International Theme Park Investments (Tables)

9 Months Ended

Jun. 29, 2013

Consolidating Balance Sheets

Impact of Consolidating Financial Statements of International Theme Parks

The following tables present summarized balance sheet information for the Company as of June 29, 2013 and September 29, 2012, reflecting the impact of consolidating the International Theme Parks balance sheets.



	As of June 29, 2013
	Before International Theme Parks Consolidation		International Theme Parks and Adjustments			Total
Cash and cash equivalents	$	3,419	$	513		$	3,932
Other current assets	9,995		278			10,273
Total current assets	13,414		791			14,205
Investments/Advances	6,085		(3,402		)	2,683
Parks, resorts and other property	16,953		4,922			21,875
Other assets	41,792		10			41,802
Total assets	$	78,244	$	2,321		$	80,565

Current portion of borrowings	$	2,219	$	—		$	2,219
Other current liabilities	8,602		520			9,122
Total current liabilities	10,821		520			11,341
Borrowings	12,511		273			12,784
Deferred income taxes and other long-term liabilities	10,397		136			10,533
Equity	44,515		1,392			45,907
Total liabilities and equity	$	78,244	$	2,321		$	80,565



	As of September 29, 2012
	Before International Theme Parks Consolidation		International Theme Parks and Adjustments			Total
Cash and cash equivalents	$	2,839	$	548		$	3,387
Other current assets	10,066		256			10,322
Total current assets	12,905		804			13,709
Investments/Advances	6,065		(3,342		)	2,723
Parks, resorts and other property	17,005		4,507			21,512
Other assets	36,949		5			36,954
Total assets	$	72,924	$	1,974		$	74,898

Current portion of borrowings	$	3,614	$	—		$	3,614
Other current liabilities	8,742		457			9,199
Total current liabilities	12,356		457			12,813
Borrowings	10,430		267			10,697
Deferred income taxes and other long-term liabilities	9,325		105			9,430
Equity	40,813		1,145			41,958
Total liabilities and equity	$	72,924	$	1,974		$	74,898

Consolidating Income Statements

Impact of Consolidating Financial Statements of International Theme Parks

The following table presents summarized income statement information of the Company for the nine months ended June 29, 2013, reflecting the impact of consolidating the International Theme Parks income statements.



	Before International Theme Parks Consolidation⁽¹⁾			International Theme Parks and Adjustments			Total
Revenues	$	31,942		$	1,531		$	33,473
Cost and expenses	(24,548		)	(1,634		)	(26,182		)
Restructuring and impairment charges	(121		)	—			(121		)
Other income/(expense), net	(92		)	—			(92		)
Net interest expense	(161		)	(48		)	(209		)
Equity in the income of investees	457			70			527
Income before income taxes	7,477			(81		)	7,396
Income taxes	(2,302		)	(1		)	(2,303		)
Net income	$	5,175		$	(82	)	$	5,093


⁽¹⁾	These amounts include the International Theme Parks under the equity method of accounting. As such, royalty and management fee income from these operations is included in Revenues and our share of their net income/(loss) is included in Equity in the income of investees. There were $111 million of royalties and management fees recognized for the nine months ended June 29, 2013.

Consolidating Cash Flow Statements

Impact of Consolidating Financial Statements of International Theme Parks

The following table presents summarized cash flow statement information of the Company for the nine months ended June 29, 2013, reflecting the impact of consolidating the International Theme Parks cash flow statements.



	Before International Theme Parks Consolidation			International Theme Parks and Adjustments			Total
Cash provided by operations	$	6,677		$	40		$	6,717
Investments in parks, resorts and other property	(1,203		)	(606		)	(1,809		)
Cash (used in)/provided by other investing activities	(2,076		)	223			(1,853		)
Cash (used in)/provided by financing activities	(2,737		)	301			(2,436		)
Impact of exchange rates on cash and cash equivalents	(81		)	7			(74		)
Increase/(decrease) in cash and cash equivalents	580			(35		)	545
Cash and cash equivalents, beginning of period	2,839			548			3,387
Cash and cash equivalents, end of period	$	3,419		$	513		$	3,932

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

+ References

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+ Details