Table of Contents

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
x	Quarterly Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934	
For the quarterly period ended June 30, 2014
OR
 
¨	Transition Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934	
For the Transition Period from                      to                     

 

 	 	 	 	 	
Commission File Number	 	Registrant; State of
Incorporation; Address and Telephone
Number	 	I.R.S. Employer Identification No.	
001-32871	 	COMCAST CORPORATION	 	27-0000798	
 	 	PENNSYLVANIA
One Comcast Center
Philadelphia, PA 19103-2838
(215) 286-1700	 	 	
 	 	 	
001-36438	 	NBCUNIVERSAL MEDIA, LLC	 	14-1682529	
 	 	DELAWARE
30 Rockefeller Plaza
New York, NY 10112-0015
(212) 664-4444	 	 	

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding twelve months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Comcast Corporation	 	Yes x	 	No ¨	
NBCUniversal Media, LLC	 	Yes x	 	No ¨	

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such period that the registrant was required to submit and post such files).

Comcast Corporation	 	Yes x	 	No ¨	
NBCUniversal Media, LLC	 	Yes x	 	No ¨	
Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

Comcast Corporation	 	Large accelerated filer	 	x	 	Accelerated filer	 	¨	 	Non-accelerated filer	 	¨	 	Smaller reporting company	 	¨	
NBCUniversal Media, LLC	 	Large accelerated filer	 	¨	 	Accelerated filer	 	¨	 	Non-accelerated filer	 	x	 	Smaller reporting company	 	¨	
Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Act).

Comcast Corporation	 	Yes ¨	 	No x	
NBCUniversal Media, LLC	 	Yes ¨	 	No x	
As of June 30, 2014, there were 2,149,576,442 shares of Comcast Corporation Class A common stock, 429,082,218 shares of Comcast Corporation Class A Special common stock and 9,444,375 shares of Comcast Corporation Class B common stock outstanding.
Indicate the number of shares outstanding of each of the registrant’s classes of stock, as of the latest practical date: Not applicable for NBCUniversal Media, LLC.
NBCUniversal Media, LLC meets the conditions set forth in General Instruction H(1)(a) and (b) of Form 10-Q and is therefore filing this form with the reduced disclosure format.

 

Table of Contents
TABLE OF CONTENTS
 	 	 	 	 	 	 	
  	 	  	 	Page
Number	 	
PART I. FINANCIAL INFORMATION	  	
Item 1.	 	Comcast Corporation Financial Statements	 	 	1	  	
 	 	Condensed Consolidated Balance Sheet as of June 30, 2014 and December 31, 2013 (Unaudited)	 	 	1	  	
 	 	Condensed Consolidated Statement of Income for the Three and Six Months Ended June 30, 2014 and 2013 (Unaudited)	 	 	2	  	
 	 	Condensed Consolidated Statement of Comprehensive Income for the Three and Six Months Ended June 30, 2014 and 2013 (Unaudited)	 	 	3	  	
 	 	Condensed Consolidated Statement of Cash Flows for the Six Months Ended June 30, 2014 and 2013 (Unaudited)	 	 	4	  	
 	 	Condensed Consolidated Statement of Changes in Equity for the Six Months Ended June 30, 2014 and 2013 (Unaudited)	 	 	5	  	
 	 	Notes to Condensed Consolidated Financial Statements (Unaudited)	 	 	6	  	
Item 2.	 	Management’s Discussion and Analysis of Financial Condition and Results of Operations	 	 	27	  	
Item 3.	 	Quantitative and Qualitative Disclosures About Market Risk	 	 	44	  	
Item 4.	 	Controls and Procedures	 	 	44	  	
PART II. OTHER INFORMATION	 	 	 	 	
Item 1.	 	Legal Proceedings	 	 	44	  	
Item 1A.	 	Risk Factors	 	 	45	  	
Item 2.	 	Unregistered Sales of Equity Securities and Use of Proceeds	 	 	45	  	
Item 6.	 	Exhibits	 	 	45	  	
SIGNATURES	 	 	 	 	47	  	
NBCUniversal Media, LLC Financial Statements	 	 	48	  	

Explanatory Note
This Quarterly Report on Form 10-Q is a combined report being filed separately by Comcast Corporation (“Comcast”) and NBCUniversal Media, LLC (“NBCUniversal”). Comcast owns all of the common equity interests in NBCUniversal, and NBCUniversal meets the conditions set forth in General Instruction H(1)(a) and (b) of Form 10-Q and is therefore filing its information within this Form 10-Q with the reduced disclosure format. Each of Comcast and NBCUniversal is filing on its own behalf the information contained in this report that relates to itself, and neither company makes any representation as to information relating to the other company. Where information or an explanation is provided that is substantially the same for each company, such information or explanation has been combined in this report. Where information or an explanation is not substantially the same for each company, separate information and explanation has been provided. In addition, separate condensed consolidated financial statements for each company, along with notes to the condensed consolidated financial statements, are included in this report. Unless indicated otherwise, throughout this Quarterly Report on Form 10-Q, we refer to Comcast Corporation as “Comcast;” Comcast and its consolidated subsidiaries, including NBCUniversal and its consolidated subsidiaries, as “we,” “us” and “our;” Comcast Cable Communications, LLC and its consolidated subsidiaries as “Comcast Cable;” Comcast Holdings Corporation as “Comcast Holdings;” and NBCUniversal, LLC as “NBCUniversal Holdings.”
This Quarterly Report on Form 10-Q is for the three and six months ended June 30, 2014. This Quarterly Report modifies and supersedes documents filed prior to this Quarterly Report. The Securities and Exchange Commission (“SEC”) allows us to “incorporate by reference” information that we file with it, which means that we can disclose important information to you by referring you directly to those documents. Information incorporated by reference is considered to be part of this Quarterly Report. In addition, information that we file with the SEC in the future will automatically update and supersede information contained in this Quarterly Report.
You should carefully review the information contained in this Quarterly Report and particularly consider any risk factors set forth in this Quarterly Report and in other reports or documents that we file from time to time with the SEC. In this Quarterly Report, we state our beliefs of future events and of our future financial performance. In some cases, you can identify these so-called “forward-looking statements” by words such as “may,” “will,” “should,” “expects,” “believes,” “estimates,” “potential,” or “continue,” or the negative of those words, and other comparable words. You should be aware that these statements are only our predictions. In evaluating these statements, you should specifically consider various factors, including the risks outlined below and in other reports we file with the SEC. Actual events or our actual results may differ materially from any of our forward-looking statements. We undertake no obligation to update any forward-looking statements.
Our businesses may be affected by, among other things, the following:
 	•	 	our businesses currently face a wide range of competition, and our businesses and results of operations could be adversely affected if we do not compete effectively	 	
 
 	•	 	changes in consumer behavior driven by new technologies may adversely affect our businesses	 	
 
 	•	 	our businesses depend on keeping pace with technological developments	 	
 
 	•	 	programming expenses for our video services are increasing, which could adversely affect our businesses	 	
 
 	•	 	we are subject to regulation by federal, state, local and foreign authorities, which may impose additional costs and restrictions on our businesses	 	
 
 	•	 	weak economic conditions may have a negative impact on our businesses	 	
 
 	•	 	a decline in advertising expenditures or changes in advertising markets could negatively impact our businesses	 	
 
 	•	 	NBCUniversal’s success depends on consumer acceptance of its content, which is difficult to predict, and its businesses may be adversely affected if its content fails to achieve sufficient consumer acceptance or the costs to create or acquire content increase	 	
 
 	•	 	the loss of NBCUniversal’s programming distribution agreements, or the renewal of these agreements on less favorable terms, could adversely affect its businesses	 	
 
 	•	 	our businesses depend on using and protecting certain intellectual property rights and on not infringing the intellectual property rights of others	 	
 
 	•	 	we rely on network and information systems and other technologies, as well as key properties, and a disruption, cyber attack, failure or destruction of such networks, systems, technologies or properties may disrupt our businesses	 	
 
 	•	 	we may be unable to obtain necessary hardware, software and operational support	 	
 
 	•	 	labor disputes, whether involving employees or sports organizations, may disrupt our operations and adversely affect our businesses	 	
 
 	•	 	the loss of key management personnel or popular on-air and creative talent could have an adverse effect on our businesses	 	
 
 	•	 	we face risks relating to doing business internationally that could adversely affect our businesses	 	
 
 	•	 	acquisitions and other strategic transactions, including the proposed transactions with Time Warner Cable Inc. and Charter Communications, Inc., present many risks, and we may not realize the financial and strategic goals that were contemplated at the time of any transaction	 	
 
 	•	 	our Class B common stock has substantial voting rights and separate approval rights over several potentially material transactions, and our Chairman and CEO has considerable influence over our company through his beneficial ownership of our Class B common stock	 	

Table of Contents
PART I: FINANCIAL INFORMATION
ITEM 1: FINANCIAL STATEMENTS
Comcast Corporation
Condensed Consolidated Balance Sheet
(Unaudited)

(in millions, except share data)	 	June 30,
2014	 	 	December 31,
2013	 	
Assets	 	 	 	 	 	 	 	 	
Current Assets:	 	 	 	 	 	 	 	 	
Cash and cash equivalents	 	$	1,529	  	 	$	1,718	  	
Investments	 	 	2,325	  	 	 	3,573	  	
Receivables, net	 	 	6,232	  	 	 	6,376	  	
Programming rights	 	 	905	  	 	 	928	  	
Other current assets	 	 	1,781	  	 	 	1,480	  	
Total current assets	 	 	12,772	  	 	 	14,075	  	
Film and television costs	 	 	5,208	  	 	 	4,994	  	
Investments	 	 	3,072	  	 	 	3,770	  	
Property and equipment, net of accumulated depreciation of $44,186 and $42,574	 	 	29,970	  	 	 	29,840	  	
Franchise rights	 	 	59,364	  	 	 	59,364	  	
Goodwill	 	 	27,323	  	 	 	27,098	  	
Other intangible assets, net of accumulated amortization of $9,466 and $8,874	 	 	17,233	  	 	 	17,329	  	
Other noncurrent assets, net	 	 	2,517	  	 	 	2,343	  	
Total assets	 	$	157,459	  	 	$	158,813	  	
 	 	 	
Liabilities and Equity	 	 	 	 	 	 	 	 	
Current Liabilities:	 	 	 	 	 	 	 	 	
Accounts payable and accrued expenses related to trade creditors	 	$	5,432	  	 	$	5,528	  	
Accrued participations and residuals	 	 	1,364	  	 	 	1,239	  	
Deferred revenue	 	 	847	  	 	 	898	  	
Accrued expenses and other current liabilities	 	 	6,785	  	 	 	7,967	  	
Current portion of long-term debt	 	 	2,947	  	 	 	3,280	  	
Total current liabilities	 	 	17,375	  	 	 	18,912	  	
Long-term debt, less current portion	 	 	43,602	  	 	 	44,567	  	
Deferred income taxes	 	 	31,854	  	 	 	31,935	  	
Other noncurrent liabilities	 	 	11,241	  	 	 	11,384	  	
Commitments and contingencies (Note 11)	 	 	 	 	 	 	 	 	
Redeemable noncontrolling interests and redeemable subsidiary preferred stock	 	 	1,055	  	 	 	957	  	
Equity:	 	 	 	 	 	 	 	 	
Preferred stock—authorized, 20,000,000 shares; issued, zero	 	 	—	  	 	 	—	  	
Class A common stock, $0.01 par value—authorized, 7,500,000,000 shares; issued, 2,515,037,192 and 2,503,535,883; outstanding, 2,149,576,442 and 2,138,075,133	 	 	25	  	 	 	25	  	
Class A Special common stock, $0.01 par value—authorized, 7,500,000,000 shares; issued, 500,016,982 and 529,964,944; outstanding, 429,082,218 and 459,030,180	 	 	5	  	 	 	5	  	
Class B common stock, $0.01 par value—authorized, 75,000,000 shares; issued and outstanding, 9,444,375	 	 	—	  	 	 	—	  	
Additional paid-in capital	 	 	39,040	  	 	 	38,890	  	
Retained earnings	 	 	20,432	  	 	 	19,235	  	
Treasury stock, 365,460,750 Class A common shares and 70,934,764 Class A Special common shares	 	 	(7,517	) 	 	 	(7,517	) 	
Accumulated other comprehensive income (loss)	 	 	(14	) 	 	 	56	  	
Total Comcast Corporation shareholders’ equity	 	 	51,971	  	 	 	50,694	  	
Noncontrolling interests	 	 	361	  	 	 	364	  	
Total equity	 	 	52,332	  	 	 	51,058	  	
Total liabilities and equity	 	$	157,459	  	 	$	158,813	  	
See accompanying notes to condensed consolidated financial statements.
 
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Comcast Corporation
Condensed Consolidated Statement of Income
(Unaudited)

 	 	Three Months Ended
June 30	 	 	Six Months Ended
June 30	 	
(in millions, except per share data)	 	2014	 	 	2013	 	 	2014	 	 	2013	 	
Revenue	 	$	16,844	  	 	$	16,270	  	 	$	34,252	  	 	$	31,580	  	
Costs and Expenses:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Programming and production	 	 	4,874	  	 	 	4,968	  	 	 	10,782	  	 	 	9,631	  	
Other operating and administrative	 	 	4,924	  	 	 	4,570	  	 	 	9,676	  	 	 	9,036	  	
Advertising, marketing and promotion	 	 	1,242	  	 	 	1,307	  	 	 	2,452	  	 	 	2,454	  	
Depreciation	 	 	1,599	  	 	 	1,583	  	 	 	3,168	  	 	 	3,149	  	
Amortization	 	 	401	  	 	 	407	  	 	 	802	  	 	 	808	  	
 	 	 	13,040	  	 	 	12,835	  	 	 	26,880	  	 	 	25,078	  	
Operating income	 	 	3,804	  	 	 	3,435	  	 	 	7,372	  	 	 	6,502	  	
Other Income (Expense):	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Interest expense	 	 	(648	) 	 	 	(636	) 	 	 	(1,290	) 	 	 	(1,289	) 	
Investment income (loss), net	 	 	120	  	 	 	13	  	 	 	233	  	 	 	85	  	
Equity in net income (losses) of investees, net	 	 	22	  	 	 	23	  	 	 	54	  	 	 	34	  	
Other income (expense), net	 	 	(39	) 	 	 	(43	) 	 	 	(54	) 	 	 	30	  	
 	 	 	(545	) 	 	 	(643	) 	 	 	(1,057	) 	 	 	(1,140	) 	
Income before income taxes	 	 	3,259	  	 	 	2,792	  	 	 	6,315	  	 	 	5,362	  	
Income tax expense	 	 	(1,234	) 	 	 	(1,048	) 	 	 	(2,352	) 	 	 	(1,973	) 	
Net income	 	 	2,025	  	 	 	1,744	  	 	 	3,963	  	 	 	3,389	  	
Net (income) loss attributable to noncontrolling interests and redeemable subsidiary preferred stock	 	 	(33	) 	 	 	(10	) 	 	 	(100	) 	 	 	(218	) 	
Net income attributable to Comcast Corporation	 	$	1,992	  	 	$	1,734	  	 	$	3,863	  	 	$	3,171	  	
 	 	 	 	 	
Basic earnings per common share attributable to Comcast Corporation shareholders	 	$	0.77	  	 	$	0.66	  	 	$	1.49	  	 	$	1.20	  	
Diluted earnings per common share attributable to Comcast Corporation shareholders	 	$	0.76	  	 	$	0.65	  	 	$	1.47	  	 	$	1.19	  	
Dividends declared per common share	 	$	0.225	  	 	$	0.195	  	 	$	0.45	  	 	$	0.39	  	
See accompanying notes to condensed consolidated financial statements.
 
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Comcast Corporation
Condensed Consolidated Statement of Comprehensive Income
(Unaudited)

 	 	Three Months
Ended June 30	 	 	Six Months Ended
June 30	 	
(in millions)	 	2014	 	 	2013	 	 	2014	 	 	2013	 	
Net income	 	$	2,025	  	 	$	1,744	  	 	$	3,963	  	 	$	3,389	  	
Unrealized gains (losses) on marketable securities, net of deferred taxes of $(2), $(59), $(19) and $(71)	 	 	4	  	 	 	97	  	 	 	34	  	 	 	117	  	
Deferred gains (losses) on cash flow hedges, net of deferred taxes of $(2), $(1), $(1) and $20	 	 	4	  	 	 	1	  	 	 	2	  	 	 	(35	) 	
Amounts reclassified to net income:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Realized (gains) losses on marketable securities, net of deferred taxes of $28, $—, $58 and $12	 	 	(47	) 	 	 	—	  	 	 	(97	) 	 	 	(23	) 	
Realized (gains) losses on cash flow hedges, net of deferred taxes of $10, $(1), $12 and $(28)	 	 	(17	) 	 	 	2	  	 	 	(20	) 	 	 	48	  	
Employee benefit obligations, net of deferred taxes of $—, $(1), $— and $(2)	 	 	(1	) 	 	 	2	  	 	 	(1	) 	 	 	3	  	
Currency translation adjustments, net of deferred taxes of $(6), $9, $(7) and $14	 	 	10	  	 	 	(14	) 	 	 	12	  	 	 	(31	) 	
Comprehensive income	 	 	1,978	  	 	 	1,832	  	 	 	3,893	  	 	 	3,468	  	
Net (income) loss attributable to noncontrolling interests and redeemable subsidiary preferred stock	 	 	(33	) 	 	 	(10	) 	 	 	(100	) 	 	 	(218	) 	
Other comprehensive (income) loss attributable to noncontrolling interests	 	 	—	  	 	 	—	  	 	 	—	  	 	 	9	  	
Comprehensive income attributable to Comcast Corporation	 	$	1,945	  	 	$	1,822	  	 	$	3,793	  	 	$	3,259	  	
See accompanying notes to condensed consolidated financial statements.
 
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Comcast Corporation
Condensed Consolidated Statement of Cash Flows
(Unaudited)

 	 	Six Months Ended
June 30	 	
(in millions)	 	    2014    	 	 	    2013    	 	
Net cash provided by operating activities	 	$	7,547	  	 	$	7,685	  	
Investing Activities	 	 	 	 	 	 	 	 	
Capital expenditures	 	 	(3,246	) 	 	 	(2,867	) 	
Cash paid for intangible assets	 	 	(477	) 	 	 	(444	) 	
Acquisitions and construction of real estate properties	 	 	(10	) 	 	 	(1,311	) 	
Acquisitions, net of cash acquired	 	 	(406	) 	 	 	(22	) 	
Proceeds from sales of businesses and investments	 	 	481	  	 	 	91	  	
Return of capital from investees	 	 	6	  	 	 	146	  	
Purchases of investments	 	 	(77	) 	 	 	(641	) 	
Other	 	 	(159	) 	 	 	88	  	
Net cash provided by (used in) investing activities	 	 	(3,888	) 	 	 	(4,960	) 	
Financing Activities	 	 	 	 	 	 	 	 	
Proceeds from (repayments of) short-term borrowings, net	 	 	(343	) 	 	 	348	  	
Proceeds from borrowings	 	 	2,187	  	 	 	2,933	  	
Repurchases and repayments of debt	 	 	(3,163	) 	 	 	(2,195	) 	
Repurchases and retirements of common stock	 	 	(1,500	) 	 	 	(1,000	) 	
Dividends paid	 	 	(1,092	) 	 	 	(942	) 	
Issuances of common stock	 	 	29	  	 	 	24	  	
Purchase of NBCUniversal noncontrolling common equity interest	 	 	—	  	 	 	(10,761	) 	
Distributions to noncontrolling interests and dividends for redeemable subsidiary preferred stock	 	 	(117	) 	 	 	(116	) 	
Settlement of Station Venture liability	 	 	—	  	 	 	(602	) 	
Other	 	 	151	  	 	 	24	  	
Net cash provided by (used in) financing activities	 	 	(3,848	) 	 	 	(12,287	) 	
Increase (decrease) in cash and cash equivalents	 	 	(189	) 	 	 	(9,562	) 	
Cash and cash equivalents, beginning of period	 	 	1,718	  	 	 	10,951	  	
Cash and cash equivalents, end of period	 	$	1,529	  	 	$	1,389	  	
See accompanying notes to condensed consolidated financial statements.
 
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Comcast Corporation
Condensed Consolidated Statement of Changes in Equity
(Unaudited)

 	 	Redeemable
Noncontrolling
Interests and
Redeemable
Subsidiary
Preferred Stock	 	 	  	 	  	 	Common Stock	 	 	Additional
Paid-In
Capital	 	 	Retained
Earnings	 	 	Treasury
Stock at
Cost	 	 	Accumulated
Other
Comprehensive
Income (Loss)	 	 	Non-
controlling
Interests	 	 	Total
Equity	 	 	
(in millions)	 	 	 	 	 	 	 	 	A	 	 	A Special	 	 	B	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Balance, January 1, 2013	 	$	16,998	  	 	 	 	 	 	$	25	  	 	$	6	  	 	$	 —	  	 	$	40,547	  	 	$	16,280	  	 	$	(7,517	) 	 	$	15	  	 	$	440	  	 	$	49,796	  	 	 	 	 	 	
Stock compensation plans	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	296	  	 	 	(212	) 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	84	  	 	 	 	 	 	
Repurchases and retirements of common stock	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	(296	) 	 	 	(704	) 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	(1,000	) 	 	 	 	 	 	
Employee stock purchase plans	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	49	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	49	  	 	 	 	 	 	
Dividends declared	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	(1,026	) 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	(1,026	) 	 	 	 	 	 	
Other comprehensive income (loss)	 	 	(9	) 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	88	  	 	 	 	 	 	 	88	  	 	 	 	 	 	
Purchase of NBCUniversal noncontrolling common equity interest	 	 	(17,006	) 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	(1,482	) 	 	 	 	 	 	 	 	 	 	 	(26	) 	 	 	 	 	 	 	(1,508	) 	 	 	 	 	 	
Redeemable subsidiary preferred stock	 	 	725	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Contributions from (distributions to) noncontrolling interests, net	 	 	(12	) 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	(84	) 	 	 	(84	) 	 	 	 	 	 	
Other	 	 	(14	) 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	(123	) 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	(8	) 	 	 	(131	) 	 	 	 	 	 	
Net income (loss)	 	 	171	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	3,171	  	 	 	 	 	 	 	 	 	 	 	47	  	 	 	3,218	  	 	 	 	 	 	
Balance, June 30, 2013	 	$	853	  	 	 	 	 	 	$	25	  	 	$	6	  	 	$	—	  	 	$	38,991	  	 	$	17,509	  	 	$	(7,517	) 	 	$	77	  	 	$	395	  	 	$	49,486	  	 	 	 	 	 	
Balance, January 1, 2014	 	$	957	  	 	 	 	 	 	$	25	  	 	$	5	  	 	$	—	  	 	$	38,890	  	 	$	19,235	  	 	$	(7,517	) 	 	$	56	  	 	$	364	  	 	$	51,058	  	 	 	 	 	 	
Stock compensation plans	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	442	  	 	 	(343	) 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	99	  	 	 	 	 	 	
Repurchases and retirements of common stock	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	(345	) 	 	 	(1,155	) 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	(1,500	) 	 	 	 	 	 	
Employee stock purchase plans	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	60	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	60	  	 	 	 	 	 	
Dividends declared	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	(1,168	) 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	(1,168	) 	 	 	 	 	 	
Other comprehensive income (loss)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	(70	) 	 	 	 	 	 	 	(70	) 	 	 	 	 	 	
Issuance of subsidiary shares to noncontrolling interests	 	 	85	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	13	  	 	 	13	  	 	 	 	 	 	
Contributions from (distributions to) noncontrolling interests, net	 	 	(8	) 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	(74	) 	 	 	(74	) 	 	 	 	 	 	
Other	 	 	(14	) 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	(7	) 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	(7	) 	 	 	(14	) 	 	 	 	 	 	
Net income (loss)	 	 	35	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	3,863	  	 	 	 	 	 	 	 	 	 	 	65	  	 	 	3,928	  	 	 	 	 	 	
Balance, June 30, 2014	 	$	1,055	  	 	 	 	 	 	$	25	  	 	$	5	  	 	$	—	  	 	$	39,040	  	 	$	20,432	  	 	$	(7,517	) 	 	$	(14	) 	 	$	361	  	 	$	52,332	  	 	 	 	 	 	
See accompanying notes to condensed consolidated financial statements.
 
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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
Note 1: Condensed Consolidated Financial Statements
Basis of Presentation
We have prepared these unaudited condensed consolidated financial statements based on SEC rules that permit reduced disclosure for interim periods. These financial statements include all adjustments that are necessary for a fair presentation of our consolidated results of operations, financial condition and cash flows for the periods shown, including normal, recurring accruals and other items. The consolidated results of operations for the interim periods presented are not necessarily indicative of results for the full year.
The year-end condensed consolidated balance sheet was derived from audited financial statements but does not include all disclosures required by generally accepted accounting principles in the United States of America (“GAAP”). For a more complete discussion of our accounting policies and certain other information, refer to our consolidated financial statements included in our 2013 Annual Report on Form 10-K.
Note 2: Recent Accounting Pronouncements
Discontinued Operations
In April 2014, the Financial Accounting Standards Board (“FASB”) updated the accounting guidance related to discontinued operations. The updated accounting guidance provides a narrower definition of discontinued operations than existing GAAP. The updated accounting guidance requires that only disposals of components of an entity, or groups of components, that represent a strategic shift that has or will have a material effect on the reporting entity’s operations be reported in the financial statements as discontinued operations. The updated accounting guidance also provides guidance on the financial statement presentations and disclosures of discontinued operations. The updated accounting guidance will be effective prospectively for us on January 1, 2015, with early adoption permitted in 2014.
Revenue Recognition
In May 2014, the FASB and the International Accounting Standards Board updated the accounting guidance related to revenue recognition. The updated accounting guidance provides a single, contract-based revenue recognition model to help improve financial reporting by providing clearer guidance on when an entity should recognize revenue, and by reducing the number of standards to which entities have to refer. The updated accounting guidance will be effective for us on January 1, 2017, and early adoption is not permitted. The updated accounting guidance allows for either a full retrospective adoption or modified retrospective adoption. We are currently in the process of determining the impact that the updated accounting guidance will have on our consolidated financial statements and our method of adoption.
 
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Note 3: Earnings Per Share
Computation of Diluted EPS

 	 	Three Months Ended June 30	 	
 	 	2014	 	  	2013	 	
(in millions, except per share data)	 	Net Income
Attributable to
Comcast
Corporation	 	  	Shares	 	  	Per Share
Amount	 	  	Net Income
Attributable to
Comcast
Corporation	 	  	Shares	 	  	Per Share
Amount	 	
Basic EPS attributable to Comcast Corporation shareholders	 	$	1,992	  	  	 	2,594	  	  	$	0.77	  	  	$	1,734	  	  	 	2,631	  	  	$	0.66	  	
Effect of dilutive securities:	 	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Assumed exercise or issuance of shares relating to stock plans	 	 	 	 	  	 	34	  	  	 	 	 	  	 	 	 	  	 	35	  	  	 	 	 	
Diluted EPS attributable to Comcast Corporation shareholders	 	$	1,992	  	  	 	2,628	  	  	$	0.76	  	  	$	1,734	  	  	 	2,666	  	  	$	0.65	  	

 	 	Six Months Ended June 30	 	
 	 	2014	 	  	2013	 	
(in millions, except per share data)	 	Net Income
Attributable to
Comcast
Corporation	 	  	Shares	 	  	Per Share
Amount	 	  	Net Income
Attributable to
Comcast
Corporation	 	  	Shares	 	  	Per Share
Amount	 	
Basic EPS attributable to Comcast Corporation shareholders	 	$	3,863	  	  	 	2,598	  	  	$	1.49	  	  	$	3,171	  	  	 	2,633	  	  	$	1.20	  	
Effect of dilutive securities:	 	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Assumed exercise or issuance of shares relating to stock plans	 	 	 	 	  	 	38	  	  	 	 	 	  	 	 	 	  	 	39	  	  	 	 	 	
Diluted EPS attributable to Comcast Corporation shareholders	 	$	3,863	  	  	 	2,636	  	  	$	1.47	  	  	$	3,171	  	  	 	2,672	  	  	$	1.19	  	
Our potentially dilutive securities include potential common shares related to our stock options and our restricted share units (“RSUs”). Diluted earnings per common share attributable to Comcast Corporation shareholders (“diluted EPS”) considers the impact of potentially dilutive securities using the treasury stock method.
For the three and six months ended June 30, 2014, diluted EPS excluded 16 million and 9 million, respectively, of potential common shares related to our share-based compensation plans, because the inclusion of the potential common shares would have had an antidilutive effect. For the three and six months ended June 30, 2013, diluted EPS excluded 18 million and 10 million, respectively, of potential common shares.
Note 4: Significant Transactions
Time Warner Cable Merger
On February 12, 2014, we entered into an agreement and plan of merger (the “merger agreement”) with Time Warner Cable Inc. (“Time Warner Cable”). As a result of the merger agreement, we will acquire 100% of Time Warner Cable’s outstanding shares of common stock in exchange for shares of our Class A common stock (the “Time Warner Cable merger”). Time Warner Cable stockholders will receive, in exchange for each share of Time Warner Cable common stock owned immediately prior to the Time Warner Cable merger, 2.875 shares of our Class A common stock. Time Warner Cable stockholders will then own approximately 23% of our common stock, an estimate based on the number of shares outstanding as of the date of the merger agreement. Because the exchange ratio was fixed at the time of the merger agreement and the market value of our Class A common stock will continue to fluctuate, the number of shares of Class A common stock to be issued and the total value of the consideration exchanged will not be determinable until the closing date. Following the close of the Time Warner Cable merger, Time Warner Cable will be our wholly owned subsidiary. The Time Warner Cable merger remains subject to shareholder approval at both companies, regulatory review and other customary conditions. It is reasonably possible that the Time Warner Cable merger will close by the end of 2014.
 
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Divestiture Transactions
The terms of the merger agreement contemplate that we are prepared to divest systems serving up to approximately 3 million video customers of the combined company to reduce competitive concerns. As a result of this commitment, on April 25, 2014, we entered into a transactions agreement with Charter Communications, Inc. (“Charter”) that, if consummated, would satisfy our divestiture undertaking. Under the transactions agreement, following the close of the Time Warner Cable merger and subject to various conditions, we would divest cable systems resulting in a net disposition of approximately 3.9 million video customers through three transactions: (1) a spin-off of cable systems serving approximately 2.5 million of our video customers (the “spin-off transaction”) into a newly formed public entity (“SpinCo”), (2) an exchange of cable systems serving approximately 1.5 million Time Warner Cable video customers for cable systems serving approximately 1.7 million Charter video customers, and (3) a sale to Charter of cable systems serving approximately 1.5 million Time Warner Cable video customers for cash (collectively, the “divestiture transactions”).
In connection with the spin-off transaction and prior to the spin-off, it is expected that SpinCo will incur new debt to fund a distribution to us in the form of cash and notes, which will enable us to retire a portion of our debt. In the spin-off transaction, we will distribute common stock of SpinCo pro rata to the holders of all of our outstanding common stock, including the former Time Warner Cable stockholders who continue to hold shares through the record date of the spin-off transaction. After the spin-off transaction, a newly formed, wholly owned indirect subsidiary of Charter will merge with and into Charter with the effect that all shares of Charter will be converted into shares of a new holding company, which will survive as the publicly traded parent company of Charter (“New Charter”). New Charter will then acquire an interest in SpinCo by issuing New Charter stock in exchange for a portion of the outstanding SpinCo stock, following which Comcast shareholders, including the former Time Warner Cable stockholders, are expected to own approximately 67% of SpinCo and New Charter is expected to own approximately 33% of SpinCo.
The close of the divestiture transactions is subject to the completion of the Time Warner Cable merger, Charter stockholder approval, completion of the SpinCo financing transactions, regulatory approvals and other customary conditions. The Time Warner Cable merger and the divestiture transactions are subject to separate conditions, and the Time Warner Cable merger can be completed regardless of whether the divestiture transactions are ultimately completed.
Note 5: Film and Television Costs

(in millions)	 	June 30,
2014	 	  	December 31,
2013	 	
Film Costs:	 	 	 	 	  	 	 	 	
Released, less amortization	 	$	1,356	  	  	$	1,630	  	
Completed, not released	 	 	65	  	  	 	70	  	
In production and in development	 	 	1,077	  	  	 	658	  	
 	 	 	2,498	  	  	 	2,358	  	
Television Costs:	 	 	 	 	  	 	 	 	
Released, less amortization	 	 	1,165	  	  	 	1,155	  	
In production and in development	 	 	361	  	  	 	370	  	
 	 	 	1,526	  	  	 	1,525	  	
Programming rights, less amortization	 	 	2,089	  	  	 	2,039	  	
 	 	 	6,113	  	  	 	5,922	  	
Less: Current portion of programming rights	 	 	905	  	  	 	928	  	
Film and television costs	 	$	5,208	  	  	$	4,994	  	
 
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Note 6: Investments

(in millions)	 	June 30,
2014	 	  	December 31,
2013	 	
Fair Value Method	 	$	2,387	  	  	$	4,345	  	
Equity Method:	 	 	 	 	  	 	 	 	
The Weather Channel	 	 	331	  	  	 	333	  	
Hulu	 	 	187	  	  	 	187	  	
Other	 	 	486	  	  	 	469	  	
 	 	 	1,004	  	  	 	989	  	
Cost Method:	 	 	 	 	  	 	 	 	
AirTouch	 	 	1,560	  	  	 	1,553	  	
Other	 	 	446	  	  	 	456	  	
 	 	 	2,006	  	  	 	2,009	  	
Total investments	 	 	5,397	  	  	 	7,343	  	
Less: Current investments	 	 	2,325	  	  	 	3,573	  	
Noncurrent investments	 	$	3,072	  	  	$	3,770	  	
Investment Income (Loss), Net

 	 	Three Months Ended
June 30	 	 	Six Months Ended
June 30	 	
(in millions)	 	    2014    	 	 	    2013    	 	 	    2014    	 	 	    2013    	 	
Gains on sales and exchanges of investments, net	 	$	90	  	 	$	3	  	 	$	173	  	 	$	38	  	
Investment impairment losses	 	 	(19	) 	 	 	(4	) 	 	 	(24	) 	 	 	(13	) 	
Unrealized gains (losses) on securities underlying prepaid forward sale agreements	 	 	85	  	 	 	247	  	 	 	(28	) 	 	 	852	  	
Mark to market adjustments on derivative component of prepaid forward sale agreements and indexed debt instruments	 	 	(85	) 	 	 	(239	) 	 	 	32	  	 	 	(841	) 	
Interest and dividend income	 	 	28	  	 	 	26	  	 	 	56	  	 	 	56	  	
Other, net	 	 	21	  	 	 	(20	) 	 	 	24	  	 	 	(7	) 	
Investment income (loss), net	 	$	120	  	 	$	13	  	 	$	233	  	 	$	85	  	
 
Fair Value Method
As of June 30, 2014, the majority of our fair value method investments were equity securities held as collateral that were related to our obligations under prepaid forward sale agreements.
Prepaid Forward Sale Agreements

(in millions)	 	June 30,
2014	 	  	December 31,
2013	 	
Assets:	 	 	 	 	  	 	 	 	
Fair value equity securities held as collateral	 	$	2,250	  	  	$	3,959	  	
Liabilities:	 	 	 	 	  	 	 	 	
Obligations under prepaid forward sale agreements	 	$	470	  	  	$	811	  	
Derivative component of prepaid forward sale agreements	 	 	1,586	  	  	 	2,800	  	
Total liabilities	 	$	2,056	  	  	$	3,611	  	
During the six months ended June 30, 2014, we settled $1.5 billion of obligations under certain of our prepaid forward sale agreements by delivering equity securities. As of June 30, 2014, our remaining prepaid forward sale obligations had an estimated fair value of $2.1 billion. The estimated fair value is based on Level 2 inputs using pricing models whose inputs are derived primarily from or corroborated by observable market data through correlation or other means for substantially the full term of the financial instrument.
 
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Cost Method
AirTouch
We hold two series of preferred stock of AirTouch Communications, Inc. (“AirTouch”), a subsidiary of Verizon Communications Inc., which are redeemable in April 2020. As of June 30, 2014, the estimated fair values of the AirTouch preferred stock and the associated liability related to the redeemable preferred shares issued by one of our consolidated subsidiaries were each $1.7 billion. The estimated fair values are based on Level 2 inputs using pricing models whose inputs are derived primarily from or corroborated by observable market data through correlation or other means for substantially the full term of the financial instrument.
Note 7: Long-Term Debt
As of June 30, 2014, our debt had a carrying value of $46.5 billion and an estimated fair value of $52.6 billion. The estimated fair value of our publicly traded debt is based on Level 1 inputs using quoted market values for the debt. The estimated fair value of debt for which there are no quoted market prices is based on Level 2 inputs using interest rates available to us for debt with similar terms and remaining maturities.
Debt Borrowings and Repayments
In February 2014, we issued $1.2 billion aggregate principal amount of 3.60% senior notes due 2024 and $1 billion aggregate principal amount of 4.75% senior notes due 2044. The proceeds from this offering were used for working capital and general corporate purposes, including the repayment of a portion of our outstanding commercial paper and our $900 million aggregate principal amount of 2.10% senior notes due April 2014 at maturity.
In January 2014, we repaid at maturity $1 billion aggregate principal amount of 5.30% senior notes due 2014. In February 2014, we repaid $1.25 billion of borrowings outstanding under NBCUniversal Enterprise Inc.’s (“NBCUniversal Enterprise”) revolving credit facility with the proceeds from $990 million of borrowings under its new commercial paper program and cash on hand.
Revolving Credit Facilities
As of June 30, 2014, amounts available under our consolidated revolving credit facilities, net of amounts outstanding under our commercial paper programs and outstanding letters of credit, totaled $6.3 billion, which included $340 million available under NBCUniversal Enterprise’s revolving credit facility.
Commercial Paper Programs
In February 2014, NBCUniversal Enterprise entered into a commercial paper program. The maximum borrowing capacity under this commercial paper program is $1.35 billion, and it is supported by NBCUniversal Enterprise’s existing $1.35 billion revolving credit facility due March 2018. The commercial paper program is fully and unconditionally guaranteed by us and our 100% owned cable holding company subsidiaries, 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”). As of June 30, 2014, NBCUniversal Enterprise had $1 billion face amount of commercial paper outstanding.
Note 8: Fair Value Measurements
The accounting guidance related to financial assets and financial liabilities (“financial instruments”) establishes a hierarchy that prioritizes fair value measurements based on the types of inputs used for the various valuation techniques (market approach, income approach and cost approach). Level 1 consists of financial instruments whose values are based on quoted market prices for identical financial instruments in an active market. Level 2 consists of financial instruments that are valued using models or other valuation methodologies. These models use inputs that are observable either directly or indirectly. Level 3 consists of financial instruments whose values
 
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are determined using pricing models that use significant inputs that are primarily unobservable, discounted cash flow methodologies or similar techniques, as well as financial instruments for which the determination of fair value requires significant management judgment or estimation. Our financial instruments that are accounted for at fair value on a recurring basis are presented in the table below.
Recurring Fair Value Measures

 	 	Fair Value as of	 	
 	 	June 30, 2014	 	  	December 31,
2013	 	
(in millions)	 	Level 1	 	  	Level 2	 	  	Level 3	 	  	Total	 	  	Total	 	
Assets	 	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Trading securities	 	$	2,248	  	  	$	—	  	  	$	—	  	  	$	2,248	  	  	$	3,956	  	
Available-for-sale securities	 	 	9	  	  	 	119	  	  	 	10	  	  	 	138	  	  	 	389	  	
Interest rate swap agreements	 	 	—	  	  	 	108	  	  	 	—	  	  	 	108	  	  	 	110	  	
Other	 	 	—	  	  	 	78	  	  	 	1	  	  	 	79	  	  	 	81	  	
Total	 	$	2,257	  	  	$	305	  	  	$	11	  	  	$	2,573	  	  	$	4,536	  	
 	 	 	 	 	 	
Liabilities	 	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Derivative component of prepaid forward sale agreements and indexed debt instruments	 	$	—	  	  	$	1,600	  	  	$	—	  	  	$	1,600	  	  	$	2,816	  	
Contractual obligation	 	 	—	  	  	 	—	  	  	 	788	  	  	 	788	  	  	 	747	  	
Contingent consideration	 	 	—	  	  	 	—	  	  	 	664	  	  	 	664	  	  	 	684	  	
Other	 	 	—	  	  	 	12	  	  	 	—	  	  	 	12	  	  	 	16	  	
Total	 	$	—	  	  	$	1,612	  	  	$	1,452	  	  	$	3,064	  	  	$	4,263	  	
Fair Value of Redeemable Subsidiary Preferred Stock Financial Instrument
As of June 30, 2014, the fair value of the NBCUniversal Enterprise redeemable subsidiary preferred stock was $759 million. The estimated fair value is based on Level 2 inputs using pricing models whose inputs are derived primarily from or corroborated by observable market data through correlation or other means for substantially the full term of the financial instrument.
Contractual Obligation and Contingent Consideration
The estimated fair values of the contractual obligation and contingent consideration in the table above are primarily based on certain expected future discounted cash flows, the determination of which involves the use of significant unobservable inputs. The most significant unobservable inputs we use include our estimates of the future revenue we expect to generate from certain NBCUniversal businesses, which are related to our contractual obligation, and future net tax benefits that will affect payments to General Electric Company (“GE”), which are related to contingent consideration. The discount rates used in the measurements of fair value were between 5% and 13% and are based on the underlying risk associated with our estimate of future revenue, the terms of the respective contracts, and the uncertainty in the timing of our payments to GE. The fair value adjustments to contractual obligation and contingent consideration are sensitive to the assumptions related to future revenue and tax benefits, respectively, as well as to current interest rates, and therefore, the adjustments are recorded to other income (expense), net in our condensed consolidated statement of income.
Changes in Contractual Obligation and Contingent Consideration

(in millions)	 	Contractual
Obligation	 	 	Contingent
Consideration	 	
Balance, December 31, 2013	 	$	747	  	 	$	684	  	
Fair value adjustments	 	 	68	  	 	 	16	  	
Payments	 	 	(27	) 	 	 	(36	) 	
Balance, June 30, 2014	 	$	788	  	 	$	664	  	
 
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Note 9: Share-Based Compensation
Our share-based compensation primarily consists of awards of stock options and RSUs to certain employees and directors as part of our approach to long-term incentive compensation. Additionally, through our employee stock purchase plans, employees are able to purchase shares of Comcast Class A common stock at a discount through payroll deductions.
In March 2014, we granted 16.4 million stock options and 5.4 million RSUs related to our annual management awards. The weighted-average fair values associated with these grants were $11.09 per stock option and $46.57 per RSU.
Recognized Share-Based Compensation Expense

 	 	Three Months Ended
June 30	 	 	Six Months Ended
June 30	 	
(in millions)	 	    2014    	 	  	    2013    	 	 	    2014    	 	  	    2013    	 	
Stock options	 	$	47	  	  	$	36	  	 	$	83	  	  	$	68	  	
Restricted share units	 	 	68	  	  	 	48	  	 	 	116	  	  	 	86	  	
Employee stock purchase plans	 	 	7	  	  	 	5	  	 	 	13	  	  	 	11	  	
Total	 	$	122	  	  	$	89	  	 	$	212	  	  	$	165	  	
As of June 30, 2014, we had unrecognized pretax compensation expense of $392 million and $529 million related to nonvested stock options and nonvested RSUs, respectively.
Note 10: Supplemental Financial Information
Receivables

(in millions)	 	June 30,
2014	 	  	December 31,
2013	 	
Receivables, gross	 	$	6,749	  	  	$	6,972	  	
Less: Allowance for returns and customer incentives	 	 	290	  	  	 	375	  	
Less: Allowance for doubtful accounts	 	 	227	  	  	 	221	  	
Receivables, net	 	$	6,232	  	  	$	6,376	  	
Accumulated Other Comprehensive Income (Loss)

(in millions)	 	June 30,
2014	 	 	June 30,
2013	 	
Unrealized gains (losses) on marketable securities	 	$	4	  	 	$	277	  	
Deferred gains (losses) on cash flow hedges	 	 	(63	) 	 	 	(54	) 	
Unrecognized gains (losses) on employee benefit obligations	 	 	70	  	 	 	(107	) 	
Cumulative translation adjustments	 	 	(25	) 	 	 	(39	) 	
Accumulated other comprehensive income (loss), net of deferred taxes	 	$	(14	) 	 	$	77	  	
 
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Net Cash Provided by Operating Activities

 	 	Six Months Ended
June 30	 	
(in millions)	 	    2014    	 	 	    2013    	 	
Net income	 	$	3,963	  	 	$	3,389	  	
Adjustments to reconcile net income to net cash provided by operating activities:	 	 	 	 	 	 	 	 	
Depreciation and amortization	 	 	3,970	  	 	 	3,957	  	
Share-based compensation	 	 	266	  	 	 	213	  	
Noncash interest expense (income), net	 	 	87	  	 	 	81	  	
Equity in net (income) losses of investees, net	 	 	(54	) 	 	 	(34	) 	
Cash received from investees	 	 	50	  	 	 	72	  	
Net (gain) loss on investment activity and other	 	 	(113	) 	 	 	(91	) 	
Deferred income taxes	 	 	(22	) 	 	 	87	  	
Changes in operating assets and liabilities, net of effects of acquisitions and divestitures:	 	 	 	 	 	 	 	 	
Current and noncurrent receivables, net	 	 	60	  	 	 	58	  	
Film and television costs, net(a)	 	 	(28	) 	 	 	750	  	
Accounts payable and accrued expenses related to trade creditors	 	 	(168	) 	 	 	(87	) 	
Other operating assets and liabilities	 	 	(464	) 	 	 	(710	) 	
Net cash provided by operating activities	 	$	7,547	  	 	$	7,685	  	
 
(a)	Comprised of additions to our film and television cost assets of $5,007 million and $3,330 million, net of film and television cost amortization of $4,979 million and $4,080 million in 2014 and 2013, respectively.	
Cash Payments for Interest and Income Taxes

 	 	Three Months Ended
June 30	 	  	Six Months Ended
June 30	 	
(in millions)	 	    2014    	 	  	    2013    	 	  	    2014    	 	  	    2013    	 	
Interest	 	$	541	  	  	$	515	  	  	$	1,164	  	  	$	1,132	  	
Income taxes	 	$	1,718	  	  	$	1,761	  	  	$	1,904	  	  	$	2,222	  	
Noncash Investing and Financing Activities
During the six months ended June 30, 2014:
 
 	•	 	we acquired $879 million of property and equipment and intangible assets that were accrued but unpaid	 	
 
 	•	 	we recorded a liability of $583 million for a quarterly cash dividend of $0.225 per common share paid in July 2014	 	
 
 	•	 	we used $1.5 billion of equity securities to settle our obligations under prepaid forward sale agreements	 	
 
Note 11: Commitments and Contingencies
Contingencies
Antitrust Cases
We are defendants in two purported class actions originally filed in December 2003 in the United States District Courts for the District of Massachusetts and the Eastern District of Pennsylvania. The potential class in the Massachusetts case, which has been transferred to the Eastern District of Pennsylvania, is our customer base in the “Boston Cluster” area, and the potential class in the Pennsylvania case is our customer base in the “Philadelphia and Chicago Clusters,” as those terms are defined in the complaints. In each case, the plaintiffs allege that certain customer exchange transactions with other cable providers resulted in unlawful horizontal market restraints in those areas and seek damages under antitrust statutes, including treble damages.
 
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Classes of Chicago Cluster and Philadelphia Cluster customers were certified in October 2007 and January 2010, respectively. We appealed the class certification in the Philadelphia Cluster case to the Third Circuit Court of Appeals, which affirmed the class certification in August 2011. In June 2012, the U.S. Supreme Court granted our petition to review the Third Circuit Court of Appeals’ ruling and in March 2013, the Supreme Court ruled that the class had been improperly certified and reversed the judgment of the Third Circuit. The matter has been returned to the District Court for action consistent with the Supreme Court’s opinion. In August 2013, the plaintiffs in the Philadelphia Cluster case moved to certify a new, smaller class, which we opposed in January 2014. The parties have been discussing possible resolution of the Philadelphia Cluster case. Accordingly, in February 2014, the plaintiff filed an unopposed motion to stay the case, which the District Court granted. In April 2014, the District Court granted our unopposed motion to de-certify the Chicago Cluster class and the plaintiffs’ unopposed motion to amend the Pennsylvania case so as to dismiss claims relating to the Chicago Cluster. In April 2014, lead counsel for the Boston Cluster cases withdrew, and in June 2014, new counsel requested the Boston Cluster cases be transferred to the federal court in Boston, which we have opposed.
In addition, we are the defendant in 22 purported class actions filed in federal district courts throughout the country. All of these actions have been consolidated by the Judicial Panel on Multidistrict Litigation in the United States District Court for the Eastern District of Pennsylvania for pre-trial proceedings. In a consolidated complaint filed in November 2009 on behalf of all plaintiffs in the multidistrict litigation, the plaintiffs allege that we improperly “tie” the rental of set-top boxes to the provision of premium cable services in violation of Section 1 of the Sherman Antitrust Act, various state antitrust laws and unfair/deceptive trade practices acts in California, Illinois and Alabama. The plaintiffs also allege a claim for unjust enrichment and seek relief on behalf of a nationwide class of our premium cable customers and on behalf of subclasses consisting of premium cable customers from California, Alabama, Illinois, Pennsylvania and Washington. In January 2010, we moved to compel arbitration of the plaintiffs’ claims for unjust enrichment and violations of the unfair/deceptive trade practices acts of Illinois and Alabama. In September 2010, the plaintiffs filed an amended complaint alleging violations of additional state antitrust laws and unfair/deceptive trade practices acts on behalf of new subclasses in Connecticut, Florida, Minnesota, Missouri, New Jersey, New Mexico and West Virginia. In the amended complaint, plaintiffs omitted their unjust enrichment claim, as well as their state law claims on behalf of the Alabama, Illinois and Pennsylvania subclasses. In June 2011, the plaintiffs filed another amended complaint alleging only violations of Section 1 of the Sherman Antitrust Act, antitrust law in Washington and unfair/deceptive trade practices acts in California and Washington. The plaintiffs seek relief on behalf of a nationwide class of our premium cable customers and on behalf of subclasses consisting of premium cable customers from California and Washington. In July 2011, we moved to compel arbitration of most of the plaintiffs’ claims and to stay the remaining claims pending arbitration. The West Virginia Attorney General also filed a complaint in West Virginia state court in July 2009 alleging that we improperly “tie” the rental of set-top boxes to the provision of digital cable services in violation of the West Virginia Antitrust Act and the West Virginia Consumer Credit and Protection Act. The Attorney General also alleges a claim for unjust enrichment/restitution. We removed the case to the United States District Court for West Virginia, and it was subsequently transferred to the United States District Court for the Eastern District of Pennsylvania and consolidated with the multidistrict litigation described above. In June 2013, a comprehensive settlement agreement for all 23 cases was submitted to the District Court for preliminary approval. Regardless of whether this settlement agreement is approved, we do not expect these cases to have a material effect on our results of operations, cash flows or financial position.
We believe the claims in each of the pending actions described above in this item are without merit, except as otherwise set forth above, and intend to defend the actions vigorously. We cannot predict the outcome of any of the actions described above, including a range of possible loss, or how the final resolution of any such actions would impact our results of operations or cash flows for any one period or our financial position. In addition, as any action nears a trial, there is an increased possibility that the action may be settled by the parties. Nevertheless, the final disposition of any of the above actions is not expected to have a material adverse effect on our consolidated financial position, but could possibly be material to our consolidated results of operations or cash flows for any one period.
 
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Other
We are a defendant in several unrelated lawsuits claiming infringement of various patents relating to various aspects of our businesses. In certain of these cases other industry participants are also defendants, and also in certain of these cases we expect that any potential liability would be in part or in whole the responsibility of our equipment and technology vendors under applicable contractual indemnification provisions. We are also subject to other legal proceedings and claims that arise in the ordinary course of our business. While the amount of ultimate liability with respect to such actions is not expected to materially affect our results of operations, cash flows or financial position, any litigation resulting from any such legal proceedings or claims could be time consuming, costly and injure our reputation.
Note 12: Financial Data by Business Segment
We present our operations in five reportable business segments:
 
 	•	 	Cable Communications: Consists of the operations of Comcast Cable, which is the nation’s largest provider of video, high-speed Internet and voice services (“cable services”) to residential customers under the XFINITY brand, and we also provide similar services to businesses and sell advertising.	 	
 
 	•	 	Cable Networks: Consists primarily of our national cable networks, our regional sports networks, our international cable networks and our cable television production operations.	 	
 
 	•	 	Broadcast Television: Consists primarily of the NBC and Telemundo broadcast networks, our NBC and Telemundo owned local broadcast television stations, and our broadcast television production operations.	 	
 
 	•	 	Filmed Entertainment: Consists primarily of the studio operations of Universal Pictures, which produces, acquires, markets and distributes filmed entertainment worldwide.	 	
 
 	•	 	Theme Parks: Consists primarily of our Universal theme parks in Orlando and Hollywood.	 	
In evaluating the profitability of our operating segments, the components of net income (loss) below operating income (loss) before depreciation and amortization are not separately evaluated by our management. Our financial data by business segment is presented in the tables below.

 	 	Three Months Ended June 30, 2014	 	
(in millions)	 	Revenue(e)	 	 	Operating Income (Loss)
Before Depreciation and
Amortization (f)	 	 	Depreciation
and
Amortization	 	  	Operating
Income
(Loss)	 	 	Capital
Expenditures	 	
Cable Communications(a)	 	$	11,029	  	 	$	4,564	  	 	$	1,604	  	  	$	2,960	  	 	$	1,493	  	
NBCUniversal	 	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	
Cable Networks(b)	 	 	2,476	  	 	 	914	  	 	 	180	  	  	 	734	  	 	 	8	  	
Broadcast Television	 	 	1,816	  	 	 	240	  	 	 	27	  	  	 	213	  	 	 	26	  	
Filmed Entertainment(b)	 	 	1,176	  	 	 	195	  	 	 	5	  	  	 	190	  	 	 	3	  	
Theme Parks	 	 	615	  	 	 	244	  	 	 	73	  	  	 	171	  	 	 	158	  	
Headquarters and Other(c)	 	 	4	  	 	 	(159	) 	 	 	85	  	  	 	(244	) 	 	 	103	  	
Eliminations(d)	 	 	(71	) 	 	 	—	  	 	 	—	  	  	 	—	  	 	 	—	  	
NBCUniversal	 	 	6,016	  	 	 	1,434	  	 	 	370	  	  	 	1,064	  	 	 	298	  	
Corporate and Other	 	 	172	  	 	 	(182	) 	 	 	26	  	  	 	(208	) 	 	 	7	  	
Eliminations(d)	 	 	(373	) 	 	 	(12	) 	 	 	—	  	  	 	(12	) 	 	 	—	  	
Comcast Consolidated	 	$	16,844	  	 	$	5,804	  	 	$	2,000	  	  	$	3,804	  	 	$	1,798	  	
 
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 	 	Three Months Ended June 30, 2013	 	
(in millions)	 	Revenue(e)	 	 	Operating Income (Loss)
Before Depreciation and
Amortization (f)	 	 	Depreciation
and
Amortization	 	  	Operating
Income
(Loss)	 	 	Capital
Expenditures	 	
Cable Communications(a)	 	$	10,467	  	 	$	4,335	  	 	$	1,623	  	  	$	2,712	  	 	$	1,240	  	
NBCUniversal	 	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	
Cable Networks(b)	 	 	2,413	  	 	 	860	  	 	 	182	  	  	 	678	  	 	 	24	  	
Broadcast Television	 	 	1,732	  	 	 	206	  	 	 	26	  	  	 	180	  	 	 	9	  	
Filmed Entertainment(b)	 	 	1,388	  	 	 	33	  	 	 	3	  	  	 	30	  	 	 	1	  	
Theme Parks	 	 	546	  	 	 	231	  	 	 	73	  	  	 	158	  	 	 	147	  	
Headquarters and Other(c)	 	 	9	  	 	 	(137	) 	 	 	65	  	  	 	(202	) 	 	 	79	  	
Eliminations(d)	 	 	(93	) 	 	 	(2	) 	 	 	—	  	  	 	(2	) 	 	 	—	  	
NBCUniversal	 	 	5,995	  	 	 	1,191	  	 	 	349	  	  	 	842	  	 	 	260	  	
Corporate and Other	 	 	136	  	 	 	(119	) 	 	 	17	  	  	 	(136	) 	 	 	6	  	
Eliminations(d)	 	 	(328	) 	 	 	18	  	 	 	1	  	  	 	17	  	 	 	—	  	
Comcast Consolidated	 	$	16,270	  	 	$	5,425	  	 	$	1,990	  	  	$	3,435	  	 	$	1,506	  	

 	 	Six Months Ended June 30, 2014	 	
(in millions)	 	Revenue(e)	 	 	Operating Income (Loss)
Before Depreciation and
Amortization (f)	 	 	Depreciation
and
Amortization	 	  	Operating
Income
(Loss)	 	 	Capital
Expenditures	 	
Cable Communications(a)	 	$	21,786	  	 	$	8,964	  	 	$	3,188	  	  	$	5,776	  	 	$	2,638	  	
NBCUniversal	 	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	
Cable Networks(b)	 	 	4,981	  	 	 	1,809	  	 	 	369	  	  	 	1,440	  	 	 	19	  	
Broadcast Television	 	 	4,437	  	 	 	362	  	 	 	54	  	  	 	308	  	 	 	37	  	
Filmed Entertainment(b)	 	 	2,527	  	 	 	483	  	 	 	10	  	  	 	473	  	 	 	4	  	
Theme Parks	 	 	1,102	  	 	 	414	  	 	 	142	  	  	 	272	  	 	 	302	  	
Headquarters and Other(c)	 	 	6	  	 	 	(322	) 	 	 	160	  	  	 	(482	) 	 	 	227	  	
Eliminations(d)	 	 	(161	) 	 	 	(1	) 	 	 	—	  	  	 	(1	) 	 	 	—	  	
NBCUniversal	 	 	12,892	  	 	 	2,745	  	 	 	735	  	  	 	2,010	  	 	 	589	  	
Corporate and Other	 	 	346	  	 	 	(335	) 	 	 	47	  	  	 	(382	) 	 	 	19	  	
Eliminations(d)	 	 	(772	) 	 	 	(32	) 	 	 	—	  	  	 	(32	) 	 	 	—	  	
Comcast Consolidated	 	$	34,252	  	 	$	11,342	  	 	$	3,970	  	  	$	7,372	  	 	$	3,246	  	

 	 	Six Months Ended June 30, 2013	 	
(in millions)	 	Revenue(e)	 	 	Operating Income (Loss)
Before Depreciation and
Amortization (f)	 	 	Depreciation
and
Amortization	 	  	Operating
Income
(Loss)	 	 	Capital
Expenditures	 	
Cable Communications(a)	 	$	20,684	  	 	$	8,554	  	 	$	3,231	  	  	$	5,323	  	 	$	2,334	  	
NBCUniversal	 	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	
Cable Networks(b)	 	 	4,638	  	 	 	1,719	  	 	 	366	  	  	 	1,353	  	 	 	48	  	
Broadcast Television	 	 	3,249	  	 	 	171	  	 	 	51	  	  	 	120	  	 	 	17	  	
Filmed Entertainment(b)	 	 	2,604	  	 	 	102	  	 	 	7	  	  	 	95	  	 	 	3	  	
Theme Parks	 	 	1,008	  	 	 	404	  	 	 	145	  	  	 	259	  	 	 	285	  	
Headquarters and Other(c)	 	 	18	  	 	 	(249	) 	 	 	124	  	  	 	(373	) 	 	 	170	  	
Eliminations(d)	 	 	(182	) 	 	 	(3	) 	 	 	—	  	  	 	(3	) 	 	 	—	  	
NBCUniversal	 	 	11,335	  	 	 	2,144	  	 	 	693	  	  	 	1,451	  	 	 	523	  	
Corporate and Other	 	 	298	  	 	 	(202	) 	 	 	32	  	  	 	(234	) 	 	 	10	  	
Eliminations(d)	 	 	(737	) 	 	 	(37	) 	 	 	1	  	  	 	(38	) 	 	 	—	  	
Comcast Consolidated	 	$	31,580	  	 	$	10,459	  	 	$	3,957	  	  	$	6,502	  	 	$	2,867	  	
 
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(a)	For the three and six months ended June 30, 2014 and 2013, Cable Communications segment revenue was derived from the following sources:	

 	 	Three Months Ended
June 30	 	 	Six Months Ended
June 30	 	
  	 	    2014    	 	 	    2013    	 	 	    2014    	 	 	    2013    	 	
Residential:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Video	 	 	47.5	% 	 	 	49.4	% 	 	 	47.8	% 	 	 	49.7	% 	
High-speed Internet	 	 	25.6	% 	 	 	24.5	% 	 	 	25.6	% 	 	 	24.6	% 	
Voice	 	 	8.4	% 	 	 	8.7	% 	 	 	8.5	% 	 	 	8.8	% 	
Business services	 	 	8.7	% 	 	 	7.5	% 	 	 	8.6	% 	 	 	7.4	% 	
Advertising	 	 	5.4	% 	 	 	5.3	% 	 	 	5.1	% 	 	 	5.1	% 	
Other	 	 	4.4	% 	 	 	4.6	% 	 	 	4.4	% 	 	 	4.4	% 	
Total	 	 	100	% 	 	 	100	% 	 	 	100	% 	 	 	100	% 	
Subscription revenue received from customers who purchase bundled services at a discounted rate is allocated proportionally to each service based on the individual service’s price on a stand-alone basis.
For both the three and six months ended June 30, 2014, 2.8% of Cable Communications segment revenue was derived from franchise and other regulatory fees. For the three and six months ended June 30, 2013, 2.8% and 2.9%, respectively, of Cable Communications segment revenue was derived from franchise and other regulatory fees.
 
(b)	Beginning in 2014, Fandango, our movie ticketing and entertainment business that was previously presented in our Cable Networks segment, is now presented in the Filmed Entertainment segment to reflect the change in our management reporting presentation. Due to immateriality, prior period amounts have not been adjusted. The change in presentation resulted in the reclassification of $195 million of goodwill from our Cable Networks segment to our Filmed Entertainment segment.	
 
(c)	NBCUniversal Headquarters and Other activities includes costs associated with overhead, allocations, personnel costs and headquarter initiatives.	
 
(d)	Included in Eliminations are transactions that our segments enter into with one another. The most common types of transactions are the following:	
 
 	•	 	our Cable Networks and Broadcast Television segments generate revenue by selling programming to our Cable Communications segment, which represents a substantial majority of the revenue elimination amount	 	
 
 	•	 	our Cable Communications segment generates revenue by selling advertising and by selling the use of satellite feeds to our Cable Networks segment	 	
 
 	•	 	our Filmed Entertainment and Broadcast Television segments generate revenue by licensing content to our Cable Networks segment	 	
 
 	•	 	our Cable Communications segment receives incentives offered by our Cable Networks segment in connection with its distribution of the Cable Networks’ content that are recorded as a reduction to programming expenses	 	
 
(e)	No single customer accounted for a significant amount of revenue in any period.	
 
(f)	We use operating income (loss) before depreciation and amortization, excluding impairment charges related to fixed and intangible assets and gains or losses on the sale of assets, if any, as the measure of profit or loss for our operating segments. This measure eliminates the significant level of noncash depreciation and amortization expense that results from the capital-intensive nature of certain of our businesses and from intangible assets recognized in business combinations. Additionally, it is unaffected by our capital structure or investment activities. We use this measure to evaluate our consolidated operating performance and the operating performance of our operating segments and to allocate resources and capital to our operating segments. It is also a significant performance measure in our annual incentive compensation programs. We believe that this measure is useful to investors because it is one of the bases for comparing our operating performance with that of other companies in our industries, although our measure may not be directly comparable to similar measures used by other companies. This measure should not be considered a substitute for operating income (loss), net income (loss) attributable to Comcast Corporation, net cash provided by operating activities, or other measures of performance or liquidity we have reported in accordance with GAAP.	
 
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Note 13: Condensed Consolidating Financial Information
Comcast Corporation (“Comcast Parent”), our cable guarantors and NBCUniversal Media, LLC (referred to as “NBCUniversal Media Parent” in the tables below) have fully and unconditionally guaranteed each other’s debt securities. Comcast MO Group, CCH and Comcast MO of Delaware are collectively referred to as the “Combined CCHMO Parents.”
Comcast Parent and the cable guarantors also fully and unconditionally guarantee NBCUniversal Enterprise’s $4 billion aggregate principal amount of senior notes, its $1.35 billion revolving 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.
 
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Condensed Consolidating Balance Sheet
June 30, 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	 	$	 —	  	 	$	 —	  	 	$	 —	  	 	$	 —	  	 	$	307	  	 	$	1,222	  	 	$	 —	  	 	$	1,529	  	
Investments	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	8	  	 	 	2,317	  	 	 	—	  	 	 	2,325	  	
Receivables, net	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	6,232	  	 	 	—	  	 	 	6,232	  	
Programming rights	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	905	  	 	 	—	  	 	 	905	  	
Other current assets	 	 	227	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	35	  	 	 	1,519	  	 	 	—	  	 	 	1,781	  	
Total current assets	 	 	227	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	350	  	 	 	12,195	  	 	 	—	  	 	 	12,772	  	
Film and television costs	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	5,208	  	 	 	—	  	 	 	5,208	  	
Investments	 	 	21	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	374	  	 	 	2,677	  	 	 	—	  	 	 	3,072	  	
Investments in and amounts due from subsidiaries eliminated upon consolidation	 	 	81,329	  	 	 	100,649	  	 	 	107,347	  	 	 	57,057	  	 	 	40,511	  	 	 	91,705	  	 	 	(478,598	) 	 	 	—	  	
Property and equipment, net	 	 	209	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	29,761	  	 	 	—	  	 	 	29,970	  	
Franchise rights	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	59,364	  	 	 	—	  	 	 	59,364	  	
Goodwill	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	27,323	  	 	 	—	  	 	 	27,323	  	
Other intangible assets, net	 	 	10	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	17,223	  	 	 	—	  	 	 	17,233	  	
Other noncurrent assets, net	 	 	1,179	  	 	 	148	  	 	 	—	  	 	 	—	  	 	 	97	  	 	 	2,065	  	 	 	(972	) 	 	 	2,517	  	
Total assets	 	$	82,975	  	 	$	100,797	  	 	$	107,347	  	 	$	57,057	  	 	$	41,332	  	 	$	247,521	  	 	$	(479,570	) 	 	$	157,459	  	
 	 	 	 	 	 	 	 	 	
Liabilities and Equity	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Accounts payable and accrued expenses related to trade creditors	 	$	11	  	 	$	—	  	 	$	—	  	 	$	—	  	 	$	—	  	 	$	5,421	  	 	$	—	  	 	$	5,432	  	
Accrued participations and residuals	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	1,364	  	 	 	—	  	 	 	1,364	  	
Accrued expenses and other current liabilities	 	 	1,501	  	 	 	283	  	 	 	193	  	 	 	47	  	 	 	322	  	 	 	5,286	  	 	 	—	  	 	 	7,632	  	
Current portion of long-term debt	 	 	900	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	1,011	  	 	 	1,036	  	 	 	—	  	 	 	2,947	  	
Total current liabilities	 	 	2,412	  	 	 	283	  	 	 	193	  	 	 	47	  	 	 	1,333	  	 	 	13,107	  	 	 	—	  	 	 	17,375	  	
Long-term debt, less current portion	 	 	26,489	  	 	 	132	  	 	 	1,827	  	 	 	1,502	  	 	 	9,220	  	 	 	4,432	  	 	 	—	  	 	 	43,602	  	
Deferred income taxes	 	 	—	  	 	 	738	  	 	 	—	  	 	 	—	  	 	 	59	  	 	 	31,885	  	 	 	(828	) 	 	 	31,854	  	
Other noncurrent liabilities	 	 	2,103	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	981	  	 	 	8,301	  	 	 	(144	) 	 	 	11,241	  	
Redeemable noncontrolling interests and redeemable subsidiary preferred stock	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	1,055	  	 	 	—	  	 	 	1,055	  	
Equity:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Common stock	 	 	30	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	30	  	
Other shareholders’ equity	 	 	51,941	  	 	 	99,644	  	 	 	105,327	  	 	 	55,508	  	 	 	29,739	  	 	 	188,380	  	 	 	(478,598	) 	 	 	51,941	  	
Total Comcast Corporation shareholders’ equity	 	 	51,971	  	 	 	99,644	  	 	 	105,327	  	 	 	55,508	  	 	 	29,739	  	 	 	188,380	  	 	 	(478,598	) 	 	 	51,971	  	
Noncontrolling interests	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	361	  	 	 	—	  	 	 	361	  	
Total equity	 	 	51,971	  	 	 	99,644	  	 	 	105,327	  	 	 	55,508	  	 	 	29,739	  	 	 	188,741	  	 	 	(478,598	) 	 	 	52,332	  	
Total liabilities and equity	 	$	82,975	  	 	$	100,797	  	 	$	107,347	  	 	$	57,057	  	 	$	41,332	  	 	$	247,521	  	 	$	(479,570	) 	 	$	157,459	  	
 
19

Table of Contents
Comcast Corporation
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	  	
 
20

Table of Contents
Comcast Corporation
Condensed Consolidating Statement of Income
For the Three Months Ended June 30, 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	 	$	 —	  	 	$	 —	  	 	$	 —	  	 	$	 —	  	 	$	 —	  	 	$	16,844	  	 	$	 —	  	 	$	16,844	  	
Management fee revenue	 	 	237	  	 	 	—	  	 	 	231	  	 	 	145	  	 	 	—	  	 	 	—	  	 	 	(613	) 	 	 	—	  	
 	 	 	237	  	 	 	—	  	 	 	231	  	 	 	145	  	 	 	—	  	 	 	16,844	  	 	 	(613	) 	 	 	16,844	  	
Costs and Expenses:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Programming and production	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	4,874	  	 	 	—	  	 	 	4,874	  	
Other operating and administrative	 	 	181	  	 	 	—	  	 	 	231	  	 	 	145	  	 	 	237	  	 	 	4,743	  	 	 	(613	) 	 	 	4,924	  	
Advertising, marketing and promotion	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	1,242	  	 	 	—	  	 	 	1,242	  	
Depreciation	 	 	8	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	1,591	  	 	 	—	  	 	 	1,599	  	
Amortization	 	 	2	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	399	  	 	 	—	  	 	 	401	  	
 	 	 	191	  	 	 	—	  	 	 	231	  	 	 	145	  	 	 	237	  	 	 	12,849	  	 	 	(613	) 	 	 	13,040	  	
Operating income (loss)	 	 	46	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	(237	) 	 	 	3,995	  	 	 	—	  	 	 	3,804	  	
Other Income (Expense):	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Interest expense	 	 	(400	) 	 	 	(3	) 	 	 	(44	) 	 	 	(30	) 	 	 	(125	) 	 	 	(46	) 	 	 	—	  	 	 	(648	) 	
Investment income (loss), net	 	 	1	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	4	  	 	 	115	  	 	 	—	  	 	 	120	  	
Equity in net income (losses) of investees, net	 	 	2,222	  	 	 	1,908	  	 	 	1,774	  	 	 	1,554	  	 	 	1,171	  	 	 	836	  	 	 	(9,443	) 	 	 	22	  	
Other income (expense), net	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	7	  	 	 	(46	) 	 	 	—	  	 	 	(39	) 	
 	 	 	1,823	  	 	 	1,905	  	 	 	1,730	  	 	 	1,524	  	 	 	1,057	  	 	 	859	  	 	 	(9,443	) 	 	 	(545	) 	
Income (loss) before income taxes	 	 	1,869	  	 	 	1,905	  	 	 	1,730	  	 	 	1,524	  	 	 	820	  	 	 	4,854	  	 	 	(9,443	) 	 	 	3,259	  	
Income tax (expense) benefit	 	 	123	  	 	 	1	  	 	 	15	  	 	 	11	  	 	 	(6	) 	 	 	(1,378	) 	 	 	—	  	 	 	(1,234	) 	
Net income (loss)	 	 	1,992	  	 	 	1,906	  	 	 	1,745	  	 	 	1,535	  	 	 	814	  	 	 	3,476	  	 	 	(9,443	) 	 	 	2,025	  	
Net (income) loss attributable to noncontrolling interests and redeemable subsidiary preferred stock	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	(33	) 	 	 	—	  	 	 	(33	) 	
Net income (loss) attributable to Comcast Corporation	 	$	1,992	  	 	$	1,906	  	 	$	1,745	  	 	$	1,535	  	 	$	814	  	 	$	3,443	  	 	$	(9,443	) 	 	$	1,992	  	
Comprehensive income (loss) attributable to Comcast Corporation	 	$	1,945	  	 	$	1,912	  	 	$	1,744	  	 	$	1,535	  	 	$	832	  	 	$	3,401	  	 	$	(9,424	) 	 	$	1,945	  	
 
21

Table of Contents
Comcast Corporation
Condensed Consolidating Statement of Income
For the Three Months Ended June 30, 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	 	$	—	  	 	$	—	  	 	$	—	  	 	$	—	  	 	$	—	  	 	$	16,270	  	 	$	—	  	 	$	16,270	  	
Management fee revenue	 	 	225	  	 	 	—	  	 	 	219	  	 	 	137	  	 	 	—	  	 	 	—	  	 	 	(581	) 	 	 	—	  	
 	 	 	225	  	 	 	—	  	 	 	219	  	 	 	137	  	 	 	—	  	 	 	16,270	  	 	 	(581	) 	 	 	16,270	  	
Costs and Expenses:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Programming and production	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	4,968	  	 	 	—	  	 	 	4,968	  	
Other operating and administrative	 	 	101	  	 	 	—	  	 	 	219	  	 	 	137	  	 	 	205	  	 	 	4,489	  	 	 	(581	) 	 	 	4,570	  	
Advertising, marketing and promotion	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	1,307	  	 	 	—	  	 	 	1,307	  	
Depreciation	 	 	8	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	1,575	  	 	 	—	  	 	 	1,583	  	
Amortization	 	 	2	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	405	  	 	 	—	  	 	 	407	  	
 	 	 	111	  	 	 	—	  	 	 	219	  	 	 	137	  	 	 	205	  	 	 	12,744	  	 	 	(581	) 	 	 	12,835	  	
Operating income (loss)	 	 	114	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	(205	) 	 	 	3,526	  	 	 	—	  	 	 	3,435	  	
Other Income (Expense):	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Interest expense	 	 	(383	) 	 	 	(2	) 	 	 	(46	) 	 	 	(33	) 	 	 	(123	) 	 	 	(49	) 	 	 	—	  	 	 	(636	) 	
Investment income (loss), net	 	 	1	  	 	 	6	  	 	 	—	  	 	 	—	  	 	 	5	  	 	 	1	  	 	 	—	  	 	 	13	  	
Equity in net income (losses) of investees, net	 	 	1,910	  	 	 	1,909	  	 	 	1,835	  	 	 	1,349	  	 	 	951	  	 	 	646	  	 	 	(8,577	) 	 	 	23	  	
Other income (expense), net	 	 	(1	) 	 	 	—	  	 	 	2	  	 	 	—	  	 	 	—	  	 	 	(44	) 	 	 	—	  	 	 	(43	) 	
 	 	 	1,527	  	 	 	1,913	  	 	 	1,791	  	 	 	1,316	  	 	 	833	  	 	 	554	  	 	 	(8,577	) 	 	 	(643	) 	
Income (loss) before income taxes	 	 	1,641	  	 	 	1,913	  	 	 	1,791	  	 	 	1,316	  	 	 	628	  	 	 	4,080	  	 	 	(8,577	) 	 	 	2,792	  	
Income tax (expense) benefit	 	 	93	  	 	 	(1	) 	 	 	16	  	 	 	12	  	 	 	(5	) 	 	 	(1,163	) 	 	 	—	  	 	 	(1,048	) 	
Net income (loss)	 	 	1,734	  	 	 	1,912	  	 	 	1,807	  	 	 	1,328	  	 	 	623	  	 	 	2,917	  	 	 	(8,577	) 	 	 	1,744	  	
Net (income) loss attributable to noncontrolling interests and redeemable subsidiary preferred stock	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	(10	) 	 	 	—	  	 	 	(10	) 	
Net income (loss) attributable to Comcast Corporation	 	$	1,734	  	 	$	1,912	  	 	$	1,807	  	 	$	1,328	  	 	$	623	  	 	$	2,907	  	 	$	(8,577	) 	 	$	1,734	  	
Comprehensive income (loss) attributable to Comcast Corporation	 	$	1,822	  	 	$	1,905	  	 	$	1,808	  	 	$	1,328	  	 	$	599	  	 	$	3,007	  	 	$	(8,647	) 	 	$	1,822	  	
 
22

Table of Contents
Comcast Corporation
Condensed Consolidating Statement of Income
For the Six Months Ended June 30, 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	 	$	—	  	 	$	—	  	 	$	—	  	 	$	—	  	 	$	—	  	 	$	34,252	  	 	$	—	  	 	$	34,252	  	
Management fee revenue	 	 	467	  	 	 	—	  	 	 	454	  	 	 	286	  	 	 	—	  	 	 	—	  	 	 	(1,207	) 	 	 	—	  	
 	 	 	467	  	 	 	—	  	 	 	454	  	 	 	286	  	 	 	—	  	 	 	34,252	  	 	 	(1,207	) 	 	 	34,252	  	
Costs and Expenses:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Programming and production	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	10,782	  	 	 	—	  	 	 	10,782	  	
Other operating and administrative	 	 	274	  	 	 	—	  	 	 	454	  	 	 	286	  	 	 	494	  	 	 	9,375	  	 	 	(1,207	) 	 	 	9,676	  	
Advertising, marketing and promotion	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	2,452	  	 	 	—	  	 	 	2,452	  	
Depreciation	 	 	15	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	3,153	  	 	 	—	  	 	 	3,168	  	
Amortization	 	 	3	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	799	  	 	 	—	  	 	 	802	  	
 	 	 	292	  	 	 	—	  	 	 	454	  	 	 	286	  	 	 	494	  	 	 	26,561	  	 	 	(1,207	) 	 	 	26,880	  	
Operating income (loss)	 	 	175	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	(494	) 	 	 	7,691	  	 	 	—	  	 	 	7,372	  	
Other Income (Expense):	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Interest expense	 	 	(787	) 	 	 	(6	) 	 	 	(89	) 	 	 	(59	) 	 	 	(249	) 	 	 	(100	) 	 	 	—	  	 	 	(1,290	) 	
Investment income (loss), net	 	 	2	  	 	 	3	  	 	 	—	  	 	 	—	  	 	 	5	  	 	 	223	  	 	 	—	  	 	 	233	  	
Equity in net income (losses) of investees, net	 	 	4,260	  	 	 	4,175	  	 	 	3,939	  	 	 	3,065	  	 	 	2,242	  	 	 	1,550	  	 	 	(19,177	) 	 	 	54	  	
Other income (expense), net	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	3	  	 	 	(57	) 	 	 	—	  	 	 	(54	) 	
 	 	 	3,475	  	 	 	4,172	  	 	 	3,850	  	 	 	3,006	  	 	 	2,001	  	 	 	1,616	  	 	 	(19,177	) 	 	 	(1,057	) 	
Income (loss) before income taxes	 	 	3,650	  	 	 	4,172	  	 	 	3,850	  	 	 	3,006	  	 	 	1,507	  	 	 	9,307	  	 	 	(19,177	) 	 	 	6,315	  	
Income tax (expense) benefit	 	 	213	  	 	 	1	  	 	 	31	  	 	 	21	  	 	 	(11	) 	 	 	(2,607	) 	 	 	—	  	 	 	(2,352	) 	
Net income (loss)	 	 	3,863	  	 	 	4,173	  	 	 	3,881	  	 	 	3,027	  	 	 	1,496	  	 	 	6,700	  	 	 	(19,177	) 	 	 	3,963	  	
Net (income) loss attributable to noncontrolling interests and redeemable subsidiary preferred stock	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	(100	) 	 	 	—	  	 	 	(100	) 	
Net income (loss) attributable to Comcast Corporation	 	$	3,863	  	 	$	4,173	  	 	$	3,881	  	 	$	3,027	  	 	$	1,496	  	 	$	6,600	  	 	$	(19,177	) 	 	$	3,863	  	
Comprehensive income (loss) attributable to Comcast Corporation	 	$	3,793	  	 	$	4,181	  	 	$	3,882	  	 	$	3,028	  	 	$	1,517	  	 	$	6,535	  	 	$	(19,143	) 	 	$	3,793	  	
 
23

Table of Contents
Comcast Corporation
Condensed Consolidating Statement of Income
For the Six Months Ended June 30, 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	 	$	—	  	 	$	—	  	 	$	—	  	 	$	—	  	 	$	—	  	 	$	31,580	  	 	$	—	  	 	$	31,580	  	
Management fee revenue	 	 	443	  	 	 	—	  	 	 	431	  	 	 	270	  	 	 	—	  	 	 	—	  	 	 	(1,144	) 	 	 	—	  	
 	 	 	443	  	 	 	—	  	 	 	431	  	 	 	270	  	 	 	—	  	 	 	31,580	  	 	 	(1,144	) 	 	 	31,580	  	
Costs and Expenses:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Programming and production	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	9,631	  	 	 	—	  	 	 	9,631	  	
Other operating and administrative	 	 	199	  	 	 	—	  	 	 	431	  	 	 	270	  	 	 	430	  	 	 	8,850	  	 	 	(1,144	) 	 	 	9,036	  	
Advertising, marketing and promotion	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	2,454	  	 	 	—	  	 	 	2,454	  	
Depreciation	 	 	15	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	3,134	  	 	 	—	  	 	 	3,149	  	
Amortization	 	 	3	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	805	  	 	 	—	  	 	 	808	  	
 	 	 	217	  	 	 	—	  	 	 	431	  	 	 	270	  	 	 	430	  	 	 	24,874	  	 	 	(1,144	) 	 	 	25,078	  	
Operating income (loss)	 	 	226	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	(430	) 	 	 	6,706	  	 	 	—	  	 	 	6,502	  	
Other Income (Expense):	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Interest expense	 	 	(759	) 	 	 	(5	) 	 	 	(124	) 	 	 	(66	) 	 	 	(243	) 	 	 	(92	) 	 	 	—	  	 	 	(1,289	) 	
Investment income (loss), net	 	 	2	  	 	 	3	  	 	 	—	  	 	 	—	  	 	 	1	  	 	 	79	  	 	 	—	  	 	 	85	  	
Equity in net income (losses) of investees, net	 	 	3,518	  	 	 	3,651	  	 	 	3,598	  	 	 	2,611	  	 	 	1,660	  	 	 	1,012	  	 	 	(16,016	) 	 	 	34	  	
Other income (expense), net	 	 	(2	) 	 	 	—	  	 	 	2	  	 	 	—	  	 	 	—	  	 	 	30	  	 	 	—	  	 	 	30	  	
 	 	 	2,759	  	 	 	3,649	  	 	 	3,476	  	 	 	2,545	  	 	 	1,418	  	 	 	1,029	  	 	 	(16,016	) 	 	 	(1,140	) 	
Income (loss) before income taxes	 	 	2,985	  	 	 	3,649	  	 	 	3,476	  	 	 	2,545	  	 	 	988	  	 	 	7,735	  	 	 	(16,016	) 	 	 	5,362	  	
Income tax (expense) benefit	 	 	186	  	 	 	1	  	 	 	43	  	 	 	23	  	 	 	(10	) 	 	 	(2,216	) 	 	 	—	  	 	 	(1,973	) 	
Net income (loss)	 	 	3,171	  	 	 	3,650	  	 	 	3,519	  	 	 	2,568	  	 	 	978	  	 	 	5,519	  	 	 	(16,016	) 	 	 	3,389	  	
Net (income) loss attributable to noncontrolling interests and redeemable subsidiary preferred stock	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	(218	) 	 	 	—	  	 	 	(218	) 	
Net income (loss) attributable to Comcast Corporation	 	$	3,171	  	 	$	3,650	  	 	$	3,519	  	 	$	2,568	  	 	$	978	  	 	$	5,301	  	 	$	(16,016	) 	 	$	3,171	  	
Comprehensive income (loss) attributable to Comcast Corporation	 	$	3,259	  	 	$	3,643	  	 	$	3,522	  	 	$	2,568	  	 	$	932	  	 	$	5,414	  	 	$	(16,079	) 	 	$	3,259	  	
 
24

Table of Contents
Comcast Corporation
Condensed Consolidating Statement of Cash Flows
For the Six Months Ended June 30, 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	 	$	(147	) 	 	$	12	  	 	$	(43	) 	 	$	(41	) 	 	$	(711	) 	 	$	8,477	  	 	$	 —	  	 	$	7,547	  	
Investing Activities	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net transactions with affiliates	 	 	2,674	  	 	 	(12	) 	 	 	43	  	 	 	41	  	 	 	1,583	  	 	 	(4,329	) 	 	 	—	  	 	 	—	  	
Capital expenditures	 	 	(4	) 	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	(3,242	) 	 	 	—	  	 	 	(3,246	) 	
Cash paid for intangible assets	 	 	(2	) 	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	(475	) 	 	 	—	  	 	 	(477	) 	
Acquisitions and construction of real estate properties	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	(10	) 	 	 	—	  	 	 	(10	) 	
Acquisitions, net of cash acquired	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	(406	) 	 	 	—	  	 	 	(406	) 	
Proceeds from sales of businesses and investments	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	2	  	 	 	479	  	 	 	—	  	 	 	481	  	
Return of capital from investees	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	6	  	 	 	—	  	 	 	6	  	
Purchases of investments	 	 	(10	) 	 	 	—	  	 	 	—	  	 	 	—	  	 	 	(6	) 	 	 	(61	) 	 	 	—	  	 	 	(77	) 	
Other	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	4	  	 	 	(163	) 	 	 	—	  	 	 	(159	) 	
Net cash provided by (used in) investing activities	 	 	2,658	  	 	 	(12	) 	 	 	43	  	 	 	41	  	 	 	1,583	  	 	 	(8,201	) 	 	 	—	  	 	 	(3,888	) 	
Financing Activities	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Proceeds from (repayments of) short-term borrowings, net	 	 	(1,350	) 	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	1,007	  	 	 	—	  	 	 	(343	) 	
Proceeds from borrowings	 	 	2,184	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	3	  	 	 	—	  	 	 	2,187	  	
Repurchases and repayments of debt	 	 	(1,000	) 	 	 	—	  	 	 	—	  	 	 	—	  	 	 	(901	) 	 	 	(1,262	) 	 	 	—	  	 	 	(3,163	) 	
Repurchases and retirements of common stock	 	 	(1,500	) 	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	(1,500	) 	
Dividends paid	 	 	(1,092	) 	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	(1,092	) 	
Issuances of common stock	 	 	29	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	29	  	
Distributions to noncontrolling interests and dividends for redeemable subsidiary preferred stock	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	(117	) 	 	 	—	  	 	 	(117	) 	
Other	 	 	218	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	(67	) 	 	 	—	  	 	 	151	  	
Net cash provided by (used in) financing activities	 	 	(2,511	) 	 	 	—	  	 	 	—	  	 	 	—	  	 	 	(901	) 	 	 	(436	) 	 	 	—	  	 	 	(3,848	) 	
Increase (decrease) in cash and cash equivalents	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	(29	) 	 	 	(160	) 	 	 	—	  	 	 	(189	) 	
Cash and cash equivalents, beginning of period	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	336	  	 	 	1,382	  	 	 	—	  	 	 	1,718	  	
Cash and cash equivalents, end of period	 	$	—	  	 	$	—	  	 	$	—	  	 	$	—	  	 	$	307	  	 	$	1,222	  	 	$	—	  	 	$	1,529	  	
 
25

Table of Contents
Comcast Corporation
Condensed Consolidating Statement of Cash Flows
For the Six Months Ended June 30, 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	 	$	(181	) 	 	$	(8	) 	 	$	(120	) 	 	$	(47	) 	 	$	(582	) 	 	$	8,623	  	 	$	 —	  	 	$	7,685	  	
Investing Activities	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net transactions with affiliates	 	 	(1,301	) 	 	 	8	  	 	 	2,217	  	 	 	47	  	 	 	(984	) 	 	 	13	  	 	 	—	  	 	 	—	  	
Capital expenditures	 	 	(2	) 	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	(2,865	) 	 	 	—	  	 	 	(2,867	) 	
Cash paid for intangible assets	 	 	(1	) 	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	(443	) 	 	 	—	  	 	 	(444	) 	
Acquisitions and construction of real estate properties	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	(1,311	) 	 	 	—	  	 	 	(1,311	) 	
Acquisitions, net of cash acquired	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	(22	) 	 	 	—	  	 	 	(22	) 	
Proceeds from sales of businesses and investments	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	91	  	 	 	—	  	 	 	91	  	
Return of capital from investees	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	128	  	 	 	18	  	 	 	—	  	 	 	146	  	
Purchases of investments	 	 	(8	) 	 	 	—	  	 	 	—	  	 	 	—	  	 	 	(2	) 	 	 	(631	) 	 	 	—	  	 	 	(641	) 	
Other	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	(10	) 	 	 	98	  	 	 	—	  	 	 	88	  	
Net cash provided by (used in) investing activities	 	 	(1,312	) 	 	 	8	  	 	 	2,217	  	 	 	47	  	 	 	(868	) 	 	 	(5,052	) 	 	 	—	  	 	 	(4,960	) 	
Financing Activities	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Proceeds from (repayments of) short-term borrowings, net	 	 	350	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	(2	) 	 	 	—	  	 	 	348	  	
Proceeds from borrowings	 	 	2,933	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	2,933	  	
Repurchases and repayments of debt	 	 	—	  	 	 	—	  	 	 	(2,097	) 	 	 	—	  	 	 	(88	) 	 	 	(10	) 	 	 	—	  	 	 	(2,195	) 	
Repurchases and retirements of common stock	 	 	(1,000	) 	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	(1,000	) 	
Dividends paid	 	 	(942	) 	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	(942	) 	
Issuances of common stock	 	 	24	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	24	  	
Purchase of NBCUniversal noncontrolling common equity interest	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	(3,200	) 	 	 	(7,561	) 	 	 	—	  	 	 	(10,761	) 	
Distributions to noncontrolling interests and dividends for redeemable subsidiary preferred stock	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	(116	) 	 	 	—	  	 	 	(116	) 	
Settlement of Station Venture liability	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	(602	) 	 	 	—	  	 	 	(602	) 	
Other	 	 	128	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	(40	) 	 	 	(64	) 	 	 	—	  	 	 	24	  	
Net cash provided by (used in) financing activities	 	 	1,493	  	 	 	—	  	 	 	(2,097	) 	 	 	—	  	 	 	(3,328	) 	 	 	(8,355	) 	 	 	—	  	 	 	(12,287	) 	
Increase (decrease) in cash and cash equivalents	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	(4,778	) 	 	 	(4,784	) 	 	 	—	  	 	 	(9,562	) 	
Cash and cash equivalents, beginning of period	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	5,129	  	 	 	5,822	  	 	 	—	  	 	 	10,951	  	
Cash and cash equivalents, end of period	 	$	—	  	 	$	 —	  	 	$	—	  	 	$	—	  	 	$	351	  	 	$	1,038	  	 	$	—	  	 	$	1,389	  	
 
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ITEM 2: MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Overview
We are a global media and technology company with two primary businesses, Comcast Cable and NBCUniversal. We present our operations for Comcast Cable in one reportable business segment, referred to as Cable Communications, and our operations for NBCUniversal in four reportable business segments.
Cable Communications Segment
Comcast Cable is the nation’s largest provider of video, high-speed Internet and voice services (“cable services”) to residential customers under the XFINITY brand, and we also provide similar and other services to small and medium-sized businesses. As of June 30, 2014, our cable systems served 22.5 million video customers, 21.3 million high-speed Internet customers and 11.0 million voice customers and passed more than 54 million homes and businesses. Our Cable Communications segment generates revenue primarily from subscriptions to our cable services, which we market individually and in packages, and from the sale of advertising. During the six months ended June 30, 2014, our Cable Communications segment generated 64% of our consolidated revenue and 79% of our operating income before depreciation and amortization.
NBCUniversal Segments
NBCUniversal is one of the world’s leading media and entertainment companies that develops, produces and distributes entertainment, news and information, sports, and other content for global audiences. The Cable Networks, Broadcast Television, Filmed Entertainment and Theme Parks segments comprise the NBCUniversal businesses and are collectively referred to as the “NBCUniversal segments.”
Cable Networks
Our Cable Networks segment consists primarily of a diversified portfolio of cable television networks. Our cable networks are comprised of our national cable networks, which provide a variety of entertainment, news and information, and sports content, our regional sports networks, various international cable networks, and our cable television production operations. Our Cable Networks segment generates revenue primarily from the distribution of our cable network programming to multichannel video providers, from the sale of advertising on our cable networks and related digital media properties, and from the licensing of our owned programming.
Broadcast Television
Our Broadcast Television segment consists primarily of the NBC and Telemundo broadcast networks, our NBC and Telemundo owned local broadcast television stations, and our broadcast television production operations. Our Broadcast Television segment generates revenue primarily from the sale of advertising on our broadcast networks, owned local broadcast television stations and related digital media properties, from the licensing of our owned programming, and from fees received under retransmission consent agreements.
Filmed Entertainment
Our Filmed Entertainment segment primarily produces, acquires, markets and distributes filmed entertainment worldwide. We also develop, produce and license live stage plays. Our Filmed Entertainment segment generates revenue primarily from the worldwide distribution of our owned and acquired films for exhibition in movie theaters, from the licensing of our owned and acquired films through various distribution platforms, and from the sale of our owned and acquired films on standard-definition video discs and Blu-ray discs (together, “DVDs”) and through digital distributors. Our Filmed Entertainment segment also generates revenue from producing and licensing live stage plays, from distributing filmed entertainment produced by third parties, and from various digital media properties.
Theme Parks
Our Theme Parks segment consists primarily of our Universal theme parks in Orlando and Hollywood. Our Theme Parks segment generates revenue primarily from theme park attendance and per capita spending. Per
 
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capita spending includes ticket price and in-park spending on food, beverages and merchandise. We also receive fees from third parties that own and operate Universal Studios Japan and Universal Studios Singapore for intellectual property licenses and other services.
Other
Our other business interests primarily include Comcast-Spectacor, which owns the Philadelphia Flyers and the Wells Fargo Center arena in Philadelphia and operates arena management-related businesses.
Significant Developments
The following are the more significant developments in our businesses during the six months ended June 30, 2014:
 
 	•	 	the entry into an agreement with Time Warner Cable Inc. (“Time Warner Cable”) to acquire 100% of Time Warner Cable’s outstanding shares; see “Time Warner Cable Merger” below for additional information	 	
 
 	•	 	the entry into a transactions agreement with Charter Communications, Inc. (“Charter”) to divest cable systems that would result in a net disposition of approximately 3.9 million video customers; see “Divestiture Transactions” below for additional information	 	
 
 	•	 	the agreement of the International Olympic Committee to extend NBCUniversal’s broadcast rights of the Olympic Games from 2022 through 2032 for $7.75 billion	 	
Time Warner Cable Merger
On February 12, 2014, we entered into an agreement and plan of merger (the “merger agreement”) with Time Warner Cable. As a result of the merger agreement, we will acquire 100% of Time Warner Cable’s outstanding shares of common stock in exchange for shares of our Class A common stock (the “Time Warner Cable merger”). Time Warner Cable stockholders will receive, in exchange for each share of Time Warner Cable common stock owned immediately prior to the Time Warner Cable merger, 2.875 shares of our Class A common stock. Time Warner Cable stockholders will then own approximately 23% of our common stock, an estimate based on the number of shares outstanding as of the date of the merger agreement. Because the exchange ratio was fixed at the time of the merger agreement and the market value of our Class A common stock will continue to fluctuate, the number of shares of Class A common stock to be issued and the total value of the consideration exchanged will not be determinable until the closing date. Following the close of the Time Warner Cable merger, Time Warner Cable will be our wholly owned subsidiary. The Time Warner Cable merger remains subject to shareholder approval at both companies, regulatory review and other customary conditions. It is reasonably possible that the Time Warner Cable merger will close by the end of 2014.
Divestiture Transactions
The terms of the merger agreement contemplate that we are prepared to divest systems serving up to approximately 3 million video customers of the combined company to reduce competitive concerns. As a result of this commitment, on April 25, 2014, we entered into a transactions agreement with Charter Communications, Inc. (“Charter”) that, if consummated, would satisfy our divestiture undertaking. Under the transactions agreement, following the close of the Time Warner Cable merger and subject to various conditions, we would divest cable systems resulting in a net disposition of approximately 3.9 million video customers through three transactions: (1) a spin-off of cable systems serving approximately 2.5 million of our video customers (the “spin-off transaction”) into a newly formed public entity (“SpinCo”), (2) an exchange of cable systems serving approximately 1.5 million Time Warner Cable video customers for cable systems serving approximately 1.7 million Charter video customers, and (3) a sale to Charter of cable systems serving approximately 1.5 million Time Warner Cable video customers for cash (collectively, the “divestiture transactions”).
In connection with the spin-off transaction and prior to the spin-off, it is expected that SpinCo will incur new debt to fund a distribution to us in the form of cash and notes, which will enable us to retire a portion of our debt. In the spin-off transaction, we will distribute common stock of SpinCo pro rata to the holders of all of our outstanding common stock, including the former Time Warner Cable stockholders who continue to hold shares
 
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through the record date of the spin-off transaction. After the spin-off transaction, a newly formed, wholly owned indirect subsidiary of Charter will merge with and into Charter with the effect that all shares of Charter will be converted into shares of a new holding company, which will survive as the publicly traded parent company of Charter (“New Charter”). New Charter will then acquire an interest in SpinCo by issuing New Charter stock in exchange for a portion of the outstanding SpinCo stock, following which Comcast shareholders, including the former Time Warner Cable stockholders, are expected to own approximately 67% of SpinCo and New Charter is expected to own approximately 33% of SpinCo.
The close of the divestiture transactions is subject to the completion of the Time Warner Cable merger, Charter stockholder approval, completion of the SpinCo financing transactions, regulatory approvals and other customary conditions. The Time Warner Cable merger and the divestiture transactions are subject to separate conditions, and the Time Warner Cable merger can be completed regardless of whether the divestiture transactions are ultimately completed.
Competition
The results of operations of our reportable business segments are affected by competition, as all of our businesses operate in competitive, consumer-driven and rapidly changing environments and compete with a growing number of companies that provide a broad range of communications products and services and entertainment, news and information content to consumers. Additionally, there continue to be new companies with significant financial resources that potentially may compete on a larger scale with our cable services, as well as with our cable and broadcast networks and filmed entertainment businesses.
Competition for the cable services we offer consists primarily of direct broadcast satellite (“DBS”) providers, which have a national footprint and compete in all our service areas, and phone companies, which overlap almost 50% of our service areas and are continuing to expand their fiber-based networks. We also compete with other providers of traditional cable services. All of these companies typically offer features, pricing and packaging for services comparable to our cable services.
Each of NBCUniversal’s businesses also faces substantial and increasing competition from providers of similar types of content, as well as from other forms of entertainment and recreational activities. NBCUniversal also must compete to obtain talent, programming and other resources required in operating these businesses.
Technological changes are further intensifying and complicating the competitive landscape for all of our businesses by challenging existing business models and affecting consumer behavior. Newer services and devices that enable online digital distribution of movies, television shows, and other cable and broadcast video programming continue to gain consumer acceptance and evolve, including some services that charge a nominal or no fee for such programming. These services and devices may potentially negatively affect demand for our video services, as well as demand for our cable network, broadcast television and filmed entertainment content, as the number of entertainment choices available to consumers increases and as video programming is more reliably delivered over the Internet and more easily viewed via the Internet on televisions. Wireless services and devices also continue to evolve that allow consumers to access information, entertainment and communication services, which could negatively impact demand for our cable services, including for our voice services as people substitute mobile phones for landline phones. In addition, delayed viewing and advertising skipping have become more common as the penetration of digital video recorders (“DVRs”) and similar products has increased and as content has become increasingly available via video-on-demand services and Internet sources, which may have a negative impact on our advertising revenue.
In our Cable Communications segment, we believe that adding more content and delivering it on an increasing variety of platforms will assist in attracting and retaining customers for our cable services. We are also launching new technology initiatives, such as our X1 platform, Cloud DVR and deploying new wireless gateway devices, to further enhance our video and high-speed Internet services. In our NBCUniversal segments, to compete for consumers of our content and for customers at our theme parks, we have invested, and will continue to invest, substantial amounts in acquiring content and producing original content for our cable networks and broadcast television networks, including the acquisition of sports rights, and will continue to invest in our film productions and in the development of new theme park attractions.
 
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Seasonality and Cyclicality
Each of our businesses is subject to seasonal and cyclical variations. In our Cable Communications segment, our results are impacted by the seasonal nature of customers receiving our cable services in college and vacation markets. This generally results in a reduction in net customer additions in the second calendar quarter and an increase in net customer additions in the third and fourth quarters of each year.
Revenue in our Cable Communications, Cable Networks and Broadcast Television segments is subject to cyclicality, with a benefit in even-numbered years from advertising related to candidates running for political office and issue-oriented advertising. Our Cable Networks and Broadcast Television segments revenue and operating costs and expenses are also cyclical as a result of our periodic broadcasts of the Olympic Games and the Super Bowl. Our advertising revenue generally increases in the period of these broadcasts from increased demand for advertising time, and our operating costs and expenses also increase as a result of our production costs and the amortization of the related rights fees.
Revenue in our Filmed Entertainment segment fluctuates due to the timing of the release of films in movie theaters and the release of our films on DVD and through digital distributors. Release dates are determined by several factors, including competition and the timing of vacation and holiday periods. As a result, revenue tends to be seasonal, with increases experienced each year during the summer months and around the holidays. Revenue in our Cable Networks and Broadcast Television segments fluctuates depending on the timing of when our programming is aired on television, which typically results in higher advertising revenue in the second and fourth calendar quarter of each year. Revenue in our Cable Networks, Broadcast Television and Filmed Entertainment segments also fluctuates due to the timing of when our owned content is made available to licensees.
Revenue in our Theme Parks segment fluctuates with changes in theme park attendance that result from the seasonal nature of vacation travel, local entertainment offerings and seasonal weather variations. Our theme parks generally experience peak attendance during the summer months when schools are closed and during early winter and spring holiday periods.
Consolidated Operating Results

 	 	Three Months Ended
June 30	 	 	Increase/
(Decrease)	 	 	Six Months Ended
June 30	 	 	Increase/
(Decrease)	 	
(in millions)	 	    2014    	 	 	    2013    	 	 	  	 	 	    2014    	 	 	    2013    	 	 	  	 	
Revenue	 	$	16,844	  	 	$	16,270	  	 	 	3.5	% 	 	$	34,252	  	 	$	31,580	  	 	 	8.5	% 	
Costs and Expenses:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Programming and production	 	 	4,874	  	 	 	4,968	  	 	 	(1.9	) 	 	 	10,782	  	 	 	9,631	  	 	 	12.0	  	
Other operating and administrative	 	 	4,924	  	 	 	4,570	  	 	 	7.8	  	 	 	9,676	  	 	 	9,036	  	 	 	7.1	  	
Advertising, marketing and promotion	 	 	1,242	  	 	 	1,307	  	 	 	(5.0	) 	 	 	2,452	  	 	 	2,454	  	 	 	(0.1	) 	
Depreciation	 	 	1,599	  	 	 	1,583	  	 	 	0.9	  	 	 	3,168	  	 	 	3,149	  	 	 	0.6	  	
Amortization	 	 	401	  	 	 	407	  	 	 	(1.2	) 	 	 	802	  	 	 	808	  	 	 	(0.7	) 	
Operating income	 	 	3,804	  	 	 	3,435	  	 	 	10.7	  	 	 	7,372	  	 	 	6,502	  	 	 	13.4	  	
Other income (expense) items, net	 	 	(545	) 	 	 	(643	) 	 	 	(15.3	) 	 	 	(1,057	) 	 	 	(1,140	) 	 	 	(7.3	) 	
Income before income taxes	 	 	3,259	  	 	 	2,792	  	 	 	16.8	  	 	 	6,315	  	 	 	5,362	  	 	 	17.8	  	
Income tax expense	 	 	(1,234	) 	 	 	(1,048	) 	 	 	17.8	  	 	 	(2,352	) 	 	 	(1,973	) 	 	 	19.2	  	
Net income	 	 	2,025	  	 	 	1,744	  	 	 	16.1	  	 	 	3,963	  	 	 	3,389	  	 	 	17.0	  	
Net (income) loss attributable to noncontrolling interests and redeemable subsidiary preferred stock	 	 	(33	) 	 	 	(10	) 	 	 	261.0	  	 	 	(100	) 	 	 	(218	) 	 	 	(53.9	) 	
Net income attributable to Comcast Corporation	 	$	1,992	  	 	$	1,734	  	 	 	14.8	% 	 	$	3,863	  	 	$	3,171	  	 	 	21.8	% 	
All percentages are calculated based on actual amounts. Minor differences may exist due to rounding.
Percentage changes that are considered not meaningful are denoted with NM.
Consolidated Revenue
Our Cable Communications, Cable Networks, Broadcast Television and Theme Parks segments as well as our other businesses accounted for the increase in consolidated revenue for the three and six months ended
 
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June 30, 2014. Excluding $1.1 billion of revenue associated with the broadcast of the 2014 Sochi Olympics in February 2014, consolidated revenue increased 5.0% for the six months ended June 30, 2014. Revenue for our Cable Communications and NBCUniversal segments is discussed separately below under the heading “Segment Operating Results.” Revenue for our other businesses is discussed separately below under the heading “Corporate and Other Results of Operations.”
Consolidated Costs and Expenses
Our Cable Communications, Cable Networks, Broadcast Television and Theme Parks segments accounted for substantially all of the increase in consolidated costs and expenses, excluding depreciation and amortization (“operating costs and expenses”) for the three and six months ended June 30, 2014. Operating costs and expenses for our Cable Communications and NBCUniversal segments are discussed separately below under the heading “Segment Operating Results.”
Our Corporate and Other operating costs and expenses includes transaction-related costs associated with the Time Warner Cable merger and the divestiture transactions of $44 million and $61 million for the three and six months ended June 30, 2014, respectively. Operating costs and expenses for our corporate and other businesses are discussed separately below under the heading “Corporate and Other Results of Operations.”
Consolidated depreciation and amortization remained flat for the three and six months ended June 30, 2014 compared to the same periods in 2013.
Segment Operating Results
Our segment operating results are presented based on how we assess operating performance and internally report financial information. We use operating income (loss) before depreciation and amortization, excluding impairment charges related to fixed and intangible assets and gains or losses on the sale of assets, if any, as the measure of profit or loss for our operating segments. This measure eliminates the significant level of noncash depreciation and amortization expense that results from the capital-intensive nature of certain of our businesses and from intangible assets recognized in business combinations. Additionally, it is unaffected by our capital structure or investment activities. We use this measure to evaluate our consolidated operating performance and the operating performance of our operating segments and to allocate resources and capital to our operating segments. It is also a significant performance measure in our annual incentive compensation programs. We believe that this measure is useful to investors because it is one of the bases for comparing our operating performance with that of other companies in our industries, although our measure may not be directly comparable to similar measures used by other companies. Because we use operating income (loss) before depreciation and amortization to measure our segment profit or loss, we reconcile it to operating income, the most directly comparable financial measure calculated and presented in accordance with generally accepted accounting principles in the United States of America (“GAAP”), in the business segment footnote to our condensed consolidated financial statements (see Note 12 to Comcast’s condensed consolidated financial statements and Note 10 to NBCUniversal’s condensed consolidated financial statements). This measure should not be considered a substitute for operating income (loss), net income (loss) attributable to Comcast Corporation or NBCUniversal, net cash provided by operating activities, or other measures of performance or liquidity we have reported in accordance with GAAP.
Beginning in 2014, Fandango, our movie ticketing and entertainment business that was previously presented in our Cable Networks segment, is now presented in the Filmed Entertainment segment to reflect the change in our management reporting presentation. Due to immateriality, prior period amounts have not been adjusted.
 
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Cable Communications Segment Results of Operations

 	 	Three Months Ended
June 30	 	  	Increase/
(Decrease)	 	
(in millions)	 	    2014    	 	  	    2013    	 	  	$	 	  	%	 	
Revenue	 	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Residential:	 	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Video	 	$	5,239	  	  	$	5,175	  	  	$	64	  	  	 	1.2	% 	
High-speed Internet	 	 	2,819	  	  	 	2,569	  	  	 	250	  	  	 	9.7	  	
Voice	 	 	922	  	  	 	910	  	  	 	12	  	  	 	1.3	  	
Business services	 	 	965	  	  	 	788	  	  	 	177	  	  	 	22.4	  	
Advertising	 	 	599	  	  	 	558	  	  	 	41	  	  	 	7.5	  	
Other	 	 	485	  	  	 	467	  	  	 	18	  	  	 	3.9	  	
Total revenue	 	 	11,029	  	  	 	10,467	  	  	 	562	  	  	 	5.4	  	
Operating costs and expenses	 	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Programming	 	 	2,433	  	  	 	2,280	  	  	 	153	  	  	 	6.7	  	
Technical and product support	 	 	1,365	  	  	 	1,330	  	  	 	35	  	  	 	2.7	  	
Customer service	 	 	544	  	  	 	517	  	  	 	27	  	  	 	5.2	  	
Franchise and other regulatory fees	 	 	325	  	  	 	311	  	  	 	14	  	  	 	4.7	  	
Advertising, marketing and promotion	 	 	781	  	  	 	724	  	  	 	57	  	  	 	8.0	  	
Other	 	 	1,017	  	  	 	970	  	  	 	47	  	  	 	4.7	  	
Total operating costs and expenses	 	 	6,465	  	  	 	6,132	  	  	 	333	  	  	 	5.4	  	
Operating income before depreciation and amortization	 	$	4,564	  	  	$	4,335	  	  	$	229	  	  	 	5.3	% 	

 	 	Six Months Ended
June 30	 	  	Increase/
(Decrease)	 	
(in millions)	 	2014	 	  	2013	 	  	$	 	  	%	 	
Revenue	 	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Residential:	 	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Video	 	$	10,417	  	  	$	10,288	  	  	$	129	  	  	 	1.3	% 	
High-speed Internet	 	 	5,569	  	  	 	5,092	  	  	 	477	  	  	 	9.4	  	
Voice	 	 	1,842	  	  	 	1,810	  	  	 	32	  	  	 	1.7	  	
Business services	 	 	1,882	  	  	 	1,529	  	  	 	353	  	  	 	23.1	  	
Advertising	 	 	1,118	  	  	 	1,046	  	  	 	72	  	  	 	6.9	  	
Other	 	 	958	  	  	 	919	  	  	 	39	  	  	 	4.4	  	
Total revenue	 	 	21,786	  	  	 	20,684	  	  	 	1,102	  	  	 	5.3	  	
Operating costs and expenses	 	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Programming	 	 	4,885	  	  	 	4,533	  	  	 	352	  	  	 	7.8	  	
Technical and product support	 	 	2,742	  	  	 	2,650	  	  	 	92	  	  	 	3.5	  	
Customer service	 	 	1,092	  	  	 	1,038	  	  	 	54	  	  	 	5.2	  	
Franchise and other regulatory fees	 	 	646	  	  	 	619	  	  	 	27	  	  	 	4.4	  	
Advertising, marketing and promotion	 	 	1,485	  	  	 	1,393	  	  	 	92	  	  	 	6.7	  	
Other	 	 	1,972	  	  	 	1,897	  	  	 	75	  	  	 	3.9	  	
Total operating costs and expenses	 	 	12,822	  	  	 	12,130	  	  	 	692	  	  	 	5.7	  	
Operating income before depreciation and amortization	 	$	8,964	  	  	$	8,554	  	  	$	410	  	  	 	4.8	% 	
 
Beginning in 2014, our Cable Communications segment revised its methodology for counting customers related to how we count and report customers who reside in multiple dwelling units (“MDUs”) that are billed under bulk contracts (the “billable customers method”). For MDUs whose residents have the ability to receive additional cable services, such as additional programming choices or our high-definition (“HD”) or DVR services, we now count and report customers based on the number of potential billable relationships within each MDU. For MDUs whose residents are not able to receive additional cable services, the MDU is now counted as a single customer. Previously, we had counted and reported these customers on an equivalent billing unit basis by dividing monthly revenue received under an MDU’s bulk contract by the standard monthly residential rate where the MDU was
 
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located (the “EBU method”). We believe the billable customers method is consistent with the methodology used by other companies in our industry, including Time Warner Cable, to count and report customers.
The tables below present customer metrics using the billable customers method. Because the differences in the number of customers using the billable customers method and the EBU method for high-speed Internet and voice customers were not material, high-speed Internet and voice customers metrics as of and for the three and six months ended June 30, 2013 are presented using the EBU method.
Customer Metrics—Billable Customers Method

 	 	Total Customers	 	  	  	  	Net Additional Customers	 	
 	 	June 30	 	  	June 30	 	  	 	  	Three Months Ended
June 30	 	 	Six Months Ended
June 30	 	
(in thousands)	 	    2014    	 	  	    2013    	 	  	  	  	    2014    	 	 	    2013    	 	 	    2014    	 	 	    2013    	 	
Video customers	 	 	22,457	  	  	 	22,658	  	  	 	  	 	(144	) 	 	 	(162	) 	 	 	(120	) 	 	 	(187	) 	
High-speed Internet customers	 	 	21,271	  	  	 	19,986	  	  	 	  	 	203	  	 	 	187	  	 	 	587	  	 	 	620	  	
Voice customers	 	 	11,003	  	  	 	10,327	  	  	 	  	 	137	  	 	 	161	  	 	 	279	  	 	 	372	  	
Total customer relationships	 	 	26,775	  	  	 	26,529	  	  	 	  	 	(25	) 	 	 	 	 	 	 	99	  	 	 	 	 	
Single product customers	 	 	8,510	  	  	 	9,044	  	  	 	  	 	(95	) 	 	 	 	 	 	 	(242	) 	 	 	 	 	
Double product customers	 	 	8,574	  	  	 	8,505	  	  	 	  	 	(82	) 	 	 	 	 	 	 	34	  	 	 	 	 	
Triple product customers	 	 	9,691	  	  	 	8,980	  	  	 	  	 	152	  	 	 	 	 	 	 	307	  	 	 	 	 	
Customer data includes residential and business customers. Customer relationships represent the number of residential and business customers that subscribe to at least one of our cable services and are presented based on actual amounts. Single product, double product and triple product customers represent customers that subscribe to one, two or three of our cable services, respectively.
Cable Communications Segment—Revenue
Our Cable Communications segment leverages our existing cable distribution system to grow revenue by, among other things, adding new customers, encouraging existing customers to add additional or higher-tier services, and growing other services such as our business services offerings and our home security and automation services. We offer our cable services in bundles and often provide promotional incentives. We seek to balance promotional offers and rate increases with their expected effects on the number of customers and overall revenue.
Video
Video revenue increased 1.2% and 1.3% for the three and six months ended June 30, 2014, respectively, compared to the same periods in 2013. An increase in the number of customers receiving additional and higher levels of video service and rate adjustments accounted for increases in revenue of 2.6% and 2.8% for the three and six months ended June 30, 2014, respectively. As of June 30, 2014, the number of customers who subscribed to our advanced services, which are HD and DVR services, increased 5.0% to 12.7 million customers compared to the same period in 2013. The increases in revenue in both periods were partially offset by fewer residential video customers compared to the prior year periods. These decreases in the number of residential video customers were primarily due to competitive pressures in our service areas from phone and direct broadcast satellite competitors and the impact of rate adjustments. We may experience further declines in the number of residential video customers.
High-Speed Internet
High-speed Internet revenue increased 9.7% and 9.4% for the three and six months ended June 30, 2014, respectively, compared to the same periods in 2013. An increase in the number of residential customers receiving our high-speed Internet service accounted for increases in revenue of 5.8% and 6.0% for the three and six months ended June 30, 2014, respectively. The remaining increases in revenue for the three and six months ended June 30, 2014 were primarily due to higher rates from customers receiving higher levels of service and rate adjustments. Our customer base continues to grow as consumers choose our high-speed Internet service and seek higher-speed offerings.
 
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Voice
Voice revenue increased 1.3% and 1.7% for the three and six months ended June 30, 2014, respectively, compared to the same periods in 2013. An increase in the number of residential customers receiving our voice service through our discounted bundled offerings accounted for increases in revenue of 5.8% and 6.2% for the three and six months ended June 30, 2014, respectively. These increases in both periods were partially offset by the impact of the allocation of voice revenue for our bundled customers because revenue attributable to voice services represents a lower proportion of the bundled rate. The amounts allocated to voice revenue in the bundled rate have decreased because video and high-speed Internet rates have increased, while voice rates have remained relatively flat.
Business Services
Business services revenue increased 22.4% and 23.1% for the three and six months ended June 30, 2014, respectively, compared to the same periods in 2013. The increases were primarily due to a higher number of small business customers receiving our cable services. The remaining increases in both periods were primarily due to continued growth in the number of medium-sized business customers receiving our other services, such as Ethernet network and cellular backhaul services. During the three and six months ended June 30, 2014, revenue from our medium-sized business customers represented 22% and 21%, respectively, of total business services revenue. We believe the increase in business customers is primarily the result of our efforts to gain market share from competitors by offering competitive services and pricing.
Advertising
Advertising revenue increased 7.5% and 6.9% for the three and six months ended June 30, 2014, respectively, compared to the same periods in 2013 primarily due to increases in political advertising revenue, as well as increases in revenue in our core national and local advertising markets.
Other
Other revenue increased 3.9% and 4.4% for the three and six months ended June 30, 2014, respectively, compared to the same periods in 2013 primarily due to increases in franchise and other regulatory fees and in revenue from other services, including our home security and automation services.
Cable Communications Segment—Operating Costs and Expenses
Our most significant operating cost is the programming expense we incur to provide content to our video customers. We anticipate that our programming expenses will continue to increase. We have and will continue to attempt to offset increases in programming expenses through rate increases and the sale of additional video and other services, as well as by achieving operating efficiencies.
Programming costs increased for the three and six months ended June 30, 2014 compared to the same periods in 2013 primarily due to increases in programming license fees, including retransmission consent fees and sports programming costs, and fees to secure rights for additional programming for our customers across an increasing number of platforms.
Technical and product support expenses increased for the three and six months ended June 30, 2014 compared to the same periods in 2013 primarily due to expenses related to customer fulfillment activities, expenses related to the development, delivery and support of our products and services and the continued growth in our products, including our X1 platform, Cloud DVR technology and wireless gateways. Technical and product support expenses also increased for the six months ended June 30, 2014 due to weather-related expenses.
Customer service expenses increased for the three and six months ended June 30, 2014 compared to the same periods in 2013 primarily due to increases in total labor costs associated with increases in customer service activity. The increases in customer service activity were primarily due to sales and related support activity associated with the continued deployment of enhanced services and devices, primarily our X1 platform, Cloud DVR technology, wireless gateways, home security and automation services, and continued growth in business services.
Franchise and other regulatory fees increased for the three and six months ended June 30, 2014 compared to the same periods in 2013 primarily due to increases in residential and business services revenue.
 
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Advertising, marketing and promotion expenses increased for the three and six months ended June 30, 2014 compared to the same periods in 2013 primarily due to increases in spending associated with attracting new residential and business services customers and encouraging existing customers to add additional or higher-tier services.
Other costs and expenses increased for the three and six months ended June 30, 2014 compared to the same periods in 2013 primarily due to increases in costs to support the advertising sales business as well as increases in other administrative costs.
NBCUniversal Segments Results of Operations

 	 	Three Months Ended
June 30	 	 	Increase/
(Decrease)	 	
(in millions)	 	    2014    	 	 	    2013    	 	 	$	 	 	%	 	
Revenue	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Cable Networks	 	$	2,476	  	 	$	2,413	  	 	$	63	  	 	 	2.6	% 	
Broadcast Television	 	 	1,816	  	 	 	1,732	  	 	 	84	  	 	 	4.9	  	
Filmed Entertainment	 	 	1,176	  	 	 	1,388	  	 	 	(212	) 	 	 	(15.3	) 	
Theme Parks	 	 	615	  	 	 	546	  	 	 	69	  	 	 	12.8	  	
Headquarters, other and eliminations	 	 	(67	) 	 	 	(84	) 	 	 	17	  	 	 	NM	  	
Total revenue	 	$	6,016	  	 	$	5,995	  	 	$	21	  	 	 	0.3	% 	
Operating Income Before Depreciation and Amortization	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Cable Networks	 	$	914	  	 	$	860	  	 	$	54	  	 	 	6.3	% 	
Broadcast Television	 	 	240	  	 	 	206	  	 	 	34	  	 	 	16.2	  	
Filmed Entertainment	 	 	195	  	 	 	33	  	 	 	162	  	 	 	482.7	  	
Theme Parks	 	 	244	  	 	 	231	  	 	 	13	  	 	 	5.6	  	
Headquarters, other and eliminations	 	 	(159	) 	 	 	(139	) 	 	 	(20	) 	 	 	13.8	  	
Total operating income before depreciation and amortization	 	$	1,434	  	 	$	1,191	  	 	$	243	  	 	 	20.4	% 	

 	 	Six Months Ended
June 30	 	 	Increase/
(Decrease)	 	
(in millions)	 	2014	 	 	2013	 	 	$	 	 	%	 	
Revenue	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Cable Networks	 	$	4,981	  	 	$	4,638	  	 	$	343	  	 	 	7.4	% 	
Broadcast Television	 	 	4,437	  	 	 	3,249	  	 	 	1,188	  	 	 	36.6	  	
Filmed Entertainment	 	 	2,527	  	 	 	2,604	  	 	 	(77	) 	 	 	(3.0	) 	
Theme Parks	 	 	1,102	  	 	 	1,008	  	 	 	94	  	 	 	9.4	  	
Headquarters, other and eliminations	 	 	(155	) 	 	 	(164	) 	 	 	9	  	 	 	NM	  	
Total revenue	 	$	12,892	  	 	$	11,335	  	 	$	1,557	  	 	 	13.7	% 	
Operating Income Before Depreciation and Amortization	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Cable Networks	 	$	1,809	  	 	$	1,719	  	 	$	90	  	 	 	5.3	% 	
Broadcast Television	 	 	362	  	 	 	171	  	 	 	191	  	 	 	111.4	  	
Filmed Entertainment	 	 	483	  	 	 	102	  	 	 	381	  	 	 	372.6	  	
Theme Parks	 	 	414	  	 	 	404	  	 	 	10	  	 	 	2.5	  	
Headquarters, other and eliminations	 	 	(323	) 	 	 	(252	) 	 	 	(71	) 	 	 	(28.2	) 	
Total operating income before depreciation and amortization	 	$	2,745	  	 	$	2,144	  	 	$	601	  	 	 	28.0	% 	
 
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Cable Networks Segment Results of Operations

 	 	Three Months Ended
June 30	 	  	Increase/
(Decrease)	 	
(in millions)	 	    2014    	 	  	    2013    	 	  	$	 	 	%	 	
Revenue	 	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	
Distribution	 	$	1,270	  	  	$	1,219	  	  	$	51	  	 	 	4.2	% 	
Advertising	 	 	945	  	  	 	966	  	  	 	(21	) 	 	 	(2.2	) 	
Content licensing and other	 	 	261	  	  	 	228	  	  	 	33	  	 	 	14.3	  	
Total revenue	 	 	2,476	  	  	 	2,413	  	  	 	63	  	 	 	2.6	  	
Operating costs and expenses	 	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	
Programming and production	 	 	1,124	  	  	 	1,084	  	  	 	40	  	 	 	3.8	  	
Other operating and administrative	 	 	309	  	  	 	334	  	  	 	(25	) 	 	 	(7.7	) 	
Advertising, marketing and promotion	 	 	129	  	  	 	135	  	  	 	(6	) 	 	 	(4.9	) 	
Total operating costs and expenses	 	 	1,562	  	  	 	1,553	  	  	 	9	  	 	 	0.5	  	
Operating income before depreciation and amortization	 	$	914	  	  	$	860	  	  	$	54	  	 	 	6.3	% 	

 	 	Six Months Ended
June 30	 	  	Increase/
(Decrease)	 	
(in millions)	 	    2014    	 	  	    2013    	 	  	$	 	 	%	 	
Revenue	 	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	
Distribution	 	$	2,743	  	  	$	2,460	  	  	$	283	  	 	 	11.5	% 	
Advertising	 	 	1,841	  	  	 	1,794	  	  	 	47	  	 	 	2.6	  	
Content licensing and other	 	 	397	  	  	 	384	  	  	 	13	  	 	 	3.5	  	
Total revenue	 	 	4,981	  	  	 	4,638	  	  	 	343	  	 	 	7.4	  	
Operating costs and expenses	 	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	
Programming and production	 	 	2,311	  	  	 	1,992	  	  	 	319	  	 	 	16.0	  	
Other operating and administrative	 	 	612	  	  	 	672	  	  	 	(60	) 	 	 	(9.0	) 	
Advertising, marketing and promotion	 	 	249	  	  	 	255	  	  	 	(6	) 	 	 	(2.5	) 	
Total operating costs and expenses	 	 	3,172	  	  	 	2,919	  	  	 	253	  	 	 	8.6	  	
Operating income before depreciation and amortization	 	$	1,809	  	  	$	1,719	  	  	$	90	  	 	 	5.3	% 	
Cable Networks Segment—Revenue
Cable Networks revenue increased for the three months ended June 30, 2014 compared to the same period in 2013 primarily due to increases in distribution and content licensing and other revenue, which were partially offset by a decrease in advertising revenue. The increase in distribution revenue was primarily due to increases in the contractual rates charged under distribution agreements. The increase in content licensing and other revenue was primarily due to the timing of content provided under our licensing agreements. The decrease in advertising revenue was primarily due to a continuing decline in the audience ratings at some of our networks, which were offset by higher prices and an increase in the volume of advertising units sold. Cable Networks revenue for the three months ended June 30, 2014 was also impacted by the absence of Fandango and the Style network in the current year period.
Cable Networks revenue increased for the six months ended June 30, 2014 compared to the same period in 2013 primarily due to increases in distribution, advertising, and content licensing and other revenue. The increase in distribution revenue was primarily due to our broadcast of the 2014 Sochi Olympics in February 2014 and increases in contractual rates charged under distribution agreements. The increase in advertising revenue was primarily due to higher advertising revenue associated with the 2014 Sochi Olympics. Advertising revenue was also affected by higher prices and an increase in the volume of advertising units sold, which were offset by continuing declines in audience ratings at some of our networks. The increase in content licensing and other revenue was primarily due to the timing of content provided under our licensing agreements. Cable Networks revenue for the six months ended June 30, 2014 was also impacted by the absence of Fandango and the Style network in the current year period. Excluding $257 million of revenue associated with the 2014 Sochi Olympics, Cable Networks segment revenue increased 1.9% for the six months ended June 30, 2014 compared to the same period in 2013.
 
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For both the three and six months ended June 30, 2014, 12% of our Cable Networks segment revenue was generated from our Cable Communications segment. For the three and six months ended June 30, 2013, 12% and 13%, respectively, of our Cable Networks segment revenue was generated from our Cable Communications segment. These amounts are eliminated in our condensed consolidated financial statements but are included in the amounts presented above.
Cable Networks Segment—Operating Costs and Expenses
Operating costs and expenses increased for the three and six months ended June 30, 2014 compared to the same periods in 2013 primarily due to an increase in programming and production costs, partially offset by a decrease in other operating and administrative expenses. The increases in programming and production costs in both periods were primarily due to our continued investment in programming, including sports programming rights costs. The increase in programming and production costs for the six months ended June 30, 2014 was also due to higher programming and production costs associated with the 2014 Sochi Olympics. The decreases in other operating and administrative costs for both periods were primarily due to lower employee-related costs and the absence of Fandango and the Style network in the current year periods.
Broadcast Television Segment Results of Operations

 	 	Three Months Ended
June 30	 	  	Increase/
(Decrease)	 	
(in millions)	 	    2014    	 	  	    2013    	 	  	$	 	 	%	 	
Revenue	 	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	
Advertising	 	$	1,245	  	  	$	1,267	  	  	$	(22	) 	 	 	(1.7	)% 	
Content licensing	 	 	344	  	  	 	296	  	  	 	48	  	 	 	16.6	  	
Other	 	 	227	  	  	 	169	  	  	 	58	  	 	 	33.4	  	
Total revenue	 	 	1,816	  	  	 	1,732	  	  	 	84	  	 	 	4.9	  	
Operating costs and expenses	 	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	
Programming and production	 	 	1,183	  	  	 	1,154	  	  	 	29	  	 	 	2.5	  	
Other operating and administrative	 	 	288	  	  	 	292	  	  	 	(4	) 	 	 	(1.1	) 	
Advertising, marketing and promotion	 	 	105	  	  	 	80	  	  	 	25	  	 	 	32.1	  	
Total operating costs and expenses	 	 	1,576	  	  	 	1,526	  	  	 	50	  	 	 	3.3	  	
Operating income before depreciation and amortization	 	$	240	  	  	$	206	  	  	$	34	  	 	 	16.2	% 	

 	 	Six Months Ended
June 30	 	  	Increase/
(Decrease)	 	
(in millions)	 	    2014    	 	  	    2013    	 	  	$	 	  	%	 	
Revenue	 	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Advertising	 	$	3,078	  	  	$	2,219	  	  	$	859	  	  	 	38.7	% 	
Content licensing	 	 	840	  	  	 	693	  	  	 	147	  	  	 	21.2	  	
Other	 	 	519	  	  	 	337	  	  	 	182	  	  	 	53.8	  	
Total revenue	 	 	4,437	  	  	 	3,249	  	  	 	1,188	  	  	 	36.6	  	
Operating costs and expenses	 	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Programming and production	 	 	3,211	  	  	 	2,314	  	  	 	897	  	  	 	38.8	  	
Other operating and administrative	 	 	611	  	  	 	584	  	  	 	27	  	  	 	4.6	  	
Advertising, marketing and promotion	 	 	253	  	  	 	180	  	  	 	73	  	  	 	40.6	  	
Total operating costs and expenses	 	 	4,075	  	  	 	3,078	  	  	 	997	  	  	 	32.4	  	
Operating income before depreciation and amortization	 	$	362	  	  	$	171	  	  	$	191	  	  	 	111.4	% 	
Broadcast Television Segment—Revenue
Broadcast Television revenue increased for the three months ended June 30, 2014 compared to the same period in 2013 primarily due to increases in other revenue and content licensing revenue, which were partially offset by a decrease in advertising revenue. The increase in other revenue was primarily due to fees recognized under our retransmission consent agreements. The increase in content licensing revenue was primarily due to a new content
 
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licensing agreement. The decrease in advertising revenue was primarily due to the timing of when certain shows in our primetime schedule were aired, including  The Voice , which aired significantly fewer hours in the current year period compared to the prior year period.
Broadcast Television revenue increased for the six months ended June 30, 2014 compared to the same period in 2013 primarily due to an increase in advertising revenue associated with our broadcast of the 2014 Sochi Olympics in February 2014, as well as increases in other revenue and content licensing revenue. The increase in other revenue was primarily due to fees recognized under our retransmission consent agreements and other revenue associated with the 2014 Sochi Olympics. The increase in content licensing revenue was primarily due to new content licensing agreements. Excluding $846 million of revenue associated with the 2014 Sochi Olympics, Broadcast Television revenue increased 10.5% for the six months ended June 30, 2014 compared to the same period in 2013 primarily due to higher advertising revenue related to an increase in audience ratings and higher prices of advertising units sold.
Broadcast Television Segment—Operating Costs and Expenses
Operating costs and expenses increased for the three months ended June 30, 2014 compared to the same period in 2013 primarily due to increases in advertising, marketing and promotion expenses, and in programming and production costs. The increase in advertising, marketing and promotion expenses is primarily due to increased spending associated with our primetime schedule. The increase in programming and production costs is associated with the timing of when certain shows in our primetime schedule were aired, as well as our continued investment in original programming.
Operating costs and expenses increased for the six months ended June 30, 2014 compared to the same period in 2013 primarily due to an increase in programming and production costs associated with our broadcast of the 2014 Sochi Olympics, as well as our continued investment in original programming.
Filmed Entertainment Segment Results of Operations

 	 	Three Months Ended
June 30	 	  	Increase/
(Decrease)	 	
(in millions)	 	    2014    	 	  	    2013    	 	  	$	 	 	%	 	
Revenue	 	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	
Theatrical	 	$	195	  	  	$	553	  	  	$	(358	) 	 	 	(64.8	)% 	
Content licensing	 	 	462	  	  	 	406	  	  	 	56	  	 	 	13.8	  	
Home entertainment	 	 	364	  	  	 	339	  	  	 	25	  	 	 	7.5	  	
Other	 	 	155	  	  	 	90	  	  	 	65	  	 	 	71.0	  	
Total revenue	 	 	1,176	  	  	 	1,388	  	  	 	(212	) 	 	 	(15.3	) 	
Operating costs and expenses	 	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	
Programming and production	 	 	547	  	  	 	817	  	  	 	(270	) 	 	 	(33.1	) 	
Other operating and administrative	 	 	209	  	  	 	163	  	  	 	46	  	 	 	27.3	  	
Advertising, marketing and promotion	 	 	225	  	  	 	375	  	  	 	(150	) 	 	 	(39.8	) 	
Total operating costs and expenses	 	 	981	  	  	 	1,355	  	  	 	(374	) 	 	 	(27.6	) 	
Operating income before depreciation and amortization	 	$	195	  	  	$	33	  	  	$	162	  	 	 	482.7	% 	
 
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 	 	Six Months Ended
June 30	 	  	Increase/
(Decrease)	 	
(in millions)	 	    2014    	 	  	    2013    	 	  	$	 	 	%	 	
Revenue	 	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	
Theatrical	 	$	571	  	  	$	866	  	  	$	(295	) 	 	 	(34.1	)% 	
Content licensing	 	 	927	  	  	 	844	  	  	 	83	  	 	 	9.8	  	
Home entertainment	 	 	715	  	  	 	710	  	  	 	5	  	 	 	0.7	  	
Other	 	 	314	  	  	 	184	  	  	 	130	  	 	 	70.6	  	
Total revenue	 	 	2,527	  	  	 	2,604	  	  	 	(77	) 	 	 	(3.0	) 	
Operating costs and expenses	 	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	
Programming and production	 	 	1,151	  	  	 	1,515	  	  	 	(364	) 	 	 	(24.0	) 	
Other operating and administrative	 	 	397	  	  	 	331	  	  	 	66	  	 	 	19.5	  	
Advertising, marketing and promotion	 	 	496	  	  	 	656	  	  	 	(160	) 	 	 	(24.3	) 	
Total operating costs and expenses	 	 	2,044	  	  	 	2,502	  	  	 	(458	) 	 	 	(18.3	) 	
Operating income before depreciation and amortization	 	$	483	  	  	$	102	  	  	$	381	  	 	 	372.6	% 	
Filmed Entertainment Segment—Revenue
Filmed Entertainment revenue decreased for the three and six months ended June 30, 2014 compared to the same
periods in 2013 primarily due to decreases in theatrical revenue which were partially offset by increases in other revenue and content licensing revenue. The decrease in theatrical revenue for the three months ended June 30, 2014 was primarily due to the performance of our prior year period releases, including  Fast and Furious 6  and  Oblivion , which were partially offset by the performance of our current period releases, including  Neighbors . The six months ended June 30, 2014 was also impacted by the performance of our first quarter 2014 releases, including  Ride Along  and  Lone Survivor,  and the international performance of  The Wolf of Wall Street . The increase in other revenue was primarily due to the inclusion in 2014 of Fandango, which was previously presented in our Cable Networks segment. The increases in content licensing revenue in both periods were primarily due to the timing of licensing agreements related to our film library.
Filmed Entertainment Segment—Operating Costs and Expenses
Operating costs and expenses decreased for the three and six months ended June 30, 2014 compared to the same periods in 2013 primarily due to lower amortization of film cost and a decrease in advertising, marketing and promotion expenses, which was primarily due to a smaller film slate in the current year periods compared to the same periods in 2013. Operating costs and expenses for both the three and six months ended June 30, 2014 included $18 million of expense associated with fair value adjustments to capitalized film production costs. Operating costs and expenses for the three and six months ended June 30, 2013 included $47 million and $113 million, respectively, of expense associated with fair value adjustments to capitalized film production costs.
Theme Parks Segment Results of Operations

 	 	Three Months Ended
June 30	 	  	Increase/
(Decrease)	 	
(in millions)	 	    2014    	 	  	    2013    	 	  	$	 	  	%	 	
Revenue	 	$	615	  	  	$	546	  	  	$	69	  	  	 	12.8	% 	
Operating costs and expenses	 	 	371	  	  	 	315	  	  	 	56	  	  	 	18.1	  	
Operating income before depreciation and amortization	 	$	244	  	  	$	231	  	  	$	13	  	  	 	5.6	% 	

 	 	Six Months Ended
June 30	 	  	Increase/
(Decrease)	 	
(in millions)	 	    2014    	 	  	    2013    	 	  	$	 	  	%	 	
Revenue	 	$	1,102	  	  	$	1,008	  	  	$	94	  	  	 	9.4	% 	
Operating costs and expenses	 	 	688	  	  	 	604	  	  	 	84	  	  	 	14.0	  	
Operating income before depreciation and amortization	 	$	414	  	  	$	404	  	  	$	10	  	  	 	2.5	% 	
 
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Theme Parks Segment—Revenue
Theme Parks revenue increased for the three and six months ended June 30, 2014 compared to the same periods in 2013 primarily due to higher guest attendance and increases in per capita spending. The three months ended June 30, 2014 included the benefit of a shift in the timing of holidays to the second quarter in 2014 from the first quarter in 2013.
Theme Parks Segment—Operating Costs and Expenses
Operating costs and expenses increased for the three and six months ended June 30, 2014 compared to the same periods in 2013 primarily due to costs associated with additional attractions, such as Orlando’s  The Wizarding World of Harry Potter  TM — Diagon Alley  TM , and an increase in per capita spending.
NBCUniversal Headquarters, Other and Eliminations
The change in operating income (loss) before depreciation and amortization for headquarters, other and eliminations for the three and six months ended June 30, 2014 compared to the same periods in 2013 was primarily due to higher employee-related costs, including severance costs.
Corporate and Other Results of Operations

 	 	Three Months Ended
June 30	 	 	Increase/
(Decrease)	 	
(in millions)	 	    2014    	 	 	    2013    	 	 	$	 	 	%	 	
Revenue	 	$	172	  	 	$	136	  	 	$	36	  	 	 	26.1	% 	
Operating costs and expenses	 	 	354	  	 	 	255	  	 	 	99	  	 	 	39.0	  	
Operating loss before depreciation and amortization	 	$	(182	) 	 	$	(119	) 	 	$	(63	) 	 	 	(53.9	)% 	

 	 	Six Months Ended
June 30	 	 	Increase/
(Decrease)	 	
(in millions)	 	    2014    	 	 	    2013    	 	 	$	 	 	%	 	
Revenue	 	$	346	  	 	$	298	  	 	$	48	  	 	 	16.0	% 	
Operating costs and expenses	 	 	681	  	 	 	500	  	 	 	181	  	 	 	36.1	  	
Operating loss before depreciation and amortization	 	$	(335	) 	 	$	(202	) 	 	$	(133	) 	 	 	(65.8	)% 	
Corporate and Other—Revenue
Other revenue primarily relates to Comcast-Spectacor, which owns the Philadelphia Flyers and the Wells Fargo Center arena in Philadelphia and operates arena management-related businesses.
Other revenue increased for the three and six months ended June 30, 2014 compared to the same periods in 2013 primarily due to increases in revenue from food services for sporting events associated with a new contract entered into by our Comcast-Spectacor business, as well as increases in revenue associated with newly acquired businesses.
Corporate and Other—Operating Costs and Expenses
Corporate and Other operating costs and expenses primarily include overhead, personnel costs, the costs of corporate initiatives and branding, and operating costs and expenses associated with Comcast-Spectacor.
Corporate and Other operating costs and expenses increased for the three months ended June 30, 2014 compared to the same period in 2013 primarily due to $44 million of transaction-related costs associated with the Time Warner Cable merger and divestiture transactions, and an increase in labor costs in our Comcast-Spectacor business.
Corporate and Other operating costs and expenses increased for the six months ended June 30, 2014 compared to the same period in 2013 primarily due to company-wide branding initiatives, including initiatives associated with the 2014 Sochi Olympics, $61 million of transaction-related costs associated with the Time Warner Cable merger and divestiture transactions, and an increase in labor costs in our Comcast-Spectacor business.
 
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Consolidated Other Income (Expense) Items, Net

 	 	Three Months Ended
June 30	 	 	Six Months Ended
June 30	 	
(in millions)	 	    2014    	 	 	    2013    	 	 	    2014    	 	 	    2013    	 	
Interest expense	 	$	(648	) 	 	$	(636	) 	 	$	(1,290	) 	 	$	(1,289	) 	
Investment income (loss), net	 	 	120	  	 	 	13	  	 	 	233	  	 	 	85	  	
Equity in net income (losses) of investees, net	 	 	22	  	 	 	23	  	 	 	54	  	 	 	34	  	
Other income (expense), net	 	 	(39	) 	 	 	(43	) 	 	 	(54	) 	 	 	30	  	
Total	 	$	(545	) 	 	$	(643	) 	 	$	(1,057	) 	 	$	(1,140	) 	
Investment Income (Loss), Net
The components of investment income (loss), net for the three and six months ended June 30, 2014 and 2013 are presented in a table in Note 6 to Comcast’s condensed consolidated financial statements.
Other Income (Expense), Net
Other income (expense), net remained relatively flat for the three months ended June 30, 2014 compared to the same period in 2013. The change in other income (expense), net for the six months ended June 30, 2014 compared to the same period in 2013 was primarily due to a $108 million gain recognized in the prior year period related to our sale of wireless communications spectrum licenses and a $27 million favorable settlement of a contingency recognized in the current year period related to the AT&T Broadband transaction.
Consolidated Income Tax Expense
Income tax expense for the three and six months ended June 30, 2014 and 2013 reflects an effective income tax rate that differs from the federal statutory rate primarily due to state income taxes, adjustments associated with uncertain tax positions and foreign income taxes. We expect our 2014 annual effective tax rate to be in the range of 37% to 39%, absent changes in tax laws or significant changes in uncertain tax positions. It is reasonably possible that certain statutes of limitations for the years 2000 through 2006 will expire and/or judicial decisions related to litigation could be issued within the current calendar year that may result in a decrease in our effective tax rate.
Consolidated Net (Income) Loss Attributable to Noncontrolling Interests and Redeemable Subsidiary Preferred Stock
The decrease in net (income) loss attributable to noncontrolling interests and redeemable subsidiary preferred stock for the six months ended June 30, 2014 compared to the same period in 2013 was primarily due to our acquisition of GE’s remaining 49% common equity interest in NBCUniversal Holdings in March 2013.
Liquidity and Capital Resources
Our businesses generate significant cash flows from operating activities. We believe that we will be able to continue to meet our current and long-term liquidity and capital requirements, including fixed charges, through our cash flows from operating activities, existing cash, cash equivalents and investments, available borrowings under our existing credit facilities, and our ability to obtain future external financing. We anticipate that we will continue to use a substantial portion of our cash flows to meet our debt repayment obligations, to fund our capital expenditures, to invest in business opportunities and to return capital to shareholders.
 
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Operating Activities
Components of Net Cash Provided by Operating Activities

 	 	Six Months Ended
June 30	 	
(in millions)	 	    2014    	 	 	    2013    	 	
Operating income	 	$	7,372	  	 	$	6,502	  	
Depreciation and amortization	 	 	3,970	  	 	 	3,957	  	
Operating income before depreciation and amortization	 	 	11,342	  	 	 	10,459	  	
Noncash share-based compensation	 	 	266	  	 	 	213	  	
Changes in operating assets and liabilities	 	 	(905	) 	 	 	418	  	
Cash basis operating income	 	 	10,703	  	 	 	11,090	  	
Payments of interest	 	 	(1,164	) 	 	 	(1,132	) 	
Payments of income taxes	 	 	(1,904	) 	 	 	(2,222	) 	
Excess tax benefits under share-based compensation	 	 	(206	) 	 	 	(147	) 	
Other	 	 	118	  	 	 	96	  	
Net cash provided by operating activities	 	$	7,547	  	 	$	7,685	  	
The variance between changes in operating assets and liabilities for the six months ended June 30, 2014 compared to the same period in 2013 was $1.3 billion, of which approximately $800 million was related to the timing of film and television production and related costs. The remaining variance was primarily related to the recognition of deferred revenue associated with the broadcast of the 2014 Sochi Olympics in February 2014 and the timing of payments, including participations, residuals and program obligations.
The decrease in income tax payments for the six months ended June 30, 2014 compared to the same period in 2013 was primarily due to lower tax payments in the first quarter of 2014 that related to 2013 compared to the prior year period. The decrease was also due to the settlement of tax disputes recorded in 2013 and a decrease in taxes on nonrecurring gains. The decreases were partially offset by higher taxable income from operations and the expiration of the economic stimulus legislation in 2014.
Investing Activities
Net cash used in investing activities for the six months ended June 30, 2014 consisted primarily of cash paid for capital expenditures, cash paid for intangible assets and acquisitions, which were partially offset by proceeds from the sales of businesses and investments. Capital expenditures increased for the six months ended June 30, 2014 compared to the same period in 2013 primarily due to increased spending in our Cable Communications segment on customer premise equipment related to the deployment of our X1 platform and Cloud DVR technology, and our continued investment in network infrastructure to increase network capacity.
Financing Activities
Net cash used in financing activities for the six months ended June 30, 2014 consisted primarily of repayments of debt, repurchases of our common stock and dividend payments, which were partially offset by proceeds from new borrowings.
In January 2014, we repaid at maturity $1 billion aggregate principal amount of 5.30% senior notes due 2014. In February 2014, we repaid $1.25 billion of borrowings outstanding under NBCUniversal Enterprise Inc.’s (“NBCUniversal Enterprise”) revolving credit facility with the proceeds from $990 million of borrowings under its new commercial paper program and cash on hand.
In February 2014, we issued $1.2 billion aggregate principal amount of 3.60% senior notes due 2024 and $1 billion aggregate principal amount of 4.75% senior notes due 2044. The proceeds from this offering were used for working capital and general corporate purposes, including the repayment of a portion of our outstanding commercial paper and our $900 million aggregate principal amount of 2.10% senior notes due April 2014 at maturity.
 
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We have made, and may from time to time in the future make, optional repayments on our debt obligations, which may include repurchases of our outstanding public notes and debentures, depending on various factors, such as market conditions.
Available Borrowings Under Credit Facilities
We also maintain significant availability under our lines of credit and our commercial paper programs to meet our short-term liquidity requirements.
In February 2014, NBCUniversal Enterprise established a commercial paper program. The maximum borrowing capacity under this commercial paper program is $1.35 billion, and it is supported by NBCUniversal Enterprise’s existing $1.35 billion revolving credit facility due March 2018. The commercial paper program is fully and unconditionally guaranteed by us and the cable guarantors. As of June 30, 2014, NBCUniversal Enterprise had $1 billion face amount of commercial paper outstanding. The proceeds from NBCUniversal Enterprise’s issuance of commercial paper were used to repay the $1.25 billion borrowings outstanding under its revolving credit facility.
As of June 30, 2014, amounts available under our consolidated revolving credit facilities, net of amounts outstanding under our commercial paper programs and undrawn letters of credit, totaled $6.3 billion, which included $340 million available under NBCUniversal Enterprise’s credit facility.
Share Repurchases and Dividends
In January 2014, our Board of Directors increased our share repurchase authorization to $7.5 billion, which does not have an expiration date. Under this authorization, we may repurchase shares in the open market or in private transactions. During the six months ended June 30, 2014, we repurchased 30 million shares of our Class A Special common stock for $1.5 billion. We intend to repurchase a total of $3 billion of shares in 2014, subject to market conditions. In addition, after shareholder approval of the Time Warner Cable merger has been obtained by both Comcast and Time Warner Cable, we intend to repurchase an additional $2.5 billion of shares during 2014, subject to market conditions and the timing of the shareholder approvals.
In January 2014, our Board of Directors approved a 15% increase in our dividend to $0.90 per share on an annualized basis. In each of January and May 2014, our Board of Directors approved a quarterly dividend of $0.225 per share as part of our planned annual dividend. We expect to continue to pay quarterly dividends, although each dividend is subject to approval by our Board of Directors.
Quarterly Dividends Declared

(in millions)	 	Amount	 	  	Month of Payment	 	
Three months ended March 31, 2014	 	$	585	  	  	 	April	  	
Three months ended June 30, 2014	 	$	583	  	  	 	July	  	
Critical Accounting Judgments and Estimates
The preparation of our condensed consolidated financial statements requires us to make estimates that affect the reported amounts of assets, liabilities, revenue and expenses, and the related disclosure of contingent assets and contingent liabilities. We base our judgments on our historical experience and on various other assumptions that we believe are reasonable under the circumstances, the results of which form the basis for making estimates about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions.
For a more complete discussion of the accounting judgments and estimates that we have identified as critical in the preparation of our condensed consolidated financial statements, please refer to our Management’s Discussion and Analysis of Financial Condition and Results of Operations in our 2013 Annual Report on Form 10-K.
Recent Accounting Pronouncements
See Note 2 to each of Comcast’s and NBCUniversal’s condensed consolidated financial statements for additional information related to recent accounting pronouncements.
 
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ITEM 3: QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
We have evaluated the information required under this item that was disclosed in our 2013 Annual Report on Form 10-K and there have been no significant changes to this information.
ITEM 4: CONTROLS AND PROCEDURES
Comcast Corporation
Conclusions regarding disclosure controls and procedures
Our principal executive and principal financial officers, after evaluating the effectiveness of Comcast’s disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) as of the end of the period covered by this report, have concluded that, based on the evaluation of these controls and procedures required by paragraph (b) of Exchange Act Rules 13a-15 or 15d-15, Comcast’s disclosure controls and procedures were effective.
Changes in internal control over financial reporting
There were no changes in Comcast’s internal control over financial reporting identified in connection with the evaluation required by paragraph (d) of Exchange Act Rules 13a-15 or 15d-15 that occurred during Comcast’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, Comcast’s internal control over financial reporting.
NBCUniversal Media, LLC
Conclusions regarding disclosure controls and procedures
Our principal executive and principal financial officers, after evaluating the effectiveness of NBCUniversal’s disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) of the Exchange Act) as of the end of the period covered by this report, have concluded that, based on the evaluation of these controls and procedures required by paragraph (b) of Exchange Act Rules 13a-15 or 15d-15, NBCUniversal’s disclosure controls and procedures were effective.
Changes in internal control over financial reporting
There were no changes in NBCUniversal’s internal control over financial reporting identified in connection with the evaluation required by paragraph (d) of Exchange Act Rules 13a-15 or 15d-15 that occurred during NBCUniversal’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, NBCUniversal’s internal control over financial reporting.
PART II: OTHER INFORMATION
ITEM 1: LEGAL PROCEEDINGS
Refer to Note 11 to Comcast’s condensed consolidated financial statements included in this Quarterly Report on Form 10-Q for a discussion of recent developments related to our legal proceedings. There have been no material developments in the matter reported in our 2013 Annual Report on Form 10-K regarding the California Attorney General and the Alameda County, California District Attorney’s investigation of certain of our waste disposal policies, procedures and practices.
NBCUniversal Media, LLC is subject to legal proceedings and claims that arise in the ordinary course of its business. It does not expect the final disposition of any of these matters to have a material adverse effect on its results of operations, cash flows or financial condition, although any such matters could be time consuming and costly and could injure its reputation.
 
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ITEM 1A: RISK FACTORS
There have been no significant changes from the risk factors previously disclosed in Item 1A of our 2013 Annual Report on Form 10-K.
ITEM 2: UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
The table below summarizes Comcast’s Class A Special common stock repurchases under its Board-authorized share repurchase program during the three months ended June 30, 2014.
Purchases of Equity Securities

Period	 	Total
Number of
Shares
Purchased	 	  	Average
Price
Per
Share	 	  	Total Number of
Shares Purchased
as Part of  Publicly
Announced Authorization	 	  	Total Dollar
Amount
Purchased
Under the
Authorization	 	  	Maximum Dollar
Value of Shares That
May Yet Be
Purchased Under the
Authorization (a)	 	
April 1-30, 2014	 	 	—	  	  	$	—	  	  	 	—	  	  	$	—	  	  	$	6,750,000,000	  	
May 1-31, 2014	 	 	10,128,203	  	  	$	49.37	  	  	 	10,128,203	  	  	$	500,000,000	  	  	$	6,250,000,000	  	
June 1-30, 2014	 	 	4,854,350	  	  	$	51.50	  	  	 	4,854,350	  	  	$	250,000,000	  	  	$	6,000,000,000	  	
Total	 	 	14,982,553	  	  	$	50.06	  	  	 	14,982,553	  	  	$	750,000,000	  	  	$	6,000,000,000	  	
 
(a)	In January 2014, our Board of Directors increased our share repurchase authorization to $7.5 billion, which does not have an expiration date. Under this authorization, we may repurchase shares in the open market or in private transactions. We expect to make $1.5 billion more in repurchases during the remainder of 2014, subject to market conditions. In addition, after shareholder approval of the merger has been obtained by both Comcast and Time Warner Cable, we intend to repurchase an additional $2.5 billion of shares during 2014, subject to market conditions and the timing of shareholder approvals.	
The total number of shares purchased during the three months ended June 30, 2014 does not include any shares received in the administration of employee share-based compensation plans.
ITEM 6: EXHIBITS
Comcast

Exhibit
No.	 	Description	
  2.1	 	Comcast/Charter Transactions Agreement dated as of April 25, 2014 between Comcast Corporation and Charter Communications, Inc. (incorporated by reference to Exhibit 2.1 to Comcast’s Current Report filed on April 28, 2014).	
  2.2	 	Voting Agreement dated as of April 25, 2014 between Comcast Corporation and Liberty Media Corporation (incorporated by reference to Exhibit 2.2 to Comcast’s Current Report filed on April 28, 2014).	
  10.1*	 	Amendment No. 12 dated as of June 30, 2014 to Employment Agreement with Brian L. Roberts (incorporated by reference to Exhibit 99.1 to Comcast’s Current Report filed on July 1, 2014).	
  31.1	 	Certification of Chief Executive Officer and Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.	
  32.1	 	Certification of Chief Executive Officer and Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.	
  101	 	The following financial statements from Comcast Corporation’s Quarterly Report on Form 10-Q for the three and six months ended June 30, 2014, filed with the Securities and Exchange Commission on July 24, 2014, formatted in XBRL (eXtensible Business Reporting Language): (i) the Condensed Consolidated Balance Sheet; (ii) the Condensed Consolidated Statement of Income; (iii) the Condensed Consolidated Statement of Comprehensive Income; (iv) the Condensed Consolidated Statement of Cash Flows; (v) the Condensed Consolidated Statement of Changes in Equity; and (vi) the Notes to Condensed Consolidated Financial Statements.	

*	Constitutes a management contract or compensatory plan or arrangement.	
 
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NBCUniversal

Exhibit
No.	 	Description	
  31.2	 	Certification of Principal Executive Officer and Principal Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.	
  32.2	 	Certification of Principal Executive Officer and Principal Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.	
  101	 	The following financial statements from NBCUniversal Media, LLC’s Quarterly Report on Form 10-Q for the three and six months ended June 30, 2014, filed with the Securities and Exchange Commission on July 24, 2014, formatted in XBRL (eXtensible Business Reporting Language): (i) the Condensed Consolidated Balance Sheet; (ii) the Condensed Consolidated Statement of Income; (iii) the Condensed Consolidated Statement of Comprehensive Income; (iv) the Condensed Consolidated Statement of Cash Flows; (v) the Condensed Consolidated Statement of Changes in Equity; and (vi) the Notes to Condensed Consolidated Financial Statements.	

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SIGNATURES
Comcast
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

 	 	COMCAST CORPORATION	
 	 	
By:  	 	/s/ LAWRENCE J. SALVA	
 	 	Lawrence J. Salva
Senior Vice President, Chief Accounting Officer and Controller
(Principal Accounting Officer)	
Date: July 24, 2014
NBCUniversal
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

 	 	NBCUNIVERSAL MEDIA, LLC	
 	 	
By:  	 	/s/ LAWRENCE J. SALVA	
 	 	Lawrence J. Salva
Senior Vice President
(Principal Accounting Officer)	
Date: July 24, 2014
 
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NBCUniversal Media, LLC Financial Statements

Index	 	Page	 	
Condensed Consolidated Balance Sheet	 	 	49	  	
Condensed Consolidated Statement of Income	 	 	50	  	
Condensed Consolidated Statement of Comprehensive Income	 	 	51	  	
Condensed Consolidated Statement of Cash Flows	 	 	52	  	
Condensed Consolidated Statement of Changes in Equity	 	 	53	  	
Notes to Condensed Consolidated Financial Statements	 	 	54	  	

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NBCUniversal Media, LLC
Condensed Consolidated Balance Sheet
(Unaudited)

(in millions)	 	June 30,
2014	 	  	December 31,
2013	 	
Assets	  	  	 	 	 	
Current Assets:	 	 	 	 	  	 	 	 	
Cash and cash equivalents	 	$	827	  	  	$	967	  	
Receivables, net	 	 	4,668	  	  	 	4,911	  	
Programming rights	 	 	889	  	  	 	903	  	
Other current assets	 	 	806	  	  	 	615	  	
Total current assets	 	 	7,190	  	  	 	7,396	  	
Film and television costs	 	 	5,200	  	  	 	4,983	  	
Investments	 	 	881	  	  	 	884	  	
Property and equipment, net of accumulated depreciation of $1,920 and $1,599	 	 	7,828	  	  	 	7,650	  	
Goodwill	 	 	14,905	  	  	 	14,882	  	
Intangible assets, net of accumulated amortization of $4,351 and $4,003	 	 	14,558	  	  	 	14,857	  	
Other noncurrent assets, net	 	 	1,141	  	  	 	1,087	  	
Total assets	 	$	51,703	  	  	$	51,739	  	
 	 	 	
Liabilities and Equity	 	 	 	 	  	 	 	 	
Current Liabilities:	 	 	 	 	  	 	 	 	
Accounts payable and accrued expenses related to trade creditors	 	$	1,251	  	  	$	1,583	  	
Accrued participations and residuals	 	 	1,364	  	  	 	1,239	  	
Program obligations	 	 	618	  	  	 	657	  	
Deferred revenue	 	 	747	  	  	 	846	  	
Accrued expenses and other current liabilities	 	 	1,187	  	  	 	1,465	  	
Note payable to Comcast	 	 	1,532	  	  	 	799	  	
Current portion of long-term debt	 	 	1,014	  	  	 	906	  	
Total current liabilities	 	 	7,713	  	  	 	7,495	  	
Long-term debt, less current portion	 	 	9,243	  	  	 	10,259	  	
Accrued participations, residuals and program obligations	 	 	965	  	  	 	1,015	  	
Other noncurrent liabilities	 	 	3,444	  	  	 	3,412	  	
Commitments and contingencies	 	 	 	 	  	 	 	 	
Redeemable noncontrolling interests	 	 	319	  	  	 	231	  	
Equity:	 	 	 	 	  	 	 	 	
Member’s capital	 	 	29,734	  	  	 	29,056	  	
Accumulated other comprehensive income (loss)	 	 	5	  	  	 	(16	) 	
Total NBCUniversal member’s equity	 	 	29,739	  	  	 	29,040	  	
Noncontrolling interests	 	 	280	  	  	 	287	  	
Total equity	 	 	30,019	  	  	 	29,327	  	
Total liabilities and equity	 	$	51,703	  	  	$	51,739	  	
See accompanying notes to condensed consolidated financial statements.
 
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NBCUniversal Media, LLC
Condensed Consolidated Statement of Income
(Unaudited)

 	 	Three Months
Ended June 30	 	 	Six Months
Ended June 30	 	
(in millions)	 	2014	 	 	2013	 	 	2014	 	 	2013	 	
Revenue	 	$	6,016	  	 	$	5,995	  	 	$	12,892	  	 	$	11,335	  	
Costs and Expenses:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Programming and production	 	 	2,742	  	 	 	2,992	  	 	 	6,484	  	 	 	5,693	  	
Other operating and administrative	 	 	1,340	  	 	 	1,204	  	 	 	2,614	  	 	 	2,372	  	
Advertising, marketing and promotion	 	 	500	  	 	 	608	  	 	 	1,049	  	 	 	1,126	  	
Depreciation	 	 	176	  	 	 	156	  	 	 	338	  	 	 	307	  	
Amortization	 	 	194	  	 	 	193	  	 	 	397	  	 	 	386	  	
 	 	 	4,952	  	 	 	5,153	  	 	 	10,882	  	 	 	9,884	  	
Operating income	 	 	1,064	  	 	 	842	  	 	 	2,010	  	 	 	1,451	  	
Other Income (Expense):	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Interest expense	 	 	(127	) 	 	 	(128	) 	 	 	(256	) 	 	 	(257	) 	
Investment income (loss), net	 	 	9	  	 	 	5	  	 	 	15	  	 	 	8	  	
Equity in net income (losses) of investees, net	 	 	11	  	 	 	16	  	 	 	29	  	 	 	27	  	
Other income (expense), net	 	 	(41	) 	 	 	(46	) 	 	 	(77	) 	 	 	(88	) 	
 	 	 	(148	) 	 	 	(153	) 	 	 	(289	) 	 	 	(310	) 	
Income before income taxes	 	 	916	  	 	 	689	  	 	 	1,721	  	 	 	1,141	  	
Income tax expense	 	 	(74	) 	 	 	(59	) 	 	 	(138	) 	 	 	(100	) 	
Net income	 	 	842	  	 	 	630	  	 	 	1,583	  	 	 	1,041	  	
Net (income) loss attributable to noncontrolling interests	 	 	(28	) 	 	 	(7	) 	 	 	(87	) 	 	 	(63	) 	
Net income attributable to NBCUniversal	 	$	814	  	 	$	623	  	 	$	1,496	  	 	$	978	  	
See accompanying notes to condensed consolidated financial statements.
 
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NBCUniversal Media, LLC
Condensed Consolidated Statement of Comprehensive Income
(Unaudited)

 	 	Three Months Ended
June 30	 	 	Six Months Ended
June 30	 	
(in millions)	 	    2014    	 	 	    2013    	 	 	2014	 	 	2013	 	
Net income	 	$	842	  	 	$	630	  	 	$	1,583	  	 	$	1,041	  	
Unrealized gains (losses) on marketable securities, net	 	 	5	  	 	 	—	  	 	 	5	  	 	 	—	  	
Deferred gains (losses) on cash flow hedges, net	 	 	(2	) 	 	 	—	  	 	 	(2	) 	 	 	—	  	
Employee benefit obligations, net	 	 	—	  	 	 	(1	) 	 	 	—	  	 	 	(1	) 	
Currency translation adjustments, net	 	 	15	  	 	 	(23	) 	 	 	18	  	 	 	(45	) 	
Comprehensive income (loss)	 	 	860	  	 	 	606	  	 	 	1,604	  	 	 	995	  	
Net (income) loss attributable to noncontrolling interests	 	 	(28	) 	 	 	(7	) 	 	 	(87	) 	 	 	(63	) 	
Comprehensive income attributable to NBCUniversal	 	$	832	  	 	$	599	  	 	$	1,517	  	 	$	932	  	
See accompanying notes to condensed consolidated financial statements.
 
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NBCUniversal Media, LLC
Condensed Consolidated Statement of Cash Flows
(Unaudited)

 	 	Six Months Ended
June 30	 	
(in millions)	 	    2014    	 	 	    2013    	 	
Net cash provided by operating activities	 	$	1,789	  	 	$	2,502	  	
Investing Activities	 	 	 	 	 	 	 	 	
Capital expenditures	 	 	(589	) 	 	 	(523	) 	
Cash paid for intangible assets	 	 	(58	) 	 	 	(60	) 	
Acquisitions of real estate properties	 	 	—	  	 	 	(1,311	) 	
Note receivable from Comcast	 	 	—	  	 	 	(1,051	) 	
Return of capital from investees	 	 	5	  	 	 	131	  	
Purchases of investments	 	 	(10	) 	 	 	(82	) 	
Other	 	 	(191	) 	 	 	(33	) 	
Net cash provided by (used in) investing activities	 	 	(843	) 	 	 	(2,929	) 	
Financing Activities	 	 	 	 	 	 	 	 	
Proceeds from (repayments of) borrowings from Comcast, net	 	 	733	  	 	 	—	  	
Repurchases and repayments of debt	 	 	(903	) 	 	 	(89	) 	
Redemption Transaction distribution	 	 	—	  	 	 	(3,200	) 	
Distributions to noncontrolling interests	 	 	(95	) 	 	 	(106	) 	
Distributions to member	 	 	(817	) 	 	 	(548	) 	
Settlement of Station Venture liability	 	 	—	  	 	 	(602	) 	
Other	 	 	(4	) 	 	 	(40	) 	
Net cash provided by (used in) financing activities	 	 	(1,086	) 	 	 	(4,585	) 	
Increase (decrease) in cash and cash equivalents	 	 	(140	) 	 	 	(5,012	) 	
Cash and cash equivalents, beginning of period	 	 	967	  	 	 	5,921	  	
Cash and cash equivalents, end of period	 	$	827	  	 	$	909	  	
See accompanying notes to condensed consolidated financial statements.
 
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NBCUniversal Media, LLC
Condensed Consolidated Statement of Changes in Equity
(Unaudited)

(in millions)	 	Redeemable
Noncontrolling
Interests	 	 	  	 	  	 	Member’s
Capital	 	 	Accumulated
Other
Comprehensive
Income (Loss)	 	 	Noncontrolling
Interests	 	 	Total
Equity	 	
Balance, January 1, 2013	 	$	131	  	 	 	 	 	 	$	31,900	  	 	$	(65	) 	 	$	419	  	 	$	32,254	  	
Compensation plans	 	 	 	 	 	 	 	 	 	 	7	  	 	 	 	 	 	 	 	 	 	 	7	  	
Redemption Transaction distribution	 	 	 	 	 	 	 	 	 	 	(3,200	) 	 	 	 	 	 	 	 	 	 	 	(3,200	) 	
Dividends declared	 	 	 	 	 	 	 	 	 	 	(548	) 	 	 	 	 	 	 	 	 	 	 	(548	) 	
Contributions from (distributions to) noncontrolling interests, net	 	 	(12	) 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	(93	) 	 	 	(93	) 	
Other	 	 	 	 	 	 	 	 	 	 	(173	) 	 	 	 	 	 	 	(8	) 	 	 	(181	) 	
Other comprehensive income (loss)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	(46	) 	 	 	 	 	 	 	(46	) 	
Net income (loss)	 	 	8	  	 	 	 	 	 	 	978	  	 	 	 	 	 	 	55	  	 	 	1,033	  	
Balance, June 30, 2013	 	$	127	  	 	 	 	 	 	$	28,964	  	 	$	(111	) 	 	$	373	  	 	$	29,226	  	
Balance, January 1, 2014	 	$	231	  	 	 	 	 	 	$	29,056	  	 	$	(16	) 	 	$	287	  	 	$	29,327	  	
Dividends declared	 	 	 	 	 	 	 	 	 	 	(817	) 	 	 	 	 	 	 	 	 	 	 	(817	) 	
Issuance of subsidiary shares to noncontrolling interests	 	 	85	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Contributions from (distributions to) noncontrolling interests, net	 	 	(13	) 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	(82	) 	 	 	(82	) 	
Other	 	 	 	 	 	 	 	 	 	 	(1	) 	 	 	 	 	 	 	4	  	 	 	3	  	
Other comprehensive income (loss)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	21	  	 	 	 	 	 	 	21	  	
Net income (loss)	 	 	16	  	 	 	 	 	 	 	1,496	  	 	 	 	 	 	 	71	  	 	 	1,567	  	
Balance, June 30, 2014	 	$	319	  	 	 	 	 	 	$	29,734	  	 	$	5	  	 	$	280	  	 	$	30,019	  	
See accompanying notes to condensed consolidated financial statements.
 
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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
Note 1: Condensed Consolidated Financial Statements
Basis of Presentation
Unless indicated otherwise, throughout these notes to the condensed consolidated financial statements, we refer to NBCUniversal Media, LLC and its consolidated subsidiaries as “we,” “us” and “our.” We have prepared these unaudited condensed consolidated financial statements based on SEC rules that permit reduced disclosure for interim periods. These financial statements include all adjustments that are necessary for a fair presentation of our consolidated results of operations, financial condition and cash flows for the periods shown, including normal, recurring accruals and other items. The consolidated results of operations for the interim periods presented are not necessarily indicative of results for the full year.
The year-end condensed consolidated balance sheet was derived from audited financial statements but does not include all disclosures required by generally accepted accounting principles in the United States of America (“GAAP”). For a more complete discussion of our accounting policies and certain other information, refer to our consolidated financial statements included in our 2013 Annual Report on Form 10-K.
Note 2: Recent Accounting Pronouncements
Discontinued Operations
In April 2014, the Financial Accounting Standards Board (“FASB”) updated the accounting guidance related to discontinued operations. The updated accounting guidance provides a narrower definition of discontinued operations than existing GAAP. The updated accounting guidance requires that only disposals of components of an entity, or groups of components, that represent a strategic shift that has or will have a material effect on the reporting entity’s operations be reported in the financial statements as discontinued operations. The updated accounting guidance also provides guidance on the financial statement presentations and disclosures of discontinued operations. The updated accounting guidance will be effective prospectively for us on January 1, 2015, with early adoption permitted in 2014.
Revenue Recognition
In May 2014, the FASB and the International Accounting Standards Board updated the accounting guidance related to revenue recognition. The updated accounting guidance provides a single, contract-based revenue recognition model to help improve financial reporting by providing clearer guidance on when an entity should recognize revenue, and by reducing the number of standards to which entities have to refer. The updated accounting guidance will be effective for us on January 1, 2017, and early adoption is not permitted. The updated accounting guidance allows for either a full retrospective adoption or modified retrospective adoption. We are currently in the process of determining the impact that the updated accounting guidance will have on our consolidated financial statements and our method of adoption.
Note 3: 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 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
 
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presented under the caption “note payable to Comcast” in our condensed consolidated balance sheet. The revolving credit agreement bears interest at floating rates equal to the interest rate under the Comcast and Comcast Cable Communications, LLC revolving credit facility (the “Comcast revolving credit 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 June 30, 2014, the borrowing margin for our London Interbank Offered Rate-based borrowings was 1.00%.
In addition, Comcast is the counterparty to one of our contractual obligations. As of June 30, 2014, the carrying value of the liability associated with this contractual obligation was $383 million.
The following tables present transactions with Comcast and its consolidated subsidiaries that are included in our condensed consolidated financial statements.
Condensed Consolidated Balance Sheet

(in millions)	 	June 30,
2014	 	  	December 31,
2013	 	
Transactions with Comcast and consolidated subsidiaries	  	
Receivables, net	 	$	252	  	  	$	228	  	
Accounts payable and accrued expenses related to trade creditors	 	$	40	  	  	$	56	  	
Accrued expenses and other current liabilities	 	$	11	  	  	$	37	  	
Note payable to Comcast	 	$	1,532	  	  	$	799	  	
Other noncurrent liabilities	 	$	383	  	  	$	383	  	
Condensed Consolidated Statement of Income

 	 	Three Months Ended
June 30	 	 	Six Months Ended
June 30	 	
(in millions)	 	    2014    	 	 	    2013    	 	 	    2014    	 	 	    2013    	 	
Transactions with Comcast and consolidated subsidiaries	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Revenue	 	$	331	  	 	$	302	  	 	$	685	  	 	$	654	  	
Operating costs and expenses	 	$	(40	) 	 	$	(35	) 	 	$	(64	) 	 	$	(97	) 	
Other income (expense)	 	$	(13	) 	 	$	—	  	 	$	(22	) 	 	$	—	  	
Distributions to NBCUniversal Holdings
In addition to the transactions 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 NBCUniversal Enterprise, Inc. (“NBCUniversal Enterprise”) at an initial annual rate of 8.25% on the $9.4 billion aggregate liquidation preference of preferred units. These distributions are presented under the caption “distributions to member” in our condensed consolidated statement of cash flows.
 
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Note 4: Film and Television Costs

(in millions)	 	June 30,
2014	 	  	December 31,
2013	 	
Film Costs:	 	 	 	 	  	 	 	 	
Released, less amortization	 	$	1,356	  	  	$	1,630	  	
Completed, not released	 	 	65	  	  	 	70	  	
In production and in development	 	 	1,077	  	  	 	658	  	
 	 	 	2,498	  	  	 	2,358	  	
Television Costs:	 	 	 	 	  	 	 	 	
Released, less amortization	 	 	1,165	  	  	 	1,155	  	
In production and in development	 	 	361	  	  	 	370	  	
 	 	 	1,526	  	  	 	1,525	  	
Programming rights, less amortization	 	 	2,065	  	  	 	2,003	  	
 	 	 	6,089	  	  	 	5,886	  	
Less: Current portion of programming rights	 	 	889	  	  	 	903	  	
Film and television costs	 	$	5,200	  	  	$	4,983	  	
 
Note 5: Investments

(in millions)	 	June 30,
2014	 	  	December 31,
2013	 	
Fair Value Method	 	$	19	  	  	$	11	  	
Equity Method:	 	 	 	 	  	 	 	 	
The Weather Channel	 	 	331	  	  	 	333	  	
Hulu	 	 	187	  	  	 	187	  	
Other	 	 	333	  	  	 	332	  	
 	 	 	851	  	  	 	852	  	
Cost Method	 	 	19	  	  	 	21	  	
Total investments	 	 	889	  	  	 	884	  	
Less: Current investments	 	 	8	  	  	 	—	  	
Noncurrent Investments	 	$	881	  	  	$	884	  	
 
Note 6: Long-Term Debt
As of June 30, 2014, our debt, excluding the note payable to Comcast, had a carrying value of $10.3 billion and an estimated fair value of $11.4 billion. The estimated fair value of our publicly traded debt is based on Level 1 inputs using quoted market values for the debt. The estimated fair value of debt for which there are no quoted market prices is based on Level 2 inputs using interest rates available to us for debt with similar terms and remaining maturities.
Debt Repayments
In April 2014, we repaid $900 million aggregate principal amount of 2.10% senior notes due April 2014 at maturity.
Cross-Guarantee Structure
In 2013, we, Comcast and certain of Comcast’s 100% owned cable holding company subsidiaries (the “cable guarantors”) entered into a series of agreements and supplemental indentures to include us as a part of Comcast’s existing cross-guarantee structure. As members of the cross-guarantee structure, Comcast and the cable guarantors fully and unconditionally guarantee our public debt securities, and we fully and unconditionally guarantee all of Comcast’s and the cable guarantors’ public debt securities. As of June 30, 2014, we guaranteed
 
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$30.7 billion of outstanding debt securities of Comcast and the cable guarantors. We also fully and unconditionally guarantee the $6.25 billion Comcast revolving credit facility due 2017, of which no amounts were outstanding as of June 30, 2014.
We do not, however, guarantee the obligations of NBCUniversal Enterprise with respect to its $4 billion aggregate principal amount of senior notes, $1.35 billion revolving credit facility and associated commercial paper program, or $725 million liquidation preference of Series A cumulative preferred stock.
Note 7: Fair Value Measurements
The accounting guidance related to financial assets and financial liabilities (“financial instruments”) establishes a hierarchy that prioritizes fair value measurements based on the types of inputs used for the various valuation techniques (market approach, income approach and cost approach). Our assessment of the significance of a particular input to the fair value measurement requires judgment and may affect the valuation of financial instruments and their classification within the fair value hierarchy.
Our financial instruments that are accounted for at fair value on a recurring basis were not material for all periods presented, except for the liability associated with our contractual obligation. The estimated fair value of the contractual obligation is primarily based on certain expected future discounted cash flows, the determination of which involves the use of significant unobservable inputs. As the inputs used are not quoted market prices or observable inputs, we classify the contractual obligation as a Level 3 financial instrument.
The most significant unobservable inputs we use include our estimates of the future revenue we expect to generate from certain of our businesses. The discount rates used in the measurement of fair value were between 12% and 13% and are based on the underlying risk associated with our estimate of future revenue and the terms of the respective contract. The fair value adjustments to the contractual obligation are sensitive to the assumptions related to future revenue, as well as to current interest rates, and therefore, the adjustments are recorded to other income (expense), net in our condensed consolidated statement of income.
Changes in Contractual Obligation

(in millions)	 	Contractual
Obligation	 	
Balance, December 31, 2013	 	$	747	  	
Fair value adjustments	 	 	68	  	
Payments	 	 	(27	) 	
Balance, June 30, 2014	 	$	788	  	
Note 8: Share-Based Compensation
Comcast maintains share-based compensation plans that primarily consist of awards of stock options and restricted share units (“RSUs”) to certain employees and directors as part of its approach to long-term incentive compensation. Additionally, through Comcast’s employee stock purchase plans, employees are able to purchase shares of its Class A common stock at a discount through payroll deductions. Certain of our employees participate in these plans and the expense associated with their participation is settled in cash with Comcast.
Recognized Share-Based Compensation Expense

 	 	Three Months Ended
June 30	 	  	Six Months Ended
June 30	 	
(in millions)	 	    2014    	 	  	    2013    	 	  	    2014    	 	  	    2013    	 	
Stock options	 	$	6	  	  	$	4	  	  	$	9	  	  	$	7	  	
Restricted share units	 	 	24	  	  	 	12	  	  	 	37	  	  	 	19	  	
Employee stock purchase plans	 	 	2	  	  	 	1	  	  	 	4	  	  	 	3	  	
Total	 	$	32	  	  	$	17	  	  	$	50	  	  	$	29	  	
 
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Note 9: Supplemental Financial Information
Receivables

(in millions)	 	June 30,
2014	 	  	December 31,
2013	 	
Receivables, gross	 	$	5,022	  	  	$	5,348	  	
Less: Allowance for returns and customer incentives	 	 	288	  	  	 	372	  	
Less: Allowance for doubtful accounts	 	 	66	  	  	 	65	  	
Receivables, net	 	$	4,668	  	  	$	4,911	  	
Accumulated Other Comprehensive Income (Loss)

(in millions)	 	June 30,
2014	 	 	June 30,
2013	 	
Unrealized gains (losses) on marketable securities	 	$	5	  	 	$	—	  	
Deferred gains (losses) on cash flow hedges	 	 	(7	) 	 	 	—	  	
Unrecognized gains (losses) on employee benefit obligations	 	 	45	  	 	 	(51	) 	
Cumulative translation adjustments	 	 	(38	) 	 	 	(60	) 	
Accumulated other comprehensive income (loss), net of deferred taxes	 	$	5	  	 	$	(111	) 	
Net Cash Provided by Operating Activities

 	 	Six Months Ended
June 30	 	
(in millions)	 	    2014    	 	 	    2013    	 	
Net income	 	$	1,583	  	 	$	1,041	  	
Adjustments to reconcile net income to net cash provided by operating activities:	 	 	 	 	 	 	 	 	
Depreciation and amortization	 	 	735	  	 	 	693	  	
Share-based compensation	 	 	—	  	 	 	7	  	
Equity in net (income) losses of investees, net	 	 	(29	) 	 	 	(27	) 	
Cash received from investees	 	 	35	  	 	 	58	  	
Net (gain) loss on investment activity and other	 	 	45	  	 	 	61	  	
Deferred income taxes	 	 	44	  	 	 	2	  	
Changes in operating assets and liabilities, net of effects of acquisitions and divestitures:	 	 	 	 	 	 	 	 	
Current and noncurrent receivables, net	 	 	154	  	 	 	26	  	
Film and television costs, net(a)	 	 	(40	) 	 	 	726	  	
Accounts payable and accrued expenses related to trade creditors	 	 	(280	) 	 	 	(198	) 	
Other operating assets and liabilities	 	 	(458	) 	 	 	113	  	
Net cash provided by operating activities	 	$	1,789	  	 	$	2,502	  	
 
(a)	Comprised of additions to our film and television cost assets of $4,999 million and $3,319 million, net of film and television cost amortization of $4,959 million and $4,045 million in 2014 and 2013, respectively.	
Cash Payments for Interest and Income Taxes

 	 	Three Months Ended
June 30	 	  	Six Months Ended
June 30	 	
(in millions)	 	    2014    	 	  	    2013    	 	  	    2014    	 	  	    2013    	 	
Interest	 	$	220	  	  	$	204	  	  	$	256	  	  	$	224	  	
Income taxes	 	$	57	  	  	$	47	  	  	$	110	  	  	$	102	  	
Noncash Investing and Financing Activities
During the six months ended June 30, 2014:
 
 	•	 	we acquired $198 million of property and equipment and intangible assets that were accrued but unpaid	 	
 
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NBCUniversal Media, LLC
 
Note 10: Financial Data by Business Segment
We present our operations in four reportable business segments:
 
 	•	 	Cable Networks: Consists primarily of our national cable networks, our regional sports networks, our international cable networks and our cable television production operations.	 	
 
 	•	 	Broadcast Television: Consists primarily of the NBC and Telemundo broadcast networks, our NBC and Telemundo owned local broadcast television stations, and our broadcast television production operations.	 	
 
 	•	 	Filmed Entertainment: Consists primarily of the studio operations of Universal Pictures, which produces, acquires, markets and distributes filmed entertainment worldwide.	 	
 
 	•	 	Theme Parks: Consists primarily of our Universal theme parks in Orlando and Hollywood.	 	
In evaluating the profitability of our operating segments, the components of net income (loss) below operating income (loss) before depreciation and amortization are not separately evaluated by our management. Our financial data by business segment is presented in the tables below.

 	 	Three Months Ended June 30, 2014	 	
(in millions)	 	Revenue(d)	 	 	Operating Income (Loss)
Before Depreciation and
Amortization (e)	 	 	Depreciation and
Amortization	 	 	Operating Income
(Loss)	 	 	Capital
Expenditures	 	
Cable Networks(a)	 	$	2,476	  	 	$	914	  	 	$	180	  	 	$	734	  	 	$	8	  	
Broadcast Television	 	 	1,816	  	 	 	240	  	 	 	27	  	 	 	213	  	 	 	26	  	
Filmed Entertainment(a)	 	 	1,176	  	 	 	195	  	 	 	5	  	 	 	190	  	 	 	3	  	
Theme Parks	 	 	615	  	 	 	244	  	 	 	73	  	 	 	171	  	 	 	158	  	
Headquarters and Other(b)	 	 	4	  	 	 	(159	) 	 	 	85	  	 	 	(244	) 	 	 	103	  	
Eliminations(c)	 	 	(71	) 	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	
Total	 	$	6,016	  	 	$	1,434	  	 	$	370	  	 	$	1,064	  	 	$	298	  	

 	 	Three Months Ended June 30, 2013	 	
(in millions)	 	Revenue(d)	 	 	Operating Income (Loss)
Before Depreciation and
Amortization (e)	 	 	Depreciation and
Amortization	 	 	Operating Income
(Loss)	 	 	Capital
Expenditures	 	
Cable Networks(a)	 	$	2,413	  	 	$	860	  	 	$	182	  	 	$	678	  	 	$	24	  	
Broadcast Television	 	 	1,732	  	 	 	206	  	 	 	26	  	 	 	180	  	 	 	9	  	
Filmed Entertainment(a)	 	 	1,388	  	 	 	33	  	 	 	3	  	 	 	30	  	 	 	1	  	
Theme Parks	 	 	546	  	 	 	231	  	 	 	73	  	 	 	158	  	 	 	147	  	
Headquarters and Other(b)	 	 	9	  	 	 	(137	) 	 	 	65	  	 	 	(202	) 	 	 	79	  	
Eliminations(c)	 	 	(93	) 	 	 	(2	) 	 	 	—	  	 	 	(2	) 	 	 	—	  	
Total	 	$	5,995	  	 	$	1,191	  	 	$	349	  	 	$	842	  	 	$	260	  	

 	 	Six Months Ended June 30, 2014	 	
(in millions)	 	Revenue(d)	 	 	Operating Income (Loss)
Before Depreciation and
Amortization (e)	 	 	Depreciation and
Amortization	 	 	Operating Income
(Loss)	 	 	Capital
Expenditures	 	
Cable Networks(a)	 	$	4,981	  	 	$	1,809	  	 	$	369	  	 	$	1,440	  	 	$	19	  	
Broadcast Television	 	 	4,437	  	 	 	362	  	 	 	54	  	 	 	308	  	 	 	37	  	
Filmed Entertainment(a)	 	 	2,527	  	 	 	483	  	 	 	10	  	 	 	473	  	 	 	4	  	
Theme Parks	 	 	1,102	  	 	 	414	  	 	 	142	  	 	 	272	  	 	 	302	  	
Headquarters and Other(b)	 	 	6	  	 	 	(322	) 	 	 	160	  	 	 	(482	) 	 	 	227	  	
Eliminations(c)	 	 	(161	) 	 	 	(1	) 	 	 	—	  	 	 	(1	) 	 	 	—	  	
Total	 	$	12,892	  	 	$	2,745	  	 	$	735	  	 	$	2,010	  	 	$	589	  	
 
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Table of Contents
NBCUniversal Media, LLC

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Six Months Ended June 30, 2013	 	
(in millions)	 	Revenue(d)	 	 	Operating Income (Loss)
Before Depreciation and
Amortization (e)	 	 	Depreciation and
Amortization	 	 	Operating Income
(Loss)	 	 	Capital
Expenditures	 	
Cable Networks(a)	 	$	4,638	  	 	$	1,719	  	 	$	366	  	 	$	1,353	  	 	$	48	  	
Broadcast Television	 	 	3,249	  	 	 	171	  	 	 	51	  	 	 	120	  	 	 	17	  	
Filmed Entertainment(a)	 	 	2,604	  	 	 	102	  	 	 	7	  	 	 	95	  	 	 	3	  	
Theme Parks	 	 	1,008	  	 	 	404	  	 	 	145	  	 	 	259	  	 	 	285	  	
Headquarters and Other(b)	 	 	18	  	 	 	(249	) 	 	 	124	  	 	 	(373	) 	 	 	170	  	
Eliminations(c)	 	 	(182	) 	 	 	(3	) 	 	 	—	  	 	 	(3	) 	 	 	—	  	
Total	 	$	11,335	  	 	$	2,144	  	 	$	693	  	 	$	1,451	  	 	$	523	  	
 
(a)	Beginning in 2014, Fandango, our movie ticketing and entertainment business that was previously presented in our Cable Networks segment, is now presented in the Filmed Entertainment segment to reflect the change in our current management reporting presentation. Due to immateriality, prior period amounts have not been adjusted. The change in presentation resulted in the reclassification of $195 million of goodwill from our Cable Networks segment to our Filmed Entertainment segment.	
 
(b)	Headquarters and Other activities include costs associated with overhead, personnel costs and headquarter initiatives.	
 
(c)	Included in Eliminations are transactions that our segments enter into with one another, which consist primarily of the licensing of film and television content from our Filmed Entertainment and Broadcast Television segments to our Cable Networks segment.	
 
(d)	No single customer accounted for a significant amount of revenue in any period.	
 
(e)	We use operating income (loss) before depreciation and amortization, excluding impairment charges related to fixed and intangible assets and gains or losses on the sale of assets, if any, as the measure of profit or loss for our operating segments. This measure eliminates the significant level of noncash amortization expense that results from intangible assets recognized in business combinations. Additionally, it is unaffected by our capital structure or investment activities. We use this measure to evaluate our consolidated operating performance and the operating performance of our operating segments and to allocate resources and capital to our operating segments. It is also a significant performance measure in our annual incentive compensation programs. We believe that this measure is useful to investors because it is one of the bases for comparing our operating performance with that of other companies in our industries, although our measure may not be directly comparable to similar measures used by other companies. This measure should not be considered a substitute for operating income (loss), net income (loss) attributable to NBCUniversal, net cash provided by operating activities, or other measures of performance or liquidity we have reported in accordance with GAAP.	
 
60

Exhibit 31.1
CERTIFICATIONS
I, Brian L. Roberts, certify that:
 
1.	I have reviewed this Quarterly Report on Form 10-Q of Comcast Corporation;	
 
2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;	
 
3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;	
 
4.	The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:	
 
 	a)	designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;	
 
 	b)	designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;	
 
 	c)	evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and	
 
 	d)	disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an Annual Report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and	
 
5.	The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):	
 
 	a)	all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and	
 
 	b)	any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.	
Date: July 24, 2014

 	
/s/ BRIAN L. ROBERTS	
Name: Brian L. Roberts	
Title: Chief Executive Officer	

I, Michael J. Angelakis, certify that:
 
1.	I have reviewed this Quarterly Report on Form 10-Q of Comcast Corporation;	
 
2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;	
 
3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;	
 
4.	The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:	
 
 	a)	designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;	
 
 	b)	designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;	
 
 	c)	evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and	
 
 	d)	disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an Annual Report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and	
 
5.	The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):	
 
 	a)	all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and	
 
 	b)	any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.	
Date: July 24, 2014

 	
/s/ MICHAEL J. ANGELAKIS	
Name: Michael J. Angelakis	
Title: Chief Financial Officer	

Exhibit 31.2
CERTIFICATIONS
I, Brian L. Roberts, certify that:
 
1.	I have reviewed this Quarterly Report on Form 10-Q of NBCUniversal Media, LLC;	
 
2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;	
 
3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;	
 
4.	The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:	
 
 	a)	designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;	
 
 	b)	designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;	
 
 	c)	evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and	
 
 	d)	disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an Annual Report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and	
 
5.	The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):	
 
 	a)	all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and	
 
 	b)	any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.	
Date: July 24, 2014

 	
/s/ BRIAN L. ROBERTS	
Name: Brian L. Roberts	
Title: Principal Executive Officer	

I, Michael J. Angelakis, certify that:
 
1.	I have reviewed this Quarterly Report on Form 10-Q of NBCUniversal Media, LLC;	
 
2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;	
 
3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;	
 
4.	The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:	
 
 	a)	designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;	
 
 	b)	designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;	
 
 	c)	evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and	
 
 	d)	disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an Annual Report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and	
 
5.	The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):	
 
 	a)	all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and	
 
 	b)	any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.	
Date: July 24, 2014

 	
/s/ MICHAEL J. ANGELAKIS	
Name: Michael J. Angelakis	
Title: Principal Financial Officer	

Exhibit 32.1
CERTIFICATION PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT
July 24, 2014
Securities and Exchange Commission
100 F Street, N.E.
Washington, D.C. 20549
Ladies and Gentlemen:
The certification set forth below is being submitted in connection with the Quarterly Report on Form 10-Q of Comcast Corporation (the “Report”) for the purpose of complying with Rule 13a-14(b) or Rule 15d-14(b) of the Securities Exchange Act of 1934 (the “Exchange Act”) and Section 1350 of Chapter 63 of Title 18 of the United States Code.
Brian L. Roberts, the Chief Executive Officer, and Michael J. Angelakis, the Chief Financial Officer, of Comcast Corporation, each certifies that, to the best of his knowledge:
 
1.	The Report fully complies with the requirements of Section 13(a) or 15(d) of the Exchange Act; and	
 
2.	The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of Comcast Corporation.	

 	
/s/ BRIAN L. ROBERTS	
Name: Brian L. Roberts
Title: Chief Executive Officer	
 	
/s/ MICHAEL J. ANGELAKIS	
Name: Michael J. Angelakis
Title: Chief Financial Officer	

Exhibit 32.2
CERTIFICATION PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT
July 24, 2014
Securities and Exchange Commission
100 F Street, N.E.
Washington, D.C. 20549
Ladies and Gentlemen:
The certification set forth below is being submitted in connection with the Quarterly Report on Form 10-Q of NBCUniversal Media, LLC (the “Report”) for the purpose of complying with Rule 13a-14(b) or Rule 15d-14(b) of the Securities Exchange Act of 1934 (the “Exchange Act”) and Section 1350 of Chapter 63 of Title 18 of the United States Code.
Brian L. Roberts, the Principal Executive Officer, and Michael J. Angelakis, the Principal Financial Officer, of NBCUniversal Media, LLC, each certifies that, to the best of his knowledge:
 
1.	The Report fully complies with the requirements of Section 13(a) or 15(d) of the Exchange Act; and	
 
2.	The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of NBCUniversal Media, LLC.	

 	
/s/ BRIAN L. ROBERTS	
Name: Brian L. Roberts
Title: Principal Executive Officer	
 	
/s/ MICHAEL J. ANGELAKIS	
Name: Michael J. Angelakis
Title: Principal Financial Officer