Note 7: Long-Term Debt



Long-Term Debt Outstanding
December 31 (in millions)	Weighted-Average Interest Rate as of December 31, 2018			2018			2017
Commercial paper	2.86	%		$	675		$	903
Revolving bank credit facilities^(b)	1.13	%		606			—
Term loans^(a)	1.85	%		13,268			3,880
Senior notes with maturities of 5 years or less, at face value^(b)	3.48	%		26,331			15,680
Senior notes with maturities between 5 and 10 years, at face value^(b)	3.64	%		26,727			13,277
Senior notes with maturities greater than 10 years, at face value^(b)(c)	4.68	%		45,030			31,838
Other, including capital lease obligations	—			808			921
Debt issuance costs, premiums, discounts, fair value adjustments for acquisition accounting and hedged positions, net^(d)	—			(1,702		)	(1,943		)
Total debt	3.77	%	^(d)	111,743			64,556
Less: Current portion				4,398			5,134
Long-term debt				$	107,345		$	59,422


(a)	Term loans consist of the following, with foreign currency denominated borrowings translated using the exchange rates as of each date:


•	Comcast: borrowings associated with the Sky transaction of £5.6 billion as of December 31, 2018 (see Note 8)


•	Universal Studios Japan: ¥390 billion and ¥435 billion as of December 31, 2018 and 2017, respectively


•	Universal Beijing Resort: ¥4 billion RMB as of December 31, 2018 (see Note 8)


(b)	The December 31, 2018 amounts include an aggregate of approximately $10.7 billion of Sky debt consolidated by Comcast. The Sky debt as of December 31, 2018 included $3.2 billion of senior notes, €4.9 billion of senior notes and £1.1 billion of senior notes that will mature between 2019 and 2035. The Sky senior notes were recorded at fair value as of October 9, 2018.


(c)	The December 31, 2018 and 2017 amounts include £625 million of 5.50% notes due 2029.

(d) Includes the effects of our derivative financial instruments.

As of December 31, 2018 and 2017, our debt had an estimated fair value of $114.1 billion and $71.7 billion, respectively. The estimated fair value of our publicly traded debt was primarily based on Level 1 inputs that use quoted market values for the debt. The estimated fair value of debt for which there are no quoted market prices was based on Level 2 inputs that use interest rates available to us for debt with similar terms and remaining maturities.

We use cross-currency swaps for foreign currency denominated debt obligations when those obligations are denominated in a currency other than the functional currency. Cross-currency swaps effectively convert foreign currency denominated debt to debt denominated in the functional currency in order to hedge the risk that the cash flows related to annual interest payments and the payment of principal at maturity may be adversely affected by fluctuations in currency exchange rates. The gains and losses on these cross-currency swaps generally offset changes in the underlying value of the related exposures. As of December 31, 2018 and 2017, we had cross-currency swaps on $5.3 billion and $0.8 billion notional amount of our foreign currency denominated debt, respectively. As of December 31, 2018 and 2017, the aggregate fair value of these cross-currency swaps was a net liability of $23 million and $80 million, respectively.

We are also exposed to foreign currency exchange risk on the consolidation of our foreign operations. Beginning in 2018, we use foreign currency denominated debt and cross-currency swaps to hedge our net investments in certain of these subsidiaries. As of December 31, 2018, we had $15.6 billion notional amount of our foreign currency denominated debt and cross-currency swaps designated as net investment hedges in our foreign subsidiaries.



Principal Maturities of Debt
(in millions)
2019	$	4,413
2020	$	7,961
2021	$	11,548
2022	$	8,741
2023	$	7,818
Thereafter	$	72,964

2018 Debt Borrowings and Repayments

In 2018, we had borrowings of $44.8 billion that primarily included $27 billion of proceeds from the issuance of senior unsecured fixed and floating rate notes in October 2018, $8.7 billion of proceeds from sterling-denominated unsecured term loans and $3 billion of proceeds from the dollar-denominated unsecured term loan which were used to fund the acquisition of Sky, and $4 billion of proceeds from the issuance of senior unsecured fixed rate notes in February 2018.

In 2018, we made repayments of $8.8 billion of debt.

Revolving Bank Credit Facilities

As of December 31, 2018 and 2017, we had a $7.6 billion and $7.0 billion, respectively, revolving credit facility due 2021 with a syndicate of banks (“Comcast revolving credit facility”) that may be used for general corporate purposes. We may increase the commitment under the Comcast revolving credit facility up to a total of $10 billion, as well as extend the expiration date to a date no later than 2023, subject to approval of the lenders. In addition, as of December 31, 2018 and 2017, NBCUniversal Enterprise had a $1.6 billion and $1.5 billion, respectively, revolving credit facility due 2021 with a syndicate of banks (“NBCUniversal Enterprise revolving credit facility”) that may be used for general corporate purposes. We may increase the commitment under the NBCUniversal Enterprise revolving credit facility up to a total of $2 billion, as well as extend the expiration date to a date no later than 2023, subject to approval of the lenders. The interest rates on the revolving credit facilities consist of a base rate plus a borrowing margin that is determined based on Comcast’s credit rating. As of December 31, 2018, the borrowing margin for borrowings based on the London Interbank Offered Rate was 1.00%. As of December 31, 2018, Sky had a £1 billion revolving credit facility due 2021 with a syndicate of banks (“Sky revolving credit facility”) that may be used for general corporate purposes. The interest rate on the Sky revolving credit facility consists of a base rate plus a borrowing margin that is determined based on Sky’s credit rating. Each of the revolving credit facilities requires that we maintain certain financial ratios based on the respective debt and EBITDA of each entity, as defined in the credit facility. The Sky revolving credit facility also contains a ratio of EBITDA to net interest payable, as defined in the credit facility. We were in compliance with all financial covenants for all periods presented.

There were no amounts outstanding under the Comcast or NBCUniversal Enterprise revolving credit facilities as of December 31, 2018 or 2017. As of December 31, 2018, £475 million (approximately $606 million using exchange rates as of December 31, 2018) was outstanding under the Sky revolving credit facility. As of December 31, 2018, amounts available under our consolidated revolving credit facilities, net of amounts outstanding under our commercial paper programs and outstanding letters of credit, totaled $9.2 billion, which included $942 million and $670 million available under the NBCUniversal Enterprise and Sky revolving credit facilities, respectively.

Commercial Paper Programs

Our commercial paper programs provide a lower-cost source of borrowing to fund our short-term working capital requirements. In June 2017, we increased the Comcast and NBCUniversal Enterprise commercial paper programs to $7.0 billion and $1.5 billion, respectively, to coincide with the borrowing capacities then existing under the Comcast and NBCUniversal Enterprise revolving credit facilities. As of December 31, 2018, there was no amount outstanding under the Comcast commercial paper program. As of December 31, 2017, $903 million was outstanding under the Comcast commercial paper program. As of December 31, 2018, NBCUniversal Enterprise had $675 million face amount of commercial paper outstanding. As of December 31, 2017, NBCUniversal Enterprise had no commercial paper outstanding.

Letters of Credit and Bank Guarantees

As of December 31, 2018, we and certain of our subsidiaries had undrawn irrevocable standby letters of credit and bank guarantees totaling $463 million to cover potential fundings under various agreements.

Cross-Guarantee Structure

Comcast, Comcast Cable and NBCUniversal have fully and unconditionally guaranteed each other’s debt securities, including the Comcast revolving credit facility and the term loans borrowed and senior notes issued in connection with financing the acquisition of Sky. As of December 31, 2018, the principal amount of debt securities within the cross-guarantee structure totaled $94.2 billion, of which $26.9 billion will mature within the next 5 years.

Comcast and Comcast Cable fully and unconditionally guarantee NBCUniversal Enterprise’s $3.0 billion aggregate principal amount of senior notes, its revolving credit facility and its commercial paper program. NBCUniversal does not guarantee the NBCUniversal Enterprise senior notes, revolving credit facility, commercial paper program or its $725 million liquidation preference of Series A cumulative preferred stock.

Comcast Parent provides a full and unconditional guarantee of the Universal Studios Japan yen-denominated ¥390 billion (approximately $3.5 billion using exchange rates as of December 31, 2018) term loans with a final maturity of March 2022. None of Comcast, Comcast Cable nor NBCUniversal guarantee the $10.7 billion of Sky outstanding indebtedness or the $569 million of Universal Beijing Resort term loans.