-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: keymaster@town.hall.org Originator-Key-Asymmetric: MFkwCgYEVQgBAQICAgADSwAwSAJBALeWW4xDV4i7+b6+UyPn5RtObb1cJ7VkACDq pKb9/DClgTKIm08lCfoilvi9Wl4SODbR1+1waHhiGmeZO8OdgLUCAwEAAQ== MIC-Info: RSA-MD5,RSA, n7GQdsWIixW8MX7n1SZm7+GHyW6KkTMn4tbNqbXJSbqjh4iDJD8ILTt/OPlD33jb ab88z89uyfAA1yrMisGe/g== 0000950159-95-000062.txt : 199507030000950159-95-000062.hdr.sgml : 19950703 ACCESSION NUMBER: 0000950159-95-000062 CONFORMED SUBMISSION TYPE: 11-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19950630 FILED AS OF DATE: 19950630 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: COMCAST CORP CENTRAL INDEX KEY: 0000022301 STANDARD INDUSTRIAL CLASSIFICATION: CABLE & OTHER PAY TELEVISION SERVICES [4841] IRS NUMBER: 231709202 STATE OF INCORPORATION: PA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 11-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-06983 FILM NUMBER: 95551271 BUSINESS ADDRESS: STREET 1: 1500 MARKET STREET CITY: PHILADELPHIA STATE: PA ZIP: 19102-2148 BUSINESS PHONE: 215-665-1700 MAIL ADDRESS: STREET 1: 1500 MARKET STREET CITY: PHILADELPHIA STATE: PA ZIP: 19102-2148 11-K 1 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 [GRAPHIC OMITTED] (Mark One): X ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934. For the fiscal year ended December 31, 1994. OR TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934. For the transition from _________ to ________ Commission file number 0-6983 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 COMCAST CORPORATION RETIREMENT- INVESTMENT PLAN Financial Statements as of December 31, 1994 and 1993 and for each of the Three Years in the Period Ended December 31, 1994; Supplemental Schedules as of and for the Year ended December 31, 1994; and Independent Auditors' Report COMCAST CORPORATION RETIREMENT-INVESTMENT PLAN TABLE OF CONTENTS
Page INDEPENDENT AUDITORS' REPORT 1 FINANCIAL STATEMENTS: Statement of Net Assets Available for Plan Benefits as of December 31, 1994 and 1993 2 Statement of Changes in Net Assets Available for Plan Benefits for the Years Ended December 31, 1994, 1993 and 1992 3-5 Notes to Financial Statements 6-10 SUPPLEMENTAL SCHEDULES: Item 27a - Schedule of Assets Held for Investment Purposes as of December 31, 1994 11 Item 27d - Schedule of Reportable Transactions for the Year Ended December 31, 1994 12
1 INDEPENDENT AUDITORS' REPORT Plan Administrator Comcast Corporation Retirement-Investment Plan Philadelphia, Pennsylvania We have audited the accompanying statement of net assets available for plan benefits of the Comcast Corporation Retirement-Investment Plan (the "Plan") as of December 31, 1994 and 1993, and the related statement of changes in net assets available for plan benefits for each of the three years in the period ended December 31, 1994. 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 generally accepted auditing standards. 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 plan benefits of the Comcast Corporation Retirement-Investment Plan as of December 31, 1994 and 1993, and the related changes in its net assets available for plan benefits for each of the three years in the period ended December 31, 1994, in conformity with generally accepted accounting principles. Our audits were conducted for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental information by fund in the statement of net assets available for plan benefits and the statement of changes in net assets available for plan benefits is presented for the purpose of additional analysis of the basic financial statements rather than to present information regarding the net assets available for benefits and changes in net assets available for benefits of each fund. The supplemental schedules on pages 11 and 12 are presented for the purpose of additional analysis and are not a required part of the basic financial statements, but are 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. The supplemental information by fund and supplemental schedules are the responsibility of the Plan's management. The supplemental information by fund and supplemental schedules have been subjected to the auditing procedures applied in the audits of the basic financial statements and, in our opinion, are 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 7, 1995 2 COMCAST CORPORATION RETIREMENT-INVESTMENT PLAN STATEMENT OF NET ASSETS AVAILABLE FOR PLAN BENEFITS DECEMBER 31, 1994 AND 1993
Supplemental Information by Fund Pooled Funds John Hancock John John Balanced Hancock Hancock Stock and Diversified Total Guaranteed Total Comcast Bond Stock Pooled Investment Investment Participant Stock Fund Fund Fund Funds Fund Funds Loan Fund Total ---------- ---- ---- ----- ---- ----- --------- ----- DECEMBER 31, 1994 ASSETS Investments - at market or contract values $15,053,230 $4,072,543 $7,504,811 $11,577,354 $17,420,121 $44,050,705 $ $44,050,705 Cash 112,694 112,694 112,694 Loans receivable from participants 2,117,827 2,117,827 ----------- ---------- ---------- ---------- ----------- ----------- ---------- ----------- NET ASSETS AVAILABLE FOR PLAN BENEFITS $15,165,924 $4,072,543 $7,504,811 $11,577,354 $17,420,121 $44,163,399 $2,117,827 $46,281,226 =========== ========== ========== ========== =========== =========== ========== =========== DECEMBER 31, 1993 ASSETS Investments - at market or contract values $20,509,866 $3,162,633 $5,618,301 $8,780,934 $17,488,132 $46,778,932 $ $46,778,932 Cash 85,337 85,337 85,337 Loans receivable from participants 1,591,911 1,591,911 ----------- ---------- ---------- ---------- ----------- ----------- ---------- ----------- NET ASSETS AVAILABLE FOR PLAN BENEFITS $20,595,203 $3,162,633 $5,618,301 $8,780,934 $17,488,132 $46,864,269 $1,591,911 $48,456,180 =========== ========== ========== ========== =========== =========== ========== ===========
See notes to financial statements. 3 COMCAST CORPORATION RETIREMENT-INVESTMENT PLAN STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS YEAR ENDED DECEMBER 31, 1994
Supplemental Information by Fund Pooled Funds John Hancock John John Balanced Hancock Hancock Stock and Diversified Total Guaranteed Total Comcast Bond Stock Pooled Investment Investment Participant Stock Fund Fund Fund Funds Fund Funds Loan Fund Total ---------- ---- ---- ----- ---- ----- --------- ----- NET ASSETS AVAILABLE FOR PLAN BENEFITS, BEGINNING OF YEAR $20,595,203 $3,162,633 $5,618,301 $8,780,934 $17,488,132 $46,864,269 $1,591,911 $48,456,180 ADDITIONS Contributions: Employer 821,581 336,521 634,384 970,905 814,301 2,606,787 2,606,787 Employee 1,679,063 930,447 1,534,428 2,464,875 1,780,033 5,923,971 5,923,971 Investment income - interest and dividends 89,524 185,621 192,125 377,746 780,604 1,247,874 1,247,874 Interest on employee loans and other 78,131 12,046 19,078 31,124 53,084 162,339 162,339 Interfund transfers 945,380 50,659 192,485 243,144 (1,188,524) Realized gains and net decrease in unrealized appreciation in value of investments (7,658,351) (262,323) (274,997) (537,320) (8,195,671) (8,195,671) Loan repayments - principal 269,063 77,439 146,856 224,295 293,625 786,983 (786,983) ----------- ---------- ---------- ----------- ----------- ----------- ---------- ----------- (3,775,609) 1,330,410 2,444,359 3,774,769 2,533,123 2,532,283 (786,983) 1,745,300 ----------- ---------- ---------- ----------- ----------- ----------- ---------- ----------- DEDUCTIONS Payments to participants or beneficiaries 1,452,869 218,667 342,900 561,567 1,327,936 3,342,372 3,342,372 Loan withdrawals 200,647 194,272 203,210 397,482 714,770 1,312,899 (1,312,899) Forfeited amounts 154 7,561 11,739 19,300 558,428 577,882 577,882 ----------- ---------- ---------- ----------- ----------- ----------- ---------- ----------- 1,653,670 420,500 557,849 978,349 2,601,134 5,233,153 (1,312,899) 3,920,254 ----------- ---------- ---------- ----------- ----------- ----------- ---------- ----------- NET (DEDUCTIONS) ADDITIONS (5,429,279) 909,910 1,886,510 2,796,420 (68,011) (2,700,870) 525,916 (2,174,954) ----------- ---------- ---------- ----------- ----------- ----------- ---------- ----------- NET ASSETS AVAILABLE FOR PLAN BENEFITS, END OF YEAR $15,165,924 $4,072,543 $7,504,811 $11,577,354 $17,420,121 $44,163,399 $2,117,827 $46,281,226 =========== ========== ========== =========== =========== =========== ========== ===========
See notes to financial statements. 4 COMCAST CORPORATION RETIREMENT-INVESTMENT PLAN STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS YEAR ENDED DECEMBER 31, 1993
Supplemental Information by Fund Pooled Funds John Hancock John John Balanced Hancock Hancock Stock and Diversified Total Guaranteed Total Comcast Bond Stock Pooled Investment Investment Participant Stock Fund Fund Fund Funds Fund Funds Loan Fund Total ---------- ---- ---- ----- ---- ----- --------- ----- NET ASSETS AVAILABLE FOR PLAN BENEFITS, BEGINNING OF YEAR $10,460,074 $1,443,760 $2,510,992 $3,954,752 $15,337,481 $29,752,307 $1,167,387 $30,919,694 ADDITIONS Contributions: Employer 599,145 288,964 497,596 786,560 989,257 2,374,962 2,374,962 Employee 1,232,573 650,236 1,085,374 1,735,610 1,931,919 4,900,102 4,900,102 Investment income - interest and dividends 81,485 96,511 115,080 211,591 845,520 1,138,596 1,138,596 Interest on employee loans and other 28,960 5,864 11,584 17,448 80,626 127,034 127,034 Interfund transfers (1,010,074) 444,626 801,214 1,245,840 (235,766) Transfer of assets 260,730 250,408 446,147 696,555 201,508 1,158,793 1,158,793 Realized gains and net increase in unrealized appreciation in value of investments 9,794,980 151,620 427,534 579,154 10,374,134 10,374,134 Loan repayments - principal 173,317 48,530 89,288 137,818 285,103 596,238 (596,238) ----------- ---------- ---------- ---------- ----------- ----------- ---------- ----------- 11,161,116 1,936,759 3,473,817 5,410,576 4,098,167 20,669,859 (596,238) 20,073,621 ----------- ---------- ---------- ---------- ----------- ----------- ---------- ----------- DEDUCTIONS Payments to partici- pants or beneficiaries 796,669 130,111 278,145 408,256 1,358,118 2,563,043 2,563,043 Loan withdrawals 187,546 82,470 82,500 164,970 668,246 1,020,762 (1,020,762) Forfeited amounts (credits) 41,772 5,305 5,863 11,168 (78,848) (25,908) (25,908) ----------- ---------- ---------- ---------- ----------- ----------- ---------- ----------- 1,025,987 217,886 366,508 584,394 1,947,516 3,557,897 (1,020,762) 2,537,135 ----------- ---------- ---------- ---------- ----------- ----------- ---------- ----------- NET ADDITIONS 10,135,129 1,718,873 3,107,309 4,826,182 2,150,651 17,111,962 424,524 17,536,486 ----------- ---------- ---------- ---------- ----------- ----------- ---------- ----------- NET ASSETS AVAILABLE FOR PLAN BENEFITS, END OF YEAR $20,595,203 $3,162,633 $5,618,301 $8,780,934 $17,488,132 $46,864,269 $1,591,911 $48,456,180 =========== ========== ========== ========== =========== =========== ========== ===========
See notes to financial statements. 5 COMCAST CORPORATION RETIREMENT-INVESTMENT PLAN STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS YEAR ENDED DECEMBER 31, 1992
Supplemental Information by Fund Pooled Funds John Hancock John John Balanced Hancock Hancock Stock and Diversified Total Guaranteed Total Comcast Bond Stock Pooled Investment Investment Participant Stock Fund Fund Fund Funds Fund Funds Loan Fund Total ---------- ---- ---- ----- ---- ----- --------- ----- NET ASSETS AVAILABLE FOR PLAN BENEFITS, BEGINNING OF YEAR $8,415,083 $791,076 $1,225,244 $2,016,320 $13,353,018 $23,784,421 $958,584 $24,743,005 ADDITIONS Contributions: Employer 507,211 124,921 207,690 332,611 798,966 1,638,788 1,638,788 Employee 1,082,893 362,832 643,702 1,006,534 1,978,509 4,067,936 4,067,936 Investment income - interest and dividends 74,917 49,582 54,291 103,873 1,011,735 1,190,525 1,190,525 Interest on employee loans and other 33,186 4,376 6,008 10,384 51,269 94,839 94,839 Interfund transfers (268,382) 184,321 329,363 513,684 (245,302) Realized gains and net increase in unrealized appreciation in value of investments 1,351,258 46,932 135,557 182,489 1,533,747 1,533,747 Loan repayments - principal 176,235 27,331 39,807 67,138 324,776 568,149 (567,960) 189 ----------- ---------- ---------- ---------- ----------- ----------- ---------- ----------- 2,957,318 800,295 1,416,418 2,216,713 3,919,953 9,093,984 (567,960) 8,526,024 ----------- ---------- ---------- ---------- ----------- ----------- ---------- ----------- DEDUCTIONS Payments to participants or beneficiaries 753,590 105,916 91,333 197,249 1,392,463 2,343,302 2,343,302 Loan withdrawals 106,145 34,646 35,518 70,164 600,454 776,763 (776,763) Forfeited amounts (credits) 52,592 7,049 3,819 10,868 (57,427) 6,033 6,033 ----------- ---------- ---------- ---------- ----------- ----------- ---------- ----------- 912,327 147,611 130,670 278,281 1,935,490 3,126,098 (776,763) 2,349,335 ----------- ---------- ---------- ---------- ----------- ----------- ---------- ----------- NET ADDITIONS 2,044,991 652,684 1,285,748 1,938,432 1,984,463 5,967,886 208,803 6,176,689 ----------- ---------- ---------- ---------- ----------- ----------- ---------- ----------- NET ASSETS AVAILABLE FOR PLAN BENEFITS, END OF YEAR $10,460,074 $1,443,760 $2,510,992 $3,954,752 $15,337,481 $29,752,307 $1,167,387 $30,919,694 =========== ========== ========== ========== =========== =========== ========== ===========
See notes to financial statements. 6 COMCAST CORPORATION RETIREMENT-INVESTMENT PLAN NOTES TO FINANCIAL STATEMENTS YEARS ENDED DECEMBER 31, 1994, 1993 AND 1992 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The financial statements of the Comcast Corporation Retirement-Investment Plan (the "Plan") are presented using the accrual basis of accounting. Investments are carried at market value or contract value. Market value is determined by the last sales or closing price as of the last trading day of the Plan year for investments in securities traded on a matured securities exchange or the NASDAQ National Market System. Changes in investment market values are reflected as unrealized appreciation or depreciation in the financial statements of the Plan during each corresponding Plan year, while net realized gains and losses associated with the disposition of investments are recorded as of the trade date and calculated based on market values as of such date. Contract values of guaranteed investment contracts with insurance companies represent contributions made, plus interest at the contract rate and transfers, less distributions. Employee and employer contributions are recorded in the period to which they are applicable. All costs associated with administering the Plan are paid or absorbed by Comcast Corporation (the "Company"). Effective January 1, 1993, the 401(k) Plan of AWACS, Inc., a subsidiary of the Company, (the "AWACS Plan") was merged with and into the Plan and its net assets of approximately $1,159,000 were transferred into the Plan. All members of the AWACS Plan became eligible for participation in the Plan at that time. Certain reclassifications have been made to the 1993 and 1992 financial statements to conform with classifications used in 1994. 2. PLAN DESCRIPTION The following is not intended to be a complete description of the Plan. Plan participants should refer to the Plan documents and applicable amendments for a complete description of the Plan. The Plan is a defined contribution plan qualified under Internal Revenue Code (the "Code") Sections 401(k), 401(a) and 401(m). The Company amended and restated the Plan effective January 1, 1989 in order to comply with certain tax law requirements. The Plan has been subsequently amended and restated effective January 1, 1993 to reflect the merger with the AWACS Plan and make certain other technical, compliance and design changes. Participation in the Plan is open to covered employees who satisfy eligibility requirements as set forth in the Plan document. An employee is eligible for participation in the Plan upon completion of one year and one thousand hours of service. Each eligible employee may direct the Company to make contributions of any multiple of 1% between 1% and 17% of their compensation to the Plan, subject to certain limits imposed by the Code. The Company matches 100% of the participant's contribution up to 1% of the participant's compensation, and 50% of the participant's contribution in excess of 1% of the participant's compensation for such payroll period, up to a maximum of 3.5% of the participant's compensation. Prior to 1993, an eligible employee could contribute any multiple of 1% between 2% and 17% of his or her compensation, subject to certain limits imposed by the Code, and the Company matched 50% of the participant's contribution, up to a maximum of 3% of the participant's compensation. Each participant has at all times a 100% nonforfeitable interest in the participant's contributions and earnings attributable thereto. The Company makes contributions of cash to purchase 10 shares of Comcast Class A Special Common Stock for the account of each newly eligible participant. 7 COMCAST CORPORATION RETIREMENT-INVESTMENT PLAN NOTES TO FINANCIAL STATEMENTS YEARS ENDED DECEMBER 31, 1994, 1993 AND 1992 (Continued) Contributions by the Company are vested according to the following schedule: Years of Service Vested Percentage 1 year but less than 2 years 20% 2 years but less than 3 years 40 3 years but less than 4 years 60 4 years but less than 5 years 80 5 years or more 100 Each participant has the right, in accordance with the provisions of the Plan, to direct the investment by the trustee of all amounts allocated to the separate accounts of the participant under the Plan among any one or more of the investment fund options (see Note 3). The trustee pays benefits and expenses upon the written direction of the Plan Administrator. Nonvested amounts contributed by the Company which are forfeited by participants upon separation from service 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 current participants in the proportion that each participant's compensation for that Plan year bears to the compensation for all such members for the Plan year. 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 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 service period. If the participant has attained age 65, distribution may begin as soon after the valuation date as is administratively feasible. Otherwise, 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 or any combination of the foregoing. The Company may terminate or partially terminate the Plan. If the Plan is terminated or partially terminated, or there is a complete discontinuance of contributions by the Company, each affected participant's account balance will become nonforfeitable. 3. INVESTMENT OPTIONS Contributions are invested in accordance with the written directions of the participant in one or more of the following funds: a. Comcast Stock Fund - The assets of the Comcast Stock Fund, including earnings thereon, are invested in Comcast Corporation Class A and Class A Special Common Stock. Currently, participants may direct investments of new contributions and prior account balances only in Class A Common Stock. The trustee purchases the stock at prevailing rates in the open market, and, in the normal course of business, sells such stock to meet distribution requirements of the Plan. The value of the Comcast Stock Fund fluctuates. b. Pooled Funds - The assets of the Pooled Funds are invested in one or more of the following - equity securities, fixed income obligations issued by corporations, trusts, governments or political subdivisions, agencies or authorities, and money market instruments. The returns on such investments vary as the stock and bond markets fluctuate and there is no guarantee of principal or rate of return. 8 COMCAST CORPORATION RETIREMENT-INVESTMENT PLAN NOTES TO FINANCIAL STATEMENTS YEARS ENDED DECEMBER 31, 1994, 1993 AND 1992 (Continued) c. John Hancock Guaranteed Investment Fund - The assets of the John Hancock Guaranteed Investment Fund are invested in guaranteed investment contracts with insurance companies. The contracts contain provisions for repayment of principal to participants, plus interest at a specified annual rate for a specified period. Under these contracts, the insurance companies guarantee the rate of return only. Repayment of the original investment is not guaranteed. The selection of investments from the options listed above is the sole responsibility of each participant. Each participant assumes all risks connected with any decrease in the market value of any securities in these funds, and such funds are the sole source of payments under the Plan. 4. INVESTMENTS The investments of the Plan consist of the following (The market values used herein do not reflect any changes in price per share subsequent to year end; number of shares is rounded to the nearest whole share):
December 31, 1994 Market Market Number of Value Per or Contract Shares Share Value COMCAST STOCK FUND Comcast Corp. Common Stock: Class A 584,868 $15.375 $8,992,343 Class A Special (nonvoting) 386,339 15.688 6,060,887 ---------- 15,053,230 ---------- POOLED FUNDS John Hancock Balanced Stock and Bond Fund 4,072,543 John Hancock Diversified Stock Fund 7,504,811 ---------- 11,577,354 ---------- JOHN HANCOCK GUARANTEED INVESTMENT FUND (Guaranteed interest rates from 3.82% to 6.29%) 17,420,121 ---------- $44,050,705 ===========
9 COMCAST CORPORATION RETIREMENT-INVESTMENT PLAN NOTES TO FINANCIAL STATEMENTS YEARS ENDED DECEMBER 31, 1994, 1993 AND 1992 (Continued)
December 31, 1993 Market Market Number of Value Per or Contract Shares Share Value COMCAST STOCK FUND Comcast Corp. Common Stock: Class A 440,593 $36.375 $16,026,570 Class A Special (nonvoting) 124,536 36.000 4,483,296 ---------- 20,509,866 ---------- POOLED FUNDS John Hancock Balanced Stock and Bond Fund 3,162,633 John Hancock Diversified Stock Fund 5,618,301 ---------- 8,780,934 ---------- JOHN HANCOCK GUARANTEED INVESTMENT FUND (Guaranteed interest rates from 3.82% to 6.29%) 17,488,132 ---------- $46,778,932 ===========
On December 21, 1993, the Company's board of directors authorized a three-for-two stock split in the form of a 50% stock dividend payable on February 2, 1994 to shareholders of record on January 12, 1994. The dividend was paid in Class A Special Common stock to the Company's holders of Class A Common and Class A Special Common. The number of shares and market value per share amounts included herein as they relate to the plan year ended December 31, 1993 have not been adjusted to reflect the dividend. 5. LOANS AND WITHDRAWALS Participants may borrow from their Plan account. Loans are 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, the principal amount of the loan to a participant may not be less than $500 and may not exceed the lesser of (a) $50,000, reduced by the excess of the highest outstanding balance of loans to the participant from the Plan during the one-year period ending on the day before the date on which the loan was made over the outstanding balance of loans to the participant from the Plan on the date on which the loan is made or (b) 50% of the participant's nonforfeitable Accrued Benefit on the Valuation Date (as these amounts are defined by the Plan) last preceding the date on which the loan is received by the Plan Administrator. The maximum term of these loans is five years. If a participant terminates for any reason, any outstanding loan balance becomes due and payable. Interest accrues at a rate charged by commercial lenders for comparable loans on the date the loan application is approved. Participants may withdraw all or a portion of their benefits derived from salary reduction, rollovers or the nonforfeitable portion of their employer contribution account 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 twelve full calendar months. 10 COMCAST CORPORATION RETIREMENT-INVESTMENT PLAN NOTES TO FINANCIAL STATEMENTS YEARS ENDED DECEMBER 31, 1994, 1993 AND 1992 (Concluded) 6. BENEFITS PAYABLE As of December 31, 1994 and 1993, net assets available for Plan benefits included benefits of approximately $438,000 and $465,000, respectively, due to participants who have withdrawn from participation in the Plan. 7. ADMINISTRATION OF THE PLAN The Company has the authority to control and manage the operation and administration of the Plan. The Company 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. FEDERAL TAX CONSIDERATIONS a. Status of the Plan - The Plan obtained its latest determination letter dated March 11, 1986, in which the IRS stated that the Plan, as then designed, was in compliance with the applicable requirements of the Code. The Plan has been amended and restated since receiving this determination letter. However, the Company believes that the Plan is currently designed and being operated in compliance with the applicable requirements of the Code. Therefore, no provision for income taxes has been included in the Plan's financial statements. A request for an updated determination letter, which considers the 1993 Plan restatement (see Note 2) and all subsequent amendments, has been filed with the IRS. 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. 11 COMCAST CORPORATION RETIREMENT-INVESTMENT PLAN ITEM 27a - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES DECEMBER 31, 1994
Market Market Number of Value Per or Contract Shares* Share Cost Value COMCAST STOCK FUND Comcast Corp. Common Stock: Class A 584,868 $15.375 $7,405,431 $8,992,343 Class A Special (nonvoting) 386,339 15.688 3,565,885 6,060,887 --------- --------- 10,971,316 15,053,230 ---------- ---------- POOLED FUNDS John Hancock Balanced Stock and Bond Fund 4,186,930 4,072,543 John Hancock Diversified Stock Fund 7,953,525 7,504,811 ---------- ---------- 12,140,455 11,577,354 ---------- ---------- JOHN HANCOCK GUARANTEED INVESTMENT FUND (Guaranteed interest rates from 3.82% to 6.29%) 17,420,121 17,420,121 LOANS TO PARTICIPANTS (Interest rates from 7% to 12.03%; maturities from 1995 to 1999) 2,117,827 2,117,827 ---------- ---------- $42,649,719 $46,168,532 =========== ===========
* Number of shares is rounded to the nearest whole share. 12 COMCAST CORPORATION RETIREMENT-INVESTMENT PLAN ITEM 27d - SCHEDULE OF REPORTABLE TRANSACTIONS YEAR ENDED DECEMBER 31, 1994
Selling Cost of Description Price Asset Net Gain PURCHASES Comcast Stock Fund $3,914,670 John Hancock Guaranteed Investment Fund 4,341,705 Pooled Funds 4,755,870 SALES Comcast Stock Fund $1,685,598 $1,099,526 $586,072 John Hancock Guaranteed Investment Fund 4,409,716 4,409,716 Pooled Funds 1,422,130 874,232 547,898
INDEPENDENT AUDITORS' CONSENT We consent to the incorporation by reference in Registration Statement No. 33-41440 of Comcast Corporation on Form S-8 of our reports dated February 21, 1995 and June 7, 1995 appearing in the Annual Report on Form 10-K of Comcast Corporation for the year ended December 31, 1994 and in the Annual Report on Form 11-K of the Comcast Corporation Retirement-Investment Plan for the year ended December 31, 1994, respectively. /s/ DELOITTE & TOUCHE LLP Philadelphia, Pennsylvania June 29, 1995 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 Date: June 28, 1995 By: /s/ Lawrence S. Smith Lawrence S. Smith Senior Vice President, Accounting and Administration -----END PRIVACY-ENHANCED MESSAGE-----