Note 19: 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, including the Comcast revolving credit facility. The principal amount of debt securities within the guarantee structure total $52.9 billion, of which $12.3 billion will mature within the next five years.

Comcast Parent and CCCL Parent also fully and unconditionally guarantee NBCUniversal Enterprise’s $3.3 billion principal amount of senior notes, revolving credit facility and commercial paper program. NBCUniversal Media Parent does not guarantee the NBCUniversal Enterprise senior notes, revolving 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, 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	$	—	$	—	$	—	$	482	$	2,819	$	—		$	3,301
Receivables, net	—		—		—		—		7,955		—			7,955
Programming rights	—		—		—		—		1,250		—			1,250
Deposits	—		—		—		—		1,772		—			1,772
Other current assets	151		—		—		36		1,896		—			2,083
Total current assets	151		—		—		518		15,692		—			16,361
Film and television costs	—		—		—		—		7,252		—			7,252
Investments	75		—		—		651		4,521		—			5,247
Investments in and amounts due from subsidiaries eliminated upon consolidation	98,350		120,071		117,696		47,393		97,704		(481,214		)	—
Property and equipment, net	298		—		—		—		35,955		—			36,253
Franchise rights	—		—		—		—		59,364		—			59,364
Goodwill	—		—		—		—		35,980		—			35,980
Other intangible assets, net	13		—		—		—		17,261		—			17,274
Other noncurrent assets, net	1,138		638		—		89		1,921		(1,017		)	2,769
Total assets	$	100,025	$	120,709	$	117,696	$	48,651	$	275,650	$	(482,231	)	$	180,500
Liabilities and Equity
Accounts payable and accrued expenses related to trade creditors	$	23	$	—	$	—	$	—	$	6,892	$	—		$	6,915
Accrued participations and residuals	—		—		—		—		1,726		—			1,726
Accrued expenses and other current liabilities	1,726		—		341		302		5,045		—			7,414
Current portion of long-term debt	3,739		—		550		4		1,187		—			5,480
Total current liabilities	5,488		—		891		306		14,850		—			21,535
Long-term debt, less current portion	38,123		141		2,100		8,208		6,994		—			55,566
Deferred income taxes	—		542		—		70		35,259		(1,017		)	34,854
Other noncurrent liabilities	2,471		—		—		1,166		7,288		—			10,925
Redeemable noncontrolling interests and redeemable subsidiary preferred stock	—		—		—		—		1,446		—			1,446
Equity:
Common stock	28		—		—		—		—		—			28
Other shareholders’ equity	53,915		120,026		114,705		38,901		207,582		(481,214		)	53,915
Total Comcast Corporation shareholders’ equity	53,943		120,026		114,705		38,901		207,582		(481,214		)	53,943
Noncontrolling interests	—		—		—		—		2,231		—			2,231
Total equity	53,943		120,026		114,705		38,901		209,813		(481,214		)	56,174
Total liabilities and equity	$	100,025	$	120,709	$	117,696	$	48,651	$	275,650	$	(482,231	)	$	180,500

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
Deposits	—		—		—		—		21		—			21
Other current assets	69		—		—		17		1,792		—			1,878
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 Year Ended December 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	$	—		$	—		$	—		$	—		$	80,403		$	—		$	80,403
Management fee revenue	1,067			—			1,049			—			—			(2,116		)	—
	1,067			—			1,049			—			80,403			(2,116		)	80,403
Costs and Expenses:
Programming and production	—			—			—			—			24,463			—			24,463
Other operating and administrative	813			—			1,049			932			22,731			(2,116		)	23,409
Advertising, marketing and promotion	—			—			—			—			6,114			—			6,114
Depreciation	28			—			—			—			7,436			—			7,464
Amortization	6			—			—			—			2,088			—			2,094
	847			—			1,049			932			62,832			(2,116		)	63,544
Operating income (loss)	220			—			—			(932		)	17,571			—			16,859
Other Income (Expense):
Interest expense	(1,941		)	(12		)	(239		)	(456		)	(294		)	—			(2,942		)
Investment income (loss), net	7			(5		)	—			(25		)	236			—			213
Equity in net income (losses) of investees, net	9,809			9,286			8,679			5,545			4,131			(37,554		)	(104		)
Other income (expense), net	—			—			—			116			211			—			327
	7,875			9,269			8,440			5,180			4,284			(37,554		)	(2,506		)
Income (loss) before income taxes	8,095			9,269			8,440			4,248			21,855			(37,554		)	14,353
Income tax (expense) benefit	600			6			84			(13		)	(5,985		)	—			(5,308		)
Net income (loss)	8,695			9,275			8,524			4,235			15,870			(37,554		)	9,045
Net (income) loss attributable to noncontrolling interests and redeemable subsidiary preferred stock	—			—			—			—			(350		)	—			(350		)
Net income (loss) attributable to Comcast Corporation	$	8,695		$	9,275		$	8,524		$	4,235		$	15,520		$	(37,554	)	$	8,695
Comprehensive income (loss) attributable to Comcast Corporation	$	8,967		$	9,317		$	8,530		$	4,312		$	15,610		$	(37,769	)	$	8,967

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			20,642			(1,982		)	21,319
Advertising, marketing and promotion	—			—			—			—			5,963			—			5,963
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			19,127			(1,868		)	19,839
Advertising, marketing and promotion	—			—			—			—			5,101			—			5,101
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 Cash Flows



For the Year Ended December 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	$	(1,332	)	$	(189	)	$	(100	)	$	(1,453	)	$	22,314		$	—	$	19,240
Investing Activities:
Net transactions with affiliates	(860		)	189			100			2,642			(2,071		)	—		—
Capital expenditures	(13		)	—			—			—			(9,122		)	—		(9,135		)
Cash paid for intangible assets	(9		)	—			—			—			(1,677		)	—		(1,686		)
Acquisitions and construction of real estate properties	(35		)	—			—			—			(393		)	—		(428		)
Acquisitions, net of cash acquired	—			—			—			—			(3,929		)	—		(3,929		)
Proceeds from sales of businesses and investments	—			—			—			104			114			—		218
Purchases of investments	(40		)	—			—			(210		)	(1,447		)	—		(1,697		)
Deposits	—			—			—			—			(1,749		)	—		(1,749		)
Other	(108		)	—			—			(35		)	164			—		21
Net cash provided by (used in) investing activities	(1,065		)	189			100			2,501			(20,110		)	—		(18,385		)
Financing Activities:
Proceeds from (repayments of) short-term borrowings, net	1,339			—			—			—			451			—		1,790
Proceeds from borrowings	9,231			—			—			—			—			—		9,231
Repurchases and repayments of debt	(750		)	—			—			(1,005		)	(1,297		)	—		(3,052		)
Repurchases and retirements of common stock	(5,000		)	—			—			—			—			—		(5,000		)
Dividends paid	(2,601		)	—			—			—			—			—		(2,601		)
Issuances of common stock	23			—			—			—			—			—		23
Distributions to noncontrolling interests and dividends for redeemable subsidiary preferred stock	—			—			—			—			(253		)	—		(253		)
Other	155			—			—			25			(167		)	—		13
Net cash provided by (used in) financing activities	2,397			—			—			(980		)	(1,266		)	—		151
Increase (decrease) in cash and cash equivalents	—			—			—			68			938			—		1,006
Cash and cash equivalents, beginning of year	—			—			—			414			1,881			—		2,295
Cash and cash equivalents, end of year	$	—		$	—		$	—		$	482		$	2,819		$	—	$	3,301

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		)
Deposits	—			—			—			—			(18		)	—		(18		)
Other	7			—			—			(5		)	236			—		238
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		)
Deposits	—			—			—			—			—			—		—
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