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 billion 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 revolving credit facility. Comcast MO Group, CCH and Comcast MO of Delaware are collectively referred to as the “Combined CCHMO Parents.”

In October 2015, Comcast MO Group, CCH and Comcast MO of Delaware merged with and into CCCL Parent. As the merger occurred subsequent to the balance sheet date, it is not reflected in the following condensed consolidating financial statements, which reflect our guarantee structure as of September 30, 2015.

Comcast Parent and the cable guarantors also fully and unconditionally guarantee NBCUniversal Enterprise’s $4 billion senior 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 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.

Condensed Consolidating Balance Sheet
September 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	$	-	$	-	$	-	$	-	$	209	$	1,684	$	-	$	1,893
	Investments		-		-		-		-		-		137		-		137
	Receivables, net		-		-		-		-		-		6,527		-		6,527
	Programming rights		-		-		-		-		-		1,130		-		1,130
	Other current assets		342		-		-		-		39		1,433		-		1,814
Total current assets			342		-		-		-		248		10,911		-		11,501
Film and television costs			-		-		-		-		-		5,712		-		5,712
Investments			30		-		-		-		508		2,785		-		3,323
Investments in and amounts due from subsidiaries eliminated upon consolidation			84,507		109,269		116,604		63,108		42,103		107,420		(523,011)		-
Property and equipment, net			204		-		-		-		-		31,966		-		32,170
Franchise rights			-		-		-		-		-		59,364		-		59,364
Goodwill			-		-		-		-		-		27,492		-		27,492
Other intangible assets, net			11		-		-		-		-		16,885		-		16,896
Other noncurrent assets, net			1,248		149		-		-		87		2,137		(1,121)		2,500
Total assets		$	86,342	$	109,418	$	116,604	$	63,108	$	42,946	$	264,672	$	(524,132)	$	158,958

Liabilities and Equity
	Accounts payable and accrued expenses related to trade creditors	$	8	$	-	$	-	$	-	$	-	$	5,988	$	-	$	5,996
	Accrued participations and residuals		-		-		-		-		-		1,491		-		1,491
	Accrued expenses and other current liabilities		1,634		335		384		11		431		3,925		-		6,720
	Current portion of long-term debt		750		-		-		-		1,007		1,395		-		3,152
Total current liabilities			2,392		335		384		11		1,438		12,799		-		17,359
Long-term debt, less current portion			29,829		133		1,828		822		8,223		3,770		-		44,605
Deferred income taxes			-		642		-		-		59		33,405		(975)		33,131
Other noncurrent liabilities			2,405		-		-		-		1,121		7,314		(146)		10,694
Redeemable noncontrolling interests and redeemable subsidiary preferred stock			-		-		-		-		-		1,204		-		1,204
Equity:
	Common stock		29		-		-		-		-		-		-		29
	Other shareholders’ equity		51,687		108,308		114,392		62,275		32,105		205,931		(523,011)		51,687
Total Comcast Corporation
	shareholders’ equity		51,716		108,308		114,392		62,275		32,105		205,931		(523,011)		51,716
Noncontrolling interests			-		-		-		-		-		249		-		249
Total equity			51,716		108,308		114,392		62,275		32,105		206,180		(523,011)		51,965
Total liabilities and equity		$	86,342	$	109,418	$	116,604	$	63,108	$	42,946	$	264,672	$	(524,132)	$	158,958

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 September 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	$	-	$	-	$	-	$	-	$	-	$	18,669	$	-	$	18,669
	Management fee revenue		251		-		244		151		-		-		(646)		-
			251		-		244		151		-		18,669		(646)		18,669
Costs and Expenses:
	Programming and production		-		-		-		-		-		5,582		-		5,582
	Other operating and administrative		146		-		244		151		235		5,264		(646)		5,394
	Advertising, marketing and promotion		-		-		-		-		-		1,509		-		1,509
	Depreciation		8		-		-		-		-		1,689		-		1,697
	Amortization		1		-		-		-		-		485		-		486
			155		-		244		151		235		14,529		(646)		14,668
Operating income (loss)			96		-		-		-		(235)		4,140		-		4,001
Other Income (Expense):
	Interest expense		(428)		(3)		(44)		(21)		(111)		(52)		-		(659)
	Investment income (loss), net		3		(4)		-		-		(3)		(22)		-		(26)
	Equity in net income
	(losses) of investees, net		2,210		2,123		1,963		1,701		1,289		928		(10,213)		1
	Other income (expense), net		-		-		-		-		(7)		(46)		-		(53)
			1,785		2,116		1,919		1,680		1,168		808		(10,213)		(737)
Income (loss) before income taxes			1,881		2,116		1,919		1,680		933		4,948		(10,213)		3,264
Income tax (expense) benefit			115		2		16		7		(6)		(1,357)		-		(1,223)
Net income (loss)			1,996		2,118		1,935		1,687		927		3,591		(10,213)		2,041
Net (income) loss attributable
	to noncontrolling interests and redeemable subsidiary preferred stock		-		-		-		-		-		(45)		-		(45)
Net income (loss) attributable
	to Comcast Corporation	$	1,996	$	2,118	$	1,935	$	1,687	$	927	$	3,546	$	(10,213)	$	1,996
Comprehensive income (loss)
	attributable to Comcast Corporation	$	1,967	$	2,112	$	1,936	$	1,687	$	902	$	3,546	$	(10,183)	$	1,967

Condensed Consolidating Statement of Income
For the Three Months Ended September 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	$	-	$	-	$	-	$	-	$	-	$	16,791	$	-	$	16,791
	Management fee revenue		237		-		237		146		-		-		(620)		-
			237		-		237		146		-		16,791		(620)		16,791
Costs and Expenses:
	Programming and production		-		-		-		-		-		4,772		-		4,772
	Other operating and administrative		197		-		237		146		203		4,854		(620)		5,017
	Advertising, marketing and promotion		-		-		-		-		-		1,298		-		1,298
	Depreciation		10		-		-		-		-		1,529		-		1,539
	Amortization		1		-		-		-		-		419		-		420
			208		-		237		146		203		12,872		(620)		13,046
Operating income (loss)			29		-		-		-		(203)		3,919		-		3,745
Other Income (Expense):
	Interest expense		(412)		(2)		(43)		(29)		(111)		(66)		-		(663)
	Investment income (loss), net		1		2		-		-		(14)		32		-		21
	Equity in net income (losses) of
	investees, net		2,840		2,556		2,362		1,801		1,144		835		(11,505)		33
	Other income (expense), net		-		-		-		-		(3)		(93)		-		(96)
			2,429		2,556		2,319		1,772		1,016		708		(11,505)		(705)
Income (loss) before income taxes			2,458		2,556		2,319		1,772		813		4,627		(11,505)		3,040
Income tax (expense) benefit			134		-		15		10		(11)		(555)		-		(407)
Net income (loss)			2,592		2,556		2,334		1,782		802		4,072		(11,505)		2,633
Net (income) loss attributable
	to noncontrolling interests and redeemable subsidiary preferred stock		-		-		-		-		-		(41)		-		(41)
Net income (loss)
	attributable to Comcast Corporation	$	2,592	$	2,556	$	2,334	$	1,782	$	802	$	4,031	$	(11,505)	$	2,592
Comprehensive
	income (loss) attributable to Comcast Corporation	$	2,609	$	2,551	$	2,335	$	1,781	$	785	$	4,031	$	(11,483)	$	2,609

Condensed Consolidating Statement of Income
For the Nine Months Ended September 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	$	-	$	-	$	-	$	-	$	-	$	55,265	$	-	$	55,265
	Management fee revenue		747		-		727		457		-		-		(1,931)		-
			747		-		727		457		-		55,265		(1,931)		55,265
Costs and Expenses:
	Programming and production		-		-		-		-		-		16,714		-		16,714
	Other operating and administrative		597		-		727		457		727		15,176		(1,931)		15,753
	Advertising, marketing and promotion		-		-		-		-		-		4,392		-		4,392
	Depreciation		23		-		-		-		-		4,982		-		5,005
	Amortization		4		-		-		-		-		1,401		-		1,405
			624		-		727		457		727		42,665		(1,931)		43,269
Operating income (loss)			123		-		-		-		(727)		12,600		-		11,996
Other Income (Expense):
	Interest expense		(1,310)		(9)		(131)		(80)		(347)		(151)		-		(2,028)
	Investment income (loss), net		4		(3)		-		-		(17)		40		-		24
	Equity in net income
	(losses) of investees, net		6,963		6,511		5,937		5,060		3,801		2,489		(30,963)		(202)
	Other income (expense), net		(3)		-		-		-		(2)		369		-		364
			5,654		6,499		5,806		4,980		3,435		2,747		(30,963)		(1,842)
Income (loss) before income taxes			5,777		6,499		5,806		4,980		2,708		15,347		(30,963)		10,154
Income tax (expense) benefit			415		4		46		28		(17)		(4,273)		-		(3,797)
Net income (loss)			6,192		6,503		5,852		5,008		2,691		11,074		(30,963)		6,357
Net (income) loss attributable
	to noncontrolling interests and redeemable subsidiary preferred stock		-		-		-		-		-		(165)		-		(165)
Net income (loss) attributable
	to Comcast Corporation	$	6,192	$	6,503	$	5,852	$	5,008	$	2,691	$	10,909	$	(30,963)	$	6,192
Comprehensive income (loss)
	attributable to Comcast Corporation	$	6,143	$	6,489	$	5,852	$	5,007	$	2,639	$	10,908	$	(30,895)	$	6,143

Condensed Consolidating Statement of Income
For the Nine Months Ended September 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	$	-	$	-	$	-	$	-	$	-	$	51,043	$	-	$	51,043
	Management fee revenue		704		-		691		432		-		-		(1,827)		-
			704		-		691		432		-		51,043		(1,827)		51,043
Costs and Expenses:
	Programming and production		-		-		-		-		-		15,554		-		15,554
	Other operating and administrative		471		-		691		432		697		14,224		(1,827)		14,688
	Advertising, marketing and promotion		-		-		-		-		-		3,755		-		3,755
	Depreciation		25		-		-		-		-		4,682		-		4,707
	Amortization		4		-		-		-		-		1,218		-		1,222
			500		-		691		432		697		39,433		(1,827)		39,926
Operating income (loss)			204		-		-		-		(697)		11,610		-		11,117
Other Income (Expense):
	Interest expense		(1,199)		(8)		(132)		(88)		(360)		(166)		-		(1,953)
	Investment income (loss), net		3		5		-		-		(9)		255		-		254
	Equity in net income
	(losses) of investees, net		7,100		6,731		6,301		4,866		3,386		2,385		(30,682)		87
	Other income (expense), net		-		-		-		-		-		(150)		-		(150)
			5,904		6,728		6,169		4,778		3,017		2,324		(30,682)		(1,762)
Income (loss) before income taxes			6,108		6,728		6,169		4,778		2,320		13,934		(30,682)		9,355
Income tax (expense) benefit			347		1		46		31		(22)		(3,162)		-		(2,759)
Net income (loss)			6,455		6,729		6,215		4,809		2,298		10,772		(30,682)		6,596
Net (income) loss attributable
	to noncontrolling interests and redeemable subsidiary preferred stock		-		-		-		-		-		(141)		-		(141)
Net income (loss) attributable
	to Comcast Corporation	$	6,455	$	6,729	$	6,215	$	4,809	$	2,298	$	10,631	$	(30,682)	$	6,455
Comprehensive income (loss)
	attributable to Comcast Corporation	$	6,402	$	6,732	$	6,217	$	4,809	$	2,302	$	10,566	$	(30,626)	$	6,402

Condensed Consolidating Statement of Cash Flows
For the Nine Months Ended September 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		$	(725)	$	51	$	69	$	(93)	$	(1,019)	$	15,530	$	-	$	13,813
Investing Activities
	Net transactions with affiliates		6,786		(51)		(69)		766		2,249		(9,681)		-		-
	Capital expenditures		(19)		-		-		-		-		(5,843)		-		(5,862)
	Cash paid for intangible assets		(3)		-		-		-		-		(913)		-		(916)
	Acquisitions and construction of real estate properties		-		-		-		-		-		(116)		-		(116)
	Acquisitions, net of cash acquired		-		-		-		-		-		(286)		-		(286)
	Proceeds from sales of businesses and investments		-		-		-		-		1		419		-		420
	Purchases of investments		(3)		-		-		-		(400)		(309)		-		(712)
	Other		7		-		-		-		(5)		266		-		268
Net cash provided by (used in) investing activities			6,768		(51)		(69)		766		1,845		(16,463)		-		(7,204)
Financing Activities
	Proceeds from (repayments of) short-term borrowings, net		-		-		-		-		-		(220)		-		(220)
	Proceeds from borrowings		3,996		-		-		-		-		-		-		3,996
	Repurchases and repayments of debt		(2,650)		-		-		(673)		(1,002)		(28)		-		(4,353)
	Repurchases and retirements of common stock		(5,770)		-		-		-		-		-		-		(5,770)
	Dividends paid		(1,823)		-		-		-		-		-		-		(1,823)
	Issuances of common stock		35		-		-		-		-		-		-		35
	Distributions to noncontrolling interests and dividends for redeemable subsidiary preferred stock		-		-		-		-		-		(178)		-		(178)
	Other		169		-		-		-		-		(482)		-		(313)
Net cash provided by (used in) financing activities			(6,043)		-		-		(673)		(1,002)		(908)		-		(8,626)
Increase (decrease) in cash and cash equivalents			-		-		-		-		(176)		(1,841)		-		(2,017)
Cash and cash equivalents, beginning of period			-		-		-		-		385		3,525		-		3,910
Cash and cash equivalents, end of period		$	-	$	-	$	-	$	-	$	209	$	1,684	$	-	$	1,893

Condensed Consolidating Statement of Cash Flows
For the Nine Months Ended September 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		$	(433)	$	11	$	84	$	(88)	$	(998)	$	13,726	$	-	$	12,302
Investing Activities
	Net transactions with affiliates		2,349		(11)		(84)		88		1,761		(4,103)		-		-
	Capital expenditures		(3)		-		-		-		-		(5,193)		-		(5,196)
	Cash paid for intangible assets		(2)		-		-		-		-		(733)		-		(735)
	Acquisitions and construction of real estate properties		-		-		-		-		-		(28)		-		(28)
	Acquisitions, net of cash acquired		-		-		-		-		-		(477)		-		(477)
	Proceeds from sales of businesses and investments		-		-		-		-		1		621		-		622
	Purchases of investments		(10)		-		-		-		(6)		(129)		-		(145)
	Other		-		-		-		-		4		(125)		-		(121)
Net cash provided by (used in) investing activities			2,334		(11)		(84)		88		1,760		(10,167)		-		(6,080)
Financing Activities
	Proceeds from (repayments of) short-term borrowings, net		(1,350)		-		-		-		-		913		-		(437)
	Proceeds from borrowings		4,180		-		-		-		-		2		-		4,182
	Repurchases and repayments of debt		(1,000)		-		-		-		(902)		(1,270)		-		(3,172)
	Repurchases and retirements of common stock		(2,250)		-		-		-		-		-		-		(2,250)
	Dividends paid		(1,676)		-		-		-		-		-		-		(1,676)
	Issuances of common stock		33		-		-		-		-		-		-		33
	Distributions to noncontrolling interests and dividends for redeemable subsidiary preferred stock		-		-		-		-		-		(170)		-		(170)
	Other		162		-		-		-		-		(65)		-		97
Net cash provided by (used in) financing activities			(1,901)		-		-		-		(902)		(590)		-		(3,393)
Increase (decrease) in cash and cash equivalents			-		-		-		-		(140)		2,969		-		2,829
Cash and cash equivalents, beginning of period			-		-		-		-		336		1,382		-		1,718
Cash and cash equivalents, end of period		$	-	$	-	$	-	$	-	$	196	$	4,351	$	-	$	4,547