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 totals $56.9 billion, of which $11.8 billion will mature within the next five years.

Comcast Parent and CCCL Parent also fully and unconditionally guarantee NBCUniversal Enterprise’s $4.8 billion aggregate principal amount of senior notes, $1.5 billion 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 a full and unconditional guarantee of the Universal Studios Japan yen-dominated ¥435 billion term loans with a final maturity of March 2022. Comcast Parent also provides a full and 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.

Condensed Consolidating Balance Sheet



December 31, 2017 (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	$	—	$	—	$	—	$	496	$	2,932	$	—		$	3,428
Receivables, net	—		—		—		—		8,546		—			8,546
Programming rights	—		—		—		—		1,613		—			1,613
Deposits	—		—		—		—		9		—			9
Other current assets	60		—		7		25		2,372		—			2,464
Total current assets	60		—		7		521		15,472		—			16,060
Film and television costs	—		—		—		—		7,076		—			7,076
Investments	146		21		108		693		5,963		—			6,931
Investments in and amounts due from subsidiaries eliminated upon consolidation	117,154		142,412		139,364		50,249		113,479		(562,658		)	—
Property and equipment, net	551		—		—		—		37,919		—			38,470
Franchise rights	—		—		—		—		59,364		—			59,364
Goodwill	—		—		—		—		36,780		—			36,780
Other intangible assets, net	12		—		—		—		18,767		—			18,779
Other noncurrent assets, net	435		708		—		88		2,572		(314		)	3,489
Total assets	$	118,358	$	143,141	$	139,479	$	51,551	$	297,392	$	(562,972	)	$	186,949
Liabilities and Equity
Accounts payable and accrued expenses related to trade creditors	$	16	$	—	$	—	$	—	$	6,910	$	—		$	6,926
Accrued participations and residuals	—		—		—		—		1,683		—			1,683
Deferred revenue	—		—		—		—		1,552		—			1,552
Accrued expenses and other current liabilities	1,888		92		333		326		3,627		—			6,266
Current portion of long-term debt	2,810		—		—		4		2,320		—			5,134
Total current liabilities	4,714		92		333		330		16,092		—			21,561
Long-term debt, less current portion	42,428		140		2,100		7,751		7,003		—			59,422
Deferred income taxes	—		285		—		67		24,247		(343		)	24,256
Other noncurrent liabilities	2,610		—		—		1,128		7,137		29			10,904
Redeemable noncontrolling interests and redeemable subsidiary preferred stock	—		—		—		—		1,357		—			1,357
Equity:
Common stock	55		—		—		—		—		—			55
Other shareholders’ equity	68,551		142,624		137,046		42,275		240,713		(562,658		)	68,551
Total Comcast Corporation shareholders’ equity	68,606		142,624		137,046		42,275		240,713		(562,658		)	68,606
Noncontrolling interests	—		—		—		—		843		—			843
Total equity	68,606		142,624		137,046		42,275		241,556		(562,658		)	69,449
Total liabilities and equity	$	118,358	$	143,141	$	139,479	$	51,551	$	297,392	$	(562,972	)	$	186,949

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
Deferred revenue	—		—		—		—		1,132		—			1,132
Accrued expenses and other current liabilities	1,726		—		341		302		3,913		—			6,282
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	56		—		—		—		—		—			56
Other shareholders’ equity	53,887		120,026		114,705		38,901		207,582		(481,214		)	53,887
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 Statement of Income



For the Year Ended December 31, 2017 (in millions)	Comcast Parent			Comcast Holdings			CCCL Parent			NBCUniversal Media Parent			Non- Guarantor Subsidiaries			Elimination and Consolidation Adjustments			Consolidated Comcast Corporation
Revenue:
Service revenue	$	—		$	—		$	—		$	—		$	84,526		$	—		$	84,526
Management fee revenue	1,128			—			1,109			—			—			(2,237		)	—
Total revenue	1,128			—			1,109			—			84,526			(2,237		)	84,526
Costs and Expenses:
Programming and production	—			—			—			—			25,384			—			25,384
Other operating and administrative	766			—			1,109			1,044			24,331			(2,237		)	25,013
Advertising, marketing and promotion	—			—			—			—			6,317			—			6,317
Depreciation	31			—			—			—			7,883			—			7,914
Amortization	6			—			—			—			2,347			—			2,353
Other operating gains	—			—			—			—			(442		)	—			(442		)
Total costs and expenses	803			—			1,109			1,044			65,820			(2,237		)	66,539
Operating income (loss)	325			—			—			(1,044		)	18,706			—			17,987
Other Income (Expense):
Interest expense	(2,172		)	(12		)	(207		)	(456		)	(239		)	—			(3,086		)
Investment income (loss), net	(1		)	109			—			(197		)	342			—			253
Equity in net income (losses) of investees, net	24,056			21,622			19,570			6,740			5,191			(77,072		)	107
Other income (expense), net	—			—			—			45			16			—			61
Total other income (expense)	21,883			21,719			19,363			6,132			5,310			(77,072		)	(2,665		)
Income (loss) before income taxes	22,208			21,719			19,363			5,088			24,016			(77,072		)	15,322
Income tax (expense) benefit	506			156			71			(4		)	6,849			—			7,578
Net income (loss)	22,714			21,875			19,434			5,084			30,865			(77,072		)	22,900
Net (income) loss attributable to noncontrolling interests and redeemable subsidiary preferred stock	—			—			—			—			(186		)	—			(186		)
Net income (loss) attributable to Comcast Corporation	$	22,714		$	21,875		$	19,434		$	5,084		$	30,679		$	(77,072	)	$	22,714
Comprehensive income (loss) attributable to Comcast Corporation	$	22,801		$	21,873		$	19,437		$	5,058		$	30,541		$	(76,909	)	$	22,801

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		)	—
Total revenue	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			22,738			(2,116		)	23,416
Advertising, marketing and promotion	—			—			—			—			6,107			—			6,107
Depreciation	28			—			—			—			7,436			—			7,464
Amortization	6			—			—			—			2,088			—			2,094
Other operating gains	—			—			—			—			—			—			—
Total costs and expenses	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
Total other income (expense)	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		)	—
Total revenue	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			20,648			(1,982		)	21,325
Advertising, marketing and promotion	—			—			—			—			5,957			—			5,957
Depreciation	31			—			—			—			6,750			—			6,781
Amortization	6			—			—			—			1,893			—			1,899
Other operating gains	—			—			—			—			—			—			—
Total costs and expenses	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
Total other income (expense)	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 Cash Flows



For the Year Ended December 31, 2017 (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	$	151		$	15		$	(147	)	$	(1,439	)	$	22,823		$	—	$	21,403
Investing Activities:
Net transactions with affiliates	5,578			(5		)	757			1,447			(7,777		)	—		—
Capital expenditures	(12		)	—			—			—			(9,538		)	—		(9,550		)
Cash paid for intangible assets	(4		)	—			—			—			(1,743		)	—		(1,747		)
Acquisitions and construction of real estate properties	(267		)	—			—			—			(151		)	—		(418		)
Acquisitions, net of cash acquired	—			—			—			—			(532		)	—		(532		)
Proceeds from sales of businesses and investments	—			—			—			14			136			—		150
Purchases of investments	(70		)	(10		)	(60		)	(62		)	(2,090		)	—		(2,292		)
Deposits	—			—			—			—			—			—		—
Other	101			—			—			58			526			—		685
Net cash provided by (used in) investing activities	5,326			(15		)	697			1,457			(21,169		)	—		(13,704		)
Financing Activities:
Proceeds from (repayments of) short-term borrowings, net	(837		)	—			—			—			(1,068		)	—		(1,905		)
Proceeds from borrowings	5,997			—			—			—			5,469			—		11,466
Repurchases and repayments of debt	(2,288		)	—			(550		)	(4		)	(3,522		)	—		(6,364		)
Repurchases of common stock under repurchase program and employee plans	(5,435		)	—			—			—			—			—		(5,435		)
Dividends paid	(2,883		)	—			—			—			—			—		(2,883		)
Purchase of Universal Studios Japan noncontrolling interests	—			—			—			—			(2,299		)	—		(2,299		)
Issuances of common stock	—			—			—			—			—			—		—
Distributions to noncontrolling interests and dividends for redeemable subsidiary preferred stock	—			—			—			—			(252		)	—		(252		)
Other	(31		)	—			—			—			131			—		100
Net cash provided by (used in) financing activities	(5,477		)	—			(550		)	(4		)	(1,541		)	—		(7,572		)
Increase (decrease) in cash and cash equivalents	—			—			—			14			113			—		127
Cash and cash equivalents, beginning of year	—			—			—			482			2,819			—		3,301
Cash and cash equivalents, end of year	$	—		$	—		$	—		$	496		$	2,932		$	—	$	3,428

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	$	(747	)	$	(189	)	$	(100	)	$	(1,453	)	$	22,314		$	—	$	19,825
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 of common stock under repurchase program and employee plans	(5,352		)	—			—			—			—			—		(5,352		)
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	(78		)	—			—			25			(167		)	—		(220		)
Net cash provided by (used in) financing activities	1,812			—			—			(980		)	(1,266		)	—		(434		)
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	$	(85	)	$	48		$	(167	)	$	(1,398	)	$	21,087		$	—	$	19,485
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 of common stock under repurchase program and employee plans	(7,175		)	—			—			—			—			—		(7,175		)
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	(101		)	—			—			—			(470		)	—		(571		)
Net cash provided by (used in) financing activities	(6,441		)	—			(673		)	(1,004		)	(1,018		)	—		(9,136		)
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