Comcast 2013 Annual Report Download - page 110

Table of Contents
Comcast Corporation
days of approval by the Internal Revenue Service (“IRS”) and the Pension Benefit Guaranty Corporation (“PBGC”).
In addition to
the defined benefit plans it sponsors, 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.
In October 2013, NBCUniversal provided notice to the plan participants of its qualified pension plan of its intent to terminate its plan
effective December 31, 2013. The NBCUniversal qualified pension plan was unfunded by $8 million as of December 31, 2013, and
NBCUniversal expects to seek approval for this termination from the IRS and PBGC in 2014.
Other
In August 2013, we settled all of our obligations related to the termination in February 2012 of the qualified pension plan that
provided benefits to former employees of a company we acquired as part of the AT&T Broadband transaction in 2002. In
connection with this final settlement, we fully funded the plan with additional contributions of $55 million and recorded an expense
of $74 million in other operating and administrative expenses, which was previously recorded in accumulated other comprehensive
income (loss).
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 interest expense for our deferred compensation plans.
We have purchased life insurance policies to recover a portion of the future payments related to our deferred compensation plans.
As of December 31, 2013 and 2012, the cash surrender value of these policies, which is recorded to other noncurrent assets, was
$565 million and $478 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 make contributions to the plans that
include matching a percentage of the employees’
contributions up to certain limits. In 2013, 2012 and 2011, expenses related to
these plans totaled $324 million, $246 million and $226 million, respectively.
Split-Dollar Life Insurance Agreements
We have collateral assignment split-
dollar life insurance agreements with select key current and former 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.
Year ended December 31 (in millions)
2013
2012
2011
Benefit obligation
$
1,434
$
1,247
$
1,059
Interest expense
$
128
$
107
$
99
105
Comcast 2013 Annual Report on Form 10-
K