Condensed Consolidating Financial Information | Note 13: Condensed Consolidating Financial Information Comcast (“Comcast Parent”), 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”) and NBCUniversal (“NBCUniversal Media Parent”) have fully and unconditionally guaranteed each other’s debt securities. In addition, the Comcast and Comcast Cable Communications, LLC $6.25 bi llion revolving credit facility due June 2017 and the Comcast commercial paper program are also fully and unconditionally guaranteed by NBCUniversal Media Parent . The Comcast commercial paper program is supported by the Comcast and Comcast Cable Communications, LLC rev olving credit facility. 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 se nior notes, as well as its $1.35 billion revolving 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 progra m. Comcast Parent provides an unconditiona l 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 Hol dings’ 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. Condensed Consolidating Balance Sheet June 30, 2015 (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 $ - $ - $ - $ - $ 299 $ 3,187 $ - $ 3,486 Investments - - - - - 144 - 144 Receivables, net - - - - - 7,016 - 7,016 Programming rights - - - - - 847 - 847 Other current assets 363 - - - 41 1,422 - 1,826 Total current assets 363 - - - 340 12,616 - 13,319 Film and television costs - - - - - 5,751 - 5,751 Investments 29 - - - 110 2,860 - 2,999 Investments in and amounts due from subsidiaries eliminated upon consolidation 85,330 107,732 114,403 62,010 41,566 103,682 (514,723) - Property and equipment, net 203 - - - - 31,369 - 31,572 Franchise rights - - - - - 59,364 - 59,364 Goodwill - - - - - 27,422 - 27,422 Other intangible assets, net 10 - - - - 16,792 - 16,802 Other noncurrent assets, net 1,223 148 - - 91 2,048 (1,065) 2,445 Total assets $ 87,158 $ 107,880 $ 114,403 $ 62,010 $ 42,107 $ 261,904 $ (515,788) $ 159,674 Liabilities and Equity Accounts payable and accrued expenses related to trade creditors $ 18 $ - $ - $ - $ - $ 5,862 $ - $ 5,880 Accrued participations and residuals - - - - - 1,583 - 1,583 Accrued expenses and other current liabilities 1,838 283 219 49 341 3,485 - 6,215 Current portion of long-term debt 750 - - 674 1,004 1,459 - 3,887 Total current liabilities 2,606 283 219 723 1,345 12,389 - 17,565 Long-term debt, less current portion 29,857 128 1,828 822 8,214 3,787 - 44,636 Deferred income taxes - 662 - - 59 33,398 (921) 33,198 Other noncurrent liabilities 2,295 - - - 1,122 7,165 (144) 10,438 Redeemable noncontrolling interests and redeemable subsidiary preferred stock - - - - - 1,108 - 1,108 Equity: Common stock 29 - - - - - - 29 Other shareholders’ equity 52,371 106,807 112,356 60,465 31,367 203,728 (514,723) 52,371 Total Comcast Corporation shareholders’ equity 52,400 106,807 112,356 60,465 31,367 203,728 (514,723) 52,400 Noncontrolling interests - - - - - 329 - 329 Total equity 52,400 106,807 112,356 60,465 31,367 204,057 (514,723) 52,729 Total liabilities and equity $ 87,158 $ 107,880 $ 114,403 $ 62,010 $ 42,107 $ 261,904 $ (515,788) $ 159,674 Condensed Consolidating Balance Sheet December 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 $ - $ - $ - $ - $ 385 $ 3,525 $ - $ 3,910 Investments - - - - - 602 - 602 Receivables, net - - - - - 6,321 - 6,321 Programming rights - - - - - 839 - 839 Other current assets 267 - - - 41 1,551 - 1,859 Total current assets 267 - - - 426 12,838 - 13,531 Film and television costs - - - - - 5,727 - 5,727 Investments 36 - - - 378 2,721 - 3,135 Investments in and amounts due from subsidiaries eliminated upon consolidation 84,142 103,420 110,323 58,677 41,239 98,152 (495,953) - Property and equipment, net 199 - - - - 30,754 - 30,953 Franchise rights - - - - - 59,364 - 59,364 Goodwill - - - - - 27,316 - 27,316 Other intangible assets, net 11 - - - - 16,969 - 16,980 Other noncurrent assets, net 1,224 148 - - 92 1,949 (1,080) 2,333 Total assets $ 85,879 $ 103,568 $ 110,323 $ 58,677 $ 42,135 $ 255,790 $ (497,033) $ 159,339 Liabilities and Equity Accounts payable and accrued expenses related to trade creditors $ 19 $ - $ - $ 1 $ - $ 5,618 $ - $ 5,638 Accrued participations and residuals - - - - - 1,347 - 1,347 Accrued expenses and other current liabilities 1,547 283 233 47 331 3,767 - 6,208 Current portion of long-term debt 1,650 - - 677 1,006 884 - 4,217 Total current liabilities 3,216 283 233 725 1,337 11,616 - 17,410 Long-term debt, less current portion 27,616 126 1,827 822 9,218 4,408 - 44,017 Deferred income taxes - 701 - - 67 33,127 (936) 32,959 Other noncurrent liabilities 2,336 - - - 1,143 7,484 (144) 10,819 Redeemable noncontrolling interests and redeemable subsidiary preferred stock - - - - - 1,066 - 1,066 Equity: Common stock 30 - - - - - - 30 Other shareholders’ equity 52,681 102,458 108,263 57,130 30,370 197,732 (495,953) 52,681 Total Comcast Corporation shareholders’ equity 52,711 102,458 108,263 57,130 30,370 197,732 (495,953) 52,711 Noncontrolling interests - - - - - 357 - 357 Total equity 52,711 102,458 108,263 57,130 30,370 198,089 (495,953) 53,068 Total liabilities and equity $ 85,879 $ 103,568 $ 110,323 $ 58,677 $ 42,135 $ 255,790 $ (497,033) $ 159,339 Condensed Consolidating Statement of Income For the Three Months Ended June 30, 2015 (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 $ - $ - $ - $ - $ - $ 18,743 $ - $ 18,743 Management fee revenue 252 - 246 156 - - (654) - 252 - 246 156 - 18,743 (654) 18,743 Costs and Expenses: Programming and production - - - - - 5,669 - 5,669 Other operating and administrative 225 - 246 156 255 5,052 (654) 5,280 Advertising, marketing and promotion - - - - - 1,528 - 1,528 Depreciation 7 - - - - 1,667 - 1,674 Amortization 2 - - - - 485 - 487 234 - 246 156 255 14,401 (654) 14,638 Operating income (loss) 18 - - - (255) 4,342 - 4,105 Other Income (Expense): Interest expense (472) (3) (43) (30) (116) (49) - (713) Investment income (loss), net - (1) - - (8) 26 - 17 Equity in net income (losses) of investees, net 2,431 2,162 2,001 1,713 1,281 676 (10,500) (236) Other income (expense), net 2 - - - 16 297 - 315 1,961 2,158 1,958 1,683 1,173 950 (10,500) (617) Income (loss) before income taxes 1,979 2,158 1,958 1,683 918 5,292 (10,500) 3,488 Income tax (expense) benefit 158 2 15 11 (6) (1,493) - (1,313) Net income (loss) 2,137 2,160 1,973 1,694 912 3,799 (10,500) 2,175 Net (income) loss attributable to noncontrolling interests and redeemable subsidiary preferred stock - - - - - (38) - (38) Net income (loss) attributable to Comcast Corporation $ 2,137 $ 2,160 $ 1,973 $ 1,694 $ 912 $ 3,761 $ (10,500) $ 2,137 Comprehensive income (loss) attributable to Comcast Corporation $ 2,159 $ 2,168 $ 1,973 $ 1,694 $ 936 $ 3,761 $ (10,532) $ 2,159 Condensed Consolidating Statement of Income For the Three Months Ended June 30, 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 $ - $ - $ - $ - $ - $ 16,844 $ - $ 16,844 Management fee revenue 237 - 231 145 - - (613) - 237 - 231 145 - 16,844 (613) 16,844 Costs and Expenses: Programming and production - - - - - 4,874 - 4,874 Other operating and administrative 181 - 231 145 237 4,741 (613) 4,922 Advertising, marketing and promotion - - - - - 1,244 - 1,244 Depreciation 8 - - - - 1,591 - 1,599 Amortization 2 - - - - 399 - 401 191 - 231 145 237 12,849 (613) 13,040 Operating income (loss) 46 - - - (237) 3,995 - 3,804 Other Income (Expense): Interest expense (400) (3) (44) (30) (125) (46) - (648) Investment income (loss), net 1 - - - 4 115 - 120 Equity in net income (losses) of investees, net 2,222 1,908 1,774 1,554 1,171 836 (9,443) 22 Other income (expense), net - - - - 7 (46) - (39) 1,823 1,905 1,730 1,524 1,057 859 (9,443) (545) Income (loss) before income taxes 1,869 1,905 1,730 1,524 820 4,854 (9,443) 3,259 Income tax (expense) benefit 123 1 15 11 (6) (1,378) - (1,234) Net income (loss) 1,992 1,906 1,745 1,535 814 3,476 (9,443) 2,025 Net (income) loss attributable to noncontrolling interests and redeemable subsidiary preferred stock - - - - - (33) - (33) Net income (loss) attributable to Comcast Corporation $ 1,992 $ 1,906 $ 1,745 $ 1,535 $ 814 $ 3,443 $ (9,443) $ 1,992 Comprehensive income (loss) attributable to Comcast Corporation $ 1,945 $ 1,912 $ 1,744 $ 1,535 $ 832 $ 3,401 $ (9,424) $ 1,945 Condensed Consolidating Statement of Income For the Six Months Ended June 30, 2015 (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 $ - $ - $ - $ - $ - $ 36,596 $ - $ 36,596 Management fee revenue 496 - 483 306 - - (1,285) - 496 - 483 306 - 36,596 (1,285) 36,596 Costs and Expenses: Programming and production - - - - - 11,132 - 11,132 Other operating and administrative 451 - 483 306 492 9,912 (1,285) 10,359 Advertising, marketing and promotion - - - - - 2,883 - 2,883 Depreciation 15 - - - - 3,293 - 3,308 Amortization 3 - - - - 916 - 919 469 - 483 306 492 28,136 (1,285) 28,601 Operating income (loss) 27 - - - (492) 8,460 - 7,995 Other Income (Expense): Interest expense (882) (6) (87) (59) (236) (99) - (1,369) Investment income (loss), net 1 1 - - (14) 62 - 50 Equity in net income (losses) of investees, net 4,753 4,388 3,974 3,359 2,512 1,561 (20,750) (203) Other income (expense), net (3) - - - 5 415 - 417 3,869 4,383 3,887 3,300 2,267 1,939 (20,750) (1,105) Income (loss) before income taxes 3,896 4,383 3,887 3,300 1,775 10,399 (20,750) 6,890 Income tax (expense) benefit 300 2 30 21 (11) (2,916) - (2,574) Net income (loss) 4,196 4,385 3,917 3,321 1,764 7,483 (20,750) 4,316 Net (income) loss attributable to noncontrolling interests and redeemable subsidiary preferred stock - - - - - (120) - (120) Net income (loss) attributable to Comcast Corporation $ 4,196 $ 4,385 $ 3,917 $ 3,321 $ 1,764 $ 7,363 $ (20,750) $ 4,196 Comprehensive income (loss) attributable to Comcast Corporation $ 4,176 $ 4,377 $ 3,916 $ 3,320 $ 1,737 $ 7,362 $ (20,712) $ 4,176 Condensed Consolidating Statement of Income For the Six Months Ended June 30, 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 $ - $ - $ - $ - $ - $ 34,252 $ - $ 34,252 Management fee revenue 467 - 454 286 - - (1,207) - 467 - 454 286 - 34,252 (1,207) 34,252 Costs and Expenses: Programming and production - - - - - 10,782 - 10,782 Other operating and administrative 274 - 454 286 494 9,370 (1,207) 9,671 Advertising, marketing and promotion - - - - - 2,457 - 2,457 Depreciation 15 - - - - 3,153 - 3,168 Amortization 3 - - - - 799 - 802 292 - 454 286 494 26,561 (1,207) 26,880 Operating income (loss) 175 - - - (494) 7,691 - 7,372 Other Income (Expense): Interest expense (787) (6) (89) (59) (249) (100) - (1,290) Investment income (loss), net 2 3 - - 5 223 - 233 Equity in net income (losses) of investees, net 4,260 4,175 3,939 3,065 2,242 1,550 (19,177) 54 Other income (expense), net - - - - 3 (57) - (54) 3,475 4,172 3,850 3,006 2,001 1,616 (19,177) (1,057) Income (loss) before income taxes 3,650 4,172 3,850 3,006 1,507 9,307 (19,177) 6,315 Income tax (expense) benefit 213 1 31 21 (11) (2,607) - (2,352) Net income (loss) 3,863 4,173 3,881 3,027 1,496 6,700 (19,177) 3,963 Net (income) loss attributable to noncontrolling interests and redeemable subsidiary preferred stock - - - - - (100) - (100) Net income (loss) attributable to Comcast Corporation $ 3,863 $ 4,173 $ 3,881 $ 3,027 $ 1,496 $ 6,600 $ (19,177) $ 3,863 Comprehensive income (loss) attributable to Comcast Corporation $ 3,793 $ 4,181 $ 3,882 $ 3,028 $ 1,517 $ 6,535 $ (19,143) $ 3,793 Condensed Consolidating Statement of Cash Flows For the Six Months Ended June 30, 2015 (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 $ (398) $ (1) $ (69) $ (40) $ (751) $ 10,093 $ - $ 8,834 Investing Activities Net transactions with affiliates 3,661 1 69 40 1,670 (5,441) - - Capital expenditures (13) - - - - (3,684) - (3,697) Cash paid for intangible assets (1) - - - - (599) - (600) Acquisitions and construction of real estate properties - - - - - (65) - (65) Acquisitions, net of cash acquired - - - - - (179) - (179) Proceeds from sales of businesses and investments - - - - 1 394 - 395 Purchases of investments (2) - - - - (270) - (272) Other 7 - - - (5) 180 - 182 Net cash provided by (used in) investing activities 3,652 1 69 40 1,666 (9,664) - (4,236) Financing Activities Proceeds from (repayments of) short-term borrowings, net - - - - - (137) - (137) Proceeds from borrowings 3,996 - - - - - - 3,996 Repurchases and repayments of debt (2,650) - - - (1,001) (15) - (3,666) Repurchases and retirements of common stock (3,585) - - - - - - (3,585) Dividends paid (1,200) - - - - - - (1,200) Issuances of common stock 32 - - - - - - 32 Distributions to noncontrolling interests and dividends for redeemable subsidiary preferred stock - - - - - (114) - (114) Other 153 - - - - (501) - (348) Net cash provided by (used in) financing activities (3,254) - - - (1,001) (767) - (5,022) Increase (decrease) in cash and cash equivalents - - - - (86) (338) - (424) Cash and cash equivalents, beginning of period - - - - 385 3,525 - 3,910 Cash and cash equivalents, end of period $ - $ - $ - $ - $ 299 $ 3,187 $ - $ 3,486 Condensed Consolidating Statement of Cash Flows For the Six Months Ended June 30, 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 $ (147) $ 12 $ (43) $ (41) $ (711) $ 8,477 $ - $ 7,547 Investing Activities Net transactions with affiliates 2,674 (12) 43 41 1,583 (4,329) - - Capital expenditures (4) - - - - (3,242) - (3,246) Cash paid for intangible assets (2) - - - - (475) - (477) Acquisitions and construction of real estate properties - - - - - (10) - (10) Acquisitions, net of cash acquired - - - - - (406) - (406) Proceeds from sales of businesses and investments - - - - 2 479 - 481 Purchases of investments (10) - - - (6) (61) - (77) Other - - - - 4 (157) - (153) Net cash provided by (used in) investing activities 2,658 (12) 43 41 1,583 (8,201) - (3,888) Financing Activities Proceeds from (repayments of) short-term borrowings, net (1,350) - - - - 1,007 - (343) Proceeds from borrowings 2,184 - - - - 3 - 2,187 Repurchases and repayments of debt (1,000) - - - (901) (1,262) - (3,163) Repurchases and retirements of common stock (1,500) - - - - - - (1,500) Dividends paid (1,092) - - - - - - (1,092) Issuances of common stock 29 - - - - - - 29 Distributions to noncontrolling interests and dividends for redeemable subsidiary preferred stock - - - - - (117) - (117) Other 218 - - - - (67) - 151 Net cash provided by (used in) financing activities (2,511) - - - (901) (436) - (3,848) Increase (decrease) in cash and cash equivalents - - - - (29) (160) - (189) Cash and cash equivalents, beginning of period - - - - 336 1,382 - 1,718 Cash and cash equivalents, end of period $ - $ - $ - $ - $ 307 $ 1,222 $ - $ 1,529 |