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Analysis of Income Taxes
- Income Tax Expense (Benefit)
- Effective Income Tax Rate (EITR)
- Components of Deferred Tax Assets and Liabilities
- Adjustments to Financial Statements: Removal of Deferred Taxes
- Adjusted Financial Ratios: Removal of Deferred Taxes (Summary)
- Adjusted Net Profit Margin
- Adjusted Financial Leverage
- Adjusted Return on Equity (ROE)
- Adjusted Return on Assets (ROA)
Income Tax Expense (Benefit)
Comcast Corp., income tax expense (benefit), continuing operations
US$ in millions
12 months ended: | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 | Dec 31, 2015 | ||||||
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Current expense | |||||||||||
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Deferred expense (benefit) | |||||||||||
Income tax expense (benefit) |
Based on: 10-K (filing date: 2020-01-30), 10-K (filing date: 2019-01-31), 10-K (filing date: 2018-01-31), 10-K (filing date: 2017-02-03), 10-K (filing date: 2016-02-05).
Item | Description | The company |
---|---|---|
Current expense | Amount of current income tax expense (benefit) pertaining to taxable income (loss) from continuing operations. | Comcast Corp.’s current expense increased from 2017 to 2018 and from 2018 to 2019. |
Deferred expense (benefit) | Amount of deferred income tax expense (benefit) pertaining to income (loss) from continuing operations. | Comcast Corp.’s deferred expense (benefit) increased from 2017 to 2018 and from 2018 to 2019. |
Income tax expense (benefit) | Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations. | Comcast Corp.’s income tax expense (benefit) increased from 2017 to 2018 and from 2018 to 2019. |
Effective Income Tax Rate (EITR)
Comcast Corp., effective income tax rate (EITR) reconciliation
Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 | Dec 31, 2015 | ||
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Federal statutory tax rate | ||||||
Effective income tax rate |
Based on: 10-K (filing date: 2020-01-30), 10-K (filing date: 2019-01-31), 10-K (filing date: 2018-01-31), 10-K (filing date: 2017-02-03), 10-K (filing date: 2016-02-05).
Item | Description | The company |
---|---|---|
Effective income tax rate | Percentage of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations. | Comcast Corp.’s effective income tax rate increased from 2017 to 2018 but then slightly decreased from 2018 to 2019. |
Components of Deferred Tax Assets and Liabilities
Comcast Corp., components of deferred tax assets and liabilities
US$ in millions
Based on: 10-K (filing date: 2020-01-30), 10-K (filing date: 2019-01-31), 10-K (filing date: 2018-01-31), 10-K (filing date: 2017-02-03), 10-K (filing date: 2016-02-05).
Item | Description | The company |
---|---|---|
Deferred tax assets, gross | Amount before allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences and carryforwards. | Comcast Corp.’s deferred tax assets, gross increased from 2017 to 2018 and from 2018 to 2019. |
Deferred tax assets, net | Amount after allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences and carryforwards. | Comcast Corp.’s deferred tax assets, net increased from 2017 to 2018 but then slightly decreased from 2018 to 2019 not reaching 2017 level. |
Net deferred tax asset (liability) | Amount, after allocation of valuation allowances and deferred tax liability, of deferred tax asset attributable to deductible differences and carryforwards, without jurisdictional netting. | Comcast Corp.’s net deferred tax asset (liability) decreased from 2017 to 2018 and from 2018 to 2019. |
Adjustments to Financial Statements: Removal of Deferred Taxes
Comcast Corp., adjustments to financial statements
US$ in millions
Based on: 10-K (filing date: 2020-01-30), 10-K (filing date: 2019-01-31), 10-K (filing date: 2018-01-31), 10-K (filing date: 2017-02-03), 10-K (filing date: 2016-02-05).
Comcast Corp., Financial Data: Reported vs. Adjusted
Adjusted Financial Ratios: Removal of Deferred Taxes (Summary)
Comcast Corp., adjusted financial ratios
Based on: 10-K (filing date: 2020-01-30), 10-K (filing date: 2019-01-31), 10-K (filing date: 2018-01-31), 10-K (filing date: 2017-02-03), 10-K (filing date: 2016-02-05).
Financial ratio | Description | The company |
---|---|---|
Adjusted net profit margin | An indicator of profitability, calculated as adjusted net income divided by total revenue. | Comcast Corp.’s adjusted net profit margin ratio deteriorated from 2017 to 2018 and from 2018 to 2019. |
Adjusted financial leverage | A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity. Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income. |
Comcast Corp.’s adjusted financial leverage ratio increased from 2017 to 2018 but then slightly decreased from 2018 to 2019. |
Adjusted ROE | A profitability ratio calculated as adjusted net income divided by adjusted shareholders’ equity. | Comcast Corp.’s adjusted ROE deteriorated from 2017 to 2018 but then slightly improved from 2018 to 2019. |
Adjusted ROA | A profitability ratio calculated as adjusted net income divided by adjusted total assets. | Comcast Corp.’s adjusted ROA deteriorated from 2017 to 2018 but then slightly improved from 2018 to 2019. |
Comcast Corp., Financial Ratios: Reported vs. Adjusted
Adjusted Net Profit Margin
Based on: 10-K (filing date: 2020-01-30), 10-K (filing date: 2019-01-31), 10-K (filing date: 2018-01-31), 10-K (filing date: 2017-02-03), 10-K (filing date: 2016-02-05).
2019 Calculations
1 Net profit margin = 100 × Net income attributable to Comcast Corporation ÷ Revenue
= 100 × ÷ =
2 Adjusted net profit margin = 100 × Adjusted net income attributable to Comcast Corporation ÷ Revenue
= 100 × ÷ =
Profitability ratio | Description | The company |
---|---|---|
Adjusted net profit margin | An indicator of profitability, calculated as adjusted net income divided by total revenue. | Comcast Corp.’s adjusted net profit margin ratio deteriorated from 2017 to 2018 and from 2018 to 2019. |
Adjusted Financial Leverage
Based on: 10-K (filing date: 2020-01-30), 10-K (filing date: 2019-01-31), 10-K (filing date: 2018-01-31), 10-K (filing date: 2017-02-03), 10-K (filing date: 2016-02-05).
2019 Calculations
1 Financial leverage = Total assets ÷ Total Comcast Corporation shareholders’ equity
= ÷ =
2 Adjusted financial leverage = Total assets ÷ Adjusted total Comcast Corporation shareholders’ equity
= ÷ =
Solvency ratio | Description | The company |
---|---|---|
Adjusted financial leverage | A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity. Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income. |
Comcast Corp.’s adjusted financial leverage ratio increased from 2017 to 2018 but then slightly decreased from 2018 to 2019. |
Adjusted Return on Equity (ROE)
Based on: 10-K (filing date: 2020-01-30), 10-K (filing date: 2019-01-31), 10-K (filing date: 2018-01-31), 10-K (filing date: 2017-02-03), 10-K (filing date: 2016-02-05).
2019 Calculations
1 ROE = 100 × Net income attributable to Comcast Corporation ÷ Total Comcast Corporation shareholders’ equity
= 100 × ÷ =
2 Adjusted ROE = 100 × Adjusted net income attributable to Comcast Corporation ÷ Adjusted total Comcast Corporation shareholders’ equity
= 100 × ÷ =
Profitability ratio | Description | The company |
---|---|---|
Adjusted ROE | A profitability ratio calculated as adjusted net income divided by adjusted shareholders’ equity. | Comcast Corp.’s adjusted ROE deteriorated from 2017 to 2018 but then slightly improved from 2018 to 2019. |
Adjusted Return on Assets (ROA)
Based on: 10-K (filing date: 2020-01-30), 10-K (filing date: 2019-01-31), 10-K (filing date: 2018-01-31), 10-K (filing date: 2017-02-03), 10-K (filing date: 2016-02-05).
2019 Calculations
1 ROA = 100 × Net income attributable to Comcast Corporation ÷ Total assets
= 100 × ÷ =
2 Adjusted ROA = 100 × Adjusted net income attributable to Comcast Corporation ÷ Total assets
= 100 × ÷ =
Profitability ratio | Description | The company |
---|---|---|
Adjusted ROA | A profitability ratio calculated as adjusted net income divided by adjusted total assets. | Comcast Corp.’s adjusted ROA deteriorated from 2017 to 2018 but then slightly improved from 2018 to 2019. |