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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

TABLE OF CONTENTS

 

 

		Page
REPORTS OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRMS		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
Notes to Financial Statements as of December 31, 2009 and 2008 and for the Year Ended December  31, 2009		5-13
SUPPLEMENTAL SCHEDULE:
Form 5500, Schedule H - Part IV, Line 4i - Schedule of Assets (Held at End of Year) as of December  31, 2009		14-20
CONSENTS OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRMS		21-22
SIGNATURE		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

NOTES TO FINANCIAL STATEMENTS

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

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(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

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(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

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(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

 

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(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

 

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(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

 

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(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.

 

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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

 

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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

 

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SIGNATURE

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

 

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