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Numbers Sheet Name Numbers Table Name Disney Financial Statements

Balance sheet Table One Balance sheet

Income statement Table Two Income statement

Cashflow statement TableThree Cashflow statement

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CONSOLIDATED BALANCE SHEETS

(in millions, except share data)

October 3, September 28,

2020 2019

ASSETS

Current assets

Cash and cash equivalents $ 17,914 $ 5,418

Receivables 12,708 15,481

Inventories 1,583 1,649

Licensed content costs and advances 2,171 4,597

Other current assets 875 979

Total current assets 35,251 28,124

Produced and licensed content costs 25,022 22,810

Investments 3,903 3,224

Parks, resorts and other property

Attractions, buildings and equipment 62,111 58,589

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Accumulated depreciation -35,517 -32,415

26,594 26,174

Projects in progress 4,449 4,264

Land 1,035 1,165

32,078 31,603

Intangible assets, net 19,173 23,215

Goodwill 77,689 80,293

Other assets 8,433 4,715

Total assets $ 201,549 $ 193,984

LIABILITIES AND EQUITY

Current liabilities

Accounts payable and other accrued liabilities $ 16,801 $ 17,762

Current portion of borrowings 5,711 8,857

Deferred revenue and other 4,116 4,722

Total current liabilities 26,628 31,341

Borrowings 52,917 38,129

Deferred income taxes 7,288 7,902

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Other long-term liabilities

17,204 13,760

Commitments and contingencies (Note 15)

Redeemable noncontrolling interests 9,249 8,963

Equity

Preferred stock — —

Common stock, $.01 par value, Authorized – 4.6 billion shares, Issued – 1.8 billion shares

54,497 53,907

Retained earnings 38,315 42,494

Accumulated other comprehensive loss -8,322 -6,617

Treasury stock, at cost, 19 million shares -907 -907

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Total Disney Shareholders’ equity 83,583 88,877

Noncontrolling interests 4,680 5,012

Total equity 88,263 93,889

Total liabilities and equity $ 201,549 $ 193,984

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2020 2019

Revenues:

Services $ 59,265 $ 60,579

Products 6,123 9,028

Total revenues 65,388 69,607

Costs and expenses:

Cost of services (exclusive of

depreciation and amortization)

-39,406 -36,493

Cost of products (exclusive of

depreciation and amortization)

-4,474 -5,568

Selling, general, administrative and other -12,369 -11,549

Depreciation and amortization

-5,345 -4,167

Total costs and expenses -61,594 -57,777

Restructuring and impairment charges -5,735 -1,183

Other income, net 1,038 4,357

Interest expense, net -1,491 -978

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Equity in the income (loss) of investees 651 -103

Income (loss) from continuing operations before income taxes

-1,743 13,923

Income taxes on continuing operations

-699 -3,026

Net income (loss) from continuing operations

-2,442 10,897

Income (loss) from discontinued operations, net of income tax benefit (expense) of $10, ($39) and $0, respectively

-32 687

Net income (loss) -2,474 11,584 13,066

Net income from continuing operations attributable to noncontrolling and redeemable noncontrolling interests

-390 -472 -468

Net income from discontinued operations attributable to noncontrolling interests

— -58

Net income (loss) attributable to The Walt Disney Company (Disney)

$ (2,864) $ 11,054

Earnings (loss) per share attributable to Disney(1): Diluted

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Continuing operations $ (1.57) $ 6.26

Discontinued operations -0.02 0.38

$ (1.58) $ 6.64

Basic

Continuing operations $ (1.57) $ 6.30

Discontinued operations -0.02 0.38

$ (1.58) $ 6.68

Weighted average number of common and common equivalent shares outstanding: Diluted

1,808 1,666

Basic 1,808 1,656

Net income (loss) $ (2,474) $ 11,584

Other comprehensive income (loss), net of tax: Market value adjustments, primarily for hedges

-251 -37

Pension and postretirement medical plan adjustments

-1,476 -2,446

Foreign currency translation and other

115 -396

Other comprehensive income (loss) -1,612 -2,879

Comprehensive income (loss) -4,086 8,705

Net income from continuing operations attributable to noncontrolling interests

-390 -530

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Other comprehensive income (loss) attributable to noncontrolling interests

-93 65

Comprehensive income (loss) attributable to Disney

$ (4,569) $ 8,240

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2018

$ 50,869

8,565

59,434

-27,528

-5,198

-8,860

-3,011

-44,597

-33

601

-574

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-102

14,729

-1,663

13,066

—

13,066

—

$ 12,598

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$ 8.36

—

$ 8.36

$ 8.40

—

$ 8.40

1,507

1,499

$ 13,066

214

434

-289

359

13,425

-468

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72

$ 13,029

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Cash Flow Statement 2020 2019 2018

OPERATING ACTIVITIES Net income (loss) from continuing operations $ (2,442) $ 10,897 $ 13,066

Depreciation and amortization 5,345 4,167 3,011

Goodwill and intangible asset impairments 4,953 — —

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

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Net change in produced and licensed content costs and advances 397 -542 -523

Net change in operating lease right of use assets / liabilities 31 — —

Equity-based compensation 525 711 393

Other

641 154 441Changes in operating assets and liabilities, net of business acquisitions:

Receivables 1,943 55 -720

Inventories 14 -223 -17

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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 7,616 5,984 14,295

INVESTING ACTIVITIES

Investments in parks, resorts and other property -4,022 -4,876 -4,465

Acquisitions — -9,901 -1,581

Other 172 -319 710

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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 — — -3,577

Proceeds from exercise of stock options 305 318 210

Contributions from / sales of noncontrolling interests

94 737 399

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Acquisition of noncontrolling and redeemable noncontrolling interests — -1,430 —

Other -1,565 -871 -777

Cash provided by (used in) financing activities - continuing operations 8,480 -464 -8,843

CASH FLOWS FROM DISCONTINUED OPERATIONS

Cash provided by operations - discontinued operations 2 622 —

Cash provided by investing activities - discontinued operations 213 10,978 —

Cash used in financing activities - discontinued operations

— -626 —

Cash provided by discontinued operations

215 10,974 —

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Impact of exchange rates on cash, cash equivalents and restricted cash 38 -98 -25

Change in cash, cash equivalents and restricted cash 12,499 1,300 91

Cash, cash equivalents and restricted cash, beginning of year 5,455 4,155 4,064

Cash, cash equivalents and restricted cash, end of year $ 17,954 $ 5,455 $ 4,155

Supplemental disclosure of cash flow information:

Interest paid $ 1,559 $ 1,142 $ 631

Income taxes paid $ 738 $ 9,259 $ 2,503

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