Comcast 2012 Annual Report Download - page 107

Table of Contents
We have purchased life insurance policies to recover a portion of the future payments related to our deferred compensation plans.
As of December 31, 2012 and 2011, the cash surrender value of these policies, which is recorded to other noncurrent assets, was
$478 million and $409 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 match a percentage of the employees’
contributions up to certain limits. In 2012, 2011 and 2010, expenses related to all of these plans were $246 million, $226 million and
$152 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 expenses related to our split-dollar life insurance agreements.
Multiemployer Benefit Plans
We also participate in various multiemployer pension and other benefit plans through the activities of NBCUniversal that cover some
of our employees who are represented by labor unions. 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 where 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 2012 and 2011, the total contributions we made to multiemployer pension and
other benefit plans were $53 million and $42 million, respectively.
If we cease to be obligated to make contributions or otherwise withdraw from participation in any of these plans, applicable law
requires 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 for benefits provided when payment is probable,
the amount is reasonably estimable, and the obligation relates to rights that have vested or accumulated. During 2012, 2011 and
2010, we recorded $155 million, $128 million and $67 million, respectively, of severance costs.
Note 13: Equity
Common Stock
In the aggregate, holders of our Class A common stock have 66 /
% 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. Our Class A Special common stock is generally
nonvoting. Each share of our Class B common stock is entitled to
Year ended December 31 (in millions)
2012
2011
2010
Benefit obligation
$
202
$
169
$
164
Other operating and administrative expenses
$
58
$
27
$
16
Comcast 2012 Annual Report on Form 10-K
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