Note 20: 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. In addition, the Comcast revolving credit facility and the Comcast commercial paper program are also fully and unconditionally guaranteed by NBCUniversal. The Comcast commercial paper program is supported by the Comcast revolving credit facility. The debt securities within the guarantee structure total $44.3 billion, of which $10.7 billion will mature within the next five years.

In October 2015, we merged three of our wholly owned subsidiaries, Comcast MO Group, LLC (“Comcast MO Group”), Comcast Cable Holdings, LLC (“CCH”) and Comcast MO of Delaware, LLC (“Comcast MO of Delaware”), with and into CCCL Parent. Comcast MO Group, CCH and Comcast MO of Delaware were guarantors prior to the merger and were collectively referred to as the “Combined CCHMO Parents.” Accordingly, the financial information for CCCL Parent reflects both the former Combined CCHMO Parents and the CCCL Parent for all periods presented.

Comcast Parent and CCCL Parent also fully and unconditionally guarantee NBCUniversal Enterprise’s $4 billion of senior notes, as well as the NBCUniversal Enterprise revolving credit facility 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 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, 2015 (in millions)			Comcast Parent		Comcast Holdings		CCCL Parent		NBCUniversal Media Parent		Non-Guarantor Subsidiaries		Elimination and Consolidation Adjustments		Consolidated Comcast Corporation
Assets
	Cash and cash equivalents	$	-	$	-	$	-	$	414	$	1,881	$	-	$	2,295
	Investments		-		-		-		-		106		-		106
	Receivables, net		-		-		-		-		6,896		-		6,896
	Programming rights		-		-		-		-		1,213		-		1,213
	Other current assets		69		-		-		17		1,707		-		1,793
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 Balance Sheet
December 31, 2014(in millions)			Comcast Parent		Comcast Holdings		CCCL Parent		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		111,870		41,239		98,152		(438,823)		-
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			1,086		145		-		80		1,949		(1,080)		2,180
Total assets		$	85,741	$	103,565	$	111,870	$	42,123	$	255,790	$	(439,903)	$	159,186

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		280		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		958		1,337		11,616		-		17,410
Long-term debt, less current portion			27,478		123		2,649		9,206		4,408		-		43,864
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		30,370		197,732		(438,823)		52,681
Total Comcast Corporation shareholders’ equity			52,711		102,458		108,263		30,370		197,732		(438,823)		52,711
Noncontrolling interests			-		-		-		-		357		-		357
Total equity			52,711		102,458		108,263		30,370		198,089		(438,823)		53,068
Total liabilities and equity		$	85,741	$	103,565	$	111,870	$	42,123	$	255,790	$	(439,903)	$	159,186

Condensed Consolidating Statement of Income
For the Year Ended December 31, 2015(in millions)			Comcast Parent		Comcast Holdings		CCCL Parent		NBCUniversal Media Parent		Non-Guarantor Subsidiaries		Elimination and Consolidation Adjustments		Consolidated Comcast Corporation
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		20,662		(1,982)		21,339
	Advertising, marketing and promotion		-		-		-		-		5,943		-		5,943
	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 Parent		Comcast Holdings		CCCL Parent		NBCUniversal Media Parent		Non-Guarantor Subsidiaries		Elimination and Consolidation Adjustments		Consolidated Comcast Corporation
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		19,142		(1,868)		19,854
	Advertising, marketing and promotion		-		-		-		-		5,086		-		5,086
	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 Income
For the Year Ended December 31, 2013 (in millions)			Comcast Parent		Comcast Holdings		CCCL Parent		NBCUniversal Media Parent		Non-Guarantor Subsidiaries		Elimination and Consolidation Adjustments		Consolidated Comcast Corporation
Revenue:
	Service revenue	$	-	$	-	$	-	$	-	$	64,657	$	-	$	64,657
	Management fee revenue		897		-		874		-		-		(1,771)		-
			897		-		874		-		64,657		(1,771)		64,657
Costs and Expenses:
	Programming and production		-		-		-		-		19,670		-		19,670
	Other operating and administrative		403		-		874		855		18,214		(1,771)		18,575
	Advertising, marketing and promotion		-		-		-		-		4,978		-		4,978
	Depreciation		30		-		-		-		6,224		-		6,254
	Amortization		5		-		-		-		1,612		-		1,617
			438		-		874		855		50,698		(1,771)		51,094
Operating income (loss)			459		-		-		(855)		13,959		-		13,563
Other Income (Expense):											-
	Interest expense		(1,523)		(11)		(338)		(488)		(214)		-		(2,574)
	Investment income (loss), net		-		(13)		-		3		586		-		576
	Equity in net income (losses) of
	investees, net		7,509		7,540		7,512		3,331		1,882		(27,860)		(86)
	Other income (expense), net		(2)		-		2		(1)		(363)		-		(364)
			5,984		7,516		7,176		2,845		1,891		(27,860)		(2,448)
Income (loss) before income taxes			6,443		7,516		7,176		1,990		15,850		(27,860)		11,115
Income tax (expense) benefit			373		9		117		(22)		(4,457)		-		(3,980)
Net income (loss)			6,816		7,525		7,293		1,968		11,393		(27,860)		7,135
Net (income) loss attributable to
	noncontrolling interests and redeemable subsidiary preferred stock		-		-		-		-		(319)		-		(319)
Net income (loss) attributable to
	Comcast Corporation	$	6,816	$	7,525	$	7,293	$	1,968	$	11,074	$	(27,860)	$	6,816
Comprehensive income (loss)
	attributable to Comcast Corporation	$	6,883	$	7,521	$	7,277	$	2,017	$	10,969	$	(27,784)	$	6,883

Condensed Consolidating Statement of Cash Flows
For the Year Ended December 31, 2015 (in millions)			Comcast Parent		Comcast Holdings		CCCL Parent		NBCUniversal Media Parent		Non-Guarantor Subsidiaries		Elimination and Consolidation Adjustments		Consolidated Comcast Corporation
	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)
	Other		7		-		-		(5)		218		-		220
	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 Parent		Comcast Holdings		CCCL Parent		NBCUniversal Media Parent		Non-Guarantor Subsidiaries		Elimination and Consolidation Adjustments		Consolidated Comcast Corporation
	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)
	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

Condensed Consolidating Statement of Cash Flows
For the Year Ended December 31, 2013(in millions)			Comcast Parent		Comcast Holdings		CCCL Parent		NBCUniversal Media Parent		Non-Guarantor Subsidiaries		Elimination and Consolidation Adjustments		Consolidated Comcast Corporation
	Net cash provided by (used in) operating activities	$	(600)	$	(3)	$	(245)	$	(1,102)	$	16,110	$	-	$	14,160
Investing Activities:
	Net transactions with affiliates		66		3		2,580		(470)		(2,179)		-		-
	Capital expenditures		(7)		-		-		-		(6,589)		-		(6,596)
	Cash paid for intangible assets		(4)		-		-		-		(1,005)		-		(1,009)
	Acquisitions and construction of real estate properties		-		-		-		-		(1,904)		-		(1,904)
	Acquisitions, net of cash acquired		-		-		-		-		(99)		-		(99)
	Proceeds from sales of businesses and investments		-		-		-		2		1,081		-		1,083
	Purchases of investments		(11)		-		-		(3)		(1,209)		-		(1,223)
	Other		-		-		-		108		126		-		234
	Net cash provided by (used in) investing activities		44		3		2,580		(363)		(11,778)		-		(9,514)
Financing Activities:
	Proceeds from (repayments of) short-term borrowings, net		1,349		-		-		-		(4)		-		1,345
	Proceeds from borrowings		2,933		-		-		-		-		-		2,933
	Repurchases and repayments of debt		-		-		(2,335)		(88)		(21)		-		(2,444)
	Repurchases and retirements of common stock		(2,000)		-		-		-		-		-		(2,000)
	Dividends paid		(1,964)		-		-		-		-		-		(1,964)
	Issuances of common stock		40		-		-		-		-		-		40
	Purchase of NBCUniversal noncontrolling common equity interest		-		-		-		(3,200)		(7,561)		-		(10,761)
	Distributions to noncontrolling interests and dividends for redeemable subsidiary preferred stock		-		-		-		-		(215)		-		(215)
	Settlement of Station Venture liability		-		-		-		-		(602)		-		(602)
	Other		198		-		-		(40)		(369)		-		(211)
	Net cash provided by (used in) financing activities		556		-		(2,335)		(3,328)		(8,772)		-		(13,879)
Increase (decrease) in cash and cash equivalents			-		-		-		(4,793)		(4,440)		-		(9,233)
Cash and cash equivalents, beginning of year			-		-		-		5,129		5,822		-		10,951
Cash and cash equivalents, end of year		$	-	$	-	$	-	$	336	$	1,382	$	-	$	1,718