Comcast 2012 Annual Report Download - page 106

Table of Contents
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 related to our postretirement benefit plans is determined using certain assumptions,
including the discount rate.
Pension Plans
We and NBCUniversal sponsor various defined benefit plans for which future benefits have been frozen. The expense we recognize
related to 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 cease to recognize service costs associated with our defined benefit plans following the date on
which future benefits are frozen. 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 through
accumulated other comprehensive income (loss). In the event of a defined benefit plan termination, we expect to fully fund and settle
the plan within 180 days of approval by the Internal Revenue Service (“IRS”)
and the Pension Benefit Guaranty Corporation
(“PBGC”).
NBCUniversal has a qualified and a nonqualified defined benefit plan that each provide a lifetime income benefit based on an
individual’
s length of service and related compensation. In October 2012, NBCUniversal provided notice to its plan participants of an
amendment to both the qualified and nonqualified NBCUniversal defined benefit plans that froze future benefits effective
December 31, 2012. In 2012, NBCUniversal has funded its qualified plan with sufficient contributions to meet its funding
requirements through 2013. The nonqualified NBCUniversal plan is unfunded. 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
close of the NBCUniversal transaction.
We also sponsor a qualified pension plan and a nonqualified pension plan that together provide benefits to former AT&T Broadband
employees. On December 30, 2011 we provided notice to plan participants of our intent to terminate the qualified pension plan
effective February 29, 2012. On August 27, 2012, we filed a Standard Termination Notice with the PBGC and on October 26, 2012
the related PBGC review concluded with no objections. We expect to receive approval from the IRS and subsequently fully fund and
settle the plan in 2013. We currently anticipate the contributions required from us to fully fund and settle the plan will be less than
$100 million.
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 earnings to be credited or debited to the participant’
s account. Participants are eligible to receive distributions 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 for our deferred compensation plans.
Year ended December 31 (in millions)
2012
2011
2010
Benefit obligation
$
1,247
$
1,059
$
935
Interest expense
$
107
$
99
$
88
103
Comcast 2012 Annual Report on Form 10-
K