Condensed Consolidating Financial Information | Note 19: Condensed Consolidating Financial Information Comcast (“Comcast Parent”), Comcast Cable Communications, LLC (“CCCL Parent”) and NBCUniversal (“NBCUniversal Media Parent”) have fully and unconditionally guaranteed each other’s debt securities, including the Comcast revolving credit facility. The principal amount of debt securities within the guarantee structure totals $56.9 billion , of which $11.8 billion will mature within the next five years . Comcast Parent and CCCL Parent also fully and unconditionally guarantee NBCUniversal Enterprise’s $4.8 billion aggregate principal amount of senior notes, $1.5 billion revolving credit facility and commercial paper program. NBCUniversal Media Parent does not guarantee the NBCUniversal Enterprise senior notes, revolving credit facility or commercial paper program. Comcast Parent provides a full and unconditional guarantee of the Universal Studios Japan yen-dominated ¥435 billion term loans with a final maturity of March 2022. Comcast Parent also provides a full and unconditional subordinated guarantee of the $185 million principal amount currently outstanding of Comcast Holdings’ ZONES due October 2029 . Neither CCCL Parent nor NBCUniversal Media Parent guarantee the Comcast Holdings’ ZONES due October 2029. None of Comcast Parent, CCCL Parent nor NBCUniversal Media Parent guarantee the $62 million principal amount currently outstanding of Comcast Holdings’ ZONES due November 2029 . Condensed Consolidating Balance Sheet December 31, 2017 (in millions) Comcast Comcast CCCL NBCUniversal Non- Elimination Consolidated Assets Cash and cash equivalents $ — $ — $ — $ 496 $ 2,932 $ — $ 3,428 Receivables, net — — — — 8,546 — 8,546 Programming rights — — — — 1,613 — 1,613 Deposits — — — — 9 — 9 Other current assets 60 — 7 25 2,372 — 2,464 Total current assets 60 — 7 521 15,472 — 16,060 Film and television costs — — — — 7,076 — 7,076 Investments 146 21 108 693 5,963 — 6,931 Investments in and amounts due from subsidiaries eliminated upon consolidation 117,154 142,412 139,364 50,249 113,479 (562,658 ) — Property and equipment, net 551 — — — 37,919 — 38,470 Franchise rights — — — — 59,364 — 59,364 Goodwill — — — — 36,780 — 36,780 Other intangible assets, net 12 — — — 18,767 — 18,779 Other noncurrent assets, net 435 708 — 88 2,572 (314 ) 3,489 Total assets $ 118,358 $ 143,141 $ 139,479 $ 51,551 $ 297,392 $ (562,972 ) $ 186,949 Liabilities and Equity Accounts payable and accrued expenses related to trade creditors $ 16 $ — $ — $ — $ 6,910 $ — $ 6,926 Accrued participations and residuals — — — — 1,683 — 1,683 Deferred revenue — — — — 1,552 — 1,552 Accrued expenses and other current liabilities 1,888 92 333 326 3,627 — 6,266 Current portion of long-term debt 2,810 — — 4 2,320 — 5,134 Total current liabilities 4,714 92 333 330 16,092 — 21,561 Long-term debt, less current portion 42,428 140 2,100 7,751 7,003 — 59,422 Deferred income taxes — 285 — 67 24,247 (343 ) 24,256 Other noncurrent liabilities 2,610 — — 1,128 7,137 29 10,904 Redeemable noncontrolling interests and redeemable subsidiary preferred stock — — — — 1,357 — 1,357 Equity: Common stock 55 — — — — — 55 Other shareholders’ equity 68,551 142,624 137,046 42,275 240,713 (562,658 ) 68,551 Total Comcast Corporation shareholders’ equity 68,606 142,624 137,046 42,275 240,713 (562,658 ) 68,606 Noncontrolling interests — — — — 843 — 843 Total equity 68,606 142,624 137,046 42,275 241,556 (562,658 ) 69,449 Total liabilities and equity $ 118,358 $ 143,141 $ 139,479 $ 51,551 $ 297,392 $ (562,972 ) $ 186,949 Condensed Consolidating Balance Sheet December 31, 2016 (in millions) Comcast Comcast CCCL NBCUniversal Non- Elimination Consolidated Assets Cash and cash equivalents $ — $ — $ — $ 482 $ 2,819 $ — $ 3,301 Receivables, net — — — — 7,955 — 7,955 Programming rights — — — — 1,250 — 1,250 Deposits — — — — 1,772 — 1,772 Other current assets 151 — — 36 1,896 — 2,083 Total current assets 151 — — 518 15,692 — 16,361 Film and television costs — — — — 7,252 — 7,252 Investments 75 — — 651 4,521 — 5,247 Investments in and amounts due from subsidiaries eliminated upon consolidation 98,350 120,071 117,696 47,393 97,704 (481,214 ) — Property and equipment, net 298 — — — 35,955 — 36,253 Franchise rights — — — — 59,364 — 59,364 Goodwill — — — — 35,980 — 35,980 Other intangible assets, net 13 — — — 17,261 — 17,274 Other noncurrent assets, net 1,138 638 — 89 1,921 (1,017 ) 2,769 Total assets $ 100,025 $ 120,709 $ 117,696 $ 48,651 $ 275,650 $ (482,231 ) $ 180,500 Liabilities and Equity Accounts payable and accrued expenses related to trade creditors $ 23 $ — $ — $ — $ 6,892 $ — $ 6,915 Accrued participations and residuals — — — — 1,726 — 1,726 Deferred revenue — — — — 1,132 — 1,132 Accrued expenses and other current liabilities 1,726 — 341 302 3,913 — 6,282 Current portion of long-term debt 3,739 — 550 4 1,187 — 5,480 Total current liabilities 5,488 — 891 306 14,850 — 21,535 Long-term debt, less current portion 38,123 141 2,100 8,208 6,994 — 55,566 Deferred income taxes — 542 — 70 35,259 (1,017 ) 34,854 Other noncurrent liabilities 2,471 — — 1,166 7,288 — 10,925 Redeemable noncontrolling interests and redeemable subsidiary preferred stock — — — — 1,446 — 1,446 Equity: Common stock 56 — — — — — 56 Other shareholders’ equity 53,887 120,026 114,705 38,901 207,582 (481,214 ) 53,887 Total Comcast Corporation shareholders’ equity 53,943 120,026 114,705 38,901 207,582 (481,214 ) 53,943 Noncontrolling interests — — — — 2,231 — 2,231 Total equity 53,943 120,026 114,705 38,901 209,813 (481,214 ) 56,174 Total liabilities and equity $ 100,025 $ 120,709 $ 117,696 $ 48,651 $ 275,650 $ (482,231 ) $ 180,500 Condensed Consolidating Statement of Income For the Year Ended December 31, 2017 (in millions) Comcast Comcast CCCL NBCUniversal Non- Elimination Consolidated Revenue: Service revenue $ — $ — $ — $ — $ 84,526 $ — $ 84,526 Management fee revenue 1,128 — 1,109 — — (2,237 ) — Total revenue 1,128 — 1,109 — 84,526 (2,237 ) 84,526 Costs and Expenses: Programming and production — — — — 25,384 — 25,384 Other operating and administrative 766 — 1,109 1,044 24,331 (2,237 ) 25,013 Advertising, marketing and promotion — — — — 6,317 — 6,317 Depreciation 31 — — — 7,883 — 7,914 Amortization 6 — — — 2,347 — 2,353 Other operating gains — — — — (442 ) — (442 ) Total costs and expenses 803 — 1,109 1,044 65,820 (2,237 ) 66,539 Operating income (loss) 325 — — (1,044 ) 18,706 — 17,987 Other Income (Expense): Interest expense (2,172 ) (12 ) (207 ) (456 ) (239 ) — (3,086 ) Investment income (loss), net (1 ) 109 — (197 ) 342 — 253 Equity in net income (losses) of investees, net 24,056 21,622 19,570 6,740 5,191 (77,072 ) 107 Other income (expense), net — — — 45 16 — 61 Total other income (expense) 21,883 21,719 19,363 6,132 5,310 (77,072 ) (2,665 ) Income (loss) before income taxes 22,208 21,719 19,363 5,088 24,016 (77,072 ) 15,322 Income tax (expense) benefit 506 156 71 (4 ) 6,849 — 7,578 Net income (loss) 22,714 21,875 19,434 5,084 30,865 (77,072 ) 22,900 Net (income) loss attributable to noncontrolling interests and redeemable subsidiary preferred stock — — — — (186 ) — (186 ) Net income (loss) attributable to Comcast Corporation $ 22,714 $ 21,875 $ 19,434 $ 5,084 $ 30,679 $ (77,072 ) $ 22,714 Comprehensive income (loss) attributable to Comcast Corporation $ 22,801 $ 21,873 $ 19,437 $ 5,058 $ 30,541 $ (76,909 ) $ 22,801 Condensed Consolidating Statement of Income For the Year Ended December 31, 2016 (in millions) Comcast Comcast CCCL NBCUniversal Non- Elimination Consolidated Revenue: Service revenue $ — $ — $ — $ — $ 80,403 $ — $ 80,403 Management fee revenue 1,067 — 1,049 — — (2,116 ) — Total revenue 1,067 — 1,049 — 80,403 (2,116 ) 80,403 Costs and Expenses: Programming and production — — — — 24,463 — 24,463 Other operating and administrative 813 — 1,049 932 22,738 (2,116 ) 23,416 Advertising, marketing and promotion — — — — 6,107 — 6,107 Depreciation 28 — — — 7,436 — 7,464 Amortization 6 — — — 2,088 — 2,094 Other operating gains — — — — — — — Total costs and expenses 847 — 1,049 932 62,832 (2,116 ) 63,544 Operating income (loss) 220 — — (932 ) 17,571 — 16,859 Other Income (Expense): Interest expense (1,941 ) (12 ) (239 ) (456 ) (294 ) — (2,942 ) Investment income (loss), net 7 (5 ) — (25 ) 236 — 213 Equity in net income (losses) of investees, net 9,809 9,286 8,679 5,545 4,131 (37,554 ) (104 ) Other income (expense), net — — — 116 211 — 327 Total other income (expense) 7,875 9,269 8,440 5,180 4,284 (37,554 ) (2,506 ) Income (loss) before income taxes 8,095 9,269 8,440 4,248 21,855 (37,554 ) 14,353 Income tax (expense) benefit 600 6 84 (13 ) (5,985 ) — (5,308 ) Net income (loss) 8,695 9,275 8,524 4,235 15,870 (37,554 ) 9,045 Net (income) loss attributable to noncontrolling interests and redeemable subsidiary preferred stock — — — — (350 ) — (350 ) Net income (loss) attributable to Comcast Corporation $ 8,695 $ 9,275 $ 8,524 $ 4,235 $ 15,520 $ (37,554 ) $ 8,695 Comprehensive income (loss) attributable to Comcast Corporation $ 8,967 $ 9,317 $ 8,530 $ 4,312 $ 15,610 $ (37,769 ) $ 8,967 Condensed Consolidating Statement of Income For the Year Ended December 31, 2015 (in millions) Comcast Comcast CCCL NBCUniversal Non- Elimination Consolidated Revenue: Service revenue $ — $ — $ — $ — $ 74,510 $ — $ 74,510 Management fee revenue 1,005 — 977 — — (1,982 ) — Total revenue 1,005 — 977 — 74,510 (1,982 ) 74,510 Costs and Expenses: Programming and production — — — — 22,550 — 22,550 Other operating and administrative 760 — 977 922 20,648 (1,982 ) 21,325 Advertising, marketing and promotion — — — — 5,957 — 5,957 Depreciation 31 — — — 6,750 — 6,781 Amortization 6 — — — 1,893 — 1,899 Other operating gains — — — — — — — Total costs and expenses 797 — 977 922 57,798 (1,982 ) 58,512 Operating income (loss) 208 — — (922 ) 16,712 — 15,998 Other Income (Expense): Interest expense (1,744 ) (12 ) (270 ) (462 ) (214 ) — (2,702 ) Investment income (loss), net 6 (1 ) — (19 ) 95 — 81 Equity in net income (losses) of investees, net 9,159 8,651 8,040 4,852 3,089 (34,116 ) (325 ) Other income (expense), net (3 ) — — (31 ) 354 — 320 Total other income (expense) 7,418 8,638 7,770 4,340 3,324 (34,116 ) (2,626 ) Income (loss) before income taxes 7,626 8,638 7,770 3,418 20,036 (34,116 ) 13,372 Income tax (expense) benefit 537 4 94 (4 ) (5,590 ) — (4,959 ) Net income (loss) 8,163 8,642 7,864 3,414 14,446 (34,116 ) 8,413 Net (income) loss attributable to noncontrolling interests and redeemable subsidiary preferred stock — — — — (250 ) — (250 ) Net income (loss) attributable to Comcast Corporation $ 8,163 $ 8,642 $ 7,864 $ 3,414 $ 14,196 $ (34,116 ) $ 8,163 Comprehensive income (loss) attributable to Comcast Corporation $ 8,135 $ 8,625 $ 7,864 $ 3,361 $ 14,192 $ (34,042 ) $ 8,135 Condensed Consolidating Statement of Cash Flows For the Year Ended December 31, 2017 (in millions) Comcast Comcast CCCL NBCUniversal Non- Elimination Consolidated Net cash provided by (used in) operating activities $ 151 $ 15 $ (147 ) $ (1,439 ) $ 22,823 $ — $ 21,403 Investing Activities: Net transactions with affiliates 5,578 (5 ) 757 1,447 (7,777 ) — — Capital expenditures (12 ) — — — (9,538 ) — (9,550 ) Cash paid for intangible assets (4 ) — — — (1,743 ) — (1,747 ) Acquisitions and construction of real estate properties (267 ) — — — (151 ) — (418 ) Acquisitions, net of cash acquired — — — — (532 ) — (532 ) Proceeds from sales of businesses and investments — — — 14 136 — 150 Purchases of investments (70 ) (10 ) (60 ) (62 ) (2,090 ) — (2,292 ) Deposits — — — — — — — Other 101 — — 58 526 — 685 Net cash provided by (used in) investing activities 5,326 (15 ) 697 1,457 (21,169 ) — (13,704 ) Financing Activities: Proceeds from (repayments of) short-term borrowings, net (837 ) — — — (1,068 ) — (1,905 ) Proceeds from borrowings 5,997 — — — 5,469 — 11,466 Repurchases and repayments of debt (2,288 ) — (550 ) (4 ) (3,522 ) — (6,364 ) Repurchases of common stock under repurchase program and employee plans (5,435 ) — — — — — (5,435 ) Dividends paid (2,883 ) — — — — — (2,883 ) Purchase of Universal Studios Japan noncontrolling interests — — — — (2,299 ) — (2,299 ) Issuances of common stock — — — — — — — Distributions to noncontrolling interests and dividends for redeemable subsidiary preferred stock — — — — (252 ) — (252 ) Other (31 ) — — — 131 — 100 Net cash provided by (used in) financing activities (5,477 ) — (550 ) (4 ) (1,541 ) — (7,572 ) Increase (decrease) in cash and cash equivalents — — — 14 113 — 127 Cash and cash equivalents, beginning of year — — — 482 2,819 — 3,301 Cash and cash equivalents, end of year $ — $ — $ — $ 496 $ 2,932 $ — $ 3,428 Condensed Consolidating Statement of Cash Flows For the Year Ended December 31, 2016 (in millions) Comcast Comcast CCCL NBCUniversal Non- Elimination Consolidated Net cash provided by (used in) operating activities $ (747 ) $ (189 ) $ (100 ) $ (1,453 ) $ 22,314 $ — $ 19,825 Investing Activities: Net transactions with affiliates (860 ) 189 100 2,642 (2,071 ) — — Capital expenditures (13 ) — — — (9,122 ) — (9,135 ) Cash paid for intangible assets (9 ) — — — (1,677 ) — (1,686 ) Acquisitions and construction of real estate properties (35 ) — — — (393 ) — (428 ) Acquisitions, net of cash acquired — — — — (3,929 ) — (3,929 ) Proceeds from sales of businesses and investments — — — 104 114 — 218 Purchases of investments (40 ) — — (210 ) (1,447 ) — (1,697 ) Deposits — — — — (1,749 ) — (1,749 ) Other (108 ) — — (35 ) 164 — 21 Net cash provided by (used in) investing activities (1,065 ) 189 100 2,501 (20,110 ) — (18,385 ) Financing Activities: Proceeds from (repayments of) short-term borrowings, net 1,339 — — — 451 — 1,790 Proceeds from borrowings 9,231 — — — — — 9,231 Repurchases and repayments of debt (750 ) — — (1,005 ) (1,297 ) — (3,052 ) Repurchases of common stock under repurchase program and employee plans (5,352 ) — — — — — (5,352 ) Dividends paid (2,601 ) — — — — — (2,601 ) Issuances of common stock 23 — — — — — 23 Distributions to noncontrolling interests and dividends for redeemable subsidiary preferred stock — — — — (253 ) — (253 ) Other (78 ) — — 25 (167 ) — (220 ) Net cash provided by (used in) financing activities 1,812 — — (980 ) (1,266 ) — (434 ) Increase (decrease) in cash and cash equivalents — — — 68 938 — 1,006 Cash and cash equivalents, beginning of year — — — 414 1,881 — 2,295 Cash and cash equivalents, end of year $ — $ — $ — $ 482 $ 2,819 $ — $ 3,301 Condensed Consolidating Statement of Cash Flows For the Year Ended December 31, 2015 (in millions) Comcast Comcast CCCL NBCUniversal Non- Elimination Consolidated Net cash provided by (used in) operating activities $ (85 ) $ 48 $ (167 ) $ (1,398 ) $ 21,087 $ — $ 19,485 Investing Activities: Net transactions with affiliates 6,559 (48 ) 840 2,839 (10,190 ) — — Capital expenditures (27 ) — — — (8,472 ) — (8,499 ) Cash paid for intangible assets (6 ) — — — (1,364 ) — (1,370 ) Acquisitions and construction of real estate properties — — — — (178 ) — (178 ) Acquisitions, net of cash acquired — — — — (1,786 ) — (1,786 ) Proceeds from sales of businesses and investments — — — 4 429 — 433 Purchases of investments (7 ) — — (407 ) (370 ) — (784 ) Deposits — — — — (18 ) — (18 ) Other 7 — — (5 ) 236 — 238 Net cash provided by (used in) investing activities 6,526 (48 ) 840 2,431 (21,713 ) — (11,964 ) Financing Activities: Proceeds from (repayments of) short-term borrowings, net 400 — — — (265 ) — 135 Proceeds from borrowings 5,486 — — — — — 5,486 Repurchases and repayments of debt (2,650 ) — (673 ) (1,004 ) (51 ) — (4,378 ) Repurchases of common stock under repurchase program and employee plans (7,175 ) — — — — — (7,175 ) Dividends paid (2,437 ) — — — — — (2,437 ) Issuances of common stock 36 — — — — — 36 Distributions to noncontrolling interests and dividends for redeemable subsidiary preferred stock — — — — (232 ) — (232 ) Other (101 ) — — — (470 ) — (571 ) Net cash provided by (used in) financing activities (6,441 ) — (673 ) (1,004 ) (1,018 ) — (9,136 ) Increase (decrease) in cash and cash equivalents — — — 29 (1,644 ) — (1,615 ) Cash and cash equivalents, beginning of year — — — 385 3,525 — 3,910 Cash and cash equivalents, end of year $ — $ — $ — $ 414 $ 1,881 $ — $ 2,295 |