International Theme Park Investments (Tables)

9 Months Ended

Jul. 02, 2016

Impact of Consolidating Financial Statements of International Theme Parks

The following tables present summarized balance sheet information for the Company as of July 2, 2016 and October 3, 2015, reflecting the impact of consolidating the International Theme Parks balance sheets.



	As of July 2, 2016
	Before International Theme Parks Consolidation		International Theme Parks and Adjustments			Total
Cash and cash equivalents	$	4,249	$	978		$	5,227
Other current assets	12,031		359			12,390
Total current assets	16,280		1,337			17,617
Investments/Advances	8,141		(4,913		)	3,228
Parks, resorts and other property	17,775		9,090			26,865
Other assets	43,118		86			43,204
Total assets	$	85,314	$	5,600		$	90,914

Current portion of borrowings	$	5,312	$	—		$	5,312
Other current liabilities	11,373		1,387			12,760
Total current liabilities	16,685		1,387			18,072
Borrowings	14,088		1,041			15,129
Deferred income taxes and other long-term liabilities	9,341		226			9,567
Equity	45,200		2,946			48,146
Total liabilities and equity	$	85,314	$	5,600		$	90,914



	As of October 3, 2015
	Before International Theme Parks Consolidation		International Theme Parks and Adjustments			Total
Cash and cash equivalents	$	3,488	$	781		$	4,269
Other current assets	12,237		252			12,489
Total current assets	15,725		1,033			16,758
Investments/Advances	7,505		(4,862		)	2,643
Parks, resorts and other property	17,431		7,748			25,179
Other assets	43,540		62			43,602
Total assets	$	84,201	$	3,981		$	88,182

Current portion of borrowings	$	4,562	$	1		$	4,563
Other current liabilities	11,331		440			11,771
Total current liabilities	15,893		441			16,334
Borrowings	12,454		319			12,773
Deferred income taxes and other long-term liabilities	10,225		195			10,420
Equity	45,629		3,026			48,655
Total liabilities and equity	$	84,201	$	3,981		$	88,182

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 nine months ended July 2, 2016, reflecting the impact of consolidating the International Theme Parks income statements.



	Before International Theme Parks Consolidation⁽¹⁾			International Theme Parks and Adjustments			Total
Revenues	$	41,013		$	1,477		$	42,490
Cost and expenses	(29,049		)	(1,944		)	(30,993		)
Restructuring and impairment charges	(125		)	—			(125		)
Interest expense, net	(121		)	(40		)	(161		)
Equity in the income of investees	443			333			776
Income before income taxes	12,161			(174		)	11,987
Income taxes	(4,089		)	—			(4,089		)
Net income	$	8,072		$	(174	)	$	7,898


⁽¹⁾	In the nine months ended July 2, 2016, royalty and management fees from the International Theme Parks totaling $108 million are included in Revenues, and our share of the net income/(loss) of the International Theme Parks is included in Equity in the income of investees.

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 nine months ended July 2, 2016, 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	$	9,161		$	225		$	9,386
Investments in parks, resorts and other property	(2,002		)	(1,689		)	(3,691		)
Cash (used in)/provided by other investing activities	(1,353		)	818			(535		)
Cash (used in)/provided by financing activities	(4,946		)	855			(4,091		)
Impact of exchange rates on cash and cash equivalents	(99		)	(12		)	(111		)
Change in cash and cash equivalents	761			197			958
Cash and cash equivalents, beginning of period	3,488			781			4,269
Cash and cash equivalents, end of period	$	4,249		$	978		$	5,227

- 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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