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Long-Term Debt | 12 Months Ended
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Dec. 31, 2019
Debt Instrument [Line Items] |
Long-Term Debt |
Note 7: Long-Term Debt
Long-Term Debt Outstanding |  |  |  |
December 31 (in millions) | Weighted-Average Interest Rate as of December 31, 2019 |  |  | 2019(b) |  | 2018(b) |
Commercial paper | — |  |  | $ | — |  | $ | 675 |
Revolving credit facilities | — |  |  | — |  | 606 |
Term loans | 1.87 | % |  | 8,078 |  | 13,268 |
Senior notes with maturities of 5 years or less, at face value | 3.29 | % |  | 26,378 |  | 26,331 |
Senior notes with maturities between 5 and 10 years, at face value | 3.74 | % |  | 21,683 |  | 26,727 |
Senior notes with maturities greater than 10 years, at face value | 4.54 | % |  | 46,653 |  | 45,030 |
Other, including capital lease obligations | — |  |  | 1,098 |  | 808 |
Debt issuance costs, premiums, discounts, fair value adjustments for acquisition accounting and hedged positions, net(a) | — |  |  | (1,673 | ) | (1,702 | )
Total debt | 3.78 | % | (a) | 102,217 |  | 111,743 |
Less: Current portion |  |  | 4,452 |  | 4,398 |
Long-term debt |  |  | $ | 97,765 |  | $ | 107,345 |
(a) | Includes the effects of our derivative financial instruments.
(b) | As of December 31, 2019, included in our outstanding debt were foreign currency denominated borrowings with principal amounts of £4.9 billion, €4.9 billion, ¥267 billion and ¥9 billion RMB. As of December 31, 2018, included in our outstanding debt were foreign currency denominated borrowings with principal amounts of £7.3 billion, €4.9 billion, ¥390 billion and ¥4 billion RMB.
As of December 31, 2019 and 2018, our debt had an estimated fair value of $115.8 billion and $114.1 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 millions) |
2020 | $ | 4,455 |
2021 | $ | 9,125 |
2022 | $ | 5,581 |
2023 | $ | 7,664 |
2024 | $ | 6,759 |
Thereafter | $ | 70,306 |
We use cross-currency swaps as cash flow hedges for foreign currency denominated debt obligations when those obligations are denominated in a currency other than the functional currency. Cross-currency swaps effectively convert foreign currency denominated debt to debt denominated in the functional currency, which hedge currency exchange risks associated with foreign currency denominated cash flows such as interest and principal debt repayments. As of both December 31, 2019 and 2018, we had cross-currency swaps designated as cash flow hedges on $3.7 billion of our foreign currency denominated debt. As of December 31, 2019 and 2018, the aggregate estimated fair values of cross-currency swaps designated as cash flow hedges were a net asset of $373 million and $399 million, respectively. We are also exposed to foreign exchange risk on the consolidation of our foreign operations. We have foreign currency denominated debt and use cross-currency swaps to hedge our net investments in certain of these subsidiaries. Transaction gains and losses resulting from currency movements on debt and changes in 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 aggregate amount of our net investment in foreign subsidiaries that have been hedged using cross-currency swaps and foreign currency denominated debt was $14.0 billion and $15.6 billion, as of December 31, 2019 and 2018, respectively. As of December 31, 2019 and 2018, the aggregate estimated fair value of the cross-currency swaps was a net liability of $373 million and $587 million, respectively. As of December 31, 2019 and 2018, there were pre-tax cumulative translation gains of $339 million and pre-tax cumulative translation losses of $4 million, respectively, related to these net investment hedges recorded in accumulated other comprehensive income (loss). Commercial Paper Programs Our commercial paper programs provide a lower-cost source of borrowing to fund our short-term working capital requirements. Revolving Credit Facilities As of December 31, 2019, we had $9.2 billion of revolving credit facilities due 2022 with a syndicate of banks that may be used for general corporate purposes. In June 2019, we amended the terms of our revolving credit facilities to extend their expiration dates from May 26, 2021 to May 26, 2022. We may increase the commitment under the revolving credit facilities up to a total of $12 billion, as well as extend the expiration dates to 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, 2019, the borrowing margin for borrowings based on the London Interbank Offered Rate was 1.00%. Our revolving credit facilities require that we maintain certain financial ratios based on debt and EBITDA, as defined in the revolving credit facilities. We were in compliance with all financial covenants for all periods presented. As of December 31, 2019, amounts available under our revolving credit facilities, net of amounts outstanding under our commercial paper programs and outstanding letters of credit and bank guarantees, totaled $9.2 billion. In 2019, we made net repayments of $615 million under Sky’s £1 billion revolving credit facility, which was terminated in February 2019. Letters of Credit and Bank Guarantees As of December 31, 2019, we and certain of our subsidiaries had undrawn irrevocable standby letters of credit and bank guarantees totaling $484 million to cover potential fundings under various agreements. Guarantee Structure Comcast, Comcast Cable and NBCUniversal fully and unconditionally guarantee each other’s debt securities, including the Comcast revolving credit facility. As of December 31, 2019, the principal amount outstanding of debt securities within the cross-guarantee structure totaled $88.3 billion. Additionally, certain other subsidiary debt securities are guaranteed by Comcast and/or Comcast Cable as described below. Comcast and Comcast Cable fully and unconditionally guarantee NBCUniversal Enterprise’s debt securities, including its revolving credit facility. As of December 31, 2019, the principal amount outstanding of NBCUniversal Enterprise’s debt securities guaranteed by Comcast and Comcast Cable totaled $1.5 billion, all of which will mature within the next 3 years. Comcast fully and unconditionally guarantees Universal Studios Japan’s yen-denominated term loans. As of December 31, 2019, the principal amount outstanding of Universal Studio Japan’s term loans guaranteed by Comcast totaled $2.5 billion (using exchange rates as of December 31, 2019), all of which will mature within the next 3 years. In May 2019, Comcast provided a full and unconditional guarantee of Sky’s debt securities in connection with Sky’s noteholders consenting to (i) the transfer of the listing of three series of Sky notes from the Main Market of the London Stock Exchange to the Professional Securities Market of the London Stock Exchange and (ii) amending certain terms of the Sky notes. As of December 31, 2019, the principal amount outstanding of Sky’s debt securities guaranteed by Comcast totaled $9.2 billion (using exchange rates as of December 31, 2019), of which $6.0 billion will mature within the next 5 years.
NBCUniversal Media LLC [Member] |
Debt Instrument [Line Items] |
Long-Term Debt |
Note 6: Long-Term Debt
Long-Term Debt Outstanding |  |  |  |
December 31 (in millions) | Weighted-Average Interest Rate as of December 31, 2019 |  |  | 2019(a) |  | 2018(a) |
Term loans | 2.04 | % |  | $ | 3,740 |  | $ | 4,122 |
Senior notes with maturities of 5 years or less, at face value | 3.88 | % |  | 3,000 |  | 5,000 |
Senior notes with maturities between 5 and 10 years, at face value | — |  |  | — |  | — |
Senior notes with maturities greater than 10 years, at face value | 5.50 | % |  | 2,759 |  | 2,759 |
Notes due 2049 to Comcast | — |  |  | — |  | 610 |
Other, including capital lease obligations | — |  |  | 544 |  | 427 |
Debt issuance costs, premiums and discounts, net | — |  |  | (33 | ) | (36 | )
Total debt | 3.59 | % |  | 10,010 |  | 12,882 |
Less: Current portion |  |  | 301 |  | 151 |
Long-term debt |  |  | $ | 9,709 |  | $ | 12,731 |
(a) | As of December 31, 2019, included in our outstanding debt were foreign currency denominated borrowings with principal amounts of ¥284 billion and ¥9 billion RMB. As of December 31, 2018, included in our outstanding debt were foreign currency denominated borrowings with principal amounts of ¥400 billion and ¥4 billion RMB.
As of December 31, 2019 and 2018, our debt, excluding our revolving credit agreement with Comcast, had an estimated fair value of $11.0 billion and $13.2 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 millions) |
2020 | $ | 303 |
2021 | $ | 2,383 |
2022 | $ | 2,031 |
2023 | $ | 1,021 |
2024 | $ | 15 |
Thereafter | $ | 4,290 |
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 $7.6 billion Comcast revolving credit facility due 2022. As of December 31, 2019, $82.5 billion principal amount of outstanding debt securities 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 $1.5 billion outstanding debt securities, including its senior notes, revolving credit facility, commercial paper program nor its $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. The Universal Beijing Resort term loan is not guaranteed.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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