Comcast 2014 Annual Report Download - page 171

Table of Contents
NBCUniversal Media, LLC
Note 10: Long-Term Debt
Long-Term Debt Outstanding
As of December 31, 2014 and 2013, our debt had an estimated fair value of $11.5 billion and $11.7 billion, respectively. 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 Maturities
Debt Repayments
In April 2014, we repaid at maturity $900 million aggregate principal amount of 2.10% senior notes due 2014.
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 December 31, 2014, we guaranteed $32.6 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 June 2017, of which no amounts were
outstanding as of December 31, 2014.
We do not, however, guarantee the obligations of NBCUniversal Enterprise with respect to its $4 billion aggregate principal amount
of senior notes, $1.35 billion revolving credit facility and associated commercial paper program, or $725 million liquidation
preference of Series A cumulative preferred stock.
December 31 (in millions)
Weighted-
Average
Interest Rate as of
December 31, 2014
2014
2013
Senior notes with maturities of 5 years or less
3.254
%
$
2,005
$
2,917
Senior notes with maturities between 5 and 10 years
4.389
%
4,996
4,996
Senior notes with maturities greater than 10 years
5.614
%
3,204
3,205
Other, including capital lease obligations —
44
47
Total debt
4.46
%
10,249
11,165
Less: Current portion
1,023
906
Long-term debt
$
9,226
$
10,259
(a)
Includes the effects of our derivative financial instruments.
(in millions)
Weighted-
Average
Interest Rate as of
December 31, 2014
2015
3.633
%
$
1,023
2016
2.894
%
$
1,008
2017
6.296
%
$
2
2018
6.307
%
$
2
2019
6.329
%
$
2
Thereafter
4.871
%
$
8,212
Comcast 2014 Annual Report on Form 10-K
166
(a)