Comcast 2014 Annual Report Download - page 76

Table of Contents
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 programs to meet our short-
term liquidity
requirements.
Our commercial paper programs provide a lower-cost source of borrowing to fund our short-
term working capital requirements.
These commercial paper programs are fully and unconditionally guaranteed by us and our 100% owned cable holding company
subsidiaries, Comcast Cable Communications, LLC (“CCCL Parent”), Comcast MO Group, Inc. (“Comcast MO Group”),
Comcast
Cable Holdings, LLC (“CCH”) and Comcast MO of Delaware, LLC (“Comcast MO of Delaware”) (collectively, the “
cable
guarantors”),
as well as by NBCUniversal. The Comcast commercial paper program is supported by the Comcast and Comcast
Cable Communications, LLC $6.25 billion revolving credit facility due June 2017.
In February 2014, NBCUniversal Enterprise, Inc. (“NBCUniversal Enterprise”)
entered into a commercial paper program. The
maximum borrowing capacity under this commercial paper program is $1.35 billion, and it is supported by NBCUniversal
Enterprise’s $1.35 billion revolving credit facility due March 2018.
As of December 31, 2014, amounts available under our consolidated revolving credit facilities, net of amounts outstanding under
our commercial paper programs and outstanding letters of credit, totaled $6.5 billion, which included $505 million available under
the NBCUniversal Enterprise revolving credit facility.
We, NBCUniversal and the cable guarantors 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, LLC revolving credit facility. We test for compliance with the covenants for this credit facility on an ongoing basis.
The only financial covenant is in this credit facility and pertains to leverage, which is the ratio of debt to operating income before
depreciation and amortization, as defined in the credit facility. As of December 31, 2014, we met this financial covenant by a
significant margin. We do not expect to have to reduce debt or improve operating results in order to continue to comply with this
financial covenant.
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Comcast 2014 Annual Report on Form 10-
K