Comcast 2013 Annual Report Download - page 161

Table of Contents
NBCUniversal Media, LLC
Note 4: 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.
On March 19, 2013, as part of the Comcast cash management process, we and Comcast entered into a revolving credit agreement
under which we can borrow up to $3 billion from Comcast and Comcast can borrow up to $3 billion from us. Amounts owed by us to
Comcast under the revolving credit agreement, including accrued interest, are presented under the caption “
note payable to
Comcast”
in our consolidated balance sheet. The revolving credit agreements bear interest at floating rates equal to the interest
rate under the Comcast and Comcast Cable Communications, LLC revolving credit facility (the “Comcast revolving 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 December 31, 2013, the borrowing margin for London Interbank Offered Rate based borrowings
was 1.00%.
In addition, Comcast is the counterparty to one of our contractual obligations. As of December 31, 2013, the carrying value of the
liability associated with this contractual obligation was $383 million. See Note 10 for additional information on this contractual
obligation.
The following tables present transactions with Comcast and its consolidated subsidiaries that are included in our consolidated
financial statements.
Consolidated Balance Sheet
Consolidated Statement of Income
Distributions to NBCUniversal Holdings
In addition to the transactions above, we make distributions to NBCUniversal Holdings on a periodic basis to enable its owners to
meet their obligations to pay taxes on taxable income generated by our businesses. We also make quarterly distributions to
NBCUniversal Holdings to enable it to make its required quarterly pay-
Successor
December 31 (in millions)
2013
2012
Transactions with Comcast and consolidated subsidiaries
Receivables, net
$
228
$
204
Accounts payable and accrued expenses related to trade creditors
$
56
$
25
Accrued expenses and other current liabilities
$
37
$
1
Note payable to Comcast
$
799
$
—
Other noncurrent liabilities
$
383
$
—
Successor
(in millions)
Year Ended
December 31,
2013
Year Ended
December 31,
2012
For the Period
January 29, 2011 to
December 31, 2011
Transactions with Comcast and consolidated subsidiaries
Revenue
$
1,262
$
1,228
$
1,025
Operating costs and expenses
$
(190
)
$
(175
)
$
(72
)
Comcast 2013 Annual Report on Form 10
-
K
156