Comcast 2015 Annual Report Download - page 166

Download and view the complete annual report

Please find page 166 of the 2015 Comcast annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 178

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128
  • 129
  • 130
  • 131
  • 132
  • 133
  • 134
  • 135
  • 136
  • 137
  • 138
  • 139
  • 140
  • 141
  • 142
  • 143
  • 144
  • 145
  • 146
  • 147
  • 148
  • 149
  • 150
  • 151
  • 152
  • 153
  • 154
  • 155
  • 156
  • 157
  • 158
  • 159
  • 160
  • 161
  • 162
  • 163
  • 164
  • 165
  • 166
  • 167
  • 168
  • 169
  • 170
  • 171
  • 172
  • 173
  • 174
  • 175
  • 176
  • 177
  • 178

NBCUniversal Media, LLC
Note 10: Long-Term Debt
Long-Term Debt Outstanding
December 31 (in millions)
Weighted-Average
Interest Rate as of
December 31, 2015 2015 2014
Term loans 2.74% $ 3,259 $—
Senior notes with maturities of 5 years or less, at face value 4.39% 3,000 2,000
Senior notes with maturities between 5 and 10 years, at face value 3.88% 3,000 5,000
Senior notes with maturities greater than 10 years, at face value 5.62% 3,200 3,200
Other, including capital lease obligations — 47 44
Debt issuance costs, premiums, discounts and fair value adjustments
for hedged positions, net — (12) (7)
Total debt 4.12%(a) 12,494 10,237
Less: Current portion 1,163 1,023
Long-term debt $ 11,331 $ 9,214
(a) Includes the effects of our derivative financial instruments.
As of December 31, 2015 and 2014, our debt, excluding the note payable to Comcast, had an estimated fair
value of $13.4 billion and $11.5 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 Principal Maturities
(in millions)
Weighted-Average
Interest Rate as of
December 31, 2015
2016 2.87% $ 1,163
2017 3.45% $ 120
2018 2.79% $ 127
2019 3.05% $ 226
2020 3.77% $ 4,657
Thereafter 4.78% $ 6,213
Term Loans
As a result of the Universal Studios Japan transaction, we consolidated ¥400 billion of term loans having a
final maturity of November 2020. In accordance with acquisition accounting, these debt securities were
recorded at fair value as of the acquisition date. These term loans contain financial and operating covenants
and are secured by the assets of Universal Studios Japan and the equity interests of the investors. We do not
guarantee these term loans and they are otherwise nonrecourse to us.
Debt Repayments
In April 2015, we repaid at maturity $1 billion aggregate principal amount of 3.65% senior notes due 2015.
Cross-Guarantee Structure
We, Comcast and a 100% owned cable holding company subsidiary of Comcast (“CCCL Parent”) fully and
unconditionally guarantee each other’s debt securities. As of December 31, 2015, we guaranteed $35.1 bil-
163 Comcast 2015 Annual Report on Form 10-K