International Theme Park Investments (Tables)

12 Months Ended

Sep. 29, 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 September 29, 2012 and October 1, 2011, reflecting the impact of consolidating the International Theme Parks balance sheets.


	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
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


	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 year ended September 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	$	40,051	$	2,227	$	42,278
Cost and expenses		(31,321)		(2,094)		(33,415)
Restructuring and impairment charges		(100)		—		(100)
Other income /(expense), net		265		(26)		239
Net interest expense		(299)		(70)		(369)
Equity in the income of investees		647		(20)		627

Income before income taxes		9,243		17		9,260
Income taxes		(3,068)		(19)		(3,087)

Net income	$	6,175	$	(2)	$	6,173

⁽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 $46 million in royalties and management fees recognized in fiscal year 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 year ended September 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	$	7,725	$	241	$	7,966
Investments in parks, resorts, and other property		(3,143)		(641)		(3,784)
Cash (used in)/provided by other investing activities		(2,745)		1,770		(975)
Cash used in financing activities		(1,408)		(1,577)		(2,985)
Impact of exchange rates on cash and cash equivalents		3		(23)		(20)

Increase in cash and cash equivalents		432		(230)		202
Cash and cash equivalents, beginning of year		2,407		778		3,185

Cash and cash equivalents, end of year	$	2,839	$	548	$	3,387

- 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