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NBCUniversal Media, LLC
Note 12: Postretirement, Pension and Other Employee Benefit Plans
The table below provides condensed information on our postretirement and pension benefit plans.
2015 2014 2013
Year ended December 31 (in millions)
Postretirement
Benefits
Pension
Benefits
Postretirement
Benefits
Pension
Benefits
Postretirement
Benefits
Pension
Benefits
Benefit obligation $ 197 $ 309 $ 209 $ 581 $ 158 $ 498
Fair value of plan assets(a) —— — 242 — 220
Plan funded status and recorded
benefit obligation (197) (309) (209) (339) (158) (278)
Portion of benefit obligation not yet
recognized in benefits expense (27) 14 (3) 53 (44) (3)
Benefits expense 15 13 12 14 14 12
Discount rate 4.73% 4.31-4.40% 4.25% 3.75-4.25% 5.25% 4.50-5.25%
Expected return on plan assets N/A N/A N/A 5.00% N/A 5.00%
(a) The fair value of the plan assets are primarily based on Level 1 inputs that use quoted market prices for identical financial instruments in
an active market.
Postretirement Benefit Plans
We have postretirement medical and life insurance plans that provide continuous coverage to employees eligi-
ble to receive such benefits and give credit for length of service provided before the close of the joint venture
transaction in 2011.
Substantially all of the employees that were contributed by Comcast as part of the joint venture transaction
participate in a postretirement healthcare stipend program (the “stipend plan”). The stipend plan provides an
annual stipend for reimbursement of healthcare costs to each eligible employee based on years of service.
Under the stipend plan, we are not exposed to the increasing costs of healthcare because the benefits are
fixed at a predetermined amount.
All of our postretirement benefit plans are unfunded and substantially all of our postretirement benefit obliga-
tions are recorded to noncurrent liabilities. The expense we recognize for our postretirement benefit plans is
determined using certain assumptions, including the discount rate.
Pension Plans
We sponsor various qualified and nonqualified defined benefit plans for domestic employees for which future
benefits have been frozen since the beginning of 2013, therefore we did not recognize service costs related
to our pension plans for the periods presented. The expense we recognize for our defined benefit plans is
determined using certain assumptions, including the discount rate and the expected long-term rate of return
on plan assets. We recognize the funded or unfunded status of our defined benefit plans as an asset or
liability in our consolidated balance sheet and recognize changes in the funded status in the year in which the
changes occur in accumulated other comprehensive income (loss). 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 joint venture transaction.
In September 2015, we settled all of our obligations related to the termination in December 2013 of the
NBCUniversal qualified pension plan. In connection with this final settlement, we fully funded the plan with an
additional contribution of $20 million and recorded expenses of $27 million in other operating and admin-
istrative expenses.
165 Comcast 2015 Annual Report on Form 10-K