Note 10: Long-Term Debt



Long-Term Debt Outstanding
December 31 (in millions)	Weighted-Average Interest Rate as of December 31, 2016			2016			2015
Commercial paper	1.01	%		$	2,781		$	975
Revolving bank credit facilities	—	%		—			—
Term loans^(a)	2.93	%		3,262			3,259
Senior notes with maturities of 5 years or less, at face value	4.68	%		13,850			14,300
Senior notes with maturities between 5 and 10 years, at face value	3.86	%		12,049			9,630
Senior notes with maturities greater than 10 years, at face value^(b)	5.19	%		28,587			23,925
Other, including capital lease obligations	—			842			794
Debt issuance costs, premiums, discounts and fair value adjustments for hedged positions, net	—			(325		)	(262		)
Total debt	4.50	%	^(c)	61,046			52,621
Less: Current portion				5,480			3,627
Long-term debt				$	55,566		$	48,994


(a)	The December 31, 2016 and 2015 amounts consist of ¥382 billion and ¥400 billion, respectively, of Universal Studios Japan term loans translated using the exchange rates as of these dates.


(b)	The December 31, 2016 and 2015 amounts include £625 million of 5.50% notes due 2029, which translated to $771 million and $921 million, respectively, using the exchange rates as of these dates.


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

As of December 31, 2016 and 2015, our debt had an estimated fair value of $66.3 billion and $58.0 billion, respectively. The estimated fair value of our publicly traded debt is 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 is based on Level 2 inputs that use interest rates available to us for debt with similar terms and remaining maturities. See Note 19 for additional information on our cross-guarantee structure.



Principal Maturities of Debt
(in millions)	Weighted-Average Interest Rate as of December 31, 2016
2017	4.22	%	$	5,483
2018	4.05	%	$	4,203
2019	3.11	%	$	2,466
2020	4.18	%	$	6,217
2021	4.36	%	$	2,043
Thereafter	4.82	%	$	40,959



2016 Debt Borrowings
Year ended December 31, 2016 (in millions)
Comcast 3.15% senior notes due 2026	$	2,200
Comcast 4.05% senior notes due 2046	1,430
Comcast 2.35% senior notes due 2027	1,400
Comcast 3.40% senior notes due 2046	1,400
Comcast 2.75% senior notes due 2023	1,100
Comcast 3.20% senior notes due 2036	1,000
Comcast 1.625% senior notes due 2022	700
Other	1
Total	$	9,231



2016 Debt Redemptions and Repayments
Year ended December 31, 2016 (in millions)
NBCUniversal 2.875% senior notes due 2016	$	1,000
Comcast 4.95% senior notes due 2016	750
NBCUniversal Enterprise senior notes due 2016	700
DreamWorks Animation assumed debt (see Note 5)	381
Other	221
Total	$	3,052

Debt Instruments

Revolving Bank Credit Facilities

In May 2016, we entered into a new $7 billion 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, NBCUniversal Enterprise entered into a new $1.5 billion 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 new revolving credit facilities replaced Comcast’s $6.25 billion and NBCUniversal Enterprise’s $1.35 billion revolving credit facilities, which were terminated in connection with the execution of the new revolving credit facilities. The interest rates on the new 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, 2016, the borrowing margin for borrowings based on the London Interbank Offered Rate was 1.00%. Similar to the Comcast and NBCUniversal Enterprise prior revolving credit facilities, each of the new revolving credit facilities require that we maintain certain financial ratios based on their respective debt and operating income before depreciation and amortization, as defined in the credit facility. We were in compliance with all financial covenants for all periods presented.

As of December 31, 2016, amounts available under our consolidated credit facilities, net of amounts outstanding under our commercial paper programs and outstanding letters of credit, totaled $5.5 billion, which included $460 million available under the NBCUniversal Enterprise revolving credit facility.

Commercial Paper Programs

Our commercial paper programs provide a lower-cost source of borrowing to fund our short-term working capital requirements. The maximum borrowing capacity under the Comcast commercial paper program is $6.25 billion. We support this commercial paper program with unused capacity under the Comcast revolving credit facility. The maximum borrowing capacity under the NBCUniversal Enterprise commercial paper program is $1.35 billion. We support this commercial paper program with unused capacity under the NBCUniversal Enterprise revolving credit facility.

Term Loans

Our term loans consist of the Universal Studios Japan term loans, which have a final maturity of November 2020. These term loans contain financial and operating covenants and are secured by the assets of Universal Studios Japan and the equity interests of the other investors. We do not guarantee these term loans and they are otherwise nonrecourse to us.

Letters of Credit

As of December 31, 2016, we and certain of our subsidiaries had unused irrevocable standby letters of credit totaling $443 million to cover potential fundings under various agreements.

Note 10: Long-Term Debt



Long-Term Debt Outstanding
December 31 (in millions)	Weighted-Average Interest Rate as of December 31, 2016			2016			2015
Term loans ^(a)	2.93	%		$	3,262		$	3,259
Senior notes with maturities of 5 years or less, at face value	4.76	%		4,000			3,000
Senior notes with maturities between 5 and 10 years, at face value	2.88	%		1,000			3,000
Senior notes with maturities greater than 10 years, at face value	5.62	%		3,200			3,200
Other, including capital lease obligations	—			138			47
Debt issuance costs, premiums, discounts and fair value adjustments for hedged positions, net	—			(12		)	(12		)
Total debt	4.38	%	^(b)	11,588			12,494
Less: Current portion				127			1,163
Long-term debt				$	11,461		$	11,331


(a)	The December 31, 2016 and 2015 amounts consist of ¥382 billion and ¥400 billion, respectively, of Universal Studios Japan term loans translated using the exchange rates as of these dates.


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

As of December 31, 2016 and 2015, our debt, excluding the note payable to Comcast, had an estimated fair value of $12.6 billion and $13.4 billion, respectively. The estimated fair value of our publicly traded debt is 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 is based on Level 2 inputs that use interest rates available to us for debt with similar terms and remaining maturities.



Principal Maturities of Debt
(in millions)	Weighted-Average Interest Rate as of December 31, 2016
2017	2.94	%	$	127
2018	3.15	%	$	148
2019	2.74	%	$	247
2020	3.90	%	$	4,797
2021	4.40	%	$	2,008
Thereafter	5.04	%	$	4,273

Term Loans

Debt Repayments

Following Comcast’s acquisition of DreamWorks Animation, we paid $381 million to settle all of the debt we assumed in the DreamWorks Animation acquisition. In April 2016, we repaid at maturity $1 billion aggregate principal amount of 2.875% senior notes due 2016.

Cross-Guarantee Structure

We, Comcast and a 100% owned cable holding company subsidiary of Comcast (“CCCL Parent”) fully and unconditionally guarantee each other’s debt securities, including the $7 billion Comcast revolving credit facility due 2021. As of December 31, 2016, outstanding debt securities of $44.7 billion of Comcast and CCCL Parent were subject to the guarantee structure.

We do not, however, guarantee the obligations of NBCUniversal Enterprise with respect to its $3.3 billion aggregate principal amount of senior notes, $1.5 billion revolving credit facility, commercial paper program, or $725 million liquidation preference of Series A cumulative preferred stock.