Note 13: 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 and Comcast Cable Communications, LLC $6.25 billion revolving credit facility due 2017 (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.

Comcast Parent and CCCL Parent also fully and unconditionally guarantee NBCUniversal Enterprise’s $4 billion 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 $3.5 billion of Universal Studios Japan term loans.

Condensed Consolidating Balance Sheet
March 31, 2016

(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	$	-	$	-	$	-	$	178	$	5,450	$	-	$	5,628
	Receivables, net		-		-		-		-		6,375		-		6,375
	Programming rights		-		-		-		-		1,390		-		1,390
	Other current assets		74		-		-		24		1,689		-		1,787
Total current assets			74		-		-		202		14,904		-		15,180
Film and television costs			-		-		-		-		5,768		-		5,768
Investments			41		-		-		442		3,155		-		3,638
Investments in and amounts due from subsidiaries eliminated upon consolidation			90,281		113,635		121,305		43,623		110,013		(478,857)		-
Property and equipment, net			211		-		-		-		33,911		-		34,122
Franchise rights			-		-		-		-		59,364		-		59,364
Goodwill			-		-		-		-		33,458		-		33,458
Other intangible assets, net			11		-		-		-		16,821		-		16,832
Other noncurrent assets, net			1,258		147		-		83		2,059		(1,310)		2,237
Total assets		$	91,876	$	113,782	$	121,305	$	44,350	$	279,453	$	(480,167)	$	170,599

Liabilities and Equity
	Accounts payable and accrued expenses related to trade creditors	$	27	$	-	$	-	$	-	$	6,306	$	-	$	6,333
	Accrued participations and residuals		-		-		-		-		1,510		-		1,510
	Accrued expenses and other current liabilities		1,795		335		405		371		4,216		-		7,122
	Current portion of long-term debt		1,749		-		-		1,004		1,366		-		4,119
Total current liabilities			3,571		335		405		1,375		13,398		-		19,084
Long-term debt, less current portion			33,406		131		2,650		8,208		7,120		-		51,515
Deferred income taxes			-		624		-		68		34,293		(1,164)		33,821
Other noncurrent liabilities			2,257		-		-		1,125		7,195		(146)		10,431
Redeemable noncontrolling interests and redeemable subsidiary preferred stock			-		-		-		-		1,236		-		1,236
Equity:
	Common stock		29		-		-		-		-		-		29
	Other shareholders’ equity		52,613		112,692		118,250		33,574		214,341		(478,857)		52,613
Total Comcast Corporation
	shareholders’ equity		52,642		112,692		118,250		33,574		214,341		(478,857)		52,642
Noncontrolling interests			-		-		-		-		1,870		-		1,870
Total equity			52,642		112,692		118,250		33,574		216,211		(478,857)		54,512
Total liabilities and equity		$	91,876	$	113,782	$	121,305	$	44,350	$	279,453	$	(480,167)	$	170,599

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
	Receivables, net		-		-		-		-		6,896		-		6,896
	Programming rights		-		-		-		-		1,213		-		1,213
	Other current assets		69		-		-		17		1,813		-		1,899
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 Three Months Ended March 31, 2016

(in millions)			Comcast Parent		Comcast Holdings		CCCL Parent		NBCUniversal Media Parent		Non-Guarantor Subsidiaries		Elimination and Consolidation Adjustments		Consolidated Comcast Corporation
Revenue:
	Service revenue	$	-	$	-	$	-	$	-	$	18,790	$	-	$	18,790
	Management fee revenue		259		-		254		-		-		(513)		-
			259		-		254		-		18,790		(513)		18,790
Costs and Expenses:
	Programming and production		-		-		-		-		5,431		-		5,431
	Other operating and administrative		156		-		254		295		5,333		(513)		5,525
	Advertising, marketing and promotion		-		-		-		-		1,467		-		1,467
	Depreciation		8		-		-		-		1,777		-		1,785
	Amortization		1		-		-		-		492		-		493
			165		-		254		295		14,500		(513)		14,701
Operating income (loss)			94		-		-		(295)		4,290		-		4,089
Other Income (Expense):
	Interest expense		(451)		(3)		(59)		(117)		(73)		-		(703)
	Investment income (loss), net		-		-		-		(2)		32		-		30
	Equity in net income
	(losses) of investees, net		2,366		2,264		2,114		1,297		991		(9,043)		(11)
	Other income (expense), net		-		-		-		124		6		-		130
			1,915		2,261		2,055		1,302		956		(9,043)		(554)
Income (loss) before income taxes			2,009		2,261		2,055		1,007		5,246		(9,043)		3,535
Income tax (expense) benefit			125		1		21		(5)		(1,453)		-		(1,311)
Net income (loss)			2,134		2,262		2,076		1,002		3,793		(9,043)		2,224
Net (income) loss attributable
	to noncontrolling interests and redeemable subsidiary preferred stock		-		-		-		-		(90)		-		(90)
Net income (loss) attributable
	to Comcast Corporation	$	2,134	$	2,262	$	2,076	$	1,002	$	3,703	$	(9,043)	$	2,134
Comprehensive income (loss)
	attributable to Comcast Corporation	$	2,224	$	2,306	$	2,078	$	1,146	$	3,705	$	(9,235)	$	2,224

Condensed Consolidating Statement of Income
For the Three Months Ended March 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	$	-	$	-	$	-	$	-	$	17,853	$	-	$	17,853
	Management fee revenue		244		-		237		-		-		(481)		-
			244		-		237		-		17,853		(481)		17,853
Costs and Expenses:
	Programming and production		-		-		-		-		5,463		-		5,463
	Other operating and administrative		226		-		237		237		4,855		(481)		5,074
	Advertising, marketing and promotion		-		-		-		-		1,360		-		1,360
	Depreciation		8		-		-		-		1,626		-		1,634
	Amortization		1		-		-		-		431		-		432
			235		-		237		237		13,735		(481)		13,963
Operating income (loss)			9		-		-		(237)		4,118		-		3,890
Other Income (Expense):
	Interest expense		(410)		(3)		(73)		(120)		(50)		-		(656)
	Investment income (loss), net		1		2		-		(6)		36		-		33
	Equity in net income
	(losses) of investees, net		2,322		2,226		1,992		1,231		885		(8,623)		33
	Other income (expense), net		(5)		-		-		(11)		118		-		102
			1,908		2,225		1,919		1,094		989		(8,623)		(488)
Income (loss) before income taxes			1,917		2,225		1,919		857		5,107		(8,623)		3,402
Income tax (expense) benefit			142		-		25		(5)		(1,423)		-		(1,261)
Net income (loss)			2,059		2,225		1,944		852		3,684		(8,623)		2,141
Net (income) loss attributable
	to noncontrolling interests and redeemable subsidiary preferred stock		-		-		-		-		(82)		-		(82)
Net income (loss) attributable
	to Comcast Corporation	$	2,059	$	2,225	$	1,944	$	852	$	3,602	$	(8,623)	$	2,059
Comprehensive income (loss)
	attributable to Comcast Corporation	$	2,017	$	2,209	$	1,942	$	801	$	3,601	$	(8,553)	$	2,017

Condensed Consolidating Statement of Cash Flows
For the Three Months Ended March 31, 2016
(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		$	(490)	$	-	$	78	$	(391)	$	5,913	$	-	$	5,110
Investing Activities
	Net transactions with affiliates		(679)		-		(78)		63		694		-		-
	Capital expenditures		(3)		-		-		-		(1,882)		-		(1,885)
	Cash paid for intangible assets		-		-		-		-		(378)		-		(378)
	Acquisitions and construction of real estate properties		-		-		-		-		(140)		-		(140)
	Acquisitions, net of cash acquired		-		-		-		-		(24)		-		(24)
	Proceeds from sales of businesses and investments		-		-		-		101		9		-		110
	Purchases of investments		(7)		-		-		-		(441)		-		(448)
	Other		7		-		-		(5)		54		-		56
Net cash provided by (used in) investing activities			(682)		-		(78)		159		(2,108)		-		(2,709)
Financing Activities
	Proceeds from (repayments of) short-term borrowings, net		(400)		-		-		-		(138)		-		(538)
	Proceeds from borrowings		3,323		-		-		-		-		-		3,323
	Repurchases and repayments of debt		-		-		-		(4)		(44)		-		(48)
	Repurchases and retirements of common stock		(1,249)		-		-		-		-		-		(1,249)
	Dividends paid		(611)		-		-		-		-		-		(611)
	Issuances of common stock		12		-		-		-		-		-		12
	Distributions to noncontrolling interests and dividends for redeemable subsidiary preferred stock		-		-		-		-		(77)		-		(77)
	Other		97		-		-		-		23		-		120
Net cash provided by (used in) financing activities			1,172		-		-		(4)		(236)		-		932
Increase (decrease) in cash and cash equivalents			-		-		-		(236)		3,569		-		3,333
Cash and cash equivalents, beginning of period			-		-		-		414		1,881		-		2,295
Cash and cash equivalents, end of period		$	-	$	-	$	-	$	178	$	5,450	$	-	$	5,628

Condensed Consolidating Statement of Cash Flows
For the Three Months Ended March 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		$	(294)	$	(1)	$	34	$	(361)	$	5,867	$	-	$	5,245
Investing Activities
	Net transactions with affiliates		3,609		1		(34)		321		(3,897)		-		-
	Capital expenditures		(6)		-		-		-		(1,720)		-		(1,726)
	Cash paid for intangible assets		-		-		-		-		(273)		-		(273)
	Acquisitions and construction of real estate properties		-		-		-		-		(24)		-		(24)
	Proceeds from sales of businesses and investments		-		-		-		-		180		-		180
	Purchases of investments		-		-		-		-		(32)		-		(32)
	Other		-		-		-		(5)		186		-		181
Net cash provided by (used in) investing activities			3,603		1		(34)		316		(5,580)		-		(1,694)
Financing Activities
	Proceeds from (repayments of) short-term borrowings, net		-		-		-		-		(150)		-		(150)
	Proceeds from borrowings		-		-		-		-		-		-		-
	Repurchases and repayments of debt		(900)		-		-		(1)		(8)		-		(909)
	Repurchases and retirements of common stock		(2,000)		-		-		-		-		-		(2,000)
	Dividends paid		(572)		-		-		-		-		-		(572)
	Issuances of common stock		28		-		-		-		-		-		28
	Distributions to noncontrolling interests and dividends for redeemable subsidiary preferred stock		-		-		-		-		(62)		-		(62)
	Other		135		-		-		-		6		-		141
Net cash provided by (used in) financing activities			(3,309)		-		-		(1)		(214)		-		(3,524)
Increase (decrease) in cash and cash equivalents			-		-		-		(46)		73		-		27
Cash and cash equivalents, beginning of period			-		-		-		385		3,525		-		3,910
Cash and cash equivalents, end of period		$	-	$	-	$	-	$	339	$	3,598	$	-	$	3,937