International Theme Park Investments (Tables)

3 Months Ended

Dec. 27, 2014

Impact of Consolidating Financial Statements of International Theme Parks

The following tables present summarized balance sheet information for the Company as of December 27, 2014 and September 27, 2014, reflecting the impact of consolidating the International Theme Parks balance sheets.



	As of December 27, 2014
	Before International Theme Parks Consolidation		International Theme Parks and Adjustments			Total
Cash and cash equivalents	$	4,174	$	903		$	5,077
Other current assets	11,883		280			12,163
Total current assets	16,057		1,183			17,240
Investments/Advances	6,812		(4,170		)	2,642
Parks, resorts and other property	16,981		6,679			23,660
Other assets	43,480		13			43,493
Total assets	$	83,330	$	3,705		$	87,035

Current portion of borrowings	$	4,376	$	—		$	4,376
Other current liabilities	11,660		768			12,428
Total current liabilities	16,036		768			16,804
Borrowings	11,912		255			12,167
Deferred income taxes and other long-term liabilities	10,088		183			10,271
Equity	45,294		2,499			47,793
Total liabilities and equity	$	83,330	$	3,705		$	87,035



	As of September 27, 2014
	Before International Theme Parks Consolidation		International Theme Parks and Adjustments			Total
Cash and cash equivalents	$	2,645	$	776		$	3,421
Other current assets	11,452		303			11,755
Total current assets	14,097		1,079			15,176
Investments/Advances	6,627		(3,931		)	2,696
Parks, resorts and other property	17,081		6,251			23,332
Other assets	42,958		24			42,982
Total assets	$	80,763	$	3,423		$	84,186

Current portion of borrowings	$	2,164	$	—		$	2,164
Other current liabilities	10,318		810			11,128
Total current liabilities	12,482		810			13,292
Borrowings	12,423		253			12,676
Deferred income taxes and other long-term liabilities	9,859		181			10,040
Equity	45,999		2,179			48,178
Total liabilities and equity	$	80,763	$	3,423		$	84,186

Consolidating Income Statements

Impact of Consolidating Financial Statements of International Theme Parks

The following table presents summarized income statement information of the Company for the quarter ended December 27, 2014, reflecting the impact of consolidating the International Theme Parks income statements.



	Before International Theme Parks Consolidation⁽¹⁾			International Theme Parks and Adjustments			Total
Revenues	$	12,813		$	578		$	13,391
Cost and expenses	(9,597		)	(586		)	(10,183		)
Other income/(expense), net	(31		)	31			—
Interest income/(expense), net	(43		)	(15		)	(58		)
Equity in the income of investees	218			(6		)	212
Income before income taxes	3,360			2			3,362
Income taxes	(1,118		)	—			(1,118		)
Net income	$	2,242		$	2		$	2,244


⁽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 $14 million of royalties and management fees recognized for the quarter ended December 27, 2014.

Consolidating Cash Flow Statements

Impact of Consolidating Financial Statements of International Theme Parks

The following table presents summarized cash flow statement information of the Company for the quarter ended December 27, 2014, 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	$	1,742		$	113		$	1,855
Investments in parks, resorts and other property	(360		)	(638		)	(998		)
Cash (used in)/provided by other investing activities	(320		)	327			7
Cash provided by financing activities	562			335			897
Impact of exchange rates on cash and cash equivalents	(95		)	(10		)	(105		)
Change in cash and cash equivalents	1,529			127			1,656
Cash and cash equivalents, beginning of period	2,645			776			3,421
Cash and cash equivalents, end of period	$	4,174		$	903		$	5,077

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

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