Condensed Consolidating Financial Information | 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 5 for additional information on the cross-guarantee structure. Condensed Consolidating Statement of Income For the Three Months Ended March 31, 2019 (in millions) Comcast Comcast CCCL NBCUniversal Non- Elimination Consolidated Revenue: Service revenue $ — $ — $ — $ — $ 26,859 $ — $ 26,859 Management fee revenue 305 — 299 — — (604 ) — Total revenue 305 — 299 — 26,859 (604 ) 26,859 Costs and Expenses: Programming and production — — — — 8,569 — 8,569 Other operating and administrative 188 — 299 271 7,746 (604 ) 7,900 Advertising, marketing and promotion — — — — 1,888 — 1,888 Depreciation 14 — — — 2,226 — 2,240 Amortization 1 — — — 1,079 — 1,080 Total cost and expenses 203 — 299 271 21,508 (604 ) 21,677 Operating income (loss) 102 — — (271 ) 5,351 — 5,182 Interest expense (896 ) (3 ) (49 ) (120 ) (82 ) — (1,150 ) Investment and other income (loss), net 4,215 4,143 3,314 2,181 2,238 (15,415 ) 676 Income (loss) before income taxes 3,421 4,140 3,265 1,790 7,507 (15,415 ) 4,708 Income tax (expense) benefit 132 (6 ) 10 (6 ) (1,206 ) — (1,076 ) Net income (loss) 3,553 4,134 3,275 1,784 6,301 (15,415 ) 3,632 Less: Net income (loss) attributable to noncontrolling interests and redeemable subsidiary preferred stock — — — — 79 — 79 Net income (loss) attributable to Comcast Corporation $ 3,553 $ 4,134 $ 3,275 $ 1,784 $ 6,222 $ (15,415 ) $ 3,553 Comprehensive income (loss) attributable to Comcast Corporation $ 4,343 $ 4,122 $ 3,275 $ 1,752 $ 7,160 $ (16,309 ) $ 4,343 Condensed Consolidating Statement of Income For the Three Months Ended March 31, 2018 (in millions) Comcast Comcast CCCL NBCUniversal Non- Elimination Consolidated Revenue: Service revenue $ — $ — $ — $ — $ 22,791 $ — $ 22,791 Management fee revenue 292 — 286 — — (578 ) — Total revenue 292 — 286 — 22,791 (578 ) 22,791 Costs and Expenses: Programming and production — — — — 7,429 — 7,429 Other operating and administrative 228 — 286 318 6,260 (578 ) 6,514 Advertising, marketing and promotion — — — — 1,604 — 1,604 Depreciation 11 — — — 2,000 — 2,011 Amortization 1 — — — 587 — 588 Total costs and expenses 240 — 286 318 17,880 (578 ) 18,146 Operating income (loss) 52 — — (318 ) 4,911 — 4,645 Interest expense (561 ) (3 ) (47 ) (106 ) (60 ) — (777 ) Investment and other income (loss), net 3,520 3,319 2,826 1,942 1,588 (13,069 ) 126 Income (loss) before income taxes 3,011 3,316 2,779 1,518 6,439 (13,069 ) 3,994 Income tax (expense) benefit 107 — 9 (5 ) (929 ) — (818 ) Net income (loss) 3,118 3,316 2,788 1,513 5,510 (13,069 ) 3,176 Less: Net income (loss) attributable to noncontrolling interests and redeemable subsidiary preferred stock — — — — 58 — 58 Net income (loss) attributable to Comcast Corporation $ 3,118 $ 3,316 $ 2,788 $ 1,513 $ 5,452 $ (13,069 ) $ 3,118 Comprehensive income (loss) attributable to Comcast Corporation $ 3,271 $ 3,369 $ 2,789 $ 1,696 $ 5,791 $ (13,645 ) $ 3,271 Condensed Consolidating Statement of Cash Flows For the Three Months Ended March 31, 2019 (in millions) Comcast Comcast CCCL NBCUniversal Non- Elimination Consolidated Net cash provided by (used in) operating activities $ (759 ) $ 135 $ (119 ) $ (279 ) $ 8,253 $ — $ 7,231 Investing Activities: Net transactions with affiliates 3,908 (135 ) 119 140 (4,032 ) — — Capital expenditures (2 ) — — — (2,090 ) — (2,092 ) Cash paid for intangible assets (1 ) — — — (546 ) — (547 ) Acquisitions and construction of real estate properties (13 ) — — — (3 ) — (16 ) Construction of Universal Beijing Resort — — — — (220 ) — (220 ) Acquisitions, net of cash acquired — — — — (48 ) — (48 ) Proceeds from sales of investments — — — — 37 — 37 Purchases of investments (13 ) — — (58 ) (368 ) — (439 ) Other — — — — 99 — 99 Net cash provided by (used in) investing activities 3,879 (135 ) 119 82 (7,171 ) — (3,226 ) Financing Activities: Proceeds from (repayments of) short-term borrowings, net — — — — (1,288 ) — (1,288 ) Proceeds from borrowings — — — — 222 — 222 Repurchases and repayments of debt (2,000 ) — — (5 ) (79 ) — (2,084 ) Repurchases of common stock under repurchase program and employee plans (247 ) — — — — — (247 ) Dividends paid (869 ) — — — — — (869 ) Distributions to noncontrolling interests and dividends for redeemable subsidiary preferred stock — — — — (85 ) — (85 ) Other (3 ) — — — 29 — 26 Net cash provided by (used in) financing activities (3,119 ) — — (5 ) (1,201 ) — (4,325 ) Impact of foreign currency on cash, cash equivalents and restricted cash (1 ) — — — 9 — 8 Increase (decrease) in cash, cash equivalents and restricted cash — — — (202 ) (110 ) — (312 ) Cash, cash equivalents and restricted cash, beginning of period — — — 416 3,493 — 3,909 Cash, cash equivalents and restricted cash, end of period $ — $ — $ — $ 214 $ 3,383 $ — $ 3,597 Condensed Consolidating Statement of Cash Flows For the Three Months Ended March 31, 2018 (in millions) Comcast Comcast CCCL NBCUniversal Non- Elimination Consolidated Net cash provided by (used in) operating activities $ (270 ) $ 453 $ (149 ) $ (382 ) $ 5,822 $ — $ 5,474 Investing Activities: Net transactions with affiliates 640 (897 ) 149 347 (239 ) — — Capital expenditures — — — — (1,973 ) — (1,973 ) Cash paid for intangible assets (2 ) — — — (417 ) — (419 ) Acquisitions and construction of real estate properties (39 ) — — — (20 ) — (59 ) Construction of Universal Beijing Resort — — — — (42 ) — (42 ) Acquisitions, net of cash acquired — — — — (89 ) — (89 ) Proceeds from sales of investments — — — 57 24 — 81 Purchases of investments (11 ) — — (5 ) (204 ) — (220 ) Other — 444 — — (15 ) — 429 Net cash provided by (used in) investing activities 588 (453 ) 149 399 (2,975 ) — (2,292 ) Financing Activities: Proceeds from (repayments of) short-term borrowings, net (902 ) — — — — — (902 ) Proceeds from borrowings 3,973 — — — 70 — 4,043 Repurchases and repayments of debt (900 ) — — (3 ) (362 ) — (1,265 ) Repurchases of common stock under repurchase program and employee plans (1,729 ) — — — — — (1,729 ) Dividends paid (738 ) — — — — — (738 ) Distributions to noncontrolling interests and dividends for redeemable subsidiary preferred stock — — — — (79 ) — (79 ) Other (22 ) — — — 116 — 94 Net cash provided by (used in) financing activities (318 ) — — (3 ) (255 ) — (576 ) Increase (decrease) in cash, cash equivalents and restricted cash — — — 14 2,592 — 2,606 Cash, cash equivalents and restricted cash, beginning of period — — — 496 3,075 — 3,571 Cash, cash equivalents and restricted cash, end of period $ — $ — $ — $ 510 $ 5,667 $ — $ 6,177 Condensed Consolidating Balance Sheet March 31, 2019 (in millions) Comcast Comcast CCCL NBCUniversal Non- Elimination Consolidated Assets Cash and cash equivalents $ — $ — $ — $ 214 $ 3,284 $ — $ 3,498 Receivables, net — — — — 10,736 — 10,736 Programming rights — — — — 2,942 — 2,942 Other current assets 72 25 — 26 2,974 — 3,097 Total current assets 72 25 — 240 19,936 — 20,273 Film and television costs — — — — 8,051 — 8,051 Investments 280 11 147 895 7,826 — 9,159 Investments in and amounts due from subsidiaries eliminated upon consolidation 158,868 147,534 129,829 56,005 98,613 (590,849 ) — Property and equipment, net 663 — — — 45,058 — 45,721 Franchise rights — — — — 59,365 — 59,365 Goodwill — — — — 68,073 — 68,073 Other intangible assets, net 10 — — — 36,892 — 36,902 Other noncurrent assets, net 1,163 233 — 93 7,642 (486 ) 8,645 Total assets $ 161,056 $ 147,803 $ 129,976 $ 57,233 $ 351,456 $ (591,335 ) $ 256,189 Liabilities and Equity Accounts payable and accrued expenses related to trade creditors $ — $ — $ — $ — $ 10,232 $ — $ 10,232 Accrued participations and residuals — — — — 1,739 — 1,739 Deferred revenue — — — — 2,485 — 2,485 Accrued expenses and other current liabilities 2,405 149 245 438 5,595 — 8,832 Current portion of long-term debt 2,099 — — 7 2,523 — 4,629 Total current liabilities 4,504 149 245 445 22,574 — 27,917 Long-term debt, less current portion 78,460 149 2,100 7,756 15,999 — 104,464 Deferred income taxes — 324 — 67 27,980 (552 ) 27,819 Other noncurrent liabilities 3,133 — — 1,579 14,033 66 18,811 Redeemable noncontrolling interests and redeemable subsidiary preferred stock — — — — 1,316 — 1,316 Equity: Common stock 54 — — — — — 54 Other shareholders’ equity 74,905 147,181 127,631 47,386 268,651 (590,849 ) 74,905 Total Comcast Corporation shareholders’ equity 74,959 147,181 127,631 47,386 268,651 (590,849 ) 74,959 Noncontrolling interests — — — — 903 — 903 Total equity 74,959 147,181 127,631 47,386 269,554 (590,849 ) 75,862 Total liabilities and equity $ 161,056 $ 147,803 $ 129,976 $ 57,233 $ 351,456 $ (591,335 ) $ 256,189 Condensed Consolidating Balance Sheet December 31, 2018 (in millions) Comcast Comcast CCCL NBCUniversal Non- Elimination Consolidated 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 |