v2.4.1.9

Related Party Transactions (NBCUniversal Media, LLC [Member]) | 12 Months Ended
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Dec. 31, 2014
NBCUniversal Media, LLC [Member] |
Related Party Transactions | Note 5: Related Party Transactions In the ordinary course of our business, we enter into transactions with Comcast. We generate revenue from Comcast primarily from the distribution of our cable network programming and, to a lesser extent, the sale of advertising and the licensing of our owned programming, and we incur expenses primarily related to various support services provided by Comcast to us. In 2013, as part of the Comcast cash management process, we and Comcast entered into a revolving credit agreement under which we can borrow up to $3 billion from Comcast and Comcast can borrow up to $3 billion from us. Amounts owed by us to Comcast under the revolving credit agreement, including accrued interest, are presented under the caption “note payable to Comcast” in our consolidated balance sheet. The revolving credit agreements bear interest at floating rates equal to the interest rate under the Comcast and Comcast Cable Communications, LLC revolving credit facility (the “Comcast revolving cre dit facility”). The interest rate on the Comcast revolving credit facility consists of a base rate plus a borrowing margin that is determined based on Comcast’s credit rating. As of December 31, 2014, the borrowing margin for London Interbank Offered Rate-based borrowings was 1.00%. In addition, Comcast is the counterparty to one of our contractual obligations. As of both December 31, 2014 and 2013, the carrying value of the liability associated with this contractual obligation was $383 mil lion. The following tables present transactions with Comcast and its consolidated subsidiaries that are included in our consolidated financial statements.
Consolidated Balance Sheet |  |  |  |  |  |
December 31 (in millions) |  | 2014 |  | 2013
Transactions with Comcast and Consolidated Subsidiaries |  |  |  |  |  |
| Receivables, net |  | $ | 229 |  | $ | 228
| Accounts payable and accrued expenses related to trade creditors |  | $ | 47 |  | $ | 56
| Accrued expenses and other current liabilities |  | $ | 8 |  | $ | 37
| Note payable to Comcast |  | $ | 865 |  | $ | 799
| Other noncurrent liabilities |  | $ | 383 |  | $ | 383
Consolidated Statement of Income
Year ended December 31 (in millions) |  | 2014 |  | 2013 |  | 2012
Transactions with Comcast and Consolidated Subsidiaries |  |  |  |  |  |
| Revenue | $ | 1,315 | $ | 1,262 | $ | 1,228
| Operating costs and expenses | $ | (162) | $ | (190) | $ | (175)
| Other income (expense) | $ | (43) | $ | - | $ | -
Distributions to NBCUniversal Holdings In addition to the transactions presented in the table above, we make distributions to NBCUniversal Holdings on a periodic basis to enable its owners to meet their obligations to pay taxes on taxable income generated by our businesses. We also make quarterly distributions to NBCUniversal Holdings to enable it to make its required quarterly payments to N BCUniversal Enterprise at an initial annual rate of 8.25% on the $9.4 billion aggregate liquidation preference of its preferred units. These distributions are presented under the caption “distributions to member” in our consolidated statement of cash flows. Following the close of the redemption t ransaction, none of these distributions to NBCUniversal Holdings are attributable to GE. In connection with the redemption t ransaction, we also made a distribution of $3.2 billion to NBCUniversal Holdings to fund a portion of the redemption t ransaction. This distribution is presented separately in our consolidated statement of cash flows. Transactions with GE Following the close of the redemption t ransaction and the subsequent sale of NBCUniversal Enterprise’s p referred stock and senior notes by GE to unaffiliated third parties in March 2013, we no longer consider GE to be a related party. In February 2013, Comcast closed an agreement with GE, General Electric Capital Corporation (“GECC”) and LIN TV under which, among other things, we purchased a note held by Station Venture Holdings, LLC (“Station Venture”) from GECC for $602 million, which effectively settled a liability of $482 million that had been recorded in the allocation of purchase price associated with C omcast’s acquisition of a controlling interest in NBCUniversal Holdings in 2011 (the “joint venture transaction”). Due to the related party nature of this transaction, the excess of the purchase price of the Station Venture note over the recorded amount of the liability was recorded to member’s capital. Other than the Station Venture transaction and dividend paymen ts to GE that are included i n our consolidated statement of changes in equity and our consolidated statement of cash f lows, the amounts related to our transactions with GE and its consolidated subsidiaries that occu rred prior to the close of the redemption t ransaction were not material.

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- Definition The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 850 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6457730&loc=d3e39622-107864 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 850 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6457730&loc=d3e39603-107864 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 850 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6457730&loc=d3e39549-107864 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Paragraph b -Article 3A Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(k)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 08 -Paragraph k -Article 4 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 850 -SubTopic 10 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=6457730&loc=d3e39691-107864 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 850 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=6457730&loc=d3e39678-107864 + Details
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