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Long-Term Debt
9 Months Ended
Sep. 30, 2019
Debt Instrument [Line Items]  
Long-Term Debt Long-Term Debt
As of September 30, 2019, our debt had a carrying value of $100.9 billion and an estimated fair value of $114.1 billion. The estimated fair value of our publicly traded debt was 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 was based on Level 2 inputs that use interest rates available to us for debt with similar terms and remaining maturities.
Debt Borrowings and Repayments
For the nine months ended September 30, 2019, we had borrowings of $516 million primarily related to the Universal Beijing Resort term loans.
For the nine months ended September 30, 2019, we made repayments of $10.0 billion, including the early redemptions of $3.4 billion of senior notes due 2020 and the partial repayment of a term loan, both of which were funded using proceeds from our collateralized obligation (see Note 9).
Guarantee Structure
Comcast, Comcast Cable and NBCUniversal fully and unconditionally guarantee each other’s debt securities, including the Comcast revolving credit facility. As of September 30, 2019, the principal amount of debt securities outstanding within the cross-guarantee structure totaled $86.4 billion.
Comcast and Comcast Cable fully and unconditionally guarantee NBCUniversal Enterprise’s debt securities, including its revolving credit facility. As of September 30, 2019, the principal amount of debt securities guaranteed by Comcast and Comcast Cable totaled $1.5 billion. NBCUniversal does not guarantee NBCUniversal Enterprise’s debt securities.
Comcast fully and unconditionally guarantees Universal Studios Japan’s yen-denominated ¥379 billion (approximately $3.5 billion using exchange rates as of September 30, 2019) term loans with a final maturity of March 2022. None of Comcast, Comcast Cable nor NBCUniversal guarantee the ¥7.4 billion RMB (approximately $1.0 billion using exchange rates as of September 30, 2019) principal amount of Universal Beijing Resort term loans outstanding.
In May 2019, Comcast provided a full and unconditional guarantee of Sky’s debt (approximately $9.0 billion using exchange rates as of September 30, 2019) in connection with Sky’s noteholders consenting to (i) the transfer of the listing of three series of notes from the Main Market of the London Stock Exchange to the Professional Securities Market of the London Stock Exchange and (ii) amending certain terms of the Sky notes.
NBCUniversal Media LLC [Member]  
Debt Instrument [Line Items]  
Long-Term Debt Long-Term Debt
As of September 30, 2019, our debt, excluding our revolving credit agreement with Comcast, had a carrying value of $10.8 billion and an estimated fair value of $11.8 billion. The estimated fair value of our publicly traded debt was 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 was based on Level 2 inputs that use interest rates available to us for debt with similar terms and remaining maturities.
Debt Borrowings and Repayments
For the nine months ended September 30, 2019, we had borrowings of $572 million primarily related to the Universal Beijing Resort term loans.
For the nine months ended September 30, 2019, we made repayments of $2.7 billion including the early redemptions of $2.0 billion of senior notes due 2020 and $610 million of notes due 2049 to Comcast. The early redemptions were funded using proceeds from our collateralized obligation (see Note 8) and were accounted for as debt extinguishments, resulting in a charge of $213 million to interest expense in the third quarter of 2019, of which $178 million related to the notes due to Comcast.
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 $7.6 billion Comcast revolving credit facility due 2022. As of September 30, 2019, $80.6 billion principal amount of outstanding debt securities of Comcast and CCCL Parent were subject to the cross-guarantee structure.
We do not, however, guarantee the obligations of NBCUniversal Enterprise with respect to its $1.5 billion outstanding debt securities, including its senior notes, revolving credit facility, commercial paper program nor its $725 million liquidation preference of Series A cumulative preferred stock.
The Universal Studios Japan term loans are not subject to the cross-guarantee structure, however they have a separate guarantee from Comcast.
The Universal Beijing Resort term loans are not guaranteed.