ACCT 370 - WEEK 4

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1. Company Information

Acct 370 Excel Project
Walt Disney Co.
500 South Buena Vista Street, Burbank, CA, 91521
Company Name Walt Disney Company (DIS)
Ticker Symbol DIS
Industry Mass media Entertainment
Products or Services Offered: Apparel, Toys, Home Décor, Books,Magazines, Foods,Beverage, Stationary,Electronics,Fine arts, and cable netwroks such as Disney Channel, Disney Junior, ESPN, ESPN2, ESPNEWS, National Geographic, National Geographic WildHISTORY, Lifetime, LMN, FYI, and Viceland
Major Competitors Comcast, Time Warner, 21st Century Fox, CBS Corp., and Discovery Communications
Reference
Walt Disney Co. (2020). Form 10-K 2020. Retrieved from SEC EDGAR

2. Historical Income Statements

Walt Disney Company (DIS)
Income Statements
As of September 29, 2020, September 29, 2019, and September 29, 2018
USD ($) shares in Thousands, $ in Thousands
Sep. 29, 2020 Sep. 29, 2019 Sep. 29, 2018
Net income (loss) $ (2,474) $ 11,584 $ 13,066
Other comprehensive income (loss), net of tax:
Market value adjustments, primarily for hedges (251) (37) 214
Pension and postretirement medical plan adjustments (1,476) (2,446) 434
Foreign currency translation and other 115 (396) (289)
Other comprehensive income (loss) $ (1,612) $ (2,879) $ 359
Comprehensive income (loss) $ (4,086.00) $ 8,705.00 $ 13,425.00
Net income from continuing operations attributable to noncontrolling interests (390) (530) (468)
Other comprehensive income (loss) attributable to noncontrolling interests (93) 65 72
Comprehensive income (loss) attributable to Disney $ (4,569) $ 8,240 $ 13,029

3. Historical Balance Sheets

Walt Disney (DIS)
Balance Sheets
As of October 3, 2020, September 28, 2019, and September 29, 2018
USD ($) shares in Thousands, $ in Thousands
Fiscal Year Oct. 03, 2020 Sep. 28, 2019 Sep. 29,2018
ASSETS
Current assets
Cash and cash equivalents $ 17,914 $ 5,418 $ 4,150
Receivables 12,708 15,481 9,334
Inventories 1,583 1,649 1,392
Licensed content costs and advances 2,171 4,597 1,314
Other current assets 875 979 635
Total current assets 35,251 28,124 16,825
Produced and licensed content costs 25,022 22,810 7,888
Investments 3,903 3,224 2,899
Parks, resorts and other property
Attractions, buildings and equipment 62,111 58,589 55,238
Accumulated depreciation -35,517 -32,415 -30,764
26,594 26,174 24,474
Projects in progress 4,449 4,264 3,942
Land 1,035 1,165 1,124
32,078 31,603 29,540
Intangible assets, net 19,173 23,215 6,812
Goodwill 77,689 80,293 31,269
Other assets 8,433 4,715 3,365
Total assets $ 201,549 $ 193,984 $ 98,598
LIABILITIES AND EQUITY
Current liabilities
Accounts payable and other accrued liabilities $ 16,801 $ 17,762 $ 9,479
Current portion of borrowings 5,711 8,857 3,790
Deferred revenue and other 4,116 4,722 4,591
Total current liabilities 26,628 31,341 17,860
Borrowings 52,917 38,129 17,084
Deferred income taxes 7,288 7,902 3,109
Other long-term liabilities 17,204 13,760 6,590
Commitments and contingencies (Note 15)
Redeemable noncontrolling interests 9,249 8,963 1,123
Equity
Preferred stock 0 0 0
Common stock, $.01 par value, Authorized – 4.6 billion shares, Issued – 1.8 billion shares 54,497 53,907 36,779
Retained earnings 38,315 42,494 82,679
Accumulated other comprehensive loss -8,322 -6,617 -3,097
Treasury stock, at cost, 19 million shares -907 -907 -67,588
Total Disney Shareholders’ equity 83,583 88,877 48,773
Noncontrolling interests 4,680 5,012 4,059
Total equity 88,263 93,889 52,832
Total liabilities and equity $ 201,549 $ 193,984 $ 98,598
Working Notes
Current receivables
Accounts Receivable 11,299 12,930 8,268
Other 1,835 2,894 1,258
Allowance for Doubtful Accounts (426) (343) (192)
Total 12,708 15,481 9,334
Parks, resorts and other property
Attractions, buildings and improvements 31,279 29,509 28,995
Furniture, fixtures and equipment 22,976 21,265 19,400
Land improvements 6,828 6,649 5,911
Leasehold improvements 1,028 1,166 932
Total 62,111 58,589 55,238
Accumulated depreciation (35,517) (32,415) (30,764)
Projects in progress 4,449 4,264 3,942
Land 1,035 1,165 1,124
Total 32,078 31,603 29,540
Accounts payable and other accrued liabilities
Accounts payable 12,663 13,778 6,503
Payroll and employee benefits 2,925 3,010 2,189
Other 1,213 974 787
Total 16,801 17,762 9,479
Other long-term liabilities
Pension and postretirement medical plan liabilities 6,451 4,783 2,712
Other 10,753 8,977 3,878
Total 17,204 13,760 6,590

4. Historical Statement of Cash

Walt Disney (DIS)
Statement of Cash Flows
As of September 29, 2020, September 28, 2019, and September 29, 2018
USD ($) shares in Thousands, $ in Thousands
12 Months Ended
Fiscal Year Oct. 03, 2020 Sep. 28, 2019 Sep. 29, 2018
Net income (loss) from continuing operations $ (2,474) $ 11,584 $ 13,066
OPERATING ACTIVITIES
Depreciation and amortization 5,345 4,167 3,011
Goodwill and Intangible Asset Impairment 4,953 0 0
Net gain on investments, acquisitions and dispositions (920) (4,733) (560)
Deferred income taxes (392) 117 (1,573)
Equity in the (income) loss of investees (651) 103 102
Cash distributions received from equity investees 774 754 775
Net change in produced and licensed content costs and advances 397 (542) (523)
Net change in operating lease right of use assets / liabilities 31 0 0
Equity-based compensation 525 711 393
Other 641 154 441
Changes in operating assets and liabilities, net of business acquisitions:
Receivables 1,943 55 (720)
Inventories 14 (223) (17)
Other assets (157) 932 (927)
Accounts payable and other liabilities (2,293) 191 235
Income taxes (152) (6,599) 592
Cash provided by operations - continuing operations $ 7,584 $ 6,671 $ 14,295
INVESTING ACTIVITIES
Investments in parks, resorts and other property $ (4,022) $ (4,876) $ (4,465)
Acquisitions 0 (9,901) (1,581)
Other 172 (319) 710
Cash used in investing activities - continuing operations $ (3,850) $ (15,096) $ (5,336)
FINANCING ACTIVITIES
Commercial paper borrowings (payments), net $ (3,354) $ 4,318 $ (1,768)
Borrowings 18,120 38,240 1,056
Reduction of borrowings (3,533) (38,881) (1,871)
Dividends (1,587) (2,895) (2,515)
Repurchases of common stock 0 0 (3,577)
Proceeds from exercise of stock options 305 318 210
Contributions from/sales of noncontrolling interests 94 737 399
Acquisitions of noncontrolling and redeemable noncontrolling interests 0 (1,430) 0
Other (1,565) (871) (777)
Cash used in financing activities - continuing operations $ 8,480 $ (464) $ (8,843)
CASH FLOWS FROM DISCONTINUED OPERATIONS
Cash Provided by Operating Activities, Discontinued Operations 2 622 0
Cash Provided by Investing Activities, Discontinued Operations 213 10,978 0
Cash Used in Financing Activities, Discontinued Operations 0 (626) 0
Cash provided by discontinued operations $ 215 $ 10,974 $ - 0
Impact of exchange rates on cash, cash equivalents and restricted cash 38 (98) (25)
Change in Cash, Cash Equivalents and Restricted Cash 12,459 1,300 91
Cash, cash equivalents and restricted cash, beginning of year 5,455 4,118 4,059
Cash, cash equivalents and restricted cash, end of year $ 17,914.00 $ 5,418.00 $ 4,150.00
Supplemental disclosure of cash flow information:
Interest Paid $ 1,559.00 $ 1,142.00 $ 631.00
Income taxes paid $ 738.00 $ 9,259.00 $ 2,503.00