Comcast (CMCSA) 10-Q 2014 Q1 Quarterly report

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

x Quarterly Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the quarterly period ended March 31, 2014

OR

¨ Transition Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the Transition Period from                      to                     

Commission File Number	Registrant; State of Incorporation; Address and Telephone Number	I.R.S. Employer Identification No.
001-32871	COMCAST CORPORATION	27-0000798
	PENNSYLVANIA One Comcast Center Philadelphia, PA 19103-2838 (215) 286-1700
333-174175	NBCUNIVERSAL MEDIA, LLC	14-1682529
	DELAWARE 30 Rockefeller Plaza New York, NY 10112-0015 (212) 664-4444

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding twelve months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Comcast Corporation	Yes x	No ¨
NBCUniversal Media, LLC	Yes x	No ¨

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such period that the registrant was required to submit and post such files).

Comcast Corporation	Yes x	No ¨
NBCUniversal Media, LLC	Yes x	No ¨

Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

Comcast Corporation	Large accelerated filer	x	Accelerated filer	¨	Non-accelerated filer	¨	Smaller reporting company	¨
NBCUniversal Media, LLC	Large accelerated filer	¨	Accelerated filer	¨	Non-accelerated filer	x	Smaller reporting company	¨

Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Act).

Comcast Corporation	Yes ¨	No x
NBCUniversal Media, LLC	Yes ¨	No x

As of March 31, 2014, there were 2,146,295,093 shares of Comcast Corporation Class A common stock, 444,064,771 shares of Comcast Corporation Class A Special common stock and 9,444,375 shares of Comcast Corporation Class B common stock outstanding.

Indicate the number of shares outstanding of each of the registrant’s classes of stock, as of the latest practical date: Not applicable for NBCUniversal Media, LLC.

NBCUniversal Media, LLC meets the conditions set forth in General Instruction H(1)(a) and (b) of Form 10-Q and is therefore filing this form with the reduced disclosure format.

TABLE OF CONTENTS

		Page Number
PART I. FINANCIAL INFORMATION
Item 1.	Comcast Corporation Financial Statements		1
	Condensed Consolidated Balance Sheet as of March 31, 2014 and December 31, 2013 (Unaudited)		1
	Condensed Consolidated Statement of Income for the Three Months Ended March 31, 2014 and 2013 (Unaudited)		2
	Condensed Consolidated Statement of Comprehensive Income for the Three Months Ended March 31, 2014 and 2013 (Unaudited)		3
	Condensed Consolidated Statement of Cash Flows for the Three Months Ended March 31, 2014 and 2013 (Unaudited)		4
	Condensed Consolidated Statement of Changes in Equity for the Three Months Ended March 31, 2014 and 2013 (Unaudited)		5
	Notes to Condensed Consolidated Financial Statements (Unaudited)		6
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations		23
Item 3.	Quantitative and Qualitative Disclosures About Market Risk		35
Item 4.	Controls and Procedures		35
PART II. OTHER INFORMATION
Item 1.	Legal Proceedings		36
Item 1A.	Risk Factors		36
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds		36
Item 6.	Exhibits		37
SIGNATURES			38
NBCUniversal Media, LLC Financial Statements			39

Explanatory Note

This Quarterly Report on Form 10-Q is a combined report being filed separately by Comcast Corporation (“Comcast”) and NBCUniversal Media, LLC (“NBCUniversal”). Comcast owns all of the common equity interests in NBCUniversal, and NBCUniversal meets the conditions set forth in General Instruction H(1)(a) and (b) of Form 10-Q and is therefore filing its information within this Form 10-Q with the reduced disclosure format. Each of Comcast and NBCUniversal is filing on its own behalf the information contained in this report that relates to itself, and neither company makes any representation as to information relating to the other company. Where information or an explanation is provided that is substantially the same for each company, such information or explanation has been combined in this report. Where information or an explanation is not substantially the same for each company, separate information and explanation has been provided. In addition, separate condensed consolidated financial statements for each company, along with notes to the condensed consolidated financial statements, are included in this report. Unless indicated otherwise, throughout this Quarterly Report on Form 10-Q, we refer to Comcast Corporation as “Comcast;” Comcast and its consolidated subsidiaries, including NBCUniversal and its consolidated subsidiaries, as “we,” “us” and “our;” Comcast Cable Communications, LLC and its consolidated subsidiaries as “Comcast Cable;” Comcast Holdings Corporation as “Comcast Holdings;” and NBCUniversal, LLC as “NBCUniversal Holdings.”

This Quarterly Report on Form 10-Q is for the three months ended March 31, 2014. This Quarterly Report modifies and supersedes documents filed prior to this Quarterly Report. The Securities and Exchange Commission (“SEC”) allows us to “incorporate by reference” information that we file with it, which means that we can disclose important information to you by referring you directly to those documents. Information incorporated by reference is considered to be part of this Quarterly Report. In addition, information that we file with the SEC in the future will automatically update and supersede information contained in this Quarterly Report.

You should carefully review the information contained in this Quarterly Report and particularly consider any risk factors set forth in this Quarterly Report and in other reports or documents that we file from time to time with the SEC. In this Quarterly Report, we state our beliefs of future events and of our future financial performance. In some cases, you can identify these so-called “forward-looking statements” by words such as “may,” “will,” “should,” “expects,” “believes,” “estimates,” “potential,” or “continue,” or the negative of those words, and other comparable words. You should be aware that these statements are only our predictions. In evaluating these statements, you should specifically consider various factors, including the risks outlined below and in other reports we file with the SEC. Actual events or our actual results may differ materially from any of our forward-looking statements. We undertake no obligation to update any forward-looking statements.

Our businesses may be affected by, among other things, the following:

• our businesses currently face a wide range of competition, and our businesses and results of operations could be adversely affected if we do not compete effectively

• changes in consumer behavior driven by new technologies may adversely affect our businesses

• our businesses depend on keeping pace with technological developments

• programming expenses for our video services are increasing, which could adversely affect our businesses

• we are subject to regulation by federal, state, local and foreign authorities, which may impose additional costs and restrictions on our businesses

• weak economic conditions may have a negative impact on our businesses

• a decline in advertising expenditures or changes in advertising markets could negatively impact our businesses

• NBCUniversal’s success depends on consumer acceptance of its content, which is difficult to predict, and its businesses may be adversely affected if its content fails to achieve sufficient consumer acceptance or the costs to create or acquire content increase

• the loss of NBCUniversal’s programming distribution agreements, or the renewal of these agreements on less favorable terms, could adversely affect its businesses

• our businesses depend on using and protecting certain intellectual property rights and on not infringing the intellectual property rights of others

• we rely on network and information systems and other technologies, as well as key properties, and a disruption, cyber attack, failure or destruction of such networks, systems, technologies or properties may disrupt our businesses

• we may be unable to obtain necessary hardware, software and operational support

• labor disputes, whether involving employees or sports organizations, may disrupt our operations and adversely affect our businesses

• the loss of key management personnel or popular on-air and creative talent could have an adverse effect on our businesses

• we face risks relating to doing business internationally that could adversely affect our businesses

• acquisitions and other strategic transactions, including the proposed transaction with Time Warner Cable, present many risks, and we may not realize the financial and strategic goals that were contemplated at the time of any transaction

• our Class B common stock has substantial voting rights and separate approval rights over several potentially material transactions, and our Chairman and CEO has considerable influence over our company through his beneficial ownership of our Class B common stock

PART I: FINANCIAL INFORMATION

ITEM 1: FINANCIAL STATEMENTS

Comcast Corporation

Condensed Consolidated Balance Sheet

(Unaudited)

(in millions, except share data)	March 31, 2014			December 31, 2013
Assets
Current Assets:
Cash and cash equivalents	$	3,054		$	1,718
Investments		2,389			3,573
Receivables, net		6,151			6,376
Programming rights		863			928
Other current assets		1,586			1,480
Total current assets		14,043			14,075
Film and television costs		5,058			4,994
Investments		3,090			3,770
Property and equipment, net of accumulated depreciation of $43,381 and $42,574		29,588			29,840
Franchise rights		59,364			59,364
Goodwill		27,103			27,098
Other intangible assets, net of accumulated amortization of $9,141 and $8,874		17,145			17,329
Other noncurrent assets, net		2,382			2,343
Total assets	$	157,773		$	158,813
Liabilities and Equity
Current Liabilities:
Accounts payable and accrued expenses related to trade creditors	$	5,534		$	5,528
Accrued participations and residuals		1,256			1,239
Deferred revenue		776			898
Accrued expenses and other current liabilities		7,418			7,967
Current portion of long-term debt		2,819			3,280
Total current liabilities		17,803			18,912
Long-term debt, less current portion		44,581			44,567
Deferred income taxes		31,595			31,935
Other noncurrent liabilities		11,109			11,384
Commitments and contingencies (Note 10)
Redeemable noncontrolling interests and redeemable subsidiary preferred stock		1,053			957
Equity:
Preferred stock—authorized, 20,000,000 shares; issued, zero		—			—
Class A common stock, $0.01 par value—authorized, 7,500,000,000 shares; issued, 2,511,755,843 and 2,503,535,883; outstanding, 2,146,295,093 and 2,138,075,133		25			25
Class A Special common stock, $0.01 par value—authorized, 7,500,000,000 shares; issued, 514,999,535 and 529,964,944; outstanding, 444,064,771 and 459,030,180		5			5
Class B common stock, $0.01 par value—authorized, 75,000,000 shares; issued and outstanding, 9,444,375		—			—
Additional paid-in capital		38,985			38,890
Retained earnings		19,737			19,235
Treasury stock, 365,460,750 Class A common shares and 70,934,764 Class A Special common shares		(7,517	)		(7,517	)
Accumulated other comprehensive income (loss)		33			56
Total Comcast Corporation shareholders’ equity		51,268			50,694
Noncontrolling interests		364			364
Total equity		51,632			51,058
Total liabilities and equity	$	157,773		$	158,813

See accompanying notes to condensed consolidated financial statements.

1

Comcast Corporation

Condensed Consolidated Statement of Income

(Unaudited)

	Three Months Ended March 31
(in millions, except per share data)	2014			2013
Revenue	$	17,408		$	15,310
Costs and Expenses:
Programming and production		5,908			4,663
Other operating and administrative		4,752			4,466
Advertising, marketing and promotion		1,210			1,147
Depreciation		1,569			1,566
Amortization		401			401
		13,840			12,243
Operating income		3,568			3,067
Other Income (Expense):
Interest expense		(642	)		(653	)
Investment income (loss), net		113			72
Equity in net income (losses) of investees, net		32			11
Other income (expense), net		(15	)		73
		(512	)		(497	)
Income before income taxes		3,056			2,570
Income tax expense		(1,118	)		(925	)
Net income		1,938			1,645
Net (income) loss attributable to noncontrolling interests and redeemable subsidiary preferred stock		(67	)		(208	)
Net income attributable to Comcast Corporation	$	1,871		$	1,437
Basic earnings per common share attributable to Comcast Corporation shareholders	$	0.72		$	0.55
Diluted earnings per common share attributable to Comcast Corporation shareholders	$	0.71		$	0.54
Dividends declared per common share	$	0.225		$	0.195

See accompanying notes to condensed consolidated financial statements.

2

Comcast Corporation

Condensed Consolidated Statement of Comprehensive Income

(Unaudited)

	Three Months Ended March 31
(in millions)	2014			2013
Net income	$	1,938		$	1,645
Unrealized gains (losses) on marketable securities, net of deferred taxes of $(17) and $(12)		30			20
Deferred gains (losses) on cash flow hedges, net of deferred taxes of $1 and $21		(2	)		(36	)
Amounts reclassified to net income:
Realized (gains) losses on marketable securities, net of deferred taxes of $30 and $12		(50	)		(23	)
Realized (gains) losses on cash flow hedges, net of deferred taxes of $2 and $(27)		(3	)		46
Employee benefit obligations, net of deferred taxes of $— and $(1)		—			1
Currency translation adjustments, net of deferred taxes of $(1) and $5		2			(17	)
Comprehensive income		1,915			1,636
Net (income) loss attributable to noncontrolling interests and redeemable subsidiary preferred stock		(67	)		(208	)
Other comprehensive (income) loss attributable to noncontrolling interests		—			9
Comprehensive income attributable to Comcast Corporation	$	1,848		$	1,437

See accompanying notes to condensed consolidated financial statements.

3

Comcast Corporation

Condensed Consolidated Statement of Cash Flows

(Unaudited)

	Three Months Ended March 31
(in millions)	2014			2013
Net cash provided by (used in) operating activities	$	4,486		$	4,369
Investing Activities
Capital expenditures		(1,448	)		(1,361	)
Cash paid for intangible assets		(217	)		(182	)
Acquisitions and construction of real estate properties		—			(1,311	)
Proceeds from sales of businesses and investments		300			74
Purchases of investments		(37	)		(88	)
Other		(103	)		105
Net cash provided by (used in) investing activities		(1,505	)		(2,763	)
Financing Activities
Proceeds from (repayments of) short-term borrowings, net		(364	)		491
Proceeds from borrowings		2,187			2,933
Repurchases and repayments of debt		(2,260	)		(1,811	)
Repurchases and retirements of common stock		(750	)		(500	)
Dividends paid		(508	)		(429	)
Issuances of common stock		20			13
Purchase of NBCUniversal noncontrolling common equity interest		—			(10,747	)
Distributions to noncontrolling interests and dividends for redeemable subsidiary preferred stock		(66	)		(49	)
Settlement of Station Venture liability		—			(602	)
Other		96			(17	)
Net cash provided by (used in) financing activities		(1,645	)		(10,718	)
Increase (decrease) in cash and cash equivalents		1,336			(9,112	)
Cash and cash equivalents, beginning of period		1,718			10,951
Cash and cash equivalents, end of period	$	3,054		$	1,839

See accompanying notes to condensed consolidated financial statements.

4

Comcast Corporation

Condensed Consolidated Statement of Changes in Equity

(Unaudited)

	Redeemable Noncontrolling Interests and Redeemable Subsidiary Preferred Stock			Common Stock						Additional Paid-In Capital			Retained Earnings			Treasury Stock at Cost			Accumulated Other Comprehensive Income (Loss)			Non- controlling Interests			Total Equity
(in millions)				A		A Special		B
Balance, January 1, 2013	$	16,998		$	25	$	6	$	—	$	40,547		$	16,280		$	(7,517	)	$	15		$	440		$	49,796
Stock compensation plans											146			(125	)											21
Repurchases and retirements of common stock											(152	)		(348	)											(500	)
Employee stock purchase plans											22															22
Dividends declared														(514	)											(514	)
Other comprehensive income (loss)		(9	)
Purchase of NBCUniversal noncontrolling common equity interest		(17,006	)								(1,482	)								(26	)					(1,508	)
Redeemable subsidiary preferred stock		725
Contributions from (distributions to) noncontrolling interests, net		(9	)																				(31	)		(31	)
Other		(4	)								(124	)											3			(121	)
Net income (loss)		159												1,437									49			1,486
Balance, March 31, 2013	$	854		$	25	$	6	$	—	$	38,957		$	16,730		$	(7,517	)	$	(11	)	$	461		$	48,651
Balance, January 1, 2014	$	957		$	25	$	5	$	—	$	38,890		$	19,235		$	(7,517	)	$	56		$	364		$	51,058
Stock compensation plans											242			(206	)											36
Repurchases and retirements of common stock											(172	)		(578	)											(750	)
Employee stock purchase plans											26															26
Dividends declared														(585	)											(585	)
Other comprehensive income (loss)																				(23	)					(23	)
Issuance of subsidiary shares to noncontrolling interests		82
Contributions from (distributions to) noncontrolling interests, net		(5	)																				(37	)		(37	)
Other		(5	)								(1	)											(6	)		(7	)
Net income (loss)		24												1,871									43			1,914
Balance, March 31, 2014	$	1,053		$	25	$	5	$	—	$	38,985		$	19,737		$	(7,517	)	$	33		$	364		$	51,632

See accompanying notes to condensed consolidated financial statements.

5

Comcast Corporation

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

Note 1: Condensed Consolidated Financial Statements

Basis of Presentation

We have prepared these unaudited condensed consolidated financial statements based on Securities and Exchange Commission (“SEC”) rules that permit reduced disclosure for interim periods. These financial statements include all adjustments that are necessary for a fair presentation of our consolidated results of operations, financial condition and cash flows for the periods shown, including normal, recurring accruals and other items. The consolidated results of operations for the interim periods presented are not necessarily indicative of results for the full year.

The year-end condensed consolidated balance sheet was derived from audited financial statements but does not include all disclosures required by generally accepted accounting principles in the United States of America (“GAAP”). For a more complete discussion of our accounting policies and certain other information, refer to our consolidated financial statements included in our 2013 Annual Report on Form 10-K.

Note 2: Earnings Per Share

Computation of Diluted EPS

	Three Months Ended March 31
	2014						2013
(in millions, except per share data)	Net Income Attributable to Comcast Corporation		Shares		Per Share Amount		Net Income Attributable to Comcast Corporation		Shares		Per Share Amount
Basic EPS attributable to Comcast Corporation shareholders	$	1,871		2,603	$	0.72	$	1,437		2,634	$	0.55
Effect of dilutive securities:
Assumed exercise or issuance of shares relating to stock plans				42						41
Diluted EPS attributable to Comcast Corporation shareholders	$	1,871		2,645	$	0.71	$	1,437		2,675	$	0.54

Our potentially dilutive securities include potential common shares related to our stock options and our restricted share units (“RSUs”). Diluted earnings per common share attributable to Comcast Corporation shareholders (“diluted EPS”) considers the impact of potentially dilutive securities using the treasury stock method. Diluted EPS excludes the impact of potential common shares related to our stock options in periods in which the combination of the option exercise price and the associated unrecognized compensation expense is greater than the average market price of our Class A common stock or our Class A Special common stock, as applicable.

Diluted EPS for the three months ended March 31, 2014 and 2013 excludes 2 million of potential common shares related to our share-based compensation plans, because the inclusion of the potential common shares would have had an antidilutive effect.

Note 3: Significant Transactions

Time Warner Cable Transaction

On February 12, 2014, we entered into an agreement and plan of merger with Time Warner Cable Inc. (“Time Warner Cable”). As a result of this agreement, we will acquire 100% of Time Warner Cable’s outstanding shares of common stock in exchange for shares of our Class A common stock. Time Warner Cable stockholders will receive, in exchange for each share of Time Warner Cable common stock owned immediately prior to the

6

Comcast Corporation

transaction, 2.875 shares of our Class A common stock. Time Warner Cable stockholders will then own approximately 23% of our common stock, estimated based on the number of shares outstanding as of the date of the agreement. Because the exchange ratio was fixed at the time of the merger agreement and the market value of our Class A common stock will continue to fluctuate, the number of shares of Class A common stock to be issued and the total value of the consideration exchanged will not be determinable until the closing date. Following the close of the transaction, Time Warner Cable will be our wholly owned subsidiary. The transaction remains subject to shareholder approval at both companies, regulatory review and other customary conditions and is expected to close by the end of 2014.

Note 4: Film and Television Costs

(in millions)	March 31, 2014		December 31, 2013
Film Costs:
Released, less amortization	$	1,480	$	1,630
Completed, not released		40		70
In production and in development		865		658
		2,385		2,358
Television Costs:
Released, less amortization		1,169		1,155
In production and in development		363		370
		1,532		1,525
Programming rights, less amortization		2,004		2,039
		5,921		5,922
Less: Current portion of programming rights		863		928
Film and television costs	$	5,058	$	4,994

Note 5: Investments

(in millions)	March 31, 2014		December 31, 2013
Fair Value Method	$	2,448	$	4,345
Equity Method:
The Weather Channel		331		333
Hulu		191		187
Other		496		469
		1,018		989
Cost Method:
AirTouch		1,556		1,553
Other		457		456
		2,013		2,009
Total investments		5,479		7,343
Less: Current investments		2,389		3,573
Noncurrent investments	$	3,090	$	3,770

7

Comcast Corporation

Investment Income (Loss), Net

	Three Months Ended March 31
(in millions)	2014			2013
Gains on sales and exchanges of investments, net	$	83		$	35
Investment impairment losses		(5	)		(9	)
Unrealized gains (losses) on securities underlying prepaid forward sale agreements		(113	)		605
Mark to market adjustments on derivative component of prepaid forward sale agreements and indexed debt instruments		117			(602	)
Interest and dividend income		28			30
Other, net		3			13
Investment income (loss), net	$	113		$	72

Fair Value Method

As of March 31, 2014, the majority of our fair value method investments were equity securities held as collateral that were related to our obligations under prepaid forward sale agreements.

Prepaid Forward Sale Agreements

(in millions)	March 31, 2014		December 31, 2013
Assets:
Fair value equity securities held as collateral	$	2,164	$	3,959
Liabilities:
Obligations under prepaid forward sale agreements	$	463	$	811
Derivative component of prepaid forward sale agreements		1,501		2,800
Total liabilities	$	1,964	$	3,611

During the three months ended March 31, 2014, we settled $1.5 billion of obligations under certain of our prepaid forward sale agreements by delivering equity securities. As of March 31, 2014, our remaining prepaid forward sale obligations had an estimated fair value of $2 billion. The estimated fair values are based on Level 2 inputs using pricing models whose inputs are derived primarily from or corroborated by observable market data through correlation or other means for substantially the full term of the financial instrument.

Cost Method

AirTouch

We hold two series of preferred stock of AirTouch Communications, Inc. (“AirTouch”), a subsidiary of Verizon Communications Inc., which are redeemable in April 2020. As of March 31, 2014, the estimated fair values of the AirTouch preferred stock and the associated liability related to the redeemable preferred shares issued by one of our consolidated subsidiaries were each $1.7 billion. The estimated fair values are based on Level 2 inputs using pricing models whose inputs are derived primarily from or corroborated by observable market data through correlation or other means for substantially the full term of the financial instrument.

Note 6: Long-Term Debt

As of March 31, 2014, our debt had a carrying value of $47.4 billion and an estimated fair value of $52.5 billion. The estimated fair value of our publicly traded debt is based on quoted market values for the debt. To estimate the fair value of debt for which there are no quoted market prices, we use interest rates available to us for debt with similar terms and remaining maturities.

Debt Borrowings and Repayments

In February 2014, we issued $1.2 billion aggregate principal amount of 3.60% senior notes due 2024 and $1 billion aggregate principal amount of 4.75% senior notes due 2044. The proceeds from this offering were used for working capital and general corporate purposes, including the repayment of a portion of our outstanding commercial paper and our $900 million aggregate principal amount of 2.10% senior notes in April 2014 at maturity.

8

Comcast Corporation

In January 2014, we repaid at maturity $1 billion aggregate principal amount of 5.30% senior notes due 2014. In February 2014, we repaid $1.25 billion of borrowings outstanding under NBCUniversal Enterprise Inc.’s (“NBCUniversal Enterprise”) revolving credit facility with the proceeds from $990 million of borrowings under its new commercial paper program and cash on hand.

Revolving Credit Facilities

As of March 31, 2014, amounts available under our consolidated revolving credit facilities, net of amounts outstanding under our commercial paper program and outstanding letters of credit, totaled $6.3 billion, which included $360 million available under NBCUniversal Enterprise’s credit facility.

Commercial Paper Program

In February 2014, NBCUniversal Enterprise entered into a commercial paper program. The maximum borrowing capacity under this commercial paper program is $1.35 billion, and it is supported by NBCUniversal Enterprise’s existing $1.35 billion revolving credit facility due March 2018. The commercial paper program is fully and unconditionally guaranteed by us and our 100% owned cable holding company subsidiaries, Comcast Cable Communications, LLC (“CCCL Parent”), Comcast MO Group, Inc. (“Comcast MO Group”), Comcast Cable Holdings, LLC (“CCH”) and Comcast MO of Delaware, LLC (“Comcast MO of Delaware”) (collectively, the “cable guarantors”). As of March 31, 2014, NBCUniversal Enterprise had $990 million face amount of commercial paper outstanding.

Note 7: Fair Value Measurements

The accounting guidance related to financial assets and financial liabilities (“financial instruments”) establishes a hierarchy that prioritizes fair value measurements based on the types of inputs used for the various valuation techniques (market approach, income approach and cost approach). Level 1 consists of financial instruments whose values are based on quoted market prices for identical financial instruments in an active market. Level 2 consists of financial instruments that are valued using models or other valuation methodologies. These models use inputs that are observable either directly or indirectly. Level 3 consists of financial instruments whose values are determined using pricing models that use significant inputs that are primarily unobservable, discounted cash flow methodologies or similar techniques, as well as instruments for which the determination of fair value requires significant management judgment or estimation. Our financial instruments that are accounted for at fair value on a recurring basis are presented in the table below.

Recurring Fair Value Measures

	Fair Value as of
	March 31, 2014								December 31, 2013
(in millions)	Level 1		Level 2		Level 3		Total		Total
Assets
Trading securities	$	2,168	$	—	$	—	$	2,168	$	3,956
Available-for-sale securities		151		117		11		279		389
Interest rate swap agreements		—		101		—		101		110
Other		—		74		1		75		81
Total	$	2,319	$	292	$	12	$	2,623	$	4,536
Liabilities
Derivative component of prepaid forward sale agreements and indexed debt instruments	$	—	$	1,515	$	—	$	1,515	$	2,816
Contractual obligation		—		—		761		761		747
Contingent consideration		—		—		677		677		684
Other		—		17		—		17		16
Total	$	—	$	1,532	$	1,438	$	2,970	$	4,263

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Fair Value of Redeemable Subsidiary Preferred Stock Financial Instrument

As of March 31, 2014, the fair value of the NBCUniversal Enterprise redeemable subsidiary preferred stock was $750 million. The estimated fair value is based on Level 2 inputs using pricing models whose inputs are derived primarily from or corroborated by observable market data through correlation or other means for substantially the full term of the financial instrument.

Contractual Obligation and Contingent Consideration

The fair values of the contractual obligation and contingent consideration in the table above are primarily based on certain expected future discounted cash flows, the determination of which involves the use of significant unobservable inputs. The most significant unobservable inputs we use are our estimates of the future revenue we expect to generate from certain NBCUniversal businesses, which are related to our contractual obligation, and future net tax benefits that will affect payments to GE, which are related to contingent consideration. The discount rates used in the measurements of fair value were between 5% and 13% and are based on the underlying risk associated with our estimate of future revenue and the terms of the respective contracts, and the uncertainty in the timing of our payments to GE. The fair value adjustments to contractual obligation and contingent consideration are sensitive to the assumptions related to future revenue and tax benefits, respectively, as well as to current interest rates, and therefore, the adjustments are recorded to other income (expense), net in our condensed consolidated statement of income.

Changes in Contractual Obligation and Contingent Consideration

(in millions)	Contractual Obligation			Contingent Consideration
Balance, December 31, 2013	$	747		$	684
Fair value adjustments		27			7
Payments		(13	)		(14	)
Balance, March 31, 2014	$	761		$	677

Note 8: Share-Based Compensation

Our share-based compensation primarily consists of awards of stock options and RSUs to certain employees and directors as part of our approach to long-term incentive compensation. Additionally, through our employee stock purchase plans, employees are able to purchase shares of Comcast Class A common stock at a discount through payroll deductions.

In March 2014, we granted 16.4 million stock options and 5.4 million RSUs related to our annual management awards. The weighted-average fair values associated with these grants were $11.09 per stock option and $46.57 per RSU.

Recognized Share-Based Compensation Expense

	Three Months Ended March 31
(in millions)	2014		2013
Stock options	$	36	$	32
Restricted share units		48		38
Employee stock purchase plans		6		6
Total	$	90	$	76

As of March 31, 2014, we had unrecognized pretax compensation expense of $428 million and $575 million related to nonvested stock options and nonvested RSUs, respectively.

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Note 9: Supplemental Financial Information

Receivables

(in millions)	March 31, 2014		December 31, 2013
Receivables, gross	$	6,645	$	6,972
Less: Allowance for returns and customer incentives		285		375
Less: Allowance for doubtful accounts		209		221
Receivables, net	$	6,151	$	6,376

Accumulated Other Comprehensive Income (Loss)

(in millions)	March 31, 2014			March 31, 2013
Unrealized gains (losses) on marketable securities	$	47		$	180
Deferred gains (losses) on cash flow hedges		(50	)		(57	)
Unrecognized gains (losses) on employee benefit obligations		71			(109	)
Cumulative translation adjustments		(35	)		(25	)
Accumulated other comprehensive income (loss), net of deferred taxes	$	33		$	(11	)

Net Cash Provided by Operating Activities

	Three Months Ended March 31
(in millions)	2014			2013
Net income	$	1,938		$	1,645
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		1,970			1,967
Amortization of film and television costs		2,876			1,972
Share-based compensation		119			102
Noncash interest expense (income), net		42			42
Equity in net (income) losses of investees, net		(32	)		(11	)
Cash received from investees		18			23
Net (gain) loss on investment activity and other		(59	)		(132	)
Deferred income taxes		(226	)		(373	)
Changes in operating assets and liabilities, net of effects of acquisitions and divestitures:
Change in current and noncurrent receivables, net		195			465
Change in film and television costs		(2,722	)		(1,577	)
Change in accounts payable and accrued expenses related to trade creditors		82			(281	)
Change in other operating assets and liabilities		285			527
Net cash provided by operating activities	$	4,486		$	4,369

Cash Payments for Interest and Income Taxes

	Three Months Ended March 31
(in millions)	2014		2013
Interest	$	623	$	617
Income taxes	$	186	$	461

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Noncash Investing and Financing Activities

During the three months ended March 31, 2014:

• we acquired $741 million of property and equipment and intangible assets that were accrued but unpaid

• we recorded a liability of $585 million for a quarterly cash dividend of $0.225 per common share paid in April 2014

• we used $1.5 billion of equity securities to settle our obligations under prepaid forward sale agreements

Note 10: Commitments and Contingencies

Contingencies

Antitrust Cases

We are defendants in two purported class actions originally filed in December 2003 in the United States District Courts for the District of Massachusetts and the Eastern District of Pennsylvania. The potential class in the Massachusetts case, which has been transferred to the Eastern District of Pennsylvania, is our customer base in the “Boston Cluster” area, and the potential class in the Pennsylvania case is our customer base in the “Philadelphia and Chicago Clusters,” as those terms are defined in the complaints. In each case, the plaintiffs allege that certain customer exchange transactions with other cable providers resulted in unlawful horizontal market restraints in those areas and seek damages under antitrust statutes, including treble damages.

Classes of Chicago Cluster and Philadelphia Cluster customers were certified in October 2007 and January 2010, respectively. We appealed the class certification in the Philadelphia Cluster case to the Third Circuit Court of Appeals, which affirmed the class certification in August 2011. In June 2012, the U.S. Supreme Court granted our petition to review the Third Circuit Court of Appeals’ ruling and in March 2013, the Supreme Court ruled that the class had been improperly certified and reversed the judgment of the Third Circuit. The matter has been returned to the District Court for action consistent with the Supreme Court’s opinion. In August 2013, the plaintiffs in the Philadelphia Cluster case moved to certify a new, smaller class. The District Court denied our September 2013 motion to strike the plaintiffs’ motion on procedural grounds. In April 2014, the District Court granted our unopposed motion to de-certify the Chicago class and the plaintiffs’ unopposed motion to amend the Pennsylvania case so as to dismiss claims relating to the Chicago cluster.

In addition, we are the defendant in 22 purported class actions filed in federal district courts throughout the country. All of these actions have been consolidated by the Judicial Panel on Multidistrict Litigation in the United States District Court for the Eastern District of Pennsylvania for pre-trial proceedings. In a consolidated complaint filed in November 2009 on behalf of all plaintiffs in the multidistrict litigation, the plaintiffs allege that we improperly “tie” the rental of set-top boxes to the provision of premium cable services in violation of Section 1 of the Sherman Antitrust Act, various state antitrust laws and unfair/deceptive trade practices acts in California, Illinois and Alabama. The plaintiffs also allege a claim for unjust enrichment and seek relief on behalf of a nationwide class of our premium cable customers and on behalf of subclasses consisting of premium cable customers from California, Alabama, Illinois, Pennsylvania and Washington. In January 2010, we moved to compel arbitration of the plaintiffs’ claims for unjust enrichment and violations of the unfair/deceptive trade practices acts of Illinois and Alabama. In September 2010, the plaintiffs filed an amended complaint alleging violations of additional state antitrust laws and unfair/deceptive trade practices acts on behalf of new subclasses in Connecticut, Florida, Minnesota, Missouri, New Jersey, New Mexico and West Virginia. In the amended complaint, plaintiffs omitted their unjust enrichment claim, as well as their state law claims on behalf of the Alabama, Illinois and Pennsylvania subclasses. In June 2011, the plaintiffs filed another amended complaint alleging only violations of Section 1 of the Sherman Antitrust Act, antitrust law in Washington and unfair/deceptive trade practices acts in California and Washington. The plaintiffs seek relief on behalf of a nationwide class of our premium cable customers and on behalf of subclasses consisting of premium cable customers from California and Washington. In July 2011, we moved to compel arbitration of most of

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the plaintiffs’ claims and to stay the remaining claims pending arbitration. The West Virginia Attorney General also filed a complaint in West Virginia state court in July 2009 alleging that we improperly “tie” the rental of set-top boxes to the provision of digital cable services in violation of the West Virginia Antitrust Act and the West Virginia Consumer Credit and Protection Act. The Attorney General also alleges a claim for unjust enrichment/restitution. We removed the case to the United States District Court for West Virginia, and it was subsequently transferred to the United States District Court for the Eastern District of Pennsylvania and consolidated with the multidistrict litigation described above. In June 2013, a comprehensive settlement agreement for all 23 cases was submitted to the District Court for preliminary approval. Regardless of whether this settlement agreement is approved, we do not expect these cases to have a material effect on our results of operations, cash flows or financial position.

We believe the claims in each of the pending actions described above in this item are without merit, except as otherwise set forth above, and intend to defend the actions vigorously. We cannot predict the outcome of any of the actions described above, including a range of possible loss, or how the final resolution of any such actions would impact our results of operations or cash flows for any one period or our financial position. In addition, as any action nears a trial, there is an increased possibility that the action may be settled by the parties. Nevertheless, the final disposition of any of the above actions is not expected to have a material adverse effect on our consolidated financial position, but could possibly be material to our consolidated results of operations or cash flows for any one period.

Other

We are a defendant in several unrelated lawsuits claiming infringement of various patents relating to various aspects of our businesses. In certain of these cases other industry participants are also defendants, and also in certain of these cases we expect that any potential liability would be in part or in whole the responsibility of our equipment and technology vendors under applicable contractual indemnification provisions. We are also subject to other legal proceedings and claims that arise in the ordinary course of our business. While the amount of ultimate liability with respect to such actions is not expected to materially affect our results of operations, cash flows or financial position, any litigation resulting from any such legal proceedings or claims could be time consuming, costly and injure our reputation.

Note 11: Financial Data by Business Segment

We present our operations in five reportable business segments:

• Cable Communications: Consists of the operations of Comcast Cable, which is the nation’s largest provider of video, high-speed Internet and voice services (“cable services”) to residential customers under the XFINITY brand, and we also provide similar services to businesses and sell advertising.

• Cable Networks:Consists primarily of our national cable networks, our regional sports networks, our international cable networks and our cable television production operations.

• Broadcast Television: Consists primarily of the NBC and Telemundo broadcast networks, our NBC and Telemundo owned local broadcast television stations, and our broadcast television production operations.

• Filmed Entertainment: Consists primarily of the studio operations of Universal Pictures, which produces, acquires, markets and distributes filmed entertainment worldwide.

• Theme Parks: Consists primarily of our Universal theme parks in Orlando and Hollywood.

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In evaluating the profitability of our operating segments, the components of net income (loss) below operating income (loss) before depreciation and amortization are not separately evaluated by our management. Our financial data by business segment is presented in the tables below.

	Three Months Ended March 31, 2014
(in millions)	Revenue(e)			Operating Income (Loss) Before Depreciation  and Amortization(f)			Depreciation and Amortization		Operating Income (Loss)			Capital Expenditures
Cable Communications(a)	$	10,757		$	4,400		$	1,584	$	2,816		$	1,145
NBCUniversal
Cable Networks(b)		2,505			895			189		706			11
Broadcast Television		2,621			122			27		95			11
Filmed Entertainment(b)		1,351			288			5		283			1
Theme Parks		487			170			69		101			144
Headquarters and Other(c)		2			(163	)		75		(238	)		124
Eliminations(d)		(90	)		(1	)		—		(1	)		—
NBCUniversal		6,876			1,311			365		946			291
Corporate and Other		174			(153	)		21		(174	)		12
Eliminations(d)		(399	)		(20	)		—		(20	)		—
Comcast Consolidated	$	17,408		$	5,538		$	1,970	$	3,568		$	1,448

	Three Months Ended March 31, 2013
(in millions)	Revenue(e)			Operating Income (Loss) Before Depreciation and Amortization(f)			Depreciation and Amortization		Operating Income (Loss)			Capital Expenditures
Cable Communications(a)	$	10,217		$	4,219		$	1,608	$	2,611		$	1,094
NBCUniversal
Cable Networks(b)		2,225			859			184		675			24
Broadcast Television		1,517			(35	)		25		(60	)		8
Filmed Entertainment(b)		1,216			69			4		65			2
Theme Parks		462			173			72		101			138
Headquarters and Other(c)		9			(112	)		59		(171	)		91
Eliminations(d)		(89	)		(1	)		—		(1	)		—
NBCUniversal		5,340			953			344		609			263
Corporate and Other		162			(83	)		15		(98	)		4
Eliminations(d)		(409	)		(55	)		—		(55	)		—
Comcast Consolidated	$	15,310		$	5,034		$	1,967	$	3,067		$	1,361

(a) For the three months ended March 31, 2014 and 2013, Cable Communications segment revenue was derived from the following sources:

	Three Months Ended March 31
	2014			2013
Residential:
Video		48.1	%		50.0	%
High-speed Internet		25.6	%		24.7	%
Voice		8.5	%		8.8	%
Business services		8.5	%		7.2	%
Advertising		4.8	%		4.8	%
Other		4.5	%		4.5	%
Total		100	%		100	%

Subscription revenue received from customers who purchase bundled services at a discounted rate is allocated proportionally to each service based on the individual service’s price on a stand-alone basis.

For the three months ended March 31, 2014 and 2013, 2.8% and 2.9%, respectively, of Cable Communications revenue was derived from franchise and other regulatory fees.

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(b) Beginning in 2014, Fandango, our movie ticketing and entertainment business that was previously presented in our Cable Networks segment, is now presented in the Filmed Entertainment segment to reflect the change in our management reporting presentation. Due to immateriality, prior period amounts have not been adjusted. The change in presentation resulted in the reclassification of $195 million of goodwill from our Cable Networks segment to our Filmed Entertainment segment.

(c) NBCUniversal Headquarters and Other activities includes costs associated with overhead, allocations, personnel costs and headquarter initiatives.

(d) Included in Eliminations are transactions that our segments enter into with one another. The most common types of transactions are the following:

• our Cable Networks and Broadcast Television segments generate revenue by selling programming to our Cable Communications segment, which represents a substantial majority of the revenue elimination amount

• our Cable Communications segment generates revenue by selling advertising and by selling the use of satellite feeds to our Cable Networks segment

• our Filmed Entertainment and Broadcast Television segments generate revenue by licensing content to our Cable Networks segment

• our Cable Communications segment receives incentives offered by our Cable Networks segment in connection with its distribution of the Cable Networks’ content that are recorded as a reduction to programming expenses

(e) No single customer accounted for a significant amount of revenue in any period.

(f) We use operating income (loss) before depreciation and amortization, excluding impairment charges related to fixed and intangible assets and gains or losses on the sale of assets, if any, as the measure of profit or loss for our operating segments. This measure eliminates the significant level of noncash depreciation and amortization expense that results from the capital-intensive nature of certain of our businesses and from intangible assets recognized in business combinations. Additionally, it is unaffected by our capital structure or investment activities. We use this measure to evaluate our consolidated operating performance and the operating performance of our operating segments and to allocate resources and capital to our operating segments. It is also a significant performance measure in our annual incentive compensation programs. We believe that this measure is useful to investors because it is one of the bases for comparing our operating performance with that of other companies in our industries, although our measure may not be directly comparable to similar measures used by other companies. This measure should not be considered a substitute for operating income (loss), net income (loss) attributable to Comcast Corporation, net cash provided by operating activities, or other measures of performance or liquidity we have reported in accordance with GAAP.

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Note 12: Condensed Consolidating Financial Information

Comcast Corporation (“Comcast Parent”), our cable guarantors and NBCUniversal Media, LLC (referred to as “NBCUniversal Media Parent” in the tables below) have fully and unconditionally guaranteed each other’s debt securities. Comcast MO Group, CCH and Comcast MO of Delaware are collectively referred to as the “Combined CCHMO Parents.”

Comcast Parent and the cable guarantors also fully and unconditionally guarantee NBCUniversal Enterprise’s $4 billion aggregate principal amount of senior notes, its $1.35 billion credit facility due March 2018 and the associated commercial paper program. NBCUniversal Media Parent does not guarantee the NBCUniversal Enterprise senior notes, credit facility or commercial paper program.

Comcast Parent provides an unconditional subordinated guarantee of the $185 million principal amount currently outstanding of Comcast Holdings’ ZONES due October 2029. Neither the cable guarantors nor NBCUniversal Media Parent guarantee the Comcast Holdings ZONES due October 2029. None of Comcast Parent, the cable guarantors nor NBCUniversal Media Parent guarantee the $62 million principal amount currently outstanding of Comcast Holdings’ ZONES due November 2029.

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Comcast Corporation

Condensed Consolidating Balance Sheet

March 31, 2014

(in millions)	Comcast Parent		Comcast Holdings		CCCL Parent		Combined CCHMO Parents		NBCUniversal Media Parent		Non- Guarantor Subsidiaries		Elimination and Consolidation Adjustments			Consolidated Comcast Corporation
Assets
Cash and cash equivalents	$	—	$	—	$	—	$	—	$	506	$	2,548	$	—		$	3,054
Investments		—		—		—		—		—		2,389		—			2,389
Receivables, net		—		—		—		—		—		6,151		—			6,151
Programming rights		—		—		—		—		—		863		—			863
Other current assets		229		—		—		—		29		1,328		—			1,586
Total current assets		229		—		—		—		535		13,279		—			14,043
Film and television costs		—		—		—		—		—		5,058		—			5,058
Investments		21		—		—		—		378		2,691		—			3,090
Investments in and amounts due from subsidiaries eliminated upon consolidation		80,474		99,606		105,083		55,737		41,042		87,497		(469,439	)		—
Property and equipment, net		213		—		—		—		—		29,375		—			29,588
Franchise rights		—		—		—		—		—		59,364		—			59,364
Goodwill		—		—		—		—		—		27,103		—			27,103
Other intangible assets, net		10		—		—		—		—		17,135		—			17,145
Other noncurrent assets, net		1,114		145		—		—		101		1,937		(915	)		2,382
Total assets	$	82,061	$	99,751	$	105,083	$	55,737	$	42,056	$	243,439	$	(470,354	)	$	157,773
Liabilities and Equity
Accounts payable and accrued expenses related to trade creditors	$	7	$	—	$	—	$	—	$	—	$	5,527	$	—		$	5,534
Accrued participations and residuals		—		—		—		—		—		1,256		—			1,256
Accrued expenses and other current liabilities		1,430		266		318		21		398		5,761		—			8,194
Current portion of long-term debt		900		—		—		—		902		1,017		—			2,819
Total current liabilities		2,337		266		318		21		1,300		13,561		—			17,803
Long-term debt, less current portion		26,455		130		1,827		1,504		10,232		4,433		—			44,581
Deferred income taxes		—		758		—		—		58		31,553		(774	)		31,595
Other noncurrent liabilities		2,001		—		—		—		937		8,312		(141	)		11,109
Redeemable noncontrolling interests and redeemable subsidiary preferred stock		—		—		—		—		—		1,053		—			1,053
Equity:
Common stock		30		—		—		—		—		—		—			30
Other shareholders’ equity		51,238		98,597		102,938		54,212		29,529		184,163		(469,439	)		51,238
Total Comcast Corporation shareholders’ equity		51,268		98,597		102,938		54,212		29,529		184,163		(469,439	)		51,268
Noncontrolling interests		—		—		—		—		—		364		—			364
Total equity		51,268		98,597		102,938		54,212		29,529		184,527		(469,439	)		51,632
Total liabilities and equity	$	82,061	$	99,751	$	105,083	$	55,737	$	42,056	$	243,439	$	(470,354	)	$	157,773

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Comcast Corporation

Condensed Consolidating Balance Sheet

December 31, 2013

(in millions)	Comcast Parent		Comcast Holdings		CCCL Parent		Combined CCHMO Parents		NBCUniversal Media Parent		Non- Guarantor Subsidiaries		Elimination and Consolidation Adjustments			Consolidated Comcast Corporation
Assets
Cash and cash equivalents	$	—	$	—	$	—	$	—	$	336	$	1,382	$	—		$	1,718
Investments		—		—		—		—		—		3,573		—			3,573
Receivables, net		—		—		—		—		—		6,376		—			6,376
Programming rights		—		—		—		—		—		928		—			928
Other current assets		237		—		—		—		35		1,208		—			1,480
Total current assets		237		—		—		—		371		13,467		—			14,075
Film and television costs		—		—		—		—		—		4,994		—			4,994
Investments		11		—		—		—		374		3,385		—			3,770
Investments in and amounts due from subsidiaries eliminated upon consolidation		79,956		97,429		102,673		54,724		40,644		85,164		(460,590	)		—
Property and equipment, net		220		—		—		—		—		29,620		—			29,840
Franchise rights		—		—		—		—		—		59,364		—			59,364
Goodwill		—		—		—		—		—		27,098		—			27,098
Other intangible assets, net		11		—		—		—		—		17,318		—			17,329
Other noncurrent assets, net		1,078		145		—		—		103		1,899		(882	)		2,343
Total assets	$	81,513	$	97,574	$	102,673	$	54,724	$	41,492	$	242,309	$	(461,472	)	$	158,813
Liabilities and Equity
Accounts payable and accrued expenses related to trade creditors	$	8	$	—	$	—	$	—	$	—	$	5,520	$	—		$	5,528
Accrued participations and residuals		—		—		—		—		—		1,239		—			1,239
Accrued expenses and other current liabilities		1,371		266		180		47		323		6,678		—			8,865
Current portion of long-term debt		2,351		—		—		—		903		26		—			3,280
Total current liabilities		3,730		266		180		47		1,226		13,463		—			18,912
Long-term debt, less current portion		25,170		132		1,827		1,505		10,236		5,697		—			44,567
Deferred income taxes		—		777		—		—		59		31,840		(741	)		31,935
Other noncurrent liabilities		1,919		—		—		—		931		8,675		(141	)		11,384
Redeemable noncontrolling interests and redeemable subsidiary preferred stock		—		—		—		—		—		957		—			957
Equity:
Common stock		30		—		—		—		—		—		—			30
Other shareholders’ equity		50,664		96,399		100,666		53,172		29,040		181,313		(460,590	)		50,664
Total Comcast Corporation shareholders’ equity		50,694		96,399		100,666		53,172		29,040		181,313		(460,590	)		50,694
Noncontrolling interests		—		—		—		—		—		364		—			364
Total equity		50,694		96,399		100,666		53,172		29,040		181,677		(460,590	)		51,058
Total liabilities and equity	$	81,513	$	97,574	$	102,673	$	54,724	$	41,492	$	242,309	$	(461,472	)	$	158,813

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Comcast Corporation

Condensed Consolidating Statement of Income

For the Three Months Ended March 31, 2014

(in millions)	Comcast Parent			Comcast Holdings			CCCL Parent			Combined CCHMO Parents			NBCUniversal Media Parent			Non- Guarantor Subsidiaries			Elimination and Consolidation Adjustments			Consolidated Comcast Corporation
Revenue:
Service revenue	$	—		$	—		$	—		$	—		$	—		$	17,408		$	—		$	17,408
Management fee revenue		230			—			223			141			—			—			(594	)		—
		230			—			223			141			—			17,408			(594	)		17,408
Costs and Expenses:
Programming and production		—			—			—			—			—			5,908			—			5,908
Other operating and administrative		93			—			223			141			257			4,632			(594	)		4,752
Advertising, marketing and promotion		—			—			—			—			—			1,210			—			1,210
Depreciation		7			—			—			—			—			1,562			—			1,569
Amortization		1			—			—			—			—			400			—			401
		101			—			223			141			257			13,712			(594	)		13,840
Operating income (loss)		129			—			—			—			(257	)		3,696			—			3,568
Other Income (Expense):
Interest expense		(387	)		(3	)		(45	)		(29	)		(124	)		(54	)		—			(642	)
Investment income (loss), net		1			3			—			—			1			108			—			113
Equity in net income (losses) of investees, net		2,038			2,267			2,165			1,511			1,071			714			(9,734	)		32
Other income (expense), net		—			—			—			—			(4	)		(11	)		—			(15	)
		1,652			2,267			2,120			1,482			944			757			(9,734	)		(512	)
Income (loss) before income taxes		1,781			2,267			2,120			1,482			687			4,453			(9,734	)		3,056
Income tax (expense) benefit		90			—			16			10			(5	)		(1,229	)		—			(1,118	)
Net income (loss)		1,871			2,267			2,136			1,492			682			3,224			(9,734	)		1,938
Net (income) loss attributable to noncontrolling interests and redeemable subsidiary preferred stock		—			—			—			—			—			(67	)		—			(67	)
Net income (loss) attributable to Comcast Corporation	$	1,871		$	2,267		$	2,136		$	1,492		$	682		$	3,157		$	(9,734	)	$	1,871
Comprehensive income (loss) attributable to Comcast Corporation	$	1,848		$	2,269		$	2,138		$	1,493		$	685		$	3,134		$	(9,719	)	$	1,848

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Comcast Corporation

Condensed Consolidating Statement of Income

For the Three Months Ended March 31, 2013

(in millions)	Comcast Parent			Comcast Holdings			CCCL Parent			Combined CCHMO Parents			NBCUniversal Media Parent			Non- Guarantor Subsidiaries			Elimination and Consolidation Adjustments			Consolidated Comcast Corporation
Revenue:
Service revenue	$	—		$	—		$	—		$	—		$	—		$	15,310		$	—		$	15,310
Management fee revenue		218			—			212			133			—			—			(563	)		—
		218			—			212			133			—			15,310			(563	)		15,310
Costs and Expenses:
Programming and production		—			—			—			—			—			4,663			—			4,663
Other operating and administrative		98			—			212			133			225			4,361			(563	)		4,466
Advertising, marketing and promotion		—			—			—			—			—			1,147			—			1,147
Depreciation		7			—			—			—			—			1,559			—			1,566
Amortization		1			—			—			—			—			400			—			401
		106			—			212			133			225			12,130			(563	)		12,243
Operating income (loss)		112			—			—			—			(225	)		3,180			—			3,067
Other Income (Expense):
Interest expense		(376	)		(3	)		(78	)		(33	)		(120	)		(43	)		—			(653	)
Investment income (loss), net		1			(3	)		—			—			(4	)		78			—			72
Equity in net income
(losses) of investees, net		1,608			1,742			1,763			1,262			709			366			(7,439	)		11
Other income (expense), net		(1	)		—			—			—			—			74			—			73
		1,232			1,736			1,685			1,229			585			475			(7,439	)		(497	)
Income (loss) before income taxes		1,344			1,736			1,685			1,229			360			3,655			(7,439	)		2,570
Income tax (expense) benefit		93			2			27			11			(5	)		(1,053	)		—			(925	)
Net income (loss)		1,437			1,738			1,712			1,240			355			2,602			(7,439	)		1,645
Net (income) loss attributable to noncontrolling interests and redeemable subsidiary preferred stock		—			—			—			—			—			(208	)		—			(208	)
Net income (loss)attributable to Comcast Corporation	$	1,437		$	1,738		$	1,712		$	1,240		$	355		$	2,394		$	(7,439	)	$	1,437
Comprehensive income (loss) attributable to Comcast Corporation	$	1,437		$	1,738		$	1,714		$	1,240		$	333		$	2,407		$	(7,432	)	$	1,437

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Comcast Corporation

Condensed Consolidating Statement of Cash Flows

For the Three Months Ended March 31, 2014

(in millions)	Comcast Parent			Comcast Holdings			CCCL Parent			Combined CCHMO Parents			NBCUniversal Media Parent			Non- Guarantor Subsidiaries			Elimination and Consolidation Adjustments		Consolidated Comcast Corporation
Net cash provided by (used in) operating activities	$	(96	)	$	(2	)	$	110		$	(47	)	$	(306	)	$	4,827		$	—	$	4,486
Investing Activities
Net transactions with affiliates		1,370			2			(110	)		47			483			(1,792	)		—		—
Capital expenditures		—			—			—			—			—			(1,448	)		—		(1,448	)
Cash paid for intangible assets		—			—			—			—			—			(217	)		—		(217	)
Acquisitions and construction of real estate properties		—			—			—			—			—			—			—		—
Proceeds from sales of businesses and investments		—			—			—			—			—			300			—		300
Purchases of investments		(10	)		—			—			—			(6	)		(21	)		—		(37	)
Other		—			—			—			—			—			(103	)		—		(103	)
Net cash provided by (used in) investing activities		1,360			2			(110	)		47			477			(3,281	)		—		(1,505	)
Financing Activities
Proceeds from (repayments of) short-term borrowings, net		(1,350	)		—			—			—			—			986			—		(364	)
Proceeds from borrowings		2,184			—			—			—			—			3			—		2,187
Repurchases and repayments of debt		(1,000	)		—			—			—			(1	)		(1,259	)		—		(2,260	)
Repurchases and retirements of common stock		(750	)		—			—			—			—			—			—		(750	)
Dividends paid		(508	)		—			—			—			—			—			—		(508	)
Issuances of common stock		20			—			—			—			—			—			—		20
Distributions to noncontrolling interests and dividends for redeemable subsidiary preferred stock		—			—			—			—			—			(66	)		—		(66	)
Other		140			—			—			—			—			(44	)		—		96
Net cash provided by (used in) financing activities		(1,264	)		—			—			—			(1	)		(380	)		—		(1,645	)
Increase (decrease) in cash and cash equivalents		—			—			—			—			170			1,166			—		1,336
Cash and cash equivalents, beginning of period		—			—			—			—			336			1,382			—		1,718
Cash and cash equivalents, end of period	$	—			—			—			—			506			2,548			—		3,054

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Comcast Corporation

Condensed Consolidating Statement of Cash Flows

For the Three Months Ended March 31, 2013

(in millions)	Comcast Parent			Comcast Holdings			CCCL Parent			Combined CCHMO Parents			NBCUniversal Media Parent			Non-Guarantor Subsidiaries			Elimination and Consolidation Adjustments		Consolidated Comcast Corporation
Net cash provided by (used in) operating activities	$	(112	)	$	3		$	49		$	(53	)	$	(227	)	$	4,709		$	—	$	4,369
Investing Activities
Net transactions with affiliates		(2,480	)		(6	)		1,665			53			(1,251	)		2,019			—		—
Capital expenditures		—			—			—			—			—			(1,361	)		—		(1,361	)
Cash paid for intangible assets		—			—			—			—			—			(182	)		—		(182	)
Acquisitions and construction of real estate properties		—			—			—			—			—			(1,311	)		—		(1,311	)
Proceeds from sales of businesses and investments		—			—			—			—			—			74			—		74
Purchases of investments		—			—			—			—			(1	)		(87	)		—		(88	)
Other		—			3			—			—			(10	)		112			—		105
Net cash provided by (used in) investing activities		(2,480	)		(3	)		1,665			53			(1,262	)		(736	)		—		(2,763	)
Financing Activities
Proceeds from (repayments of) short-term borrowings, net		500			—			—			—			—			(9	)		—		491
Proceeds from borrowings		2,933			—			—			—			—			—			—		2,933
Repurchases and repayments of debt		—			—			(1,714	)		—			(87	)		(10	)		—		(1,811	)
Repurchases and retirements of common stock		(500	)		—			—			—			—			—			—		(500	)
Dividends paid		(429	)		—			—			—			—			—			—		(429	)
Issuances of common stock		13			—			—			—			—			—			—		13
Purchase of NBCUniversal noncontrolling common equity interest		—			—			—			—			(3,200	)		(7,547	)		—		(10,747	)
Distributions to noncontrolling interests and dividends for redeemable subsidiary preferred stock		—			—			—			—			—			(49	)		—		(49	)
Settlement of Station Venture liability		—			—			—			—			—			(602	)		—		(602	)
Other		75			—			—			—			(40	)		(52	)		—		(17	)
Net cash provided by (used in) financing activities		2,592			—			(1,714	)		—			(3,327	)		(8,269	)		—		(10,718	)
Increase (decrease) in cash and cash equivalents		—			—			—			—			(4,816	)		(4,296	)		—		(9,112	)
Cash and cash equivalents, beginning of period		—			—			—			—			5,129			5,822			—		10,951
Cash and cash equivalents, end of period	$	—		$	—		$	—		$	—		$	313		$	1,526		$	—	$	1,839

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ITEM 2: MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Overview

We are a global media and technology company with two primary businesses, Comcast Cable and NBCUniversal. We present our operations for Comcast Cable in one reportable business segment, referred to as Cable Communications, and our operations for NBCUniversal in four reportable business segments.

Cable Communications Segment

Comcast Cable is the nation’s largest provider of video, high-speed Internet and voice services (“cable services”) to residential customers under the XFINITY brand, and we also provide similar and other services to small and medium-sized businesses. As of March 31, 2014, our cable systems served 22.6 million video customers, 21.1 million high-speed Internet customers and 10.9 million voice customers and passed more than 54 million homes and businesses. Our Cable Communications segment generates revenue primarily from subscriptions to our cable services, which we market individually and in packages, and from the sale of advertising. During the three months ended March 31, 2014, our Cable Communications segment generated 62% of our consolidated revenue and 79% of our operating income before depreciation and amortization.

NBCUniversal Segments

NBCUniversal is one of the world’s leading media and entertainment companies that develops, produces and distributes entertainment, news and information, sports, and other content for global audiences. The Cable Networks, Broadcast Television, Filmed Entertainment and Theme Parks segments comprise the NBCUniversal businesses and are collectively referred to as the “NBCUniversal segments.”

Cable Networks

Our Cable Networks segment consists primarily of a diversified portfolio of cable television networks. Our cable networks are comprised of our national cable networks, which provide a variety of entertainment, news and information, and sports content, our regional sports networks, various international cable networks, and our cable television production operations. Our Cable Networks segment generates revenue primarily from the distribution of our cable network programming to multichannel video providers, the sale of advertising on our cable networks and related digital media properties, and the licensing of our owned programming.

Broadcast Television

Our Broadcast Television segment consists primarily of the NBC and Telemundo broadcast networks, our NBC and Telemundo owned local broadcast television stations, and our broadcast television production operations. Our Broadcast Television segment generates revenue primarily from the sale of advertising on our broadcast networks, owned local broadcast television stations and related digital media properties, the licensing of our owned programming, and fees received under retransmission consent agreements.

Filmed Entertainment

Our Filmed Entertainment segment primarily produces, acquires, markets and distributes filmed entertainment worldwide. We also develop, produce and license live stage plays. Our Filmed Entertainment segment generates revenue primarily from the worldwide distribution of our owned and acquired films for exhibition in movie theaters, the licensing of our owned and acquired films through various distribution platforms, and the sale of our owned and acquired films on standard-definition video discs and Blu-ray discs (together, “DVDs”) and through digital distributors. Our Filmed Entertainment segment also generates revenue from producing and licensing live stage plays, from distributing filmed entertainment produced by third parties, and from various digital media properties.

Theme Parks

Our Theme Parks segment consists primarily of our Universal theme parks in Orlando and Hollywood. Our Theme Parks segment generates revenue primarily from theme park attendance and per capita spending. Per

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capita spending includes ticket price and in-park spending on food, beverages and merchandise. We also receive fees from third parties that own and operate Universal Studios Japan and Universal Studios Singapore for intellectual property licenses and other services.

Other

Our other business interests primarily include Comcast-Spectacor, which owns the Philadelphia Flyers and the Wells Fargo Center arena in Philadelphia and operates arena management-related businesses.

Time Warner Cable Transaction

On February 12, 2014, we entered into an agreement and plan of merger with Time Warner Cable Inc. (“Time Warner Cable”). As a result of this agreement, we will acquire 100% of Time Warner Cable’s outstanding shares of common stock in exchange for shares of our Class A common stock. Time Warner Cable stockholders will receive, in exchange for each share of Time Warner Cable common stock owned immediately prior to the transaction, 2.875 shares of our Class A common stock. Time Warner Cable stockholders will then own approximately 23% of our common stock, estimated based on the number of shares outstanding as of the date of the agreement. Because the exchange ratio was fixed at the time of the merger agreement and the market value of our Class A common stock will continue to fluctuate, the number of shares of Class A common stock to be issued and the total value of the consideration exchanged will not be determinable until the closing date. Following the close of the transaction, Time Warner Cable will be our wholly owned subsidiary. The transaction remains subject to shareholder approval at both companies, regulatory review and other customary conditions and is expected to close by the end of 2014.

Competition

The results of operations of our reportable business segments are affected by competition, as all of our businesses operate in competitive, consumer-driven and rapidly changing environments and compete with a growing number of companies that provide a broad range of communications products and services and entertainment, news and information content to consumers. Additionally, there continue to be new companies with significant financial resources that potentially may compete on a larger scale with our cable services, as well as with our cable and broadcast networks and filmed entertainment businesses.

Competition for the cable services we offer consists primarily of direct broadcast satellite (“DBS”) providers, which have a national footprint and compete in all our service areas, and phone companies, which overlap approximately 45% of our service areas and are continuing to expand their fiber-based networks. We also compete with other providers of traditional cable services. All of these companies typically offer features, pricing and packaging for services comparable to our cable services.

Each of NBCUniversal’s businesses also faces substantial and increasing competition from providers of similar types of content, as well as from other forms of entertainment and recreational activities. NBCUniversal also must compete to obtain talent, programming and other resources required in operating these businesses.

Technological changes are further intensifying and complicating the competitive landscape for all of our businesses by challenging existing business models and affecting consumer behavior. Newer services and devices that enable online digital distribution of movies, television shows, and other cable and broadcast video programming continue to gain consumer acceptance and evolve, including some services that charge a nominal or no fee for such programming. These services and devices may potentially negatively affect demand for our video services, as well as demand for our cable network, broadcast television and filmed entertainment content, as the number of entertainment choices available to consumers increases and as video programming is more reliably delivered over the Internet and more easily viewed via the Internet on televisions. Wireless services and devices also continues to evolve allowing consumers to access information, entertainment and communication services, which could negatively impact demand for our cable services, including for our voice services as people substitute mobile phones for landline phones. In addition, delayed viewing and advertising skipping have become more common as the penetration of digital video recorders (“DVRs”) and similar products has increased and as content has become increasingly available via video-on-demand services and Internet sources, which may have a negative impact on our advertising revenue.

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In our Cable Communications segment, we believe that adding more content and delivering it on an increasing variety of platforms will assist in attracting and retaining customers for our cable services. We are also developing and launching new technology initiatives, such as our X1 platform, and deploying new wireless gateway devices, to further enhance our video and high-speed Internet services. In our NBCUniversal segments, to compete for consumers of our content and for customers at our theme parks, we have invested, and will continue to invest, substantial amounts in acquiring content and producing original content for our cable networks and broadcast television networks, including the acquisition of sports rights, and will continue to invest in our film productions and in the development of new theme park attractions.

Seasonality and Cyclicality

Each of our businesses is subject to seasonal and cyclical variations. In our Cable Communications segment, our results are impacted by the seasonal nature of customers receiving our cable services in college and vacation markets. This generally results in a reduction in net customer additions in the second calendar quarter and increased net customer additions in the third and fourth quarters of each year.

Revenue in our Cable Communications, Cable Networks and Broadcast Television segments is subject to cyclicality, with a benefit in even-numbered years from advertising related to candidates running for political office and issue-oriented advertising. Our Cable Networks and Broadcast Television segments revenue and operating costs and expenses are also cyclical as a result of our periodic broadcasts of the Olympic Games and the Super Bowl. Our advertising revenue generally increases in the period of these broadcasts from increased demand for advertising time, and our operating costs and expenses also increase as a result of our production costs and the amortization of the related rights fees.

Revenue in our Filmed Entertainment segment fluctuates due to the timing of the release of films in movie theaters and the release of our films on DVD and through digital distributors. Release dates are determined by several factors, including competition and the timing of vacation and holiday periods. As a result, revenue tends to be seasonal, with increases experienced each year during the summer months and around the holidays. Revenue in our Cable Networks and Broadcast Television segments fluctuates depending on the timing of when our programming is aired on television, which typically results in higher advertising revenue in the second and fourth calendar quarter of each year. Revenue in our Cable Networks, Broadcast Television and Filmed Entertainment segments also fluctuates due to the timing of when our owned content is made available to licensees.

Revenue in our Theme Parks segment fluctuates with changes in theme park attendance that result from the seasonal nature of vacation travel, local entertainment offerings and seasonal weather variations. Our theme parks generally experience peak attendance during the summer months when schools are closed and during early winter and spring holiday periods.

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Consolidated Operating Results

	Three Months Ended March 31						Increase/ (Decrease)
(in millions)	2014			2013
Revenue	$	17,408		$	15,310			13.7	%
Costs and Expenses:
Programming and production		5,908			4,663			26.7
Other operating and administrative		4,752			4,466			6.4
Advertising, marketing and promotion		1,210			1,147			5.5
Depreciation		1,569			1,566			0.2
Amortization		401			401			(0.2	)
Operating income		3,568			3,067			16.3
Other income (expense) items, net		(512	)		(497	)		3.1
Income before income taxes		3,056			2,570			18.9
Income tax expense		(1,118	)		(925	)		20.8
Net income		1,938			1,645			17.8
Net (income) loss attributable to noncontrolling interests and redeemable subsidiary preferred stock		(67	)		(208	)		(67.9	)
Net income attributable to Comcast Corporation	$	1,871		$	1,437			30.2	%

All percentages are calculated based on actual amounts. Minor differences may exist due to rounding.

Percentage changes that are considered not meaningful are denoted with NM.

Consolidated Revenue

All of our reportable business segments accounted for the increase in consolidated revenue for the three months ended March 31, 2014. The increase in revenue in our Cable Networks and Broadcast Television segments was primarily due to improved performance and our broadcast of the 2014 Sochi Olympics. Excluding $1.1 billion of revenue associated with the broadcast of the 2014 Sochi Olympics, consolidated revenue increased 6.5% for the three months ended March 31, 2014. Revenue for our Cable Communications and NBCUniversal segments is discussed separately below under the heading “Segment Operating Results.”

Consolidated Costs and Expenses

Our Cable Communications, Cable Networks, Broadcast Television and Theme Parks segments accounted for substantially all of the increase in consolidated costs and expenses, excluding depreciation and amortization (“operating costs and expenses”) for the three months ended March 31, 2014. Operating costs and expenses for our Cable Communications and NBCUniversal segments are discussed separately below under the heading “Segment Operating Results.”

Consolidated depreciation and amortization remained flat for the three months ended March 31, 2014 compared to the same period in 2013.

Segment Operating Results

Our segment operating results are presented based on how we assess operating performance and internally report financial information. We use operating income (loss) before depreciation and amortization, excluding impairment charges related to fixed and intangible assets and gains or losses on the sale of assets, if any, as the measure of profit or loss for our operating segments. This measure eliminates the significant level of noncash depreciation and amortization expense that results from the capital-intensive nature of certain of our businesses and from intangible assets recognized in business combinations. Additionally, it is unaffected by our capital structure or investment activities. We use this measure to evaluate our consolidated operating performance and the operating performance of our operating segments and to allocate resources and capital to our operating segments. It is also a significant performance measure in our annual incentive compensation programs. We believe that this measure is useful to investors because it is one of the bases for comparing our operating performance with that of other companies in our industries, although our measure may not be directly

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comparable to similar measures used by other companies. Because we use operating income (loss) before depreciation and amortization to measure our segment profit or loss, we reconcile it to operating income, the most directly comparable financial measure calculated and presented in accordance with GAAP, in the business segment footnote to our condensed consolidated financial statements (see Note 11 to Comcast’s condensed consolidated financial statements and Note 9 to NBCUniversal’s condensed consolidated financial statements). This measure should not be considered a substitute for operating income (loss), net income (loss) attributable to Comcast Corporation or NBCUniversal, net cash provided by operating activities or other measures of performance or liquidity we have reported in accordance with GAAP.

Beginning in 2014, Fandango, our movie ticketing and entertainment business that was previously presented in our Cable Networks segment, is now presented in the Filmed Entertainment segment to reflect the change in our management reporting presentation. Due to immateriality, prior period amounts have not been adjusted.

Cable Communications Segment Results of Operations

	Three Months Ended March 31				Increase/ (Decrease)
(in millions)	2014		2013		$		%
Revenue
Residential:
Video	$	5,178	$	5,113	$	65		1.3	%
High-speed Internet		2,750		2,523		227		9.0
Voice		920		900		20		2.1
Business services		917		741		176		23.9
Advertising		519		488		31		6.2
Other		473		452		21		4.8
Total revenue		10,757		10,217		540		5.3
Operating costs and expenses
Programming		2,452		2,253		199		8.8
Technical and product support		1,377		1,320		57		4.3
Customer service		548		521		27		5.2
Franchise and other regulatory fees		321		308		13		4.2
Advertising, marketing and promotion		704		669		35		5.2
Other		955		927		28		3.1
Total operating costs and expenses		6,357		5,998		359		6.0
Operating income before depreciation and amortization	$	4,400	$	4,219	$	181		4.3	%

Beginning in 2014, our Cable Communications segment revised its methodology for counting customers related to how we count and report customers who reside in multiple dwelling units (“MDUs”) that are billed under bulk contracts (the “billable customers method”). For MDUs whose residents have the ability to receive additional cable services, such as additional programming choices or our high-definition (“HD”) or DVR services, we now count and report customers based on the number of potential billable relationships within each MDU. For MDUs whose residents are not able to receive additional cable services, the MDU is now counted as a single customer. Previously, we had counted and reported these customers on an equivalent billing unit basis by dividing monthly revenue received under an MDU’s bulk contract by the standard monthly residential rate where the MDU was located (the “EBU method”). We believe the billable customers method is consistent with the methodology used by other companies in our industry, including Time Warner Cable, to count and report customers.

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The tables below present customer metrics using the billable customers method. Because the differences in the number of customers using the billable customers method and the EBU method for high-speed Internet and voice customers were not material, high-speed Internet and voice customers metrics as of and for the three months ended March 31, 2013 are presented using the EBU method.

Customer Metrics—Billable Customers Method

	Total Customers				Net Additional Customers
	March 31		March 31		Three Months Ended
(in thousands)	2014		2013		March 31, 2014			March 31, 2013
Video customers		22,601		22,819		24			(25	)
High-speed Internet customers		21,068		19,799		383			433
Voice customers		10,865		10,166		142			211
Total customer relationships		26,800		26,596		124
Single product customers		8,605		9,206		(147	)
Double product customers		8,656		8,568		116
Triple product customers		9,539		8,821		155

Customer data includes residential and business customers. Customer relationships represent the number of residential and business customers that subscribe to at least one of our cable services and are presented based on actual amounts. Single product, double product and triple product customers represent customers that subscribe to one, two or three of our cable services, respectively.

Cable Communications Segment—Revenue

Our Cable Communications segment leverages our existing cable distribution system to grow revenue by, among other things, adding new customers, encouraging existing customers to add additional or higher-tier services, and growing other services such as our business services offerings and our home security and automation services. We offer our cable services in bundles and often provide promotional incentives. We seek to balance promotional offers and rate increases with their expected effects on the number of customers and overall revenue.

Video

Video revenue increased 1.3% for the three months ended March 31, 2014 compared to the same period in 2013. An increase in the number of customers receiving additional and higher levels of video service and rate adjustments accounted for an increase in revenue of 2.8%. As of March 31, 2014, the number of customers who subscribed to our advanced services, which are HD and DVR services, increased 4.6% to 12.6 million customers compared to the same period in 2013. The increase in revenue was partially offset by fewer residential video customers compared to the prior year period. These decreases were primarily due to competitive pressures in our service areas from phone and satellite competitors and the impact of rate adjustments. We may experience further declines in the number of residential video customers.

High-Speed Internet

High-speed Internet revenue increased 9.0% for the three months ended March 31, 2014 compared to the same period in 2013. An increase in the number of residential customers receiving our high-speed Internet service accounted for an increase in revenue of 6.0%. The remaining increase in revenue for the three months ended March 31, 2014 was primarily due to higher rates from customers receiving higher levels of service and rate adjustments. Our customer base continues to grow as consumers choose our high-speed Internet service and seek higher-speed offerings.

Voice

Voice revenue increased 2.1% for the three months ended March 31, 2014 compared to the same period in 2013. An increase in the number of residential customers receiving our services through our discounted bundled offerings accounted for an increase in revenue of 6.4% for the three months ended March 31, 2014. This increase was partially offset by the impact of the allocation of voice revenue for our bundled customers because revenue attributable to voice services represents a lower proportion of the bundled rate. The amounts allocated to voice revenue in the bundled rate have decreased because video and high-speed Internet rates have increased, while voice rates have remained relatively flat.

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Business Services

Business services revenue increased 23.9% for the three months ended March 31, 2014 compared to the same period in 2013. The increase was primarily due to a higher number of business customers receiving our cable services. The remaining increase was primarily due to continued growth in the number of medium-sized business customers, including those receiving our Ethernet network and cellular backhaul services. During the three months ended March 31, 2014, our medium- sized business customers represented 22% of total business services revenue. We believe the increase in business customers is primarily the result of our efforts to gain market share from competitors by offering competitive services and pricing.

Advertising

Advertising revenue increased 6.2% for the three months ended March 31, 2014 compared to the same period in 2013 primarily due to an increase in political advertising revenue, as well as an increase in revenue primarily in our core national and local advertising markets.

Other

Other revenue increased 4.8% for the three months ended March 31, 2014 compared to the same period in 2013 primarily due to increases in franchise and other regulatory fees and in revenue from other services, including our home security and automation services.

Cable Communications Segment—Operating Costs and Expenses

Our most significant operating cost is the programming expense we incur to provide content to our video customers. We anticipate that our programming expenses will continue to increase. We have and will continue to attempt to offset increases in programming expenses through rate increases, the sale of additional video and other services, and through operating efficiencies.

Programming costs increased for the three months ended March 31, 2014 compared to the same period in 2013 primarily due to increases in programming license fees, including retransmission consent fees and sports programming costs, and fees to secure rights for additional programming for our customers across an increasing number of platforms.

Technical and product support expenses increased for the three months ended March 31, 2014 compared to the same period in 2013 primarily due to expenses related to customer fulfillment activities, expenses related to the development, delivery and support of our products and services, continued growth in our products, and weather related expenses.

Customer service expenses increased for the three months ended March 31, 2014 compared to the same period in 2013 primarily due to increases in total labor costs associated with increases in customer service activity. The increases in customer service activity were primarily due to increases in the number of customers as well as sales and related support activity associated with the continued deployment of enhanced services and devices, including our X1 platform and wireless gateways, and continued growth in business services.

Franchise and other regulatory fees increased for the three months ended March 31, 2014 compared to the same period in 2013 primarily due to increases in residential and business services revenue.

Advertising, marketing and promotion expenses increased for the three months ended March 31, 2014 compared to the same period in 2013 primarily due to increases in spending associated with attracting new residential and business services customers and encouraging existing customers to add additional or higher-tier services.

Other costs and expenses increased for the three months ended March 31, 2014 compared to the same period in 2013 primarily due to increases in other administrative costs and costs related to advertising sales activities.

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NBCUniversal Segments Results of Operations

	Three Months Ended March 31						Increase/ (Decrease)
(in millions)	2014			2013			$			%
Revenue
Cable Networks	$	2,505		$	2,225		$	280			12.6	%
Broadcast Television		2,621			1,517			1,104			72.8
Filmed Entertainment		1,351			1,216			135			11.1
Theme Parks		487			462			25			5.4
Headquarters, other and eliminations		(88	)		(80	)		(8	)		NM
Total revenue	$	6,876		$	5,340		$	1,536			28.8	%
Operating Income (Loss) Before Depreciation and Amortization
Cable Networks	$	895		$	859		$	36			4.2	%
Broadcast Television		122			(35	)		157			NM
Filmed Entertainment		288			69			219			319.1
Theme Parks		170			173			(3	)		(1.5	)
Headquarters, other and eliminations		(164	)		(113	)		(51	)		(46.1	)
Total operating income (loss) before depreciation and amortization	$	1,311		$	953		$	358			37.6	%

Cable Networks Segment Results of Operations

	Three Months Ended March 31				Increase/ (Decrease)
(in millions)	2014		2013		$			%
Revenue
Distribution	$	1,473	$	1,241	$	232			18.6	%
Advertising		896		828		68			8.2
Content licensing and other		136		156		(20	)		(12.3	)
Total revenue		2,505		2,225		280			12.6
Operating costs and expenses
Programming and production		1,187		908		279			30.7
Other operating and administrative		303		338		(35	)		(10.3	)
Advertising, marketing and promotion		120		120		—			0.2
Total operating costs and expenses		1,610		1,366		244			17.9
Operating income before depreciation and amortization	$	895	$	859	$	36			4.2	%

Cable Networks Segment—Revenue

Cable Networks revenue increased for the three months ended March 31, 2014 compared to the same period in 2013 due to increases in distribution revenue and advertising revenue. The increase in distribution revenue was primarily due to the 2014 Sochi Olympics and increases in the contractual rates charged under distribution agreements. Advertising revenue increased for the three months ended March 31, 2014 compared to the same period in 2013 primarily due to higher advertising revenue associated with the 2014 Sochi Olympics. Advertising revenue was also affected by higher prices and an increase in the volume of advertising units sold, offset by continuing declines in audience ratings at some of our networks. Excluding $257 million of revenue associated with the 2014 Sochi Olympics, Cable Networks segment revenue increased 1.0%.

For the three months ended March 31, 2014 and 2013, 12% and 14%, respectively, of the revenue from our Cable Networks segment was generated from our Cable Communications segment. These amounts are eliminated in our condensed consolidated financial statements but are included in the amounts presented above.

Cable Networks Segment—Operating Costs and Expenses

Operating costs and expenses increased for the three months ended March 31, 2014 compared to the same period in 2013 primarily due to an increase in programming and production costs, which was partially offset by a decrease in other operating and administrative expenses. The increase in programming and production costs was

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primarily due to the 2014 Sochi Olympics and other sports programming rights costs, and our continued investment in original programming at certain of our cable networks. The decrease in other operating and administrative costs was primarily due to a decrease in employee-related costs and the absence of Fandango in the current year period.

Broadcast Television Segment Results of Operations

	Three Months Ended March 31					Increase/ (Decrease)
(in millions)	2014		2013			$		%
Revenue
Advertising	$	1,833	$	952		$	881		92.5	%
Content licensing		496		397			99		24.7
Other		292		168			124		74.5
Total revenue		2,621		1,517			1,104		72.8
Operating costs and expenses
Programming and production		2,028		1,160			868		74.9
Other operating and administrative		323		292			31		10.4
Advertising, marketing and promotion		148		100			48		47.4
Total operating costs and expenses		2,499		1,552			947		61.0
Operating income (loss) before depreciation and amortization	$	122	$	(35	)	$	157		NM

Broadcast Television Segment—Revenue

Broadcast Television revenue increased for the three months ended March 31, 2014 compared to the same period in 2013 primarily due to an increase in advertising revenue associated with our broadcast of the 2014 Sochi Olympics in the current year period, as well as increases in content licensing and other revenue. Excluding $846 million of revenue associated with the 2014 Sochi Olympics, Broadcast Television revenue increased 17% primarily due to higher advertising revenue related to an increase in audience ratings. The increase in content licensing revenue was primarily due to the timing of a licensing agreement related to certain of our programming. The increase in other revenue was primarily due to fees recognized under our retransmission consent agreements and other revenue associated with the 2014 Sochi Olympics.

Broadcast Television Segment—Operating Costs and Expenses

Operating costs and expenses increased for the three months ended March 31, 2014 compared to the same period in 2013 due to higher programming and production costs associated with our broadcast of the 2014 Sochi Olympics in the current year period.

Filmed Entertainment Segment Results of Operations

	Three Months Ended March 31				Increase/ (Decrease)
(in millions)	2014		2013		$			%
Revenue
Theatrical	$	376	$	313	$	63			20.0	%
Content licensing		465		438		27			6.1
Home entertainment		351		371		(20	)		(5.4	)
Other		159		94		65			70.3
Total revenue		1,351		1,216		135			11.1
Operating costs and expenses
Programming and production		604		698		(94	)		(13.4	)
Other operating and administrative		188		168		20			11.9
Advertising, marketing and promotion		271		281		(10	)		(3.8	)
Total operating costs and expenses		1,063		1,147		(84	)		(7.3	)
Operating income before depreciation and amortization	$	288	$	69	$	219			319.1	%

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Filmed Entertainment Segment—Revenue

Filmed Entertainment revenue increased for the three months ended March 31, 2014 compared to the same period in 2013 primarily due to increases in theatrical, other and content licensing revenue, which were partially offset by a decrease in home entertainment revenue. The increase in theatrical revenue was primarily due to the performance of our current period releases, includingRide Along andLone Survivorand the international performance of The Wolf of Wall Street. The increase in other revenue was primarily due to the inclusion, in 2014, of Fandango, which was previously presented in our Cable Networks segment. The increase in content licensing revenue was primarily due to the timing of licensing agreements related to our film library.

Filmed Entertainment Segment—Operating Costs and Expenses

Operating costs and expenses decreased for the three months ended March 31, 2014 compared to the same period in 2013 primarily due to a decrease in the amortization of film costs. Operating costs and expenses for the three months ended March 31, 2013 included $66 million of expense associated with fair value adjustments to capitalized film production costs, which did not occur in the current year period.

Theme Parks Segment Results of Operations

	Three Months Ended March 31				Increase/ (Decrease)
(in millions)	2014		2013		$			%
Revenue	$	487	$	462	$	25			5.4	%
Operating costs and expenses		317		289		28			9.5
Operating income before depreciation and amortization	$	170	$	173	$	(3	)		(1.5	)%

Theme Parks Segment—Revenue

Theme Parks revenue increased for the three months ended March 31, 2014 compared to the same period in 2013 primarily due to an increase in per capita spending at our Hollywood and Orlando theme parks. Guest attendance at our Orlando and Hollywood theme parks has remained stable despite the effect of a shift in the timing of holidays from the first quarter of 2013 to the second quarter of 2014.

Theme Parks Segment—Operating Costs and Expenses

Theme Parks segment operating costs and expenses increased for the three months ended March 31, 2014 compared to the same period in 2013 primarily due to costs at our Orlando and Hollywood theme parks associated with additional attractions and an increase in per capita spending.

NBCUniversal Headquarters, Other and Eliminations

The change in operating income (loss) before depreciation and amortization for headquarters, other and eliminations for the three months ended March 31, 2014 compared to the same period in 2013 was primarily due to higher employee-related costs, including severance costs.

Corporate and Other Results of Operations

	Three Months Ended March 31						Increase/ (Decrease)
(in millions)	2014			2013			$			%
Revenue	$	174		$	162		$	12			7.6	%
Operating costs and expenses		327			245			82			33.1
Operating income (loss) before depreciation and amortization	$	(153	)	$	(83	)	$	(70	)		82.5	%

Corporate and Other—Revenue

Other revenue primarily relates to Comcast-Spectacor, which owns the Philadelphia Flyers and the Wells Fargo Center arena in Philadelphia and operates arena management-related businesses.

Other revenue increased for the three months ended March 31, 2014 compared to the same period in 2013 primarily due to an increase in revenue associated with Leisure Arts, a subsidiary acquired in October 2013, as well as an increase in ticketing revenue associated with our Comcast-Spectacor business.

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Corporate and Other—Operating Costs and Expenses

Corporate and Other operating costs and expenses primarily include overhead, personnel costs, the cost of corporate initiatives and branding, and operating costs and expenses associated with Comcast-Spectacor.

Corporate and Other operating costs and expenses increased for the three months ended March 31, 2014 compared to the same period in 2013 primarily due to company-wide branding initiatives, including those initiatives associated with the 2014 Sochi Olympics, $17 million of transaction-related costs recorded during the three months ended March 31, 2014 associated with the Time Warner Cable transaction, and an increase in labor costs in our Comcast-Spectacor business.

Consolidated Other Income (Expense) Items, Net

	Three Months Ended March 31
(in millions)	2014			2013
Interest expense	$	(642	)	$	(653	)
Investment income (loss), net		113			72
Equity in net income (losses) of investees, net		32			11
Other income (expense), net		(15	)		73
Total	$	(512	)	$	(497	)

Investment Income (Loss), Net

The components of investment income (loss), net for the three months ended March 31, 2014 and 2013 are presented in a table in Note 5 to Comcast’s condensed consolidated financial statements.

Other Income (Expense), Net

The change in other income (expense), net for the three months ended March 31, 2014 compared to the same period in 2013 was primarily due to the $108 million gain recognized in the prior year period related to our sale of wireless communications spectrum licenses and a $27 million favorable settlement of a contingency related to the AT&T Broadband transaction recorded in the current year period.

Consolidated Income Tax Expense

Income tax expense for the three months ended March 31, 2014 and 2013 reflects an effective income tax rate that differs from the federal statutory rate primarily due to state income taxes, adjustments associated with uncertain tax positions and foreign income taxes. We expect our 2014 annual effective tax rate to be in the range of 37% to 39%, absent changes in tax laws or significant changes in uncertain tax positions. It is reasonably possible that certain statutes of limitations for the years 2000 through 2006 will expire and/or judicial decisions related to litigation could be issued within the next 12 months that may result in a decrease in our effective tax rate.

Consolidated Net (Income) Loss Attributable to Noncontrolling Interests and Redeemable Subsidiary Preferred Stock

The decrease in net (income) loss attributable to noncontrolling interests and redeemable subsidiary preferred stock for the three months ended March 31, 2014 was primarily due to our acquisition of GE’s remaining 49% common equity interest in NBCUniversal Holdings in March 2013.

Liquidity and Capital Resources

Our businesses generate significant cash flows from operating activities. We believe that we will be able to continue to meet our current and long-term liquidity and capital requirements, including fixed charges, through our cash flows from operating activities, existing cash, cash equivalents and investments, available borrowings under our existing credit facilities, and our ability to obtain future external financing. We anticipate that we will continue to use a substantial portion of our cash flows to meet our debt repayment obligations, to fund our capital expenditures, to invest in business opportunities and to return capital to shareholders.

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Operating Activities

Components of Net Cash Provided by Operating Activities

	Three Months Ended March 31
(in millions)	2014			2013
Operating income	$	3,568		$	3,067
Depreciation and amortization		1,970			1,967
Operating income before depreciation and amortization		5,538			5,034
Noncash share-based compensation		119			102
Changes in operating assets and liabilities		(267	)		369
Cash basis operating income		5,390			5,505
Payments of interest		(623	)		(617	)
Payments of income taxes		(186	)		(461	)
Excess tax benefits under share-based compensation		(151	)		(94	)
Other		56			36
Net cash provided by operating activities	$	4,486		$	4,369

The changes in operating assets and liabilities for the three months ended March 31, 2014 compared to the same period in 2013 were primarily related to the timing of operating items associated with our broadcast of the 2014 Sochi Olympics and an increase in film and television costs.

The decrease in income tax payments for the three months ended March 31, 2014 compared to the same period in 2013 was primarily due to lower tax payments made in 2014 that related to 2013.

Investing Activities

Net cash used in investing activities for the three months ended March 31, 2014 consisted primarily of cash paid for capital expenditures and cash paid for intangible assets, which were partially offset by proceeds from the sales of businesses and investments.

Financing Activities

Net cash used in financing activities for the three months ended March 31, 2014 consisted primarily of repayments of debt, repurchases of our common stock and dividend payments.

In February 2014, we issued $1.2 billion aggregate principal amount of 3.60% senior notes due 2024 and $1 billion aggregate principal amount of 4.75% senior notes due 2044. The proceeds from this offering were used for working capital and general corporate purposes, including the repayment of a portion of our outstanding commercial paper and our $900 million aggregate principal amount of 2.10% senior notes in April 2014 at maturity.

In January 2014, we repaid at maturity $1 billion aggregate principal amount of 5.30% senior notes due 2014. In February 2014, we repaid $1.25 billion of borrowings outstanding under NBCUniversal Enterprise’s revolving credit facility with the proceeds from $990 million of borrowings under its new commercial paper program and cash on hand.

We have made, and may from time to time in the future make, optional repayments on our debt obligations, which may include repurchases of our outstanding public notes and debentures, depending on various factors, such as market conditions.

Available Borrowings Under Credit Facilities

We also maintain significant availability under our lines of credit and our commercial paper program to meet our short-term liquidity requirements.

In February 2014, NBCUniversal Enterprise established a commercial paper program. The maximum borrowing capacity under this commercial paper program is $1.35 billion, and it is supported by NBCUniversal Enterprise’s existing $1.35 billion revolving credit facility due March 2018. The commercial paper program is fully and unconditionally guaranteed by us and the cable guarantors. As of March 31, 2014, NBCUniversal Enterprise had

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$990 million face amount of commercial paper outstanding. The proceeds from NBCUniversal Enterprise’s issuance of commercial paper were used to repay the $1.25 billion borrowings outstanding under its revolving credit facility.

As of March 31, 2014, amounts available under our consolidated revolving credit facilities, net of amounts outstanding under our commercial paper program and undrawn letters of credit, totaled $6.3 billion, which included $360 million available under NBCUniversal Enterprise’s credit facility.

Share Repurchases and Dividends

In January 2014, our Board of Directors increased our share repurchase authorization to $7.5 billion, which does not have an expiration date. Under this authorization, we may repurchase shares in the open market or in private transactions. During the three months ended March 31, 2014, we repurchased 15 million shares of our Class A Special common stock for $750 million. We intend to repurchase a total of $3 billion of shares in 2014, subject to market conditions. In addition, after shareholder approval has been obtained by both Comcast and Time Warner Cable related to the merger, we intend to repurchase an additional $2.5 billion of shares during 2014, subject to market conditions.

In January 2014, our Board of Directors approved a 15% increase in our dividend to $0.90 per share on an annualized basis and approved our first quarter dividend of $0.225 per share to be paid in April 2014. We expect to continue to pay quarterly dividends, although each dividend is subject to approval by our Board of Directors.

Critical Accounting Judgments and Estimates

The preparation of our condensed consolidated financial statements requires us to make estimates that affect the reported amounts of assets, liabilities, revenue and expenses, and the related disclosure of contingent assets and contingent liabilities. We base our judgments on our historical experience and on various other assumptions that we believe are reasonable under the circumstances, the results of which form the basis for making estimates about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions.

For a more complete discussion of the accounting judgments and estimates that we have identified as critical in the preparation of our condensed consolidated financial statements, please refer to our Management’s Discussion and Analysis of Financial Condition and Results of Operations in our 2013 Annual Report on Form 10-K.

ITEM 3: QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

We have evaluated the information required under this item that was disclosed in our 2013 Annual Report on Form 10-K and there have been no significant changes to this information.

ITEM 4: CONTROLS AND PROCEDURES

Comcast Corporation

Conclusions regarding disclosure controls and procedures

Our principal executive and principal financial officers, after evaluating the effectiveness of Comcast’s disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) as of the end of the period covered by this report, have concluded that, based on the evaluation of these controls and procedures required by paragraph (b) of Exchange Act Rules 13a-15 or 15d-15, Comcast’s disclosure controls and procedures were effective.

Changes in internal control over financial reporting

There were no changes in Comcast’s internal control over financial reporting identified in connection with the evaluation required by paragraph (d) of Exchange Act Rules 13a-15 or 15d-15 that occurred during Comcast’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, Comcast’s internal control over financial reporting.

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NBCUniversal Media, LLC

Conclusions regarding disclosure controls and procedures

Our principal executive and principal financial officers, after evaluating the effectiveness of NBCUniversal’s disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) of the Exchange Act) as of the end of the period covered by this report, have concluded that, based on the evaluation of these controls and procedures required by paragraph (b) of Exchange Act Rules 13a-15 or 15d-15, NBCUniversal’s disclosure controls and procedures were effective.

Changes in internal control over financial reporting

There were no changes in NBCUniversal’s internal control over financial reporting identified in connection with the evaluation required by paragraph (d) of Exchange Act Rules 13a-15 or 15d-15 that occurred during NBCUniversal’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, NBCUniversal’s internal control over financial reporting.

PART II: OTHER INFORMATION

ITEM 1: LEGAL PROCEEDINGS

Refer to Note 10 to Comcast’s condensed consolidated financial statements included in this Quarterly Report on Form 10-Q for a discussion of recent developments related to our legal proceedings. There have been no material developments in the matter reported in our 2013 Annual Report on Form 10-K regarding the California Attorney General and the Alameda County, California District Attorney’s investigation of certain of our waste disposal policies, procedures and practices.

NBCUniversal Media, LLC is subject to legal proceedings and claims that arise in the ordinary course of its business. It does not expect the final disposition of any of these matters to have a material adverse effect on its results of operations, cash flows or financial condition, although any such matters could be time consuming and costly and could injure its reputation.

ITEM 1A: RISK FACTORS

There have been no significant changes from the risk factors previously disclosed in Item 1A of our 2013 Annual Report on Form 10-K.

ITEM 2: UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

The table below summarizes Comcast’s Class A Special common stock repurchases under its Board-authorized share repurchase program during the three months ended March 31, 2014.

Purchases of Equity Securities

Period	Total Number of Shares Purchased		Average Price Per Share		Total Number of Shares Purchased as Part of Publicly Announced Authorization		Total Dollar Amount Purchased Under the Authorization		Maximum Dollar Value of Shares That May Yet Be Purchased Under the Authorization(a)
January 1-31, 2014		289	$	52.72		—	$	—	$	7,500,000,000
February 1-28, 2014		4,903,055	$	50.99		4,903,055	$	250,000,000	$	7,250,000,000
March 1-31, 2014		10,188,367	$	49.72		10,062,354	$	500,000,000	$	6,750,000,000
Total		15,091,711	$	50.13		14,965,409	$	750,000,000	$	6,750,000,000

(a) In January 2014, our Board of Directors increased our share repurchase authorization to $7.5 billion, which does not have an expiration date. Under this authorization, we may repurchase shares in the open market or in private transactions. We expect to make $2.25 billion more in repurchases during the remainder of 2014, subject to market conditions. In addition, after shareholder approval has been obtained by both Comcast and Time Warner Cable related to the merger, we intend to repurchase an additional $2.5 billion of shares during 2014, subject to market conditions.

The total number of shares purchased during the three months ended March 31, 2014 includes 126,302 shares received in the administration of employee share-based compensation plans.

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ITEM 6: EXHIBITS

Comcast

Exhibit No.	Description
2.1	Agreement and Plan of Merger dated as of February 12, 2014 among Comcast Corporation, Time Warner Cable Inc. and Tango Acquisition Sub, Inc. (incorporated by reference to Exhibit 2.1 to Comcast’s Current Report filed on February 13, 2014).
2.2	Voting Agreement dated as of February 12, 2014 among Time Warner Cable Inc., Brian L. Roberts, BRCC Holdings LLC, Irrevocable Deed of Trust of Brian L. Roberts for Children and Other Issue dated June 10, 1998 and Irrevocable Deed of Trust of Ralph J. Roberts for Brian L. Roberts and Other Beneficiaries dated May 11, 1993 (incorporated by reference to Exhibit 2.2 to Comcast’s Current Report filed on February 13, 2014).
10.1*	Comcast Corporation 2002 Restricted Stock Plan, as amended and restated effective February 24, 2014.
31.1	Certification of Chief Executive Officer and Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32.1	Certification of Chief Executive Officer and Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101	The following financial statements from Comcast Corporation’s Quarterly Report on Form 10-Q for the three months ended March 31, 2014, filed with the Securities and Exchange Commission on April 22, 2014, formatted in XBRL (eXtensible Business Reporting Language): (i) the Condensed Consolidated Balance Sheet; (ii) the Condensed Consolidated Statement of Income; (iii) the Condensed Consolidated Statement of Comprehensive Income; (iv) the Condensed Consolidated Statement of Cash Flows; (v) the Condensed Consolidated Statement of Changes in Equity; and (vi) the Notes to Condensed Consolidated Financial Statements.

* Constitutes a management contract or compensatory plan or arrangement.

NBCUniversal

Exhibit No.	Description
31.2	Certification of Principal Executive Officer and Principal Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32.2	Certification of Principal Executive Officer and Principal Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101	The following financial statements from NBCUniversal Media, LLC’s Quarterly Report on Form 10-Q for the three months ended March 31, 2014, filed with the Securities and Exchange Commission on April 22, 2014, formatted in XBRL (eXtensible Business Reporting Language): (i) the Condensed Consolidated Balance Sheet; (ii) the Condensed Consolidated Statement of Income; (iii) the Condensed Consolidated Statement of Comprehensive Income; (iv) the Condensed Consolidated Statement of Cash Flows; (v) the Condensed Consolidated Statement of Changes in Equity; and (vi) the Notes to Condensed Consolidated Financial Statements.

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SIGNATURES

Comcast

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

	COMCAST CORPORATION
By:	/s/ LAWRENCE J. SALVA
	Lawrence J. Salva Senior Vice President, Chief Accounting Officer and Controller (Principal Accounting Officer)

Date: April 22, 2014

NBCUniversal

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

	NBCUNIVERSAL MEDIA, LLC
By:	/s/ LAWRENCE J. SALVA
	Lawrence J. Salva Senior Vice President (Principal Accounting Officer)

Date: April 22, 2014

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NBCUniversal Media, LLC Financial Statements

Index	Page
Condensed Consolidated Balance Sheet		40
Condensed Consolidated Statement of Income		41
Condensed Consolidated Statement of Comprehensive Income		42
Condensed Consolidated Statement of Cash Flows		43
Condensed Consolidated Statement of Changes in Equity		44
Notes to Condensed Consolidated Financial Statements		45

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NBCUniversal Media, LLC

Condensed Consolidated Balance Sheet

(Unaudited)

(in millions)	March 31,     2014			December 31,     2013
Assets
Current Assets:
Cash and cash equivalents	$	1,125		$	967
Receivables, net		4,826			4,911
Programming rights		843			903
Other current assets		804			615
Total current assets		7,598			7,396
Film and television costs		5,048			4,983
Investments		898			884
Property and equipment, net of accumulated depreciation of $1,748 and $1,599		7,727			7,650
Goodwill		14,887			14,882
Intangible assets, net of accumulated amortization of $4,152 and $4,003		14,688			14,857
Other noncurrent assets, net		1,093			1,087
Total assets	$	51,939		$	51,739
Liabilities and Equity
Current Liabilities:
Accounts payable and accrued expenses related to trade creditors	$	1,421		$	1,583
Accrued participations and residuals		1,256			1,239
Program obligations		654			657
Deferred revenue		689			846
Accrued expenses and other current liabilities		1,269			1,465
Note payable to Comcast		938			799
Current portion of long-term debt		905			906
Total current liabilities		7,132			7,495
Long-term debt, less current portion		10,255			10,259
Accrued participations, residuals and program obligations		1,055			1,015
Other noncurrent liabilities		3,362			3,412
Commitments and contingencies
Redeemable noncontrolling interests		317			231
Equity:
Member’s Capital		29,542			29,056
Accumulated other comprehensive income (loss)		(13	)		(16	)
Total NBCUniversal member’s equity		29,529			29,040
Noncontrolling interests		289			287
Total equity		29,818			29,327
Total liabilities and equity	$	51,939		$	51,739

See accompanying notes to condensed consolidated financial statements.

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NBCUniversal Media, LLC

Condensed Consolidated Statement of Income

(Unaudited)

	Three Months Ended March 31
(in millions)	2014			2013
Revenue	$	6,876		$	5,340
Costs and Expenses:
Programming and production		3,742			2,701
Other operating and administrative		1,274			1,168
Advertising, marketing and promotion		549			518
Depreciation		162			151
Amortization		203			193
		5,930			4,731
Operating income		946			609
Other Income (Expense):
Interest expense		(129	)		(129	)
Investment income (loss), net		6			3
Equity in net income (losses) of investees, net		18			11
Other income (expense), net		(36	)		(42	)
		(141	)		(157	)
Income before income taxes		805			452
Income tax expense		(64	)		(41	)
Net income		741			411
Net (income) loss attributable to noncontrolling interests		(59	)		(56	)
Net income attributable to NBCUniversal	$	682		$	355

See accompanying notes to condensed consolidated financial statements.

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NBCUniversal Media, LLC

Condensed Consolidated Statement of Comprehensive Income

(Unaudited)

	Three Months Ended March 31
(in millions)	2014			2013
Net income	$	741		$	411
Currency translation adjustments, net		3			(22	)
Comprehensive income		744			389
Net (income) loss attributable to noncontrolling interests		(59	)		(56	)
Comprehensive income attributable to NBCUniversal	$	685		$	333

See accompanying notes to condensed consolidated financial statements.

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NBCUniversal Media, LLC

Condensed Consolidated Statement of Cash Flows

(Unaudited)

	Three Months Ended March 31
(in millions)	2014			2013
Net cash provided by (used in) operating activities	$	756		$	1,105
Investing Activities
Capital expenditures		(291	)		(263	)
Cash paid for intangible assets		(32	)		(26	)
Acquisitions of real estate properties		—			(1,311	)
Note receivable from Comcast		—			(400	)
Purchases of investments		(7	)		(37	)
Other		(153	)		(9	)
Net cash provided by (used in) investing activities		(483	)		(2,046	)
Financing Activities
Proceeds from (repayments of) borrowings from Comcast, net		139			—
Repurchases and repayments of debt		(1	)		(88	)
Redemption Transaction distribution		—			(3,200	)
Distributions to noncontrolling interests		(54	)		(48	)
Distributions to member		(195	)		—
Settlement of Station Venture liability		—			(602	)
Other		(4	)		(39	)
Net cash provided by (used in) financing activities		(115	)		(3,977	)
Increase (decrease) in cash and cash equivalents		158			(4,918	)
Cash and cash equivalents, beginning of period		967			5,921
Cash and cash equivalents, end of period	$	1,125		$	1,003

See accompanying notes to condensed consolidated financial statements.

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NBCUniversal Media, LLC

Condensed Consolidated Statement of Changes in Equity

(Unaudited)

(in millions)	Redeemable Noncontrolling Interests			Member’s Capital			Accumulated Other Comprehensive Income (Loss)			Noncontrolling Interests			Total Equity
Balance, January 1, 2013	$	131		$	31,900		$	(65	)	$	419		$	32,254
Compensation plans					7									7
Redemption Transaction distribution					(3,200	)								(3,200	)
Contributions from (distributions to) noncontrolling interests, net		(9	)								(39	)		(39	)
Other					(172	)					2			(170	)
Other comprehensive income (loss)								(22	)					(22	)
Net income (loss)		6			355						50			405
Balance, March 31, 2013	$	128		$	28,890		$	(87	)	$	432		$	29,235
Balance, January 1, 2014	$	231		$	29,056		$	(16	)	$	287		$	29,327
Dividends declared					(195	)								(195	)
Issuance of subsidiary shares to noncontrolling interests		82
Contributions from (distributions to) noncontrolling interests, net		(10	)								(44	)		(44	)
Other					(1	)					1
Other comprehensive income (loss)								3						3
Net income (loss)		14			682						45			727
Balance, March 31, 2014	$	317		$	29,542		$	(13	)	$	289		$	29,818

See accompanying notes to condensed consolidated financial statements.

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NBCUniversal Media, LLC

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

Note 1: Condensed Consolidated Financial Statements

Basis of Presentation

We have prepared these unaudited condensed consolidated financial statements based on Securities and Exchange Commission (“SEC”) rules that permit reduced disclosure for interim periods. These financial statements include all adjustments that are necessary for a fair presentation of our consolidated results of operations, financial condition and cash flows for the periods shown, including normal, recurring accruals and other items. The consolidated results of operations for the interim periods presented are not necessarily indicative of results for the full year.

The year-end condensed consolidated balance sheet was derived from audited financial statements but does not include all disclosures required by generally accepted accounting principles in the United States of America (“GAAP”). For a more complete discussion of our accounting policies and certain other information, refer to our consolidated financial statements included in our 2013 Annual Report on Form 10-K.

Note 2: Related Party Transactions

In the ordinary course of our business, we enter into transactions with Comcast Corporation (“Comcast”).

We generate revenue from Comcast primarily from the distribution of our cable network programming and, to a lesser extent, the sale of advertising and our owned programming, and we incur expenses primarily related to various support services provided by Comcast to us.

In 2013, as part of the Comcast cash management process, we and Comcast entered into a revolving credit agreement under which we can borrow up to $3 billion from Comcast and Comcast can borrow up to $3 billion from us. Amounts owed by us to Comcast under the revolving credit agreement, including accrued interest, are presented under the caption “note payable to Comcast” in our condensed consolidated balance sheet. The revolving credit agreements bear interest at floating rates equal to the interest rate under the Comcast and Comcast Cable Communications, LLC revolving credit facility (the “Comcast revolving credit facility”). The interest rate on the Comcast revolving credit facility consists of a base rate plus a borrowing margin that is determined based on Comcast’s credit rating. As of March 31, 2014, the borrowing margin for London Interbank Offered Rate based borrowings was 1.00%.

In addition, Comcast is the counterparty to one of our contractual obligations. As of March 31, 2014, the carrying value of the liability associated with this contractual obligation was $383 million.

The following tables present transactions with Comcast and its consolidated subsidiaries that are included in our condensed consolidated financial statements.

Condensed Consolidated Balance Sheet

(in millions)	March 31, 2014		December 31, 2013
Transactions with Comcast and consolidated subsidiaries
Receivables, net	$	234	$	228
Accounts payable and accrued expenses related to trade creditors	$	43	$	56
Accrued expenses and other current liabilities	$	9	$	37
Note payable to Comcast	$	938	$	799
Other noncurrent liabilities	$	383	$	383

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NBCUniversal Media, LLC

Condensed Consolidated Statement of Income

	Three Months Ended March 31
(in millions)	2014			2013
Transactions with Comcast and consolidated subsidiaries
Revenue	$	361		$	352
Operating costs and expenses	$	(37	)	$	(62	)
Other income (expense)	$	(9	)	$	—

Distributions to NBCUniversal Holdings

In addition to the transactions above, we make distributions to NBCUniversal Holdings on a periodic basis to enable its owners to meet their obligations to pay taxes on taxable income generated by our businesses. We also make quarterly distributions to NBCUniversal Holdings to enable it to make its required quarterly payments to NBCUniversal Enterprise, Inc. at an initial annual rate of 8.25% on the $9.4 billion aggregate liquidation preference of preferred units. These distributions are presented under the caption “distributions to member” in our condensed consolidated statement of cash flows.

Note 3: Film and Television Costs

(in millions)	March 31, 2014		December 31, 2013
Film Costs:
Released, less amortization	$	1,480	$	1,630
Completed, not released		40		70
In production and in development		865		658
		2,385		2,358
Television Costs:
Released, less amortization		1,169		1,155
In production and in development		363		370
		1,532		1,525
Programming rights, less amortization		1,974		2,003
		5,891		5,886
Less: Current portion of programming rights		843		903
Film and television costs	$	5,048	$	4,983

Note 4: Investments

(in millions)	March 31, 2014		December 31, 2013
Fair Value Method	$	11	$	11
Equity Method:
The Weather Channel		331		333
Hulu		191		187
Other		343		332
		865		852
Cost Method		22		21
Total investments	$	898	$	884

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NBCUniversal Media, LLC

Note 5: Long-Term Debt

Senior Notes and Other Debt

As of March 31, 2014, our debt had a carrying value of $11.2 billion and an estimated fair value of $12.1 billion. The estimated fair value of our publicly traded debt is based on quoted market values for the debt. To estimate the fair value of debt for which there are no quoted market prices, we use interest rates available to us for debt with similar terms and remaining maturities.

Cross-Guarantee Structure

In 2013, we, Comcast and certain of Comcast’s 100% owned cable holding company subsidiaries (the “cable guarantors”) entered into a series of agreements and supplemental indentures to include us as a part of Comcast’s existing cross-guarantee structure. As members of the cross-guarantee structure, Comcast and the cable guarantors fully and unconditionally guarantee our public debt securities, and we fully and unconditionally guarantee all of Comcast’s and the cable guarantors’ public debt securities. As of March 31, 2014, we guaranteed $30.7 billion of outstanding debt securities of Comcast and the cable guarantors. We also fully and unconditionally guarantee the $6.25 billion Comcast revolving credit facility due 2017 of which no amounts were outstanding as of March 31, 2014.

We do not, however, guarantee the obligations of NBCUniversal Enterprise with respect to its $4 billion aggregate principal amount of senior notes, $1.35 billion credit facility and associated commercial paper program, or $725 million liquidation preference of Series A cumulative preferred stock.

Note 6: Fair Value Measurements

The accounting guidance related to financial assets and financial liabilities (“financial instruments”) establishes a hierarchy that prioritizes fair value measurements based on the types of inputs used for the various valuation techniques (market approach, income approach and cost approach). Our assessment of the significance of a particular input to the fair value measurement requires judgment and may affect the valuation of financial instruments and their classification within the fair value hierarchy.

Our financial instruments that are accounted for at fair value on a recurring basis were not material for all periods presented, except for the liability associated with our contractual obligation. The fair value of the contractual obligation is primarily based on certain expected future discounted cash flows, the determination of which involves the use of significant unobservable inputs. As the inputs used are not quoted market prices or observable inputs, we classify the contractual obligation as a Level 3 financial instrument.

The most significant unobservable inputs we use are our estimates of the future revenue we expect to generate from certain of our businesses. The discount rates used in the measurement of fair value were between 12% and 13% and are based on the underlying risk associated with our estimate of future revenue and the terms of the respective contract. The fair value adjustments to the contractual obligation is sensitive to the assumptions related to future revenue, as well as to current interest rates, and therefore, the adjustments are recorded to other income (expense), net in our condensed consolidated statement of income.

Changes in Contractual Obligation

(in millions)	Contractual Obligation
Balance, December 31, 2013	$	747
Fair value adjustments		27
Payments		(13	)
Balance, March 31, 2014	$	761

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NBCUniversal Media, LLC

Note 7: Share-Based Compensation

Comcast maintains share-based compensation plans that primarily consist of awards of stock options and restricted share units (“RSUs”) to certain employees and directors as part of its approach to long-term incentive compensation. Additionally, through Comcast’s employee stock purchase plans, employees are able to purchase shares of its Class A common stock at a discount through payroll deductions. Certain of our employees participate in these plans and the expense associated with their participation is settled in cash with Comcast.

Recognized Share-Based Compensation Expense

	Three Months Ended March 31
(in millions)	2014		2013
Stock options	$	3	$	3
Restricted share units		13		7
Employee stock purchase plans		2		2
Total	$	18	$	12

Note 8: Supplemental Financial Information

Receivables

(in millions)	March 31, 2014		December 31, 2013
Receivables, gross	$	5,172	$	5,348
Less: Allowance for returns and customer incentives		282		372
Less: Allowance for doubtful accounts		64		65
Receivables, net	$	4,826	$	4,911

Accumulated Other Comprehensive Income (Loss)

(in millions)	March 31, 2014			March 31, 2013
Deferred gains (losses) on cash flow hedges	$	(6	)	$	—
Unrecognized gains (losses) on employee benefit obligations		46			(50	)
Cumulative translation adjustments		(53	)		(37	)
Accumulated other comprehensive income (loss), net of deferred taxes	$	(13	)	$	(87	)

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NBCUniversal Media, LLC

Net Cash Provided by Operating Activities

	Three Months Ended March 31
(in millions)	2014			2013
Net income	$	741		$	411
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		365			344
Amortization of film and television costs		2,862			1,956
Share-based compensation		—			7
Equity in net (income) losses of investees, net		(18	)		(11	)
Cash received from investees		12			15
Net (gain) loss on investment activity and other		21			32
Deferred income taxes		16			(17	)
Changes in operating assets and liabilities, net of effects of acquisitions and divestitures:
Change in current and noncurrent receivables, net		55			204
Change in film and television costs		(2,714	)		(1,567	)
Change in accounts payable and accrued expenses related to trade creditors		(117	)		(283	)
Change in other operating assets and liabilities		(467	)		14
Net cash provided by operating activities	$	756		$	1,105

Cash Payments for Interest and Income Taxes

	Three Months Ended March 31
(in millions)	2014		2013
Interest	$	36	$	20
Income taxes	$	53	$	55

Noncash Investing and Financing Activities

During the three months ended March 31, 2014:

• we acquired $204 million of property and equipment and intangible assets that were accrued but unpaid

Note 9: Financial Data by Business Segment

We present our operations in four reportable business segments:

• Cable Networks: Consists primarily of our national cable networks, our regional sports networks, our international cable networks and our cable television production operations.

• Broadcast Television: Consists primarily of the NBC and Telemundo broadcast networks, our NBC and Telemundo owned local broadcast television stations, and our broadcast television production operations.

• Filmed Entertainment: Consists primarily of the studio operations of Universal Pictures, which produces, acquires, markets and distributes filmed entertainment worldwide.

• Theme Parks: Consists primarily of our Universal theme parks in Orlando and Hollywood.

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NBCUniversal Media, LLC

In evaluating the profitability of our operating segments, the components of net income (loss) below operating income (loss) before depreciation and amortization are not separately evaluated by our management. Our financial data by business segment is presented in the tables below.

	Three Months Ended March 31, 2014
(in millions)	Revenue(d)			Operating Income (Loss) Before Depreciation and Amortization(e)			Depreciation and Amortization		Operating Income (Loss)			Capital Expenditures
Cable Networks(a)	$	2,505		$	895		$	189	$	706		$	11
Broadcast Television		2,621			122			27		95			11
Filmed Entertainment(a)		1,351			288			5		283			1
Theme Parks		487			170			69		101			144
Headquarters and Other(b)		2			(163	)		75		(238	)		124
Eliminations(c)		(90	)		(1	)		—		(1	)		—
Total	$	6,876		$	1,311		$	365	$	946		$	291

	Three Months Ended March 31, 2013
(in millions)	Revenue(d)			Operating Income (Loss) Before Depreciation and Amortization(e)			Depreciation and Amortization		Operating Income (Loss)			Capital Expenditures
Cable Networks(a)	$	2,225		$	859		$	184	$	675		$	24
Broadcast Television		1,517			(35	)		25		(60	)		8
Filmed Entertainment(a)		1,216			69			4		65			2
Theme Parks		462			173			72		101			138
Headquarters and Other(b)		9			(112	)		59		(171	)		91
Eliminations(c)		(89	)		(1	)		—		(1	)		—
Total	$	5,340		$	953		$	344	$	609		$	263

(a) Beginning in 2014, Fandango, our movie ticketing and entertainment business that was previously presented in our Cable Networks segment, is now presented in the Filmed Entertainment segment to reflect the change in our current management reporting presentation. Due to immateriality, prior period amounts have not been adjusted. The change in presentation resulted in the reclassification of $195 million of goodwill from our Cable Networks segment to our Filmed Entertainment segment.

(b) Headquarters and Other activities include costs associated with overhead, personnel costs and headquarter initiatives.

(c) Included in Eliminations are transactions that our segments enter into with one another, which consist primarily of the licensing of film and television content from our Filmed Entertainment and Broadcast Television segments to our Cable Networks segment.

(d) No single customer accounted for a significant amount of revenue in any period.

(e) We use operating income (loss) before depreciation and amortization, excluding impairment charges related to fixed and intangible assets and gains or losses on the sale of assets, if any, as the measure of profit or loss for our operating segments. This measure eliminates the significant level of noncash amortization expense that results from intangible assets recognized in business combinations. Additionally, it is unaffected by our capital structure or investment activities. We use this measure to evaluate our consolidated operating performance and the operating performance of our operating segments and to allocate resources and capital to our operating segments. It is also a significant performance measure in our annual incentive compensation programs. We believe that this measure is useful to investors because it is one of the bases for comparing our operating performance with that of other companies in our industries, although our measure may not be directly comparable to similar measures used by other companies. This measure should not be considered a substitute for operating income (loss), net income (loss) attributable to NBCUniversal, net cash provided by operating activities, or other measures of performance or liquidity we have reported in accordance with GAAP.

50