XML 28 R15.htm IDEA: XBRL DOCUMENT v3.20.2
International Theme Parks
 9 Months Ended
Jun. 27, 2020
Equity Method Investments and Joint Ventures [Abstract]  
International Theme Parks International Theme Parks
The Company has a 47% ownership interest in the operations of Hong Kong Disneyland Resort and a 43% ownership interest in the operations of Shanghai Disney Resort. The Asia Theme Parks together with Disneyland Paris are collectively referred to as the International Theme Parks.
The following table summarizes the carrying amounts of the Asia Theme Parks’ assets and liabilities included in the Company’s Condensed Consolidated Balance Sheets:
 June 27,
2020		September 28, 2019
Cash and cash equivalents$305  $655  
Other current assets121  102  
Total current assets426  757  
Parks, resorts and other property6,570    6,608    
Other assets191  9  
Total assets$7,187  $7,374  
Current liabilities$444  $447  
Long-term borrowings1,157  1,114  
Other long-term liabilities381  189  
Total liabilities$1,982  $1,750  
The following table summarizes the International Theme Parks’ revenues and costs and expenses included in the Company’s Condensed Consolidated Statement of Income for the nine months ended June 27, 2020:
Revenues$1,377  
Costs and expenses(2,220)   
Equity in the loss of investees(15) 
Asia Theme Parks’ royalty and management fees of $49 million for the nine months ended June 27, 2020 are eliminated in consolidation, but are considered in calculating earnings attributable to noncontrolling interests.
International Theme Parks’ cash flows included in the Company’s Condensed Consolidated Statement of Cash Flows for the nine months ended June 27, 2020 were $510 million used in operating activities, $622 million used in investing activities and $138 million generated from financing activities. Approximately half of the cash flows used in operating and investing activities and all of the cash flows generated from financing activities were for the Asia Theme Parks.
Hong Kong Disneyland Resort
The Government of the Hong Kong Special Administrative Region (HKSAR) and the Company have a 53% and a 47% equity interest in Hong Kong Disneyland Resort, respectively.
The Company and HKSAR have both provided loans to Hong Kong Disneyland Resort with outstanding balances of $146 million and $97 million, respectively. The interest rate is three month HIBOR plus 2%, and the maturity date is September 2025. The Company’s loan is eliminated in consolidation.
The Company has provided Hong Kong Disneyland Resort with a revolving credit facility of HK $2.1 billion ($271 million), which bears interest at a rate of three month HIBOR plus 1.25% and matures in December 2023. There is no outstanding balance under the line of credit at June 27, 2020.
Shanghai Disney Resort
Shanghai Shendi (Group) Co., Ltd (Shendi) and the Company have 57% and 43% equity interests in Shanghai Disney Resort, respectively. A management company, in which the Company has a 70% interest and Shendi a 30% interest, operates Shanghai Disney Resort.
The Company has provided Shanghai Disney Resort with loans totaling $853 million, bearing interest at rates up to 8% and maturing in 2036, with early repayment permitted. The Company has also provided Shanghai Disney Resort with a $157 million line of credit bearing interest at 8%. As of June 27, 2020, the total amount outstanding under the line of credit was $64 million. These balances are eliminated in consolidation.Shendi has provided Shanghai Disney Resort with loans totaling 7.5 billion yuan (approximately $1.1 billion), bearing interest at rates up to 8% and maturing in 2036, with early repayment permitted. Shendi has also provided Shanghai Disney Resort with a 1.4 billion yuan (approximately $0.2 billion) line of credit bearing interest at 8%. As of June 27, 2020 the total amount outstanding under the line of credit was 0.6 billion yuan (approximately $85 million).