Comcast 2013 Annual Report Download - page 71

Table of Contents
effective in 2012. Our income tax expense in the future may continue to be impacted by adjustments to uncertain tax positions and
related interest, and changes in tax laws. We expect our 2014 annual effective tax rate to be in the range of 37% to 39%, absent
changes in tax laws or significant changes in uncertain tax positions.
Consolidated Net (Income) Loss Attributable to Noncontrolling Interests and Redeemable Subsidiary Preferred Stock
The decrease in net income attributable to noncontrolling interests and redeemable subsidiary preferred stock in 2013 was primarily
due to our acquisition of GE’
s remaining 49% common equity interest in NBCUniversal Holdings in March 2013. The increase in net
income attributable to noncontrolling interests in 2012 was primarily due to GE’
s allocated share of the increase in earnings of
NBCUniversal during 2012.
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.
We also maintain significant availability under our lines of credit and our commercial paper program to meet our short-
term liquidity
requirements.
Our commercial paper program provides a lower cost source of borrowing to fund our short-
term working capital requirements and
is supported by the Comcast and Comcast Cable Communications, LLC $6.25 billion revolving credit facility due June 2017. In
September 2013, we increased the borrowing capacity of our commercial paper program from $2.25 billion to $6.25 billion.
As of December 31, 2013, amounts available under our consolidated revolving credit facilities, net of amounts outstanding under
our commercial paper program and outstanding letters of credit, totaled $4.7 billion, which included $100 million available under
NBCUniversal Enterprise, Inc.’s (“NBCUniversal Enterprise”) credit facility.
In March 2013, we, four of our wholly owned cable holding company subsidiaries (the “cable guarantors”)
and NBCUniversal
entered into a series of agreements and supplemental indentures to include NBCUniversal as part of our existing cross-
guarantee
structure. As members of the cross-
guarantee structure, we and the cable guarantors fully and unconditionally guarantee
NBCUniversal’s public debt securities, and NBCUniversal fully and unconditionally guarantees all of our and the cable guarantors’
public debt securities, as well as our $6.25 billion revolving credit facility. We and the cable guarantors also fully and unconditionally
guarantee NBCUniversal Enterprise’
s $4 billion of senior notes and its $1.35 billion credit facility due March 2018. NBCUniversal
does not guarantee the NBCUniversal Enterprise senior notes or credit facility. See Note 21 to Comcast’
s consolidated financial
statements for additional information on our subsidiary cross-guarantee structure.
We, NBCUniversal and our Cable Communications subsidiaries that have provided guarantees are subject to the covenants and
restrictions set forth in the indentures governing our public debt securities and in the credit agreements governing the Comcast and
Comcast Cable Communications credit facility. We test for compliance with the covenants for our credit facility on an ongoing basis.
The only financial covenant is in our credit facility and pertains to leverage, which is the ratio of debt to operating income before
depreciation and
Comcast 2013 Annual Report on Form 10
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