Comcast 2013 Annual Report Download - page 109

Table of Contents
Comcast Corporation
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
We and NBCUniversal sponsor various benefit
plans that provide postretirement benefits to eligible employees based on years of
service. The Comcast Postretirement Healthcare Stipend Program (the “stipend plan”)
provides an annual stipend for
reimbursement of healthcare costs to each eligible employee based on years of service. Under the stipend plans, we are not
exposed to the increasing costs of healthcare because the benefits are fixed at a predetermined amount.
NBCUniversal’
s postretirement medical and life insurance plans provide continuous coverage to employees eligible to receive such
benefits. A small number of eligible employees also participate in legacy plans of acquired companies.
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
NBCUniversal
NBCUniversal sponsors various domestic qualified and nonqualified defined benefit plans for which future benefits were frozen
effective December 31, 2012. We ceased to recognize service costs associated with these defined benefit plans following the date
on which future benefits were 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 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
2013
2012
2011
Year ended December 31 (in millions)
Postretirement
Benefits
Pension
Benefits
Postretirement
Benefits
Pension
Benefits
Postretirement
Benefits
Pension
Benefits
Benefit obligation
$
633
$
498
$
703
$
805
$
618
$
638
Fair value of plan assets
—
220
—
403
—
176
Plan funded status and recorded benefit
obligation
(633
)
(278
)
(703
)
(402
)
(618
)
(462
)
Portion of benefit obligation not yet
recognized in benefits expense
(110
)
(3
)
17
151
(17
)
137
Benefits expense
65
12
60
163
47
117
Discount rate
5.00
-
5.25
%
4.50
-
5.25
%
4.25
%
3.25
-
4.25
%
4.75
%
4.75
-
5.25
%
Expected return on plan assets
N/A
5.00
%
N/A
5.00
%
N/A
6.50
%
(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)
We did not recognize service cost in 2013 as our pension plans were frozen. The 2012 and 2011 amounts included service costs related to our pension benefits of $139
million and $99 million, respectively.
Comcast 2013 Annual Report on Form 10
-
K
104
(a)
(b)