SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 11-K
ANNUAL REPORT
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, 2003.
OR
TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE
--- SECURITIES EXCHANGE ACT OF 1934.
For the transition period from _________ to ________
Commission file number 000-50093
---------
A. Full title of the plan and the address of the plan, if
different from that of the issuer named below:
THE 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
1500 Market Street
Philadelphia, PA 19102-2148
COMCAST CORPORATION RETIREMENT-
INVESTMENT PLAN
Financial Statements as of December 31, 2003 and 2002
and for the Year Ended December 31, 2003; Supplemental
Schedule as of December 31, 2003; and Report of
Independent Registered Public Accounting Firm
COMCAST CORPORATION RETIREMENT-INVESTMENT PLAN
TABLE OF CONTENTS
- --------------------------------------------------------------------------------
Page
----
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM 1
FINANCIAL STATEMENTS:
Statement of Net Assets Available for Benefits as of December 31, 2003 and 2002 2
Statement of Changes in Net Assets Available for Benefits for the Year Ended
December 31, 2003 3
Notes to Financial Statements 4-8
SUPPLEMENTAL SCHEDULE:
Schedule H - Line 4i - Schedule of Assets Held for Investment Purposes as of
December 31, 2003 9-10
CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM 11
SIGNATURES 12
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, 2003 and 2002, and the related statement of changes in net assets
available for benefits for the year ended December 31, 2003. 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. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements. An audit also includes 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,
2003 and 2002, and the related changes in net assets available for benefits for
the year ended December 31, 2003 in conformity with accounting principles
generally accepted in the United States of America.
Our audits were performed for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental schedule of Assets Held
for Investment Purposes as of December 31, 2003 (Schedule H - Line 4i) 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 supplemental schedule
is the responsibility of the Plan's management. Such supplemental schedule has
been subjected to the auditing procedures applied in our audit of the basic 2003
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 23, 2004
-1-
COMCAST CORPORATION RETIREMENT-INVESTMENT PLAN
- ----------------------------------------------
STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS
DECEMBER 31, 2003 AND 2002
(Thousands of Dollars)
- --------------------------------------------------------------------------------
December 31,
2003 2002
---------- ----------
ASSETS:
Cash $ 903 $ 53
Contributions receivable 8,260 2,034
Investments, at fair or contract value 1,447,430 299,692
Loans receivable from participants 50,518 12,220
---------- ----------
NET ASSETS AVAILABLE FOR BENEFITS $1,507,111 $ 313,999
========== ==========
See notes to financial statements.
-2-
COMCAST CORPORATION RETIREMENT-INVESTMENT PLAN
- ----------------------------------------------
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
YEAR ENDED DECEMBER 31, 2003
(Thousands of Dollars)
- --------------------------------------------------------------------------------
Year Ended
December 31,
2003
-----------
ADDITIONS TO NET ASSETS ATTRIBUTED TO:
Investments:
Net realized and unrealized appreciation
in fair value of investments $ 144,829
Interest and dividends 22,288
-----------
167,117
-----------
Contributions:
Employee 81,801
Employer 58,218
Rollovers from merged plans (Notes 1 and 4) 971,365
-----------
1,111,384
-----------
1,278,501
-----------
DEDUCTIONS FROM NET ASSETS ATTRIBUTED TO:
Benefits paid to participants or beneficiaries (85,389)
-----------
(85,389)
-----------
Net increase 1,193,112
NET ASSETS AVAILABLE FOR BENEFITS:
Beginning of year 313,999
-----------
End of year $ 1,507,111
===========
See notes to financial statements.
-3-
COMCAST CORPORATION RETIREMENT-INVESTMENT PLAN
- ----------------------------------------------
NOTES TO FINANCIAL STATEMENTS
YEARS ENDED DECEMBER 31, 2003 and 2002
- --------------------------------------------------------------------------------
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. Effective November 18, 2002
Comcast Corporation became the Plan Administrator ("Comcast," the
"Company" or the "Plan Administrator"). Prior to November 18, 2002,
Comcast Holdings Corporation ("Comcast Holdings") was the Plan
Administrator (see Note 7). 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(k), 401(a) 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").
Prior to January 1, 2003 employees generally became eligible for
participation in the Plan upon completion of three months of service, as
defined in the Plan, and participated in allocations of employer matching
contributions under the Plan after completion of one year of service.
Effective January 1, 2003, the Plan was amended such that full- time
employees become eligible to participate in the Plan after completion of
six months of service and part-time employees become eligible to
participate in the Plan after one year and completion of 1,000 hours of
service. Also, effective January 1, 2003, the Plan was amended to reduce
the service requirement for full-time employees to become eligible for
Company matching contributions from one year to six months except for
certain collectively bargained employees.
Prior to July 1, 2003, each eligible employee was able to direct the
Company to make contributions to the Plan of any whole percentage from 1%
through 17% of their eligible compensation, subject to certain limits
imposed by the Code. Effective July 1, 2003, the Plan was amended to
increase the maximum amount of eligible compensation that may be deferred
from 17% to 50%, subject to certain limits imposed by the Code.
Effective January 1, 2003, the Plan was amended to increase the employer
matching contribution rate so that the Company matches 100% of the
participant's contribution up to 6% of the participant's eligible
compensation for such payroll period except for certain collectively
bargained employees.
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 may 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 for the year ended December 31, 2003 amounted
to $58,720.
-4-
COMCAST CORPORATION RETIREMENT-INVESTMENT PLAN
- ----------------------------------------------
NOTES TO FINANCIAL STATEMENTS
YEARS ENDED DECEMBER 31, 2003 and 2002 (Continued)
- --------------------------------------------------------------------------------
Any participant who has a separation from service for any reason except
death, disability or attainment of age 65 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, an annuity, installments over a period
of time, any combination of the foregoing or a rollover into another
qualified plan. On October 28, 2002, the Plan was amended to eliminate
annuity forms of payment, effective February 28, 2003.
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.
Rollovers of Assets from Merged Plans
-------------------------------------
On February 26, 2003, the Compensation Committee of the Board of Directors
of the Company resolved to merge the Comcast Cable Communications
Holdings, Inc. Long Term Savings Plan ("CCCHI Plan") with and into the
Plan (the "Merger"). Effective July 1, 2003, the assets and liabilities of
the CCCHI Plan became assets and liabilities of the Plan. The transfer is
included in the accompanying statement of changes in net assets available
for benefits in "Rollovers from merged plans" and approximated $931.1
million.
Removal and Appointment of Trustee
----------------------------------
Effective July 1, 2003, Putnam Fiduciary Trust Company was removed as
Trustee of the Plan and Fidelity Management Trust Company was appointed
Trustee of the Plan. Concurrent with the change in Trustee, several mutual
funds previously provided as investment options under the Plan were
eliminated and several new mutual funds with similar investment strategies
were added.
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The financial statements of the Plan are presented using the accrual basis
of accounting. Contributions receivable represent amounts due to the Plan
relating to December 26, 2003 participant and employer matching
contributions not remitted to the Plan until subsequent to year-end.
Investments in mutual funds, the AT&T Stock Fund and the Comcast
Corporation Stock Fund are carried at fair value. Fair value is determined
by the last sale or closing price as of the last trading day of the Plan
year for investments in securities traded on a securities exchange or the
Nasdaq National Market. Investment contracts, which are included in the
Comcast Stable Value Fund, are fully benefit-responsive and are carried at
contract value. Contract value represents contributions made, plus
interest at the contract rate and transfers, less distributions. Loans
receivable from participants are valued at cost which approximates fair
value. 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.
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 accounting
principles generally accepted in the United States of America requires
management to make estimates and assumptions that affect the amounts
reported in the financial statements and accompanying notes. Actual
results could differ from those estimates.
-5-
COMCAST CORPORATION RETIREMENT-INVESTMENT PLAN
- ----------------------------------------------
NOTES TO FINANCIAL STATEMENTS
YEARS ENDED DECEMBER 31, 2003 and 2002 (Continued)
- --------------------------------------------------------------------------------
3. INVESTMENTS
The Plan's investments are held by a trust fund and are presented in the
following table (dollars in thousands, units/shares rounded to nearest
whole unit or share).
December 31, 2003
-----------------------------------------
Number of
Units/Shares Amount
------------- -------------
Mutual Funds (at fair value)
Ariel Fund 744,852 units $33,608
Dodge and Cox Balanced Fund 901,603 units 65,853
Fidelity Blue Chip Growth Fund 3,905,384 units 154,770*
Fidelity Brokeragelink 3,662,169 units 3,662
Fidelity Diversified International Fund 2,428,392 units 58,573
Fidelity Freedom 2010 Fund 1,392,631 units 18,132
Fidelity Freedom 2020 Fund 3,197,244 units 41,628
Fidelity Freedom 2030 Fund 2,539,055 units 32,881
Fidelity Freedom 2040 Fund 977,963 units 7,393
Fidelity Freedom Income Fund 173,331 units 1,922
Fidelity Small Cap Stock Fund 2,720,886 units 46,527
Fidelity US Bond Index Fund 1,510,709 units 16,905
Pimco Total Return Institutional Fund 2,456,841 units 26,313
Spartan International Index Fund 63,740 units 1,738
Spartan US Equity Index Fund 3,221,656 units 126,965*
Templeton World Fund, Class A 776,094 units 13,093
Vanguard SM Cap Index Fund 716,036 units 16,182
Vanguard Total Stock Market Index Fund 271,705 units 7,062
Vanguard Windsor II Fund 1,098,879 units 51,669
-------------
724,876
-------------
AT&T Stock Fund 1,818,547 units 36,917
-------------
Comcast Corporation Stock Fund (at fair value)
Class A Common Stock 5,095,742 shares 167,089*
Class A Special Common Stock 2,781,533 shares 87,034*
-------------
254,123
-------------
Comcast Stable Value Fund (at contract value)
Fidelity Stable Value Fund 10,453,878 units 10,454
Putnam Stable Value Fund 47,072,624 units 47,073
Other Investment Contracts 373,987,558 units 373,987*
-------------
431,514
-------------
$1,447,430
=============
-6-
COMCAST CORPORATION RETIREMENT-INVESTMENT PLAN
- ----------------------------------------------
NOTES TO FINANCIAL STATEMENTS
YEARS ENDED DECEMBER 31, 2003 and 2002 (Continued)
- --------------------------------------------------------------------------------
December 31, 2002
-----------------------------------------
Number of
Units/Shares Amount
------------------ ------------
Mutual Funds (at fair value)
Ariel Fund 38,007 units $ 1,339
Dodge and Cox Balanced Fund 718,694 units 43,661
Harbor Capital Appreciation Fund 265,340 units 5,362
Pimco Total Return Institutional Fund 388,826 units 4,149
Putnam International Growth Fund 867,061 units 14,324
Putnam Investors Fund 3,164,264 units 28,194
Putnam New Opportunities Fund 510,851 units 14,907
Putnam S&P 500 Index Fund 926,450 units 20,048
Vanguard Windsor II Fund 833,888 units 17,345
------------
149,329
------------
Comcast Corporation Stock Fund (at fair value)
Class A Common Stock 113,752 shares 2,681
Class A Special Common Stock 3,260,388 shares 73,652
------------
76,333
------------
Comcast Stable Value Fund (at contract value)
Other investment contracts 5,671,416 units 5,672
The Putnam Stable Value Fund 68,358,333 units 68,358
------------
74,030
------------
$299,692
============
* Represents greater than 5% of the Plan's net assets at December 31, 2003.
During 2003, the Plan's investments (including gains and losses on
investments bought and sold, as well as held during the year) appreciated
in value as follows (in thousands):
Mutual Funds $100,453
Common Stock 44,376
--------
$144,829
--------
The fair value of assets included in the Comcast Stable Value Fund was
$437,345,000 and $74,200,000 as of December 31, 2003 and 2002,
respectively. The average yield of investment contracts held as of
December 31, 2003 and 2002 was 4.27% and 4.82%, respectively. The average
yield on investment contracts for the year ended December 31, 2003 was
4.04%.
4. 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%
on the date the loan application is approved. In connection with the
Merger, outstanding participant loans of the CCCHI Plan totaling
approximately $40.3 million were transferred into the Plan and are
included in "Rollovers from merged
-7-
COMCAST CORPORATION RETIREMENT-INVESTMENT PLAN
- ----------------------------------------------
NOTES TO FINANCIAL STATEMENTS
YEARS ENDED DECEMBER 31, 2003 and 2002 (Continued)
- --------------------------------------------------------------------------------
plans" on the statement of changes in net assets available for benefits
(see Note 1). Principal and interest are paid through payroll deductions
or participant initiated payments. Interest rates ranged from 4.25% to
11.50% and 5.25% to 11% for the years ended December 31, 2003 and 2002,
respectively. Maturities on active outstanding loans ranged from 2004 to
2024 and 2002 to 2026 for the year ended December 31, 2003 and 2002,
respectively. 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 for 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 pre-January 1,
2001 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.
5. 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.
6. FEDERAL TAX CONSIDERATIONS
a. Income Tax Status of the Plan - The Plan received a determination letter
dated December 19, 1995 in which the IRS stated that the Plan, as amended
and restated effective January 1, 1993, is qualified and that the trust
established under the Plan is tax-exempt. The Plan has been amended since
receiving the determination letter (see Note 1). A request for an updated
determination letter, which considers the 2002 amendments, was filed with
the IRS on February 27, 2002. On March 14, 2003, the Plan received a
favorable determination letter with respect to the Company's request
indicating that the form of the Plan as amended and restated, effective
January 1, 1997 satisfies the applicable requirements of the Code and the
form of the related trust satisfies the applicable requirements for
exemption from federal income tax under the Code. On September 10, 2003 a
request for an updated determination letter, which considers the 2003
amendments, was filed with the IRS. The company believes that the Plan
continues to comply in form and operation with the applicable requirements
of the Code. Therefore, the company believes that the Plan was qualified
and the related trust was tax-exempt as of December 31, 2003. 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.
7. ACQUISITION OF BROADBAND
On November 18, 2002, the Company completed the acquisition of AT&T
Corp.'s broadband division ("Broadband") which resulted in the combination
of Comcast Holdings and Broadband. Concurrent with the closing of the
Broadband acquisition, shareholders of Comcast Holdings received shares of
Comcast common stock in exchange for corresponding shares of Comcast
Holdings common stock based on an exchange ratio of 1 to 1 (the
"Reorganization"). Upon completion of the Broadband acquisition and the
Reorganization, Comcast Holdings and Broadband are wholly owned
subsidiaries of Comcast, with Comcast Holdings as the predecessor to
Comcast.
-8-
COMCAST CORPORATION RETIREMENT-INVESTMENT PLAN
- ----------------------------------------------
SCHEDULE H - LINE 4i - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
DECEMBER 31, 2003
- ------------------------------------------------------------------------------------------------------------
FEIN #27-0000798
PLAN #001
Description of Investment,
Including Maturity Date,
Identity of Issue, Borrower, Lessor Rate of Interest, Par or
or Similar Party Maturity Value
- ------------------------------------------------------ -----------------------------------------------
Fair or
Current Value
----------------
($ in thousands)
Mutual Funds (at fair value)
Ariel Fund 744,852 units $33,608
Dodge and Cox Balanced Fund 901,603 units 65,853
Fidelity Blue Chip Growth Fund 3,905,384 units 154,770
Fidelity Brokeragelink 3,662,169 units 3,662
Fidelity Diversified International Fund 2,428,392 units 58,573
Fidelity Freedom 2010 Fund 1,392,631 units 18,132
Fidelity Freedom 2020 Fund 3,197,244 units 41,628
Fidelity Freedom 2030 Fund 2,539,055 units 32,881
Fidelity Freedom 2040 Fund 977,963 units 7,393
Fidelity Freedom Income Fund 173,331 units 1,922
Fidelity Small Cap Stock Fund 2,720,886 units 46,527
Fidelity US Bond Index Fund 1,510,709 units 16,905
Pimco Total Return Institutional Fund 2,456,841 units 26,313
Spartan International Index Fund 63,740 units 1,738
Spartan US Equity Index Fund 3,221,656 units 126,965
Templeton World Fund, Class A 776,094 units 13,093
Vanguard SM Cap Index Fund 716,036 units 16,182
Vanguard Total Stock Market Index Fund 271,705 units 7,062
Vanguard Windsor II Fund 1,098,879 units 51,669
----------------
724,876
----------------
AT&T Stock Fund 1,818,547 units 36,917
----------------
Comcast Corporation Stock Fund (at fair value)*
Class A Common Stock 5,095,742 shares 167,089
Class A Special Common Stock 2,781,533 shares 87,034
----------------
254,123
----------------
Comcast Stable Value Fund (at contract value)
Fidelity Stable Value Fund; 1.00% 10,453,878 units 10,454
Putnam Stable Value Fund; 4.22% 47,072,624 units 47,073
----------------
57,527
----------------
Traditional Investment Contracts
Travelers Life & Annuity; 03/01/07 Maturity;
4.22% 3,779,035 units 3,779
Business Men's Assurance Company; 08/31/04
Maturity; 7.14% 1,857,841 units 1,858
Canada Life Insurance 06/01/07 Maturity; 4.84% 3,268,187 units 3,268
John Hancock Life Insurance Company; 03/01/06
Maturity; 5.64% 1,467,359 units 1,467
-9-
COMCAST CORPORATION RETIREMENT-INVESTMENT PLAN
- ----------------------------------------------
SCHEDULE H - LINE 4i - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
DECEMBER 31, 2003
- ------------------------------------------------------------------------------------------------------------
FEIN #27-0000798
PLAN #001
Description of Investment,
Including Maturity Date,
Identity of Issue, Borrower, Lessor Rate of Interest, Par or
or Similar Party Maturity Value
- ------------------------------------------------------ -----------------------------------------------
Fair or
Current Value
----------------
($ in thousands)
John Hancock Life Insurance Company; 04/01/05
Maturity; 5.54% 3,090,785 units 3,091
Principal Life Insurance Company; 07/01/04
Maturity; 5.82% 1,811,812 units 1,812
Protective Life Insurance Company; 11/01/04
Maturity; 7.07% 1,575,841 units 1,576
Protective Life Insurance Company; 05/02/05
Maturity; 5.58% 1,879,040 units 1,879
Prudential Financial; 11/12/04 Maturity; 6.99% 2,692,930 units 2,693
Prudential Financial; 08/01/07 Maturity; 4.48% 3,171,245 units 3,171
AIG SunAmerica; 06/30/04 Maturity; 6.88% 1,377,483 units 1,377
----------------
25,971
----------------
Security-Backed Investment Contracts
Bank of America; 4.24% 87,004,000 units 87,004
JPMorgan Chase Bank; 4.24% 87,004,000 units 87,004
Rabobank Netherland; 4.24% 87,004,000 units 87,004
State Street Bank & Trust Company; 4.24% 87,004,000 units 87,004
----------------
348,016
----------------
431,514
----------------
Participant Loan Fund (at cost, which approximates
fair value) (interest rates from 4.25% to 11.50%;
maturities from 2004 to 2024) 50,518
----------------
$1,497,948
================
* Represents a party-in-interest to the Plan.
-10-
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 23, 2004
appearing in this Annual Report on Form 11-K of the Comcast Corporation
Retirement-Investment Plan for the year ended December 31, 2003.
/s/ DELOITTE & TOUCHE LLP
Philadelphia, Pennsylvania
June 23, 2004
-11-
SIGNATURES
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.
THE COMCAST CORPORATION
RETIREMENT-INVESTMENT PLAN
By: Comcast Corporation
Plan Administrator
June 28, 2004 By: /s/ Lawrence J. Salva
------------------------------
Lawrence J. Salva
Senior Vice President and
Controller
-12-
