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. See Note 7 for additional information on the cross-guarantee structure. Condensed Consolidating Statement of Income For the Year Ended December 31, 2018 (in millions) Comcast Parent Comcast CCCL Parent NBCUniversal Media Parent Non- Elimination Consolidated Revenue: Service revenue $ — $ — $ — $ — $ 94,507 $ — $ 94,507 Management fee revenue 1,197 — 1,175 — — (2,372 ) — Total revenue 1,197 — 1,175 — 94,507 (2,372 ) 94,507 Costs and Expenses: Programming and production — — — — 29,692 — 29,692 Other operating and administrative 947 — 1,175 1,023 27,321 (2,372 ) 28,094 Advertising, marketing and promotion — — — — 7,036 — 7,036 Depreciation 46 — — — 8,235 — 8,281 Amortization 5 — — — 2,731 — 2,736 Other operating gains — — — — (341 ) — (341 ) Total costs and expenses 998 — 1,175 1,023 74,674 (2,372 ) 75,498 Operating income (loss) 199 — — (1,023 ) 19,833 — 19,009 Interest expense (2,644 ) (12 ) (190 ) (430 ) (266 ) — (3,542 ) Investment and other income (loss), net 13,638 13,604 12,021 6,694 5,054 (51,236 ) (225 ) Income (loss) before income taxes 11,193 13,592 11,831 5,241 24,621 (51,236 ) 15,242 Income tax (expense) benefit 538 8 40 (4 ) (3,962 ) — (3,380 ) Net income (loss) 11,731 13,600 11,871 5,237 20,659 (51,236 ) 11,862 Less: Net income attributable to noncontrolling interests and redeemable subsidiary preferred stock — — — — 131 — 131 Net income (loss) attributable to Comcast Corporation $ 11,731 $ 13,600 $ 11,871 $ 5,237 $ 20,528 $ (51,236 ) $ 11,731 Comprehensive income (loss) attributable to Comcast Corporation $ 10,908 $ 13,623 $ 11,873 $ 5,279 $ 19,553 $ (50,328 ) $ 10,908 Condensed Consolidating Statement of Income For the Year Ended December 31, 2017 (in millions) Comcast Parent Comcast CCCL Parent NBCUniversal Media Parent Non- Elimination Consolidated Revenue: Service revenue $ — $ — $ — $ — $ 85,029 $ — $ 85,029 Management fee revenue 1,128 — 1,109 — — (2,237 ) — Total revenue 1,128 — 1,109 — 85,029 (2,237 ) 85,029 Costs and Expenses: Programming and production — — — — 25,355 — 25,355 Other operating and administrative 766 — 1,109 1,044 24,767 (2,237 ) 25,449 Advertising, marketing and promotion — — — — 6,519 — 6,519 Depreciation 31 — — — 7,883 — 7,914 Amortization 6 — — — 2,210 — 2,216 Other operating gains — — — — (442 ) — (442 ) Total costs and expenses 803 — 1,109 1,044 66,292 (2,237 ) 67,011 Operating income (loss) 325 — — (1,044 ) 18,737 — 18,018 Interest expense (2,172 ) (12 ) (207 ) (456 ) (239 ) — (3,086 ) Investment and other income (loss), net 24,076 21,767 19,610 6,584 5,545 (77,161 ) 421 Income (loss) before income taxes 22,229 21,755 19,403 5,084 24,043 (77,161 ) 15,353 Income tax (expense) benefit 506 156 71 (4 ) 6,840 — 7,569 Net income (loss) 22,735 21,911 19,474 5,080 30,883 (77,161 ) 22,922 Less: Net income loss attributable to noncontrolling interests and redeemable subsidiary preferred stock — — — — 187 — 187 Net income (loss) attributable to Comcast Corporation $ 22,735 $ 21,911 $ 19,474 $ 5,080 $ 30,696 $ (77,161 ) $ 22,735 Comprehensive income (loss) attributable to Comcast Corporation $ 22,822 $ 21,909 $ 19,477 $ 5,054 $ 30,558 $ (76,998 ) $ 22,822 Condensed Consolidating Statement of Income For the Year Ended December 31, 2016 (in millions) Comcast Parent Comcast CCCL Parent NBCUniversal Media Parent Non- Elimination Consolidated Revenue: Service revenue $ — $ — $ — $ — $ 80,736 $ — $ 80,736 Management fee revenue 1,067 — 1,049 — — (2,116 ) — Total revenue 1,067 — 1,049 — 80,736 (2,116 ) 80,736 Costs and Expenses: Programming and production — — — — 24,348 — 24,348 Other operating and administrative 813 — 1,049 932 23,162 (2,116 ) 23,840 Advertising, marketing and promotion — — — — 6,291 — 6,291 Depreciation 28 — — — 7,436 — 7,464 Amortization 6 — — — 1,956 — 1,962 Other operating gains — — — — — — — Total costs and expenses 847 — 1,049 932 63,193 (2,116 ) 63,905 Operating income (loss) 220 — — (932 ) 17,543 — 16,831 Interest expense (1,941 ) (12 ) (239 ) (456 ) (294 ) — (2,942 ) Investment and other income (loss), net 9,799 9,289 8,703 5,572 4,515 (37,441 ) 437 Income (loss) before income taxes 8,078 9,277 8,464 4,184 21,764 (37,441 ) 14,326 Income tax (expense) benefit 600 6 84 (13 ) (5,975 ) — (5,298 ) Net income (loss) 8,678 9,283 8,548 4,171 15,789 (37,441 ) 9,028 Less: Net income attributable to noncontrolling interests and redeemable subsidiary preferred stock — — — — 350 — 350 Net income (loss) attributable to Comcast Corporation $ 8,678 $ 9,283 $ 8,548 $ 4,171 $ 15,439 $ (37,441 ) $ 8,678 Comprehensive income (loss) attributable to Comcast Corporation $ 8,950 $ 9,325 $ 8,554 $ 4,248 $ 15,529 $ (37,656 ) $ 8,950 Condensed Consolidating Statement of Cash Flows For the Year Ended December 31, 2018 (in millions) Comcast Parent Comcast CCCL Parent NBCUniversal Media Parent Non- Elimination Consolidated Net cash provided by (used in) operating activities $ (2,245 ) $ 126 $ (112 ) $ (1,430 ) $ 27,958 $ — $ 24,297 Investing Activities: Net transactions with affiliates (26,179 ) (575 ) 112 1,336 25,306 — — Capital expenditures (27 ) — — — (9,747 ) — (9,774 ) Cash paid for intangible assets (4 ) — — — (1,931 ) — (1,935 ) Acquisitions and construction of real estate properties (105 ) — — — (38 ) — (143 ) Construction of Universal Beijing Resort — — — — (460 ) — (460 ) Acquisitions, net of cash acquired — — — — (38,219 ) — (38,219 ) Proceeds from sales of businesses and investments — — — 68 73 — 141 Purchases of investments (126 ) — — (50 ) (1,081 ) — (1,257 ) Deposits — — — — — — — Other 148 449 — — 196 — 793 Net cash provided by (used in) investing activities (26,293 ) (126 ) 112 1,354 (25,901 ) — (50,854 ) Financing Activities: Proceeds from (repayments of) short-term borrowings, net (902 ) — — — 1,281 — 379 Proceeds from borrowings 44,113 — — — 668 — 44,781 Repurchases and repayments of debt (5,737 ) — — (4 ) (3,057 ) — (8,798 ) Repurchases of common stock under repurchase program and employee plans (5,320 ) — — — — — (5,320 ) Dividends paid (3,352 ) — — — — — (3,352 ) Purchase of Universal Studios Japan noncontrolling interests — — — — — — — Issuances of common stock — — — — — — — Distributions to noncontrolling interests and dividends for redeemable subsidiary preferred stock — — — — (277 ) — (277 ) Other (201 ) — — — (72 ) — (273 ) Net cash provided by (used in) financing activities 28,601 — — (4 ) (1,457 ) — 27,140 Impact of foreign currency on cash, cash equivalents and restricted cash (63 ) — — — (182 ) — (245 ) Increase (decrease) in cash and cash equivalents and restricted cash — — — (80 ) 418 — 338 Cash, cash equivalents and restricted cash, beginning of year — — — 496 3,075 — 3,571 Cash, cash equivalents and restricted cash, end of year $ — $ — $ — $ 416 $ 3,493 $ — $ 3,909 Condensed Consolidating Statement of Cash Flows For the Year Ended December 31, 2017 (in millions) Comcast Parent Comcast Holdings CCCL Parent NBCUniversal Media Parent Non- Elimination Consolidated Net cash provided by (used in) operating activities $ 151 $ 15 $ (147 ) $ (1,439 ) $ 22,681 $ — $ 21,261 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 ) — — — (1,601 ) — (1,605 ) Acquisitions and construction of real estate properties (267 ) — — — (151 ) — (418 ) Construction of Universal Beijing Resort — — — — (71 ) — (71 ) 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 — — 58 626 — 785 Net cash provided by (used in) investing activities 5,326 (15 ) 697 1,457 (20,998 ) — (13,533 ) 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 and restricted cash — — — 14 142 — 156 Cash, cash equivalents and restricted cash, beginning of year — — — 482 2,933 — 3,415 Cash, cash equivalents and restricted cash, end of year $ — $ — $ — $ 496 $ 3,075 $ — $ 3,571 Condensed Consolidating Statement of Cash Flows For the Year Ended December 31, 2016 (in millions) Comcast Parent Comcast CCCL Parent NBCUniversal Media Parent Non- Elimination Consolidated Net cash provided by (used in) operating activities $ 349 $ (336 ) $ (100 ) $ (1,453 ) $ 21,231 $ — $ 19,691 Investing Activities: Net transactions with affiliates (1,956 ) 336 100 2,642 (1,122 ) — — Capital expenditures (13 ) — — — (9,122 ) — (9,135 ) Cash paid for intangible assets (9 ) — — — (1,543 ) — (1,552 ) Acquisitions and construction of real estate properties (35 ) — — — (393 ) — (428 ) Construction of Universal Beijing Resort — — — — (22 ) — (22 ) 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 ) 172 — 29 Net cash provided by (used in) investing activities (2,161 ) 336 100 2,501 (19,041 ) — (18,265 ) 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 and restricted cash — — — 68 924 — 992 Cash, cash equivalents and restricted cash, beginning of year — — — 414 2,009 — 2,423 Cash, cash equivalents and restricted cash, end of year $ — $ — $ — $ 482 $ 2,933 $ — $ 3,415 Condensed Consolidating Balance Sheet December 31, 2018 (in millions) Comcast Parent Comcast Holdings CCCL Parent NBCUniversal Media Parent Non- Guarantor Subsidiaries Elimination and Consolidation Adjustments Consolidated Comcast Corporation Assets Cash and cash equivalents $ — $ — $ — $ 416 $ 3,398 $ — $ 3,814 Receivables, net — — — — 11,104 — 11,104 Programming rights — — — — 3,746 — 3,746 Other current assets 66 20 — 28 3,070 — 3,184 Total current assets 66 20 — 444 21,318 — 21,848 Film and television costs — — — — 7,837 — 7,837 Investments 270 11 143 790 6,669 — 7,883 Investments in and amounts due from subsidiaries eliminated upon consolidation 157,264 147,028 130,214 53,853 97,872 (586,231 ) — Property and equipment, net 670 — — — 43,767 — 44,437 Franchise rights — — — — 59,365 — 59,365 Goodwill — — — — 66,154 — 66,154 Other intangible assets, net 11 — — — 38,347 — 38,358 Other noncurrent assets, net 1,057 208 — 85 4,910 (458 ) 5,802 Total assets $ 159,338 $ 147,267 $ 130,357 $ 55,172 $ 346,239 $ (586,689 ) $ 251,684 Liabilities and Equity Accounts payable and accrued expenses related to trade creditors $ 2 $ — $ — $ — $ 8,492 $ — $ 8,494 Accrued participations and residuals — — — — 1,808 — 1,808 Deferred revenue — — — — 2,182 — 2,182 Accrued expenses and other current liabilities 2,357 150 360 282 7,572 — 10,721 Current portion of long-term debt 699 — — 4 3,695 — 4,398 Total current liabilities 3,058 150 360 286 23,749 — 27,603 Long-term debt, less current portion 81,661 146 2,100 7,748 15,690 — 107,345 Deferred income taxes — 314 — 65 27,734 (524 ) 27,589 Other noncurrent liabilities 3,006 — — 1,201 11,056 66 15,329 Redeemable noncontrolling interests and redeemable subsidiary preferred stock — — — — 1,316 — 1,316 Equity: Common stock 54 — — — — — 54 Other shareholders’ equity 71,559 146,657 127,897 45,872 265,805 (586,231 ) 71,559 Total Comcast Corporation shareholders’ equity 71,613 146,657 127,897 45,872 265,805 (586,231 ) 71,613 Noncontrolling interests — — — — 889 — 889 Total equity 71,613 146,657 127,897 45,872 266,694 (586,231 ) 72,502 Total liabilities and equity $ 159,338 $ 147,267 $ 130,357 $ 55,172 $ 346,239 $ (586,689 ) $ 251,684 Condensed Consolidating Balance Sheet December 31, 2017 (in millions) Comcast Parent Comcast CCCL Parent NBCUniversal Media Parent Non- Elimination Consolidated Assets Cash and cash equivalents $ — $ — $ — $ 496 $ 2,932 $ — $ 3,428 Receivables, net — — — — 8,834 — 8,834 Programming rights — — — — 1,613 — 1,613 Other current assets 60 — 7 25 2,376 — 2,468 Total current assets 60 — 7 521 15,755 — 16,343 Film and television costs — — — — 7,087 — 7,087 Investments 146 21 108 693 5,963 — 6,931 Investments in and amounts due from subsidiaries eliminated upon consolidation 117,164 142,519 139,528 50,102 113,332 (562,645 ) — 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 — — — 18,121 — 18,133 Other noncurrent assets, net 435 708 — 88 3,437 (314 ) 4,354 Total assets $ 118,368 $ 143,248 $ 139,643 $ 51,404 $ 297,758 $ (562,959 ) $ 187,462 Liabilities and Equity Accounts payable and accrued expenses related to trade creditors $ 16 $ — $ — $ — $ 6,892 $ — $ 6,908 Accrued participations and residuals — — — — 1,644 — 1,644 Deferred revenue — — — — 1,687 — 1,687 Accrued expenses and other current liabilities 1,888 92 333 326 3,981 — 6,620 Current portion of long-term debt 2,810 — — 4 2,320 — 5,134 Total current liabilities 4,714 92 333 330 16,524 — 21,993 Long-term debt, less current portion 42,428 140 2,100 7,751 7,003 — 59,422 Deferred income taxes — 285 — 67 24,250 (343 ) 24,259 Other noncurrent liabilities 2,610 — — 1,128 7,205 29 10,972 Redeemable noncontrolling interests and redeemable subsidiary preferred stock — — — — 1,357 — 1,357 Equity: Common stock 55 — — — — — 55 Other shareholders’ equity 68,561 142,731 137,210 42,128 240,576 (562,645 ) 68,561 Total Comcast Corporation shareholders’ equity 68,616 142,731 137,210 42,128 240,576 (562,645 ) 68,616 Noncontrolling interests — — — — 843 — 843 Total equity 68,616 142,731 137,210 42,128 241,419 (562,645 ) 69,459 Total liabilities and equity $ 118,368 $ 143,248 $ 139,643 $ 51,404 $ 297,758 $ (562,959 ) $ 187,462 |