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 March 31, 2015
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	
Indicate the number of shares outstanding of each of the registrant’s classes of stock, as of the latest practical date:
As of March 31, 2015, there were 2,122,916,309 shares of Comcast Corporation Class A common stock, 381,182,478 shares of Comcast Corporation Class A Special common stock and 9,444,375 shares of Comcast Corporation Class B common stock outstanding.
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 March 31, 2015 and December 31, 2014 (Unaudited)	 	 	1	  	
 	 	Condensed Consolidated Statement of Income for the Three Months Ended March 31, 2015 and 2014 (Unaudited)	 	 	2	  	
 	 	Condensed Consolidated Statement of Comprehensive Income for the Three Months Ended March 31, 2015 and 2014 (Unaudited)	 	 	3	  	
 	 	Condensed Consolidated Statement of Cash Flows for the Three Months Ended March 31, 2015 and 2014 (Unaudited)	 	 	4	  	
 	 	Condensed Consolidated Statement of Changes in Equity for the Three Months Ended March 31, 2015 and 2014 (Unaudited)	 	 	5	  	
 	 	Notes to Condensed Consolidated Financial Statements (Unaudited)	 	 	6	  	
Item 2.	 	Management’s Discussion and Analysis of Financial Condition and Results of Operations	 	 	22	  	
Item 3.	 	Quantitative and Qualitative Disclosures About Market Risk	 	 	34	  	
Item 4.	 	Controls and Procedures	 	 	34	  	
PART II. OTHER INFORMATION	 	 	 	 	
Item 1.	 	Legal Proceedings	 	 	35	  	
Item 1A.	 	Risk Factors	 	 	35	  	
Item 2.	 	Unregistered Sales of Equity Securities and Use of Proceeds	 	 	36	  	
Item 6.	 	Exhibits	 	 	36	  	
SIGNATURES	 	 	 	 	38	  	
NBCUniversal Media, LLC Financial Statements	 	 	39	  	

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 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 months ended March 31, 2015. 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 products and services may adversely affect our businesses and challenge existing business models	 	
 
 	•	 	a decline in advertising expenditures or changes in advertising markets could negatively impact our businesses	 	
 
 	•	 	our businesses depend on keeping pace with technological developments	 	
 
 	•	 	we are subject to regulation by federal, state, local and foreign authorities, which may impose additional costs and restrictions on our businesses	 	
 
 	•	 	changes to existing statutes, rules, regulations, or interpretations thereof, or adoption of new ones, could have an adverse effect on our businesses	 	
 
 	•	 	programming expenses for our video services are increasing, which could adversely affect our Cable Communications segment’s businesses	 	
 
 	•	 	NBCUniversal’s success depends on consumer acceptance of its content 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	 	
 
 	•	 	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	 	
 
 	•	 	weak economic conditions may have a negative impact on our businesses	 	
 
 	•	 	our businesses depend on using and protecting certain intellectual property rights and on not infringing the intellectual property rights of others	 	
 
 	•	 	acquisitions and other strategic transactions present many risks, and we may not realize the financial and strategic goals that were contemplated at the time of any transaction	 	
 
 	•	 	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	 	
 
 	•	 	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)	 	March 31,
2015	 	 	December 31,
2014	 	
Assets	 	 	 	 	 	 	 	 	
Current Assets:	 	 	 	 	 	 	 	 	
Cash and cash equivalents	 	$	3,937	  	 	$	3,910	  	
Investments	 	 	158	  	 	 	602	  	
Receivables, net	 	 	6,144	  	 	 	6,321	  	
Programming rights	 	 	945	  	 	 	839	  	
Other current assets	 	 	1,737	  	 	 	1,859	  	
Total current assets	 	 	12,921	  	 	 	13,531	  	
Film and television costs	 	 	5,637	  	 	 	5,727	  	
Investments	 	 	3,235	  	 	 	3,135	  	
Property and equipment, net of accumulated depreciation of $46,037 and $45,410	 	 	31,127	  	 	 	30,953	  	
Franchise rights	 	 	59,364	  	 	 	59,364	  	
Goodwill	 	 	27,302	  	 	 	27,316	  	
Other intangible assets, net of accumulated amortization of $10,507 and $10,170	 	 	16,852	  	 	 	16,980	  	
Other noncurrent assets, net	 	 	2,319	  	 	 	2,333	  	
Total assets	 	$	158,757	  	 	$	159,339	  	
 	 	 	
Liabilities and Equity	 	 	 	 	 	 	 	 	
Current Liabilities:	 	 	 	 	 	 	 	 	
Accounts payable and accrued expenses related to trade creditors	 	$	6,157	  	 	$	5,638	  	
Accrued participations and residuals	 	 	1,387	  	 	 	1,347	  	
Deferred revenue	 	 	970	  	 	 	915	  	
Accrued expenses and other current liabilities	 	 	5,808	  	 	 	5,293	  	
Current portion of long-term debt	 	 	4,180	  	 	 	4,217	  	
Total current liabilities	 	 	18,502	  	 	 	17,410	  	
Long-term debt, less current portion	 	 	42,953	  	 	 	44,017	  	
Deferred income taxes	 	 	32,855	  	 	 	32,959	  	
Other noncurrent liabilities	 	 	10,837	  	 	 	10,819	  	
Commitments and contingencies (Note 11)	 	 	 	 	 	 	 	 	
Redeemable noncontrolling interests and redeemable subsidiary preferred stock	 	 	1,099	  	 	 	1,066	  	
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, 2,488,377,059 and 2,496,598,612; outstanding, 2,122,916,309 and 2,131,137,862	 	 	25	  	 	 	25	  	
Class A Special common stock, $0.01 par value—authorized, 7,500,000,000 shares; issued, 452,117,242 and 471,419,601; outstanding, 381,182,478 and 400,484,837	 	 	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	 	 	38,660	  	 	 	38,805	  	
Retained earnings	 	 	21,186	  	 	 	21,539	  	
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)	 	 	(188	) 	 	 	(146	) 	
Total Comcast Corporation shareholders’ equity	 	 	52,171	  	 	 	52,711	  	
Noncontrolling interests	 	 	340	  	 	 	357	  	
Total equity	 	 	52,511	  	 	 	53,068	  	
Total liabilities and equity	 	$	158,757	  	 	$	159,339	  	
See accompanying notes to condensed consolidated financial statements.
 
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Comcast Corporation
Condensed Consolidated Statement of Income
(Unaudited)

 	 	Three Months Ended
March 31	 	
(in millions, except per share data)	 	    2015    	 	 	    2014    	 	
Revenue	 	$	17,853	  	 	$	17,408	  	
Costs and Expenses:	 	 	 	 	 	 	 	 	
Programming and production	 	 	5,463	  	 	 	5,908	  	
Other operating and administrative	 	 	5,079	  	 	 	4,749	  	
Advertising, marketing and promotion	 	 	1,355	  	 	 	1,213	  	
Depreciation	 	 	1,634	  	 	 	1,569	  	
Amortization	 	 	432	  	 	 	401	  	
 	 	 	13,963	  	 	 	13,840	  	
Operating income	 	 	3,890	  	 	 	3,568	  	
Other Income (Expense):	 	 	 	 	 	 	 	 	
Interest expense	 	 	(656	) 	 	 	(642	) 	
Investment income (loss), net	 	 	33	  	 	 	113	  	
Equity in net income (losses) of investees, net	 	 	33	  	 	 	32	  	
Other income (expense), net	 	 	102	  	 	 	(15	) 	
 	 	 	(488	) 	 	 	(512	) 	
Income before income taxes	 	 	3,402	  	 	 	3,056	  	
Income tax expense	 	 	(1,261	) 	 	 	(1,118	) 	
Net income	 	 	2,141	  	 	 	1,938	  	
Net (income) loss attributable to noncontrolling interests and redeemable subsidiary preferred stock	 	 	(82	) 	 	 	(67	) 	
Net income attributable to Comcast Corporation	 	$	2,059	  	 	$	1,871	  	
 	 	 	
Basic earnings per common share attributable to Comcast Corporation shareholders	 	$	0.82	  	 	$	0.72	  	
Diluted earnings per common share attributable to Comcast Corporation shareholders	 	$	0.81	  	 	$	0.71	  	
Dividends declared per common share	 	$	0.25	  	 	$	0.225	  	
See accompanying notes to condensed consolidated financial statements.
 
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Comcast Corporation
Condensed Consolidated Statement of Comprehensive Income
(Unaudited)

 	 	Three Months Ended
March 31	 	
(in millions)	 	    2015    	 	 	    2014    	 	
Net income	 	$	2,141	  	 	$	1,938	  	
Unrealized gains (losses) on marketable securities, net of deferred taxes of $— and $(17)	 	 	—	  	 	 	30	  	
Deferred gains (losses) on cash flow hedges, net of deferred taxes of $23 and $1	 	 	(39	) 	 	 	(2	) 	
Amounts reclassified to net income:	 	 	 	 	 	 	 	 	
Realized (gains) losses on marketable securities, net of deferred taxes of $— and $30	 	 	—	  	 	 	(50	) 	
Realized (gains) losses on cash flow hedges, net of deferred taxes of $(22) and $2	 	 	37	  	 	 	(3	) 	
Currency translation adjustments, net of deferred taxes of $23 and $(1)	 	 	(40	) 	 	 	2	  	
Comprehensive income	 	 	2,099	  	 	 	1,915	  	
Net (income) loss attributable to noncontrolling interests and redeemable subsidiary preferred stock	 	 	(82	) 	 	 	(67	) 	
Comprehensive income attributable to Comcast Corporation	 	$	2,017	  	 	$	1,848	  	
See accompanying notes to condensed consolidated financial statements.
 
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Comcast Corporation
Condensed Consolidated Statement of Cash Flows
(Unaudited)

 	 	Three Months Ended
March 31	 	
(in millions)	 	    2015    	 	 	    2014    	 	
Net cash provided by operating activities	 	$	5,245	  	 	$	4,486	  	
Investing Activities	 	 	 	 	 	 	 	 	
Capital expenditures	 	 	(1,726	) 	 	 	(1,448	) 	
Cash paid for intangible assets	 	 	(273	) 	 	 	(217	) 	
Acquisitions and construction of real estate properties	 	 	(24	) 	 	 	—	  	
Proceeds from sales of businesses and investments	 	 	180	  	 	 	300	  	
Purchases of investments	 	 	(32	) 	 	 	(37	) 	
Other	 	 	181	  	 	 	(103	) 	
Net cash provided by (used in) investing activities	 	 	(1,694	) 	 	 	(1,505	) 	
Financing Activities	 	 	 	 	 	 	 	 	
Proceeds from (repayments of) short-term borrowings, net	 	 	(150	) 	 	 	(364	) 	
Proceeds from borrowings	 	 	—	  	 	 	2,187	  	
Repurchases and repayments of debt	 	 	(909	) 	 	 	(2,260	) 	
Repurchases and retirements of common stock	 	 	(2,000	) 	 	 	(750	) 	
Dividends paid	 	 	(572	) 	 	 	(508	) 	
Issuances of common stock	 	 	28	  	 	 	20	  	
Distributions to noncontrolling interests and dividends for redeemable subsidiary preferred stock	 	 	(62	) 	 	 	(66	) 	
Other	 	 	141	  	 	 	96	  	
Net cash provided by (used in) financing activities	 	 	(3,524	) 	 	 	(1,645	) 	
Increase (decrease) in cash and cash equivalents	 	 	27	  	 	 	1,336	  	
Cash and cash equivalents, beginning of period	 	 	3,910	  	 	 	1,718	  	
Cash and cash equivalents, end of period	 	$	3,937	  	 	$	3,054	  	
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, December 31, 2013	 	$	957	  	 	 	 	 	 	$	25	  	 	$	5	  	 	$	 —	  	 	$	38,890	  	 	$	19,235	  	 	$	(7,517	) 	 	$	56	  	 	$	364	  	 	$	51,058	  	 	 	 	 	 	
Stock compensation plans	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	242	  	 	 	(206	) 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	36	  	 	 	 	 	 	
Repurchases and retirements of common stock	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	(172	) 	 	 	(578	) 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	(750	) 	 	 	 	 	 	
Employee stock purchase plans	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	26	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	26	  	 	 	 	 	 	
Dividends declared	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	(585	) 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	(585	) 	 	 	 	 	 	
Other comprehensive income (loss)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	(23	) 	 	 	 	 	 	 	(23	) 	 	 	 	 	 	
Issuance of subsidiary shares to noncontrolling interests	 	 	82	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Contributions from (distributions to) noncontrolling interests, net	 	 	(5	) 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	(37	) 	 	 	(37	) 	 	 	 	 	 	
Other	 	 	(5	) 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	(1	) 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	(6	) 	 	 	(7	) 	 	 	 	 	 	
Net income (loss)	 	 	24	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	1,871	  	 	 	 	 	 	 	 	 	 	 	43	  	 	 	1,914	  	 	 	 	 	 	
Balance, March 31, 2014	 	$	1,053	  	 	 	 	 	 	$	25	  	 	$	5	  	 	$	—	  	 	$	38,985	  	 	$	19,737	  	 	$	(7,517	) 	 	$	33	  	 	$	364	  	 	$	51,632	  	 	 	 	 	 	
Balance, December 31, 2014	 	$	1,066	  	 	 	 	 	 	$	25	  	 	$	5	  	 	$	—	  	 	$	38,805	  	 	$	21,539	  	 	$	(7,517	) 	 	$	(146	) 	 	$	357	  	 	$	53,068	  	 	 	 	 	 	
Stock compensation plans	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	232	  	 	 	(189	) 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	43	  	 	 	 	 	 	
Repurchases and retirements of common stock	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	(407	) 	 	 	(1,593	) 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	(2,000	) 	 	 	 	 	 	
Employee stock purchase plans	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	30	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	30	  	 	 	 	 	 	
Dividends declared	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	(630	) 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	(630	) 	 	 	 	 	 	
Other comprehensive income (loss)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	(42	) 	 	 	 	 	 	 	(42	) 	 	 	 	 	 	
Contributions from (distributions to) noncontrolling interests, net	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	(34	) 	 	 	(34	) 	 	 	 	 	 	
Other	 	 	7	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	(39	) 	 	 	(39	) 	 	 	 	 	 	
Net income (loss)	 	 	26	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	2,059	  	 	 	 	 	 	 	 	 	 	 	56	  	 	 	2,115	  	 	 	 	 	 	
Balance, March 31, 2015	 	$	1,099	  	 	 	 	 	 	$	25	  	 	$	5	  	 	$	—	  	 	$	38,660	  	 	$	21,186	  	 	$	(7,517	) 	 	$	(188	) 	 	$	340	  	 	$	52,511	  	 	 	 	 	 	
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 (“GAAP”). For a more complete discussion of our accounting policies and certain other information, refer to our consolidated financial statements included in our 2014 Annual Report on Form 10-K.
Reclassifications
Reclassifications have been made to our condensed consolidated financial statements for the prior year period to conform to classifications used in 2015.
Note 2: Recent Accounting Pronouncements
Revenue Recognition
In May 2014, the Financial Accounting Standards Board (“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. In April 2015, the FASB voted to propose deferring the effective date by one year to December 15, 2017 for annual reporting periods beginning after that date. The FASB also proposed permitting early adoption of the updated accounting guidance, but not before the original effective date of December 15, 2016. The updated accounting guidance provides companies with alternative methods of 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.
Debt Issuance Costs
In April 2015, the FASB updated the accounting guidance related to the balance sheet presentation of debt issuance costs. The updated accounting guidance requires that debt issuance costs be presented as a direct deduction from the associated debt liability. The updated accounting guidance will be effective for us on January 1, 2016, and early adoption is permitted. The updated accounting guidance will be applied retrospectively to all prior periods presented. We do not currently expect that the updated accounting guidance will have a material impact on our consolidated balance sheet.
 
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Note 3: Earnings Per Share
Computation of Diluted EPS

 	 	Three Months Ended March 31	 	
 	 	2015	 	  	2014	 	
(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	 	$	2,059	  	  	 	2,520	  	  	$	0.82	  	  	$	1,871	  	  	 	2,603	  	  	$	0.72	  	
Effect of dilutive securities:	 	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Assumed exercise or issuance of shares relating to stock plans	 	 	 	 	  	 	36	  	  	 	 	 	  	 	 	 	  	 	42	  	  	 	 	 	
Diluted EPS attributable to Comcast Corporation shareholders	 	$	2,059	  	  	 	2,556	  	  	$	0.81	  	  	$	1,871	  	  	 	2,645	  	  	$	0.71	  	
Diluted earnings per common share attributable to Comcast Corporation shareholders (“diluted EPS”) considers the impact of potentially dilutive securities using the treasury stock method. Our potentially dilutive securities include potential common shares related to our stock options and our restricted share units (“RSUs”).
The amount of potential common shares related to our share-based compensation plans that were excluded from diluted EPS because their effect would have been antidilutive was not material for the three months ended March 31, 2015 and 2014.
Note 4: Significant Transactions
Time Warner Cable Merger and Related Divestiture Transactions
On February 12, 2014, we entered into an agreement and plan of merger (the “merger agreement”) with Time Warner Cable Inc. (“Time Warner Cable”), which contemplated that Time Warner Cable would become our wholly owned subsidiary. On April 24, 2015, we and Time Warner Cable entered into a termination agreement, which terminated the merger agreement.
On April 25, 2014, we entered into an agreement with Charter Communications, Inc. (“Charter”), which contemplated three transactions: (1) a spin-off of certain of our existing cable systems into a newly formed public entity, (2) an exchange of certain former Time Warner Cable cable systems for Charter cable systems, and (3) a sale to Charter of certain former Time Warner Cable cable systems for cash (collectively, the “divestiture transactions”). In accordance with the terms of this agreement, the divestiture transactions became terminable upon termination of the merger agreement. On April 24, 2015, we delivered a notice of termination of the agreement to Charter.
In connection with the Time Warner Cable merger and the divestiture transactions, we incurred incremental expenses of $99 million and $17 million for the three months ended March 31, 2015 and 2014, respectively. The transaction-related expenses included legal, accounting and valuation services and advisory fees, all of which are reflected in other operating and administrative expenses.
 
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Note 5: Film and Television Costs

(in millions)	 	March 31,
2015	 	  	December 31,
2014	 	
Film Costs:	 	 	 	 	  	 	 	 	
Released, less amortization	 	$	1,244	  	  	$	1,371	  	
Completed, not released	 	 	444	  	  	 	71	  	
In production and in development	 	 	952	  	  	 	1,189	  	
 	 	 	2,640	  	  	 	2,631	  	
Television Costs:	 	 	 	 	  	 	 	 	
Released, less amortization	 	 	1,361	  	  	 	1,273	  	
In production and in development	 	 	407	  	  	 	505	  	
 	 	 	1,768	  	  	 	1,778	  	
Programming rights, less amortization	 	 	2,174	  	  	 	2,157	  	
 	 	 	6,582	  	  	 	6,566	  	
Less: Current portion of programming rights	 	 	945	  	  	 	839	  	
Film and television costs	 	$	5,637	  	  	$	5,727	  	
Note 6: Investments

(in millions)	 	March 31,
2015	 	  	December 31,
2014	 	
Fair Value Method	 	$	182	  	  	$	662	  	
Equity Method:	 	 	 	 	  	 	 	 	
The Weather Channel	 	 	336	  	  	 	335	  	
Hulu	 	 	279	  	  	 	167	  	
Other	 	 	534	  	  	 	517	  	
 	 	 	1,149	  	  	 	1,019	  	
Cost Method:	 	 	 	 	  	 	 	 	
AirTouch	 	 	1,572	  	  	 	1,568	  	
Other	 	 	490	  	  	 	488	  	
 	 	 	2,062	  	  	 	2,056	  	
Total investments	 	 	3,393	  	  	 	3,737	  	
Less: Current investments	 	 	158	  	  	 	602	  	
Noncurrent investments	 	$	3,235	  	  	$	3,135	  	
Investment Income (Loss), Net

 	 	Three Months Ended
March 31	 	
(in millions)	 	    2015    	 	 	    2014    	 	
Gains on sales and exchanges of investments, net	 	$	—	  	 	$	83	  	
Investment impairment losses	 	 	(15	) 	 	 	(5	) 	
Unrealized gains (losses) on securities underlying prepaid forward sale agreements	 	 	42	  	 	 	(113	) 	
Mark to market adjustments on derivative component of prepaid forward sale agreements and indexed debt instruments	 	 	(38	) 	 	 	117	  	
Interest and dividend income	 	 	28	  	 	 	28	  	
Other, net	 	 	16	  	 	 	3	  	
Investment income (loss), net	 	$	33	  	 	$	113	  	
 
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Fair Value Method
During the three months ended March 31, 2015, we settled $517 million of our obligations under prepaid forward sale agreements by delivering equity securities. As of March 31, 2015, we have no remaining liabilities related to obligations under prepaid forward sale agreements.
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 March 31, 2015, the estimated fair values of the AirTouch preferred stock and the associated liability related to the redeemable subsidiary preferred shares issued by one of our consolidated subsidiaries were each $1.7 billion. The estimated fair values are based on Level 2 inputs that use 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 March 31, 2015, our debt had a carrying value of $47.1 billion and an estimated fair value of $54.9 billion. The estimated fair value of our publicly traded debt is primarily based on Level 1 inputs that use 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 that use interest rates available to us for debt with similar terms and remaining maturities.
Debt Repayments
In January 2015, we repaid at maturity $900 million aggregate principal amount of 6.50% senior notes due 2015. In April 2015, we repaid at maturity $1 billion aggregate principal amount of 3.65% senior notes due 2015.
Revolving Credit Facilities
As of March 31, 2015, amounts available under our consolidated revolving credit facilities, net of amounts outstanding under our commercial paper programs and outstanding letters of credit, totaled $6.6 billion, which included $650 million available under NBCUniversal Enterprise Inc.’s (“NBCUniversal Enterprise”) revolving credit facility.
Commercial Paper Programs
As of March 31, 2015, NBCUniversal Enterprise had $700 million face amount of commercial paper outstanding.
 
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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 are determined using pricing models that use significant inputs that are primarily unobservable, discounted cash flow methodologies or similar techniques, as well as 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	 	
 	 	March 31,
2015	 	  	December 31,
2014	 	
(in millions)	 	Level 1	 	  	Level 2	 	  	Level 3	 	  	Total	 	  	Total	 	
Assets	 	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Trading securities	 	$	42	  	  	$	—	  	  	$	—	  	  	$	42	  	  	$	523	  	
Available-for-sale securities	 	 	1	  	  	 	121	  	  	 	10	  	  	 	132	  	  	 	132	  	
Interest rate swap agreements	 	 	—	  	  	 	91	  	  	 	—	  	  	 	91	  	  	 	84	  	
Other	 	 	—	  	  	 	48	  	  	 	8	  	  	 	56	  	  	 	71	  	
Total	 	$	43	  	  	$	260	  	  	$	18	  	  	$	321	  	  	$	810	  	
 	 	 	 	 	 	
Liabilities	 	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Derivative component of prepaid forward sale agreements and indexed debt instruments	 	$	—	  	  	$	3	  	  	$	—	  	  	$	3	  	  	$	361	  	
Contractual obligations	 	 	—	  	  	 	—	  	  	 	904	  	  	 	904	  	  	 	883	  	
Contingent consideration	 	 	—	  	  	 	—	  	  	 	632	  	  	 	632	  	  	 	644	  	
Other	 	 	—	  	  	 	50	  	  	 	—	  	  	 	50	  	  	 	8	  	
Total	 	$	—	  	  	$	53	  	  	$	1,536	  	  	$	1,589	  	  	$	1,896	  	
Contractual Obligations and Contingent Consideration
The estimated fair values of the contractual obligations 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 obligations, and future net tax benefits that will affect payments to General Electric Company (“GE”), which are related to our 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 obligations 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.
 
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Changes in Contractual Obligations and Contingent Consideration

(in millions)	 	Contractual
Obligations	 	 	Contingent
Consideration	 	
Balance, December 31, 2014	 	$	883	  	 	$	644	  	
Fair value adjustments	 	 	40	  	 	 	7	  	
Payments	 	 	(19	) 	 	 	(19	) 	
Balance, March 31, 2015	 	$	904	  	 	$	632	  	
Fair Value of Redeemable Subsidiary Preferred Stock
As of March 31, 2015, the fair value of the NBCUniversal Enterprise redeemable subsidiary preferred stock was $764 million. The estimated fair value is based on Level 2 inputs that use 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 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 2015, we granted 17.6 million stock options and 5.1 million RSUs related to our annual management awards. The weighted-average fair values associated with these grants were $11.79 per stock option and $59.50 per RSU.
Recognized Share-Based Compensation Expense

 	 	Three Months Ended
March 31	 	
(in millions)	 	    2015    	 	  	    2014    	 	
Stock options	 	$	35	  	  	$	36	  	
Restricted share units	 	 	58	  	  	 	48	  	
Employee stock purchase plans	 	 	8	  	  	 	6	  	
Total	 	$	101	  	  	$	90	  	
As of March 31, 2015, we had unrecognized pretax compensation expense of $461 million and $725 million related to nonvested stock options and nonvested RSUs, respectively.
Note 10: Supplemental Financial Information
Receivables

(in millions)	 	March 31,
2015	 	  	December 31,
2014	 	
Receivables, gross	 	$	6,634	  	  	$	6,885	  	
Less: Allowance for returns and customer incentives	 	 	297	  	  	 	359	  	
Less: Allowance for doubtful accounts	 	 	193	  	  	 	205	  	
Receivables, net	 	$	6,144	  	  	$	6,321	  	
 
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Accumulated Other Comprehensive Income (Loss)

(in millions)	 	March 31,
2015	 	 	March 31,
2014	 	
Unrealized gains (losses) on marketable securities	 	$	1	  	 	$	47	  	
Deferred gains (losses) on cash flow hedges	 	 	(6	) 	 	 	(50	) 	
Unrecognized gains (losses) on employee benefit obligations	 	 	(68	) 	 	 	71	  	
Cumulative translation adjustments	 	 	(115	) 	 	 	(35	) 	
Accumulated other comprehensive income (loss), net of deferred taxes	 	$	(188	) 	 	$	33	  	
Net Cash Provided by Operating Activities

 	 	Three Months Ended
March 31	 	
(in millions)	 	    2015    	 	 	    2014    	 	
Net income	 	$	2,141	  	 	$	1,938	  	
Adjustments to reconcile net income to net cash provided by operating activities:	 	 	 	 	 	 	 	 	
Depreciation and amortization	 	 	2,066	  	 	 	1,970	  	
Share-based compensation	 	 	135	  	 	 	119	  	
Noncash interest expense (income), net	 	 	51	  	 	 	42	  	
Equity in net (income) losses of investees, net	 	 	(33	) 	 	 	(32	) 	
Cash received from investees	 	 	22	  	 	 	18	  	
Net (gain) loss on investment activity and other	 	 	(121	) 	 	 	(59	) 	
Deferred income taxes	 	 	(119	) 	 	 	(226	) 	
Changes in operating assets and liabilities, net of effects of acquisitions and divestitures:	 	 	 	 	 	 	 	 	
Current and noncurrent receivables, net	 	 	119	  	 	 	195	  	
Film and television costs, net	 	 	(38	) 	 	 	154	  	
Accounts payable and accrued expenses related to trade creditors	 	 	372	  	 	 	82	  	
Other operating assets and liabilities	 	 	650	  	 	 	285	  	
Net cash provided by operating activities	 	$	5,245	  	 	$	4,486	  	
Cash Payments for Interest and Income Taxes

 	 	Three Months Ended
March 31	 	
(in millions)	 	    2015    	 	  	    2014    	 	
Interest	 	$	691	  	  	$	623	  	
Income taxes	 	$	118	  	  	$	186	  	
Noncash Investing and Financing Activities
During the three months ended March 31, 2015:
 
 	•	 	we acquired $978 million of property and equipment and intangible assets that were accrued but unpaid	 	
 
 	•	 	we recorded a liability of $630 million for a quarterly cash dividend of $0.25 per common share paid in April 2015	 	
 
 	•	 	we used $517 million of equity securities to settle our obligations under prepaid forward sale agreements	 	
 
 	•	 	we recorded a liability of $123 million for a capital contribution for an investment that was accrued but unpaid	 	
 
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Note 11: Commitments and Contingencies
Contingencies
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 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; we also provide similar and other services to small and medium-sized businesses and sell advertising.	 	
 
 	•	 	Cable Networks: Consists primarily of our national cable networks, our regional sports and news 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, the NBC Universo national cable network, 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, Florida and Hollywood, California.	 	
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 March 31, 2015	 	
(in millions)	 	Revenue(d)	 	 	Operating Income (Loss)
Before Depreciation and
Amortization (e)	 	 	Depreciation
and
Amortization	 	  	Operating
Income
(Loss)	 	 	Capital
Expenditures	 	
Cable Communications(a)	 	$	11,430	  	 	$	4,674	  	 	$	1,675	  	  	$	2,999	  	 	$	1,445	  	
NBCUniversal	 	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	
Cable Networks	 	 	2,359	  	 	 	898	  	 	 	184	  	  	 	714	  	 	 	6	  	
Broadcast Television	 	 	2,248	  	 	 	182	  	 	 	29	  	  	 	153	  	 	 	11	  	
Filmed Entertainment	 	 	1,446	  	 	 	293	  	 	 	5	  	  	 	288	  	 	 	1	  	
Theme Parks	 	 	651	  	 	 	263	  	 	 	66	  	  	 	197	  	 	 	162	  	
Headquarters and Other(b)	 	 	4	  	 	 	(140	) 	 	 	80	  	  	 	(220	) 	 	 	88	  	
Eliminations(c)	 	 	(104	) 	 	 	(2	) 	 	 	—	  	  	 	(2	) 	 	 	—	  	
NBCUniversal	 	 	6,604	  	 	 	1,494	  	 	 	364	  	  	 	1,130	  	 	 	268	  	
Corporate and Other	 	 	204	  	 	 	(225	) 	 	 	27	  	  	 	(252	) 	 	 	13	  	
Eliminations(c)	 	 	(385	) 	 	 	13	  	 	 	—	  	  	 	13	  	 	 	—	  	
Comcast Consolidated	 	$	17,853	  	 	$	5,956	  	 	$	2,066	  	  	$	3,890	  	 	$	1,726	  	
 
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 	 	Three Months Ended March 31, 2014	 	
(in millions)	 	Revenue(d)	 	 	Operating Income (Loss)
Before Depreciation and
Amortization (e)	 	 	Depreciation
and
Amortization	 	  	Operating
Income
(Loss)	 	 	Capital
Expenditures	 	
Cable Communications(a)	 	$	10,757	  	 	$	4,400	  	 	$	1,584	  	  	$	2,816	  	 	$	1,145	  	
NBCUniversal	 	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	
Cable Networks	 	 	2,505	  	 	 	895	  	 	 	189	  	  	 	706	  	 	 	11	  	
Broadcast Television	 	 	2,621	  	 	 	122	  	 	 	27	  	  	 	95	  	 	 	11	  	
Filmed Entertainment	 	 	1,351	  	 	 	288	  	 	 	5	  	  	 	283	  	 	 	1	  	
Theme Parks	 	 	487	  	 	 	170	  	 	 	69	  	  	 	101	  	 	 	144	  	
Headquarters and Other(b)	 	 	2	  	 	 	(163	) 	 	 	75	  	  	 	(238	) 	 	 	124	  	
Eliminations(c)	 	 	(90	) 	 	 	(1	) 	 	 	—	  	  	 	(1	) 	 	 	—	  	
NBCUniversal	 	 	6,876	  	 	 	1,311	  	 	 	365	  	  	 	946	  	 	 	291	  	
Corporate and Other	 	 	174	  	 	 	(153	) 	 	 	21	  	  	 	(174	) 	 	 	12	  	
Eliminations(c)	 	 	(399	) 	 	 	(20	) 	 	 	—	  	  	 	(20	) 	 	 	—	  	
Comcast Consolidated	 	$	17,408	  	 	$	5,538	  	 	$	1,970	  	  	$	3,568	  	 	$	1,448	  	
 
(a)	For the three months ended March 31, 2015 and 2014, Cable Communications segment revenue was derived from the following sources:	

 	 	Three Months Ended
March 31	 	
  	 	    2015    	 	 	    2014    	 	
Residential:	 	 	 	 	 	 	 	 	
Video	 	 	46.6	% 	 	 	48.1	% 	
High-speed Internet	 	 	26.6	% 	 	 	25.6	% 	
Voice	 	 	7.9	% 	 	 	8.5	% 	
Business services	 	 	9.7	% 	 	 	8.5	% 	
Advertising	 	 	4.4	% 	 	 	4.7	% 	
Other	 	 	4.8	% 	 	 	4.6	% 	
Total	 	 	100.0	% 	 	 	100.0	% 	
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 months ended March 31, 2015 and 2014, 2.8% of Cable Communications segment revenue was derived from franchise and other regulatory fees.
 
(b)	NBCUniversal Headquarters and Other activities include costs associated with overhead, allocations, personnel costs and headquarter initiatives.	
 
(c)	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	 	
 
(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 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.	
 
14

Table of Contents
Comcast Corporation
Note 13: Condensed Consolidating Financial Information
Comcast (“Comcast Parent”), Comcast Cable Communications, LLC (“CCCL Parent”), Comcast MO Group, Inc. (“Comcast MO Group”), Comcast Cable Holdings, LLC (“CCH”) and Comcast MO of Delaware, LLC (“Comcast MO of Delaware”) (collectively, the “cable guarantors”) and NBCUniversal (“NBCUniversal Media Parent”) have fully and unconditionally guaranteed each other’s debt securities. In addition, the Comcast and Comcast Cable Communications, LLC $6.25 billion revolving credit facility due June 2017 and the Comcast commercial paper program are also fully and unconditionally guaranteed by NBCUniversal Media Parent. The Comcast commercial paper program is supported by the Comcast and Comcast Cable Communications, LLC revolving credit facility. Comcast MO Group, CCH and Comcast MO of Delaware are collectively referred to as the “Combined CCHMO Parents.”
Comcast Parent and the cable guarantors also fully and unconditionally guarantee NBCUniversal Enterprise’s $4 billion senior notes, as well as 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.
 
15

Table of Contents
Comcast Corporation
Condensed Consolidating Balance Sheet
March 31, 2015

(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	 	$	—	  	 	$	—	  	 	$	—	  	 	$	—	  	 	$	339	  	 	$	3,598	  	 	$	—	  	 	$	3,937	  	
Investments	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	158	  	 	 	—	  	 	 	158	  	
Receivables, net	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	6,144	  	 	 	—	  	 	 	6,144	  	
Programming rights	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	945	  	 	 	—	  	 	 	945	  	
Other current assets	 	 	279	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	64	  	 	 	1,394	  	 	 	—	  	 	 	1,737	  	
Total current assets	 	 	279	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	403	  	 	 	12,239	  	 	 	—	  	 	 	12,921	  	
Film and television costs	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	5,637	  	 	 	—	  	 	 	5,637	  	
Investments	 	 	31	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	372	  	 	 	2,832	  	 	 	—	  	 	 	3,235	  	
Investments in and amounts due from subsidiaries eliminated upon consolidation	 	 	82,713	  	 	 	105,551	  	 	 	112,432	  	 	 	60,289	  	 	 	41,900	  	 	 	101,682	  	 	 	(504,567	) 	 	 	—	  	
Property and equipment, net	 	 	200	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	30,927	  	 	 	—	  	 	 	31,127	  	
Franchise rights	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	59,364	  	 	 	—	  	 	 	59,364	  	
Goodwill	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	27,302	  	 	 	—	  	 	 	27,302	  	
Other intangible assets, net	 	 	10	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	16,842	  	 	 	—	  	 	 	16,852	  	
Other noncurrent assets, net	 	 	1,201	  	 	 	148	  	 	 	—	  	 	 	—	  	 	 	97	  	 	 	1,970	  	 	 	(1,097	) 	 	 	2,319	  	
Total assets	 	$	84,434	  	 	$	105,699	  	 	$	112,432	  	 	$	60,289	  	 	$	42,772	  	 	$	258,795	  	 	$	(505,664	) 	 	$	158,757	  	
 	 	 	 	 	 	 	 	 	
Liabilities and Equity	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Accounts payable and accrued expenses related to trade creditors	 	$	7	  	 	$	—	  	 	$	—	  	 	$	—	  	 	$	—	  	 	$	6,150	  	 	$	—	  	 	$	6,157	  	
Accrued participations and residuals	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	1,387	  	 	 	—	  	 	 	1,387	  	
Accrued expenses and other current liabilities	 	 	1,534	  	 	 	283	  	 	 	343	  	 	 	21	  	 	 	407	  	 	 	4,190	  	 	 	—	  	 	 	6,778	  	
Current portion of long-term debt	 	 	1,761	  	 	 	—	  	 	 	—	  	 	 	676	  	 	 	1,003	  	 	 	740	  	 	 	—	  	 	 	4,180	  	
Total current liabilities	 	 	3,302	  	 	 	283	  	 	 	343	  	 	 	697	  	 	 	1,410	  	 	 	12,467	  	 	 	—	  	 	 	18,502	  	
Long-term debt, less current portion	 	 	26,566	  	 	 	126	  	 	 	1,828	  	 	 	822	  	 	 	9,217	  	 	 	4,394	  	 	 	—	  	 	 	42,953	  	
Deferred income taxes	 	 	—	  	 	 	682	  	 	 	—	  	 	 	—	  	 	 	67	  	 	 	33,059	  	 	 	(953	) 	 	 	32,855	  	
Other noncurrent liabilities	 	 	2,395	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	1,103	  	 	 	7,483	  	 	 	(144	) 	 	 	10,837	  	
Redeemable noncontrolling interests and redeemable subsidiary preferred stock	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	1,099	  	 	 	—	  	 	 	1,099	  	
Equity:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Common stock	 	 	30	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	30	  	
Other shareholders’ equity	 	 	52,141	  	 	 	104,608	  	 	 	110,261	  	 	 	58,770	  	 	 	30,975	  	 	 	199,953	  	 	 	(504,567	) 	 	 	52,141	  	
Total Comcast Corporation shareholders’ equity	 	 	52,171	  	 	 	104,608	  	 	 	110,261	  	 	 	58,770	  	 	 	30,975	  	 	 	199,953	  	 	 	(504,567	) 	 	 	52,171	  	
Noncontrolling interests	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	340	  	 	 	—	  	 	 	340	  	
Total equity	 	 	52,171	  	 	 	104,608	  	 	 	110,261	  	 	 	58,770	  	 	 	30,975	  	 	 	200,293	  	 	 	(504,567	) 	 	 	52,511	  	
Total liabilities and equity	 	$	84,434	  	 	$	105,699	  	 	$	112,432	  	 	$	60,289	  	 	$	42,772	  	 	$	258,795	  	 	$	(505,664	) 	 	$	158,757	  	
 
16

Table of Contents
Comcast Corporation
Condensed Consolidating Balance Sheet
December 31, 2014

(in millions)	 	Comcast
Parent	 	 	Comcast
Holdings	 	 	CCCL
Parent	 	 	Combined
CCHMO
Parents	 	 	NBCUniversal
Media Parent	 	 	Non-
Guarantor
Subsidiaries	 	 	Elimination
and
Consolidation
Adjustments	 	 	Consolidated
Comcast
Corporation	 	
Assets	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Cash and cash equivalents	 	$	—	  	 	$	—	  	 	$	—	  	 	$	—	  	 	$	385	  	 	$	3,525	  	 	$	—	  	 	$	3,910	  	
Investments	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	602	  	 	 	—	  	 	 	602	  	
Receivables, net	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	6,321	  	 	 	—	  	 	 	6,321	  	
Programming rights	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	839	  	 	 	—	  	 	 	839	  	
Other current assets	 	 	267	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	41	  	 	 	1,551	  	 	 	—	  	 	 	1,859	  	
Total current assets	 	 	267	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	426	  	 	 	12,838	  	 	 	—	  	 	 	13,531	  	
Film and television costs	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	5,727	  	 	 	—	  	 	 	5,727	  	
Investments	 	 	36	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	378	  	 	 	2,721	  	 	 	—	  	 	 	3,135	  	
Investments in and amounts due from subsidiaries eliminated upon consolidation	 	 	84,142	  	 	 	103,420	  	 	 	110,323	  	 	 	58,677	  	 	 	41,239	  	 	 	98,152	  	 	 	(495,953	) 	 	 	—	  	
Property and equipment, net	 	 	199	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	30,754	  	 	 	—	  	 	 	30,953	  	
Franchise rights	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	59,364	  	 	 	—	  	 	 	59,364	  	
Goodwill	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	27,316	  	 	 	—	  	 	 	27,316	  	
Other intangible assets, net	 	 	11	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	16,969	  	 	 	—	  	 	 	16,980	  	
Other noncurrent assets, net	 	 	1,224	  	 	 	148	  	 	 	—	  	 	 	—	  	 	 	92	  	 	 	1,949	  	 	 	(1,080	) 	 	 	2,333	  	
Total assets	 	$	85,879	  	 	$	103,568	  	 	$	110,323	  	 	$	58,677	  	 	$	42,135	  	 	$	255,790	  	 	$	(497,033	) 	 	$	159,339	  	
 	 	 	 	 	 	 	 	 	
Liabilities and Equity	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Accounts payable and accrued expenses related to trade creditors	 	$	19	  	 	$	—	  	 	$	—	  	 	$	1	  	 	$	—	  	 	$	5,618	  	 	$	—	  	 	$	5,638	  	
Accrued participations and residuals	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	1,347	  	 	 	—	  	 	 	1,347	  	
Accrued expenses and other current liabilities	 	 	1,547	  	 	 	283	  	 	 	233	  	 	 	47	  	 	 	331	  	 	 	3,767	  	 	 	—	  	 	 	6,208	  	
Current portion of long-term debt	 	 	1,650	  	 	 	—	  	 	 	—	  	 	 	677	  	 	 	1,006	  	 	 	884	  	 	 	—	  	 	 	4,217	  	
Total current liabilities	 	 	3,216	  	 	 	283	  	 	 	233	  	 	 	725	  	 	 	1,337	  	 	 	11,616	  	 	 	—	  	 	 	17,410	  	
Long-term debt, less current portion	 	 	27,616	  	 	 	126	  	 	 	1,827	  	 	 	822	  	 	 	9,218	  	 	 	4,408	  	 	 	—	  	 	 	44,017	  	
Deferred income taxes	 	 	—	  	 	 	701	  	 	 	—	  	 	 	—	  	 	 	67	  	 	 	33,127	  	 	 	(936	) 	 	 	32,959	  	
Other noncurrent liabilities	 	 	2,336	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	1,143	  	 	 	7,484	  	 	 	(144	) 	 	 	10,819	  	
Redeemable noncontrolling interests and redeemable subsidiary preferred stock	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	1,066	  	 	 	—	  	 	 	1,066	  	
Equity:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Common stock	 	 	30	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	30	  	
Other shareholders’ equity	 	 	52,681	  	 	 	102,458	  	 	 	108,263	  	 	 	57,130	  	 	 	30,370	  	 	 	197,732	  	 	 	(495,953	) 	 	 	52,681	  	
Total Comcast Corporation shareholders’ equity	 	 	52,711	  	 	 	102,458	  	 	 	108,263	  	 	 	57,130	  	 	 	30,370	  	 	 	197,732	  	 	 	(495,953	) 	 	 	52,711	  	
Noncontrolling interests	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	357	  	 	 	—	  	 	 	357	  	
Total equity	 	 	52,711	  	 	 	102,458	  	 	 	108,263	  	 	 	57,130	  	 	 	30,370	  	 	 	198,089	  	 	 	(495,953	) 	 	 	53,068	  	
Total liabilities and equity	 	$	85,879	  	 	$	103,568	  	 	$	110,323	  	 	$	58,677	  	 	$	42,135	  	 	$	255,790	  	 	$	(497,033	) 	 	$	159,339	  	
 
17

Table of Contents
Comcast Corporation
Condensed Consolidating Statement of Income
For the Three Months Ended March 31, 2015

(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	 	$	—	  	 	$	—	  	 	$	—	  	 	$	—	  	 	$	—	  	 	$	17,853	  	 	$	—	  	 	$	17,853	  	
Management fee revenue	 	 	244	  	 	 	—	  	 	 	237	  	 	 	150	  	 	 	—	  	 	 	—	  	 	 	(631	) 	 	 	—	  	
 	 	 	244	  	 	 	—	  	 	 	237	  	 	 	150	  	 	 	—	  	 	 	17,853	  	 	 	(631	) 	 	 	17,853	  	
Costs and Expenses:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Programming and production	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	5,463	  	 	 	—	  	 	 	5,463	  	
Other operating and administrative	 	 	226	  	 	 	—	  	 	 	237	  	 	 	150	  	 	 	237	  	 	 	4,860	  	 	 	(631	) 	 	 	5,079	  	
Advertising, marketing and promotion	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	1,355	  	 	 	—	  	 	 	1,355	  	
Depreciation	 	 	8	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	1,626	  	 	 	—	  	 	 	1,634	  	
Amortization	 	 	1	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	431	  	 	 	—	  	 	 	432	  	
 	 	 	235	  	 	 	—	  	 	 	237	  	 	 	150	  	 	 	237	  	 	 	13,735	  	 	 	(631	) 	 	 	13,963	  	
Operating income (loss)	 	 	9	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	(237	) 	 	 	4,118	  	 	 	—	  	 	 	3,890	  	
Other Income (Expense):	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Interest expense	 	 	(410	) 	 	 	(3	) 	 	 	(44	) 	 	 	(29	) 	 	 	(120	) 	 	 	(50	) 	 	 	—	  	 	 	(656	) 	
Investment income (loss), net	 	 	1	  	 	 	2	  	 	 	—	  	 	 	—	  	 	 	(6	) 	 	 	36	  	 	 	—	  	 	 	33	  	
Equity in net income (losses) of investees, net	 	 	2,322	  	 	 	2,226	  	 	 	1,973	  	 	 	1,646	  	 	 	1,231	  	 	 	885	  	 	 	(10,250	) 	 	 	33	  	
Other income (expense), net	 	 	(5	) 	 	 	—	  	 	 	—	  	 	 	—	  	 	 	(11	) 	 	 	118	  	 	 	—	  	 	 	102	  	
 	 	 	1,908	  	 	 	2,225	  	 	 	1,929	  	 	 	1,617	  	 	 	1,094	  	 	 	989	  	 	 	(10,250	) 	 	 	(488	) 	
Income (loss) before income taxes	 	 	1,917	  	 	 	2,225	  	 	 	1,929	  	 	 	1,617	  	 	 	857	  	 	 	5,107	  	 	 	(10,250	) 	 	 	3,402	  	
Income tax (expense) benefit	 	 	142	  	 	 	—	  	 	 	15	  	 	 	10	  	 	 	(5	) 	 	 	(1,423	) 	 	 	—	  	 	 	(1,261	) 	
Net income (loss)	 	 	2,059	  	 	 	2,225	  	 	 	1,944	  	 	 	1,627	  	 	 	852	  	 	 	3,684	  	 	 	(10,250	) 	 	 	2,141	  	
Net (income) loss attributable to noncontrolling interests and redeemable subsidiary preferred stock	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	(82	) 	 	 	—	  	 	 	(82	) 	
Net income (loss) attributable to Comcast Corporation	 	$	2,059	  	 	$	2,225	  	 	$	1,944	  	 	$	1,627	  	 	$	852	  	 	$	3,602	  	 	$	(10,250	) 	 	$	2,059	  	
Comprehensive income (loss) attributable to Comcast Corporation	 	$	2,017	  	 	$	2,209	  	 	$	1,943	  	 	$	1,626	  	 	$	801	  	 	$	3,601	  	 	$	(10,180	) 	 	$	2,017	  	
 
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Comcast Corporation
Condensed Consolidating Statement of Income
For the Three Months Ended March 31, 2014

(in millions)	 	Comcast
Parent	 	 	Comcast
Holdings	 	 	CCCL
Parent	 	 	Combined
CCHMO
Parents	 	 	NBCUniversal
Media Parent	 	 	Non-
Guarantor
Subsidiaries	 	 	Elimination
and
Consolidation
Adjustments	 	 	Consolidated
Comcast
Corporation	 	
Revenue	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Service revenue	 	$	—	  	 	$	—	  	 	$	—	  	 	$	—	  	 	$	—	  	 	$	17,408	  	 	$	—	  	 	$	17,408	  	
Management fee revenue	 	 	230	  	 	 	—	  	 	 	223	  	 	 	141	  	 	 	—	  	 	 	—	  	 	 	(594	) 	 	 	—	  	
 	 	 	230	  	 	 	—	  	 	 	223	  	 	 	141	  	 	 	—	  	 	 	17,408	  	 	 	(594	) 	 	 	17,408	  	
Costs and Expenses:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Programming and production	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	5,908	  	 	 	—	  	 	 	5,908	  	
Other operating and administrative	 	 	93	  	 	 	—	  	 	 	223	  	 	 	141	  	 	 	257	  	 	 	4,629	  	 	 	(594	) 	 	 	4,749	  	
Advertising, marketing and promotion	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	1,213	  	 	 	—	  	 	 	1,213	  	
Depreciation	 	 	7	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	1,562	  	 	 	—	  	 	 	1,569	  	
Amortization	 	 	1	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	400	  	 	 	—	  	 	 	401	  	
 	 	 	101	  	 	 	—	  	 	 	223	  	 	 	141	  	 	 	257	  	 	 	13,712	  	 	 	(594	) 	 	 	13,840	  	
Operating income (loss)	 	 	129	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	(257	) 	 	 	3,696	  	 	 	—	  	 	 	3,568	  	
Other Income (Expense):	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Interest expense	 	 	(387	) 	 	 	(3	) 	 	 	(45	) 	 	 	(29	) 	 	 	(124	) 	 	 	(54	) 	 	 	—	  	 	 	(642	) 	
Investment income (loss), net	 	 	1	  	 	 	3	  	 	 	—	  	 	 	—	  	 	 	1	  	 	 	108	  	 	 	—	  	 	 	113	  	
Equity in net income (losses) of investees, net	 	 	2,038	  	 	 	2,267	  	 	 	2,165	  	 	 	1,511	  	 	 	1,071	  	 	 	714	  	 	 	(9,734	) 	 	 	32	  	
Other income (expense), net	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	(4	) 	 	 	(11	) 	 	 	—	  	 	 	(15	) 	
 	 	 	1,652	  	 	 	2,267	  	 	 	2,120	  	 	 	1,482	  	 	 	944	  	 	 	757	  	 	 	(9,734	) 	 	 	(512	) 	
Income (loss) before income taxes	 	 	1,781	  	 	 	2,267	  	 	 	2,120	  	 	 	1,482	  	 	 	687	  	 	 	4,453	  	 	 	(9,734	) 	 	 	3,056	  	
Income tax (expense) benefit	 	 	90	  	 	 	—	  	 	 	16	  	 	 	10	  	 	 	(5	) 	 	 	(1,229	) 	 	 	—	  	 	 	(1,118	) 	
Net income (loss)	 	 	1,871	  	 	 	2,267	  	 	 	2,136	  	 	 	1,492	  	 	 	682	  	 	 	3,224	  	 	 	(9,734	) 	 	 	1,938	  	
Net (income) loss attributable to noncontrolling interests and redeemable subsidiary preferred stock	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	(67	) 	 	 	—	  	 	 	(67	) 	
Net income (loss)attributable to Comcast Corporation	 	$	1,871	  	 	$	2,267	  	 	$	2,136	  	 	$	1,492	  	 	$	682	  	 	$	3,157	  	 	$	(9,734	) 	 	$	1,871	  	
Comprehensive income (loss) attributable to Comcast Corporation	 	$	1,848	  	 	$	2,269	  	 	$	2,138	  	 	$	1,493	  	 	$	685	  	 	$	3,134	  	 	$	(9,719	) 	 	$	1,848	  	
 
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Comcast Corporation
Condensed Consolidating Statement of Cash Flows
For the Three Months Ended March 31, 2015

(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	 	$	(294	) 	 	$	(1	) 	 	$	82	  	 	$	(48	) 	 	$	(361	) 	 	$	5,867	  	 	$	 —	  	 	$	5,245	  	
Investing Activities	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net transactions with affiliates	 	 	3,609	  	 	 	1	  	 	 	(82	) 	 	 	48	  	 	 	321	  	 	 	(3,897	) 	 	 	—	  	 	 	—	  	
Capital expenditures	 	 	(6	) 	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	(1,720	) 	 	 	—	  	 	 	(1,726	) 	
Cash paid for intangible assets	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	(273	) 	 	 	—	  	 	 	(273	) 	
Acquisitions and construction of real estate properties	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	(24	) 	 	 	—	  	 	 	(24	) 	
Proceeds from sales of businesses and investments	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	180	  	 	 	—	  	 	 	180	  	
Purchases of investments	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	(32	) 	 	 	—	  	 	 	(32	) 	
Other	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	(5	) 	 	 	186	  	 	 	—	  	 	 	181	  	
Net cash provided by (used in) investing activities	 	 	3,603	  	 	 	1	  	 	 	(82	) 	 	 	48	  	 	 	316	  	 	 	(5,580	) 	 	 	—	  	 	 	(1,694	) 	
Financing Activities	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Proceeds from (repayments of) short-term borrowings, net	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	(150	) 	 	 	—	  	 	 	(150	) 	
Proceeds from borrowings	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	
Repurchases and repayments of debt	 	 	(900	) 	 	 	—	  	 	 	—	  	 	 	—	  	 	 	(1	) 	 	 	(8	) 	 	 	—	  	 	 	(909	) 	
Repurchases and retirements of common stock	 	 	(2,000	) 	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	(2,000	) 	
Dividends paid	 	 	(572	) 	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	(572	) 	
Issuances of common stock	 	 	28	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	28	  	
Distributions to noncontrolling interests and dividends for redeemable subsidiary preferred stock	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	(62	) 	 	 	—	  	 	 	(62	) 	
Other	 	 	135	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	6	  	 	 	—	  	 	 	141	  	
Net cash provided by (used in) financing activities	 	 	(3,309	) 	 	 	—	  	 	 	—	  	 	 	—	  	 	 	(1	) 	 	 	(214	) 	 	 	—	  	 	 	(3,524	) 	
Increase (decrease) in cash and cash equivalents	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	(46	) 	 	 	73	  	 	 	—	  	 	 	27	  	
Cash and cash equivalents, beginning of period	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	385	  	 	 	3,525	  	 	 	—	  	 	 	3,910	  	
Cash and cash equivalents, end of period	 	$	—	  	 	$	 —	  	 	$	—	  	 	$	—	  	 	$	339	  	 	$	3,598	  	 	$	—	  	 	$	3,937	  	
 
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Comcast Corporation
Condensed Consolidating Statement of Cash Flows
For the Three Months Ended March 31, 2014

(in millions)	 	Comcast
Parent	 	 	Comcast
Holdings	 	 	CCCL
Parent	 	 	Combined
CCHMO
Parents	 	 	NBCUniversal
Media Parent	 	 	Non-
Guarantor
Subsidiaries	 	 	Elimination
and
Consolidation
Adjustments	 	 	Consolidated
Comcast
Corporation	 	
Net cash provided by (used in) operating activities	 	$	(96	) 	 	$	(2	) 	 	$	110	  	 	$	(47	) 	 	$	(306	) 	 	$	4,827	  	 	$	 —	  	 	$	4,486	  	
Investing Activities	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net transactions with affiliates	 	 	1,370	  	 	 	2	  	 	 	(110	) 	 	 	47	  	 	 	483	  	 	 	(1,792	) 	 	 	—	  	 	 	—	  	
Capital expenditures	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	(1,448	) 	 	 	—	  	 	 	(1,448	) 	
Cash paid for intangible assets	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	(217	) 	 	 	—	  	 	 	(217	) 	
Acquisitions and construction of real estate properties	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	
Proceeds from sales of businesses and investments	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	300	  	 	 	—	  	 	 	300	  	
Purchases of investments	 	 	(10	) 	 	 	—	  	 	 	—	  	 	 	—	  	 	 	(6	) 	 	 	(21	) 	 	 	—	  	 	 	(37	) 	
Other	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	(103	) 	 	 	—	  	 	 	(103	) 	
Net cash provided by (used in) investing activities	 	 	1,360	  	 	 	2	  	 	 	(110	) 	 	 	47	  	 	 	477	  	 	 	(3,281	) 	 	 	—	  	 	 	(1,505	) 	
Financing Activities	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Proceeds from (repayments of) short-term borrowings, net	 	 	(1,350	) 	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	986	  	 	 	—	  	 	 	(364	) 	
Proceeds from borrowings	 	 	2,184	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	3	  	 	 	—	  	 	 	2,187	  	
Repurchases and repayments of debt	 	 	(1,000	) 	 	 	—	  	 	 	—	  	 	 	—	  	 	 	(1	) 	 	 	(1,259	) 	 	 	—	  	 	 	(2,260	) 	
Repurchases and retirements of common stock	 	 	(750	) 	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	(750	) 	
Dividends paid	 	 	(508	) 	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	(508	) 	
Issuances of common stock	 	 	20	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	20	  	
Distributions to noncontrolling interests and dividends for redeemable subsidiary preferred stock	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	(66	) 	 	 	—	  	 	 	(66	) 	
Other	 	 	140	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	(44	) 	 	 	—	  	 	 	96	  	
Net cash provided by (used in) financing activities	 	 	(1,264	) 	 	 	—	  	 	 	—	  	 	 	—	  	 	 	(1	) 	 	 	(380	) 	 	 	—	  	 	 	(1,645	) 	
Increase (decrease) in cash and cash equivalents	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	170	  	 	 	1,166	  	 	 	—	  	 	 	1,336	  	
Cash and cash equivalents, beginning of period	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	336	  	 	 	1,382	  	 	 	—	  	 	 	1,718	  	
Cash and cash equivalents, end of period	 	$	—	  	 	$	 —	  	 	$	—	  	 	$	—	  	 	$	506	  	 	$	2,548	  	 	$	—	  	 	$	3,054	  	
 
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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 March 31, 2015, our cable systems had 27.2 million total customer relationships, served 22.4 million video customers, 22.4 million high-speed Internet customers and 11.3 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 bundled service packages, and from the sale of advertising. During the three months ended March 31, 2015, our Cable Communications segment generated 64% of our consolidated revenue and 78% 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 (collectively, 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 and news networks, various international cable networks, our cable television production operations, and related digital media properties. 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, from the licensing of our owned programming through distribution to subscription video on demand services and various other distribution platforms, and from the sale of our owned programming electronically through digital distributors such as iTunes.
Broadcast Television
Our Broadcast Television segment consists primarily of the NBC and Telemundo broadcast networks, our NBC and Telemundo owned local broadcast television stations, the NBC Universo national cable network, our broadcast television production operations, and related digital media properties. 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 through various distribution platforms, including to cable and broadcast networks and to subscription video on demand services, and from fees received under retransmission consent agreements.
Filmed Entertainment
Our Filmed Entertainment segment primarily produces, acquires, markets and distributes filmed entertainment worldwide, and it also develops, produces and licenses live stage plays. Our films are produced primarily under the Universal Pictures, Focus Features and Illumination names. Our Filmed Entertainment segment generates revenue primarily from the worldwide distribution of our produced and acquired films for exhibition in movie theaters, from the licensing of our owned and acquired films through various distribution platforms, and from
 
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the sale of our owned and acquired films on standard-definition video discs and Blu-ray discs (together, “DVDs”) and electronically through digital distributors. Our Filmed Entertainment segment also generates revenue from the production and licensing of live stage plays, from the distribution of filmed entertainment produced by third parties, and from Fandango, our movie ticketing and entertainment business.
Theme Parks
Our Theme Parks segment consists primarily of our Universal theme parks in Orlando, Florida and Hollywood, California. Our Theme Parks segment generates revenue primarily from theme park attendance and per capita spending. Per capita spending includes ticket price and in-park spending on food, beverages and merchandise. Our Theme Parks segment also receives 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, Pennsylvania and operates arena management-related businesses.
Time Warner Cable Merger and Related Divestiture Transactions
On February 12, 2014, we entered into an agreement and plan of merger (the “merger agreement”) with Time Warner Cable Inc. (“Time Warner Cable”), which contemplated that Time Warner Cable would become our wholly owned subsidiary. On April 24, 2015, we and Time Warner Cable entered into a termination agreement, which terminated the merger agreement.
On April 25, 2014, we entered into an agreement with Charter Communications, Inc. (“Charter”), which contemplated three transactions: (1) a spin-off of certain of our existing cable systems into a newly formed public entity, (2) an exchange of certain former Time Warner Cable cable systems for Charter cable systems, and (3) a sale to Charter of certain former Time Warner Cable cable systems for cash (collectively, the “divestiture transactions”). In accordance with the terms of this agreement, the divestiture transactions became terminable upon termination of the merger agreement. On April 24, 2015, we delivered a notice of termination of the agreement to Charter.
Competition
The results of operations of our reportable business segments are affected by competition, as all of our businesses operate in intensely 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.
Competition for our bundled cable services that include video, high-speed Internet and/or voice services consists primarily of direct broadcast satellite (“DBS”) providers, which have a national footprint and compete in all of our service areas, and phone companies with fiber-based networks, which overlap approximately 55% of our service areas and are continuing to expand their fiber-based networks. Our high-speed Internet services primarily compete with phone companies with fiber-based networks, which overlap approximately 60% of our service areas and also are continuing to expand their fiber-based networks. Many of these DBS and phone company competitors offer features, pricing and packaging for these services, individually and in bundles, comparable to what we offer. In May 2014, AT&T, our largest phone company competitor, announced its intention to acquire DirecTV, the nation’s largest DBS provider. If completed, this transaction will create an even larger competitor for our cable services that will have the ability to expand its cable service offerings to include bundled wireless offerings.
There also continue to be new companies, some with significant financial resources, that potentially may compete on a larger scale with some or all of our cable services. For example, companies continue to emerge that provide Internet streaming and downloading of video programming, and existing companies have launched or announced plans to launch online video services that involve both linear and on-demand programming, some of which charge a lower, or even a nominal or no, fee. Google is providing high-speed Internet and video services in a limited number of areas in which we operate and recently announced plans to expand into additional
 
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geographical areas. Moreover, wireless technology, such as 3G and 4G wireless broadband services and Wi-Fi networks, may compete with our video and high-speed Internet services, and our voice services are facing increased competition as customers replace landline phones with mobile phones and Internet-based phone services such as Skype.
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. 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. Two traditional providers of video services have begun to offer smaller packages of programming networks, including one that is providing video services directly to customers over the Internet, at prices lower than our traditional video services. These services and devices may negatively affect demand for our video services, as well as demand for content from our cable networks, broadcast television and filmed entertainment businesses, as the number of entertainment choices available to consumers increases and the challenges posed by audience fragmentation intensify and audience ratings are pressured. 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 through an increasing variety of platforms will assist in attracting and retaining customers for our cable services. To further enhance our video and high-speed Internet services, we continue to develop and launch new technology initiatives, such as our X1 platform and Cloud DVR technology, and deploy wireless gateway devices. 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 and our owned local broadcast television stations, including the acquisition of sports rights. We will also continue to invest in our film productions and in the development of new theme park attractions.
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 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 cyclical advertising patterns and changes in viewership levels. Our U.S. advertising revenue is generally higher in the second and fourth quarters of each year, due in part to increases in consumer advertising in the spring and in the period leading up to and including the holiday season. U.S. advertising revenue is also cyclical, with a benefit in even-numbered years due to advertising related to candidates running for political office and issue-oriented advertising. 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 quarters of each year. Our revenue and operating costs and expenses are cyclical as a result of our periodic broadcasts of major sporting events such as the Olympic Games, which affects our Cable Networks and Broadcast Television segments, and the Super Bowl, which affects our Broadcast Television segment. Our advertising revenue generally increases in the period of these broadcasts due to 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, on DVD and electronically 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,
 
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with increases experienced each year during the summer months and around the holidays. Revenue in our Cable Networks, Broadcast Television and Filmed Entertainment segments also fluctuates due to the timing of when our 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
March 31	 	 	Increase/
(Decrease)	 	
(in millions)	 	    2015    	 	 	    2014    	 	 	  	 	
Revenue	 	$	17,853	  	 	$	17,408	  	 	 	2.6	% 	
Costs and Expenses:	 	 	 	 	 	 	 	 	 	 	 	 	
Programming and production	 	 	5,463	  	 	 	5,908	  	 	 	(7.5	) 	
Other operating and administrative	 	 	5,079	  	 	 	4,749	  	 	 	6.9	  	
Advertising, marketing and promotion	 	 	1,355	  	 	 	1,213	  	 	 	11.8	  	
Depreciation	 	 	1,634	  	 	 	1,569	  	 	 	4.1	  	
Amortization	 	 	432	  	 	 	401	  	 	 	7.9	  	
Operating income	 	 	3,890	  	 	 	3,568	  	 	 	9.0	  	
Other income (expense) items, net	 	 	(488	) 	 	 	(512	) 	 	 	(4.7	) 	
Income before income taxes	 	 	3,402	  	 	 	3,056	  	 	 	11.3	  	
Income tax expense	 	 	(1,261	) 	 	 	(1,118	) 	 	 	12.8	  	
Net income	 	 	2,141	  	 	 	1,938	  	 	 	10.5	  	
Net (income) loss attributable to noncontrolling interests and redeemable subsidiary preferred stock	 	 	(82	) 	 	 	(67	) 	 	 	22.3	  	
Net income attributable to Comcast Corporation	 	$	2,059	  	 	$	1,871	  	 	 	10.0	% 	
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, Filmed Entertainment and Theme Parks segments accounted for the increase in consolidated revenue for the three months ended March 31, 2015. The increase in consolidated revenue was offset by a decrease in our Cable Networks and Broadcast Television segments. Consolidated revenue for the three months ended March 31, 2015 includes $376 million of revenue associated with our broadcast of the 2015 Super Bowl in February 2015 and consolidated revenue for the three months ended March 31, 2014 includes $1.1 billion of revenue associated with our broadcast of the 2014 Sochi Olympics in February 2014. Excluding the impact of these events, consolidated revenue increased 7.2% for the three months ended March 31, 2015.
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, Filmed Entertainment 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 months ended March 31, 2015. The increase was partially offset by lower operating costs and expenses in our Cable Networks and Broadcast Television segments, which were primarily due to our broadcast of the 2014 Sochi Olympics in February 2014. Our consolidated operating costs and expenses also include transaction-related costs associated with the Time Warner Cable merger and the divestiture transactions of $99 million and $17 million for the three months ended March 31, 2015 and 2014, respectively. These transactions were terminated on April 24, 2015.
 
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Operating costs and expenses for our Cable Communications and NBCUniversal segments are discussed separately below under the heading “Segment Operating Results.” Operating costs and expenses for our corporate and other businesses are discussed separately below under the heading “Corporate and Other Results of Operations.”
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 from 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 (“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.
Cable Communications Segment Results of Operations

 	 	Three Months Ended
March 31	 	  	Increase/
(Decrease)	 	
(in millions)	 	    2015    	 	  	    2014    	 	  	$	 	 	%	 	
Revenue	 	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	
Residential:	 	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	
Video	 	$	5,331	  	  	$	5,178	  	  	$	153	  	 	 	3.0	% 	
High-speed Internet	 	 	3,044	  	  	 	2,750	  	  	 	294	  	 	 	10.7	  	
Voice	 	 	906	  	  	 	920	  	  	 	(14	) 	 	 	(1.5	) 	
Business services	 	 	1,114	  	  	 	917	  	  	 	197	  	 	 	21.4	  	
Advertising	 	 	504	  	  	 	507	  	  	 	(3	) 	 	 	(0.7	) 	
Other	 	 	531	  	  	 	485	  	  	 	46	  	 	 	9.4	  	
Total revenue	 	 	11,430	  	  	 	10,757	  	  	 	673	  	 	 	6.3	  	
Operating costs and expenses	 	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	
Programming	 	 	2,644	  	  	 	2,452	  	  	 	192	  	 	 	7.8	  	
Technical and product support	 	 	1,421	  	  	 	1,384	  	  	 	37	  	 	 	2.7	  	
Customer service	 	 	578	  	  	 	548	  	  	 	30	  	 	 	5.4	  	
Franchise and other regulatory fees	 	 	334	  	  	 	321	  	  	 	13	  	 	 	4.2	  	
Advertising, marketing and promotion	 	 	783	  	  	 	706	  	  	 	77	  	 	 	10.9	  	
Other	 	 	996	  	  	 	946	  	  	 	50	  	 	 	5.3	  	
Total operating costs and expenses	 	 	6,756	  	  	 	6,357	  	  	 	399	  	 	 	6.3	  	
Operating income before depreciation and amortization	 	$	4,674	  	  	$	4,400	  	  	$	274	  	 	 	6.2	% 	
 
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Customer Metrics

 	 	Total Customers	 	  	  	  	Net Additional Customers	 	
 	 	March 31	 	  	  	  	Three Months Ended
March 31	 	
(in thousands)	 	    2015    	 	  	    2014    	 	  	  	  	    2015    	 	 	    2014    	 	
Total customer relationships	 	 	27,234	  	  	 	26,800	  	  	 	  	 	199	  	 	 	124	  	
Single product customers	 	 	8,399	  	  	 	8,605	  	  	 	  	 	(10	) 	 	 	(147	) 	
Double product customers	 	 	8,890	  	  	 	8,656	  	  	 	  	 	140	  	 	 	116	  	
Triple products customers	 	 	9,945	  	  	 	9,539	  	  	 	  	 	69	  	 	 	155	  	
Video customers	 	 	22,375	  	  	 	22,601	  	  	 	  	 	(8	) 	 	 	24	  	
High-speed Internet customers	 	 	22,369	  	  	 	21,068	  	  	 	  	 	407	  	 	 	383	  	
Voice customers	 	 	11,270	  	  	 	10,865	  	  	 	  	 	77	  	 	 	142	  	
Average monthly total revenue per customer relationship	 	$	140.41	  	  	$	134.10	  	  	 	  	 	 	 	 	 	 	 	
Customer metrics include residential and business customers and are presented based on actual amounts. Minor differences may exist due to rounding. Customer relationships represent the number of residential and business customers that subscribe to at least one of our cable services. 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 residential and business services customers, encouraging existing customers to add new or higher-tier services, and expanding other services such as our business services offerings, advertising, 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 3.0% for the three months ended March 31, 2015 compared to the same period in 2014. An increase in the number of customers receiving additional and higher levels of video service and rate adjustments accounted for an increase in revenue of 4.4% for the three months ended March 31, 2015. As of March 31, 2015, the number of customers who subscribed to our advanced services, which are high-definition video or DVR services, increased 4.6% to 13.2 million customers compared to the same period in 2014. The increase in revenue was partially offset by fewer residential video customers compared to the same period in 2014. The decrease in the number of residential video customers was primarily due to competitive pressures in our service areas from phone and DBS 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 10.7% for the three months ended March 31, 2015 compared to the same period in 2014. An increase in the number of residential customers receiving our high-speed Internet service accounted for an increase in revenue of 5.7% for the three months ended March 31, 2015. The remaining increase in revenue for the three months ended March 31, 2015 was primarily due to customers receiving higher levels of service and rate adjustments. Our customer base continues to grow as consumers continue to choose our high-speed Internet service and seek higher-speed offerings.
Voice
Voice revenue decreased 1.5% for the three months ended March 31, 2015 compared to the same period in 2014. While the growth rate of residential customer additions slowed for the three months ended March 31, 2015, the increase in the number of residential customers receiving our voice service through our discounted bundled offerings accounted for an increase of 3.2% compared to the same period in 2014. The increase in revenue was more than offset by the impact of the allocation of voice revenue for our bundled customers. The amount allocated to voice revenue in the bundled rate decreased for the three months ended March 31, 2015 because video and high-speed Internet rates increased, while voice rates remained relatively flat.
 
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Business Services
Business services revenue increased 21.4% for the three months ended March 31, 2015 compared to the same period in 2014. The increase was primarily due to rate adjustments as well as a higher number of small business customers receiving our high-speed Internet and voice services. The remaining increase was primarily related to continued growth in our medium-sized business services, including Ethernet network and advanced voice services, which represented 23% of total business services revenue during the three months ended March 31, 2015. We believe the increase in the number of business customers is primarily the result of our efforts to gain market share from competitors by offering competitive services and pricing.
Advertising
Advertising revenue decreased slightly for the three months ended March 31, 2015 compared to the same period in 2014 primarily due to a decrease in political advertising revenue and a decrease in our core national advertising markets, which were partially offset by an increase in revenue in our core local advertising markets. Excluding political advertising revenue, advertising revenue increased 1.3% for the three months ended March 31, 2015 compared to the same period in 2014.
Other
Other revenue increased 9.4% for the three months ended March 31, 2015 compared to the same period in 2014 primarily due to an increase in revenue from our home security and automation services, as well as an increase in cable franchise and other regulatory fees.
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 maintain a consistent operating margin through rate adjustments, the sale of additional cable services, including advanced services, and the continued growth of business services, as well as by achieving operating efficiencies.
Programming expenses increased for the three months ended March 31, 2015 compared to the same period in 2014 primarily due to increases in programming license fees, including sports programming costs and retransmission consent fees, 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 months ended March 31, 2015 compared to the same period in 2014 primarily due to expenses related to the development, delivery and support of our enhanced devices and services, including our X1 platform, Cloud DVR technology and wireless gateways, and the continued growth in business services and home security and automation services.
Customer service expenses increased for the three months ended March 31, 2015 compared to the same period in 2014 primarily due to increased support for improving the customer experience. The increase in customer service expenses was also due to sales and related support activities associated with the continued deployment of our enhanced devices and services, which include our X1 platform, Cloud DVR technology, wireless gateways, and home security and automation services, and the continued growth in business services.
Franchise and other regulatory fees increased for the three months ended March 31, 2015 compared to the same period in 2014 primarily due to increases in revenue from residential cable services and business services that are related to the fees we are required to pay federal, state and local authorities.
Advertising, marketing and promotion expenses increased for the three months ended March 31, 2015 compared to the same period in 2014 primarily due to an increase 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 months ended March 31, 2015 compared to the same period in 2014 primarily due to an increase in costs to support our advertising sales business, as well as an increase in other administrative costs.
 
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NBCUniversal Segments Results of Operations

 	 	Three Months Ended
March 31	 	 	Increase/
(Decrease)	 	
(in millions)	 	    2015    	 	 	    2014    	 	 	$	 	 	%	 	
Revenue	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Cable Networks	 	$	2,359	  	 	$	2,505	  	 	$	(146	) 	 	 	(5.9	)% 	
Broadcast Television	 	 	2,248	  	 	 	2,621	  	 	 	(373	) 	 	 	(14.2	) 	
Filmed Entertainment	 	 	1,446	  	 	 	1,351	  	 	 	95	  	 	 	7.0	  	
Theme Parks	 	 	651	  	 	 	487	  	 	 	164	  	 	 	33.7	  	
Headquarters, other and eliminations	 	 	(100	) 	 	 	(88	) 	 	 	(12	) 	 	 	NM	  	
Total revenue	 	$	6,604	  	 	$	6,876	  	 	$	(272	) 	 	 	(4.0	)% 	
Operating Income Before Depreciation and Amortization	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Cable Networks	 	$	898	  	 	$	895	  	 	$	3	  	 	 	0.3	% 	
Broadcast Television	 	 	182	  	 	 	122	  	 	 	60	  	 	 	48.9	  	
Filmed Entertainment	 	 	293	  	 	 	288	  	 	 	5	  	 	 	1.7	  	
Theme Parks	 	 	263	  	 	 	170	  	 	 	93	  	 	 	54.6	  	
Headquarters, other and eliminations	 	 	(142	) 	 	 	(164	) 	 	 	22	  	 	 	13.8	  	
Total operating income before depreciation and amortization	 	$	1,494	  	 	$	1,311	  	 	$	183	  	 	 	14.0	% 	
Cable Networks Segment Results of Operations

 	 	Three Months Ended
March 31	 	  	Increase/
(Decrease)	 	
(in millions)	 	    2015    	 	  	    2014    	 	  	$	 	 	%	 	
Revenue	 	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	
Distribution	 	$	1,358	  	  	$	1,473	  	  	$	(115	) 	 	 	(7.8	)% 	
Advertising	 	 	851	  	  	 	896	  	  	 	(45	) 	 	 	(5.0	) 	
Content licensing and other	 	 	150	  	  	 	136	  	  	 	14	  	 	 	9.2	  	
Total revenue	 	 	2,359	  	  	 	2,505	  	  	 	(146	) 	 	 	(5.9	) 	
Operating costs and expenses	 	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	
Programming and production	 	 	1,023	  	  	 	1,187	  	  	 	(164	) 	 	 	(13.8	) 	
Other operating and administrative	 	 	305	  	  	 	303	  	  	 	2	  	 	 	0.6	  	
Advertising, marketing and promotion	 	 	133	  	  	 	120	  	  	 	13	  	 	 	10.7	  	
Total operating costs and expenses	 	 	1,461	  	  	 	1,610	  	  	 	(149	) 	 	 	(9.3	) 	
Operating income before depreciation and amortization	 	$	898	  	  	$	895	  	  	$	3	  	 	 	0.3	% 	
Cable Networks Segment—Revenue
Cable Networks revenue decreased for the three months ended March 31, 2015 compared to the same period in 2014 primarily due to decreases in distribution revenue and advertising revenue, which were partially offset by an increase in content licensing and other revenue. The decrease in distribution revenue was primarily due to $177 million in revenue in the prior year period associated with our broadcast of the 2014 Sochi Olympics, which was partially offset by an increase in distribution revenue related to the contractual rates charged under distribution agreements in the current year period. The decrease in advertising revenue was primarily due to $80 million in advertising revenue in the prior year period associated with the 2014 Sochi Olympics, which was partially offset by the benefit from a reduction in deferred advertising revenue in the current year period. While we continued to experience audience ratings declines that negatively affected advertising revenue, higher prices and an increase in the volume of advertising units sold offset the impact of audience ratings. The increase in content licensing and other revenue was primarily due to the timing of availability of content under our licensing agreements with digital distributors. Excluding $257 million of revenue associated with our broadcast of the 2014 Sochi Olympics in the prior year period, Cable Networks segment revenue increased 4.9% for the three months ended March 31, 2015.
 
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For the three months ended March 31, 2015 and 2014, 14% and 12%, 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 decreased for the three months ended March 31, 2015 compared to the same period in 2014 primarily due to a decrease in programming and production costs, which was partially offset by an increase in advertising, marketing and promotion expenses. The decrease in programming and production costs was primarily due to costs associated with our broadcast of the 2014 Sochi Olympics in the prior year period, which was partially offset by our continued investment in programming, including sports programming rights costs. The increase in advertising, marketing and promotion expenses was primarily due to increased spending on marketing related to the launch of new programming on our cable networks.
Broadcast Television Segment Results of Operations

 	 	Three Months Ended
March 31	 	  	Increase/
(Decrease)	 	
(in millions)	 	    2015    	 	  	    2014    	 	  	$	 	 	%	 	
Revenue	 	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	
Advertising	 	$	1,539	  	  	$	1,833	  	  	$	(294	) 	 	 	(16.0	)% 	
Content licensing	 	 	485	  	  	 	496	  	  	 	(11	) 	 	 	(2.2	) 	
Other	 	 	224	  	  	 	292	  	  	 	(68	) 	 	 	(23.5	) 	
Total revenue	 	 	2,248	  	  	 	2,621	  	  	 	(373	) 	 	 	(14.2	) 	
Operating costs and expenses	 	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	
Programming and production	 	 	1,626	  	  	 	2,028	  	  	 	(402	) 	 	 	(19.8	) 	
Other operating and administrative	 	 	310	  	  	 	323	  	  	 	(13	) 	 	 	(3.9	) 	
Advertising, marketing and promotion	 	 	130	  	  	 	148	  	  	 	(18	) 	 	 	(11.9	) 	
Total operating costs and expenses	 	 	2,066	  	  	 	2,499	  	  	 	(433	) 	 	 	(17.3	) 	
Operating income before depreciation and amortization	 	$	182	  	  	$	122	  	  	$	60	  	 	 	48.9	% 	
Broadcast Television Segment—Revenue
Broadcast Television revenue decreased for the three months ended March 31, 2015 compared to the same period in 2014 primarily due to additional advertising revenue in the prior year period associated with our broadcast of the 2014 Sochi Olympics, which was partially offset by an increase in advertising revenue in the current year period associated with our broadcast of the 2015 Super Bowl. Excluding $846 million of revenue associated with the broadcast of the 2014 Sochi Olympics in the prior year period and $376 million of revenue associated with our broadcast of the 2015 Super Bowl in the current year period, revenue increased 5.5% primarily due to higher prices and an increase in the volume of advertising units sold, as well as an increase in other revenue related to fees recognized under our retransmission consent agreements.
Broadcast Television Segment—Operating Costs and Expenses
Operating costs and expenses decreased for the three months ended March 31, 2015 compared to the same period in 2014 primarily due to our broadcast of the 2014 Sochi Olympics in the prior year period. The decrease was partially offset by an increase in programming and production costs associated with our broadcast of the 2015 Super Bowl.
 
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Filmed Entertainment Segment Results of Operations

 	 	Three Months Ended
March 31	 	  	Increase/
(Decrease)	 	
(in millions)	 	    2015    	 	  	    2014    	 	  	$	 	 	%	 	
Revenue	 	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	
Theatrical	 	$	371	  	  	$	376	  	  	$	(5	) 	 	 	(1.3	)% 	
Content licensing	 	 	538	  	  	 	465	  	  	 	73	  	 	 	15.7	  	
Home entertainment	 	 	364	  	  	 	351	  	  	 	13	  	 	 	3.6	  	
Other	 	 	173	  	  	 	159	  	  	 	14	  	 	 	9.1	  	
Total revenue	 	 	1,446	  	  	 	1,351	  	  	 	95	  	 	 	7.0	  	
Operating costs and expenses	 	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	
Programming and production	 	 	611	  	  	 	604	  	  	 	7	  	 	 	1.1	  	
Other operating and administrative	 	 	196	  	  	 	188	  	  	 	8	  	 	 	4.7	  	
Advertising, marketing and promotion	 	 	346	  	  	 	271	  	  	 	75	  	 	 	27.5	  	
Total operating costs and expenses	 	 	1,153	  	  	 	1,063	  	  	 	90	  	 	 	8.5	  	
Operating income before depreciation and amortization	 	$	293	  	  	$	288	  	  	$	5	  	 	 	1.7	% 	
Filmed Entertainment Segment—Revenue
Filmed Entertainment revenue increased for the three months ended March 31, 2015 compared to the same period in 2014 primarily due to increases in content licensing, home entertainment and other revenue, which was partially offset by a decrease in theatrical revenue. The increase in content licensing revenue was primarily due to the timing of availability of content under licensing agreements. The decrease in theatrical revenue was primarily due to fewer theatrical releases in the current year period compared to the same period in 2014, which was partially offset by the strong performance of our current period releases, including  Fifty Shades of Grey .
Filmed Entertainment Segment—Operating Costs and Expenses
Operating costs and expenses increased for the three months ended March 31, 2015 compared to the same period in 2014 primarily due to an increase in advertising, marketing and promotion expenses. The increase in advertising, marketing and promotion expenses in the current year period was primarily due to an increase in marketing costs associated with our future theatrical releases, including  Furious 7 .
Theme Parks Segment Results of Operations

 	 	Three Months Ended
March 31	 	  	Increase/
(Decrease)	 	
(in millions)	 	    2015    	 	  	    2014    	 	  	$	 	  	%	 	
Revenue	 	$	651	  	  	$	487	  	  	$	164	  	  	 	33.7	% 	
Operating costs and expenses	 	 	388	  	  	 	317	  	  	 	71	  	  	 	22.4	  	
Operating income before depreciation and amortization	 	$	263	  	  	$	170	  	  	$	93	  	  	 	54.6	% 	
Theme Parks Segment—Revenue
Theme Parks revenue increased for the three months ended March 31, 2015 compared to the same period in 2014 primarily due to higher guest attendance and an increase in per capita spending as a result of the continued success of our attractions, including  The Wizarding World of Harry Potter ™— Diagon Alley ™ in Orlando, which opened in July 2014, and  Despicable Me: Minion Mayhem  in Hollywood, which opened in April 2014.
Theme Parks Segment—Operating Costs and Expenses
Operating costs and expenses increased for the three months ended March 31, 2015 compared to the same period in 2014 primarily due to additional costs associated with newer attractions, such as  The Wizarding World of Harry Potter ™— Diagon Alley ™ in Orlando, and increased attendance at both parks.
 
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NBCUniversal Headquarters, Other and Eliminations
The change in operating income (loss) before depreciation and amortization for headquarters, other and eliminations for the three months ended March 31, 2015 compared to the same period in 2014 was primarily due to lower severance costs recorded in the current year period compared to the same period in 2014.
Corporate and Other Results of Operations

 	 	Three Months Ended
March 31	 	 	Increase/
(Decrease)	 	
(in millions)	 	    2015    	 	 	    2014    	 	 	$	 	 	%	 	
Revenue	 	$	204	  	 	$	174	  	 	$	30	  	 	 	17.1	% 	
Operating costs and expenses	 	 	429	  	 	 	327	  	 	 	102	  	 	 	31.2	  	
Operating loss before depreciation and amortization	 	$	(225	) 	 	$	(153	) 	 	$	(72	) 	 	 	(47.2	)% 	
Corporate and Other—Revenue
Other revenue primarily relates to Comcast-Spectacor, which owns the Philadelphia Flyers and the Wells Fargo Center arena in Philadelphia, Pennsylvania and operates arena management-related businesses.
Other revenue increased for the three months ended March 31, 2015 compared to the same period in 2014 primarily due to an increase in revenue from food and other services associated with new contracts entered into by our Comcast-Spectacor business.
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 for the three months ended March 31, 2015 and 2014 includes $99 million and $17 million, respectively, of transaction-related costs associated with the Time Warner Cable merger and divestiture transactions, which transactions were terminated on April 24, 2015.
Consolidated Other Income (Expense) Items, Net

 	 	Three Months Ended
March 31	 	
(in millions)	 	    2015    	 	 	    2014    	 	
Interest expense	 	$	(656	) 	 	$	(642	) 	
Investment income (loss), net	 	 	33	  	 	 	113	  	
Equity in net income (losses) of investees, net	 	 	33	  	 	 	32	  	
Other income (expense), net	 	 	102	  	 	 	(15	) 	
Total	 	$	(488	) 	 	$	(512	) 	
Investment Income (Loss), Net
The components of investment income (loss), net for the three months ended March 31, 2015 and 2014 are presented in a table in Note 6 to Comcast’s condensed consolidated financial statements.
Other Income (Expense), Net
The change in other income (expense), net for the three months ended March 31, 2015 compared to the same period in 2014 was primarily due to both the net impact of a $164 million gain related to the sale of a business recorded in the current year period and a $27 million favorable settlement of a contingency recorded in the prior year period related to the AT&T Broadband transaction in 2002.
Consolidated Income Tax Expense
Income tax expense for the three months ended March 31, 2015 and 2014 reflects an effective income tax rate that differs from the federal statutory rate primarily due to state income taxes and adjustments associated with
 
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uncertain tax positions. We expect our 2015 annual effective tax rate to be in the range of 37% to 39%, absent changes in tax laws or further changes in uncertain tax positions. It is reasonably possible that certain tax contests could be resolved within the next 12 months that may result in a decrease in our effective tax rate.
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.
On March 30, 2015, we entered into an agreement to establish a new, strategic company focused on investing in and operating growth-oriented companies, both domestically and internationally. Michael J. Angelakis, our Chief Financial Officer, will serve as the Chief Executive Officer of this company, and the agreement will be exclusively with us as the only non-management investor. We expect to consolidate the results of this company with our operations once it launches in 2015 or 2016, and the company will have a term of 10 years. We have committed to invest up to $4 billion in the company and also will pay an annual $40 million management fee, subject to certain offsets.
Operating Activities
Components of Net Cash Provided by Operating Activities

 	 	Three Months Ended
March 31	 	
(in millions)	 	    2015    	 	 	    2014    	 	
Operating income	 	$	3,890	  	 	$	3,568	  	
Depreciation and amortization	 	 	2,066	  	 	 	1,970	  	
Operating income before depreciation and amortization	 	 	5,956	  	 	 	5,538	  	
Noncash share-based compensation	 	 	135	  	 	 	119	  	
Changes in operating assets and liabilities	 	 	73	  	 	 	(267	) 	
Cash basis operating income	 	 	6,164	  	 	 	5,390	  	
Payments of interest	 	 	(691	) 	 	 	(623	) 	
Payments of income taxes	 	 	(118	) 	 	 	(186	) 	
Excess tax benefits under share-based compensation	 	 	(146	) 	 	 	(151	) 	
Other	 	 	36	  	 	 	56	  	
Net cash provided by operating activities	 	$	5,245	  	 	$	4,486	  	
The variance in changes in operating assets and liabilities for the three months ended March 31, 2015 compared to the same period in 2014 was primarily related to the broadcast of the 2014 Sochi Olympics in the prior year period and the broadcast of the 2015 Super Bowl in the current year period, as well as the timing of collections on our receivables.
Investing Activities
Net cash used in investing activities for the three months ended March 31, 2015 consisted primarily of cash paid for capital expenditures and intangible assets, which were partially offset by proceeds from the sale of businesses and investments. Capital expenditures increased for the three months ended March 31, 2015 compared to the same period in 2014 primarily due to increased spending in our Cable Communications segment on customer premise equipment related to the deployment of our X1 platform, increased investment in support capital as we expand our cloud based initiatives and our continued investment in network infrastructure to increase network capacity.
Financing Activities
Net cash used in financing activities for the three months ended March 31, 2015 consisted primarily of repurchases of our common stock, repayments of debt and dividend payments.
 
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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. See Note 7 to Comcast’s condensed consolidated financial statements for additional information on our financing activities, including details of our debt repayments and borrowings.
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.
As of March 31, 2015, amounts available under our consolidated revolving credit facilities, net of amounts outstanding under our commercial paper programs and undrawn letters of credit, totaled $6.6 billion, which included $650 million available under NBCUniversal Enterprise’s credit facility.
Share Repurchases and Dividends
In February 2015, our Board of Directors increased our share repurchase program authorization to $10 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 three months ended March 31, 2015, we repurchased a total of 35 million shares of our Class A and Class A Special common stock for $2 billion. We expect to make $4.75 billion more in repurchases during the remainder of 2015, subject to market conditions.
In February 2015, our Board of Directors approved an 11.1% increase in our dividend to $1.00 per share on an annualized basis and approved our first quarter dividend of $0.25 per share which was paid in April 2015. We expect to continue to pay quarterly dividends, although each dividend is subject to approval by our Board of Directors.
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 2014 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.
ITEM 3: QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
We have evaluated the information required under this item that was disclosed in our 2014 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
 
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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 2014 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 and does not expect the final disposition 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.
ITEM 1A: RISK FACTORS
There have been no significant changes from the risk factors previously disclosed in Item 1A of our 2014 Annual Report on Form 10-K.
 
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ITEM 2: UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
The table below summarizes Comcast’s common stock repurchases under its Board-authorized share repurchase program during the three months ended March 31, 2015.
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)	 	
January 1-31, 2015	 	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Comcast Class A	 	 	4,534	  	  	$	56.77	  	  	 	—	  	  	$	—	  	  	$	3,249,229,820	  	
Comcast Class A Special	 	 	—	  	  	$	—	  	  	 	—	  	  	$	—	  	  	$	3,249,229,820	  	
February 1-28, 2015	 	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Comcast Class A	 	 	—	  	  	$	—	  	  	 	—	  	  	$	—	  	  	$	10,000,000,000	  	
Comcast Class A Special	 	 	—	  	  	$	—	  	  	 	—	  	  	$	—	  	  	$	10,000,000,000	  	
March 1-31, 2015	 	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Comcast Class A	 	 	15,761,267	  	  	$	57.12	  	  	 	15,756,663	  	  	$	900,000,000	  	  	$	9,100,000,000	  	
Comcast Class A Special	 	 	19,302,589	  	  	$	56.99	  	  	 	19,302,589	  	  	$	1,100,000,000	  	  	$	8,000,000,000	  	
Total	 	 	35,068,390	  	  	$	57.05	  	  	 	35,059,252	  	  	$	2,000,000,000	  	  	$	8,000,000,000	  	
 
(a)	In February 2015, our Board of Directors increased our share repurchase authorization to $10 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 $4.75 billion more in repurchases during the remainder of 2015, subject to market conditions.	
The total number of shares purchased during the three months ended March 31, 2015 includes 9,138 shares received in the administration of employee share-based compensation plans.
ITEM 6: EXHIBITS
Comcast

Exhibit
No.	 	Description	
  10.1	 	Agreement between Comcast Corporation and Michael J. Angelakis, dated as of March 30, 2015 (incorporated by reference to Exhibit 10.1 to Comcast’s Current Report on Form 8-K filed on March 31, 2015).	
  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 months ended March 31, 2015, filed with the Securities and Exchange Commission on May 4, 2015, 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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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 months ended March 31, 2015, filed with the Securities and Exchange Commission on May 4, 2015, 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
Executive Vice President, Chief Accounting Officer and Controller
(Principal Accounting Officer)	
Date: May 4, 2015
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
Executive Vice President
(Principal Accounting Officer)	
Date: May 4, 2015
 
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NBCUniversal Media, LLC Financial Statements

Index	 	Page	 	
Condensed Consolidated Balance Sheet	 	 	40	  	
Condensed Consolidated Statement of Income	 	 	41	  	
Condensed Consolidated Statement of Comprehensive Income	 	 	42	  	
Condensed Consolidated Statement of Cash Flows	 	 	43	  	
Condensed Consolidated Statement of Changes in Equity	 	 	44	  	
Notes to Condensed Consolidated Financial Statements	 	 	45	  	

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NBCUniversal Media, LLC
Condensed Consolidated Balance Sheet
(Unaudited)

(in millions)	 	March 31,
2015	 	 	December 31,
2014	 	
Assets	 	 	 	 	 	 	 	 	
Current Assets:	 	 	 	 	 	 	 	 	
Cash and cash equivalents	 	$	1,036	  	 	$	1,248	  	
Receivables, net	 	 	4,891	  	 	 	4,842	  	
Note receivable from Comcast	 	 	135	  	 	 	—	  	
Programming rights	 	 	925	  	 	 	825	  	
Other current assets	 	 	805	  	 	 	823	  	
Total current assets	 	 	7,792	  	 	 	7,738	  	
Film and television costs	 	 	5,628	  	 	 	5,714	  	
Investments	 	 	953	  	 	 	882	  	
Property and equipment, net of accumulated depreciation of $2,309 and $2,167	 	 	8,209	  	 	 	8,138	  	
Goodwill	 	 	14,897	  	 	 	14,908	  	
Intangible assets, net of accumulated amortization of $5,027 and $4,829	 	 	14,006	  	 	 	14,187	  	
Other noncurrent assets, net	 	 	1,061	  	 	 	1,050	  	
Total assets	 	$	52,546	  	 	$	52,617	  	
 	 	 	
Liabilities and Equity	 	 	 	 	 	 	 	 	
Current Liabilities:	 	 	 	 	 	 	 	 	
Accounts payable and accrued expenses related to trade creditors	 	$	1,382	  	 	$	1,388	  	
Accrued participations and residuals	 	 	1,387	  	 	 	1,347	  	
Program obligations	 	 	835	  	 	 	687	  	
Deferred revenue	 	 	880	  	 	 	821	  	
Accrued expenses and other current liabilities	 	 	1,427	  	 	 	1,422	  	
Note payable to Comcast	 	 	—	  	 	 	865	  	
Current portion of long-term debt	 	 	1,020	  	 	 	1,023	  	
Total current liabilities	 	 	6,931	  	 	 	7,553	  	
Long-term debt, less current portion	 	 	9,225	  	 	 	9,226	  	
Accrued participations, residuals and program obligations	 	 	1,125	  	 	 	1,149	  	
Other noncurrent liabilities	 	 	3,692	  	 	 	3,722	  	
Commitments and contingencies	 	 	 	 	 	 	 	 	
Redeemable noncontrolling interests	 	 	336	  	 	 	330	  	
Equity:	 	 	 	 	 	 	 	 	
Member’s capital	 	 	31,185	  	 	 	30,529	  	
Accumulated other comprehensive income (loss)	 	 	(210	) 	 	 	(159	) 	
Total NBCUniversal member’s equity	 	 	30,975	  	 	 	30,370	  	
Noncontrolling interests	 	 	262	  	 	 	267	  	
Total equity	 	 	31,237	  	 	 	30,637	  	
Total liabilities and equity	 	$	52,546	  	 	$	52,617	  	
See accompanying notes to condensed consolidated financial statements.
 
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NBCUniversal Media, LLC
Condensed Consolidated Statement of Income
(Unaudited)

 	 	Three Months Ended
March 31	 	
(in millions)	 	    2015    	 	 	    2014    	 	
Revenue	 	$	6,604	  	 	$	6,876	  	
Costs and Expenses:	 	 	 	 	 	 	 	 	
Programming and production	 	 	3,171	  	 	 	3,742	  	
Other operating and administrative	 	 	1,334	  	 	 	1,274	  	
Advertising, marketing and promotion	 	 	605	  	 	 	549	  	
Depreciation	 	 	160	  	 	 	162	  	
Amortization	 	 	204	  	 	 	203	  	
 	 	 	5,474	  	 	 	5,930	  	
Operating income	 	 	1,130	  	 	 	946	  	
Other Income (Expense):	 	 	 	 	 	 	 	 	
Interest expense	 	 	(124	) 	 	 	(129	) 	
Investment income (loss), net	 	 	(2	) 	 	 	6	  	
Equity in net income (losses) of investees, net	 	 	20	  	 	 	18	  	
Other income (expense), net	 	 	(58	) 	 	 	(36	) 	
 	 	 	(164	) 	 	 	(141	) 	
Income before income taxes	 	 	966	  	 	 	805	  	
Income tax expense	 	 	(48	) 	 	 	(64	) 	
Net income	 	 	918	  	 	 	741	  	
Net (income) loss attributable to noncontrolling interests	 	 	(66	) 	 	 	(59	) 	
Net income attributable to NBCUniversal	 	$	852	  	 	$	682	  	
See accompanying notes to condensed consolidated financial statements.
 
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Condensed Consolidated Statement of Comprehensive Income
(Unaudited)

 	 	Three Months Ended
March 31	 	
(in millions)	 	    2015    	 	 	    2014    	 	
Net income	 	$	918	  	 	$	741	  	
Deferred gains (losses) on cash flow hedges, net	 	 	12	  	 	 	—	  	
Currency translation adjustments, net	 	 	(63	) 	 	 	3	  	
Comprehensive income	 	 	867	  	 	 	744	  	
Net (income) loss attributable to noncontrolling interests	 	 	(66	) 	 	 	(59	) 	
Comprehensive income attributable to NBCUniversal	 	$	801	  	 	$	685	  	
See accompanying notes to condensed consolidated financial statements.
 
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NBCUniversal Media, LLC
Condensed Consolidated Statement of Cash Flows
(Unaudited)

 	 	Three Months Ended
March 31	 	
(in millions)	 	    2015    	 	 	    2014    	 	
Net cash provided by operating activities	 	$	1,202	  	 	$	756	  	
Investing Activities	 	 	 	 	 	 	 	 	
Capital expenditures	 	 	(268	) 	 	 	(291	) 	
Cash paid for intangible assets	 	 	(37	) 	 	 	(32	) 	
Note receivable from Comcast	 	 	(135	) 	 	 	—	  	
Other	 	 	169	  	 	 	(160	) 	
Net cash provided by (used in) investing activities	 	 	(271	) 	 	 	(483	) 	
Financing Activities	 	 	 	 	 	 	 	 	
Proceeds from (repayments of) borrowings from Comcast, net	 	 	(896	) 	 	 	139	  	
Repurchases and repayments of debt	 	 	(1	) 	 	 	(1	) 	
Distributions to noncontrolling interests	 	 	(51	) 	 	 	(54	) 	
Distributions to member	 	 	(195	) 	 	 	(195	) 	
Other	 	 	—	  	 	 	(4	) 	
Net cash provided by (used in) financing activities	 	 	(1,143	) 	 	 	(115	) 	
Increase (decrease) in cash and cash equivalents	 	 	(212	) 	 	 	158	  	
Cash and cash equivalents, beginning of period	 	 	1,248	  	 	 	967	  	
Cash and cash equivalents, end of period	 	$	1,036	  	 	$	1,125	  	
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, December 31, 2013	 	$	231	  	 	 	  	$	29,056	  	 	$	(16	) 	 	$	287	  	 	$	29,327	  	
Issuance of subsidiary shares to noncontrolling interests	 	 	82	  	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Dividends declared	 	 	 	 	 	 	  	 	(195	) 	 	 	 	 	 	 	 	 	 	 	(195	) 	
Contributions from (distributions to) noncontrolling interests, net	 	 	(10	) 	 	 	  	 	 	 	 	 	 	 	 	 	(44	) 	 	 	(44	) 	
Other	 	 	 	 	 	 	  	 	(1	) 	 	 	 	 	 	 	1	  	 	 	 	 	
Other comprehensive income (loss)	 	 	 	 	 	 	  	 	 	 	 	 	3	  	 	 	 	 	 	 	3	  	
Net income (loss)	 	 	14	  	 	 	  	 	682	  	 	 	 	 	 	 	45	  	 	 	727	  	
Balance, March 31, 2014	 	$	317	  	 	 	  	$	29,542	  	 	$	(13	) 	 	$	289	  	 	$	29,818	  	
Balance, December 31, 2014	 	$	330	  	 	 	  	$	30,529	  	 	$	(159	) 	 	$	267	  	 	$	30,637	  	
Dividends declared	 	 	 	 	 	 	  	 	(195	) 	 	 	 	 	 	 	 	 	 	 	(195	) 	
Contributions from (distributions to) noncontrolling interests, net	 	 	(10	) 	 	 	  	 	 	 	 	 	 	 	 	 	(41	) 	 	 	(41	) 	
Other	 	 	 	 	 	 	  	 	(1	) 	 	 	 	 	 	 	(14	) 	 	 	(15	) 	
Other comprehensive income (loss)	 	 	 	 	 	 	  	 	 	 	 	 	(51	) 	 	 	 	 	 	 	(51	) 	
Net income (loss)	 	 	16	  	 	 	  	 	852	  	 	 	 	 	 	 	50	  	 	 	902	  	
Balance, March 31, 2015	 	$	336	  	 	 	  	$	31,185	  	 	$	(210	) 	 	$	262	  	 	$	31,237	  	
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 (“GAAP”). For a more complete discussion of our accounting policies and certain other information, refer to our consolidated financial statements included in our 2014 Annual Report on Form 10-K.
Note 2: Recent Accounting Pronouncements
Revenue Recognition
In May 2014, the Financial Accounting Standards Board (“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. In April 2015, the FASB voted to propose deferring the effective date by one year to December 15, 2017 for annual reporting periods beginning after that date. The FASB also proposed permitting early adoption of the updated accounting guidance, but not before the original effective date of December 15, 2016. The updated accounting guidance provides companies with alternative methods of 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.
Debt Issuance Costs
In April 2015, the FASB updated the accounting guidance related to the balance sheet presentation of debt issuance costs. The updated accounting guidance requires that debt issuance costs be presented as a direct deduction from the associated debt liability. The updated accounting guidance will be effective for us on January 1, 2016, and early adoption is permitted. The updated accounting guidance will be applied retrospectively to all prior periods presented. We do not currently expect that the updated accounting guidance will have a material impact on our consolidated balance sheet.
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 or to us by Comcast under the revolving credit agreement, including
 
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accrued interest, are presented under the captions “note payable to Comcast” and “note receivable from Comcast,” respectively, 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 March 31, 2015, 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 March 31, 2015, 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)	 	March 31,
2015	 	  	December 31,
2014	 	
Transactions with Comcast and Consolidated Subsidiaries	 	 	 	 	  	 	 	 	
Receivables, net	 	$	241	  	  	$	229	  	
Note receivable from Comcast	 	$	135	  	  	$	—	  	
Accounts payable and accrued expenses related to trade creditors	 	$	38	  	  	$	47	  	
Accrued expenses and other current liabilities	 	$	9	  	  	$	8	  	
Note payable to Comcast	 	$	—	  	  	$	865	  	
Other noncurrent liabilities	 	$	402	  	  	$	383	  	
Condensed Consolidated Statement of Income

 	 	Three Months Ended
March 31	 	
(in millions)	 	    2015    	 	 	    2014    	 	
Transactions with Comcast and Consolidated Subsidiaries	 	 	 	 	 	 	 	 	
Revenue	 	$	342	  	 	$	361	  	
Operating costs and expenses	 	$	(50	) 	 	$	(37	) 	
Other income (expense)	 	$	(9	) 	 	$	(9	) 	
 
Distributions to NBCUniversal Holdings
In addition to the transactions presented in the table above, we make distributions to NBCUniversal Holdings on a periodic basis to enable its owners to meet their obligations to pay taxes on taxable income generated by our businesses. We also make quarterly distributions to NBCUniversal Holdings to enable it to make its required quarterly payments to 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)	 	March 31,
2015	 	  	December 31,
2014	 	
Film Costs:	 	 	 	 	  	 	 	 	
Released, less amortization	 	$	1,244	  	  	$	1,371	  	
Completed, not released	 	 	444	  	  	 	71	  	
In production and in development	 	 	952	  	  	 	1,189	  	
 	 	 	2,640	  	  	 	2,631	  	
Television Costs:	 	 	 	 	  	 	 	 	
Released, less amortization	 	 	1,361	  	  	 	1,273	  	
In production and in development	 	 	407	  	  	 	505	  	
 	 	 	1,768	  	  	 	1,778	  	
Programming rights, less amortization	 	 	2,145	  	  	 	2,130	  	
 	 	 	6,553	  	  	 	6,539	  	
Less: Current portion of programming rights	 	 	925	  	  	 	825	  	
Film and television costs	 	$	5,628	  	  	$	5,714	  	
 
Note 5: Investments

(in millions)	 	March 31,
2015	 	  	December 31,
2014	 	
Fair Value Method	 	$	10	  	  	$	10	  	
Equity Method:	 	 	 	 	  	 	 	 	
The Weather Channel	 	 	336	  	  	 	335	  	
Hulu	 	 	279	  	  	 	167	  	
Other	 	 	356	  	  	 	338	  	
 	 	 	971	  	  	 	840	  	
Cost Method	 	 	24	  	  	 	32	  	
Total investments	 	 	1,005	  	  	 	882	  	
Less: Current investments	 	 	52	  	  	 	—	  	
Noncurrent investments	 	$	953	  	  	$	882	  	
 
Note 6: Long-Term Debt
As of March 31, 2015, our debt had a carrying value of $10.2 billion and an estimated fair value of $11.6 billion. The estimated fair value of our publicly traded debt is primarily based on Level 1 inputs that use 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 that use interest rates available to us for debt with similar terms and remaining maturities.
Debt Repayments
In April 2015, we repaid at maturity $1 billion aggregate principal amount of 3.65% senior notes due 2015.
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 March 31, 2015, we guaranteed $31.7 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 March 31, 2015.
 
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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 liabilities associated with our contractual obligations. The fair values of the contractual obligations in the table below are 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 these contractual obligations as Level 3 financial instruments.
The most significant unobservable inputs we use are our estimates of the future revenue we expect to generate from certain of our businesses. The discount rates used in the measurements of fair value as of March 31, 2015 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 contracts. The fair value adjustments to the contractual obligations 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 Obligations

(in millions)	 	Contractual
Obligations	 	
Balance, December 31, 2014	 	$	883	  	
Fair value adjustments	 	 	40	  	
Payments	 	 	(19	) 	
Balance, March 31, 2015	 	$	904	  	
 
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 its employee stock purchase plans, employees are able to purchase shares of Comcast 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
March 31	 	
(in millions)	 	    2015    	 	  	    2014    	 	
Stock options	 	$	2	  	  	$	3	  	
Restricted share units	 	 	17	  	  	 	13	  	
Employee stock purchase plans	 	 	2	  	  	 	2	  	
Total	 	$	21	  	  	$	18	  	

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Note 9: Supplemental Financial Information
Receivables

(in millions)	 	March 31,
2015	 	  	December 31,
2014	 	
Receivables, gross	 	$	5,248	  	  	$	5,258	  	
Less: Allowance for returns and customer incentives	 	 	294	  	  	 	356	  	
Less: Allowance for doubtful accounts	 	 	63	  	  	 	60	  	
Receivables, net	 	$	4,891	  	  	$	4,842	  	
Accumulated Other Comprehensive Income (Loss)

(in millions)	 	March 31,
2015	 	 	March 31,
2014	 	
Deferred gains (losses) on cash flow hedges	 	$	32	  	 	$	(6	) 	
Unrecognized gains (losses) on employee benefit obligations	 	 	(61	) 	 	 	46	  	
Cumulative translation adjustments	 	 	(181	) 	 	 	(53	) 	
Accumulated other comprehensive income (loss)	 	$	(210	) 	 	$	(13	) 	
Net Cash Provided by Operating Activities

 	 	Three Months Ended
March 31	 	
(in millions)	 	    2015    	 	 	    2014    	 	
Net income	 	$	918	  	 	$	741	  	
Adjustments to reconcile net income to net cash provided by operating activities:	 	 	 	 	 	 	 	 	
Depreciation and amortization	 	 	364	  	 	 	365	  	
Equity in net (income) losses of investees, net	 	 	(20	) 	 	 	(18	) 	
Cash received from investees	 	 	12	  	 	 	12	  	
Net (gain) loss on investment activity and other	 	 	46	  	 	 	21	  	
Deferred income taxes	 	 	3	  	 	 	16	  	
Changes in operating assets and liabilities, net of effects of acquisitions and divestitures:	 	 	 	 	 	 	 	 	
Current and noncurrent receivables, net	 	 	(106	) 	 	 	55	  	
Film and television costs, net	 	 	(36	) 	 	 	148	  	
Accounts payable and accrued expenses related to trade creditors	 	 	16	  	 	 	(117	) 	
Other operating assets and liabilities	 	 	5	  	 	 	(467	) 	
Net cash provided by operating activities	 	$	1,202	  	 	$	756	  	
Cash Payments for Interest and Income Taxes

 	 	Three Months Ended
March 31	 	
(in millions)	 	    2015    	 	  	    2014    	 	
Interest	 	$	33	  	  	$	36	  	
Income taxes	 	$	40	  	  	$	53	  	
 
Noncash Investing and Financing Activities
During the three months ended March 31, 2015:
 
 	•	 	we acquired $153 million of property and equipment and intangible assets that were accrued but unpaid	 	
 
 	•	 	we recorded a liability of $123 million for a capital contribution for an investment that was accrued but unpaid	 	
 
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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 and news 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, the NBC Universo national cable network, 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, Florida and Hollywood. California.	 	
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 March 31, 2015	 	
(in millions)	 	Revenue(c)	 	 	Operating Income (Loss)
Before Depreciation and
Amortization (d)	 	 	Depreciation
and
Amortization	 	  	Operating
Income
(Loss)	 	 	Capital
Expenditures	 	
Cable Networks	 	$	2,359	  	 	$	898	  	 	$	184	  	  	$	714	  	 	$	6	  	
Broadcast Television	 	 	2,248	  	 	 	182	  	 	 	29	  	  	 	153	  	 	 	11	  	
Filmed Entertainment	 	 	1,446	  	 	 	293	  	 	 	5	  	  	 	288	  	 	 	1	  	
Theme Parks	 	 	651	  	 	 	263	  	 	 	66	  	  	 	197	  	 	 	162	  	
Headquarters and Other(a)	 	 	4	  	 	 	(140	) 	 	 	80	  	  	 	(220	) 	 	 	88	  	
Eliminations(b)	 	 	(104	) 	 	 	(2	) 	 	 	—	  	  	 	(2	) 	 	 	—	  	
Total	 	$	6,604	  	 	$	1,494	  	 	$	364	  	  	$	1,130	  	 	$	268	  	

 	 	Three Months Ended March 31, 2014	 	
(in millions)	 	Revenue(c)	 	 	Operating Income (Loss)
Before Depreciation and
Amortization (d)	 	 	Depreciation
and
Amortization	 	  	Operating
Income
(Loss)	 	 	Capital
Expenditures	 	
Cable Networks	 	$	2,505	  	 	$	895	  	 	$	189	  	  	$	706	  	 	$	11	  	
Broadcast Television	 	 	2,621	  	 	 	122	  	 	 	27	  	  	 	95	  	 	 	11	  	
Filmed Entertainment	 	 	1,351	  	 	 	288	  	 	 	5	  	  	 	283	  	 	 	1	  	
Theme Parks	 	 	487	  	 	 	170	  	 	 	69	  	  	 	101	  	 	 	144	  	
Headquarters and Other(a)	 	 	2	  	 	 	(163	) 	 	 	75	  	  	 	(238	) 	 	 	124	  	
Eliminations(b)	 	 	(90	) 	 	 	(1	) 	 	 	—	  	  	 	(1	) 	 	 	—	  	
Total	 	$	6,876	  	 	$	1,311	  	 	$	365	  	  	$	946	  	 	$	291	  	
 
(a)	Headquarters and Other activities include costs associated with overhead, personnel costs and headquarter initiatives.	
 
(b)	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.	
 
(c)	No single customer accounted for a significant amount of revenue in any period.	
 
(d)	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.	
 
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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: May 4, 2015

 	
/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: May 4, 2015

 	
/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: May 4, 2015

 	
/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: May 4, 2015

 	
/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
May 4, 2015
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
May 4, 2015
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