Comcast Corp - Form 11-K
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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

 

 

 

LOGO

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, 2011.

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, 2011 and 2010 and for

the Year Ended December 31, 2011;

Supplemental Schedule as of December 31, 2011;

and Report of Independent Registered Public

Accounting Firm


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COMCAST CORPORATION RETIREMENT-INVESTMENT PLAN

TABLE OF CONTENTS

 

 

     Page  

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

     1   

FINANCIAL STATEMENTS:

  

Statements of Net Assets Available for Benefits as of December 31, 2011 and 2010

     2   

Statement of Changes in Net Assets Available for Benefits for the Year Ended December 31, 2011

     3   

Notes to Financial Statements

     4-9   

SUPPLEMENTAL SCHEDULE:

  

Form 5500, Schedule H—Part IV, Line 4i—Schedule of Assets (Held at End of Year) as of December 31, 2011

     10-15   

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

     16   

SIGNATURE

     17   

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 statements of net assets available for benefits of the Comcast Corporation Retirement-Investment Plan (the “Plan”) as of December 31, 2011 and 2010, and the related statement of changes in net assets available for benefits for the year ended December 31, 2011. 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 audits.

We conducted our audits 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 audits 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 audits provide a reasonable basis for our opinion.

In our opinion, such financial statements present fairly, in all material respects, the net assets available for benefits of the Plan as of December 31, 2011 and 2010, and the changes in net assets available for benefits for the year ended December 31, 2011 in conformity with accounting principles generally accepted in the United States of America.

Our audits were 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, 2011 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 2011 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 26, 2012

 

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COMCAST CORPORATION RETIREMENT-INVESTMENT PLAN

STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS

DECEMBER 31, 2011 AND 2010

(in thousands)

 

 

     December 31,  
     2011     2010  

ASSETS:

    

Cash

   $ 771      $ 52   

Participant-directed investments, at fair value

     3,311,035        3,160,160   

Receivables:

    

Notes receivable from participants

     118,785        107,933   

Contributions receivable from participants

     10,367        9,529   

Contributions receivable from employer

     9,752        8,600   
  

 

 

   

 

 

 
     138,904        126,062   

ASSETS AVAILABLE FOR BENEFITS

     3,450,710        3,286,274   

Adjustment from fair value to contract value for fully benefit-responsive investment contracts

     (20,665     (13,880
  

 

 

   

 

 

 

NET ASSETS AVAILABLE FOR BENEFITS

   $ 3,430,045      $ 3,272,394   
  

 

 

   

 

 

 

See accompanying 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, 2011

(in thousands)

 

 

     Year Ended
December 31,
2011
 

ADDITIONS TO NET ASSETS ATTRIBUTED TO:

  

Investment income (loss):

  

Net appreciation (depreciation) in fair value of investments

   $ (66,732

Dividends

     37,246   

Interest

     11,895   
  

 

 

 

Net investment income (loss)

     (17,591

Contributions:

  

Participant

     248,119   

Employer

     161,412   

Rollover

     18,466   
  

 

 

 

Total contributions

     427,997   
  

Interest income on notes receivable from participants

     4,858   
  

Proceeds from litigation settlements

     3,878   
  

 

 

 
  

Total additions, net

     419,142   

DEDUCTIONS FROM NET ASSETS ATTRIBUTED TO:

  

Benefits paid to participants

     257,939   

Administrative expenses

     3,552   
  

 

 

 

Total deductions

     261,491   
  

 

 

 

Net increase

     157,651   

NET ASSETS AVAILABLE FOR BENEFITS:

  

Beginning of year

     3,272,394   
  

 

 

 

End of year

   $ 3,430,045   
  

 

 

 

See accompanying notes to financial statements.

 

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COMCAST CORPORATION RETIREMENT-INVESTMENT PLAN

NOTES TO FINANCIAL STATEMENTS

YEARS ENDED DECEMBER 31, 2011 and 2010

 

 

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”).

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. The Company matches 100% of the participant’s contribution up to 4.5% of the participant’s eligible compensation for such payroll period. The maximum Company matching contribution for a Plan year is $10,000 for any participant who is a Highly Compensated Employee and whose Annual Rate of Pay (as both terms are defined in the Plan) is more than $200,000. 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. The participants in the Plan are assessed a $19 per year administrative fee per account.

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, 2011 amounted to $101,888. Outstanding forfeitures not yet applied against Company contributions at December 31, 2011 and 2010 were $1,417 and $4,671, respectively.

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.

 

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 Class A and Class A Special common stock are valued at their respective 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

 

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contract value is principal plus accrued interest. Notes receivable from participants are measured at their unpaid principal balance plus any accrued but unpaid interest.

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 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.

In January 2010, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2010-06, Fair Value Measurements and Disclosures, which amends ASC 820, Fair Value Measurements and Disclosures, adding a new disclosure requirement to provide Level 3 activity of purchases, sales, issuances, and settlements on a gross basis. This requirement is effective for fiscal years beginning after December 15, 2010. The adoption in 2011 did not materially affect the Plan’s financial statements.

In May 2011, the FASB issued ASU No. 2011-04, Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs, which amends ASC 820. ASU No. 2011-04 clarifies the FASB’s intent about the application of existing fair value measurement and disclosure requirements under ASC 820. This ASU requires the categorization by level for items that are required to be disclosed, but not measured, at fair value. This ASU also requires additional disclosure of information about transfers between Level 1 and Level 2 of the fair value hierarchy and additional disclosure regarding the sensitivity of Level 3 measurements of fair value to changes in unobservable inputs and any interrelationships between those inputs. In addition, the ASU provides guidance on measuring the fair value of financial instruments managed within a portfolio and the application of premiums and discounts on fair value measurements. The new guidance is effective for reporting periods beginning after December 15, 2011. The adoption will not have a material effect on the Statement of Net Assets Available for Benefits and Statement of Changes in Net Assets Available for Benefits.

 

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,  
     2011      2010  

Mutual Funds

     

Dodge and Cox Balanced Fund

   $ 174,562       $ 191,340   

Fidelity Diversified International Fund

        197,102   

Fidelity Spartan 500 Index Advantage Fund

        167,700   

Spartan 500 Index Fund—Institutional Class

     187,898      

Pimco Total Return Institutional Fund

     177,368         174,573   

Separate account

     

T. Rowe Price Blue Chip Growth Fund

     198,788         213,652   

Comcast Corporation Stock

     

Class A Common Stock

     217,536         220,774   

 

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     December 31,  
     2011      2010  

Comcast Stable Value Fund

     

JP Morgan Chase

     199,684         195,336   

During 2011, 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

   $ 17,802   

Comcast Class A Special

     4,300   
  

 

 

 

Total common stock

     22,102   

Mutual funds

  

Domestic stock funds

     (28,022

International stock funds

     (53,661

Balanced funds

     (7,862

Fixed income funds

     271   
  

 

 

 

Total mutual funds

     (89,274

Separate account

     3,947   

Common collective trusts

     (3,507
  

 

 

 
   $ (66,732
  

 

 

 

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, 2011 and 2010 was 1.99% and 2.30%, respectively. When adjusted to reflect the actual interest credited to the Plan, the average yield of investment contracts held as of December 31, 2011 and 2010 was 2.11% and 2.12%, 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 (in thousands):

 

     2011
Credit Rating
   2011     2010  

State Street Bank and Trust Company Boston

   AA-    $ (5,167   $ (3,470

JP Morgan Chase

   A+      (7,008     (4,705

Natixis

   A+      (5,166     (3,470

AIG Financial Products Corp

   A-      (3,324     (2,235
     

 

 

   

 

 

 
      $ (20,665   $ (13,880
     

 

 

   

 

 

 

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.

 

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 values are 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

 

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   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 use significant inputs that are primarily unobservable, discounted cash flow methodologies, or similar techniques, as well as

instruments for which the determination of fair value requires significant judgment or estimation.

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.

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.

The table below sets forth by level, within the fair value hierarchy, the Plan’s assets at fair value as of December 31, 2011 and 2010 (in thousands).

 

Assets at Fair Value as of December 31, 2011

 
      Level 1      Level 2      Level 3      Total  

Common stock

           

Comcast Class A

   $ 217,536             $ 217,536   

Comcast Class A Special

     32,126               32,126   

Mutual Funds

           

Domestic stock funds

     720,775               720,775   

International stock funds

     338,766               338,766   

Balanced funds

     174,562               174,562   

Money market funds

     5               5   

Fixed income funds

     177,368               177,368   

Separate account

      $ 198,788            198,788   

Common collective trusts

        859,101            859,101   

Comcast Stable Value Fund

           

Short term investments

     3,208               3,208   

Guaranteed investment contracts

        588,800            588,800   
  

 

 

    

 

 

    

 

 

    

 

 

 

Total investments at fair value

   $ 1,664,346       $ 1,646,689       $                    $ 3,311,035   
  

 

 

    

 

 

    

 

 

    

 

 

 

 

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Assets at Fair Value as of December 31, 2010

 
     Level 1      Level 2      Level 3      Total  

Common stock

           

Comcast Class A

   $ 220,774             $ 220,774   

Comcast Class A Special

     34,812               34,812   

Mutual Funds

           

Domestic stock funds

     659,073               659,073   

International stock funds

     308,284               308,284   

Balanced funds

     191,340               191,340   

Money market funds

     5               5   

Fixed income funds

     174,573               174,573   

Separate account

      $ 213,652            213,652   

Common collective trusts

        757,332            757,332   

Comcast Stable Value Fund

           

Short term investments

     24,348               24,348   

Guaranteed investment contracts

        575,967            575,967   
  

 

 

    

 

 

    

 

 

    

 

 

 

Total investments at fair value

   $ 1,613,209       $ 1,546,951       $                    $ 3,160,160   
  

 

 

    

 

 

    

 

 

    

 

 

 

 

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 rate of prime plus 1% as 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 9.50% for the year ended December 31, 2011. Maturities on active outstanding loans ranged from 2012 to 2038 for the year ended December 31, 2011. Loan transactions are treated as a transfer between the investment fund and notes receivable from participants.

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.

 

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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, 2011 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, 2011 is as follows (in thousands):

 

     December 31, 2011  

Net assets available for benefits per the financial statements

   $ 3,430,045   

Adjustment from contract value to fair value for fully benefit-responsive investment contracts

     20,665   
  

 

 

 

Total net assets per the Form 5500

   $ 3,450,710   
  

 

 

 
     Year Ended  
     December 31, 2011  

Increase in net assets available for benefits per the financial statements

   $ 157,651   

Adjustment from contract value to fair value for fully benefit-responsive investment contracts—December 31, 2011

     20,665   

Adjustment from contract value to fair value for fully benefit-responsive investment contracts—December 31, 2010

     (13,880
  

 

 

 

Net income per Form 5500

   $ 164,436   
  

 

 

 

 

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 from the IRS stating 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.

 

  c. Evaluation of Tax Position—In accordance with Accounting Standards Codification (ASC) 740-10-50-15 c – e, the Plan Administrator has analyzed the tax positions taken by the Plan and has concluded that as of December 31, 2011, there are no uncertain positions taken or expected to be taken that would require recognition of a liability (or asset) or disclosure in the financial statements. The Plan is subject to routine audits by taxing jurisdictions; however, there are currently no audits for any tax periods in progress. The Plan Administrator believes the Plan is no longer subject to income tax examinations for years prior to 2008.

 

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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, 2011

 

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

     2,588,017 units         174,562   
*   

Fidelity Diversified International Fund

     5,889,920 units         150,310   
*   

Fidelity Growth Company

     1,418,718 units         114,760   
*   

Fidelity Ret Govt MM

     5,420 units         5   
*   

Fidelity Small Cap Stock Fund

     6,753,994 units         111,711   
  

Pimco Total Return Institutional Fund

     16,317,194 units         177,368   
*   

Spartan International Index Fund—Fidelity Advantage Inst Class

     4,453,504 units         132,492   
*   

Spartan 500 Index Fund—Institutional Class

     4,222,437 units         187,898   
  

Templeton World Fund, Class A

     4,073,049 units         55,964   
  

Vanguard Small Cap Index Fund

     2,158,330 units         72,067   
  

Vanguard Total Stock Market Index Fund

     3,759,266 units         117,665   
  

Vanguard Windsor II Fund

     2,550,262 units         116,674   
        

 

 

 
           1,411,476   
        

 

 

 
  

Separate Account (at fair value)

     
  

T. Rowe Price Blue Chip Growth Fund (separate account)

     
  

Corporate common stock (B28XP76)

     92,300 shares         1,854   
  

Corporate common stock (B4BNMY3)

     23,100 shares         1,230   
  

Corporate common stock (B68SQD2)

     5,100 shares         230   
  

Corporate common stock (009158106)

     9,400 shares         801   
  

Corporate common stock (015351109)

     11,400 shares         815   
  

Corporate common stock (018490102)

     19,900 shares         1,746   
  

Corporate common stock (021441100)

     13,400 shares         497   
  

Corporate common stock (023135106)

     43,600 shares         7,547   
  

Corporate common stock (025816109)

     55,100 shares         2,599   
  

Corporate common stock (029912201)

     73,100 shares         4,387   
  

Corporate common stock (03076C106)

     18,900 shares         938   
  

Corporate common stock (031162100)

     100 shares         6   
  

Corporate common stock (037833100)

     42,900 shares         17,375   
  

Corporate common stock (052769106)

     24,600 shares         746   
  

Corporate common stock (056752108)

     38,700 shares         4,507   
  

Corporate common stock (057224107)

     16,900 shares         822   
  

Corporate common stock (071813109)

     13,900 shares         688   
  

Corporate common stock (075896100)

     22,700 shares         1,316   
  

Corporate common stock (09062X103)

     18,600 shares         2,047   
  

Corporate common stock (09247X101)

     700 shares         125   
  

Corporate common stock (097023105)

     22,700 shares         1,665   
  

Corporate common stock (111320107)

     71,800 shares         2,108   
  

Corporate common stock (12504L109)

     2,800 shares         43   
  

Corporate common stock (12541W209)

     300 shares         21   
  

Corporate common stock (12572Q105)

     600 shares         146   
  

Corporate common stock (13342B105)

     30,700 shares         1,510   
  

Corporate common stock (14149Y108)

     36,800 shares         1,494   

 

10


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 (143658300)

     49,700 shares         1,622   
  

Corporate common stock (149123101)

     7,500 shares         680   
  

Corporate common stock (151020104)

     40,500 shares         2,738   
  

Corporate common stock (156782104)

     100 shares         6   
  

Corporate common stock (169656105)

     3,600 shares         1,216   
  

Corporate common stock (189754104)

     19,200 shares         1,172   
  

Corporate common stock (191216100)

     1,200 shares         84   
  

Corporate common stock (20605P101)

     15,500 shares         1,453   
  

Corporate common stock (22160K105)

     100 shares         8   
  

Corporate common stock (231021106)

     3,200 shares         282   
  

Corporate common stock (235851102)

     140,200 shares         6,595   
  

Corporate common stock (244199105)

     2,400 shares         186   
  

Corporate common stock (25179M103)

     300 shares         19   
  

Corporate common stock (254687106)

     29,200 shares         1,095   
  

Corporate common stock (25470F302)

     37,000 shares         1,395   
  

Corporate common stock (256746108)

     1,300 shares         108   
  

Corporate common stock (268648102)

     84,600 shares         1,822   
  

Corporate common stock (26875P101)

     20,800 shares         2,049   
  

Corporate common stock (26884L109)

     13,100 shares         718   
  

Corporate common stock (2696377)

     1,900 shares         78   
  

Corporate common stock (278642103)

     68,200 shares         2,069   
  

Corporate common stock (278865100)

     3,600 shares         208   
  

Corporate common stock (28176E108)

     1,200 shares         85   
  

Corporate common stock (291011104)

     9,300 shares         433   
  

Corporate common stock (302130109)

     19,700 shares         807   
  

Corporate common stock (302182100)

     49,100 shares         2,194   
  

Corporate common stock (30231G102)

     400 shares         34   
  

Corporate common stock (30249U101)

     22,900 shares         1,196   
  

Corporate common stock (311900104)

     72,900 shares         3,179   
  

Corporate common stock (31428X106)

     37,600 shares         3,140   
  

Corporate common stock (337738108)

     2,400 shares         141   
  

Corporate common stock (349882100)

     13,800 shares         1,095   
  

Corporate common stock (354613101)

     33,900 shares         3,256   
  

Corporate common stock (35671D857)

     500 shares         18   
  

Corporate common stock (369604103)

     12,500 shares         224   
  

Corporate common stock (37045V100)

     1,100 shares         22   
  

Corporate common stock (375558103)

     2,500 shares         102   
  

Corporate common stock (38141G104)

     700 shares         63   
  

Corporate common stock (38259P508)

     17,900 shares         11,562   
  

Corporate common stock (384802104)

     8,300 shares         1,554   
  

Corporate common stock (399473107)

     14,900 shares         307   
  

Corporate common stock (406216101)

     3,600 shares         124   
  

Corporate common stock (411310105)

     4,200 shares         387   
  

Corporate common stock (437076102)

     4,700 shares         198   
  

Corporate common stock (438516106)

     23,100 shares         1,255   
  

Corporate common stock (45865V100)

     13,000 shares         1,567   
  

Corporate common stock (459200101)

     1,800 shares         331   
  

Corporate common stock (46120E602)

     100 shares         46   
  

Corporate common stock (461202103)

     10,100 shares         531   
  

Corporate common stock (46625H100)

     10,800 shares         359   
  

Corporate common stock (478366107)

     36,400 shares         1,138   

 

 

11


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 (481165108)

     10,900 shares         817   
  

Corporate common stock (48203R104)

     60,000 shares         1,225   
  

Corporate common stock (485170302)

     6,800 shares         462   
  

Corporate common stock (517834107)

     52,800 shares         2,256   
  

Corporate common stock (53071M104)

     47,700 shares         773   
  

Corporate common stock (532716107)

     5,600 shares         226   
  

Corporate common stock (53578A108)

     3,200 shares         202   
  

Corporate common stock (571748102)

     12,300 shares         389   
  

Corporate common stock (571903202)

     59,057 shares         1,723   
  

Corporate common stock (57636Q104)

     14,900 shares         5,555   
  

Corporate common stock (577081102)

     100 shares         3   
  

Corporate common stock (580135101)

     21,400 shares         2,147   
  

Corporate common stock (58155Q103)

     47,500 shares         3,701   
  

Corporate common stock (594918104)

     100 shares         3   
  

Corporate common stock (6116W101)

     25,100 shares         1,759   
  

Corporate common stock (654106103)

     24,200 shares         2,332   
  

Corporate common stock (665859104)

     12,100 shares         480   
  

Corporate common stock (67103H107)

     23,100 shares         1,847   
  

Corporate common stock (674599105)

     10,800 shares         1,012   
  

Corporate common stock (681919106)

     10,600 shares         473   
  

Corporate common stock (704549104)

     27,800 shares         920   
  

Corporate common stock (723787107)

     5,600 shares         501   
  

Corporate common stock (74005P104)

     44,900 shares         4,800   
  

Corporate common stock (740189105)

     20,100 shares         3,312   
  

Corporate common stock (741503403)

     9,600 shares         4,490   
  

Corporate common stock (742718109)

     500 shares         33   
  

Corporate common stock (744320102)

     18,600 shares         932   
  

Corporate common stock (747525103)

     85,600 shares         4,682   
  

Corporate common stock (751212101)

     14,400 shares         1,988   
  

Corporate common stock (75281A109)

     15,000 shares         929   
  

Corporate common stock (776696106)

     7,800 shares         678   
  

Corporate common stock (79466L302)

     3,100 shares         315   
  

Corporate common stock (806857108)

     64,000 shares         4,372   
  

Corporate common stock (808513105)

     100 shares         1   
  

Corporate common stock (824348106)

     1,800 shares         161   
  

Corporate common stock (82481R106)

     400 shares         42   
  

Corporate common stock (854502101)

     6,800 shares         460   
  

Corporate common stock (855244109)

     93,400 shares         4,297   
  

Corporate common stock (85590A401)

     36,000 shares         1,727   
  

Corporate common stock (857477103)

     20,200 shares         814   
  

Corporate common stock (863667101)

     21,200 shares         1,054   
  

Corporate common stock (87236Y108)

     10,400 shares         163   
  

Corporate common stock (883556102)

     11,200 shares         504   
  

Corporate common stock (88579Y101)

     3,400 shares         278   
  

Corporate common stock (886547108)

     5,900 shares         391   
  

Corporate common stock (887317303)

     600 shares         22   
  

Corporate common stock (902973304)

     46,000 shares         1,244   
  

Corporate common stock (907818108)

     31,000 shares         3,284   
  

Corporate common stock (913017109)

     26,900 shares         1,966   
  

Corporate common stock (91324P102)

     12,400 shares         628   
  

Corporate common stock (92826C839)

     27,500 shares         2,792   

 

 

12


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 (948626106)

     2,600 shares         143   
  

Corporate common stock (949746101)

     10,400 shares         287   
  

Corporate common stock (959802109)

     800 shares         15   
  

Corporate common stock (966837106)

     16,800 shares         1,169   
  

Corporate common stock (983134107)

     4,000 shares         442   
  

Corporate common stock (983919101)

     37,600 shares         1,205   
  

Corporate common stock (988498101)

     22,300 shares         1,316   
  

Interest bearing cash (98765455B)

     420,407 shares         420   
  

Receivables

        663   
  

Benefit Claims Payable

        (50
  

Operating Payables

        (201
        

 

 

 
           198,788   
        

 

 

 
   Common Collective Trust (at fair value) – not Direct Filing Entity      
  

Thompson, Siegel and Walmsley SMID Cap Value

     
  

Corporate common stock (B4XGY11 )

     28,000 shares         1,086   
  

Corporate common stock (007865108)

     21,950 shares         335   
  

Corporate common stock (011659109)

     4,600 shares         345   
  

Corporate common stock (018802108)

     24,000 shares         1,059   
  

Corporate common stock (023436108)

     32,100 shares         350   
  

Corporate common stock (03073T102)

     11,600 shares         685   
  

Corporate common stock (06985P100)

     900 shares         18   
  

Corporate common stock (084423102)

     33,500 shares         1,152   
  

Corporate common stock (093671105)

     65,200 shares         1,065   
  

Corporate common stock (125896100)

     69,300 shares         1,530   
  

Corporate common stock (12662P108)

     30,600 shares         573   
  

Corporate common stock (127190304)

     13,100 shares         733   
  

Corporate common stock (147528103)

     18,300 shares         943   
  

Corporate common stock (15189T107)

     34,700 shares        697   
  

Corporate common stock (18538R103)

     19,100 shares         680   
  

Corporate common stock (200340107)

     22,800 shares         588   
  

Corporate common stock (2172372)

     46,200 shares         1,224   
  

Corporate common stock (2256908)

     32,400 shares         924   
  

Corporate common stock (228368106)

     38,300 shares         1,286   
  

Corporate common stock (229669106)

     17,600 shares         767   
  

Corporate common stock (231561101)

     16,700 shares         590   
  

Corporate common stock (2339252)

     2,700 shares         1,224   
  

Corporate common stock (251893103)

     19,700 shares         758   
  

Corporate common stock (252603105)

     19,800 shares         639   
  

Corporate common stock (25389M877)

     50,600 shares         866   
  

Corporate common stock (25400B108)

     29,300 shares         349   
  

Corporate common stock (257559203)

     8,400 shares         672   
  

Corporate common stock (2671932)

     16,400 shares         1,053   
  

Corporate common stock (2728429)

     14,100 shares         1,049   
  

Corporate common stock (27579R104)

     26,400 shares         521   
  

Corporate common stock (278768106)

     30,100 shares         630   
  

Corporate common stock (29084Q100)

     26,300 shares         705   
  

Corporate common stock (29264F205)

     30,200 shares         1,043   
  

Corporate common stock (302941109)

     26,300 shares         1,116   
  

Corporate common stock (303250104)

     16,300 shares         584   

 

 

13


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 (33616C100)

     35,600 shares         1,090   
  

Corporate common stock (36191U106)

     75,500 shares         547   
  

Corporate common stock (36467W109)

     37,300 shares         900   
  

Corporate common stock (378967103)

     106,200 shares         473   
  

Corporate common stock (37940X102)

     20,100 shares         952   
  

Corporate common stock (404132102)

     37,200 shares         1,023   
  

Corporate common stock (405024100)

     18,000 shares         1,102   
  

Corporate common stock (410867105)

     30,000 shares         1,049   
  

Corporate common stock (426281101)

     10,300 shares         346   
  

Corporate common stock (436440101)

     46,600 shares         816   
  

Corporate common stock (451055107)

     35,200 shares         573   
  

Corporate common stock (451107106)

     31,000 shares         1,315   
  

Corporate common stock (45256B101)

     71,200 shares         1,436   
  

Corporate common stock (488360207)

     65,100 shares         459   
  

Corporate common stock (493267108)

     72,700 shares         559   
  

Corporate common stock (497266106)

     10,800 shares         711   
  

Corporate common stock (501242101)

     60,400 shares         559   
  

Corporate common stock (512807108)

     21,800 shares         807   
  

Corporate common stock (52602E102)

     36,100 shares         544   
  

Corporate common stock (529771107)

     27,400 shares         906   
  

Corporate common stock (53219L109)

     25,700 shares         955   
  

Corporate common stock (55272X102)

     173,000 shares         1,163   
  

Corporate common stock (570535104)

     2,600 shares         1,078   
  

Corporate common stock (584690309)

     28,800 shares         958   
  

Corporate common stock (58502B106)

     14,200 shares         1,023   
  

Corporate common stock (64115T104)

     19,700 shares         347   
  

Corporate common stock (64126X201)

     15,500 shares         530   
  

Corporate common stock (64128B108)

     39,600 shares         423   
  

Corporate common stock (651718504)

     37,300 shares         354   
  

Corporate common stock (670837103)

     15,500 shares         879   
  

Corporate common stock (675746309)

     51,500 shares         746   
  

Corporate common stock (688239201)

     5,100 shares         109   
  

Corporate common stock (703481101)

     16,200 shares         324   
  

Corporate common stock (723484101)

     29,000 shares         1,397   
  

Corporate common stock (73930R102)

     138,800 shares         543   
  

Corporate common stock (78505P100)

     6,100 shares         345   
  

Corporate common stock (80007P307)

     66,700 shares         544   
  

Corporate common stock (82705T102)

     100,000 shares         470   
  

Corporate common stock (829226109)

     5,100 shares         58   
  

Corporate common stock (82966C103)

     13,100 shares         577   
  

Corporate common stock (86764P109)

     21,200 shares         870   
  

Corporate common stock (879664100)

     125,000 shares         505   
  

Corporate common stock (880770102)

     46,000 shares         627   
  

Corporate common stock (88164L100)

     60,300 shares         1,010   
  

Corporate common stock (891906109)

     43,300 shares         847   
  

Corporate common stock (903236107)

     19,100 shares         671   
  

Corporate common stock (90333E108)

     157,000 shares         179   
  

Corporate common stock (909214306)

     23,600 shares         465   
  

Corporate common stock (911268100)

     65,363 shares         356   
  

Corporate common stock (918866104)

     34,200 shares         658   
  

Corporate common stock (92275P307)

     25,700 shares         174   

 

 

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 (92886T201)

     241,600 shares         592   
  

Corporate common stock (939640108)

     2,100 shares         791   
  

Corporate common stock (94946T106)

     10,300 shares         541   
  

Corporate common stock (95709T100)

     56,800 shares         1,635   
  

Corporate common stock (968223206)

     18,100 shares         804   
  

Interest bearing cash (98765455B)

     1,909,388 shares         1,909   
  

Receivables

        871   
  

Benefit Claims Payable

        (7
  

Operating Payables

        (128
  

Other Liabilities

        (244
        

 

 

 
           69,955   
        

 

 

 
  

Common collective trusts

     
  

Vanguard Target Income

     196,826 units         7,288   
  

Vanguard Target 2010

     395,713 units         13,395   
  

Vanguard Target 2015

     1,313,593 units         42,468   
  

Vanguard Target 2020

     2,612,520 units         81,563   
  

Vanguard Target 2025

     3,456,560 units         103,524   
  

Vanguard Target 2030

     3,598,292 units         103,955   
  

Vanguard Target 2035

     3,577,291 units         101,060   
  

Vanguard Target 2040

     3,375,804 units         95,535   
  

Vanguard Target 2045

     2,705,073 units         76,310   
  

Vanguard Target 2050

     1,538,967 units         43,645   
  

Vanguard Target 2055

     86,730 units         3,007   
  

Mellon Aggregate Bond Index Fund

     569,011 units         117,396   
        

 

 

 
           789,146   
        

 

 

 

*

  

Comcast Corporation Stock (at fair value)

     
  

Class A Common Stock

     9,174,843 shares         217,536   
  

Class A Special Common Stock

     1,363,566 shares         32,126   
        

 

 

 
           249,662   
        

 

 

 
  

Comcast Stable Value Fund (at fair value)

     
  

Fidelity Short Term Investment Fund; .19%

     3,256,339 units         3,208   
  

Security-Backed Investment Contracts:

     
  

Natixis; 2.35%

     142,029,247 units         147,195   
  

JP Morgan Chase; 2.39%

     192,675,460 units         199,684   
  

AIG Financial Products Corp; 2.28%

     91,392,117 units         94,716   
  

State Street Bank and Trust Company Boston; 2.34%

     142,038,378 units         147,205   
        

 

 

 
           588,800   
        

 

 

 
           592,008   
        

 

 

 
  

Notes receivable from participants (principal balance plus accrued but unpaid interest – interest rates from 4.25% to 9.50%; maturities from 2012 to 2038)

        118,785   
        

 

 

 
         $ 3,429,820   
        

 

 

 

 

* Represents a party-in-interest to the Plan.

 

15


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 26, 2012, relating to the statements of net assets available for benefits as of December 31, 2011 and 2010, the related statement of changes in net assets available for benefits for the year ended December 31, 2011 and the related supplemental Schedule H – Part IV – Line 4i-Schedule of Assets (Held at End of Year) as of December 31, 2011, which report appears in the December 31, 2011 Annual Report on Form 11-K of the Comcast Corporation Retirement-Investment Plan.

/s/ Deloitte & Touche LLP

Philadelphia, Pennsylvania

June 26, 2012

 

16


Table of Contents

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

June 26, 2012

   
  By:  

/s/ Lawrence J. Salva

    Lawrence J. Salva
    Senior Vice President, Chief Accounting Officer and Controller

 

17