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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 11-K
FOR ANNUAL REPORTS OF EMPLOYEE STOCK
PURCHASE, SAVINGS AND SIMILAR PLANS
PURSUANT TO SECTION 15(d) OF THE
SECURITIES EXCHANGE ACT of 1934
COMCAST CORPORATION
(Mark One):
| x | ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934. |
For the fiscal year ended December 31, 2009.
OR
| ¨ | TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934. |
For the transition period from to
Commission file number 001-32871
| A. | Full title of the plan and the address of the plan, if different from that of the issuer named below: |
COMCAST CORPORATION RETIREMENT-INVESTMENT PLAN
| B. | Name of issuer of the securities held pursuant to the plan and the address of its principal executive office: |
Comcast Corporation
One Comcast Center
Philadelphia, PA 19103-2838
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COMCAST CORPORATION RETIREMENT-INVESTMENT PLAN
Financial Statements as of
December 31, 2009 and 2008 and for
the Year Ended December 31, 2009;
Supplemental Schedule as of December 31, 2009;
and Reports of Independent Registered Public
Accounting Firms
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COMCAST CORPORATION RETIREMENT-INVESTMENT PLAN
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| Page | ||
| 1-2 | ||
| FINANCIAL STATEMENTS: |
||
| Statements of Net Assets Available for Benefits as of December 31, 2009 and 2008 |
3 | |
| Statement of Changes in Net Assets Available for Benefits for the Year Ended December 31, 2009 |
4 | |
| 5-13 | ||
| SUPPLEMENTAL SCHEDULE: |
||
| 14-20 | ||
| 21-22 | ||
| 23 | ||
NOTE: All other schedules required by Section 2520.103-10 of the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974 have been omitted because they are not applicable.
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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
Plan Administrator
Comcast Corporation Retirement-Investment Plan
Philadelphia, Pennsylvania
We have audited the accompanying statement of net assets available for benefits of the Comcast Corporation Retirement-Investment Plan (the “Plan”) as of December 31, 2009, and the related statement of changes in net assets available for benefits for the year then ended. These financial statements are the responsibility of the Plan’s management. Our responsibility is to express an opinion on these financial statements based on our audit. The financial statements of the Plan for the year ended December 31, 2008 were audited by other auditors whose report, dated June 26, 2009, expressed an unqualified opinion on those statements.
We conducted our audit in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. The Plan is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audit included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Plan’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.
In our opinion, such 2009 financial statements present fairly, in all material respects, the net assets available for benefits of the Plan as of December 31, 2009, and the changes in net assets available for benefits for the year then ended in conformity with accounting principles generally accepted in the United States of America.
Our audit was conducted for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental schedule of assets (held at year end) as of December 31, 2009 is presented for the purpose of additional analysis and is not a required part of the basic financial statements, but is supplementary information required by the Department of Labor's Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. This schedule is the responsibility of the Plan's management. The schedule has been subjected to the auditing procedures applied in our audit of the basic 2009 financial statements and, in our opinion, is fairly stated in all material respects when considered in relation to the basic financial statements taken as a whole.
/s/ Deloitte & Touche LLP
Philadelphia, Pennsylvania
June 28, 2010
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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
Plan Administrator
Comcast Corporation Retirement-Investment Plan
Philadelphia, Pennsylvania
We have audited the accompanying statement of net assets available for benefits of the Comcast Corporation Retirement-Investment Plan (the “Plan”) as of December 31, 2008, and the related statement of changes in net assets available for benefits for the year ended December 31, 2008. These financial statements are the responsibility of the Plan’s management. Our responsibility is to express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. We were not engaged to perform an audit of the Plan’s internal control over financial reporting. Our audit included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Plan’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe our audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material respects, the net assets available for benefits of the Plan as of December 31, 2008, and the changes in net assets available for benefits for the year ended December 31, 2008 in conformity with accounting principles generally accepted in the United States.
/s/ Mitchell & Titus LLP
Philadelphia, PA
June 26, 2009
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COMCAST CORPORATION RETIREMENT-INVESTMENT PLAN
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS
DECEMBER 31, 2009 AND 2008
(Thousands of Dollars)
| December 31, | |||||||
| 2009 | 2008 | ||||||
| ASSETS: |
|||||||
| Cash |
$ | 69 | $ | 697 | |||
| Participant-directed investments, at fair value |
2,670,145 | 1,995,491 | |||||
| Contributions receivable from participants |
8,666 | — | |||||
| Contributions receivable from employer |
10,320 | — | |||||
| Loans receivable from participants |
96,048 | 87,930 | |||||
| NET ASSETS AVAILABLE FOR BENEFITS AT FAIR VALUE |
2,785,248 | 2,084,118 | |||||
| Adjustment from fair value to contract value for fully benefit-responsive investment contracts |
(4,235 | ) | 9,618 | ||||
| NET ASSETS AVAILABLE FOR BENEFITS |
$ | 2,781,013 | $ | 2,093,736 | |||
See notes to financial statements.
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COMCAST CORPORATION RETIREMENT-INVESTMENT PLAN
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
YEAR ENDED DECEMBER 31, 2009
(Thousands of Dollars)
| Year Ended December 31, 2009 | |||
| ADDITIONS TO NET ASSETS ATTRIBUTED TO: |
|||
| Investment income: |
|||
| Net appreciation in fair value of investments |
$ | 402,722 | |
| Dividends |
28,936 | ||
| Interest |
21,400 | ||
| Net investment income |
453,058 | ||
| Contributions: |
|||
| Participant |
234,525 | ||
| Employer |
190,655 | ||
| Rollover |
8,459 | ||
| Total contributions |
433,639 | ||
| Total additions |
886,697 | ||
| DEDUCTIONS FROM NET ASSETS ATTRIBUTED TO: |
|||
| Benefits paid to participants |
199,420 | ||
| Net increase |
687,277 | ||
| NET ASSETS AVAILABLE FOR BENEFITS: |
|||
| Beginning of year |
2,093,736 | ||
| End of year |
$ | 2,781,013 | |
See notes to financial statements.
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COMCAST CORPORATION RETIREMENT-INVESTMENT PLAN
YEARS ENDED DECEMBER 31, 2009 and 2008
| 1. | PLAN DESCRIPTION |
General
The following description of the Comcast Corporation Retirement-Investment Plan (the “Plan”) provides only general information. Plan participants should refer to the Plan document and applicable amendments for a more complete description of the Plan’s provisions. Copies of these documents are available from the Plan Administrator, Comcast Corporation (“Comcast”, the “Company” or the “Plan Administrator”). Generally, all costs associated with administering the Plan are paid by the Plan Administrator.
The Plan is a defined contribution plan qualified under Internal Revenue Code (the “Code”) Sections 401(a), 401(k) and 401(m). The original Plan has been amended and restated to reflect mergers of other plans with and into the Plan and to make certain other technical, compliance and design changes. The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974 (“ERISA”).
Employees become eligible to participate in the Plan in the first month after completion of three months of service and shall be automatically enrolled in the Plan at a contribution rate equal to two percent of eligible compensation on a pre-tax basis unless they opt out of participation. Automatically-enrolled participants may thereafter increase or decrease their contribution. The maximum amount of eligible compensation that may be deferred is 50%, subject to certain limits imposed by the Code. For 2009, the Company matches 100% of the participant’s contribution up to 6% of the participant’s eligible compensation for such payroll period. See Note 10. Rollover contributions represent participant assets transferred to the Plan from other qualified retirement plans.
Each participant has at all times a 100% nonforfeitable interest in the participant’s contributions and earnings attributable thereto. Company matching contributions for Plan years beginning after December 31, 2000 are fully and immediately vested. Company matching contributions for Plan years ended on or prior to December 31, 2000 vested according to years of service.
Each participant has the right, in accordance with the provisions of the Plan, to direct the investment by the Trustee of the Plan of all amounts allocated to the separate accounts of the participant under the Plan among any one or more of the investment fund options. The Trustee pays benefits and expenses upon the written direction of the Plan Administrator.
Amounts contributed by the Company which are forfeited by participants as a result of the participants’ separation from service prior to becoming 100% vested shall be used to reduce the Company’s required contributions. Pending application of the forfeitures, the Company may direct the Trustee to hold the forfeitures in cash or under investment in a suspense account. If the Plan should terminate with any forfeitures not applied against Company contributions, they will be allocated to then current participants in the proportion that each participant’s eligible compensation for that Plan year bears to the eligible compensation for all such participants for the Plan year. Forfeitures used for the year ended December 31, 2009 amounted to $557,072. Outstanding forfeitures not yet applied against Company contributions at December 31, 2009 were $46,862.
Any participant who has a separation from service for any reason shall be entitled to receive his/her vested account balance. Upon death, disability or attainment of age 65, a participant’s account becomes fully vested in all Company contributions regardless of the participant’s years of service. Generally, distribution will start no later than 60 days after the close of the Plan year in which the participant’s separation from service occurs, subject to certain deferral rights under the Plan. The distribution alternatives permitted are a lump sum payment, annual or quarterly installments, a rollover into another qualified plan, or any combination of the foregoing.
Trustee
Fidelity Management Trust Company is the appointed Trustee of the Plan.
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| 2. | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
The financial statements of the Plan are presented using the accrual basis of accounting. The Plan’s investments are stated at fair value. Fair value of a financial instrument is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Company’s common stock is valued at the closing price reported on the NASDAQ Global Select Market on the last business day of the Plan year. Money market funds are stated at amortized cost, which approximates fair value. Shares of mutual funds are valued at the net asset value of shares held by the Plan at year-end. The stable value fund is stated at fair value and then adjusted to contract value as described below. Fair value of the stable value fund is the net asset value of its underlying investments and contract value is principal plus accrued interest. Participant loans are valued at the outstanding loan balances which approximate fair value.
Investment contracts, such as those included in the Comcast Stable Value Fund, are required to be reported at fair value. However, contract value is the relevant measure of fully benefit-responsive investment contracts since that is the amount participants would receive if they were to initiate permitted transactions under the terms of the Plan. As required by accounting principles generally accepted in the United States (“U.S. GAAP”), the Statements of Net Assets Available for Benefits present investments at fair value as well as an additional line item showing the adjustment of fully benefit-responsive investment contracts from fair value to contract value. The Statement of Changes in Net Assets Available for Benefits is presented on a contract value basis.
Net unrealized appreciation or depreciation in the financial statements reflects changes in fair value of investments held at year end, while net realized gains and losses associated with the disposition of investments are recorded as of the trade date and calculated based on fair value as of such date. Dividends are recorded on the ex-dividend date. Interest income is recorded on the accrual basis. Benefits are recorded when paid.
Investment securities are exposed to various risks, such as interest rate, market and credit risks. Due to the level of risk associated with certain investment securities, it is at least reasonably possible that changes in the values of investment securities will occur in the near term and that such changes could materially affect the amounts reported in the Statement of Net Assets Available for Benefits.
The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, and changes therein, and disclosure of contingent assets and liabilities. Actual results could differ from those estimates.
The Financial Accounting Standards Board’s (FASB) Accounting Standards Codification (ASC) became effective on July 1, 2009. At that date, the ASC became FASB’s official source of authoritative U.S. GAAP applicable to all public and nonpublic nongovernmental entities, superseding existing guidance issued by the FASB, the American Institute of Certified Public Accountants (AICPA), the Emerging Issues Task Force (EITF) and other related literature. The FASB also issues Accounting Standards Updates (ASU). An ASU communicates amendments to the ASC. An ASU also provides information to help a user of U.S. GAAP understand how and why U.S. GAAP is changing and when the changes will be effective.
In April 2009, FASB Staff Position 157-4, Disclosures Determining Fair Value When the Volume and Level of Activity for the Asset or Liability Have Significantly Decreased and Identifying Transactions That Are Not Orderly, was issued and later codified into ASC 820, which expanded disclosures and required that major categories for debt and equity securities in the fair value hierarchy table be determined on the basis of the nature and risks of the investments. See Note 4.
In September 2009, the FASB issued ASU No. 2009-12, Fair Value Measurements and Disclosures: Investments in Certain Entities That Calculate Net Asset per Share (or Its Equivalent) (“ASU 2009-12”), which amended ASC Subtopic 820-10, Fair Value Measurements and Disclosures – Overall. ASU No. 2009-12 is effective for the first reporting period ending after December 15, 2009. ASU No. 2009-12 expands the required disclosures for certain investments with a reported net asset value (NAV). ASU No. 2009-12 permits, as a practical expedient, an entity holding investments in certain entities that calculate net asset value per share or its equivalent for which the fair value is not readily determinable, to measure the fair value of such investments on the basis of that net asset value per share or its equivalent without adjustment. The ASU requires enhanced disclosures about the nature and risks of investments within its scope. Such disclosures include the nature of any restrictions on an investor’s ability to redeem its investments at the measurement date, any unfunded commitments, and the investment strategies of the investee. The Plan has adopted ASU No. 2009-12 on a prospective basis for the year ended December 31, 2009. Adoption did not have a material impact on the fair value determination and disclosure of applicable investments.
In May 2009, the FASB issued ASC 855 (originally issued as FASB Statement No. 165, Subsequent Events) to establish general standards of accounting for and disclosing events that occur after the balance sheet date, but prior to the issuance of financial statements. ASC 855 provides guidance on when financial statements should be adjusted for subsequent events and requires companies to disclose subsequent events and the date through which subsequent events have been evaluated. ASC 855 is effective for periods ending after June 15, 2009.
For the year ended December 31, 2009 subsequent events were evaluated through the date the financial statements were issued. See Note 10.
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| 3. | INVESTMENTS |
The fair market value of investments held by the Plan representing 5% or more of the Plan’s assets are identified below (in thousands).
| December 31, | ||||||
| 2009 | 2008 | |||||
| Mutual Funds |
||||||
| Dodge and Cox Balanced Fund |
$ | 169,295 | $ | 126,358 | ||
| Fidelity Diversified International Fund |
180,598 | 125,127 | ||||
| Fidelity Spartan 500 Index Advantage Fund |
146,341 | 113,454 | ||||
| T. Rowe Price Blue Chip Growth Fund |
122,964 | |||||
| Separate account |
||||||
| T. Rowe Price Blue Chip Growth Fund |
184,759 | |||||
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| December 31, | ||||
| 2009 | 2008 | |||
| Comcast Corporation Stock |
||||
| Class A Common Stock |
167,894 | 152,709 | ||
| Comcast Stable Value Fund |
||||
| State Street Bank and Trust Company Boston |
142,309 | 130,149 | ||
| JP Morgan Chase |
192,684 | 130,149 | ||
| Natixis |
142,299 | 130,135 | ||
| AIG Financial Products Corp. |
130,136 | |||
During 2009, the Plan’s investments, including investments purchased and sold, as well as held during the year, appreciated (depreciated) in fair value as follows (in thousands):
| Common stock |
||||
| Comcast Class A |
$ | 3,176 | ||
| Comcast Class A Special |
(666 | ) | ||
| Total common stock |
2,510 | |||
| Mutual funds |
||||
| Domestic stock funds |
180,846 | |||
| International stock funds |
60,837 | |||
| Balanced funds |
33,098 | |||
| Target date funds |
69,520 | |||
| Fixed income funds |
9,325 | |||
| Total mutual funds |
353,626 | |||
| Separate account |
15,427 | |||
| Common collective trusts |
31,159 | |||
| $ | 402,722 | |||
As described in Note 2, included in the Comcast Stable Value Fund are fully benefit-responsive investment contracts, which are carried at contract value. The rate at which interest is credited to the Plan is that determined under the contract, consistent with reflecting participant balances at contract value as opposed to the market value of the underlying assets. Interest rates are reset quarterly by the issuers of the investment contracts.
The average yield of investment contracts held as of December 31, 2009 and 2008 was 2.42% and 3.75%, respectively. When adjusted to reflect the actual interest credited to the Plan, the average yield of investment contracts held as of December 31, 2009 and 2008 was 2.12% and 3.74%, respectively.
The following table summarizes the adjustments from fair value to contract value related to the fully benefit-responsive investment contracts included in the Comcast Stable Value Fund:
| 2009 Credit Rating |
2009 | 2008 | |||||||
| State Street Bank and Trust Company Boston |
AA- | $ | (1,059 | ) | $ | 2,404 | |||
| JP Morgan Chase |
AA- | (1,059 | ) | 2,404 | |||||
| Natixis |
A+ | (1,059 | ) | 2,405 | |||||
| AIG Financial Products Corp |
A- | (1,058 | ) | 2,405 | |||||
| $ | (4,235 | ) | $ | 9,618 | |||||
There are certain events, such as the Plan’s failure to qualify under Section 401(a) or 401(k) of the Code, which can limit the fund’s ability to transact at contract value. At this time, the occurrence of any such limiting event is not probable.
A contract issuer may terminate a contract at any time. Settlement upon termination will be at contract value unless the terms of the contract were not met or the Trustee’s authority over the Plan is limited or terminated.
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| 4. | FAIR VALUE MEASUREMENTS |
ASC 820 establishes a hierarchy that prioritizes fair value measurements based on the types of inputs used for the various valuation techniques. The levels of the hierarchy are described below:
| Level 1 | Consists of financial instruments whose value is based on quoted market prices for identical financial instruments in an active market. | |
| Level 2 | Consists of financial instruments that are valued using models or other valuation methodologies. These models use inputs that are observable either directly or indirectly and include: | |
| • | Quoted prices for similar assets or liabilities in active markets; |
| • | Quoted prices for identical or similar assets or liabilities in markets that are not active; |
| • | Pricing models whose inputs are observable for substantially the full term of the financial instrument; |
| • | Pricing models whose inputs are derived principally from or corroborated by observable market data through correlation or other means for substantially the full term of the financial instrument. |
| Level 3 | Consists of financial instruments whose values are determined using pricing models that utilize significant inputs that are primarily unobservable and significant to the fair value measurement. |
The asset’s or liability’s fair value measurement level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement.
The valuation methodologies used for assets measured at fair value are as follows:
Mutual funds, separate account and common collective trusts: Valued at the net asset value of shares held by the Plan at year end.
Common stocks: Valued at the closing price reported on the active market on which the individual securities are traded.
Guaranteed investment contracts: Valued at fair value by discounting the related cash flows based on current yields of similar instruments with comparable durations considering the credit-worthiness of the issuer.
Participant loans: Valued at the outstanding loan balances which approximate fair value.
The methods described above may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. Furthermore, while the Plan believes its valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date.
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The table below sets forth by level, within the fair value hierarchy, the Plan’s assets at fair value as of December 31, 2009 and 2008.
| Assets at Fair Value as of December 31, 2009 (in thousands) | ||||||||||||
| Level 1 | Level 2 | Level 3 | Total | |||||||||
| Common stock |
||||||||||||
| Comcast Class A |
167,894 | 167,894 | ||||||||||
| Comcast Class A Special |
29,759 | 29,759 | ||||||||||
| Total common stock |
197,653 | 197,653 | ||||||||||
| Mutual Funds |
||||||||||||
| Domestic stock funds |
525,329 | 525,329 | ||||||||||
| International stock funds |
279,602 | 279,602 | ||||||||||
| Balanced funds |
169,295 | 169,295 | ||||||||||
| Money market funds |
5 | 5 | ||||||||||
| Fixed income funds |
137,314 | 137,314 | ||||||||||
| Total mutual funds |
1,111,545 | 1,111,545 | ||||||||||
| Separate account |
184,759 | 184,759 | ||||||||||
| Common collective trusts |
584,266 | 584,266 | ||||||||||
| Comcast Stable Value Fund |
||||||||||||
| Short term investments |
22,705 | 22,705 | ||||||||||
| Guaranteed investment contracts |
569,217 | 569,217 | ||||||||||
| Total Comcast Stable Value Fund |
22,705 | 569,217 | 591,922 | |||||||||
| Participant loans |
96,048 | 96,048 | ||||||||||
| Total assets at fair value |
$ | 1,331,903 | $ | 1,338,242 | $ | 96,048 | $ | 2,766,193 | ||||
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| Assets at Fair Value as of December 31, 2008 (in thousands) | ||||||||||||
| Level 1 | Level 2 | Level 3 | Total | |||||||||
| Common stock |
||||||||||||
| Comcast Class A |
152,710 | 152,710 | ||||||||||
| Comcast Class A Special |
33,103 | 33,103 | ||||||||||
| Total common stock |
185,813 | 185,813 | ||||||||||
| Mutual Funds |
||||||||||||
| Domestic stock funds |
506,984 | 506,984 | ||||||||||
| International stock funds |
189,461 | 189,461 | ||||||||||
| Balanced funds |
126,358 | 126,358 | ||||||||||
| Target date funds |
268,429 | 268,429 | ||||||||||
| Money market funds |
49 | 49 | ||||||||||
| Fixed income funds |
151,043 | 151,043 | ||||||||||
| Total mutual funds |
1,242,324 | 1,242,324 | ||||||||||
| Comcast Stable Value Fund |
||||||||||||
| Short term investments |
46,785 | 46,785 | ||||||||||
| Guaranteed investment contracts |
520,569 | 520,569 | ||||||||||
| Total Comcast Stable Value Fund |
46,785 | 520,569 | 567,354 | |||||||||
| Participant loans |
87,930 | 87,930 | ||||||||||
| Total assets at fair value |
$ | 1,474,922 | $ | 520,569 | $ | 87,930 | $ | 2,083,421 | ||||
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The table below sets forth a summary of changes in the fair value of the Plan’s Level 3 assets for the year ended December 31, 2009 (in thousands).
| Level 3 Assets | |||
| Year Ended December 31, 2009 | |||
| Participant loans | |||
| Balance, beginning of year |
$ | 87,930 | |
| Realized gains/(losses) |
— | ||
| Unrealized gains/(losses) |
— | ||
| Purchases, sales, issuances and settlements (net) |
8,118 | ||
| Balance, end of year |
$ | 96,048 | |
| 5. | PARTICIPANT LOANS AND HARDSHIP WITHDRAWALS |
A participant may borrow from his/her Plan account subject to the approval of the Plan Administrator in accordance with applicable regulations issued by the Internal Revenue Service (“IRS”) and the Department of Labor. In general, a participant may borrow a minimum of $500 up to a maximum of the lesser of $50,000 or 50% of the participant’s nonforfeitable accrued benefit on the valuation date (as defined by the Plan) last preceding the date on which the loan request is processed by the Plan Administrator. The maximum term of a loan made pursuant to the Plan is five years (loans with terms of greater than five years exist under the Plan as a result of rollovers from merged plans). Interest accrues at the prime rate plus 1% of the month the loan application is approved. Principal and interest are paid through payroll deductions or participant initiated payments. Interest rates ranged from 4.25% to 10.5% for the year ended December 31, 2009. Maturities on active outstanding loans ranged from 2010 to 2018 for the year ended December 31, 2009. Loan transactions are treated as a transfer from (to) the investment fund to (from) the participant loan fund.
Effective after a calendar quarter of non-repayment, a loan is considered to be in default. Defaulted loans are treated as distributions for tax purposes and become taxable income to the participant in the year in which the default occurs.
A participant may withdraw all or a portion of his/her benefits derived from salary reduction, rollovers or the vested portion of employer contributions, and earnings thereon, on account of hardship, as defined by the Plan and applicable IRS regulations. Under these rules, the participant must exhaust the possibilities of all other distributions, loans, etc. available under the Plan and meet certain other requirements. Upon receiving a hardship withdrawal, the participant’s elective contributions are suspended for six calendar months.
| 6. | RECONCILIATION OF FINANCIAL STATEMENTS TO FORM 5500 |
A reconciliation of net assets available for benefits per the financial statements to the total net assets per the Form 5500 as of December 31, 2009 and the increase in net assets available for benefits per the financial statements to the net income per the Form 5500 for the year ended December 31, 2009 is as follows (in thousands):
| December 31, 2009 | |||
| Net assets available for benefits per the financial statements |
$ | 2,781,013 | |
| Adjustment from contract value to fair value for fully benefit-responsive investment contracts |
4,235 | ||
| Total net assets per the Form 5500 |
$ | 2,785,248 | |
| Year Ended | |||
| December 31, 2009 | |||
| Increase in net assets available for benefits per the financial statements |
$ | 687,277 | |
| Adjustment from contract value to fair value for fully benefit-responsive investment contracts |
4,235 | ||
| Net income per Form 5500 |
$ | 691,512 | |
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| 7. | ADMINISTRATION OF THE PLAN |
The Company, as Plan Administrator, has the authority to control and manage the operation and administration of the Plan and may delegate all or a portion of the responsibilities of controlling and managing the operation and administration of the Plan to one or more persons.
| 8. | PLAN TERMINATION |
Although it has not expressed any intent to do so, the Company has the right under the Plan to discontinue its contributions at any time and to terminate the Plan subject to the provisions of ERISA. In the event of Plan termination, each affected participant’s account balance will become fully vested.
| 9. | FEDERAL TAX CONSIDERATIONS |
| a. | Income Tax Status of the Plan—On May 8, 2009, the Plan received an updated determination letter in which the IRS stated that the Plan, as amended and restated December 12, 2007, is qualified and that the trust established under the Plan is tax-exempt. Therefore, no provision for income taxes has been included in the Plan’s financial statements. |
| b. | Impact on Plan Participants—Matching contributions and salary reduction contributions, as well as earnings on Plan assets, are generally not subject to federal income tax until distributed from a qualified plan that meets the requirements of Sections 401(a), 401(k) and 401(m) of the Code. |
| 10. | SUBSEQUENT EVENTS |
Effective January 1, 2010, Company matching contribution changed from 100% of the first 6% of eligible compensation to 100% of the first 4.5% of eligible compensation. In addition, effective January 1, 2010 participants in the Plan are being assessed a $19 per year administrative fee per account. Previously, these administrative fees were paid directly by the Plan.
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COMCAST CORPORATION RETIREMENT-INVESTMENT PLAN
SCHEDULE H - PART IV, LINE 4i - SCHEDULE OF ASSETS (HELD AT END OF YEAR)
DECEMBER 31, 2009
FEIN #27-0000798
PLAN #001
| (a) |
(b) Identity of Issue, Borrower, Lessor, or Similar Party |
(c) Description of Investment, Including Maturity Date, Rate of Interest, Collateral, Par, or Maturity Value |
(e) Current Value | |||
| ($ in thousands) | ||||||
| Mutual Funds (at fair value) | ||||||
| Dodge and Cox Balanced Fund |
2,644,001 units | 169,295 | ||||
| * | Fidelity Diversified International Fund |
6,449,932 units | 180,598 | |||
| * | Fidelity Growth Company |
1,184,652 units | 81,717 | |||
| * | Fidelity Ret Govt MM |
5,442 units | 5 | |||
| * | Fidelity Small Cap Stock Fund |
7,352,840 units | 117,204 | |||
| Pimco Total Return Institutional Fund |
12,714,302 units | 137,314 | ||||
| * | Fidelity Spartan International Index Fund |
1,248,586 units | 41,765 | |||
| * | Fidelity Spartan 500 Index Advantage Fund |
3,711,412 units | 146,341 | |||
| Templeton World Fund, Class A |
4,097,199 units | 57,238 | ||||
| Vanguard Small Cap Index Fund |
1,523,852 units | 41,906 | ||||
| Vanguard Total Stock Market Index Fund |
1,275,559 units | 35,027 | ||||
| Vanguard Windsor II Fund |
2,453,818 units | 103,135 | ||||
| 1,111,545 | ||||||
| Separate Account (at fair value) | ||||||
| T. Rowe Price Blue Chip Growth Fund (separate account) |
||||||
| Corporate common stock (B28XP76) |
30,900 shares | 726 | ||||
| Corporate common stock (B4BNMY3) |
24,800 shares | 1,029 | ||||
| Corporate common stock (00724F101) |
7,000 shares | 257 | ||||
| Corporate common stock (018490102) |
41,000 shares | 2,583 | ||||
| Corporate common stock (021441100) |
39,000 shares | 883 | ||||
| Corporate common stock (023135106) |
56,400 shares | 7,587 | ||||
| Corporate common stock (025816109) |
52,000 shares | 2,107 | ||||
| Corporate common stock (029912201) |
79,000 shares | 3,414 | ||||
| Corporate common stock (03076C106) |
25,400 shares | 986 | ||||
| Corporate common stock (031162100) |
3,600 shares | 204 | ||||
| Corporate common stock (037604105) |
4,600 shares | 279 | ||||
| Corporate common stock (037833100) |
46,000 shares | 9,700 | ||||
| Corporate common stock (052769106) |
17,200 shares | 437 | ||||
| Corporate common stock (053015103) |
11,900 shares | 510 | ||||
| Corporate common stock (056752108) |
600 shares | 247 | ||||
| Corporate common stock (060505104) |
34,500 shares | 520 | ||||
| Corporate common stock (060505419) |
29,900 shares | 446 | ||||
| Corporate common stock (064058100) |
4,100 shares | 115 | ||||
| Corporate common stock (071813109) |
7,300 shares | 428 | ||||
| Corporate common stock (075896100) |
45,500 shares | 1,758 | ||||
| Corporate common stock (09247X101) |
2,000 shares | 464 | ||||
| Corporate common stock (111320107) |
52,000 shares | 1,635 | ||||
| Corporate common stock (12572Q105) |
500 shares | 168 |
14
Table of Contents
| (a) |
(b) Identity of Issue, Borrower, Lessor, or Similar Party |
(c) Description of Investment, Including Maturity Date, Rate of Interest, Collateral, Par, or Maturity Value |
(e) Current Value | |||
| ($ in thousands) | ||||||
| Corporate common stock (126650100) |
31,500 shares | 1,015 | ||||
| Corporate common stock (13342B105) |
25,400 shares | 1,062 | ||||
| Corporate common stock (143130102) |
6,200 shares | 150 | ||||
| Corporate common stock (143658300) |
28,900 shares | 916 | ||||
| Corporate common stock (151020104) |
44,400 shares | 2,472 | ||||
| Corporate common stock (156782104) |
8,300 shares | 684 | ||||
| Corporate common stock (17275R102) |
73,000 shares | 1,748 | ||||
| Corporate common stock (191216100) |
200 shares | 11 | ||||
| Corporate common stock (22160K105) |
2,300 shares | 136 | ||||
| Corporate common stock (235851102) |
72,800 shares | 5,475 | ||||
| Corporate common stock (254687106) |
47,800 shares | 1,542 | ||||
| Corporate common stock (25470F104) |
36,300 shares | 1,113 | ||||
| Corporate common stock (25470F302) |
45,000 shares | 1,193 | ||||
| Corporate common stock (256746108) |
5,800 shares | 280 | ||||
| Corporate common stock (2594653) |
151,800 shares | 3,150 | ||||
| Corporate common stock (268648102) |
25,400 shares | 444 | ||||
| Corporate common stock (26875P101) |
28,400 shares | 2,763 | ||||
| Corporate common stock (278865100) |
1,000 shares | 45 | ||||
| Corporate common stock (2852395) |
1,400 shares | 230 | ||||
| Corporate common stock (285512109) |
4,200 shares | 75 | ||||
| Corporate common stock (30212P105) |
44,000 shares | 1,131 | ||||
| Corporate common stock (302130109) |
14,000 shares | 486 | ||||
| Corporate common stock (302182100) |
40,200 shares | 3,475 | ||||
| Corporate common stock (30231G102) |
200 shares | 14 | ||||
| Corporate common stock (30249U101) |
19,200 shares | 1,111 | ||||
| Corporate common stock (311900104) |
10,100 shares | 421 | ||||
| Corporate common stock (336433107) |
1,300 shares | 176 | ||||
| Corporate common stock (337738108) |
23,000 shares | 1,115 | ||||
| Corporate common stock (354613101) |
36,000 shares | 3,793 | ||||
| Corporate common stock (35671D857) |
3,800 shares | 305 | ||||
| Corporate common stock (364760108) |
18,100 shares | 379 | ||||
| Corporate common stock (370334104) |
3,500 shares | 248 | ||||
| Corporate common stock (375558103) |
67,300 shares | 2,913 | ||||
| Corporate common stock (38141G104) |
28,000 shares | 4,728 | ||||
| Corporate common stock (382388106) |
10,900 shares | 700 | ||||
| Corporate common stock (38259P508) |
15,500 shares | 9,610 | ||||
| Corporate common stock (384802104) |
100 shares | 10 | ||||
| Corporate common stock (428236103) |
12,700 shares | 654 | ||||
| Corporate common stock (458140100) |
42,200 shares | 861 | ||||
| Corporate common stock (45865V100) |
12,700 shares | 1,426 | ||||
| Corporate common stock (459200101) |
14,000 shares | 1,833 | ||||
| Corporate common stock (46120E602) |
4,400 shares | 1,335 | ||||
| Corporate common stock (461202103) |
8,000 shares | 246 | ||||
| Corporate common stock (46625H100) |
79,000 shares | 3,292 | ||||
| Corporate common stock (48203R104) |
102,300 shares | 2,728 | ||||
| Corporate common stock (487836108) |
2,900 shares | 154 | ||||
| Corporate common stock (500255104) |
44,000 shares | 2,373 | ||||
| Corporate common stock (53217V109) |
2,600 shares | 136 | ||||
| Corporate common stock (548661107) |
58,100 shares | 1,359 | ||||
| Corporate common stock (571903202) |
55,957 shares | 1,525 |
15
Table of Contents
| (a) |
(b) Identity of Issue, Borrower, Lessor, or Similar Party |
(c) Description of Investment, Including Maturity Date, Rate of Interest, Collateral, Par, or Maturity Value |
(e) Current Value | |||
| ($ in thousands) | ||||||
| Corporate common stock (57636Q104) |
11,300 shares | 2,893 | ||||
| Corporate common stock (579064106) |
42,000 shares | 1,704 | ||||
| Corporate common stock (580037109) |
26,300 shares | 631 | ||||
| Corporate common stock (580135101) |
23,900 shares | 1,492 | ||||
| Corporate common stock (580645109) |
38,100 shares | 1,277 | ||||
| Corporate common stock (58155Q103) |
35,100 shares | 2,194 | ||||
| Corporate common stock (58405U102) |
78,200 shares | 4,998 | ||||
| Corporate common stock (585055106) |
3,600 shares | 158 | ||||
| Corporate common stock (594918104) |
169,800 shares | 5,177 | ||||
| Corporate common stock (61166W101) |
14,800 shares | 1,210 | ||||
| Corporate common stock (617446448) |
51,200 shares | 1,516 | ||||
| Corporate common stock (654106103) |
9,100 shares | 601 | ||||
| Corporate common stock (665859104) |
18,100 shares | 948 | ||||
| Corporate common stock (686091109) |
21,000 shares | 801 | ||||
| Corporate common stock (693475105) |
5,700 shares | 301 | ||||
| Corporate common stock (713448108) |
27,500 shares | 1,672 | ||||
| Corporate common stock (71654V2101) |
14,400 shares | 610 | ||||
| Corporate common stock (74005P104) |
28,100 shares | 2,257 | ||||
| Corporate common stock (740189105) |
13,300 shares | 1,468 | ||||
| Corporate common stock (741503403) |
5,600 shares | 1,224 | ||||
| Corporate common stock (742718109) |
16,900 shares | 1,025 | ||||
| Corporate common stock (744320102) |
1,000 shares | 50 | ||||
| Corporate common stock (747525103) |
81,000 shares | 3,747 | ||||
| Corporate common stock (760759100) |
3,600 shares | 102 | ||||
| Corporate common stock (773903109) |
14,400 shares | 677 | ||||
| Corporate common stock (790849103) |
19,000 shares | 699 | ||||
| Corporate common stock (79466L302) |
2,100 shares | 155 | ||||
| Corporate common stock (806857108) |
57,800 shares | 3,762 | ||||
| Corporate common stock (808513105) |
67,400 shares | 1,268 | ||||
| Corporate common stock (824348106) |
7,300 shares | 450 | ||||
| Corporate common stock (82481R106) |
9,000 shares | 528 | ||||
| Corporate common stock (832110100) |
44,300 shares | 1,204 | ||||
| Corporate common stock (845467109) |
30,600 shares | 1,475 | ||||
| Corporate common stock (852244109) |
82,600 shares | 1,905 | ||||
| Corporate common stock (857477103) |
18,600 shares | 810 | ||||
| Corporate common stock (863667101) |
16,500 shares | 831 | ||||
| Corporate common stock (867224107) |
30,800 shares | 1,088 | ||||
| Corporate common stock (87236Y108) |
13,200 shares | 256 | ||||
| Corporate common stock (881624209) |
24,000 shares | 1,348 | ||||
| Corporate common stock (88579Y101) |
23,100 shares | 1,910 | ||||
| Corporate common stock (887317303) |
48,500 shares | 1,413 | ||||
| Corporate common stock (902973304) |
53,300 shares | 1,200 | ||||
| Corporate common stock (907818108) |
6,800 shares | 435 | ||||
| Corporate common stock (913017109) |
17,300 shares | 1,201 | ||||
| Corporate common stock (92343E102) |
1,800 shares | 44 | ||||
| Corporate common stock (92532F100) |
16,400 shares | 703 | ||||
| Corporate common stock (92826C839) |
33,800 shares | 2,956 | ||||
| Corporate common stock (931142103) |
18,200 shares | 973 | ||||
| Corporate common stock (931422109) |
4,000 shares | 147 | ||||
| Corporate common stock (949746101) |
83,700 shares | 2,259 |
16
Table of Contents
| (a) |
(b) Identity of Issue, Borrower, Lessor, or Similar Party |
(c) Description of Investment, Including Maturity Date, Rate of Interest, Collateral, Par, or Maturity Value |
(e) Current Value |
||||
| ($ in thousands) | |||||||
| Corporate common stock (959802109) |
62,000 shares | 1,169 | |||||
| Corporate common stock (983134107) |
4,500 shares | 262 | |||||
| Corporate common stock (983919101) |
81,000 shares | 2,030 | |||||
| Corporate common stock (988498101) |
33,400 shares | 1,168 | |||||
| Interest bearing cash (98765455B) |
2,362,226 shares | 2,362 | |||||
| Other liabilities |
(176 | ) | |||||
| Other receivables |
210 | ||||||
| Receivable participant contributions |
389 | ||||||
| Receivable employer contributions |
302 | ||||||
| Benefit claims payable |
(53 | ) | |||||
| Operating payables |
(181 | ) | |||||
| 184,759 | |||||||
| Common Collective Trust (at fair value) – not Direct Filing Entity | |||||||
| Thompson, Siegel and Walmsley SMID Cap Value |
|||||||
| Corporate common stock (B23HRW2) |
27,600 shares | 744 | |||||
| Corporate common stock (B4Y5TZ6) |
26,300 shares | 774 | |||||
| Corporate common stock (001084102) |
23,900 shares | 773 | |||||
| Corporate common stock (002535201) |
33,000 shares | 915 | |||||
| Corporate common stock (004498101) |
26,100 shares | 448 | |||||
| Corporate common stock (007865108) |
30,300 shares | 1,032 | |||||
| Corporate common stock (009363102) |
9,400 shares | 447 | |||||
| Corporate common stock (018802108) |
42,100 shares | 1,274 | |||||
| Corporate common stock (023436108) |
22,400 shares | 1,088 | |||||
| Corporate common stock (028884104) |
14,900 shares | 452 | |||||
| Corporate common stock (029429107) |
6,400 shares | 485 | |||||
| Corporate common stock (03232P405) |
13,400 shares | 295 | |||||
| Corporate common stock (04269Q100) |
85,600 shares | 978 | |||||
| Corporate common stock (09067J109) |
52,300 shares | 730 | |||||
| Corporate common stock (109699108) |
9,300 shares | 304 | |||||
| Corporate common stock (110394103) |
14,500 shares | 558 | |||||
| Corporate common stock (125896100) |
85,900 shares | 1,345 | |||||
| Corporate common stock (14067E506) |
42,100 shares | 575 | |||||
| Corporate common stock (146229109) |
18,400 shares | 483 | |||||
| Corporate common stock (147528103) |
9,300 shares | 297 | |||||
| Corporate common stock (15189T107) |
78,400 shares | 1,138 | |||||
| Corporate common stock (16115Q308) |
36,900 shares | 611 | |||||
| Corporate common stock (171484108) |
4,500 shares | 168 | |||||
| Corporate common stock (203668108) |
12,500 shares | 445 | |||||
| Corporate common stock (205768203) |
10,900 shares | 442 | |||||
| Corporate common stock (205826209) |
21,900 shares | 768 | |||||
| Corporate common stock (2172372) |
33,900 shares | 863 | |||||
| Corporate common stock (22282E102) |
16,900 shares | 306 | |||||
| Corporate common stock (228368106) |
31,700 shares | 811 | |||||
| Corporate common stock (243537107) |
7,900 shares | 804 | |||||
| Corporate common stock (24522P103) |
50,900 shares | 577 | |||||
| Corporate common stock (256743105) |
12,500 shares | 320 | |||||
| Corporate common stock (26153C103) |
22,000 shares | 879 | |||||
| Corporate common stock (2671932) |
9,200 shares | 687 | |||||
| Corporate common stock (2740542) |
14,800 shares | 1,059 |
17
Table of Contents
| (a) |
(b) Identity of Issue, Borrower, Lessor, or Similar Party |
(c) Description of Investment, Including Maturity Date, Rate of Interest, Collateral, Par, or Maturity Value |
(e) Current Value | |||
| ($ in thousands) | ||||||
| Corporate common stock (2764984) |
26,100 shares | 689 | ||||
| Corporate common stock (278768106) |
46,500 shares | 937 | ||||
| Corporate common stock (29100P102) |
8,500 shares | 460 | ||||
| Corporate common stock (29264F205) |
46,300 shares | 950 | ||||
| Corporate common stock (29265N108) |
13,100 shares | 613 | ||||
| Corporate common stock (37250W108) |
24,500 shares | 683 | ||||
| Corporate common stock (378967103) |
44,500 shares | 333 | ||||
| Corporate common stock (403777105) |
10,800 shares | 470 | ||||
| Corporate common stock (404132102) |
32,000 shares | 895 | ||||
| Corporate common stock (405024100) |
10,900 shares | 601 | ||||
| Corporate common stock (410867105) |
16,700 shares | 742 | ||||
| Corporate common stock (421924309) |
57,800 shares | 1,085 | ||||
| Corporate common stock (42822Q100) |
24,200 shares | 1,023 | ||||
| Corporate common stock (480838101) |
17,200 shares | 726 | ||||
| Corporate common stock (481165108) |
7,900 shares | 408 | ||||
| Corporate common stock (52602E102) |
11,000 shares | 447 | ||||
| Corporate common stock (55272X102) |
94,900 shares | 698 | ||||
| Corporate common stock (564563104) |
9,300 shares | 449 | ||||
| Corporate common stock (570535104) |
2,600 shares | 884 | ||||
| Corporate common stock (582411104) |
54,900 shares | 440 | ||||
| Corporate common stock (64107N206) |
31,300 shares | 608 | ||||
| Corporate common stock (670837103) |
20,300 shares | 749 | ||||
| Corporate common stock (675746309) |
63,700 shares | 610 | ||||
| Corporate common stock (679580100) |
11,400 shares | 350 | ||||
| Corporate common stock (681904108) |
30,900 shares | 747 | ||||
| Corporate common stock (682680103) |
10,500 shares | 468 | ||||
| Corporate common stock (68628V308) |
44,400 shares | 935 | ||||
| Corporate common stock (690768403) |
13,700 shares | 450 | ||||
| Corporate common stock (69329Y104) |
100,500 shares | 689 | ||||
| Corporate common stock (695156109) |
43,200 shares | 994 | ||||
| Corporate common stock (696429307) |
12,600 shares | 456 | ||||
| Corporate common stock (727493108) |
29,200 shares | 759 | ||||
| Corporate common stock (74835Y101) |
93,100 shares | 442 | ||||
| Corporate common stock (750438103) |
50,000 shares | 975 | ||||
| Corporate common stock (751028101) |
13,100 shares | 782 | ||||
| Corporate common stock (754907103) |
21,100 shares | 890 | ||||
| Corporate common stock (78505P100) |
8,400 shares | 453 | ||||
| Corporate common stock (81725T100) |
27,800 shares | 731 | ||||
| Corporate common stock (83088M102) |
44,600 shares | 633 | ||||
| Corporate common stock (834376501) |
36,100 shares | 458 | ||||
| Corporate common stock (871130100) |
15,000 shares | 651 | ||||
| Corporate common stock (87163F106) |
39,000 shares | 682 | ||||
| Corporate common stock (879101103) |
49,900 shares | 762 | ||||
| Corporate common stock (880915103) |
18,500 shares | 596 | ||||
| Corporate common stock (88164L100) |
16,400 shares | 382 | ||||
| Corporate common stock (88632Q103) |
64,400 shares | 620 | ||||
| Corporate common stock (891906109) |
33,400 shares | 577 | ||||
| Corporate common stock (903236107) |
7,100 shares | 316 | ||||
| Corporate common stock (92769L101) |
26,300 shares | 443 | ||||
| Corporate common stock (95709T100) |
81,500 shares | 1,770 |
18
Table of Contents
| (a) |
(b) Identity of Issue, Borrower, Lessor, or Similar Party |
(c) Description of Investment, Including Maturity Date, Rate of Interest, Collateral, Par, or Maturity Value |
(e) Current Value |
||||
| ($ in thousands) | |||||||
| Corporate common stock (966387102) |
7,400 shares | 529 | |||||
| Corporate common stock (98233Q105) |
20,200 shares | 644 | |||||
| Interest bearing cash (98765455B) |
1,176,664 shares | 1,177 | |||||
| Non-interest bearing cash |
10 | ||||||
| Other receivable |
1,335 | ||||||
| Other liabilities |
(144 | ) | |||||
| Receivable participant contributions |
165 | ||||||
| Receivable employer contributions |
132 | ||||||
| Benefit claims payable |
(27 | ) | |||||
| Operating payables |
(107 | ) | |||||
| 61,100 | |||||||
| Common collective trusts | |||||||
| Vanguard Target Income |
141,809 units | 3,025 | |||||
| Vanguard Target 2010 |
696,276 units | 13,041 | |||||
| Vanguard Target 2015 |
2,089,534 units | 37,382 | |||||
| Vanguard Target 2020 |
3,602,084 units | 61,416 | |||||
| Vanguard Target 2025 |
4,726,398 units | 77,088 | |||||
| Vanguard Target 2030 |
4,643,883 units | 72,259 | |||||
| Vanguard Target 2035 |
4,561,123 units | 69,329 | |||||
| Vanguard Target 2040 |
3,893,222 units | 59,411 | |||||
| Vanguard Target 2045 |
2,943,154 units | 44,854 | |||||
| Vanguard Target 2050 |
1,420,466 units | 21,776 | |||||
| Mellon Aggregate Bond Index Fund |
353,213 units | 63,585 | |||||
| 523,166 | |||||||
| * | Comcast Corporation Stock (at fair value) | ||||||
| Class A Common Stock |
9,958,144 shares | 167,894 | |||||
| Class A Special Common Stock |
1,858,768 shares | 29,759 | |||||
| 197,653 | |||||||
| Comcast Stable Value Fund (at fair value) | |||||||
| Fidelity Short Term Investment Fund; .26% |
22,703,737 units | 22,705 |
19
Table of Contents
| (a) |
(b) Identity of Issue, Borrower, Lessor, or Similar Party |
(c) Description of Investment, Including Maturity Date, Rate of Interest, Collateral, Par, or Maturity Value |
(e) Current Value | ||||
| ($ in thousands) | |||||||
| Security-Backed Investment Contracts: |
|||||||
| Natixis; 2.30% |
141,240,810 units | 142,299 | |||||
| JP Morgan Chase; 2.35% |
191,625,088 units | 192,684 | |||||
| AIG Financial Products Corp; 2.41% |
90,866,242 units | 91,925 | |||||
| State Street Bank and Trust Company Boston; 2.42% |
141,250,529 units | 142,309 | |||||
| 569,217 | |||||||
| 591,922 | |||||||
| Participant Loan Fund (outstanding balances which approximates fair value) (interest rates from 4.25% to 10.5%; maturities from 2010 to 2018) |
96,048 | ||||||
| $ | 2,766,193 | ||||||
| * | Represents a party-in-interest to the Plan. |
20
Table of Contents
CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
We consent to the incorporation by reference in Registration Statement No. 333-101295 of Comcast Corporation on Form S-8 of our report dated June 28, 2010, relating to the statement of net assets available for benefits as of December 31, 2009, the related statement of changes in net assets available for benefits for the year then ended and the related supplemental Schedule H - Part IV, Line 4i - Schedule of Assets (Held at End of Year) as of December 31, 2009, which report appears in the December 31, 2009 Annual Report on Form 11-K of the Comcast Corporation Retirement-Investment Plan.
/s/ Deloitte & Touche LLP
Philadelphia, Pennsylvania
June 28, 2010
21
Table of Contents
CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
We consent to the incorporation by reference in the Registration Statement No. 333-101295 of Comcast Corporation on Form S-8 of our report dated June 26, 2009, relating to the statement of net assets available for benefits as of December 31, 2008 and the related statement of changes in net assets available for benefits for the year ended December 31, 2008, which report appears in the December 31, 2009 Annual Report on Form 11-K of the Comcast Corporation Retirement-Investment Plan.
/s/ Mitchell & Titus LLP
Philadelphia, PA
June 28, 2010
22
Table of Contents
Pursuant to the requirements of the Securities Exchange Act of 1934, the trustees (or other persons who administer the employee benefit plan) have duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized.
| COMCAST CORPORATION RETIREMENT-INVESTMENT PLAN | ||||
| By: | Comcast Corporation | |||
| Plan Administrator | ||||
| June 28, 2010 | ||||
| By: | /s/ Lawrence J. Salva | |||
| Lawrence J. Salva | ||||
| Senior Vice President, Chief Accounting Officer and Controller | ||||
23