Comcast 2011 Annual Report Download - page 110

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the benefits are fixed at a predetermined amount. A small number of eligible employees participate in legacy
plans of acquired companies.
Following the close of the NBCUniversal transaction on January 28, 2011, NBCUniversal established new
postretirement medical and life insurance plans for its employees. The plans that were established provide
continuous coverage to employees eligible to receive such benefits and give credit for length of service pro-
vided before the close of the NBCUniversal transaction. Certain covered employees also retain the right,
following retirement, to elect to participate in corresponding plans sponsored by GE. To the extent that
NBCUniversal’s employees make such elections, NBCUniversal will reimburse GE for any amounts due.
NBCUniversal did not, however, assume any obligation for benefits due to employees who were retirees at
the time of the close of the NBCUniversal transaction and were eligible to receive benefits under GE’s post-
retirement benefit plans.
All of our postretirement benefit plans are unfunded and substantially all of our postretirement benefit obliga-
tions are recorded to noncurrent liabilities.
Pension Plans
Following the close of the NBCUniversal transaction on January 28, 2011, NBCUniversal established new
defined benefit pension plans. NBCUniversal’s qualified plan and nonqualified plan provide a lifetime income
benefit based on an individual’s length of service and related compensation. The qualified plan does not give
credit to eligible participants for the length of service provided before the close of the NBCUniversal trans-
action and is not open to new participants. The nonqualified plan gives credit to eligible participants for the
length of service provided before the close of the NBCUniversal transaction to the extent that participants did
not vest in a supplemental pension plan sponsored by GE. NBCUniversal also assumed certain liabilities
related to its obligation to reimburse GE for future benefit payments to those participants that were vested in
the supplemental pension plan sponsored by GE at the time of the close of the NBCUniversal transaction.
NBCUniversal expects to begin funding the qualified plan with contributions of approximately $100 million in
2012. The nonqualified plan is unfunded.
The tables below provide information on the changes in our projected benefit obligations, the funded status
and the components of our benefit expense for our active postretirement benefit and pension plans.
2011 2010 2009
Year ended December 31 (in millions)
Postretirement
Benefits
Pension
Benefits
Postretirement
Benefits
Postretirement
Benefits
Projected benefit obligation, beginning of the year $ 424 $ — $ 360 $ 338
Projected benefit obligation, close of the NBCUniversal
transaction 154 249 ——
Service cost 19 99 31 27
Interest cost 30 12 21 20
Actuarial (gain) loss (1) 71 16 (20)
Benefits paid (8) (4) (4) (5)
Projected benefit obligation, end of the year $ 618 $ 427 $ 424 $ 360
Accumulated benefit obligation, end of the year $ 618 $ 395 $ 424 $ 360
Plan funded status and recorded benefit obligation $ (618) $ (427) $ (424) $ (360)
Portion of benefit obligation not yet recognized in
benefits expense $ (17) $ 71 $ (18) $ (36)
Discount rate 4.75% 4.75-5.25% 5.50% 6.05%
Comcast 2011 Annual Report on Form 10-K 108