# Table	of	Contents

# UNITED	STATES

# SECURITIES	AND	EXCHANGE	COMMISSION

# (Mark	One)

# ANNUAL	REPORT	PURSUANT	TO	SECTION	13	OR	15(d)	OF	THE	SECURITIES	EXCHANGE	ACT	OF	1934

# FOR	THE	FISCAL	YEAR	ENDED	DECEMBER	31,	2015

¨ TRANSITION	REPORT	PURSUANT	TO	SECTION	13	OR	15(d)	OF	THE	SECURITIES	EXCHANGE	ACT	OF	1934

Registrant;	State	of	Incorporation;	Address	and

# Commission	File	Number

Telephone	Number

# COMCAST	CORPORATION

# NBCUniversal	Media,	LLC

# SECURITIES	REGISTERED	PURSUANT	TO	SECTION	12(b)	OF	THE	ACT:

Title	of	Each	Class Class	A	Common	Stock,	$0.01	par	value 2.0%	Exchangeable	Subordinated	Debentures	due	2029

Name	of	Each	Exchange	on	Which	Registered NASDAQ	Global	Select	Market New	York	Stock	Exchange

New	York	Stock	Exchange New	York	Stock	Exchange

New	York	Stock	Exchange

# NBCUniversal	Media,	LLC	–	NONE

# SECURITIES	REGISTERED	PURSUANT	TO	SECTION	12(g)	OF	THE	ACT:

Comcast	Corporation	–	NONE

Indicate	by	check	mark	if	the	registrant	is	a	well-known	seasoned	issuer,	as	defined	in	Rule	405	of	the	Securities	Act.

Indicate	by	check	mark	if	the	registrant	is	not	required	to	file	reports	pursuant	to	Section	13	or	Section	15(d)	of	the	Act.

Indicate	by	check	mark	whether	the	registrant	(1)	has	filed	all	reports	required	to	be	filed	by	Section	13	or	15(d)	of	the	Securities	Exchange	Act	of	1934	during	the	preceding	12	months	(or	for	such shorter	period	that	the	registrant	was	required	to	file	such	reports)	and	(2)	has	been	subject	to	such	filing	requirements	for	the	past	90	days.

Indicate	by	check	mark	whether	the	registrant	has	submitted	electronically	and	posted	on	its	corporate	website,	if	any,	every	Interactive	Data	File	required	to	be	submitted	and	posted	pursuant	to	Rule

405	of	Regulation	S-T	during	the	preceding	12	months	(or	for	such	shorter	period	that	the	registrant	was	required	to	submit	and	post	such	files).

Indicate	by	check	mark	if	disclosure	of	delinquent	filers	pursuant	to	Item	405	of	Regulation	S-K	is	not	contained	herein,	and	will	not	be	contained,	to	the	best	of	registrant's	knowledge,	in	definitive

proxy	or	information	statements	incorporated	by	reference	in	Part	III	of	this	Form	10-K	or	any	amendments	to	this	Form	10-K.

NBCUniversal	Media,	LLC N/A

Indicate	by	check	mark	whether	the	registrant	is	a	large	accelerated	filer,	an	accelerated	filer,	a	non-accelerated	filer,	or	a	smaller	reporting	company.	See	definition	of	"large	accelerated	filer,"

"accelerated	filer"	and	"smaller	reporting	company"	in	Rule	12b-2	of	the	Exchange	Act:

Comcast	Corporation Large	accelerated	filer		x Accelerated	filer		¨ Non-accelerated	filer		¨ Smaller	reporting	company		¨

NBCUniversal	Media,	LLC Large	accelerated	filer		¨ Accelerated	filer		¨

Indicate	by	check	mark	whether	the	registrant	is	a	shell	company	(as	defined	in	Rule	12b-2	of	the	Act).

Non-accelerated	filer		x Smaller	reporting	company		¨

As	of	June	30,	2015,	the	aggregate	market	value	of	the	Comcast	Corporation	common	stock	held	by	non-affiliates	of	the	registrant	was	$148.617	billion.

Indicate	the	number	of	shares	outstanding	of	each	of	the	registrant's	classes	of	stock,	as	of	the	latest	practicable	date:

As	of	December	31,	2015,	there	were	2,432,953,988	shares	of	Comcast	Corporation	Class	A	common	stock	and	9,444,375	shares	of	Class	B	common	stock	outstanding.

Not	applicable	for	NBCUniversal	Media,	LLC.

NBCUniversal	Media,	LLC	meets	the	conditions	set	forth	in	General	Instruction	I(1)(a),	(b)	and	(d)	of	Form	10-K	and	is	therefore	filing	this	form	with	the	reduced	disclosure	format.

# DOCUMENTS	INCORPORATED	BY	REFERENCE

Comcast	Corporation	–	Part	III	–	The	registrant's	definitive	Proxy	Statement	for	its	annual	meeting	of	shareholders	presently	scheduled	to	be	held	in	May	2016.

| Item	1 | Business | 1 |
| :--- | :--- | :--- |
| Item\t1A | Risk\tFactors | 25 |
| Item\t1B | Unresolved\tStaff\tComments | 34 |
| Item\t2 | Properties | 34 |
| Item\t3 | Legal\tProceedings | 35 |
| Item\t4 | Mine\tSafety\tDisclosures | 35 |
| PART\tII |  |  |
| Item\t5 | Market\tfor\tRegistrant's\tCommon\tEquity,\tRelated\tStockholder\tMatters\tand\tIssuer\tPurchases\tof\tEquity\tSecurities | 36 |
| Item\t6 | Selected\tFinancial\tData | 40 |
| Item\t7 | Management's\tDiscussion\tand\tAnalysis\tof\tFinancial\tCondition\tand\tResults\tof\tOperations | 41 |
| Item\t7A | Quantitative\tand\tQualitative\tDisclosures\tAbout\tMarket\tRisk | 70 |
| Item\t8 | Comcast\tCorporation\tFinancial\tStatements\tand\tSupplementary\tData | 73 |
| Item\t9 | Changes\tin\tand\tDisagreements\twith\tAccountants\ton\tAccounting\tand\tFinancial\tDisclosure | \t125 |
| Item\t9A | Controls\tand\tProcedures | \t125 |
| Item\t9B | Other\tInformation | \t126 |
| PART\tIII |  |  |
| Item\t10 | Directors,\tExecutive\tOfficers\tand\tCorporate\tGovernance | \t127 |
| Item\t11 | Executive\tCompensation | \t128 |
| Item\t12 | Security\tOwnership\tof\tCertain\tBeneficial\tOwners\tand\tManagement\tand\tRelated\tStockholder\tMatters | \t128 |
| Item\t13 | Certain\tRelationships\tand\tRelated\tTransactions,\tand\tDirector\tIndependence | \t129 |
| Item\t14 | Principal\tAccountant\tFees\tand\tServices | \t129 |

# Explanatory	Note

This	Annual	Report	on	Form	10-K	is	a	combined	report	being	filed	separately	by	Comcast	Corporation	("Comcast")	and	NBCUniversal	Media,	LLC ("NBCUniversal").	Comcast	owns	all	of	the	common	equity	interests	in	NBCUniversal,	and	NBCUniversal	meets	the	conditions	set	forth	in	General Instruction	I(1)(a),	(b)	and	(d)	of	Form	10-K	and	is	therefore	filing	its	information	within	this	Form	10-K	with	the	reduced	disclosure	format.	Each	of Comcast	and	NBCUniversal	is	filing	on	its	own	behalf	the	information	contained	in	this	report	that	relates	to	itself,	and	neither	company	makes	any representation	as	to	information	relating	to	the	other	company.	Where	information	or	an	explanation	is	provided	that	is	substantially	the	same	for	each company,	such	information	or	explanation	has	been	combined	in	this	report.	Where	information	or	an	explanation	is	not	substantially	the	same	for	each company,	separate	information	and	explanation	has	been	provided.	In	addition,	separate	consolidated	financial	statements	for	each	company,	along	with notes	to	the	consolidated	financial	statements,	are	included	in	this	report.	Unless	indicated	otherwise,	throughout	this	Annual	Report	on	Form	10-K,	we refer	to	Comcast	and	its	consolidated	subsidiaries,	including	NBCUniversal	and	its	consolidated	subsidiaries,	as	"we,"	"us"	and	"our;"	Comcast	Cable Communications,	LLC	and	 its	subsidiaries	as	"Comcast	Cable;"	Comcast	Holdings	Corporation	as	"Comcast	Holdings;"	and	NBCUniversal,	LLC	as "NBCUniversal	Holdings."

This	Annual	Report	on	Form	10-K	is	for	the	year	ended	December	31,	2015.	This	Annual	Report	on Form	10-K	modifies	and	supersedes	documents	filed before	it.

The	Securities	and	Exchange	Commission	("SEC")	allows	us	to	"incorporate	by	reference"	information	that	we	file	with	it,	which	means	that	we	can disclose	important	information	to	you	by	referring	you	directly	to	those	documents.	Information	incorporated	by	reference	is	considered	to	be	part	of	this Annual	 Report	 on	Form	10-K.	 In	 addition,	 information	 that	 we	 file	 with	 the	 SEC	 in	 the	 future	 will	 automatically	 update	 and	 supersede	 information contained	in	this	Annual	Report	on	Form	10-K.

Our	registered	trademarks	include	Comcast,	NBCUniversal	and	the	Comcast	and	NBCUniversal	logos.	This	Annual	Report	on	Form	10-K	also	contains other	trademarks,	service	marks	and	trade	names	owned	by	us,	as	well	as	those	owned	by	others.

# Part	I

# Item	1:	Business

We	are	a	global	media	and	technology	company	with	two	primary	businesses,	Comcast	Cable	and	NBCUniversal.	We	were	incorporated	under	the	laws of	Pennsylvania	in	December	2001.	Through	our	predecessors,	we	have	developed,	managed	and	operated	cable	systems	since	1963.	In	2011,	we acquired	control	of	the	businesses	of	NBCUniversal	from	General	Electric	Company	(the	"NBCUniversal	transaction"),	and	in	2013,	we	acquired	the remaining	49%	common	equity	interest	in	NBCUniversal	Holdings	that	we	did	not	already	own.

We	present	our	operations	 for	Comcast	Cable	 in	one	reportable	business	segment,	referred	 to	as	Cable	Communications,	and	our	operations	 for NBCUniversal	in	four	reportable	business	segments.	The	Cable	Networks,	Broadcast	Television,	Filmed	Entertainment	and	Theme	Parks	segments comprise	the	NBCUniversal	businesses	(collectively,	the	"NBCUniversal	segments").

•	 Cable	Communications:	Consists	of	the	operations	of	Comcast	Cable,	which	is	one	of	the	nation's	largest	providers	of video,	high-speed	Internet	and	voice	services	("cable	services")	to	residential	customers	under	the	XFINITY	brand;	we	also provide	these	and	other	services	to	business	customers	and	sell	advertising.

•	 Cable Networks:	Consists	 primarily	 of	 our	 national	 cable	 networks,	 our	 regional sports	 and	 news	 networks,	 our international	cable	networks,	and	our	cable	television	studio	production	operations.

•	 Broadcast	Television:	Consists	primarily	of	the	NBC	and	Telemundo	broadcast	networks,	our	10	NBC	and	17	Telemundo owned	local	broadcast	television	stations,	and	our	broadcast	television	studio	production	operations.

•Filmed	Entertainment:	Consists	primarily	of	the	operations	of	Universal	Pictures,	which	produces,	acquires,	markets	and distributes	filmed	entertainment	worldwide.

•Theme	Parks:	Consists	primarily	of	our	Universal	theme	parks	in	Orlando,	Florida	and	Hollywood,	California.	In	November 2015,	NBCUniversal	acquired	a	51%	interest	in	the	Universal	Studios	theme	park	located	in	Osaka,	Japan	("Universal Studios	Japan").

Our	 other	 business	 interests	 consist	 primarily	 of	 Comcast	 Spectacor,	 which	 owns the	 Philadelphia	 Flyers	 and the	 Wells	 Fargo	 Center	 arena in Philadelphia,	Pennsylvania	and	operates	arena	management-related	businesses.

For	 financial	 and	 other	 information	 about	 our	 reportable	 business	 segments,	 refer	 to	 Item	 7:	 Management's	 Discussion	 and	Analysis	 of	 Financial Condition	and	Results	of	Operations;	and	Note	18	to	Comcast's	consolidated	financial	statements	and	Note	17	to	NBCUniversal's	consolidated	financial statements	included	in	this	Annual	Report	on	Form	10-K.

# Available	Information	and	Websites

Comcast's	phone	number	is	(215)	286-1700,	and	its	principal	executive	offices	are	located	at	One	Comcast	Center,	Philadelphia,	PA	19103-2838. NBCUniversal's	phone	number	is	(212)	664-4444,	and	its	principal	executive	offices	are	located	at	30	Rockefeller	Plaza,	New	York,	NY	10112-0015. Comcast	and	NBCUniversal's	Annual	Reports	on	Form	10-K,	Quarterly	Reports	on	Form	10-Q,	Current	Reports	on	Form	8-K	and	any	amendments	to such	reports	filed	with	or	furnished	to	the	SEC	under	Sections	13(a)	or	15(d)	of	the	Securities	Exchange	Act	of	1934,	as	amended	(the	"Exchange	Act"), are	available	free	of	charge	on	the	SEC's

Comcast	2015	Annual	Report	on	Form	10-K

website	 at	 www.sec.gov	 and	 on	 Comcast's	 website	 at	 www.comcastcorporation.com	 as	 soon	 as	 reasonably	 practicable	 after	 such	 reports	 are electronically	filed	with	the	SEC.	The	information	posted	on	our	websites	is	not	incorporated	into	our	SEC	filings.	The	public	may	read	and	copy	any materials	filed	with	the	SEC	at	the	SEC's	Public	Reference	Room	at	100	F	Street,	NE,	Washington,	DC	20549.	The	public	may	obtain	information	on	the operation	of	the	Public	Reference	Room	by	calling	the	SEC	at	1-800-SEC-0330.

# Description	of	Our	Businesses

# Cable	Communications	Segment

The	table	below	summarizes	certain	customer	and	penetration	data	for	our	cable	system	operations.

| December	31	(in	millions) | 2015 | 2014 | 2013 |
| :--- | :--- | :--- | :--- |
| Homes\tand\tbusinesses\tpassed^(a) | \t55.7 | \t54.7 | \t53.8 |
| Total\tcustomer\trelationships^(b) | \t27.7 | \t27.0 | \t26.7 |
| Single\tproduct\tcustomers^(b) | 8.4 | 8.4 | 8.8 |
| Double\tproduct\tcustomers^(b) | 9.2 | 8.8 | 8.5 |
| Triple\tproduct\tcustomers^(b) | \t10.1 | 9.9 | 9.4 |
| Video |  |  |  |
| Video\tcustomers^(c) | \t22.3 | \t22.4 | \t22.6 |
| Video\tpenetration^(d) | \t40.1% | \t40.9% | \t41.9% |
| Digital\tvideo\tcustomers^(e) | \t22.3 | \t22.2 | \t22.4 |
| Digital\tvideo\tpenetration^(e) | \t99.8% | \t99.4% | \t99.1% |
| High-speed\tInternet |  |  |  |
| High-speed\tInternet\tcustomers | \t23.3 | \t22.0 | \t20.7 |
| High-speed\tInternet\tpenetration^(d) | \t41.9% | \t40.2% | \t38.4% |
| Voice |  |  |  |
| Voice\tcustomers | \t11.5 | \t11.2 | \t10.7 |
| Voice\tpenetration^(d) | \t20.6% | \t20.5% | \t19.9% |

Basis	of	Presentation:	Customer	metrics	include	our	residential	and	business	customers.	Information	related	to	cable	system	acquisitions	is	included	from	the	date	acquired.	Information	related	to cable	systems	sold	or	exchanged	is	excluded	for	all	periods	presented.	All	percentages	are	calculated	based	on	actual	amounts.	Minor	differences	may	exist	due	to	rounding.

(a) Homes	and	businesses	are	considered	passed	if	we	can	connect	them	to	our	distribution	system	without	further	extending	the	transmission	lines.	Homes	and	businesses	passed	is	an	estimate based	on	the	best	available	information.

(b) Customer	relationships	represent	the	number	of	residential	and	business	customers	that	subscribe	to	at	least	one	of	our	cable	services.	Single	product,	double	product	and	triple	product customers	represent	customers	that	subscribe	to	one,	two	or	three	of	our	cable	services,	respectively.

(c) Generally,	a	home	or	business	receiving	video	programming	from	our	distribution	system	counts	as	one	video	customer.	For	multiple	dwelling	units	("MDUs")	whose	residents	have	the	ability	to receive	additional	cable	services,	such	as	additional	programming	choices	or	our	high-definition	video	("HD")	or	digital	video	recorder	("DVR")	advanced	services,	we	count	and	report	customers based	on	the	number	of	potential	billable	relationships	within	each	MDU.	For	MDUs	whose	residents	are	not	able	to	receive	additional	cable	services,	the	MDU	is	counted	as	a	single	customer.

(d) Penetration	is	calculated	by	dividing	the	number	of	customers	by	the	number	of	homes	and	businesses	passed.

(e) Digital	video	customers	include	customers	receiving	digital	signals	through	any	means,	including	digital	transport	adapters	and	CableCARDs.	Digital	video	penetration	is	calculated	by	dividing	the number	of	digital	video	customers	by	total	video	customers.

# Cable	Services

We	offer	a	variety	of	cable	services	over	our	cable	distribution	system	to	residential	and	business	customers.	Subscription	rates	and	related	charges	vary according	to	the	services	and	features	customers	receive	and	the	type	of	equipment	they	use,	and	customers	are	typically	billed	in	advance	on	a	monthly basis.	The	majority	of	our	residential	cable	services	customers	are	not	subject	to	minimum-term	contracts	for	their	services,	while	substantially	all	of	our business	customers	are.	Minimum-term	contracts	are	typically	2	years	in	length	for	residential	customers	and	typically	range	from	2	to	5	years	for business	services	customers.	Customers	with	minimum-term	contracts	may	only	discontinue	service	in	accordance	with	the	terms	of	their	contracts, which	may	include	an	early	termination	fee.

# The	Areas	We	Serve

The	map	below	highlights	our	footprint	as	of	December	31,	2015	and	the	designated	market	areas	("DMAs")	in	which	we	offer	cable	services	that	have 125,000	 or	 more	 video	 customers.	 The	 number	 of	 high-speed	 Internet	 customers	 in	 these	 DMAs	 is	 generally	 similar	 to	 the	 number	 of	 our	 video customers.	The	locations	that	are	bolded	represent	the	markets	we	operate	in	that	were	also	included	in	the	top	25	U.S.	television	markets	as	of December	31,	2015.

# Video	Services

We	offer	a	broad	variety	of	video	services	under	the	XFINITY	brand,	with	access	to	hundreds	of	channels	depending	on	the	customer's	level	of	service. Our	levels	of	service	typically	range	from	a	limited	basic	service	with	access	to	between	20	and	40	channels	to	a	full	digital	service	with	access	to	more than	300	channels.	Our	video	services	generally	include	programming	provided	by	national	broadcast	networks,	local	broadcast	stations,	and	national and	regional	cable	networks,	as	well	as	government	and	public	access	programming.	Our	digital	video	services	generally	include	access	to	our	On Demand	service	and	an	interactive,	on-screen	program	guide.	We	also	offer	packages	that	include	extensive	amounts	of	foreign-language	programming, and	we	offer	other	specialty	tiers	of	programming	with	sports,	family	and	international	themes.	We	tailor	our	video	services	for	a	particular	geographic area	according	to	applicable	local	and	federal	regulatory	requirements,	programming	preferences	and	demographics.

Our	video	customers	may	also	subscribe	to	premium	networks.	Premium	networks	include	networks	such	as	HBO,	Showtime,	Starz	and	Cinemax	that generally	provide,	without	commercial	interruption,	movies,	original	programming,	live	and	taped	sporting	events	and	concerts,	and	other	features.

Our	On	Demand	service	provides	digital	video	customers	with	approximately	75,000	programming	choices	over	the	course	of	a	month,	including	30,000 in	high	definition.	A	substantial	portion	of	our	On	Demand	content	is	available	at	no	additional	charge;	other	content,	primarily	movies	and	special-events programming,	such	as	sporting	events	and	concerts,	can	be	rented	or	in	some	cases	purchased	to	own	digitally.	We	continue	to	increase	the	number	of On	Demand	choices,	including	the	number	of	movies	and	television	shows	that	can	be	purchased.

Our	HD	service	provides	customers	with	high-resolution	picture	quality,	improved	audio	quality	and	a	wide-screen	format	through	an	HD	set-top	box.	Our HD	service	includes	a	broad	selection	of	HD	programming	choices,	including	major	broadcast	networks,	national	cable	networks,	premium	networks	and regional	sports	networks.	Our	DVR	service	allows	digital	video	customers	to	record	and	store	programs	on	their	set-top	box	and	play	them	at	whatever time	is	convenient.	Our	DVR	service	also	provides	the	ability	to	pause	and	rewind	live	television.

Our	X1	service,	which	is	a	cloud-enabled	video	platform,	provides	customers	with	integrated	search	functionality,	personalized	recommendations	and access	to	certain	third-party	Internet	applications	through	television	sets.	We	also	offer	our	Cloud	DVR	technology	in	substantially	all	of	our	markets. Cloud	DVR	technology	allows	our	video	customers	to	record	television	shows	and	movies	from	their	home	using	cloud-based	servers	and	view	those recordings	on	mobile	devices	via	our	mobile	apps.

Through	our	online	portal,	our	video	customers	may	view	certain	live	programming	and	On	Demand	content,	browse	program	listings,	and	schedule	and manage	DVR	recordings.	We	also	have	streaming	services	that	provide	customers	with	access	to	certain	programming	via	On	Demand,	online	and through	our	mobile	apps	and,	depending	on	the	customer's	level	of	service,	may	require	an	additional	monthly	fee.

# High-Speed	Internet	Services

We	offer	a	variety	of	high-speed	Internet	services	with	downstream	speeds	of	up	to	150	Mbps,	as	well	as	downstream	speeds	of	up	to	505	Mbps	in	limited markets.	These	services	include	our	online	portal	and	mobile	apps,	which	provide	access	to	email,	contacts	and	calendars,	and	online	security	features. In	addition,	we	are	actively	deploying	wireless	gateways,	which	combine	a	customer's	wireless	router,	cable	modem	and	voice	adapter,	to	improve	the performance	of	multiple	Internet-enabled	devices	used	at	the	same	time	within	the	home,	provide	faster	Internet	speeds	and	create	an	in-home	Wi-Fi network.	We	are	continuing	to	expand	our	network	of	residential,	outdoor	and	business	Wi-Fi	hotspots	to	allow	most	of	our	high-speed	Internet	customers to	access	our	high-speed	Internet	services	inside	and	outside	the	home,	and	we	provide	access	to	approximately	13.3	million	of	these	hotspots	as	of December	31,	2015.

# Voice	Services

We	offer	voice	services	using	an	interconnected	Voice	over	Internet	Protocol	("VoIP")	technology.	Our	voice	services	provide	either	usage-based	or unlimited	local	and	domestic	long-distance	calling	and	include	options	for	international	calling	plans,	voicemail,	voicemail	transcriptions,	text	messaging, caller	 ID	 and	 call	 waiting.	 For	 customers	 with	 our	 high-speed	 Internet	 services,	 our	 voice	 services	 also	 include	 the	 ability	 to	 access	 and	 manage voicemail,	text	messaging	and	other	account	features	through	our	online	portal	or	our	mobile	apps.

# Business	Services

We	offer	our	cable	services	to	small	and	medium-sized	businesses,	and	more	recently,	we	have	begun	to	offer	services	to	large	enterprises	with	multiple locations	("business	services").	In	addition	to	the	features	we

provide	to	our	residential	cable	services	customers,	our	services	for	business	customers	include	an	interactive	tool	that	allows	customers	to	share, coordinate	and	store	documents	online,	hosted	voice	services	that	use	cloud	network	servers,	a	business	directory	listing,	and	additional	capacity	for multiple	phone	lines.

We	 also	 offer	 to	 medium-sized	 businesses	 and	 large	 enterprises	 Ethernet	 network	 services	 that	 connect	 multiple	 locations	 and	 provide	 higher downstream	and	upstream	speed	options,	and	we	offer	cellular	backhaul	services	to	mobile	network	operators	to	help	those	customers	manage	network bandwidth.

The	new	enterprise	service	offering	is	designed	to	serve	Fortune	1000	companies	and	other	large	nationwide	enterprises	with	multiple	locations	both	in and	outside	of	our	cable	distribution	footprint.	We	service	these	multiple	locations	through	agreements	we	have	with	other	cable	companies	and	providers that	allow	us	to	use	their	networks	to	fill	in	the	gaps	in	our	coverage	areas.

# Advertising

As	part	of	our	distribution	agreements	with	cable	networks,	we	generally	receive	an	allocation	of	scheduled	advertising	time	on	cable	networks	that	our Spotlight	business	sells	to	local,	regional	and	national	advertisers.	In	most	cases,	the	available	advertising	units	are	sold	by	our	sales	force.	In	some cases,	we	work	with	representation	firms	as	an	extension	of	our	sales	force	to	sell	a	portion	of	the	advertising	units	allocated	to	us.	We	also	represent	the advertising	sales	efforts	of	other	multichannel	video	providers	in	some	markets.	In	addition,	we	generate	revenue	from	the	sale	of	advertising	online	and on	our	On	Demand	service.

# Other	Revenue	Sources

We	receive	revenue	related	to	cable	franchise	and	other	regulatory	fees	and	from	our	home	security	and	automation	services.	Cable	franchise	and	other regulatory	fees	represent	the	fees	we	are	required	to	pay	to	federal,	state	and	local	authorities	that	we	pass	through	to	our	customers.	Under	the	terms	of our	cable	franchise	agreements,	we	are	generally	required	to	pay	to	the	cable	franchising	authority	an	amount	based	on	our	gross	video	revenue.	Our home	security	and	automation	services	provide	our	customers	with	home	monitoring	services	and	the	ability	to	manage	other	functions	within	the	home, such	as	lighting	and	room	temperature,	through	our	online	portal	or	our	mobile	apps.

# Technology

Our	cable	distribution	system	uses	a	hybrid	fiber-optic	and	coaxial	cable	network	that	we	believe	is	sufficiently	flexible	and	scalable	to	support	our	future technology	 requirements.	 This	 network	 provides	 the	 two-way	 transmissions	 that	 are	 essential	 to	 providing	 interactive	 video	 services,	 such	 as	 On Demand,	and	high-speed	Internet	and	voice	services.	We	are	also	leveraging	our	network	to	develop	and	deliver	innovative	services	to	our	customers efficiently	and	in	an	accelerated	fashion.

# We	continue	to	focus	on	technology	initiatives,	such	as:

•deploying	and	launching	next-generation	media	and	content	delivery	platforms,	such	as	our	X1	platform	and	related	Cloud DVR	 technology,	 that	 use	 IP	 technology	 and	 our	 own	 cloud	 network	 servers	 to	 deliver	 video	 and	 advanced	 search capabilities,	including	through	a	voice-activated	remote	control,	and	allow	access	to	certain	third-party	Internet	applications

•deploying	wireless	gateways	to	improve	the	performance	of	multiple	Internet-enabled	devices	used	at	the	same	time	within the	home,	provide	faster	Internet	speeds	and	create	an	in-home	Wi-Fi	network

•developing	multiple	tools	to	recapture	bandwidth	and	optimize	our	network	to	allow	for	faster	Internet	speeds	and	capacity,

including	using	advanced	video	encoding	and	digital	compression	technologies	and	DOCSIS	innovations,	such	as	DOCSIS 3.1

•developing	and	deploying	various	technology	and	software	tools	to	improve	the	customer	experience

# Sources	of	Supply

To	offer	our	video	services,	we	license	a	substantial	portion	of	our	programming	from	cable	networks	and	broadcast	networks,	as	well	as	from	local broadcast	television	stations.	We	attempt	to	secure	long-term	programming	distribution	agreements	with	these	programming	providers.	We	also	license programming	for	our	On	Demand	and	streaming	services.	We	seek	to	include	in	our	distribution	agreements	the	rights	to	offer	such	programming	to	our subscribers	through	multiple	delivery	platforms	that	may	be	used	in	a	variety	of	locations,	such	as	through	On	Demand,	our	online	portal	and	our	mobile apps.

We	purchase	from	a	limited	number	of	suppliers	a	significant	number	of	set-top	boxes	and	certain	other	customer	premise	equipment,	network	equipment and	services	that	we	use	to	provide	our	cable	services	to	our	residential	and	business	customers.

For	our	high-speed	Internet	services,	we	license	software	products,	such	as	email	and	security	software,	and	content,	such	as	news	feeds	for	our	online portal,	from	a	variety	of	suppliers.	Under	our	contracts	with	these	suppliers,	we	generally	pay	on	a	fixed-fee	basis,	on	a	per	subscriber	basis	in	the	case of	software	product	licenses	or	on	a	video	advertising	revenue	share	basis	in	the	case	of	content	licenses.

For	our	voice	services,	we	license	software	products	such	as	voicemail	and	text	messaging	from	a	variety	of	suppliers	under	multiyear	contracts.	The fees	we	pay	are	generally	based	on	the	consumption	of	the	related	services.

We	use	two	primary	vendors	to	provide	customer	billing	for	our	cable	services	to	our	residential	and	business	customers.

# Customer	and	Technical	Services

Our	customer	service	call	centers	provide	24/7	call-answering	capability,	telemarketing	and	other	services.	Our	technical	services	group	performs	various tasks,	including	installations,	plant	maintenance	and	upgrades	to	our	cable	distribution	system.

# Sales	and	Marketing

We	offer	our	services	directly	 to	residential	and	business	customers	 through	customer	service	call	centers,	customer	service	centers,	door-to-door selling,	telemarketing	and	retail	outlets,	as	well	as	through	advertising	via	direct	mail,	television	and	the	Internet.	We	market	our	cable	services	both individually	and	as	bundled	services.

# NBCUniversal	Segments

# Cable	Networks

Our	Cable	Networks	segment	consists	of	a	diversified	portfolio	of	national	cable	networks	that	provide	a	variety	of	entertainment,	news	and	information, and	sports	content,	our	regional	sports	and	news	networks,	our	international	cable	networks,	and	our	cable	television	studio	production	operations.	We also	own	various	digital	media	properties,	which	primarily	include	brand-aligned	websites.

The	table	below	presents	a	summary	of	our	national	cable	networks	and	their	advertising	reach	to	U.S.	households.

(a) Household	data	is	based	on	The	Nielsen	Company's	January	reports,	except	for	Universal	HD,	which	is	derived	from	information	provided	by	multichannel	video	providers.	Household	data	for 2015	is	derived	from	information	available	during	the	period	from	December	21,	2015	through	December	27,	2015.

Our	regional	sports	and	news	networks	 together	serve	more	 than	28	million	households	across the	United	States, including	key	markets	such	as Baltimore/Washington,	Boston,	Chicago,	Philadelphia,	Portland,	Sacramento	and	San	Francisco.

We	 market	 and	 distribute	 our	 cable	 network	 programming	 in	 the	 United	 States	 and	 internationally	 to	 multichannel	 video	 providers,	 as	 well	 as	 to subscription	video	on	demand	services	such	as	those	offered	by	Amazon,	Hulu	and	Netflix.	These	distributors	may	provide	our	content	on	television, including	via	video	on	demand	services,	online	and	through	mobile	apps.

Our	cable	networks	produce	their	own	programs	or	acquire	programming	rights	from	third	parties.	Our	cable	television	studio	production	operations identify,	develop	and	produce	original	content	for	cable	television	and	other	distribution	platforms	for	our	cable	networks	and	third	parties.	We	license	this content	to	cable	networks,	broadcast	networks	and	subscription	video	on	demand	services.

# Broadcast	Television

Our	Broadcast	Television	segment	operates	the	NBC	and	Telemundo	broadcast	television	networks,	which	together	serve	audiences	and	advertisers	in all	50	states.	Our	Broadcast	Television	segment	also	includes	our	owned	NBC	and	Telemundo	local	broadcast	television	stations,	the	NBC	Universo national	cable	network,	our	broadcast	television	studio	production	operations,	and	related	digital	media	properties.

# NBC	Network

The	NBC	network	distributes	more	than	5,000	hours	of	entertainment,	news	and	sports	programming	annually,	and	its	programs	reach	viewers	in	virtually all	U.S.	television	households	through	more	than	200	affiliated	stations	across	the	United	States,	including	our	10	owned	NBC-affiliated	local	broadcast television	stations.	The	NBC	network	develops	a	broad	range	of	entertainment,	news	and	sports	content	and	also	broadcasts	a

variety	of	special-events	programming.	The	NBC	network's	programming	library	consists	of	rights	of	varying	nature	to	more	than	100,000	episodes	of popular	television	content,	including	current	and	classic	titles,	unscripted	programming,	sports,	news,	long-form	and	short-form	programming,	and	locally produced	programming	from	around	the	world.	In	addition,	the	NBC	network	owns	various	digital	media	properties,	which	primarily	include	brand-aligned websites.

The	 NBC	 network	 produces	 its	 own	 programs	 or	 acquires	 the	 rights	 to	 programming	 from	 third	 parties.	 NBCUniversal	 has	 various	 contractual commitments	for	the	licensing	of	rights	to	multiyear	programming,	primarily	sports	programming.	Our	most	significant	sports	programming	commitments include	an	agreement	with	the	NFL	to	produce	and	broadcast	a	specified	number	of	regular	season	and	playoff	games,	including	Sunday	Night	Football on	NBC	through	the	2022-23	season	and	the	2018	and	2021	Super	Bowl	games.	In	addition,	the	NBC	network	owns	the	U.S.	broadcast	rights	for	the summer	and	winter	Olympic	Games	through	2032.	We	also	have	broadcast	rights	to	a	specified	number	of	NHL	games	through	the	2020-21	season, U.S.	television	rights	to	English	Premier	League	soccer	through	the	2021-22	season,	certain	PGA	TOUR	and	other	golf	events	through	2030	and	certain NASCAR	events	 through	2024.	NBCUniversal's	sports	programming	agreements	also	 include	 the	rights	 to	distribute	content	on	our	national	cable networks,	including	the	NBC	Sports	Network	and	Golf	Channel,	on	our	regional	sports	networks	where	applicable,	and	also	online,	including	through	our mobile	apps.

Our	broadcast	television	studio	production	operations	develop	and	produce	original	content,	including	scripted	and	unscripted	programming	series	and talk	shows.	This	original	content	is	licensed	to	broadcast	networks,	cable	networks	and	local	broadcast	television	stations	owned	by	us	and	third	parties, as	well	as	to	subscription	video	on	demand	services,	and	it	is	sold	on	standard-definition	DVDs	and	Blu-ray	discs	(together,	"DVDs")	and	through	digital distribution	services	both	in	the	United	States	and	internationally.	We	also	produce	first-run	syndicated	shows	for	local	markets	that	are	broadcast	on local	broadcast	television	stations	in	the	United	States	on	a	market-by-market	basis.	We	currently	distribute	some	of	our	television	programs	after	their initial	broadcast,	as	well	as	older	 television	programs	 from	our	 library,	 to	 local	broadcast	 television	stations	and	cable	networks	 in	 the	off-network syndication	market.

# NBC	Local	Broadcast	Television	Stations

We	own	and	operate	10	NBC-affiliated	local	broadcast	television	stations	that	as	of	December	31,	2015	collectively	reached	33	million	U.S.	television households,	which	represents	approximately	27%	of	U.S.	television	households.	In	addition	to	broadcasting	the	NBC	network's	national	programming, our	local	broadcast	television	stations	produce	news,	sports,	public	affairs	and	other	programming	that	addresses	local	needs	and	acquire	syndicated programming	from	other	sources.	The	table	below	presents	a	summary	of	the	NBC-affiliated	local	broadcast	television	stations	that	we	own	and	operate.

(a) DMA	served	is	defined	by	Nielsen	Media	Research	as	a	geographic	market	for	the	sale	of	national	spot	and	local	advertising	time.

(b)	 General	market	rank	is	based	on	the	relative	size	of	the	DMA	among	the	210	generally	recognized	DMAs	in	the	United	States	based	on	Nielsen	estimates	for	the	2015-16	season.

(c)	 Based	on	Nielsen	estimates	for	the	2015-16	season.	The	percentage	of	U.S.	television	households	does	not	reflect	the	calculation	of	national	audience	reach	under	the	Federal	Communications Commission's	("FCC")	national	television	ownership	cap	limits.	See	"Legislation	and	Regulation	—	Broadcast	Television	—	Ownership	Limits	—	National	Television	Ownership."

# Telemundo

Telemundo	 is	 a	 leading	 Hispanic	 media	 company	 that	 produces,	 acquires	 and	 distributes	 Spanish-language	 content	 in	 the	 United	 States	 and internationally.	Telemundo's	operations	include	the	Telemundo	network,	its	17	owned	local	broadcast	television	stations	and	the	NBC	Universo	national cable	network.

The	Telemundo	network	is	a	leading	Spanish-language	broadcast	television	network	featuring	original	telenovelas,	movies,	news,	specials	and	sporting events.	Telemundo	develops	original	programming	primarily	through	its	production	studio	and	also	acquires	the	rights	to	content	from	third	parties.	It holds	the	Spanish-language	U.S.	broadcast	rights	to	FIFA	World	Cup	soccer	through	2022	and	the	Spanish-language	U.S.	broadcast	rights	for	the	NFL games	that	the	NBC	network	will	broadcast	through	the	2022-23	season	as	part	of	our	agreement	with	the	NFL.

# Telemundo	Local	Broadcast	Television	Stations

As	of	December	31,	2015,	Telemundo	owned	17	local	broadcast	television	stations,	including	16	local	broadcast	television	stations	affiliated	with	the Telemundo	network,	which	collectively	reached	approximately	59%	of	U.S.	Hispanic	television	households	as	of	December	31,	2015,	and	an	independent television	station	in	Puerto	Rico.	The	table	below	presents	a	summary	of	these	local	broadcast	television	stations.

| DMA	Served^(a) | Station | Hispanic	Market	Rank^(b) | Households^(c) |
| :--- | :--- | :--- | :--- |
| Los\tAngeles,\tCA | KVEA | 1 | 13% |
| New\tYork,\tNY | WNJU | 2 | 10% |
| Miami,\tFL | WSCV | 3 | 5% |
| Houston,\tTX | KTMD | 4 | 5% |
| Dallas-Fort\tWorth,\tTX | WSNS | 5 | 4% |
| Chicago,\tIL | KXTX | 6 | 4% |
| San\tAntonio,\tTX | KVDA^(d) | 7 | 3% |
| San\tFrancisco-Oakland-San\tJose,\tCA | KSTS | 8 | 3% |
| Phoenix,\tAZ | KTAZ | 9 | 3% |
| Harlingen-Brownsville-McAllen,\tTX | KTLM | 10 | 2% |
| Fresno,\tCA | KNSO^(d) | 13 | 2% |
| Philadelphia,\tPA | WWSI | 16 | 2% |
| Denver,\tCO | KDEN | 17 | 2% |
| Boston,\tMA | \t WNEU^(d) | 21 | 1% |
| Las\tVegas,\tNV | KBLR | 24 | 1% |
| Tucson,\tAZ | KHRR | 25 | 1% |
| Puerto\tRico | WKAQ | N/A | N/A |

(b)	 Hispanic	market	rank	is	based	on	the	relative	size	of	the	DMA	among	approximately	14.7	million	U.S.	Hispanic	households	as	of	December	31,	2015.

(c)	 Based	on	Nielsen	estimates	for	the	2015-16	season.	The	percentage	of	U.S.	Hispanic	television	households	does	not	reflect	the	calculation	of	national	audience	reach	under	the	FCC's	national television	ownership	cap	limits.	See	"Legislation	and	Regulation	—	Broadcast	Television	—	Ownership	Limits	—	National	Television	Ownership."

(d) Operated	by	a	third	party	that	provides	certain	non-network	programming	and	operations	services	under	a	time	brokerage	agreement.

# Filmed	Entertainment

Our	Filmed	Entertainment	segment	primarily	produces,	acquires,	markets	and	distributes	both	live-action	and	animated	filmed	entertainment	worldwide, and	it	also	develops,	produces	and	licenses	live	stage	plays.

We	produce	films	both	on	our	own	and	jointly	with	other	studios	or	production	companies,	as	well	as	with	other	entities.	Our	films	are	produced	primarily under	the	Universal	Pictures,	Illumination	and	Focus	Features	names.	Our	films	are	marketed	and	distributed	worldwide	primarily	through	our	own marketing	and	distribution	companies.	We	also	acquire	distribution	rights	to	films	produced	by	others,	which	may	be	limited	to	particular	geographic regions,	specific	forms	of	media	or	certain	periods	of	time.	Our	content	consists	of	theatrical	films,	direct-to-video	movies	and	our	film	library,	which	is comprised	of	more	than	5,000	movies	in	a	variety	of	genres.

We	have	entered	into,	and	may	continue	to	enter	into,	film	cofinancing	arrangements	with	third	parties,	including	both	studio	and	nonstudio	entities,	to jointly	 finance	or	distribute	certain	of	our	 film	productions.	These	arrangements	can	 take	various	 forms,	but	 in	most	cases	 involve	 the	grant	of	an economic	interest	in	a	film	to	an	investor.	Investors	generally	assume	the	full	risks	and	rewards	of	ownership	proportionate	to	their	ownership	in	the	film.

The	majority	of	our	produced	and	acquired	films	are	initially	distributed	for	exhibition	in	movie	theaters.	After	their	release	in	movie	theaters,	we	sell	and license	our	films	through	various	methods.	We	distribute	our	films	globally	by	selling	them	on	DVD	to	retail	stores,	rental	kiosks	and	subscription	by	mail services	and	by	selling	them	through	digital	distribution	services	and	the	video	on	demand	services	provided	by	multichannel	video	providers,	including our	Cable	Communications	segment.	We	also	license	our	films,	including	selections	from	our	film	library,	to	cable,	broadcast	and	premium	networks,	to subscription	video	on	demand	services,	and	to	video	on	demand	and	pay-per-view	services.	The	number	of	films	that	we	license	through	subscription video	on	demand	services	is	increasing	as	consumers	continue	to	seek	additional	ways	to	view	our	content.

# Theme	Parks

Our	Theme	Parks	segment	consists	primarily	of	our	Universal	theme	parks	in	Orlando,	Florida	and	Hollywood,	California.	Universal	Orlando	includes	two theme	parks,	Universal	Studios	Florida	and	Universal's	Islands	of	Adventure,	as	well	as	CityWalk,	a	dining,	retail	and	entertainment	complex.	Universal Orlando	also	features	on-site	themed	hotels	in	which	we	own	a	noncontrolling	interest.	Our	Universal	theme	park	in	Hollywood,	California	consists primarily	of	Universal	Studios	Hollywood.	We	also	are	expanding	our	theme	park	business	internationally,	such	as	through	NBCUniversal's	acquisition	of a	51%	interest	in	Universal	Studios	Japan	in	November	2015	and	our	plans	to	develop	a	Universal	Studios	theme	park	in	Beijing,	China	along	with	a consortium	of	Chinese	state	owned	companies.	In	addition,	we	license	the	right	to	use	the	Universal	Studios	brand	name	and	other	intellectual	property, and	also	provide	other	services,	to	third	parties	that	own	and	operate	the	Universal	Studios	Singapore	theme	park	on	Sentosa	Island,	Singapore,	as	well as	to	the	Universal	Studios	Japan	theme	park.	We	also	own	a	water	park,	Wet	'n	Wild,	in	Orlando,	Florida.

Our	Theme	Parks	segment	licenses	the	right	to	use	a	substantial	amount	of	intellectual	property	from	third	parties	for	its	themed	elements	in	rides, attractions	and	merchandising.

# Competition

All	of	our	businesses	operate	in	intensely	competitive,	consumer-driven	and	rapidly	changing	environments	and	compete	with	a	growing	number	of companies	that	provide	a	broad	range	of	communications	products	and	services,	and	entertainment,	news	and	information	products	and	services,	to consumers.	Technological	changes	are	further	intensifying	and	complicating	the	competitive	landscape	for	all	of	our	businesses	by	challenging	existing business	models	and	affecting	consumer	behavior.

# Cable	Communications

Competition	for	our	video	services	consists	primarily	of	direct	broadcast	satellite	("DBS")	providers,	which	have	a	national	footprint	and	compete	in	all	of our	service	areas,	and	phone	companies	with	fiber-based	networks,	which	overlap	more	than	55%	of	our	service	areas	and	are	continuing	to	expand	the areas	they	serve.	Our	high-speed	Internet	services	business	primarily	competes	with	phone	companies	with	fiber-based	networks	that	overlap	more	than 60%	of	our	service	areas.	Many	of	these	competitors	offer	features,	pricing	and	packaging	for	these	services,	individually	and	in	bundles,	comparable	to what	we	offer.

There	also	continue	to	be	new	companies,	some	with	significant	financial	resources,	that	offer	services	that	potentially	may	compete	on	a	larger	scale with	some	or	all	of	our	cable	services.	In	particular,	Google,	which	has	launched	high-speed	Internet	and	video	services	in	a	limited	number	of	areas	in which	we	operate,	has	announced	plans	to	expand	in	more	areas,	including	in	some	of	our	significant	markets.	As	Google	expands	to	more	areas,	we expect	it	to	become	a	meaningful	wireline	competitor	to	our	high-speed	Internet	and	video	services.	Other	companies	continue	to	emerge	that	provide Internet	streaming	and	downloading	of	video	programming,	some	of	which	charge	a	nominal	or	no	fee.	Wireless	Internet	services,	such	as	3G	and	4G wireless	broadband	services	and	Wi-Fi	networks,	may	compete	with	our	video	and	high-speed	Internet	services,	and	our	voice	services	are	facing increased	competition	as	customers	replace	wireline	phones	with	mobile	phones	and	Internet-based	phone	services	such	as	Skype.

We	compete	with	a	number	of	different	sources	that	provide	news,	sports,	information	and	entertainment	programming	to	consumers,	including:

•	 DBS	 providers	 that	 transmit	 satellite	 signals	 containing	 video	 programming	 and	 other information to receiving	 dishes located	on	the	customer's	premises

•phone	companies	that	have	built	and	continue	to	build	fiber-based	networks	that	provide	cable	services	similar	to	ours, which	now	overlap	a	substantial	portion	of	our	service	areas

•other	providers	that	build	and	operate	wireline	communications	systems	in	the	same	communities	that	we	serve,	including those	operating	as	franchised	cable	operators

•satellite	 master	 antenna television ("SMATV")	 systems that	 generally	 serve	 MDUs,	 office	 complexes	 and residential developments

•online	video	distributors	that	offer	online	services	and	devices	that	enable	Internet	video	streaming	and	downloading	of movies,	television	shows	and	other	video	programming

Congress	has	enacted	 legislation	and	 the	FCC	has	adopted	regulatory	policies	 intended	 to	provide	a	 favorable	operating	environment	 for	existing competitors	and	for	potential	new	competitors	to	our	cable	services.	The	FCC	adopted	rules	favoring	new	investment	by	certain	phone	companies	in networks	capable	of	distributing	video	programming	and	rules	allocating	and	auctioning	spectrum	for	new	wireless	services	that	may	compete	with	our video	services.	The	FCC	also	has	launched	a	rulemaking	to	classify	certain	online	video	distributors	as	multichannel	video	providers	under	the	FCC's rules	and	thereby	provide	them	with	certain	regulatory	benefits	under	the	rules.	See	"Legislation	and	Regulation"	below	for	additional	information.

# Direct	Broadcast	Satellite	Providers

According	to	recent	government	and	industry	reports,	conventional	medium-power	and	high-power	satellites	provide	video	programming	to	33.5	million subscribers	 in	 the	 United	 States.	 DBS	 providers	 with	 high-power	 satellites	 typically	 offer	 video	 services	 substantially	 similar	 to	 our	 video	 services. DIRECTV,	which	was

acquired	 by	 AT&T	 in	 2015,	 and	 DISH	 Network	 offer	 video	 services	 to	 substantially	 all	 U.S.	 households.	 DBS	 providers	 also	 have	 marketing arrangements	with	certain	phone	companies	in	which	the	DBS	provider's	video	services	are	sold	together	with	the	phone	company's	high-speed	Internet and	voice	services.

# Phone	Companies

Certain	phone	companies,	in	particular	AT&T	and	Verizon,	have	built	and	are	continuing	to	build	wireline	fiber-based	networks	that	provide	video,	high- speed	Internet	and	voice	services,	and	in	some	cases	have	bundled	with	wireless	phone	services,	in	substantial	portions	of	our	service	areas.	These	and other	phone	companies	with	fiber-based	networks	or	digital	subscriber	line	("DSL")	technology,	such	as	CenturyLink,	also	may	market	video	services provided	by	DBS	providers	in	certain	areas	where	they	provide	only	high-speed	Internet	and	voice	services.	AT&T's	acquisition	of	DIRECTV	in	2015 created	an	even	larger	competitor	to	our	cable	services,	which	enables	them	to	enhance	their	bundled	offerings.

# Other	Wireline	Providers

Federal	 law	 prohibits	 franchising	 authorities	 from	 unreasonably	 denying	 requests	 for	 additional	 franchises,	 and	 it	 permits	 franchising	 authorities	 to operate	cable	systems.	In	addition	to	phone	companies,	various	other	companies,	including	those	that	traditionally	have	not	provided	video	services	and have	significant	financial	resources,	have	obtained	cable	franchises	and	provide	competing	cable	services.	These	and	other	cable	systems	offer	cable services	in	some	areas	where	we	hold	franchises.	We	anticipate	that	facilities-based	competitors	may	emerge	in	other	franchise	areas	that	we	serve.

# Satellite	Master	Antenna	Television	Systems

Our	video	services	also	compete	for	customers	with	SMATV	systems.	SMATV	system	operators	typically	are	not	subject	to	regulation	in	the	same manner	as	local,	franchised	cable	system	operators.	SMATV	systems	offer	to	their	subscribers	both	improved	reception	of	local	broadcast	television stations	and	much	of	the	programming	offered	by	our	cable	systems.	Some	SMATV	system	operators	also	offer	bundled	services	to	residential	and business	subscribers.

# Online	Video	Services

Our	video	services	also	compete	with	the	services	of	online	video	distributors	that	offer	Internet	video	streaming	and	downloading	of	movies,	television shows	 and	 other	 video	 programming.	A	 number	 of	 companies	 also	 have	 launched	 online	 video	 services	 that	 include	 both	 linear	 and	 on-demand programming	and	generally	involve	the	offering	of	smaller	packages	of	programming	networks	directly	to	customers	over	the	Internet	at	prices	lower	than our	traditional	video	service	package	offerings,	while	some	programming	providers	also	offer	programming	directly	to	customers	over	the	Internet.	In most	cases,	these	services	charge	no	fee	or	a	lower	fee	than	our	traditional	video	packages.	Consumer	electronic	companies	that	sell	Internet-connected TVs	or	gaming	consoles	that	provide	a	user	interface	for	searching	television	and	other	programming	over	the	Internet	and	offer	links	to	various	third- party	Internet	applications	may	also	compete	with	our	video	services.	The	success	of	these	services	could	also	adversely	affect	demand	for	other	video services,	such	as	our	expanded	digital	video	packages,	premium	networks,	and	our	DVR	and	On	Demand	services.

# Other

Our	cable	services	also	may	compete	for	customers	with	other	companies,	such	as	local	broadcast	television	stations	that	provide	multiple	channels	of free	over-the-air	programming,	as	well	as	video	rental	services	and	home	entertainment	and	gaming	products.

We	compete	with	a	number	of	companies	offering	Internet	services,	many	of	which	have	substantial	resources,	including:

# •	 wireline	phone	companies

# •Internet	service	providers

•	 wireless	phone	companies	and	other	providers	of	wireless	Internet	service

•satellite	broadband	providers

•power	companies

# •	 municipal	broadband	networks

Some	phone	companies,	such	as	AT&T,	CenturyLink,	Frontier	and	Verizon,	have	built	and	are	continuing	to	build	fiber-based	network	infrastructure deeper	in	their	networks,	which	allows	them	to	provide	data	transmission	speeds	that	exceed	those	that	can	be	provided	with	traditional	DSL	technology, and	are	now	offering	these	higher-speed	services	in	many	of	our	service	areas.	DSL	technology	allows	Internet	access	to	be	provided	to	customers	over phone	 lines	 at	 data	 transmission	 speeds	 substantially	 greater	 than	 those	 of	 dial-up	 modems,	 and	 certain	 companies	 that	 offer	 DSL	 service	 have increased	data	transmission	speeds,	lowered	prices	or	created	bundled	services	to	compete	with	our	high-speed	Internet	services.

Google,	which	has	launched	a	fiber-to-the-home	network	that	provides	high-speed	Internet	services	in	a	limited	number	of	areas	in	which	we	operate,	has announced	plans	to	expand	in	additional	geographic	areas,	including	in	some	of	our	significant	markets.	As	Google	expands	to	more	areas,	we	expect	it to	become	a	meaningful	wireline	competitor	to	our	high-speed	Internet	and	video	services.	Certain	municipalities	in	our	service	areas	are	also	building fiber-based	networks.

Various	wireless	companies	are	offering	Internet	services	using	a	variety	of	network	types,	including	3G	and	4G	wireless	high-speed	Internet	networks and	Wi-Fi	networks.	Some	of	these	services	are	similar	to	ours.	These	networks	work	with	devices	such	as	smartphones,	laptops,	tablets	and	mobile wireless	routers,	as	well	as	wireless	data	cards.	A	number	of	commercial	venues,	such	as	retail	malls,	restaurants	and	airports,	also	offer	Wi-Fi	service. Numerous	local	governments	are	also	considering	or	actively	pursuing	publicly	subsidized	Wi-Fi	and	other	Internet	access	networks.	The	availability	of these	wireless	offerings	could	negatively	impact	the	demand	for	our	high-speed	Internet	services.

Our	voice	services	compete	with	wireline	phone	companies,	including	incumbent	local	exchange	carriers	("ILECs"),	competitive	local	exchange	carriers ("CLECs"),	wireless	phone	service	providers	and	other	Internet-based	and	VoIP	service	providers.	Certain	phone	companies,	such	as	the	ILECs	AT&T and	Verizon,	have	substantial	capital	and	other	resources,	longstanding	customer	relationships,	and	extensive	existing	facilities	and	network	rights-of- way.	A	few	CLECs	also	have	existing	local	networks	and	significant	financial	resources.	In	addition,	we	are	increasingly	competing	with	other	phone service	providers	as	customers	replace	wireline	phones	with	mobile	phones	and	Internet-based	phone	services.

Our	business	services	primarily	compete	with	a	variety	of	phone	companies,	including	ILECs	and	CLECs.	These	companies	either	operate	their	own network	infrastructure	or	rely	on	reselling	all	or	part	of	another	carrier's	network.	We	also	compete	with	satellite	operators	who	offer	video	services	to businesses.

# Cable	Networks	and	Broadcast	Television

Our	cable	networks,	broadcast	television	networks	and	owned	local	broadcast	television	stations	compete	for	viewers'	attention	and	audience	share	with all	forms	of	programming	provided	to	viewers,	including	cable,	broadcast	and	premium	networks,	local	broadcast	television	stations,	home	entertainment, pay-per-view	and	video	on	demand	services,	online	activities,	such	as	social	networking	and	viewing	user-generated	content,

video	games,	and	other	forms	of	entertainment,	news	and	information.	Our	cable	networks,	broadcast	television	networks	and	owned	local	broadcast television	stations	may	compete	for	viewers'	attention	with	subscription	video	on	demand	services,	some	of	which	have	their	own	high-quality	original content.

Our	cable	networks,	broadcast	television	networks	and	owned	local	broadcast	television	stations	compete	for	the	acquisition	of	programming	and	for	on- air	and	creative	talent	with	other	cable	and	broadcast	networks,	local	television	stations	and	subscription	video	on	demand	services.	The	market	for programming	is	very	competitive,	particularly	for	sports	programming,	where	the	cost	for	such	programming	is	significant.

Our	cable	networks	compete	with	other	cable	networks	and	programming	providers	for	carriage	of	their	programming	by	multichannel	video	providers and	subscription	video	on	demand	services.	Our	broadcast	television	networks	compete	with	the	other	broadcast	networks	in	markets	across	the	United States	to	secure	affiliations	with	independently	owned	television	stations,	which	are	necessary	to	ensure	the	effective	distribution	of	broadcast	network programming	to	a	nationwide	audience.

In	addition,	our	cable	networks	and	broadcast	television	studio	production	operations	compete	with	other	production	companies	and	creators	of	content for	the	acquisition	of	story	properties,	for	creative,	performing	and	technical	personnel,	and	for	distribution	of,	and	consumer	interest	in,	their	content.

Our	filmed	entertainment	business	competes	for	audiences	for	its	films	and	other	entertainment	content	with	other	major	studios	and,	to	a	lesser	extent, with	independent	film	producers,	as	well	as	with	alternative	forms	of	entertainment.	Our	competitive	position	primarily	depends	on	the	number	of	films	we produce,	 their	 distribution	 and	 marketing	 success	 and	 consumer	 response.	 Our	 filmed	 entertainment	 business	 also	 competes	 to	 obtain	 creative, performing	and	technical	talent,	including	writers,	actors,	directors	and	producers,	as	well	as	scripts	for	films.	Our	filmed	entertainment	business	also competes	with	the	other	major	studios	and	other	producers	of	entertainment	content	for	the	exhibition	of	its	films	in	theaters	and	for	premium	network	and digital	distribution	of	its	films.

Our	theme	parks	business	competes	with	other	multi-park	entertainment	companies.	We	also	compete	with	other	providers	of	entertainment,	lodging, tourism	and	recreational	activities.	In	order	to	maintain	the	competitiveness	of	our	theme	parks,	we	have	invested	and	continue	to	invest	in	existing	and new	theme	park	attractions	and	infrastructure.

Our	cable	communications	business,	cable	networks,	broadcast	television	networks,	and	owned	local	broadcast	television	stations	compete	for	the	sale of	advertising	time	with	other	television	networks	and	stations,	as	well	as	with	all	other	advertising	platforms,	such	as	digital,	radio	and	print	media.	The willingness	 of	 advertisers	 to	 purchase	 advertising	 from	 us	 may	 be	 adversely	 affected	 by	 lower	 audience	 ratings	 at	 our	 cable	 networks,	 broadcast television	networks	and	owned	local	broadcast	television	stations.	Declines	in	advertising	revenue	also	can	be	caused	by	increased	competition	for	the leisure	time	of	audiences	and	audience	fragmentation	and	from	the	growing	use	of	technologies	such	as	DVRs	and	video	on	demand	services,	which give	 consumers	 greater	 flexibility	 to	 watch	 programming	 on	 a	 time-delayed	 or	 on-demand	 basis	 or	 to	 fast-forward	 or	 skip	 advertisements	 within programming,	and	from	subscription	video	on	demand	services.

# Seasonality	and	Cyclicality

Each	of	our	businesses	is	subject	to	seasonal	and	cyclical	variations.	See	Item	7:	Management's	Discussion	and	Analysis	of	Financial	Condition	and Results	of	Operations	and	refer	to	the	"Seasonality	and	Cyclicality"	discussion	within	that	section	for	additional	information.

# Legislation	and	Regulation

The	 Communications	 Act	 of	 1934,	 as	 amended	 (the	 "Communications	 Act"),	 and	 FCC	 regulations	 and	 policies	 affect	 significant	 aspects	 of	 our businesses.	Our	businesses	are	also	subject	to	other	regulation	by	federal,	state,	local	and	foreign	authorities	and	to	agreements	we	enter	into	with	local cable	franchising	authorities.	In	addition,	we	must	comply	with	the	terms,	conditions	and	commitments	of	the	FCC	Order	that	approved	the	NBCUniversal transaction	in	2011	(the	"NBCUniversal	Order")	and	a	consent	decree	entered	into	between	us,	the	Department	of	Justice	("DOJ")	and	five	states	(the "NBCUniversal	Consent	Decree"),	which	contain	conditions	and	commitments	of	varying	duration,	ranging	from	three	to	seven	years	after	September 2011.

Legislators	and	regulators	at	all	levels	of	government	frequently	consider	changing,	and	sometimes	do	change,	existing	statutes,	rules	or	regulations,	or interpretations	of	existing	statutes,	rules	or	regulations,	or	prescribe	new	ones,	any	of	which	may	significantly	affect	our	businesses.	In	addition,	the	FCC and	certain	states	are	becoming	more	active	in	considering	rulemakings	and	legislation,	as	well	as	in	conducting	inquiries	and	reviews,	regarding	our services.	Any	future	legislative,	judicial,	regulatory	or	administrative	actions	may	increase	our	costs	or	impose	additional	restrictions	on	our	businesses, some	of	which	may	be	significant.	For	example,	in	February	2015,	the	FCC	adopted	new	"open	Internet"	regulations	that	reclassify	broadband	Internet access	service	as	a	"telecommunications	service"	and	subject	it	to	certain	common	carrier	regulations	under	Title	II	of	the	Communications	Act.	In addition,	 in	 February	 2015,	 the	 FCC	 preempted	 certain	 state	 laws	 that	 had	 restricted	 municipalities	 from	 operating	 municipally	 owned	 broadband networks.	See	"Cable	Communications	Segment	—	High	Speed	Internet	Services"	below.	Congress	also	is	expected	to	consider	proposals	to	address communications	issues,	including	whether	it	should	rewrite	the	entire	Communications	Act	to	account	for	changes	in	the	communications	marketplace, whether	it	should	address	the	FCC's	authority	to	implement	or	enforce	open	Internet	regulations,	and	whether	it	should	modify	rules	relating	to	cable distribution	of	 local	broadcast	 television	stations.	We	are	unable	 to	predict	 the	effects	of	any	of	 these	or	any	other	 further	regulatory	or	 legislative requirements	on	our	businesses.

The	following	paragraphs	summarize	material	existing	and	potential	future	legal	and	regulatory	requirements	affecting	our	businesses,	although	reference should	be	made	to	the	Communications	Act,	FCC	regulations,	the	NBCUniversal	Order,	the	NBCUniversal	Consent	Decree,	and	other	legislation	and regulations	for	further	information.

# Program	Carriage

Cable	operators	and	other	multichannel	video	providers	are	prohibited	from	requiring	a	financial	interest	in,	or	exclusive	distribution	rights	for,	a	video programming	network	as	a	condition	of	carriage.	FCC	regulations,	as	well	as	the	NBCUniversal	Order,	also	prohibit	us	from	unreasonably	restraining	the ability	of	an	unaffiliated	video	programming	network	to	compete	fairly	by	discriminating	against	the	network	on	the	basis	of	its	non-affiliation	in	the selection,	 terms	 or	 conditions	 for	 its	 carriage.	 The	 FCC	 is	 considering	 proposals	 to	 further	 expand	 program	 carriage	 regulations	 that	 may	 be disadvantageous	to	us.	We	have	been	involved	in	program	carriage	disputes	at	the	FCC	in	the	past	and	may	be	subject	to	complaints	in	the	future.

# Must-Carry/Retransmission	Consent

Cable	 operators	 are	 required	 to	 carry,	 without	 compensation,	 programming	 transmitted	 by	 most	 local	 commercial	 and	 noncommercial	 broadcast television	stations.	As	an	alternative	to	this	"must-carry"	requirement,	local	broadcast	television	stations	may	choose	to	negotiate	with	the	cable	operator for	"retransmission	consent,"	under	which	the	station	gives	up	its	must-carry	rights	and	instead	seeks	to	negotiate	a	carriage

agreement	with	the	cable	operator,	which	frequently	will	involve	payments	to	the	station.	We	currently	pay	certain	local	broadcast	television	stations	in exchange	 for	 their	required	consent	 for	 the	retransmission	of	 the	stations'	broadcast	programming	 to	our	video	services	 customers	 and	 expect	 to continue	to	be	subject	to	demands	for	increased	payment	and	other	concessions	from	local	broadcast	television	stations.	The	FCC	has	initiated	a rulemaking	 to	 review	 aspects	 of	 these	 rules.	 For	 information	 on	 must-carry	 and	 retransmission	 consent	 issues	 relating	 to	 our	 broadcast	 television business,	see	"NBCUniversal	Segments	—	Broadcast	Television"	below	and	refer	to	the	"Must-Carry/Retransmission	Consent"	discussion	within	that section.

# Pricing	and	Packaging

In	2015,	the	FCC	revised	its	rate	regulations	to	create	a	presumption	that	all	local	communities	are	subject	to	effective	competition	and	should	no	longer be	subject	to	rate	regulation	that	limits	prices	cable	operators	may	charge	for	basic	video	service,	equipment	and	installation.	That	decision	has	been appealed	 in	 federal	court.	The	FCC	accepted	a	certification	 from	a	Massachusetts	 franchising	authority	 that	demonstrated	an	absence	of	effective competition	in	a	number	of	the	communities	we	serve	in	Massachusetts	and	that	will	allow	for	continued	rate	regulation	in	those	communities.	All	of	the other	areas	we	serve,	except	for	a	relatively	small	number	where	we	have	a	petition	for	effective	competition	still	pending	at	the	FCC,	are	covered	by	the FCC's	presumption	and	are	unregulated.

# Cable	Equipment

The	Communications	Act	includes	provisions	aimed	at	promoting	the	retail	availability	of	set-top	boxes	and	other	equipment	that	can	be	used	to	receive digital	video	services.	Prior	to	December	2015,	multichannel	video	providers	were	prohibited	from	deploying	set-top	boxes	that	performed	both	channel navigation	and	security	functions,	so	most	of	our	set-top	boxes	relied	on	a	separate	security	device	known	as	a	CableCARD.	Congress	repealed	this prohibition,	so	we	may	now	deploy	set-top	boxes	with	integrated	security.	Congress	also	directed	the	FCC	to	establish	a	working	group	to	report	on software-based	security	aimed	at	promoting	the	retail	availability	of	video	devices.	In	the	wake	of	that	report,	which	was	issued	in	August	2015,	some have	proposed	that	the	FCC	replace	the	CableCARD	requirements	with	new	technology	mandates	on	multichannel	video	providers	to	enable	retail	video devices	to	work	on	any	multichannel	video	provider's	system.	The	Chairman	of	the	FCC	proposed	such	a	technology	mandate	in	January	2016,	and announced	that	the	FCC	plans	to	open	a	rulemaking	to	consider	the	proposal.	If	implemented,	this	proposal	would	impose	substantial	costs	on	us,	impair our	ability	to	innovate	and	have	other	significant	adverse	effects	on	our	business.

# Pole	Attachments

The	FCC	regulates	the	rates,	terms	and	conditions	that	most	pole-owning	utility	companies	charge	cable	operators	and	telecommunications	carriers, including	 broadband	 Internet	 access	 service	 providers	 such	 as	 us,	 for	 allowing	 attachments	 to	 their	 poles.	 States	 are	 permitted	 to	 preempt	 FCC jurisdiction	and	regulate	the	rates,	terms	and	conditions	of	attachments	themselves,	and	many	states	in	which	we	operate	have	done	so.	Most	of	these states	have	generally	followed	the	FCC's	pole	attachment	rate	standards,	which	set	rates	for	telecommunications	service	pole	attachments	to	levels	at	or near	 the	 rates	 for	 cable	 service	 attachments.	 In	 November	 2015,	 the	 FCC	 eliminated	 the	 ability	 of	 utility	 companies	 to	 justify	 higher	 rates	 for telecommunication	service	pole	attachments.	Cable	operators	had	requested	this	FCC	action	because	the	FCC's	new	open	Internet	regulations,	as described	below,	reclassified	Internet	access	service	as	a	telecommunications	service,	which	could	have	allowed	for	higher	rental	rates	to	be	applied	to	a majority	of	our	pole	attachments.	The	FCC's	order	ensuring	that	pole	rates	for	telecommunications	service	attachments	approximate	the	cable	service pole	rate	is	expected	to	be	challenged	in	court	by	the	utility	companies.

# Franchising

Cable	operators	generally	operate	their	cable	systems	under	nonexclusive	franchises	granted	by	local	or	state	franchising	authorities.	While	the	terms and	conditions	of	 franchises	vary	materially	 from	 jurisdiction	 to	 jurisdiction,	 franchises	 typically	 last	 for	a	 fixed	 term,	obligate	 the	 franchisee	 to	pay franchise	fees	and	meet

service	quality,	customer	service	and	other	requirements,	and	are	 terminable	 if	 the	 franchisee	 fails	 to	comply	with	material	provisions.	Franchising authorities	also	may	establish	reasonable	requirements	for	public,	educational	and	governmental	access	programming,	and	some	of	our	franchises require	 substantial	 channel	 capacity	 and	 financial	 support	 for	 this	 programming.	 The	 Communications	Act	 also	 contains	 provisions	 governing	 the franchising	process,	including	renewal	procedures	designed	to	protect	incumbent	franchisees	against	arbitrary	denials	of	renewal.	We	believe	that	our franchise	renewal	prospects	are	generally	favorable,	but	cannot	guarantee	the	future	renewal	of	any	individual	franchise.

Approximately	half	of	the	states	in	which	we	operate	provide	for	statewide	franchising	or	have	simplified	local	franchising	requirements	for	new	entrants. Some	allow	new	entrants	to	operate	on	more	favorable	terms	than	our	current	operations,	for	instance	by	not	requiring	that	the	new	entrant	provide service	to	all	parts	of	the	franchise	area	or	permitting	the	new	entrant	to	designate	only	those	portions	it	wishes	to	serve.	Certain	states	allow	incumbent cable	operators	such	as	us	to	opt	in	to	the	new	state	franchise	immediately	or	later	when	a	competing	state	franchise	has	been	issued,	although	even	in those	states,	incumbent	cable	operators	may	be	required	to	retain	certain	franchise	obligations	that	are	more	burdensome	than	the	new	entrant's	state franchise.

We	provide	high-speed	Internet	services	to	our	customers.	Many	of	these	services	are	subject	to	a	number	of	regulatory	obligations	described	below, including	open	Internet	regulations	implemented	by	the	FCC	and	certain	common	carrier	regulations	under	Title	II	of	the	Communications	Act.	As	an Internet	service	provider	("ISP"),	we	are	also	subject	to	a	requirement	to	implement	certain	network	capabilities	to	assist	law	enforcement	in	conducting surveillance	of	persons	suspected	of	criminal	activity.

# Open	Internet	Regulations

In	February	2015,	the	FCC	reclassified	broadband	Internet	access	service	as	a	"telecommunications	service"	subject	to	new	open	Internet	regulations and	certain	common	carrier	regulations	under	Title	II	of	the	Communications	Act,	including	requirements	that	ISPs'	charges	and	practices	for	and	in connection	with	broadband	Internet	access	service	be	just,	reasonable	and	not	unjustly	or	unreasonably	discriminatory.	However,	the	FCC	also	refrained from	 implementing	 a	 number	 of	 utility-style	 regulations	 that	 might	 otherwise	 apply	 under	 Title	 II,	 such	 as	 rate	 regulation,	 tariffs	 and	 unbundling requirements.

The	new	open	Internet	regulations	bar	ISPs	from	blocking	access	to	lawful	content,	applications,	services	or	non-harmful	devices;	prohibit	ISPs	from impairing	or	degrading	lawful	Internet	traffic	on	the	basis	of	content,	applications	or	services,	or	impairing	or	degrading	the	use	of	non-harmful	devices; prohibit	ISPs	from	favoring	lawful	traffic	from	one	provider	of	Internet	content,	applications	or	services	(called	an	"edge	provider")	over	lawful	traffic	of another	edge	provider	in	exchange	for	consideration	(i.e.,	no	"paid	prioritization");	establish	a	new	"general	conduct	standard"	that	prohibits	ISPs	from unreasonably	interfering	with	or	unreasonably	disadvantaging	the	ability	of	consumers	to	select,	access	and	use	the	lawful	Internet	content,	applications, services	or	devices	of	their	choosing	or	of	edge	providers	to	make	lawful	content,	applications,	services	or	devices	available	to	consumers;	and	require ISPs	 to	 disclose	 information	 regarding	 network	 management,	 performance	 and	 commercial	 terms	 of	 the	 service.	 In	 addition,	 interconnection arrangements,	which	govern	how	 Internet	 traffic	 is	exchanged	between	high-speed	 Internet	networks	and	provide	direct,	dedicated	 interconnection capacity	to	edge	providers,	will	now	be	subject	to	FCC	oversight	under	Title	II	of	the	Communications	Act.	All	of	these	regulations	are	subject	to	FCC enforcement	and	could	give	rise	to	third-party	claims	for	damages	or	equitable	relief.	These	new	requirements	could	adversely	affect	our	business, although	the	extent	to	which	they	do	so	will	depend	upon	the	manner	in	which	the	FCC	interprets	and	enforces	them.	The	FCC's	new	open	Internet regulations	have	been	appealed	in	federal	court.

States	also	may	attempt	to	use	the	FCC's	open	Internet	decision	to	justify	imposing	new	regulations	or	taxes	and	fees	on	ISPs	that	could	adversely	affect our	business.

Separate	and	apart	from	the	FCC's	new	open	Internet	regulations,	we	committed	to	be	bound	by	the	FCC's	original	"open	Internet"	regulations	adopted in	2010	as	a	condition	of	the	NBCUniversal	Order	and	the	NBCUniversal	Consent	Decree	until	2018,	although	we	did	not	agree	to	be	bound	by	any	future open	Internet	regulations.	As	a	result,	among	other	things,	we	cannot	block	access	to	lawful	Internet	content,	applications,	services	or	non-harmful devices	or	unreasonably	discriminate	in	transmitting	lawful	Internet	network	traffic,	although	we	may	engage	in	reasonable	network	management.

# Municipally	Owned	Broadband	Networks

A	number	of	states	have	enacted	laws	that	restrict	or	prohibit	local	municipalities	from	operating	municipally	owned	broadband	networks.	A	municipal broadband	provider	in	Tennessee	and	a	municipality	in	North	Carolina	requested	that	the	FCC	preempt	state	laws	that	restrict	their	ability	to	provide broadband	Internet	access	service,	and	in	February	2015,	the	FCC	preempted	the	Tennessee	and	North	Carolina	laws	in	most	respects	and	expressed a	willingness	to	entertain	similar	preemption	requests.	The	FCC's	decision	has	been	appealed	in	federal	court.

# Definition	of	Advanced	Telecommunications	Capability

In	January	2015,	the	FCC	redefined	what	connection	speeds	and	other	service	characteristics	constitute	"advanced	telecommunications	capability," increasing	the	downstream	speed	from	4	Mbps	to	25	Mbps.	The	definition	of	"advanced	telecommunications	capability"	has	been	used	by	the	FCC	in	the past	to	determine	whether	broadband	Internet	access	services	are	being	deployed	to	all	Americans	in	a	reasonable	and	timely	manner,	and	if	they	are not	being	so	deployed,	the	FCC	may	adopt	new	regulations	that	could	conceivably	accelerate	deployment	of	such	services.	The	FCC	relied	in	part	on	this authority	to	adopt	its	new	open	Internet	regulations.

# NBCUniversal	Order/Consent	Decree	Conditions

The	NBCUniversal	Order	and	NBCUniversal	Consent	Decree	include	various	conditions	and	commitments	requiring	us	to	expand	our	broadband	service areas,	to	continue	to	offer	all	of	our	broadband	Internet	access	service	speed	tiers	on	a	standalone	basis	at	reasonable	market-based	prices,	to	maintain a	broadband	Internet	access	service	of	at	least	12	Mbps	downstream	across	most	of	our	footprint,	and	to	avoid	discrimination	in	how	we	treat	"specialized services"	(defined	as	services	we	provide	over	the	same	last-mile	facilities	as	our	broadband	Internet	access	service,	but	not	including	our	broadband Internet	access	service,	video	services	or	voice	services).

We	provide	voice	services	using	interconnected	VoIP	technology.	The	FCC	has	adopted	a	number	of	regulations	for	providers	of	nontraditional	voice services	such	as	ours,	including	regulations	relating	to	privacy	of	customer	proprietary	network	information,	local	number	portability	duties	and	benefits, disability	access,	E911,	law	enforcement	assistance,	outage	reporting,	rural	call	completion	reporting,	Universal	Service	Fund	contribution	obligations, domestic	discontinuance	requirements	and	certain	regulatory	filing	requirements.	The	FCC	has	not	yet	ruled	on	whether	interconnected	VoIP	service should	be	classified	as	an	"information	service"	or	a	"telecommunications	service"	under	the	Communications	Act.	The	classification	determination	is important	because	telecommunications	services	are	regulated	more	extensively	than	information	services.	Unless	and	until	the	FCC	definitively	classifies interconnected	VoIP	service,	state	regulatory	commissions	and	legislatures	will	continue	to	investigate	imposing	regulatory	requirements	on	our	voice services,	and	the	FCC's	new	open	Internet	regulations	reclassifying	Internet	access	as	a	telecommunications	service	may	further	encourage	state-level regulatory	actions.

# Voice	Interconnection

Because	 the	FCC	has	not	determined	 the	appropriate	classification	of	our	voice	services,	providers	of	VoIP	services typically	either	secure	CLEC authorization	or	obtain	interconnection	to	traditional	wireline	phone

company	networks	by	contracting	with	an	existing	CLEC,	which	has	the	right,	as	a	telecommunications	carrier,	to	request	and	obtain	interconnection	with the	traditional	wireline	phone	companies.	We	have	arranged	for	such	interconnection	rights	through	affiliated	CLECs.	If	a	regulatory	or	judicial	authority were	to	deny	our	ability	to	interconnect	through	one	of	our	affiliated	CLECs,	our	ability	to	provide	voice	services	and	compete	in	the	area	in	question would	be	negatively	impacted.	The	FCC	regulates	the	arrangements	by	which	telecommunications	carriers	compensate	one	another	for	exchanged traffic,	and	has	affirmed	the	right	of	CLECs	to	collect	intercarrier	compensation	when	providing	interconnection	for	VoIP	providers.	In	2012,	the	FCC sought	comment	on	petitions	that	raise	issues	concerning	the	interconnection	obligations	for	VoIP	providers.	Further,	a	Massachusetts	state	commission is	reviewing	whether	IP	interconnection	agreements	should	be	subject	to	regulation	and	other	states	could	follow.

# Universal	Service

A	federal	program	known	as	the	Universal	Service	program	generally	requires	telecommunications	service	providers	to	pay	a	fee	based	on	revenue	from their	services	into	a	fund	used	to	subsidize	the	provision	of	telecommunications	services	in	high-cost	areas	and	to	low-income	consumers	and	the provision	of	Internet	and	telecommunications	services	to	schools,	libraries	and	certain	health	care	providers.	Some	states	also	have	analogous	programs that	support	service	in	high-cost	areas	or	to	low-income	consumers.	The	FCC	has	long	considered	implementing	changes	to	the	Universal	Service program,	 such	 as	 changing	 the	 fee	 calculation	 from	 a	 revenue-based	 formula	 to	 a	 per-user	 fee	 or	 per-connection	 fee,	 adopting	 a	 fee	 based	 on bandwidth,	and	expanding	the	services	subject	to	the	fee	to	include	broadband	Internet	access	services.	In	2014,	the	FCC	referred	the	question	of	how to	reform	Universal	Service	fees	to	a	joint	federal	and	state	commission,	which	was	expected	to	make	a	recommendation	in	2015,	but	has	not	yet	done so.

The	FCC	recently	has	shifted	its	focus	away	from	supporting	traditional	telephone	service,	and	toward	subsidizing	broadband	deployment.	This	shift could	assist	some	of	our	competitors.	For	example,	in	2014,	the	FCC	substantially	revised	the	program	that	provides	Universal	Service	support	for services	to	schools	and	libraries	to	shift	support	from	voice	services	to	broadband	services	and	the	deployment	of	Wi-Fi	networks.

# Program	Access

The	Communications	Act	and	FCC	regulations	(i.e.,	the	"program	access	rules")	generally	prevent	cable	networks	affiliated	with	cable	operators	from favoring	cable	operators	over	competing	multichannel	video	programming	distributors	("MVPDs").	The	FCC	is	considering	whether	certain	online	video distributors	("OVDs")	should	be	classified	as	MVPDs,	which	would	give	them	the	ability	to	bring	complaints	under	the	program	access	rules.

The	FCC	and	Congress	also	have	considered	proposals	that	would	require	companies	that	own	multiple	cable	networks	to	make	each	of	their	networks available	individually	when	negotiating	distribution	agreements	with	multichannel	video	providers	and	potentially	with	OVDs.	We	currently	offer	our	cable networks	both	on	a	bundled	basis	and,	when	requested,	individually.

Under	the	terms	of	the	NBCUniversal	Order,	MVPDs	can	invoke	commercial	arbitration	for	access	in	certain	circumstances	to	our	cable	networks	and broadcast	television	networks,	including	our	regional	sports	networks.	In	addition,	under	the	NBCUniversal	Order	and	NBCUniversal	Consent	Decree,	we are	required	to	make	certain	of	our	cable	network,	broadcast	television	and	filmed	entertainment	programming	available	to	bona	fide	OVDs	in	certain circumstances.	For	further	discussion	of	these	conditions,	see	"Broadcast	Television"	below	and	refer	to	the	"Must-Carry/Retransmission	Consent"	and "Internet	Distribution"	discussions	within	that	section.

# Children's	Programming

Under	 federal	regulations,	 the	amount	of	commercial	content	 that	may	be	shown	on	cable	networks,	broadcast	networks	and	broadcast	 television stations	during	programming	originally	produced	and	broadcast	primarily	 for	an	audience	of	children	under	13	years	of	age	 is	 limited,	and	certain television	station	programming	must	serve	the	educational	and	informational	needs	of	children	under	17	years	of	age.	In	addition,	the	NBCUniversal Order	includes	certain	commitments	and	conditions	related	to	children's	television	and	advertising	directed	at	children.

# Licensing

Local	broadcast	television	stations	may	be	operated	only	in	accordance	with	a	license	issued	by	the	FCC	upon	a	finding	that	the	grant	of	the	license	will serve	the	public	interest,	convenience	and	necessity.	The	FCC	grants	broadcast	television	station	licenses	for	specific	periods	of	time,	which	may	be renewed	with	or	without	conditions.	Substantially	all	of	our	broadcast	television	station	licenses	have	pending	applications	for	renewal,	although	our stations'	authority	to	operate	is	automatically	extended	while	a	renewal	application	is	under	review.	Several	of	these	applications	have	been	opposed	by third	parties,	and	other	applications	are	pending.	Although	our	licenses	have	been	renewed	in	the	past,	there	can	be	no	assurance	that	we	will	always obtain	them.

# Ownership	Limits

FCC	regulations	limit	the	ability	of	individuals	and	entities	to	have	"attributable	interests"	above	specific	ownership	levels	in	local	television	stations	and place	limitations	on	ownership	of	other	specified	mass	media	entities,	such	as	limits	on	the	cross-ownership	of	broadcast	stations	and	newspapers	in	the same	market.	The	FCC	is	reviewing	the	ownership	regulations	detailed	below	in	2016.

# Local	Television	Ownership

Under	FCC	regulations,	a	licensee	generally	may	own	up	to	two	broadcast	television	stations	in	the	same	DMA,	as	long	as	at	least	one	of	the	stations	is not	among	the	top	four-ranked	stations	in	the	market	based	on	audience	share	and	there	are	at	least	eight	independently	owned	and	operating	full-power broadcast	television	stations	in	the	market.	Without	regard	to	the	number	of	remaining	independently	owned	television	stations,	ownership	of	more	than one	television	station	within	the	same	DMA	is	permitted	so	long	as	certain	signal	contours	of	the	stations	involved	do	not	overlap.

# National	Television	Ownership

The	Communications	Act	and	FCC	regulations	limit	the	number	of	broadcast	television	stations	one	entity	may	own	or	control	nationally.	No	entity	may have	an	attributable	interest	in	broadcast	television	stations	that	reach,	in	the	aggregate,	more	than	39%	of	all	U.S.	television	households.	Our	owned television	station	reach	does	not	exceed	this	limit.	The	FCC	is	considering	eliminating	a	rule	that	currently	affords	UHF	stations	(channels	14	and	above) a	50%	discount	in	calculating	the	extent	of	an	individual	station	owner's	holdings	under	the	national	cap,	which	if	adopted,	would	place	us	closer	to	the national	cap	and	limit	our	flexibility	to	acquire	stations	in	the	future.

# Foreign	Ownership

The	Communications	Act	generally	limits	foreign	ownership	in	a	broadcast	station	to	20%	direct	ownership	and	25%	indirect	ownership,	although	the	limit on	indirect	ownership	can	be	waived	if	the	FCC	finds	it	to	be	in	the	public	interest.	For	many	decades	the	FCC	declined	to	waive	the	25%	indirect	limit	in broadcast	transactions,	but	since	2013,	it	has	been	willing	to	consider	such	waiver	requests.

# Dual	Network	Rule

The	four	major	broadcast	television	networks	–	ABC,	CBS,	Fox	and	NBC	–	are	prohibited	from	being	under	common	ownership	or	control	with	another	of the	four.

Every	three	years,	each	commercial	television	station	must	elect	for	each	cable	system	in	its	DMA	either	must-carry	or	retransmission	consent.	A	similar regulatory	scheme	applies	to	satellite	providers.	For	the	current	period,	which	ends	on	December	31,	2017,	all	of	our	owned	NBC	broadcast	television stations	and	our	owned	Telemundo	broadcast	television	stations	elected	retransmission	consent.

In	enacting	 the	STELA	Reauthorization	Act	of	2014,	Congress	modified	certain	aspects	of	 the	compulsory	copyright	 licenses	under	which	satellite providers	 and	 cable	 operators	 retransmit	 broadcast	 stations.	As	 directed	 by	 this	 legislation,	 the	 FCC	 is	 reviewing	 aspects	 of	 the	 requirement	 that commercial	television	stations	and	multichannel	video	providers	negotiate	retransmission	consent	agreements	in	good	faith.	Congress	also	is	considering legislation	that	would	eliminate	or	modify	the	must-carry	and	retransmission	consent	regime.	Under	conditions	imposed	in	the	NBCUniversal	Order, multichannel	video	providers	may	invoke	commercial	arbitration	to	resolve	disputes	regarding	carriage	of	our	owned	local	broadcast	television	stations.

# Internet	Distribution

The	NBCUniversal	Order	and	NBCUniversal	Consent	Decree	establish	certain	obligations	and	restraints	concerning	distribution	of	our	content	online.	We must	make	available	certain	of	our	cable	network,	broadcast	television	and	filmed	entertainment	programming	to	bona	fide	online	video	distributors	in certain	circumstances,	and	 they	may	 invoke	commercial	arbitration	 to	resolve	disputes	over	access	 to	such	programming.	We	also	must	distribute programming	via	nbc.com	that	is	generally	equivalent	to	the	programming	that	we	distributed	via	nbc.com	as	of	January	1,	2011,	on	generally	equivalent price,	terms	and	conditions,	so	long	as	at	least	one	of	the	other	major	broadcast	networks	continues	to	distribute	its	programming	in	a	similar	fashion.	We are	one	of	 three	broadcast	network	owners	of	Hulu,	but	we	have	no	voting	rights	or	board	representation.	We	have	entered	 into	renewal	 license agreements	with	Hulu	on	substantially	the	same	terms	as	its	other	broadcast	network	owners.

# Online	Video	Distributors

The	FCC	is	considering	classifying	certain	online	video	distributors	that	offer	multiple	linear	video	programming	networks	to	customers	with	a	broadband Internet	connection	as	multichannel	video	providers	under	FCC	rules	to	ensure	that	OVDs	have	program	access	rights	to	video	programming	from vertically	integrated	cable	programmers	and	the	right	to	force	local	television	broadcast	stations	to	negotiate	to	license	their	content.	The	FCC	also	has proposed	potentially	excusing	these	entities	from	all	or	some	of	the	regulatory	obligations	applicable	to	current	multichannel	video	providers.	If	adopted, these	proposals	would	increase	our	program	access	obligations	and	raise	complicated	issues	regarding	the	licensing	of	our	broadcast	programming.

# Indecency

A	federal	statute	and	FCC	regulations	prohibit	the	broadcast	of	obscene	material	on	television	stations	at	any	time	and	indecent	or	profane	material between	the	hours	of	6	a.m.	and	10	p.m.	From	time	to	time,	we	have	received	and	may	receive	in	the	future	letters	of	inquiry	from	the	FCC	prompted	by complaints	alleging	that	certain	programming	on	our	owned	local	broadcast	television	stations	included	indecent	or	profane	material.

Our	filmed	entertainment	business	is	subject	to	"trade	practice	laws"	in	effect	in	25	states	and	Puerto	Rico	relating	to	theatrical	distribution	of	motion pictures.	In	countries	outside	the	United	States,	a	variety	of	existing	or	contemplated	laws	and	regulations	may	affect	our	ability	to	distribute	and	license motion	picture	and

television	products,	as	well	as	consumer	merchandise	products.	The	ability	of	countries	to	deny	market	access	or	refuse	national	treatment	to	products originating	outside	their	territories	is	regulated	under	various	international	agreements.

Our	theme	parks	are	subject	to	various	regulations,	including	laws	and	regulations	regarding	environmental	protection,	privacy	and	data	protection, consumer	product	safety	and	theme	park	operations,	such	as	health,	sanitation,	safety	and	fire	standards,	as	well	as	liquor	licenses.

# Other	Areas	of	Regulation

# Intellectual	Property

Copyright,	trademark,	unfair	competition,	patent,	trade	secret	and	other	proprietary	rights	laws	of	the	United	States	and	other	countries	help	protect	our intellectual	property	rights.	In	particular,	piracy	of	programming	and	films	through	unauthorized	distribution	of	counterfeit	DVDs,	peer-to-peer	file	sharing and	 other	 platforms	 presents	 challenges	 for	 our	 cable	 networks,	 broadcast	 television	 and	 filmed	 entertainment	 businesses.	 The	 unauthorized reproduction,	distribution	or	display	of	copyrighted	material	over	the	Internet	or	through	other	methods	of	distribution,	such	as	through	devices,	software or	websites	 that	allow	 the	reproduction,	viewing,	sharing	and/or	downloading	of	content	by	either	 ignoring	or	 interfering	with	 the	content's	security features	and	copyrighted	status,	interferes	with	the	market	for	copyrighted	works	and	disrupts	our	ability	to	exploit	our	content.	The	extent	of	copyright protection	and	the	use	of	technological	protections,	such	as	encryption,	are	controversial.	Modifications	to	existing	laws	that	weaken	these	protections could	have	an	adverse	effect	on	our	ability	to	license	and	sell	our	programming.

While	many	legal	protections	exist	to	combat	piracy,	laws	in	the	United	States	and	internationally	continue	to	evolve,	as	do	technologies	used	to	evade these	laws.	We	have	actively	engaged	in	the	enforcement	of	our	intellectual	property	rights	and	likely	will	continue	to	expend	substantial	resources	to protect	our	content.	The	repeal	of	laws	intended	to	combat	piracy	and	protect	intellectual	property	or	weakening	of	such	laws	or	enforcement	in	the United	States	or	internationally,	or	a	failure	of	existing	laws	to	adapt	to	new	technologies,	could	make	it	more	difficult	for	us	to	adequately	protect	our intellectual	property	rights,	which	could	negatively	impact	their	value	and	further	increase	the	costs	of	enforcing	our	rights.

Copyright	laws	also	require	that	we	contribute	a	percentage	of	revenue	to	a	federal	copyright	royalty	pool	in	exchange	for	retransmitting	copyrighted material	in	broadcast	signals	pursuant	to	a	compulsory	license	and	that	we	pay	standard	industry	licensing	fees	for	the	public	performance	of	music	in the	programs	we	distribute,	such	as	local	advertising	and	local	origination	programming	on	our	cable	systems,	as	well	as	in	the	content	we	create.	The fees	we	pay	to	music	performance	rights	organizations	are	typically	renegotiated	when	we	renew	licenses	with	those	organizations,	while	the	royalties we	contribute	to	the	copyright	royalty	pool	for	broadcast	signals	can	be	challenged	by	copyright	owners	in	annual	audits,	and	we	cannot	predict	what those	fees	will	be	in	the	future	or	if	disputes	will	arise	over	them.

There	 has	 been	 litigation	 related	 to	 a	 number	 of	 online	 entities	 that	 stream	 our	 broadcast	 television	 content	 online	 without	 the	 consent	 of,	 or compensation	to,	NBC	or	its	affiliates.	In	2014,	the	U.S.	Supreme	Court	ruled	that	one	such	entity,	Aereo,	violated	the	broadcasters'	exclusive	right	to perform	their	copyrighted	works	publicly.	Subsequently,	Aereo	sought	to	operate	as	a	cable	system	under	the	Copyright	Act.	Although	the	U.S.	Copyright Office	rejected	its	application	for	a	compulsory	copyright	license,	other	companies	continue	to	seek	legislation	or	court	rulings	to	obtain	a	compulsory license	to	stream	broadcast	programming	online.	Along	with	other	major	broadcasters,	we	also	have	brought	a	suit	against	a	multichannel	video	provider to	challenge	the	commercial-skipping	functionality	in	its	DVR.	In	addition,	the	FCC	is	considering	whether	to	classify	certain	OVDs	as	multichannel	video providers,	giving	them	the	right	to	negotiate	for

retransmission	consent	with	local	broadcast	television	stations,	and	subjecting	such	negotiations	to	the	good-faith	requirements	under	the	FCC's	rules. Any	such	reclassification	could	influence	the	U.S.	Copyright	Office	to	extend	the	compulsory	license	to	OVDs.

# Privacy	and	Data	Security	Regulation

The	Communications	Act	generally	restricts	 the	nonconsensual	collection	and	disclosure	 to	 third	parties	of	cable	customers'	personally	 identifiable information	by	cable	operators,	except	for	rendering	service,	conducting	legitimate	business	activities	related	to	the	service,	and	responding	to	legal requests.	We	are	also	subject	to	various	state	and	federal	regulations	that	provide	privacy	protections	for	customer	proprietary	network	information ("CPNI")	related	to	our	voice	services.	The	FCC	expects	broadband	Internet	access	service	providers	such	as	us	to	take	reasonable,	good	faith	steps	to comply	with	existing	statutory	requirements	to	protect	broadband	CPNI	and	plans	to	propose	new	privacy	and	data	security	rules	for	broadband	ISPs	in 2016.	The	FCC	has	recently	imposed	substantial	civil	penalties	and	remediation	obligations	on	several	companies	for	alleged	privacy	and	data	security violations.	In	2015,	Comcast	entered	into	a	settlement	with	a	California	regulatory	commission	regarding	Comcast's	inadvertent	disclosure	of	customer telephone	numbers	for	which	customers	had	requested	non-published	or	non-listed	status.

The	FTC	exercises	authority	over	privacy	protections	generally,	using	its	existing	authority	over	unfair	and	deceptive	acts	or	practices	to	apply	greater restrictions	on	the	collection	and	use	of	personally	identifiable	and	other	information	relating	to	consumers.	It	also	has	undertaken	numerous	enforcement actions	against	parties	that	do	not	provide	sufficient	security	protections	against	the	loss	or	unauthorized	disclosure	of	this	type	of	information.	We	also are	subject	to	stringent	data	security	and	data	retention	requirements	on	website	operators	and	online	services	that	are	directed	to	children	under	13 years	of	age,	or	that	knowingly	collect	or	post	personal	information	from	children	under	13	years	of	age.	Other	privacy-oriented	laws	have	been	extended by	courts	to	online	video	providers	and	are	increasingly	being	used	in	privacy	lawsuits,	including	class	actions,	against	providers	of	video	materials	online.

We	are	also	subject	to	state	and	federal	"do	not	call"	laws	regarding	telemarketing	and	state	and	federal	laws	regarding	unsolicited	commercial	emails,	as well	as	FCC	regulations	relating	to	automated	telemarketing	calls,	texts	or	SMS	messages.	The	FTC	and	state	attorneys	general	also	have	initiated efforts	to	increase	and	enforce	transparency	requirements	about	the	collection	and	use	of	consumer	information,	even	in	an	aggregated,	non-customer- identifiable	form,	which	may	require	ongoing	review	of	new	and	rapidly	evolving	technologies	and	methods	for	delivering	content	and	advertising	to ensure	that	appropriate	notice	is	given	to	consumers	and	consent	is	obtained	where	required.

We	are	also	subject	to	state	and	federal	laws	and	regulations	regarding	data	security	that	primarily	apply	to	sensitive	personal	information	that	could	be used	to	commit	identity	theft.	Most	states	have	security	breach	notification	laws	that	generally	require	a	business	to	give	notice	to	consumers	and government	agencies	when	certain	information	has	been	disclosed	due	to	a	security	breach,	and	the	FCC	has	adopted	security	breach	rules	for	voice services.	Several	states	have	also	enacted	general	data	security	requirements	to	safeguard	consumer	information,	including	the	proper	disposal	of consumer	information.

The	National	Institute	of	Standards	and	Technology,	in	cooperation	with	other	federal	agencies	and	owners	and	operators	of	U.S.	critical	infrastructure, including	us,	have	developed	a	voluntary	framework	that	provides	a	prioritized,	flexible,	repeatable,	performance-based	and	cost-effective	approach	to cybersecurity	risk.	It	is	a	compendium	of	existing	cross-sector	cyber-defense	processes,	practices	and	protocols	that	can	help	companies	identify,	assess and	manage	their	cyber	risks	and	vulnerabilities,	and	several	government	agencies	have	encouraged	compliance	with	this	framework.	Additionally,	in December	2015,	Congress	enacted	the	Cybersecurity	Act	of	2015,	which	is	intended	to	encourage	and	facilitate	the	sharing	of	security	threat	and defensive	measure	information	with	government	agencies	and	other	companies,	in	order	to	strengthen	the

country's	overall	cybersecurity	protections.	Finally,	there	are	pending	legislative	proposals	that	could	impose	new	requirements	on	owners	and	operators of	critical	infrastructure,	including	us,	and	the	FCC	is	considering	expanding	its	cybersecurity	guidelines	or	adopting	new	cybersecurity	requirements.

# FCC	Spectrum	Auction

Congress	has	authorized	the	FCC	to	conduct	an	auction	to	repurpose	some	broadcast	spectrum	to	mobile	broadband	use.	In	this	auction,	licensees	of full-power	and	Class	A	television	stations	have	the	opportunity	to	sell	some	or	all	of	their	spectrum	rights	in	exchange	for	cash.	TV	stations	that	do	not voluntarily	sell	their	spectrum	rights	may	be	assigned	new	channels	on	which	to	operate,	but	the	FCC	must	make	"all	reasonable	efforts"	to	preserve those	stations'	over-the-air	coverage	areas	and	populations	served,	and	to	reimburse	them	for	reasonable	relocation	costs	(subject	to	an	aggregate	limit of	$1.75	billion).

NBCUniversal	has	submitted	applications	with	the	FCC	indicating	its	potential	interest	in	selling	broadcast	spectrum	rights.	Potential	bidders	for	the repurposed	mobile	broadband	spectrum	licenses	must	file	their	applications	with	the	FCC	by	February	10,	2016.	We	expect	to	submit	an	application	to be	a	potential	buyer	of	those	new	licenses.	Bidding	in	the	auction	is	expected	to	begin	in	the	second	quarter	of	2016.	Filing	an	application	in	the	auction does	not	create	any	obligation	to	sell,	bid	on,	or	buy	spectrum.	We	cannot	predict	whether	NBCUniversal	will	sell	any	of	its	broadcast	spectrum	rights, whether	we	will	bid	for	or	buy	any	of	the	new	mobile	broadband	licenses,	or	what	the	size	of	any	proceeds	or	costs	may	be	(although	any	such	amounts may	be	significant).

# State	and	Local	Taxes

Some	states	and	localities	have	imposed	or	are	considering	imposing,	through	both	legislative	and	administrative	channels,	new	or	additional	taxes	or fees	 on,	 or	 limiting	 or	 eliminating	 incentives	 or	 credits	 earned	 or	 monetized	 by,	 the	 businesses	 operated	 by	 the	 Cable	 Communications	 and NBCUniversal	 segments,	 or	 imposing	 adverse	 methodologies	 by	 which	 taxes,	 fees,	 incentives	 or	 credits	 are	 earned	 or	 monetized.	 These	 include combined	reporting	or	other	changes	to	general	business	taxes,	central	assessments	for	property	tax,	and	taxes	and	fees	on	the	businesses	operated	or services	provided	by	the	Cable	Communications	and	NBCUniversal	segments.	In	some	situations,	DBS	and	other	competitors	that	deliver	their	services over	a	high-speed	Internet	connection	do	not	face	similar	state	tax	and	fee	burdens.	Congress	has	also	considered,	and	may	consider	again,	proposals to	bar	or	limit	states	from	imposing	taxes	on	these	DBS	providers	or	other	competitors	that	are	equivalent	to	the	taxes	or	fees	that	we	pay.	Congress	may not	extend	the	Internet	Tax	Freedom	Act,	which	prohibits	most	states	and	localities	from	imposing	taxes	on	Internet	access	charges,	but	expires	in October	2016.	Additionally,	the	FCC's	reclassification	of	broadband	Internet	access	services	as	Title	II	telecommunications	services	may	cause	or	allow, directly	or	indirectly,	some	states	and	localities	to	impose	additional	taxes	and	fees	on	our	high-speed	Internet	business.

# Environmental	Matters

Certain	of	our	business	operations	are	subject	to	environmental	laws	and	regulations	since	they	involve	air	emissions,	wastewater	discharges	and	the use,	disposal	and	cleanup	of	toxic	and	hazardous	substances.	Any	failure	to	comply	with	environmental	requirements	could	result	in	monetary	fines,	civil or	criminal	sanctions,	third-party	claims	or	other	costs	or	liabilities.	As	disclosed	in	Item	3,	"Legal	Proceedings,"	we	recently	settled	a	matter	relating	to certain	of	our	waste	disposal	policies,	procedures	and	practices	in	California.

Environmental	requirements	have	become	more	stringent	over	time,	and	pending	or	proposed	new	regulations	could	impact	our	operations	or	costs.	For example,	climate	change	regulation,	such	as	proposed	greenhouse	gas	emissions	limits	or	cap	and	trade	programs,	could	result	in	an	increase	in	the cost	of	electricity,	which	is	a	significant	component	of	our	operational	costs	at	some	locations.

# Other	Regulations

Federal	regulators	actively	regulate	other	aspects	of	our	businesses,	including	accessibility	to	our	cable,	broadcast	and	voice	services	for	people	with disabilities,	customer	service	standards,	inside	wiring,	leased	access,	loudness	of	commercial	advertisements,	advertising,	Emergency	Alert	System, equal	employment	opportunity,	lottery	programming,	recordkeeping	and	public	file	access	requirements,	regulatory	fees	and	technical	standards	relating to	the	operation	of	cable	systems	and	television	stations.	We	are	occasionally	subject	to	enforcement	actions	at	the	FCC,	which	can	result	in	us	having	to pay	fines	to	the	agency	or	being	subject	to	other	sanctions.	We	also	are	subject	to	various	international	regulations,	including	those	with	respect	to television	broadcasting,	programming	and	advertising.

# Employees

As	of	December	31,	2015,	we	had	approximately	153,000	full-time	and	part-time	employees.	Of	these	employees,	approximately	88,000	and	53,000	were associated	with	our	cable	communications	business	and	our	NBCUniversal	businesses,	respectively.	We	also	use	freelance	and	temporary	employees	in the	normal	course	of	our	business.

# Caution	Concerning	Forward-Looking	Statements

The	SEC	encourages	companies	to	disclose	forward-looking	information	so	that	investors	can	better	understand	a	company's	future	prospects	and	make informed	investment	decisions.	In	this	Annual	Report	on	Form	10-K,	we	state	our	beliefs	of	future	events	and	of	our	future	financial	performance.	In	some cases,	 you	 can	 identify	 these	 so-called	 "forward-looking	 statements"	 by	 words	 such	 as	 "may,"	 "will,"	 "should,"	 "expects,"	 "believes,"	 "estimates," "potential,"	 or	 "continue,"	 or	 the	 negative	 of	 these	 words,	 and	 other	 comparable	 words.	You	 should	 be	 aware	 that	 these	 statements	 are	 only	 our predictions.	In	evaluating	these	statements,	you	should	consider	various	factors,	including	the	risks	and	uncertainties	listed	in	"Risk	Factors"	and	in	other reports	we	file	with	the	SEC.

Additionally,	 we	 operate	 in	 a	 highly	 competitive,	 consumer-driven	 and	 rapidly	 changing	 environment.	 This	 environment	 is	 affected	 by	 government regulation;	 economic,	 strategic,	 political	 and	 social	 conditions;	 consumer	 response	 to	 new	 and	 existing	 products	 and	 services;	 technological developments;	and,	particularly	in	view	of	new	technologies,	the	ability	to	develop	and	protect	intellectual	property	rights.	Our	actual	results	could	differ materially	from	our	forward-looking	statements	as	a	result	of	any	of	such	factors,	which	could	adversely	affect	our	businesses,	results	of	operations	or financial	condition.	We	undertake	no	obligation	to	update	any	forward-looking	statements.

# Item	1A:	Risk	Factors

Our	businesses	currently	face	a	wide	range	of	competition,	and	our	businesses	and	results	of	operations	could	be	adversely	affected	if	we	do not	compete	effectively.

All	of	our	businesses	operate	in	intensely	competitive,	consumer-driven	and	rapidly	changing	environments	and	compete	with	a	growing	number	of companies	 that	 provide	 a	 broad	 range	 of	 communications	 products	 and	 services	 and	 entertainment,	 news	 and	 information	 content	 to	 consumers. Technological	changes	are	further	intensifying	and	complicating	the	competitive	landscape	and	influencing	consumer	behavior,	which	is	discussed	in	the risk	factor	immediately	below	in	"Changes	in	consumer	behavior	driven	by	alternative	methods	for	viewing	content	may	adversely	affect	our	businesses and	challenge	existing	business	models."

Competition	for	the	cable	services	we	offer	consists	primarily	of	companies	that	typically	offer	features,	pricing	and	packaging	for	services	comparable	to our	video,	high-speed	Internet	and	voice	services,	such	as	DBS	providers	and	phone	companies	with	fiber-based	networks.	In	2015,	AT&T,	our	largest phone	company	competitor,	acquired	DirecTV,	the	nation's	largest	DBS	provider,	which	created	an	even	larger	competitor.

Wireless	 Internet	 services,	 such	 as	 4G	 wireless	 broadband	 services	 and	 Wi-Fi	 networks,	 and	 devices	 such	 as	 wireless	 data	 cards,	 tablets	 and smartphones,	and	mobile	wireless	routers	that	connect	to	such	devices,	may	compete	with	our	high-speed	Internet	services.	Our	voice	services	continue to	face	increased	competition	from	wireless	and	Internet-based	phone	services	as	more	consumers	choose	to	replace	their	traditional	wireline	phone service	with	these	phone	services.

There	also	continue	to	be	new	entrants,	some	with	significant	financial	resources,	that	potentially	may	compete	with	our	cable	services.	In	particular, Google,	which	has	launched	high-speed	Internet	and	video	services	in	a	limited	number	of	areas,	has	announced	plans	to	expand	in	more	areas, including	in	some	of	our	significant	markets.	As	Google	expands	to	more	areas,	we	expect	it	to	become	a	meaningful	wireline	competitor	to	our	high- speed	Internet	and	video	services.	In	addition,	some	local	municipalities	are	launching	their	own	fiber-based	high-speed	Internet	services.	Companies that	 provide	 subscription	 video	 on	 demand	 services	 over	 the	 Internet	 or	 the	 ability	 to	 download	 video	 programming	 continue	 to	 gain	 consumer acceptance.	There	can	be	no	assurance	that	these	or	other	newer	entrants	will	not	continue	to	launch	similar	services.

Our	cable	communications	business	continues	to	seek	ways	enhance	the	value	of	our	cable	services	network,	such	as	by	growing	our	high-speed Internet	and	business	services	businesses	and	by	launching	additional	services,	such	as	our	home	security	and	automation	services.	There	can	be	no assurance	that	we	can	execute	on	these	and	other	initiatives	in	a	manner	sufficient	to	grow	or	maintain	our	Cable	Communications	segment	revenue, maintain	our	Cable	Communications	segment	operating	margin,	or	to	compete	successfully	in	the	future.

In	addition,	some	of	our	phone	company	competitors	have	their	own	wireless	facilities	and	may	expand	their	service	offerings	to	include	bundled	wireless offerings.	Because	we	do	not	have	our	own	wireless	facilities,	our	inability	to	provide	a	competitive	wireless	product	as	part	of	our	bundled	cable	services offering	could	have	an	adverse	effect	on	our	competitive	position,	business	and	results	of	operations.

Each	of	NBCUniversal's	businesses	also	faces	substantial	and	increasing	competition	from	providers	of	similar	types	of	content,	as	well	as	from	other forms	of	entertainment	and	recreational	activities.	NBCUniversal	must	compete	to	obtain	talent,	programming	and	other	resources	required	in	operating these	businesses.

All	of	our	businesses'	ability	to	compete	effectively	depends	on	our	perceived	image	and	reputation	among	our	various	constituencies,	including	our customers,	consumers,	advertisers,	investors	and	government	authorities.	Our	ability	to	compete	may	be	negatively	affected	if	we	do	not	provide	our customers	with	a	satisfactory	customer	experience.	There	can	be	no	assurance	that	we	will	be	able	to	compete	effectively	against	existing	or	new competitors	 or	 that	 competition	 will	 not	 have	 an	 adverse	 effect	 on	 our	 businesses.	 For	 a	 more	 detailed	 description	 of	 the	 competition	 facing	 our businesses,	see	Item	1:	Business	and	refer	to	the	"Competition"	discussion	within	that	section.

# Changes in	 consumer	 behavior	 driven	 by	 alternative	 methods for	 viewing	 content	 may	 adversely	 affect	 our	 businesses	 and	 challenge existing	business	models.

Alternative	products	and	services	for	the	distribution,	sale	and	viewing	of	content	have	been,	and	will	likely	continue	to	be,	developed	that	further	increase the	number	of	competitors	that	all	our	businesses	face	and	challenge	existing	business	models.	These	products	and	services	are	also	driving	changes	in consumer	behavior	as	consumers	seek	more	control	over	when,	where	and	how	they	consume	content	and	access	communications	services.

While	our	cable	communications	business	is	attempting	to	adapt	to	changing	consumer	behaviors,	for	example,	by	deploying	our	X1	platform	and	Cloud DVR	technology,	products	and	services	have	emerged	that	compete	with	our	video	services,	including	those	that	offer	subscription	video	on	demand services	or	the	ability	to	download	content	that	can	be	viewed	on	television	sets,	computers,	smartphones	and	tablets.	Some	of	these	products	and services	charge	no	fee	or	a	lower	fee	than	our	traditional	video	packages	for	access	to	their	content,	which	adversely	affects	demand	for	our	video services,	including	for	expanded	digital	video	packages,	premium	networks,	and	our	DVR	and	On	Demand	services.

The	increased	availability	of	these	products	and	services,	including	some	that	also	offer	high-quality	original	video	programming	that	is	exclusive	to	that service,	 have	 contributed	 to	 an	 increased	 number	 of	 entertainment	 choices	 available	 to	 consumers,	 which	 intensifies	 audience	 fragmentation. Additionally,	 the	 increased	availability	of	DVRs	and	cloud-based	recording	services	and	video	on	demand	services	reduces	 the	viewing	of	content through	traditional	linear	television	distribution	outlets.	Reduced	viewing	of	our	content	through	traditional	linear	television	distribution	outlets	has	caused and	will	likely	continue	to	cause	audience	ratings	declines	for	NBCUniversal's	linear	television	content	and	may	adversely	affect	the	price	and	amount	of advertising	that	advertisers	are	willing	to	purchase	from	us	and	the	amount	NBCUniversal	receives	for	distribution	of	its	content.

Additionally,	several	companies	now	offer	smaller	packages	of	channels	directly	to	customers	over	the	Internet	at	price	points	lower	than	our	standard packages,	which	could	adversely	affect	demand	 for	our	video	services	and	reduce	 the	subscription	revenue	 that	our	cable	networks	or	broadcast television	businesses	receive	from	multichannel	video	providers.	These	smaller	packages	could	also	cause	our	cable	communications	business	to	offer more	customized	programming	packages	that	may	be	less	profitable.

The	success	of	any	of	these	ongoing	and	future	developments	or	our	failure	to	effectively	anticipate	or	adapt	to	emerging	competitors	or	changes	in consumer	 behavior,	 including	 among	 younger	 consumers,	 could	 have	 an	 adverse	 effect	 on	 our	 competitive	 position,	 businesses	 and	 results	 of operations.

# A	decline	in	advertisers'	expenditures	or	changes	in	advertising	markets	could	negatively	impact	our	businesses.

Our	cable	communications,	cable	networks	and	broadcast	television	businesses	compete	for	the	sale	of	advertising	time	with	other	television	networks and	stations,	as	well	as	with	all	other	advertising	platforms,	such	as	radio,	print	and,	increasingly,	digital	media.	We	derive	substantial	revenue	from	the sale	of	advertising,	and	a	decline	in	expenditures	by	advertisers,	including	through	traditional	linear	television	distribution	models,	could	negatively	impact our	results	of	operations.	Declines	can	be	caused	by	the	economic	prospects	of	specific	advertisers	or	industries,	increased	competition	for	the	leisure time	of	audiences	and	audience	fragmentation,	by	the	growing	use	of	new	technologies,	or	the	economy	in	general.	In	addition,	advertisers'	willingness	to purchase	advertising	from	us	may	be	adversely	affected	by	lower	audience	ratings,	which	some	of	our	networks	have	experienced	and	likely	will	continue to	 experience.	 Advertising	 sales	 and	 rates	 also	 are	 dependent	 on	 audience	 measurement	 methodologies	 and	 could	 be	 negatively	 affected	 if methodologies	do	not	accurately	reflect	actual	viewership	levels.	For	example,	certain	methods	of	viewing	content,	such	as	delayed	viewing	on	DVRs	or viewing	content	online,	might	not	be	counted	in	audience	measurements	or	may	generate	less,	if	any,	revenue	than	traditional	distribution	methods, which	 could	 have	 an	 adverse	 effect	 on	 our	 advertising	 revenue.	 Reductions	 in	 advertisers'	 expenditures	 could	 adversely	 affect	 our	 revenue	 and businesses.

# Our	businesses	depend	on	keeping	pace	with	technological	developments.

Our	success	is,	to	a	large	extent,	dependent	on	our	ability	to	acquire,	develop,	adopt	and	leverage	new	and	existing	technologies,	and	our	competitors' use	of	certain	types	of	technology	and	equipment	may	provide

them	with	a	competitive	advantage.	For	example,	some	companies	and	municipalities	are	building	advanced	fiber-based	networks	that	provide	very	fast Internet	access	speeds,	and	wireless	Internet	technologies	continue	to	evolve	rapidly	to	allow	for	greater	speed	and	reliability.	We	expect	other	advances in	communications	technology	to	occur	in	the	future.	If	we	choose	technology	or	equipment	that	is	not	as	effective	or	attractive	to	consumers	as	that employed	by	our	competitors,	if	we	fail	to	employ	technologies	desired	by	consumers	before	our	competitors	do	so,	or	if	we	fail	to	execute	effectively	on our	technology	initiatives,	our	businesses	and	results	of	operations	could	be	adversely	affected.	We	also	will	continue	to	incur	additional	costs	as	we execute	our	technology	initiatives,	such	as	the	deployment	of	DOCSIS	3.1,	X1	set-top	boxes,	wireless	gateways	and	Cloud	DVR	technology,	and	there can	be	no	assurance	that	we	can	execute	on	these	and	other	initiatives	in	a	manner	sufficient	to	grow	or	maintain	our	revenue	or	to	compete	successfully in	the	future.	We	also	may	incur	increased	costs	if	changes	in	the	products	and	services	that	our	competitors	offer	require	that	we	offer	certain	of	our existing	services	or	enhancements	at	a	lower	or	no	cost	to	our	customers	or	that	we	make	additional	research	and	development	expenditures.

# We	 are	 subject	 to	 regulation	 by	 federal,	 state, local	 and	 foreign	 authorities,	 which	 may impose	 additional	 costs	 and	 restrictions	 on	 our businesses.

Federal,	state	and	local	governments	extensively	regulate	the	video	and	voice	services	industry,	and	more	recently,	Internet	services.	We	expect	that legislative	 enactments,	 court	 actions	 and	 regulatory	 proceedings	 will	 continue	 to	 clarify,	 and	 in	 some	 cases	 may	 adversely	 affect,	 the	 rights	 and obligations	of	cable	operators	and	other	entities	under	the	Communications	Act	and	other	laws.	Our	broadcast	television	business	is	also	highly	regulated by	federal	laws	and	regulations.	Our	cable	networks,	filmed	entertainment	and	theme	parks	businesses	are	also	subject	to	various	other	laws	and regulations	at	the	international,	federal,	state	and	local	levels,	including	laws	and	regulations	relating	to	environmental	protection,	which	have	become more	stringent	over	time,	and	the	safety	of	consumer	products	and	theme	park	operations.	In	addition,	we	are	subject	to	the	NBCUniversal	Order	and	the NBCUniversal	Consent	Decree,	which	have	imposed	numerous	conditions	on	our	businesses	relating	to	the	treatment	of	competitors	and	other	matters. Failure	to	comply	with	the	laws	and	regulations	applicable	to	our	businesses	could	result	in	administrative	enforcement	actions,	fines,	and	civil	and criminal	liability.	For	a	more	extensive	discussion	of	the	significant	risks	associated	with	the	regulation	of	our	businesses,	see	Item	1,	Business	and	refer to	the	"Legislation	and	Regulation"	discussion	within	that	section.

# Changes	to	existing	statutes,	rules,	regulations,	or	interpretations	thereof,	or	adoption	of	new	ones,	could	have	an	adverse	effect	on	our businesses.

Legislators	and	regulators	at	all	levels	of	government	frequently	consider	changing,	and	sometimes	do	change,	existing	statutes,	rules,	regulations,	or interpretations	thereof,	or	prescribe	new	ones,	which	may	significantly	affect	our	businesses.	In	addition,	the	FCC	and	certain	states	are	becoming	more active	in	considering	rulemakings	and	legislation,	as	well	as	in	conducting	inquiries	and	reviews,	regarding	our	services.	Any	future	legislative,	judicial, regulatory	or	administrative	actions	may	increase	our	costs	or	impose	additional	restrictions	on	our	businesses,	some	of	which	may	be	significant.	For example,	as	more	fully	discussed	in	Item	1,	Business	–	"Legislation	and	Regulation,"	in	2015,	the	FCC	adopted	new	open	Internet	regulations	that reclassify	broadband	Internet	access	service	as	a	"telecommunications	service,"	making	it	subject	to	certain	common	carriage	regulations	under	Title	II	of the	Communications	Act.	This	change	could	have	a	material	adverse	effect	on	our	business	and	results	of	operations.	In	addition,	in	2015,	the	FCC adopted	an	order	that	preempted	certain	state	laws	that	had	restricted	municipalities	from	operating	municipally	owned	broadband	networks.	The	FCC	is also	considering	the	appropriate	regulatory	framework	for	VoIP	service,	including	whether	that	service	should	be	regulated	under	Title	II.	Accordingly,	the legal	and	regulatory	environment	applicable	to	our	businesses	continues	to	intensify.	Any	changes	to	the	legal	and	regulatory	framework	applicable	to	any of	our	services	or	businesses	could	have	a	negative	impact	on	our	businesses	and	results	of	operations.

# Programming	expenses	for	our	video	services	are increasing,	which	could	adversely	affect	our	Cable	Communications	segment's	video business.

We	expect	programming	expenses	for	our	video	services	to	continue	to	be	our	Cable	Communications	segment's	largest	single	expense	item	and	to increase	in	the	foreseeable	future.	The	multichannel	video	provider	industry	has	experienced	continued	increases	in	the	cost	of	programming,	especially sports	programming,	which	we	expect	will	continue	for	the	foreseeable	future.	Our	programming	expenses	may	also	increase	as	we	add	programming	to our	video	services	or	distribute	existing	programming	to	more	of	our	customers	or	through	additional	delivery	platforms,	such	as	On	Demand	or	streaming services.	Additionally,	in	the	past	few	years,	we	have	begun	paying	certain	local	broadcast	television	stations	in	exchange	for	their	required	consent	for the	retransmission	of	broadcast	network	programming	to	our	video	services	customers;	we	expect	to	continue	to	be	subject	to	increasing	demands	for payment	and	other	concessions	from	local	broadcast	television	stations.	These	market	factors	may	be	exacerbated	by	increased	consolidation	in	the media	industry,	which	may	further	increase	our	programming	expenses.	If	we	are	unable	to	raise	our	customers'	rates	or	offset	programming	cost increases	through	the	sale	of	additional	services,	the	increasing	cost	of	programming	could	have	an	adverse	effect	on	our	Cable	Communications segment's	results	of	operations.	Moreover,	as	our	contracts	with	content	providers	expire,	there	can	be	no	assurance	that	they	will	be	renewed	on acceptable	terms	or	that	they	will	be	renewed	at	all,	in	which	case	we	may	be	unable	to	provide	such	content	as	part	of	our	video	services,	and	our businesses	and	results	of	operations	could	be	adversely	affected.

# NBCUniversal's	success	depends	on	consumer	acceptance	of	its	content,	and	its	businesses	may	be	adversely	affected	if	its	content	fails	to achieve	sufficient	consumer	acceptance	or	the	costs	to	create	or	acquire	content	increase.

Most	of	NBCUniversal's	businesses	create	and	acquire	media	and	entertainment	content,	the	success	of	which	depends	substantially	on	consumer tastes	and	preferences	that	change	in	often	unpredictable	ways.	The	success	of	these	businesses	depends	on	our	ability	to	consistently	create,	acquire, market	and	distribute	cable	network	and	broadcast	television	programming,	filmed	entertainment,	theme	park	attractions	and	other	content	that	meet	the changing	preferences	of	the	broad	domestic	and	international	consumer	market.	We	have	invested,	and	will	continue	to	invest,	substantial	amounts	in our	content,	including	in	the	production	of	original	content	on	our	cable	networks	and	broadcast	television	networks,	in	our	films	and	for	theme	park attractions,	before	learning	the	extent	to	which	it	would	earn	consumer	acceptance.

We	also	obtain	a	significant	portion	of	our	content	from	third	parties,	such	as	movie	studios,	television	production	companies,	sports	organizations	and other	suppliers.	Competition	for	popular	content,	particularly	for	sports	programming,	is	intense,	and	we	may	have	to	increase	the	price	we	are	willing	to pay	or	be	outbid	by	our	competitors	for	popular	content.	Entering	into	or	renewing	contracts	for	such	programming	rights	or	acquiring	additional	rights may	result	in	significantly	increased	costs.	Particularly	with	respect	to	long-term	contracts	for	sports	programming	rights,	our	results	of	operations	and cash	flows	over	the	term	of	a	contract	depend	on	a	number	of	factors,	including	the	strength	of	the	advertising	market,	our	audience	size,	and	the	ability to	secure	distribution	from	and	impose	surcharges	or	obtain	carriage	on,	multichannel	video	providers	for	the	content	and	the	timing	and	amount	of	our rights	payments.	There	can	be	no	assurance	 that	revenue	 from	 these	contracts	will	exceed	our	costs	 for	 the	rights,	as	well	as	 the	other	costs	of producing	and	distributing	the	programming.	If	our	content	does	not	achieve	sufficient	consumer	acceptance,	or	if	we	cannot	obtain	or	retain	rights	to popular	content	on	acceptable	terms,	or	at	all,	our	businesses	may	be	adversely	affected.

# The	 loss	 of	 NBCUniversal's	 programming	 distribution	 agreements,	 or the renewal	 of these	 agreements	 on less favorable terms,	 could adversely	affect	its	businesses.

Our	cable	networks	depend	on	their	ability	to	secure	and	maintain	distribution	agreements	with	multichannel	video	providers.	Our	broadcast	television networks	depend	on	their	ability	to	secure	and	maintain	network	affiliation	agreements	with	third-party	local	broadcast	television	stations	in	the	markets where	we	do	not	own	the	affiliated	local	broadcast	television	station.	In	addition,	every	three	years,	each	of	our	owned	local	broadcast	television	stations must	elect,	with	respect	to	its	retransmission	by	multichannel	video	providers	within	its

DMA,	either	"must-carry"	status,	in	which	the	distributor's	carriage	of	the	station	is	mandatory	and	does	not	generate	any	compensation	for	the	local station,	or	"retransmission	consent,"	in	which	the	station	gives	up	its	right	to	mandatory	carriage	and	instead	seeks	to	negotiate	the	terms	and	conditions of	carriage	with	the	distributor,	including	the	amount	of	compensation,	if	any,	paid	to	the	station	by	such	distributor.	All	of	our	NBC	and	Telemundo	owned local	 broadcast	 television	 stations	 have	 elected	 retransmission	 consent	 through	 December	 31,	 2017.	 Increasingly,	 our	 cable	 networks,	 broadcast television	and	 filmed	entertainment	businesses	have	entered	 into	agreements	 to	 license	 their	prior	season	and	 library	content	on	other	distribution platforms,	including	subscription	video	on	demand	services,	and	some	multichannel	video	providers	are	offering	smaller	packages	of	channels	as	part	of their	streaming	and	 linear	 television	programming	packages.	 In	addition,	certain	online	entities	may	stream	our	broadcast	 television	content	online without	our	consent	and	without	paying	any	compensation	to	us.	As	a	result,	there	can	be	no	assurance	that	any	of	our	distribution	agreements	will	be renewed	in	the	future	on	acceptable	terms,	or	at	all.	The	loss	of	any	of	these	agreements,	or	the	renewal	of	these	agreements	on	less	favorable	terms, could	reduce	our	distribution	revenue	and	the	reach	of	our	television	programming	and	its	attractiveness	to	advertisers,	which	in	turn	could	adversely affect	our	cable	networks,	broadcast	television	and	filmed	entertainment	businesses.

# We	rely	on	network	and	information	systems	and	other	technologies,	as	well	as	key	properties,	and	a	disruption,	cyber	attack,	failure	or destruction	of	such	networks,	systems,	technologies	or	properties	may	disrupt	our	businesses.

Network	 and	 information	 systems	 and	 other	 technologies,	 including	 those	 related	 to	 our	 network	 management,	 customer	 service	 operations	 and programming	delivery,	are	critical	to	our	business	activities.	Network	and	information	systems-related	events,	including	those	caused	by	us	or	by	third parties,	such	as	computer	hackings,	cyber	attacks,	computer	viruses,	worms	or	other	destructive	or	disruptive	software,	process	breakdowns,	denial	of service	attacks,	malicious	social	engineering	or	other	malicious	activities,	or	any	combination	of	the	foregoing,	or	power	outages,	natural	disasters, terrorist	attacks	or	other	similar	events,	could	result	in	a	degradation	or	disruption	of	our	services,	excessive	call	volume	to	call	centers	or	damage	to	our equipment,	 data	 and	 properties.	 These	 events	 also	 could	 result	 in	 large	 expenditures	 to	 repair	 or	 replace	 the	 damaged	 properties,	 networks	 or information	systems	or	to	protect	them	from	similar	events	in	the	future,	and	any	such	events	could	have	an	adverse	effect	on	our	results	of	operations.

In	addition,	we	may	obtain	certain	confidential,	proprietary	and	personal	information	about	our	customers,	personnel	and	vendors,	and	may	provide	this information	to	third	parties,	in	connection	with	our	business.	While	we	obtain	assurances	that	these	third	parties	will	protect	this	information,	there	is	a	risk that	this	information	may	be	compromised.	Any	security	breaches,	such	as	misappropriation,	misuse,	leakage,	falsification	or	accidental	release	or	loss	of information	maintained	in	our	information	technology	systems,	including	customer,	personnel	and	vendor	data,	could	damage	our	reputation	and	require us	to	expend	significant	capital	and	other	resources	to	remedy	any	such	security	breach,	and	could	cause	regulators	to	impose	fines	or	other	remedies	for failure	to	comply	with	relevant	customer	privacy	rules.

The	risk	of	these	systems-related	events	and	security	breaches	occurring	continues	to	intensify	in	many	lines	of	business,	and	our	lines	of	business	may be	at	a	disproportionately	heightened	risk	of	these	events	occurring,	due	to	the	nature	of	our	businesses	and	the	fact	that	we	maintain	certain	information necessary	to	conduct	our	business	in	digital	form	stored	on	cloud	servers.	In	the	ordinary	course	of	our	business,	there	are	frequent	attempts	to	cause such	systems-related	events	and	security	breaches,	and	we	have	experienced	a	few	minor	systems-related	events	that,	to	date,	have	not	resulted	in	any significant	degradation	or	disruption	to	our	network	or	information	systems	or	our	services	or	operations.	While	we	develop	and	maintain	systems,	and operate	 a	 comprehensive	 security	 program,	 seeking	 to	 prevent	 systems-related	 events	 and	 security	 breaches	 from	 occurring,	 the	 development, maintenance	and	operation	of	these	systems	and	programs	is	costly	and	requires	ongoing	monitoring	and	updating	as	technologies	change	and	efforts	to overcome	security	measures	become	more	sophisticated.	Despite	any	efforts	to	prevent	these	events	and	security	breaches,

there	can	be	no	assurance	that	they	will	not	occur	in	the	future	or	will	not	have	an	adverse	effect	on	our	businesses.	Moreover,	the	amount	and	scope	of insurance	we	maintain	against	losses	resulting	from	any	such	events	or	security	breaches	likely	would	not	be	sufficient	to	cover	our	losses	or	otherwise adequately	compensate	us	for	any	disruptions	to	our	business	that	may	result,	and	the	occurrence	of	any	such	events	or	security	breaches	could	have	an adverse	effect	on	our	business.

# We	may	be	unable	to	obtain	necessary	hardware,	software	and	operational	support.

We	depend	on	third-party	vendors	to	supply	us	with	a	significant	amount	of	the	hardware,	software	and	operational	support	necessary	to	provide	certain of	our	services.	Some	of	these	vendors	represent	our	primary	source	of	supply	or	grant	us	the	right	to	incorporate	their	intellectual	property	into	some	of our	hardware	and	software	products.	While	we	actively	monitor	the	operations	and	financial	condition	of	key	vendors	in	an	attempt	to	detect	any	potential difficulties,	there	can	be	no	assurance	that	we	would	timely	identify	any	operating	or	financial	difficulties	associated	with	these	vendors	or	that	we	could effectively	mitigate	our	risks	with	respect	to	any	such	difficulties.	If	any	of	these	vendors	experience	operating	or	financial	difficulties,	if	our	demand exceeds	their	capacity	or	if	they	are	otherwise	unable	to	meet	our	specifications	or	provide	the	equipment	or	services	we	need	in	a	timely	manner	or	at reasonable	prices,	our	ability	to	provide	some	services	may	be	adversely	affected.

# Weak	economic	conditions	may	have	a	negative	impact	on	our	businesses.

A	 substantial	 portion	 of	 our	 revenue	 comes	 from	 customers	 whose	 spending	 patterns	 may	 be	 affected	 by	 prevailing	 economic	 conditions.	 Weak economic	conditions	could	adversely	affect	demand	for	any	of	our	products	and	services	and	have	a	negative	impact	on	our	results	of	operations.	For example,	customers	may	reduce	the	level	of	cable	services	to	which	they	subscribe,	or	may	discontinue	subscribing	to	one	or	more	of	our	cable	services. This	risk	may	be	increased	by	the	expanded	availability	of	free	or	lower	cost	competitive	services,	such	as	subscription	video	on	demand	services,	or substitute	services	for	our	high-speed	Internet	and	voice	services,	such	as	mobile	phones,	smartphones	and	Wi-Fi	networks.	Weak	economic	conditions also	may	have	a	negative	impact	on	our	advertising	revenue,	the	performance	of	our	films	and	home	entertainment	releases,	and	attendance	and spending	in	our	theme	parks	business.	Weak	economic	conditions	and	turmoil	in	the	global	financial	markets	may	also	impair	the	ability	of	third	parties	to satisfy	their	obligations	to	us,	and	any	disruption	in	the	global	financial	markets	may	affect	our	ability	to	obtain	financing,	including	refinancing	any existing	debt,	on	acceptable	terms.

# Our	businesses	depend	on	using	and	protecting	certain	intellectual	property	rights	and	on	not	infringing	the	intellectual	property	rights	of others.

We	rely	on	our	intellectual	property,	such	as	patents,	copyrights,	trademarks	and	trade	secrets,	as	well	as	licenses	and	other	agreements	with	our vendors	 and	 other	 third	 parties,	 to	 use	 various	 technologies,	 conduct	 our	 operations	 and	 sell	 our	 products	 and	 services.	 Legal	 challenges	 to	 our intellectual	property	rights	and	claims	of	intellectual	property	infringement	by	third	parties	could	require	that	we	enter	into	royalty	or	licensing	agreements on	unfavorable	 terms,	 incur	substantial	monetary	 liability	or	be	enjoined	preliminarily	or	permanently	 from	 further	use	of	 the	 intellectual	property	 in question	or	from	the	continuation	of	our	businesses	as	currently	conducted.	We	may	need	to	change	our	business	practices	if	any	of	these	events	occur, which	may	limit	our	ability	to	compete	effectively	and	could	have	an	adverse	effect	on	our	results	of	operations.	Even	if	we	believe	any	such	challenges	or claims	are	without	merit,	they	can	be	time-consuming	and	costly	to	defend	and	divert	management's	attention	and	resources	away	from	our	businesses. Moreover,	if	we	are	unable	to	obtain	or	continue	to	obtain	licenses	from	our	vendors	and	other	third	parties	on	reasonable	terms,	our	businesses	could	be adversely	affected.

In	 addition,	 intellectual	 property	 constitutes	 a	 significant	 part	 of	 the	 value	 of	 NBCUniversal's	 businesses,	 and	 its	 success	 is	 highly	 dependent	 on protecting	 intellectual	 property	 rights	 in	 the	 content	 it	 creates	 or	 acquires	 against	 third-party	 misappropriation,	 reproduction	 or	 infringement.	 The unauthorized	reproduction,	dis-

tribution	or	display	of	copyrighted	material	negatively	affects	our	ability	to	generate	revenue	from	the	legitimate	sale	of	our	content,	as	well	as	from	the sale	of	advertising	in	connection	with	our	content,	and	increases	our	costs	due	to	our	active	enforcement	of	our	intellectual	property	rights.	For	example, NBCUniversal	has	brought	a	suit	against	a	multichannel	video	 provider	 to	 challenge	 the	 commercial-skipping	 functionality	 in	 its	 DVR.	Additionally, legislation	has	been	proposed	in	the	U.S.	Congress	that	seems	intended	to	legitimize	the	unauthorized	online	streaming	of	local	broadcast	content.	We cannot	predict	whether	such	legislation	will	be	enacted	or	how	any	such	legislation	would	ultimately	affect	our	businesses.

Piracy	and	other	unauthorized	uses	of	content	are	made	easier,	and	the	enforcement	of	intellectual	property	rights	more	challenging,	by	technological advances	allowing	the	conversion	of	programming,	films	and	other	content	into	digital	formats,	which	facilitates	the	creation,	transmission	and	sharing	of high-quality	 unauthorized	 copies.	 In	 particular,	 piracy	 of	 programming	 and	 films	 through	 unauthorized	 distribution	 on	 DVDs,	 peer-to-peer	 computer networks	and	other	platforms	continues	to	present	challenges	for	our	cable	networks,	broadcast	television	and	filmed	entertainment	businesses.	While piracy	is	a	challenge	in	the	United	States,	it	is	particularly	prevalent	in	many	parts	of	the	world	that	lack	developed	copyright	laws,	effective	enforcement of	copyright	laws	and	technical	protective	measures	like	those	in	effect	in	the	United	States.	If	any	U.S.	or	international	laws	intended	to	combat	piracy and	protect	intellectual	property	rights	are	repealed	or	weakened	or	are	not	adequately	enforced,	or	if	the	legal	system	fails	to	adapt	to	new	technologies that	facilitate	piracy,	we	may	be	unable	to	effectively	protect	our	rights,	and	the	value	of	our	intellectual	property	may	be	negatively	impacted	and	our costs	of	enforcing	our	rights	may	increase.	See	Item	1,	Business	and	refer	to	the	"Legislation	and	Regulation	—	Other	Areas	of	Regulation	—	Intellectual Property"	discussion	for	additional	information.

# Acquisitions	 and	 other	 strategic initiatives	 present	 many risks,	 and	 we	 may	 not realize the financial	 and	 strategic	 goals that	 we	 had contemplated.

From	time	to	time,	we	make	acquisitions	and	investments	and	may	pursue	other	strategic	initiatives,	including,	for	example,	with	respect	to	a	wireless strategy.	In	connection	with	such	acquisitions	and	strategic	initiatives,	we	may	incur	unanticipated	expenses,	fail	to	realize	anticipated	benefits,	have difficulty	 incorporating	 an	 acquired	 or	 new	 line	 of	 business,	 disrupt	 relationships	 with	 current	 and	 new	 employees,	 customers	 and	 vendors,	 incur significant	debt,	or	have	to	delay	or	not	proceed	with	announced	transactions	or	initiatives.	Additionally,	regulatory	agencies,	such	as	the	FCC	or	DOJ, may	impose	restrictions	on	the	operation	of	our	businesses	as	a	result	of	our	seeking	regulatory	approvals	for	any	significant	acquisitions	and	strategic initiatives.	The	occurrence	of	any	of	these	events	could	have	an	adverse	effect	on	our	businesses.

# Labor	disputes,	whether	involving	employees	or	sports	organizations,	may	disrupt	our	operations	and	adversely	affect	our	businesses.

Many	of	NBCUniversal's	employees,	including	writers,	directors,	actors,	technical	and	production	personnel	and	others,	as	well	as	some	of	our	on-air	and creative	talent	and	cable	communications'	employees,	are	covered	by	collective	bargaining	agreements	or	works	councils.	Most	of	NBCUniversal's collective	bargaining	agreements	are	industry-wide	agreements,	and	we	may	lack	practical	control	over	the	negotiations	and	terms	of	the	agreements.	If we	are	unable	to	reach	agreement	with	a	labor	union	before	the	expiration	of	a	collective	bargaining	agreement,	our	employees	who	were	covered	by	that agreement	may	have	a	right	to	strike	or	take	other	actions	that	could	adversely	affect	us,	which	could	disrupt	our	operations	and	reduce	our	revenue,	and the	resolution	of	any	disputes	may	increase	our	costs.	There	can	be	no	assurance	that	we	will	renew	our	collective	bargaining	agreements	as	they	expire or	that	we	can	renew	them	on	favorable	terms	or	without	any	work	stoppages.

In	addition,	our	cable	networks	and	broadcast	television	networks	have	programming	rights	agreements	of	varying	scope	and	duration	with	various	sports organizations	to	broadcast	and	produce	sporting	events,	including	certain	NFL,	NHL,	NBA	and	MLB	games.	Labor	disputes	in	these	and	other	sports organizations	could	have	an	adverse	effect	on	our	businesses.

# The	loss	of	key	management	personnel	or	popular	on-air	and	creative	talent	could	have	an	adverse	effect	on	our	businesses.

We	rely	on	certain	key	management	personnel	in	the	operation	of	our	businesses.	While	we	maintain	long-term	and	emergency	transition	plans	for	key management	personnel	and	believe	we	could	either	identify	internal	candidates	or	attract	outside	candidates	to	fill	any	vacancy	created	by	the	loss	of	any key	management	personnel,	the	loss	of	one	or	more	of	our	key	management	personnel	could	have	a	negative	impact	on	our	businesses.	In	addition,	our cable	networks,	broadcast	television	and	filmed	entertainment	businesses	depend	on	the	abilities	and	expertise	of	our	on-air	and	creative	talent.	If	we	fail to	retain	our	on-air	or	creative	talent,	if	the	costs	to	retain	such	talent	increase	materially,	if	we	need	to	make	significant	termination	payments,	or	if	these individuals	lose	their	current	appeal,	our	businesses	could	be	adversely	affected.

# We	face	risks	relating	to	doing	business	internationally	that	could	adversely	affect	our	businesses.

We,	primarily	 through	NBCUniversal,	operate	our	businesses	worldwide.	There	are	risks	 inherent	 in	doing	business	 internationally,	 including	global financial	market	 turmoil,	economic	volatility	and	 the	global	economic	slowdown,	currency	exchange	rate	 fluctuations	and	 inflationary	pressures,	 the requirements	of	local	laws	and	customs	relating	to	the	publication	and	distribution	of	content	and	the	display	and	sale	of	advertising,	import	or	export restrictions	and	changes	in	trade	regulations,	difficulties	in	developing,	staffing	and	managing	foreign	operations,	issues	related	to	occupational	safety and	adherence	to	diverse	local	labor	laws	and	regulations,	and	potentially	adverse	tax	developments.	In	addition,	doing	business	internationally	is	subject to	risks	relating	to	political	or	social	unrest,	corruption	and	government	regulation,	including	U.S.	laws	such	as	the	Foreign	Corrupt	Practices	Act,	that impose	stringent	requirements	on	how	we	conduct	our	foreign	operations.	If	any	of	these	events	occur,	our	businesses	may	be	adversely	affected.

Our	Class	B	common	stock	has	substantial	voting	rights	and	separate	approval	rights	over	several	potentially	material	transactions,	and	our Chairman	and	CEO	has	considerable	influence	over	our	company	through	his	beneficial	ownership	of	our	Class	B	common	stock.

Our	Class	B	common	stock	has	a	nondilutable	33 	1/ %	of	the	combined	voting	power	of	our	Class	A	and	Class	B	common	stock.	This	nondilutable	voting power	is	subject	to	proportional	decrease	to	the	extent	the	number	of	shares	of	Class	B	common	stock	is	reduced	below	9,444,375,	which	was	the number	of	shares	of	Class	B	common	stock	outstanding	on	the	date	of	our	2002	acquisition	of	AT&T	Corp.'s	cable	business,	subject	to	adjustment	in specified	situations.	Stock	dividends	payable	on	the	Class	B	common	stock	in	the	form	of	Class	B	or	Class	A	common	stock	do	not	decrease	the nondilutable	voting	power	of	the	Class	B	common	stock.	The	Class	B	common	stock	also	has	separate	approval	rights	over	several	potentially	material transactions,	even	if	they	are	approved	by	our	Board	of	Directors	or	by	our	other	shareholders	and	even	if	they	might	be	in	the	best	interests	of	our	other shareholders.	These	potentially	material	transactions	include	mergers	or	consolidations	involving	Comcast	Corporation,	transactions	(such	as	a	sale	of all	or	substantially	all	of	our	assets)	or	issuances	of	securities	that	require	shareholder	approval,	transactions	that	result	in	any	person	or	group	owning shares	representing	more	than	10%	of	the	combined	voting	power	of	the	resulting	or	surviving	corporation,	issuances	of	Class	B	common	stock	or securities	exercisable	or	convertible	into	Class	B	common	stock,	and	amendments	to	our	articles	of	incorporation	or	by-laws	that	would	limit	the	rights	of holders	of	our	Class	B	common	stock.	Brian	L.	Roberts,	our	chairman	and	CEO,	beneficially	owns	all	of	the	outstanding	shares	of	our	Class	B	common stock	and,	accordingly,	has	considerable	influence	over	our	company	and	the	potential	ability	to	transfer	effective	control	by	selling	the	Class	B	common stock,	which	could	be	at	a	premium.

# Item	1B:	Unresolved	Staff	Comments

None.

# Item	2:	Properties

We	believe	that	substantially	all	of	our	physical	assets	were	in	good	operating	condition	as	of	December	31,	2015.	Our	corporate	headquarters	and	Cable Communications	segment	headquarters	are	located	in	Philadelphia,	Pennsylvania	at	One	Comcast	Center.	We	own	an	80%	interest	in	the	entity	whose primary	asset	is	One	Comcast	Center.	We	also	lease	locations	for	numerous	business	offices,	warehouses	and	properties	housing	divisional	information technology	operations	throughout	the	United	States.

Our	 principal	 physical	 assets	 consist	 of	 operating	 plant	 and	 equipment,	 including	 signal	 receiving,	 encoding	 and	 decoding	 devices,	 headends	 and distribution	networks,	and	equipment	at	or	near	our	customers'	homes.	Our	distribution	network	consists	primarily	of	headends,	content	distribution servers,	coaxial	and	fiber-optic	cables,	lasers,	routers,	switches	and	related	electronic	equipment.	Our	cable	plant	and	related	equipment	generally	are connected	to	utility	poles	under	pole	rental	agreements	with	local	public	utilities,	although	in	some	areas	the	distribution	cable	is	buried	in	underground ducts	or	trenches.	Customer	premise	equipment	consists	primarily	of	set-top	boxes,	cable	modems	and	wireless	gateways.	The	physical	components	of cable	systems	require	periodic	maintenance	and	replacement.

Our	signal	reception	sites,	which	consist	primarily	of	antenna	towers	and	headends,	and	our	microwave	facilities	are	located	on	owned	and	leased parcels	of	land,	and	we	own	or	lease	space	on	the	towers	on	which	certain	of	our	equipment	is	located.	We	own	most	of	our	service	vehicles.

Our	high-speed	Internet	network	consists	of	fiber-optic	cables	owned	or	leased	by	us	and	related	equipment.	We	also	operate	regional	data	centers	with equipment	that	is	used	to	provide	services	(such	as	email,	news	and	web	services)	to	our	high-speed	Internet	and	voice	customers.	In	addition,	we maintain	two	network	operations	centers	with	equipment	necessary	to	monitor	and	manage	the	status	of	our	high-speed	Internet	network.

We	own	or	lease	buildings	throughout	the	country	that	contain	customer	service	call	centers,	customer	service	centers,	warehouses	and	administrative space.	We	also	own	a	building	that	houses	our	digital	media	center.	The	digital	media	center	contains	equipment	that	we	own	or	lease,	including equipment	related	to	network	origination,	video	transmission	via	satellite	and	terrestrial	fiber-optics,	broadcast	studios,	post-production	services	and interactive	television	services.

NBCUniversal's	 corporate	 headquarters	 are	 located	 in	 New	 York	 City	 at	 30	 Rockefeller	 Plaza.	 NBCUniversal	 owns	 the	 space	 it	 occupies	 at	 30 Rockefeller	Plaza.	We	also	own	or	lease	offices,	studios,	production	facilities,	screening	rooms,	retail	operations,	warehouse	space,	satellite	transmission receiving	facilities	and	data	centers	in	numerous	locations	in	the	United	States	and	around	the	world,	including	property	for	our	owned	local	broadcast television	stations.	In	addition,	we	own	theme	parks	and	related	facilities	in	Orlando,	Florida	and	Hollywood,	California.	In	November	2015,	NBCUniversal acquired	a	51%	interest	in	the	Universal	Studios	Japan.

# NBCUniversal	Properties	as	of	December	31,	2015

The	Wells	Fargo	Center,	a	large,	multipurpose	arena	in	Philadelphia,	Pennsylvania	that	we	own,	was	the	principal	physical	operating	asset	of	our	other businesses	as	of	December	31,	2015.

# Item	3:	Legal	Proceedings

Refer	to	Note	17	to	Comcast's	consolidated	financial	statements	included	in	this	Annual	Report	on Form	10-K	for	a	discussion	of	recent	developments related	to	our	legal	proceedings.

In	addition	to	the	matters	described	in	Note	17,	the	California	Attorney	General	and	the	Alameda	County,	California	District	Attorney	investigated	whether certain	of	our	waste	disposal	policies,	procedures	and	practices	were	in	violation	of	the	California	Business	and	Professions	Code	and	the	California Health	and	Safety	Code.	These	claims	were	settled	in	2015	and	did	not	have	a	material	effect	on	our	results	of	operations,	financial	condition	or	cash flows.

NBCUniversal	is	subject	to	legal	proceedings	and	claims	that	arise	in	the	ordinary	course	of	its	business	and	it	does	not	expect	the	final	disposition	of these	matters	to	have	a	material	adverse	effect	on	its	results	of	operations,	cash	flows	or	financial	condition,	although	any	such	matters	could	be	time- consuming	and	costly	and	could	injure	its	reputation.

# Item	4:	Mine	Safety	Disclosures

Not	applicable.

# Part	II

# Item	5:	Market	for	Registrant's	Common	Equity,	Related	Stockholder	Matters	and	Issuer	Purchases	of	Equity Securities

Comcast's	Class	A	common	stock	is	listed	on	the	NASDAQ	Global	Select	Market	under	the	symbol	CMCSA.	In	December	2015,	our	shareholders approved	a	proposal	to	amend	and	restate	our	Amended	and	Restated	Certificate	of	Incorporation	in	order	to	reclassify	each	issued	share	of	Comcast's Class	A	Special	common	stock	into	one	share	of	Comcast's	Class	A	common	stock.	This	reclassification	became	effective	as	of	the	close	of	business	on December	11,	2015,	at	which	time	Comcast's	Class	A	Special	common	stock	was	no	longer	outstanding	and	ceased	trading	on	the	NASDAQ	under	the symbol	CMCSK	and	instead	became	listed	on	the	NASDAQ	under	the	symbol	CMCSA.	There	is	no	established	public	trading	market	for	Comcast's Class	B	common	stock.	The	Class	B	common	stock	can	be	converted,	on	a	share	for	share	basis,	into	Class	A	common	stock.

# Dividends	Declared

| 2015 |  | 2014 |  |
| :--- | :--- | :--- | :--- |
| Month\tDeclared: | \t\t Dividend\tPer\tShare | \t\t Month\tDeclared: | \t\t Dividend\tPer\tShare |
| February | \t\t $\t0.25\t\t\t\t January |  | \t\t $\t0.225 |
| May | \t\t $0.25\t\t\t\t May |  | \t\t $0.225 |
| July | \t\t $0.25\t\t\t\t July |  | \t\t $0.225 |
| October\t(paid\tin\tJanuary\t2016) | \t\t $0.25\t\t\t\t October\t(paid\tin\tJanuary\t2015) | \t\t $0.25\t\t\t\t October\t(paid\tin\tJanuary\t2015) | \t\t $0.225 |
| Total | \t\t $1.00\t\t\t\t Total |  | \t\t $0.90 |

We	expect	to	continue	to	pay	quarterly	dividends,	although	each	dividend	is	subject	to	approval	by	our	Board	of	Directors.	In	January	2016,	our	Board	of Directors	approved	a	10.0%	increase	in	our	dividend	to	$1.10	per	share	on	an	annualized	basis	and	approved	our	first	quarter	dividend	of	$0.275	per share	to	be	paid	in	April	2016.

Holders	of	Class	A	common	stock	in	the	aggregate	hold	66	 2/ %	of	the	voting	power	of	our	common	stock.	The	number	of	votes	that	each	share	of Class	A	common	stock	has	at	any	given	time	depends	on	the	number	of	shares	of	Class	A	common	stock	and	Class	B	common	stock	then	outstanding. The	Class	B	common	stock	has	a	33 	1/ %	nondilutable	voting	interest,	and	each	share	of	Class	B	common	stock	has	15	votes	per	share.	Mr.	Brian	L. Roberts	beneficially	owns	all	outstanding	shares	of	Class	B	common	stock.	Generally,	including	as	to	the	election	of	directors,	holders	of	Class	A common	stock	and	Class	B	common	stock	vote	as	one	class	except	where	class	voting	is	required	by	law.

Record	holders	as	of	December	31,	2015,	are	presented	in	the	table	below.

The	table	below	summarizes	our	repurchases	under	our	Board-authorized	share	repurchase	program	during	2015.

|  |  |  | Shares |  | Maximum	Dollar	Value |
| :--- | :--- | :--- | :--- | :--- | :--- |
|  |  |  | Purchased\tas | Total\tDollar | of\tShares\tThat |
|  | Total\tNumber\tof | Average | Part\tof\tPublicly | Amount | May\tYet\tBe\tPurchased |
|  | Shares | Price\tPer | Announced | Purchased\tUnder\tthe | Under\tthe |
| Period | Purchased | Share | Authorization | Authorization | Authorization^(a) |
| First\tQuarter\t2015 |  |  |  |  |  |
| Comcast\tClass\tA | 15,765,801\t\t\t\t$ 57.12 | 15,765,801\t\t\t\t$ 57.12 | 15,756,663\t\t\t\t$ | 900,000,000\t\t\t\t$ | 9,100,000,000 |
| Comcast\tClass\tA\tSpecial | 19,302,589\t\t\t\t$ 56.99 | 19,302,589\t\t\t\t$ 56.99 | 19,302,589\t\t\t\t$ 1,100,000,000\t\t\t\t$ | 19,302,589\t\t\t\t$ 1,100,000,000\t\t\t\t$ | 8,000,000,000 |
| Second\tQuarter\t2015 |  |  |  |  |  |
| Comcast\tClass\tA | 14,420,948\t\t\t\t$ 57.90 | 14,420,948\t\t\t\t$ 57.90 | 14,420,373\t\t\t\t$ | 835,000,000\t\t\t\t$ | 7,165,000,000 |
| Comcast\tClass\tA\tSpecial | 12,984,017\t\t\t\t$ 57.76 | 12,984,017\t\t\t\t$ 57.76 | 12,984,017\t\t\t\t$ | 750,000,000\t\t\t\t$ | 6,415,000,000 |
| Third\tQuarter\t2015 |  |  |  |  |  |
| Comcast\tClass\tA | 16,224,430\t\t\t\t$ 57.58 | 16,224,430\t\t\t\t$ 57.58 | 16,224,430\t\t\t\t$ | 934,212,151\t\t\t\t$ | 5,480,787,849 |
| Comcast\tClass\tA\tSpecial | 20,871,773\t\t\t\t$ 59.93 | 20,871,773\t\t\t\t$ 59.93 | 20,871,773\t\t\t\t$ 1,250,787,795\t\t\t\t$ | 20,871,773\t\t\t\t$ 1,250,787,795\t\t\t\t$ | 4,230,000,054 |
| October\t1-31,\t2015 |  |  |  |  |  |
| Comcast\tClass\tA | 9,637,354\t\t\t\t$ 60.53 | 9,637,354\t\t\t\t$ 60.53 | 9,637,354\t\t\t\t$ | 583,369,979\t\t\t\t$ | 3,646,630,075 |
| Comcast\tClass\tA\tSpecial | 419,745\t\t\t\t$ 61.93 | 419,745\t\t\t\t$ 61.93 | 419,745\t\t\t\t$ | 25,993,675\t\t\t\t$ | 3,620,636,400 |
| November\t1-30,\t2015 |  |  |  |  |  |
| Comcast\tClass\tA | 2,144,403\t\t\t\t$ 62.01 | 2,144,403\t\t\t\t$ 62.01 | 2,144,403\t\t\t\t$ | 132,967,644\t\t\t\t$ | 3,487,668,756 |
| Comcast\tClass\tA\tSpecial | —\t\t\t\t$ | — | —\t\t\t\t$ | —\t\t\t\t$ | 3,487,668,756 |
| December\t1-31,\t2015 |  |  |  |  |  |
| Comcast\tClass\tA | 4,132,904\t\t\t\t$ 57.51 | 4,132,904\t\t\t\t$ 57.51 | 4,132,904\t\t\t\t$ | 237,668,659\t\t\t\t$ | 3,250,000,097 |
| Comcast\tClass\tA\tSpecial | —\t\t\t\t$ | — | —\t\t\t\t$ | —\t\t\t\t$ | 3,250,000,097 |
| Total | \t115,903,964\t\t\t\t$\t58.24\t\t\t\t\t115,894,251\t\t\t\t$\t6,749,999,903\t\t\t\t$ | \t115,903,964\t\t\t\t$\t58.24\t\t\t\t\t115,894,251\t\t\t\t$\t6,749,999,903\t\t\t\t$ | \t115,903,964\t\t\t\t$\t58.24\t\t\t\t\t115,894,251\t\t\t\t$\t6,749,999,903\t\t\t\t$ | \t115,903,964\t\t\t\t$\t58.24\t\t\t\t\t115,894,251\t\t\t\t$\t6,749,999,903\t\t\t\t$ | \t3,250,000,097 |

(a) In	February	2015,	our	Board	of	Directors	increased	our	share	repurchase	program	authorization	to	$10	billion,	and	in	December	2015,	it	increased	the	authorization	to	$10	billion	effective January	1,	2016,	which	does	not	have	an	expiration	date.

The	total	number	of	shares	purchased	during	2015	includes	9,713	shares	received	in	the	administration	of	employee	share-based	compensation	plans.

Under	our	share	repurchase	program	authorization,	we	may	repurchase	shares	in	the	open	market	or	in	private	transactions.	We	expect	to	repurchase $5	billion	of	our	Class	A	common	stock	during	2016,	subject	to	market	conditions.	The	number	of	shares	we	repurchase	during	2016	will	depend	on prevailing	market	conditions.

# Issuance	of	Equity	Securities

On	June	11,	2015,	we	issued	2,655,008	shares	of	our	Class	A	common	stock	in	connection	with	our	acquisition	of	a	closely-held	company	in	a	private transaction	exempt	from	registration	under	the	Securities	Act	of	1933,	as	amended,	in	accordance	with	Section	4(a)(2)	thereof.

# Comcast	Common	Stock	Sales	Price	Table

The	following	table	sets	forth,	for	the	indicated	periods,	the	high	and	low	sales	prices	of	Comcast's	Class	A	and	Class	A	Special	common	stock.

(a) The	high	and	low	sales	price	of	Comcast's	Class	A	Special	common	stock	reflects	the	prices	until	December	11,	2015	when	each	issued	share	of	Class	A	Special	common	stock	was	reclassified into	one	share	of	Class	A	common	stock.

# Stock	Performance	Graph

# Comcast

The	graph	below	compares	the	yearly	percentage	change	in	the	cumulative	total	shareholder	return	on	Comcast's	Class	A	common	stock	during	the	five years	ended	December	31,	2015	with	the	cumulative	total	returns	on	the	Standard	&	Poor's	500	Stock	Index	and	with	a	select	peer	group	consisting	of us	and	other	companies	engaged	in	the	cable,	communications	and	media	industries.	This	peer	group	consists	of	us,	as	well	as	Cablevision	Systems Corporation	(Class	A),	DISH	Network	Corporation	(Class	A),	DirecTV	Inc.	(included	through	July	24,	2015,	the	date	of	acquisition	by	AT&T	Corp.)	and Time	Warner	Cable	Inc.	(the	"cable	subgroup"),	and	Time	Warner	Inc.,	Walt	Disney	Company,	Viacom	Inc.	(Class	B),	Twenty-First	Century	Fox,	Inc. (Class	A),	and	CBS	Corporation	(Class	B)	(the	"media	subgroup").	The	peer	group	was	constructed	as	a	composite	peer	group	in	which	the	cable subgroup	is	weighted	63%	and	the	media	subgroup	is	weighted	37%	based	on	the	respective	revenue	of	our	Cable	Communications	and	NBCUniversal segments.	The	graph	assumes	$100	was	invested	on	December	31,	2010	in	our	Class	A	common	stock	and	in	each	of	the	following	indices	and assumes	the	reinvestment	of	dividends.

# Comparison	of	5	Year	Cumulative	Total	Return

|  | 2011 | 2012 | 2013 | 2014 | 2015 |
| :--- | :--- | :--- | :--- | :--- | :--- |
| Comcast\tClass\tA | $ 110\t\t\t\t $ 177\t\t\t\t $ 250\t\t\t\t $ 282\t\t\t\t $ 279 | $ 110\t\t\t\t $ 177\t\t\t\t $ 250\t\t\t\t $ 282\t\t\t\t $ 279 | $ 110\t\t\t\t $ 177\t\t\t\t $ 250\t\t\t\t $ 282\t\t\t\t $ 279 | $ 110\t\t\t\t $ 177\t\t\t\t $ 250\t\t\t\t $ 282\t\t\t\t $ 279 | $ 110\t\t\t\t $ 177\t\t\t\t $ 250\t\t\t\t $ 282\t\t\t\t $ 279 |
| S&P\t500\tStock\tIndex | $ 102\t\t\t\t $ 118\t\t\t\t $ 156\t\t\t\t $ 177\t\t\t\t $ 180 | $ 102\t\t\t\t $ 118\t\t\t\t $ 156\t\t\t\t $ 177\t\t\t\t $ 180 | $ 102\t\t\t\t $ 118\t\t\t\t $ 156\t\t\t\t $ 177\t\t\t\t $ 180 | $ 102\t\t\t\t $ 118\t\t\t\t $ 156\t\t\t\t $ 177\t\t\t\t $ 180 | $ 102\t\t\t\t $ 118\t\t\t\t $ 156\t\t\t\t $ 177\t\t\t\t $ 180 |
| Peer\tGroup\tIndex | $\t110\t\t\t\t $\t157\t\t\t\t $\t231\t\t\t\t $\t267\t\t\t\t $\t265 | $\t110\t\t\t\t $\t157\t\t\t\t $\t231\t\t\t\t $\t267\t\t\t\t $\t265 | $\t110\t\t\t\t $\t157\t\t\t\t $\t231\t\t\t\t $\t267\t\t\t\t $\t265 | $\t110\t\t\t\t $\t157\t\t\t\t $\t231\t\t\t\t $\t267\t\t\t\t $\t265 | $\t110\t\t\t\t $\t157\t\t\t\t $\t231\t\t\t\t $\t267\t\t\t\t $\t265 |

# NBCUniversal

NBCUniversal	is	a	wholly	owned	subsidiary	of	NBCUniversal	Holdings	and	there	is	no	market	for	its	equity	securities.

# Item	6:	Selected	Financial	Data

| Year	ended	December	31	(in	millions,	except	per	share	data) | 2015 | 2014 | 2013 | 2012 | 2011^(b) |
| :--- | :--- | :--- | :--- | :--- | :--- |
| Statement\tof\tIncome\tData |  |  |  |  |  |
| Revenue | \t $74,510 | \t $68,775\t\t\t $ | 64,657\t\t\t $ | 62,570\t\t\t $ | 55,842 |
| Operating\tincome | 15,998 | 14,904 | 13,563 | 12,179 | 10,721 |
| Net\tincome\tattributable\tto\tComcast\tCorporation^(a) | 8,163 | 8,380 | 6,816 | 6,203 | 4,160 |
| Basic\tearnings\tper\tcommon\tshare\tattributable\tto\tComcast\tCorporation\tshareholders | 3.28 | 3.24 | 2.60 | 2.32 | 1.51 |
| Diluted\tearnings\tper\tcommon\tshare\tattributable\tto\tComcast\tCorporation\tshareholders | 3.24 | 3.20 | 2.56 | 2.28 | 1.50 |
| Dividends\tdeclared\tper\tcommon\tshare | 1.00 | 0.90 | 0.78 | 0.65 | 0.45 |
| Balance\tSheet\tData\t(at\tyear\tend) |  |  |  |  |  |
| Total\tassets^(c) | \t $\t166,574 | \t $\t159,186\t\t\t $\t158,672\t\t\t $\t164,837\t\t\t $\t157,664 | \t $\t159,186\t\t\t $\t158,672\t\t\t $\t164,837\t\t\t $\t157,664 | \t $\t159,186\t\t\t $\t158,672\t\t\t $\t164,837\t\t\t $\t157,664 | \t $\t159,186\t\t\t $\t158,672\t\t\t $\t164,837\t\t\t $\t157,664 |
| Total\tdebt,\tincluding\tcurrent\tportion^(c) | 52,621 | 48,081 | 47,706 | 40,323 | 39,155 |
| Comcast\tCorporation\tshareholders'\tequity | 52,269 | 52,711 | 50,694 | 49,356 | 47,274 |
| Statement\tof\tCash\tFlows\tData |  |  |  |  |  |
| Net\tcash\tprovided\tby\t(used\tin): |  |  |  |  |  |
| Operating\tactivities | 18,778 | 16,945 | 14,160 | 14,854 | 14,345 |
| Investing\tactivities | (11,964) | (8,733) | (9,514) | (1,486) | (12,508) |
| Financing\tactivities | (8,429) | (6,020) | (13,879) | (4,037) | (6,201) |

(a) For	2015,	2014	and	2013,	refer	to	Item	7:	Management's	Discussion	and	Analysis	of	Financial	Condition	and	Results	of	Operations	included	in	this	Annual	Report	on	Form	10-K	for	a	discussion	of the	effects	of	items	impacting	net	income	attributable	to	Comcast	Corporation.	In	2015,	2014,	2013,	2012	and	2011,	net	income	attributable	to	Comcast	Corporation	is	stated	after	deducting	net income	attributable	to	noncontrolling	interests	of	$250	million,	$212	million,	$319	million,	$1.7	billion	and	$1	billion,	respectively.	The	reduction	in	net	income	attributable	to	noncontrolling	interests in	2013	was	primarily	due	to	the	acquisition	of	General	Electric	Company's	49%	common	equity	interest	in	NBCUniversal	Holdings	that	we	did	not	already	own	in	March	2013	(the	"NBCUniversal redemption	transaction").	See	Note	5	to	Comcast's	consolidated	financial	statements	for	additional	information	on	the	NBCUniversal	redemption	transaction.

(b) On	January	28,	2011,	we	completed	the	NBCUniversal	transaction	in	which	Comcast	acquired	a	controlling	interest	in	NBCUniversal.	The	results	of	operations	of	NBCUniversal	are	included	in	the financial	information	above	for	all	periods	following	January	28,	2011.

(c) As	of	December	31,	2015,	we	have	adopted	the	updated	accounting	guidance	that	requires	debt	issuance	costs	to	be	presented	as	a	direct	deduction	from	the	associated	debt	obligation.	As	a result,	we	reclassified	unamortized	debt	issuance	costs	from	other	noncurrent	assets	to	a	reduction	of	long-term	debt	for	all	periods	presented.

Omitted	pursuant	to	General	Instruction	I(2)(a)	to	Form	10-K.

# Item	7:	Management's	Discussion	and	Analysis	of	Financial	Condition	and	Results	of	Operations

# Introduction	and	Overview

We	are	a	global	media	and	 technology	company	with	 two	primary	businesses,	Comcast	Cable	and	NBCUniversal.	We	 present	 our	 operations	 for Comcast	Cable	in	one	reportable	business	segment,	referred	to	as	Cable	Communications,	and	our	operations	for	NBCUniversal	in	four	reportable business	 segments.	 The	 Cable	 Networks,	 Broadcast	 Television,	 Filmed	 Entertainment	 and	 Theme	 Parks	 segments	 comprise	 the	 NBCUniversal businesses	(collectively,	the	"NBCUniversal	segments").

In	2015,	our	consolidated	revenue	was	$74.5	billion	and	our	operating	income	was	$16.0	billion.

# 2015	Consolidated	Operating	Results	by	Segment

Comcast	Cable	is	one	of	the	nation's	largest	providers	of	video,	high-speed	Internet	and	voice	services	("cable	services")	to	residential	customers	under the	XFINITY	brand,	and	we	also	provide	these	and	other	services	to	business	customers.	As	of	December	31,	2015,	our	cable	systems	had	27.7	million total	customer	relationships;	served	22.3	million	video	customers,	23.3	million	high-speed	Internet	customers	and	11.5	million	voice	customers;	and passed	more	than	55	million	homes	and	businesses.

Our	Cable	Communications	segment	generates	revenue	primarily	from	residential	and	business	customers	subscribing	to	our	cable	services,	which	we market	individually	and	as	bundled	services,	and	from	the	sale	of	advertising.	Customers	are	typically	billed	in	advance	on	a	monthly	basis	based	on	the services	and	features	they	receive	and	the	type	of	equipment	they	use.	The	majority	of	our	residential	cable	services	customers	are

not	subject	to	minimum-term	contracts	for	their	services,	while	substantially	all	of	our	business	customers	are.	Minimum-term	contracts	are	typically	2 years	in	length	for	residential	customers	and	typically	range	from	2	to	5	years	for	business	services	customers.	Customers	with	minimum-term	contracts may	only	discontinue	service	in	accordance	with	the	terms	of	their	contracts,	which	may	include	an	early	termination	fee.

# Residential	Cable	Services

Our	Cable	Communications	segment	offers	a	broad	variety	of	video	service	packages	that	may	include	premium	networks	such	as	HBO,	Showtime, Starz	and	Cinemax;	pay-per-view	services;	and	our	On	Demand	service.	Our	video	customers	may	subscribe	for	additional	fees	to	our	high-definition video	("HD")	and	digital	video	recorder	("DVR")	advanced	services.	We	are	actively	deploying	X1	set-top	boxes	 throughout	our	 footprint	and	have launched	Cloud	DVR	technology	in	substantially	all	of	our	markets.

We	offer	residential	customers	a	variety	of	high-speed	Internet	services	with	downstream	speeds	of	up	to	150	Mbps	and	downstream	speeds	of	up	to	505 Mbps	 in	 limited	markets.	We	are	actively	deploying	wireless	gateways	 throughout	our	 footprint,	which	combine	a	customer's	wireless	router,	cable modem	and	voice	adapter,	to	improve	the	performance	of	multiple	Internet-enabled	devices	used	at	the	same	time	within	the	home,	provide	faster Internet	speeds	and	create	an	in-home	Wi-Fi	network.	We	are	continuing	to	expand	our	network	of	residential,	outdoor	and	business	Wi-Fi	hotspots	to allow	most	of	our	high-speed	Internet	customers	to	access	our	high-speed	Internet	services	inside	and	outside	the	home,	and	we	provide	access	to approximately	13.3	million	of	these	hotspots	as	of	December	31,	2015.

We	offer	voice	services	that	provide	local	and	long-distance	calling	and	other	related	features.

We	offer	our	cable	services	to	small	and	medium-sized	businesses,	and	more	recently,	we	have	begun	to	offer	services	to	large	enterprises	with	multiple locations	("business	services").	We	offer	to	medium-sized	businesses	and	large	enterprises	Ethernet	network	services	that	connect	multiple	locations	and provide	higher	downstream	and	upstream	speed	options.	We	also	provide	cellular	backhaul	services	to	mobile	network	operators	to	help	those	customers manage	network	bandwidth.

Our	Cable	Communications	segment	also	sells	advertising.	As	part	of	our	distribution	agreements	with	cable	networks,	we	generally	receive	an	allocation of	scheduled	advertising	time	on	cable	networks	that	our	Spotlight	business	sells	to	local,	regional	and	national	advertisers.

# Operating	Margin

Our	Cable	Communications	segment	operating	margin	is	operating	income	before	depreciation	and	amortization	as	a	percentage	of	revenue.	The	most significant	operating	costs	and	expenses	for	our	Cable	Communications	segment	are	the	programming	expenses	we	incur	to	provide	content	to	our	video customers.	As	further	discussed	in	Cable	Communications	Segment	Results	of	Operations,	we	expect	that	our	programming	expenses	will	continue	to increase,	which	may	negatively	impact	our	operating	margin.	We	will	attempt	to	mitigate	increases	in	operating	costs	and	expenses	by	growing	revenue, particularly	in	our	high-speed	Internet,	video	and	business	services	businesses.

NBCUniversal	 is	one	of	 the	world's	 leading	media	and	 entertainment	 companies	 that	 develops,	 produces	 and	 distributes	 entertainment,	 news	 and information,	sports,	and	other	content	for	global	audiences,	as	well	as	owns	and	operates	several	theme	parks	worldwide.

Our	Cable	Networks	segment	consists	primarily	of	a	diversified	portfolio	of	cable	television	networks.	Our	cable	networks	are	comprised	of	our	national cable	entertainment	networks	(USA	Network,	Syfy,	E!,	Bravo,	Oxygen,	Esquire	Network,	Sprout,	Chiller,	Universal	HD	and	Cloo),	our	national	cable	news and	information	networks	(MSNBC,	CNBC	and	CNBC	World),	our	national	cable	sports	networks	(Golf	Channel	and	NBC	Sports	Network),	our	regional sports	and	news	networks,	various	international	cable	networks,	our	cable	television	studio	production	operations,	and	related	digital	media	properties.

Our	Cable	Networks	segment	generates	revenue	primarily	from	the	distribution	and	licensing	of	its	programming	and	from	the	sale	of	advertising	on	its networks.

Our	Broadcast	Television	segment	consists	primarily	of	the	NBC	and	Telemundo	broadcast	television	networks,	its	10	NBC	and	17	Telemundo	owned local	broadcast	television	stations,	the	NBC	Universo	national	cable	network,	our	broadcast	television	studio	production	operations,	and	related	digital media	properties.

Our	Broadcast	Television	segment	generates	revenue	primarily	from	the	sale	of	advertising	on	its	networks,	from	the	licensing	of	its	programming,	and from	fees	received	under	retransmission	consent	agreements.

Our	Filmed	Entertainment	segment	primarily	produces,	acquires,	markets	and	distributes	filmed	entertainment	worldwide,	and	it	also	develops,	produces and	licenses	live	stage	plays.	Our	films	are	produced	primarily	under	the	Universal	Pictures,	Illumination	and	Focus	Features	names.

Our	Filmed	Entertainment	segment	generates	revenue	primarily	from	the	worldwide	distribution	of	our	produced	and	acquired	films	for	exhibition	in	movie theaters	and	from	the	licensing	and	sale	of	our	owned	and	acquired	films.

Our	 Theme	 Parks	 segment	 consists	 primarily	 of	 our	 Universal	 theme	 parks	 in	 Orlando,	 Florida	 and	 Hollywood,	 California.	 In	 November	 2015, NBCUniversal	acquired	a	51%	 interest	 in	 the	Universal	Studios	 theme	park	 in	Osaka,	Japan	("Universal	Studios	Japan").	 In	addition,	along	with	a consortium	of	Chinese	state	owned	companies,	we	are	developing	a	theme	park	in	China.

Our	Theme	Parks	segment	generates	revenue	primarily	from	ticket	sales	and	guest	spending	at	our	theme	parks,	as	well	as	from	licensing	and	other fees.

# 2015	Developments

The	following	are	the	more	significant	developments	in	our	businesses	during	2015:

•	 An	increase	in	Cable	Communications	segment	revenue	of	6.2%	to	$46.9	billion	and	an	increase	in	Cable	Communications segment	operating	income	before	depreciation	and	amortization	of	5.6%	to	$19.1	billion

•	 An	increase	in	Cable	Communications	segment	capital	expenditures	of	14.3%	to	$7	billion	primarily	due	to	our	continued investment	in	the	following	initiatives:

•the	accelerated	deployment	of	our	IP	and	cloud-enabled	video	platform,	referred	to	as	our	X1	platform,	which	is available	 in	 all	 of	 the	 markets	 in	 which	 we	 operate,	 and	 our	 Cloud	 DVR	 technology,	 which	 is	 available	 in substantially	all	of	our	markets

•the	deployment	of	wireless	gateways	to	more	than	70%	of	our	residential	high-speed	Internet	customers

•the	improvement	of	our	network	infrastructure	to	increase	network	capacity

•the	expansion	of	our	business	services,	including	the	creation	of	the	new	enterprise	service	offering	designed	to serve	certain	Fortune	1000	companies	and	other	large	nationwide	enterprises	with	multiple	locations

•Investments	to	improve	the	customer	experience,	including	by	hiring	additional	personnel	and	developing	and	deploying various	technology	and	software	tools

•	 An	increase	in	total	NBCUniversal	revenue	of	11.9%	to	$28.5	billion

•	 An	increase	in	total	NBCUniversal	operating	income	before	depreciation	and	amortization	of	14.8%	to	$6.4	billion

•	 An	increase	in	our	Filmed	Entertainment	segment	revenue	of	45.5%	largely	due	to	the	success	of Furious	7,	 Jurassic World	and	Minions,	which	each	exceeded	$1	billion	in	worldwide	theatrical	receipts

•	 An	increase	in	our	Theme	Parks	segment	revenue	of	27.3%	due	to	the	continued	success	of	attractions	at	our	Universal theme	parks,	including	The	Wizarding	World	of	Harry	Potter ™	—	Diagon	Alley™	in	Orlando	and	the	Fast	&	Furious™ —Supercharged™	studio	tour	in	Hollywood

•The	 continued	 investment	 in	 original	 programming	 and	 sports	 programming rights	 at	 both	 our	 cable	 networks	 and broadcast	television	networks,	including	the	premiere	of	NASCAR	programming

•The	acquisition	of	a	51%	interest	in	Universal	Studios	Japan	for	$1.5	billion

The	results	of	operations	of	our	reportable	business	segments	are	affected	by	competition,	as	all	of	our	businesses	operate	in	intensely	competitive, consumer-driven	and	rapidly	changing	environments	and	compete	with	a	growing	number	of	companies	that	provide	a	broad	range	of	communications products	and	services	and	entertainment,	news	and	information	content	to	consumers.

For	additional	information	on	the	competition	our	businesses	face,	see	Item	1A:	Risk	Factors	and	refer	to	the	risk	factors	entitled	"Our	businesses currently	face	a	wide	range	of	competition,	and	our	businesses	and	results	of	operations	could	be	adversely	affected	if	we	do	not	compete	effectively" and	"Changes	in	consumer	behavior	driven	by	alternative	methods	for	viewing	content	may	adversely	affect	our	businesses	and	challenge	existing business	models"	within	that	section.

Each	of	our	businesses	is	subject	to	seasonal	and	cyclical	variations.	In	our	Cable	Communications	segment,	our	results	are	impacted	by	the	seasonal nature	of	customers	receiving	our	cable	services	in	college	and	vacation	markets.	This	generally	results	in	a	reduction	in	net	customer	additions	in	the second	quarter	and	an	increase	in	net	customer	additions	in	the	third	and	fourth	quarters	of	each	year.

Revenue	in	our	Cable	Communications,	Cable	Networks	and	Broadcast	Television	segments	is	subject	to	cyclical	advertising	patterns	and	changes	in viewership	levels.	Our	U.S.	advertising	revenue	is	generally	higher

in	the	second	and	fourth	quarters	of	each	year,	due	in	part	to	increases	in	consumer	advertising	in	the	spring	and	in	the	period	leading	up	to	and	including the	holiday	season.	U.S.	advertising	revenue	is	also	cyclical,	with	a	benefit	in	even-numbered	years	due	to	advertising	related	to	candidates	running	for political	office	and	issue-oriented	advertising.	Revenue	in	our	Cable	Networks	and	Broadcast	Television	segments	fluctuates	depending	on	the	timing	of when	our	programming	is	aired	on	television,	which	typically	results	in	higher	advertising	revenue	in	the	second	and	fourth	quarters	of	each	year.	Our revenue	and	operating	costs	and	expenses,	excluding	depreciation	and	amortization	("operating	costs	and	expenses")	are	cyclical	as	a	result	of	our periodic	broadcasts	of	major	sporting	events	such	as	the	Olympic	Games,	which	affect	our	Cable	Networks	and	Broadcast	Television	segments,	and	the Super	Bowl,	which	affect	our	Broadcast	Television	segment.	Our	advertising	revenue	generally	increases	in	the	period	of	these	broadcasts	due	to increased	demand	for	advertising	time,	and	our	operating	costs	and	expenses	also	increase	as	a	result	of	our	production	costs	and	the	amortization	of the	related	rights	fees.

Revenue	 in	 our	 Filmed	 Entertainment	 segment	 fluctuates	 due	 to	 the	 timing	 of	 the	 release	 of	 films	 in	 movie	 theaters,	 on	 DVD	 and	 through	 digital distribution	services.	Release	dates	are	determined	by	several	factors,	including	competition	and	the	timing	of	vacation	and	holiday	periods.	As	a	result, revenue	 tends	 to	be	seasonal,	with	 increases	experienced	each	year	during	 the	summer	months	and	around	 the	holidays.	Revenue	 in	our	Cable Networks,	Broadcast	Television	and	Filmed	Entertainment	segments	also	fluctuates	due	to	the	timing	of	when	our	content	is	made	available	to	licensees.

Revenue	in	our	Theme	Parks	segment	fluctuates	with	changes	in	theme	park	attendance	that	result	from	the	seasonal	nature	of	vacation	travel	and weather	variations,	local	entertainment	offerings	and	the	opening	of	new	attractions.	Our	theme	parks	generally	experience	peak	attendance	during	the summer	months	when	schools	are	closed	and	during	early	winter	and	spring	holiday	periods.

# Consolidated	Operating	Results

| Year	ended	December	31	(in	millions) | 2015 | 2014 | 2013 | %	Change<br>2014	to	2015 | %	Change<br>2013	to	2014 |
| :--- | :--- | :--- | :--- | :--- | :--- |
| Revenue | \t $\t74,510\t\t\t\t $\t68,775\t\t\t\t $\t64,657 | \t $\t74,510\t\t\t\t $\t68,775\t\t\t\t $\t64,657 | \t $\t74,510\t\t\t\t $\t68,775\t\t\t\t $\t64,657 | 8.3% | 6.4% |
| Costs\tand\tExpenses: |  |  |  |  |  |
| Programming\tand\tproduction | 22,550 | 20,912 | 19,670 | 7.8 | 6.3 |
| Other\toperating\tand\tadministrative | 21,339 | 19,854 | 18,575 | 7.5 | 6.9 |
| Advertising,\tmarketing\tand\tpromotion | 5,943 | 5,086 | 4,978 | 16.8 | 2.2 |
| Depreciation | 6,781 | 6,337 | 6,254 | 7.0 | 1.3 |
| Amortization | 1,899 | 1,682 | 1,617 | 12.8 | 4.1 |
| Operating\tincome | 15,998 | 14,904 | 13,563 | 7.3 | 9.9 |
| Other\tincome\t(expense)\titems,\tnet | (2,626) | (2,439) | (2,448) | 7.7 | (0.4) |
| Income\tbefore\tincome\ttaxes | 13,372 | 12,465 | 11,115 | 7.3 | 12.2 |
| Income\ttax\texpense | (4,959) | (3,873) | (3,980) | 28.0 | (2.7) |
| Net\tincome | 8,413 | 8,592 | 7,135 | (2.1) | 20.4 |
| Net\t(income)\tloss\tattributable\tto\tnoncontrolling\tinterests\tand\tredeemable\tsubsidiary |  |  |  |  |  |
| preferred\tstock | (250) | (212) | (319) | 18.1 | (33.3) |
| Net\tincome\tattributable\tto\tComcast\tCorporation | \t $8,163\t\t\t\t $ | 8,380\t\t\t\t $ | 6,816 | (2.6)% | 22.9% |

All	percentages	are	calculated	based	on	actual	amounts.	Minor	differences	may	exist	due	to	rounding.

# Consolidated	Revenue

The	following	graph	illustrates	the	contributions	to	the	increases	in	consolidated	revenue	by	our	Cable	Communications	and	NBCUniversal	segments,	as well	as	our	Corporate	and	Other	activities.

Consolidated	revenue	in	2015	included	$376	million	of	revenue	associated	with	our	broadcast	of	the	Super	Bowl	in	February	2015	and	an	increase	in revenue	at	our	Filmed	Entertainment	segment	of	$2.3	billion,	both	of	which	are	reported	in	our	NBCUniversal	segments.	Consolidated	revenue	in	2014 included	$1.1	billion	of	revenue	associated	with	our	broadcast	of	the	Sochi	Olympics	in	February	2014,	which	is	reported	in	our	NBCUniversal	segments.

Revenue	 for	 our	 segments	 is	 discussed	 separately	 below	 under	 the	 heading "Segment	 Operating	 Results."	 Revenue for	 our	 other	 businesses is discussed	separately	under	the	heading	"Corporate	and	Other	Results	of	Operations."

# Consolidated	Costs	and	Expenses

The	 following	graph	 illustrates	 the	contributions	 to	 the	 increases in	consolidated	operating	costs	and	expenses	by	our	Cable	Communications	and NBCUniversal	segments,	as	well	as	our	Corporate	and	Other	activities.

Our	consolidated	operating	costs	and	expenses	in	2015	included	expenses	associated	with	our	broadcast	of	the	2015	Super	Bowl	and	our	larger	film slate,	both	of	which	are	included	in	our	NBCUniversal	segments.	Our	consolidated	operating	costs	and	expenses	in	2014	included	expenses	associated with	our	broadcast	of	the	2014	Sochi	Olympics,	which	is	reported	in	our	NBCUniversal	segments.	Our	consolidated	operating	costs	and	expenses	also included	transaction-related	costs	associated	with	the	Time	Warner	Cable	merger	and	the	related	divestiture	transactions	of	$178	million	and	$237	million in	2015	and	2014,	respectively,	which	is	included	in	Corporate	and	Other.	On	April	24,	2015,	we	and	Time	Warner	Cable	Inc.	terminated	our	planned merger	and	we	terminated	our	related	agreement	with	Charter	Communications,	Inc.	to	spin	off,	exchange	and	sell	certain	cable	systems.

Operating	costs	and	expenses	for	our	segments	is	discussed	separately	below	under	the	heading	"Segment	Operating	Results."	Operating	costs	and expenses	for	our	other	businesses	is	discussed	separately	below	under	the	heading	"Corporate	and	Other	Results	of	Operations."

# Consolidated	Depreciation	and	Amortization

| Year	ended	December	31	(in	millions) | 2015 | 2014 | 2013 | %	Change<br>2014	to	2015 | %	Change<br>2013	to	2014 |
| :--- | :--- | :--- | :--- | :--- | :--- |
| Cable\tCommunications | \t $\t7,028\t\t\t\t $\t6,422\t\t\t\t $\t6,394 | \t $\t7,028\t\t\t\t $\t6,422\t\t\t\t $\t6,394 | \t $\t7,028\t\t\t\t $\t6,422\t\t\t\t $\t6,394 | 9.4% | 0.4% |
| NBCUniversal | 1,539 | 1,495 | 1,411 | 2.9 | 5.9 |
| Corporate\tand\tOther | 113 | 102 | 66 | 10.3 | 58.1 |
| Comcast\tConsolidated | \t $ 8,680\t\t\t\t $ 8,019\t\t\t\t $ 7,871 | \t $ 8,680\t\t\t\t $ 8,019\t\t\t\t $ 7,871 | \t $ 8,680\t\t\t\t $ 8,019\t\t\t\t $ 7,871 | 8.2% | 1.9% |

Consolidated	depreciation	and	amortization	expenses	increased	in	2015	primarily	due	to	increases	in	capital	expenditures,	as	well	as	expenditures	for software,	in	our	Cable	Communications	segment	in	recent	years.	We	continue	to	invest	in	customer	premise	equipment,	primarily	for	our	X1	platform, wireless	gateways	and	Cloud	DVR	technology,	and	in	equipment	to	increase	our	network	capacity.	In	addition,	because	these	assets	generally	have shorter	estimated	useful	lives,	our	depreciation	expenses	have	increased,	which	we	expect	will

continue	in	2016.	In	2015,	depreciation	and	amortization	expenses	included	$20	million	related	to	the	acceleration	of	amortization	for	certain	intangible assets	and	the	write-off	of	certain	capitalized	costs	associated	with	the	termination	of	the	Time	Warner	Cable	merger	and	related	divestiture	transactions. Consolidated	 depreciation	 and	 amortization	 expenses	 increased	 slightly	 in	 2014	 primarily	 due	 to	 increases	 in	 capital	 spending	 in	 our	 Cable Communications	and	NBCUniversal	segments,	as	well	as	increases	related	to	our	acquisitions	in	2013	of	our	corporate	headquarters	and	real	estate properties	for	NBCUniversal.

# Segment	Operating	Results

Our	 segment	 operating	 results	 are	 presented	 based	 on	 how	 we	 assess	 operating	 performance	 and	 internally	 report	 financial	 information.	 We	 use operating	income	(loss)	before	depreciation	and	amortization,	excluding	impairment	charges	related	to	fixed	and	intangible	assets	and	gains	or	losses from	the	sale	of	assets,	if	any,	as	the	measure	of	profit	or	loss	for	our	operating	segments.	This	measure	eliminates	the	significant	level	of	noncash depreciation	and	amortization	expense	that	results	from	the	capital-intensive	nature	of	certain	of	our	businesses	and	from	intangible	assets	recognized	in business	combinations.	Additionally,	it	is	unaffected	by	our	capital	structure	or	investment	activities.	We	use	this	measure	to	evaluate	our	consolidated operating	performance	and	the	operating	performance	of	our	operating	segments	and	to	allocate	resources	and	capital	to	our	operating	segments.	It	is also	a	significant	performance	measure	in	our	annual	incentive	compensation	programs.	We	believe	that	this	measure	is	useful	to	investors	because	it	is one	of	the	bases	for	comparing	our	operating	performance	with	that	of	other	companies	in	our	industries,	although	our	measure	may	not	be	directly comparable	to	similar	measures	used	by	other	companies.	Because	we	use	operating	income	(loss)	before	depreciation	and	amortization	to	measure	our segment	profit	or	loss,	we	reconcile	it	to	operating	income,	the	most	directly	comparable	financial	measure	calculated	and	presented	in	accordance	with generally	accepted	accounting	principles	in	the	United	States	("GAAP"),	in	the	business	segment	footnote	to	our	consolidated	financial	statements	(see Note	18	to	Comcast's	consolidated	financial	statements	and	Note	17	to	NBCUniversal's	consolidated	financial	statements).	This	measure	should	not	be considered	a	substitute	 for	operating	 income	(loss),	net	 income	(loss)	attributable	 to	Comcast	Corporation	or	NBCUniversal,	net	cash	provided	by operating	activities,	or	other	measures	of	performance	or	liquidity	we	have	reported	in	accordance	with	GAAP.

The	revenue	and	operating	costs	and	expenses	associated	with	our	broadcast	of	 the	2015	Super	Bowl	were	reported	 in	our	Broadcast	Television segment.	The	 revenue	 and	 operating	 costs	 and	 expenses	 associated	 with	 our	 broadcast	 of	 the	 2014	 Sochi	 Olympics	 were	 reported	 in	 our	 Cable Networks	and	Broadcast	Television	segments.

# Cable	Communications	Segment	Results	of	Operations

| Year	ended	December	31	(in	millions) | 2015 | 2014 | 2013 | %	Change<br>2014	to	2015 | %	Change<br>2013	to	2014 |
| :--- | :--- | :--- | :--- | :--- | :--- |
| Revenue |  |  |  |  |  |
| Residential: |  |  |  |  |  |
| Video | \t $\t21,526\t\t\t\t$\t20,783\t\t\t\t $\t20,535 | \t $\t21,526\t\t\t\t$\t20,783\t\t\t\t $\t20,535 | \t $\t21,526\t\t\t\t$\t20,783\t\t\t\t $\t20,535 | 3.6% | 1.2% |
| High-speed\tInternet | 12,471 | 11,321 | 10,334 | 10.2 | 9.5 |
| Voice | 3,608 | 3,671 | 3,657 | (1.7) | 0.4 |
| Business\tservices | 4,742 | 3,951 | 3,241 | 20.0 | 21.9 |
| Advertising | 2,318 | 2,393 | 2,147 | (3.1) | 11.5 |
| Other | 2,214 | 2,021 | 1,922 | 9.6 | 5.1 |
| Total\trevenue | 46,879 | 44,140 | 41,836 | 6.2 | 5.5 |
| Operating\tcosts\tand\texpenses |  |  |  |  |  |
| Programming | 10,516 | 9,819 | 9,107 | 7.1 | 7.8 |
| Technical\tand\tproduct\tsupport | 5,904 | 5,547 | 5,373 | 6.4 | 3.2 |
| Customer\tservice | 2,377 | 2,205 | 2,097 | 7.8 | 5.2 |
| Franchise\tand\tother\tregulatory\tfees | 1,382 | 1,296 | 1,246 | 6.7 | 4.0 |
| Advertising,\tmarketing\tand\tpromotion | 3,340 | 3,083 | 2,905 | 8.4 | 6.1 |
| Other | 4,240 | 4,078 | 3,903 | 3.9 | 4.5 |
| Total\toperating\tcosts\tand\texpenses | 27,759 | 26,028 | 24,631 | 6.7 | 5.7 |
| Operating\tincome\tbefore\tdepreciation\tand\tamortization | \t $ 19,120\t\t\t\t$ 18,112\t\t\t\t $ 17,205 | \t $ 19,120\t\t\t\t$ 18,112\t\t\t\t $ 17,205 | \t $ 19,120\t\t\t\t$ 18,112\t\t\t\t $ 17,205 | 5.6% | 5.3% |

# Customer	Metrics

|  |  | Total	Customers |  | Net	Additional	Customers | Net	Additional	Customers |  |
| :--- | :--- | :--- | :--- | :--- | :--- | :--- |
| December\t31\t(in\tthousands) | 2015 | 2014 | 2013 | 2015 | 2014 | 2013 |
| Total\tcustomer\trelationships^(a) | 27,701 | 27,035 | 26,677 | 666 | 358 | 215 |
| Single\tproduct\tcustomers^(a) | 8,366 | 8,409 | 8,752 | (43) | (343) | (593) |
| Double\tproduct\tcustomers^(a) | 9,221 | 8,750 | 8,541 | 472 | 209 | 34 |
| Triple\tproduct\tcustomers^(a) | 10,114 | 9,876 | 9,384 | 238 | 492 | 774 |
| Video\tcustomers | 22,347 | 22,383 | 22,577 | (36) | (194) | (267) |
| High-speed\tInternet\tcustomers | 23,329 | 21,962 | 20,685 | \t1,367 | \t1,277 | \t1,296 |
| Voice\tcustomers | 11,475 | 11,193 | 10,723 | 282 | 470 | 768 |
| Average\tmonthly\ttotal\trevenue\tper\tcustomer\trelationship | \t $\t142.74\t\t\t\t $\t136.97\t\t\t\t $\t131.22 | \t $\t142.74\t\t\t\t $\t136.97\t\t\t\t $\t131.22 | \t $\t142.74\t\t\t\t $\t136.97\t\t\t\t $\t131.22 |  |  |  |

Customer	metrics	include	residential	and	business	customers	and	are	presented	based	on	actual	amounts.	Minor	differences	may	exist	due	to	rounding.

(a) Customer	relationships	represent	the	number	of	residential	and	business	customers	that	subscribe	to	at	least	one	of	our	cable	services.	Single	product,	double	product	and	triple	product customers	represent	customers	that	subscribe	to	one,	two	or	three	of	our	cable	services,	respectively.

# Cable	Communications	Segment	–	Revenue

# Video

Video	revenue	increased	3.6%	and	1.2%	in	2015	and	2014,	respectively.	The	increases	in	revenue	in	both	years	were	due	to	increases	in	the	number	of residential	 customers	 receiving	 additional	 and	 higher	 levels	 of	 video	 service	 and	 rate	 adjustments,	 partially	 offset	 by	 decreases	 in	 the	 number	 of residential	 video	 customers.	 The	 increases	 in	 residential	 customers	 receiving	 additional	 and	 higher	 levels	 of	 video	 service	 and	 rate	 adjustments accounted	for	increases	in	revenue	of	4.5%	and	2.7%	in	2015	and	2014,	respectively.	As	of	December	31,	2015,	13.9	million	customers	subscribed	to	at least	one	of	our	HD	or	DVR	advanced	services	compared	to	13.0	million	customers	and	12.5	million	customers	as	of	December	31,	2014	and	2013,

respectively.	The	decreases	in	the	number	of	residential	video	customers	in	2015	and	2014	were	primarily	due	to	competitive	pressures	and	the	impact of	rate	adjustments.

As	of	December	31,	2015,	40.1%	of	the	homes	and	businesses	in	the	areas	we	serve	subscribed	to	our	video	services,	compared	to	40.9%	and	41.9%	as of	December	31,	2014	and	2013,	respectively.	We	may	experience	further	declines	in	the	number	of	residential	video	customers.

# High-Speed	Internet

High-speed	Internet	revenue	increased	10.2%	and	9.5%	in	2015	and	2014,	respectively.	Increases	in	the	number	of	residential	customers	receiving	our high-speed	Internet	services	accounted	for	increases	in	revenue	of	5.8%	and	5.9%	in	2015	and	2014,	respectively.	The	remaining	increases	in	revenue in	both	2015	and	2014	were	primarily	due	to	increases	in	the	number	of	customers	receiving	higher	levels	of	service	and	rate	adjustments.

As	of	December	31,	2015,	41.9%	of	the	homes	and	businesses	in	the	areas	we	serve	subscribed	to	our	high-speed	Internet	services,	compared	to	40.2% and	38.4%	as	of	December	31,	2014	and	2013,	respectively.	Our	customer	base	continues	to	grow	as	consumers	choose	our	high-speed	Internet	service and	seek	higher-speed	offerings.

# Voice

Voice	revenue	decreased	1.7%	in	2015	and	increased	slightly	in	2014.	While	the	number	of	residential	customers	receiving	voice	services	through	our discounted	bundled	service	offerings	increased	in	both	years,	revenue	was	negatively	impacted	by	the	allocation	of	voice	revenue	for	our	customers	who receive	bundled	services.	The	amount	allocated	to	voice	revenue	in	the	rate	charged	for	bundled	services	decreased	in	2015	and	2014	because	video and	high-speed	Internet	rates	increased	while	voice	rates	remained	relatively	flat.

Business	services	revenue	increased	20.0%	and	21.9%	in	2015	and	2014,	respectively.	The	increases	in	2015	and	2014	were	primarily	due	to	increases in	the	number	of	small	business	customers	receiving	our	high-speed	Internet	and	voice	services	and	rate	adjustments.	In	2015,	2014	and	2013,	our	small business	customers	represented	more	 than	70%	of	 total	business	services	revenue.	The	remaining	 increases	 in	both	years	were	primarily	due	 to continued	growth	in	our	medium-sized	business	services,	including	Ethernet	network	and	advanced	voice	services.

We	believe	the	increases	in	the	number	of	business	customers	were	primarily	the	result	of	our	efforts	to	gain	market	share	from	competitors	by	offering competitive	services	and	pricing.

As	part	of	our	distribution	agreements	with	cable	networks,	we	generally	receive	an	allocation	of	scheduled	advertising	time	on	cable	networks	that	our Spotlight	business	sells	to	local,	regional	and	national	advertisers.	In	most	cases,	the	available	advertising	units	are	sold	by	our	sales	force.	In	some cases,	we	work	with	representation	firms	as	an	extension	of	our	sales	force	to	sell	a	portion	of	the	advertising	time	allocated	to	us.	We	also	represent	the advertising	sales	efforts	of	other	multichannel	video	providers	in	some	markets.	In	addition,	we	generate	revenue	from	the	sale	of	advertising	online	and on	our	On	Demand	service.	Advertising	revenue	is	affected	by	the	strength	of	the	advertising	market	and	general	economic	conditions.

Advertising	revenue	decreased	3.1%	in	2015	primarily	due	to	a	decrease	in	political	advertising	revenue.	Excluding	the	impact	of	political	advertising revenue,	advertising	revenue	increased	3.7%	in	2015.	Advertising

revenue	increased	11.5%	in	2014	primarily	due	to	an	increase	in	political	revenue	of	8.0%,	as	well	as	an	increase	in	revenue	in	our	national	and	local advertising	markets.	Excluding	the	impact	of	political	advertising	revenue,	advertising	revenue	increased	3.5%	in	2014.

In	2015,	7%	of	our	Cable	Communications	segment's	advertising	revenue	was	generated	from	our	NBCUniversal	segments,	compared	to	5%	and	4%	in 2014	and	2013,	respectively.	These	amounts	are	eliminated	in	our	consolidated	financial	statements	but	are	included	in	the	amounts	presented	above.

Other	revenue	primarily	includes	revenue	related	to	cable	franchise	and	other	regulatory	fees.	We	also	receive	revenue	related	to	fees	from	other services,	such	as	our	home	security	and	automation	services.	Cable	franchise	and	other	regulatory	fees	represent	the	fees	we	are	required	to	pay	to federal,	state	and	local	authorities	that	we	pass	through	to	our	customers.	Under	the	terms	of	our	cable	franchise	agreements,	we	are	generally	required to	pay	to	the	cable	franchising	authority	an	amount	based	on	our	gross	video	revenue.	The	changes	in	franchise	and	other	regulatory	fees	collected	from our	cable	services	customers	are	generally	due	to	changes	in	the	revenue	on	which	the	fees	apply.

Other	revenue	increased	9.6%	and	5.1%	in	2015	and	2014,	respectively,	primarily	due	to	increases	in	revenue	from	our	home	security	and	automation services,	as	well	as	increases	in	cable	franchise	and	other	regulatory	fees.

# Cable	Communications	Segment	–	Operating	Costs	and	Expenses

Our	operating	margin,	which	is	our	operating	income	before	depreciation	and	amortization	as	a	percentage	of	revenue,	for	2015,	2014	and	2013	was 40.8%,	41.0%	and	41.1%,	respectively.

# Programming	Expenses

Programming	expenses,	which	represent	our	most	significant	operating	expense,	are	the	fees	we	incur	to	provide	content	to	our	video	customers.	These expenses	are	affected	by	 the	programming	 license	 fees	charged	by	cable	networks,	 the	 fees	charged	 for	retransmission	of	 the	signals	 from	 local broadcast	television	stations,	the	number	of	video	customers	we	serve	and	the	amount	of	content	we	provide.	Programming	expenses	increased	in	2015 and	2014	primarily	due	to	increases	in	programming	license	fees,	including	sports	programming	costs	and	retransmission	consent	fees,	and	fees	to secure	rights	for	additional	programming	for	our	customers	across	an	increasing	number	of	platforms.

We	anticipate	that	our	programming	expenses	will	continue	to	increase	as	we	provide	additional	content	to	our	video	customers;	as	we	deliver	this content	through	an	increasing	number	of	platforms,	including	On	Demand,	online	and	through	our	mobile	apps;	and	as	 the	 fees	we	pay	 increase, primarily	sports	programming	costs	and	retransmission	consent	fees.	We	believe	that	adding	more	content	and	delivering	it	on	various	platforms	will	help us	to	attract	and	retain	video	customers.

# Technical	and	Product	Support	Expenses

Technical	and	product	support	expenses	include	costs	to	complete	service	call	and	installation	activities,	as	well	as	costs	for	network	operations,	product development,	fulfillment	and	provisioning.	Technical	and	product	support	expenses	increased	in	2015	and	2014	primarily	due	to	expenses	related	to	the development,	delivery	and	support	of	our	enhanced	devices,	including	our	X1	set-top	boxes,	Cloud	DVR	technology	and	wireless	gateways,	and	the continued	 growth	 in	 business	 services	 and	 home	 security	 and	 automation	 services.	 The	 increase	 in	 2015	 was	 also	 due	 to	 expenses	 related	 to investments	we	are	making	to	improve	the	customer	experience.

# Customer	Service	Expenses

Customer	service	expenses	include	the	personnel	and	other	costs	associated	with	handling	the	sale	of	services	to	customers	and	customer	service activity.	Customer	service	expenses	increased	in	2015	primarily	due	to	increases	in	support	for	improving	the	customer	experience	and	increases	in	total labor	costs	associated	with	increases	in	customer	service	activity.	Customer	service	expenses	increased	in	2014	due	to	increases	in	total	labor	costs associated	with	increases	in	customer	service	activity.	The	increases	in	customer	service	activity	in	both	periods	were	due	to	sales	and	support	activities associated	with	 the	continued	deployment	of	our	enhanced	devices	and	services,	which	 include	our	X1	platform,	Cloud	DVR	 technology,	wireless gateways,	and	home	security	and	automation	services,	and	the	continued	growth	in	business	services.

# Franchise	and	Other	Regulatory	Fees

Franchise	and	other	regulatory	fees	increased	in	2015	and	2014	primarily	due	to	increases	in	the	revenue	on	which	the	fees	apply.

# Advertising,	Marketing	and	Promotion	Expenses

Advertising,	marketing	and	promotion	expenses	 increased	 in	2015	and	2014	primarily	due	 to	 increases	 in	spending	associated	with	attracting	new residential	and	business	services	customers	and	encouraging	existing	customers	to	add	additional	or	higher-tier	services.

# Other	Operating	Costs	and	Expenses

Other	operating	costs	and	expenses	increased	in	2015	and	2014	primarily	due	to	increases	in	costs	to	support	our	advertising	sales	business,	as	well	as increases	in	other	administrative	costs.

# NBCUniversal	Segments	Overview

# 2015	NBCUniversal	Segments	Operating	Results

| Year	ended	December	31	(in	millions) | 2015 | 2014 | 2013 | %	Change<br>2014	to	2015 | %	Change<br>2013	to	2014 |
| :--- | :--- | :--- | :--- | :--- | :--- |
| Revenue |  |  |  |  |  |
| Cable\tNetworks | \t $9,628\t\t\t\t $ | 9,563\t\t\t\t $ | 9,201 | 0.7% | 3.9% |
| Broadcast\tTelevision | 8,530 | 8,542 | 7,120 | (0.1) | 20.0 |
| Filmed\tEntertainment | 7,287 | 5,008 | 5,452 | 45.5 | (8.2) |
| Theme\tParks | 3,339 | 2,623 | 2,235 | 27.3 | 17.3 |
| Headquarters,\tother\tand\teliminations | (322) | (308) | (358) | NM | NM |
| Total\trevenue | \t $\t28,462\t\t\t\t $\t25,428\t\t\t\t $\t23,650 | \t $\t28,462\t\t\t\t $\t25,428\t\t\t\t $\t23,650 | \t $\t28,462\t\t\t\t $\t25,428\t\t\t\t $\t23,650 | 11.9% | 7.5% |
| Operating\tIncome\tBefore\tDepreciation\tand\tAmortization |  |  |  |  |  |
| Cable\tNetworks | \t $3,499\t\t\t\t $ | 3,589\t\t\t\t $ | 3,501 | (2.5)% | 2.5% |
| Broadcast\tTelevision | 780 | 734 | 345 | 6.3 | 112.5 |
| Filmed\tEntertainment | 1,234 | 711 | 483 | 73.5 | 47.3 |
| Theme\tParks^(a) | 1,464 | 1,096 | 943 | 33.5 | 16.3 |
| Headquarters,\tother\tand\teliminations^(a) | (563) | (542) | (540) | (3.8) | (0.7) |
| Total\toperating\tincome\tbefore\tdepreciation\tand\tamortization | \t $6,414\t\t\t\t $ | 5,588\t\t\t\t $ | 4,732 | 14.8% | 18.1% |

Percentage	changes	that	are	considered	not	meaningful	are	denoted	with	NM.

(a) As	disclosed	in	Note	11	to	the	Comcast	consolidated	financial	statements,	NBCUniversal	changed	its	method	of	accounting	for	a	contractual	obligation	that	involves	an	interest	in	the	revenue	of certain	theme	parks.	As	a	result	of	the	change,	beginning	in	the	fourth	quarter	of	2015,	amounts	payable	based	on	current	period	revenue	are	presented	in	operating	costs	and	expenses. Amounts	paid	through	the	third	quarter	of	2015	were	included	in	other	income	(expense),	net	in	our	consolidated	statement	of	income.	For	segment	reporting	purposes,	we	have	adjusted	periods prior	 to	 the	 fourth	 quarter	 of	 2015	 to	 reflect	 this	 expense	 on	 a	 consistent	 basis	 for	 all	 periods	 in	 the	Theme	 Parks	 segment,	 which	 resulted	 in	 an	 offsetting	 adjustment	 in	 NBCUniversal Headquarters,	Other	and	Eliminations.

# Cable	Networks	Segment	Results	of	Operations

| Year	ended	December	31	(in	millions) | 2015 | 2014 | 2013 | %	Change<br>2014	to	2015 | %	Change<br>2013	to	2014 |
| :--- | :--- | :--- | :--- | :--- | :--- |
| Revenue |  |  |  |  |  |
| Distribution | \t $\t5,461\t\t\t\t $ 5,307\t\t\t\t $ 4,905 | \t $\t5,461\t\t\t\t $ 5,307\t\t\t\t $ 4,905 | \t $\t5,461\t\t\t\t $ 5,307\t\t\t\t $ 4,905 | 2.9% | 8.2% |
| Advertising | 3,435 | 3,494 | 3,536 | (1.7) | (1.2) |
| Content\tlicensing\tand\tother | 732 | 762 | 760 | (4.0) | 0.3 |
| Total\trevenue | 9,628 | 9,563 | 9,201 | 0.7 | 3.9 |
| Operating\tcosts\tand\texpenses |  |  |  |  |  |
| Programming\tand\tproduction | 4,319 | 4,241 | 3,850 | 1.8 | 10.2 |
| Other\toperating\tand\tadministrative | 1,270 | 1,232 | 1,342 | 3.1 | (8.3) |
| Advertising,\tmarketing\tand\tpromotion | 540 | 501 | 508 | 7.7 | (1.3) |
| Total\toperating\tcosts\tand\texpenses | 6,129 | 5,974 | 5,700 | 2.6 | 4.8 |
| Operating\tincome\tbefore\tdepreciation\tand\tamortization | \t $ 3,499\t\t\t\t $\t3,589\t\t\t\t $\t3,501 | \t $ 3,499\t\t\t\t $\t3,589\t\t\t\t $\t3,501 | \t $ 3,499\t\t\t\t $\t3,589\t\t\t\t $\t3,501 | (2.5)% | 2.5% |

# Cable	Networks	Segment	–	Revenue

# Distribution

Distribution	revenue	is	generated	from	distribution	agreements	with	multichannel	video	providers	and	is	affected	by	the	number	of	subscribers	receiving our	cable	networks	and	the	fees	we	charge	per	subscriber.

Distribution	revenue	increased	in	2015	primarily	due	to	increases	in	the	contractual	rates	charged	under	distribution	agreements	which	were	partially	due to	the	premiere	of	NASCAR	programming	on	the	NBC	Sports

Network	 in	 2015.	These	 increases	 were	 partially	 offset	 by	 a	 decrease	 in	 revenue	 from	 the	 decline	 in	 subscribers	 at	 some	 of	 our	 cable	 networks. Distribution	revenue	increased	in	2014	primarily	due	to	our	broadcast	of	the	2014	Sochi	Olympics	and	increases	in	contractual	rates	charged	under distribution	agreements.	Excluding	$177	million	of	revenue	associated	with	the	2014	Sochi	Olympics,	distribution	revenue	increased	6.5%	and	4.6%	in 2015	and	2014,	respectively.

Advertising	revenue	is	generated	from	the	sale	of	advertising	units	sold	on	our	cable	networks	and	related	digital	media	properties.	Advertising	revenue	is primarily	based	on	the	price	we	charge	for	each	advertising	unit,	which	is	generally	based	on	audience	ratings	and	the	value	of	our	viewer	demographics to	advertisers,	and	the	number	of	advertising	units	we	can	place	in	our	cable	networks'	programming	schedules.	Advertising	revenue	is	affected	by	the success	and	ratings	of	our	programming,	the	strength	of	the	national	advertising	market,	general	economic	conditions,	and	cyclicality	related	to	political campaigns	and	issue-oriented	advertising.	Audience	ratings	at	some	of	our	cable	networks	have	declined	and	may	continue	to	decline	as	the	number	of programming	choices	continues	to	increase	and	as	more	viewers	use	DVRs	and	video	on	demand	services	to	view	content	outside	of	audience	ratings measurement	periods.

Advertising	revenue	decreased	in	2015	primarily	due	to	revenue	in	the	prior	year	associated	with	our	broadcast	of	the	2014	Sochi	Olympics.	In	addition, while	we	continued	to	experience	audience	ratings	declines	that	negatively	affected	advertising	revenue,	the	impact	of	audience	ratings	was	partially offset	by	higher	prices	 for,	and	an	 increase	 in	 the	volume	of,	advertising	units	sold,	as	well	as	 increased	advertising	revenue	associated	with	 the broadcast	of	NASCAR	programming.	Advertising	revenue	decreased	slightly	in	2014	primarily	due	to	continued	declines	in	audience	ratings	at	our	cable networks	and	the	absence	of	the	Style	network	and	Fandango	in	2014.	In	2014,	we	began	presenting	the	operations	of	Fandango,	our	movie	ticketing and	entertainment	business,	in	the	Filmed	Entertainment	segment.	The	decrease	was	partially	offset	by	higher	prices	for,	and	an	increase	in	the	volume of,	advertising	units	sold	and	our	broadcast	of	the	2014	Sochi	Olympics.	Excluding	$80	million	of	revenue	associated	with	the	2014	Sochi	Olympics, advertising	revenue	increased	slightly	in	2015	due	to	the	broadcast	of	NASCAR	programming	and	decreased	3.5%	in	2014	due	to	continued	declines	in audience	ratings	at	our	cable	networks.

# Content	Licensing	and	Other

We	generate	other	revenue	primarily	from	the	licensing	of	our	owned	programming	in	the	United	States	and	internationally	to	cable	and	broadcast networks	and	subscription	video	on	demand	services,	as	well	as	from	the	sale	of	our	owned	programming	through	digital	distribution	services	such	as iTunes.	In	addition,	our	cable	television	production	generates	revenue	from	programming	it	produces	for	third-party	networks	and	subscription	video	on demand	services.

Content	licensing	and	other	revenue	decreased	in	2015	primarily	due	to	the	timing	of	content	provided	under	our	licensing	agreements.	Content	licensing and	other	revenue	remained	flat	in	2014.

In	2015,	2014	and	2013,	13%,	12%	and	13%,	respectively,	of	our	Cable	Networks	segment	revenue	was	generated	from	our	Cable	Communications segment.	These	amounts	are	eliminated	in	Comcast's	consolidated	financial	statements	but	are	included	in	the	amounts	presented	above.

# Cable	Networks	Segment	–	Operating	Costs	and	Expenses

# Programming	and	Production	Costs

Programming	and	production	costs	include	the	amortization	of	owned	and	acquired	programming,	sports	rights,	direct	production	costs,	residual	and participation	payments,	production	overhead,	costs	associated	with	the	distribution	of	our	programming	to	third-party	networks	and	other	distribution platforms,	and	on-air	talent	costs.

Programming	and	production	costs	increased	in	2015	primarily	due	to	our	continued	investment	in	programming,	including	the	premiere	of	NASCAR programming	and	other	sports	programming	rights	costs.	These	increases	were	partially	offset	by	costs	in	the	prior	year	associated	with	our	broadcast	of the	2014	Sochi	Olympics.	Programming	and	production	costs	increased	in	2014	primarily	due	to	costs	associated	with	our	broadcast	of	the	2014	Sochi Olympics,	as	well	as	our	continued	investment	in	programming,	including	original	programming	at	our	entertainment	networks	and	sports	programming rights	costs.	The	increase	in	sports	programming	rights	costs	in	2014	included	the	impact	of	a	new	rights	agreement	with	a	professional	sports	team	and costs	associated	with	the	first	full	year	of	our	airing	of	English	Premier	League	soccer.

# Other	Operating	and	Administrative	Costs	and	Expenses

Other	operating	and	administrative	costs	and	expenses	include	salaries,	employee	benefits,	rent	and	other	overhead	expenses.

Other	operating	and	administrative	costs	and	expenses	increased	in	2015	primarily	due	to	an	increase	in	employee-related	costs.	Other	operating	and administrative	costs	and	expenses	decreased	in	2014	primarily	due	to	lower	employee-related	costs	and	the	absence	of	the	Style	network	and	Fandango in	2014.

Advertising,	marketing	and	promotion	expenses	consist	primarily	of	the	costs	associated	with	promoting	our	cable	networks	programming	and	costs associated	with	our	related	digital	media	properties.

Advertising,	marketing	and	promotion	expenses	increased	in	2015	primarily	due	to	an	increase	in	marketing	expenses	related	to	the	launch	of	new programming	on	our	cable	networks.	Advertising,	marketing	and	promotion	expenses	remained	relatively	flat	in	2014.

# Broadcast	Television	Segment	Results	of	Operations

| Year	ended	December	31	(in	millions) | 2015 | 2014 | 2013 | %	Change<br>2014	to	2015 | %	Change<br>2013	to	2014 |
| :--- | :--- | :--- | :--- | :--- | :--- |
| Revenue |  |  |  |  |  |
| Advertising | \t $\t5,747\t\t\t\t $\t5,888\t\t\t\t $\t4,930 | \t $\t5,747\t\t\t\t $\t5,888\t\t\t\t $\t4,930 | \t $\t5,747\t\t\t\t $\t5,888\t\t\t\t $\t4,930 | (2.4)% | 19.4% |
| Content\tlicensing | 1,784 | 1,569 | 1,447 | 13.7 | 8.4 |
| Other | 999 | 1,085 | 743 | (7.8) | 46.0 |
| Total\trevenue | 8,530 | 8,542 | 7,120 | (0.1) | 20.0 |
| Operating\tcosts\tand\texpenses |  |  |  |  |  |
| Programming\tand\tproduction | 5,950 | 6,127 | 5,192 | (2.9) | 18.0 |
| Other\toperating\tand\tadministrative | 1,276 | 1,199 | 1,204 | 6.4 | (0.4) |
| Advertising,\tmarketing\tand\tpromotion | 524 | 482 | 379 | 8.9 | 27.0 |
| Total\toperating\tcosts\tand\texpenses | 7,750 | 7,808 | 6,775 | (0.7) | 15.3 |
| Operating\tincome\tbefore\tdepreciation\tand\tamortization | \t $780\t\t\t\t $ | 734\t\t\t\t $ | 345 | 6.3% | 112.5% |

# Broadcast	Television	Segment	–	Revenue

Advertising	revenue	is	generated	from	the	sale	of	advertising	units	sold	on	our	broadcast	networks,	our	owned	local	television	stations	and	our	related digital	media	properties.	Advertising	revenue	is	primarily	based	on	the	price	we	receive	for	each	advertising	unit,	which	is	generally	based	on	audience ratings	and	the	value	of	our	viewer	demographics	to	advertisers,	and	the	number	of	advertising	units	we	can	place	in	our	broadcast

networks'	 and	 owned	 local	 television	 stations'	 programming	 schedules.	Advertising	 revenue	 is	 affected	 by	 the	 strength	 of	 the	 national	 and	 local advertising	markets,	general	economic	conditions,	cyclicality	related	to	political	campaigns	and	issue-oriented	advertising,	and	the	success	and	ratings	of our	programming.

Advertising	revenue	decreased	in	2015	primarily	due	to	revenue	in	the	prior	year	associated	with	our	broadcast	of	the	2014	Sochi	Olympics,	which	was partially	offset	by	an	increase	in	advertising	revenue	in	the	current	year	associated	with	our	broadcast	of	the	2015	Super	Bowl.	Advertising	revenue increased	in	2014	primarily	due	to	revenue	associated	with	our	broadcast	of	the	2014	Sochi	Olympics.	Excluding	$730	million	of	revenue	associated	with our	broadcast	of	the	2014	Sochi	Olympics	and	$376	million	of	revenue	associated	with	our	broadcast	of	the	2015	Super	Bowl,	revenue	increased	4.1% and	4.6%	in	2015	and	2014,	respectively,	primarily	due	to	higher	prices	and	increases	in	the	volume	of	advertising	units	sold.

# Content	Licensing

Content	licensing	revenue	is	generated	from	the	licensing	of	our	owned	programming	in	the	United	States	and	internationally	to	various	distribution platforms,	 including	 to	 cable	 and	 broadcast	 networks,	 as	 well	 as	 to	 subscription	 video	 on	 demand	 services.	 In	 addition,	 our	 broadcast	 television production	studio	develops	and	produces	original	content	that	it	licenses	to	broadcast	networks,	cable	networks	and	local	broadcast	television	stations owned	 by	 us	 and	 third	 parties,	 as	 well	 as	 to	 subscription	 video	 on	 demand	 services.	The	 production	 and	 distribution	 costs	 related	 to	 our	 owned programming	generally	exceed	the	revenue	generated	from	the	initial	network	license,	which	means	the	subsequent	licensing	of	our	owned	programming series	following	the	initial	network	license	is	critical	to	their	financial	success.

Content	licensing	revenue	increased	in	2015	and	2014	primarily	due	to	the	timing	of	content	provided	under	our	licensing	agreements.

We	generate	other	revenue	primarily	from	fees	for	retransmission	consent	of	our	owned	local	broadcast	television	stations	and	associated	fees	received from	NBC-affiliated	local	broadcast	television	stations,	as	well	as	from	the	sale	of	our	owned	programming	on	DVD	and	through	digital	distribution services.	The	sale	of	our	owned	programming	is	driven	primarily	by	the	popularity	of	our	broadcast	networks	and	programming	series	and	therefore fluctuates	based	on	consumer	spending	and	acceptance.	Other	revenue	also	includes	distribution	revenue	associated	with	our	periodic	broadcasts	of	the Olympic	Games.

Other	revenue	decreased	in	2015	primarily	due	to	distribution	revenue	in	the	prior	year	that	was	associated	with	our	broadcast	of	the	2014	Sochi Olympics.	The	decrease	was	partially	offset	by	an	increase	in	fees	recognized	under	our	retransmission	consent	agreements,	as	well	as	new	syndication agreements	entered	into	in	2015.	Other	revenue	increased	in	2014	primarily	due	to	$116	million	of	distribution	revenue	that	was	associated	with	our broadcast	of	the	2014	Sochi	Olympics.

# Broadcast	Television	Segment	–	Operating	Costs	and	Expenses

Programming	and	production	costs	relate	to	content	originating	on	our	broadcast	networks	and	owned	local	broadcast	television	stations,	as	well	as owned	content	that	is	licensed	to	third	parties.	These	costs	include	the	amortization	of	owned	and	acquired	programming	costs,	sports	rights,	direct production	costs,	residual	and	participation	payments,	production	overhead,	costs	associated	with	the	distribution	of	our	programming	to	third-party networks	and	other	distribution	platforms,	and	on-air	talent	costs.

Programming	and	production	costs	decreased	in	2015	primarily	due	to	costs	in	the	prior	year	associated	with	our	broadcast	of	the	2014	Sochi	Olympics. The	decrease	was	partially	offset	by	costs	associated	with	our

broadcast	of	the	2015	Super	Bowl,	the	timing	of	content	provided	under	our	licensing	agreements	and	higher	studio	production	costs.	Programming	and production	costs	increased	in	2014	primarily	due	to	costs	associated	with	our	broadcast	of	the	2014	Sochi	Olympics,	as	well	as	our	continued	investment in	original	programming.

Other	operating	and	administrative	costs	increased	in	2015	primarily	due	to	an	increase	in	employee-related	costs.	Other	operating	and	administrative costs	and	expenses	remained	flat	in	2014.

Advertising,	marketing	and	promotion	expenses	consist	primarily	of	the	costs	associated	with	promoting	our	owned	and	licensed	television	programming, as	well	as	the	marketing	of	DVDs	and	costs	associated	with	our	related	digital	media	properties.

Advertising,	marketing	and	promotion	expenses	increased	in	2015	and	2014	primarily	due	to	increased	spending	on	marketing	associated	with	our	NBC primetime	lineup.

# Filmed	Entertainment	Segment	Results	of	Operations

| Year	ended	December	31	(in	millions) | 2015 | 2014 | 2013 | %	Change<br>2014	to	2015 | %	Change<br>2013	to	2014 |
| :--- | :--- | :--- | :--- | :--- | :--- |
| Revenue |  |  |  |  |  |
| Theatrical | \t $\t2,829\t\t\t\t $\t1,101\t\t\t\t $\t1,568 | \t $\t2,829\t\t\t\t $\t1,101\t\t\t\t $\t1,568 | \t $\t2,829\t\t\t\t $\t1,101\t\t\t\t $\t1,568 | 156.9% | (29.8)% |
| Content\tlicensing | 1,923 | 1,792 | 1,654 | 7.3 | 8.3 |
| Home\tentertainment | 1,801 | 1,457 | 1,828 | 23.6 | (20.3) |
| Other | 734 | 658 | 402 | 11.5 | 63.7 |
| Total\trevenue | 7,287 | 5,008 | 5,452 | 45.5 | (8.2) |
| Operating\tcosts\tand\texpenses |  |  |  |  |  |
| Programming\tand\tproduction | 3,488 | 2,331 | 2,982 | 49.6 | (21.8) |
| Other\toperating\tand\tadministrative | 872 | 849 | 716 | 2.8 | 18.5 |
| Advertising,\tmarketing\tand\tpromotion | 1,693 | 1,117 | 1,271 | 51.7 | (12.2) |
| Total\toperating\tcosts\tand\texpenses | 6,053 | 4,297 | 4,969 | 40.9 | (13.5) |
| Operating\tincome\tbefore\tdepreciation\tand\tamortization | \t $ 1,234\t\t\t\t $ | 711\t\t\t\t $ | 483 | 73.5% | 47.3% |

# Filmed	Entertainment	Segment	–	Revenue

# Theatrical

Theatrical	revenue	is	generated	from	the	worldwide	theatrical	release	of	our	owned	and	acquired	films	for	exhibition	in	movie	theaters	and	is	significantly affected	by	the	timing	of	each	release	and	the	number	of	films	we	distribute,	as	well	as	their	acceptance	by	audiences.	Theatrical	revenue	is	also	affected by	the	number	of	exhibition	screens,	ticket	prices,	the	percentage	of	ticket	sale	retention	by	the	exhibitors	and	the	popularity	of	competing	films	at	the time	our	films	are	released.	The	success	of	a	film	in	movie	theaters	is	a	significant	factor	in	determining	the	revenue	a	film	is	likely	to	generate	in succeeding	distribution	platforms.

Theatrical	revenue	increased	in	2015	primarily	due	to	the	strong	performance	of	our	larger	2015	film	slate,	including Furious	7,	Jurassic	World	and Minions.	Theatrical	revenue	decreased	in	2014	primarily	due	to	the

strong	performance	of	our	major	films	in	2013,	including	Despicable	Me	2	and	Fast	and	Furious	6.	The	decrease	in	theatrical	revenue	in	2014	was partially	offset	by	the	performance	of	our	2014	releases,	including	Lucy	and	Neighbors.

Content	licensing	revenue	is	generated	primarily	from	the	licensing	of	our	owned	and	acquired	films	to	cable,	broadcast	and	premium	networks,	as	well as	to	subscription	video	on	demand	services.

Content	licensing	revenue	increased	in	2015	and	2014	primarily	due	to	the	timing	of	when	content	was	made	available	under	licensing	agreements.

# Home	Entertainment

Home	entertainment	revenue	is	generated	from	the	sale	of	our	owned	and	acquired	films	on	DVDs	to	retail	stores,	rental	kiosks	and	subscription	by	mail services,	and	in	digital	formats.	Home	entertainment	revenue	is	significantly	affected	by	the	timing	and	number	of	our	releases	and	their	acceptance	by consumers.	Release	dates	are	determined	by	several	factors,	including	the	timing	of	the	exhibition	of	a	film	in	movie	theaters,	holiday	periods	and	the timing	of	competitive	releases.	The	overall	DVD	market	continues	to	experience	declines	due	to	the	maturation	of	the	standard-definition	DVD	format, increasing	shifts	 in	consumer	behavior	 toward	digital	distribution	services,	and	subscription	rental	services,	all	of	which	generate	 less	revenue	per transaction	than	DVD	sales,	as	well	as	due	to	piracy.

Home	entertainment	revenue	increased	in	2015	primarily	due	to	the	strong	performance	of	our	2015	releases,	including Minions	and	Jurassic	World. Home	entertainment	revenue	decreased	in	2014	primarily	due	to	the	strong	performance	of	our	2013	releases,	including	Despicable	Me	2	and	Fast	and Furious	6.

We	also	generate	revenue	from	producing	and	licensing	live	stage	plays,	from	distributing	filmed	entertainment	produced	by	third	parties,	and	from Fandango,	our	movie	ticketing	and	entertainment	business.

Other	revenue	increased	in	2015	primarily	due	to	an	increase	in	revenue	generated	from	Fandango.	Other	revenue	increased	in	2014	primarily	due	to the	inclusion	of	Fandango,	which	was	previously	presented	in	our	Cable	Networks	segment.

# Filmed	Entertainment	Segment	–	Operating	Costs	and	Expenses

Programming	and	production	costs	include	the	amortization	of	capitalized	film	production	and	acquisition	costs,	residual	and	participation	payments,	and distribution	expenses.	Residual	payments	represent	amounts	payable	to	certain	of	our	employees,	including	freelance	and	temporary	employees,	who are	represented	by	labor	unions	or	guilds	and	are	based	on	post-theatrical	revenue.	Participation	payments	are	primarily	based	on	film	performance	and represent	contingent	consideration	payable	to	creative	talent,	third	parties	that	have	entered	into	cofinancing	agreements	with	us	and	other	parties involved	in	the	production	of	a	film.

Programming	and	production	costs	increased	in	2015	primarily	due	to	higher	amortization	of	film	production	costs	associated	with	our	larger	2015	film slate,	including	Furious	7,	Jurassic	World	and	Minions.	Programming	and	production	costs	decreased	in	2014	primarily	due	to	lower	amortization	of	film costs	associated	with	the	lower	costs	of	our	2014	film	slate	compared	to	2013.

Other	operating	and	administrative	expenses	increased	slightly	in	2015	due	to	increased	expenses	associated	with	our	larger	film	slate.	Other	operating and	administrative	expenses	increased	in	2014	primarily	due	to	the	inclusion	of	Fandango,	which	was	previously	presented	in	our	Cable	Networks segment.

Advertising,	marketing	and	promotion	expenses	consist	primarily	of	expenses	associated	with	advertising	for	our	theatrical	releases	and	the	marketing	of our	films	on	DVD	and	in	digital	formats.	We	incur	significant	marketing	expenses	before	and	throughout	the	release	of	a	film	in	movie	theaters.	As	a result,	we	typically	incur	losses	on	a	film	prior	to	and	during	the	film's	exhibition	in	movie	theaters	and	may	not	realize	profits,	if	any,	until	the	film generates	home	entertainment	and	content	licensing	revenue.	The	costs	associated	with	producing	and	marketing	films	have	generally	increased	in recent	years	and	may	continue	to	increase	in	the	future.

Advertising,	marketing	and	promotion	expenses	increased	in	2015	primarily	due	to	higher	promotional	costs	associated	with	our	larger	2015	film	slate and	increased	advertising	expenses	for	Fandango.	Advertising,	marketing	and	promotion	expenses	decreased	in	2014	primarily	due	to	fewer	major	film releases	compared	to	2013.

# Theme	Parks	Segment	Results	of	Operations

| Year	ended	December	31	(in	millions) | 2015 | 2014 | 2013 | %	Change<br>2014	to	2015 | %	Change<br>2013	to	2014 |
| :--- | :--- | :--- | :--- | :--- | :--- |
| Revenue | \t $\t3,339\t\t\t\t $\t2,623\t\t\t\t $\t2,235 | \t $\t3,339\t\t\t\t $\t2,623\t\t\t\t $\t2,235 | \t $\t3,339\t\t\t\t $\t2,623\t\t\t\t $\t2,235 | 27.3% | 17.3% |
| Operating\tcosts\tand\texpenses | 1,875 | 1,527 | 1,292 | 22.8 | 18.1 |
| Operating\tincome\tbefore\tdepreciation\tand\tamortization | \t $ 1,464\t\t\t\t $ 1,096\t\t\t\t $ | \t $ 1,464\t\t\t\t $ 1,096\t\t\t\t $ | 943 | 33.5% | 16.3% |

# Theme	Parks	Segment	–	Revenue

In	2015,	our	Theme	Parks	segment	revenue	was	generated	primarily	from	ticket	sales	and	guest	spending	at	our	Universal	theme	parks	in	Orlando, Florida	and	Hollywood,	California,	as	well	as	from	licensing	and	other	fees.	In	November	2015,	NBCUniversal	acquired	a	51%	interest	in	Universal Studios	Japan.	Guest	spending	 includes	 in-park	spending	on	 food,	beverages	and	merchandise.	Guest	attendance	at	our	 theme	parks	and	guest spending	depend	heavily	on	the	general	environment	for	travel	and	tourism,	including	consumer	spending	on	travel	and	other	recreational	activities. Licensing	and	other	fees	relate	primarily	to	our	agreements	with	third	parties	that	own	and	operate	the	Universal	Studios	Singapore	theme	park,	as	well as	from	the	Universal	Studios	Japan	theme	park,	to	license	the	right	to	use	the	Universal	Studios	brand	name	and	other	intellectual	property.

Theme	Parks	segment	revenue	increased	in	2015	and	2014	primarily	due	to	increases	in	guest	attendance	and	increases	in	guest	spending	at	our Orlando	and	Hollywood	theme	parks.	The	increase	in	2015	was	primarily	due	to	the	continued	success	of	our	attractions,	including	The	Wizarding	World of	Harry	Potter™	—	Diagon	Alley™	in	Orlando	and	the	Fast	&	Furious™	—	Supercharged™	studio	tour	and	The	Simpson's	Springfield	attraction	in Hollywood,	both	of	which	opened	in	2015.	In	addition,	Theme	Parks	segment	revenue	in	2015	includes	$169	million	of	revenue	attributable	to	Universal Studios	Japan	for	the	period	from	November	13,	2015	to	December	31,	2015.	The	increase	in	2014	was	primarily	due	to	new	attractions,	such	as	The Wizarding	World	of	Harry	Potter™	—	Diagon	Alley™	in	Orlando,	which	opened	in	July	2014,	and	 Despicable	Me:	Minion	Mayhem	in	Hollywood.

# Theme	Parks	Segment	–	Operating	Costs	and	Expenses

Our	Theme	Parks	segment	operating	costs	and	expenses	consist	primarily	of	theme	park	operations,	including	repairs	and	maintenance	and	related administrative	expenses;	food,	beverage	and	merchandise	costs;	labor	costs;	and	sales	and	marketing	costs.

Theme	Parks	segment	operating	costs	and	expenses	increased	in	2015	and	2014	primarily	due	to	additional	costs	at	our	Orlando	and	Hollywood	theme parks	associated	with	newer	attractions,	such	as	the	Fast	Furious™	—	Supercharged™	studio	tour	in	Hollywood	in	2015	and	 The	Wizarding	World	of Harry	 Potter™	 —	 Diagon	 Alley™ in	 Orlando	 in	 2014	 and	 increases	 in	 food,	 beverage	 and	 merchandise	 costs	 associated	 with	 the	 increases	 in attendance	in	both	years.	Operating	costs	and	expenses	also	increased	in	2015	due	to	$89	million	of	operating	costs	and	expenses	attributable	to Universal	Studios	Japan	and	$22	million	of	transaction	costs	related	to	our	development	of	a	theme	park	in	China.

# NBCUniversal	Headquarters,	Other	and	Eliminations

Headquarters	 and	 Other	 operating	 costs	 and	 expenses	 incurred	 by	 our	 NBCUniversal	 businesses	 include	 overhead,	 personnel	 costs	 and	 costs associated	with	corporate	initiatives.	Operating	costs	and	expenses	increased	in	2015	and	2014	primarily	due	to	higher	employee-related	costs,	including severance	costs	in	2014.

# Corporate	and	Other	Results	of	Operations

| Year	ended	December	31	(in	millions) | 2015 | 2014 | 2013 | %	Change<br>2014	to	2015 | %	Change<br>2013	to	2014 |
| :--- | :--- | :--- | :--- | :--- | :--- |
| Revenue | \t $766\t\t\t\t $ | 709\t\t\t\t $ | 600 | 8.0% | 18.1% |
| Operating\tcosts\tand\texpenses | \t1,664 | \t1,487 | \t1,089 | 11.9 | 36.5 |
| Operating\tloss\tbefore\tdepreciation\tand\tamortization | \t $(898)\t\t\t $ | (778)\t\t\t $ | (489) | (15.5)% | (59.1)% |

# Corporate	and	Other	–	Revenue

Other	 revenue	 primarily	 relates	 to	 Comcast	 Spectacor,	 which	 owns the	 Philadelphia	 Flyers	 and the	 Wells	 Fargo	 Center	 arena in	 Philadelphia, Pennsylvania	and	operates	arena	management-related	businesses.

Other	revenue	increased	in	2015	and	2014	primarily	due	to	increases	in	revenue	from	food	and	other	services	associated	with	new	contracts	entered	into by	one	of	our	Comcast	Spectacor	businesses.	The	increase	in	other	revenue	in	2014	was	also	due	to	an	increase	in	revenue	associated	with	newly acquired	businesses.

# Corporate	and	Other	–	Operating	Costs	and	Expenses

Corporate	and	Other	operating	costs	and	expenses	primarily	include	overhead,	personnel	costs,	the	costs	of	corporate	initiatives	and	branding,	and operating	costs	and	expenses	associated	with	Comcast	Spectacor.

Excluding	transaction	costs	associated	with	the	Time	Warner	Cable	merger	and	related	divestiture	transactions	of	$178	million	and	$237	million	in	2015 and	2014,	respectively,	Corporate	and	Other	operating	costs	and	expenses	increased	19%	in	2015.	This	was	primarily	due	to	$56	million	of	expenses related	to	a	contract	settlement,	an	increase	in	expenses	related	to	corporate	strategic	business	initiatives	and	an	increase	in	operating	costs	and expenses	at	Comcast	Spectacor	primarily	associated	with	new	contracts	entered	into	by	one	of	its	businesses.	Corporate	and	Other	operating	costs	and expenses	 increased	 in	2014	primarily	due	 to	$237	million	of	 transaction-related	costs	associated	with	 the	Time	Warner	Cable	merger	and	related divestiture	transactions,	as	well	as	an	increase	in	operating	costs	and	expenses	associated	with	new	contracts	entered	into	by	one	of	our	Comcast Spectacor	businesses.

# Consolidated	Other	Income	(Expense)	Items,	Net

| Year	ended	December	31	(in	millions) | 2015 | 2014 | 2013 |
| :--- | :--- | :--- | :--- |
| Interest\texpense | $\t(2,702)\t\t\t $\t(2,617)\t\t\t $\t(2,574) | $\t(2,702)\t\t\t $\t(2,617)\t\t\t $\t(2,574) | $\t(2,702)\t\t\t $\t(2,617)\t\t\t $\t(2,574) |
| Investment\tincome\t(loss),\tnet | 81 | 296 | 576 |
| Equity\tin\tnet\tincome\t(losses)\tof\tinvestees,\tnet | (325) | 97 | (86) |
| Other\tincome\t(expense),\tnet | 320 | (215) | (364) |
| Total | $ (2,626)\t\t\t $ (2,439)\t\t\t $ (2,448) | $ (2,626)\t\t\t $ (2,439)\t\t\t $ (2,448) | $ (2,626)\t\t\t $ (2,439)\t\t\t $ (2,448) |

# Interest	Expense

Interest	expense	increased	in	2015	primarily	due	to	an	increase	in	our	debt	outstanding	and	$47	million	of	additional	interest	expense	associated	with	the early	redemption	in	June	2015	of	our	$750	million	aggregate	principal	amount	of	5.85%	senior	notes	due	November	2015	and	our	$1.0	billion	aggregate principal	amount	of	5.90%	senior	notes	due	March	2016.	Interest	expense	increased	in	2014	primarily	due	to	the	effect	of	our	interest	rate	derivative financial	instruments.

# Investment	Income	(Loss),	Net

The	change	in	investment	income	(loss),	net	in	2015	was	primarily	due	to	a	$154	million	gain	related	to	the	sale	of	our	shares	of	Arris	Group	common stock	in	2014.	The	change	in	investment	income	(loss),	net	in	2014	was	primarily	due	to	a	$443	million	gain	related	to	the	sale	of	our	investment	in Clearwire	Corporation	in	2013.	The	components	of	investment	income	(loss),	net	are	presented	in	a	table	in	Note	7	to	Comcast's	consolidated	financial statements.

# Equity	in	Net	Income	(Losses)	of	Investees,	Net

The	change	in	equity	in	net	income	(losses)	of	investees,	net	in	2015	was	primarily	due	to	TWCC	Holding	Corp.	("The	Weather	Channel")	recording impairment	charges	related	to	goodwill.	We	recorded	expenses	of	$333	million	in	2015	that	represent	NBCUniversal's	proportionate	share	of	these impairment	charges.	The	change	in	2015	was	also	due	to	an	increase	in	our	proportionate	share	of	losses	in	Hulu,	LLC	("Hulu"),	which	were	driven	by Hulu's	higher	programming	and	marketing	costs.	In	2015	and	2014,	we	recognized	our	proportionate	share	of	losses	of	$106	million	and	$20	million, respectively,	related	to	our	investment	in	Hulu.

The	change	in	equity	in	net	income	(losses)	of	investees,	net	in	2014	was	primarily	due	to	$142	million	of	total	equity	losses	recorded	in	2013	attributable to	our	investment	in	Hulu.	In	July	2013,	we	entered	into	an	agreement	to	provide	capital	contributions	totaling	$247	million	to	Hulu,	which	we	had previously	accounted	for	as	a	cost	method	investment.	This	represented	an	agreement	to	provide	our	first	capital	contribution	to	Hulu	since	we	acquired our	interest	in	it	as	part	of	our	acquisition	of	a	controlling	interest	in	NBCUniversal	in	2011	(the	"NBCUniversal	transaction");	therefore,	we	began	to	apply the	 equity	 method	 of	 accounting	 for	 this	 investment.	 The	 change	 in	 the	 method	 of	 accounting	 for	 this	 investment	 required	 us	 to	 recognize	 our proportionate	share	of	Hulu's	accumulated	losses	from	the	date	of	the	NBCUniversal	transaction	through	July	2013.

# Other	Income	(Expense),	Net

Other	 income	(expense),	net	 for	2015	 included	gains	of	$335	million	on	 the	sales	of	a	business	and	an	 investment,	$240	million	recorded	on	 the settlement	of	a	contingent	consideration	liability	with	General	Electric	Company	("GE")	related	to	the	acquisition	of	NBCUniversal,	and	$43	million	related to	an	equity	method	investment.	These	gains	were	partially	offset	by	$236	million	of	expenses	related	to	fair	value	adjustments	to	a	contractual	obligation. See	Note	11	to	Comcast's	consolidated	financial	statements	for	additional	information	on	this	contractual	obligation.

Other	income	(expense),	net	for	2014	included	a	$27	million	favorable	settlement	of	a	contingency	related	to	the	AT&T	Broadband	transaction	in	2002, which	was	more	than	offset	by	$208	million	of	expenses	related	to

fair	value	adjustments	to	contractual	obligations	and	$35	million	of	expenses	related	to	an	indemnification	receivable	associated	with	the	adjustment	to our	accruals	for	uncertain	tax	positions.

Other	income	(expense),	net	for	2013	included	a	$108	million	gain	related	to	our	sale	of	wireless	communications	spectrum	licenses,	which	was	more than	offset	by	the	net	impact	of	an	impairment	of	$236	million	of	our	equity	method	investment	in,	and	loans	with,	a	regional	sports	cable	network	based	in Houston,	Texas	and	$136	million	of	expenses	related	to	fair	value	adjustments	to	contractual	obligations.

# Consolidated	Income	Tax	Expense

Income	tax	expense	reflects	federal	and	state	income	taxes	and	adjustments	associated	with	uncertain	tax	positions.	Our	effective	income	tax	rate	in 2015,	2014	and	2013	was	37.1%,	31.1%	and	35.8%,	respectively.

In	2014,	we	reduced	our	accruals	for	uncertain	tax	positions	and	the	related	accrued	interest	on	these	tax	positions	and,	as	a	result,	our	income	tax expense	decreased	by	$759	million.	See	Note	15	 to	Comcast's	consolidated	 financial	statements	 for	additional	 information	on	 the	changes	 in	our accruals	for	uncertain	tax	positions	and	related	interest	on	these	tax	positions.	Our	2013	income	tax	expense	was	reduced	by	$158	million	due	to	the nontaxable	portion	of	the	increase	in	tax	basis	associated	with	the	redemption	of	our	Liberty	Media	Series	A	common	stock	in	October	2013.

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	2016	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	 increase	 in	 net	 income	 attributable	 to	 noncontrolling	 interests	 and	 redeemable	 subsidiary	 preferred	 stock	 in	 2015	 was	 primarily due to NBCUniversal's	acquisition	of	Universal	Studios	Japan.	The	decrease	in	2014	was	primarily	due	to	the	NBCUniversal	redemption	transaction.

# 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.	The	Comcast	commercial paper	program	is	fully	and	unconditionally	guaranteed	by	us	and	our	100%	owned	cable	holding	company	subsidiary,	Comcast	Cable	Communications, LLC	("CCCL	Parent"),	as	well	as	by	NBCUniversal.	The	maximum	borrowing	capacity	under	the	Comcast	commercial	paper	program	is	$6.25	billion,	and it	is	supported	by	the	Comcast	and	Comcast	Cable	Communications,	LLC	$6.25	billion	revolving	credit	facility	due	June	2017	("Comcast	revolving	credit facility").	The	maximum	borrowing	capacity	under	the	NBCUniversal	Enterprise,	Inc.	("NBCUniversal	Enterprise")	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,	2015,	amounts	available	under	our	consolidated	revolving	credit	facilities,	net	of	amounts	outstanding	under	our	commercial	paper programs	and	outstanding	letters	of	credit,	totaled	$6.4	billion,	which	included	$775	million	available	under	the	NBCUniversal	Enterprise	revolving	credit facility.

We,	NBCUniversal	and	CCCL	Parent	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	revolving	credit	facility.	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.	We	test	for	compliance	with	the	financial covenant	for	this	credit	facility	on	an	ongoing	basis.	As	of	December	31,	2015,	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.	In	addition,	as	a	result	of	the	acquisition	of Universal	Studios	Japan,	we	consolidated	approximately	¥400	billion	(approximately	$3.3	billion	as	of	December	31,	2015)	in	term	loans	that	contain certain	financial	covenants.	As	of	December	31,	2015,	Universal	Studios	Japan	was	in	compliance	with	all	of	these	covenants.

In	2015,	we	entered	into	an	agreement	to	establish	Atairos	Group,	Inc.,	a	new,	strategic	company	focused	on	investing	in	and	operating	growth-oriented companies,	both	domestically	and	internationally.	The	agreement	became	effective	as	of	January	1,	2016	and	Michael	J.	Angelakis,	who	served	as	our Chief	Financial	Officer	through	June	30,	2015,	now	serves	as	the	Chairman	and	Chief	Executive	Officer	of	Atairos.	Under	the	agreement,	we	are	the exclusive	non-management	investor.	Atairos	has	a	term	of	up	to	12	years.	We	are	committed	to	invest	up	to	$4	billion	at	any	one	time	in	the	company, subject	to	certain	offsets,	and	$40	million	annually	to	fund	a	management	fee,	subject	to	certain	adjustments.	We	will	account	for	our	investment	in	this company	under	the	equity	method	of	accounting.

# Operating	Activities

Components	of	Net	Cash	Provided	by	Operating	Activities

| Year	ended	December	31	(in	millions) | 2015 | 2014 | 2013 |
| :--- | :--- | :--- | :--- |
| Operating\tincome | $\t15,998\t\t\t\t $\t14,904\t\t\t\t $\t13,563 | $\t15,998\t\t\t\t $\t14,904\t\t\t\t $\t13,563 | $\t15,998\t\t\t\t $\t14,904\t\t\t\t $\t13,563 |
| Depreciation\tand\tamortization | 8,680 | 8,019 | 7,871 |
| Operating\tincome\tbefore\tdepreciation\tand\tamortization | 24,678 | 22,923 | 21,434 |
| Noncash\tshare-based\tcompensation | 567 | 513 | 419 |
| Termination\tof\treceivables\tmonetization\tprograms | — | — | (1,442) |
| Changes\tin\toperating\tassets\tand\tliabilities | (267) | (357) | 93 |
| Cash\tbasis\toperating\tincome | 24,978 | 23,079 | 20,504 |
| Payments\tof\tinterest | (2,443) | (2,389) | (2,355) |
| Payments\tof\tincome\ttaxes | (3,726) | (3,668) | (3,946) |
| Proceeds\tfrom\tinvestments\tand\tother | 251 | 190 | 162 |
| Excess\ttax\tbenefits\tunder\tshare-based\tcompensation | (282) | (267) | (205) |
| Net\tcash\tprovided\tby\toperating\tactivities | $ 18,778\t\t\t\t $ 16,945\t\t\t\t $ 14,160 | $ 18,778\t\t\t\t $ 16,945\t\t\t\t $ 14,160 | $ 18,778\t\t\t\t $ 16,945\t\t\t\t $ 14,160 |

The	changes	in	operating	assets	and	liabilities	in	2015	compared	to	the	changes	in	2014	were	primarily	related	to	the	timing	of	film	and	television production	spending	and	related	costs,	net	of	amortization,	the	timing	of	payments	related	to	our	accounts	payable	and	accrued	expenses	related	to	trade creditors	and	increases	in	deferred	revenue	associated	with	our	Olympics	broadcasts,	partially	offset	by	the	timing	of	collections	on	our	receivables.

The	changes	in	operating	assets	and	liabilities	in	2014	compared	to	the	changes	in	2013	were	primarily	due	to	the	timing	of	film	and	television	production spending	and	related	costs,	net	of	amortization	of	approximately	$600	million.

Interest	payments	increased	in	2015	primarily	due	to	a	higher	level	of	debt	outstanding.	Interest	payments	remained	relatively	flat	in	2014.

The	increase	in	income	tax	payments	in	2015	was	primarily	due	to	higher	taxable	income	from	operations	offset	by	the	timing	of	certain	tax	deductions. The	decrease	in	income	tax	payments	in	2014	was	primarily	due	to	the	settlement	of	tax	disputes	and	the	repatriation	of	foreign	earnings	in	2013.	The decrease	was	partially	offset	by	higher	taxable	income	from	operations	and	the	net	impact	of	the	economic	stimulus	legislation	in	2014.	We	expect income	tax	payments	to	increase	in	2016	primarily	due	to	higher	taxable	income	from	operations.

# Investing	Activities

Net	cash	used	in	investing	activities	in	2015	consisted	primarily	of	cash	paid	for	capital	expenditures,	intangible	assets,	acquisitions	and	the	purchases	of investments,	which	was	partially	offset	by	proceeds	from	the	sales	of	businesses	and	investments.	Net	cash	used	in	investing	activities	in	2014	consisted primarily	of	cash	paid	for	capital	expenditures	and	intangible	assets.	Net	cash	used	in	investing	activities	in	2013	consisted	primarily	of	cash	paid	for capital	expenditures,	acquisitions	and	construction	of	real	estate	properties,	purchases	of	investments,	and	cash	paid	for	intangible	assets.

# Capital	Expenditures

Our	most	significant	recurring	 investing	activity	has	been	capital	expenditures	 in	our	Cable	Communications	segment,	and	we	expect	 that	 this	will continue	in	the	future.	The	table	below	summarizes	the	capital	expenditures	we	incurred	in	our	Cable	Communications	segment	in	2015,	2014	and	2013.

| Year	ended	December	31	(in	millions) | 2015 | 2014 | 2013 |
| :--- | :--- | :--- | :--- |
| Cable\tdistribution\tsystem | $\t2,424\t\t\t\t $\t2,047\t\t\t\t $\t1,819 | $\t2,424\t\t\t\t $\t2,047\t\t\t\t $\t1,819 | $\t2,424\t\t\t\t $\t2,047\t\t\t\t $\t1,819 |
| Customer\tpremise\tequipment | 3,698 | 3,397 | 2,990 |
| Other\tequipment | 756 | 613 | 527 |
| Buildings\tand\tbuilding\timprovements | 156 | 97 | 67 |
| Total | $ 7,034\t\t\t\t $ 6,154\t\t\t\t $ 5,403 | $ 7,034\t\t\t\t $ 6,154\t\t\t\t $ 5,403 | $ 7,034\t\t\t\t $ 6,154\t\t\t\t $ 5,403 |

Cable	Communications	capital	expenditures	increased	in	2015	and	2014	primarily	due	to	increased	spending	on	customer	premise	equipment	related	to our	X1	platform	and	wireless	gateways,	our	continued	investment	in	network	infrastructure	to	increase	network	capacity,	increased	investment	in	support capital	as	we	expand	our	cloud-based	initiatives,	and	our	continued	investment	to	expand	business	services.

Capital	expenditures	in	our	NBCUniversal	segments	increased	13.5%	to	$1.4	billion	in	2015	and	5.3%	to	$1.2	billion	in	2014	primarily	due	to	continued investment	in	our	Universal	theme	parks,	including	a	purchase	of	land	in	2015.

Our	capital	expenditures	for	2016	are	focused	on	the	continued	deployment	of	our	X1	platform	and	Cloud	DVR	technology,	acceleration	of	wireless gateways,	network	infrastructure	to	increase	network	capacity,	and	the	expansion	of	business	services.	Capital	expenditures	for	subsequent	years	will depend	on	numerous	factors,	including	acquisitions,	competition,	changes	in	technology,	regulatory	changes,	the	timing	and	rate	of	deployment	of	new services,	and	the	capacity	required	for	existing	services.	In	addition,	we	expect	to	continue	to	invest	in	existing	and	new	attractions	at	our	Universal theme	parks.	We	are	developing	a	Universal	theme	park	in	Beijing,	China.	We	expect	the	development	of	this	park	to	continue	in	2016.

# Cash	Paid	for	Intangible	Assets

In	2015,	2014	and	2013,	cash	paid	for	intangible	assets	consisted	primarily	of	expenditures	for	software.

# Acquisitions	and	Construction	of	Real	Estate	Properties

Acquisitions	and	construction	of	real	estate	properties	in	2015	and	2014	include	our	investment	in	the	construction	of	the	Comcast	Innovation	and Technology	 Center	 located	 in	 Philadelphia,	 Pennsylvania.	 In	 2013,	 acquisitions	 and	 construction	 of	 real	 estate	 properties	 included	 NBCUniversal's purchases	of	the	30	Rockefeller	Plaza	properties	it	occupies	and	the	property	located	at	10	Universal	City	Plaza,	which	is	adjacent	to	Universal	Studios Hollywood	in	University	City,	California,	and	our	purchase	of	an	80%	interest	in	a	business	whose	primary	asset	is	our	corporate	headquarters	located	in Philadelphia,	Pennsylvania.

# Acquisitions,	Net	of	Cash	Acquired

In	November	2015,	NBCUniversal	acquired	a	51%	interest	in	Universal	Studios	Japan	for	$1.5	billion.	The	acquisition	was	funded	through	cash	on	hand and	borrowings	under	our	commercial	paper	program.

# Proceeds	from	Sales	of	Businesses	and	Investments

In	2015,	proceeds	from	sales	of	businesses	and	investments	were	primarily	related	to	the	sale	of	our	investment	in	TV	One,	LLC	and	the	sale	of	a business,	CTI	Towers.	In	2014,	proceeds	from	sales	of	businesses	and	investments	were	primarily	related	to	the	sale	of	our	investment	in	Arris	Group and	the	sale	of	equity	securities	following	the	settlement	of	certain	of	our	prepaid	forward	sale	agreements.	In	2013,	proceeds	from	sales	of	businesses and	investments	were	primarily	related	to	the	redemption	of	our	Liberty	Media	Series	A	common	stock	by	Liberty	Media	Corporation	and	the	sale	of	our investment	in	Clearwire.

# Purchases	of	Investments

Our	purchases	of	investments	in	2015	were	primarily	related	to	NBCUniversal's	investments	in	Vox	Media,	Inc.	and	BuzzFeed,	Inc.	Our	purchases	of investments	in	2014	were	not	significant.	In	2013,	our	purchases	of	investments	were	primarily	related	to	equity	securities	that	were	held	as	collateral	for our	prepaid	forward	sale	agreements.

# Financing	Activities

Net	cash	used	in	financing	activities	consisted	primarily	of	repurchases	of	our	common	stock,	repayments	of	debt	and	dividend	payments,	which	were partially	offset	by	proceeds	from	new	borrowings.	Proceeds	from	borrowings	fluctuate	from	year	to	year	based	on	the	amounts	paid	to	fund	acquisitions and	debt	repayments.

We	have	made,	and	may	from	time	to	time	in	the	future	make,	optional	repayments	on	our	debt	obligations,	which	may	include	repurchases	of	our outstanding	public	notes	and	debentures,	depending	on	various	factors,	such	as	market	conditions.	See	Note	10	to	Comcast's	consolidated	financial statements	for	additional	information	on	our	financing	activities,	including	details	of	our	debt	repayments	and	borrowings.

# Share	Repurchases	and	Dividends

In	2015,	we	repurchased	a	total	of	116	million	shares	of	our	Class	A	Special	and	Class	A	common	stock	for	$6.75	billion.	Effective	January	1,	2016,	our Board	of	Directors	increased	our	share	repurchase	program	authorization	to	a	total	of	$10	billion,	which	does	not	have	an	expiration	date.	Under	the authorization,	we	may	repurchase	shares	in	the	open	market	or	in	private	transactions.	We	expect	to	repurchase	$5	billion	of	our	Class	A	common	stock during	2016,	subject	to	market	conditions.

Our	Board	of	Directors	declared	quarterly	dividends	totaling	$2.5	billion	in	2015.	We	paid	dividends	of	$2.4	billion	in	2015.	In	January	2016,	our	Board	of Directors	approved	an	10.0%	increase	in	our	dividend	to	$1.10	per	share	on	an	annualized	basis	and	approved	our	first	quarter	dividend	of	$0.275	per share	to	be	paid	in	April	2016.	We	expect	to	continue	to	pay	quarterly	dividends,	although	each	dividend	is	subject	to	approval	by	our	Board	of	Directors.

The	table	below	sets	forth	information	on	our	share	repurchases	and	dividends	paid	in	2015,	2014	and	2013.

# Contractual	Obligations

|  |  | Payment	Due	by	Period | Payment	Due	by	Period |  |  |
| :--- | :--- | :--- | :--- | :--- | :--- |
| As\tof\tDecember\t31,\t2015\t(in\tmillions) | Total | Year\t1 | Years\t2-3 | Years\t4-5 | \t\t More\tthan\t5 |
| Debt\tobligations^(a) | \t $52,727\t\t\t\t $ | 3,597\t\t\t\t $ | 6,842\t\t\t\t $ | 8,482\t\t\t\t $ | 33,806 |
| Capital\tlease\tobligations | 156 | 30 | 47 | 39 | 40 |
| Operating\tlease\tobligations | 3,459 | 452 | 782 | 608 | 1,617 |
| Purchase\tobligations^(b) | 53,644 | 10,848 | 10,080 | 8,537 | 24,179 |
| Other\tlong-term\tliabilities\treflected\ton\tthe\tbalance\tsheet^(c) | 6,280 | 590 | 1,245 | 2,390 | 2,055 |
| Total^(d)(e) | \t $\t116,266\t\t\t\t $\t15,517\t\t\t\t $\t18,996\t\t\t\t $\t20,056\t\t\t\t $ \t61,697 | \t $\t116,266\t\t\t\t $\t15,517\t\t\t\t $\t18,996\t\t\t\t $\t20,056\t\t\t\t $ \t61,697 | \t $\t116,266\t\t\t\t $\t15,517\t\t\t\t $\t18,996\t\t\t\t $\t20,056\t\t\t\t $ \t61,697 | \t $\t116,266\t\t\t\t $\t15,517\t\t\t\t $\t18,996\t\t\t\t $\t20,056\t\t\t\t $ \t61,697 | \t $\t116,266\t\t\t\t $\t15,517\t\t\t\t $\t18,996\t\t\t\t $\t20,056\t\t\t\t $ \t61,697 |

Refer	to	Note	10	and	Note	17	to	Comcast's	consolidated	financial	statements.

(a) Excludes	interest	payments.

(b) Purchase	obligations	consist	of	agreements	to	purchase	goods	and	services	that	are	legally	binding	on	us	and	specify	all	significant	terms,	including	fixed	or	minimum	quantities	to	be	purchased and	price	provisions.	Our	purchase	obligations	related	to	our	Cable	Communications	segment	include	programming	contracts	with	cable	networks	and	local	broadcast	television	stations;	contracts with	customer	premise	equipment	manufacturers,	communications	vendors	and	multichannel	video	providers	for	which	we	provide	advertising	sales	representation;	and	other	contracts	entered into	in	the	normal	course	of	business.	Cable	Communications	programming	contracts	in	the	table	above	include	amounts	payable	under	fixed	or	minimum	guaranteed	commitments	and	do	not represent	the	total	fees	that	are	expected	to	be	paid	under	programming	contracts,	which	we	expect	to	be	significantly	higher	because	these	contracts	are	generally	based	on	the	number	of subscribers	receiving	the	programming.	Our	purchase	obligations	related	to	our	NBCUniversal	segments	consist	primarily	of	commitments	to	acquire	film	and	television	programming,	including U.S.	television	rights	to	future	Olympic	Games	through	2032,	Sunday	Night	Football	on	the	NBC	network	through	the	2022-23	season,	including	the	Super	Bowl	in	2018	and	2021,	NHL	games through	the	2020-21	season,	Spanish-language	U.S.	television	rights	to	FIFA	World	Cup	games	through	2022,	U.S	television	rights	to	English	Premier	League	soccer	games	through	the	2021-22 season,	certain	PGA	TOUR	and	other	golf	events	through	2030	and	certain	NASCAR	events	through	2024,	as	well	as	obligations	under	various	creative	talent	and	employment	agreements, including	obligations	to	actors,	producers,	television	personalities	and	executives,	and	various	other	television	commitments.	Purchase	obligations	do	not	include	contracts	with	immaterial	future commitments.

(c) Other	long-term	liabilities	reflected	on	the	balance	sheet	consist	primarily	of	subsidiary	preferred	shares;	deferred	compensation	obligations;	and	pension,	postretirement	and	postemployment benefit	obligations.	A	contractual	obligation	with	a	carrying	value	of	$1.1	billion	is	not	included	in	the	table	above	because	it	is	uncertain	if	the	arrangement	will	be	settled.	The	contractual obligation	involves	an	interest	held	by	a	third	party	in	the	revenue	of	certain	theme	parks.	The	arrangement	provides	the	counterparty	with	the	right	to	periodic	payments	associated	with	current period	revenue	and,	beginning	in	2017,	the	option	to	require	NBCUniversal	to	purchase	the	interest	for	cash	in	an	amount	based	on	a	contractually	specified	formula,	which	amount	could	be significantly	higher	than	our	current	carrying	value.	See	Note	11	to	Comcast's	consolidated	financial	statements	for	additional	information	related	to	this	arrangement.	Reserves	for	uncertain	tax positions	of	$1.1	billion	are	not	included	in	the	table	above	because	it	is	uncertain	if	and	when	these	reserves	will	become	payable.	Payments	of	$2.1	billion	of	participations	and	residuals	are	also not	included	in	the	table	above	because	we	cannot	make	a	reliable	estimate	of	the	period	in	which	these	obligations	will	be	settled.

(d) Our	contractual	obligations	do	not	include	the	commitment	to	invest	up	to	$4	billion	at	any	one	time	as	an	investor	in	Atairos	due	to	our	inability	to	estimate	the	timing	of	this	funding.	In	addition,	we do	not	include	any	future	expenditures	related	to	the	construction	and	development	of	the	proposed	Universal	Studios	theme	park	in	Beijing,	China	as	we	are	not	currently	obligated	to	make	such funding.

(e) Total	contractual	obligations	are	made	up	of	the	following	components.

# Off-Balance	Sheet	Arrangements

As	of	December	31,	2015,	we	did	not	have	any	material	off-balance	sheet	arrangements	that	are	reasonably	likely	to	have	a	current	or	future	effect	on	our financial	condition,	results	of	operations,	liquidity,	capital	expenditures	or	capital	resources.

# Recent	Accounting	Pronouncements

See	 Note	 3	 to	 each	 of	 Comcast's	 and	 NBCUniversal's	 consolidated financial	 statements for	 additional information related to recent	 accounting pronouncements.

# Critical	Accounting	Judgments	and	Estimates

The	preparation	of	our	consolidated	financial	statements	requires	us	to	make	estimates	that	affect	the	reported	amounts	of	assets,	liabilities,	revenue	and expenses,	and	the	related	disclosure	of	contingent	assets	and	contingent	liabilities.	We	base	our	judgments	on	our	historical	experience	and	on	various other	assumptions	that	we	believe	are	reasonable	under	the	circumstances,	the	results	of	which	form	the	basis	for	making	estimates	about	the	carrying value	of	assets	and	liabilities	that	are	not	readily	apparent	from	other	sources.	Actual	results	may	differ	from	these	estimates	under	different	assumptions or	conditions.

We	believe	our	judgments	and	related	estimates	associated	with	the	valuation	and	impairment	testing	of	our	cable	franchise	rights	and	the	accounting	for film	 and	 television	 costs	 are	 critical	 in	 the	 preparation	 of	 our	 consolidated	 financial	 statements.	 Management	 has	 discussed	 the	 development	 and selection	of	these	critical	accounting	judgments	and	estimates	with	the	Audit	Committee	of	our	Board	of	Directors,	and	the	Audit	Committee	has	reviewed our	disclosures	relating	to	them,	which	are	presented	below.	See	Notes	9	and	6	to	Comcast's	consolidated	financial	statements	for	a	discussion	of	our accounting	policies	with	respect	to	these	items.

# Valuation	and	Impairment	Testing	of	Cable	Franchise	Rights

Our	largest	asset,	our	cable	franchise	rights,	results	from	agreements	we	have	with	state	and	local	governments	that	allow	us	to	construct	and	operate	a cable	business	within	a	specified	geographic	area.	The	value	of	a	franchise	is	derived	from	the	economic	benefits	we	receive	from	the	right	to	solicit	new customers	and	to	market	new	services,	such	as	advanced	video	services	and	high-speed	Internet	and	voice	services,	in	a	particular	service	area.	The amounts	we	record	for	cable	franchise	rights	are	primarily	a	result	of	cable	system	acquisitions.	Typically	when	we	acquire	a	cable	system,	the	most significant	asset	we	record	is	the	value	of	the	cable	franchise	rights.	Often	these	cable	system	acquisitions	include	multiple	franchise	areas.	We	currently serve	approximately	6,400	franchise	areas	in	the	United	States.

We	have	concluded	that	our	cable	franchise	rights	have	an	indefinite	useful	life	since	there	are	no	legal,	regulatory,	contractual,	competitive,	economic	or other	factors	which	limit	the	period	over	which	these	rights	will	contribute	to	our	cash	flows.	Accordingly,	we	do	not	amortize	our	cable	franchise	rights	but assess	the	carrying	value	of	our	cable	franchise	rights	annually,	or	more	frequently	whenever	events	or	changes	in	circumstances	indicate	that	the carrying	amount	may	exceed	the	fair	value	("impairment	testing").

For	 the	 purpose	 of	 our	 impairment	 testing,	 we	 have	 grouped	 the	 recorded	 values	 of	 our	 various	 cable	 franchise	 rights	 into	 our	 three	 Cable Communications	 divisions	 or	 units	 of	 account.	 We	 evaluate	 the	 unit	 of	 account	 periodically	 to	 ensure	 our	 impairment	 testing	 is	 performed	 at	 an appropriate	level.

The	annual	impairment	test	for	indefinite-lived	intangibles	allows	for	the	option	to	first	assess	qualitative	factors	to	determine	whether	it	is	more	likely	than not	that	the	fair	value	of	an	indefinite-lived	intangible	is	less	than	its	carrying	amount.	An	entity	may	choose	to	perform	the	qualitative	assessment	or	an entity	may	bypass	the	qualitative	assessment	and	proceed	directly	to	the	quantitative	impairment	test.	If	it	is	determined,	on	the	basis	of	qualitative factors,	that	the	fair	value	of	the	indefinite-lived	intangible	is,	more	likely	than	not,	less	than	its	carrying	value,	the	quantitative	impairment	test	is	required. When	performing	a	quantitative	assessment,	we	estimate	the	fair	value	of	our	cable	franchise	rights	primarily	based	on	a	discounted	cash	flow	analysis that	 involves	significant	 judgment.	When	analyzing	 the	 fair	values	 indicated	under	 the	discounted	cash	 flow	models,	we	also	consider	multiples	of operating	income	before	depreciation	and	amortization	generated	by	the	underlying	assets,	current	market	transactions	and	profitability	information.

In	2015,	we	performed	a	qualitative	assessment	of	our	cable	franchise	rights.	We	considered	various	factors	that	would	affect	the	estimated	fair	values	of our	cable	franchise	rights,	including	changes	in	our	projected	future	cash	flows	associated	with	our	Cable	Communications	segment;	market	transactions and	macroeconomic	conditions;	and	also	the	8%	increase	in	our	market	capitalization	since	we	performed	our	2014	quantitative	assessment.	In	addition, we	considered	the	results	of	our	2014	quantitative	assessment,	in	which	the	estimated	fair	values	of	our	franchise	rights	exceeded	the	carrying	value	in our	three	Cable	Communications	Divisions	by	26%,	42%	and	50%,	respectively.	We	also	compared	our	weighted-average	cost	of	capital	in	2015	to	that used	in	our	2014	quantitative	assessment	and	it	had	remained	relatively	consistent.	Based	on	our	2015	qualitative	assessment,	we	concluded	that	it	was more	likely	than	not	that	the	estimated	fair	values	of	our	franchise	rights	were	higher	than	our	carrying	values	and	that	the	performance	of	a	quantitative impairment	test	was	not	required.

Since	the	adoption	of	the	accounting	guidance	related	to	goodwill	and	intangible	assets	in	2002,	we	have	not	recorded	any	significant	impairment	charges to	cable	franchise	rights	as	a	result	of	our	impairment	testing.	A	future	change	in	the	unit	of	account	could	result	in	the	recognition	of	an	impairment charge.

We	could	also	record	impairment	charges	in	the	future	if	there	are	changes	in	long-term	market	conditions,	in	expected	future	operating	results,	or	in federal	or	state	regulations	 that	prevent	us	 from	recovering	 the	carrying	value	of	 these	cable	 franchise	rights.	Assumptions	made	about	 increased competition	and	economic	conditions	could	also	impact	the	results	of	any	qualitative	assessment	and	the	valuations	used	in	future	annual	quantitative impairment	testing	and	result	in	a	reduction	in	the	fair	values	of	our	cable	franchise	rights.

# Film	and	Television	Costs

We	capitalize	film	and	television	production	costs,	including	direct	costs,	production	overhead,	print	costs,	development	costs	and	interest.	We	amortize capitalized	film	and	television	production	costs,	including	acquired	libraries,	and	accrue	costs	associated	with	participation	and	residual	payments	to programming	and	production	expenses.	We	generally	record	 the	amortization	and	 the	accrued	costs	using	 the	 individual	 film	 forecast	computation method,	which	amortizes	such	costs	using	the	ratio	of	the	current	period's	revenue	to	estimated	total	remaining	gross	revenue	from	all	sources	("ultimate revenue").	Estimates	of	ultimate	revenue	have	a	significant	impact	on	how	quickly	capitalized	costs	are	amortized	and,	therefore,	are	updated	regularly.

Our	estimates	of	ultimate	revenue	for	films	generally	include	revenue	from	all	sources	that	are	expected	to	be	earned	within	10	years	from	the	date	of	a film's	initial	release.	These	estimates	are	based	on	the	historical	performance	of	similar	content,	as	well	as	factors	unique	to	the	content	itself.	The	most sensitive	factor	affecting	our	estimate	of	ultimate	revenue	for	a	film	intended	for	theatrical	release	is	the	film's	theatrical

performance,	as	subsequent	revenue	from	the	licensing	and	sale	of	a	film	has	historically	exhibited	a	high	correlation	to	its	theatrical	performance.	Upon a	film's	release,	our	estimates	of	revenue	from	succeeding	markets,	including	home	entertainment	and	other	distribution	platforms,	are	revised	based	on historical	relationships	and	an	analysis	of	current	market	trends.

With	respect	to	television	series	or	other	owned	television	programming,	the	most	sensitive	factor	affecting	our	estimate	of	ultimate	revenue	is	whether the	series	can	be	successfully	licensed	beyond	its	initial	license.	Initial	estimates	of	ultimate	revenue	are	limited	to	the	amount	of	revenue	contracted	for each	 episode	 under	 the	 initial	 license.	 Once	 it	 is	 determined	 that	 a	 television	 series	 or	 other	 owned	 television	 programming	 can	 be	 licensed	 for subsequent	platforms,	revenue	estimates	for	these	platforms,	such	as	U.S.	and	international	syndication,	home	entertainment,	and	other	distribution platforms,	are	included	in	ultimate	revenue.	Revenue	estimates	for	produced	episodes	include	revenue	expected	to	be	earned	within	10	years	of	delivery of	the	initial	episode	or,	if	still	in	production,	5	years	from	the	delivery	of	the	most	recent	episode,	if	later.

We	capitalize	the	costs	of	programming	content	that	we	license	but	do	not	own,	including	rights	to	multiyear,	live-event	sports	programming,	at	the	earlier of	when	payments	are	made	for	the	programming	or	when	the	license	period	begins	and	the	content	is	available	for	use.	We	amortize	capitalized programming	costs	as	the	associated	programs	are	broadcast.	We	amortize	multiyear,	live-event	sports	programming	rights	using	the	ratio	of	the	current period	revenue	to	the	estimated	ultimate	revenue	or	under	the	terms	of	the	contract.

Capitalized	 film	 and	 television	 costs,	 as	 well	 as	 stage	 play	 production	 costs,	 are	 subject	 to	 impairment	 testing	 when	 certain	 triggering	 events	 are identified.	 If	 the	 fair	 value	 of	 a	 production	 were	 to	 fall	 below	 its	 unamortized	 cost,	 we	 would	 record	 an	 adjustment	 for	 the	 amount	 by	 which	 the unamortized	capitalized	costs	exceed	the	production's	fair	value.	The	fair	value	assessment	is	generally	based	on	estimated	future	discounted	cash flows,	which	are	supported	by	our	internal	forecasts.	Adjustments	to	capitalized	film	and	stage	play	production	costs	of	$42	million,	$26	million	and	$167 million	were	recorded	in	2015,	2014	and	2013,	respectively.

# Item	7A:	Quantitative	and	Qualitative	Disclosures	About	Market	Risk

# Interest	Rate	Risk	Management

We	maintain	a	mix	of	fixed-rate	and	variable-rate	debt	and	we	are	exposed	to	the	market	risk	of	adverse	changes	in	interest	rates.	In	order	to	manage	the cost	and	volatility	relating	to	the	interest	cost	of	our	outstanding	debt,	we	enter	into	various	interest	rate	risk	management	derivative	transactions	in accordance	with	our	policies.

We	monitor	our	exposure	to	the	risk	of	adverse	changes	in	interest	rates	through	the	use	of	techniques	that	include	market	value	and	sensitivity	analyses. We	do	not	engage	in	any	speculative	or	leveraged	derivative	transactions.

Our	interest	rate	derivative	financial	instruments,	which	may	include	swaps,	rate	locks,	caps	and	collars,	represent	an	integral	part	of	our	interest	rate	risk management	program.	Comcast's	interest	rate	derivative	financial	instruments	reduced	the	portion	of	Comcast's	total	consolidated	debt	at	fixed	rates	as of	December	31,	2015	to	84.5%	from	89.2%.	NBCUniversal's	interest	rate	derivative	financial	instruments	reduced	the	portion	of	NBCUniversal's	total consolidated	debt	at	fixed	rates	as	of	December	31,	2015	to	71.5%	from	73.9%.

In	2015,	2014	and	2013,	the	effect	of	our	interest	rate	derivative	financial	instruments	was	to	decrease	Comcast's	consolidated	interest	expense	by	$62 million,	 $66	 million	 and	 $98	 million,	 respectively.	 The	 effect	 of	 NBCUniversal's	 interest	 rate	 derivative	 financial	 instruments	 was	 not	 material	 to NBCUniversal's	consolidated	financial	statements	for	all	periods	presented.	Interest	rate	derivative	financial	instruments	may	have	a	significant	effect	on Comcast's	interest	expense	in	the	future.

The	table	below	summarizes	as	of	December	31,	2015	the	principal	cash	flows,	notional	amounts,	fair	values	and	contract	terms	of	financial	instruments by	contractual	year	of	maturity	subject	to	interest	rate	risk	maintained	by	us.

| (in	millions) | 2016 | 2017 | 2018 | 2019 | 2020 | Thereafter | Total | 2015 |
| :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- |
| Debt |  |  |  |  |  |  |  |  |
| Fixed\trate | \t $\t1,801 | \t $\t2,587 | \t $\t3,329 | \t $\t2,224 | \t $\t3,419 | \t $\t33,846 | \t $\t47,206 | \t $\t52,336 |
| Average\tinterest\trate | 3.9% | 6.9% | 4.4% | 3.2% | 5.1% | 5.2% | 5.1% |  |
| Variable\trate | \t $ 1,826 | \t $108 | \t $865 | \t $221 | \t $ 2,657 | \t $— | \t $5,677 | \t $5,678 |
| Average\tinterest\trate | 1.7% | 3.0% | 2.9% | 3.0% | 2.7% | 0.0% | 2.4% |  |
| Interest\tRate\tInstruments |  |  |  |  |  |  |  |  |
| Fixed\tto\tvariable\tswaps | \t $300 | \t $400 | \t $ 1,600 | \t $200 | \t $—\t\t \t $— | \t $—\t\t \t $— | \t $2,500 | \t $64 |
| Average\tpay\trate | 0.9% | 6.0% | 4.4% | 5.0% | 0.0% | 0.0% | 3.6% |  |
| Average\treceive\trate | 2.9% | 6.3% | 5.8% | 5.7% | 0.0% | 0.0% | 5.5% |  |

The	estimated	fair	value	of	our	interest	rate	swaps	in	the	table	above	includes	$3	million	associated	with	interest	rate	swaps	held	by	NBCUniversal.

We	use	the	notional	amount	of	each	interest	rate	derivative	financial	instrument	to	calculate	the	interest	to	be	paid	or	received.	The	notional	amounts	do not	represent	our	exposure	to	credit	loss.	The	estimated	fair	value	approximates	the	amount	of	payments	to	be	made	or	proceeds	to	be	received	to	settle the	outstanding	contracts,	including	accrued	interest.	We	estimate	interest	rates	on	variable	rate	debt	and	swaps	using	the

relevant	average	 implied	 forward	rates through the	year	of	maturity	based	on the	yield	curve in	effect	on	December	31,	2015,	plus the	applicable borrowing	margin	on	December	31,	2015.

See	 Note	 2	 to	 each	 of	 Comcast's	 and	 NBCUniversal's	 consolidated financial	 statements for	 additional information	 on	 our	 accounting	 policies for derivative	financial	instruments.

# Foreign	Exchange	Risk	Management

NBCUniversal	has	significant	operations	in	a	number	of	countries	outside	the	United	States,	and	certain	of	NBCUniversal's	operations	are	conducted	in foreign	currencies.	The	value	of	these	currencies	fluctuates	relative	to	the	U.S.	dollar.	These	changes	could	adversely	affect	the	U.S.	dollar	value	of	our non-U.S.	dollar	revenue	and	operating	costs	and	expenses	and	reduce	international	demand	for	our	content,	all	of	which	could	negatively	affect	our business,	financial	condition	and	results	of	operations	in	a	given	period	or	in	specific	territories.

As	part	of	our	overall	strategy	to	manage	the	level	of	exposure	to	the	risk	of	foreign	exchange	rate	fluctuations,	NBCUniversal	enters	into	derivative financial	instruments	related	to	a	significant	portion	of	its	foreign	currency	exposure,	resulting	from	transactions	denominated	in	other	than	the	functional currency.	NBCUniversal	enters	into	foreign	currency	forward	contracts	that	change	in	value	as	foreign	exchange	rates	change	to	protect	the	U.S.	dollar equivalent	value	of	its	foreign	currency	assets,	liabilities,	commitments,	and	forecasted	foreign	currency	revenue	and	expenses.	In	accordance	with	our policy,	 NBCUniversal	 hedges	 forecasted	 foreign	 currency	 transactions	 for	 periods	 generally	 not	 to	 exceed	 18	 months.	 In	 certain	 circumstances, NBCUniversal	enters	into	foreign	exchange	contracts	with	initial	maturities	in	excess	of	18	months.	As	of	December	31,	2015	and	2014,	NBCUniversal had	foreign	exchange	contracts	with	a	total	notional	value	of	$998	million	and	$890	million,	respectively.	As	of	December	31,	2015	and	2014,	the aggregate	estimated	fair	value	of	these	foreign	exchange	contracts	was	not	material.

We	have	analyzed	our	foreign	currency	exposure	related	to	NBCUniversal's	operations	as	of	December	31,	2015,	including	our	hedging	contracts,	to identify	assets	and	liabilities	denominated	in	a	currency	other	than	their	functional	currency.	For	those	assets	and	liabilities,	we	then	evaluated	the	effect of	a	10%	shift	in	currency	exchange	rates	between	the	functional	currency	and	the	U.S.	dollar.	Our	analysis	of	such	a	shift	in	exchange	rates	indicated that	there	would	be	an	immaterial	effect	on	our	2015	income.	In	addition,	the	impact	of	fluctuations	in	currencies	relative	to	the	U.S.	dollar	for	our	non- U.S.	dollar	functional	currency	operations	did	not	have	a	material	impact	on	our	financial	condition	or	results	of	operations	in	2015.

Comcast	is	also	exposed	to	the	market	risks	associated	with	fluctuations	in	foreign	exchange	rates	as	they	relate	to	its	foreign	currency	denominated	debt obligations.	We	use	cross-currency	swaps	for	foreign	currency	denominated	debt	obligations,	when	those	obligations	are	denominated	in	other	than	the functional	currency.	Cross-currency	swaps	effectively	convert	fixed-rate	foreign	currency	denominated	debt	to	fixed-rate	U.S.	dollar	denominated	debt,	in order	to	hedge	the	risk	that	the	cash	flows	related	to	annual	interest	payments	and	the	payment	of	principal	at	maturity	may	be	adversely	affected	by fluctuations	in	currency	exchange	rates.	The	gains	and	losses	on	the	cross-currency	swaps	offset	changes	in	the	U.S.	dollar	equivalent	value	of	the related	exposures.	As	of	December	31,	2015	and	2014,	the	fair	value	of	our	cross-currency	swaps	on	our	£625	million	principal	amount	of	5.50%	senior notes	due	2029	was	a	liability	of	$71	million	and	an	asset	of	$37	million,	respectively.

# Counterparty	Credit	Risk	Management

Comcast	and	NBCUniversal	manage	the	credit	risks	associated	with	our	derivative	financial	instruments	through	diversification	and	the	evaluation	and monitoring	of	the	creditworthiness	of	counterparties.	Although	we	may	be	exposed	to	losses	in	the	event	of	nonperformance	by	counterparties,	we	do	not expect	such

losses,	if	any,	to	be	significant.	Comcast	has	agreements	with	certain	counterparties	that	include	collateral	provisions.	These	provisions	require	a	party with	an	aggregate	unrealized	loss	position	in	excess	of	certain	thresholds	to	post	cash	collateral	for	the	amount	in	excess	of	the	threshold.	The	threshold levels	in	our	collateral	agreements	are	based	on	our	and	the	counterparty's	credit	ratings.	As	of	December	31,	2015	and	2014,	Comcast	was	not	required to	post	collateral	under	the	terms	of	these	agreements.	As	of	December	31,	2015,	we	did	not	hold	any	collateral	under	the	terms	of	these	agreements.

# Item	8:	Comcast	Corporation	Financial	Statements	and	Supplementary	Data

| Index | Page |
| :--- | :--- |
| Report\tof\tManagement | 74 |
| Report\tof\tIndependent\tRegistered\tPublic\tAccounting\tFirm | 75 |
| Consolidated\tBalance\tSheet | 76 |
| Consolidated\tStatement\tof\tIncome | 77 |
| Consolidated\tStatement\tof\tComprehensive\tIncome | 78 |
| Consolidated\tStatement\tof\tCash\tFlows | 79 |
| Consolidated\tStatement\tof\tChanges\tin\tEquity | 80 |
| Notes\tto\tConsolidated\tFinancial\tStatements | 81 |

See	Index	to	NBCUniversal	Media,	LLC	Financial	Statements	and	Supplemental	Data	on	page	143.

# Report	of	Management

# Management's	Report	on	Comcast's	Financial	Statements

Our	 management	 is	 responsible	 for	 the	 preparation,	 integrity	 and	 fair	 presentation	 of	 information	 in	 Comcast's	 consolidated	 financial	 statements, including	estimates	and	judgments.	The	consolidated	financial	statements	presented	in	this	report	have	been	prepared	in	accordance	with	accounting principles	 generally	 accepted	 in	 the	 United	 States.	 Our	 management	 believes	 the	 Comcast	 consolidated	 financial	 statements	 and	 other	 financial information	included	in	this	report	fairly	present,	in	all	material	respects,	Comcast's	financial	condition,	results	of	operations	and	cash	flows	as	of	and	for the	periods	presented	in	this	report.	The	Comcast	consolidated	financial	statements	have	been	audited	by	Deloitte	&	Touche	LLP,	an	independent registered	public	accounting	firm,	as	stated	in	their	report,	which	is	included	herein.

# Management's	Report	on	Comcast's	Internal	Control	Over	Financial	Reporting

Our	management	is	responsible	for	establishing	and	maintaining	an	adequate	system	of	internal	control	over	financial	reporting.	Our	system	of	internal control	over	financial	reporting	is	designed	to	provide	reasonable	assurance	regarding	the	reliability	of	financial	reporting	and	the	preparation	of	financial statements	for	external	purposes	in	accordance	with	accounting	principles	generally	accepted	in	the	United	States.

Our	internal	control	over	financial	reporting	includes	those	policies	and	procedures	that:

•	 Pertain	 to	 the	 maintenance	 of records that, in reasonable	 detail,	 accurately	 and fairly reflect	 our transactions	 and dispositions	of	our	assets.

•	 Provide	 reasonable	 assurance	 that	 our	 transactions	 are	 recorded	 as	 necessary	 to	 permit	 preparation	 of	 our	 financial statements	in	accordance	with	accounting	principles	generally	accepted	in	the	United	States,	and	that	our	receipts	and expenditures	are	being	made	only	in	accordance	with	authorizations	of	our	management	and	our	directors.

•	 Provide	reasonable	assurance	regarding	prevention	or	timely	detection	of	unauthorized	acquisition,	use	or	disposition	of our	assets	that	could	have	a	material	effect	on	the	financial	statements.

Because	of	its	inherent	limitations,	a	system	of	internal	control	over	financial	reporting	can	provide	only	reasonable	assurance	and	may	not	prevent	or detect	misstatements.	Further,	because	of	changes	in	conditions,	effectiveness	of	internal	control	over	financial	reporting	may	vary	over	time.	Our	system contains	self-monitoring	mechanisms,	and	actions	are	taken	to	correct	deficiencies	as	they	are	identified.

Our	management	conducted	an	evaluation	of	the	effectiveness	of	the	system	of	internal	control	over	financial	reporting	based	on	the	framework	in Internal	Control	—	Integrated	Framework	(2013)	issued	by	the	Committee	of	Sponsoring	Organizations	of	the	Treadway	Commission.	Based	on	this evaluation,	our	management	concluded	that	Comcast's	system	of	internal	control	over	financial	reporting	was	effective	as	of	December	31,	2015.	Our assessment	of	the	effectiveness	of	internal	control	over	financial	reporting	as	of	December	31,	2015	did	not	include	the	internal	controls	of	the	Universal Studios	 Japan	 theme	 park,	 in	 which	 NBCUniversal	 acquired	 a	 51%	 interest	 on	 November	 13,	 2015,	 as	 permitted	 by	 Securities	 and	 Exchange Commission	guidelines	that	allow	companies	to	exclude	certain	acquisitions	from	their	assessment	of	internal	control	over	financial	reporting	during	the first	year	of	an	acquisition.	The	total	assets	and	total	revenues	of	Universal	Studios	Japan	represented	approximately	4%	of	our	total	assets	as	of December	31,	2015,	and	less	than	1%	of	our	total	revenues	for	the	year	ended	December	31,	2015.	The	effectiveness	of	Comcast's	internal	controls	over financial	reporting	of	Comcast	has	been	audited	by	Deloitte	&	Touche	LLP,	an	independent	registered	public	accounting	firm,	as	stated	in	their	report, which	is	included	herein.

# Audit	Committee	Oversight

The	Audit	Committee	of	the	Board	of	Directors,	which	is	comprised	solely	of	independent	directors,	has	oversight	responsibility	for	our	financial	reporting process	and	the	audits	of	Comcast's	consolidated	financial	statements	and	internal	control	over	financial	reporting.	The	Audit	Committee	meets	regularly with	management	and	with	our	internal	auditors	and	independent	registered	public	accounting	firm	(collectively,	the	"auditors")	to	review	matters	related	to the	quality	and	integrity	of	our	financial	reporting,	internal	control	over	financial	reporting	(including	compliance	matters	related	to	our	Code	of	Conduct), and	the	nature,	extent,	and	results	of	internal	and	external	audits.	Our	auditors	have	full	and	free	access	and	report	directly	to	the	Audit	Committee.	The Audit	Committee	recommended,	and	the	Board	of	Directors	approved,	that	the	Comcast	audited	consolidated	financial	statements	be	included	in	this Form	10-K.

Brian	L.	Roberts

Chairman	and

Chief	Executive	Officer

	 Michael	J.	Cavanagh Senior	Executive	Vice	President	and Chief	Financial	Officer

Lawrence	J.	Salva Executive	Vice	President and	Chief	Accounting	Officer

# Report	of	Independent	Registered	Public	Accounting	Firm

# To	the	Board	of	Directors	and	Stockholders	of

# Philadelphia,	Pennsylvania

We	have	audited	the	accompanying	consolidated	balance	sheets	of	Comcast	Corporation	and	subsidiaries	(the	"Company")	as	of	December	31,	2015 and	2014,	and	the	related	consolidated	statements	of	income,	comprehensive	income,	cash	flows	and	changes	in	equity	for	each	of	the	three	years	in the	period	ended	December	31,	2015.	We	also	have	audited	the	Company's	internal	control	over	financial	reporting	as	of	December	31,	2015,	based	on criteria	 established in	Internal	 Control	 — Integrated	 Framework (2013) issued	 by	 the	 Committee	 of	 Sponsoring	 Organizations	 of	 the	 Treadway Commission.	As	described	in	the	Report	of	Management	on	Internal	Control	over	Financial	Reporting,	management	excluded	from	its	assessment	the internal	control	over	financial	reporting	at	the	Universal	Studios	Japan	theme	park,	acquired	on	November	13,	2015	and	whose	financial	statements constitute	approximately	4%	of	 total	assets	as	of	December	31,	2015	and	 less	 than	1%	of	 total	revenue	 for	 the	year	ended	December	31,	2015. Accordingly,	our	audit	did	not	include	the	internal	control	over	financial	reporting	at	Universal	Studios	Japan	theme	park.	The	Company's	management	is responsible	for	these	financial	statements,	for	maintaining	effective	internal	control	over	financial	reporting,	and	for	its	assessment	of	the	effectiveness	of internal	control	over	financial	reporting,	included	in	the	accompanying	Management's	Report	on	Comcast's	Internal	Control	Over	Financial	Reporting . Our	responsibility	is	to	express	an	opinion	on	these	financial	statements	and	an	opinion	on	the	Company's	internal	control	over	financial	reporting	based on	our	audits.

We	conducted	our	audits	in	accordance	with	the	standards	of	the	Public	Company	Accounting	Oversight	Board	(United	States).	Those	standards	require that	we	plan	and	perform	the	audit	to	obtain	reasonable	assurance	about	whether	the	financial	statements	are	free	of	material	misstatement	and	whether effective	internal	control	over	financial	reporting	was	maintained	in	all	material	respects.	Our	audits	of	the	financial	statements	included	examining,	on	a test	 basis,	 evidence	 supporting	 the	 amounts	 and	 disclosures	 in	 the	 financial	 statements,	 assessing	 the	 accounting	 principles	 used	 and	 significant estimates	 made	 by	 management,	 and	 evaluating	 the	 overall	 financial	 statement	 presentation.	 Our	 audit	 of	 internal	 control	 over	 financial	 reporting included	obtaining	an	understanding	of	internal	control	over	financial	reporting,	assessing	the	risk	that	a	material	weakness	exists,	and	testing	and evaluating	 the	 design	 and	 operating	 effectiveness	 of	 internal	 control	 based	 on	 the	 assessed	 risk.	 Our	 audits	 also	 included	 performing	 such	 other procedures	as	we	considered	necessary	in	the	circumstances.	We	believe	that	our	audits	provide	a	reasonable	basis	for	our	opinions.

A	company's	 internal	control	over	 financial	reporting	 is	a	process	designed	by,	or	under	 the	supervision	of,	 the	company's	principal	executive	and principal	financial	officers,	or	persons	performing	similar	functions,	and	effected	by	the	company's	board	of	directors,	management,	and	other	personnel to	 provide	 reasonable	 assurance	 regarding	 the	 reliability	 of	 financial	 reporting	 and	 the	 preparation	 of	 financial	 statements	 for	 external	 purposes	 in accordance	with	generally	accepted	accounting	principles.	A	company's	internal	control	over	financial	reporting	includes	those	policies	and	procedures that	(1)	pertain	to	the	maintenance	of	records	that,	in	reasonable	detail,	accurately	and	fairly	reflect	the	transactions	and	dispositions	of	the	assets	of	the company;	(2)	provide	reasonable	assurance	that	transactions	are	recorded	as	necessary	to	permit	preparation	of	financial	statements	in	accordance	with generally	accepted	accounting	principles,	and	that	receipts	and	expenditures	of	the	company	are	being	made	only	in	accordance	with	authorizations	of management	and	directors	of	the	company;	and	(3)	provide	reasonable	assurance	regarding	prevention	or	timely	detection	of	unauthorized	acquisition, use,	or	disposition	of	the	company's	assets	that	could	have	a	material	effect	on	the	financial	statements.

Because	of	the	inherent	limitations	of	internal	control	over	financial	reporting,	including	the	possibility	of	collusion	or	improper	management	override	of controls,	material	misstatements	due	to	error	or	fraud	may	not	be	prevented	or	detected	on	a	timely	basis.	Also,	projections	of	any	evaluation	of	the effectiveness	of	the	internal	control	over	financial	reporting	to	future	periods	are	subject	to	the	risk	that	the	controls	may	become	inadequate	because	of changes	in	conditions,	or	that	the	degree	of	compliance	with	the	policies	or	procedures	may	deteriorate.

In	 our	 opinion,	 the	 consolidated	 financial	 statements	 referred	 to	 above	 present	 fairly,	 in	 all	 material	 respects,	 the	 financial	 position	 of	 Comcast Corporation	and	subsidiaries	as	of	December	31,	2015	and	2014,	and	the	results	of	their	operations	and	their	cash	flows	for	each	of	the	three	years	in	the period	ended	December	31,	2015,	in	conformity	with	accounting	principles	generally	accepted	in	the	United	States	of	America.	Also,	in	our	opinion,	the Company	 maintained,	 in	 all	 material	 respects,	 effective	 internal	 control	 over	 financial	 reporting	 as	 of	 December	 31,	 2015,	 based	 on	 the	 criteria established	in	Internal	Control	—	Integrated	Framework	(2013)	issued	by	the	Committee	of	Sponsoring	Organizations	of	the	Treadway	Commission .

/s/	Deloitte	&	Touche	LLP

# Consolidated	Balance	Sheet

| December	31	(in	millions,	except	share	data) | 2015 | 2014 |
| :--- | :--- | :--- |
| Assets |  |  |
| Current\tAssets: |  |  |
| Cash\tand\tcash\tequivalents | $2,295 | $3,910 |
| Investments | 106 | 602 |
| Receivables,\tnet | 6,896 | 6,321 |
| Programming\trights | 1,213 | 839 |
| Other\tcurrent\tassets | 1,793 | 1,859 |
| Total\tcurrent\tassets | 12,303 | 13,531 |
| Film\tand\ttelevision\tcosts | 5,855 | 5,727 |
| Investments | 3,224 | 3,135 |
| Property\tand\tequipment,\tnet | 33,665 | 30,953 |
| Franchise\trights | 59,364 | 59,364 |
| Goodwill | 32,945 | 27,316 |
| Other\tintangible\tassets,\tnet | 16,946 | 16,980 |
| Other\tnoncurrent\tassets,\tnet | 2,272 | 2,180 |
| Total\tassets | $\t166,574 | $\t159,186 |
| Liabilities\tand\tEquity |  |  |
| Current\tLiabilities: |  |  |
| Accounts\tpayable\tand\taccrued\texpenses\trelated\tto\ttrade\tcreditors | $6,215 | $5,638 |
| Accrued\tparticipations\tand\tresiduals | 1,572 | 1,347 |
| Deferred\trevenue | 1,302 | 915 |
| Accrued\texpenses\tand\tother\tcurrent\tliabilities | 5,462 | 5,293 |
| Current\tportion\tof\tlong-term\tdebt | 3,627 | 4,217 |
| Total\tcurrent\tliabilities | 18,178 | 17,410 |
| Long-term\tdebt,\tless\tcurrent\tportion | 48,994 | 43,864 |
| Deferred\tincome\ttaxes | 33,566 | 32,959 |
| Other\tnoncurrent\tliabilities | 10,637 | 10,819 |
| Commitments\tand\tcontingencies\t(Note\t17) |  |  |
| Redeemable\tnoncontrolling\tinterests\tand\tredeemable\tsubsidiary\tpreferred\tstock | 1,221 | 1,066 |
| Equity: |  |  |
| Preferred\tstock—authorized,\t20,000,000\tshares;\tissued,\tzero | — | — |
| outstanding,\t2,432,953,988\tand\t2,131,137,862 | 29 | 25 |
| 471,419,601;\toutstanding,\t400,484,837 | — | 5 |
|  | — | — |
| Additional\tpaid-in\tcapital | 38,518 | 38,805 |
| Retained\tearnings | 21,413 | 21,539 |
| Treasury\tstock,\t436,395,514\tand\t365,460,750\tClass\tA\tcommon\tshares\tas\tof\tDecember\t31,\t2015\tand\t2014,\trespectively, |  |  |
| and\t70,934,764\tClass\tA\tSpecial\tcommon\tshares\tas\tof\tDecember\t31,\t2014 | (7,517) | (7,517) |
| Accumulated\tother\tcomprehensive\tincome\t(loss) | (174) | (146) |
| Total\tComcast\tCorporation\tshareholders'\tequity | 52,269 | 52,711 |
| Noncontrolling\tinterests | 1,709 | 357 |
| Total\tequity | 53,978 | 53,068 |
| Total\tliabilities\tand\tequity | $ 166,574 | $ 159,186 |

See	accompanying	notes	to	consolidated	financial	statements.

| Year	ended	December	31	(in	millions,	except	per	share	data) | 2015 | 2014 | 2013 |
| :--- | :--- | :--- | :--- |
| Revenue | $\t74,510\t\t\t\t $\t68,775\t\t\t\t $\t64,657 | $\t74,510\t\t\t\t $\t68,775\t\t\t\t $\t64,657 | $\t74,510\t\t\t\t $\t68,775\t\t\t\t $\t64,657 |
| Costs\tand\tExpenses: |  |  |  |
| Programming\tand\tproduction | 22,550 | 20,912 | 19,670 |
| Other\toperating\tand\tadministrative | 21,339 | 19,854 | 18,575 |
| Advertising,\tmarketing\tand\tpromotion | 5,943 | 5,086 | 4,978 |
| Depreciation | 6,781 | 6,337 | 6,254 |
| Amortization | 1,899 | 1,682 | 1,617 |
|  | 58,512 | 53,871 | 51,094 |
| Operating\tincome | 15,998 | 14,904 | 13,563 |
| Other\tIncome\t(Expense): |  |  |  |
| Interest\texpense | (2,702) | (2,617) | (2,574) |
| Investment\tincome\t(loss),\tnet | 81 | 296 | 576 |
| Equity\tin\tnet\tincome\t(losses)\tof\tinvestees,\tnet | (325) | 97 | (86) |
| Other\tincome\t(expense),\tnet | 320 | (215) | (364) |
|  | (2,626) | (2,439) | (2,448) |
| Income\tbefore\tincome\ttaxes | 13,372 | 12,465 | 11,115 |
| Income\ttax\texpense | (4,959) | (3,873) | (3,980) |
| Net\tincome | 8,413 | 8,592 | 7,135 |
| Net\t(income)\tloss\tattributable\tto\tnoncontrolling\tinterests\tand\tredeemable\tsubsidiary\tpreferred\tstock | (250) | (212) | (319) |
| Net\tincome\tattributable\tto\tComcast\tCorporation | $8,163\t\t\t\t $ | 8,380\t\t\t\t $ | 6,816 |
| Basic\tearnings\tper\tcommon\tshare\tattributable\tto\tComcast\tCorporation\tshareholders | $3.28\t\t\t\t $ | 3.24\t\t\t\t $ | 2.60 |
| Diluted\tearnings\tper\tcommon\tshare\tattributable\tto\tComcast\tCorporation\tshareholders | $3.24\t\t\t\t $ | 3.20\t\t\t\t $ | 2.56 |
| Dividends\tdeclared\tper\tcommon\tshare | $1.00\t\t\t\t $ | 0.90\t\t\t\t $ | 0.78 |

# Consolidated	Statement	of	Comprehensive	Income

| Year	ended	December	31	(in	millions) | 2015 | 2014 | 2013 |
| :--- | :--- | :--- | :--- |
| Net\tincome | \t\t $\t8,413\t\t\t\t $\t8,592\t\t\t\t $\t7,135 | \t\t $\t8,413\t\t\t\t $\t8,592\t\t\t\t $\t7,135 | \t\t $\t8,413\t\t\t\t $\t8,592\t\t\t\t $\t7,135 |
| Unrealized\tgains\t(losses)\ton\tmarketable\tsecurities,\tnet\tof\tdeferred\ttaxes\tof\t$(1),\t$(19)\tand\t$(110) | 1 | 33 | 185 |
| Deferred\tgains\t(losses)\ton\tcash\tflow\thedges,\tnet\tof\tdeferred\ttaxes\tof\t$62,\t$3\tand\t$(14) | (106) | (5) | 25 |
| Amounts\treclassified\tto\tnet\tincome: |  |  |  |
| Realized\t(gains)\tlosses\ton\tmarketable\tsecurities,\tnet\tof\tdeferred\ttaxes\tof\t$1,\t$59\tand\t$177 | (1) | (99) | (301) |
| Realized\t(gains)\tlosses\ton\tcash\tflow\thedges,\tnet\tof\tdeferred\ttaxes\tof\t$(38),\t$(27)\tand\t$2 | 64 | 46 | (3) |
| Employee\tbenefit\tobligations,\tnet\tof\tdeferred\ttaxes\tof\t$(43),\t$82\tand\t$(108) | 74 | (139) | 181 |
| Currency\ttranslation\tadjustments,\tnet\tof\tdeferred\ttaxes\tof\t$34,\t$23\tand\t$12 | (89) | (38) | (29) |
| Comprehensive\tincome | 8,356 | 8,390 | 7,193 |
| Net\t(income)\tloss\tattributable\tto\tnoncontrolling\tinterests\tand\tredeemable\tsubsidiary\tpreferred\tstock | (250) | (212) | (319) |
| Other\tcomprehensive\t(income)\tloss\tattributable\tto\tnoncontrolling\tinterests | 29 | — | 9 |
| Comprehensive\tincome\tattributable\tto\tComcast\tCorporation | \t\t $ 8,135\t\t\t\t $ 8,178\t\t\t\t $ 6,883 | \t\t $ 8,135\t\t\t\t $ 8,178\t\t\t\t $ 6,883 | \t\t $ 8,135\t\t\t\t $ 8,178\t\t\t\t $ 6,883 |

# Consolidated	Statement	of	Cash	Flows

| Year	ended	December	31	(in	millions) | 2015 | 2014 | 2013 |
| :--- | :--- | :--- | :--- |
| Operating\tActivities |  |  |  |
| Net\tincome | \t\t $8,413 | \t\t $8,592\t\t\t\t $ | 7,135 |
| Adjustments\tto\treconcile\tnet\tincome\tto\tnet\tcash\tprovided\tby\toperating\tactivities: |  |  |  |
| Depreciation\tand\tamortization | 8,680 | 8,019 | 7,871 |
| Share-based\tcompensation | 567 | 513 | 419 |
| Noncash\tinterest\texpense\t(income),\tnet | 205 | 180 | 167 |
| Equity\tin\tnet\t(income)\tlosses\tof\tinvestees,\tnet | 325 | (97) | 86 |
| Cash\treceived\tfrom\tinvestees | 168 | 104 | 120 |
| Net\t(gain)\tloss\ton\tinvestment\tactivity\tand\tother | (318) | 4 | (169) |
| Deferred\tincome\ttaxes | 958 | 1,165 | 16 |
| Changes\tin\toperating\tassets\tand\tliabilities,\tnet\tof\teffects\tof\tacquisitions\tand\tdivestitures: |  |  |  |
| Current\tand\tnoncurrent\treceivables,\tnet | (708) | (33) | (721) |
| Film\tand\ttelevision\tcosts,\tnet | (299) | (562) | 44 |
| Accounts\tpayable\tand\taccrued\texpenses\trelated\tto\ttrade\tcreditors | 384 | 153 | (667) |
| Other\toperating\tassets\tand\tliabilities | 403 | (1,093) | (141) |
| Net\tcash\tprovided\tby\toperating\tactivities | 18,778 | \t 16,945 | 14,160 |
| Investing\tActivities |  |  |  |
| Capital\texpenditures | (8,499) | (7,420) | (6,596) |
| Cash\tpaid\tfor\tintangible\tassets | (1,370) | (1,122) | (1,009) |
| Acquisitions\tand\tconstruction\tof\treal\testate\tproperties | (178) | (43) | (1,904) |
| Acquisitions,\tnet\tof\tcash\tacquired | (1,786) | (477) | (99) |
| Proceeds\tfrom\tsales\tof\tbusinesses\tand\tinvestments | 433 | 666 | 1,083 |
| Purchases\tof\tinvestments | (784) | (191) | (1,223) |
| Other | 220 | (146) | 234 |
| Net\tcash\tprovided\tby\t(used\tin)\tinvesting\tactivities | (11,964) | (8,733) | (9,514) |
| Financing\tActivities |  |  |  |
| Proceeds\tfrom\t(repayments\tof)\tshort-term\tborrowings,\tnet | 135 | (504) | 1,345 |
| Proceeds\tfrom\tborrowings | 5,486 | 4,182 | 2,933 |
| Repurchases\tand\trepayments\tof\tdebt | (4,378) | (3,175) | (2,444) |
| Repurchases\tand\tretirements\tof\tcommon\tstock | (6,750) | (4,251) | (2,000) |
| Dividends\tpaid | (2,437) | (2,254) | (1,964) |
| Issuances\tof\tcommon\tstock | 36 | 35 | 40 |
| Purchase\tof\tNBCUniversal\tnoncontrolling\tcommon\tequity\tinterest | — | — | (10,761) |
| Distributions\tto\tnoncontrolling\tinterests\tand\tdividends\tfor\tredeemable\tsubsidiary\tpreferred\tstock | (232) | (220) | (215) |
| Settlement\tof\tStation\tVenture\tliability | — | — | (602) |
| Other | (289) | 167 | (211) |
| Net\tcash\tprovided\tby\t(used\tin)\tfinancing\tactivities | (8,429) | (6,020) | (13,879) |
| Increase\t(decrease)\tin\tcash\tand\tcash\tequivalents | (1,615) | 2,192 | (9,233) |
| Cash\tand\tcash\tequivalents,\tbeginning\tof\tyear | 3,910 | 1,718 | 10,951 |
| Cash\tand\tcash\tequivalents,\tend\tof\tyear | \t\t $2,295 | \t\t $3,910\t\t\t\t $ | 1,718 |

# Consolidated	Statement	of	Changes	in	Equity

|  | Redeemable |  |  |  |  |  |  | Accumulated |  |  |
| :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- |
|  | Subsidiary |  |  |  | Additional |  | Treasury | Other | Non- |  |
|  | Preferred |  | A |  | Paid-In | Retained | Stock\tat | Comprehensive | controlling | Total |
| (in\tmillions) | Stock | A | Special | B | Capital | Earnings | Cost | Income\t(Loss) | Interests | Equity |
| Balance,\tDecember\t31,\t2012 | \t$16,998 | \t$\t25\t\t\t$ | 6\t\t\t$ —\t\t\t$\t40,547\t\t\t$\t16,280\t\t\t$\t(7,517)\t\t$ | 6\t\t\t$ —\t\t\t$\t40,547\t\t\t$\t16,280\t\t\t$\t(7,517)\t\t$ | 6\t\t\t$ —\t\t\t$\t40,547\t\t\t$\t16,280\t\t\t$\t(7,517)\t\t$ | 6\t\t\t$ —\t\t\t$\t40,547\t\t\t$\t16,280\t\t\t$\t(7,517)\t\t$ | 6\t\t\t$ —\t\t\t$\t40,547\t\t\t$\t16,280\t\t\t$\t(7,517)\t\t$ | 15\t\t\t$ | 440\t\t\t$ 49,796 | 440\t\t\t$ 49,796 |
| Stock\tcompensation\tplans |  |  |  |  | 603 | (371) |  |  |  | 232 |
| Repurchases\tand\tretirements\tof\tcommon |  |  |  |  |  |  |  |  |  |  |
| stock |  |  | (1) |  | (555) | (1,444) |  |  |  | (2,000) |
| Employee\tstock\tpurchase\tplans |  |  |  |  | 98 |  |  |  |  | 98 |
| Dividends\tdeclared |  |  |  |  |  | (2,046) |  |  |  | (2,046) |
| Other\tcomprehensive\tincome\t(loss) | (9) |  |  |  |  |  |  | 67 |  | 67 |
| Purchase\tof\tNBCUniversal\tnoncontrolling |  |  |  |  |  |  |  |  |  |  |
| common\tequity\tinterest | (17,006) |  |  |  | (1,651) |  |  | (26) |  | (1,677) |
| Redeemable\tsubsidiary\tpreferred\tstock | 725 |  |  |  |  |  |  |  |  |  |
| Contributions\tfrom\t(distributions\tto) |  |  |  |  |  |  |  |  |  |  |
| noncontrolling\tinterests,\tnet | (22) |  |  |  |  |  |  |  | (136) | (136) |
| Other | 70 |  |  |  | (152) |  |  |  | (58) | (210) |
| Net\tincome\t(loss) | 201 |  |  |  |  | 6,816 |  |  | 118 | 6,934 |
| Balance,\tDecember\t31,\t2013 | 957 | 25 | 5 | \t — | 38,890 | 19,235 | (7,517) | 56 | 364 | 51,058 |
| Stock\tcompensation\tplans |  |  |  |  | 732 | (433) |  |  |  | 299 |
| Repurchases\tand\tretirements\tof\tcommon |  |  |  |  |  |  |  |  |  |  |
| stock |  |  |  |  | (928) | (3,323) |  |  |  | (4,251) |
| Employee\tstock\tpurchase\tplans |  |  |  |  | 118 |  |  |  |  | 118 |
| Dividends\tdeclared |  |  |  |  |  | (2,320) |  |  |  | (2,320) |
| Other\tcomprehensive\tincome\t(loss) |  |  |  |  |  |  |  | (202) |  | (202) |
| Issuance\tof\tsubsidiary\tshares\tto\tnoncontrolling |  |  |  |  |  |  |  |  |  |  |
| interests | 85 |  |  |  |  |  |  |  | 11 | 11 |
| Contributions\tfrom\t(distributions\tto) |  |  |  |  |  |  |  |  |  |  |
| noncontrolling\tinterests,\tnet | (19) |  |  |  |  |  |  |  | (132) | (132) |
| Other | (33) |  |  |  | (7) |  |  |  | (22) | (29) |
| Net\tincome\t(loss) | 76 |  |  |  |  | 8,380 |  |  | 136 | 8,516 |
| Balance,\tDecember\t31,\t2014 | 1,066 | 25 | 5 | \t — | 38,805 | 21,539 | (7,517) | (146) | 357 | 53,068 |
| Stock\tcompensation\tplans |  |  |  |  | 739 | (402) |  |  |  | 337 |
| Repurchases\tand\tretirements\tof\tcommon |  |  |  |  |  |  |  |  |  |  |
| stock |  |  | (1) |  | (1,345) | (5,404) |  |  |  | (6,750) |
| Employee\tstock\tpurchase\tplans |  |  |  |  | 136 |  |  |  |  | 136 |
| Dividends\tdeclared |  |  |  |  |  | (2,483) |  |  |  | (2,483) |
| Other\tcomprehensive\tincome\t(loss) |  |  |  |  |  |  |  | (28) | (29) | (57) |
| Contributions\tfrom\t(distributions\tto) |  |  |  |  |  |  |  |  |  |  |
| noncontrolling\tinterests,\tnet | 11 |  |  |  |  |  |  |  | (146) | (146) |
| Reclassification\tof\tClass\tA\tSpecial |  |  |  |  |  |  |  |  |  |  |
| common\tstock |  | 4 | (4) |  |  |  |  |  |  | — |
| Universal\tStudios\tJapan |  |  |  |  |  |  |  |  | 1,440 | 1,440 |
| Other | 58 |  |  |  | 183 |  |  |  | (77) | 106 |
| Net\tincome\t(loss) | 86 |  |  |  |  | 8,163 |  |  | 164 | 8,327 |
| Balance,\tDecember\t31,\t2015 | \t$1,221 | \t$\t29\t\t\t$ | \t—\t\t\t$\t—\t\t\t$\t38,518\t\t\t$\t21,413\t\t\t$\t(7,517)\t\t$ | \t—\t\t\t$\t—\t\t\t$\t38,518\t\t\t$\t21,413\t\t\t$\t(7,517)\t\t$ | \t—\t\t\t$\t—\t\t\t$\t38,518\t\t\t$\t21,413\t\t\t$\t(7,517)\t\t$ | \t—\t\t\t$\t—\t\t\t$\t38,518\t\t\t$\t21,413\t\t\t$\t(7,517)\t\t$ | \t—\t\t\t$\t—\t\t\t$\t38,518\t\t\t$\t21,413\t\t\t$\t(7,517)\t\t$ | \t(174)\t\t$\t1,709\t\t\t$\t53,978 | \t(174)\t\t$\t1,709\t\t\t$\t53,978 | \t(174)\t\t$\t1,709\t\t\t$\t53,978 |

Notes	to	Consolidated	Financial	Statements

# Note	1:	Business	and	Basis	of	Presentation

We	are	a	global	media	and	technology	company	with	two	primary	businesses,	Comcast	Cable	and	NBCUniversal.	We	were	incorporated	under	the	laws of	Pennsylvania	in	December	2001.	Through	our	predecessors,	we	have	developed,	managed	and	operated	cable	systems	since	1963.

We	present	our	operations	 for	Comcast	Cable	 in	one	reportable	business	segment,	referred	 to	as	Cable	Communications,	and	our	operations	 for NBCUniversal	in	four	reportable	business	segments.	The	Cable	Networks,	Broadcast	Television,	Filmed	Entertainment	and	Theme	Parks	segments comprise	the	NBCUniversal	businesses	(collectively,	the	"NBCUniversal	segments").	See	Note	18	for	additional	information	on	our	reportable	business segments.

Our	Cable	Communications	segment	primarily	manages	and	operates	cable	systems	that	serve	residential	and	business	customers	in	the	United	States. As	of	December	31,	2015,	our	cable	systems	had	27.7	million	total	customer	relationships	and	served	22.3	million	video	customers,	23.3	million	high- speed	Internet	customers	and	11.5	million	voice	customers.

Our	Cable	Networks	segment	consists	primarily	of	a	diversified	portfolio	of	cable	television	networks.	Our	cable	networks	are	comprised	of	our	national cable	 networks	 that	 provide	 a	 variety	 of	 entertainment,	 news	 and	 information,	 and	 sports	 content,	 our	 regional	 sports	 and	 news	 networks,	 our international	cable	networks,	and	our	cable	television	studio	production	operations.

Our	Broadcast	Television	segment	consists	primarily	of	the	NBC	and	Telemundo	broadcast	networks,	our	owned	NBC	and	Telemundo	local	broadcast television	stations,	the	NBC	Universo	national	cable	network,	and	our	broadcast	television	studio	production	operations.

Our	 Filmed	 Entertainment	 segment	 primarily	 produces,	 acquires,	 markets	 and	 distributes filmed	 entertainment	 worldwide.	 Our films	 are	 produced primarily	under	the	Universal	Pictures,	Illumination	and	Focus	Features	names.

Our	 Theme	 Parks	 segment	 consists	 primarily	 of	 our	 Universal	 theme	 parks	 in	 Orlando,	 Florida	 and	 Hollywood,	 California.	 In	 November	 2015, NBCUniversal	acquired	a	51%	interest	in	the	Universal	Studios	theme	park	in	Osaka,	Japan	("Universal	Studios	Japan").	Our	Theme	Parks	segment	also receives	fees	from	our	agreements	with	third	parties	that	own	and	operate	the	Universal	Studios	Singapore	theme	park,	as	well	as	from	the	Universal Studios	Japan	theme	park,	to	license	the	right	to	use	the	Universal	Studios	brand	name	and	other	intellectual	property.

Our	other	business	interests,	which	are	included	in	Corporate	and	Other,	consist	primarily	of	Comcast	Spectacor,	which	owns	the	Philadelphia	Flyers	and the	Wells	Fargo	Center	arena	in	Philadelphia,	Pennsylvania	and	operates	arena	management-related	businesses.

# Basis	of	Presentation

The	accompanying	consolidated	 financial	statements	 include	all	entities	 in	which	we	have	a	controlling	voting	 interest	and	variable interest	entities ("VIEs")	required	to	be	consolidated	in	accordance	with	generally	accepted	accounting	principles	in	the	United	States	("GAAP").

We	translate	assets	and	liabilities	of	our	foreign	operations	where	the	functional	currency	is	the	local	currency,	primarily	the	euro,	British	pound,	and Japanese	yen,	into	U.S.	dollars	at	the	exchange	rate	as	of	the	balance	sheet	date	and	translate	revenue	and	expenses	using	average	monthly	exchange rates.	The	related

translation	adjustments	are	recorded	as	a	component	of	accumulated	other	comprehensive	income	(loss).	Any	foreign	currency	transaction	gains	and losses	are	included	in	our	consolidated	statement	of	income.

# Reclassifications

Reclassifications	have	been	made	to	our	consolidated	financial	statements	for	the	prior	years	to	conform	to	classifications	used	in	2015.

# Note	2:	Accounting	Policies

Our	consolidated	financial	statements	are	prepared	in	accordance	with	GAAP,	which	requires	us	to	select	accounting	policies,	including	in	certain	cases industry-specific	policies,	and	make	estimates	that	affect	the	reported	amount	of	assets,	liabilities,	revenue	and	expenses,	and	the	related	disclosure	of contingent	assets	and	contingent	liabilities.	Actual	results	could	differ	from	these	estimates.	We	believe	that	the	judgments	and	related	estimates	for	the following	items	are	critical	in	the	preparation	of	our	consolidated	financial	statements:

•valuation	and	impairment	testing	of	cable	franchise	rights	(see	Note	9)

•film	and	television	costs	(see	Note	6)

In	addition,	the	following	accounting	policies	are	specific	to	the	industries	in	which	we	operate:

•capitalization	and	amortization	of	film	and	television	costs	(see	Note	6)

•installation	revenue	and	costs	for	connecting	customers	to	our	cable	systems	(see	revenue	recognition	below	and	Note	8)

Information	on	our	other	accounting	policies	and	methods	that	are	used	in	the	preparation	of	our	consolidated	financial	statements	are	included,	where applicable,	 in	 their	 respective	 footnotes	 that	 follow.	 Below	 is	 a	 discussion	 of	 accounting	 policies	 and	 methods	 used	 in	 our	 consolidated	 financial statements	that	are	not	presented	within	other	footnotes.

# Revenue	Recognition

Our	 Cable	 Communications	 segment	 generates	 revenue	 primarily	 from	 subscriptions	 to	 our	 video,	 high-speed	 Internet	 and	 voice	 services	 ("cable services")	and	from	the	sale	of	advertising.	We	recognize	revenue	from	cable	services	as	each	service	is	provided.	Customers	are	typically	billed	in advance	on	a	monthly	basis	based	on	the	services	and	features	they	receive	and	the	type	of	equipment	they	use.	Since	installation	revenue	obtained from	the	connection	of	customers	to	our	cable	systems	is	less	than	the	related	direct	selling	costs,	we	recognize	revenue	as	connections	are	completed. We	manage	credit	risk	by	screening	applicants	through	the	use	of	internal	customer	information,	identification	verification	tools	and	credit	bureau	data.	If a	customer's	account	is	delinquent,	various	measures	are	used	to	collect	outstanding	amounts,	including	termination	of	the	customer's	cable	services.

As	part	of	our	distribution	agreements	with	cable	networks,	we	generally	receive	an	allocation	of	scheduled	advertising	time	on	cable	networks	that	our Spotlight	business	sells	to	local,	regional	and	national	advertisers.	We	recognize	advertising	revenue	when	the	advertising	is	aired	or	viewed.	In	most cases,	the	available	advertising	units	are	sold	by	our	sales	force.	In	some	cases,	we	work	with	representation	firms	as	an	extension	of	our	sales	force	to sell	a	portion	of	the	advertising	units	allocated	to	us.	We	also	represent	the	advertising	sales	efforts	of	other	multichannel	video	providers	in	some markets.	Since	we	are	acting	as	the	principal	in

these	arrangements,	we	record	the	advertising	that	is	sold	in	revenue	and	the	fees	paid	to	representation	firms	and	multichannel	video	providers	in	other operating	and	administrative	expenses.

Revenue	earned	from	other	sources,	such	as	our	home	security	and	automation	services,	is	recognized	when	services	are	provided	or	events	occur. Under	the	terms	of	our	cable	franchise	agreements,	we	are	generally	required	to	pay	to	the	cable	franchising	authority	an	amount	based	on	our	gross video	 revenue.	 We	 normally	 pass	 these	 fees	 through	 to	 our	 cable	 services	 customers	 and	 classify	 the	 fees	 as	 a	 component	 of	 revenue	 with	 the corresponding	costs	included	in	other	operating	and	administrative	expenses.

# Cable	Networks	and	Broadcast	Television	Segments

Our	Cable	Networks	segment	generates	revenue	primarily	from	the	distribution	of	our	cable	network	programming	to	multichannel	video	providers,	from the	 sale	 of	 advertising	 on	 our	 cable	 networks	 and	 related	 digital	 media	 properties,	 from	 the	 licensing	 of	 our	 owned	 programming	 through	 various distribution	platforms,	from	the	sale	of	our	owned	programming	through	digital	distribution	services	such	as	iTunes,	and	from	the	programming	our	cable production	 studio	 sells	 to	 third-party	 networks	 and	 subscription	 video	 on	 demand	 services.	 Our	 Broadcast	 Television	 segment	 generates	 revenue primarily	from	the	sale	of	advertising	on	our	broadcast	networks,	owned	local	broadcast	television	stations	and	related	digital	media	properties,	from	the licensing	of	our	owned	programming	through	various	distribution	platforms,	including	to	cable	and	broadcast	networks,	from	the	fees	received	under retransmission	consent	agreements	and	from	the	programming	our	broadcast	television	production	studio	sells	to	third-party	networks	and	subscription video	on	demand	services.	We	recognize	revenue	from	distributors	as	programming	is	provided,	generally	under	multiyear	distribution	agreements.	From time	to	time,	the	distribution	agreements	expire	while	programming	continues	to	be	provided	to	the	distributor	based	on	interim	arrangements	while	the parties	negotiate	new	contract	terms.	Revenue	recognition	is	generally	limited	to	current	payments	being	made	by	the	distributor,	typically	under	the	prior contract	 terms,	 until	 a	 new	 contract	 is	 negotiated,	 sometimes	 with	 effective	 dates	 that	 affect	 prior	 periods.	 Differences	 between	 actual	 amounts determined	upon	resolution	of	negotiations	and	amounts	recorded	during	these	interim	arrangements	are	recorded	in	the	period	of	resolution.

Advertising	revenue	for	our	Cable	Networks	and	Broadcast	Television	segments	is	recognized	in	the	period	in	which	commercials	are	aired	or	viewed.	In some	instances,	we	guarantee	audience	ratings	for	the	commercials.	To	the	extent	there	is	a	shortfall	in	the	ratings	that	were	guaranteed,	a	portion	of the	revenue	is	deferred	until	the	shortfall	is	settled,	primarily	by	providing	additional	advertising	units.	We	recognize	revenue	from	the	licensing	of	our owned	programming	and	programming	produced	by	our	studios	for	third	parties	when	the	content	is	available	for	use	by	the	licensee,	and	when	certain other	conditions	are	met.	When	license	fees	include	advertising	time,	we	recognize	the	component	of	revenue	associated	with	the	advertisements	when they	are	aired	or	viewed.

# Filmed	Entertainment	Segment

Our	Filmed	Entertainment	segment	generates	revenue	primarily	from	the	worldwide	distribution	of	our	produced	and	acquired	films	for	exhibition	in	movie theaters,	from	the	licensing	of	our	owned	and	acquired	films	through	various	distribution	platforms,	and	from	the	sale	of	our	owned	and	acquired	films	on standard-definition	video	discs	and	Blu-ray	discs	(together,	"DVDs")	and	through	digital	distribution	services.	Our	Filmed	Entertainment	segment	also generates	revenue	 from	producing	and	 licensing	 live	stage	plays,	 from	 the	distribution	of	 filmed	entertainment	produced	by	 third	parties,	and	 from Fandango,	our	movie	ticketing	and	entertainment	business.	We	recognize	revenue	from	the	distribution	of	films	to	movie	theaters	when	the	films	are exhibited.	We	recognize	revenue	from	the	licensing	of	a	film	when	the	film	is	available	for	use	by	the	licensee,	and	when	certain	other	conditions	are met.	We	recognize	revenue	from	DVD	sales,	net	of	estimated	returns	and	customer	incentives,	on	the	date	that	DVDs	are	delivered	to	and	made available	for	sale	by	retailers.

# Theme	Parks	Segment

Our	 Theme	 Parks	 segment	 generates	 revenue	 primarily	 from	 ticket	 sales	 and	 guest	 spending	 at	 our	 Universal	 theme	 parks	 in	 Orlando,	 Florida; Hollywood,	California;	and,	as	of	November	2015,	Osaka,	Japan,	as	well	as	from	licensing	and	other	fees.	We	recognize	revenue	from	advance	theme park	ticket	sales	when	the	tickets	are	used.	For	annual	passes,	we	recognize	revenue	on	a	straight-line	basis	over	the	period	following	the	activation date.

# Cable	Communications	Programming	Expenses

Cable	Communications	programming	expenses	are	the	fees	we	pay	to	license	the	programming	we	distribute	to	our	video	customers.	Programming	is generally	acquired	under	multiyear	distribution	agreements,	with	rates	typically	based	on	the	number	of	customers	that	receive	the	programming,	channel positioning	 and	 the	 extent	 of	 distribution.	 From	 time	 to	 time,	 these	 contracts	 expire	 and	 programming	 continues	 to	 be	 provided	 under	 interim arrangements	while	the	parties	negotiate	new	contract	terms,	sometimes	with	effective	dates	that	affect	prior	periods.	While	payments	are	typically	made under	the	prior	contract's	terms,	the	amount	of	programming	expenses	recorded	during	these	interim	arrangements	is	based	on	our	estimates	of	the ultimate	 contract	 terms	 expected	 to	 be	 negotiated.	 Differences	 between	 actual	 amounts	 determined	 upon	 resolution	 of	 negotiations	 and	 amounts recorded	during	these	interim	arrangements	are	recorded	in	the	period	of	resolution.

When	our	Cable	Communications	segment	receives	incentives	from	cable	networks	for	the	licensing	of	their	programming,	we	defer	a	portion	of	these incentives,	which	are	included	in	other	current	and	noncurrent	liabilities,	and	recognize	them	over	the	term	of	the	contract	as	a	reduction	to	programming expenses.

# Advertising	Expenses

Advertising	costs	are	expensed	as	incurred.

# Cash	Equivalents

The	carrying	amounts	of	our	cash	equivalents	approximate	their	fair	values.	Our	cash	equivalents	consist	primarily	of	money	market	funds	and	U.S. government	obligations,	as	well	as	commercial	paper	and	certificates	of	deposit	with	maturities	of	three	months	or	less	when	purchased.

# Derivative	Financial	Instruments

We	use	derivative	financial	instruments	to	manage	our	exposure	to	the	risks	associated	with	fluctuations	in	interest	rates,	foreign	exchange	rates	and equity	prices.	Our	objective	is	to	manage	the	financial	and	operational	exposure	arising	from	these	risks	by	offsetting	gains	and	losses	on	the	underlying exposures	with	gains	and	losses	on	the	derivatives	used	to	economically	hedge	them.

Our	derivative	financial	instruments	are	recorded	in	our	consolidated	balance	sheet	at	fair	value.	The	impact	of	our	derivative	financial	instruments	on	our consolidated	financial	statements	was	not	material	for	all	periods	presented.

# Asset	Retirement	Obligations

Certain	of	our	cable	franchise	agreements	and	lease	agreements	contain	provisions	requiring	us	to	restore	facilities	or	remove	property	in	the	event	that the	franchise	or	lease	agreement	is	not	renewed.	We	expect	to	continually	renew	our	cable	franchise	agreements	and	therefore	cannot	reasonably estimate	any	liabilities	associated	with	such	agreements.	A	remote	possibility	exists	that	franchise	agreements	could	be	terminated	unexpectedly,	which could	result	in	us	incurring	significant	expense	in	complying	with	restoration	or	removal	provisions.	We	do	not	have	any	significant	liabilities	related	to asset	retirements	recorded	in	our	consolidated	financial	statements.

# Note	3:	Recent	Accounting	Pronouncements

In	 May	 2014,	 the	 Financial	Accounting	 Standards	 Board	 ("FASB")	 updated	 the	 accounting	 guidance	 related	 to	 revenue	 recognition.	 The	 updated accounting	guidance	provides	a	single,	contract-based	revenue	recognition	model	to	help	improve	financial	reporting	by	providing	clearer	guidance	on when	an	entity	should	recognize	revenue,	and	by	reducing	the	number	of	standards	to	which	an	entity	has	to	refer.	In	July	2015,	the	FASB	voted	to	defer the	effective	date	by	one	year	to	December	15,	2017	for	annual	reporting	periods	beginning	after	that	date.	The	updated	accounting	guidance	provides companies	with	alternative	methods	of	adoption.	We	are	currently	in	the	process	of	determining	the	impact	that	the	updated	accounting	guidance	will have	on	our	consolidated	financial	statements	and	our	method	of	adoption.

# Consolidations

In	February	2015,	the	FASB	updated	the	accounting	guidance	related	to	consolidation	under	the	variable	interest	entity	and	voting	interest	entity	models. The	updated	accounting	guidance	modifies	the	consolidation	guidance	for	VIEs,	limited	partnerships	and	similar	legal	entities.	The	updated	guidance	is effective	for	us	as	of	January	1,	2016.	The	updated	accounting	guidance	provides	companies	with	alternative	methods	of	adoption.	We	do	not	expect	the updated	accounting	guidance	to	have	a	material	impact	on	our	consolidated	financial	statements.

# Debt	Issuance	Costs

In	April	2015,	the	FASB	updated	the	accounting	guidance	related	to	the	balance	sheet	presentation	of	debt	issuance	costs.	The	updated	accounting guidance	requires	that	debt	issuance	costs	be	presented	as	a	direct	deduction	from	the	associated	debt	obligation.	We	have	adopted	this	guidance	as	of December	31,	2015	and	as	a	result	we	have	reclassified	unamortized	debt	issuance	costs	of	$153	million	as	of	December	31,	2014	from	other	noncurrent assets	to	a	reduction	of	long-term	debt	on	our	consolidated	balance	sheet.	As	of	December	31,	2015,	unamortized	debt	issuance	costs	included	in	long- term	debt	was	$176	million.

# Deferred	Income	Taxes

In	November	2015,	the	FASB	updated	the	accounting	guidance	related	to	the	balance	sheet	presentation	of	deferred	taxes.	The	updated	accounting guidance	requires	that	all	deferred	tax	liabilities	and	assets	be	classified	as	noncurrent	in	a	classified	balance	sheet.	The	current	requirement	that deferred	tax	liabilities	and	assets	of	a	tax-paying	component	of	an	entity	be	offset	and	presented	as	a	single	amount	is	not	affected	by	the	amendments	in this	update.	We	have	adopted	this	guidance	prospectively	as	of	December	31,	2015.	Therefore,	prior	periods	have	not	been	adjusted	to	reflect	this adoption.	If	we	had	retrospectively	adopted	this	guidance,	$195	million	of	current	deferred	tax	assets	would	have	been	reclassified	from	current	assets	to long-term	liabilities	as	of	December	31,	2014.

# Note	4:	Earnings	Per	Share

# Computation	of	Diluted	EPS

|  |  | 2015 |  |  | 2014 |  |  | 2013 |  |
| :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- |
| Year\tended\tDecember\t31\n(in\tmillions,\texcept\tper\tshare\tdata) | Net\tIncome\nAttributable\nto\tComcast\nCorporation | Shares | Per\tShare\nAmount | Net\tIncome\nAttributable\nto\tComcast\nCorporation | Shares | Per\tShare\nAmount | Net\tIncome\nAttributable\nto\tComcast\nCorporation | Shares | Per\tShare\nAmount |
| Basic\tEPS\tattributable\tto\tComcast\tCorporation\tshareholders | \t $\t8,163 | \t2,486\t\t\t $ | \t3.28\t\t\t $ | \t8,380 | \t2,583\t\t\t $ | \t3.24\t\t\t $ | \t6,816 | \t2,625\t\t\t $ | \t2.60 |
| Effect\tof\tdilutive\tsecurities: |  |  |  |  |  |  |  |  |  |
| Assumed\texercise\tor\tissuance\tof\tshares\trelating\tto\tstock |  |  |  |  |  |  |  |  |  |
| plans |  | 32 |  |  | 37 |  |  | 40 |  |
| Diluted\tEPS\tattributable\tto\tComcast\tCorporation\tshareholders\t $ | \t8,163 | \t2,518\t\t\t $ | \t3.24\t\t\t $ | \t8,380 | \t2,620\t\t\t $ | \t3.20\t\t\t $ | \t6,816 | \t2,665\t\t\t $ | \t2.56 |

Diluted	 earnings	 per	 common	 share	 attributable	 to	 Comcast	 Corporation	 shareholders	 ("diluted	 EPS")	 considers	 the	 impact	 of	 potentially	 dilutive securities	using	the	treasury	stock	method.	Our	potentially	dilutive	securities	include	potential	common	shares	related	to	our	stock	options	and	our restricted	share	units	("RSUs").	Diluted	EPS	excludes	 the	 impact	of	potential	common	shares	related	 to	our	stock	options	 in	periods	 in	which	 the combination	of	 the	option	exercise	price	and	 the	associated	unrecognized	compensation	expense	 is	greater	 than	 the	average	market	price	of	our common	stock.

The	amount	of	potential	common	shares	related	to	our	share-based	compensation	plans	that	were	excluded	from	diluted	EPS	because	their	effect	would have	been	antidilutive	was	not	material	for	2015,	2014	and	2013.

# Note	5:	Significant	Transactions

# Universal	Studios	Japan

On	November	13,	2015,	NBCUniversal	acquired	a	51%	economic	interest	in	Universal	Studios	Japan	for	$1.5	billion.	The	acquisition	was	funded	through cash	on	hand	and	borrowings	under	our	commercial	paper	program.

Universal	Studios	Japan	is	a	VIE	based	on	the	governance	structure	and	we	consolidate	Universal	Studios	Japan	as	we	have	the	power	to	direct activities	 that	most	significantly	 impact	 its	economic	performance.	There	are	no	 liquidity	arrangements,	guarantees,	or	other	 financial	commitments between	us	and	Universal	Studios	Japan,	and	therefore	our	maximum	risk	of	financial	loss	is	NBCUniversal's	51%	interest.	Universal	Studios	Japan's results	of	operations	are	reported	in	our	Theme	Parks	segment	following	the	acquisition	date.

# Preliminary	Allocation	of	Purchase	Price

Due	to	the	limited	amount	of	time	since	the	date	of	acquisition,	the	assets	and	liabilities	of	Universal	Studios	Japan	were	recorded	at	their	historical carrying	values.	We	will	adjust	these	amounts	to	fair	value	as	valuations	are	completed	and	we	obtain	information	necessary	to	complete	the	analyses, but	no	later	than	one	year	from	the	acquisition	date.	The	49%	noncontrolling	interest	in	Universal	Studios	Japan	is	recorded	in	the

equity	section	of	our	consolidated	 financial	statements	and	has	been	recorded	based	on	 the	 total	value	of	Universal	Studios	Japan	 implied	 in	 the transaction.	For	purposes	of	this	preliminary	allocation,	the	excess	of	the	total	value	implied	in	the	transaction	over	the	historical	carrying	value	has	been recorded	as	goodwill.

The	table	below	presents	the	preliminary	allocation	of	the	purchase	price	to	the	assets	and	liabilities	of	Universal	Studios	Japan.

| (in	millions) |  |
| :--- | :--- |
| Property\tand\tequipment\t(see\tNote\t8) | $642 |
| Intangible\tassets\t(see\tNote\t9) | 57 |
| Working\tcapital | (24) |
| Debt\t(see\tNote\t10) | (3,271) |
| Other\tnoncurrent\tassets\tand\tliabilities | 162 |
| Identifiable\tnet\tassets\t(liabilities)\tacquired | (2,434) |
| Noncontrolling\tinterest | \t(1,440) |
| Goodwill\t(see\tNote\t9) | 5,373 |
| Cash\tconsideration\ttransferred | $1,499 |

# Actual	and	Unaudited	Pro	Forma	Results

Our	consolidated	revenue	and	net	income	attributable	to	Comcast	Corporation	for	the	year	ended	December	31,	2015	included	$169	million	and	$18 million,	respectively,	from	the	acquisition	of	Universal	Studios	Japan.

The	following	unaudited	pro	forma	information	has	been	presented	as	if	the	acquisition	occurred	on	January	1,	2014.	This	information	is	based	on historical	results	of	operations	and	is	subject	to	change	as	valuations	are	completed	and	additional	analysis	is	obtained.	In	addition,	the	unaudited	pro forma	accounting	adjustments	are	not	necessarily	 indicative	of	what	our	results	would	have	been	had	we	operated	Universal	Studios	Japan	since January	1,	2014.	No	pro	forma	adjustments	have	been	made	for	our	transaction-related	expenses.

| Year	ended	December	31	(in	millions	except	per	share	amounts) | 2015 | 2014 |
| :--- | :--- | :--- |
| Revenue | $\t75,563 | $\t69,860 |
| Net\tincome | $8,640 | $8,758 |
| Net\tincome\tattributable\tto\tComcast\tCorporation | $8,278 | $8,463 |
| Basic\tearnings\tper\tcommon\tshare\tattributable\tto\tComcast\tCorporation\tshareholders | $3.33 | $3.28 |
| Diluted\tearnings\tper\tcommon\tshare\tattributable\tto\tComcast\tCorporation\tshareholders | $3.29 | $3.23 |

# Time	Warner	Cable	Merger	and	Related	Divestiture	Transactions

On	 April	 24,	 2015,	 we	 and	 Time	 Warner	 Cable	 Inc.	 terminated	 our	 planned	 merger,	 and	 we	 terminated	 our	 related	 agreement	 with	 Charter Communications,	Inc.	to	spin	off,	exchange	and	sell	certain	cable	systems.	In	connection	with	these	proposed	transactions,	we	incurred	incremental transaction-related	expenses	of	$198	million	and	$237	million	in	2015	and	2014,	respectively.	The	transaction-related	expenses	are	reflected	primarily	in other	operating	and	administrative	expenses,	with	$20	million	recorded	in	depreciation	and	amortization	expenses	associated	with	the	write-off	of	certain capitalized	costs	in	2015.

# NBCUniversal	Redemption	Transaction

On	March	19,	2013,	we	acquired	General	Electric	Company's	("GE")	49%	common	equity	interest	in	NBCUniversal	Holdings	that	we	did	not	already	own for	approximately	$16.7	billion	(the	"NBCUniversal	redemption	 transaction").	 In	addition	 to	 the	NBCUniversal	redemption	 transaction,	NBCUniversal purchased	from	GE	certain	properties	NBCUniversal	occupies	at	30	Rockefeller	Plaza	in	New	York	City	and	CNBC's	headquarters	in	Englewood	Cliffs, New	Jersey	for	$1.4	billion.

The	total	consideration	for	these	transactions	consisted	of	$11.4	billion	of	cash	on	hand;	$4	billion	of	senior	debt	securities	issued	by	NBCUniversal Enterprise,	Inc.	("NBCUniversal	Enterprise"),	a	holding	company	that	we	control	and	consolidate	following	the	close	of	the	NBCUniversal	redemption transaction	whose	principal	assets	are	its	interests	in	NBCUniversal	Holdings;	$750	million	of	cash	funded	through	our	commercial	paper	program;	$1.25 billion	of	borrowings	under	NBCUniversal	Enterprise's	credit	facility,	which	replaced	NBCUniversal's	credit	facility;	and	$725	million	aggregate	liquidation preference	of	Series	A	cumulative	preferred	stock	of	NBCUniversal	Enterprise.	See	Note	20	for	additional	information	on	our	cross-guarantee	structure.

Because	we	maintained	control	of	NBCUniversal	Holdings,	the	difference	between	the	consideration	transferred	and	the	recorded	value	of	GE's	49% redeemable	noncontrolling	common	equity	interest,	and	the	related	tax	impacts,	were	recorded	to	additional	paid-in	capital.

The	NBCUniversal	Enterprise	preferred	stock	pays	dividends	at	a	fixed	rate	of	5.25%	per	annum.	The	holders	have	the	right	to	cause	NBCUniversal Enterprise	to	redeem	their	shares	at	a	price	equal	to	the	liquidation	preference	plus	accrued	but	unpaid	dividends	for	a	30	day	period	beginning	on March	19,	2020	and	thereafter	on	every	third	anniversary	of	such	date	(each	such	date,	a	"put	date").	Shares	of	preferred	stock	can	be	called	for redemption	by	NBCUniversal	Enterprise	at	a	price	equal	to	the	liquidation	preference	plus	accrued	but	unpaid	dividends	one	year	following	each	put	date applicable	to	such	shares.	Because	certain	of	these	redemption	provisions	are	outside	of	our	control,	the	NBCUniversal	Enterprise	preferred	stock	is presented	outside	of	equity	under	 the	caption	"redeemable	noncontrolling	 interests	and	redeemable	subsidiary	preferred	stock"	 in	our	consolidated balance	sheet.	Its	initial	value	was	based	on	the	liquidation	preference	of	the	preferred	stock	and	is	adjusted	for	accrued	but	unpaid	dividends.	As	of December	31,	2015	and	2014,	the	fair	value	of	the	NBCUniversal	Enterprise	redeemable	subsidiary	preferred	stock	was	$758	million	and	$751	million, respectively.	The	estimated	fair	values	are	based	on	Level	2	inputs	that	use	pricing	models	whose	inputs	are	derived	primarily	from	or	corroborated	by observable	market	data	through	correlation	or	other	means	for	substantially	the	full	term	of	the	financial	instrument.

# Note	6:	Film	and	Television	Costs

| December	31	(in	millions) | 2015 | 2014 |
| :--- | :--- | :--- |
| Film\tCosts: |  |  |
| Released,\tless\tamortization | $\t1,275 | $\t1,371 |
| Completed,\tnot\treleased | 226 | 71 |
| In\tproduction\tand\tin\tdevelopment | 907 | 1,189 |
|  | 2,408 | 2,631 |
| Television\tCosts: |  |  |
| Released,\tless\tamortization | 1,573 | 1,273 |
| In\tproduction\tand\tin\tdevelopment | 737 | 505 |
|  | 2,310 | 1,778 |
| Programming\trights,\tless\tamortization | 2,350 | 2,157 |
|  | 7,068 | 6,566 |
| Less:\tCurrent\tportion\tof\tprogramming\trights | 1,213 | 839 |
| Film\tand\ttelevision\tcosts | $ 5,855 | $ 5,727 |

Based	on	our	current	estimates	of	the	total	remaining	gross	revenue	from	all	sources	("ultimate	revenue"),	in	2016	we	expect	to	amortize	approximately $1.5	billion	of	film	and	television	costs	associated	with	our	original	film	and	television	productions	that	have	been	released,	or	completed	and	not	yet released.	Through	2018,	we	expect	to	amortize	approximately	87%	of	unamortized	film	and	television	costs	for	our	released	productions,	excluding amounts	allocated	to	acquired	libraries.

As	of	December	31,	2015,	acquired	film	and	television	libraries,	which	are	included	within	the	"released,	less	amortization"	captions	in	the	table	above, had	remaining	unamortized	costs	of	$449	million.	These	costs	are	generally	amortized	over	a	period	not	to	exceed	20	years,	and	approximately	49%	of these	costs	are	expected	to	be	amortized	through	2018.

# Capitalization	of	Film	and	Television	Costs

We	capitalize	film	and	television	production	costs,	including	direct	costs,	production	overhead,	print	costs,	development	costs	and	interest.	We	amortize capitalized	film	and	television	production	costs,	including	acquired	libraries,	and	accrue	costs	associated	with	participation	and	residual	payments	to programming	and	production	expenses.	We	generally	record	 the	amortization	and	 the	accrued	costs	using	 the	 individual	 film	 forecast	computation method,	which	amortizes	such	costs	in	the	same	ratio	as	the	associated	ultimate	revenue.	Estimates	of	ultimate	revenue	and	total	costs	are	based	on anticipated	release	patterns,	public	acceptance	and	historical	results	for	similar	productions.	Unamortized	film	and	television	costs,	including	acquired film	and	television	libraries,	are	stated	at	the	lower	of	unamortized	cost	or	fair	value.	We	do	not	capitalize	costs	related	to	the	distribution	of	a	film	in	movie theaters	or	the	licensing	or	sale	of	a	film	or	television	production,	which	are	primarily	costs	associated	with	the	marketing	and	distribution	of	film	and television	programming.

In	determining	the	estimated	lives	and	method	of	amortization	of	acquired	film	and	television	libraries,	we	generally	use	the	method	and	the	life	that	most closely	follow	the	undiscounted	cash	flows	over	the	estimated	life	of	the	asset.

Upon	the	occurrence	of	an	event	or	a	change	in	circumstance	that	was	known	or	knowable	as	of	the	balance	sheet	date	and	that	indicates	the	fair	value of	a	film	is	less	than	its	unamortized	costs,	we	determine	the	fair	value	of	the	film	and	record	an	impairment	charge	for	the	amount	by	which	the unamortized	capitalized	costs	exceed	the	film's	fair	value.

We	enter	into	cofinancing	arrangements	with	third	parties	to	jointly	finance	or	distribute	certain	of	our	film	productions.	Cofinancing	arrangements	can take	various	forms,	but	in	most	cases	involve	the	grant	of	an	economic	interest	in	a	film	to	an	investor.	The	number	of	investors	and	the	terms	of	these arrangements	can	vary,	although	investors	generally	assume	full	risk	for	the	portion	of	the	film	acquired	in	these	arrangements.	We	account	for	the proceeds	received	from	a	third-party	investor	under	these	arrangements	as	a	reduction	to	our	capitalized	film	costs.	In	these	arrangements,	the	investor owns	an	undivided	copyright	interest	in	the	film,	and	therefore	in	each	period	we	record	either	a	charge	or	a	benefit	to	programming	and	production expenses	to	reflect	the	estimate	of	the	third-party	investor's	interest	in	the	profit	or	loss	of	the	film.	The	estimate	of	the	third-party	investor's	interest	in	the profit	or	loss	of	a	film	is	determined	using	the	ratio	of	actual	revenue	earned	to	date	to	the	ultimate	revenue	expected	to	be	recognized	over	the	film's useful	life.

Acquired	programming	costs	are	recorded	at	the	lower	of	unamortized	cost	or	net	realizable	value	on	a	program	by	program,	package,	channel	or daypart	basis.	A	daypart	is	an	aggregation	of	programs	broadcast	during	a	particular	time	of	day	or	programs	of	a	similar	type.	Programming	acquired	by our	Cable	Networks	segment	is	primarily	tested	on	a	channel	basis	for	impairment,	whereas	programming	acquired	by	our	Broadcast	Television	segment is	 tested	 on	 a	 daypart	 basis.	 If	 we	 determine	 that	 the	 estimates	 of	 future	 cash	 flows	 are	 insufficient	 or	 if	 there	 is	 no	 plan	 to	 broadcast	 certain programming,	we	recognize	an	impairment	charge	to	programming	and	production	expenses.

# Note	7:	Investments

| December	31	(in	millions) | 2015 | 2014 |
| :--- | :--- | :--- |
| Fair\tValue\tMethod | $167 | $662 |
| Equity\tMethod: |  |  |
| The\tWeather\tChannel | — | 335 |
| Hulu | 184 | 167 |
| Other | 494 | 517 |
|  | 678 | 1,019 |
| Cost\tMethod: |  |  |
| AirTouch | 1,583 | 1,568 |
| Other | 902 | 488 |
|  | 2,485 | 2,056 |
| Total\tinvestments | 3,330 | 3,737 |
| Less:\tCurrent\tinvestments | 106 | 602 |
| Noncurrent\tinvestments | $\t3,224 | $\t3,135 |

| Year	ended	December	31	(in	millions) | 2015 | 2014 | 2013 |
| :--- | :--- | :--- | :--- |
| Gains\ton\tsales\tand\texchanges\tof\tinvestments,\tnet | $12\t\t\t\t $ 192\t\t\t\t $ | $12\t\t\t\t $ 192\t\t\t\t $ | 484 |
| Investment\timpairment\tlosses | (59) | (50) | (29) |
| Unrealized\tgains\ton\tsecurities\tunderlying\tprepaid\tforward\tsale\tagreements | 42 | 66 | 1,601 |
| Mark\tto\tmarket\tadjustments\ton\tderivative\tcomponent\tof\tprepaid\tforward\tsale\tagreements\tand\tindexed\tdebt\tinstruments | (42) | (56) | \t(1,604) |
| Interest\tand\tdividend\tincome | \t115 | 116 | 111 |
| Other,\tnet | 13 | 28 | 13 |
| Investment\tincome\t(loss),\tnet | $81\t\t\t\t $\t296\t\t\t\t $ | $81\t\t\t\t $\t296\t\t\t\t $ | 576 |

# Fair	Value	Method

We	classify	publicly	traded	investments	that	are	not	accounted	for	under	the	equity	method	as	available-for-sale	("AFS")	or	trading	securities	and	record them	at	fair	value.	For	AFS	securities,	we	record	unrealized	gains	or	losses	resulting	from	changes	in	fair	value	between	measurement	dates	as	a component	of	other	comprehensive	income	(loss),	except	when	we	consider	declines	in	value	to	be	other	than	temporary.	For	trading	securities,	we record	unrealized	gains	or	losses	resulting	from	changes	in	fair	value	between	measurement	dates	as	a	component	of	investment	income	(loss),	net.	We recognize	realized	gains	and	losses	associated	with	our	fair	value	method	investments	using	the	specific	identification	method.	We	classify	the	cash flows	related	to	purchases	of	and	proceeds	from	the	sale	of	trading	securities	based	on	the	nature	of	the	securities	and	the	purpose	for	which	they	were acquired.

# Prepaid	Forward	Sale	Agreements

During	2015,	we	settled	our	remaining	obligations	under	our	prepaid	forward	sale	agreements	by	delivering	equity	securities.	As	of	December	31,	2015, we	have	no	remaining	liabilities	related	to	these	obligations.

As	of	December	31,	2014,	the	majority	of	our	fair	value	method	investments	were	equity	securities	that	we	accounted	for	as	trading	securities	and	were held	as	collateral	related	to	our	obligations	under	prepaid	forward	sale	agreements.	As	of	December	31,	2014,	the	carrying	value	of	our	remaining prepaid	forward	sale	obligations	approximated	their	fair	value.	The	estimated	fair	values	were	based	on	Level	2	inputs	that	use	pricing	models	whose inputs	were	derived	primarily	from	or	corroborated	by	observable	market	data	through	correlation	or	other	means	for	substantially	the	full	term	of	the financial	instrument.

The	derivative	component	of	the	prepaid	forward	sale	agreements	were	equity	derivative	financial	instruments	embedded	in	the	related	contracts,	which we	used	to	manage	our	exposure	to	and	benefits	from	price	fluctuations	in	the	common	stock	of	the	related	investments.	For	these	derivative	financial instruments,	we	separated	the	derivative	component	from	the	host	contract	and	recorded	in	each	period	the	change	in	its	value	to	investment	income (loss),	net.

# Liberty	Media

In	October	2013,	Liberty	Media	Corporation	("Liberty	Media")	redeemed	6.3	million	shares	of	Liberty	Media	Series	A	common	stock	("Liberty	stock")	that had	been	held	by	us	as	collateral	under	certain	of	our	prepaid	forward	sale	agreements	in	exchange	for	all	of	the	equity	of	a	subsidiary	of	Liberty	Media. The	fair	value	of	the	Liberty	stock	at	the	date	of	the	close	of	the	transaction	was	$937	million.	The	assets	of	the	subsidiary	of	Liberty	Media	included	cash of	$417	million,	Liberty	Media's	interests	in	one	of	NBCUniversal's	contractual	obligations	and	a	wholly	owned	operating	subsidiary,	Leisure	Arts,	Inc. Following	the	close	of	this	transaction,	we	now	consolidate	the	subsidiary	transferred	to	us,	and	the	liability	associated	with	NBCUniversal's	contractual obligation	is	eliminated	in	consolidation.

# Clearwire	LLC

In	July	2013,	in	connection	with	Sprint	Communications,	Inc.'s	("Sprint")	acquisition	of	Clearwire	Corporation	("Clearwire"),	Sprint	acquired	our	investment of	89	million	Class	A	shares	of	Clearwire	for	$443	million.	As	a	result,	we	recognized	a	pretax	gain	of	$443	million	in	our	consolidated	statement	of income,	which	represented	the	recognition	of	cumulative	unrealized	gains	previously	recorded	in	accumulated	other	comprehensive	income	(loss).

# Equity	Method

We	use	the	equity	method	to	account	for	investments	in	which	we	have	the	ability	to	exercise	significant	influence	over	the	investee's	operating	and financial	policies	or	where	we	hold	significant	partnership	or	LLC	interests.	Equity	method	investments	are	recorded	at	cost	and	are	adjusted	to	recognize (1)	our	proportionate	share	of	the	investee's	net	income	or	loss	after	the	date	of	investment,	(2)	amortization	of	the	recorded	investment	that	exceeds	our share	of	the	book	value	of	the	investee's	net	assets,	(3)	additional	contributions	made	and	dividends	received,	and	(4)	impairments	resulting	from	other- than-temporary	declines	in	fair	value.	For	some	investments,	we	record	our	share	of	the	investee's	net	income	or	loss	one	quarter	in	arrears	due	to	the timing	of	our	receipt	of	such	information.	Gains	or	losses	on	the	sale	of	equity	method	investments	are	recorded	to	other	income	(expense),	net.	If	an equity	method	investee	were	to	issue	additional	securities	that	would	change	our	proportionate	share	of	the	entity,	we	would	recognize	the	change,	if	any, as	a	gain	or	loss	in	our	consolidated	statement	of	income.

# The	Weather	Channel

In	June	and	December	2015,	TWCC	Holding	Corp.	("The	Weather	Channel")	recorded	impairment	charges	related	to	goodwill.	During	2015,	we	recorded expenses	of	$333	million	that	represent	NBCUniversal's	proportionate	share	of	these	impairment	charges	in	equity	in	net	income	(losses)	of	investees, net	in	our	consolidated	statement	of	income.	On	January	29,	2016,	IBM	acquired	The	Weather	Channel's	product	and	technology	businesses.	The Weather	Channel	cable	network	was	not	acquired	and,	following	the	close	of	the	transaction,	licenses	weather	forecast	data	and	analytics	from	IBM.

In	June	2013,	we	received	a	distribution	from	The	Weather	Channel	of	$152	million,	of	which	$128	million	was	recorded	as	a	return	of	our	investment	in The	Weather	Channel	and	included	in	other	investing	activities	in	our	consolidated	statement	of	cash	flows.

In	July	2013,	we	entered	into	an	agreement	to	provide	capital	contributions	totaling	$247	million	to	Hulu,	LLC	("Hulu"),	which	we	had	previously	accounted for	as	a	cost	method	investment.	This	represented	an	agreement	to	provide	our	first	capital	contribution	to	Hulu	since	we	acquired	our	interest	in	it	as	part of	our	acquisition	of	a	controlling	interest	in	NBCUniversal	Holdings	in	2011	(the	"NBCUniversal	transaction");	therefore,	we	began	to	apply	the	equity method	of	accounting	for	this	investment.	The	change	in	the	method	of	accounting	for	this	investment	required	us	to	recognize	our	proportionate	share	of Hulu's	accumulated	losses	from	the	date	of	the	NBCUniversal	transaction	through	July	2013.

In	2015,	2014	and	2013,	we	recognized	our	proportionate	share	of	losses	of	$106	million,	$20	million	and	$142	million,	respectively,	related	to	our investment	in	Hulu.

# Cost	Method

We	use	the	cost	method	to	account	for	investments	not	accounted	for	under	the	fair	value	method	or	the	equity	method.

# Vox	and	BuzzFeed

In	 September	 2015,	 NBCUniversal	 made	 an	 additional	 investment	 in	 Vox	 Media,	 Inc.	 ("Vox	 Media")	 and	 acquired	 an	 interest	 in	 BuzzFeed,	 Inc. ("BuzzFeed")	for	$200	million	each	in	cash.	Vox	Media	is	a	digital	media	company	comprised	of	eight	distinct	brands.	BuzzFeed	is	a	global	media company	that	produces	and	distributes	original	news,	entertainment	and	videos.

# AirTouch

We	hold	two	series	of	preferred	stock	of	Verizon	Americas,	Inc.,	formerly	known	as	AirTouch	Communications,	Inc.	("AirTouch"),	a	subsidiary	of	Verizon Communications	Inc.,	which	are	redeemable	in	April	2020.	As	of	both	December	31,	2015	and	2014,	the	estimated	fair	value	of	the	AirTouch	preferred stock	was	$1.7	billion.

The	dividend	and	redemption	activity	of	the	AirTouch	preferred	stock	determines	the	dividend	and	redemption	payments	associated	with	substantially	all of	the	preferred	shares	issued	by	one	of	our	consolidated	subsidiaries,	which	is	a	VIE.	The	subsidiary	has	three	series	of	preferred	stock	outstanding	with an	aggregate	redemption	value	of	$1.75	billion.	Substantially	all	of	the	AirTouch	preferred	stock	is	redeemable	in	April	2020	at	a	redemption	value	of $1.65	billion.	As	of	both	December	31,	2015	and	2014,	the	two	series	of	redeemable	subsidiary	preferred	shares	were	recorded	at	$1.6	billion,	and	those amounts	are	included	in	other	noncurrent	liabilities.	As	of	both	December	31,	2015	and	2014,	the	liability	related	to	the	redeemable	subsidiary	preferred shares	had	an	aggregate	estimated	fair	value	of	$1.7	billion.	The	estimated	fair	values	of	the	AirTouch	preferred	stock	and	redeemable	subsidiary preferred	shares	are	based	on	Level	2	inputs	that	use	pricing	models	whose	inputs	are	derived	primarily	from	or	corroborated	by	observable	market	data through	correlation	or	other	means	for	substantially	the	full	term	of	the	financial	instrument.	The	one	nonredeemable	series	of	subsidiary	preferred	shares was	recorded	at	$100	million	as	of	both	December	31,	2015	and	2014,	and	those	amounts	are	included	in	noncontrolling	interests	in	our	consolidated balance	sheet.	The	carrying	amount	of	the	nonredeemable	subsidiary	preferred	stock	approximates	its	fair	value.

# Impairment	Testing	of	Investments

We	review	our	investment	portfolio	each	reporting	period	to	determine	whether	there	are	identified	events	or	circumstances	that	would	indicate	there	is	a decline	in	the	fair	value	that	would	be	considered	other	than	temporary.	For	our	nonpublic	investments,	if	there	are	no	identified	events	or	circumstances that	would	have	a	significant	adverse	effect	on	the	fair	value	of	the	investment,	then	the	fair	value	is	not	estimated.	If	an	investment	is	deemed	to	have experienced	an	other-than-temporary	decline	below	its	cost	basis,	we	reduce	the	carrying	amount	of	the	investment	to	its	quoted	or	estimated	fair	value, as	applicable,	and	establish	a	new	cost	basis	for	the	investment.	For	our	AFS	and	cost	method	investments,	we	record	the	impairment	to	investment income	(loss),	net.	For	our	equity	method	investments,	we	record	the	impairment	to	other	income	(expense),	net.	In	2013,	we	recorded	$249	million	of impairment	charges	to	our	equity	method	investments,	which	primarily	related	to	a	regional	sports	cable	network	based	in	Houston,	Texas.

# Note	8:	Property	and	Equipment

|  | Weighted-Average |  |  |
| :--- | :--- | :--- | :--- |
|  | Original\tUseful\tLife |  |  |
| December\t31\t(in\tmillions) | As\tof\tDecember\t31,\t2015 | 2015 | 2014 |
| Cable\tdistribution\tsystem | 11\tyears\t\t\t\t $\t32,586\t\t\t\t $ 31,655 | 11\tyears\t\t\t\t $\t32,586\t\t\t\t $ 31,655 | 11\tyears\t\t\t\t $\t32,586\t\t\t\t $ 31,655 |
| Customer\tpremise\tequipment | 6\tyears | 28,559 | 27,086 |
| Other\tequipment | 7\tyears | 8,539 | 7,860 |
| Buildings\tand\tleasehold\timprovements | 25\tyears | 10,829 | 8,650 |
| Land | N/A | 1,252 | 1,112 |
| Property\tand\tequipment,\tat\tcost |  | 81,765 | 76,363 |
| Less:\tAccumulated\tdepreciation |  | 48,100 | 45,410 |
| Property\tand\tequipment,\tnet |  | \t\t $\t33,665\t\t\t\t $\t30,953 | \t\t $\t33,665\t\t\t\t $\t30,953 |

Property	and	equipment	are	stated	at	cost.	We	capitalize	improvements	that	extend	asset	lives	and	expense	repairs	and	maintenance	costs	as	incurred. We	record	depreciation	using	the	straight-line	method	over	the	asset's	estimated	useful	life.	For	assets	that	are	sold	or	retired,	we	remove	the	applicable cost	and	accumulated	depreciation	and,	unless	the	gain	or	loss	on	disposition	is	presented	separately,	we	recognize	it	as	a	component	of	depreciation expense.

In	 accordance	 with	 accounting	 guidance	 related	 to	 cable	 television	 companies,	 we	 capitalize	 the	 costs	 associated	 with	 the	 construction	 of	 and improvements	to	our	cable	transmission	and	distribution	facilities,	costs	associated	with	acquiring	and	deploying	new	customer	premise	equipment,	and costs	associated	with	installation	of	our	services.	Costs	capitalized	include	all	direct	costs	for	labor	and	materials,	as	well	as	various	indirect	costs.	All costs	incurred	in	connection	with	subsequent	disconnects	and	reconnects	are	expensed	as	they	are	incurred.

We	evaluate	 the	recoverability	of	our	property	and	equipment	whenever	events	or	substantive	changes	 in	circumstances	 indicate	 that	 the	carrying amount	may	not	be	recoverable.	The	evaluation	 is	based	on	 the	cash	 flows	generated	by	 the	underlying	asset	groups,	 including	estimated	 future operating	results,	trends	or	other	determinants	of	fair	value.	If	the	total	of	the	expected	future	undiscounted	cash	flows	were	less	than	the	carrying amount	of	the	asset	group,	we	would	recognize	an	impairment	charge	to	the	extent	the	carrying	amount	of	the	asset	group	exceeded	its	estimated	fair value.	Unless	presented	separately,	the	impairment	charge	is	included	as	a	component	of	depreciation	expense.

# Acquisitions	of	Real	Estate	Properties

Real	estate	acquisitions	in	2013	included	NBCUniversal's	purchase	from	GE	of	certain	properties	NBCUniversal	occupies	at	30	Rockefeller	Plaza	in	New York	City	and	CNBC's	headquarters	in	Englewood	Cliffs,	New	Jersey.	Other	purchases	in	2013	included	NBCUniversal's	acquisition	of	a	business	whose primary	asset	is	a	property	located	at	10	Universal	City	Plaza,	which	is	adjacent	to	our	Universal	theme	park	in	Hollywood,	California,	and	our	acquisition of	 an	 80%	 interest	 in	 a	 business	 whose	 primary	 asset	 is	 our	 corporate	 headquarters	 in	 Philadelphia,	 Pennsylvania.	 The	 purchase	 price	 of	 these acquisitions	is	included	in	the	caption	"acquisitions	and	construction	of	real	estate	properties"	in	our	consolidated	statement	of	cash	flows.

# Note	9:	Goodwill	and	Intangible	Assets

# Goodwill

| (in	millions) | Cable<br>Communications | Cable<br>Networks | Broadcast<br>Television | Filmed<br>Entertainment | Theme<br>Parks | Corporate<br>and<br>Other | Total |
| :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- |
| Balance,\tDecember\t31,\t2013 | \t $\t12,206\t\t\t $\t13,130\t\t\t $ | \t $\t12,206\t\t\t $\t13,130\t\t\t $ | \t769\t\t\t $ | 1\t\t\t $ | 982\t\t\t $ | 10\t\t\t\t$\t27,098 | 10\t\t\t\t$\t27,098 |
| Acquisitions | 11 | 20 | — | 15 | — | 181 | 227 |
| Adjustments^(a) | — | (202) | (2) | 195 | — | — | (9) |
| Balance,\tDecember\t31,\t2014 | 12,217 | 12,948 | 767 | 211 | 982 | 191 | 27,316 |
| Acquisitions^(b) | 173 | 17 | 39 | 58 | 5,373 | 1 | 5,661 |
| Adjustments^(a) | (1) | (18) | — | (2) | (11) | — | (32) |
| Balance,\tDecember\t31,\t2015 | \t $12,389\t\t\t $ 12,947\t\t\t $ | \t $12,389\t\t\t $ 12,947\t\t\t $ | 806\t\t\t $ | \t267\t\t\t $\t6,344\t\t\t $ | \t267\t\t\t $\t6,344\t\t\t $ | 192\t\t\t\t$ 32,945 | 192\t\t\t\t$ 32,945 |

(a) Adjustments	to	goodwill	in	2015	and	2014	included	foreign	currency	translation.	Adjustments	to	goodwill	in	2014	included	the	reclassification	of	Fandango,	our	movie	ticketing	and	entertainment business,	from	our	Cable	Networks	segment	to	our	Filmed	Entertainment	segment.

(b) Acquisitions	in	2015	in	our	Theme	Parks	segment	related	to	the	Universal	Studios	Japan	transaction	(see	Note	5	for	additional	information).

We	assess	the	recoverability	of	our	goodwill	annually,	or	more	frequently	whenever	events	or	substantive	changes	in	circumstances	indicate	that	the carrying	amount	of	a	reporting	unit	may	exceed	its	fair	value.	We	test	goodwill	for	impairment	at	the	reporting	unit	level.	To	determine	our	reporting	units, we	evaluate	the	components	one	level	below	the	segment	level	and	we	aggregate	the	components	if	they	have	similar	economic	characteristics.	As	a result	of	this	assessment,	our	reporting	units	are	the	same	as	our	five	reportable	segments.	We	evaluate	the	determination	of	our	reporting	units	used	to test	for	impairment	periodically	or	whenever	events	or	substantive	changes	in	circumstances	occur.	The	assessment	of	recoverability	may	first	consider qualitative	factors	to	determine	whether	the	existence	of	events	or	circumstances	leads	to	a	determination	that	it	is	more	likely	than	not	that	the	fair	value of	a	reporting	unit	is	less	than	its	carrying	amount.	A	quantitative	assessment	is	performed	if	the	qualitative	assessment	results	in	a	more-likely-than-not determination	or	if	a	qualitative	assessment	is	not	performed.	The	quantitative	assessment	considers	if	the	carrying	amount	of	a	reporting	unit	exceeds its	fair	value,	in	which	case	an	impairment	charge	is	recorded	to	the	extent	the	carrying	amount	of	the	reporting	unit's	goodwill	exceeds	its	implied	fair value.	Unless	presented	separately,	the	impairment	charge	is	included	as	a	component	of	amortization	expense.

# Intangible	Assets

# Indefinite-Lived	Intangible	Assets

Indefinite-lived	intangible	assets	consist	primarily	of	our	cable	franchise	rights,	as	well	as	trade	names	and	FCC	licenses.	Our	cable	franchise	rights represent	the	values	we	attributed	to	agreements	with	state	and	local	authorities	that	allow	access	to	homes	and	businesses	in	cable	service	areas acquired	in	business	combinations.	We	do	not	amortize	our	cable	franchise	rights	because	we	have	determined	that	they	meet	the	definition	of	indefinite- lived	intangible	assets	since	there	are	no	legal,	regulatory,	contractual,	competitive,	economic	or	other	factors	which	limit	the	period	over	which	these rights	will	contribute	to	our	cash	flows.	We	reassess	this	determination	periodically	or	whenever	events	or	substantive	changes	in	circumstances	occur. Costs	we	incur	in	negotiating	and	renewing	cable	franchise	agreements	are	included	in	other	intangible	assets	and	are	generally	amortized	on	a	straight- line	basis	over	the	term	of	the	franchise	agreement.

We	assess	the	recoverability	of	our	cable	franchise	rights	and	other	indefinite-lived	intangible	assets	annually,	or	more	frequently	whenever	events	or substantive	changes	 in	circumstances	 indicate	 that	 the	assets	might	be	 impaired.	Our	 three	Cable	Communications	divisions	represent	 the	unit	of account	we	use	to	test	for	impairment	for	our	cable	franchise	rights.	We	evaluate	the	unit	of	account	used	to	test	for	impairment	of	our	cable	franchise rights	and	other	indefinite-lived	intangible	assets	periodically	or	whenever	events	or	substantive	changes	in	circumstances	occur	to	ensure	impairment testing	is	performed	at	an	appropriate	level.	The	assessment	of	recoverability	may	first	consider	qualitative	factors	to	determine	whether	it	is	more	likely than	not	that	the	fair	value	of	an	indefinite-lived	intangible	asset	is	less	than	its	carrying	amount.	A	quantitative	assessment	is	performed	if	the	qualitative assessment	results	in	a	more-likely-than-not	determination	or	if	a	qualitative	assessment	is	not	performed.	When	performing	a	quantitative	assessment, we	estimate	the	fair	value	of	our	cable	franchise	rights	and	other	indefinite-lived	intangible	assets	primarily	based	on	a	discounted	cash	flow	analysis	that involves	significant	judgment.	When	analyzing	the	fair	values	indicated	under	the	discounted	cash	flow	models,	we	also	consider	multiples	of	operating income	before	depreciation	and	amortization	generated	by	the	underlying	assets,	current	market	transactions,	and	profitability	information.	If	the	fair value	of	our	cable	franchise	rights	or	other	indefinite-lived	intangible	assets	were	less	than	the	carrying	amount,	we	would	recognize	an	impairment charge	for	the	difference	between	the	estimated	fair	value	and	the	carrying	value	of	the	assets.	Unless	presented	separately,	the	impairment	charge	is included	as	a	component	of	amortization	expense.	We	did	not	recognize	any	material	impairment	charges	in	any	of	the	periods	presented.

# Finite-Lived	Intangible	Assets

# Estimated	Amortization	Expense	of	Finite-Lived	Intangible	Assets

| (in	millions) |  |
| :--- | :--- |
| 2016 | $\t1,785 |
| 2017 | $ 1,612 |
| 2018 | $ 1,365 |
| 2019 | $ 1,039 |
| 2020 | $902 |

Finite-lived	intangible	assets	are	subject	to	amortization	and	consist	primarily	of	customer	relationships	acquired	in	business	combinations,	software, cable	franchise	renewal	costs,	contractual	operating	rights	and	intellectual	property	rights.	Our	finite-lived	intangible	assets	are	amortized	primarily	on	a straight-line	basis	over	their	estimated	useful	life	or	the	term	of	the	associated	agreement.

We	capitalize	direct	development	costs	associated	with	internal-use	software,	including	external	direct	costs	of	material	and	services	and	payroll	costs	for employees	devoting	time	to	these	software	projects.	We	also	capitalize	costs	associated	with	the	purchase	of	software	licenses.	We	include	these	costs in	other	intangible	assets	and	generally	amortize	them	on	a	straight-line	basis	over	a	period	not	to	exceed	five	years.	We	expense	maintenance	and training	costs,	as	well	as	costs	incurred	during	the	preliminary	stage	of	a	project,	as	they	are	incurred.	We	capitalize	initial	operating	system	software costs	and	amortize	them	over	the	life	of	the	associated	hardware.

We	evaluate	the	recoverability	of	our	finite-lived	intangible	assets	whenever	events	or	substantive	changes	in	circumstances	indicate	that	the	carrying amount	may	not	be	recoverable.	The	evaluation	 is	based	on	 the	cash	 flows	generated	by	 the	underlying	asset	groups,	 including	estimated	 future operating	results,	trends	or	other	determinants	of	fair	value.	If	the	total	of	the	expected	future	undiscounted	cash	flows	were	less	than	the	carrying amount	of	the	asset	group,	we	would	recognize	an	impairment	charge	to	the	extent	the	carrying	amount	of	the	asset	group	exceeded	its	estimated	fair value.	Unless	presented	separately,	the	impairment	charge	is	included	as	a	component	of	amortization	expense.

# Note	10:	Long-Term	Debt

# Long-Term	Debt	Outstanding

| December	31	(in	millions) |  | Weighted-Average<br>Interest	Rate	as	of<br>December	31,	2015 | 2015 | 2014 |
| :--- | :--- | :--- | :--- | :--- |
| Commercial\tpaper |  | 0.62% | \t\t $975\t\t\t\t $ | 845 |
| Revolving\tbank\tcredit\tfacilities |  | —% | — | — |
| Term\tloans |  | 2.74% | 3,259 | — |
| Senior\tnotes\twith\tmaturities\tof\t5\tyears\tor\tless,\tat\tface\tvalue |  | 4.40% | 14,300 | 15,223 |
| Senior\tnotes\twith\tmaturities\tbetween\t5\tand\t10\tyears,\tat\tface\tvalue | Senior\tnotes\twith\tmaturities\tbetween\t5\tand\t10\tyears,\tat\tface\tvalue | 4.24% | 9,630 | 10,530 |
| Senior\tnotes\twith\tmaturities\tgreater\tthan\t10\tyears,\tat\tface\tvalue | (a) | 5.63% | 23,925 | 20,989 |
| Other,\tincluding\tcapital\tlease\tobligations |  | — | 794 | 689 |
| Debt\tissuance\tcosts,\tpremiums,\tdiscounts\tand\tfair\tvalue\tadjustments\tfor\thedged\tpositions,\tnet | Debt\tissuance\tcosts,\tpremiums,\tdiscounts\tand\tfair\tvalue\tadjustments\tfor\thedged\tpositions,\tnet | — | (262) | (195) |
| Total\tdebt |  | 4.70%^(b) | 52,621 | 48,081 |
| Less:\tCurrent\tportion |  |  | 3,627 | 4,217 |
| Long-term\tdebt |  |  | \t\t $\t48,994\t\t\t\t $\t43,864 | \t\t $\t48,994\t\t\t\t $\t43,864 |

(b) Includes	the	effects	of	our	derivative	financial	instruments.

As	of	December	31,	2015	and	2014,	our	debt	had	an	estimated	fair	value	of	$58.0	billion	and	$55.3	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.	See	Note 20	for	additional	information	on	our	cross-guarantee	structure.

# Debt	Principal	Maturities

| (in	millions) | Weighted-Average<br>Interest	Rate	as	of<br>December	31,	2015 |  |
| :--- | :--- | :--- |
| 2016 | 2.79% | $3,627 |
| 2017 | 6.75% | $2,695 |
| 2018 | 4.11% | $4,194 |
| 2019 | 3.14% | $2,445 |
| 2020 | 4.09% | $6,076 |
| Thereafter | 5.23% | $\t33,846 |
| 2015\tDebt\tBorrowings |  |  |
| Year\tended\tDecember\t31,\t2015\t(in\tmillions) |  |  |
| Comcast\t4.60%\tsenior\tnotes\tdue\t2045 |  | $ 1,700 |
| Comcast\t3.375%\tsenior\tnotes\tdue\t2025 |  | 1,500 |
| Comcast\t4.60%\tsenior\tnotes\tdue\t2046 |  | 1,490 |
| Comcast\t4.40%\tsenior\tnotes\tdue\t2035 |  | 800 |
| Total |  | $\t5,490 |

# 2015	Debt	Redemptions	and	Repayments

| Year	ended	December	31,	2015	(in	millions) |  |
| :--- | :--- |
| NBCUniversal\t3.65%\tsenior\tnotes\tdue\t2015 | $ 1,000 |
| Comcast\t5.90%\tsenior\tnotes\tdue\t2016^(a) | 1,000 |
| Comcast\t6.50%\tsenior\tnotes\tdue\t2015 | 900 |
| Comcast\t5.85%\tsenior\tnotes\tdue\t2015^(a) | 750 |
| Comcast\t8.75%\tsenior\tnotes\tdue\t2015 | 673 |
| Other | 55 |
| Total | $\t4,378 |

(a) The	early	redemption	of	these	senior	notes	resulted	in	$47	million	of	additional	interest	expense	in	2015.

# Debt	Instruments

# Revolving	Credit	Facilities

As	of	December	31,	2015,	Comcast	and	Comcast	Cable	Communications,	LLC	had	a	$6.25	billion	revolving	credit	facility	due	June	2017	with	a	syndicate of	banks	("Comcast	revolving	credit	facility").	The	interest	rate	on	this	facility	consists	of	a	base	rate	plus	a	borrowing	margin	that	is	determined	based	on our	credit	rating.	As	of	December	31,	2015,	the	borrowing	margin	for	London	Interbank	Offered	Rate	("LIBOR")	based	borrowings	was	1.00%.	This revolving	credit	facility	requires	that	we	maintain	certain	financial	ratios	based	on	our	debt	and	our	operating	income	before	depreciation	and	amortization, as	defined	in	the	credit	facility.	We	were	in	compliance	with	all	financial	covenants	for	all	periods	presented.

As	of	December	31,	2015,	NBCUniversal	Enterprise	had	a	$1.35	billion	revolving	credit	facility	due	March	2018	with	a	syndicate	of	banks	("NBCUniversal Enterprise	revolving	credit	facility").	The	interest	rate	on	this	facility	consists	of	a	base	rate	plus	a	borrowing	margin	that	is	determined	based	on	our	credit rating.	As	of	December	31,	2015,	the	borrowing	margin	for	LIBOR-based	borrowings	was	1.00%.

As	of	December	31,	2015,	amounts	available	under	our	consolidated	credit	facilities,	net	of	amounts	outstanding	under	our	commercial	paper	programs and	outstanding	letters	of	credit,	totaled	$6.4	billion,	which	included	$775	million	available	under	the	NBCUniversal	Enterprise	revolving	credit	facility.

# 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.

# Commercial	Paper	Programs

Our	commercial	paper	programs	provide	a	lower-cost	source	of	borrowing	to	fund	our	short-term	working	capital	requirements.	The	maximum	borrowing capacity	under	 the	Comcast	commercial	paper	program	 is	$6.25	billion	and	 it	 is	supported	by	 the	Comcast	revolving	credit	 facility.	The	maximum borrowing	capacity	under	the	NBCUniversal	Enterprise	commercial	paper	program	is	$1.35	billion	and	it	is	supported	by	the	NBCUniversal	Enterprise revolving	credit	facility.

# Letters	of	Credit

As	of	December	31,	2015,	we	and	certain	of	our	subsidiaries	had	unused	irrevocable	standby	letters	of	credit	totaling	$464	million	to	cover	potential fundings	under	various	agreements.

# Note	11:	Fair	Value	Measurements

The	accounting	guidance	related	to	financial	assets	and	financial	liabilities	("financial	instruments")	establishes	a	hierarchy	that	prioritizes	fair	value measurements	based	on	the	types	of	inputs	used	for	the	various	valuation	techniques	(market	approach,	income	approach	and	cost	approach).	The levels	of	the	hierarchy	are	described	below.

•Level	 1:	 Consists	 of	 financial instruments	 whose	 values	 are	 based	 on	 quoted	 market	 prices for identical financial instruments	in	an	active	market.

•Level	2:	Consists	of	financial	instruments	that	are	valued	using	models	or	other	valuation	methodologies.	These	models use	inputs	that	are	observable	either	directly	or	indirectly.	Level	2	inputs	include	(1)	quoted	prices	for	similar	assets	or liabilities	in	active	markets,	(2)	quoted	prices	for	identical	or	similar	assets	or	liabilities	in	markets	that	are	not	active, (3)	pricing	models	whose	inputs	are	observable	for	substantially	the	full	term	of	the	financial	instrument	and	(4)	pricing models	whose	inputs	are	derived	primarily	from	or	corroborated	by	observable	market	data	through	correlation	or	other means	for	substantially	the	full	term	of	the	financial	instrument.

•Level	3:	Consists	of	financial	instruments	whose	values	are	determined	using	pricing	models	that	use	significant	inputs	that are	primarily	unobservable,	discounted	cash	flow	methodologies	or	similar	techniques,	as	well	as	instruments	for	which	the determination	of	fair	value	requires	significant	management	judgment	or	estimation.

Our	assessment	of	the	significance	of	a	particular	input	to	the	fair	value	measurement	requires	judgment	and	may	affect	the	valuation	of	financial instruments	and	their	classification	within	the	fair	value	hierarchy.	Financial	instruments	are	classified	in	their	entirety	based	on	the	lowest	level	of	input that	is	significant	to	the	fair	value	measurement.	There	have	been	no	changes	in	the	classification	of	any	financial	instruments	within	the	fair	value hierarchy	in	the	periods	presented.	Our	financial	instruments	that	are	accounted	for	at	fair	value	on	a	recurring	basis	are	presented	in	the	table	below.

# Recurring	Fair	Value	Measurements

|  | Fair	Value	as	of	December	31,	2015 | Fair	Value	as	of	December	31,	2015 | Fair	Value	as	of	December	31,	2015 |  | Fair	Value	as	of	December	31,	2014 | Fair	Value	as	of	December	31,	2014 | Fair	Value	as	of	December	31,	2014 |  |
| :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- |
| (in\tmillions) | Level\t1\t \t\t Level\t2\t \t\t Level\t3 | Level\t1\t \t\t Level\t2\t \t\t Level\t3 | Level\t1\t \t\t Level\t2\t \t\t Level\t3 | Total | \t\t Level\t1\t \t\t Level\t2 | \t\t Level\t1\t \t\t Level\t2 | Level\t3 | Total |
| Assets |  |  |  |  |  |  |  |  |
| Trading\tsecurities | \t $22\t\t\t\t $ | —\t\t\t\t $ | —\t\t\t\t $ | 22\t\t\t\t $ 523\t\t\t\t $ | 22\t\t\t\t $ 523\t\t\t\t $ | —\t\t\t\t $ | —\t\t\t\t $ | 523 |
| Available-for-sale\tsecurities | — | 123 | 10 | 133 | 1 | 121 | 10 | 132 |
| Interest\trate\tswap\tagreements | — | 53 | — | 53 | — | 84 | — | 84 |
| Other | — | 5 | 12 | 17 | — | 64 | 7 | 71 |
| Total | \t $\t22\t\t\t\t $\t181\t\t\t\t $ | \t $\t22\t\t\t\t $\t181\t\t\t\t $ | \t22\t\t\t\t $\t225\t\t\t\t $\t524\t\t\t\t $\t269\t\t\t\t $ | \t22\t\t\t\t $\t225\t\t\t\t $\t524\t\t\t\t $\t269\t\t\t\t $ | \t22\t\t\t\t $\t225\t\t\t\t $\t524\t\t\t\t $\t269\t\t\t\t $ | \t22\t\t\t\t $\t225\t\t\t\t $\t524\t\t\t\t $\t269\t\t\t\t $ | 17\t\t\t\t $ | 810 |
| Liabilities |  |  |  |  |  |  |  |  |
| Derivative\tcomponent\tof\tprepaid\tforward\tsale\tagreements\tand\tindexed\tdebt |  |  |  |  |  |  |  |  |
| instruments | \t $—\t\t\t\t $ | 5\t\t\t\t $ | —\t\t\t\t $ | 5\t\t\t\t $ | —\t\t\t\t $ 361\t\t\t\t $ | —\t\t\t\t $ 361\t\t\t\t $ | —\t\t\t\t $ | 361 |
| Contractual\tobligation | — | — | — | — | — | — | 883 | 883 |
| Contingent\tconsideration | — | — | — | — | — | — | 644 | 644 |
| Other | — | 86 | — | 86 | — | 8 | — | 8 |
| Total | \t $—\t\t\t\t $ | 91\t\t\t\t $ | —\t\t\t\t $ | 91\t\t\t\t $ | —\t\t\t\t $ 369\t\t\t\t $\t1,527\t\t\t\t $\t1,896 | —\t\t\t\t $ 369\t\t\t\t $\t1,527\t\t\t\t $\t1,896 | —\t\t\t\t $ 369\t\t\t\t $\t1,527\t\t\t\t $\t1,896 | —\t\t\t\t $ 369\t\t\t\t $\t1,527\t\t\t\t $\t1,896 |

# Contractual	Obligation

As	a	result	of	the	acquisition	of	the	Universal	Orlando	theme	park	in	2011,	we	assumed	a	contractual	obligation	that	involves	an	interest	held	by	a	third party	in	the	revenue	of	certain	theme	parks.	The	arrangement	provides	the	counterparty	with	the	right	to	periodic	payments	associated	with	current period	revenue	and,	beginning	in	2017,	the	option	to	require	NBCUniversal	to	purchase	the	interest	for	cash	in	an	amount	based	on	a	contractually specified	formula.	The	arrangement	was	recognized	at	fair	value	at	the	time	of	the	acquisition	and	the	fair	value	has	been	adjusted	periodically	since	the acquisition	with	the	expectation	that	the	arrangement	would	be	settled	in	2017,	or	shortly	thereafter.	It	has	a	current	carrying	value	of	$1.1	billion	and adjustments	to	fair	value,	as	well	as	the	periodic	payments,	have	been	presented	in	other	income	(expense),	net	in	our	consolidated	statement	of	income.

As	 a	 result	 of	 the	 continuing	 process	 of	 obtaining	 additional	 information	 and	 revising	 estimates,	 including	 in	 2015	 the	 estimated	 impact	 on	 the arrangement	of	the	Universal	Studios	Japan	transaction	and	the	planned	development	of	a	theme	park	in	China,	we	no	longer	expect	the	settlement	of the	arrangement	in	2017,	or	shortly	thereafter.	Accordingly,	in	the	fourth	quarter	of	2015,	we	concluded	that	we	should	no	longer	adjust	the	arrangement to	fair	value	and	it	is	no	longer	presented	in	the	recurring	fair	value	measurements	table.	We	also	concluded	that	the	amounts	that	are	payable	based	on current	period	revenue	should	be	presented	in	other	operating	and	administrative	expenses.	We	believe	these	changes	are	preferable	because	they better	reflect	the	economic	substance	of	the	arrangement	as	a	revenue	participation	similar	to	those	that	exist	in	our	film	and	television	agreements.	The change	in	our	method	of	accounting	coupled	with	the	change	in	likelihood	of	the	settlement	result	in	the	method	being	applied	prospectively,	similar	to	a change	in	estimate.	See	Note	18	for	the	treatment	of	this	change	in	method	in	our	segment	reporting	presentation.

# Contingent	Consideration

In	June	2015,	we	settled	a	contingent	consideration	liability	related	to	the	acquisition	of	NBCUniversal,	which	was	based	upon	future	net	tax	benefits realized	by	us	that	would	affect	future	payments	to	GE,	for	a	payment	of	$450	million,	which	is	included	as	a	financing	activity	in	our	consolidated statement	of	cash	flows.	The	settlement	resulted	in	a	gain	of	$240	million,	which	was	recorded	to	other	income	(expense),	net	in	our	consolidated statement	of	income.

# Nonrecurring	Fair	Value	Measurements

We	have	assets	that	are	required	to	be	recorded	at	fair	value	on	a	nonrecurring	basis	when	certain	circumstances	occur.	In	the	case	of	film,	television	or stage	play	production	costs,	when	an	event	or	change	in	circumstance	occurs	that	may	indicate	that	the	fair	value	of	a	production	is	less	than	its unamortized	costs,	we	determine	the	fair	value	of	the	production	and	record	an	adjustment	for	the	amount	by	which	the	unamortized	capitalized	costs exceed	the	production's	fair	value.	The	estimated	fair	value	of	a	production	is	based	on	Level	3	inputs	that	primarily	use	an	analysis	of	future	expected cash	flows.	Adjustments	to	capitalized	film	and	stage	play	production	costs	of	$42	million,	$26	million	and	$167	million	were	recorded	in	2015,	2014	and 2013,	respectively.

# Note	12:	Postretirement,	Pension	and	Other	Employee	Benefit	Plans

The	table	below	provides	condensed	information	on	our	postretirement	and	pension	benefit	plans.

|  | 2015 |  | 2014 |  | 2013 |  |
| :--- | :--- | :--- | :--- | :--- | :--- | :--- |
| Year\tended\tDecember\t31\t(in\tmillions) | Postretirement\nBenefits | Pension\nBenefits | Postretirement\nBenefits | Pension\nBenefits | Postretirement\nBenefits | Pension\nBenefits |
| Benefit\tobligation | $\t820 | $\t309 | \t $837 | $\t581 | $\t633 | $\t498 |
| Fair\tvalue\tof\tplan\tassets^(a) | — | — | — | 242 | — | 220 |
| Plan\tfunded\tstatus\tand\trecorded\tbenefit\tobligation | (820) | (309) | (837) | (339) | (633) | (278) |
| Portion\tof\tbenefit\tobligation\tnot\tyet\trecognized\tin\tbenefits |  |  |  |  |  |  |
| expense | (33) | 14 | 46 | 53 | (110) | (3) |
| Benefits\texpense | 75 | 13 | 59 | 14 | 65 | 12 |
| Discount\trate | \t4.70-4.73% | \t\t4.31-4.40% | 4.25% | \t\t3.75-4.25% | \t5.00-5.25% | \t\t4.50-5.25% |
| Expected\treturn\ton\tplan\tassets | N/A | N/A | N/A | 5.00% | N/A | 5.00% |

(a) The	fair	value	of	the	plan	assets	are	primarily	based	on	Level	1	inputs	that	use	quoted	market	prices	for	identical	financial	instruments	in	an	active	market.

# Postretirement	Benefit	Plans

We	sponsor	various	benefit	plans	that	provide	postretirement	benefits	to	eligible	employees	based	on	years	of	service.	The	Comcast	Postretirement Healthcare	Stipend	Program	(the	"stipend	plan")	provides	an	annual	stipend	for	reimbursement	of	healthcare	costs	to	each	eligible	employee	based	on years	of	service.	Under	the	stipend	plan,	we	are	not	exposed	to	the	increasing	costs	of	healthcare	because	the	benefits	are	fixed	at	a	predetermined amount.

NBCUniversal's	postretirement	medical	and	life	insurance	plans	provide	continuous	coverage	to	employees	eligible	to	receive	such	benefits.	A	small number	of	eligible	employees	also	participate	in	legacy	plans	of	acquired	companies.

All	of	our	postretirement	benefit	plans	are	unfunded	and	substantially	all	of	our	postretirement	benefit	obligations	are	recorded	to	noncurrent	liabilities. The	expense	we	recognize	for	our	postretirement	benefit	plans	is	determined	using	certain	assumptions,	including	the	discount	rate.

# Pension	Plans

NBCUniversal	sponsors	various	qualified	and	nonqualified	defined	benefit	plans	for	domestic	employees	for	which	future	benefits	have	been	frozen	since the	beginning	of	2013,	therefore	we	did	not	recognize	service	costs	related	to	our	pension	plans	for	the	periods	presented.	The	expense	we	recognize	for our	defined	benefit	plans	is	determined	using	certain	assumptions,	including	the	discount	rate	and	the	expected	long-term	rate	of	return	on	plan	assets. We	recognize	the	funded	or	unfunded	status	of	our	defined	benefit	plans	as	an	asset	or	liability	in	our	consolidated	balance	sheet	and	recognize	changes in	the	funded	status	in	the	year	in	which	the	changes	occur	in	accumulated	other	comprehensive	income	(loss).	In	addition	to	the	defined	benefit	plans	it sponsors,	NBCUniversal	is	also	obligated	to	reimburse	GE	for	future	benefit	payments	to	those	participants	who	were	vested	in	the	supplemental	pension plan	sponsored	by	GE	at	the	time	of	the	NBCUniversal	transaction	in	2011.

In	 September	 2015,	 we	 settled	 all	 of	 our	 obligations	 related	 to	 the termination in	 December	 2013	 of the	 NBCUniversal	 qualified	 pension	 plan. In connection	with	this	final	settlement,	we	fully	funded	the	plan	with	an

additional	contribution	of	$20	million	and	recorded	expenses	of	$27	million	in	other	operating	and	administrative	expenses.

In	August	2013,	we	settled	all	of	our	obligations	related	to	the	termination	in	February	2012	of	the	qualified	pension	plan	that	provided	benefits	to	former employees	of	a	company	we	acquired	as	part	of	the	AT&T	Broadband	transaction	in	2002.	In	connection	with	this	final	settlement,	we	fully	funded	the plan	with	an	additional	contribution	of	$55	million	and	recorded	expenses	of	$74	million	in	other	operating	and	administrative	expenses,	which	was previously	recorded	in	accumulated	other	comprehensive	income	(loss).

# Other	Employee	Benefits

# Deferred	Compensation	Plans

We	 maintain	 unfunded,	 nonqualified	 deferred	 compensation	 plans	 for	 certain	 members	 of	 management	 and	 nonemployee	 directors	 (each,	 a "participant").	The	amount	of	compensation	deferred	by	each	participant	is	based	on	participant	elections.	Participant	accounts,	except	for	those	in	the NBCUniversal	plan,	are	credited	with	income	primarily	based	on	a	fixed	annual	rate.	Participants	in	the	NBCUniversal	plan	designate	one	or	more valuation	funds,	independently	established	funds	or	indices	that	are	used	to	determine	the	amount	of	investment	gain	or	loss	in	the	participant's	account. Participants	are	eligible	to	receive	distributions	from	their	account	based	on	elected	deferral	periods	that	are	consistent	with	the	plans	and	applicable	tax law.

The	table	below	presents	the	benefit	obligation	and	interest	expense	for	our	deferred	compensation	plans.

| Year	ended	December	31	(in	millions) | 2015 | 2014 | 2013 |
| :--- | :--- | :--- | :--- |
| Benefit\tobligation | $\t2,038\t\t\t\t $\t1,774\t\t\t\t $\t1,434 | $\t2,038\t\t\t\t $\t1,774\t\t\t\t $\t1,434 | $\t2,038\t\t\t\t $\t1,774\t\t\t\t $\t1,434 |
| Interest\texpense | $171\t\t\t\t $ | 149\t\t\t\t $ | 128 |

We	have	purchased	life	insurance	policies	to	recover	a	portion	of	the	future	payments	related	to	our	deferred	compensation	plans.	As	of	December	31, 2015	and	2014,	the	cash	surrender	value	of	these	policies,	which	is	recorded	to	other	noncurrent	assets,	was	$658	million	and	$628	million,	respectively.

# Retirement	Investment	Plans

We	sponsor	several	401(k)	defined	contribution	retirement	plans	that	allow	eligible	employees	to	contribute	a	portion	of	their	compensation	through payroll	 deductions	 in	 accordance	 with	 specified	 plan	 guidelines.	 We	 make	 contributions	 to	 the	 plans	 that	 include	 matching	 a	 percentage	 of	 the employees'	contributions	up	to	certain	limits.	In	2015,	2014	and	2013,	expenses	related	to	these	plans	totaled	$416	million,	$379	million	and	$324	million, respectively.

# Split-Dollar	Life	Insurance	Agreements

Pursuant	to	pre-existing	contractual	obligations,	we	have	collateral	assignment	split-dollar	life	insurance	agreements	with	select	key	current	and	former employees	that	require	us	to	incur	certain	insurance-related	costs.	Under	some	of	these	agreements,	our	obligation	to	provide	benefits	to	the	employees extends	beyond	retirement.

The	table	below	presents	the	benefit	obligation	and	expenses	related	to	our	split-dollar	life	insurance	agreements.

| Year	ended	December	31	(in	millions) | 2015 | 2014 | 2013 |
| :--- | :--- | :--- | :--- |
| Benefit\tobligation | $\t233\t\t\t\t $\t217\t\t\t\t $\t212 | $\t233\t\t\t\t $\t217\t\t\t\t $\t212 | $\t233\t\t\t\t $\t217\t\t\t\t $\t212 |
| Other\toperating\tand\tadministrative\texpenses | $67\t\t\t\t $ | 52\t\t\t\t $ | 50 |

# Multiemployer	Benefit	Plans

We	 participate	 in	 various	 multiemployer	 benefit	 plans,	 including	 pension	 and	 postretirement	 benefit	 plans,	 that	 cover	 some	 of	 our	 employees	 and temporary	employees	who	are	represented	by	labor	unions.	We	also	participate	in	other	multiemployer	benefit	plans	that	provide	health	and	welfare	and retirement	savings	benefits	to	active	and	retired	participants.	We	make	periodic	contributions	to	these	plans	in	accordance	with	the	terms	of	applicable collective	bargaining	agreements	and	laws	but	do	not	sponsor	or	administer	these	plans.	We	do	not	participate	in	any	multiemployer	benefit	plans	for which	we	consider	our	contributions	to	be	individually	significant,	and	the	largest	plans	in	which	we	participate	are	funded	at	a	level	of	80%	or	greater.

In	2015,	2014	and	2013,	the	total	contributions	we	made	to	multiemployer	pension	plans	were	$77	million,	$58	million	and	$59	million,	respectively.	In 2015,	2014	and	2013,	the	total	contributions	we	made	to	multiemployer	postretirement	and	other	benefit	plans	were	$119	million,	$125	million	and	$98 million,	respectively.

If	we	cease	to	be	obligated	to	make	contributions	or	were	to	otherwise	withdraw	from	participation	in	any	of	these	plans,	applicable	law	would	require	us to	fund	our	allocable	share	of	the	unfunded	vested	benefits,	which	is	known	as	a	withdrawal	liability.	In	addition,	actions	taken	by	other	participating employers	may	lead	to	adverse	changes	in	the	financial	condition	of	one	of	these	plans,	which	could	result	in	an	increase	in	our	withdrawal	liability.

# Severance	Benefits

We	provide	severance	benefits	to	certain	former	employees.	A	liability	is	recorded	when	payment	is	probable,	the	amount	is	reasonably	estimable,	and the	obligation	relates	to	rights	that	have	vested	or	accumulated.	In	2015,	2014	and	2013,	we	recorded	severance	costs	of	$181	million,	$152	million	and $160	million,	respectively.

# Note	13:	Equity

# Class	A	Special	Common	Stock	Reclassification

In	December	2015,	our	shareholders	approved	a	proposal	to	amend	and	restate	our	Amended	and	Restated	Certificate	of	Incorporation	in	order	to reclassify	each	issued	share	of	our	Class	A	Special	common	stock	into	one	share	of	our	Class	A	common	stock.	This	reclassification	became	effective	as of	the	close	of	business	on	December	11,	2015,	at	which	time	our	Class	A	Special	common	stock	was	no	longer	outstanding	and	ceased	trading	on	the NASDAQ	under	the	symbol	CMCSK	and	instead	became	listed	on	the	NASDAQ	under	the	symbol	CMCSA.	There	was	no	impact	on	basic	and	diluted EPS	or	the	carrying	value	of	total	common	stock	as	presented	in	our	consolidated	balance	sheet	because	it	was	a	one-for-one	stock	exchange.

# Common	Stock

In	the	aggregate,	holders	of	our	Class	A	common	stock	have	66 	2/ %	of	the	voting	power	of	our	common	stock	and	holders	of	our	Class	B	common	stock have	33 / %	of	the	voting	power	of	our	common	stock.	Each	share	of	our	Class	B	common	stock	is	entitled	to	15	votes.	The	number	of	votes	held	by	each share	of	our	Class	A	common	stock	depends	on	the	number	of	shares	of	Class	A	and	Class	B	common	stock	outstanding	at	any	given	time.	The	33 1/ % aggregate	voting	power	of	our	Class	B	common	stock	cannot	be	diluted	by	additional	issuances	of	any	other	class	of	common	stock.	Our	Class	B common	stock	is	convertible,	share	for	share,	into	Class	A	common	stock,	subject	to	certain	restrictions.

# Shares	of	Common	Stock	Outstanding

| (in	millions) | A | A	Special | B |
| :--- | :--- | :--- | :--- |
| Balance,\tDecember\t31,\t2012 | \t2,122 | 508 | 9 |
| Stock\tcompensation\tplans | 14 | —\t\t\t\t \t— | —\t\t\t\t \t— |
| Repurchases\tand\tretirements\tof\tcommon\tstock | — | (49) | \t— |
| Employee\tstock\tpurchase\tplans | 2 | —\t\t\t\t \t— | —\t\t\t\t \t— |
| Balance,\tDecember\t31,\t2013 | \t2,138 | 459 | 9 |
| Stock\tcompensation\tplans | 13 | —\t\t\t\t \t— | —\t\t\t\t \t— |
| Repurchases\tand\tretirements\tof\tcommon\tstock | (22) | (59) | \t— |
| Employee\tstock\tpurchase\tplans | 2 | —\t\t\t\t \t— | —\t\t\t\t \t— |
| Balance,\tDecember\t31,\t2014 | \t2,131 | 400 | 9 |
| Stock\tcompensation\tplans | 12 | — | \t— |
| Repurchases\tand\tretirements\tof\tcommon\tstock | (62) | (54) | \t— |
| Employee\tstock\tpurchase\tplans | 2 | — | \t— |
| Reclassification\tof\tClass\tA\tSpecial\tcommon\tstock | 346 | (346) | \t— |
| Other | 4 | — | \t— |
| Balance,\tDecember\t31,\t2015 | \t2,433 | — | 9 |

# Share	Repurchases

Effective	January	1,	2016,	our	Board	of	Directors	increased	our	share	repurchase	program	authorization	to	a	total	of	$10	billion,	which	does	not	have	an expiration	date.	Under	this	authorization,	we	may	repurchase	shares	in	the	open	market	or	in	private	transactions.

# Note	14:	Share-Based	Compensation

The	tables	below	provide	condensed	information	on	our	share-based	compensation.

# Recognized	Share-Based	Compensation	Expense

| Year	ended	December	31	(in	millions) | 2015 | 2014 | 2013 |
| :--- | :--- | :--- | :--- |
| Restricted\tshare\tunits | $ 273\t\t\t\t $ 231\t\t\t\t $ 175 | $ 273\t\t\t\t $ 231\t\t\t\t $ 175 | $ 273\t\t\t\t $ 231\t\t\t\t $ 175 |
| Stock\toptions | 157 | 160 | 139 |
| Employee\tstock\tpurchase\tplans | 25 | 23 | 20 |
| Total | $\t455\t\t\t\t $\t414\t\t\t\t $\t334 | $\t455\t\t\t\t $\t414\t\t\t\t $\t334 | $\t455\t\t\t\t $\t414\t\t\t\t $\t334 |

As	of	December	31,	2015,	we	had	unrecognized	pretax	compensation	expense	of	$635	million	related	to	nonvested	RSUs	and	unrecognized	pretax compensation	expense	of	$337	million	related	to	nonvested	stock	options	that	will	be	recognized	over	a	weighted-average	period	of	approximately	1.8 years	and	1.8	years,	respectively.	In	2015,	2014	and	2013,	we	recorded	increases	to	additional	paid-in	capital	of	$311	million,	$299	million	and	$244 million,	respectively,	which	were	the	result	of	tax	benefits	associated	with	our	share-based	compensation	plans.

# Stock	Options	and	Restricted	Share	Units

| As	of	December	31,	2015,	unless	otherwise	stated	(in	millions,	except	per	share	data) | Stock<br>Options | RSUs |
| :--- | :--- | :--- |
| Awards\tgranted\tduring\t2015 | 18 | 9 |
| Weighted-average\texercise\tprice\tof\tawards\tgranted\tduring\t2015 | $\t59.39 |  |
| Stock\toptions\toutstanding\tand\tnonvested\tRSUs | 94 | 23 |
| Weighted-average\texercise\tprice\tof\tstock\toptions\toutstanding | $ 36.63 |  |
| Weighted-average\tfair\tvalue\tat\tgrant\tdate\tof\tnonvested\tRSUs |  | $\t44.19 |

As	of	December	31,	2015,	substantially	all	of	our	stock	options	outstanding	were	net	settled	stock	options.	Net	settled	stock	options,	as	opposed	to	stock options	exercised	with	a	cash	payment,	result	in	fewer	shares	being	issued	and	no	cash	proceeds	being	received	by	us	when	the	options	are	exercised. Our	share-based	compensation	primarily	consists	of	awards	of	RSUs	and	stock	options	to	certain	employees	and	directors	as	part	of	our	approach	to long-term	incentive	compensation.	Awards	generally	vest	over	a	period	of	5	years	and	in	the	case	of	stock	options,	have	a	10	year	term.	Additionally, through	our	employee	stock	purchase	plans,	employees	are	able	to	purchase	shares	of	Comcast	common	stock	at	a	discount	through	payroll	deductions.

The	cost	associated	with	our	share-based	compensation	is	based	on	an	award's	estimated	fair	value	at	the	date	of	grant	and	is	recognized	over	the period	in	which	any	related	services	are	provided.	RSUs	are	valued	based	on	the	closing	price	of	our	common	stock	on	the	date	of	grant	and	are discounted	for	the	lack	of	dividends,	if	any,	during	the	vesting	period.	We	use	the	Black-Scholes	option	pricing	model	to	estimate	the	fair	value	of	stock option	awards.	The	table	below	presents	the	weighted-average	fair	value	on	the	date	of	grant	of	RSUs	and	stock	options	awarded	under	our	various plans	and	the	related	weighted-average	valuation	assumptions.

| Year	ended	December	31 | 2015 | 2014 | 2013 |
| :--- | :--- | :--- | :--- |
| RSUs\tfair\tvalue | $\t58.81 | $47.91 | $\t38.28 |
| Stock\toptions\tfair\tvalue | $ 11.78 | $11.11 | $8.80 |
| Stock\tOption\tValuation\tAssumptions: |  |  |  |
| Dividend\tyield | 1.7% | 1.8% | 1.9% |
| Expected\tvolatility | 23.0% | 24.0% | 25.0% |
| Risk-free\tinterest\trate | 1.6% | 2.2% | 1.3% |
| Expected\toption\tlife\t(in\tyears) | 6.0 | 6.5 | 7.0 |

# Note	15:	Income	Taxes

| Year	ended	December	31	(in	millions) | 2015 | 2014 | 2013 |
| :--- | :--- | :--- | :--- |
| Current\tExpense\t(Benefit): |  |  |  |
| Federal | $\t3,210\t\t\t\t $\t2,392\t\t\t\t $\t3,183 | $\t3,210\t\t\t\t $\t2,392\t\t\t\t $\t3,183 | $\t3,210\t\t\t\t $\t2,392\t\t\t\t $\t3,183 |
| State | 570 | 174 | 581 |
| Foreign | 221 | 142 | 200 |
|  | 4,001 | 2,708 | 3,964 |
| Deferred\tExpense\t(Benefit): |  |  |  |
| Federal | 890 | 1,000 | (76) |
| State | 66 | 173 | 108 |
| Foreign | 2 | (8) | (16) |
|  | 958 | 1,165 | 16 |

Our	income	tax	expense	differs	from	the	federal	statutory	amount	because	of	the	effect	of	the	items	detailed	in	the	table	below.

| Year	ended	December	31	(in	millions) | 2015 | 2014 | 2013 |
| :--- | :--- | :--- | :--- |
| Federal\ttax\tat\tstatutory\trate | $\t4,680\t\t\t\t $\t4,363\t\t\t\t $\t3,890 | $\t4,680\t\t\t\t $\t4,363\t\t\t\t $\t3,890 | $\t4,680\t\t\t\t $\t4,363\t\t\t\t $\t3,890 |
| State\tincome\ttaxes,\tnet\tof\tfederal\tbenefit | 326 | 329 | 319 |
| Foreign\tincome\ttaxes,\tnet\tof\tfederal\tcredit | 13 | — | 15 |
| Nontaxable\tincome\tattributable\tto\tnoncontrolling\tinterests | (69) | (62) | (103) |
| Adjustments\tto\tuncertain\tand\teffectively\tsettled\ttax\tpositions,\tnet | 15 | (408) | 58 |
| Accrued\tinterest\ton\tuncertain\tand\teffectively\tsettled\ttax\tpositions,\tnet | 73 | (235) | 114 |
| Other | (79) | (114) | (313) |
| Income\ttax\texpense | $ 4,959\t\t\t\t $ 3,873\t\t\t\t $ 3,980 | $ 4,959\t\t\t\t $ 3,873\t\t\t\t $ 3,980 | $ 4,959\t\t\t\t $ 3,873\t\t\t\t $ 3,980 |

We	base	our	provision	for	income	taxes	on	our	current	period	income,	changes	in	our	deferred	income	tax	assets	and	liabilities,	income	tax	rates, changes	in	estimates	of	our	uncertain	tax	positions,	and	tax	planning	opportunities	available	in	the	jurisdictions	in	which	we	operate.	We	recognize deferred	tax	assets	and	liabilities	when	there	are	temporary	differences	between	the	financial	reporting	basis	and	tax	basis	of	our	assets	and	liabilities and	for	the	expected	benefits	of	using	net	operating	loss	carryforwards.	When	a	change	in	the	tax	rate	or	tax	law	has	an	impact	on	deferred	taxes,	we apply	the	change	based	on	the	years	in	which	the	temporary	differences	are	expected	to	reverse.	We	record	the	change	in	our	consolidated	financial statements	in	the	period	of	enactment.

The	determination	of	the	income	tax	consequences	of	a	business	combination	includes	identifying	the	tax	basis	of	assets	and	liabilities	acquired	and	any contingencies	associated	with	uncertain	tax	positions	assumed	or	resulting	from	the	business	combination.	Deferred	tax	assets	and	liabilities	related	to temporary	differences	of	an	acquired	entity	are	recorded	as	of	the	date	of	the	business	combination	and	are	based	on	our	estimate	of	the	ultimate	tax basis	that	will	be	accepted	by	the	various	tax	authorities.	We	record	liabilities	for	contingencies	associated	with	prior	tax	returns	filed	by	the	acquired entity	based	on	criteria	set	forth	in	the	appropriate	accounting	guidance.	We	adjust	the	deferred	tax	accounts	and	the	liabilities	periodically	to	reflect	any revised	estimated	tax	basis	and	any	estimated	settlements	with	the	various	tax	authorities.	The	effects	of	these	adjustments	are	recorded	to	income	tax expense.

From	time	to	time,	we	engage	in	transactions	in	which	the	tax	consequences	may	be	subject	to	uncertainty.	In	these	cases,	we	evaluate	our	tax	positions using	the	recognition	threshold	and	the	measurement	attribute	in	accordance	with	the	accounting	guidance	related	to	uncertain	tax	positions.	Examples of	these	transactions	include	business	acquisitions	and	dispositions,	including	consideration	paid	or	received	in	connection	with	these	transactions, certain	financing	transactions,	and	the	allocation	of	income	among	state	and	local	tax	jurisdictions.	Significant	judgment	is	required	in	assessing	and estimating	 the	 tax	 consequences	 of	 these	 transactions.	 We	 determine	 whether	 it	 is	 more	 likely	 than	 not	 that	 a	 tax	 position	 will	 be	 sustained	 on examination,	including	the	resolution	of	any	related	appeals	or	litigation	processes,	based	on	the	technical	merits	of	the	position.	A	tax	position	that	meets the	more-likely-than-not	recognition	threshold	is	measured	to	determine	the	amount	of	benefit	to	be	recognized	in	our	consolidated	financial	statements. We	classify	interest	and	penalties,	if	any,	associated	with	our	uncertain	tax	positions	as	a	component	of	income	tax	expense.

For	U.S.	federal	income	tax	purposes,	NBCUniversal	Holdings	is	treated	as	a	partnership	and	NBCUniversal	is	disregarded	as	an	entity	separate	from NBCUniversal	 Holdings.	Accordingly,	 neither	 NBCUniversal	 Holdings	 nor	 NBCUniversal	 and	 its	 subsidiaries	 incur	 any	 material	 current	 or	 deferred domestic	income	taxes.	Following	the	close	of	the	NBCUniversal	redemption	transaction	in	March	2013,	the	taxable	income	of	NBCUniversal	Holdings and	NBCUniversal	is	allocable	entirely	to	us.

We	are	indemnified	by	GE	for	any	income	tax	liability	attributable	to	the	NBCUniversal	contributed	businesses	for	periods	prior	to	the	close	of	the NBCUniversal	transaction	in	January	2011	and	also	for	any	income	tax	liability	attributable	to	NBCUniversal	Enterprise	for	periods	prior	to	the	date	of	the NBCUniversal	 redemption	 transaction.	 We	 have	 indemnified	 GE	 for	 any	 income	 tax	 liability	 attributable	 to	 the	 businesses	 we	 contributed	 to NBCUniversal	for	periods	prior	to	the	close	of	the	NBCUniversal	transaction.

Current	and	deferred	foreign	income	taxes	are	incurred	by	NBCUniversal's	foreign	subsidiaries.	In	2015,	2014	and	2013,	NBCUniversal	had	foreign income	before	taxes	of	$704	million,	$385	million	and	$524	million,	respectively,	on	which	foreign	income	tax	expense	was	recorded.	We	recorded	U.S. income	tax	expense	on	our	allocable	share	of	NBCUniversal's	income	before	domestic	and	foreign	taxes,	which	was	reduced	by	a	U.S.	tax	credit	equal	to our	allocable	share	of	NBCUniversal's	foreign	income	tax	expense.

# Components	of	Net	Deferred	Tax	Liability

| December	31	(in	millions) | 2015 | 2014 |
| :--- | :--- | :--- |
| Deferred\tTax\tAssets: |  |  |
| Net\toperating\tloss\tcarryforwards | $551 | $448 |
| Differences\tbetween\tbook\tand\ttax\tbasis\tof\tlong-term\tdebt | 115 | 116 |
| Differences\tbetween\tbook\tand\ttax\tbasis\tof\tinvestments | 101 | — |
| Nondeductible\taccruals\tand\tother | 3,589 | 3,383 |
| Less:\tValuation\tallowance | 342 | 375 |
|  | 4,014 | 3,572 |
| Deferred\tTax\tLiabilities: |  |  |
| Differences\tbetween\tbook\tand\ttax\tbasis\tof\tproperty\tand\tequipment\tand\tintangible\tassets | 36,392 | 35,112 |
| Differences\tbetween\tbook\tand\ttax\tbasis\tof\tinvestments | — | 186 |
| Differences\tbetween\tbook\tand\ttax\tbasis\tof\tindexed\tdebt\tsecurities | 457 | 534 |
| Differences\tbetween\tbook\tand\ttax\tbasis\tof\tforeign\tsubsidiaries\tand\tundistributed\tforeign\tearnings | 731 | 504 |
|  | 37,580 | 36,336 |
| Net\tdeferred\ttax\tliability | $\t33,566 | $\t32,764 |

Changes	in	our	net	deferred	tax	liability	in	2015	that	were	not	recorded	as	deferred	income	tax	expense	are	primarily	related	to	decreases	of	$28	million associated	with	items	included	in	other	comprehensive	income	(loss)	and	decreases	of	$132	million	related	to	acquisitions	made	in	2015.	Our	net deferred	tax	liability	includes	$23	billion	related	to	cable	franchise	rights	that	will	remain	unchanged	unless	we	recognize	an	impairment	or	dispose	of	a cable	franchise.

As	of	December	31,	2015,	we	had	federal	net	operating	loss	carryforwards	of	$135	million	and	various	state	net	operating	loss	carryforwards	that	expire in	periods	through	2035.	As	of	December	31,	2015,	we	also	had	foreign	net	operating	loss	carryforwards	of	$700	million	that	are	related	to	the	foreign operations	of	NBCUniversal,	the	majority	of	which	expire	in	periods	through	2025.	The	determination	of	the	realization	of	the	state	and	foreign	net operating	loss	carryforwards	is	dependent	on	our	subsidiaries'	taxable	income	or	loss,	apportionment	percentages,	and	state	and	foreign	laws	that	can change	from	year	to	year	and	impact	the	amount	of	such	carryforwards.	We	recognize	a	valuation	allowance	if	we	determine	it	is	more	likely	than	not	that some	portion,	or	all,	of	a	deferred	tax	asset	will	not	be	realized.	As	of	December	31,	2015	and	2014,	our	valuation	allowance	was	primarily	related	to state	and	foreign	net	operating	loss	carryforwards.

# Uncertain	Tax	Positions

Our	uncertain	tax	positions	as	of	December	31,	2015	totaled	$1.1	billion,	which	exclude	the	federal	benefits	on	state	tax	positions	that	were	recorded	as deferred	income	taxes.	Included	in	our	uncertain	tax	positions	was	$220	million	related	to	tax	positions	of	NBCUniversal	and	NBCUniversal	Enterprise	for which	we	have	been	indemnified	by	GE.	If	we	were	to	recognize	the	tax	benefit	for	our	uncertain	tax	positions	in	the	future,	$592	million	would	impact	our effective	tax	rate	and	the	remaining	amount	would	increase	our	deferred	income	tax	liability.	The	amount	and	timing	of	the	recognition	of	any	such	tax benefit	is	dependent	on	the	completion	of	examinations	of	our	tax	filings	by	the	various	tax	authorities	and	the	expiration	of	statutes	of	limitations.	In	2014, we	reduced	our	accruals	for	uncertain	tax	positions	and	the	related	accrued	interest	on	these	tax	positions	and,	as	a	result,	our	income	tax	expense decreased	by	$759	million.	It	is	reasonably	possible	that	certain	tax	contests	could	be	resolved	within	the	next	12	months	that	may	result	in	a	decrease	in our	effective	tax	rate.

# Reconciliation	of	Unrecognized	Tax	Benefits

| (in	millions) | 2015 | 2014 | 2013 |
| :--- | :--- | :--- | :--- |
| Balance,\tJanuary\t1 | $\t1,171\t\t\t\t $\t1,701\t\t\t\t $\t1,573 | $\t1,171\t\t\t\t $\t1,701\t\t\t\t $\t1,573 | $\t1,171\t\t\t\t $\t1,701\t\t\t\t $\t1,573 |
| Additions\tbased\ton\ttax\tpositions\trelated\tto\tthe\tcurrent\tyear | 67 | 63 | 90 |
| Additions\tbased\ton\ttax\tpositions\trelated\tto\tprior\tyears | 98 | 111 | 201 |
| Additions\tfrom\tacquired\tsubsidiaries | — | — | 268 |
| Reductions\tfor\ttax\tpositions\tof\tprior\tyears | (84) | (220) | (141) |
| Reductions\tdue\tto\texpiration\tof\tstatutes\tof\tlimitations | (41) | (448) | (3) |
| Settlements\twith\ttax\tauthorities | (75) | (36) | (287) |
| Balance,\tDecember\t31 | $\t1,136\t\t\t\t $\t1,171\t\t\t\t $\t1,701 | $\t1,136\t\t\t\t $\t1,171\t\t\t\t $\t1,701 | $\t1,136\t\t\t\t $\t1,171\t\t\t\t $\t1,701 |

During	2015,	the	IRS	completed	its	examination	of	our	income	tax	returns	for	the	year	2013.	Various	states	are	examining	our	tax	returns,	with	most	of the	periods	relating	to	tax	years	2000	and	forward.	The	tax	years	of	our	state	tax	returns	currently	under	examination	vary	by	state.

# Note	16:	Supplemental	Financial	Information

| Receivables |  |  |
| :--- | :--- | :--- |
| December\t31\t(in\tmillions) | 2015 | 2014 |
| Receivables,\tgross | $\t7,595 | $\t6,885 |
| Less:\tAllowance\tfor\treturns\tand\tcustomer\tincentives | 473 | 359 |
| Less:\tAllowance\tfor\tdoubtful\taccounts | 226 | 205 |
| Receivables,\tnet | $ 6,896 | $ 6,321 |

In	addition	to	the	amounts	in	the	table	above,	as	of	December	31,	2015	and	2014,	noncurrent	receivables	of	$721	million	and	$569	million,	respectively, are	included	in	other	noncurrent	assets,	net	that	primarily	relate	to	the	licensing	of	our	television	and	film	productions	to	third	parties.

# Cash	Payments	for	Interest	and	Income	Taxes

# Noncash	Investing	and	Financing	Activities

•	 we	acquired	$1.1	billion	of	property	and	equipment	and	intangible	assets	that	were	accrued	but	unpaid •	 we	recorded	a	liability	of	$612	million	for	a	quarterly	cash	dividend	of	$0.25	per	common	share	paid	in	January	2016 •	 we	assumed	liabilities	related	to	the	Universal	Studios	Japan	transaction	(see	Note	5	for	additional	information) •	 we	used	$517	million	of	equity	securities	to	settle	a	portion	of	our	obligations	under	prepaid	forward	sale	agreements

•	 we	acquired	$797	million	of	property	and	equipment	and	intangible	assets	that	were	accrued	but	unpaid •	 we	recorded	a	liability	of	$572	million	for	a	quarterly	cash	dividend	of	$0.225	per	common	share	paid	in	January	2015 •	 we	used	$3.2	billion	of	equity	securities	to	settle	a	portion	of	our	obligations	under	prepaid	forward	sale	agreements

•	 we	 acquired	 GE's	 49%	 common	 equity	 interest	 in	 NBCUniversal	 Holdings	 that	 we	 did	 not	 already	 own	 for	 total consideration	of	$16.7	billion,	which	included	noncash	consideration	of	$6	billion	that	was	comprised	of	$4	billion	aggregate principal	 amount	 of	 senior	 notes	 issued	 by	 NBCUniversal	 Enterprise,	 $1.25	 billion	 of	 borrowings	 under	 NBCUniversal Enterprise's	 credit	 facility	 and $725	 million aggregate	 liquidation	 preference	 of	 NBCUniversal	 Enterprise	 Series	 A cumulative	preferred	stock	(see	Note	5	for	additional	information	on	the	NBCUniversal	redemption	transaction)

•	 we	acquired	$872	million	of	property	and	equipment	and	intangible	assets	that	were	accrued	but	unpaid •	 we	recorded	a	liability	of	$509	million	for	a	quarterly	cash	dividend	of	$0.195	per	common	share	paid	in	January	2014 •	 we	used	$1.4	billion	of	equity	securities	to	settle	a	portion	of	our	obligations	under	prepaid	forward	sale	agreements

•	 we	closed	a	transaction	with	Liberty	Media	that	included,	among	other	things,	the	delivery	of	Liberty	Media	shares	owned by	us	in	exchange	for	Liberty	Media's	interests	in	one	of	NBCUniversal's	contractual	obligations	(see	Note	7	for	additional information)

# Note	17:	Commitments	and	Contingencies

# Commitments

NBCUniversal	enters	into	long-term	commitments	with	third	parties	in	the	ordinary	course	of	its	business,	including	commitments	to	acquire	film	and television	 programming,	 creative	 talent	 and	 employment	 agreements,	 and	 various	 other	 television-related	 commitments.	 Many	 of	 NBCUniversal's employees,	including	writers,	directors,	actors,	technical	and	production	personnel,	and	others,	as	well	as	some	of	its	on-air	and	creative	talent,	are covered	by	collective	bargaining	agreements	or	works	councils.	As	of	December	31,	2015,	the	total	number	of	NBCUniversal	full-time,	part-time	and hourly	employees	on	its	payroll	covered	by	collective	bargaining	agreements	was	7,500	full-time	equivalent	employees.	Of	this	total,	approximately	10% of	these	full-time	equivalent	employees	were	covered	by	collective	bargaining	agreements	that	have	expired	or	are	scheduled	to	expire	during	2016.

We,	through	Comcast	Spectacor,	have	employment	agreements	with	both	players	and	coaches	of	the	Philadelphia	Flyers.	Certain	of	these	employment agreements,	which	provide	for	payments	that	are	guaranteed	regardless	of	employee	injury	or	termination,	are	covered	by	disability	insurance	if	certain conditions	are	met.

The	table	below	summarizes	our	minimum	annual	programming	and	talent	commitments	and	our	minimum	annual	rental	commitments	for	office	space, equipment	and	 transponder	service	agreements	under	operating	 leases.	Programming	and	 talent	commitments	 include	acquired	 film	and	 television programming,	 including	 U.S.	 television	 rights	 to	 the	 Olympic	 Games through	 2032,	Sunday	 Night	 Football	on	 NBC through	 the	 2022-23	 season, NASCAR	 on	 the	 NBC	 Sports	 Network through	 2024	 and	 other	 programming	 commitments,	 as	 well	 as	 various	 contracts	 with	 creative talent	 and employment	agreements.

# Contingencies

# Antitrust	Cases

We	are	defendants	in	two	purported	class	actions	originally	filed	in	December	2003	in	the	United	States	District	Courts	for	the	District	of	Massachusetts and	 the	 Eastern	 District	 of	 Pennsylvania.	 The	 potential	 class	 in	 the	 Massachusetts	 case,	 which	 has	 been	 transferred	 to	 the	 Eastern	 District	 of Pennsylvania,	 is	 our	 customer	 base	 in	 the	 "Boston	 Cluster"	 area,	 and	 the	 potential	 class	 in	 the	 Pennsylvania	 case	 is	 our	 customer	 base	 in	 the "Philadelphia	and	Chicago	Clusters,"	as	those	terms	are	defined	in	the	complaints.	In	each	case,	the	plaintiffs	allege	that	certain	customer	exchange transactions	with	other	cable	providers	resulted	 in	unlawful	horizontal	market	restraints	 in	 those	areas	and	seek	damages	under	antitrust	statutes, including	treble	damages.

Classes	of	Chicago	Cluster	and	Philadelphia	Cluster	customers	were	certified	in	October	2007	and	January	2010,	respectively.	We	appealed	the	class certification	in	the	Philadelphia	Cluster	case	to	the	Third	Circuit	Court	of	Appeals,	which	affirmed	the	class	certification	in	August	2011.	In	June	2012,	the U.S.	Supreme	Court	granted	our	petition	to	review	the	Third	Circuit	Court	of	Appeals'	ruling	and	in	March	2013,	the	Supreme	Court	ruled	that	the	class had	been	improperly	certified	and	reversed	the	judgment	of	the	Third	Circuit.	In	August	2013,	the	plaintiffs	in	the	Philadelphia	Cluster	case	moved	to certify	a	new,	smaller	class,	which	we	opposed	in	January	2014.	In	April	2014,	the	District	Court	granted	our	unopposed	motion	to	de-certify	the	Chicago Cluster	class	and	the	plaintiffs'	unopposed	motion	to	amend	the	Pennsylvania	case	so	as	to	dismiss	claims	relating	to	the	Chicago	Cluster.	In	April	2014, lead	counsel	for	the	Boston	Cluster	cases	withdrew,	and	in	June	2014,	new	counsel	requested	the	Boston	Cluster	cases	be	transferred	to	the	federal court	in	Boston	or	permission	to	leave	to	amend	the	complaints.	The	District	Court	denied	the	request	and	dismissed	the	Boston	Cluster	cases.	In December	2014,	the	District	Court	granted	preliminary	approval	to	a	settlement	of	the	Philadelphia	Cluster	case,	and	in	September	2015,	the	District Court	granted	final	approval	of	the	settlement.	The	settlement	of	the	Philadelphia	Cluster	case	did	not	have	a	material	effect	on	our	results	of	operations, cash	flows	or	financial	position.

In	addition,	we	are	the	defendant	in	putative	class	actions	filed	in	federal	district	courts	throughout	the	country.	Twenty-three	actions	were	consolidated by	the	Judicial	Panel	on	Multidistrict	Litigation	in	the	United	States	District	Court	for	the	Eastern	District	of	Pennsylvania	for	pre-trial	proceedings.	In	a consolidated	complaint	filed	in	November	2009	on	behalf	of	all	plaintiffs	in	the	multidistrict	litigation,	the	plaintiffs	allege	that	we	improperly	"tie"	the	rental of	set-top	boxes	to	the	provision	of	premium	cable	services	in	violation	of	Section	1	of	the	Sherman	Antitrust	Act,	various	state	antitrust	laws	and unfair/deceptive	trade	practices	acts.	The	West	Virginia	Attorney	General	also	filed	a	complaint	in	West	Virginia	state	court	in	July	2009	alleging	that	we improperly	"tie"	the	rental	of	set-top	boxes	to	the	provision	of	digital	cable	services	in	violation	of	the	West	Virginia	Antitrust	Act	and	the	West	Virginia Consumer	Credit	and	Protection	Act.	The	Attorney	General	also	alleges	a	claim	for	unjust	enrichment/restitution.	We	removed	the	case	to	the	United States	District	Court	for	West	Virginia,	and	it	was	subsequently	transferred	to	the	United	States	District	Court	for	the	Eastern	District	of	Pennsylvania	and consolidated	with	the	multidistrict	litigation.	In	July	2011,	we	moved	to	compel	arbitration	of	most	of	the	plaintiffs'	claims	and	to	stay	the	remaining	claims pending	arbitration.	A	comprehensive	settlement	agreement	for	all	23	cases	that	had	been	submitted	to	the	District	Court	for	preliminary	approval	in	June 2013	was	withdrawn	in	October	2014,	and	we	refiled	our	motion	to	compel	arbitration.	The	parties	submitted	a	settlement	for	the	claims	of	current	and former	customers	who	received	service	in	the	states	of	California,	Washington	and	West	Virginia	in	September	2015.	In	November	2015,	the	District Court	did	not	approve	the	settlement,	and	the	plaintiffs	then	appealed	the	decision	to	the	Third	Circuit	Court	of	Appeals.	We	do	not	expect	these	cases	to have	a	material	effect	on	our	results	of	operations,	cash	flows	or	financial	position.

We	are	a	defendant	in	several	unrelated	lawsuits	claiming	infringement	of	various	patents	relating	to	various	aspects	of	our	businesses.	In	certain	of	these cases	other	industry	participants	are	also	defendants,	and	also	in	certain	of	these	cases	we	expect	that	any	potential	liability	would	be	in	part	or	in	whole the	responsibility	of	our	equipment	and	technology	vendors	under	applicable	contractual	indemnification	provisions.	We	are	also	subject	to	other	legal proceedings	and	claims	that	arise	in	the	ordinary	course	of	our	business.	While	the	amount	of	ultimate	liability	with	respect	to	such	actions	is	not expected	to	materially	affect	our	results	of	operations,	cash	flows	or	financial	position,	any	litigation	resulting	from	any	such	legal	proceedings	or	claims could	be	time-consuming	and	injure	our	reputation.

# Note	18:	Financial	Data	by	Business	Segment

We	present	our	operations	in	one	reportable	business	segment	for	Cable	Communications	and	four	reportable	business	segments	for	NBCUniversal.	The Cable	Networks,	Broadcast	Television,	Filmed	Entertainment	and	Theme	Parks	segments	comprise	the	NBCUniversal	businesses	and	are	collectively referred	to	as	the	NBCUniversal	segments.	Our	financial	data	by	reportable	business	segment	is	presented	in	the	tables	below.

| (in	millions) | Revenue^(g) | Depreciation<br>and<br>Amortization^(h) | Depreciation<br>and<br>Amortization | Operating<br>Income<br>(Loss) | Capital<br>Expenditures | Assets |
| :--- | :--- | :--- | :--- | :--- | :--- | :--- |
| 2015 |  |  |  |  |  |  |
| Cable\tCommunications^(a) | \t $\t46,879\t\t\t\t$ | \t19,120\t\t\t\t$ | \t7,028\t\t\t\t$\t12,092\t\t\t\t$ | \t7,028\t\t\t\t$\t12,092\t\t\t\t$ | \t7,034\t\t\t\t$\t149,267 | \t7,034\t\t\t\t$\t149,267 |
| NBCUniversal |  |  |  |  |  |  |
| Cable\tNetworks^(b)(c) | 9,628 | 3,499 | 784 | 2,715 | 44 | 28,093 |
| Broadcast\tTelevision^(c) | 8,530 | 780 | 111 | 669 | 117 | 7,871 |
| Filmed\tEntertainment^(b) | 7,287 | 1,234 | 26 | 1,208 | 14 | 4,255 |
| Theme\tParks^(d) | 3,339 | 1,464 | 292 | 1,172 | 833 | 14,027 |
| Headquarters\tand\tOther^(e) | 14 | (625) | 326 | (951) | 378 | 6,898 |
| Eliminations^(d)(f) | (336) | 62 | — | 62 | — | (454) |
| NBCUniversal | 28,462 | 6,414 | 1,539 | 4,875 | 1,386 | 60,690 |
| Corporate\tand\tOther | 766 | (898) | 113 | (1,011) | 79 | 4,783 |
| Eliminations^(f) | (1,597) | 42 | — | 42 | — | (48,166) |
| Comcast\tConsolidated | \t $ 74,510\t\t\t\t$ | 24,678\t\t\t\t$ | 8,680\t\t\t\t$ 15,998\t\t\t\t$ | 8,680\t\t\t\t$ 15,998\t\t\t\t$ | 8,499\t\t\t\t$ 166,574 | 8,499\t\t\t\t$ 166,574 |

|  | 2015 | 2014 | 2013 |
| :--- | :--- | :--- | :--- |
| Residential: |  |  |  |
| Video | \t45.9% | \t47.1% | \t49.1% |
| High-speed\tInternet | \t26.6% | \t25.6% | \t24.7% |
| Voice | 7.7% | 8.3% | 8.7% |
| Business\tservices | \t10.1% | 9.0% | 7.7% |
| Advertising | 4.9% | 5.4% | 5.1% |
| Other | 4.8% | 4.6% | 4.7% |
| Total | \t 100% | \t 100% | \t 100% |

Subscription	revenue	received	from	customers	who	purchase	bundled	services	at	a	discounted	rate	is	allocated	proportionally	to	each	service	based	on	the	individual	service's	price	on	a	stand- alone	basis.

For	each	of	2015,	2014	and	2013,	2.8%	of	Cable	Communications	revenue	was	derived	from	franchise	and	other	regulatory	fees.

(b) Beginning	in	2014,	Fandango,	our	movie	ticketing	and	entertainment	business	that	was	previously	presented	in	our	Cable	Networks	segment,	is	now	presented	in	the	Filmed	Entertainment segment	to	reflect	the	change	in	our	management	reporting	presentation.	Due	to	immateriality,	prior	period	amounts	have	not	been	adjusted.

(c) The	revenue	and	operating	costs	and	expenses	associated	with	our	broadcast	of	the	2015	Super	Bowl	were	reported	in	our	Broadcast	Television	segment.	The	revenue	and	operating	costs	and expenses	associated	with	our	broadcast	of	the	2014	Sochi	Olympics	were	reported	in	our	Cable	Networks	and	Broadcast	Television	segments.

(d) As	disclosed	in	Note	11,	we	changed	our	method	of	accounting	for	a	contractual	obligation	that	involves	an	interest	in	the	revenue	of	certain	theme	parks.	As	a	result	of	the	change,	beginning	in the	fourth	quarter	of	2015,	amounts	payable	based	on	current	period	revenue	are	presented	in	operating	costs	and	expenses.	Amounts	paid	through	the	third	quarter	of	2015	were	included	in other	income	(expense),	net	in	our	consolidated	statement	of	income.	For	segment	reporting	purposes,	we	have	adjusted	periods	prior	to	the	fourth	quarter	of	2015	to	reflect	management reporting	presentation	for	this	expense	on	a	consistent	basis	for	all	periods	in	the	Theme	Parks	segment,	which	resulted	in	an	offsetting	adjustment	in	NBCUniversal	Eliminations.	Therefore,	we have	reduced	our	Theme	Parks	segment	operating	income	before	depreciation	and	amortization	and	operating	income	by	$63	million,	$72	million	and	$61	million	in	2015,	2014	and	2013, respectively,	while	corresponding	amounts	have	been	reflected	in	NBCUniversal	Eliminations	to	reconcile	to	consolidated	operating	income.

(e) NBCUniversal	Headquarters	and	Other	activities	include	costs	associated	with	overhead,	allocations,	personnel	costs	and	headquarter	initiatives.

(f) Included	in	Eliminations	are	transactions	that	our	segments	enter	into	with	one	another.	The	most	common	types	of	transactions	are	the	following:

•our	Cable	Networks	and	Broadcast	Television	segments	generate	revenue	by	selling	programming	to	our	Cable	Communications	segment,	which	represents	a substantial	majority	of	the	revenue	elimination	amount

•our	Cable	Communications	segment	generates	revenue	by	selling	advertising	and	by	selling	the	use	of	satellite	feeds	to	our	Cable	Networks	segment

•our	Filmed	Entertainment	and	Broadcast	Television	segments	generate	revenue	by	licensing	content	to	our	Cable	Networks	segment

•our	Cable	Communications	segment	receives	incentives	offered	by	our	Cable	Networks	segment	in	connection	with	its	distribution	of	the	Cable	Networks' content	that	are	recorded	as	a	reduction	to	programming	expenses

(g) Revenue	from	customers	located	outside	of	the	United	States,	primarily	in	Europe	and	Asia,	in	2015,	2014	and	2013	was	$5.8	billion,	$4.4	billion	and	$4.8	billion,	respectively.	No	single	customer accounted	for	a	significant	amount	of	revenue	in	any	period.

(h)	 We	use	operating	income	(loss)	before	depreciation	and	amortization,	excluding	impairment	charges	related	to	fixed	and	intangible	assets	and	gains	or	losses	from	the	sale	of	assets,	if	any,	as the	measure	of	profit	or	loss	for	our	operating	segments.	This	measure	eliminates	the	significant	level	of	noncash	depreciation	and	amortization	expense	that	results	from	the	capital-intensive nature	of	certain	of	our	businesses	and	from	intangible	assets	recognized	in	business	combinations.	Additionally,	it	is	unaffected	by	our	capital	structure	or	investment	activities.	We	use	this measure	to	evaluate	our	consolidated	operating	performance	and	the	operating	performance	of	our	operating	segments	and	to	allocate	resources	and	capital	to	our	operating	segments.	It	is	also	a significant	performance	measure	in	our	annual	incentive	compensation	programs.	We	believe	that	this	measure	is	useful	to	investors	because	it	is	one	of	the	bases	for	comparing	our	operating performance	with	that	of	other	companies	in	our	industries,	although	our	measure	may	not	be	directly	comparable	to	similar	measures	used	by	other	companies.	This	measure	should	not	be considered	a	substitute	for	operating	income	(loss),	net	income	(loss)	attributable	to	Comcast	Corporation,	net	cash	provided	by	operating	activities,	or	other	measures	of	performance	or	liquidity we	have	reported	in	accordance	with	GAAP.

# Note	19:	Quarterly	Financial	Information	(Unaudited)

| Revenue | $	17,853				 $	18,743				 $	18,669				 $	19,245				 $	74,510 | $	17,853				 $	18,743				 $	18,669				 $	19,245				 $	74,510 | $	17,853				 $	18,743				 $	18,669				 $	19,245				 $	74,510 | $	17,853				 $	18,743				 $	18,669				 $	19,245				 $	74,510 | $	17,853				 $	18,743				 $	18,669				 $	19,245				 $	74,510 |
| :--- | :--- | :--- | :--- | :--- | :--- |
| Operating\tincome | \t $3,890\t\t\t\t $ | 4,105\t\t\t\t $ | 4,001\t\t\t\t $ | 4,002\t\t\t\t $ 15,998 | 4,002\t\t\t\t $ 15,998 |
| Net\tincome\tattributable\tto\tComcast\tCorporation | \t $2,059\t\t\t\t $ | 2,137\t\t\t\t $ | 1,996\t\t\t\t $ | 1,971\t\t\t\t $ | 8,163 |
| Basic\tearnings\tper\tcommon\tshare\tattributable\tto\tComcast\tCorporation\tshareholders | \t $0.82\t\t\t\t $ | 0.85\t\t\t\t $ | 0.81\t\t\t\t $ | 0.80\t\t\t\t $ | 3.28 |
| Diluted\tearnings\tper\tcommon\tshare\tattributable\tto\tComcast\tCorporation\tshareholders | \t $0.81\t\t\t\t $ | 0.84\t\t\t\t $ | 0.80\t\t\t\t $ | 0.79\t\t\t\t $ | 3.24 |
| Dividends\tdeclared\tper\tcommon\tshare | \t $0.25\t\t\t\t $ | 0.25\t\t\t\t $ | 0.25\t\t\t\t $ | 0.25\t\t\t\t $ | 1.00 |
| 2014 |  |  |  |  |  |
| Revenue | \t $ 17,408\t\t\t\t $ 16,844\t\t\t\t $ 16,791\t\t\t\t $ 17,732\t\t\t\t $ 68,775 | \t $ 17,408\t\t\t\t $ 16,844\t\t\t\t $ 16,791\t\t\t\t $ 17,732\t\t\t\t $ 68,775 | \t $ 17,408\t\t\t\t $ 16,844\t\t\t\t $ 16,791\t\t\t\t $ 17,732\t\t\t\t $ 68,775 | \t $ 17,408\t\t\t\t $ 16,844\t\t\t\t $ 16,791\t\t\t\t $ 17,732\t\t\t\t $ 68,775 | \t $ 17,408\t\t\t\t $ 16,844\t\t\t\t $ 16,791\t\t\t\t $ 17,732\t\t\t\t $ 68,775 |
| Operating\tincome | \t $3,568\t\t\t\t $ | 3,804\t\t\t\t $ | 3,745\t\t\t\t $ | 3,787\t\t\t\t $ 14,904 | 3,787\t\t\t\t $ 14,904 |
| Net\tincome\tattributable\tto\tComcast\tCorporation^(a) | \t $1,871\t\t\t\t $ | 1,992\t\t\t\t $ | 2,592\t\t\t\t $ | 1,925\t\t\t\t $ | 8,380 |
| Basic\tearnings\tper\tcommon\tshare\tattributable\tto\tComcast\tCorporation\tshareholders | \t $0.72\t\t\t\t $ | 0.77\t\t\t\t $ | 1.00\t\t\t\t $ | 0.75\t\t\t\t $ | 3.24 |
| Diluted\tearnings\tper\tcommon\tshare\tattributable\tto\tComcast\tCorporation\tshareholders | \t $0.71\t\t\t\t $ | 0.76\t\t\t\t $ | 0.99\t\t\t\t $ | 0.74\t\t\t\t $ | 3.20 |
| Dividends\tdeclared\tper\tcommon\tshare | \t $0.225\t\t\t\t $ | 0.225\t\t\t\t $ | 0.225\t\t\t\t $ | 0.225\t\t\t\t $ | 0.90 |
| In\tthe\tthird\tquarter\tof\t2014,\tnet\tincome\tattributable\tto\tComcast\tCorporation\tincluded\t$759\tmillion\tof\tfavorable\tincome\ttax\tadjustments\tresulting\tfrom\ta\treduction\tin\tour\taccruals\tfor\tuncertain\ttax\n(a) |  |  |  |  |  |

(a) In	the	third	quarter	of	2014,	net	income	attributable	to	Comcast	Corporation	included	$759	million	of	favorable	income	tax	adjustments	resulting	from	a	reduction	in	our	accruals	for	uncertain	tax positions	and	the	related	accrued	interest	on	these	tax	positions.	See	Note	15	for	additional	information.

# Note	20:	Condensed	Consolidating	Financial	Information

Comcast	("Comcast	Parent"),	Comcast	Cable	Communications,	LLC	("CCCL	Parent")	and	NBCUniversal	("NBCUniversal	Media	Parent")	have	fully	and unconditionally	guaranteed	each	other's	debt	securities.	In	addition,	the	Comcast	revolving	credit	facility	and	the	Comcast	commercial	paper	program	are also	fully	and	unconditionally	guaranteed	by	NBCUniversal.	The	Comcast	commercial	paper	program	 is	supported	by	 the	Comcast	revolving	credit facility.	The	debt	securities	within	the	guarantee	structure	total	$44.3	billion,	of	which	$10.7	billion	will	mature	within	the	next	five	years.

In	October	2015,	we	merged	three	of	our	wholly	owned	subsidiaries,	Comcast	MO	Group,	LLC	("Comcast	MO	Group"),	Comcast	Cable	Holdings,	LLC ("CCH")	and	Comcast	MO	of	Delaware,	LLC	("Comcast	MO	of	Delaware"),	with	and	into	CCCL	Parent.	Comcast	MO	Group,	CCH	and	Comcast	MO	of Delaware	were	guarantors	prior	to	the	merger	and	were	collectively	referred	to	as	the	"Combined	CCHMO	Parents."	Accordingly,	the	financial	information for	CCCL	Parent	reflects	both	the	former	Combined	CCHMO	Parents	and	the	CCCL	Parent	for	all	periods	presented.

Comcast	 Parent	 and	 CCCL	 Parent	 also	 fully	 and	 unconditionally	 guarantee	 NBCUniversal	 Enterprise's	 $4	 billion	 of	 senior	 notes,	 as	 well	 as	 the NBCUniversal	Enterprise	revolving	credit	facility	and	the	associated	commercial	paper	program.	NBCUniversal	Media	Parent	does	not	guarantee	the NBCUniversal	Enterprise	senior	notes,	credit	facility	or	commercial	paper	program.

Comcast	Parent	provides	an	unconditional	subordinated	guarantee	of	the	$185	million	principal	amount	currently	outstanding	of	Comcast	Holdings' ZONES	due	October	2029.	Neither	CCCL	Parent	nor	NBCUniversal	Media	Parent	guarantee	the	Comcast	Holdings'	ZONES	due	October	2029.	None	of Comcast	Parent,	CCCL	Parent	nor	NBCUniversal	Media	Parent	guarantee	the	$62	million	principal	amount	currently	outstanding	of	Comcast	Holdings' ZONES	due	November	2029	or	the	$3.3	billion	of	Universal	Studios	Japan	term	loans.

# Condensed	Consolidating	Balance	Sheet

|  |  |  |  |  |  | Elimination |  |
| :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- |
|  |  |  |  | NBCUniversal | Non- | and | Consolidated |
|  | Comcast | Comcast | CCCL | Media | Guarantor | Consolidation | Comcast |
| December\t31,\t2015\t(in\tmillions) | Parent | Holdings | Parent | Parent | Subsidiaries | Adjustments | Corporation |
| Assets |  |  |  |  |  |  |  |
| Cash\tand\tcash\tequivalents | \t $—\t\t\t $ | —\t\t\t $ | —\t\t\t $ | 414\t\t\t $ | 1,881\t\t\t $ | —\t\t\t $ | 2,295 |
| Investments | — | — | — | — | 106 | — | 106 |
| Receivables,\tnet | — | — | — | — | 6,896 | — | 6,896 |
| Programming\trights | — | — | — | — | 1,213 | — | 1,213 |
| Other\tcurrent\tassets | 69 | — | — | 17 | 1,707 | — | 1,793 |
| Total\tcurrent\tassets | 69 | — | — | 431 | 11,803 | — | 12,303 |
| Film\tand\ttelevision\tcosts | — | — | — | — | 5,855 | — | 5,855 |
| Investments | 33 | — | — | 430 | 2,761 | — | 3,224 |
| Investments\tin\tand\tamounts\tdue\tfrom\tsubsidiaries\teliminated |  |  |  |  |  |  |  |
| upon\tconsolidation | 87,142 | 111,241 | 119,354 | 42,441 | 109,598 | (469,776) | — |
| Property\tand\tequipment,\tnet | 210 | — | — | — | 33,455 | — | 33,665 |
| Franchise\trights | — | — | — | — | 59,364 | — | 59,364 |
| Goodwill | — | — | — | — | 32,945 | — | 32,945 |
| Other\tintangible\tassets,\tnet | 12 | — | — | — | 16,934 | — | 16,946 |
| Other\tnoncurrent\tassets,\tnet | 1,301 | 147 | — | 78 | 2,114 | (1,368) | 2,272 |
| Total\tassets | \t $\t88,767\t\t\t $\t111,388\t\t\t $\t119,354\t\t\t $ | \t $\t88,767\t\t\t $\t111,388\t\t\t $\t119,354\t\t\t $ | \t $\t88,767\t\t\t $\t111,388\t\t\t $\t119,354\t\t\t $ | \t43,380\t\t\t $\t274,829\t\t\t $ | \t43,380\t\t\t $\t274,829\t\t\t $ | \t(471,144)\t\t $ | \t166,574 |
| Liabilities\tand\tEquity |  |  |  |  |  |  |  |
| Accounts\tpayable\tand\taccrued\texpenses\trelated\tto\ttrade |  |  |  |  |  |  |  |
| creditors | \t $16\t\t\t $ | —\t\t\t $ | —\t\t\t $ | —\t\t\t $ | 6,199\t\t\t $ | —\t\t\t $ | 6,215 |
| Accrued\tparticipations\tand\tresiduals | — | — | — | — | 1,572 | — | 1,572 |
| Accrued\texpenses\tand\tother\tcurrent\tliabilities | 1,789 | 335 | 290 | 389 | 3,961 | — | 6,764 |
| Current\tportion\tof\tlong-term\tdebt | 1,149 | — | — | 1,005 | 1,473 | — | 3,627 |
| Total\tcurrent\tliabilities | 2,954 | 335 | 290 | 1,394 | 13,205 | — | 18,178 |
| Long-term\tdebt,\tless\tcurrent\tportion | 31,106 | 130 | 2,650 | 8,211 | 6,897 | — | 48,994 |
| Deferred\tincome\ttaxes | — | 624 | — | 66 | 34,098 | (1,222) | 33,566 |
| Other\tnoncurrent\tliabilities | 2,438 | — | — | 1,087 | 7,258 | (146) | 10,637 |
| Redeemable\tnoncontrolling\tinterests\tand\tredeemable |  |  |  |  |  |  |  |
| subsidiary\tpreferred\tstock | — | — | — | — | 1,221 | — | 1,221 |
| Equity: |  |  |  |  |  |  |  |
| Common\tstock | 29 | — | — | — | — | — | 29 |
| Other\tshareholders'\tequity | 52,240 | 110,299 | 116,414 | 32,622 | 210,441 | (469,776) | 52,240 |
| Total\tComcast\tCorporation\tshareholders'\tequity | 52,269 | 110,299 | 116,414 | 32,622 | 210,441 | (469,776) | 52,269 |
| Noncontrolling\tinterests |  |  |  |  |  |  |  |
|  | — | — | — | — | 1,709 | — | 1,709 |
| Total\tequity | 52,269 | 110,299 | 116,414 | 32,622 | 212,150 | (469,776) | 53,978 |
| Total\tliabilities\tand\tequity | \t $ 88,767\t\t\t $ 111,388\t\t\t $ 119,354\t\t\t $ | \t $ 88,767\t\t\t $ 111,388\t\t\t $ 119,354\t\t\t $ | \t $ 88,767\t\t\t $ 111,388\t\t\t $ 119,354\t\t\t $ | 43,380\t\t\t $ | 274,829\t\t\t $ | (471,144)\t\t $ | 166,574 |

Condensed	Consolidating	Statement	of	Income

|  |  |  |  |  |  | Elimination |  |
| :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- |
|  |  |  |  |  | Non- | and | Consolidated |
|  | Comcast | Comcast | CCCL | NBCUniversal | Guarantor | Consolidation | Comcast |
| For\tthe\tYear\tEnded\tDecember\t31,\t2015\t(in\tmillions) | Parent | Holdings | Parent | Media\tParent | Subsidiaries | Adjustments | Corporation |
| Revenue: |  |  |  |  |  |  |  |
| Service\trevenue | \t $—\t\t\t $ | —\t\t\t $ | —\t\t\t $ | —\t\t\t $ | 74,510\t\t\t $ | —\t\t\t $ | \t74,510 |
| Management\tfee\trevenue | 1,005 | — | 977 | — | — | (1,982) | — |
|  | 1,005 | — | 977 | — | 74,510 | (1,982) | 74,510 |
| Costs\tand\tExpenses: |  |  |  |  |  |  |  |
| Programming\tand\tproduction | — | — | — | — | 22,550 | — | 22,550 |
| Other\toperating\tand\tadministrative | 760 | — | 977 | 922 | 20,662 | (1,982) | 21,339 |
| Advertising,\tmarketing\tand\tpromotion | — | — | — | — | 5,943 | — | 5,943 |
| Depreciation | 31 | — | — | — | 6,750 | — | 6,781 |
| Amortization | 6 | — | — | — | 1,893 | — | 1,899 |
|  | 797 | — | 977 | 922 | 57,798 | (1,982) | 58,512 |
| Operating\tincome\t(loss) | 208 | — | — | (922) | 16,712 | — | 15,998 |
| Other\tIncome\t(Expense): |  |  |  |  |  |  |  |
| Interest\texpense | (1,744) | (12) | (270) | (462) | (214) | — | (2,702) |
| Investment\tincome\t(loss),\tnet | 6 | (1) | — | (19) | 95 | — | 81 |
| Equity\tin\tnet\tincome\t(losses)\tof\tinvestees,\tnet | 9,159 | 8,651 | 8,040 | 4,852 | 3,089 | (34,116) | (325) |
| Other\tincome\t(expense),\tnet | (3) | — | — | (31) | 354 | — | 320 |
|  | 7,418 | 8,638 | 7,770 | 4,340 | 3,324 | (34,116) | (2,626) |
| Income\t(loss)\tbefore\tincome\ttaxes | 7,626 | 8,638 | 7,770 | 3,418 | 20,036 | (34,116) | 13,372 |
| Income\ttax\t(expense)\tbenefit | 537 | 4 | 94 | (4) | (5,590) | — | (4,959) |
| Net\tincome\t(loss) | 8,163 | 8,642 | 7,864 | 3,414 | 14,446 | (34,116) | 8,413 |
| Net\t(income)\tloss\tattributable\tto\tnoncontrolling\tinterests\tand |  |  |  |  |  |  |  |
| redeemable\tsubsidiary\tpreferred\tstock | — | — | — | — | (250) | — | (250) |
| Net\tincome\t(loss)\tattributable\tto\tComcast\tCorporation | \t $8,163\t\t\t $ 8,642\t\t\t $ 7,864\t\t\t $ | \t $8,163\t\t\t $ 8,642\t\t\t $ 7,864\t\t\t $ | \t $8,163\t\t\t $ 8,642\t\t\t $ 7,864\t\t\t $ | 3,414\t\t\t $ | 14,196\t\t\t $ | (34,116)\t\t $ | 8,163 |
| Comprehensive\tincome\t(loss)\tattributable\tto\tComcast |  |  |  |  |  |  |  |
| Corporation | \t $\t8,135\t\t\t $\t8,625\t\t\t $\t7,864\t\t\t $ | \t $\t8,135\t\t\t $\t8,625\t\t\t $\t7,864\t\t\t $ | \t $\t8,135\t\t\t $\t8,625\t\t\t $\t7,864\t\t\t $ | \t3,361\t\t\t $ | \t14,192\t\t\t $ | \t(34,042)\t\t $ | 8,135 |

|  |  |  |  | NBCUniversal | Non- | and | Consolidated |
| :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- |
|  | Comcast | Comcast | CCCL | Media | Guarantor | Consolidation | Comcast |
| For\tthe\tYear\tEnded\tDecember\t31,\t2014\t(in\tmillions) | Parent | Holdings | Parent | Parent | Subsidiaries | Adjustments | Corporation |
| Revenue: |  |  |  |  |  |  |  |
| Service\trevenue | \t $—\t\t\t $ | —\t\t\t $ | —\t\t\t $ | —\t\t\t $ | 68,775\t\t\t $ | —\t\t\t $ | \t68,775 |
| Management\tfee\trevenue | 947 | — | 921 | — | — | (1,868) | — |
|  | 947 | — | 921 | — | 68,775 | (1,868) | 68,775 |
| Costs\tand\tExpenses: |  |  |  |  |  |  |  |
| Programming\tand\tproduction | — | — | — | — | 20,912 | — | 20,912 |
| Other\toperating\tand\tadministrative | 751 | — | 921 | 908 | 19,142 | (1,868) | 19,854 |
| Advertising,\tmarketing\tand\tpromotion | — | — | — | — | 5,086 | — | 5,086 |
| Depreciation | 34 | — | — | — | 6,303 | — | 6,337 |
| Amortization | 6 | — | — | — | 1,676 | — | 1,682 |
|  | 791 | — | 921 | 908 | 53,119 | (1,868) | 53,871 |
| Operating\tincome\t(loss) | 156 | — | — | (908) | 15,656 | — | 14,904 |
| Other\tIncome\t(Expense): |  |  |  |  |  |  |  |
| Interest\texpense | \t(1,621) | (11) | (294) | (479) | (212) | — | (2,617) |
| Investment\tincome\t(loss),\tnet | 3 | 12 | — | (7) | 288 | — | 296 |
| Equity\tin\tnet\tincome\t(losses)\tof\tinvestees,\tnet | 9,330 | 8,843 | 8,350 | 4,523 | 3,212 | (34,161) | 97 |
| Other\tincome\t(expense),\tnet | — | — | — | (4) | (211) | — | (215) |
|  | 7,712 | 8,844 | 8,056 | 4,033 | 3,077 | (34,161) | (2,439) |
| Income\t(loss)\tbefore\tincome\ttaxes | 7,868 | 8,844 | 8,056 | 3,125 | 18,733 | (34,161) | 12,465 |
| Income\ttax\t(expense)\tbenefit | 512 | — | 103 | (10) | (4,478) | — | (3,873) |
| Net\tincome\t(loss) | 8,380 | 8,844 | 8,159 | 3,115 | 14,255 | (34,161) | 8,592 |
| Net\t(income)\tloss\tattributable\tto\tnoncontrolling\tinterests\tand |  |  |  |  |  |  |  |
| redeemable\tsubsidiary\tpreferred\tstock | — | — | — | — | (212) | — | (212) |
| Net\tincome\t(loss)\tattributable\tto\tComcast\tCorporation | \t $8,380\t\t\t $\t8,844\t\t\t $\t8,159\t\t\t $ | \t $8,380\t\t\t $\t8,844\t\t\t $\t8,159\t\t\t $ | \t $8,380\t\t\t $\t8,844\t\t\t $\t8,159\t\t\t $ | \t3,115\t\t\t $ \t14,043\t\t\t $ | \t3,115\t\t\t $ \t14,043\t\t\t $ | \t(34,161)\t\t $ | 8,380 |
| Comprehensive\tincome\t(loss)\tattributable\tto\tComcast\tCorporation \t $ | 8,178\t\t\t $ 8,807\t\t\t $ 8,163\t\t\t $ | 8,178\t\t\t $ 8,807\t\t\t $ 8,163\t\t\t $ | 8,178\t\t\t $ 8,807\t\t\t $ 8,163\t\t\t $ | 2,972\t\t\t $ | 13,980\t\t\t $ | (33,922)\t\t $ | 8,178 |
| Comcast\t2015\tAnnual\tReport\ton\tForm\t10-K | 120 |  |  |  |  |  |  |

|  |  |  |  | NBCUniversal | Non- | and | Consolidated |
| :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- |
|  | Comcast | Comcast | CCCL | Media | Guarantor | Consolidation | Comcast |
| For\tthe\tYear\tEnded\tDecember\t31,\t2013\t(in\tmillions) | Parent | Holdings | Parent | Parent | Subsidiaries | Adjustments | Corporation |
| Revenue: |  |  |  |  |  |  |  |
| Service\trevenue | \t $—\t\t\t $ | —\t\t\t $ | —\t\t\t $ | —\t\t\t $ | 64,657\t\t\t $ | —\t\t\t $ | \t64,657 |
| Management\tfee\trevenue | 897 | — | 874 | — | — | (1,771) | — |
|  | 897 | — | 874 | — | 64,657 | (1,771) | 64,657 |
| Costs\tand\tExpenses: |  |  |  |  |  |  |  |
| Programming\tand\tproduction | — | — | — | — | 19,670 | — | 19,670 |
| Other\toperating\tand\tadministrative | 403 | — | 874 | 855 | 18,214 | (1,771) | 18,575 |
| Advertising,\tmarketing\tand\tpromotion | — | — | — | — | 4,978 | — | 4,978 |
| Depreciation | 30 | — | — | — | 6,224 | — | 6,254 |
| Amortization | 5 | — | — | — | 1,612 | — | 1,617 |
|  | 438 | — | 874 | 855 | 50,698 | (1,771) | 51,094 |
| Operating\tincome\t(loss) | 459 | — | — | (855) | 13,959 | — | 13,563 |
| Other\tIncome\t(Expense): |  |  |  |  |  |  |  |
| Interest\texpense | (1,523) | (11) | (338) | (488) | (214) | — | (2,574) |
| Investment\tincome\t(loss),\tnet | — | (13) | — | 3 | 586 | — | 576 |
| Equity\tin\tnet\tincome\t(losses)\tof\tinvestees,\tnet | 7,509 | 7,540 | 7,512 | 3,331 | 1,882 | (27,860) | (86) |
| Other\tincome\t(expense),\tnet | (2) | — | 2 | (1) | (363) | — | (364) |
|  | 5,984 | 7,516 | 7,176 | 2,845 | 1,891 | (27,860) | (2,448) |
| Income\t(loss)\tbefore\tincome\ttaxes | 6,443 | 7,516 | 7,176 | 1,990 | 15,850 | (27,860) | 11,115 |
| Income\ttax\t(expense)\tbenefit | 373 | 9 | 117 | (22) | (4,457) | — | (3,980) |
| Net\tincome\t(loss) | 6,816 | 7,525 | 7,293 | 1,968 | 11,393 | (27,860) | 7,135 |
| Net\t(income)\tloss\tattributable\tto\tnoncontrolling\tinterests\tand\tredeemable |  |  |  |  |  |  |  |
| subsidiary\tpreferred\tstock | — | — | — | — | (319) | — | (319) |
| Net\tincome\t(loss)\tattributable\tto\tComcast\tCorporation | \t $\t6,816\t\t\t $\t7,525\t\t\t $\t7,293\t\t\t $ | \t $\t6,816\t\t\t $\t7,525\t\t\t $\t7,293\t\t\t $ | \t $\t6,816\t\t\t $\t7,525\t\t\t $\t7,293\t\t\t $ | \t1,968\t\t\t $ \t11,074\t\t\t $ | \t1,968\t\t\t $ \t11,074\t\t\t $ | \t(27,860)\t\t $ | 6,816 |
| Comprehensive\tincome\t(loss)\tattributable\tto\tComcast\tCorporation | \t $6,883\t\t\t $ 7,521\t\t\t $ 7,277\t\t\t $ | \t $6,883\t\t\t $ 7,521\t\t\t $ 7,277\t\t\t $ | \t $6,883\t\t\t $ 7,521\t\t\t $ 7,277\t\t\t $ | 2,017\t\t\t $ | 10,969\t\t\t $ | (27,784)\t\t $ | 6,883 |

# Condensed	Consolidating	Statement	of	Cash	Flows

|  |  |  |  |  |  | Elimination |  |
| :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- |
|  |  |  |  | NBCUniversal | Non- | and | Consolidated |
|  | Comcast | Comcast | CCCL | Media | Guarantor | Consolidation | Comcast |
| For\tthe\tYear\tEnded\tDecember\t31,\t2015\t(in\tmillions) | Parent | Holdings | Parent | Parent | Subsidiaries | Adjustments | Corporation |
| Net\tcash\tprovided\tby\t(used\tin)\toperating\tactivities | \t $(792)\t\t $ | 48\t\t\t $\t(167)\t\t $ | 48\t\t\t $\t(167)\t\t $ | \t(1,398)\t\t $ | 21,087\t\t\t $ | \t—\t\t\t $ | 18,778 |
| Investing\tActivities: |  |  |  |  |  |  |  |
| Net\ttransactions\twith\taffiliates | 6,559 | (48) | 840 | 2,839 | (10,190) | — | — |
| Capital\texpenditures | (27) | — | — | — | (8,472) | — | (8,499) |
| Cash\tpaid\tfor\tintangible\tassets | (6) | — | — | — | (1,364) | — | (1,370) |
| Acquisitions\tand\tconstruction\tof\treal\testate\tproperties | — | — | — | — | (178) | — | (178) |
| Acquisitions,\tnet\tof\tcash\tacquired | — | — | — | — | (1,786) | — | (1,786) |
| Proceeds\tfrom\tsales\tof\tbusinesses\tand\tinvestments | — | — | — | 4 | 429 | — | 433 |
| Purchases\tof\tinvestments | (7) | — | — | (407) | (370) | — | (784) |
| Other | 7 | — | — | (5) | 218 | — | 220 |
| Net\tcash\tprovided\tby\t(used\tin)\tinvesting\tactivities | 6,526 | (48) | 840 | 2,431 | (21,713) | — | (11,964) |
| Financing\tActivities: |  |  |  |  |  |  |  |
| Proceeds\tfrom\t(repayments\tof)\tshort-term\tborrowings,\tnet | 400 | — | — | — | (265) | — | 135 |
| Proceeds\tfrom\tborrowings | 5,486 | — | — | — | — | — | 5,486 |
| Repurchases\tand\trepayments\tof\tdebt | (2,650) | — | (673) | (1,004) | (51) | — | (4,378) |
| Repurchases\tand\tretirements\tof\tcommon\tstock | (6,750) | — | — | — | — | — | (6,750) |
| Dividends\tpaid | (2,437) | — | — | — | — | — | (2,437) |
| Issuances\tof\tcommon\tstock | 36 | — | — | — | — | — | 36 |
| Distributions\tto\tnoncontrolling\tinterests\tand\tdividends\tfor |  |  |  |  |  |  |  |
| redeemable\tsubsidiary\tpreferred\tstock | — | — | — | — | (232) | — | (232) |
| Other | 181 | — | — | — | (470) | — | (289) |
| Net\tcash\tprovided\tby\t(used\tin)\tfinancing\tactivities | (5,734) | — | (673) | (1,004) | (1,018) | — | (8,429) |
| Increase\t(decrease)\tin\tcash\tand\tcash\tequivalents | — | — | — | 29 | (1,644) | — | (1,615) |
| Cash\tand\tcash\tequivalents,\tbeginning\tof\tyear |  |  |  |  |  |  |  |
|  | — | — | — | 385 | 3,525 | — | 3,910 |
| Cash\tand\tcash\tequivalents,\tend\tof\tyear | \t $—\t\t\t $ | —\t\t\t $ | —\t\t\t $ | 414\t\t\t $ | 1,881\t\t\t $ | —\t\t\t $ | 2,295 |

|  |  |  |  | NBCUniversal | Non- | and | Consolidated |
| :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- |
|  | Comcast | Comcast | CCCL | Media | Guarantor | Consolidation | Comcast |
| For\tthe\tYear\tEnded\tDecember\t31,\t2014\t(in\tmillions) | Parent | Holdings | Parent | Parent | Subsidiaries | Adjustments | Corporation |
| Net\tcash\tprovided\tby\t(used\tin)\toperating\tactivities | \t $(354)\t\t $ | 9\t\t\t $\t(139)\t\t $ | 9\t\t\t $\t(139)\t\t $ | \t(1,299)\t\t $ | 18,728\t\t\t $ | \t—\t\t\t $ | \t16,945 |
| Investing\tActivities: |  |  |  |  |  |  |  |
| Net\ttransactions\twith\taffiliates | 4,784 | (9) | 139 | 2,247 | (7,161) | — | — |
| Capital\texpenditures | (3) | — | — | — | (7,417) | — | (7,420) |
| Cash\tpaid\tfor\tintangible\tassets | (6) | — | — | — | (1,116) | — | (1,122) |
| Acquisitions\tand\tconstruction\tof\treal\testate\tproperties | — | — | — | — | (43) | — | (43) |
| Acquisitions,\tnet\tof\tcash\tacquired | — | — | — | — | (477) | — | (477) |
| Proceeds\tfrom\tsales\tof\tbusinesses\tand\tinvestments | — | — | — | 8 | 658 | — | 666 |
| Purchases\tof\tinvestments | (19) | — | — | (10) | (162) | — | (191) |
| Other | — | — | — | 5 | (151) | — | (146) |
| Net\tcash\tprovided\tby\t(used\tin)\tinvesting\tactivities | 4,756 | (9) | 139 | 2,250 | (15,869) | — | (8,733) |
| Financing\tActivities: |  |  |  |  |  |  |  |
| Proceeds\tfrom\t(repayments\tof)\tshort-term\tborrowings,\tnet | (1,350) | — | — | — | 846 | — | (504) |
| Proceeds\tfrom\tborrowings | 4,180 | — | — | — | 2 | — | 4,182 |
| Repurchases\tand\trepayments\tof\tdebt | (1,000) | — | — | (902) | (1,273) | — | (3,175) |
| Repurchases\tand\tretirements\tof\tcommon\tstock | (4,251) | — | — | — | — | — | (4,251) |
| Dividends\tpaid | (2,254) | — | — | — | — | — | (2,254) |
| Issuances\tof\tcommon\tstock | 35 | — | — | — | — | — | 35 |
| Distributions\tto\tnoncontrolling\tinterests\tand\tdividends\tfor\tredeemable |  |  |  |  |  |  |  |
| subsidiary\tpreferred\tstock | — | — | — | — | (220) | — | (220) |
| Other | 238 | — | — | — | (71) | — | 167 |
| Net\tcash\tprovided\tby\t(used\tin)\tfinancing\tactivities | (4,402) | — | — | (902) | (716) | — | (6,020) |
| Increase\t(decrease)\tin\tcash\tand\tcash\tequivalents | — | — | — | 49 | 2,143 | — | 2,192 |
| Cash\tand\tcash\tequivalents,\tbeginning\tof\tyear |  |  |  |  |  |  |  |
|  | — | — | — | 336 | 1,382 | — | 1,718 |
| Cash\tand\tcash\tequivalents,\tend\tof\tyear | \t $—\t\t\t $ | \t—\t\t\t $ | —\t\t\t $ | 385\t\t\t $ | 3,525\t\t\t $ | \t—\t\t\t $ | 3,910 |

|  |  |  |  | NBCUniversal | Non- | and | Consolidated |
| :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- |
|  | Comcast | Comcast | CCCL | Media | Guarantor | Consolidation | Comcast |
| For\tthe\tYear\tEnded\tDecember\t31,\t2013\t(in\tmillions) | Parent | Holdings | Parent | Parent | Subsidiaries | Adjustments | Corporation |
| Net\tcash\tprovided\tby\t(used\tin)\toperating\tactivities | \t $(600)\t\t $ | (3)\t\t $ | (245)\t\t $ | \t(1,102)\t\t $ | 16,110\t\t\t $ | \t—\t\t\t $ | 14,160 |
| Investing\tActivities: |  |  |  |  |  |  |  |
| Net\ttransactions\twith\taffiliates | 66 | 3 | 2,580 | (470) | (2,179) | — | — |
| Capital\texpenditures | (7) | — | — | — | (6,589) | — | (6,596) |
| Cash\tpaid\tfor\tintangible\tassets | (4) | — | — | — | (1,005) | — | (1,009) |
| Acquisitions\tand\tconstruction\tof\treal\testate\tproperties | — | — | — | — | (1,904) | — | (1,904) |
| Acquisitions,\tnet\tof\tcash\tacquired | — | — | — | — | (99) | — | (99) |
| Proceeds\tfrom\tsales\tof\tbusinesses\tand\tinvestments | — | — | — | 2 | 1,081 | — | 1,083 |
| Purchases\tof\tinvestments | (11) | — | — | (3) | (1,209) | — | (1,223) |
| Other | — | — | — | 108 | 126 | — | 234 |
| Net\tcash\tprovided\tby\t(used\tin)\tinvesting\tactivities | 44 | 3 | 2,580 | (363) | (11,778) | — | (9,514) |
| Financing\tActivities: |  |  |  |  |  |  |  |
| Proceeds\tfrom\t(repayments\tof)\tshort-term\tborrowings,\tnet | 1,349 | — | — | — | (4) | — | 1,345 |
| Proceeds\tfrom\tborrowings | 2,933 | — | — | — | — | — | 2,933 |
| Repurchases\tand\trepayments\tof\tdebt | — | — | (2,335) | (88) | (21) | — | (2,444) |
| Repurchases\tand\tretirements\tof\tcommon\tstock | (2,000) | — | — | — | — | — | (2,000) |
| Dividends\tpaid | (1,964) | — | — | — | — | — | (1,964) |
| Issuances\tof\tcommon\tstock | 40 | — | — | — | — | — | 40 |
| Purchase\tof\tNBCUniversal\tnoncontrolling\tcommon\tequity\tinterest | — | — | — | (3,200) | (7,561) | — | (10,761) |
| Distributions\tto\tnoncontrolling\tinterests\tand\tdividends\tfor\tredeemable |  |  |  |  |  |  |  |
| subsidiary\tpreferred\tstock | — | — | — | — | (215) | — | (215) |
| Settlement\tof\tStation\tVenture\tliability | — | — | — | — | (602) | — | (602) |
| Other | 198 | — | — | (40) | (369) | — | (211) |
| Net\tcash\tprovided\tby\t(used\tin)\tfinancing\tactivities | 556 | — | (2,335) | (3,328) | (8,772) | — | (13,879) |
| Increase\t(decrease)\tin\tcash\tand\tcash\tequivalents | — | — | — | (4,793) | (4,440) | — | (9,233) |
| Cash\tand\tcash\tequivalents,\tbeginning\tof\tyear | — | — | — | 5,129 | 5,822 | — | 10,951 |
| Cash\tand\tcash\tequivalents,\tend\tof\tyear | \t $—\t\t\t $ | \t—\t\t\t $ | —\t\t\t $ | 336\t\t\t $ | 1,382\t\t\t $ | —\t\t\t $ | 1,718 |

# Item	9:	Changes	in	and	Disagreements	with	Accountants	on	Accounting	and	Financial	Disclosure

# Item	9A:	Controls	and	Procedures

# Conclusions	regarding	disclosure	controls	and	procedures

Our	principal	executive	and	principal	financial	officers,	after	evaluating	the	effectiveness	of	Comcast's	disclosure	controls	and	procedures	(as	defined	in Exchange	Act	Rules	13a-15(e)	and	15d-15(e))	as	of	the	end	of	the	period	covered	by	this	report,	have	concluded	that,	based	on	the	evaluation	of	these controls	and	procedures	required	by	paragraph	(b)	of	Exchange	Act	Rules	13a-15	or	15d-15,	Comcast's	disclosure	controls	and	procedures	were effective.

# Management's	annual	report	on	internal	control	over	financial	reporting

Refer	to	Management's	Report	on	Comcast's	Internal	Control	Over	Financial	Reporting	on	page	74.

# Attestation	report	of	the	registered	public	accounting	firm

Refer	to	Report	of	Independent	Registered	Public	Accounting	Firm	on	page	75.

# Changes	in	internal	control	over	financial	reporting

As	a	result	of	NBCUniversal's	acquisition	of	Universal	Studios	Japan	on	November	13,	2015,	our	internal	control	over	financial	reporting,	subsequent	to the	date	of	acquisition,	 includes	certain	additional	 internal	controls	relating	 to	Universal	Studios	Japan.	Except	as	described	above,	 there	were	no changes	in	Comcast's	internal	control	over	financial	reporting	identified	in	connection	with	the	evaluation	required	by	paragraph	(d)	of	Exchange	Act Rules	13a-15	or	15d-15	that	occurred	during	our	last	fiscal	quarter	that	have	materially	affected,	or	are	reasonably	likely	to	materially	affect,	Comcast's internal	control	over	financial	reporting.

Our	principal	executive	and	principal	 financial	officers,	after	evaluating	 the	effectiveness	of	NBCUniversal's	disclosure	controls	and	procedures	(as defined	 in	Exchange	Act	Rules	13a-15(e)	and	15d-15(e)),	as	of	 the	end	of	 the	period	covered	by	 this	report,	have	concluded	 that,	based	on	 the evaluation	of	these	controls	and	procedures	required	by	paragraph	(b)	of	Exchange	Act	Rules	13a-15	or	15d-15,	NBCUniversal's	disclosure	controls	and procedures	were	effective.

Our	management	conducted	an	evaluation	of	the	effectiveness	of	the	system	of	internal	control	over	financial	reporting	based	on	the	framework	in Internal	Control	—	Integrated	Framework	issued	in	2013	by	the	Committee	of	Sponsoring	Organizations	of	the	Treadway	Commission.	Based	on	this evaluation,	our	management	concluded	that	NBCUniversal's	system	of	internal	control	over	financial	reporting	was	effective	as	of	December	31,	2015. Our	assessment	of	the	effectiveness	of	internal	control	over	financial	reporting	as	of	December	31,	2015	did	not	include	the	internal	controls	of	the Universal	Studios	Japan	theme	park,	in	which	NBCUniversal	acquired	a	51%	interest	on	November	13,	2015,	as	permitted	by	Securities	and	Exchange Commission	guidelines	that	allow	companies	to	exclude	certain	acquisitions	from	their	assessment	of	internal	control	over	financial	reporting	during	the first	year	of	an	acquisition.	The	total	assets	and	total	revenues	of	Universal	Studios	Japan	represented	approximately	11%	of	NBCUniversal's	total	assets as	of	December	31,	2015,	and	less	than	1%	of	its	total	revenues	for	the	year	ended	December	31,	2015.

As	a	result	of	NBCUniversal's	acquisition	of	Universal	Studios	Japan	on	November	13,	2015,	NBCUniversal's	internal	control	over	financial	reporting, subsequent	to	the	date	of	acquisition,	includes	certain	additional	internal	controls	relating	to	Universal	Studios	Japan.	Except	as	described	above,	there were	no	changes	in	NBCUniversal's	internal	control	over	financial	reporting	identified	in	connection	with	the	evaluation	required	by	paragraph	(d)	of Exchange	Act	Rules	13a-15	or	15d-15	that	occurred	during	our	last	fiscal	quarter	that	have	materially	affected,	or	are	reasonably	likely	to	materially	affect, NBCUniversal's	internal	control	over	financial	reporting.

# Item	9B:	Other	Information

# Part	III

# Item	10:	Directors,	Executive	Officers	and	Corporate	Governance

Except	for	the	information	regarding	executive	officers	required	by	Item	401	of	Regulation	S-K,	we	incorporate	the	information	required	by	this	item	by reference	to	our	definitive	proxy	statement	for	our	annual	meeting	of	shareholders	presently	scheduled	to	be	held	in	May	2016.	We	refer	to	this	proxy statement	as	the	2016	Proxy	Statement.

The	term	of	office	of	each	of	our	executive	officers	continues	until	his	successor	is	selected	and	qualified	or	until	his	earlier	death,	resignation	or	removal. The	following	table	sets	forth	information	concerning	our	executive	officers,	including	their	ages,	positions	and	tenure,	as	of	the	date	of	this	Annual	Report on	Form	10-K.

| Name | Age | Officer	Since | Position	with	Comcast |
| :--- | :--- | :--- | :--- |
| Brian\tL.\tRoberts | 56 | 1986 | Chairman\tand\tChief\tExecutive\tOfficer;\tPresident |
| Michael\tJ.\tCavanagh | 50 | 2015 | Senior\tExecutive\tVice\tPresident;\tChief\tFinancial\tOfficer |
| Stephen\tB.\tBurke | 57 | 1998 | Senior\tExecutive\tVice\tPresident;\tPresident\tand\tChief\tExecutive\tOfficer, |
|  |  |  | NBCUniversal\tHoldings\tand\tNBCUniversal |
| David\tL.\tCohen | 60 | 2002 | Senior\tExecutive\tVice\tPresident |
| Neil\tSmit | 57 | 2011 | Senior\tExecutive\tVice\tPresident;\tPresident\tand\tChief\tExecutive\tOfficer,\tComcast |
|  |  |  | Cable |
| Arthur\tR.\tBlock | 61 | 1993 | Executive\tVice\tPresident;\tGeneral\tCounsel;\tSecretary |
| Lawrence\tJ.\tSalva | 59 | 2000 | Executive\tVice\tPresident;\tChief\tAccounting\tOfficer |

Brian	L.	Roberts	has	served	as	a	director	and	as	our	President,	Chief	Executive	Officer	and	Chairman	of	the	Board	for	more	than	five	years.	As	of December	31,	2015,	Mr.	Roberts	had	sole	voting	power	over	approximately	33	1/3%	of	the	combined	voting	power	of	our	two	classes	of	common	stock. He	is	a	son	of	our	late	founder,	Mr.	Ralph	J.	Roberts.	Mr.	Roberts	is	also	a	director	of	the	National	Cable	and	Telecommunications	Association.

Michael	J.	Cavanagh	has	served	as	the	Chief	Financial	Officer	of	Comcast	Corporation	since	July	2015.	Prior	to	joining	our	company,	Mr.	Cavanagh	had been	Co-President	and	Co-Chief	Operating	Officer	for	The	Carlyle	Group,	a	global	investment	firm,	since	2014.	Prior	to	that,	Mr.	Cavanagh	was	the	Co- Chief	Executive	Officer	of	the	Corporate	&	Investment	Bank	of	JPMorgan	Chase	&	Co.	from	2012	until	2014;	the	Chief	Executive	Officer	of	JPMorgan Chase	&	Co's	Treasury	&	Securities	Services	business	from	2010	to	2012;	and	the	Chief	Financial	Officer	of	JPMorgan	Chase	&	Co	from	2004	to	2010. Mr.	Cavanagh	is	also	a	director	of	Yum	Brands,	Incorporated.

Stephen	B.	Burke	has	served	as	a	Senior	Executive	Vice	President	since	March	2015	and	previously	had	served	as	an	Executive	Vice	President	for more	than	five	years.	On	January	28,	2011,	Mr.	Burke	became	the	President	and	Chief	Executive	Officer	of	NBCUniversal	Holdings	and	NBCUniversal and	resigned	from	his	position	as	our	Chief	Operating	Officer,	which	position	he	had	held	for	more	than	five	years.	Mr.	Burke	also	had	been	the	President of	Comcast	Cable	until	March	2010.	Mr.	Burke	is	also	a	director	of	JPMorgan	Chase	&	Company	and	Berkshire	Hathaway,	Incorporated.

David	L.	Cohen	has	served	as	a	Senior	Executive	Vice	President	since	March	2015	and	previously	had	served	as	an	Executive	Vice	President	for	more than	five	years.	Mr.	Cohen	is	also	a	director	of	the	FS	Global	Credit	Opportunities	Funds,	the	FS	Global	Credit	Opportunities	Fund	A	and	the	FS	Global Credit	Opportunities	Fund	D.

Neil	Smit	has	served	as	a	Senior	Executive	Vice	President	since	March	2015	and	previously	had	served	as	an	Executive	Vice	President	for	more	than five	years.	Mr.	Smit	has	been	the	President	of	Comcast	Cable	since	March	2010.	Mr.	Smit	was	appointed	as	Chief	Executive	Officer	of	Comcast	Cable	in November	2011.	Before	March	2010,	Mr.	Smit	had	been	the	President	and	Chief	Executive	Officer	and	a	director	of	Charter	Communications,	Inc.,	a cable	company,	since	August	2005.	Charter	Communications	filed	a	voluntary	petition	for	reorganization	under	Chapter	11	of	the	U.S.	Bankruptcy	Code in	March	2009	and	emerged	from	Chapter	11	bankruptcy	in	November	2009.	Mr.	Smit	is	also	the	Chairman	of	the	Board	of	Directors	of	the	National Cable	and	Telecommunications	Association	and	Chairman	of	CableLabs.

Arthur	R.	Block	has	served	as	an	Executive	Vice	President	since	March	2015	and	previously	had	served	as	a	Senior	Vice	President	for	more	than	five years.	He	has	been	our	General	Counsel	and	Secretary	for	more	than	five	years.

Lawrence	J.	Salva	has	served	as	an	Executive	Vice	President	since	March	2015	and	previously	had	served	as	a	Senior	Vice	President	for	more	than	five years.	He	has	been	our	Chief	Accounting	Officer	for	more	than	five	years	and	prior	to	July	2015,	was	also	our	Controller.

Certain	information	under	this	Item	10	has	been	omitted	pursuant	to	General	Instruction	I(2)(c)	to	Form	10-K.

The	table	below	sets	forth	certain	information	with	respect	to	each	of	NBCUniversal's	executive	officers	as	of	December	31,	2015,	each	of	whom	has served	as	such	since	the	close	of	the	NBCUniversal	transaction	on	January	28,	2011	except	for	Michael	J.	Cavanagh,	who	has	served	since	July	2015. The	table	also	sets	forth	NBCUniversal	Holdings'	directors	as	of	December	31,	2015.

For	the	year	ended	December	31,	2015,	NBCUniversal	reimbursed	Comcast	$35	million	for	direct	services	provided	by	our	executive	officers.

# Item	11:	Executive	Compensation

Comcast	incorporates	the	information	required	by	this	item	by	reference	to	its	2016	Proxy	Statement.

This	information	is	omitted	for	NBCUniversal	pursuant	to	General	Instruction	I(2)(c)	to	Form	10-K.

# Item	12:	Security	Ownership	of	Certain	Beneficial	Owners	and	Management	and	Related	Stockholder	Matters

# Item	13:	Certain	Relationships	and	Related	Transactions,	and	Director	Independence

# Item	14:	Principal	Accountant	Fees	and	Services

The	Audit	Committee	of	Comcast's	Board	of	Directors	appointed	Deloitte	&	Touche	LLP	as	NBCUniversal's	independent	registered	public	accounting	firm for	the	years	ended	December	31,	2015	and	2014.	Set	forth	below	are	the	fees	paid	or	accrued	for	the	services	of	Deloitte	&	Touche	LLP,	the	member firms	of	Deloitte	Touche	Tohmatsu	and	their	respective	affiliates	in	2015	and	2014.

| (in	millions) | 2015 | 2014 |
| :--- | :--- | :--- |
| Audit\tfees | $ 10.6 | $9.5 |
| Audit-related\tfees | 0.8 | 0.9 |
| Tax\tfees | 0.1 | 0.1 |
| All\tother\tfees | 0.1 | — |
|  | $\t11.6 | $\t10.5 |

Audit	fees	consisted	of	fees	paid	or	accrued	for	services	rendered	to	NBCUniversal	and	its	subsidiaries	for	the	audits	of	its	annual	financial	statements, reviews	of	its	quarterly	financial	statements	and	audit	services	provided	in	connection	with	other	statutory	or	regulatory	filings.

Audit-related	fees	in	2015	and	2014	consisted	primarily	of	fees	paid	or	accrued	for	audits	associated	with	employee	benefit	plans	and	attestation	services related	to	contractual	and	regulatory	compliance.

Tax	fees	in	2015	and	2014	consisted	of	fees	paid	or	accrued	for	domestic	and	foreign	tax	compliance	services.

All	other	fees	in	2015	primarily	consisted	of	fees	paid	or	accrued	for	consulting	services	regarding	content	security.

# Preapproval	Policy	of	Audit	Committee	of	Services	Performed	by	Independent	Auditors

As	a	consolidated	subsidiary	of	Comcast,	NBCUniversal	is	subject	to	the	policies	of	Comcast's	Audit	Committee	regarding	the	preapproval	of	services provided	by	 the	 independent	auditors.	This	policy	requires	 that	 the	Audit	Committee	preapprove	all	audit	and	non-audit	services	performed	by	 the independent	auditors	to	assure	that	the	services	do	not	impair	the	auditors'	independence.	Unless	a	type	of	service	has	received	general	preapproval,	it requires	 separate	 preapproval	 by	 the	Audit	 Committee.	 Even	 if	 a	 service	 has	 received	 general	 preapproval,	 if	 the	 fee	 associated	 with	 the	 service exceeds	$250,000	in	a	single	engagement	or	series	of	related	engagements	or	relates	to	tax	planning,	it	requires	separate	preapproval.	The	Audit Committee	has	delegated	its	preapproval	authority	to	its	Chair.

# Part	IV

# Item	15:	Exhibits	and	Financial	Statement	Schedules

(a)	Comcast's	consolidated	financial	statements	are	filed	as	a	part	of	this	report	on	Form	10-K	in	Item	8,	Financial	Statements	and	Supplementary	Data, and	a	list	of	Comcast's	consolidated	financial	statements	are	found	on	page	73	of	this	report.	Schedule	II,	Valuation	and	Qualifying	Accounts,	is	found	on page	175	of	this	report;	all	other	financial	statement	schedules	are	omitted	because	the	required	information	is	not	applicable,	or	because	the	information required	is	included	in	the	consolidated	financial	statements	and	notes	thereto.

(b)	Exhibits	required	to	be	filed	by	Item	601	of	Regulation	S-K	(all	of	which	are	under	Commission	File	No.	001-32871,	except	as	otherwise	noted):

2.1 Transaction	Agreement,	dated	February	12,	2013,	by	and	among	Comcast	Corporation,	General	Electric	Company,	NBCUniversal,	LLC, NBCUniversal	Media,	LLC,	National	Broadcasting	Company	Holding,	 Inc.	and	Navy	Holdings,	 Inc.	(n/k/a/	NBCUniversal	Enterprise,	 Inc.) (incorporated	by	reference	to	Exhibit	2.1	to	Comcast's	Quarterly	Report	on	Form	10-Q	for	the	quarter	ended	March	31,	2013).

4.3 Indenture,	dated	January	7,	2003,	between	Comcast	Corporation,	the	subsidiary	guarantor	party	thereto,	and	The	Bank	of	New	York	Mellon (f/k/a	The	Bank	of	New	York),	as	trustee	(incorporated	by	reference	to	Exhibit	4.4	to	Comcast's	Annual	Report	on	Form	10-K	for	the	year ended	December	31,	2008).

4.13 Indenture,	 dated	 March	 19,	 2013,	 among	 NBCUniversal	 Enterprise,	 Inc.	 (f/k/a	 Navy	 Holdings,	 Inc.),	 Comcast	 Corporation,	 the	 Cable Guarantors	party	thereto,	and	The	Bank	of	New	York	Mellon,	as	trustee	(incorporated	by	reference	to	Exhibit	4.1	to	Comcast's	Quarterly Report	on	Form	10-Q	for	the	quarter	ended	March	31,	2013).

Certain	instruments	defining	the	rights	of	holders	of	long-term	obligation	of	the	registrant	and	certain	of	its	subsidiaries	(the	total	amount	of securities	 authorized	 under	 each	 of	 which	 does	 not	 exceed	 ten	 percent	 of	 the	 total	 assets	 of	 the	 registrant	 and	 its	 subsidiaries	 on	 a consolidated	basis),	are	omitted	pursuant	to	Item	601(b)(4)(iii)(A)	of	Regulation	S-K.	We	agree	to	furnish	copies	of	any	such	instruments	to the	SEC	upon	request.

10.7* Comcast	Corporation	2002	Deferred	Compensation	Plan,	as	amended	and	restated	effective	February	10,	2009	(incorporated	by	reference to	Exhibit	10.5	to	Comcast's	Annual	Report	on	Form	10-K	for	the	year	ended	December	31,	2009).

10.8* Comcast	Corporation	2005	Deferred	Compensation	Plan,	as	amended	and	restated	effective	May	20,	2015	(incorporated	by	reference	to Exhibit	10.5	to	Comcast's	Quarterly	Report	on	Form	10-Q	for	the	quarter	ended	June	30,	2015).

10.9* Comcast	Corporation	2002	Restricted	Stock	Plan,	as	amended	and	restated	effective	October	21,	2014	(incorporated	by	reference	to Exhibit	10.10	to	Comcast's	Annual	Report	on	Form	10-K	for	the	year	ended	December	31,	2014).

10.10* 1992	Executive	Split	Dollar	Insurance	Plan	(incorporated	by	reference	to	Exhibit	10.12	to	the	Comcast	Holdings	Corporation	Annual	Report on	Form	10-K	for	the	year	ended	December	31,	1992).

10.11* Comcast	Corporation	2006	Cash	Bonus	Plan,	as	amended	and	restated	effective	February	18,	2015.

10.12* Comcast	Corporation	Retirement-Investment	Plan,	as	amended	and	restated	effective	January	1,	2016.

10.13* Comcast	Corporation	2002	Non-Employee	Director	Compensation	Plan,	as	amended	and	restated	effective	May	14,	2013	(incorporated	by reference	to	Exhibit	10.1	to	Comcast's	Quarterly	Report	on	Form	10-Q	for	the	quarter	ended	June	30,	2013).

10.14* Comcast	Corporation	2002	Employee	Stock	Purchase	Plan,	as	amended	and	restated	effective	October	14,	2015.

10.15* Comcast-NBCUniversal	2011	Employee	Stock	Purchase	Plan,	as	amended	and	restated	effective	October	14,	2015.

10.16* Comcast	Corporation	Supplemental	Executive	Retirement	Plan,	as	amended	and	restated	effective	January	1,	2005	(incorporated	by reference	to	Exhibit	10.15	to	Comcast's	Annual	Report	on	Form	10-K	for	the	year	ended	December	31,	2007).

10.17* Employment	Agreement	between	Comcast	Corporation	and	Brian	L.	Roberts,	dated	as	of	June	1,	2005	(incorporated	by	reference	to Exhibit	99.1	to	Comcast's	Current	Report	on	Form	8-K	filed	on	August	5,	2005).

10.18* Amendment	to	Employment	Agreement	between	Comcast	Corporation	and	Brian	L.	Roberts,	dated	as	of	February	13,	2009	(incorporated by	reference	to	Exhibit	99.1	to	Comcast's	Current	Report	on	Form	8-K	filed	on	February	13,	2009).

10.19* Amendment	 No.	 2	 to	 Employment	Agreement	 between	 Comcast	 Corporation	 and	 Brian	 L.	 Roberts,	 dated	 as	 of	 December	 31,	 2009 (incorporated	by	reference	to	Exhibit	10.23	to	Comcast's	Annual	Report	on	Form	10-K	for	the	year	ended	December	31,	2009).

10.20* Amendment	No.	3	to	Employment	Agreement	between	Comcast	Corporation	and	Brian	L.	Roberts,	dated	as	of	June	30,	2010	(incorporated by	reference	to	Exhibit	99.1	to	Comcast's	Current	Report	on	Form	8-K	filed	on	July	7,	2010).

10.22* Amendment	No.	5	to	Employment	Agreement	between	Comcast	Corporation	and	Brian	L.	Roberts,	dated	as	of	June	30,	2011	(incorporated by	reference	to	Exhibit	99.1	to	Comcast's	Current	Report	on	Form	8-K	filed	on	July	1,	2011).

10.23* Amendment	 No.	 6	 to	 Employment	Agreement	 between	 Comcast	 Corporation	 and	 Brian	 L.	 Roberts,	 dated	 as	 of	 December	 15,	 2011 (incorporated	by	reference	to	Exhibit	10.21	to	Comcast's	Annual	Report	on	Form	10-K	for	the	year	ended	December	31,	2011).

10.24* Amendment	 No.	 7	 to	 Employment	 Agreement	 between	 Comcast	 Corporation	 and	 Brian	 L.	 Roberts,	 effective	 as	 of	 June	 30,	 2012 (incorporated	by	reference	to	Exhibit	99.1	to	Comcast's	Current	Report	on	Form	8-K	filed	on	September	14,	2012).

10.26* Amendment	No.	10	to	Employment	Agreement	with	Brian	L.	Roberts,	effective	as	of	June	30,	2013	(incorporated	by	reference	to	Exhibit 99.1	to	Comcast's	Current	Report	on	Form	8-K	filed	on	July	24,	2013).

10.27* Amendment	No.	11	to	Employment	Agreement	with	Brian	L.	Roberts,	effective	as	of	December	18,	2013	(incorporated	by	reference	to Exhibit	10.29	to	Comcast's	Annual	Report	on	Form	10-K	filed	on	February	12,	2014).

10.28* Amendment	No.	12	to	Employment	Agreement	with	Brian	L.	Roberts,	effective	as	of	June	30,	2014	(incorporated	by	reference	to	Exhibit 99.1	to	Comcast's	Current	Report	on	Form	8-K	filed	on	July	1,	2014).

10.29* Amendment	No.	13	to	Employment	Agreement	with	Brian	L.	Roberts,	effective	as	of	December	9,	2014	(incorporated	by	reference	to Exhibit	10.30	to	Comcast's	Annual	Report	on	Form	10-K	for	the	year	ended	December	31,	2014).

10.30* Amendment	No.	14	to	Employment	Agreement	with	Brian	L.	Roberts,	dated	June	30,	2015	(incorporated	by	reference	to	Exhibit	99.1	to Comcast's	Current	Report	on	Form	8-K	filed	on	July	7,	2015).

10.31* Amendment	No.	15	to	Employment	Agreement	with	Brian	L.	Roberts,	dated	December	17,	2015.

10.32* Notice	of	Rights	Waiver	from	Brian	L.	Roberts	dated	February	13,	2009	(incorporated	by	reference	to	Exhibit	99.2	to	Comcast's	Current Report	on	Form	8-K	filed	on	February	13,	2009).

10.33* Notice	of	Termination	from	Brian	L.	Roberts	dated	February	13,	2009	(incorporated	by	reference	to	Exhibit	99.3	to	Comcast's	Current Report	on	Form	8-K	filed	on	February	13,	2009).

10.34* Employment	Agreement	between	Comcast	Corporation	and	Ralph	J.	Roberts	dated	December	27,	2007	(incorporated	by	reference	to Exhibit	99.1	to	Comcast's	Current	Report	on	Form	8-K	filed	on	December	28,	2007).

10.35* Amendment	to	Employment	Agreement	between	Comcast	Corporation	and	Ralph	J.	Roberts	dated	as	of	January	1,	2008	(incorporated	by reference	to	Exhibit	99.1	to	Comcast's	Current	Report	on	Form	8-K	filed	on	February	13,	2008).

10.36* Compensation	and	Deferred	Compensation	Agreement	and	Stock	Appreciation	Bonus	Plan	between	Comcast	Holdings	Corporation	and Ralph	 J.	 Roberts,	 as	 amended	 and	 restated	 March	 16,	 1994	 (incorporated	 by	 reference	 to	 Exhibit	 10.13	 to	 the	 Comcast	 Holdings Corporation	Annual	Report	on	Form	10-K	(Commission	File	No.	001-15471)	for	the	year	ended	December	31,	1993).

10.37* Compensation	and	Deferred	Compensation	Agreement	between	Comcast	Holdings	Corporation	and	Ralph	J.	Roberts,	as	amended	and restated	August	31,	1998	(incorporated	by	reference	to	Exhibit	10.1	to	the	Comcast	Holdings	Corporation	Quarterly	Report	on	Form	10-Q (Commission	File	No.	001-15471)	for	the	quarter	ended	September	30,	1998).

10.38* Amendment	Agreement	to	Compensation	and	Deferred	Compensation	Agreement	between	Comcast	Holdings	Corporation	and	Ralph	J. Roberts,	dated	as	of	August	19,	1999	(incorporated	by	reference	to	Exhibit	10.2	to	the	Comcast	Holdings	Corporation	Quarterly	Report	on Form	10-Q	(Commission	File	No.	001-15471)	for	the	quarter	ended	March	31,	2000).

10.39* Amendment	 to	Compensation	and	Deferred	Compensation	Agreement	between	Comcast	Holdings	Corporation	and	Ralph	J.	Roberts, dated	as	of	June	5,	2001	(incorporated	by	reference	to	Exhibit	10.8	to	the	Comcast	Holdings	Corporation	Annual	Report	on	Form	10-K (Commission	File	No.	001-15471)	for	the	year	ended	December	31,	2001).

10.40* Amendment	to	Compensation	and	Deferred	Compensation	Agreement	between	Comcast	Corporation	and	Ralph	J.	Roberts,	dated	as	of January	24,	2002	(incorporated	by	reference	to	Exhibit	10.16	to	Comcast's	Annual	Report	on	Form	10-K	for	the	year	ended	December	31, 2002).

10.41* Amendment	to	Compensation	and	Deferred	Compensation	Agreement	between	Comcast	Corporation	and	Ralph	J.	Roberts,	dated	as	of November	18,	2002	(incorporated	by	reference	to	Exhibit	10.17	to	Comcast's	Annual	Report	on	Form	10-K	for	the	year	ended	December 31,	2002).

10.42* Second	Amendment	to	Agreement	between	Comcast	Corporation	and	Ralph	J.	Roberts,	dated	as	of	December	10,	2008	(incorporated	by reference	to	Exhibit	10.2	to	Comcast's	Quarterly	Report	on	Form	10-Q	for	the	quarter	ended	June	30,	2009).

10.43* Insurance	 Premium	 Termination	Agreement	 between	 Comcast	 Corporation	 and	 Ralph	 J.	 Roberts,	 effective	 as	 of	 January	 30,	 2004 (incorporated	by	reference	to	Exhibit	10.1	to	Comcast's	Quarterly	Report	on	Form	10-Q	for	the	quarter	ended	March	31,	2004).

10.44* Employment	Agreement	 between	 Comcast	 Corporation	 and	 Michael	 J.	Angelakis,	 dated	 as	 of	 November	 22,	 2011 (incorporated	 by reference	to	Exhibit	99.1	to	Comcast's	Current	Report	on	Form	8-K	filed	on	November	23,	2011).

10.45* Employment	Agreement	between	Comcast	Corporation	and	Stephen	B.	Burke,	dated	as	of	December	16,	2009	(incorporated	by	reference to	Exhibit	99.1	to	Comcast's	Current	Report	on	Form	8-K	filed	on	December	22,	2009).

10.46* Amendment	No.	2	to	Employment	Agreement	with	Stephen	B.	Burke	dated	as	of	August	16,	2013	(incorporated	by	reference	to	Exhibit 99.1	to	Comcast's	Current	Report	on	Form	8-K	filed	on	August	16,	2013).

10.47* Employment	Agreement	between	Comcast	Corporation	and	David	L.	Cohen,	dated	as	of	October	23,	2015	(incorporated	by	reference	to Exhibit	10.1	to	Comcast's	Quarterly	Report	on	Form	10-Q	for	the	quarter	ended	September	30,	2015).

10.48* Employment	Agreement	between	Comcast	Corporation	and	Neil	Smit,	dated	as	of	November	21,	2011	(incorporated	by	reference	to	Exhibit 10.37	to	Comcast's	Annual	Report	on	Form	10-K	for	the	year	ended	December	31,	2011).

10.49* Employment	Agreement	between	Comcast	Corporation	and	Neil	Smit,	dated	as	of	December	22,	2014	(incorporated	by	reference	to	Exhibit 99.1	to	Comcast's	Current	Report	on	Form	8-K	filed	on	December	23,	2014).

10.51* Form	 of	Amendment,	 dated	 as	 of	 December	 14,	 2012,	 to	 the	 Employment	Agreements	 with	 Brian	 L.	 Roberts,	 Michael	 J.	Angelakis, Stephen	B.	Burke,	Neil	Smit	and	David	L.	Cohen	(incorporated	by	reference	to	Exhibit	10.41	to	Comcast's	Annual	Report	on	Form	10-K	for the	year	ended	December	31,	2012).

10.52* Employment	Agreement	dated	May	10,	2015	between	Comcast	Corporation	and	Michael	J.	Cavanagh	(incorporated	by	reference	to	Exhibit 99.1	to	Comcast's	Current	Report	on	Form	8-K	filed	on	May	11,	2015).

10.53* Form	of	Non-Qualified	Stock	Option	under	the	Comcast	Corporation	2003	Stock	Option	Plan	(incorporated	by	reference	to	Exhibit	10.40	to Comcast's	Annual	Report	on	Form	10-K	for	the	year	ended	December	31,	2008).

10.54* Form	of	Long-Term	Incentive	Awards	Summary	Schedule	under	the	Comcast	Corporation	2002	Restricted	Stock	Plan	(incorporated	by reference	to	Exhibit	10.43	to	Comcast's	Annual	Report	on	Form	10-K	for	the	year	ended	December	31,	2012).

10.55* Form	of	Restricted	Stock	Unit	Award	under	the	Comcast	Corporation	2002	Restricted	Stock	Plan	(incorporated	by	reference	to	Exhibit	10.4 to	Comcast's	Quarterly	Report	on	Form	10-Q	for	the	quarter	ended	March	31,	2010).

10.56* Form	of	Restricted	Stock	Unit	Award	under	the	Comcast	Corporation	2002	Restricted	Stock	Plan	(incorporated	by	reference	to	Exhibit	10.7 to	Comcast's	Quarterly	Report	on	Form	10-Q	for	the	quarter	ended	March	31,	2011).

10.59* Form	of	Restricted	Stock	Unit	Award	and	Long-Term	Incentive	Awards	Summary	Schedule	under	the	Comcast	Corporation	2002	Restricted Stock	Plan	(incorporated	by	reference	to	Exhibit	10.3	to	Comcast's	Quarterly	Report	on	Form	10-Q	for	the	quarter	ended	September	30, 2013).

10.60* Form	of	Restricted	Stock	Unit	Award	under	the	Comcast	Corporation	2002	Restricted	Stock	Plan	(incorporated	by	reference	to	Exhibit 10.59	to	Comcast's	Annual	Report	on	Form	10-K	for	the	year	ended	December	31,	2014).

	32.1 Certification	of	Chief	Executive	Officer	and	Chief	Financial	Officer	pursuant	to	Section	906	of	the	Sarbanes-Oxley	Act	of	2002.

101 The	following	financial	statements	from	Comcast	Corporation's	Annual	Report	on	Form	10-K	for	the	year	ended	December	31,	2015,	filed with	the	Securities	and	Exchange	Commission	on	February	5,	2016,	formatted	in	XBRL	(eXtensible	Business	Reporting	Language):	(1)	the Consolidated	Balance	Sheet;	(2)	the	Consolidated	Statement	of	Income;	(3)	the	Consolidated	Statement	of	Comprehensive	Income;	(4)	the Consolidated	Statement	of	Cash	Flows;	(5)	the	Consolidated	Statement	of	Changes	in	Equity;	and	(6)	the	Notes	to	Consolidated	Financial Statements.

* Constitutes	a	management	contract	or	compensatory	plan	or	arrangement.

† Confidential	treatment	granted.

(a)	NBCUniversal's	consolidated	financial	statements	are	filed	as	a	part	of	this	report	on	Form	10-K	and	a	list	of	the	consolidated	financial	statements	are found	on	page	143	of	this	report.	Schedule	II	–	Valuation	and	Qualifying	Accounts	is	found	on	page	175	of	this	report;	all	other	financial	statement schedules	are	omitted	because	the	required	information	is	not	applicable,	or	because	the	information	required	is	included	in	the	consolidated	financial statements	and	notes	thereto.

(b)	Exhibits	required	to	be	filed	by	Item	601	of	Regulation	S-K:

2.1 Transaction	Agreement,	dated	February	12,	2013,	by	and	among	Comcast	Corporation,	General	Electric	Company,	NBCUniversal,	LLC, NBCUniversal	Media,	LLC,	National	Broadcasting	Company	Holding,	 Inc.	and	Navy	Holdings,	 Inc.	(n/k/a/	NBCUniversal	Enterprise,	 Inc.) (incorporated	by	reference	to	Exhibit	2.1	of	the	Quarterly	Report	on	Form	10-Q	of	Comcast	Corporation	for	the	quarter	ended	March	31,	2013).

2.2 Amendment	 to	 Transaction	 Agreement,	 dated	 March 19, 2013,	 by	 and	 among	 Comcast	 Corporation,	 General	 Electric	 Company, NBCUniversal,	LLC,	NBCUniversal	Media,	LLC,	National	Broadcasting	Company	Holding,	Inc.	and	Navy	Holdings,	Inc.	(n/k/a/	NBCUniversal Enterprise,	Inc.)	(incorporated	by	reference	to	Exhibit	2.2	of	the	Quarterly	Report	on	Form	10-Q	of	Comcast	Corporation	for	the	quarter	ended March	31,	2013).

4.3 Second	 Supplemental	 Indenture,	 dated	 October	 1,	 2015,	 to	 the	 Indenture	 dated	 April	 30,	 2010	 between	 NBC	 Universal,	 Inc.	 (n/k/a NBCUniversal	Media,	LLC)	and	The	Bank	of	New	York	Mellon,	as	trustee,	as	supplemented	by	a	First	Supplemental	Indenture	dated	March 27,	2013	(incorporated	by	reference	to	Exhibit	4.2	of	the	Quarterly	Report	on	Form	10-Q	of	Comcast	Corporation	for	the	quarter	ended September	30,	2015).

4.4 Indenture,	dated	January	7,	2003,	between	Comcast	Corporation,	the	subsidiary	guarantor	party	thereto,	and	The	Bank	of	New	York	Mellon (f/k/a	The	Bank	of	New	York),	as	trustee	(incorporated	by	reference	to	Exhibit	4.4	to	the	Annual	Report	on	Form	10-K	of	Comcast	Corporation for	the	year	ended	December	31,	2008).

4.6 Second	Supplemental	Indenture,	dated	August	31,	2009,	to	the	Indenture	between	Comcast	Corporation,	the	subsidiary	guarantors	party thereto,	and	The	Bank	of	New	York	Mellon,	as	Trustee,	dated	January	7,	2003,	as	supplemented	by	a	First	Supplemental	Indenture	dated March	25,	2003	(incorporated	by	reference	to	Exhibit	4.1	to	the	Current	Report	on	Form	8-K	of	Comcast	Corporation	filed	on	September	2, 2009).

4.7 Third	 Supplemental	 Indenture,	 dated	 March	 27,	 2013,	 to	 the	 Indenture	 between	 Comcast	 Corporation,	 the	 subsidiary	 guarantors	 party thereto,	and	The	Bank	of	New	York	Mellon	(f/k/a	The	Bank	of	New	York),	as	trustee,	dated	January	7,	2003,	as	supplemented	by	a	First Supplemental	Indenture	dated	March	25,	2003	and	a	Second	Supplemental	Indenture	dated	August	31,	2009	(incorporated	by	reference	to Exhibit	4.4	of	the	Quarterly	Report	on	Form	10-Q	of	Comcast	Corporation	for	the	quarter	ended	March	31,	2013).

10.4 Receivables	 Repurchase	Agreement,	 dated	 as	 of	 December	 18,	 2013,	 among	 NBCUniversal	 Media,	 LLC,	 NBCUniversal	 Receivables Funding	LLC,	Gotham	Funding	Corporation,	Victory	Receivables	Corporation,	Working	Capital	Management	Co.,	L.P.,	PNC	Bank,	National Association,	Mizuho	Bank,	Ltd.,	and	The	Bank	of	Tokyo-Mitsubishi	UFJ,	Ltd.,	New	York	Branch	(incorporated	by	reference	to	Exhibit	99.1	to NBCUniversal's	Current	Report	on	Form	8-K	filed	on	December	19,	2013).

# Signatures

Pursuant	to	the	requirements	of	Section	13	or	15(d)	of	the	Securities	Exchange	Act	of	1934,	the	Registrant	has	duly	caused	this	report	to	be	signed	on	its behalf	by	the	undersigned,	thereunto	duly	authorized	in	Philadelphia,	Pennsylvania	on	February	5,	2016.

# Chairman	and	CEO

Pursuant	to	the	requirements	of	the	Securities	Exchange	Act	of	1934,	this	report	has	been	signed	below	by	the	following	persons	on	behalf	of	the Registrant	and	in	the	capacities	and	on	the	dates	indicated.

By:	NBCUNIVERSAL,	LLC,	its	sole	member

/S/	STEPHEN	B.	BURKE

Name:	Stephen	B.	Burke

Title:	Chief	Executive	Officer

# NBCUniversal	Media,	LLC	Financial	Statements	and	Supplementary	Data

| Index | Page |
| :--- | :--- |
| Report\tof\tIndependent\tRegistered\tPublic\tAccounting\tFirm | 144 |
| Consolidated\tBalance\tSheet | 145 |
| Consolidated\tStatement\tof\tIncome | 146 |
| Consolidated\tStatement\tof\tComprehensive\tIncome | 147 |
| Consolidated\tStatement\tof\tCash\tFlows | 148 |
| Consolidated\tStatement\tof\tChanges\tin\tEquity | 149 |
| Notes\tto\tConsolidated\tFinancial\tStatements | 150 |

# To	the	Member	of	NBCUniversal	Media,	LLC

# New	York,	New	York

We	have	audited	the	accompanying	consolidated	balance	sheets	of	NBCUniversal	Media,	LLC	and	subsidiaries	(the	"Company")	as	of	December	31, 2015	and	2014,	and	the	related	consolidated	statements	of	income,	comprehensive	income,	cash	flows	and	changes	in	equity	for	each	of	the	three	years in	 the	period	ended	December	31,	2015.	These	 financial	statements	are	 the	responsibility	of	 the	Company's	management.	Our	responsibility	 is	 to express	an	opinion	on	these	financial	statements	based	on	our	audits.

We	conducted	our	audits	in	accordance	with	the	standards	of	the	Public	Company	Accounting	Oversight	Board	(United	States).	Those	standards	require that	we	plan	and	perform	 the	audit	 to	obtain	reasonable	assurance	about	whether	 the	 financial	statements	are	 free	of	material	misstatement.	The Company	 is	not	required	 to	have,	nor	were	we	engaged	 to	perform,	an	audit	of	 their	 internal	control	over	 financial	reporting.	Our	audits	 included consideration	of	internal	control	over	financial	reporting	as	a	basis	for	designing	audit	procedures	that	are	appropriate	in	the	circumstances,	but	not	for the	purposes	of	expressing	an	opinion	on	the	effectiveness	of	the	Company's	internal	control	over	financial	reporting.	Accordingly,	we	express	no	such opinion.	An	audit	also	includes	examining,	on	a	test	basis,	evidence	supporting	the	amounts	and	disclosures	in	the	financial	statements,	assessing	the accounting	principles	used	and	significant	estimates	made	by	management,	as	well	as	evaluating	the	overall	financial	statement	presentation.	We	believe that	our	audits	provide	a	reasonable	basis	for	our	opinion.

In	our	opinion,	such	consolidated	financial	statements	present	fairly,	in	all	material	respects,	the	financial	position	of	NBCUniversal	Media,	LLC	and subsidiaries	as	of	December	31,	2015	and	2014,	and	the	results	of	their	operations	and	their	cash	flows	for	each	of	the	three	years	in	the	period	ended December	31,	2015,	in	conformity	with	accounting	principles	generally	accepted	in	the	United	States	of	America.

| December	31	(in	millions) | 2015 | 2014 |
| :--- | :--- | :--- |
| Assets |  |  |
| Current\tAssets: |  |  |
| Cash\tand\tcash\tequivalents | $1,410 | $1,248 |
| Receivables,\tnet | 5,411 | 4,842 |
| Programming\trights | 1,200 | 825 |
| Other\tcurrent\tassets | 841 | 823 |
| Total\tcurrent\tassets | 8,862 | 7,738 |
| Film\tand\ttelevision\tcosts | 5,847 | 5,714 |
| Investments | 965 | 882 |
| Property\tand\tequipment,\tnet | 9,521 | 8,138 |
| Goodwill | 20,364 | 14,908 |
| Intangible\tassets,\tnet | 13,806 | 14,187 |
| Other\tnoncurrent\tassets,\tnet | 1,325 | 1,037 |
| Total\tassets | $\t60,690 | $\t52,604 |
| Liabilities\tand\tEquity |  |  |
| Current\tLiabilities: |  |  |
| Accounts\tpayable\tand\taccrued\texpenses\trelated\tto\ttrade\tcreditors | $1,564 | $1,388 |
| Accrued\tparticipations\tand\tresiduals | 1,572 | 1,347 |
| Program\tobligations | 765 | 687 |
| Deferred\trevenue | 1,242 | 821 |
| Accrued\texpenses\tand\tother\tcurrent\tliabilities | 1,675 | 1,422 |
| Note\tpayable\tto\tComcast | 1,750 | 865 |
| Current\tportion\tof\tlong-term\tdebt | 1,163 | 1,023 |
| Total\tcurrent\tliabilities | 9,731 | 7,553 |
| Long-term\tdebt,\tless\tcurrent\tportion | 11,331 | 9,214 |
| Accrued\tparticipations,\tresiduals\tand\tprogram\tobligations | 1,163 | 1,149 |
| Other\tnoncurrent\tliabilities | 3,790 | 3,721 |
| Commitments\tand\tcontingencies\t(Note\t16) |  |  |
| Redeemable\tnoncontrolling\tinterests | 372 | 330 |
| Equity: |  |  |
| Member's\tcapital | 32,834 | 30,529 |
| Accumulated\tother\tcomprehensive\tincome\t(loss) | (212) | (159) |
| Total\tNBCUniversal\tmember's\tequity | 32,622 | 30,370 |
| Noncontrolling\tinterests | 1,681 | 267 |
| Total\tequity | 34,303 | 30,637 |
| Total\tliabilities\tand\tequity | $ 60,690 | $ 52,604 |

| Year	ended	December	31	(in	millions) | 2015 | 2014 | 2013 |
| :--- | :--- | :--- | :--- |
| Revenue | $\t28,462\t\t\t\t $\t25,428\t\t\t\t $\t23,650 | $\t28,462\t\t\t\t $\t25,428\t\t\t\t $\t23,650 | $\t28,462\t\t\t\t $\t25,428\t\t\t\t $\t23,650 |
| Costs\tand\tExpenses: |  |  |  |
| Programming\tand\tproduction | 13,418 | 12,318 | 11,770 |
| Other\toperating\tand\tadministrative | 5,891 | 5,364 | 4,949 |
| Advertising,\tmarketing\tand\tpromotion | 2,795 | 2,158 | 2,199 |
| Depreciation | 669 | 654 | 639 |
| Amortization | 870 | 841 | 772 |
|  | 23,643 | 21,335 | 20,329 |
| Operating\tincome | 4,819 | 4,093 | 3,321 |
| Other\tIncome\t(Expense): |  |  |  |
| Interest\texpense | (495) | (508) | (515) |
| Investment\tincome\t(loss),\tnet | 5 | 27 | 17 |
| Equity\tin\tnet\tincome\t(losses)\tof\tinvestees,\tnet | (376) | 46 | (93) |
| Other\tincome\t(expense),\tnet | (102) | (218) | (402) |
|  | (968) | (653) | (993) |
| Income\tbefore\tincome\ttaxes | 3,851 | 3,440 | 2,328 |
| Income\ttax\texpense | (227) | (143) | (206) |
| Net\tincome | 3,624 | 3,297 | 2,122 |
| Net\t(income)\tloss\tattributable\tto\tnoncontrolling\tinterests | (210) | (182) | (154) |
| Net\tincome\tattributable\tto\tNBCUniversal | $3,414\t\t\t\t $ | 3,115\t\t\t\t $ | 1,968 |

| Year	ended	December	31	(in	millions) | 2015 | 2014 | 2013 |
| :--- | :--- | :--- | :--- |
| Net\tincome | $\t3,624\t\t\t\t $\t3,297\t\t\t\t $\t2,122 | $\t3,624\t\t\t\t $\t3,297\t\t\t\t $\t2,122 | $\t3,624\t\t\t\t $\t3,297\t\t\t\t $\t2,122 |
| Deferred\tgains\t(losses)\ton\tcash\tflow\thedges,\tnet | (21) | 25 | (5) |
| Employee\tbenefit\tobligations,\tnet | 60 | (106) | 95 |
| Currency\ttranslation\tadjustments,\tnet | (121) | (62) | (41) |
| Comprehensive\tincome | 3,542 | 3,154 | 2,171 |
| Net\t(income)\tloss\tattributable\tto\tnoncontrolling\tinterests | (210) | (182) | (154) |
| Other\tcomprehensive\t(income)\tloss\tattributable\tto\tnoncontrolling\tinterests | 29 | — | — |
| Comprehensive\tincome\tattributable\tto\tNBCUniversal | $ 3,361\t\t\t\t $ 2,972\t\t\t\t $ 2,017 | $ 3,361\t\t\t\t $ 2,972\t\t\t\t $ 2,017 | $ 3,361\t\t\t\t $ 2,972\t\t\t\t $ 2,017 |

| Net	income | $	3,624				 $	3,297				 $	2,122 | $	3,624				 $	3,297				 $	2,122 | $	3,624				 $	3,297				 $	2,122 |
| :--- | :--- | :--- | :--- |
| Adjustments\tto\treconcile\tnet\tincome\tto\tnet\tcash |  |  |  |
| provided\tby\toperating\tactivities: |  |  |  |
| Depreciation\tand\tamortization | 1,539 | 1,495 | 1,411 |
| Share-based\tcompensation | — | — | 7 |
| Equity\tin\tnet\t(income)\tlosses\tof\tinvestees,\tnet | 376 | (46) | 93 |
| Cash\treceived\tfrom\tinvestees | 60 | 74 | 90 |
| Net\t(gain)\tloss\ton\tinvestment\tactivity\tand\tother | 56 | 136 | 345 |
| Deferred\tincome\ttaxes | (11) | (12) | (10) |
| Changes\tin\toperating\tassets\tand\tliabilities,\tnet\tof\teffects\tof\tacquisitions\tand\tdivestitures: |  |  |  |
| Current\tand\tnoncurrent\treceivables,\tnet | (718) | (25) | (752) |
| Film\tand\ttelevision\tcosts,\tnet | (304) | (571) | 2 |
| Accounts\tpayable\tand\taccrued\texpenses\trelated\tto\ttrade\tcreditors | 97 | (88) | (789) |
| Other\toperating\tassets\tand\tliabilities | 585 | 264 | 505 |
| Net\tcash\tprovided\tby\toperating\tactivities | 5,304 | 4,524 | 3,024 |
| Investing\tActivities |  |  |  |
| Capital\texpenditures | (1,386) | (1,221) | (1,160) |
| Cash\tpaid\tfor\tintangible\tassets | (211) | (130) | (113) |
| Acquisitions\tof\treal\testate\tproperties | — | — | (1,705) |
| Acquisitions,\tnet\tof\tcash\tacquired | (1,522) | (118) | (111) |
| Proceeds\tfrom\tsales\tof\tbusinesses\tand\tinvestments | 218 | 13 | 2 |
| Purchases\tof\tinvestments | (649) | (35) | (236) |
| Other | 150 | (122) | 111 |
| Net\tcash\tprovided\tby\t(used\tin)\tinvesting\tactivities | (3,400) | (1,613) | (3,212) |
| Financing\tActivities |  |  |  |
| Repurchases\tand\trepayments\tof\tdebt | (1,022) | (906) | (92) |
| Proceeds\tfrom\t(repayments\tof)\tborrowings\tfrom\tComcast,\tnet | 854 | 97 | 799 |
| Redemption\ttransaction\tdistribution | — | — | (3,200) |
| Distributions\tto\tmember | (1,385) | (1,641) | (1,422) |
| Distributions\tto\tnoncontrolling\tinterests | (189) | (177) | (183) |
| Settlement\tof\tStation\tVenture\tliability | — | — | (602) |
| Other | — | (3) | (66) |
| Net\tcash\tprovided\tby\t(used\tin)\tfinancing\tactivities | (1,742) | (2,630) | (4,766) |
| Increase\t(decrease)\tin\tcash\tand\tcash\tequivalents | 162 | 281 | (4,954) |
| Cash\tand\tcash\tequivalents,\tbeginning\tof\tyear | 1,248 | 967 | 5,921 |
| Cash\tand\tcash\tequivalents,\tend\tof\tyear | $1,410\t\t\t\t $ | 1,248\t\t\t\t $ | 967 |

| (in	millions) | Redeemable<br>Noncontrolling<br>Interests | Member's<br>Capital | Other<br>Comprehensive<br>Income	(Loss) | Non-<br>controlling<br>Interests | Total<br>Equity |
| :--- | :--- | :--- | :--- | :--- | :--- |
| Balance,\tDecember\t31,\t2012 | \t $131 | \t $ 31,900\t\t\t $ | (65)\t\t $ | 419\t\t\t $ 32,254 | 419\t\t\t $ 32,254 |
| Compensation\tplans |  | 7 |  |  | 7 |
| Redemption\ttransaction\tdistribution |  | (3,200) |  |  | (3,200) |
| Dividends\tdeclared |  | (1,422) |  |  | (1,422) |
| Purchase\tof\tsubsidiary\tshares\tfrom\tnoncontrolling\tinterests |  | (33) |  |  | (33) |
| Contributions\tfrom\t(distributions\tto)\tnoncontrolling\tinterests,\tnet | (22) |  |  | (155) | (155) |
| Other | 102 | (164) |  | (111) | (275) |
| Other\tcomprehensive\tincome\t(loss) |  |  | 49 |  | 49 |
| Net\tincome\t(loss) | 20 | 1,968 |  | 134 | 2,102 |
| Balance,\tDecember\t31,\t2013 | 231 | 29,056 | (16) | 287 | 29,327 |
| Dividends\tdeclared |  | (1,641) |  |  | (1,641) |
| Issuance\tof\tsubsidiary\tshares\tto\tnoncontrolling\tinterests | 85 |  |  |  |  |
| Contributions\tfrom\t(distributions\tto)\tnoncontrolling\tinterests,\tnet | (24) |  |  | (152) | (152) |
| Other |  | (1) |  | (12) | (13) |
| Other\tcomprehensive\tincome\t(loss) |  |  | (143) |  | (143) |
| Net\tincome\t(loss) | 38 | 3,115 |  | 144 | 3,259 |
| Balance,\tDecember\t31,\t2014 | 330 | 30,529 | (159) | 267 | 30,637 |
| Dividends\tdeclared |  | (1,385) |  |  | (1,385) |
| Contributions\tfrom\t(distributions\tto)\tnoncontrolling\tinterests,\tnet | (30) |  |  | (159) | (159) |
| Contribution\tfrom\tmember |  | 252 |  |  | 252 |
| Other\tcomprehensive\tincome\t(loss) |  |  | (53) | (29) | (82) |
| Universal\tStudios\tJapan |  | (11) |  | 1,440 | 1,429 |
| Other | 28 | 35 |  | (4) | 31 |
| Net\tincome\t(loss) | 44 | 3,414 |  | 166 | 3,580 |
| Balance,\tDecember\t31,\t2015 | \t $\t372 | \t $\t32,834\t\t\t $ | \t(212)\t\t $\t1,681\t\t\t $\t34,303 | \t(212)\t\t $\t1,681\t\t\t $\t34,303 | \t(212)\t\t $\t1,681\t\t\t $\t34,303 |

Unless	indicated	otherwise,	throughout	these	notes	to	the	consolidated	financial	statements,	we	refer	to	NBCUniversal	and	its	consolidated	subsidiaries as	"we,"	"us"	and	"our."	We	are	one	of	the	world's	leading	media	and	entertainment	companies	that	develops,	produces	and	distributes	entertainment, news	and	information,	sports,	and	other	content	for	global	audiences.

We	present	our	operations	as	the	following	four	reportable	business	segments:	Cable	Networks,	Broadcast	Television,	Filmed	Entertainment	and	Theme Parks.	See	Note	17	for	additional	information	on	our	reportable	business	segments.

Our	Theme	Parks	segment	consists	primarily	of	our	Universal	theme	parks	in	Orlando,	Florida	and	Hollywood,	California.	In	November	2015,	we	acquired a	51%	interest	in	the	Universal	Studios	theme	park	in	Osaka,	Japan	("Universal	Studios	Japan").	Our	Theme	Parks	segment	also	receives	fees	from	our agreements	with	third	parties	that	own	and	operate	the	Universal	Studios	Singapore	theme	park,	as	well	as	from	the	Universal	Studios	Japan	theme park,	to	license	the	right	to	use	the	Universal	Studios	brand	name	and	other	intellectual	property.

The	accompanying	consolidated	 financial	statements	 include	all	entities	 in	which	we	have	a	controlling	voting	 interest	and	variable	 interest	entities ("VIEs")	required	to	be	consolidated	in	accordance	with	generally	accepted	accounting	principles	in	the	United	States	("GAAP").	Transactions	between NBCUniversal	and	both	Comcast	and	Comcast's	consolidated	subsidiaries	are	reflected	in	these	consolidated	financial	statements	and	disclosed	as related	party	transactions	when	material.

We	translate	assets	and	liabilities	of	our	foreign	operations	where	the	functional	currency	is	the	local	currency,	primarily	the	euro,	British	pound,	and Japanese	yen,	into	U.S.	dollars	at	the	exchange	rate	as	of	the	balance	sheet	date	and	translate	revenue	and	expenses	using	average	monthly	exchange rates.	The	related	 translation	adjustments	are	recorded	as	a	component	of	accumulated	other	comprehensive	 income	(loss).	Any	 foreign	currency transaction	gains	and	losses	are	included	in	our	consolidated	statement	of	income.

•revenue	recognition	(see	below)

•goodwill	and	intangible	assets	(see	Note	9)

We	use	derivative	financial	instruments	to	manage	our	exposure	to	the	risks	associated	with	fluctuations	in	foreign	exchange	rates	and	interest	rates.	Our objective	is	to	manage	the	financial	and	operational	exposure	arising	from	these	risks	by	offsetting	gains	and	losses	on	the	underlying	exposures	with gains	and	losses	on	the	derivatives	used	to	economically	hedge	them.

In	November	2015,	the	FASB	updated	the	accounting	guidance	related	to	the	balance	sheet	presentation	of	deferred	taxes.	The	updated	accounting guidance	requires	that	all	deferred	tax	liabilities	and	assets	be	classified	as	noncurrent	in	a	classified	balance	sheet.	The	current	requirement	that deferred	tax	liabilities	and	assets	of	a	tax-paying	component	of	an	entity	be	offset	and	presented	as	a	single	amount	is	not	affected	by	the	amendments	in this	update.	We	have	adopted	this	guidance	prospectively	as	of	December	31,	2015.	Therefore,	prior	periods	have	not	been	adjusted	to	reflect	this adoption.	The	adoption	of	the	updated	accounting	guidance	did	not	have	a	material	impact	on	our	consolidated	balance	sheet.

On	November	13,	2015,	we	acquired	a	51%	economic	interest	in	Universal	Studios	Japan	for	$1.5	billion.	The	acquisition	was	funded	through	cash	on hand	and	borrowings	under	our	commercial	paper	program.

Universal	Studios	Japan	is	a	VIE	based	on	the	governance	structure	and	we	consolidate	Universal	Studios	Japan	as	we	have	the	power	to	direct activities	 that	most	significantly	 impact	 its	economic	performance.	There	are	no	 liquidity	arrangements,	guarantees,	or	other	 financial	commitments between	us	and	Universal	Studios	Japan,	and	therefore	our	maximum	risk	of	financial	loss	is	our	51%	interest.	Universal	Studios	Japan's	results	of operations	are	reported	in	our	Theme	Parks	segment	following	the	acquisition	date.

Due	to	the	limited	amount	of	time	since	the	date	of	acquisition,	the	assets	and	liabilities	of	Universal	Studios	Japan	were	recorded	at	their	historical carrying	values.	We	will	adjust	these	amounts	to	fair	value	as	valuations	are	completed	and	we	obtain	information	necessary	to	complete	the	analyses, but	no	later	than	one	year	from	the	acquisition	date.	The	49%	noncontrolling	interest	in	Universal	Studios	Japan	is	recorded	in	the	equity	section	of	our consolidated	financial	statements	and	has	been	recorded	based	on	the	total	value	of	Universal	Studios	Japan	implied	in	the	transaction.	For	purposes	of this	preliminary	allocation,	the	excess	of	the	total	value	implied	in	the	transaction	over	the	historical	carrying	value	has	been	recorded	as	goodwill.

| (in	millions) |  |
| :--- | :--- |
| Property\tand\tequipment\t(see\tNote\t8) | $642 |
| Intangible\tassets\t(see\tNote\t9) | 57 |
| Working\tcapital | (24) |
| Debt\t(see\tNote\t10) | (3,271) |
| Other\tnoncurrent\tassets\tand\tliabilities\tand\tother | 162 |
| Identifiable\tnet\tassets\t(liabilities)\tacquired | (2,434) |
| Noncontrolling\tinterest | (1,440) |
| Goodwill\t(see\tNote\t9) | 5,373 |
| Cash\tconsideration\ttransferred | $1,499 |

Our	consolidated	revenue	and	net	income	attributable	to	NBCUniversal	for	the	year	ended	December	31,	2015	included	$169	million	and	$18	million, respectively,	from	the	acquisition	of	Universal	Studios	Japan.

# Redemption	Transaction

On	March	19,	2013,	Comcast	acquired	General	Electric	Company's	("GE")	49%	common	equity	interest	in	NBCUniversal	Holdings	that	it	did	not	already own	for	approximately	$16.7	billion	(the	"redemption	transaction").	In	addition	to	the	redemption	transaction,	we	purchased	from	GE	certain	properties	we occupy	at	30	Rockefeller	Plaza	in	New	York	City	and	CNBC's	headquarters	in	Englewood	Cliffs,	New	Jersey	for	$1.4	billion.

The	total	consideration	for	these	transactions	consisted	of	$11.4	billion	of	cash	on	hand	(of	which	we	funded	$4.6	billion);	$4	billion	of	senior	debt securities	 issued	 by	 NBCUniversal	 Enterprise,	 Inc.	 ("NBCUniversal	 Enterprise"),	 a	 holding	 company	 whose	 principal	 assets	 are	 its	 interests	 in NBCUniversal	Holdings;	$750	million	of	cash	funded	through	Comcast's	commercial	paper	program;	$1.25	billion	of	borrowings	under	NBCUniversal Enterprise's	credit	facility,	which	replaced	our	credit	facility;	and	$725	million	aggregate	liquidation	preference	of	Series	A	cumulative	preferred	stock	of NBCUniversal	Enterprise.

Following	the	close	of	the	redemption	transaction,	Comcast	owns	96%	of	NBCUniversal	Holdings'	common	units	and	NBCUniversal	Enterprise	owns	the remaining	4%.	NBCUniversal	Enterprise	is	now	a	consolidated	subsidiary	of	Comcast,	but	we	do	not	have	any	ownership	interests	in	NBCUniversal Enterprise.	 NBCUniversal	 Enterprise	 also	 owns	 all	 of	 NBCUniversal	 Holdings'	 preferred	 units	 with	 a	 $9.4	 billion	 aggregate	 liquidation	 preference. NBCUniversal	Holdings	is	required	to	make	quarterly	payments	to	NBCUniversal	Enterprise	at	an	initial	rate	of	8.25%	per	annum	on	the	$9.4	billion aggregate	liquidation	preference	of	the	preferred	units.	On	March	1,	2018,	and	thereafter	on	every	fifth	anniversary	of	such	date,	this	rate	will	reset	to 7.44%	plus	the	yield	on	actively	traded	United	States	Treasury	securities	having	a	5	year	maturity.	NBCUniversal	Holdings	has	the	right	to	redeem	all	of the	preferred	units	during	the	30	day	period	beginning	on	March	1,	2018,	and	NBCUniversal	Enterprise	has	the	right	to	cause	NBCUniversal	Holdings	to redeem	15%	of	its	preferred	units	during	the	30	day	period	beginning	on	March	19,	2020.	The	price	and	units	in	a	redemption	initiated	by	either	party	will be	based	on	the	liquidation	preference	plus	accrued	but	unpaid	dividends	and	adjusted,	in	the	case	of	an	exercise	of	NBCUniversal	Enterprise's	right,	to the	extent	the	equity	value	of	NBCUniversal	Holdings	is	less	than	the	liquidation	preference.	Our	cash	flows	are,	and	will	continue	to	be,	the	primary source	of	funding	for	the	required	payments	and	for	any	future	redemption	of	the	NBCUniversal	Holdings	preferred	units.

# Note	5:	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	advertising	and	various	support	services	provided	by	Comcast	to	us.

In	2013,	as	part	of	the	Comcast	cash	management	process,	we	and	Comcast	entered	into	revolving	credit	agreements	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,	2015,	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	both	December	31,	2015	and	2014,	the	carrying	value	of	the	liability associated	with	this	contractual	obligation	was	$383	million.

The	following	tables	present	transactions	with	Comcast	and	its	consolidated	subsidiaries	that	are	included	in	our	consolidated	financial	statements.

| Consolidated	Balance	Sheet |  |  |
| :--- | :--- | :--- |
| December\t31\t(in\tmillions) | 2015 | 2014 |
| Transactions\twith\tComcast\tand\tConsolidated\tSubsidiaries |  |  |
| Receivables,\tnet | $239 | $\t229 |
| Accounts\tpayable\tand\taccrued\texpenses\trelated\tto\ttrade\tcreditors | $68 | $47 |
| Accrued\texpenses\tand\tother\tcurrent\tliabilities | $51 | $8 |
| Note\tpayable\tto\tComcast | $\t1,750 | $ 865 |
| Other\tnoncurrent\tliabilities | $383 | $ 383 |

| Year	ended	December	31	(in	millions) | 2015 | 2014 | 2013 |
| :--- | :--- | :--- | :--- |
| Transactions\twith\tComcast\tand\tConsolidated\tSubsidiaries |  |  |  |
| Revenue | $\t1,349\t\t\t\t $\t1,315\t\t\t\t $\t1,262 | $\t1,349\t\t\t\t $\t1,315\t\t\t\t $\t1,262 | $\t1,349\t\t\t\t $\t1,315\t\t\t\t $\t1,262 |
| Operating\tcosts\tand\texpenses | $(246)\t\t\t $ | (162)\t\t\t $ | (190) |
| Other\tincome\t(expense) | $(37)\t\t\t $ | (43)\t\t\t $ | — |

# Distributions	to	NBCUniversal	Holdings

In	addition	to	the	transactions	presented	in	the	table	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	payments	to	NBCUniversal	Enterprise	at	an	initial	annual	rate	of	8.25%	on	the	$9.4	billion	aggregate	liquidation preference	of	its	preferred	units.	These	distributions	are	presented	under	the	caption	"distributions	to	member"	in	our	consolidated	statement	of	cash flows.	Following	the	close	of	the	redemption	transaction,	none	of	these	distributions	to	NBCUniversal	Holdings	are	attributable	to	GE.

In	connection	with	the	redemption	transaction,	we	also	made	a	distribution	of	$3.2	billion	to	NBCUniversal	Holdings	to	fund	a	portion	of	the	redemption transaction.	This	distribution	is	presented	separately	in	our	consolidated	statement	of	cash	flows.

# Transactions	with	GE

Following	the	close	of	the	redemption	transaction	and	the	subsequent	sale	of	NBCUniversal	Enterprise's	preferred	stock	and	senior	notes	by	GE	to unaffiliated	third	parties	in	March	2013,	we	no	longer	consider	GE	to	be	a	related	party.

In	February	2013,	Comcast	closed	an	agreement	with	GE,	General	Electric	Capital	Corporation	("GECC")	and	LIN	TV	under	which,	among	other	things, we	purchased	a	note	held	by	Station	Venture	Holdings,	LLC	("Station	Venture")	from	GECC	for	$602	million,	which	effectively	settled	a	liability	of	$482 million	that	had	been	recorded	in	the	allocation	of	purchase	price	associated	with	Comcast's	acquisition	of	a	controlling	interest	in	NBCUniversal	Holdings in	2011	(the	"joint	venture	transaction").	Due	to	the	related	party	nature	of	this	transaction,	the	excess	of	the	purchase	price	of	the	Station	Venture	note over	the	recorded	amount	of	the	liability	was	recorded	to	member's	capital.	Other	than	the	Station	Venture	transaction	and	dividend	payments	to	GE	that are	included	in	our	consolidated	statement	of	changes	in	equity	and	our	consolidated	statement	of	cash	flows,	the	amounts	related	to	our	transactions with	GE	and	its	consolidated	subsidiaries	that	occurred	prior	to	the	close	of	the	redemption	transaction	were	not	material.

| December	31	(in	millions) | 2015 | 2014 |
| :--- | :--- | :--- |
| Film\tCosts: |  |  |
| Released,\tless\tamortization | $\t1,275 | $\t1,371 |
| Completed,\tnot\treleased | 226 | 71 |
| In\tproduction\tand\tin\tdevelopment | 907 | 1,189 |
|  | 2,408 | 2,631 |
| Television\tCosts: |  |  |
| Released,\tless\tamortization | 1,573 | 1,273 |
| In\tproduction\tand\tin\tdevelopment | 737 | 505 |
|  | 2,310 | 1,778 |
| Programming\trights,\tless\tamortization | 2,329 | 2,130 |
|  | 7,047 | 6,539 |
| Less:\tCurrent\tportion\tof\tprogramming\trights | 1,200 | 825 |
| Film\tand\ttelevision\tcosts | $ 5,847 | $ 5,714 |

| December	31	(in	millions) | 2015 | 2014 |
| :--- | :--- | :--- |
| Fair\tValue\tMethod | $10 | $10 |
| Equity\tMethod: |  |  |
| The\tWeather\tChannel | — | \t 335 |
| Hulu | \t 184 | \t 167 |
| Other | \t 313 | \t 338 |
|  | \t 497 | \t 840 |
| Cost\tMethod | \t 458 | 32 |
| Total\tinvestments | $965 | $882 |

We	use	the	equity	method	to	account	for	investments	in	which	we	have	the	ability	to	exercise	significant	influence	over	the	investee's	operating	and financial	policies	or	where	we	hold	significant	partnership	or	LLC	interests.	Equity	method	investments	are	recorded	at	cost	and	are	adjusted	to	recognize (1)	our	proportionate	share	of	the	investee's	net	income	or	loss	after	the	date	of	investment,	(2)	amortization	of	the	recorded	investment	that	exceeds	our share	of	the	book	value	of	the	investee's	net	assets,	(3)	additional	contributions	made	and	dividends	received,	and	(4)	impairments	resulting	from	other- than-temporary	declines	in	fair	value.	Gains	or	losses	on	the	sale	of	equity	method	investments	are	recorded	to	other	income	(expense),	net.	If	an	equity method	investee	were	to	issue	additional	securities	that	would	change	our	proportionate	share	of	the	entity,	we	would	recognize	the	change,	if	any,	as	a gain	or	loss	in	our	consolidated	statement	of	income.

In	June	and	December	2015,	TWCC	Holding	Corp.	("The	Weather	Channel")	recorded	impairment	charges	related	to	goodwill.	During	2015,	we	recorded expenses	of	$333	million	that	represent	our	proportionate	share	of	these	impairment	charges	in	equity	in	net	income	(losses)	of	investees,	net	in	our consolidated	statement	of	 income.	On	January	29,	2016,	 IBM	acquired	The	Weather	Channel's	product	and	 technology	businesses.	The	Weather Channel	cable	network	was	not	acquired	and,	following	the	close	of	the	transaction,	licenses	weather	forecast	data	and	analytics	from	IBM.

In	July	2013,	we	entered	into	an	agreement	to	provide	capital	contributions	totaling	$247	million	to	Hulu,	LLC	("Hulu"),	which	we	had	previously	accounted for	as	a	cost	method	investment.	This	represented	an	agreement	to	provide	our	first	capital	contribution	to	Hulu	since	Comcast	acquired	its	interest	in Hulu	as	part	of	the	joint	venture	transaction;	therefore,	we	began	to	apply	the	equity	method	of	accounting	for	this	investment.	The	change	in	the	method of	accounting	for	this	investment	required	us	to	recognize	our	proportionate	share	of	Hulu's	accumulated	 losses	 from	 the	date	of	 the	 joint	venture transaction	through	July	2013.

# Summarized	Financial	Information

The	tables	below	present	the	summarized	combined	financial	information	of	our	equity	method	investments.

In	September	2015,	we	made	an	additional	investment	in	Vox	Media,	Inc.	("Vox	Media")	and	acquired	an	interest	in	BuzzFeed,	Inc.	("BuzzFeed")	for $200	million	each	in	cash.	Vox	Media	is	a	digital	media	company	comprised	of	eight	distinct	brands.	BuzzFeed	is	a	global	media	company	that	produces and	distributes	original	news,	entertainment	and	videos.

We	review	our	investment	portfolio	each	reporting	period	to	determine	whether	there	are	identified	events	or	circumstances	that	would	indicate	there	is	a decline	in	the	fair	value	that	would	be	considered	other	than	temporary.	For	our	nonpublic	investments,	if	there	are	no	identified	events	or	circumstances that	would	have	a	significant	adverse	effect	on	the	fair	value	of	the	investment,	then	the	fair	value	is	not	estimated.	If	an	investment	is	deemed	to	have experienced	an	other-than-temporary	decline	below	its	cost	basis,	we	reduce	the	carrying	amount	of	the	investment	to	its	quoted	or	estimated	fair	value, as	applicable,	and	establish	a	new	cost	basis	for	the	investment.	For	our	available-for-sale	securities	and	cost	method	investments,	we	record	the impairment	to	investment	income	(loss),	net.	For	our	equity	method	investments,	we	record	the	impairment	to	other	income	(expense),	net.	In	2013,	we recorded	$249	million	of	impairment	charges	to	our	equity	method	investments,	which	primarily	related	to	a	regional	sports	cable	network	based	in Houston,	Texas.

| December	31	(in	millions) | December	31,	2015 | 2015 | 2014 |
| :--- | :--- | :--- | :--- |
| Buildings\tand\tleasehold\timprovements | 27\tyears\t\t\t\t $ \t6,543\t\t\t\t $ \t5,780 | 27\tyears\t\t\t\t $ \t6,543\t\t\t\t $ \t5,780 | 27\tyears\t\t\t\t $ \t6,543\t\t\t\t $ \t5,780 |
| Furniture,\tfixtures\tand\tequipment | 9\tyears | 3,457 | 2,930 |
| Construction\tin\tprocess | N/A | 1,339 | 775 |
| Land | N/A | 961 | 820 |
| Property\tand\tequipment,\tat\tcost |  | \t 12,300 | \t 10,305 |
| Less:\tAccumulated\tdepreciation |  | 2,779 | 2,167 |
| Property\tand\tequipment,\tnet |  | \t\t $9,521\t\t\t\t $ | 8,138 |

Real	estate	acquisitions	in	2013	included	our	purchase	from	GE	of	certain	properties	we	occupy	at	30	Rockefeller	Plaza	in	New	York	City	and	CNBC's headquarters	in	Englewood	Cliffs,	New	Jersey.	Other	purchases	in	2013	included	our	acquisition	of	a	business	whose	primary	asset	is	a	property	located at	10	Universal	City	Plaza,	which	is	adjacent	to	our	Universal	theme	park	in	Hollywood,	California.	The	purchase	price	of	these	acquisitions	is	included	in the	caption	"acquisitions	of	real	estate	properties"	in	our	consolidated	statement	of	cash	flows.

| (in	millions) | Cable<br>Networks | Broadcast<br>Television | Filmed<br>Entertainment | Theme<br>Parks | Total |
| :--- | :--- | :--- | :--- | :--- | :--- |
| Balance,\tDecember\t31,\t2013 | \t $\t13,130\t\t\t\t $ | \t769\t\t\t\t $ | \t1\t\t\t\t $ | \t982\t\t\t\t $\t14,882 | \t982\t\t\t\t $\t14,882 |
| Acquisitions | 20 | — | 15 | — | 35 |
| Adjustments^(a) | (202) | (2) | 195 | — | (9) |
| Balance,\tDecember\t31,\t2014 | 12,948 | 767 | 211 | 982 | 14,908 |
| Acquisitions^(b) | 17 | 39 | 58 | \t 5,373 | 5,487 |
| Adjustments^(a) | (18) | — | (2) | (11) | (31) |
| Balance,\tDecember\t31,\t2015 | \t $ 12,947\t\t\t\t $ | 806\t\t\t\t $ | 267\t\t\t\t $6,344\t\t\t\t $ 20,364 | 267\t\t\t\t $6,344\t\t\t\t $ 20,364 | 267\t\t\t\t $6,344\t\t\t\t $ 20,364 |

We	assess	the	recoverability	of	our	goodwill	annually,	or	more	frequently	whenever	events	or	substantive	changes	in	circumstances	indicate	that	the carrying	amount	of	a	reporting	unit	may	exceed	its	fair	value.	We	test	goodwill	for	impairment	at	the	reporting	unit	level.	To	determine	our	reporting	units, we	evaluate	the	components	one	level	below	the	segment	level	and	we	aggregate	the	components	if	they	have	similar	economic	characteristics.	As	a result	of	this	assessment,	our	reporting	units	are	the	same	as	our	four	reportable	segments.	We	evaluate	the	determination	of	our	reporting	units	used	to test	for	impairment	periodically	or	whenever	events	or	substantive	changes	in	circumstances	occur.	The	assessment	of	recoverability	may	first	consider qualitative	factors	to	determine	whether	the	existence	of	events	or	circumstances	leads	to	a	determination	that	it	is	more	likely	than	not	that	the	fair	value of	a	reporting	unit	is	less	than	its	carrying	amount.	A	quantitative	assessment	is	performed	if	the	qualitative	assessment	results	in	a	more-likely-than-not determination	or	if	a	qualitative	assessment	is	not	performed.	The	quantitative	assessment	considers	if	the	carrying	amount	of	a	reporting	unit	exceeds its	fair	value,	in	which	case	an	impairment	charge	is	recorded	to	the	extent	the	carrying	amount	of	the	reporting	unit's	goodwill	exceeds	its	implied	fair value.	Unless	presented	separately,	the	impairment	charge	is	included	as	a	component	of	amortization	expense.

|  |  | 2015 |  | 2014 |  |
| :--- | :--- | :--- | :--- | :--- | :--- |
|  | Weighted-Average | Gross |  | Gross |  |
|  | Original\tUseful\tLife\tas | Carrying | Accumulated | Carrying | Accumulated |
| December\t31\t(in\tmillions) | of\tDecember\t31,\t2015 | Amount | Amortization | Amount | Amortization |
| Finite-Lived\tIntangible\tAssets: |  |  |  |  |  |
| Customer\trelationships | 19\tyears\t\t\t\t$\t13,107\t\t\t\t$ | 19\tyears\t\t\t\t$\t13,107\t\t\t\t$ | \t(4,291)\t\t\t$13,093\t\t\t\t$ | \t(4,291)\t\t\t$13,093\t\t\t\t$ | (3,636) |
| Software | 5\tyears | 849 | (431) | 657 | (329) |
| Other | 19\tyears | 1,996 | (932) | 1,556 | (864) |
| Indefinite-Lived\tIntangible\tAssets: |  |  |  |  |  |
| Trade\tnames | N/A | 2,857 |  | 3,059 |  |
| FCC\tlicenses | N/A | 651 |  | 651 |  |
| Total |  | \t\t$ 19,460\t\t\t\t$ | (5,654)\t\t\t$19,016\t\t\t\t$ | (5,654)\t\t\t$19,016\t\t\t\t$ | (4,829) |

Indefinite-lived	intangible	assets	consist	of	trade	names	and	FCC	licenses.	We	assess	the	recoverability	of	our	indefinite-lived	intangible	assets	annually, or	more	frequently	whenever	events	or	substantive	changes	in	circumstances	indicate	that	the	assets	might	be	impaired.	We	evaluate	the	unit	of	account used	to	test	for	impairment	of	our	indefinite-lived	intangible	assets	periodically	or	whenever	events	or	substantive	changes	in	circumstances	occur	to ensure	impairment	testing	is	performed	at	an	appropriate	level.	The	assessment	of	recoverability	may	first	consider	qualitative	factors	to	determine whether	it	is	more	likely	than	not	that	the	fair	value	of	an	indefinite-lived	intangible	asset	is	less	than	its	carrying	amount.	A	quantitative	assessment	is performed	if	the	qualitative	assessment	results	in	a	more-likely-than-not	determination	or	if	a	qualitative	assessment	is	not	performed.	When	performing a	quantitative	assessment,	we	estimate	the	fair	value	of	our	indefinite-lived	intangible	assets	primarily	based	on	a	discounted	cash	flow	analysis	that involves	significant	judgment.	When	analyzing	the	fair	values	indicated	under	the	discounted	cash	flow	models,	we	also	consider	multiples	of	operating income	before	depreciation	and	amortization	generated	by	the	underlying	assets,	current	market	transactions,	and	profitability	information.	If	the	fair value	of	our	indefinite-lived	intangible	assets	were	less	than	the	carrying	amount,	we	would	recognize	an	impairment	charge	for	the	difference	between the	estimated	 fair	value	and	 the	carrying	value	of	 the	assets.	Unless	presented	separately,	 the	 impairment	charge	 is	 included	as	a	component	of amortization	expense.	We	did	not	recognize	any	material	impairment	charges	in	any	of	the	periods	presented.

| (in	millions) |  |
| :--- | :--- |
| 2016 | $\t812 |
| 2017 | $\t789 |
| 2018 | $\t776 |
| 2019 | $\t777 |
| 2020 | $\t781 |

Finite-lived	intangible	assets	are	subject	to	amortization	and	consist	primarily	of	customer	relationships	acquired	in	business	combinations,	intellectual property	rights	and	software.	Our	finite-lived	intangible	assets	are	amortized	primarily	on	a	straight-line	basis	over	their	estimated	useful	life	or	the	term	of the	associated	agreement.

We	capitalize	direct	development	costs	associated	with	internal-use	software,	including	external	direct	costs	of	material	and	services	and	payroll	costs	for employees	devoting	time	to	these	software	projects.	We	also	capitalize	costs	associated	with	the	purchase	of	software	licenses.	We	include	these	costs in	intangible	assets	and	generally	amortize	them	on	a	straight-line	basis	over	a	period	not	to	exceed	five	years.	We	expense	maintenance	and	training costs,	as	well	as	costs	incurred	during	the	preliminary	stage	of	a	project,	as	they	are	incurred.	We	capitalize	initial	operating	system	software	costs	and amortize	them	over	the	life	of	the	associated	hardware.

| December	31	(in	millions) | Weighted-Average<br>Interest	Rate	as	of<br>December	31,	2015 | 2015 | 2014 |
| :--- | :--- | :--- | :--- |
| Term\tloans | 2.74% | \t\t $3,259\t\t\t\t $ | — |
| Senior\tnotes\twith\tmaturities\tof\t5\tyears\tor\tless,\tat\tface\tvalue | 4.39% | 3,000 | 2,000 |
| Senior\tnotes\twith\tmaturities\tbetween\t5\tand\t10\tyears,\tat\tface\tvalue | 3.88% | 3,000 | 5,000 |
| Senior\tnotes\twith\tmaturities\tgreater\tthan\t10\tyears,\tat\tface\tvalue | 5.62% | 3,200 | 3,200 |
| Other,\tincluding\tcapital\tlease\tobligations | — | 47 | 44 |
| Debt\tissuance\tcosts,\tpremiums,\tdiscounts\tand\tfair\tvalue\tadjustments\tfor\thedged\tpositions,\tnet | — | (12) | (7) |
| Total\tdebt | 4.12%^(a) | 12,494 | \t 10,237 |
| Less:\tCurrent\tportion |  | 1,163 | 1,023 |
| Long-term\tdebt |  | \t\t $\t11,331\t\t\t\t $ | 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.

| (in	millions) | Weighted-Average<br>Interest	Rate	as	of<br>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% | $\t6,213 |

# 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-

lion	of	outstanding	debt	securities	of	Comcast	and	CCCL	Parent.	We	also	fully	and	unconditionally	guarantee	the	Comcast	revolving	credit	facility,	of which	no	amounts	were	outstanding	as	of	December	31,	2015.

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.

The	accounting	guidance	related	to	financial	assets	and	financial	liabilities	("financial	instruments")	establishes	a	hierarchy	that	prioritizes	fair	value measurements	based	on	the	types	of	inputs	used	for	the	various	valuation	techniques	(market	approach,	income	approach	and	cost	approach).	Our assessment	of	the	significance	of	a	particular	input	to	the	fair	value	measurement	requires	judgment	and	may	affect	the	valuation	of	financial	instruments and	their	classification	within	the	fair	value	hierarchy.

Our	financial	instruments	that	are	accounted	for	at	fair	value	on	a	recurring	basis	were	not	material	for	all	periods	presented.

As	a	result	of	the	acquisition	of	the	Universal	Orlando	theme	park	in	2011,	we	assumed	a	contractual	obligation	that	involves	an	interest	held	by	a	third party	in	the	revenue	of	certain	theme	parks.	The	arrangement	provides	the	counterparty	with	the	right	to	periodic	payments	associated	with	current period	revenue	and,	beginning	in	2017,	the	option	to	require	us	to	purchase	the	interest	for	cash	in	an	amount	based	on	a	contractually	specified formula.	The	 arrangement	 was	 recognized	 at	 fair	 value	 at	 the	 time	 of	 the	 acquisition	 and	 the	 fair	 value	 has	 been	 adjusted	 periodically	 since	 the acquisition	with	the	expectation	that	the	arrangement	would	be	settled	in	2017,	or	shortly	thereafter.	It	has	a	current	carrying	value	of	$1.1	billion	and adjustments	to	fair	value,	as	well	as	the	periodic	payments,	have	been	presented	in	other	income	(expense),	net	in	our	consolidated	statement	of	income.

|  | 2015 |  | 2014 |  | 2013 |  |
| :--- | :--- | :--- | :--- | :--- | :--- | :--- |
|  | Postretirement | Pension | Postretirement | Pension | Postretirement | Pension |
| Year\tended\tDecember\t31\t(in\tmillions) | Benefits | Benefits | Benefits | Benefits | Benefits | Benefits |
| Benefit\tobligation | \t $\t197 | $\t309 | \t $209 | $\t581 | \t $\t158 | $\t498 |
| Fair\tvalue\tof\tplan\tassets^(a) | — | — | — | 242 | — | 220 |
| Plan\tfunded\tstatus\tand\trecorded\tbenefit\tobligation | (197) | (309) | (209) | (339) | (158) | (278) |
| Portion\tof\tbenefit\tobligation\tnot\tyet\trecognized\tin\tbenefits |  |  |  |  |  |  |
| expense | (27) | 14 | (3) | 53 | (44) | (3) |
| Benefits\texpense | 15 | 13 | 12 | 14 | 14 | 12 |
| Discount\trate | 4.73% | \t\t4.31-4.40% | 4.25% | \t\t3.75-4.25% | 5.25% | \t\t4.50-5.25% |
| Expected\treturn\ton\tplan\tassets | N/A | N/A | N/A | 5.00% | N/A | 5.00% |

We	have	postretirement	medical	and	life	insurance	plans	that	provide	continuous	coverage	to	employees	eligible	to	receive	such	benefits	and	give	credit for	length	of	service	provided	before	the	close	of	the	joint	venture	transaction	in	2011.

Substantially	all	of	the	employees	that	were	contributed	by	Comcast	as	part	of	the	joint	venture	transaction	participate	in	a	postretirement	healthcare stipend	program	(the	"stipend	plan").	The	stipend	plan	provides	an	annual	stipend	for	reimbursement	of	healthcare	costs	to	each	eligible	employee	based on	years	of	service.	Under	the	stipend	plan,	we	are	not	exposed	to	the	increasing	costs	of	healthcare	because	the	benefits	are	fixed	at	a	predetermined amount.

We	sponsor	various	qualified	and	nonqualified	defined	benefit	plans	 for	domestic	employees	 for	which	 future	benefits	have	been	 frozen	since	 the beginning	of	2013,	therefore	we	did	not	recognize	service	costs	related	to	our	pension	plans	for	the	periods	presented.	The	expense	we	recognize	for	our defined	benefit	plans	is	determined	using	certain	assumptions,	including	the	discount	rate	and	the	expected	long-term	rate	of	return	on	plan	assets.	We recognize	the	funded	or	unfunded	status	of	our	defined	benefit	plans	as	an	asset	or	liability	in	our	consolidated	balance	sheet	and	recognize	changes	in the	funded	status	in	the	year	in	which	the	changes	occur	in	accumulated	other	comprehensive	income	(loss).	In	addition	to	the	defined	benefit	plans	we sponsor,	we	are	also	obligated	to	reimburse	GE	for	future	benefit	payments	to	those	participants	who	were	vested	in	the	supplemental	pension	plan sponsored	by	GE	at	the	time	of	the	joint	venture	transaction.

In	 September	 2015,	 we	 settled	 all	 of	 our	 obligations	 related	 to	 the	 termination	 in	 December	 2013	 of	 the	 NBCUniversal	 qualified	 pension	 plan.	 In connection	with	this	final	settlement,	we	fully	funded	the	plan	with	an	additional	contribution	of	$20	million	and	recorded	expenses	of	$27	million	in	other operating	and	administrative	expenses.

Our	consolidated	balance	sheet	also	includes	the	assets	and	liabilities	of	certain	legacy	pension	plans,	as	well	as	the	assets	and	liabilities	for	pension plans	of	certain	foreign	subsidiaries.	As	of	December	31,	2015	and	2014,	the	benefit	obligations	associated	with	these	plans	exceeded	the	fair	value	of the	plan	assets	by	$67	million	and	$51	million,	respectively.

We	 maintain	 unfunded,	 nonqualified	 deferred	 compensation	 plans	 for	 certain	 members	 of	 management	 (each,	 a	 "participant").	 The	 amount	 of compensation	 deferred	 by	 each	 participant	 is	 based	 on	 participant	 elections.	 Participants	 in	 the	 plan	 designate	 one	 or	 more	 valuation	 funds, independently	established	funds	or	indices	that	are	used	to	determine	the	amount	of	investment	gain	or	loss	in	the	participant's	account.

Additionally,	 certain	 of	 our	 employees	 participate	 in	 Comcast's	 unfunded,	 nonqualified	 deferred	 compensation	 plan.	 The	 amount	 of	 compensation deferred	by	each	participant	is	based	on	participant	elections.	Participant	accounts	are	credited	with	income	primarily	based	on	a	fixed	annual	rate.

In	the	case	of	both	deferred	compensation	plans,	participants	are	eligible	to	receive	distributions	from	their	account	based	on	elected	deferral	periods	that are	consistent	with	the	plans	and	applicable	tax	law.

| Year	ended	December	31	(in	millions) | 2015 | 2014 | 2013 |
| :--- | :--- | :--- | :--- |
| Benefit\tobligation | $\t417\t\t\t\t $\t349\t\t\t\t $\t250 | $\t417\t\t\t\t $\t349\t\t\t\t $\t250 | $\t417\t\t\t\t $\t349\t\t\t\t $\t250 |
| Interest\texpense | $28\t\t\t\t $ | 24\t\t\t\t $ | 18 |

We	provide	severance	benefits	to	certain	former	employees.	A	liability	is	recorded	when	payment	is	probable,	the	amount	is	reasonably	estimable,	and the	obligation	relates	to	rights	that	have	vested	or	accumulated.	In	2015,	2014	and	2013,	we	recorded	severance	costs	of	$113	million,	$113	million	and $116	million,	respectively.

| Year	ended	December	31	(in	millions) | 2015 | 2014 | 2013 |
| :--- | :--- | :--- | :--- |
| Restricted\tshare\tunits | $\t78\t\t\t\t $\t69\t\t\t\t $\t42 | $\t78\t\t\t\t $\t69\t\t\t\t $\t42 | $\t78\t\t\t\t $\t69\t\t\t\t $\t42 |
| Stock\toptions | 10 | 16 | 15 |
| Employee\tstock\tpurchase\tplans | 6 | 6 | 5 |
| Total | $ 94\t\t\t\t $ 91\t\t\t\t $ 62 | $ 94\t\t\t\t $ 91\t\t\t\t $ 62 | $ 94\t\t\t\t $ 91\t\t\t\t $ 62 |

As	of	December	31,	2015,	we	had	unrecognized	pretax	compensation	expense	of	$150	million	related	to	nonvested	Comcast	restricted	share	units ("RSUs")	and	unrecognized	pretax	compensation	expense	of	$21	million	related	to	nonvested	Comcast	stock	options	that	will	be	recognized	over	a weighted-average	period	of	approximately	1.8	years	and	2.0	years,	respectively.

Comcast	maintains	share-based	compensation	plans	that	primarily	consist	of	awards	of	RSUs	and	stock	options	to	certain	employees	and	directors	as part	of	its	approach	to	long-term	incentive	compensation.	Awards	generally	vest	over	a	period	of	5	years	and	in	the	case	of	stock	options,	have	a	10	year term.	Additionally,	through	its	employee	stock	purchase	plans,	employees	are	able	to	purchase	shares	of	Comcast	common	stock	at	a	discount	through payroll	 deductions.	 Certain	 of	 our	 employees	 participate	 in	 these	 plans	 and	 the	 expense	 associated	 with	 their	 participation	 is	 settled	 in	 cash	 with Comcast.

The	cost	associated	with	Comcast's	share-based	compensation	is	based	on	an	award's	estimated	fair	value	at	the	date	of	grant	and	is	recognized	over the	period	in	which	any	related	services	are	provided.	RSUs	are	valued	based	on	the	closing	price	of	Comcast	common	stock	on	the	date	of	grant	and are	discounted	for	the	lack	of	dividends,	if	any,	during	the	vesting	period.	Comcast	uses	the	Black-Scholes	option	pricing	model	to	estimate	the	fair	value of	stock	option	awards.	The	table	below	presents	the	weighted-average	fair	value	on	the	date	of	grant	of	RSUs	and	stock	options	awarded	under Comcast's	various	plans	to	employees	of	NBCUniversal	and	the	related	weighted-average	valuation	assumptions.

| Year	ended	December	31 | 2015 | 2014 | 2013 |
| :--- | :--- | :--- | :--- |
| RSUs\tfair\tvalue | $\t59.37 | $\t48.04 | $\t37.79 |
| Stock\toptions\tfair\tvalue | $\t11.79 | $ 11.09 | $8.86 |
| Stock\tOption\tValuation\tAssumptions: |  |  |  |
| Dividend\tyield | 1.7% | 1.8% | 1.9% |
| Expected\tvolatility | 23.0% | 24.0% | 25.2% |
| Risk-free\tinterest\trate | 1.6% | 2.2% | 1.3% |
| Expected\toption\tlife\t(in\tyears) | 6.0 | 6.5 | 7.0 |

| Year	ended	December	31	(in	millions) | 2015 | 2014 | 2013 |
| :--- | :--- | :--- | :--- |
| Foreign |  |  |  |
| Current\tincome\ttax\texpense | $81\t\t\t\t $ | 33\t\t\t\t $ | 77 |
| Deferred\tincome\ttax\texpense | 2 | (8) | (16) |
| Withholding\ttax\texpense | 139 | 108 | 123 |
| U.S.\tdomestic\ttax\texpense | 5 | 10 | 22 |
| Income\ttax\texpense | $\t227\t\t\t\t $\t143\t\t\t\t $\t206 | $\t227\t\t\t\t $\t143\t\t\t\t $\t206 | $\t227\t\t\t\t $\t143\t\t\t\t $\t206 |

We	are	a	limited	liability	company,	and	our	company	is	disregarded	for	U.S.	federal	income	tax	purposes	as	an	entity	separate	from	NBCUniversal Holdings,	a	tax	partnership.	NBCUniversal	and	our	subsidiaries	are	not	expected	to	incur	any	significant	current	or	deferred	U.S.	domestic	income	taxes. Our	tax	liability	is	comprised	primarily	of	withholding	tax	on	foreign	licensing	activity	and	income	taxes	on	foreign	earnings.	As	a	result	of	our	tax	status, the	deferred	tax	assets	and	liabilities	included	in	our	consolidated	balance	sheet	at	December	31,	2015	and	2014	were	not	material.

In	jurisdictions	in	which	we	are	subject	to	income	taxes,	we	base	our	provision	for	income	taxes	on	our	current	period	income,	changes	in	our	deferred income	tax	assets	and	liabilities,	income	tax	rates,	changes	in	estimates	of	our	uncertain	tax	positions,	and	tax	planning	opportunities	available	in	the jurisdictions	in	which	we	operate.	We	recognize	deferred	tax	assets	and	liabilities	when	there	are	temporary	differences	between	the	financial	reporting basis	and	tax	basis	of	our	assets	and	liabilities	and	for	the	expected	benefits	of	using	net	operating	loss	carryforwards.	When	a	change	in	the	tax	rate	or tax	law	has	an	impact	on	deferred	taxes,	we	apply	the	change	based	on	the	years	in	which	the	temporary	differences	are	expected	to	reverse.	We	record the	change	in	our	consolidated	financial	statements	in	the	period	of	enactment.

We	classify	interest	and	penalties,	if	any,	associated	with	our	uncertain	tax	positions	as	a	component	of	income	tax	expense.

We	retain	liabilities	for	uncertain	tax	positions	where	we	are	the	tax	filer	of	record.	GE	and	Comcast	have	indemnified	NBCUniversal	Holdings	and	us	with respect	to	our	income	tax	obligations	attributable	to	periods	prior	to	the	close	of	the	joint	venture	transaction,	including	indemnification	of	uncertain	tax positions	for	these	periods.	The	liabilities	for	uncertain	tax	positions	included	in	our	consolidated	balance	sheet	were	not	material	as	of	December	31, 2015	and	2014.

Various	domestic	and	foreign	tax	authorities	are	examining	our	tax	returns	through	2014.	The	majority	of	the	periods	under	examination	relate	to	tax years	2005	and	forward.

| Receivables |  |  |
| :--- | :--- | :--- |
| December\t31\t(in\tmillions) | 2015 | 2014 |
| Receivables,\tgross | $ 5,949 | $ 5,258 |
| Less:\tAllowance\tfor\treturns\tand\tcustomer\tincentives | 469 | 356 |
| Less:\tAllowance\tfor\tdoubtful\taccounts | 69 | 60 |
| Receivables,\tnet | $\t5,411 | $\t4,842 |

# Accumulated	Other	Comprehensive	Income	(Loss)

•	 we	acquired	$287	million	of	property	and	equipment	and	intangible	assets	that	were	accrued	but	unpaid •	 Comcast	contributed	the	net	assets	of	$252	million	related	to	an	acquired	business,	which	was	a	noncash	transaction •	 we	assumed	liabilities	related	to	the	Universal	Studios	Japan	transaction	(see	Note	4	for	additional	information)

•	 we	acquired	$148	million	of	property	and	equipment	and	intangible	assets	that	were	accrued	but	unpaid

# •	 we	acquired	$306	million	of	property	and	equipment	and	intangible	assets	that	were	accrued	but	unpaid

We	enter	into	long-term	commitments	with	third	parties	in	the	ordinary	course	of	our	business,	including	commitments	to	acquire	film	and	television programming,	creative	talent	and	employment	agreements,	and	various	other	television-related	commitments.	Many	of	our	employees,	including	writers, directors,	actors,	technical	and	production	personnel,	and	others,	as	well	as	some	of	our	on-air	and	creative	talent,	are	covered	by	collective	bargaining agreements	or	works	councils.	As	of	December	31,	2015,	 the	 total	number	of	 full-time,	part-time	and	hourly	employees	on	our	payroll	covered	by collective	bargaining	agreements	was	7,500	full-time	equivalent	employees.	Of	this	total,	approximately	10%	of	these	full-time	equivalent	employees were	covered	by	collective	bargaining	agreements	that	have	expired	or	are	scheduled	to	expire	during	2016.

The	table	below	summarizes	our	minimum	annual	programming	and	talent	commitments	and	our	minimum	annual	rental	commitments	for	office	space and	equipment	under	operating	leases.	Programming	and	talent	commitments	include	acquired	film	and	television	programming,	including	U.S.	television rights	to	the	Olympic	Games	through	2032,	Sunday	Night	Football	on	NBC	through	the	2022-23	season,	NASCAR	on	the	NBC	Sports	Network	through 2024	and	other	programming	commitments,	as	well	as	various	contracts	with	creative	talent	and	employment	agreements.

We	present	our	operations	in	four	reportable	business	segments:	Cable	Networks,	Broadcast	Television,	Filmed	Entertainment	and	Theme	Parks.	Our financial	data	by	reportable	business	segment	is	presented	in	the	tables	below.

|  |  | Depreciation | Depreciation | Operating |  |  |
| :--- | :--- | :--- | :--- | :--- | :--- | :--- |
|  |  | and | and | Income | Capital |  |
| (in\tmillions) | \t Revenue^(f)(h) | Amortization^(g) | Amortization | (Loss) | Expenditures | Assets |
| 2015 |  |  |  |  |  |  |
| Cable\tNetworks^(a) | \t $9,628\t\t\t\t$ | 3,499\t\t\t $ | 784\t\t\t\t$ | 2,715\t\t\t $ | 44\t\t\t\t$ 28,093 | 44\t\t\t\t$ 28,093 |
| Broadcast\tTelevision^(b) | 8,530 | 780 | 111 | 669 | 117 | 7,871 |
| Filmed\tEntertainment^(a) | 7,287 | 1,234 | 26 | 1,208 | 14 | 4,255 |
| Theme\tParks^(c) | 3,339 | 1,464 | 292 | 1,172 | 833 | 14,027 |
| Headquarters\tand\tOther^(d) | 14 | (625) | 326 | (951) | 378 | 6,898 |
| Eliminations^(c)(e) | (336) | 6 | — | 6 | — | (454) |
| Total | \t $\t28,462\t\t\t\t$ | \t6,358\t\t\t $ | \t1,539\t\t\t\t$\t4,819\t\t\t $ | \t1,539\t\t\t\t$\t4,819\t\t\t $ | \t1,386\t\t\t\t$\t60,690 | \t1,386\t\t\t\t$\t60,690 |

|  |  | Depreciation | Depreciation | Operating |  |  |
| :--- | :--- | :--- | :--- | :--- | :--- | :--- |
|  |  | and | and | Income | Capital |  |
| (in\tmillions) | \t Revenue^(f)(h) | Amortization^(g) | Amortization | (Loss) | Expenditures | Assets |
| 2014 |  |  |  |  |  |  |
| Cable\tNetworks^(a)(b) | \t $9,563\t\t\t\t$ | 3,589\t\t\t $ | 748\t\t\t\t$ | 2,841\t\t\t $ | 49\t\t\t\t$ 28,582 | 49\t\t\t\t$ 28,582 |
| Broadcast\tTelevision^(b) | 8,542 | 734 | 127 | 607 | 76 | 6,806 |
| Filmed\tEntertainment^(a) | 5,008 | 711 | 21 | 690 | 11 | 4,185 |
| Theme\tParks^(c) | 2,623 | 1,096 | 273 | 823 | 671 | 7,017 |
| Headquarters\tand\tOther^(d) | 13 | (613) | 326 | (939) | 414 | 6,467 |
| Eliminations^(c)(e) | (321) | 71 | — | 71 | — | (453) |
| Total | \t $\t25,428\t\t\t\t$ | \t5,588\t\t\t $ | \t1,495\t\t\t\t$\t4,093\t\t\t $ | \t1,495\t\t\t\t$\t4,093\t\t\t $ | \t1,221\t\t\t\t$\t52,604 | \t1,221\t\t\t\t$\t52,604 |

|  |  | Depreciation | Depreciation | Operating |  |
| :--- | :--- | :--- | :--- | :--- | :--- |
|  |  | and | and | Income | Capital |
| (in\tmillions) | \t Revenue^(f)(h) | Amortization^(g) | Amortization | (Loss) | Expenditures |
| 2013 |  |  |  |  |  |
| Cable\tNetworks^(a) | \t $9,201\t\t\t\t $ | 3,501\t\t\t\t $ | 734\t\t\t\t $ | 2,767\t\t\t\t $ | 67 |
| Broadcast\tTelevision | 7,120 | 345 | 98 | 247 | 65 |
| Filmed\tEntertainment^(a) | 5,452 | 483 | 15 | 468 | 9 |
| Theme\tParks^(c) | 2,235 | 943 | 300 | 643 | 580 |
| Headquarters\tand\tOther^(d) | 31 | (588) | 264 | (852) | 439 |
| Eliminations^(c)(e) | (389) | 48 | — | 48 | — |
| Total | \t $\t23,650\t\t\t\t $ | \t4,732\t\t\t\t $ | \t1,411\t\t\t\t $\t3,321\t\t\t\t $ | \t1,411\t\t\t\t $\t3,321\t\t\t\t $ | \t1,160 |

(a) Beginning	in	2014,	Fandango,	our	movie	ticketing	and	entertainment	business	that	was	previously	presented	in	our	Cable	Networks	segment,	is	now	presented	in	the	Filmed	Entertainment segment	to	reflect	the	change	in	our	management	reporting	presentation.	Due	to	immateriality,	prior	period	amounts	have	not	been	adjusted.

(b) The	revenue	and	operating	costs	and	expenses	associated	with	our	broadcast	of	the	2015	Super	Bowl	were	reported	in	our	Broadcast	Television	segment.	The	revenue	and	operating	costs	and expenses	associated	with	our	broadcast	of	the	2014	Sochi	Olympics	were	reported	in	our	Cable	Networks	and	Broadcast	Television	segments.

(c) As	disclosed	in	Note	11,	we	changed	our	method	of	accounting	for	a	contractual	obligation	that	involves	an	interest	in	the	revenue	of	certain	theme	parks.	As	a	result	of	the	change,	beginning	in the	fourth	quarter	of	2015,	amounts	payable	based	on	current	period	revenue	are	presented	in	operating	costs	and	expenses.	Amounts	paid	through	the	third	quarter	of	2015	were	included	in other	income	(expense),	net	in	our	consolidated	statement	of	income.	For	segment	reporting	purposes,	we	have	adjusted	periods	prior	to	the	fourth	quarter	of	2015	to	reflect	management reporting	presentation	for	this	expense	on	a	consistent	basis	for	all	periods	in	the	Theme	Parks	segment,	which	resulted	in	an	offsetting	adjustment	in	Eliminations.	Therefore,	we	have	reduced our	Theme	Parks	segment	operating	income	before	depreciation	and	amortization	and	operating	income	by	$63	million,	$72	million	and	$61	million	in	2015,	2014	and	2013,	respectively,	while corresponding	amounts	have	been	reflected	in	Eliminations	to	reconcile	to	consolidated	operating	income.

(d) Headquarters	and	Other	activities	include	costs	associated	with	overhead,	allocations,	personnel	costs	and	corporate	initiatives.

(e) Eliminations	are	transactions	that	our	segments	enter	into	with	one	another,	which	consisted	primarily	of	the	licensing	of	film	and	television	content	from	our	Filmed	Entertainment	and	Broadcast Television	segments	to	our	Cable	Networks	segment.

(f) No	single	customer	accounted	for	a	significant	amount	of	revenue	in	any	period.

(g)	 We	use	operating	income	(loss)	before	depreciation	and	amortization,	excluding	impairment	charges	related	to	fixed	and	intangible	assets	and	gains	or	losses	from	the	sale	of	assets,	if	any,	as the	measure	of	profit	or	 loss	 for	our	operating	segments.	This	measure	eliminates	 the	significant	 level	of	noncash	amortization	expense	 that	results	 from	 intangible	assets	recognized	 in connection	with	the	joint	venture	transaction	and	other	business	combinations.	Additionally,	it	is	unaffected	by	our	capital	structure	or	investment	activities.	We	use	this	measure	to	evaluate	our consolidated	operating	performance	and	the	operating	performance	of	our	operating	segments	and	to	allocate	resources	and	capital	to	our	operating	segments.	It	is	also	a	significant	performance measure	in	our	annual	incentive	compensation	programs.	We	believe	that	this	measure	is	useful	to	investors	because	it	is	one	of	the	bases	for	comparing	our	operating	performance	with	that	of other	companies	in	our	industries,	although	our	measure	may	not	be	directly	comparable	to	similar	measures	used	by	other	companies.	This	measure	should	not	be	considered	a	substitute	for operating	income	(loss),	net	income	(loss)	attributable	to	NBCUniversal,	net	cash	provided	by	operating	activities,	or	other	measures	of	performance	or	liquidity	we	have	reported	in	accordance     with	GAAP.

(h)	 We	operate	primarily	in	the	United	States,	but	also	in	select	international	markets	primarily	in	Europe	and	Asia.	The	table	below	summarizes	revenue	by	geographic	location.

We	have	audited	the	consolidated	financial	statements	of	Comcast	Corporation	and	subsidiaries	(the	"Company")	as	of	December	31,	2015	and	2014, and	for	each	of	the	three	years	in	the	period	ended	December	31,	2015,	and	the	Company's	internal	control	over	financial	reporting	as	of	December	31, 2015,	and	have	issued	our	report	thereon	dated	February	5,	2016;	such	report	is	included	elsewhere	in	this	Form	10-K.	Our	audits	also	included	the consolidated	financial	statement	schedule	of	the	Company	listed	in	Item	15.	This	consolidated	financial	statement	schedule	is	the	responsibility	of	the Company's	management.	Our	responsibility	is	to	express	an	opinion	based	on	our	audits.	In	our	opinion,	such	consolidated	financial	statement	schedule, when	considered	in	relation	to	the	basic	consolidated	financial	statements	taken	as	a	whole,	presents	fairly,	in	all	material	respects,	the	information	set forth	therein.

# To	the	Member	of	NBCUniversal	Media,

# LLC	New	York,	New	York

We	have	audited	the	consolidated	financial	statements	of	NBCUniversal	Media,	LLC	and	subsidiaries	(the	"Company")	as	of	December	31,	2015	and 2014,	and	for	each	of	the	three	years	in	the	period	ended	December	31,	2015,	and	have	issued	our	report	thereon	dated	February	5,	2016;	such	report	is included	elsewhere	in	this	Form	10-K.	Our	audits	also	included	the	consolidated	financial	statement	schedule	of	the	Company	listed	in	Item	15.	This consolidated	financial	statement	schedule	is	the	responsibility	of	the	Company's	management.	Our	responsibility	is	to	express	an	opinion	based	on	our audits.	In	our	opinion,	such	consolidated	financial	statement	schedule,	when	considered	in	relation	to	the	basic	consolidated	financial	statements	taken as	a	whole,	presents	fairly,	in	all	material	respects,	the	information	set	forth	therein.

# Comcast	Corporation	and	Subsidiaries

# Schedule	II	–	Valuation	and	Qualifying	Accounts

(a) Additions	and	deductions	related	to	allowance	for	returns	and	customer	incentives	include	amounts	for	distribution	on	behalf	of	third	parties.	Additions	and	deductions	related	to	allowance	for returns	and	customer	incentives	for	the	year	ended	December	31,	2013	also	reflect	corrections	to	change	amounts	that	were	previously	recorded	net.


what was the percentage cable distribution systems capital expenditures of the capital expenditures incurred in cable communications segment capital expenditures in 2015?