COMCAST CORPCMCSA
COMCAST CORP Goodwill & Intangibles Disclosure
Note 10: Goodwill and Intangible Assets | ||
| Goodwill | ||||||||||||||||||||||||||||||||
| (in billions) | Residential Connectivity & Platforms | Business Services Connectivity | Media | Studios | Theme Parks | Total | ||||||||||||||
Balance, December 31, 2023 | ||||||||||||||||||||
| Goodwill | $ | 34.5 | $ | 2.2 | $ | 21.9 | $ | 3.7 | $ | 5.4 | $ | 67.8 | ||||||||
Accumulated impairment losses | (6.3) | — | (2.2) | — | — | (8.5) | ||||||||||||||
| $ | 28.2 | $ | 2.2 | $ | 19.7 | $ | 3.7 | $ | 5.4 | $ | 59.3 | |||||||||
| Foreign currency translation and other | (0.4) | — | (0.2) | — | (0.5) | (1.0) | ||||||||||||||
Balance, December 31, 2024 | ||||||||||||||||||||
| Goodwill | $ | 33.9 | $ | 2.2 | $ | 21.7 | $ | 3.7 | $ | 5.0 | $ | 66.4 | ||||||||
Accumulated impairment losses | (6.1) | — | (2.2) | — | — | (8.2) | ||||||||||||||
| $ | 27.8 | $ | 2.2 | $ | 19.5 | $ | 3.7 | $ | 5.0 | $ | 58.2 | |||||||||
Acquisitions | — | 1.1 | — | — | — | 1.1 | ||||||||||||||
| Foreign currency translation and other | 1.5 | — | 0.5 | — | — | 2.1 | ||||||||||||||
Balance, December 31, 2025 | ||||||||||||||||||||
| Goodwill | $ | 36.0 | $ | 3.4 | $ | 22.4 | $ | 3.7 | $ | 5.0 | $ | 70.6 | ||||||||
Accumulated impairment losses | (6.7) | — | (2.4) | — | — | (9.0) | ||||||||||||||
| $ | 29.3 | $ | 3.4 | $ | 20.1 | $ | 3.7 | $ | 5.0 | $ | 61.5 | |||||||||
Goodwill is calculated as the excess of the consideration transferred over the identifiable net assets acquired in a business combination and represents the future economic benefits expected to arise from anticipated synergies and intangible assets acquired that do not qualify for separate recognition, including increased footprint, assembled workforce, noncontractual relationships and other agreements. We assess the recoverability of our goodwill annually, or more frequently whenever events or substantive changes in circumstances indicate that the carrying amount of a reporting unit may exceed its fair value. We test goodwill for impairment at the reporting unit level. To determine our reporting units, we evaluate the components one level below the segment level and we aggregate the components if they have similar economic characteristics. We evaluate the determination of our reporting units used to test for impairment periodically or whenever events or substantive changes in circumstances occur. The assessment of recoverability may first consider qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is more likely than not that the fair value of a reporting unit is less than its carrying amount. A quantitative assessment is performed if the qualitative assessment results in a more-likely-than-not determination or if a qualitative assessment is not performed. The quantitative assessment considers whether the carrying amount of a reporting unit exceeds its fair value, in which case an impairment charge is recorded to the extent the reporting unit’s carrying value exceeds its fair value. Unless presented separately, the impairment charge is included as a component of amortization expense.
Intangible Assets | |||||||||||||||||
| 2025 | 2024 | ||||||||||||||||
| December 31 (in billions) | Weighted-Average Original Useful Life as of December 31, 2025 | Gross Carrying Amount | Accumulated Amortization | Gross Carrying Amount | Accumulated Amortization | ||||||||||||
| Indefinite-Lived Intangible Assets: | |||||||||||||||||
| Franchise rights | N/A | $ | 59.4 | $ | 59.4 | ||||||||||||
| FCC licenses | N/A | 2.8 | 2.8 | ||||||||||||||
Total | $ | 62.2 | $ | 62.2 | |||||||||||||
| Finite-Lived Intangible Assets: | |||||||||||||||||
| Customer relationships | 13 years | $ | 21.4 | $ | (17.9) | $ | 20.5 | $ | (15.1) | ||||||||
| Software | 5 years | 25.8 | (18.1) | 24.9 | (16.2) | ||||||||||||
| Other agreements and rights | 28 years | 11.8 | (3.4) | 11.4 | (2.7) | ||||||||||||
| Total | $ | 59.0 | $ | (39.4) | $ | 56.8 | $ | (34.0) | |||||||||
Indefinite-Lived Intangible Assets
Indefinite-lived intangible assets consist primarily of our cable franchise rights. Our cable franchise rights represent the values we attributed to agreements with state and local authorities that allow access to homes and businesses in cable service areas acquired in business combinations. We do not amortize our cable franchise rights because we have determined that they meet the definition of indefinite-lived intangible assets since there are no legal, regulatory, contractual, competitive, economic or other factors that limit the period over which these rights will contribute to our cash flows. We reassess this determination periodically or whenever events or substantive changes in circumstances occur.
We assess the recoverability of our cable franchise rights and other indefinite-lived intangible assets annually, or more frequently whenever events or substantive changes in circumstances indicate that the assets might be impaired. We evaluate the unit of account used to test for impairment of our cable franchise rights and other indefinite-lived intangible assets periodically or whenever events or substantive changes in circumstances occur to ensure impairment testing is performed at an appropriate level. The assessment of recoverability may first consider qualitative factors to determine whether it is more likely than not that the fair value of an indefinite-lived intangible asset is less than its carrying amount. A quantitative assessment is performed if the qualitative assessment results in a more-likely-than-not determination or if a qualitative assessment is not performed. When performing a quantitative assessment, we estimate the fair value of our cable franchise rights and other indefinite-lived intangible assets. If the fair value of our cable franchise rights or other indefinite-lived intangible assets were less than the carrying amount, we would recognize an impairment charge for the difference between the estimated fair value and the carrying value of the assets. Unless presented separately, the impairment charge is included as a component of amortization expense.
Finite-Lived Intangible Assets
Finite-lived intangible assets are subject to amortization and consist primarily of customer relationships acquired in business combinations, software, trade names and intellectual property rights. Our finite-lived intangible assets are amortized primarily on a straight-line basis over their estimated useful life or the term of the associated agreement.
The table below presents the estimated amortization expense of our customer relationships and other agreements and rights, including trade names and intellectual property rights.
Estimated Amortization Expense | |||||
| (in billions) | |||||
| 2026 | $ | 2.8 | |||
| 2027 | $ | 0.6 | |||
| 2028 | $ | 0.6 | |||
| 2029 | $ | 0.6 | |||
| 2030 | $ | 0.5 | |||
We capitalize direct development costs associated with internal-use software, including external direct costs of material and services and payroll costs for employees devoting time to these software projects. We also capitalize costs associated with arrangements that constitute the purchase of, or convey a license to, software licenses. We generally amortize them on a straight-line basis over a period not to exceed five years. We expense maintenance and training costs, as well as costs incurred during the preliminary stage of a project, as they are incurred. We capitalize initial operating system software costs and amortize them over the life of the associated hardware.
We evaluate the recoverability of our finite-lived intangible assets whenever events or substantive changes in circumstances indicate that the carrying amount may not be recoverable. The evaluation is based on the cash flows generated by the underlying asset groups, including estimated future operating results, trends or other determinants of fair value. If the total of the expected future undiscounted cash flows were less than the carrying amount of the asset group, we would recognize an impairment charge to the extent the carrying amount of the asset group exceeded its estimated fair value. Unless presented separately, the impairment charge is included as a component of amortization expense.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 3, 2026 | Showing above |
| 2024 | Jan 31, 2025 | |
| 2023 | Jan 31, 2024 | |
| 2022 | Feb 3, 2023 | |
| 2021 | Feb 2, 2022 | |
| 2020 | Feb 4, 2021 | |
| 2019 | Jan 30, 2020 | |
| 2018 | Jan 31, 2019 | |
| 2017 | Jan 31, 2018 | |
| 2016 | Feb 3, 2017 | |
| 2015 | Feb 5, 2016 | |
About Goodwill & Intangibles Disclosures
Goodwill and intangible asset disclosures reveal the premium paid in acquisitions and how management assesses whether that premium retains its value. Since goodwill is no longer amortized under US GAAP, the annual impairment test is the only mechanism that adjusts carrying values downward — making the assumptions behind that test critically important for investors.
Key signals: a history of goodwill impairments suggests management consistently overpays for acquisitions. Watch the gap between reporting unit fair value and carrying amount — when fair value exceeds carrying amount by less than 10-20%, a small decline in business performance could trigger a write-down. For finite-lived intangibles, examine useful life assumptions across customer relationships, technology, and trade names; aggressive estimates inflate near-term earnings. Compare total intangibles-to-total-assets ratios against peers to assess acquisition dependency. Rising goodwill as a percentage of equity can signal balance sheet fragility.