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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2022
Or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                       to       
               
cmcsa-20220930_g1.jpg
Commission File Number
Exact Name of Registrant; State of
Incorporation; Address and Telephone
Number of Principal Executive Offices
I.R.S. Employer Identification No.
001-32871
COMCAST CORPORATION
27-0000798
Pennsylvania
One Comcast Center
Philadelphia, PA 19103-2838
(215286-1700

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Class A Common Stock, $0.01 par valueCMCSAThe Nasdaq Stock Market LLC
0.000% Notes due 2026CMCS26The Nasdaq Stock Market LLC
0.250% Notes due 2027CMCS27The Nasdaq Stock Market LLC
1.500% Notes due 2029CMCS29The Nasdaq Stock Market LLC
0.250% Notes due 2029CMCS29AThe Nasdaq Stock Market LLC
0.750% Notes due 2032CMCS32The Nasdaq Stock Market LLC
1.875% Notes due 2036CMCS36The Nasdaq Stock Market LLC
1.250% Notes due 2040CMCS40The Nasdaq Stock Market LLC
9.455% Guaranteed Notes due 2022CMCSA/22New York Stock Exchange
5.50% Notes due 2029CCGBP29New York Stock Exchange
2.0% Exchangeable Subordinated Debentures due 2029CCZNew York Stock Exchange
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 twelve months (or for such 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. Yes No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
Accelerated filer
Non-accelerated filer
Smaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date:
As of September 30, 2022, there were 4,313,964,319 shares of Comcast Corporation Class A common stock and 9,444,375 shares of Class B common stock outstanding.



TABLE OF CONTENTS
  
  
Page
Number
Item 1.
Item 2.
Item 3.
Item 4.
Item 1.
Item 1A.
Item 2.
Item 5.
Item 6.
 
Explanatory Note
This Quarterly Report on Form 10-Q is for the three and nine months ended September 30, 2022. This Quarterly Report on Form 10-Q modifies and supersedes documents filed before it. The U.S. Securities and Exchange Commission (“SEC”) allows us to “incorporate by reference” information that we file with it, which means that we can disclose important information to you by referring you directly to those documents. Information incorporated by reference is considered to be part of this Quarterly Report on Form 10-Q. In addition, information that we file with the SEC in the future will automatically update and supersede information contained in this Quarterly Report on Form 10-Q.
Unless indicated otherwise, throughout this Quarterly Report on Form 10-Q, we refer to Comcast and its consolidated subsidiaries, as “Comcast,” “we,” “us” and “our;” Comcast Cable Communications, LLC and its consolidated subsidiaries as “Comcast Cable;” Comcast Holdings Corporation as “Comcast Holdings;” NBCUniversal Media, LLC and its consolidated subsidiaries as “NBCUniversal;” and Sky Limited and its consolidated subsidiaries as “Sky.”
Numerical information in this report is presented on a rounded basis using actual amounts. Minor differences in totals and percentage calculations may exist due to rounding.
CAUTION CONCERNING FORWARD-LOOKING STATEMENTS
This Quarterly Report on Form 10-Q includes statements that may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements are not historical facts or statements of current conditions, but instead represent only our beliefs regarding future events, many of which, by their nature, are inherently uncertain and outside of our control. These may include estimates, projections and statements relating to our business plans, objectives and expected operating results, which are based on current expectations and assumptions that are subject to risks and uncertainties that may cause actual results to differ materially. These forward-looking statements are generally identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “potential,” “strategy,” “future,” “opportunity,” “commit,” “plan,” “goal,” “may,” “should,” “could,” “will,” “would,” “will be,” “will continue,” “will likely result” and similar expressions.
In evaluating forward-looking statements, you should consider various factors, including the risks and uncertainties we describe in the “Risk Factors” sections of our Forms 10-K and 10-Q and 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 government



regulation; economic, strategic, political and social conditions; consumer response to new and existing products and services; technological developments; and the ability to develop and protect intellectual property rights. Any of these factors could cause our actual results to differ materially from our forward-looking statements, which could adversely affect our businesses, results of operations or financial condition. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date they are made. We undertake no obligation to update or revise publicly any forward-looking statements, whether because of new information, future events or otherwise.
Our businesses may be affected by, among other things, the following:
the COVID-19 pandemic has had, and may continue to have, a material adverse effect on our businesses and results of operations
our businesses operate in highly competitive and dynamic industries, and our businesses and results of operations could be adversely affected if we do not compete effectively
changes in consumer behavior continue to adversely affect our businesses and challenge existing business models
a decline in advertisers’ expenditures or changes in advertising markets could negatively impact our businesses
programming expenses for our video services are increasing, which could adversely affect Cable Communications’ video businesses
NBCUniversal’s and Sky’s success depends on consumer acceptance of their content, and their businesses may be adversely affected if their content fails to achieve sufficient consumer acceptance or the costs to create or acquire content increase
the loss of programming distribution and licensing agreements, or the renewal of these agreements on less favorable terms, could adversely affect our businesses
less favorable European telecommunications access regulations, the loss of Sky’s transmission access agreements with satellite or telecommunications providers or the renewal of these agreements on less favorable terms could adversely affect Sky’s businesses
our businesses depend on using and protecting certain intellectual property rights and on not infringing the intellectual property rights of others
we may be unable to obtain necessary hardware, software and operational support
our businesses depend on keeping pace with technological developments
a cyber attack, information or security breach, or technology disruption or failure may negatively impact our ability to conduct our business or result in the misuse of confidential information, all of which could adversely affect our business, reputation and results of operations
weak economic conditions may have a negative impact on our businesses
acquisitions and other strategic initiatives present many risks, and we may not realize the financial and strategic goals that we had contemplated
we face risks relating to doing business internationally that could adversely affect our businesses
natural disasters, severe weather and other uncontrollable events could adversely affect our business, reputation and results of operations
the loss of key management personnel or popular on-air and creative talent could have an adverse effect on our businesses
we are subject to regulation by federal, state, local and foreign authorities, which impose additional costs and restrictions on our businesses
unfavorable litigation or governmental investigation results could require us to pay significant amounts or lead to onerous operating procedures
labor disputes, whether involving employees or sports organizations, may disrupt our operations and adversely affect our businesses
our Class B common stock has substantial voting rights and separate approval rights over several potentially material transactions, and our Chairman and CEO has considerable influence over our company through his beneficial ownership of our Class B common stock



PART I: FINANCIAL INFORMATION
ITEM 1: FINANCIAL STATEMENTS
Comcast Corporation
Condensed Consolidated Statement of Income
(Unaudited)
 Three Months Ended
September 30,
Nine Months Ended
September 30,
(in millions, except per share data)2022202120222021
Revenue$29,849 $30,298 $90,874 $86,049 
Costs and Expenses:
Programming and production8,949 10,395 28,406 28,570 
Other operating and administrative9,344 8,981 27,701 25,799 
Advertising, marketing and promotion2,066 1,995 6,324 5,462 
Depreciation2,150 2,177 6,525 6,407 
Amortization1,183 1,301 3,824 3,815 
Goodwill and long-lived asset impairments8,583  8,583  
Total costs and expenses32,274 24,848 81,363 70,053 
Operating income (loss)(2,425)5,450 9,511 15,996 
Interest expense(960)(1,050)(2,922)(3,161)
Investment and other income (loss), net(266)766 (975)2,374 
Income (loss) before income taxes(3,652)5,166 5,614 15,208 
Income tax expense(1,014)(1,235)(3,562)(4,354)
Net income (loss)(4,665)3,931 2,052 10,854 
Less: Net income (loss) attributable to noncontrolling interests(68)(104)(295)(249)
Net income (loss) attributable to Comcast Corporation$(4,598)$4,035 $2,347 $11,102 
Basic earnings (loss) per common share attributable to Comcast Corporation shareholders$(1.05)$0.88 $0.53 $2.42 
Diluted earnings (loss) per common share attributable to Comcast Corporation shareholders$(1.05)$0.86 $0.52 $2.38 
See accompanying notes to condensed consolidated financial statements.
1


Comcast Corporation
Condensed Consolidated Statement of Comprehensive Income
(Unaudited) 
 Three Months Ended
September 30,
Nine Months Ended
September 30,
(in millions)2022202120222021
Net income (loss)$(4,665)$3,931 $2,052 $10,854 
Currency translation adjustments, net of deferred taxes of $15, $231, $304 and $122
(2,464)(692)(6,337)(666)
Cash flow hedges:
Deferred gains (losses), net of deferred taxes of $4, $1, $(34) and $(16)
108 46 401 151 
Realized (gains) losses reclassified to net income, net of deferred taxes of $(10), $(7), $(26) and $(7)
(56)(9)(118)(5)
Employee benefit obligations and other, net of deferred taxes of $9, $2, $14 and $7
(29)(8)(50)(25)
Comprehensive income (loss)(7,106)3,268 (4,053)10,309 
Less: Net income (loss) attributable to noncontrolling interests(68)(104)(295)(249)
Less: Other comprehensive income (loss) attributable to noncontrolling interests(56)2 (68)11 
Comprehensive income (loss) attributable to Comcast Corporation$(6,983)$3,370 $(3,689)$10,546 
See accompanying notes to condensed consolidated financial statements.
2


Comcast Corporation
Condensed Consolidated Statement of Cash Flows
(Unaudited) 
 Nine Months Ended
September 30,
(in millions)20222021
Operating Activities
Net income$2,052 $10,854 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization10,349 10,222 
Goodwill and long-lived asset impairments8,583  
Share-based compensation989 1,019 
Noncash interest expense (income), net234 287 
Net (gain) loss on investment activity and other1,172 (1,953)
Deferred income taxes(326)2,087 
Changes in operating assets and liabilities, net of effects of acquisitions and divestitures:
Current and noncurrent receivables, net(574)(720)
Film and television costs, net(753)(541)
Accounts payable and accrued expenses related to trade creditors152 667 
Other operating assets and liabilities(1,347)(465)
Net cash provided by operating activities20,530 21,457 
Investing Activities
Capital expenditures(7,062)(6,146)
Cash paid for intangible assets(2,152)(2,006)
Construction of Universal Beijing Resort(221)(825)
Acquisitions, net of cash acquired(1)(167)
Proceeds from sales of businesses and investments1,197 500 
Purchases of investments(2,089)(122)
Other170 359 
Net cash provided by (used in) investing activities(10,158)(8,406)
Financing Activities
Proceeds from borrowings166 2,515 
Repurchases and repayments of debt(301)(9,041)
Repurchases of common stock under repurchase program and employee plans(9,813)(2,617)
Dividends paid(3,571)(3,387)
Other219 (416)
Net cash provided by (used in) financing activities(13,299)(12,946)
Impact of foreign currency on cash, cash equivalents and restricted cash(122)(15)
Increase (decrease) in cash, cash equivalents and restricted cash(3,049)90 
Cash, cash equivalents and restricted cash, beginning of period8,778 11,768 
Cash, cash equivalents and restricted cash, end of period$5,729 $11,858 
See accompanying notes to condensed consolidated financial statements.
3


Comcast Corporation
Condensed Consolidated Balance Sheet
(Unaudited)
(in millions, except share data)September 30,
2022
December 31,
2021
Assets
Current Assets:
Cash and cash equivalents$5,695 $8,711 
Receivables, net11,918 12,008 
Other current assets5,803 4,088 
Total current assets23,416 24,807 
Film and television costs12,685 12,806 
Investments7,318 8,082 
Investment securing collateralized obligation539 605 
Property and equipment, net of accumulated depreciation of $56,638 and $55,611
53,555 54,047 
Goodwill56,414 70,189 
Franchise rights59,365 59,365 
Other intangible assets, net of accumulated amortization of $25,446 and $23,545
28,604 33,580 
Other noncurrent assets, net12,411 12,424 
Total assets$254,308 $275,905 
Liabilities and Equity
Current Liabilities:
Accounts payable and accrued expenses related to trade creditors$12,241 $12,455 
Accrued participations and residuals1,725 1,822 
Deferred revenue2,757 3,040 
Accrued expenses and other current liabilities9,229 9,899 
Current portion of long-term debt2,047 2,132 
Total current liabilities27,999 29,348 
Long-term debt, less current portion90,404 92,718 
Collateralized obligation5,172 5,170 
Deferred income taxes29,102 30,041 
Other noncurrent liabilities20,288 20,620 
Commitments and contingencies
Redeemable noncontrolling interests409 519 
Equity:
Preferred stock—authorized, 20,000,000 shares; issued, zero
  
Class A common stock, $0.01 par value—authorized, 7,500,000,000 shares; issued, 5,186,755,347 and 5,396,576,978; outstanding, 4,313,964,319 and 4,523,785,950
52 54 
Class B common stock, $0.01 par value—authorized, 75,000,000 shares; issued and outstanding, 9,444,375
  
Additional paid-in capital39,775 40,173 
Retained earnings52,541 61,902 
Treasury stock, 872,791,028 Class A common shares
(7,517)(7,517)
Accumulated other comprehensive income (loss)(4,555)1,480 
Total Comcast Corporation shareholders’ equity80,296 96,092 
Noncontrolling interests637 1,398 
Total equity80,933 97,490 
Total liabilities and equity$254,308 $275,905 
See accompanying notes to condensed consolidated financial statements.
4


Comcast Corporation
Condensed Consolidated Statement of Changes in Equity
(Unaudited)
Three Months Ended
September 30,
Nine Months Ended
September 30,
(in millions, except per share data)2022202120222021
Redeemable Noncontrolling Interests
Balance, beginning of period$513 $530 $519 $1,280 
Redemption of subsidiary preferred stock   (725)
Contributions from (distributions to) noncontrolling interests, net
(31)(19)(64)(59)
Other(80) (80)(10)
Net income (loss)7 9 34 33 
Balance, end of period$409 $520 $409 $520 
Class A Common Stock
Balance, beginning of period$53 $55 $54 $54 
Issuances (repurchases) of common stock under repurchase program and employee plans(1) (2) 
Balance, end of period$52 $54 $52 $54 
Additional Paid-In Capital
Balance, beginning of period$39,852 $40,046 $40,173 $39,464 
Stock compensation plans245 233 767 802 
Repurchases of common stock under repurchase program and employee plans(637)(209)(1,713)(340)
Employee stock purchase plans63 62 213 201 
Other252 2 335 7 
Balance, end of period$39,775 $40,134 $39,775 $40,134 
Retained Earnings
Balance, beginning of period$61,209 $60,359 $61,902 $56,438 
Repurchases of common stock under repurchase program and employee plans(2,890)(1,458)(8,100)(2,290)
Dividends declared(1,179)(1,153)(3,607)(3,470)
Other(2) (1)4 
Net income (loss)(4,598)4,035 2,347 11,102 
Balance, end of period$52,541 $61,783 $52,541 $61,783 
Treasury Stock at Cost
Balance, beginning of period$(7,517)$(7,517)$(7,517)$(7,517)
Balance, end of period$(7,517)$(7,517)$(7,517)$(7,517)
Accumulated Other Comprehensive Income (Loss)
Balance, beginning of period$(2,170)$1,992 $1,480 $1,884 
Other comprehensive income (loss)(2,385)(664)(6,035)(556)
Balance, end of period$(4,555)$1,328 $(4,555)$1,328 
Noncontrolling Interests
Balance, beginning of period$1,132 $1,581 $1,398 $1,415 
Other comprehensive income (loss)(56)2 (68)11 
Contributions from (distributions to) noncontrolling interests, net
(86)55 (86)379 
Other(278)(2)(277) 
Net income (loss)(75)(112)(329)(282)
Balance, end of period$637 $1,524 $637 $1,524 
Total equity$80,933 $97,306 $80,933 $97,306 
Cash dividends declared per common share$0.27 $0.25 $0.81 $0.75 
See accompanying notes to condensed consolidated financial statements.
5


Comcast Corporation
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
Note 1: Condensed Consolidated Financial Statements
Basis of Presentation
We have prepared these unaudited condensed consolidated financial statements based on SEC rules that permit reduced disclosure for interim periods. These financial statements include all adjustments that are necessary for a fair presentation of our consolidated results of operations, cash flows and financial condition for the periods shown, including normal, recurring accruals and other items. The consolidated results of operations for the interim periods presented are not necessarily indicative of results for the full year.
The year-end condensed consolidated balance sheet was derived from audited financial statements but does not include all disclosures required by generally accepted accounting principles in the United States (“GAAP”). For a more complete discussion of our accounting policies and certain other information, refer to our consolidated financial statements included in our 2021 Annual Report on Form 10-K and the notes within this Quarterly Report on Form 10-Q.
Note 2: Segment Information
We present our operations in five reportable business segments: (1) Comcast Cable in one reportable business segment, referred to as Cable Communications; (2) NBCUniversal in three reportable business segments: Media, Studios and Theme Parks (collectively, the “NBCUniversal segments”); and (3) Sky in one reportable business segment.
Cable Communications is a leading provider of broadband, video, voice, wireless, and other services to residential customers in the United States under the Xfinity brand. We also provide these and other services to business customers and sell advertising.
Media consists primarily of NBCUniversal’s television and streaming platforms, including national, regional and international cable networks; the NBC and Telemundo broadcast networks; NBC and Telemundo owned local broadcast television stations; and Peacock, our direct-to-consumer streaming service.
Studios consists primarily of NBCUniversal’s film and television studio production and distribution operations.
Theme Parks consists primarily of our Universal theme parks in Orlando, Florida; Hollywood, California; Osaka, Japan; and Beijing, China.
Sky is one of Europes leading entertainment companies, which primarily includes a direct-to-consumer business, providing video, broadband, voice and wireless phone services, and a content business, operating entertainment networks, the Sky News broadcast network and Sky Sports networks.
Our other business interests consist primarily of the operations of Comcast Spectacor, which owns the Philadelphia Flyers and the Wells Fargo Center arena in Philadelphia, Pennsylvania, and other business initiatives.
We use Adjusted EBITDA to evaluate the profitability of our operating segments and the components of net income attributable to Comcast Corporation excluded from Adjusted EBITDA are not separately evaluated. Our financial data by reportable segment is presented in the tables below.
6


Comcast Corporation
 Three Months Ended September 30, 2022
(in millions)
Revenue(a)
Adjusted EBITDA(b)
Depreciation and AmortizationCapital
Expenditures
Cash Paid for Intangible Assets
Cable Communications$16,539 $7,452 $1,945 $2,021 $369 
NBCUniversal
Media5,230 583 198 25 63 
Studios3,163 537 11 1 4 
Theme Parks2,064 819 266 450 15 
Headquarters and Other22 (199)121 137 46 
Eliminations(a)
(909)(59)   
NBCUniversal9,570 1,681 596 614 129 
Sky(c)
4,253 701 722 96 183 
Corporate and Other147 (378)70 59 87 
Eliminations(a)
(660)26    
Comcast Consolidated$29,849 $9,482 $3,333 $2,791 $769 
Three Months Ended September 30, 2021
(in millions)
Revenue(a)
Adjusted EBITDA(b)
Depreciation and AmortizationCapital
Expenditures
Cash Paid for Intangible Assets
Cable Communications$16,115 $7,069 $1,965 $1,673 $370 
NBCUniversal
Media6,770 997 248 20 38 
Studios2,407 179 14 1 3 
Theme Parks1,449 434 213 122 8 
Headquarters and Other28 (248)115 87 36 
Eliminations(a)
(654)(12)   
NBCUniversal10,001 1,349 591 229 85 
Sky4,988 971 884 160 221 
Corporate and Other65 (335)38 80 48 
Eliminations(a)
(871)(98)   
Comcast Consolidated$30,298 $8,957 $3,477 $2,142 $723 
 Nine Months Ended September 30, 2022
(in millions)
Revenue(a)
Adjusted EBITDA(b)
Depreciation and Amortization
Capital
Expenditures
Cash Paid for Intangible Assets
Cable Communications$49,680 $22,172 $5,850 $5,164 $1,113 
NBCUniversal
Media17,427 3,080 698 59 152 
Studios8,885 783 34 3 12 
Theme Parks5,428 1,902 814 990 30 
Headquarters and Other46 (528)363 331 122 
Eliminations(a)
(2,474)(98)   
NBCUniversal29,311 5,138 1,909 1,383 315 
Sky(c)
13,529 2,185 2,402 373 506 
Corporate and Other549 (944)188 141 219 
Eliminations(a)
(2,196)(93)   
Comcast Consolidated$90,874 $28,459 $10,349 $7,062 $2,152 
7


Comcast Corporation
 Nine Months Ended September 30, 2021
(in millions)
Revenue(a)
Adjusted EBITDA(b)
Depreciation and Amortization
Capital
Expenditures
Cash Paid for Intangible Assets
Cable Communications$47,922 $20,972 $5,845 $4,739 $1,022 
NBCUniversal
Media16,955 3,847 749 49 112 
Studios7,027 833 39 2 9 
Theme Parks3,163 593 615 348 23 
Headquarters and Other65 (643)356 184 93 
Eliminations(a)
(2,230)(238)   
NBCUniversal24,981 4,392 1,759 584 238 
Sky15,205 1,895 2,524 615 633 
Corporate and Other246 (876)95 208 113 
Eliminations(a)
(2,304)(87)   
Comcast Consolidated$86,049 $26,297 $10,222 $6,146 $2,006 
(a)Included in Eliminations are transactions that our segments enter into with one another. Our segments generally report transactions with one another as if they were stand-alone businesses in accordance with GAAP, and these transactions are eliminated in consolidation. When multiple segments enter into transactions to provide products and services to third parties, revenue is generally allocated to our segments based on relative value. The most significant transactions between our segments include content licensing revenue in Studios for licenses of owned content to Media and Sky; distribution revenue in Media for fees received from Cable Communications for the sale of cable network programming and under retransmission consent agreements; and advertising revenue in Media and Cable Communications. Revenue for licenses of content from Studios to Media and Sky is generally recognized at a point in time, consistent with the recognition of transactions with third parties, when the content is delivered and made available for use. The costs of these licenses in Media and Sky are recognized as the content is used over the license period. The difference in timing of recognition between segments results in an Adjusted EBITDA impact in eliminations, as the profits (losses) on these transactions are deferred in our consolidated results and recognized as the content is used over the license period.
A summary of revenue for each of our segments resulting from transactions with other segments and eliminated in consolidation is presented in the table below.
Three Months Ended
September 30,
Nine Months Ended
September 30,
(in millions)2022202120222021
Cable Communications$55 $69 $172 $162 
NBCUniversal
Media514 714 1,705 1,799 
Studios946 682 2,617 2,357 
Theme Parks  1 1 
Headquarters and Other16 23 34 52 
Sky5 3 13 26 
Corporate and Other34 32 127 137 
Total intersegment revenue$1,569 $1,525 $4,670 $4,535 
(b)We use Adjusted EBITDA as the measure of profit or loss for our operating segments. From time to time we may report the impact of certain events, gains, losses or other charges related to our operating segments within Corporate and Other. Our reconciliation of the aggregate amount of Adjusted EBITDA for our reportable segments to consolidated income before income taxes is presented in the table below.
 Three Months Ended
September 30,
Nine Months Ended
September 30,
(in millions)
2022202120222021
Adjusted EBITDA$9,482 $8,957 $28,459 $26,297 
Adjustments9 (30)(15)(79)
Depreciation(2,150)(2,177)(6,525)(6,407)
Amortization(1,183)(1,301)(3,824)(3,815)
Goodwill and long-lived asset impairments(8,583) (8,583) 
Interest expense
(960)(1,050)(2,922)(3,161)
Investment and other income (loss), net(266)766 (975)