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Debt
 12 Months Ended
Dec. 31, 2024
Debt Disclosure [Abstract]  
Debt
Note 6: Debt
Debt Outstanding
December 31 (in billions)Weighted-Average Interest Rate as of December 31, 2024Weighted-Average Interest Rate as of December 31, 2023
2024(b)
2023(b)
Term loans3.2 %3.2 %$3.1 $3.1 
Senior notes with maturities of 5 years or less, at face value3.4 %3.5 %26.7 25.9 
Senior notes with maturities between 5 and 10 years, at face value3.6 %3.3 %18.1 18.8 
Senior notes with maturities greater than 10 years, at face value3.9 %3.8 %55.4 53.4 
Finance lease obligations and other1.9 2.0 
Debt issuance costs, premiums, discounts, fair value adjustments for acquisition accounting and hedged positions, net(6.0)(6.1)
Total debt4.1 %
(a)
4.0 %
(a)
99.1 97.1 
Less: Current portion4.9 2.1 
Noncurrent portion of debt
$94.2 $95.0 
(a)Rate represents an effective interest rate and includes the effects of amortization of debt issuance costs, premiums, discounts, fair value adjustments for acquisition accounting and hedged positions, as well as the effects of our derivative financial instruments.
(b)As of December 31, 2024, included in our outstanding debt were foreign currency denominated senior notes and term loans with principal amounts of £3.3 billion, €8.5 billion and ¥22.3 billion RMB. As of December 31, 2023, included in our outstanding debt were foreign currency denominated senior notes and term loans with principal amounts of £2.6 billion, €6.7 billion and ¥22.1 billion RMB.
Our senior notes are unsubordinated and unsecured obligations and are subject to parent and/or subsidiary guarantees. As of December 31, 2024 and 2023, substantially all of our debt obligations were fixed-rate debt and our debt had an estimated fair value of $89.8 billion and $92.2 billion, respectively. The estimated fair value of our publicly traded debt was primarily based on Level 1 inputs that use quoted market value 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.
Principal Maturities of Debt
(in billions)
2025$4.9 
2026$4.9 
2027$5.7 
2028$7.0 
2029$4.8 
Thereafter$77.7 
Revolving Credit Facility and Commercial Paper Program
In May 2024, we entered into a new $11.8 billion revolving credit facility with a syndicate of banks, due May 17, 2029, that may be used for general corporate purposes. We may increase the commitments under the facility up to a total of $14.8 billion, as well as extend the expiration date to no later than May 17, 2031, subject to the approval of the lenders. The interest rate consists of a benchmark rate plus a borrowing margin that is determined based on Comcast’s credit rating. As of December 31, 2024, the borrowing margin for borrowings based on the Adjusted Term SOFR Rate, as defined in the agreement, was 0.875%. The facility requires that we maintain a certain financial ratio based on debt and EBITDA, as defined in the agreement. In connection with our entry into the new credit facility, we terminated our prior credit facility dated as of March 30, 2021.
Our commercial paper program is supported by our revolving credit facility and provides a lower cost source of borrowing to fund short-term working capital requirements.
As of December 31, 2024 and 2023, we had no borrowings outstanding under our revolving credit facility or our commercial paper program. As of December 31, 2024, amounts available under our revolving credit facility, net of amounts outstanding under our commercial paper program and outstanding letters of credit and bank guarantees, totaled $11.8 billion.
Letters of Credit and Bank Guarantees
As of December 31, 2024, we and certain of our subsidiaries had undrawn irrevocable standby letters of credit and bank guarantees totaling $288 million to cover potential fundings under various agreements.
Derivatives and Hedging
We use financial instruments designated as hedging instruments primarily to manage exposures to (1) foreign exchange rate fluctuations resulting from certain foreign currency denominated debt obligations and intercompany funding arrangements and from the consolidation of our foreign operations; and (2) interest rate risk relating to our debt. Our objective is to manage the financial and operational exposure arising from these risks by offsetting gains and losses on underlying exposures with gains and losses on the instruments used to hedge them.
December 31, 2024December 31, 2023
(in billions)DesignationNotionalNet Derivative Asset (Liability)NotionalNet Derivative Asset (Liability)
Foreign Exchange Risk
Foreign Currency Denominated Debt
Cross-currency swapsFair value hedge$1.9 $(0.1)$— $— 
Cross-currency swapsCash flow hedge0.8 (0.2)0.8 (0.2)
Intercompany Loans
Foreign currency forwardsFair value hedge1.7 0.1 2.0 — 
Net Investments in Foreign Subsidiaries
Foreign currency denominated debt(a)
Net investment hedge7.3 7.4 
Cross-currency swapsNet investment hedge1.7 0.4 2.8 — 
Interest Rate Risk
Fixed-to-variable interest rate swapsFair value hedge$2.5 $(0.2)$2.5 $(0.2)
(a)Our foreign currency denominated debt designated as net investment hedges are non-derivative instruments and amount shown is the value of debt designated as a hedge.
The fair value of our derivative financial instruments are primarily measured using Level 2 inputs using a market-based approach. Net cash received or paid related to our derivative instruments is classified in our consolidated statements of cash flows based on the objective of the instrument and the classifications of the applicable underlying cash flows.
Changes in the fair value of derivative instruments accounted for as fair value hedges are primarily recorded within earnings and changes in the fair value of cash flow hedges are recorded as a component of accumulated other comprehensive income (loss) until the hedged items affect earnings. The earnings impacts are recorded within the same line item as the item being hedged. The table below summarizes the impact of our hedged foreign currency denominated debt and intercompany loans and the associated derivative contracts on the other income (loss) component of investment and other income (loss).
(in billions)202420232022
Foreign currency transaction gains (losses)$— $(0.2)$(0.6)
Derivative gains (losses)$0.1 $0.3 $0.6 
Transaction gains and losses resulting from currency movements on debt and changes in the fair value of cross-currency swaps designated as net investment hedges are recorded within the currency translation adjustments component of accumulated other comprehensive income (loss). The table below summarizes the amount of pre-tax gains (losses) related to net investment hedges recognized in the cumulative translation adjustments component of other comprehensive income (loss).
(in billions)202420232022
Effect of net investment hedges$0.9 $0.3 $(0.4)