Comcast 2012 Annual Report Download - page 105

Table of Contents
Changes in Equity
Note 12: Postretirement, Pension and Other Employee Benefit Plans
The table below provides condensed information on our postretirement and pension benefit plans.
Postretirement Benefit Plans
The Comcast Postretirement Healthcare Stipend Program (the “stipend plan”)
covers substantially all of our employees, other than
those of NBCUniversal, who meet certain age and service requirements. 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. A small number of eligible
employees participate in legacy plans of acquired companies.
NBCUniversal has 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 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.
Year ended December 31 (in millions)
2012
2011
Net income attributable to Comcast Corporation
$
6,203
$
4,160
Transfers from (to) noncontrolling interests:
Increase in Comcast Corporation additional paid-in capital resulting from the issuance of noncontrolling equity
interest
—
1,650
Increase in Comcast Corporation additional paid-in capital resulting from the purchase of noncontrolling
interest
2
—
Changes in equity resulting from net income attributable to Comcast Corporation and transfers from (to)
noncontrolling interests
$
6,205
$
5,810
2012
2011 2010
Year ended December 31 (in millions)
Postretirement
Benefits
Pension
Benefits
Postretirement
Benefits
Pension
Benefits
Postretirement
Benefits
Pension
Benefits
Benefit obligation
$
703
$
805
$
618
$
638
$
424
$
197
Fair value of plan assets
—
403
—
176
—
183
Plan funded status and recorded benefit obligation
(703
)
(402
)
(618
)
(462
)
(424
)
(14
)
Portion of benefit obligation not yet recognized in
benefit expense
17
151
(17
)
137
(18
)
51
Benefits expense
60
163
47
117
50
1
Discount rate
4.25
%
3.25
-
4.25
%
4.75
%
4.75-
5.25
%
5.50
%
5.25
%
Expected return on plan assets
N/A
5.00
%
N/A
6.50
%
N/A
8.00
%
(a)
The fair value of the plan assets are primarily based on Level 1 inputs using quoted market prices for identical financial instruments in an active market.
(b)
The 2012 and 2011 amounts included service costs related to our pension benefits of $139 million and $99 million, respectively. Service cost was not material in 2010.
Comcast 2012 Annual Report on Form 10-K
102
(a)
(b)