Condensed Consolidating Financial Information | Note 19: Condensed Consolidating Financial Information Comcast (“Comcast Parent”), Comcast Cable Communications, LLC (“CCCL Parent”) and NBCUniversal (“NBCUniversal Media Parent”) have fully and unconditionally guaranteed each other’s debt securities, including the Comcast revolving credit facility. The principal amount of debt securities within the guarantee structure total $52.9 billion , of which $12.3 billion will mature within the next five years . Comcast Parent and CCCL Parent also fully and unconditionally guarantee NBCUniversal Enterprise’s $3.3 billion principal amount of senior notes, revolving credit facility and commercial paper program. NBCUniversal Media Parent does not guarantee the NBCUniversal Enterprise senior notes, revolving credit facility or commercial paper program. Comcast Parent provides an unconditional subordinated guarantee of the $185 million principal amount currently outstanding of Comcast Holdings’ ZONES due October 2029 . Neither CCCL Parent nor NBCUniversal Media Parent guarantee the Comcast Holdings’ ZONES due October 2029. None of Comcast Parent, CCCL Parent nor NBCUniversal Media Parent guarantee the $62 million principal amount currently outstanding of Comcast Holdings’ ZONES due November 2029 or the $3.3 billion of Universal Studios Japan term loans. Condensed Consolidating Balance Sheet December 31, 2016 (in millions) Comcast Comcast CCCL NBCUniversal Non- Elimination Consolidated Assets Cash and cash equivalents $ — $ — $ — $ 482 $ 2,819 $ — $ 3,301 Receivables, net — — — — 7,955 — 7,955 Programming rights — — — — 1,250 — 1,250 Deposits — — — — 1,772 — 1,772 Other current assets 151 — — 36 1,896 — 2,083 Total current assets 151 — — 518 15,692 — 16,361 Film and television costs — — — — 7,252 — 7,252 Investments 75 — — 651 4,521 — 5,247 Investments in and amounts due from subsidiaries eliminated upon consolidation 98,350 120,071 117,696 47,393 97,704 (481,214 ) — Property and equipment, net 298 — — — 35,955 — 36,253 Franchise rights — — — — 59,364 — 59,364 Goodwill — — — — 35,980 — 35,980 Other intangible assets, net 13 — — — 17,261 — 17,274 Other noncurrent assets, net 1,138 638 — 89 1,921 (1,017 ) 2,769 Total assets $ 100,025 $ 120,709 $ 117,696 $ 48,651 $ 275,650 $ (482,231 ) $ 180,500 Liabilities and Equity Accounts payable and accrued expenses related to trade creditors $ 23 $ — $ — $ — $ 6,892 $ — $ 6,915 Accrued participations and residuals — — — — 1,726 — 1,726 Accrued expenses and other current liabilities 1,726 — 341 302 5,045 — 7,414 Current portion of long-term debt 3,739 — 550 4 1,187 — 5,480 Total current liabilities 5,488 — 891 306 14,850 — 21,535 Long-term debt, less current portion 38,123 141 2,100 8,208 6,994 — 55,566 Deferred income taxes — 542 — 70 35,259 (1,017 ) 34,854 Other noncurrent liabilities 2,471 — — 1,166 7,288 — 10,925 Redeemable noncontrolling interests and redeemable subsidiary preferred stock — — — — 1,446 — 1,446 Equity: Common stock 28 — — — — — 28 Other shareholders’ equity 53,915 120,026 114,705 38,901 207,582 (481,214 ) 53,915 Total Comcast Corporation shareholders’ equity 53,943 120,026 114,705 38,901 207,582 (481,214 ) 53,943 Noncontrolling interests — — — — 2,231 — 2,231 Total equity 53,943 120,026 114,705 38,901 209,813 (481,214 ) 56,174 Total liabilities and equity $ 100,025 $ 120,709 $ 117,696 $ 48,651 $ 275,650 $ (482,231 ) $ 180,500 Condensed Consolidating Balance Sheet December 31, 2015 (in millions) Comcast Comcast CCCL NBCUniversal Non- Elimination Consolidated Assets Cash and cash equivalents $ — $ — $ — $ 414 $ 1,881 $ — $ 2,295 Receivables, net — — — — 6,896 — 6,896 Programming rights — — — — 1,213 — 1,213 Deposits — — — — 21 — 21 Other current assets 69 — — 17 1,792 — 1,878 Total current assets 69 — — 431 11,803 — 12,303 Film and television costs — — — — 5,855 — 5,855 Investments 33 — — 430 2,761 — 3,224 Investments in and amounts due from subsidiaries eliminated upon consolidation 87,142 111,241 119,354 42,441 109,598 (469,776 ) — Property and equipment, net 210 — — — 33,455 — 33,665 Franchise rights — — — — 59,364 — 59,364 Goodwill — — — — 32,945 — 32,945 Other intangible assets, net 12 — — — 16,934 — 16,946 Other noncurrent assets, net 1,301 147 — 78 2,114 (1,368 ) 2,272 Total assets $ 88,767 $ 111,388 $ 119,354 $ 43,380 $ 274,829 $ (471,144 ) $ 166,574 Liabilities and Equity Accounts payable and accrued expenses related to trade creditors $ 16 $ — $ — $ — $ 6,199 $ — $ 6,215 Accrued participations and residuals — — — — 1,572 — 1,572 Accrued expenses and other current liabilities 1,789 335 290 389 3,961 — 6,764 Current portion of long-term debt 1,149 — — 1,005 1,473 — 3,627 Total current liabilities 2,954 335 290 1,394 13,205 — 18,178 Long-term debt, less current portion 31,106 130 2,650 8,211 6,897 — 48,994 Deferred income taxes — 624 — 66 34,098 (1,222 ) 33,566 Other noncurrent liabilities 2,438 — — 1,087 7,258 (146 ) 10,637 Redeemable noncontrolling interests and redeemable subsidiary preferred stock — — — — 1,221 — 1,221 Equity: Common stock 29 — — — — — 29 Other shareholders’ equity 52,240 110,299 116,414 32,622 210,441 (469,776 ) 52,240 Total Comcast Corporation shareholders’ equity 52,269 110,299 116,414 32,622 210,441 (469,776 ) 52,269 Noncontrolling interests — — — — 1,709 — 1,709 Total equity 52,269 110,299 116,414 32,622 212,150 (469,776 ) 53,978 Total liabilities and equity $ 88,767 $ 111,388 $ 119,354 $ 43,380 $ 274,829 $ (471,144 ) $ 166,574 Condensed Consolidating Statement of Income For the Year Ended December 31, 2016 (in millions) Comcast Comcast CCCL NBCUniversal Non- Elimination Consolidated Revenue: Service revenue $ — $ — $ — $ — $ 80,403 $ — $ 80,403 Management fee revenue 1,067 — 1,049 — — (2,116 ) — 1,067 — 1,049 — 80,403 (2,116 ) 80,403 Costs and Expenses: Programming and production — — — — 24,463 — 24,463 Other operating and administrative 813 — 1,049 932 22,731 (2,116 ) 23,409 Advertising, marketing and promotion — — — — 6,114 — 6,114 Depreciation 28 — — — 7,436 — 7,464 Amortization 6 — — — 2,088 — 2,094 847 — 1,049 932 62,832 (2,116 ) 63,544 Operating income (loss) 220 — — (932 ) 17,571 — 16,859 Other Income (Expense): Interest expense (1,941 ) (12 ) (239 ) (456 ) (294 ) — (2,942 ) Investment income (loss), net 7 (5 ) — (25 ) 236 — 213 Equity in net income (losses) of investees, net 9,809 9,286 8,679 5,545 4,131 (37,554 ) (104 ) Other income (expense), net — — — 116 211 — 327 7,875 9,269 8,440 5,180 4,284 (37,554 ) (2,506 ) Income (loss) before income taxes 8,095 9,269 8,440 4,248 21,855 (37,554 ) 14,353 Income tax (expense) benefit 600 6 84 (13 ) (5,985 ) — (5,308 ) Net income (loss) 8,695 9,275 8,524 4,235 15,870 (37,554 ) 9,045 Net (income) loss attributable to noncontrolling interests and redeemable subsidiary preferred stock — — — — (350 ) — (350 ) Net income (loss) attributable to Comcast Corporation $ 8,695 $ 9,275 $ 8,524 $ 4,235 $ 15,520 $ (37,554 ) $ 8,695 Comprehensive income (loss) attributable to Comcast Corporation $ 8,967 $ 9,317 $ 8,530 $ 4,312 $ 15,610 $ (37,769 ) $ 8,967 Condensed Consolidating Statement of Income For the Year Ended December 31, 2015 (in millions) Comcast Comcast CCCL NBCUniversal Non- Elimination Consolidated Revenue: Service revenue $ — $ — $ — $ — $ 74,510 $ — $ 74,510 Management fee revenue 1,005 — 977 — — (1,982 ) — 1,005 — 977 — 74,510 (1,982 ) 74,510 Costs and Expenses: Programming and production — — — — 22,550 — 22,550 Other operating and administrative 760 — 977 922 20,642 (1,982 ) 21,319 Advertising, marketing and promotion — — — — 5,963 — 5,963 Depreciation 31 — — — 6,750 — 6,781 Amortization 6 — — — 1,893 — 1,899 797 — 977 922 57,798 (1,982 ) 58,512 Operating income (loss) 208 — — (922 ) 16,712 — 15,998 Other Income (Expense): Interest expense (1,744 ) (12 ) (270 ) (462 ) (214 ) — (2,702 ) Investment income (loss), net 6 (1 ) — (19 ) 95 — 81 Equity in net income (losses) of investees, net 9,159 8,651 8,040 4,852 3,089 (34,116 ) (325 ) Other income (expense), net (3 ) — — (31 ) 354 — 320 7,418 8,638 7,770 4,340 3,324 (34,116 ) (2,626 ) Income (loss) before income taxes 7,626 8,638 7,770 3,418 20,036 (34,116 ) 13,372 Income tax (expense) benefit 537 4 94 (4 ) (5,590 ) — (4,959 ) Net income (loss) 8,163 8,642 7,864 3,414 14,446 (34,116 ) 8,413 Net (income) loss attributable to noncontrolling interests and redeemable subsidiary preferred stock — — — — (250 ) — (250 ) Net income (loss) attributable to Comcast Corporation $ 8,163 $ 8,642 $ 7,864 $ 3,414 $ 14,196 $ (34,116 ) $ 8,163 Comprehensive income (loss) attributable to Comcast Corporation $ 8,135 $ 8,625 $ 7,864 $ 3,361 $ 14,192 $ (34,042 ) $ 8,135 Condensed Consolidating Statement of Income For the Year Ended December 31, 2014 (in millions) Comcast Comcast CCCL NBCUniversal Non- Elimination Consolidated Revenue: Service revenue $ — $ — $ — $ — $ 68,775 $ — $ 68,775 Management fee revenue 947 — 921 — — (1,868 ) — 947 — 921 — 68,775 (1,868 ) 68,775 Costs and Expenses: Programming and production — — — — 20,912 — 20,912 Other operating and administrative 751 — 921 908 19,127 (1,868 ) 19,839 Advertising, marketing and promotion — — — — 5,101 — 5,101 Depreciation 34 — — — 6,303 — 6,337 Amortization 6 — — — 1,676 — 1,682 791 — 921 908 53,119 (1,868 ) 53,871 Operating income (loss) 156 — — (908 ) 15,656 — 14,904 Other Income (Expense): Interest expense (1,621 ) (11 ) (294 ) (479 ) (212 ) — (2,617 ) Investment income (loss), net 3 12 — (7 ) 288 — 296 Equity in net income (losses) of investees, net 9,330 8,843 8,350 4,523 3,212 (34,161 ) 97 Other income (expense), net — — — (4 ) (211 ) — (215 ) 7,712 8,844 8,056 4,033 3,077 (34,161 ) (2,439 ) Income (loss) before income taxes 7,868 8,844 8,056 3,125 18,733 (34,161 ) 12,465 Income tax (expense) benefit 512 — 103 (10 ) (4,478 ) — (3,873 ) Net income (loss) 8,380 8,844 8,159 3,115 14,255 (34,161 ) 8,592 Net (income) loss attributable to noncontrolling interests and redeemable subsidiary preferred stock — — — — (212 ) — (212 ) Net income (loss) attributable to Comcast Corporation $ 8,380 $ 8,844 $ 8,159 $ 3,115 $ 14,043 $ (34,161 ) $ 8,380 Comprehensive income (loss) attributable to Comcast Corporation $ 8,178 $ 8,807 $ 8,163 $ 2,972 $ 13,980 $ (33,922 ) $ 8,178 Condensed Consolidating Statement of Cash Flows For the Year Ended December 31, 2016 (in millions) Comcast Comcast CCCL NBCUniversal Non- Elimination Consolidated Net cash provided by (used in) operating activities $ (1,332 ) $ (189 ) $ (100 ) $ (1,453 ) $ 22,314 $ — $ 19,240 Investing Activities: Net transactions with affiliates (860 ) 189 100 2,642 (2,071 ) — — Capital expenditures (13 ) — — — (9,122 ) — (9,135 ) Cash paid for intangible assets (9 ) — — — (1,677 ) — (1,686 ) Acquisitions and construction of real estate properties (35 ) — — — (393 ) — (428 ) Acquisitions, net of cash acquired — — — — (3,929 ) — (3,929 ) Proceeds from sales of businesses and investments — — — 104 114 — 218 Purchases of investments (40 ) — — (210 ) (1,447 ) — (1,697 ) Deposits — — — — (1,749 ) — (1,749 ) Other (108 ) — — (35 ) 164 — 21 Net cash provided by (used in) investing activities (1,065 ) 189 100 2,501 (20,110 ) — (18,385 ) Financing Activities: Proceeds from (repayments of) short-term borrowings, net 1,339 — — — 451 — 1,790 Proceeds from borrowings 9,231 — — — — — 9,231 Repurchases and repayments of debt (750 ) — — (1,005 ) (1,297 ) — (3,052 ) Repurchases and retirements of common stock (5,000 ) — — — — — (5,000 ) Dividends paid (2,601 ) — — — — — (2,601 ) Issuances of common stock 23 — — — — — 23 Distributions to noncontrolling interests and dividends for redeemable subsidiary preferred stock — — — — (253 ) — (253 ) Other 155 — — 25 (167 ) — 13 Net cash provided by (used in) financing activities 2,397 — — (980 ) (1,266 ) — 151 Increase (decrease) in cash and cash equivalents — — — 68 938 — 1,006 Cash and cash equivalents, beginning of year — — — 414 1,881 — 2,295 Cash and cash equivalents, end of year $ — $ — $ — $ 482 $ 2,819 $ — $ 3,301 Condensed Consolidating Statement of Cash Flows For the Year Ended December 31, 2015 (in millions) Comcast Comcast CCCL NBCUniversal Non- Elimination Consolidated Net cash provided by (used in) operating activities $ (792 ) $ 48 $ (167 ) $ (1,398 ) $ 21,087 $ — $ 18,778 Investing Activities: Net transactions with affiliates 6,559 (48 ) 840 2,839 (10,190 ) — — Capital expenditures (27 ) — — — (8,472 ) — (8,499 ) Cash paid for intangible assets (6 ) — — — (1,364 ) — (1,370 ) Acquisitions and construction of real estate properties — — — — (178 ) — (178 ) Acquisitions, net of cash acquired — — — — (1,786 ) — (1,786 ) Proceeds from sales of businesses and investments — — — 4 429 — 433 Purchases of investments (7 ) — — (407 ) (370 ) — (784 ) Deposits — — — — (18 ) — (18 ) Other 7 — — (5 ) 236 — 238 Net cash provided by (used in) investing activities 6,526 (48 ) 840 2,431 (21,713 ) — (11,964 ) Financing Activities: Proceeds from (repayments of) short-term borrowings, net 400 — — — (265 ) — 135 Proceeds from borrowings 5,486 — — — — — 5,486 Repurchases and repayments of debt (2,650 ) — (673 ) (1,004 ) (51 ) — (4,378 ) Repurchases and retirements of common stock (6,750 ) — — — — — (6,750 ) Dividends paid (2,437 ) — — — — — (2,437 ) Issuances of common stock 36 — — — — — 36 Distributions to noncontrolling interests and dividends for redeemable subsidiary preferred stock — — — — (232 ) — (232 ) Other 181 — — — (470 ) — (289 ) Net cash provided by (used in) financing activities (5,734 ) — (673 ) (1,004 ) (1,018 ) — (8,429 ) Increase (decrease) in cash and cash equivalents — — — 29 (1,644 ) — (1,615 ) Cash and cash equivalents, beginning of year — — — 385 3,525 — 3,910 Cash and cash equivalents, end of year $ — $ — $ — $ 414 $ 1,881 $ — $ 2,295 Condensed Consolidating Statement of Cash Flows For the Year Ended December 31, 2014 (in millions) Comcast Comcast CCCL NBCUniversal Non- Elimination Consolidated Net cash provided by (used in) operating activities $ (354 ) $ 9 $ (139 ) $ (1,299 ) $ 18,728 $ — $ 16,945 Investing Activities: Net transactions with affiliates 4,784 (9 ) 139 2,247 (7,161 ) — — Capital expenditures (3 ) — — — (7,417 ) — (7,420 ) Cash paid for intangible assets (6 ) — — — (1,116 ) — (1,122 ) Acquisitions and construction of real estate properties — — — — (43 ) — (43 ) Acquisitions, net of cash acquired — — — — (477 ) — (477 ) Proceeds from sales of businesses and investments — — — 8 658 — 666 Purchases of investments (19 ) — — (10 ) (162 ) — (191 ) Deposits — — — — — — — Other — — — 5 (151 ) — (146 ) Net cash provided by (used in) investing activities 4,756 (9 ) 139 2,250 (15,869 ) — (8,733 ) Financing Activities: Proceeds from (repayments of) short-term borrowings, net (1,350 ) — — — 846 — (504 ) Proceeds from borrowings 4,180 — — — 2 — 4,182 Repurchases and repayments of debt (1,000 ) — — (902 ) (1,273 ) — (3,175 ) Repurchases and retirements of common stock (4,251 ) — — — — — (4,251 ) Dividends paid (2,254 ) — — — — — (2,254 ) Issuances of common stock 35 — — — — — 35 Distributions to noncontrolling interests and dividends for redeemable subsidiary preferred stock — — — — (220 ) — (220 ) Other 238 — — — (71 ) — 167 Net cash provided by (used in) financing activities (4,402 ) — — (902 ) (716 ) — (6,020 ) Increase (decrease) in cash and cash equivalents — — — 49 2,143 — 2,192 Cash and cash equivalents, beginning of year — — — 336 1,382 — 1,718 Cash and cash equivalents, end of year $ — $ — $ — $ 385 $ 3,525 $ — $ 3,910 |