Comcast 2011 Annual Report Download - page 112

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If we cease to be obligated to make contributions or otherwise withdraw from participation in one of these
plans, applicable law requires us to fund our allocable share of the unfunded vested benefits, referred to as a
withdrawal liability. In addition, actions taken by other participating employers may lead to adverse changes in
the financial condition of a multiemployer benefit plan and our withdrawal liability may increase.
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, which are used to determine the amount of
earnings to be credited or debited to the participant’s account. Participants are eligible to receive dis-
tributions of the amounts credited to 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 expenses related to our
deferred compensation plans.
Year ended December 31 (in millions) 2011 2010 2009
Benefit obligation $ 1,059 $ 935 $ 849
Interest expense $99 $88 $79
We have purchased life insurance policies to fund a portion of the unfunded obligation related to our deferred
compensation plans. As of December 31, 2011 and 2010, the cash surrender value of these policies, which
is recorded to other noncurrent assets, was approximately $409 million and $373 million, respectively.
Split-Dollar Life Insurance Agreements
We have collateral assignment split-dollar life insurance agreements with select key 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 expense related to our split-dollar life insurance agree-
ments.
Year ended December 31 (in millions) 2011 2010 2009
Benefit obligation $ 169 $ 164 $ 166
Operating costs and expenses $27 $16 $37
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
match a percentage of the employees’ contributions up to certain limits. In 2011, 2010 and 2009, expenses
related to these plans amounted to $226 million, $152 million and $182 million, respectively.
Severance Benefits
We provide severance benefits to certain former employees. A liability is recorded for benefits provided when
payment is probable, the amount is reasonably estimable, and the obligation relates to rights that have vested
or accumulated. During 2011, 2010 and 2009, we recorded $128 million, $67 million and $81 million,
respectively, of severance costs. The increase in severance costs in 2011 was primarily related to the NBCU-
niversal transaction.
Comcast 2011 Annual Report on Form 10-K 110