-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, HxtqXOm1lxRok/DhAAkdQgPsuxXBCIaLo/ySIu0Vzl6kk8+0C2Gvb9pTikf93D9F 62VhN8LZ1NusXEmDN31V7g== 0001001039-96-000017.txt : 19960701 0001001039-96-000017.hdr.sgml : 19960701 ACCESSION NUMBER: 0001001039-96-000017 CONFORMED SUBMISSION TYPE: 10-K/A PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19950930 FILED AS OF DATE: 19960628 SROS: NYSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: WALT DISNEY CO/ CENTRAL INDEX KEY: 0001001039 STANDARD INDUSTRIAL CLASSIFICATION: [] IRS NUMBER: 954545390 STATE OF INCORPORATION: DE FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: 10-K/A SEC ACT: 1934 Act SEC FILE NUMBER: 001-11605 FILM NUMBER: 96587982 BUSINESS ADDRESS: STREET 1: 500 SOUTH BUENA VISTA ST CITY: BURBANK STATE: CA ZIP: 91521 BUSINESS PHONE: 8185601000 MAIL ADDRESS: STREET 1: 500 SOUTH BUENA VISTA ST CITY: BURBANK STATE: CA ZIP: 91521 FORMER COMPANY: FORMER CONFORMED NAME: DC HOLDCO INC DATE OF NAME CHANGE: 19950918 10-K/A 1 DISNEY SALARIED SAVINGS AND INVESTMENT PLAN REPORT AND FINANCIAL STATEMENTS DECEMBER 31, 1995 AND 1994 DISNEY SALARIED SAVINGS AND INVESTMENT PLAN INDEX TO FINANCIAL STATEMENTS DECEMBER 31, 1995 Report of Independent Accountants F-2 Statement of Net Assets Available for Benefits F-3 Statement of Changes in Net Assets Available for Benefits F-4 Notes to Financial Statements F-5 Supplementary Schedules Schedule I - Item 27a: Schedule of Assets Held for Investment Purpose F-18 Schedule V - Item 27d: Schedule of Reportable Transactions F-19 Other schedules required by Section 2520.103-10 of the Department of Labor Rules and Regulations for Reporting and Disclosure under ERISA have been omitted because they were not applicable. F-1 REPORT OF INDEPENDENT ACCOUNTANTS June 21, 1996 To the Participants and Investment and Administrative Committee of the Disney Salaried Savings and Investment Plan In our opinion, the accompanying statements of net assets available for benefits and the related statements of changes in net assets available for benefits present fairly, in all material respects, the financial status of the Disney Salaried Savings and Investment Plan (the "Plan") at December 31, 1995 and 1994 and the changes in its financial status for each of the three years in the period ended December 31, 1995, in conformity with generally accepted accounting principles. 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 of these statements in accordance with generally accepted auditing standards which 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, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for the opinion expressed above. Our audit was performed for the purpose of forming an opinion on the basic financial statements taken as a whole. The additional information included in Notes 4, 5, and 6 and Schedules I and V is presented for purposes of additional analysis and is not a required part of the basic financial statements but is additional information required by ERISA. Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole. F-2 DISNEY SALARIED SAVINGS AND INVESTMENT PLAN STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS (In thousands) December 31, 1995 1994 Assets Investments: At fair value (Note 2) Shares of registered investment companies: Fidelity Inst. Short-Int. Govt $ 27,418 $ 21,684 Portfolio Fund Fidelity U.S. Equity Index 25,714 16,916 Commingled Pool Fund Fidelity U.S. Bond Index 4,068 2,309 Portfolio Fund Fidelity Balanced Fund 9,186 6,837 Fidelity Magellan Fund 54,582 37,026 The Walt Disney Company Common 204,999 153,872 Stock Fund Participant notes receivable 8,575 7,066 334,542 245,710 At contract value (Note 1) Allstate Insurance Company Investment Contract #4975, matured 10/2/95 0 3,245 Total investments 334,542 248,955 Receivables: Employer's contribution 736 829 Participants' contributions 2,905 3,045 Total receivables 3,641 3,874 Total assets 338,183 252,829 Net assets available for benefits $ 338,183 $ 252,829
The accompanying notes are an integral part of these financial statements. F-3 DISNEY SALARIED SAVINGS AND INVESTMENT PLAN STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS (In thousands) For the Year Ended December 31, 1995 1994 1993 Additions to net assets attributed to: Investment income Interest $ 749 $ 908 $ 1,209 Dividends 6,610 3,739 4,264 Realized gain (loss) on sale of 6,577 (548) (212) assets 13,936 4,099 5,261 Unrealized appreciation in 56,607 7,879 2,708 investments Contributions Participants 36,294 33,650 30,171 Employer 9,802 9,036 8,402 46,096 42,686 38,573 Total additions 116,639 54,664 46,542 Deductions from net assets attributed to: Benefits paid to participants 31,285 18,501 11,125 Administrative expense 0 4 16 Total deductions 31,285 18,505 11,141 Increase in net assets 85,354 36,159 35,401 Net assets available for benefits Beginning of year 252,829 216,670 181,269 End of year $ 338,183 $ 252,829 $ 216,670
The accompanying notes are an integral part of these financial statements. F-4 DISNEY SALARIED SAVINGS AND INVESTMENT PLAN NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 1995 (Tabular dollars in thousands except per share/unit amounts) 1. Description of the Plan General The Walt Disney Company (the "Company") implemented the Disney Salaried Savings and Investment Plan (the "Plan") on January 1, 1985. The Plan is a defined contribution plan designed to provide participating employees the opportunity to accumulate retirement funds through a tax-deferred contribution arrangement pursuant to Section 401(k) of the Internal Revenue Code of 1986, as amended (the "Code"). In addition to the Code, the Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974 ("ERISA"). For further information regarding the Plan, refer to the Summary Plan Description. Administration of the Plan The Board of Directors of the Company has appointed the Investment and Administrative Committee of The Walt Disney Company Sponsored Qualified Benefit Plans and Key Employees Deferred Compensation and Retirement Plan (the "Committee" or "Plan Administrator") to administer the Plan, interpret its provisions and resolve all issues arising in the administration of the Plan. The assets of the Plan are administered under a trust agreement between the Company and Fidelity Institutional Retirement Services Company ("Fidelity" or the "Trustee"). The trust agreement provides that assets of the Plan may be invested in the following pooled investment funds established by Fidelity: the Institutional Short-Intermediate Government Portfolio Fund, the U.S. Equity Index Commingled Pool Fund, the U.S. Bond Index Portfolio Fund, the Balanced Fund and the Magellan Fund. Additionally, the trust agreement provides that assets of the Plan may be invested in The Walt Disney Company Common Stock Fund (collectively the six funds are referred to as the "Investment Funds"). Fidelity directs the investment of the Investment Funds. Effective October 2, 1995, the final Guaranteed Interest Contract with Allstate Life Insurance Company matured. The Guaranteed Interest Contract Fund, which was closed to contributions and transfers from other funds since July 1, 1992, was reinvested in the Institutional Short-Intermediate Government Portfolio Fund. Administrative expenses of the Plan, such as benefit plan consultation fees (exclusive of brokerage commissions on the purchase or sale of Company stock) are paid by the Company. These administrative expenses may be paid from the assets of the Plan unless the Company, at its discretion, pays such expenses. Investment expenses incurred by the Investment Funds are charged to the respective funds. F-5 DISNEY SALARIED SAVINGS AND INVESTMENT PLAN NOTES TO FINANCIAL STATEMENTS (continued) 1. Description of the Plan (continued) Participation Participation in the Plan is available to all salaried employees of the Company and its subsidiaries participating in the Plan who are regularly scheduled to work 1,000 hours or more during a year. To be eligible, employees must be age 18 or older and have completed one year of employment during which they must also work at least 1,000 hours. The Plan covers only domestic salaried employees. Effective March 4, 1993, the Plan was amended to accept direct cash rollovers from other qualified plans after the employee had met the one-year eligibility requirement. On January 12, 1995, the Plan was further amended to accept direct cash rollovers from other qualified plans regardless of whether the employee had met the one-year eligibility requirement. However, such funds would not be available for hardship distributions or loans until after the employee has met the one-year eligibility requirement and has become a participant of the Plan. Contributions Participants are permitted to authorize income deferrals in whole percentages, up to 10 percent of their base compensation on a pre- tax basis, through weekly payroll deductions. A participant's total tax-deferred contributions and the Company's matching contributions, in any Plan year, cannot exceed the limits provided under Sections 401(k) and 415 of the Code. Effective January 1, 1987, the Plan ceased to accept voluntary post-tax contributions. Post-tax contributions made prior to January 1, 1987 may remain in the Plan and continue to share in the Plan's investment results on a tax-deferred basis. Income earned on voluntary contributions is not taxable for Federal income tax purposes until withdrawal and such post-tax contributions are recovered tax free when withdrawn or distributed. The Company currently contributes a matching amount equal to 50 percent of a participant's pre-tax contributions up to a maximum of 2 percent of such participant's base compensation. The Company may make matching contributions either in cash, which is invested exclusively in the Company's common stock, or directly in shares of the Company's common stock and, at its discretion, the Company may change the level of matching contributions or cease making matching contributions. Participants are fully vested immediately in all contributions including the Company's matching contributions made to the Plan and all earnings thereon. F6 DISNEY SALARIED SAVINGS AND INVESTMENT PLAN NOTES TO FINANCIAL STATEMENTS (continued) 1. Description of the Plan (continued) Investments Participants may direct the investment of their contributions in any one or more investment funds established for the Plan. Participants may elect to change the investment of their contributions or to transfer all or part of their account balances among the various investment funds. Only four of each type of such elections may be made in any year and must be made in multiples of 10 percent of the amounts in an Investment Fund. Currently, participants may direct the investment of their contributions and account balances among any of the Investment Funds. All funds are immediately and fully invested in the Investment Funds upon receipt by Fidelity. Benefits, Distributions, Withdrawals and Loans A participant's entire account balance, adjusted for investment gains or losses, is available for immediate distribution upon termination of employment. Participants' account balances under $3,500 are automatically distributed within 90 days following the participant's severance date. The participant has 60 days following the participant's severance date to elect whether or not to rollover the funds into an IRA or another qualified plan. If no election is made, the funds will be dispersed to the participant less 20 percent for federal withholding tax. Participants with account balances of $3,500 or more may elect a distribution at anytime before age 65. All amounts must be distributed when the participant reaches age 65. Under Section 401(k) of the Code, in service withdrawals of tax- deferred contributions by participants are available only in amounts necessary to satisfy a financial hardship and will be made if the Committee determines that the reason for the hardship complies with applicable requirements under the Code. A participant may withdraw his or her post-tax contributions twice each Plan year. The minimum amount of each post-tax contribution withdrawal is $500. Participants are permitted to borrow from their accounts subject to certain limitations and conditions established to comply with the current requirements of the Code. All loans made to participants are secured by their accounts with a right of set- off. Voluntary post-tax contributions and any earnings thereon are not available for loans. Participants may borrow up to 50 percent of their account balance not to exceed $50,000 in any consecutive twelve month period. A participant may only have one loan outstanding. Loans may have a term of up to four years. However, the term can be extended to ten years if the loan is used to acquire or construct a principal residence of the participant. The interest rate on loans is currently prime plus 1 percent. F-7 DISNEY SALARIED SAVINGS AND INVESTMENT PLAN NOTES TO FINANCIAL STATEMENTS (continued) 1. Description of the Plan (continued) Plan Amendment or Termination The Company reserves the right to amend or modify, at any time, the provisions of the Plan. Although the Company expects to continue the Plan indefinitely, the Board of Directors of the Company may terminate the Plan for any reason. If the Plan is terminated each participant will receive, as prescribed by ERISA and its related regulations, and in the form and manner determined by the Committee, a payment equal to the value of the participant's account at the time of liquidation. 2. Summary of Significant Accounting Policies Basis of Accounting The financial statements of the Plan are prepared using the accrual basis of accounting. Contribution Policy Participants' tax-deferred contributions are deposited with the Trustee at or after the end of the month in which such amounts are deducted from participants' compensation. The Company currently contributes its matching contributions for deposit into participants' accounts at the end of each month. Investment Valuation Investments in securities traded on national security exchanges are valued on the basis of the closing price on the last trading day of the year. Investments in commingled funds are valued at the redemption prices established by the Trustee, which are based on the market value of the fund assets. Investments in guaranteed interest contracts are valued at contract value which approximates market. Realized Gains and Losses on Security Transactions Realized gains and losses on security transactions are computed based upon the sales proceeds less the fair value of the investments at the beginning of the year or the acquisition cost, if acquired during the year. Unrealized Appreciation/Depreciation in Fair Value of Investments The appreciation or depreciation in the fair value of investments held at year end is based on values established at the most recent year-end valuation date as compared to the previous year- end valuation or the purchase cost if the investment was acquired within the year. F-8 DISNEY SALARIED SAVINGS AND INVESTMENT PLAN NOTES TO FINANCIAL STATEMENTS (continued) 3. Investments Investments held by the Plan are as follows: December 31, 1995 December 31, 1994 Number Market Number Market of Value of Value Shares/ Per Cost Market Shares/ Per Cost Market Units Share/ Units Share Unit The Walt Disney Company 3,481,928 $ 58.87 $ 120,011 $ 204,999* 3,345,044 $ 46.00 $ 108,208 $ 153,872* Common Stock Fund Fidelity Pooled Funds: Inst. Short- Inter Gov't 2,847,148 9.63 27,754 27,418* 2,362,063 9.18 22,985 21,684* Portfolio Fund U.S. Equity Index 1,559,382 16.49 17,348 25,714* 1,411,996 11.98 14,740 16,916* Commingled Pool Fund U.S. Bond Index 371,547 10.95 3,988 4,068 231,562 9.97 2,476 2,309 Portfolio Fund Balanced Fund 679,437 13.52 8,999 9,186 556,339 12.29 7,295 6,837 Magellan Fund 634,817 85.98 45,620 54,582* 554,282 66.80 37,297 37,026* 103,709 120,968 84,793 84,772 Guaranteed Interest 0 0 0 3,245,399 1.00 3,245 3,245 Contract Fund Participant 8,575 8,575 7,066 7,066 Loans $ 232,295 $334,542 $ 203,312 $248,955
* Funds that constitute more than five percent of the investments held F-9 DISNEY SALARIED SAVINGS AND INVESTMENT PLAN NOTES TO FINANCIAL STATEMENTS (continued) 3. Investments (continued) Net unrealized appreciation/(depreciation) in the fair value of investments held by the Plan is as follows: For the Year Ended December 31 1995 1994 1993 The Walt Disney Company Common $ 39,323 $ 11,163 $ (172) Stock Fund Pooled Funds: Institutional Short- Intermediate Government Portfolio Fund 966 (1,213) (115) U.S. Equity Index Commingled 6,189 218 1,195 Pool Fund U.S. Bond Index Portfolio Fund 249 (147) (14) Balanced Fund 646 (443) (6) Magellan Fund 9,234 (1,699) 1,820 Net Unrealized Appreciation 56,607 7,879 2,708
F-10 DISNEY SALARIED SAVINGS AND INVESTMENT PLAN NOTES TO FINANCIAL STATEMENTS (continued) 4. Allocation of Plan Assets by Investment Program (continued) DECEMBER 31, 1995 The Walt Inst. U.S. Equity Disney Short-Inter Index U.S. Bond Guaranteed Company Gov't Commingled Index Interest Common Portfolio Pool Portfolio Balanced Magellan Contract Loan Stock Fund Fund Fund Fund Fund Fund Fund Fund Total Investments at market value $ 205,232 $ 27,454 $ 25,737 $ 4,071 $ 9,201 $ 54,651 $ - $ 8,196 $ 334,542 Contributions 2,009 205 285 99 177 866 - - 3,641 receivable Net assets available for benefits $ 207,241 $ 27,659 $ 26,022 $ 4,170 $ 9,378 $ 55,517 $ 0 $ 8,196 $ 338,183
F-11 DISNEY SALARIED SAVINGS AND INVESTMENT PLAN NOTES TO FINANCIAL STATEMENTS (continued) 4. Allocation of Plan Assets by Investment Program DECEMBER 31, 1994 The Walt Inst. U.S. Equity Disney Short-Inter Index U.S. Bond Guaranteed Company Gov't Commingled Index Interest Common Portfolio Pool Portfolio Balanced Magellan Contract Loan Stock Fund Fund Fund Fund Fund Fund Fund Fund Total Investments at market value $ 154,036 $ 21,723 $ 16,938 $ 2,312 $ 6,847 $ 37,078 $ 3,245 $ 6,776 $ 248,955 Contributions 2,091 291 311 106 276 799 - - 3,874 receivable Net assets available for benefits $ 156,127 $ 22,014 $ 17,249 $ 2,418 $ 7,123 $ 37,877 $ 3,245 $ 6,776 $ 252,829
F-12 DISNEY SALARIED SAVINGS AND INVESTMENT PLAN NOTES TO FINANCIAL STATEMENTS (continued) 5. Allocation of Plan Income and Changes in Plan Equity by Investment Program (continued) DECEMBER 31, 1995 The Walt Inst. U.S. Equity Disney Short-Inter Index U.S. Bond Guaranteed Company Gov't Commingled Index Interest Common Portfolio Pool Portfolio Balanced Magellan Contract Loan Stock Fund Fund Fund Fund Fund Fund Fund Fund Total Additions to net assets attributed to: Investment income Interest $ 38 $ - $ - $ - $ - $ - $ 211 $ 500 $ 749 Dividends 1,173 1,689 - 226 363 3,159 - - 6,610 Realized gain (loss) on sale 4,199 167 519 34 122 1,536 - - 6,577 of assets 5,410 1,856 519 260 485 4,695 211 500 13,936 Unrealized appreciation/ (depreciation) in investments 39,323 966 6,189 249 646 9,234 - - 56,607 Contributions Participants 15,294 3,253 3,788 1,329 2,662 9,968 - - 36,294 Employer 9,802 - - - - - - - 9,802 25,096 3,253 3,788 1,329 2,662 9,968 - - 46,096 Total 69,829 6,075 10,496 1,838 3,793 23,897 211 500 116,639 additions Deductions from net assets attributed to: Payments to 19,098 2,637 2,137 227 964 5,324 282 616 31,285 participants Administra- tive expense - - - - - - - - 0 Total 19,098 2,637 2,137 227 964 5,324 282 616 31,285 deductions Inter-fund 383 2,207 414 141 (574) (933) (3,174) 1,536 - transfers Increase (decrease) in net assets 51,114 5,645 8,773 1,752 2,255 17,640 (3,245) 1,420 85,354 for the year Net assets available for benefits Beginning 156,127 22,014 17,249 2,418 7,123 37,877 3,245 6,776 252,829 of year End of $207,241 $ 27,659 $ 26,022 $ 4,170 $ 9,378 $55,517 $ 0 $ 8,196 $338,183 year
F-13 DISNEY SALARIED SAVINGS AND INVESTMENT PLAN NOTES TO FINANCIAL STATEMENTS (continued) 5. Allocation of Plan Income and Changes in Plan Equity by Investment Program DECEMBER 31, 1994 The Walt Inst. U.S. Equity Disney Stort-Inter Index U.S. Bond Guaranteed Company Gov't. Commingled Index Interest Common Portfolio Pool Portfolio Balanced Magellan Contract Loan Stock Fund Fund Fund Fund Fund Fund Fund Fund Total Additions to net assets attributed to: Investment income Interest $ - $ - $ - $ - $ - $ - $ 502 $ 406 $ 908 Dividends 931 1,249 - 139 185 1,235 - - 3,739 Realized (loss) gain on sale of assets (86) (196) 14 (40) (60) (180) - - (548) 845 1,053 14 99 125 1,055 502 406 4,099 Unrealized appreciation/ (depreciation) 11,163 (1,213) 218 (147) (443) (1,699) - - 7,879 in investments Contributions Participants 14,101 3,642 3,307 1,101 2,665 8,834 - - 33,650 Employer 9,036 - - - - - - - 9,036 23,137 3,642 3,307 1,101 2,665 8,834 - - 42,686 Total additions 35,145 3,482 3,539 1,053 2,347 8,190 502 406 54,664 Deductions from net assets attributed to: Payments 11,263 1,982 1,270 138 582 2,391 461 414 18,501 to participants Administrative expense - - - - - - 4 - 4 Total 11,263 1,982 1,270 138 582 2,391 465 414 18,505 deductions Inter-fund (2,703) 2,795 (661) (144) 987 2,971 (3,936) 691 - transfers Increase (decrease) in net assets for 21,179 4,295 1,608 771 2,752 8,770 (3,899) 683 36,159 the year Net assets available for benefits Beginning 134,948 17,719 15,641 1,647 4,371 29,107 7,144 6,093 216,670 of year End of year $ 156,127 $ 22,014 $ 17,249 $ 2,418 $ 7,123 $ 37,877 $ 3,245 $ 6,776 $ 252,829
F-14 DISNEY SALARIED SAVINGS AND INVESTMENT PLAN NOTES TO FINANCIAL STATEMENTS (continued) 5. Allocation of Plan Income and Changes in Plan Equity by Investment Program (continued) DECEMBER 31, 1993 The Inst. U.S. Equity Walt Disney Short-Inter Index U.S. Bond Guaranteed Company Gov't Commingled Index Interest Common Portfolio Pool Portfolio Balanced Magellan Contract Loan Stock Fund Fund Fund Fund Fund Fund Fund Fund Total Additions to net assets attributed to: Investment income Interest $ 5 $ - $ - $ - $ - $ - $ 871 $ 333 $ 1,209 Dividends 709 829 - 69 232 2,425 - - 4,264 Realized (loss) gain on sale (640) 15 110 8 29 266 - - (212) of assets 74 844 110 77 261 2,691 871 333 5,261 Unrealized appreciation/ (depreciation) in investments (172) (115) 1,195 (14) (6) 1,820 - - 2,708 Contributions Participants 14,866 4,192 3,271 732 1,256 5,854 - - 30,171 Employer 8,402 - - - - - - - 8,402 23,268 4,192 3,271 732 1,256 5,854 - - 38,573 Total 23,170 4,921 4,576 795 1,511 10,365 871 333 46,542 additions Deductions from net assets attributed to: Payments to 7,294 753 649 71 111 1,417 639 191 11,125 participants Administrative 10 - - - - 6 - - 16 expense Total 7,304 753 649 71 111 1,423 639 191 11,141 deductions Inter-fund transfers (4,883) 2,301 (582) 543 2,300 3,227 (5,315) 2,409 - Increase (decrease) in net assets for 10,983 6,469 3,345 1,267 3,700 12,169 (5,083) 2,551 35,401 the year Net assets available for benefits Beginning 123,965 11,250 12,296 380 671 16,938 12,227 3,542 181,269 of year End of year $ 134,948 $ 17,719 $ 15,641 $ 1,647 $ 4,371 $ 29,107 $ 7,144 $ 6,093 $ 216,670
F-15 DISNEY SALARIED SAVINGS AND INVESTMENT PLAN NOTES TO FINANCIAL STATEMENTS (continued) 6. Realized Gain (Loss) on Sale of Assets Net realized gain (loss) resulting from the sale of fund assets is as follows: For the Year Ended December 31, 1995 1994 1993 The Walt Disney Company Common $ 4,200 $ (86) $ (640) Stock Fund Pooled Funds: Institutional Short- Intermediate Government Portfolio Fund 167 (196) 15 U.S. Equity Index Commingled 519 14 110 Pool Fund U.S. Bond Index Portfolio Fund 34 (40) 8 Balanced Fund 121 (60) 29 Magellan Fund 1,536 (180) 266 Net Realized Gain (Loss) $ 6,577 $ (548) $(212)
7. Income Taxes The Company has received an Internal Revenue Service determination letter stating that the Plan qualifies under Section 401(a) of the Code and is therefore exempt from Federal income tax under Section 501(a) of the Code. Since the Plan is qualified under Section 401(a) of the Code, under applicable state law it is also exempt from state income taxes. Due to plan amendments adopted since the issuance of the original determination letter, on March 31, 1995, the Company has reapplied for determination of the tax exempt status of the Plan. The amended Plan was approved as exempt from Federal and State income tax by the Internal Revenue Service as of June 18, 1996. 8. Accumulated Benefits In accordance with guidance for accounting and disclosure by employee benefit plans, participant distributions payable, including loan distributions approved but not disbursed as of year end, are not presented as a liability in the statement of net assets available for benefits or as benefit payments in the statement of changes in net assets available for benefits. F-16 DISNEY SALARIED SAVINGS AND INVESTMENT PLAN NOTES TO FINANCIAL STATEMENTS (continued) 8. Accumulated Benefits (continued) Participant distributions payable and loan distributions approved but not disbursed at December 31, 1995 and 1994 are summarized as follows: December 31, 1995 1994 Terminated participants $ 1,788 $ 2,151 Participants' loans 285 271 Total Liabilities $ 2,073 $ 2,422
9. Reconciliation of Financial Statements to Form 5500 The following is a reconciliation of net assets available for benefits according to the financial statements to Form 5500: December 31, 1995 1994 Net assets available for benefits $ 338,183 $ 252,829 per the financial statements Amounts allocated to withdrawing participants (1,788) (2,151) Net assets available for benefits $ 336,395 $ 250,678 per Form 5500
The following is a reconciliation of benefits paid to participants according to the financial statements to Form 5500: Year Ended December 31, 1995 Benefits paid to participants per the financial statements $ 31,285 Add: Amounts allocated to withdrawing participants 1,788 at December 31, 1995 Less: Amounts allocated to withdrawing participants (2,151) at December 31, 1994 Benefits paid to participants per Form 5500 $ 30,922
Amounts allocated to withdrawing participants are recorded on Form 5500 for benefit claims that have been processed and approved for payment prior to December 31 but not yet paid as of that date. F-17 DISNEY SALARIED SAVINGS AND INVESTMENT PLAN SCHEDULE I ITEM 27a: SCHEDULE OF ASSETS HELD FOR INVESTMENT AT DECEMBER 31, 1995 CURRENT SHARES DESCRIPTION OF INVESTMENTS COST VALUE 3,481,928 The Walt Disney Company $ 120,011,397 $ 204,998,532 Common Stock 2,847,148 Fidelity Inst. Short-Inter 27,753,501 27,418,033 Gov't Portfolio Fund 1,559,382 Fidelity U.S. Equity Index 17,348,438 25,714,206 Commingled Pool Fund 371,547 Fidelity U.S. Bond Index 3,987,665 4,068,440 Portfolio Fund 679,437 Fidelity Balanced Fund 8,999,007 9,185,983 634,817 Fidelity Magellan Fund 45,619,807 54,581,577 Participant Loans 8,575,570 8,575,570 $ 232,295,385 $ 334,542,341
F-18 DISNEY SALARIED SAVINGS AND INVESTMENT PLAN SCHEDULE V ITEM 27d: SCHEDULE OF REPORTABLE TRANSACTIONS FOR THE YEAR ENDED DECEMBER 31, 1995 Current value of Identity Description Number Selling/ Cost of asset on of Party of of Purchase Distribution Lease Expense assets sold/ transaction Net Involved Assets Trans. Price Price Rental Incurred distributed date gain The Walt * The Walt Disney Co. 123 $ 32,036,127 Disney Co. Common Stock 84 $ 24,432,432 $ 13,780,937 $ 10,651,495 Fidelity * Magellan Fund 204 15,890,220 112 9,104,343 7,763,884 1,340,459 Fidelity * Inst. Short-Inter. Gov't. Portfolio Fund 193 9,818,808 153 5,217,940 5,126,456 91,484 * Parties-in-interest
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