
6.	International Theme Park Investments

The Company has a 51% effective ownership interest in the operations of Disneyland Paris, a 48% ownership interest in the operations of Hong Kong Disneyland Resort and a 43% ownership interest in the operations of Shanghai Disney Resort, all of which are VIEs consolidated in the Company’s financial statements. See Note 1 for the Company's policy on consolidating VIEs.

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



	As of December 29, 2012
	Before International Theme Parks Consolidation		International Theme Parks and Adjustments			Total
Cash and cash equivalents	$	2,887	$	320		$	3,207
Other current assets	10,873		242			11,115
Total current assets	13,760		562			14,322
Investments	5,885		(3,263		)	2,622
Fixed assets	16,992		4,679			21,671
Other assets	42,021		6			42,027
Total assets	$	78,658	$	1,984		$	80,642

Current portion of borrowings	$	4,815	$	—		$	4,815
Other current liabilities	9,300		383			9,683
Total current liabilities	14,115		383			14,498
Borrowings	12,364		269			12,633
Deferred income taxes and other long-term liabilities	10,024		117			10,141
Equity	42,155		1,215			43,370
Total liabilities and equity	$	78,658	$	1,984		$	80,642



	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	6,065		(3,342		)	2,723
Fixed assets	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

The following table presents summarized income statement information of the Company for the quarter ended December 29, 2012, reflecting the impact of consolidating the International Theme Parks income statements.



	Before International Theme Parks Consolidation⁽¹⁾			International Theme Parks and Adjustments			Total
Revenues	$	10,815		$	526		$	11,341
Cost and expenses	(8,700		)	(549		)	(9,249		)
Restructuring and impairment charges	—			—			—
Other income/(expense), net	(102		)	—			(102		)
Net interest expense	(56		)	(16		)	(72		)
Equity in the income of investees	91			19			110
Income before income taxes	2,048			(20		)	2,028
Income taxes	(590		)	—			(590		)
Net income	$	1,458		$	(20	)	$	1,438


⁽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 $37 million of royalties and management fees recognized for the quarter ended December 29, 2012.

The following table presents summarized cash flow statement information of the Company for the quarter ended December 29, 2012, 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	$	1,326		$	(182	)	$	1,144
Investments in parks, resorts and other property	(369		)	(176		)	(545		)
Cash (used in)/provided by other investing activities	(1,973		)	53			(1,920		)
Cash provided by financing activities	1,065			71			1,136
Impact of exchange rates on cash and cash equivalents	(1		)	6			5
Increase/(decrease) in cash and cash equivalents	48			(228		)	(180		)
Cash and cash equivalents, beginning of period	2,839			548			3,387
Cash and cash equivalents, end of period	$	2,887		$	320		$	3,207