Comcast 2014 Annual Report Download - page 174

Table of Contents
NBCUniversal Media, LLC
In October 2013, we provided notice to the plan participants of the qualified pension plan of our intent to terminate the plan effective
December 31, 2013. On June 27, 2014, we filed a Standard Termination Notice with the Pension Benefit Guaranty Corporation
(“PBGC”)
and on August 26, 2014, the related PBGC review concluded with no objections. We filed for Internal Revenue Service
(“IRS”)
approval on May 23, 2014 and expect to fully fund and settle the plan within 120 days of receipt of approval. We currently
anticipate the contributions required from us to fully fund and settle the plan to be $16 million.
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, 2014 and 2013, the benefit obligations associated
with these plans exceeded the fair value of the plan assets by $51 million and $43 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 income or loss 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 2014, 2013 and 2012, expenses related to
these plans totaled $165 million, $152 million and $85 million, respectively.
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.
Year ended December 31 (in millions)
2014
2013
2012
Benefit obligation
$
349
$
250
$
163
Interest expense
$
24
$
18
$
11
169
Comcast 2014 Annual Report on Form 10-
K