Note 20: Condensed Consolidating Financial Information

Comcast (“Comcast Parent”), Comcast Cable Communications, LLC (“CCCL Parent”), Comcast MO Group, Inc. (“Comcast MO Group”), Comcast Cable Holdings, LLC (“CCH”) and Comcast MO of Delaware, LLC (“Comcast MO of Delaware”) (collectively, the “cable guarantors”) and NBCUniversal (“NBCUniversal Media Parent”) have fully and unconditionally guaranteed each other’s debt securities. In addition, the Comcast and Comcast Cable Communications, LLC $6.25 billion revolving credit facility due June 2017 and the Comcast commercial paper program are also fully and unconditionally guaranteed by NBCUniversal. The Comcast commercial paper program is supported by the Comcast and Comcast Cable Communications, LLC revolving credit facility. Comcast MO Group, CCH and Comcast MO of Delaware are collectively referred to as the “Combined CCHMO Parents.” The debt securities within the guarantee structure total $32.6 billion, of which $9.3 billion will mature within the next five years.

Comcast Parent and the cable guarantors also fully and unconditionally guarantee NBCUniversal Enterprise’s $4 billion of senior notes, as well as its $1.35 billion credit facility due March 2018 and the associated commercial paper program. NBCUniversal Media Parent does not guarantee the NBCUniversal Enterprise senior notes, credit facility or commercial paper program.

Comcast Parent provides an unconditional subordinated guarantee of the $185 million principal amount currently outstanding of Comcast Holdings’ ZONES due October 2029. Neither the cable guarantors nor NBCUniversal Media Parent guarantee the Comcast Holdings’ ZONES due October 2029. None of Comcast Parent, the cable guarantors 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, 2014 (in millions)			Comcast Parent		Comcast Holdings		CCCL Parent		Combined CCHMO Parents		NBCUniversal Media Parent		Non-Guarantor Subsidiaries		Elimination and Consolidation Adjustments		Consolidated Comcast Corporation
Assets
	Cash and cash equivalents	$	-	$	-	$	-	$	-	$	385	$	3,525	$	-	$	3,910
	Investments		-		-		-		-		-		602		-		602
	Receivables, net		-		-		-		-		-		6,321		-		6,321
	Programming rights		-		-		-		-		-		839		-		839
	Other current assets		267		-		-		-		41		1,551		-		1,859
Total current assets			267		-		-		-		426		12,838		-		13,531
Film and television costs			-		-		-		-		-		5,727		-		5,727
Investments			36		-		-		-		378		2,721		-		3,135
Investments in and amounts due from subsidiaries eliminated upon consolidation			84,142		103,420		110,323		58,677		41,239		98,152		(495,953)		-
Property and equipment, net			199		-		-		-		-		30,754		-		30,953
Franchise rights			-		-		-		-		-		59,364		-		59,364
Goodwill			-		-		-		-		-		27,316		-		27,316
Other intangible assets, net			11		-		-		-		-		16,969		-		16,980
Other noncurrent assets, net			1,224		148		-		-		92		1,949		(1,080)		2,333
Total assets		$	85,879	$	103,568	$	110,323	$	58,677	$	42,135	$	255,790	$	(497,033)	$	159,339

Liabilities and Equity
	Accounts payable and accrued expenses related to trade creditors	$	19	$	-	$	-	$	1	$	-	$	5,618	$	-	$	5,638
	Accrued participations and residuals		-		-		-		-		-		1,347		-		1,347
	Accrued expenses and other current liabilities		1,547		283		233		47		331		3,767		-		6,208
	Current portion of long-term debt		1,650		-		-		677		1,006		884		-		4,217
Total current liabilities			3,216		283		233		725		1,337		11,616		-		17,410
Long-term debt, less current portion			27,616		126		1,827		822		9,218		4,408		-		44,017
Deferred income taxes			-		701		-		-		67		33,127		(936)		32,959
Other noncurrent liabilities			2,336		-		-		-		1,143		7,484		(144)		10,819
Redeemable noncontrolling interests
	and redeemable subsidiary preferred stock		-		-		-		-		-		1,066		-		1,066
Equity:
	Common stock		30		-		-		-		-		-		-		30
	Other shareholders’ equity		52,681		102,458		108,263		57,130		30,370		197,732		(495,953)		52,681
Total Comcast Corporation shareholders’ equity			52,711		102,458		108,263		57,130		30,370		197,732		(495,953)		52,711
Noncontrolling interests			-		-		-		-		-		357		-		357
Total equity			52,711		102,458		108,263		57,130		30,370		198,089		(495,953)		53,068
Total liabilities and equity		$	85,879	$	103,568	$	110,323	$	58,677	$	42,135	$	255,790	$	(497,033)	$	159,339

Condensed Consolidating Balance Sheet
December 31, 2013(in millions)			Comcast Parent		Comcast Holdings		CCCL Parent		Combined CCHMO Parents		NBCUniversal Media Parent		Non-Guarantor Subsidiaries		Elimination and Consolidation Adjustments		Consolidated Comcast Corporation
Assets
	Cash and cash equivalents	$	-	$	-	$	-	$	-	$	336	$	1,382	$	-	$	1,718
	Investments		-		-		-		-		-		3,573		-		3,573
	Receivables, net		-		-		-		-		-		6,376		-		6,376
	Programming rights		-		-		-		-		-		928		-		928
	Other current assets		237		-		-		-		35		1,208		-		1,480
Total current assets			237		-		-		-		371		13,467		-		14,075
Film and television costs			-		-		-		-		-		4,994		-		4,994
Investments			11		-		-		-		374		3,385		-		3,770
Investments in and amounts due from subsidiaries eliminated upon consolidation			79,956		97,429		102,673		54,724		40,644		85,164		(460,590)		-
Property and equipment, net			220		-		-		-		-		29,620		-		29,840
Franchise rights			-		-		-		-		-		59,364		-		59,364
Goodwill			-		-		-		-		-		27,098		-		27,098
Other intangible assets, net			11		-		-		-		-		17,318		-		17,329
Other noncurrent assets, net			1,078		145		-		-		103		1,899		(882)		2,343
Total assets		$	81,513	$	97,574	$	102,673	$	54,724	$	41,492	$	242,309	$	(461,472)	$	158,813

Liabilities and Equity
	Accounts payable and accrued expenses related to trade creditors	$	8	$	-	$	-	$	-	$	-	$	5,520	$	-	$	5,528
	Accrued participations and residuals		-		-		-		-		-		1,239		-		1,239
	Accrued expenses and other current liabilities		1,371		266		180		47		323		6,678		-		8,865
	Current portion of long-term debt		2,351		-		-		-		903		26		-		3,280
Total current liabilities			3,730		266		180		47		1,226		13,463		-		18,912
Long-term debt, less current portion			25,170		132		1,827		1,505		10,236		5,697		-		44,567
Deferred income taxes			-		777		-		-		59		31,840		(741)		31,935
Other noncurrent liabilities			1,919		-		-		-		931		8,675		(141)		11,384
Redeemable noncontrolling interests
	and redeemable subsidiary preferred stock		-		-		-		-		-		957		-		957
Equity:
	Common stock		30		-		-		-		-		-		-		30
	Other shareholders’ equity		50,664		96,399		100,666		53,172		29,040		181,313		(460,590)		50,664
Total Comcast Corporation shareholders’ equity			50,694		96,399		100,666		53,172		29,040		181,313		(460,590)		50,694
Noncontrolling interests			-		-		-		-		-		364		-		364
Total equity			50,694		96,399		100,666		53,172		29,040		181,677		(460,590)		51,058
Total liabilities and equity		$	81,513	$	97,574	$	102,673	$	54,724	$	41,492	$	242,309	$	(461,472)	$	158,813

Condensed Consolidating Statement of Income
For the Year Ended December 31, 2014(in millions)			Comcast Parent		Comcast Holdings		CCCL Parent		Combined CCHMO Parents		NBCUniversal Media Parent		Non-Guarantor Subsidiaries		Elimination and Consolidation Adjustments		Consolidated Comcast Corporation
Revenue:
	Service revenue	$	-	$	-	$	-	$	-	$	-	$	68,775	$	-	$	68,775
	Management fee revenue		947		-		921		582		-		-		(2,450)		-
			947		-		921		582		-		68,775		(2,450)		68,775
Costs and Expenses:
	Programming and production		-		-		-		-		-		20,912		-		20,912
	Other operating and administrative		751		-		921		582		908		19,150		(2,450)		19,862
	Advertising, marketing and promotion		-		-		-		-		-		5,078		-		5,078
	Depreciation		34		-		-		-		-		6,303		-		6,337
	Amortization		6		-		-		-		-		1,676		-		1,682
			791		-		921		582		908		53,119		(2,450)		53,871
Operating income (loss)			156		-		-		-		(908)		15,656		-		14,904
Other Income (Expense):
	Interest expense		(1,621)		(11)		(176)		(118)		(479)		(212)		-		(2,617)
	Investment income (loss), net		3		12		-		-		(7)		288		-		296
	Equity in net income (losses) of
	investees, net		9,330		8,843		8,273		6,333		4,523		3,212		(40,417)		97
	Other income (expense), net		-		-		-		-		(4)		(211)		-		(215)
			7,712		8,844		8,097		6,215		4,033		3,077		(40,417)		(2,439)
Income (loss) before income taxes			7,868		8,844		8,097		6,215		3,125		18,733		(40,417)		12,465
Income tax (expense) benefit			512		-		62		41		(10)		(4,478)		-		(3,873)
Net income (loss)			8,380		8,844		8,159		6,256		3,115		14,255		(40,417)		8,592
Net (income) loss attributable to
	noncontrolling interests and redeemable subsidiary preferred stock		-		-		-		-		-		(212)		-		(212)
Net income (loss) attributable to
	Comcast Corporation	$	8,380	$	8,844	$	8,159	$	6,256	$	3,115	$	14,043	$	(40,417)	$	8,380
Comprehensive income (loss)
	attributable to Comcast Corporation	$	8,178	$	8,807	$	8,162	$	6,257	$	2,972	$	13,980	$	(40,178)	$	8,178

Condensed Consolidating Statement of Income
For the Year Ended December 31, 2013(in millions)			Comcast Parent		Comcast Holdings		CCCL Parent		Combined CCHMO Parents		NBCUniversal Media Parent		Non-Guarantor Subsidiaries		Elimination and Consolidation Adjustments		Consolidated Comcast Corporation
Revenue:
	Service revenue	$	-	$	-	$	-	$	-	$	-	$	64,657	$	-	$	64,657
	Management fee revenue		897		-		874		548		-		-		(2,319)		-
			897		-		874		548		-		64,657		(2,319)		64,657
Costs and Expenses:
	Programming and production		-		-		-		-		-		19,670		-		19,670
	Other operating and administrative		403		-		874		548		855		18,223		(2,319)		18,584
	Advertising, marketing and promotion		-		-		-		-		-		4,969		-		4,969
	Depreciation		30		-		-		-		-		6,224		-		6,254
	Amortization		5		-		-		-		-		1,612		-		1,617
			438		-		874		548		855		50,698		(2,319)		51,094
Operating income (loss)			459		-		-		-		(855)		13,959		-		13,563
Other Income (Expense):
	Interest expense		(1,523)		(11)		(212)		(126)		(488)		(214)		-		(2,574)
	Investment income (loss), net		-		(13)		-		-		3		586		-		576
	Equity in net income (losses) of
	investees, net		7,509		7,540		7,430		5,473		3,331		1,882		(33,251)		(86)
	Other income (expense), net		(2)		-		2		-		(1)		(363)		-		(364)
			5,984		7,516		7,220		5,347		2,845		1,891		(33,251)		(2,448)
Income (loss) before income taxes			6,443		7,516		7,220		5,347		1,990		15,850		(33,251)		11,115
Income tax (expense) benefit			373		9		73		44		(22)		(4,457)		-		(3,980)
Net income (loss)			6,816		7,525		7,293		5,391		1,968		11,393		(33,251)		7,135
Net (income) loss attributable to
	noncontrolling interests and redeemable subsidiary preferred stock		-		-		-		-		-		(319)		-		(319)
Net income (loss) attributable
	to Comcast Corporation	$	6,816	$	7,525	$	7,293	$	5,391	$	1,968	$	11,074	$	(33,251)	$	6,816
Comprehensive income (loss)
	attributable to Comcast Corporation	$	6,883	$	7,521	$	7,276	$	5,392	$	2,017	$	10,969	$	(33,175)	$	6,883

Condensed Consolidating Statement of Income
For the Year Ended December 31, 2012(in millions)			Comcast Parent		Comcast Holdings		CCCL Parent		Combined CCHMO Parents		NBCUniversal Media Parent		Non-Guarantor Subsidiaries		Elimination and Consolidation Adjustments		Consolidated Comcast Corporation
Revenue:
	Service revenue	$	-	$	-	$	-	$	-	$	-	$	62,570	$	-	$	62,570
	Management fee revenue		848		-		827		516		-		-		(2,191)		-
			848		-		827		516		-		62,570		(2,191)		62,570
Costs and Expenses:
	Programming and production		-		-		-		-		-		19,929		-		19,929
	Other operating and administrative		401		-		827		516		899		17,381		(2,191)		17,833
	Advertising, marketing and promotion		-		-		-		-		-		4,831		-		4,831
	Depreciation		30		-		-		-		-		6,120		-		6,150
	Amortization		4		-		-		-		-		1,644		-		1,648
			435		-		827		516		899		49,905		(2,191)		50,391
Operating income (loss)			413		-		-		-		(899)		12,665		-		12,179
Other Income (Expense):
	Interest expense		(1,430)		(23)		(329)		(135)		(430)		(174)		-		(2,521)
	Investment income (loss), net		8		3		-		-		5		203		-		219
	Equity in net income (losses) of
	investees, net		6,858		6,536		6,665		4,909		4,402		4,014		(32,425)		959
	Other income (expense), net		2		-		-		-		(14)		785		-		773
			5,438		6,516		6,336		4,774		3,963		4,828		(32,425)		(570)
Income (loss) before income taxes			5,851		6,516		6,336		4,774		3,064		17,493		(32,425)		11,609
Income tax (expense) benefit			352		7		115		47		(9)		(4,256)		-		(3,744)
Net income (loss)			6,203		6,523		6,451		4,821		3,055		13,237		(32,425)		7,865
Net (income) loss attributable to
	noncontrolling interests and redeemable subsidiary preferred stock		-		-		-		-		-		(1,662)		-		(1,662)
Net income (loss) attributable to
	Comcast Corporation	$	6,203	$	6,523	$	6,451	$	4,821	$	3,055	$	11,575	$	(32,425)	$	6,203
Comprehensive income (loss)
	attributable to Comcast Corporation	$	6,370	$	6,523	$	6,460	$	4,821	$	3,068	$	11,703	$	(32,575)	$	6,370

Condensed Consolidating Statement of Cash Flows
For the Year Ended December 31, 2014(in millions)			Comcast Parent		Comcast Holdings		CCCL Parent		Combined CCHMO Parents		NBCUniversal Media Parent		Non-Guarantor Subsidiaries		Elimination and Consolidation Adjustments		Consolidated Comcast Corporation
	Net cash provided by (used in) operating activities	$	(354)	$	9	$	(57)	$	(82)	$	(1,299)	$	18,728	$	-	$	16,945
Investing Activities:
	Net transactions with affiliates		4,784		(9)		57		82		2,247		(7,161)		-		-
	Capital expenditures		(3)		-		-		-		-		(7,417)		-		(7,420)
	Cash paid for intangible assets		(6)		-		-		-		-		(1,116)		-		(1,122)
	Acquisitions and construction of real estate properties		-		-		-		-		-		(43)		-		(43)
	Acquisitions, net of cash acquired		-		-		-		-		-		(477)		-		(477)
	Proceeds from sales of businesses and investments		-		-		-		-		8		658		-		666
	Return of capital from investees		-		-		-		-		1		24		-		25
	Purchases of investments		(19)		-		-		-		(10)		(162)		-		(191)
	Other		-		-		-		-		4		(175)		-		(171)
	Net cash provided by (used in) investing activities		4,756		(9)		57		82		2,250		(15,869)		-		(8,733)
Financing Activities:
	Proceeds from (repayments of) short-term borrowings, net		(1,350)		-		-		-		-		846		-		(504)
	Proceeds from borrowings		4,180		-		-		-		-		2		-		4,182
	Repurchases and repayments of debt		(1,000)		-		-		-		(902)		(1,273)		-		(3,175)
	Repurchases and retirements of common stock		(4,251)		-		-		-		-		-		-		(4,251)
	Dividends paid		(2,254)		-		-		-		-		-		-		(2,254)
	Issuances of common stock		35		-		-		-		-		-		-		35
	Distributions to noncontrolling interests and dividends for redeemable subsidiary preferred stock		-		-		-		-		-		(220)		-		(220)
	Other		238		-		-		-		-		(71)		-		167
	Net cash provided by (used in) financing activities		(4,402)		-		-		-		(902)		(716)		-		(6,020)
Increase (decrease) in cash and cash equivalents			-		-		-		-		49		2,143		-		2,192
Cash and cash equivalents, beginning of year			-		-		-		-		336		1,382		-		1,718
Cash and cash equivalents, end of year		$	-	$	-	$	-	$	-	$	385	$	3,525	$	-	$	3,910

Condensed Consolidating Statement of Cash Flows
For the Year Ended December 31, 2013(in millions)			Comcast Parent		Comcast Holdings		CCCL Parent		Combined CCHMO Parents		NBCUniversal Media Parent		Non-Guarantor Subsidiaries		Elimination and Consolidation Adjustments		Consolidated Comcast Corporation
	Net cash provided by (used in) operating activities	$	(600)	$	(3)	$	(151)	$	(94)	$	(1,102)	$	16,110	$	-	$	14,160
Investing Activities:
	Net transactions with affiliates		66		3		2,248		332		(470)		(2,179)		-		-
	Capital expenditures		(7)		-		-		-		-		(6,589)		-		(6,596)
	Cash paid for intangible assets		(4)		-		-		-		-		(1,005)		-		(1,009)
	Acquisitions and construction of real estate properties		-		-		-		-		-		(1,904)		-		(1,904)
	Acquisitions, net of cash acquired		-		-		-		-		-		(99)		-		(99)
	Proceeds from sales of businesses and investments		-		-		-		-		2		1,081		-		1,083
	Return of capital from investees		-		-		-		-		128		21		-		149
	Purchases of investments		(11)		-		-		-		(3)		(1,209)		-		(1,223)
	Other		-		-		-		-		(20)		105		-		85
	Net cash provided by (used in) investing activities		44		3		2,248		332		(363)		(11,778)		-		(9,514)
Financing Activities:
	Proceeds from (repayments of) short-term borrowings, net		1,349		-		-		-		-		(4)		-		1,345
	Proceeds from borrowings		2,933		-		-		-		-		-		-		2,933
	Repurchases and repayments of debt		-		-		(2,097)		(238)		(88)		(21)		-		(2,444)
	Repurchases and retirements of common stock		(2,000)		-		-		-		-		-		-		(2,000)
	Dividends paid		(1,964)		-		-		-		-		-		-		(1,964)
	Issuances of common stock		40		-		-		-		-		-		-		40
	Purchase of NBCUniversal noncontrolling common equity interest		-		-		-		-		(3,200)		(7,561)		-		(10,761)
	Distributions to noncontrolling interests and dividends for redeemable subsidiary preferred stock		-		-		-		-		-		(215)		-		(215)
	Settlement of Station Venture liability		-		-		-		-		-		(602)		-		(602)
	Other		198		-		-		-		(40)		(369)		-		(211)
	Net cash provided by (used in) financing activities		556		-		(2,097)		(238)		(3,328)		(8,772)		-		(13,879)
Increase (decrease) in cash and cash equivalents			-		-		-		-		(4,793)		(4,440)		-		(9,233)
Cash and cash equivalents, beginning of year			-		-		-		-		5,129		5,822		-		10,951
Cash and cash equivalents, end of year		$	-	$	-	$	-	$	-	$	336	$	1,382	$	-	$	1,718

Condensed Consolidating Statement of Cash Flows
For the Year Ended December 31, 2012(in millions)			Comcast Parent		Comcast Holdings		CCCL Parent		Combined CCHMO Parents		NBCUniversal Media Parent		Non-Guarantor Subsidiaries		Elimination and Consolidation Adjustments		Consolidated Comcast Corporation
	Net cash provided by (used in) operating activities	$	(362)	$	(7)	$	(177)	$	(114)	$	(1,347)	$	16,861	$	-	$	14,854
Investing Activities:
	Net transactions with affiliates		3,845		206		177		667		4,850		(9,745)		-		-
	Capital expenditures		(10)		-		-		-		-		(5,704)		-		(5,714)
	Cash paid for intangible assets		(6)		-		-		-		-		(917)		-		(923)
	Acquisitions, net of cash acquired		-		-		-		-		-		(90)		-		(90)
	Proceeds from sales of businesses and investments		-		-		-		-		-		3,102		-		3,102
	Return of capital from investees		-		-		-		-		-		2,362		-		2,362
	Purchases of investments		-		-		-		-		(19)		(278)		-		(297)
	Other		-		3		-		-		(22)		93		-		74
	Net cash provided by (used in) investing activities		3,829		209		177		667		4,809		(11,177)		-		(1,486)
Financing Activities:
	Proceeds from (repayments of) short-term borrowings, net		(1)		-		-		-		(550)		7		-		(544)
	Proceeds from borrowings		2,536		-		-		-		1,995		13		-		4,544
	Repurchases and repayments of debt		(1,726)		(202)		-		(553)		(2)		(398)		-		(2,881)
	Repurchases and retirements of common stock		(3,000)		-		-		-		-		-		-		(3,000)
	Dividends paid		(1,608)		-		-		-		-		-		-		(1,608)
	Issuances of common stock		233		-		-		-		-		-		-		233
	Distributions to noncontrolling interests and dividends for redeemable subsidiary preferred stock		-		-		-		-		-		(691)		-		(691)
	Other		99		-		-		-		(14)		(175)		-		(90)
	Net cash provided by (used in) financing activities		(3,467)		(202)		-		(553)		1,429		(1,244)		-		(4,037)
Increase (decrease) in cash and cash equivalents			-		-		-		-		4,891		4,440		-		9,331
Cash and cash equivalents, beginning of year			-		-		-		-		238		1,382		-		1,620
Cash and cash equivalents, end of year		$	-	$	-	$	-	$	-	$	5,129	$	5,822	$	-	$	10,951