International Theme Park Investments (Tables)

6 Months Ended

Mar. 31, 2012

Consolidating Balance Sheets

Impact of Consolidating Financial Statements of International Theme Parks

The following tables present summarized balance sheet information for the Company as of March 31, 2012 and October 1, 2011, reflecting the impact of consolidating the balance sheets of the International Theme Parks.


	As of March 31, 2012
	Before International Theme Parks Consolidation		International Theme Parks and Adjustments			Total
Cash and cash equivalents	$	3,097	$	634		$	3,731
Other current assets		10,544		262			10,806

Total current assets		13,641		896			14,537
Investments		3,939		(1,455	)		2,484
Fixed assets		16,426		4,416			20,842
Other assets		37,270		100			37,370

Total assets	$	71,276	$	3,957		$	75,233

Current portion of borrowings	$	3,253	$	194		$	3,447
Other current liabilities		8,736		541			9,277

Total current liabilities		11,989		735			12,724
Borrowings		10,623		1,959			12,582
Deferred income taxes and other long-term liabilities		9,858		157			10,015
Equity		38,806		1,106			39,912

Total liabilities and equity	$	71,276	$	3,957		$	75,233


	As of October 1, 2011
	Before International Theme Parks Consolidation		International Theme Parks and Adjustments			Total
Cash and cash equivalents	$	2,407	$	778		$	3,185
Other current assets		10,323		249			10,572

Total current assets		12,730		1,027			13,757
Investments		3,791		(1,356	)		2,435
Fixed assets		15,386		4,309			19,695
Other assets		36,137		100			36,237

Total assets	$	68,044	$	4,080		$	72,124

Current portion of borrowings	$	2,866	$	189		$	3,055
Other current liabilities		8,459		574			9,033

Total current liabilities		11,325		763			12,088
Borrowings		8,800		2,122			10,922
Deferred income taxes and other long-term liabilities		9,507		154			9,661
Equity		38,412		1,041			39,453

Total liabilities and equity	$	68,044	$	4,080		$	72,124

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 six months ended March 31, 2012, reflecting the impact of consolidating the income statements of the International Theme Parks.


	Before International Theme Parks Consolidation ⁽¹⁾			International Theme Parks and Adjustments			Total
Revenues	$	19,424		$	984		$	20,408
Cost and expenses		(15,489	)		(1,040	)		(16,529	)
Restructuring and impairment charges		(44	)		—			(44	)
Other income		184			—			184
Net interest expense		(146	)		(39	)		(185	)
Equity in the income of investees		237			46			283

Income before income taxes		4,166			(49	)		4,117
Income taxes		(1,370	)		—			(1,370	)

Net income	$	2,796		$	(49	)	$	2,747

⁽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 $9 million in royalties and management fees recognized for the six months ended March 31, 2012.

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 six months ended March 31, 2012, reflecting the impact of consolidating the cash flow statements of the International Theme Parks.


	Before International Theme Parks Consolidation			International Theme Parks and Adjustments			Total
Cash provided by operations	$	3,417		$	129		$	3,546
Investments in parks, resorts and other property		(1,801	)		(310	)		(2,111	)
Other investing activities		(767	)		97			(670	)
Cash used by financing activities		(178	)		(48	)		(226	)
Impact of exchange rates on cash and cash equivalents		19			(12	)		7

Increase/(decrease) in cash and cash equivalents		690			(144	)		546
Cash and cash equivalents, beginning of period		2,407			778			3,185

Cash and cash equivalents, end of period	$	3,097		$	634		$	3,731

- 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.

+ References

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+ Details