On March 20, 2019, the Company completed its acquisition of 21CF and the Mergers (as described in Note 3), and the Company (referred to herein as “Legacy Disney”) and 21CF became subsidiaries of New Disney (referred to herein as “TWDC”). Legacy Disney has outstanding public debt that has been fully and unconditionally guaranteed by TWDC. In addition, Legacy Disney has provided a full and unconditional guarantee of debt held by TWDC. As of March 20, 2019, Legacy Disney is a 100% owned subsidiary of TWDC.

Set forth below are condensed consolidating financial statements presenting the results of operations, financial position and cash flows of TWDC, Legacy Disney and non-guarantor subsidiaries on a combined basis along with eliminations necessary to arrive at the reported information on a consolidated basis. This condensed consolidating financial information has been prepared and presented pursuant to the Securities and Exchange Commission Regulation S-X Rule 3-10, “Financial Statements of Guarantors and Issuers of Guaranteed Securities Registered or being Registered.” This information is not intended to present the financial position, results of operations and cash flows of the individual companies or groups of companies in accordance with U.S. GAAP. Eliminations represent adjustments to eliminate investments in subsidiaries and intercompany balances and transactions.



	TWDC		Legacy Disney			Non-Guarantor Subsidiaries			Reclassifications & Eliminations			Total
Revenues	$	—	$	—		$	59,520		$	(86	)	$	59,434
Costs and expenses
Operating expenses	—		—			(32,726		)	—			(32,726		)
Selling, general, administrative and other	—		(615		)	(8,245		)	—			(8,860		)
Depreciation and amortization	—		(1		)	(3,010		)	—			(3,011		)
Total costs and expenses	—		(616		)	(43,981		)	—			(44,597		)
Restructuring and impairment charges	—		—			(33		)	—			(33		)
Allocations to non-guarantor subsidiaries	—		576			(576		)	—			—
Other income, net	—		41			474			86			601
Interest expense, net	—		(698		)	124			—			(574		)
Equity in the income (loss) of investees, net	—		—			(102		)	—			(102		)
Income before taxes	—		(697		)	15,426			—			14,729
Income taxes	—		79			(1,742		)	—			(1,663		)
Earnings from subsidiary entities	—		13,216			—			(13,216		)	—
Consolidated net income	—		12,598			13,684			(13,216		)	13,066
Less: Net income attributable to noncontrolling interests	—		—			(468		)	—			(468		)
Net income excluding noncontrolling interests	$	—	$	12,598		$	13,216		$	(13,216	)	$	12,598
Comprehensive income excluding noncontrolling interests	$	—	$	13,029		$	13,037		$	(13,037	)	$	13,029



	TWDC		Legacy Disney			Non-Guarantor Subsidiaries			Reclassifications & Eliminations			Total
Revenues	$	—	$	—		$	54,952		$	185		$	55,137
Costs and expenses
Operating expenses	—		—			(30,306		)	—			(30,306		)
Selling, general, administrative and other	—		(450		)	(7,726		)	—			(8,176		)
Depreciation and amortization	—		(1		)	(2,781		)	—			(2,782		)
Total costs and expenses	—		(451		)	(40,813		)	—			(41,264		)
Restructuring and impairment charges	—		—			(98		)	—			(98		)
Allocations to non-guarantor subsidiaries	—		405			(405		)	—			—
Other income, net	—		163			100			(185		)	78
Interest expense, net	—		(510		)	125			—			(385		)
Equity in the income (loss) of investees, net	—		—			320			—			320
Income before taxes	—		(393		)	14,181			—			13,788
Income taxes	—		126			(4,548		)	—			(4,422		)
Earnings from subsidiary entities	—		9,247			—			(9,247		)	—
Consolidated net income	—		8,980			9,633			(9,247		)	9,366
Less: Net income attributable to noncontrolling interests	—		—			(386		)	—			(386		)
Net income excluding noncontrolling interests	$	—	$	8,980		$	9,247		$	(9,247	)	$	8,980
Comprehensive income excluding noncontrolling interests	$	—	$	9,431		$	9,153		$	(9,153	)	$	9,431



	TWDC		Legacy Disney			Non-Guarantor Subsidiaries			Reclassifications & Eliminations			Total
Revenues	$	—	$	—		$	55,287		$	345		$	55,632
Costs and expenses
Operating expenses	—		—			(29,993		)	—			(29,993		)
Selling, general, administrative and other	—		(488		)	(8,266		)	—			(8,754		)
Depreciation and amortization	—		(1		)	(2,526		)	—			(2,527		)
Total costs and expenses	—		(489		)	(40,785		)	—			(41,274		)
Restructuring and impairment charges	—		—			(156		)	—			(156		)
Allocations to non-guarantor subsidiaries	—		365			(365		)	—			—
Other income, net	—		332			13			(345		)	—
Interest expense, net	—		(434		)	174			—			(260		)
Equity in the income (loss) of investees, net	—		—			926			—			926
Income before taxes	—		(226		)	15,094			—			14,868
Income taxes	—		77			(5,155		)	—			(5,078		)
Earnings from subsidiary entities	—		9,540			—			(9,540		)	—
Consolidated net income	—		9,391			9,939			(9,540		)	9,790
Less: Net income attributable to noncontrolling interests	—		—			(399		)	—			(399		)
Net income excluding noncontrolling interests	$	—	$	9,391		$	9,540		$	(9,540	)	$	9,391
Comprehensive income excluding noncontrolling interests	$	—	$	7,833		$	9,479		$	(9,479	)	$	7,833



	TWDC		Legacy Disney		Non-Guarantor Subsidiaries		Reclassifications & Eliminations			Total
ASSETS
Current assets
Cash and cash equivalents	$	—	$	1,367	$	2,783	$	—		$	4,150
Receivables, net	—		155		9,179		—			9,334
Inventories	—		4		1,388		—			1,392
Television costs and advances	—		—		1,314		—			1,314
Other current assets	—		152		483		—			635
Total current assets	—		1,678		15,147		—			16,825
Film and television costs	—		—		7,888		—			7,888
Investments in subsidiaries	—		149,880		—		(149,880		)	—
Other investments	—		—		2,899		—			2,899
Parks, resorts and other property, net	—		12		29,528		—			29,540
Intangible assets, net	—		—		6,812		—			6,812
Goodwill	—		—		31,269		—			31,269
Intercompany receivables	—		—		79,793		(79,793		)	—
Other assets	—		911		3,178		(724		)	3,365
Total assets	$	—	$	152,481	$	176,514	$	(230,397	)	$	98,598
LIABILITIES AND EQUITY
Current liabilities
Accounts payable and other accrued liabilities	$	—	$	688	$	8,791	$	—		$	9,479
Current portion of borrowings	—		3,751		39		—			3,790
Deferred revenues and other	—		115		4,476		—			4,591
Total current liabilities	—		4,554		13,306		—			17,860
Non-current liabilities
Borrowings	$	—	$	15,676	$	1,408	$	—		$	17,084
Deferred income taxes	—		—		3,833		(724		)	3,109
Other long-term liabilities	—		3,685		2,905		—			6,590
Intercompany payables	—		79,793		—		(79,793		)	—
Total non-current liabilities	—		99,154		8,146		(80,517		)	26,783
Redeemable noncontrolling interests	—		—		1,123		—			1,123
Total Disney Shareholders’ equity	—		48,773		149,880		(149,880		)	48,773
Noncontrolling interests	—		—		4,059		—			4,059
Total equity	—		48,773		153,939		(149,880		)	52,832
Total liabilities and equity	$	—	$	152,481	$	176,514	$	(230,397	)	$	98,598



	TWDC		Legacy Disney		Non-Guarantor Subsidiaries		Reclassifications & Eliminations			Total
ASSETS
Current assets
Cash and cash equivalents	$	—	$	667	$	3,350	$	—		$	4,017
Receivables, net	—		307		8,326		—			8,633
Inventories	—		4		1,369		—			1,373
Television costs and advances	—		—		1,278		—			1,278
Other current assets	—		110		478		—			588
Total current assets	—		1,088		14,801		—			15,889
Film and television costs	—		—		7,481		—			7,481
Investments in subsidiaries	—		135,370		—		(135,370		)	—
Other investments	—		—		3,202		—			3,202
Parks, resorts and other property, net	—		9		28,397		—			28,406
Intangible assets, net	—		—		6,995		—			6,995
Goodwill	—		—		31,426		—			31,426
Intercompany receivables	—		257		69,864		(70,121		)	—
Other assets	—		1,217		2,306		(1,133		)	2,390
Total assets	$	—	$	137,941	$	164,472	$	(206,624	)	$	95,789
LIABILITIES AND EQUITY
Current liabilities
Accounts payable and other accrued liabilities	$	—	$	440	$	8,415	$	—		$	8,855
Current portion of borrowings	—		4,577		1,595		—			6,172
Deferred revenues and other	—		131		4,437		—			4,568
Total current liabilities	—		5,148		14,447		—			19,595
Non-current liabilities
Borrowings	$	—	$	17,672	$	1,447	$	—		$	19,119
Deferred income taxes	—		—		5,613		(1,133		)	4,480
Other long-term liabilities	—		3,942		2,501		—			6,443
Intercompany payables	—		69,864		257		(70,121		)	—
Total non-current liabilities	—		91,478		9,818		(71,254		)	30,042
Redeemable noncontrolling interests	—		—		1,148		—			1,148
Total Disney Shareholders’ equity	—		41,315		135,370		(135,370		)	41,315
Noncontrolling interests	—		—		3,689		—			3,689
Total equity	—		41,315		139,059		(135,370		)	45,004
Total liabilities and equity	$	—	$	137,941	$	164,472	$	(206,624	)	$	95,789



	TWDC		Legacy Disney			Non-Guarantor Subsidiaries			Reclassifications & Eliminations			Total
OPERATING ACTIVITIES
Cash provided by operations	$	—	$	336		$	14,149		$	(190	)	$	14,295

INVESTING ACTIVITIES
Investments in parks, resorts and other property	—		(3		)	(4,462		)	—			(4,465		)
Acquisitions	—		—			(1,581		)	—			(1,581		)
Intercompany investing activities, net	—		(1,327		)	—			1,327			—
Other	—		—			710			—			710
Cash used in investing activities	—		(1,330		)	(5,333		)	1,327			(5,336		)

FINANCING ACTIVITIES
Commercial paper, net	—		(1,768		)	—			—			(1,768		)
Borrowings	—		997			59			—			1,056
Reduction of borrowings	—		(1,800		)	(71		)	—			(1,871		)
Dividends	—		(2,515		)	(190		)	190			(2,515		)
Repurchases of common stock	—		(3,577		)	—			—			(3,577		)
Proceeds from exercise of stock options	—		210			—			—			210
Intercompany financing, net	—		10,343			(9,016		)	(1,327		)	—
Contributions from noncontrolling interest holders	—		—			399			—			399
Other	—		(222		)	(555		)	—			(777		)
Cash used in financing activities	—		1,668			(9,374		)	(1,137		)	(8,843		)

Impact of exchange rates on cash, cash equivalents and restricted cash	—		—			(25		)	—			(25		)

Change in cash, cash equivalents and restricted cash	—		674			(583		)	—			91
Cash, cash equivalents and restricted cash, beginning of year	—		693			3,371			—			4,064
Cash, cash equivalents and restricted cash, end of year	$	—	$	1,367		$	2,788		$	—		$	4,155



	TWDC		Legacy Disney			Non-Guarantor Subsidiaries			Reclassifications & Eliminations			Total
OPERATING ACTIVITIES
Cash provided by operations	$	—	$	753		$	13,461		$	(1,871	)	$	12,343

INVESTING ACTIVITIES
Investments in parks, resorts and other property	—		(7		)	(3,616		)	—			(3,623		)
Acquisitions	—		—			(417		)	—			(417		)
Intercompany investing activities, net	—		(1,856		)	—			1,856			—
Other	—		15			(86		)	—			(71		)
Cash used in investing activities	—		(1,848		)	(4,119		)	1,856			(4,111		)

FINANCING ACTIVITIES
Commercial paper, net	—		1,247			—			—			1,247
Borrowings	—		4,741			79			—			4,820
Reduction of borrowings	—		(1,850		)	(514		)	—			(2,364		)
Dividends	—		(2,445		)	(1,871		)	1,871			(2,445		)
Repurchases of common stock	—		(9,368		)	—			—			(9,368		)
Proceeds from exercise of stock options	—		276			—						276
Intercompany financing, net	—		8,394			(6,538		)	(1,856		)	—
Contributions from noncontrolling interest holders	—		—			17			—			17
Other	—		(266		)	(876		)	—			(1,142		)
Cash used in financing activities	—		729			(9,703		)	15			(8,959		)

Impact of exchange rates on cash, cash equivalents and restricted cash	—		—			31			—			31

Change in cash, cash equivalents and restricted cash	—		(366		)	(330		)	—			(696		)
Cash, cash equivalents and restricted cash, beginning of year	—		1,059			3,701			—			4,760
Cash, cash equivalents and restricted cash, end of year	$	—	$	693		$	3,371		$	—		$	4,064



	TWDC		Legacy Disney			Non-Guarantor Subsidiaries			Reclassifications & Eliminations			Total
OPERATING ACTIVITIES
Cash provided by operations	$	—	$	(385	)	$	13,756		$	(235	)	$	13,136

INVESTING ACTIVITIES
Investments in parks, resorts and other property	—		(12		)	(4,761		)	—			(4,773		)
Acquisitions	—		—			(850		)	—			(850		)
Intercompany investing activities, net	—		(617		)	—			617			—
Other	—		(74		)	(61		)	—			(135		)
Cash used in investing activities	—		(703		)	(5,672		)	617			(5,758		)

FINANCING ACTIVITIES
Commercial paper, net	—		(920		)	—			—			(920		)
Borrowings	—		4,948			1,117			—			6,065
Reduction of borrowings	—		(2,000		)	(205		)	—			(2,205		)
Dividends	—		(2,313		)	(235		)	235			(2,313		)
Repurchases of common stock	—		(7,499		)	—			—			(7,499		)
Proceeds from exercise of stock options	—		259			—			—			259
Intercompany financing, net	—		8,624			(8,007		)	(617		)	—
Other	—		(42		)	(565		)	—			(607		)
Cash used in financing activities	—		1,057			(7,895		)	(382		)	(7,220		)

Impact of exchange rates on cash, cash equivalents and restricted cash	—		—			(123		)	—			(123		)

Change in cash, cash equivalents and restricted cash	—		(31		)	66			—			35
Cash, cash equivalents and restricted cash, beginning of year	—		1,090			3,635			—			4,725
Cash, cash equivalents and restricted cash, end of year	$	—	$	1,059		$	3,701		$	—		$	4,760

On March 20, 2019, the Company completed its acquisition of 21CF and the Mergers (as described in Note 4), and the Company (referred to herein as “Legacy Disney”) and 21CF became subsidiaries of New Disney (referred to herein as “TWDC”). Legacy Disney has outstanding public debt that has been fully and unconditionally guaranteed by TWDC. In addition, Legacy Disney has provided a full and unconditional guarantee of debt held by TWDC. As of March 20, 2019, Legacy Disney is a 100% owned subsidiary of TWDC.



	TWDC			Legacy Disney			Non-Guarantor Subsidiaries			Reclassifications & Eliminations			Total
Revenues	$	—		$	—		$	15,248		$	55		$	15,303
Costs and expenses
Operating expenses	—			—			(9,001		)	—			(9,001		)
Selling, general, administrative and other	—			(141		)	(2,011		)	—			(2,152		)
Depreciation and amortization	—			—			(732		)	—			(732		)
Total costs and expenses	—			(141		)	(11,744		)	—			(11,885		)
Restructuring and impairment charges	—			—			—			—			—
Allocations to non-guarantor subsidiaries	—			127			(127		)	—			—
Other income, net	—			76			(21		)	(55		)	—
Interest expense, net	(65		)	(125		)	127			—			(63		)
Equity in the income of investees	—			—			76			—			76
Income before taxes	(65		)	(63		)	3,559			—			3,431
Income taxes	12			12			(669		)	—			(645		)
Earnings from subsidiary entities	—			2,839			—			(2,839		)	—
Consolidated net income	(53		)	2,788			2,890			(2,839		)	2,786
Less: Net loss attributable to noncontrolling interests	—			—			2			—			2
Net income excluding noncontrolling interests	$	(53	)	$	2,788		$	2,892		$	(2,839	)	$	2,788
Comprehensive income excluding noncontrolling interests	$	(53	)	$	2,809		$	2,853		$	(2,800	)	$	2,809



	TWDC		Legacy Disney			Non-Guarantor Subsidiaries			Reclassifications & Eliminations			Total
Revenues	$	—	$	—		$	15,367		$	(16	)	$	15,351
Costs and expenses
Operating expenses	—		—			(8,729		)	—			(8,729		)
Selling, general, administrative and other	—		(127		)	(1,960		)	—			(2,087		)
Depreciation and amortization	—		—			(742		)	—			(742		)
Total costs and expenses	—		(127		)	(11,431		)	—			(11,558		)
Restructuring and impairment charges	—		—			(15		)	—			(15		)
Allocations to non-guarantor subsidiaries	—		118			(118		)	—			—
Other income, net	—		(19		)	56			16			53
Interest expense, net	—		(141		)	12			—			(129		)
Equity in the income of investees	—		—			43			—			43
Income before taxes	—		(169		)	3,914			—			3,745
Income taxes	—		(36		)	764			—			728
Earnings from subsidiary entities	—		4,628			—			(4,628		)	—
Consolidated net income	—		4,423			4,678			(4,628		)	4,473
Less: Net income attributable to noncontrolling interests	—		—			(50		)	—			(50		)
Net income excluding noncontrolling interests	$	—	$	4,423		$	4,628		$	(4,628	)	$	4,423
Comprehensive income excluding noncontrolling interests	$	—	$	4,547		$	4,678		$	(4,678	)	$	4,547



	TWDC			Legacy Disney		Non-Guarantor Subsidiaries		Reclassifications & Eliminations			Total
ASSETS
Current assets
Cash and cash equivalents	$	—		$	1,173	$	3,282	$	—		$	4,455
Receivables, net	—			136		9,987		—			10,123
Inventories	—			4		1,353		—			1,357
Television costs and advances	—			—		824		—			824
Other current assets	—			214		564		—			778
Total current assets	—			1,527		16,010		—			17,537
Film and television costs	—			—		8,177		—			8,177
Investments in subsidiaries	—			152,703		—		(152,703		)	—
Other investments	—			—		2,970		—			2,970
Parks, resorts and other property, net	—			12		29,785		—			29,797
Intangible assets, net	—			—		6,747		—			6,747
Goodwill	—			—		31,289		—			31,289
Intercompany receivables	—			—		79,768		(79,768		)	—
Other assets	—			853		3,203		(632		)	3,424
Total assets	$	—		$	155,095	$	177,949	$	(233,103	)	$	99,941
LIABILITIES AND EQUITY
Current liabilities
Accounts payable and other accrued liabilities	$	33		$	2,074	$	8,589	$	—		$	10,696
Current portion of borrowings	—			3,450		39		—			3,489
Deferred revenues and other	—			126		3,308		—			3,434
Total current liabilities	33			5,650		11,936		—			17,619
Non-current liabilities
Borrowings	$	—		$	15,752	$	1,424	$	—		$	17,176
Deferred income taxes	—			—		3,809		(632		)	3,177
Other long-term liabilities	—			3,629		2,823		—			6,452
Intercompany payables	20			79,748		—		(79,768		)	—
Total non-current liabilities	20			99,129		8,056		(80,400		)	26,805
Redeemable noncontrolling interests	—			—		1,124		—			1,124
Total Disney Shareholders’ equity	(53		)	50,316		152,756		(152,703		)	50,316
Noncontrolling interests	—			—		4,077		—			4,077
Total equity	(53		)	50,316		156,833		(152,703		)	54,393
Total liabilities and equity	$	—		$	155,095	$	177,949	$	(233,103	)	$	99,941



	TWDC		Legacy Disney		Non-Guarantor Subsidiaries		Reclassifications & Eliminations			Total
ASSETS
Current assets
Cash and cash equivalents	$	—	$	1,367	$	2,783	$	—		$	4,150
Receivables, net	—		155		9,179		—			9,334
Inventories	—		4		1,388		—			1,392
Television costs and advances	—		—		1,314		—			1,314
Other current assets	—		152		483		—			635
Total current assets	—		1,678		15,147		—			16,825
Film and television costs	—		—		7,888		—			7,888
Investments in subsidiaries	—		149,880		—		(149,880		)	—
Other investments	—		—		2,899		—			2,899
Parks, resorts and other property, net	—		12		29,528		—			29,540
Intangible assets, net	—		—		6,812		—			6,812
Goodwill	—		—		31,269		—			31,269
Intercompany receivables	—		—		79,793		(79,793		)	—
Other assets	—		911		3,178		(724		)	3,365
Total assets	$	—	$	152,481	$	176,514	$	(230,397	)	$	98,598
LIABILITIES AND EQUITY
Current liabilities
Accounts payable and other accrued liabilities	$	—	$	688	$	8,791	$	—		$	9,479
Current portion of borrowings	—		3,751		39		—			3,790
Deferred revenues and other	—		115		4,476		—			4,591
Total current liabilities	—		4,554		13,306		—			17,860
Non-current liabilities
Borrowings	$	—	$	15,676	$	1,408	$	—		$	17,084
Deferred income taxes	—		—		3,833		(724		)	3,109
Other long-term liabilities	—		3,685		2,905		—			6,590
Intercompany payables	—		79,793		—		(79,793		)	—
Total non-current liabilities	—		99,154		8,146		(80,517		)	26,783
Redeemable noncontrolling interests	—		—		1,123		—			1,123
Total Disney Shareholders’ equity	—		48,773		149,880		(149,880		)	48,773
Noncontrolling interests	—		—		4,059		—			4,059
Total equity	—		48,773		153,939		(149,880		)	52,832
Total liabilities and equity	$	—	$	152,481	$	176,514	$	(230,397	)	$	98,598



	TWDC			Legacy Disney			Non-Guarantor Subsidiaries			Reclassifications & Eliminations			Total
OPERATING ACTIVITIES
Cash provided by operations	$	(20	)	$	135		$	1,984		$	—		$	2,099

INVESTING ACTIVITIES
Investments in parks, resorts and other property	—			—			(1,195		)	—			(1,195		)
Intercompany investing activities, net	—			(11		)	—			11			—
Other	—			—			(141		)	—			(141		)
Cash used in investing activities	—			(11		)	(1,336		)	11			(1,336		)

FINANCING ACTIVITIES
Commercial paper, net	—			(302		)	—			—			(302		)
Proceeds from exercise of stock options	—			37			—			—			37
Intercompany financing, net	20			75			(84		)	(11		)	—
Other	—			(125		)	(21		)	—			(146		)
Cash used in financing activities	20			(315		)	(105		)	(11		)	(411		)

Impact of exchange rates on cash, cash equivalents and restricted cash	—			—			(44		)	—			(44		)

Change in cash, cash equivalents and restricted cash	—			(191		)	499			—			308
Cash, cash equivalents and restricted cash, beginning of period	—			1,367			2,788			—			4,155
Cash, cash equivalents and restricted cash, end of period	$	—		$	1,176		$	3,287		$	—		$	4,463



	TWDC		Legacy Disney			Non-Guarantor Subsidiaries			Reclassifications & Eliminations		Total
OPERATING ACTIVITIES
Cash provided by operations	$	—	$	1,255		$	982		$	—	$	2,237

INVESTING ACTIVITIES
Investments in parks, resorts and other property	—		—			(981		)	—		(981		)
Other	—		—			(62		)	—		(62		)
Cash used in investing activities	—		—			(1,043		)	—		(1,043		)

FINANCING ACTIVITIES
Commercial paper, net	—		1,140			—			—		1,140
Borrowings	—		997			28			—		1,025
Reduction of borrowings	—		(1,299		)	(31		)	—		(1,330		)
Repurchases of common stock	—		(1,313		)	—			—		(1,313		)
Proceeds from exercise of stock options	—		50			—			—		50
Intercompany financing, net	—		(272		)	272			—		—
Other	—		(158		)	2			—		(156		)
Cash used in financing activities	—		(855		)	271			—		(584		)

Impact of exchange rates on cash, cash equivalents and restricted cash	—		—			21			—		21

Change in cash, cash equivalents and restricted cash	—		400			231			—		631
Cash, cash equivalents and restricted cash, beginning of period	—		693			3,371			—		4,064
Cash, cash equivalents and restricted cash, end of period	$	—	$	1,093		$	3,602		$	—	$	4,695