
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 March 30, 2013 and September 29, 2012, reflecting the impact of consolidating the International Theme Parks balance sheets.



	As of March 30, 2013
	Before International Theme Parks Consolidation		International Theme Parks and Adjustments			Total
Cash and cash equivalents	$	3,436	$	516		$	3,952
Other current assets	10,793		258			11,051
Total current assets	14,229		774			15,003
Investments/Advances	5,902		(3,336		)	2,566
Parks, resorts and other property	16,960		4,690			21,650
Other assets	42,136		3			42,139
Total assets	$	79,227	$	2,131		$	81,358

Current portion of borrowings	$	3,556	$	—		$	3,556
Other current liabilities	9,433		464			9,897
Total current liabilities	12,989		464			13,453
Borrowings	13,110		271			13,381
Deferred income taxes and other long-term liabilities	10,257		123			10,380
Equity	42,871		1,273			44,144
Total liabilities and equity	$	79,227	$	2,131		$	81,358



	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

The following table presents summarized income statement information of the Company for the six months ended March 30, 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	$	20,929		$	966		$	21,895
Cost and expenses	(16,537		)	(1,071		)	(17,608		)
Restructuring and impairment charges	(61		)	—			(61		)
Other income/(expense), net	(92		)	—			(92		)
Net interest expense	(94		)	(32		)	(126		)
Equity in the income of investees	229			66			295
Income before income taxes	4,374			(71		)	4,303
Income taxes	(1,244		)	—			(1,244		)
Net income	$	3,130		$	(71	)	$	3,059


⁽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 $71 million of royalties and management fees recognized for the six months ended March 30, 2013.

The following table presents summarized cash flow statement information of the Company for the six months ended March 30, 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/(used in) operations	$	3,347		$	(43	)	$	3,304
Investments in parks, resorts and other property	(773		)	(346		)	(1,119		)
Cash (used in)/provided by other investing activities	(2,044		)	173			(1,871		)
Cash provided by financing activities	129			181			310
Impact of exchange rates on cash and cash equivalents	(62		)	3			(59		)
Increase/(decrease) in cash and cash equivalents	597			(32		)	565
Cash and cash equivalents, beginning of period	2,839			548			3,387
Cash and cash equivalents, end of period	$	3,436		$	516		$	3,952