Comcast 2015 Annual Report Download - page 170
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NBCUniversal Media, LLC
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 $113 million, $113 million and $116 million,
respectively.
Note 13: Share-Based Compensation
The tables below provide condensed information on our share-based compensation.
Recognized Share-Based Compensation Expense
Year ended December 31 (in millions) 2015 2014 2013
Restricted share units $78 $69 $42
Stock options 10 16 15
Employee stock purchase plans 665
Total $94 $91 $62
As of December 31, 2015, we had unrecognized pretax compensation expense of $150 million related to
nonvested Comcast restricted share units (“RSUs”) and unrecognized pretax compensation expense of $21
million related to nonvested Comcast stock options that will be recognized over a weighted-average period of
approximately 1.8 years and 2.0 years, respectively.
Comcast maintains share-based compensation plans that primarily consist of awards of RSUs and stock
options to certain employees and directors as part of its approach to long-term incentive compensation.
Awards generally vest over a period of 5 years and in the case of stock options, have a 10 year term. Addi-
tionally, through its employee stock purchase plans, employees are able to purchase shares of Comcast
common stock at a discount through payroll deductions. Certain of our employees participate in these plans
and the expense associated with their participation is settled in cash with Comcast.
The cost associated with Comcast’s share-based compensation is based on an award’s estimated fair value
at the date of grant and is recognized over the period in which any related services are provided. RSUs are
valued based on the closing price of Comcast common stock on the date of grant and are discounted for the
lack of dividends, if any, during the vesting period. Comcast uses the Black-Scholes option pricing model to
estimate the fair value of stock option awards. The table below presents the weighted-average fair value on
the date of grant of RSUs and stock options awarded under Comcast’s various plans to employees of
NBCUniversal and the related weighted-average valuation assumptions.
Year ended December 31 2015 2014 2013
RSUs fair value $ 59.37 $ 48.04 $ 37.79
Stock options fair value $ 11.79 $ 11.09 $ 8.86
Stock Option Valuation Assumptions:
Dividend yield 1.7% 1.8% 1.9%
Expected volatility 23.0% 24.0% 25.2%
Risk-free interest rate 1.6% 2.2% 1.3%
Expected option life (in years) 6.0 6.5 7.0
167 Comcast 2015 Annual Report on Form 10-K