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Long-Term Debt
 12 Months Ended
Dec. 31, 2017
Debt Instrument [Line Items]  
Long-Term Debt
Note 10: Long-Term Debt
 
Long-Term Debt Outstanding
 
 
 
 
 
December 31 (in millions)
Weighted-Average
Interest Rate as of
December 31, 2017

 
2017

 
2016

Commercial paper
1.84
%
 
$
903

 
$
2,781

Term loans(a)
0.82
%
 
3,880

 
3,262

Senior notes with maturities of 5 years or less, at face value
4.18
%
 
15,680

 
13,850

Senior notes with maturities between 5 and 10 years, at face value
3.31
%
 
13,277

 
12,049

Senior notes with maturities greater than 10 years, at face value(b)
4.74
%
 
31,838

 
28,587

Other, including capital lease obligations
—

 
921

 
842

Debt issuance costs, premiums, discounts and fair value adjustments for hedged positions, net(c)
—

 
(1,943
)
 
(325
)
Total debt
4.04
%
 (d) 
64,556

 
61,046

Less: Current portion
 
 
5,134

 
5,480

Long-term debt

 
$
59,422

 
$
55,566

(a)
The December 31, 2017 and 2016 amounts primarily consist of ¥435 billion and ¥382 billion, respectively, of Universal Studios Japan term loans translated using the exchange rates as of these dates. In May 2017, Universal Studios Japan entered into ¥450 billion of new term loans with a final maturity of March 2022. We used the proceeds from these borrowings to repay in full Universal Studios Japan’s existing yen-denominated term loans and a portion of amounts outstanding under our commercial paper program.
(b)
The December 31, 2017 and 2016 amounts include £625 million of 5.50% notes due 2029, which translated to $845 million and $771 million, respectively, using the exchange rates as of these dates.
(c)
The December 31, 2017 amount includes the difference between the principal amount of the new senior notes and the carrying amount of the exchanged senior notes at the time of the senior notes exchange. See below under the heading “Senior Notes Exchange” for additional information on this transaction.
(d)
Includes the effects of our derivative financial instruments.
As of December 31, 2017 and 2016, our debt had an estimated fair value of $71.7 billion and $66.3 billion, respectively. 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. See Note 19 for additional information on our cross-guarantee structure.
Principal Maturities of Debt
 
(in millions)
  
2018
$
5,127

2019
$
2,367

2020
$
3,688

2021
$
3,884

2022
$
5,879

Thereafter
$
45,554


2017 Debt Borrowings
 
Year ended December 31, 2017 (in millions)
  
Universal Studios Japan term loans maturing 2022
$
3,948

Comcast 3.15% senior notes due 2028
1,650

NBCUniversal Enterprise floating rate notes due 2021
1,500

Comcast 3.00% senior notes due 2024
1,250

Comcast 3.30% senior notes due 2027
1,250

Comcast 4.45% senior notes due 2047
1,005

Comcast 4.00% senior notes due 2047
850

Other
13

Total
$
11,466


2017 Debt Redemptions and Repayments
 
Year ended December 31, 2017 (in millions)
  
Universal Studios Japan term loans maturing 2020
$
3,347

Comcast 6.30% senior notes due 2017
1,000

Comcast 6.50% senior notes due 2017
1,000

Comcast 8.875% senior notes due 2017
550

Comcast 5.00% senior notes due 2061
288

Other
179

Total
$
6,364


Senior Notes Exchange
In October 2017, we and NBCUniversal completed a debt exchange transaction. We issued $5.5 billion aggregate principal amount of new senior notes in exchange for $3.9 billion aggregate principal amount of certain series of outstanding senior notes that had been issued by us and NBCUniversal, as detailed in the table below.
(in millions)
Principal Amount
Exchanged

Principal Amount
Issued in Exchange

Comcast 6.95% senior notes due 2037
$
1,212

 
Comcast 6.45% senior notes due 2037
946

 
Comcast 6.40% senior notes due 2040
518

 
NBCUniversal 6.40% senior notes due 2040
442

 
Comcast 6.40% senior notes due 2038
428

 
Comcast 6.55% senior notes due 2039
386

 
Comcast 3.97% senior notes due 2047
 
$
2,000

Comcast 4.00% senior notes due 2049
 
2,000

Comcast 4.05% senior notes due 2052
 
1,500

Total
$
3,932

$
5,500


The new senior notes are unsecured, rank equally in right of payment with all of our unsecured and unsubordinated indebtedness, and are fully and unconditionally guaranteed by Comcast Cable Communications, LLC and NBCUniversal. The debt exchange transaction was accounted for as a debt modification, and therefore following the exchange, the book value of our debt was unchanged and the difference between the principal amount of the new senior notes and the carrying amount of the exchanged senior notes will accrue through interest expense over the period to maturity of the new senior notes.
Debt Instruments
Revolving Bank Credit Facilities
As of December 31, 2017 and 2016, we had a $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, as of December 31, 2017 and 2016, NBCUniversal Enterprise had a $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 interest rates on the 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, 2017, the borrowing margin for borrowings based on the London Interbank Offered Rate was 1.00%. Each of the revolving credit facilities requires that we maintain certain financial ratios based on the respective debt and EBITDA of each entity, as defined in the credit facility. We were in compliance with all financial covenants for all periods presented.
There were no amounts outstanding under the Comcast or NBCUniversal Enterprise revolving credit facility as of December 31, 2017 or 2016. As of December 31, 2017, amounts available under our consolidated revolving credit facilities, net of amounts outstanding under our commercial paper programs and outstanding letters of credit, totaled $7.4 billion, which included $1.5 billion 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. In June 2017, we increased the Comcast and NBCUniversal Enterprise commercial paper programs to $7.0 billion and $1.5 billion, respectively, to coincide with the borrowing capacities under the Comcast and NBCUniversal Enterprise revolving credit facilities.
Letters of Credit
As of December 31, 2017, we and certain of our subsidiaries had undrawn irrevocable standby letters of credit totaling $439 million to cover potential fundings under various agreements.
NBCUniversal Media LLC [Member]  
Debt Instrument [Line Items]  
Long-Term Debt
Note 10: Long-Term Debt
Long-Term Debt Outstanding
 
 
 
 
December 31 (in millions)
Weighted-Average
Interest Rate as of
December 31, 2017

 
2017

2016

Term loans (a)
0.79
%
 
$
3,860

$
3,262

Senior notes with maturities of 5 years or less, at face value
4.76
%
 
4,000

4,000

Senior notes with maturities between 5 and 10 years, at face value
2.88
%
 
1,000

1,000

Senior notes with maturities greater than 10 years, at face value
5.50
%
 
2,759

3,200

Notes due 2049 to Comcast
4.00
%
 
610

—

Other, including capital lease obligations
—

 
276

138

Debt issuance costs, premiums, discounts and fair value adjustments for hedged positions, net
—

 
(32
)
(12
)
Total debt
3.49
%
 
12,473

11,588

Less: Current portion
 
 
198

127

Long-term debt
 
 
$
12,275

$
11,461

(a)
The December 31, 2017 and 2016 amounts consist of ¥435 billion and ¥382 billion, respectively, of Universal Studios Japan term loans translated using the exchange rates as of these dates. In May 2017, Universal Studios Japan entered into ¥450 billion of new term loans with a final maturity of March 2022. We used the proceeds from these borrowings to repay in full Universal Studios Japan’s existing yen-denominated term loans and a portion of amounts outstanding under our revolving credit agreement with Comcast.
As of December 31, 2017 and 2016, our debt, excluding our revolving credit agreement with Comcast, had an estimated fair value of $13.5 billion and $12.6 billion, respectively. 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.
Principal Maturities of Debt
 
(in millions)
  
2018
$
200

2019
$
147

2020
$
2,268

2021
$
2,349

2022
$
2,981

Thereafter
$
4,560


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, 2017, outstanding debt securities of $49.1 billion 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 $4.8 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.
The Universal Studios Japan term loans are not subject to the cross-guarantee structure, however they have a separate guarantee from Comcast.
Senior Notes Exchange
In October 2017, we and Comcast completed a debt exchange transaction. Comcast issued $2.0 billion aggregate principal amount of new 3.97% senior notes due 2047, $2.0 billion aggregate principal amount of new 4.00% senior notes due 2049, and $1.5 billion aggregate principal amount of new 4.05% senior notes due 2052 in exchange for $3.9 billion aggregate principal amount of certain series of outstanding senior notes issued by Comcast and us, including $442 million of our 6.40% senior notes due 2040. The new notes are fully and unconditionally guaranteed by us and CCCL Parent. In connection with the exchange transaction, we issued $610 million of 4.00% notes due 2049 to Comcast. The debt exchange transaction was accounted for as a debt extinguishment, and therefore we recorded a charge of $157 million to interest expense upon retirement of the old notes.