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Comcast Corp. (CMCSA)

Analysis of Property, Plant and Equipment

Difficulty: Advanced

Comcast Corp., balance sheet: property, plant and equipment

US$ in millions

		Dec 31, 2018		Dec 31, 2017		Dec 31, 2016		Dec 31, 2015		Dec 31, 2014
	Cable distribution system
	Customer premises equipment
	Other equipment
	Buildings and leasehold improvements
	Construction in process
	Land
	Property and equipment, at cost
	Accumulated depreciation
	Property and equipment, net

Item	Description	The company
Property and equipment, at cost	Amount before accumulated depreciation, depletion and amortization of physical assets used in the normal conduct of business and not intended for resale. Examples include, but are not limited to, land, buildings, machinery and equipment, office equipment, and furniture and fixtures.	Comcast Corp.’s property and equipment, at cost increased from 2016 to 2017 and from 2017 to 2018.
Property and equipment, net	Amount after accumulated depreciation, depletion and amortization of physical assets used in the normal conduct of business to produce goods and services and not intended for resale. Examples include, but are not limited to, land, buildings, machinery and equipment, office equipment, and furniture and fixtures.	Comcast Corp.’s property and equipment, net increased from 2016 to 2017 and from 2017 to 2018.

Comcast Corp., Property, Plant and Equipment Ratios

		Dec 31, 2018	Dec 31, 2017	Dec 31, 2016	Dec 31, 2015	Dec 31, 2014
	Average age
	Estimated total useful life (years)
	Estimated age, time elapsed since purchase (years)
	Estimated remaining life (years)

Ratio	Description	The company
Average age	As long as straight-line depreciation is used, this is an accurate estimate of asset age as a percentage of depreciable life. The relative age is a useful measure of whether the company’s fixed asset base is old or new. Newer assets are likely to be more efficient.	Comcast Corp.’s average age of depreciable property, plant and equipment improved from 2016 to 2017 and from 2017 to 2018.
Estimated total useful life	Over longer time periods, this ratio is a useful measure of company’s depreciation policy and can be used for comparisons with competitors.	Comcast Corp.’s estimated total useful life of depreciable property, plant and equipment declined from 2016 to 2017 but then increased from 2017 to 2018 exceeding 2016 level.
Estimated time elapsed since purchase	The approximate age in years of a company’s fixed assets. Useful for comparison purposes.	Comcast Corp.’s estimated time elapsed since purchase of depreciable property, plant and equipment improved from 2016 to 2017 and from 2017 to 2018.
Estimated remaining life		Comcast Corp.’s estimated remaining life of depreciable property, plant and equipment increased from 2016 to 2017 and from 2017 to 2018.

		Dec 31, 2018	Dec 31, 2017	Dec 31, 2016	Dec 31, 2015	Dec 31, 2014
	Selected Financial Data (US$ in millions)
	Accumulated depreciation
	Property and equipment, at cost
	Land
	Ratio
	Average age¹

2018 Calculations

¹ Average age = 100 × Accumulated depreciation ÷ (Property and equipment, at cost – Land)
= 100 × hidden ÷ ( hidden – hidden ) = hidden

Ratio	Description	The company
Average age	As long as straight-line depreciation is used, this is an accurate estimate of asset age as a percentage of depreciable life. The relative age is a useful measure of whether the company’s fixed asset base is old or new. Newer assets are likely to be more efficient.	Comcast Corp.’s average age of depreciable property, plant and equipment improved from 2016 to 2017 and from 2017 to 2018.

		Dec 31, 2018	Dec 31, 2017	Dec 31, 2016	Dec 31, 2015	Dec 31, 2014
	Selected Financial Data (US$ in millions)
	Property and equipment, at cost
	Land
	Depreciation expense
	Ratio
	Estimated total useful life (years)¹

2018 Calculations

¹ Estimated total useful life (years) = (Property and equipment, at cost – Land) ÷ Depreciation expense
= ( hidden – hidden ) ÷ hidden = hidden

Ratio	Description	The company
Estimated total useful life	Over longer time periods, this ratio is a useful measure of company’s depreciation policy and can be used for comparisons with competitors.	Comcast Corp.’s estimated total useful life of depreciable property, plant and equipment declined from 2016 to 2017 but then increased from 2017 to 2018 exceeding 2016 level.

		Dec 31, 2018	Dec 31, 2017	Dec 31, 2016	Dec 31, 2015	Dec 31, 2014
	Selected Financial Data (US$ in millions)
	Accumulated depreciation
	Depreciation expense
	Ratio
	Time elapsed since purchase (years)¹

2018 Calculations

¹ Time elapsed since purchase (years) = Accumulated depreciation ÷ Depreciation expense
= hidden ÷ hidden = hidden

Ratio	Description	The company
Estimated time elapsed since purchase	The approximate age in years of a company’s fixed assets. Useful for comparison purposes.	Comcast Corp.’s estimated time elapsed since purchase of depreciable property, plant and equipment improved from 2016 to 2017 and from 2017 to 2018.

		Dec 31, 2018	Dec 31, 2017	Dec 31, 2016	Dec 31, 2015	Dec 31, 2014
	Selected Financial Data (US$ in millions)
	Property and equipment, net
	Land
	Depreciation expense
	Ratio
	Estimated remaining life (years)¹

2018 Calculations

¹ Estimated remaining life (years) = (Property and equipment, net – Land) ÷ Depreciation expense
= ( hidden – hidden ) ÷ hidden = hidden

Ratio	Description	The company
Estimated remaining life		Comcast Corp.’s estimated remaining life of depreciable property, plant and equipment increased from 2016 to 2017 and from 2017 to 2018.

	Comcast Corp.	Other companies (not purchased previously)
Financial Statements
Common-Size Financial Statements
Ratios
Relative Valuation
Discounted Cash Flow (DCF) Valuation
Economic Value Added (EVA)
Long-term Trends
Analysis
Financial Reporting Quality

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Financial Statements
Common-Size Financial Statements
Ratios
Relative Valuation
Discounted Cash Flow (DCF) Valuation
Economic Value Added (EVA)
Long-term Trends
Analysis
Financial Reporting Quality