company to the fullest extent provided by applicable law and the Company’ s Articles of Incorporation and By-laws inconnection with or arising out of any action, suit or proceeding with respect to the administration of the Plan or the granting of Awards thereunder in which he maybe involved by reason of his being or having been a member of the Committee, whether or not he continues to be such member of the Committee at the time of theaction, suit or proceeding. -15-(f) Delegation of Authority . The Committee may delegate its authority with respect to the grant, amendment, interpretation and administration of grants andawards of restricted stock and restricted stock units to a person, persons or committee, in its sole and absolute discretion. Actions taken by the Committee’s duly-authorized delegate shall have the same force and effect as actions taken by the Committee. Any delegation of authority pursuant to this Paragraph 5(f) shallcontinue in effect until the earliest of:  (i)such time as the Committee shall, in its sole and absolute discretion, revoke such delegation of authority;  (ii)in the case of delegation to a person that is conditioned on such person’s continued service as an employee of the Company or as a member of theBoard, the date such delegate shall cease to serve in such capacity for any reason; or  (iii)the delegate shall notify the Committee that he or she declines to continue to exercise such authority. 6.ELIGIBILITYAwards may be granted only to Eligible Employees and Non-Employee Directors. 7.RESTRICTED STOCK AND RESTRICTED STOCK UNIT AWARDSThe Committee may grant Awards in accordance with the Plan, provided that the Board or the Committee may grant Awards to Non-Employee Directorsauthorized by the Comcast Corporation 2002 Non-Employee Director Compensation Plan, or otherwise. With respect to Awards to Non-Employee Directors, therules of this Paragraph 7 shall apply so that either the Board or the Committee acting alone shall have all of the authority otherwise reserved in this Paragraph 7 tothe Committee.The terms and conditions of Awards shall be set forth in writing as determined from time to time by the Committee, consistent, however, with the following:(a) Time of Grant . All Awards shall be granted on or before May 19, 2026.(b) Terms of Awards . The provisions of Awards need not be the same with respect to each Grantee. No cash or other consideration shall be required to bepaid by the Grantee in exchange for an Award.(c) Awards and Agreements . Each Grantee shall be provided with an agreement specifying the terms of an Award. In addition, a certificate shall be issued toeach Grantee in respect of Restricted Stock subject to an Award. Such certificate shall be registered in the name of the Grantee and shall bear an appropriate legendreferring to the terms, conditions and restrictions applicable to such Award. The Company may require that the certificate evidencing such Restricted Stock be heldby the Company until all restrictions on such Restricted Stock have lapsed. The Company may, in lieu of issuing such a certificate, arrange for the recording ofGrantee’s ownership of the Restricted Stock on a book entry recordkeeping system maintained on behalf of the Company.(d) Restrictions . Subject to the provisions of the Plan and the Award, the Committee may establish a period commencing with the Date of Grant duringwhich the Grantee shall not be permitted to sell, transfer, pledge or assign Restricted Stock or Restricted Stock Units awarded under the Plan. -16-(e) Vesting/Lapse of Restrictions . Subject to the provisions of the Plan and the Award, a Vesting Date for Restricted Stock or Restricted Stock Units subjectto an Award shall occur at such time or times and on such terms and conditions as the Committee may determine and as are set forth in the Award; provided,however, that except as otherwise provided by the Committee, a Vesting Date shall occur only if the Grantee is an employee of a Participating Company as of suchVesting Date, and has been an employee of a Participating Company continuously from the Date of Grant. The Award may provide for Restricted Stock orRestricted Stock Units to vest in installments, as determined by the Committee. The Committee may, in its sole discretion, waive, in whole or in part, anyremaining conditions to vesting with respect to such Grantee’s Restricted Stock or Restricted Stock Units, provided that for avoidance of doubt, such unilateraldiscretion shall not apply to any grant of rights that is designated as intended to satisfy the rules for performance-based compensation under section 162(m) of theCode.(f) Rights of the Grantee . Grantees may have such rights with respect to Shares subject to an Award as may be determined by the Committee and set forth inthe Award, including the right to vote such Shares, and the right to receive dividends paid with respect to such Shares. A Grantee whose Award consists ofRestricted Stock Units shall not have the right to vote with respect to such Restricted Stock Units. With respect to Awards of Restricted Stock Units granted prior toMarch 1, 2015, a Grantee shall not have the right to receive dividend equivalents with respect to such Restricted Stock Units.(g) Dividend Equivalents . With respect to Awards of Restricted Stock Units granted on and after March 1, 2015, the Committee may, in its discretion,provide for the payment of dividend equivalents with respect to Restricted Stock Units, which may be paid directly to the Grantee, accrued and paid by theCompany at such time or times specified in the applicable agreement specifying the terms of an Award, or treated as reinvested in additional Restricted StockUnits, or a combination thereof, as determined by the Committee in its sole discretion.(h) Termination of Grantee’s Employment . A transfer of an Eligible Employee between two employers, each of which is a Participating Company, shall notbe deemed a termination of employment. In the event that a Grantee’s employment with all Participating Companies terminates, all Restricted Shares and/orRestricted Stock Units as to which a Vesting Date has not occurred shall be forfeited by the Grantee and deemed canceled by the Company.(i) Delivery of Shares . For purposes of the Plan, the Company may satisfy its obligation to deliver Shares issuable under the Plan by arranging for therecording of Grantee’s ownership of Shares issuable under the Plan on a book entry recordkeeping system maintained on behalf of the Company. Except asotherwise provided by Paragraph 8, when a Vesting Date occurs with respect to all or a portion of an Award of Restricted Stock or Restricted Stock Units, theCompany shall notify the Grantee that a -17-Vesting Date has occurred, and shall deliver to the Grantee (or the Grantee’s Successor-in-Interest) Shares as to which a Vesting Date has occurred (or in the caseof Restricted Stock Units, the number of Shares represented by such Restricted Stock Units) without any legend or restrictions (except those that may be imposedby the Committee, in its sole judgment, under Paragraph 9(a)). The right to payment of any fractional Shares that may have accrued shall be satisfied in cash,measured by the product of the fractional amount times the Fair Market Value of a Share at the Vesting Date, as determined by the Committee. 8.DEFERRAL ELECTIONSA Grantee may elect to defer the receipt of Shares that would otherwise be issuable with respect to Restricted Stock Units as to which a Vesting Date has notoccurred, as provided by the Committee in the Award, consistent, however, with the following:(a) Initial Election and Regular Deferral Election .  (i)Initial Election .  (A)Election . Each Grantee who is a Non-Employee Director or a Deferral Eligible Employee shall have the right to defer the receipt of some orall of the Shares issuable with respect to Restricted Stock Units as to which a Vesting Date has not yet occurred, by filing an Initial Election todefer the receipt of such Shares on a form provided by the Committee for this purpose.  (B)Deadline for Initial Election . No Initial Election to defer the receipt of Shares issuable with respect to Restricted Stock Units that are notPerformance-Based Compensation shall be effective unless it is filed with the Committee on or before the 30 th day following the Date ofGrant and 12 or more months in advance of the applicable Vesting Date. No Initial Election to defer the receipt of Shares issuable with respectto Restricted Stock Units that are Performance-Based Compensation shall be effective unless it is filed with the Administrator at least sixmonths before the end of the Performance Period during which such Performance-Based Compensation may be earned.  (ii)Regular Deferral Election .  (A)Election . Effective January 1, 2017, each Grantee who is a Deferral Eligible Employee shall have the right to defer the receipt of some or allof the Shares issuable with respect to -18- Restricted Stock Units as to which a Vesting Date has not yet occurred, and that are not subject to an Initial Election, by filing a RegularDeferral Election to defer the receipt of such Shares on a form provided by the Committee for this purpose.  (B)Deadline for Regular Deferral Election . No Regular Deferral Election to defer the receipt of Shares issuable with respect to Restricted StockUnits shall be effective unless it is filed with the Committee on or before the close of business at least one year before the scheduled VestingDate of such Restricted Stock Units.(b) Effect of Failure of Vesting Date to Occur . An Election shall be null and void if a Vesting Date with respect to the Restricted Stock Units does not occurbefore the distribution date for Shares issuable with respect to such Restricted Stock Units identified in such Election.(c) Deferral Period . Except as otherwise provided in Paragraph 8(d), all Shares issuable with respect to Restricted Stock Units that are subject to an Electionshall be delivered to the Grantee (or the Grantee’s Successor-in-Interest) without any legend or restrictions (except those that may be imposed by the Committee, inits sole judgment, under Paragraph 9(a)), on the distribution date for such Shares designated by the Grantee on the most recently filed Election. The distributiondate may vary with each separate Election.  (i)Initial Election . Except as otherwise specifically provided by the Plan, no distribution pursuant to an Initial Election may be made earlier than January2nd of the third calendar year beginning after the Vesting Date, nor later than January 2nd of the eleventh calendar year beginning after the VestingDate.  (ii)Regular Deferral Election . No distribution pursuant to a Regular Deferral Election may be made before the fifth anniversary or later than the tenthanniversary of the scheduled Vesting Date of the Restricted Stock Units to which the Regular Deferral Election applies.(d) Additional Elections . Notwithstanding anything in this Paragraph 8(d) to the contrary, no Subsequent Election shall be effective until 12 months after thedate on which such Subsequent Election is made.  (i)Each Active Grantee (A) who has previously made an Initial Election or a Regular Deferral Election to receive a distribution of part or all of his or herAccount, or (B) who, pursuant to this Paragraph 8(d)(i) has made a Subsequent Election to defer the -19- distribution date for Shares issuable with respect to Restricted Stock Units for an additional period from the originally-elected distribution date, mayelect to defer the distribution date for a minimum of five and a maximum of ten additional years from the previously-elected distribution date, by filinga Subsequent Election with the Committee on or before the close of business at least one year before the date on which the distribution wouldotherwise be made. Notwithstanding the foregoing, except as otherwise provided by the Committee, an Active Grantee who is re-employed by aParticipating Company following an employment termination date may not make a Subsequent Election with respect to amounts subject to an InitialElection or a Subsequent Election that was filed with the Committee before such employment termination date.  (ii)A Deceased Grantee’s Successor-in-Interest may elect to file a Subsequent Election to defer the distribution date for the Deceased Grantee’s Sharesissuable with respect to Restricted Stock Units for five additional years from the date payment would otherwise be made. A Subsequent Election mustbe filed with the Committee at least one year before the date on which the distribution would otherwise be made, as reflected on the DeceasedGrantee’s last Election.  (iii)A Retired Grantee may elect to defer the distribution date of the Retired Grantee’s Shares issuable with respect to Restricted Stock Units for fiveadditional years from the date payment would otherwise be made. A Subsequent Election must be filed with the Committee at least one year before thedate on which the distribution would otherwise be made, as reflected on the Retired Grantee’s last Election.(e) Discretion to Provide for Distribution in Full Upon or Following a Change in Control . To the extent permitted by Section 409A, in connection with aChange in Control, and for the 12-month period following a Change in Control, the Committee may exercise its discretion to terminate the deferral provisions ofthe Plan and, notwithstanding any other provision of the Plan or the terms of any Initial Election, Regular Deferral Election or Subsequent Election, distribute theAccount of each Grantee in full and thereby effect the revocation of any outstanding Initial Elections, Regular Deferral Election or Subsequent Elections.(f) Hardship . Notwithstanding the terms of an Initial Election, Regular Deferral Election or Subsequent Election, if, at the Grantee’s request, the Committeedetermines that the Grantee has incurred a Hardship, the Committee may, in its discretion, authorize the immediate distribution of all or any portion of theGrantee’s Account. -20-(g) Other Acceleration Events . To the extent permitted by Section 409A, notwithstanding the terms of an Initial Election, Regular Deferral Election orSubsequent Election, distribution of all or part of a Grantee’s Account may be made:  (i)To fulfill a domestic relations order (as defined in section 414(p)(1)(B) of the Code) to the extent permitted by Treasury Regulations section1.409A-3(j)(4)(ii) or any successor provision of law).  (ii)To the extent necessary to comply with laws relating to avoidance of conflicts of interest, as provided in Treasury Regulation section1.409A-3(j)(4)(iii) (or any successor provision of law).  (iii)To pay employment taxes to the extent permitted by Treasury Regulation section 1.409A-3(j)(4)(vi) (or any successor provision of law).  (iv)In connection with the recognition of income as the result of a failure to comply with Section 409A, to the extent permitted by Treasury Regulationsection 1.409A-3(j)(4)(vii) (or any successor provision of law).  (v)To pay state, local or foreign taxes to the extent permitted by Treasury Regulation section 1.409A-3(j)(4)(xi) (or any successor provision of law).  (vi)In satisfaction of a debt of a Grantee to a Participating Company where such debt is incurred in the ordinary course of the service relationship betweenthe Grantee and the Participating Company, to the extent permitted by Treasury Regulation section 1.409A-3(j)(4)(xiii) (or any successor provision oflaw).  (vii)In connection with a bona fide dispute as to a Grantee’s right to payment, to the extent permitted by Treasury Regulation section 1.409A-3(j)(4)(xiv)(or any successor provision of law).(h) Book Accounts . An Account shall be established for each Grantee who makes an Election. Deferred Stock Units shall be credited to the Account as ofthe date an Election becomes effective. Each Deferred Stock Unit will represent a hypothetical share of Common Stock credited to the Account in lieu of deliveryof the Shares to which the Election applies. To the extent an Account is deemed invested in the Income Fund, the Committee shall credit earnings with respect tosuch Account at the Applicable Interest Rate, as further provided in Paragraph 8(k). -21-(i) Plan-to-Plan Transfers . The Administrator may delegate its authority to arrange for plan-to-plan transfers as described in this Paragraph 8(i) to an officerof the Company or committee of two or more officers of the Company.  (i)The Administrator may, with a Grantee’s consent, make such arrangements as it may deem appropriate to transfer the Company’s obligation to paybenefits with respect to such Grantee which have not become payable under this Plan, to another employer, whether through a deferred compensationplan, program or arrangement sponsored by such other employer or otherwise, or to another deferred compensation plan, program or arrangementsponsored by the Company or an Affiliate. Following the completion of such transfer, with respect to the benefit transferred, the Grantee shall have nofurther right to payment under this Plan.  (ii)The Administrator may, with a Grantee’s consent, make such arrangements as it may deem appropriate to assume another employer’s obligation topay benefits with respect to such Grantee which have not become payable under the deferred compensation plan, program or arrangement under whichsuch future right to payment arose, to the Plan, or to assume a future payment obligation of the Company or an Affiliate under another plan, programor arrangement sponsored by the Company or an Affiliate. Upon the completion of the Plan’s assumption of such payment obligation, theAdministrator shall establish an Account for such Grantee, and the Account shall be subject to the rules of this Plan, as in effect from time to time.(j) Crediting of Income, Gains and Losses on Accounts . Except as otherwise provided in Paragraph 8(k), the value of a Grantee’s Account as of any dateshall be determined as if it were invested in the Company Stock Fund.(k) Diversification Elections .  (i)In General . Except as otherwise provided in Paragraph 8(k)(v):  (A)A Diversification Election shall be available: (x) at any time that a Registration Statement filed under the 1933 Act (a “RegistrationStatement”) is effective with respect to the Plan; and (y) with respect to a Special Diversification Election, if and to the extent that theopportunity to make such a Special Diversification Election has been approved by the Committee or its delegate.  (B)No approval is required for a Diversification Election other than a Special Diversification Election. -22- (ii)Committee Approval of Special Diversification Elections . The opportunity to make a Special Diversification Election and the extent to which aSpecial Diversification Election applies to Deferred Stock Units credited to the Company Stock Fund may be approved or rejected by the Committeeor its delegate in its sole discretion. A Special Diversification Election shall only be effective if (and to the extent) approved by the Committee or itsdelegate.  (iii)Timing and Manner of Making Diversification Elections . Each Grantee and, in the case of a Deceased Grantee, the Successor-in-Interest, may make aDiversification Election to convert up to 40 percent (or in the case of a Special Diversification Election, up to the approved percentage) of DeferredStock Units attributable to such Award credited to the Company Stock Fund to the Income Fund. No deemed transfers shall be permitted from theIncome Fund to the Company Stock Fund. Diversification Elections under this Paragraph 8(k)(iii) shall be prospectively effective on the later of:(A) the date designated by the Grantee on a Diversification Election filed with the Committee; or (B) the business day next following the lapse of sixmonths from the date Deferred Stock Units subject to the Diversification Election are credited to the Grantee’s Account. In no event may aDiversification Election be effective earlier than the business day next following the lapse of six (6) months from the date Deferred Stock Units arecredited to the Account following the lapse of restrictions with respect to an Award.  (iv)Timing of Credits . Account balances subject to a Diversification Election under this Paragraph 8(k) shall be deemed transferred from the CompanyStock Fund to the Income Fund immediately following the effective date of such Diversification Election. The value of amounts deemed invested inthe Income Fund immediately following the effective date of a Diversification Election shall be based on hypothetical sales of Common Stockunderlying the liquidated Deferred Stock Units at Fair Market Value as of the effective date of a Diversification Election.  (v)Diversification Limit . No Diversification Election or Special Diversification Election during a calendar year by an Eligible Employee shall beeffective if the sum of (x) the value of the Eligible Employee’s Account in the 2005 Deferred Compensation Plan, plus (y) the value of the EligibleEmployee’s Account in the 2002 Deferred Compensation Plan, plus (z) the value of the Eligible Employee’s Account in this Plan to the extent such -23- Account is credited to the “Income Fund,” exceeds the “Contribution Limit” (as defined in the 2005 Deferred Compensation Plan) with respect to suchcalendar year, determined as of September 30th immediately preceding such calendar year.(l) Grantees’ Status as General Creditors . A Grantee’s right to delivery of Shares subject to an Election under this Paragraph 8, or to amounts deemedinvested in the Income Fund pursuant to a Diversification Election, shall at all times represent the general obligation of the Company. The Grantee shall be ageneral creditor of the Company with respect to this obligation, and shall not have a secured or preferred position with respect to such obligation. Nothingcontained in the Plan or an Award shall be deemed to create an escrow, trust, custodial account or fiduciary relationship of any kind. Nothing contained in the Planor an Award shall be construed to eliminate any priority or preferred position of a Grantee in a bankruptcy matter with respect to claims for wages.(m) Non-Assignability, Etc . The right of a Grantee to receive Shares subject to an Election under this Paragraph 8, or to amounts deemed invested in theIncome Fund pursuant to a Diversification Election, shall not be subject in any manner to attachment or other legal process for the debts of such Grantee; and noright to receive Shares or cash payments hereunder shall be subject to anticipation, alienation, sale, transfer, assignment or encumbrance.(n) Required Suspension of Payment of Benefits . Notwithstanding any provision of the Plan or any Grantee’s election as to the date or time of payment ofany benefit payable under the Plan, To the extent compliance with the requirements of Treas. Reg. § 1.409A-3(i)(2) (or any successor provision) is necessary toavoid the application of an additional tax under Section 409A to payments due to the Grantee upon or following his separation from service, then notwithstandingany other provision of this Plan, any such payments that are otherwise due within six months following the Grantee’s separation from service will be deferred andpaid to the Grantee in a lump sum immediately following that six month period. 9.SECURITIES LAWS; TAXES(a) Securities Laws . The Committee shall have the power to make each grant of Awards under the Plan subject to such conditions as it deems necessary orappropriate to comply with the then-existing requirements of the 1933 Act and the 1934 Act, including Rule 16b-3. Such conditions may include the delivery by theGrantee of an investment representation to the Company in connection with a Vesting Date occurring with respect to Shares subject to an Award, or the executionof an agreement by the Grantee to refrain from selling or otherwise disposing of the Shares acquired for a specified period of time or on specified terms.(b) Taxes . Subject to the rules of Paragraph 9(c), the Company shall be entitled, if necessary or desirable, to withhold the amount of any tax, charge or -24-assessment attributable to the grant of any Award or the occurrence of a Vesting Date with respect to any Award, or distribution of all or any part of a Grantee’sAccount. The Company shall not be required to deliver Shares pursuant to any Award or distribute a Grantee’s Account until it has been indemnified to itssatisfaction for any such tax, charge or assessment.(c) Payment of Tax Liabilities; Election to Withhold Shares or Pay Cash to Satisfy Tax Liability .  (i)In connection with the grant of any Award, the occurrence of a Vesting Date under any Award or the distribution of a Grantee’s Account, or if, underthe terms of an Award, a Grantee’s rights with respect to Restricted Stock Units become free of a substantial risk of forfeiture as the result of theGrantee’s satisfaction of the age and service conditions for retirement eligibility, and, as a result thereof, employment tax liabilities arise, the Companyshall have the right to (A) require the Grantee to remit to the Company an amount sufficient to satisfy any federal, state and/or local withholding taxrequirements, or (B) take any action whatever that it deems necessary to protect its interests with respect to tax liabilities. The Company’s obligationto make any delivery or transfer of Shares shall be conditioned on the Grantee’s compliance, to the Company’s satisfaction, with any withholdingrequirement.  (ii)Except as otherwise provided in this Paragraph 9(c)(ii), any tax withholding obligations incurred in connection with the grant of any Award, theoccurrence of a Vesting Date under any Award under the Plan that is not subject to an Initial Election, Regular Deferral Election or SubsequentElection, or the distribution of the portion of a Grantee’s Account that is credited to the Company Stock Fund, shall be satisfied by the Company’swithholding a portion of the Shares subject to such Award having a Fair Market Value approximately equal to the minimum amount of taxes requiredto be withheld by the Company under applicable law, unless otherwise determined by the Committee with respect to any Grantee. Notwithstanding theforegoing, the Committee may permit a Grantee to elect one or more of the following with respect to any Award under the Plan that is not subject toan Initial Election, Regular Deferral Election or Subsequent Election:  (A)To the extent permitted by applicable law, to have taxes withheld in excess of the minimum amount required to be withheld by the Companyunder applicable law, provided that the Grantee certifies in writing to the Company at the -25- time of such election that the Grantee owns Other Available Shares having a Fair Market Value that is at least equal to the Fair Market Valueto be withheld by the Company in payment of withholding taxes in excess of such minimum amount;  (B)With respect to tax liabilities arising on or after January 1, 2017, to have Shares otherwise deliverable to the Grantee after the application ofthe other provisions of this Paragraph 9(c)(ii) redeemed by the Company for the Fair Market Value of such Shares on the applicable VestingDate, and have the cash proceeds of such redemption remitted by the Company to the Grantee to facilitate one or more estimated tax paymentsto the Internal Revenue Service or other taxing authority for the taxable year in which such vesting occurs, provided that the Grantee certifiesin writing to the Company at the time of such election that the Grantee owns Other Available Shares having a Fair Market Value that is at leastequal to the Fair Market Value of such Shares to be redeemed by the Company; and  (C)To pay to the Company in cash all or a portion of the taxes to be withheld in connection with such grant, Vesting Date or Account distribution.In all cases, the Shares so withheld or redeemed by the Company, as applicable, shall have a Fair Market Value that does not exceed the amount oftaxes to be withheld or remitted via estimated tax payments minus the cash payment, if any, made by the Grantee or withheld from an Accountdistribution. Any election pursuant to this Paragraph 9(c)(ii) must be in writing made prior to the date specified by the Committee, and in any eventprior to the date the amount of tax to be withheld or paid is determined. An election pursuant to this Paragraph 9(c)(ii) may be made only by a Granteeor, in the event of the Grantee’s death, by the Grantee’s legal representative. Shares withheld or redeemed, as applicable, pursuant to thisParagraph 9(c)(ii) shall not be available for subsequent grants under the Plan. The Committee may add such other requirements and limitationsregarding elections pursuant to this Paragraph 9(c)(ii) as it deems appropriate.  (iii)If part of a Grantee’s Award is subject to an Initial Election or a Regular Deferral Election, or, under the terms of an Award, a Grantee’s rights withrespect to Restricted Stock Units become free -26- of a substantial risk of forfeiture as the result of the satisfaction of a performance or service condition, or the Grantee’s satisfaction of the age andservice conditions for retirement eligibility, and, as a result thereof, employment tax liabilities arise, then, except to the extent the Granteeaffirmatively elects otherwise as part of the Initial Election or Regular Deferral Election, the Grantee shall be required to remit to the Company anamount sufficient to satisfy any federal, state and/or local withholding tax requirements. As part of the Grantee’s Initial Election or Regular DeferralElection, the Grantee may elect that Shares subject to such Award be withheld by the Company to the extent necessary to pay such employment taxliabilities (on a fully grossed-up basis to cover income and other withholding tax liabilities that may arise in connection with such an event),notwithstanding that such Shares may not yet have vested and become deliverable in accordance with the terms of the Award. Shares withheldpursuant to this Paragraph 9(c)(iii) shall be deemed allocated and offset against the number of Restricted Stock Units that may become subject tovesting under the terms of the Award on a basis pro rata to the Restricted Stock Units that give rise to the employment tax liabilities. With respect toany Grantee under the Plan who is subject to the short-swing profit recapture rules of section 16(b) of the 1934 Act, the requirement to withholdShares pursuant to this Paragraph 9(c)(iii) is intended to permit such Grantees to obtain the benefit of section 16(b)(3)(e) of the 1934 Act. 10.CHANGES IN CAPITALIZATIONThe aggregate number of Shares and class of Shares as to which Awards may be granted and the number of Shares covered by each outstanding Award shallbe appropriately adjusted in the event of a stock dividend, stock split, recapitalization or other change in the number or class of issued and outstanding equitysecurities of the Company resulting from a subdivision or consolidation of the Shares and/or other outstanding equity security or a recapitalization or other capitaladjustment (not including the issuance of Shares and/or other outstanding equity securities on the conversion of other securities of the Company which areconvertible into Shares and/or other outstanding equity securities) affecting the Shares which is effected without receipt of consideration by the Company. TheCommittee shall have authority to determine the adjustments to be made under this Paragraph 10 and any such determination by the Committee shall be final,binding and conclusive. 11.TERMINATING EVENTS(a) The Committee shall give Grantees at least thirty (30) days’ notice (or, if not practicable, such shorter notice as may be reasonably practicable) prior tothe -27-anticipated date of the consummation of a Terminating Event. Except as otherwise provided in Paragraph 11(b), the Committee may, in its discretion, provide insuch notice that upon the consummation of such Terminating Event, any conditions to the occurrence of a Vesting Date with respect to an Award of RestrictedStock or Restricted Stock Units (other than Restricted Stock or Restricted Stock Units that have previously been forfeited) shall be eliminated, in full or in part.Further, the Committee may, in its discretion, provide in such notice that notwithstanding any other provision of the Plan or the terms of any Election madepursuant to Paragraph 8, upon the consummation of a Terminating Event, Shares issuable with respect to Restricted Stock or Restricted Stock Units subject to anElection made pursuant to Paragraph 8 shall be transferred to the Grantee, and all amounts credited to the Income Fund shall be paid to the Grantee.(b) No amounts subject to an Award under the Plan that constitute “deferred compensation” (as defined in Section 409A) shall be subject to distributionbefore the scheduled vesting date for such distribution in connection with a Change in Control unless such Change in Control constitutes a change in the ownershipor effective control of the Company, or in the ownership of a substantial portion of the Company’s assets (in either case, as defined in Section 409A of the Code),except to the extent that earlier distribution would not result in any obligation to pay interest or additional tax under Section 409A. 12.CLAIMS PROCEDUREIf an individual (hereinafter referred to as the “Applicant,” which reference shall include the legal representative, if any, of the individual) does not receivetimely payment of benefits to which the Applicant believes he is entitled under Paragraph 8 of the Plan, the Applicant may make a claim for benefits in the mannerhereinafter provided.An Applicant may file a claim for benefits with the Committee on a form supplied by the Committee. If the Committee wholly or partially denies a claim, theCommittee shall provide the Applicant with a written notice stating:(a) The specific reason or reasons for the denial;(b) Specific reference to pertinent Plan provisions on which the denial is based;(c) A description of any additional material or information necessary for Applicant to perfect the claim and an explanation of why such material orinformation is necessary; and(d) Appropriate information as to the steps to be taken in order to submit a claim for review.Written notice of a denial of a claim shall be provided within 90 days of the receipt of the claim, provided that if special circumstances require an extensionof time for processing the claim, the Committee may notify the Applicant in writing that an additional period of up to 90 days will be required to process the claim. -28-If the Applicant’s claim is denied, the Applicant shall have 60 days from the date of receipt of written notice of the denial of the claim to request a review ofthe denial of the claim by the Committee. Request for review of the denial of a claim must be submitted in writing. The Applicant shall have the right to reviewpertinent documents and submit issues and comments to the Committee in writing. The Committee shall provide a written decision within 60 days of its receipt ofthe Applicant’s request for review, provided that if special circumstances require an extension of time for processing the review of the Applicant’s claim, theCommittee may notify the Applicant in writing that an additional period of up to 60 days shall be required to process the Applicant’s request for review.It is intended that the claims procedures of this Plan be administered in accordance with the claims procedure regulations of the Department of Labor setforth in 29 CFR § 2560.503-1.Claims for benefits under the Plan must be filed with the Committee at the following address:Comcast CorporationOne Comcast Center, 52 nd Floor1701 John F. Kennedy BoulevardPhiladelphia, PA 19103-2838Attention: General Counsel 13.REPAYMENTIf it is determined by the Board that gross negligence, intentional misconduct or fraud by a Section 16(b) Officer or a former Section 16(b) Officer caused orpartially caused the Company to have to restate all or a portion of its financial statements, the Board, in its sole discretion, may, to the extent permitted by law andto the extent it determines in its sole judgment that it is in the best interests of the Company to do so, require repayment of any Shares of Restricted Stock grantedafter February 28, 2007 or Shares delivered pursuant to the vesting of Restricted Stock Units granted after February 28, 2007 to such Section 16(b) Officer orformer Section 16(b) Officer, or to effect the cancellation of unvested Restricted Stock or unvested Restricted Stock Units, if (i) the vesting of the Award wascalculated based upon, or contingent on, the achievement of financial or operating results that were the subject of or affected by the restatement, and (ii) the extentof vesting of the Award would have been less had the financial statements been correct. In addition, to the extent that the receipt of an Award subject to repaymentunder this Paragraph 13 has been deferred pursuant to Paragraph 8 (or any other plan, program or arrangement that permits the deferral of receipt of an Award),such Award (and any earnings credited with respect thereto) shall be forfeited in lieu of repayment. -29-14.AMENDMENT AND TERMINATIONThe Plan may be terminated by the Board at any time. The Plan may be amended by the Board or the Committee at any time. No Award shall be affected byany such termination or amendment without the written consent of the Grantee. 15.INTERPRETATIONThe Committee shall have the power to interpret the Plan’s provisions, prescribe, amend and rescind rules and regulations for the Plan, and make all otherdeterminations necessary or advisable for the administration of the Plan. All determinations by the Committee shall be final, conclusive and binding on all Persons,including Grantees and their beneficiaries. 16.TERM OF PLANThe Plan shall expire on May 19, 2026, unless sooner terminated by the Board. 17.GOVERNING LAWThe Plan and all determinations made and actions taken pursuant to the Plan shall be governed in accordance with Pennsylvania law.Executed on the 5 th day of December, 2016. COMCAST CORPORATIONBY:     /s/ David L. Cohen ATTEST:      /s/ Arthur R. Block -30-Exhibit 10.30AMENDMENT NO. 17 TO EMPLOYMENT AGREEMENTThis AMENDMENT NO. 17 TO EMPLOYMENT AGREEMENT is entered as of the 12th day of December, 2016, between COMCAST CORPORATION,a Pennsylvania corporation (together with its subsidiaries, the “Company”), and BRIAN L. ROBERTS (“Employee”).BACKGROUNDWHEREAS, the parties entered into an Employment Agreement dated as of January 1, 2005, as amended (the “Agreement”), that sets forth the terms andconditions of Employee’s employment with the Company, andWHEREAS, the parties desire to further amend the Agreement on the terms and conditions contained herein.NOW, THEREFORE, the parties hereto, intending to be legally bound hereby, agree as follows:1. Subparagraph 5(b) of the Agreement is hereby amended to add the following year and amount thereto: “Year — 2017; Amount - $4,221,301.” Employeehereby elects January 2, 2020 as the scheduled payment date with respect to such amount, provided that Employee may elect to postpone such scheduled paymentdate to the extent permitted under the Company’s 2005 Deferred Compensation Plan.2. The Agreement is hereby amended to add a new subparagraph 14(g), to follow subparagraph 14(f) and to read in its entirety as follows:“(g) Nothing contained in this Agreement (including, without limitation, subparagraphs 14(c) and 15(a)) or otherwise limits Employee’s ability tocommunicate directly with and provide information, including documents, not otherwise protected from disclosure by any applicable law or privilege, to theSecurities and Exchange Commission (the “SEC”), the Occupational Safety and Health Administration (“OSHA”) or any other federal, state or localgovernmental agency or commission regarding possible legal violations, without disclosure to the Company. The Company may not retaliate againstEmployee for any of these activities, and nothing in this Agreement requires Employee to waive any monetary award or other payment that Employee mightbecome entitled to from the SEC or OSHA.”3. Except as modified hereby, the Agreement shall continue unmodified and in full force and effect.IN WITNESS WHEREOF, the parties hereto have executed and delivered this Amendment No. 17 as of the date first-above written. COMCAST CORPORATIONBy: /s/ Arthur R. BlockDate: December 12, 2016EMPLOYEE:/s/ Brian L. RobertsBrian L. RobertsDate: December 12, 2016Exhibit 10.42FORM OF COMCAST CORPORATIONNON-QUALIFIED OPTION AWARDThis is a Non-Qualified Stock Option Award dated              (“Award”) from Comcast Corporation (the “Sponsor”) to the Optionee.1. Definitions . As used herein:(a) “ Affiliate ” means, with respect to any Person, any other Person that, directly or indirectly, is in control of, is controlled by, or is under commoncontrol with, such Person. For purposes of this definition, the term “control,” including its correlative terms “controlled by” and “under common control with,”mean, with respect to any Person, the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of such Person,whether through the ownership of voting securities, by contract or otherwise.(b) “ Board ” means the board of directors of the Sponsor.(c) “ Cause ” means (i) fraud; (ii) misappropriation; (iii) embezzlement; (iv) gross negligence in the performance of duties; (v) self-dealing;(vi) misrepresentation; (vii) dishonesty; (viii) conviction of a crime of a felony; (ix) material violation of any Company policy; (x) material violation of theCompany’s Code of Ethics and Business Conduct or, (xi) in the case of an employee of a Company who is a party to an employment agreement with a Company,material breach of such agreement; provided that as to items (ix), (x) and (xi), if capable of being cured, such event or condition remains uncured following 30 dayswritten notice thereof.(d) “ Change of Control ” means any transaction or series of transactions as a result of which any Person who was a Third Party immediately beforesuch transaction or series of transactions owns then-outstanding securities of the Sponsor such that such Person has the ability to direct the management of theSponsor, as determined by the Board in its discretion. The Board may also determine that a Change of Control shall occur upon the completion of one or moreproposed transactions. The Board’s determination shall be final and binding.(e) “ Closing ” means the closing of the acquisition and sale of the Shares as described in, and subject to the provisions of, Paragraph 9 hereof.(f) “ Closing Date ” means the date of the Closing.(g) “ Code ” means the Internal Revenue Code of 1986, as amended.(h) “ Committee ” means those members of the Board who have been designated pursuant to the Plan to act in that capacity.(i) “ Common Stock ” means the Sponsor’s Class A Common Stock, par value, $.01 per share.(j) “ Company ” means the Sponsor and each of its Subsidiaries.(k) “ Date of Exercise ” means the date on which the notice required by Paragraph 6 hereof is hand-delivered, placed in the United States mail postageprepaid, or delivered to a telegraph or telex facility.(l) “ Date of Grant ” means the date hereof, the date on which the Sponsor awarded the Option.(m) “ Disability ” means a disability within the meaning of section 22(e)(3) of the Code.(n) “ Expiration Date ” means the earliest of the following:(1) If the Optionee’s Termination of Employment with the Company is due to any reason other than death, Disability, Retirement or Cause,the date 90 days following such Termination of Employment;(2) Subject to cancellation by the Committee pursuant to Paragraph 3(c), if the Optionee’s Termination of Employment with the Company(other than a Termination of Employment with the Company for Cause) occurs after qualifying for Retirement,(a) the date three months after the third anniversary of the date of the Optionee’s Termination of Employment if, at the time of suchTermination of Employment, the Optionee has completed at least ten (10) but less than fifteen (15) years of service with the Company;(b) the date three months after the fifth anniversary of the date of the Optionee’s Termination of Employment if, at the time of suchTermination of Employment, the Optionee has completed at least fifteen (15) but less than twenty (20) years of service with the Company; or(c) the date three months after the nine and one-half year anniversary of the date of the Optionee’s Termination of Employment if, at thetime of such Termination of Employment, the Optionee has completed twenty (20) or more years of service with the Company;(3) If the Optionee’s Termination of Employment with the Company is for Cause, the date of such Termination of Employment; or(4) The day before the tenth anniversary of the Date of Grant.(o) “ Fair Market Value ” means the Fair Market Value of a Share, as determined pursuant to the Plan. -2-(p) “ Long-Term Incentive Awards Summary Schedule ” means the schedule attached hereto, which sets forth specific information relating to thegrant, vesting and exercise of the Option.(q) “ Option ” means the option hereby granted.(r) “ Option Price ” means the per Share exercise price of the Option, as calculated pursuant to the Plan and set forth on the attached Long-TermIncentive Awards Summary Schedule.(s) “ Optionee ” means the individual to whom the Option has been granted as identified on the attached Long-Term Incentive Awards SummarySchedule.(t) “ Person ” means an individual, a corporation, a partnership, an association, a trust or any other entity or organization.(u) “ Plan ” means the Comcast Corporation 2003 Stock Option Plan, incorporated herein by reference.(v) “ Retirement ” An Optionee will be qualified for Retirement after reaching age 62 and completing 10 or more years of service with the Company.(w) “ Shares ” mean the total number of shares of Common Stock, which are the subject of the Option hereby granted, as set forth on the attachedLong-Term Incentive Awards Summary Schedule.(x) “ Sponsor ” means Comcast Corporation, a Pennsylvania corporation, including any successor thereto by merger, consolidation, acquisition of allor substantially all the assets thereof, or otherwise.(y) “ Subsidiary ” means any business entity that, at the time in question, is a subsidiary of the Sponsor within the meaning of section 424(f) of theCode.(z) “ Ten Percent Shareholder ” means a person who on the Date of Grant owns, either directly or within the meaning of the attribution rules containedin section 424(d) of the Code, stock possessing more than 10% of the total combined voting power of all classes of stock of his employer corporation or of itsparent or subsidiary corporations, as defined respectively in sections 424(e) and (f) of the Code, provided that the employer corporation is the Sponsor or aSubsidiary.(aa) “ Terminating Event ” means any of the following events:(1) the liquidation of the Sponsor; or(2) a Change of Control.(bb) “ Termination of Employment ” means the Optionee’s termination of employment. For purposes of the Plan and this Award, the Optionee’sTermination of -3-Employment occurs on the date the Optionee ceases to have a regular obligation to perform services for the Company, without regard to whether (i) the Optioneecontinues on the Company’s payroll for regular, severance or other pay or (ii) the Optionee continues to participate in one or more health and welfare plansmaintained by the Company on the same basis as active employees. Whether the Optionee ceases to have a regular obligation to perform services for the Companyshall be determined by the Committee in its sole discretion. Notwithstanding the foregoing, if the Optionee is a party to an employment agreement or severanceagreement with the Company which establishes the effective date of the Optionee’s termination of employment for purposes of this Award, that date shall apply.(cc) “ Third Party ” means any Person other than a Company, together with such Person’s Affiliates, provided that the term “Third Party” shall notinclude the Sponsor or an Affiliate of the Sponsor.(dd) “ 1933 Act ” means the Securities Act of 1933, as amended.(ee) “ 1934 Act ” means the Securities Exchange Act of 1934, as amended.2. Grant of Option . Subject to the terms and conditions set forth herein and in the Plan, the Sponsor hereby grants to the Optionee the Option to purchase anyor all of the Shares.3. Time of Exercise of Options .(a) Except as provided in Paragraphs 3(b), 3(c) or 4, the Option may be exercised after such time or times as set forth on the attached Long-TermIncentive Awards Summary Schedule, and shall remain exercisable until the Expiration Date, when the right to exercise shall terminate absolutely. No Sharessubject to the Option shall first become exercisable following the Optionee’s Termination of Employment for any reason other than death or Disability or afterqualifying for Retirement.(b) All Shares subject to the Option shall vest and become exercisable upon the Optionee’s Termination of Employment because of death orDisability. Furthermore, the Option shall continue to vest and become exercisable in accordance with the attached Long-Term Incentive Awards SummarySchedule following the Optionee’s Termination of Employment (other than a Termination of Employment with the Company for Cause) after qualifying forRetirement for a period of:(1) three (3) years following such Termination of Employment if, at the time of such Termination of Employment, the Optionee hascompleted at least ten (10) but less than fifteen (15) years of service with the Company;(2) five (5) years following such Termination of Employment if, at the time of such Termination of Employment, the Optionee has completedat least fifteen (15) but less than twenty (20) years of service with the Company; or -4-(3) nine and one-half (9  1 ⁄ 2 ) years following such Termination of Employment if, at the time of such Termination of Employment, theOptionee has completed twenty (20) or more years of service with the Company.(c) Notwithstanding the foregoing, the Option will be subject to cancellation by the Committee, in its sole discretion, if the Optionee breaches either ofthe following non-solicitation or non-competition obligations during the period following Termination of Employment in which the Option remains exercisable bythe Optionee pursuant to the terms of this Award:(1) The Optionee shall not, directly or indirectly, solicit, induce, encourage or attempt to influence any customer, employee, consultant,independent contractor, service provider or supplier of the Company to cease to do business or to terminate the employment or other relationship with theCompany.(2) The Optionee shall not, directly or indirectly, engage or be financially interested in (as an agent, consultant, director, employee,independent contractor, officer, owner, partner, principal or otherwise), any activities for any business (whether conducted by an entity or individuals, including theOptionee in self-employment) that is engaged in competition, directly or indirectly through any entity controlling, controlled by or under common control with suchbusiness, with any of the business activities carried on by the Company, any of its subsidiaries or any other business unit of the Company, or being planned by theCompany, any of its subsidiaries or any other business unit of the Company with the Optionee’s knowledge at the time of the Optionee’s Termination ofEmployment. This restriction shall apply in any geographical area of the United States in which the Company carries out business activities. Nothing herein shallprevent the Optionee from owning for investment up to one percent (1%) of any class of equity security of an entity whose securities are traded on a nationalsecurities exchange or market.(d) If the Option remains unexercised immediately before the time at which the Option is scheduled to expire in accordance with the rules of the Planand this grant document, the Option shall be deemed automatically exercised in accordance with Paragraph 7(h)(ii) of the Plan immediately before the time atwhich the Option is scheduled to expire, if the Option satisfies the following conditions:(1) The Option is covered by a then current registration statement or a Notification under Regulation A under the 1933 Act.(2) The last reported sale price of a Share on the principal exchange on which Shares are listed on the date of determination, or if such date isnot a trading day, the last preceding trading day, exceeds the Option Price by such amount as may be determined by the Committee or its delegate from time totime. Absent a contrary determination, such excess per Share shall be $0.01.(3) The Optionee to whom such Option has been granted has not terminated employment for Cause, and, immediately before the time at whichsuch Option is scheduled to expire, there is no basis for a termination of employment for Cause. -5-An Option subject to this Paragraph 3(d) shall be exercised via cashless exercise, such that subject to the other terms and conditions of the Plan, following the dateof exercise, the Company shall deliver to the Optionee Shares having a value, at the time of exercise, equal to the excess, if any, of (A) the value of such Sharesbased on the last reported sale price of such Shares on the principal exchange on which Shares are listed on the date of determination, or if such date is not a tradingday, the last preceding trading date, over (B) the sum of (1) the aggregate option price for such Shares, plus (2) the applicable tax withholding amounts (asdetermined pursuant to Paragraph 15 of the Plan) for such exercise; provided that in connection with such cashless exercise that would not result in the issuance ofa whole number of Shares, the Company shall pay cash in lieu of any fractional Share.4. Terminating Event .(a) The Sponsor shall give the Optionee at least thirty (30) days’ notice (or, if not practicable, such shorter notice as may be reasonably practicable)prior to the anticipated date of the consummation of a Terminating Event. Upon receipt of such notice, and for a period of ten (10) days thereafter (or such shorterperiod as the Board shall reasonably determine and so notify the Optionee), the Optionee shall be permitted to exercise the Option to the extent the Option is thenexercisable; provided that , the Sponsor may, by similar notice, require the Optionee to exercise the Option, to the extent the Option is then exercisable, or to forfeitthe Option (or portion thereof, as applicable). The Committee may, in its discretion, provide that upon the Optionee’s receipt of the notice of a Terminating Eventunder this Paragraph 4(a), the entire number of Shares covered by Options shall become immediately exercisable. Upon the close of the period described in thisParagraph 4(a) during which an Option may be exercised in connection with a Terminating Event, such Option (including such portion thereof that is notexercisable) shall terminate to the extent that such Option has not theretofore been exercised.(b) Notwithstanding Paragraph 4(a), in the event the Terminating Event is not consummated, the Option shall be deemed not to have been exercisedand shall be exercisable thereafter to the extent it would have been exercisable if no such notice had been given.5. Payment for Shares . Full payment for Shares purchased upon the exercise of an Option shall be made via cashless exercise, such that subject to the otherterms and conditions of the Award and the Plan, the Company shall deliver to the Optionee Shares having a Fair Market Value, as of the Date of Exercise, equal tothe excess, if any, of (a) the Fair Market Value of such Shares on the Date of Exercise of the Option over (b) the sum of (i) the aggregate Option Price for suchShares, plus (ii) the applicable tax withholding amounts (as determined pursuant to Paragraph 14 of the Award and Paragraph 15(b) of the Plan) for such exercise,provided that in connection with a cashless exercise that would not result in the issuance of a whole number of Shares, the Company shall withhold cash that wouldotherwise be payable to the Optionee from its regular payroll or the Optionee shall deliver cash or a certified check payable to the order of the Company for thebalance of the option price for a whole Share to the extent necessary to avoid the issuance of a fractional Share or the payment of cash by the Company. -6-6. Manner of Exercise . The Option shall be exercised by giving written notice of exercise in accordance with the manner prescribed by the Committee. Suchnotice shall be deemed to have been given when hand-delivered, telecopied or mailed, first class postage prepaid, and shall be irrevocable once given.7. Nontransferability of Option . The Option may not be transferred or assigned by the Optionee otherwise than by will or the laws of descent anddistribution or be exercised during his life other than by the Optionee or for his benefit by his attorney-in-fact or guardian. Any attempt at assignment, transfer,pledge or disposition of the Option contrary to the provisions hereof or the levy of any execution, attachment or similar process upon the Option shall be null andvoid and without effect. Any exercise of the Option by a person other than the Optionee shall be accompanied by appropriate proofs of the right of such person toexercise the Option.8. Securities Laws . The Committee may from time to time impose any conditions on the exercise of the Option as it deems necessary or appropriate tocomply with the then-existing requirements of the 1933 Act or the 1934 Act, including Rule 16b-3 (or any similar rule) of the Securities and ExchangeCommission. If the listing, registration or qualification of Shares issuable on the exercise of the Option upon any securities exchange or under any federal or statelaw, or the consent or approval of any governmental regulatory body is necessary as a condition of or in connection with the purchase of such Shares, the Sponsorshall not be obligated to issue or deliver the certificates representing the Shares otherwise issuable on the exercise of the Option unless and until such listing,registration, qualification, consent or approval shall have been effected or obtained. If registration is considered unnecessary by the Sponsor or its counsel, theSponsor may cause a legend to be placed on such Shares calling attention to the fact that they have been acquired for investment and have not been registered.9. Issuance of Certificate at Closing . Subject to the provisions of this Paragraph 9, the Closing Date shall occur as promptly as is feasible after the exerciseof the Option. Subject to the provisions of Paragraphs 8 and 10 hereof, a certificate for the Shares issuable on the exercise of the Option shall be delivered to theOptionee or to his personal representative, heir or legatee at the Closing.10. Rights Prior to Exercise . The Optionee shall not have any right as a stockholder with respect to any Shares subject to his Options until the Option shallhave been exercised in accordance with the terms of the Plan and the Award and the Company shall have delivered the Shares. In the event that the Optionee’sTermination of Employment with the Company is for Cause, upon a determination by the Committee, the Optionee shall automatically forfeit all Shares otherwisesubject to delivery upon exercise of an Option but for which the Sponsor has not yet delivered the Shares. -7-11. Status of Option; Interpretation . The Option is intended to be a non-qualified stock option. Accordingly, it is intended that the transfer of propertypursuant to the exercise of the Option be subject to federal income tax in accordance with section 83 of the Code. The Option is not intended to qualify as anincentive stock option within the meaning of section 422 of the Code. The interpretation and construction of any provision of this Option or the Plan made by theCommittee shall be final and conclusive and, insofar as possible, shall be consistent with the intention expressed in this Paragraph 11.12. Option Not to Affect Employment . The Option granted hereunder shall not confer upon the Optionee any right to continue in service as an employee,officer or director of the Sponsor or any subsidiary of the Sponsor.13. Miscellaneous .(a) The address for the Optionee to which notice, demands and other communications to be given or delivered under or by reason of the provisionshereof shall be the address contained in the Company’s personnel records, or such other address as the Optionee may provide to the Company by written notice.(b) This Award may be executed in one or more counterparts all of which taken together will constitute one and the same instrument.(c) The validity, performance, construction and effect of this Award shall be governed by the laws of the Commonwealth of Pennsylvania, withoutgiving effect to principles of conflicts of law.(d) The Optionee hereby irrevocably and unconditionally consents to submit to the exclusive jurisdiction of the courts of the Commonwealth ofPennsylvania and of the United States of America, in each case located in Philadelphia, Pennsylvania, for any actions, suits or proceedings arising out of or relatingto this Award and the transactions contemplated hereby (“Litigation”) and agrees not to commence any Litigation except in any such court, and further agrees thatservice of process, summons, notice or document by U.S. registered mail to his respective address shall be effective service of process for any Litigation broughtagainst him in any such court. Each party hereby irrevocably and unconditionally waives any objection to the laying of venue of any Litigation in the courts of theCommonwealth of Pennsylvania or of the United States of America, in each case located in Philadelphia, Pennsylvania, and hereby further irrevocably andunconditionally waives and agrees not to plead or claim in any such court that any Litigation brought in any such court has been brought in an inconvenient forum.14. Withholding of Taxes . Whenever the Sponsor proposes or is required to deliver or transfer Shares in connection with the exercise of the Option, theSponsor shall have the right to (a) withhold Shares subject to the Optionee’s exercise of the Option as provided in Paragraph 5 of the Award and Paragraph 15(b) ofthe Plan, (b) require the Optionee to remit to the Sponsor an amount sufficient to satisfy any federal, state and/or local withholding tax requirements prior to thedelivery or transfer of any certificate or certificates for such Shares or (c) take whatever action it deems necessary to protect its interests with respect to taxliabilities. -8-IN WITNESS WHEREOF, the Sponsor has granted this Award on the day and year first above written. COMCAST CORPORATIONBY:  ATTEST:   -9-FORM OF LONG-TERM INCENTIVE AWARDS SUMMARY SCHEDULEThis Long-Term Incentive Awards Summary Schedule (this “Schedule”) provides certain information related to the Non-Qualified Stock Option and RestrictedStock Units you were granted by Comcast Corporation on              (the “Date of Grant”). This Schedule is intended to be, and shall at all times be interpretedas, a part of your Comcast Corporation Non-Qualified Option award document.Non-Qualified Stock Option Award Optionee:  Date of Grant:  Common Stock:  Per Share Option Price:  Shares Subject to Option:  Vesting Dates /Exercisability of Option:  of the Shares subject to the Option may be exercised following             .Option Term:  10 Years, except as otherwise provided in your Comcast CorporationNon-Qualified Option award document. -10-Exhibit 12.1Comcast CorporationStatement Regarding Computation of Ratio of Earnings to Fixed Charges and Ratio of Earnings to Combined Fixed Charges and Preferred Dividends Year Ended December 31 (in millions)  2016  2015  2014  2013  2012 Computation of Earnings: (a)      Pretax income from continuing operations before adjustment for noncontrolling interests inconsolidated subsidiaries or income or loss from equity investees  $14,457  $13,697   $12,368   $11,201   $10,650  Fixed charges   3,349   3,047    2,910    2,882    2,798  Distributed income of equity investees   85   168    104    120    195  Less: Preference security dividend requirements of consolidated subsidiaries   (224)   (223)   (204)   (211)   (155) Less: Capitalized Interest   (40)   —      —      —      —                         Total earnings  $17,627  $16,689   $15,178   $13,992   $13,488                       Computation of Fixed Charges: (a)      Interest expensed and capitalized  $2,956  $2,660   $2,609   $2,559   $2,508  Amortized premiums, discounts and capitalized expenses related to indebtedness   26   65    8    15    13  Less: preferred dividends in interest expense   (103)   (102)   (102)   (106)   (105) Portion of rents representative of an interest factor   246   201    191    203    227  Preference security dividend requirements of consolidated subsidiaries   224   223    204    211    155                       Total fixed charges  $3,349  $3,047   $2,910   $2,882   $2,798                       Ratio of earnings to fixed charges(a)   5.26x   5.48x    5.22x    4.85x    4.82x                       (a)For purposes of calculating the ratio of earnings to fixed charges, earnings is the amount resulting from (1) adding (a) pretax income from continuingoperations before adjustment for noncontrolling interests in consolidated subsidiaries or income or loss from equity investees, (b) fixed charges,(c) amortization of capitalized interest, (d) distributed income of equity investees and (e) our share of pretax losses of equity investees for which chargesarising from guarantees are included in fixed charges and (2) subtracting (i) interest capitalized, (ii) preference security dividend requirements ofconsolidated subsidiaries and (iii) the noncontrolling interest in pretax income of subsidiaries that have not incurred fixed charges. Fixed charges is the sumof (w) interest expensed and capitalized, (x) amortized premiums, discounts and capitalized expenses related to indebtedness, (y) an estimate of the interestwithin rental expense and (z) preference security dividend requirements of our consolidated subsidiaries. Preferred security dividend is the amount of pretaxearnings that is required to pay the dividends on outstanding preference securities. Interest associated with our uncertain tax positions is a component ofincome tax expense.Exhibit 21.1 Legal Name  State/ Country of OrganizationBravo Media LLC  NYCentaur Funding Corporation  Cayman IslandsCNBC LLC  DEComcast ABB Note Consolidation, Inc.  DEComcast Broadband Security, LLC  DEComcast Business Communications, LLC  PAComcast Cable Communications, LLC  DEComcast Cable Communications Management, LLC  DEComcast Cable Funding I, LLC  DEComcast Corporation  PAComcast Funding I, Inc.  DEComcast Holdings Corporation  PAComcast Interactive Media, LLC  DEComcast IP Phone, LLC  PAComcast of Arkansas/Florida/Louisiana/Minnesota/Mississippi/Tennessee, LLC  DEComcast of Boston, Inc.  NYComcast of California II, LLC  DEComcast of California III, Inc.  CAComcast of California IX, Inc.  CAComcast of California/Colorado/Florida/Oregon, Inc.  GAComcast of California/Colorado/Illinois/Indiana/Michigan, LP  DEComcast of California/Maryland/Pennsylvania/Virginia/West Virginia, LLC  DEComcast of California/Massachusetts/Michigan/Utah, LLC  DEComcast of Colorado IX, LLC  DEComcast of Colorado/Florida/Michigan/New Mexico/Pennsylvania/Washington, LLC  COComcast of Colorado/Pennsylvania/West Virginia, LLC  DEComcast of Connecticut, Inc.  OKComcast of Connecticut/Georgia/Massachusetts/New Hampshire/New York/North Carolina/Virginia/Vermont, LLC  DEComcast of Florida/Georgia/Illinois/Michigan, LLC  FLComcast of Florida/Georgia/Pennsylvania, LP  DEComcast of Garden State, L.P.  DEComcast of Houston, LLC  DEComcast of Illinois VI, LLC  DEComcast of Illinois/Indiana/Ohio, LLC  DEComcast of Maine/New Hampshire, Inc.  NHComcast of Maryland, LLC  COComcast of Massachusetts II, Inc.  DEComcast of Massachusetts III, Inc.  DEComcast of New Jersey II, LLC  DEComcast of Oregon II, Inc.  ORComcast of Philadelphia II, LLC  DEComcast of Potomac, LLC  DELegal Name  State/ Country of OrganizationComcast of South Jersey, LLC  DEComcast of Southeast Pennsylvania, LLC  DEComcast of the South  COComcast Programming Holdings, LLC  DEComcast Shared Services, LLC  DEComcast SportsNet Chicago, LLC  DEE! Entertainment Television, LLC  DEMSNBC Cable L.L.C.  DENBC Olympics LLC  DENBC West, LLC  DENBCU New Site Holdings LLC  DENBCUniversal Enterprise, Inc.  DENBCUniversal Media, LLC  DENBCUniversal, LLC  DEOpen 4 Business Productions LLC  DETelemundo Network Group LLC  DETGC, LLC  DEUniversal City Development Partners, Ltd.  FLUniversal City Studios LLC  DEUniversal City Studios Productions LLLP  DEUniversal Studios International B.V.  NetherlandsUniversal Studios Licensing LLC  DEUniversal Studios Limited  England and WalesUniversal Studios LLC  DEUniversal Television LLC  NYUniversal Television Networks  NYUSJ Co., Ltd.  JapanConsent of Independent Registered Public Accounting Firm  Exhibit 23.1   We consent to the incorporation by reference in Registration Statements on Form S-8 (Nos. 333-101645, 333-101295, 333-104385, 333-121082,333-123059, 333-130844, 333-130845, 333-130847, 333-150976, 333-161468, 333-174416, 333-174417, 333-179638, 333-183008, 333-193903,333-210085, and 333-212716) and Form S-3 (No. 333-212719) of our reports dated February 3, 2017, relating to the consolidated financialstatements and consolidated financial statement schedule of Comcast Corporation, and the effectiveness of Comcast Corporation’s internal controlover financial reporting, appearing in this Annual Report on Form 10-K of Comcast Corporation for the year ended December 31, 2016. / S / D ELOITTE  & T OUCHE LLPPhiladelphia, PennsylvaniaFebruary 3, 2017   171 Comcast 2016 Annual Report on Form 10-KConsent of Independent Registered Public Accounting Firm  Exhibit 23.2   We consent to the incorporation by reference in Registration Statements on Form S-8 (Nos. 333-177681 and 333-215522) and Form S-3 (No.333-212719-01) of our reports dated February 3, 2017, relating to the consolidated financial statements and consolidated financial statementschedule of NBCUniversal Media, LLC appearing in this Annual Report on Form 10-K of NBCUniversal Media, LLC for the year ended December 31,2016. / S / D ELOITTE  & T OUCHE LLPPhiladelphia, PennsylvaniaFebruary 3, 2017  Comcast 2016 Annual Report on Form 10-K 172 Certifications  Exhibit 31.1   I, Brian L. Roberts, certify that: 1. I have reviewed this Annual Report on Form 10-K of Comcast Corporation; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to makethe statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered bythis report; 3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects thefinancial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; 4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined inExchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and15d-15(f)) for the registrant and have:  a)designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under oursupervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us byothers within those entities, particularly during the period in which this report is being prepared;  b)designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under oursupervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements forexternal purposes in accordance with generally accepted accounting principles;  c)evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about theeffectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and  d)disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s mostrecent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an Annual Report) that has materially affected, or is reasonablylikely to materially affect, the registrant’s internal control over financial reporting; and 5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to theregistrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):  a)all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which arereasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and  b)any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internalcontrol over financial reporting. Date: February 3, 2017/ S / B RIAN L. R OBERTSName: Brian L. RobertsTitle: Chief Executive Officer   173 Comcast 2016 Annual Report on Form 10-KI, Michael J. Cavanagh, certify that: 1. I have reviewed this Annual Report on Form 10-K of Comcast Corporation; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to makethe statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered bythis report; 3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects thefinancial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; 4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined inExchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and15d-15(f)) for the registrant and have:  a)designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under oursupervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us byothers within those entities, particularly during the period in which this report is being prepared;  b)designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under oursupervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements forexternal purposes in accordance with generally accepted accounting principles;  c)evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about theeffectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and  d)disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s mostrecent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an Annual Report) that has materially affected, or is reasonablylikely to materially affect, the registrant’s internal control over financial reporting; and 5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to theregistrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):  a)all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which arereasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and  b)any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internalcontrol over financial reporting. Date: February 3, 2017/ S / M ICHAEL J. C AVANAGHName: Michael J. CavanaghTitle: Chief Financial Officer  Comcast 2016 Annual Report on Form 10-K 174 Certifications  Exhibit 31.2   I, Brian L. Roberts, certify that: 1. I have reviewed this Annual Report on Form 10-K of NBCUniversal Media, LLC; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to makethe statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered bythis report; 3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects thefinancial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; 4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined inExchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and15d-15(f)) for the registrant and have:  a)designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under oursupervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us byothers within those entities, particularly during the period in which this report is being prepared;  b)designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under oursupervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements forexternal purposes in accordance with generally accepted accounting principles;  c)evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about theeffectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and  d)disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s mostrecent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an Annual Report) that has materially affected, or is reasonablylikely to materially affect, the registrant’s internal control over financial reporting; and 5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to theregistrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):  a)all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which arereasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and  b)any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internalcontrol over financial reporting. Date: February 3, 2017/ S / B RIAN L. R OBERTSName: Brian L. RobertsTitle: Principal Executive Officer   175 Comcast 2016 Annual Report on Form 10-KI, Michael J. Cavanagh, certify that: 1. I have reviewed this Annual Report on Form 10-K of NBCUniversal Media, LLC; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to makethe statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered bythis report; 3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects thefinancial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; 4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined inExchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and15d-15(f)) for the registrant and have:  a)designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under oursupervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us byothers within those entities, particularly during the period in which this report is being prepared;  b)designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under oursupervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements forexternal purposes in accordance with generally accepted accounting principles;  c)evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about theeffectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and  d)disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s mostrecent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an Annual Report) that has materially affected, or is reasonablylikely to materially affect, the registrant’s internal control over financial reporting; and 5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to theregistrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):  a)all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which arereasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and  b)any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internalcontrol over financial reporting. Date: February 3, 2017/ S / M ICHAEL J. C AVANAGHName: Michael J. CavanaghTitle: Principal Financial Officer  Comcast 2016 Annual Report on Form 10-K 176 Certification Pursuant to Section 906 of the Sarbanes-Oxley Act  Exhibit 32.1   February 3, 2017Securities and Exchange Commission100 F Street, N.E.Washington, D.C. 20549Ladies and Gentlemen:The certification set forth below is being submitted in connection with the Annual Report on Form 10-K of Comcast Corporation (the “Report”) for thepurpose of complying with Rule 13a-14(b) or Rule 15d-14(b) of the Securities Exchange Act of 1934 (the “Exchange Act”) and Section 1350 ofChapter 63 of Title 18 of the United States Code.Brian L. Roberts, the Chief Executive Officer and Michael J. Cavanagh, the Chief Financial Officer of Comcast Corporation, each certifies that, to thebest of his knowledge: 1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Exchange Act; and 2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of ComcastCorporation. / S / B RIAN L. R OBERTSName: Brian L. RobertsTitle: Chief Executive Officer / S / M ICHAEL J. C AVANAGHName: Michael J. CavanaghTitle: Chief Financial Officer    177 Comcast 2016 Annual Report on Form 10-KCertification Pursuant to Section 906 of the Sarbanes-Oxley Act Exhibit 32.2 February 3, 2017Securities and Exchange Commission100 F Street, N.E.Washington, D.C. 20549Ladies and Gentlemen:The certification set forth below is being submitted in connection with the Annual Report on Form 10-K of NBCUniversal Media, LLC (the “Report”)for the purpose of complying with Rule 13a-14(b) or Rule 15d-14(b) of the Securities Exchange Act of 1934 (the “Exchange Act”) and Section 1350of Chapter 63 of Title 18 of the United States Code.Brian L. Roberts, the Principal Executive Officer and Michael J. Cavanagh, the Principal Financial Officer of NBCUniversal Media, LLC, each certifiesthat, to the best of his knowledge: 1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Exchange Act; and 2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of NBCUniversalMedia, LLC. / S / B RIAN L. R OBERTSName: Brian L. RobertsTitle: Principal Executive Officer / S / M ICHAEL J. C AVANAGHName: Michael J. CavanaghTitle: Principal Financial Officer  Comcast 2016 Annual Report on Form 10-K 178 

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