Comcast 2015 Annual Report Download - page 107

Comcast Corporation
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 partic-
ipate 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 2015, 2014 and 2013, the total contributions we made to multiemployer pension plans were $77 million,
$58 million and $59 million, respectively. In 2015, 2014 and 2013, the total contributions we made to multi-
employer postretirement and other benefit plans were $119 million, $125 million and $98 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.
Severance Benefits
We provide severance benefits to certain former employees. A liability is recorded when payment is probable,
the amount is reasonably estimable, and the obligation relates to rights that have vested or accumulated. In
2015, 2014 and 2013, we recorded severance costs of $181 million, $152 million and $160 million,
respectively.
Note 13: Equity
Class A Special Common Stock Reclassification
In December 2015, our shareholders approved a proposal to amend and restate our Amended and Restated
Certificate of Incorporation in order to reclassify each issued share of our Class A Special common stock into
one share of our Class A common stock. This reclassification became effective as of the close of business on
December 11, 2015, at which time our Class A Special common stock was no longer outstanding and
ceased trading on the NASDAQ under the symbol CMCSK and instead became listed on the NASDAQ under
the symbol CMCSA. There was no impact on basic and diluted EPS or the carrying value of total common
stock as presented in our consolidated balance sheet because it was a one-for-one stock exchange.
Common Stock
In the aggregate, holders of our Class A common stock have 66 2/3% of the voting power of our common
stock and holders of our Class B common stock have 331/3% of the voting power of our common stock.
Each share of our Class B common stock is entitled to 15 votes. The number of votes held by each share of
our Class A common stock depends on the number of shares of Class A and Class B common stock out-
standing at any given time. The 331/3% aggregate voting power of our Class B common stock cannot be
diluted by additional issuances of any other class of common stock. Our Class B common stock is con-
vertible, share for share, into Class A common stock, subject to certain restrictions.
Comcast 2015 Annual Report on Form 10-K 104