Stock Analysis on Net
Stock Analysis on Net
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Comcast Corp. (NASDAQ:CMCSA)

Adjustments to Financial Statements

Advanced level

Adjustments to Current Assets

Comcast Corp., adjusted current assets

US$ in millions

Microsoft Excel LibreOffice Calc
Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015
As Reported
Current assets 25,392  21,848  16,060  16,361  12,303 
Adjustments
Add: Allowance for doubtful accounts 419  352  288  250  226 
After Adjustment
Adjusted current assets 25,811  22,200  16,348  16,611  12,529 

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).


Adjustments to Total Assets

Comcast Corp., adjusted total assets

US$ in millions

Microsoft Excel LibreOffice Calc
Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015
As Reported
Total assets 263,414  251,684  186,949  180,500  166,574 
Adjustments
Add: Operating lease right-of-use asset (before adoption of FASB Topic 842)1 —  4,384  3,335  3,189  2,730 
Add: Allowance for doubtful accounts 419  352  288  250  226 
After Adjustment
Adjusted total assets 263,833  256,420  190,572  183,939  169,530 

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).

1 Operating lease right-of-use asset (before adoption of FASB Topic 842). See details »


Adjustments to Current Liabilities

Comcast Corp., adjusted current liabilities

US$ in millions

Microsoft Excel LibreOffice Calc
Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015
As Reported
Current liabilities 30,292  27,603  21,561  21,535  18,178 
Adjustments
Less: Current deferred revenue 2,768  2,182  1,552  1,132  1,302 
After Adjustment
Adjusted current liabilities 27,524  25,421  20,009  20,403  16,876 

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).


Adjustments to Total Liabilities

Comcast Corp., adjusted total liabilities

US$ in millions

Microsoft Excel LibreOffice Calc
Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015
As Reported
Total liabilities 178,168  177,866  116,143  122,880  111,375 
Adjustments
Add: Operating lease liability (before adoption of FASB Topic 842)1 —  4,384  3,335  3,189  2,730 
Less: Deferred income taxes2 28,180  27,589  24,256  34,854  33,566 
Less: Deferred revenue 3,386  2,832  1,552  1,132  1,302 
After Adjustment
Adjusted total liabilities 146,602  151,829  93,670  90,083  79,237 

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).

1 Operating lease liability (before adoption of FASB Topic 842). See details »

2 Deferred income taxes. See details »


Adjustments to Stockholders’ Equity

Comcast Corp., adjusted total Comcast Corporation shareholders’ equity

US$ in millions

Microsoft Excel LibreOffice Calc
Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015
As Reported
Total Comcast Corporation shareholders’ equity 82,726  71,613  68,606  53,943  52,269 
Adjustments
Less: Net deferred tax asset (liability)1 (28,093) (26,369) (24,202) (34,813) (33,566)
Add: Allowance for doubtful accounts 419  352  288  250  226 
Add: Deferred revenue 3,386  2,832  1,552  1,132  1,302 
Add: Redeemable noncontrolling interests and redeemable subsidiary preferred stock 1,372  1,316  1,357  1,446  1,221 
Add: Noncontrolling interests 1,148  889  843  2,231  1,709 
After Adjustment
Adjusted total equity 117,144  103,371  96,848  93,815  90,293 

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).

1 Net deferred tax asset (liability). See details »


Adjustments to Capitalization Table

Comcast Corp., adjusted capitalization table

US$ in millions

Microsoft Excel LibreOffice Calc
Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015
As Reported
Current portion of long-term debt 4,452  4,398  5,134  5,480  3,627 
Long-term debt, less current portion 97,765  107,345  59,422  55,566  48,994 
Total reported debt 102,217  111,743  64,556  61,046  52,621 
Total Comcast Corporation shareholders’ equity 82,726  71,613  68,606  53,943  52,269 
Total reported capital 184,943  183,356  133,162  114,989  104,890 
Adjustments to Debt
Add: Operating lease liability (before adoption of FASB Topic 842)1 —  4,384  3,335  3,189  2,730 
Add: Current operating lease liability (included in Accrued expenses and other current liabilities)2 715  —  —  —  — 
Add: Noncurrent operating lease liability (included in Other noncurrent liabilities)3 3,891  —  —  —  — 
Adjusted total debt 106,823  116,127  67,891  64,235  55,351 
Adjustments to Equity
Less: Net deferred tax asset (liability)4 (28,093) (26,369) (24,202) (34,813) (33,566)
Add: Allowance for doubtful accounts 419  352  288  250  226 
Add: Deferred revenue 3,386  2,832  1,552  1,132  1,302 
Add: Redeemable noncontrolling interests and redeemable subsidiary preferred stock 1,372  1,316  1,357  1,446  1,221 
Add: Noncontrolling interests 1,148  889  843  2,231  1,709 
Adjusted total equity 117,144  103,371  96,848  93,815  90,293 
After Adjustment
Adjusted total capital 223,967  219,498  164,739  158,050  145,644 

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).

1 Operating lease liability (before adoption of FASB Topic 842). See details »

2 Current operating lease liability (included in Accrued expenses and other current liabilities). See details »

3 Noncurrent operating lease liability (included in Other noncurrent liabilities). See details »

4 Net deferred tax asset (liability). See details »


Adjustments to Revenues

Comcast Corp., adjusted revenue

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
As Reported
Revenue 108,942  94,507  84,526  80,403  74,510 
Adjustment
Add: Increase (decrease) in deferred revenue 554  648  420  (170) 387 
After Adjustment
Adjusted revenue 109,496  95,155  84,946  80,233  74,897 

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).


Adjustments to Reported Income

Comcast Corp., adjusted net income attributable to Comcast Corporation

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
As Reported
Net income attributable to Comcast Corporation 13,057  11,731  22,714  8,695  8,163 
Adjustments
Add: Deferred income tax expense (benefit)1 563  290  (10,655) 1,444  958 
Add: Increase (decrease) in allowance for doubtful accounts 67  64  38  24  21 
Add: Increase (decrease) in deferred revenue 554  648  420  (170) 387 
Add: Other comprehensive income (loss) 1,402  (864) 168  346  (57)
Add: Comprehensive income (loss), net of tax, attributable to noncontrolling interest 253  90  267  424  221 
After Adjustment
Adjusted net income 15,896  11,959  12,952  10,763  9,693 

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).

1 Deferred income tax expense (benefit). See details »