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Microsoft Excel LibreOffice Calc

Comcast Corp. (CMCSA)


Analysis of Income Taxes

Advanced level


Income Tax Expense (Benefit)

Comcast Corp., income tax expense (benefit), continuing operations

US$ in millions

Microsoft Excel LibreOffice Calc
12 months ended Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015
Federal
State
Foreign
Current expense
Federal
State
Foreign
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

Microsoft Excel LibreOffice Calc
Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015
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

Microsoft Excel LibreOffice Calc
Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015
Net operating loss carryforwards
Differences between book and tax basis of investments
Nondeductible accruals and other
Deferred tax assets, gross
Valuation allowance
Deferred tax assets, net
Differences between book and tax basis of property and equipment and intangible assets
Differences between book and tax basis of investments
Differences between book and tax basis of long-term debt
Differences between book and tax basis of foreign subsidiaries and undistributed foreign earnings
Deferred tax liabilities
Net deferred tax asset (liability)

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

Microsoft Excel LibreOffice Calc
Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015
Adjustment to Total Liabilities
Total liabilities (as reported)
Less: Noncurrent deferred tax liabilities, net
Total liabilities (adjusted)
Adjustment to Total Comcast Corporation Shareholders’ Equity
Total Comcast Corporation shareholders’ equity (as reported)
Less: Net deferred tax assets (liabilities)
Total Comcast Corporation shareholders’ equity (adjusted)
Adjustment to Net Income Attributable To Comcast Corporation
Net income attributable to Comcast Corporation (as reported)
Add: Deferred income tax expense (benefit)
Net income attributable to Comcast Corporation (adjusted)

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

Microsoft Excel LibreOffice Calc
Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015
Net Profit Margin
Reported net profit margin
Adjusted net profit margin
Financial Leverage
Reported financial leverage
Adjusted financial leverage
Return on Equity (ROE)
Reported ROE
Adjusted ROE
Return on Assets (ROA)
Reported ROA
Adjusted 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).

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

Microsoft Excel LibreOffice Calc
Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015
As Reported
Selected Financial Data (US$ in millions)
Net income attributable to Comcast Corporation
Revenue
Profitability Ratio
Net profit margin1
Adjusted for Deferred Taxes
Selected Financial Data (US$ in millions)
Adjusted net income attributable to Comcast Corporation
Revenue
Profitability Ratio
Adjusted net profit margin2

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

Microsoft Excel LibreOffice Calc
Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015
As Reported
Selected Financial Data (US$ in millions)
Total assets
Total Comcast Corporation shareholders’ equity
Solvency Ratio
Financial leverage1
Adjusted for Deferred Taxes
Selected Financial Data (US$ in millions)
Total assets
Adjusted total Comcast Corporation shareholders’ equity
Solvency Ratio
Adjusted financial leverage2

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)

Microsoft Excel LibreOffice Calc
Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015
As Reported
Selected Financial Data (US$ in millions)
Net income attributable to Comcast Corporation
Total Comcast Corporation shareholders’ equity
Profitability Ratio
ROE1
Adjusted for Deferred Taxes
Selected Financial Data (US$ in millions)
Adjusted net income attributable to Comcast Corporation
Adjusted total Comcast Corporation shareholders’ equity
Profitability Ratio
Adjusted ROE2

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)

Microsoft Excel LibreOffice Calc
Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015
As Reported
Selected Financial Data (US$ in millions)
Net income attributable to Comcast Corporation
Total assets
Profitability Ratio
ROA1
Adjusted for Deferred Taxes
Selected Financial Data (US$ in millions)
Adjusted net income attributable to Comcast Corporation
Total assets
Profitability Ratio
Adjusted ROA2

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.