Comcast 2014 Annual Report Download - page 114

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Comcast Corporation
income or loss 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, 2014 and 2013, the cash surrender value of these policies, which is recorded to other noncurrent assets, was
$628 million and $565 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 2014, 2013 and 2012, expenses related to
these plans totaled $379 million, $324 million and $246 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.
The table below presents the benefit obligation and expenses related to our split-dollar life insurance agreements.
Multiemployer Benefit Plans
We participate in various multiemployer benefit plans, including pension and postretirement benefit plans, that cover some of our
employees and temporary employees who are represented by labor unions. We also participate in other multiemployer benefit
plans that provide health and welfare and retirement savings benefits to active and retired participants. 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 for which 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 2014, 2013 and 2012, the total contributions we made to multiemployer pension plans were $58 million, $59 million and $40
million, respectively. In 2014, 2013 and 2012, the total contributions we made to multiemployer postretirement and other benefit
plans were $125 million, $98 million and $114 million, respectively.
If we cease to be obligated to make contributions or were to otherwise withdraw from participation in any of these plans, applicable
law would require 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.
Year ended December 31 (in millions)
2014
2013
2012
Benefit obligation
$
1,774
$
1,434
$
1,247
Interest expense
$
149
$
128
$
107
Year ended December 31 (in millions)
2014
2013
2012
Benefit obligation
$
217
$
212
$
202
Other operating and administrative expenses
$
52
$
50
$
58
109
Comcast 2014 Annual Report on Form 10-
K