Comcast 2013 Annual Report Download - page 171

Table of Contents
NBCUniversal Media, LLC
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”).
In addition to the defined benefit plans we
sponsor, we are 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 Joint Venture transaction.
In October 2013, we provided notice to the plan participants of our qualified pension plan of our intent to terminate our plan
effective December 31, 2013. Our qualified pension plan was unfunded by $8 million as of December 31, 2013, and we will seek
approval for this termination from the IRS and PBGC in 2014.
Our consolidated balance sheet also includes the assets and liabilities of certain legacy pension plans, as well as the assets and
liabilities for pension plans of certain foreign subsidiaries. As of December 31, 2013 and 2012, the benefit obligations associated
with these plans exceeded the value of their plan assets by $43 million and $50 million, respectively.
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. Participants in
the 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.
Additionally, certain of our employees participate in Comcast’
s unfunded, nonqualified deferred compensation plan. The amount of
compensation deferred by each participant is based on participant elections. Participant accounts are credited with income primarily
based on a fixed annual rate.
In the case of both deferred compensation plans, 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.
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 for the period January 29,
2011 to December 31, 2011, expenses related to these plans totaled $152 million, $85 million and $70 million, respectively.
Multiemployer Benefit Plans
We also participate in various multiemployer pension and other postretirement benefit plans that cover some of our employees and
temporary 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
Successor
(in millions)
Year Ended
December 31,
2013
Year Ended
December 31,
2012
For the Period January 29,
2011 to December 31,
2011
Benefit obligation
$
250
$
163
$
114
Interest expense
$
18
$
11
$
10
Comcast 2013 Annual Report on Form 10
-
K
166