ACCT 370 - 5

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1. Company Information

Acct 370 Excel Project
Walt Disney Co.
500 South Buena Vista Street, Burbank, CA, 91521
Mona Gurung
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 StatementA

Walt Disney (DIS)
Historical Income Statement
As of October 3, 2020, September 28, 2019, and September 29, 2018
USD ($) shares in Thousands, $ in Thousands
12 Months Ended
Oct. 03, 2020 Sep. 28, 2019 Sep. 29, 2018
Revenues $ 65,388 $ 69,607 $ 59,434
Selling, general, administrative and other (12,369) (11,549) (8,860)
Depreciation and amortization (5,345) (4,167) (3,011)
Total costs and expenses (61,594) (57,777) (44,597)
Restructuring and impairment charges (5,735) (1,183) (33)
Other income, net 1,038 4,357 601
Interest expense, net (1,491) (978) (574)
Equity in the income (loss) of investees 651 (103) (102)
Income (loss) from continuing operations before income taxes $ (1,743) $ 13,923 $ 14,729 1.17 (14.24)
Income taxes on continuing operations (699) (3,026) (1,663)
Net income (loss) from continuing operations $ (2,442) $ 10,897 $ 13,066
Income (loss) from discontinued operations, net of income tax benefit (expense) of $10, ($39) and $0, respectively (32) 687 0
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 0 58 0
Net income (loss) attributable to The Walt Disney Company (Disney) $ (2,864) $ 11,054 $ 12,598
Earnings per share attributable to Disney
Continuing Operations, Per Diluted Share $ (1.57) $ 6.26 $ 8.36
Discontinued Operation, Per Diluted Share (0.02) 0.38 0
Diluted (1.58) 6.64 8.36
Continuing Operations, Per Basic Share (1.57) 6.30 8.40
Discontinued Operation, Per Basic Share (0.02) 0.38 0
Basic $ (1.58) $ 6.68 $ 8.40
Weighted average number of common and common equivalent shares outstanding:
Diluted (shares) 1,808 1,666 1,507
Basic (shares) 1,808 1,656 1,499
Service
Revenues $ 59,265 $ 60,579 $ 50,869
Cost of Goods and Services Sold (39,406) (36,493) (27,528)
Product
Revenues 6,123 9,028 8,565
Cost of Goods and Services Sold $ (4,474) $ (5,568) $ (5,198)
[1]

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
0.0920779466
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 50574.699
Equity 0.5995377451 0.4061072117 0.3233646275
Preferred stock 0 0 0 0.7014345022
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
0.59954 0.40611 0.32336
Working Notes $ 0.9261
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 CashA

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 $ -2,442 $ 10,897 $ 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 $ 7,616 $ 5,984 $ 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 12,499 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 $ 1,559.00 $ 1,142.00 $ 631.00
Income taxes paid $ 738.00 $ 9,259.00 $ 2,503.00

5. Comcast Income Statement

Comcast Corporation (CMCSA)
Historical Income Statements
As of December 31, 2020, December 31, 2019, and December 31, 2018
Year ended December 31 (in millions, except per share data)
Consolidated Statement of Income - USD ($) $ in Millions 12 Months Ended
Dec. 31, 2020 Dec. 31, 2019 Dec. 31, 2018
Revenue $ 103,564 $ 108,942 $ 94,507
Costs and Expenses:
Programming and production 33,121 34,440 29,692
Other operating and administrative 33,109 32,807 28,094
Advertising, marketing and promotion 6,741 7,617 7,036
Depreciation 8,320 8,663 8,281
Amortization 4,780 4,290 2,736
Other operating gains 0 0 (341)
Total costs and expenses $ 86,071 $ 87,817 $ 75,498
Operating income $ 17,493 $ 21,125 $ 19,009
Interest expense (4,588) (4,567) (3,542)
Investment and other income (loss), net 1,160 438 (225)
Income before income taxes $ 14,065 $ 16,996 $ 15,242
Income tax (expense) benefit (3,364) (3,673) (3,380)
Net income $ 10,701 $ 13,323 $ 11,862
Less: Net income attributable to noncontrolling interests and redeemable subsidiary preferred stock 167 266 131
Net income attributable to Comcast Corporation $ 10,534 $ 13,057 $ 11,731
Basic earnings per common share attributable to Comcast Corporation shareholders 2.30 2.87 2.56
Diluted earnings per common share attributable to Comcast Corporation shareholders 2.28 2.83 2.53

6. Comcast Balance Sheet

Comcast Corporation (CMCSA)
Historical Balance Sheets
As of December 31, 2020, December 31, 2019, and December 31, 2018
Year ended December 31 (in millions, except per share data)
Consolidated Balance Sheet - USD ($) $ in Millions 12 Months Ended
Dec. 31, 2020 Dec. 31, 2019 Dec. 31, 2018
Assets:
Current Assets:
Cash and cash equivalents $ 11,740 $ 5,500 $ 3,814
Receivables, net 11,466 11,292 11,104
Programming rights - 0 3,877 3,746
Other current assets 3,535 4,723 3,184
Total current assets $ 26,741 $ 25,392 $ 21,848
Film and television costs 13,340 8,933 7,837
Investments 7,820 6,989 7,883
Investment securing collateralized obligation 447 694 - 0
Property and equipment, net 51,995 48,322 44,437
Goodwill 70,669 68,725 66,154
Franchise rights 59,365 59,365 59,365
Other intangible assets, net 35,389 36,128 38,358
Other noncurrent assets, net 8,103 8,866 5,802
Total assets $ 273,869 $ 263,414 $ 251,684
Liabilities and Equity
Current Liabilities:
Accounts payable and accrued expenses related to trade creditors $ 11,364 $ 10,826 $ 8,494
Accrued participations and residuals 1,706 1,730 1,808
Deferred revenue 2,963 2,768 2,182
Accrued expenses and other current liabilities 9,617 10,516 10,721
Current portion of long-term debt 3,146 4,452 4,398
Total current liabilities $ 28,796 $ 30,292 $ 27,603
Long-term debt, less current portion 100,614 97,765 107,345
Collateralized obligation 5,168 5,166 - 0
Deferred income taxes 28,051 28,180 27,589
Other noncurrent liabilitieS 18,222 16,765 15,329
Commitments and contingencies
Redeemable noncontrolling interests and redeemable subsidiary preferred stock 1,280 1,372 1,316
Equity:
Preferred stock—authorized, 20,000,000 shares; issued, zero $ - 0 $ - 0 $ - 0
Class A common stock, $0.01 par value—authorized, 7,500,000,000 shares; issued, 5,444,002,825 and5,416,381,298; outstanding, 4,571,211,797 and 4,543,590,270 54 54 54
Class B common stock, $0.01 par value—authorized, 75,000,000 shares; issued and outstanding, 9,444,375 - 0 - 0 - 0
Additional paid-in capital 39,464 38,447 37,461
Retained earnings 56,438 50,695 41,983
Treasury stock, 872,791,028 Class A common shares (7,517) (7,517) (7,517)
Accumulated other comprehensive income (loss) 1,884 1,047 (368)
Total Comcast Corporation shareholders’ equity $ 90,323 $ 82,726 $ 71,613
Noncontrolling interests 1,415 1,148 889
Total equity $ 91,738 $ 83,874 $ 72,502
Total liabilities and equity $ 273,869 $ 263,414 $ 251,684

7. Comcast Cash Flow

Comcast Corporation (CMCSA)
Historical Statement of Cash Flows
As of December 31, 2020, December 31, 2019, and December 31, 2018
Year ended December 31 (in millions, except per share data)
Consolidated Statement of Cash Flows - USD ($) $ in Millions 12 Months Ended
Dec. 31, 2020 Dec. 31, 2019 Dec. 31, 2018
Operating Activities
Net income $ 10,701 $ 13,323 $ 11,862
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, amortization and other operating gains 13,100 12,953 10,676
Share-based compensation 1,193 1,021 826
Noncash interest expense (income), net 697 417 364
Net (gain) loss on investment activity and other -970 -20 576
Deferred income taxes -550 563 290
Changes in operating assets and liabilities, net of effects of acquisitions and divestitures:
Current and noncurrent receivables, net -20 -57 -802
Film and television costs, ne -244 -929 -395
Accounts payable and accrued expenses related to trade creditors -266 -347 -394
Other operating assets and liabilities 1,096 -1,227 1,294
Net cash provided by operating activities $ 24,737 $ 25,697 $ 24,297
Investing Activities:
Capital expenditures $ (9,179) $ (9,953) $ (9,774)
Cash paid for intangible assets (2,455) (2,475) (1,935)
Construction of Universal Beijing Resort (1,498) (1,116) (460)
Purchase of spectrum (459) - 0 - 0
Acquisitions, net of cash acquired (233) (370) (38,219)
Proceeds from sales of businesses and investments 2,339 886 141
Purchases of investments (812) (1,899) (1,257)
Other 250 86 650
Net cash provided by (used in) investing activities $ (12,047) $ (14,841) $ (50,854)
Financing Activities:
Proceeds from (repayments of) short-term borrowings, net $ - 0 $ (1,288) $ 379
Proceeds from borrowings 18,644 5,479 44,781
Proceeds from collateralized obligation - 0 5,175 - 0
Repurchases and repayments of debt (18,777) (14,354) (8,798)
Repurchases of common stock under repurchase program and employee plans (534) (504) (5,320)
Dividends paid (4,140) (3,735) (3,352)
Other (1,706) 46 (550)
Net cash provided by (used in) financing activities $ (6,513) $ (9,181) $ 27,140
Impact of foreign currency on cash, cash equivalents and restricted cash 2 5 (245)
Increase (decrease) in cash, cash equivalents and restricted cash $ 6,179 $ 1,680 $ 338
Cash, cash equivalents and restricted cash, beginning of year 5,589 3,909 3,571
Cash, cash equivalents and restricted cash, end of year $ 11,768 $ 5,589 $ 3,909
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8. Discovery Income Statement

Discovery, Inc. (DISCA)
Historical Income Statement
As of December 31, 2020, December 31, 2019, and December 31, 2018
Year ended December 31 (in millions, except per share data)
Consolidated Statements of Operations - USD ($) shares in Millions, $ in Millions 12 Months Ended
Dec. 31, 2020 Dec. 31, 2019 Dec. 31, 2018
Revenues:
Revenues $ 10,671 $ 11,144 $ 10,553
Costs and expenses:
Costs of revenues, excluding depreciation and amortization 3,860 3,819 3,935
Selling, general and administrative 2,722 2,788 2,620
Depreciation and amortization 1,359 1,347 1,398
Impairment of goodwill and other intangible assets 124 155 - 0
Restructuring and other charges 91 26 750
Gain on disposition - 0 - 0 - 0
Total costs and expenses $ 8,156 $ 8,135 $ 8,703
Operating income 2,515 3,009 1,934
Interest expense, net (648) (677) (729)
Loss on extinguishment of debt (76) (28) 0
Loss from equity investees, net (105) (2) (63)
Other income (expense), net 42 (8) (120)
Income before income taxes $ 1,728 $ 2,294 $ 1,022
Income tax expense (373) (81) (341)
Net income $ 1,355 $ 2,213 $ 681
Net income attributable to noncontrolling interests (124) (128) (67)
Net income attributable to redeemable noncontrolling interests (12) (16) (20)
Net income available to Discovery, Inc. $ 1,219 $ 2,069 $ 594
Series A, B and C Common Stock
Net income per share available to Discovery, Inc. Series A, B and C common stockholders:
Basic (in dollars per share) $ 1.82 $ 2.90 $ 0.86
Diluted (in dollars per share) $ 1.81 $ 2.88 $ 0.86
Weighted average shares outstanding:
Basic (in shares) 505 529 498
Diluted (in shares) 672 711 688
Advertising
Revenues:
Revenues $ 5,583 $ 6,044 $ 5,514
Distribution
Revenues:
Revenues 4,866 4,835 4,538
Other
Revenues:
Revenues $ 222 $ 265 $ 501

9. Discovery Balance Sheet

Discovery, Inc. (DISCA)
Historical Balance Sheet
As of December 31, 2020, December 31, 2019, and December 31, 2018
Year ended December 31 (in millions, except per share data)
Consolidated Balance Sheets - USD ($) $ in Millions 12 Months Ended
Dec. 31, 2020 Dec. 31, 2019 Dec. 31, 2018
ASSETS
Current assets:
Cash and cash equivalents $ 2,091 $ 1,552 $ 986
Receivables, net 2,537 2,633 2,620
Content rights and prepaid license fees, net 532 579 313
Prepaid expenses and other current assets 970 453 312
Total current assets $ 6,130 $ 5,217 $ 4,231
Noncurrent content rights, net $ 3,439 $ 3,129 $ 3,069
Property and equipment, ne 1,206 951 800
Goodwil 13,070 13,050 13,006
Intangible assets, net 7,640 8,667 9,674
Equity method investments 507 568 935
Other noncurrent assets 2,095 2,153 835
Total assets $ 34,087 $ 33,735 $ 32,550
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable $ 397 $ 463 $ 325
Accrued liabilities 1,793 1,678 1,604
Deferred revenues 557 489 249
Current portion of debt 335 609 1,819
Total current liabilities $ 3,082 $ 3,239 $ 3,997
Noncurrent portion of debt 15,069 14,810 14,974
Deferred income taxes 1,534 1,691 1,811
Other noncurrent liabilities 2,019 2,029 1,251
Total liabilities $ 21,704 $ 21,769 $ 22,033
Commitments and contingencies (See Note 22)
Redeemable noncontrolling interests 383 442 415
Equity:
Discovery, Inc. stockholders’ equity:
Series A-1 convertible preferred stock: $0.01 par value; 8 shares authorized, issued and outstanding $ - 0 $ - 0 $ - 0
Series C-1 convertible preferred stock: $0.01 par value; 6 shares authorized; 5 shares issued and outstanding - 0 - 0 - 0
Series A common stock: $0.01 par value; 1,700 shares authorized; 163 and 161 shares issued; and 162 and 158 shares outstanding 2 2 2
Series B convertible common stock: $0.01 par value; 100 shares authorized; 7 shares issued and outstanding - 0 - 0 - 0
Series C common stock: $0.01 par value; 2,000 shares authorized; 547 shares issued; and 318and 360 shares outstanding 5 5 5
Additional paid-in capital 10,809 10,747 10,647
Treasury stock, at cost: 230 and 190 shares (8,244) (7,374) (6,737)
Retained earnings 8,543 7,333 5,254
Accumulated other comprehensive loss (651) (822) (785)
Total Discovery, Inc. stockholders’ equity $ 10,464 $ 9,891 $ 8,386
Noncontrolling interests 1,536 1,633 1,716
Total equity $ 12,000 $ 11,524 $ 10,102
Total liabilities and equity $ 34,087 $ 33,735 $ 32,550

10. Discovery Cash Flow

Discovery, Inc. (DISCA)
Historical Statement of Cash Flows
As of December 31, 2020, December 31, 2019, and December 31, 2018
Year ended December 31 (in millions, except per share data)
Consolidated Statements of Cash Flows - USD ($) $ in Millions 12 Months Ended
Dec. 31, 2020 Dec. 31, 2019 Dec. 31, 2018
Operating Activities
Net income $ 1,355 $ 2,213 $ 681
Adjustments to reconcile net income to cash provided by operating activities:
Content rights amortization and impairment 2,956 2,853 3,288
Depreciation and amortization 1,359 1,347 1,398
Deferred income taxes (186) (504) (131)
Equity in losses of equity method investee companies, including cash distributions 167 62 138
Loss on extinguishment of debt 76 28 - 0
Share-based compensation expense 110 142 80
Impairment of goodwill and other intangible assets 124 155 - 0
(Gain) loss from derivative instruments, net (36) 48 (15)
Realized gain on sale of investments (103) (10) - 0
Remeasurement gain on previously held equity interests - 0 (14) - 0
Loss (gain) on disposition 2 - 0 (84)
Other, neT 14 52 141
Changes in operating assets and liabilities, net of acquisitions and dispositions:
Receivables, net 105 (7) (84)
Content rights and payables, net (3,053) (3,060) (2,883)
Accounts payable and accrued liabilities (131) 122 (74)
Foreign currency, prepaid expenses and other assets, net (20) (28) 121
Cash provided by operating activities $ 2,739 $ 3,399 $ 2,576
Investing Activities
Purchases of property and equipment $ (402) $ (289) $ (147)
Purchases of investments (250) - 0 - 0
Investments in and advances to equity investments (181) (254) (61)
Proceeds from dissolution of joint venture and sale of investments 69 125 - 0
Business acquisitions, net of cash acquired (39) (73) (8,565)
Proceeds from dispositions, net of cash disposed - 0 - 0 107
Other investing activities, net 100 53 73
Cash used in investing activities $ (703) $ (438) $ (8,593)
Financing Activities
Principal repayments of debt, including discount payment $ (2,193) $ (2,658) $ (16)
Borrowings from debt, net of discount and issuance costs 1,979 1,479 - 0
Repurchases of stock (969) (633) - 0
Principal repayments of revolving credit facility (500) (225) (200)
Borrowings under revolving credit facility 500 - 0 - 0
Distributions to noncontrolling interests and redeemable noncontrolling interests (254) (250) (76)
Borrowings under term loan facilities - 0 - 0 2,000
Principal repayments of term loans - 0 - 0 (2,000)
Other financing activities, ne (112) (70) 9
Cash used in financing activities $ (1,549) $ (2,357) $ (283)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash 83 (38) (23)
Net change in cash, cash equivalents, and restricted cash $ 570 $ 566 $ (6,323)
Cash, cash equivalents, and restricted cash, beginning of period 1,552 986 7,309
Cash, cash equivalents, and restricted cash, end of period $ 2,122 $ 1,552 $ 986

11.Historical&Competitor ratios

Walt Disney (DIS) Comcast Corporation (CMCSA) and Discovery, Inc. (DISCA)
Historical Ratios Historical Ratios
As of October 3, 2020, September 28, 2019, and September 29, 2018 As of December 31, 2020
USD ($) shares in Thousands, $ in Thousands USD ($) shares in Thousands, $ in Thousands
Oct. 03, 2020 Sep. 28, 2019 Sep. 29, 2018 Comcast Corporation (CMCSA) Dec. 31, 2020 Discovery, Inc. (DISCA) Dec. 31, 2020 Industry Average
Liquidity Ratios
Current Ratio 1.3238320565 0.8973549025 0.9420492721 0.9286359217 1.9889682025 1.4138120602
         Quick Ratio 1.1499924891 0.6668262021 0.7549832027 0.8058758161 0.554337779 0.8367353614
Leverage Ratios 0
         Debt to Total Assets Ratio 13.21% 16.16% 18.11% 10.51% 9.04% 0.1092258725
         Debt Equity Ratio 31.86% 35.26% 36.62% 0.3188113769 0.2945336391 0.3106421819
         Long-Term Debt to Equity 0.9261333046 0.6727387288 0.5491357923 1.6834582554 1.7796253823 1.4630723141
         Times Interest Earned Ratio 3.203880741 3.854963732 2.8584843982 3.6427209154 3.132137031 3.3262462291
Activity Ratios
         Inventory Turnover 0.0553845077 0.0481319323 0.0648890546 0.50770 0.4817698443 0.3482863072
         Fixed Assets Turnover 0.0920779466 0.1073700336 0.4255725191 0.0779528893 0.0211153221 0.063715386
        Total Assets Turnover 0.0049338488 0.0055095665 0.0147011096 0.0072773566 0.0037377252 0.0053163102
         Accounts Receivable Turnover 0.1268010591 0.1211073964 0.4255725191 0.1026839645 0.3015165031 0.1770005089
         Average Collection Period 82 76.00 73.00 38 86 68.6666666667
Profitability Ratios
         Gross Profit Margin 106.84% 108.00% 108.75% 16.89% 23.57% 0.4910059631
         Operating Profit Margin -0.0266562672 0.2000229862 0.2478211125 0.2388571318 2.021402214 0.7445343595
         Net Profit Margin -0.0373463021 0.1565503469 0.2198404953 0.1033274111 0.1269796645 0.0643202578
         Return on Total Assets (ROA) -0.0121161603 0.0561747361 0.132517901 0.0390734256 0.0397512248 0.0222361634
         Return on Stockholders’ Equity (ROE) -0.0292164675 0.1226076488 0.2678941217 0.1184748071 0.1294915902 0.0729166433
         Earnings Per Share (EPS) -1.35% 6.54% 8.67% 24.60% 2.30% 0.0851644543
         Price Earnings Ratio -166.10% 19.60% 14.50% 22.64% 23.42% -0.4001333333
&L&12https://www-capitaliq-com.ezproxy.liberty.edu/CIQDotNet/Financial/Ratios.aspx?CompanyId=191564&FromSearchProfiles=true https://www-capitaliq-com.ezproxy.liberty.edu/CIQDotNet/Financial/Ratios.aspx?CompanyId=173341&FromSearchProfiles=true

12. Common sized Balance sheets

Walt Disney (DIS)
Common Sized 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 8.89% 2.79% 4.21%
Receivables 6.31% 7.98% 9.47%
Inventories 0.79% 0.85% 1.41%
Licensed content costs and advances 1.08% 2.37% 1.33%
Other current assets 0.43% 0.50% 0.64%
Total current assets 17.49% 14.50% 17.06%
0.00% 0.00%
Produced and licensed content costs 12.41% 11.76% 8.00%
Investments 1.94% 1.66% 2.94%
Parks, resorts and other property
Attractions, buildings and equipment 30.82% 30.20% 56.02%
Accumulated depreciation -17.62% -16.71% -31.20%
13.19% 13.49% 24.82%
Projects in progress 2.21% 2.20% 4.00%
Land 0.51% 0.60% 1.14%
15.92% 16.29% 29.96%
Intangible assets, net 9.51% 11.97% 6.91%
Goodwill 38.55% 41.39% 31.71%
Other assets 4.18% 2.43% 3.41%
Total assets 100.00% 100.00% 100.00%
LIABILITIES AND EQUITY
Current liabilities
Accounts payable and other accrued liabilities 8% 9% 10%
Current portion of borrowings 3% 5% 4%
Deferred revenue and other 2% 2% 5%
Total current liabilities 13% 16% 18%
Borrowings 26% 20% 17%
Deferred income taxes 4% 4% 3%
Other long-term liabilities 9% 7% 7%
Commitments and contingencies (Note 15)
Redeemable noncontrolling interests 5% 5% 1%
Equity
Preferred stock
Common stock, $.01 par value, Authorized – 4.6 billion shares, Issued – 1.8 billion shares 27% 28% 37%
Retained earnings 19% 22% 84%
Accumulated other comprehensive loss -4% -3% -3%
Treasury stock, at cost, 19 million shares -0.45% -0.47% -68.55%
Total Disney Shareholders’ equity 41% 46% 49%
Noncontrolling interests 2% 3% 4%
Total equity 44% 48% 54%
Total liabilities and equity 100% 100% 100%

13. CommonSized IncomeStatement

Walt Disney (DIS)
Common sized Income Statement
As of October 3, 2020, September 28, 2019, and September 29, 2018
USD ($) shares in Thousands, $ in Thousands
12 Months Ended
Oct. 03, 2020 Sep. 28, 2019 Sep. 29, 2018
Revenues 100% 100% 100%
Selling, general, administrative and other -19% -17% -15%
Depreciation and amortization -8% -6% -5%
Total costs and expenses -94% -83% -75%
Restructuring and impairment charges -9% -2% -0%
Other income, net 2% 6% 1%
Interest expense, net -2% -1% -1%
Equity in the income (loss) of investees 1% -0% -0%
Income (loss) from continuing operations before income taxes -3% 20% 25%
Income taxes on continuing operations -1% -4% -3%
0% 0% 0%
Net income (loss) from continuing operations -4% 16% 22%

14. Horizontal Balance

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 $ change % Change Sep. 28, 2019 $ Change % Change Sep. 29,2018
ASSETS
Current assets
Cash and cash equivalents $ 17,914 $ 12,496 231% $ 5,418 $ 1,268 31% $ 4,150
Receivables 12,708 $ (2,773) -18% 15,481 $ 6,147 66% 9,334
Inventories 1,583 $ (66) -4% 1,649 $ 257 18% 1,392
Licensed content costs and advances 2,171 $ (2,426) -53% 4,597 $ 3,283 250% 1,314
Other current assets 875 $ (104) -11% 979 $ 344 54% 635
Total current assets $ 35,251 $ 7,127 25% $ 28,124 $ 11,299 67% $ 16,825
Produced and licensed content costs $ 25,022 $ 2,212 10% $ 22,810 $ 14,922 189% $ 7,888
Investments 3,903 $ 679 21% 3,224 $ 325 11% 2,899
Parks, resorts and other property $ - 0
Attractions, buildings and equipment 62,111 $ 3,522 6% 58,589 $ 3,351 6% 55,238
Accumulated depreciation (35,517) $ (3,102) 10% (32,415) $ (1,651) 5% (30,764)
26,594 $ 420 2% 26,174 $ 1,700 7% 24,474
Projects in progress 4,449 $ 185 4% 4,264 $ 322 8% 3,942
Land 1,035 $ (130) -11% 1,165 $ 41 4% 1,124
32,078 $ 475 2% 31,603 $ 2,063 7% 29,540
Intangible assets, net 19,173 $ (4,042) -17% 23,215 $ 16,403 241% 6,812
Goodwill 77,689 $ (2,604) -3% 80,293 $ 49,024 157% 31,269
Other assets 8,433 $ 3,718 79% 4,715 $ 1,350 40% 3,365
Total assets $ 201,549 $ 7,565 4% $ 193,984 $ 95,386 97% $ 98,598
LIABILITIES AND EQUITY
Current liabilities
Accounts payable and other accrued liabilities $ 16,801 $ (961) -5% $ 17,762 $ 8,283 87% $ 9,479
Current portion of borrowings 5,711 $ (3,146) -36% 8,857 $ 5,067 134% 3,790
Deferred revenue and other 4,116 $ (606) -13% 4,722 $ 131 3% 4,591
0%
Total current liabilities $ 26,628 $ (4,713) -15% $ 31,341 $ 13,481 75% $ 17,860
0%
Borrowings $ 52,917 $ 14,788 39% $ 38,129 $ 21,045 123% $ 17,084
Deferred income taxes 7,288 $ (614) -8% 7,902 $ 4,793 154% 3,109
0%
Other long-term liabilities 17,204 $ 3,444 25% 13,760 $ 7,170 109% 6,590
Commitments and contingencies (Note 15) 0%
Redeemable noncontrolling interests 9,249 $ 286 3% 8,963 $ 7,840 698% 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 $ 590 1% 53,907 $ 17,128 47% 36,779
Retained earnings 38,315 $ (4,179) -10% 42,494 $ (40,185) -49% 82,679
Accumulated other comprehensive loss (8,322) $ (1,705) 26% (6,617) $ (3,520) 114% (3,097)
Treasury stock, at cost, 19 million shares (907) $ - 0 0% (907) $ 66,681 -99% (67,588)
Total Disney Shareholders’ equity $ 83,583 $ (5,294) -6% $ 88,877 $ 40,104 82% $ 48,773
Noncontrolling interests 4,680 $ (332) -7% 5,012 $ 953 23% 4,059
Total equity 88,263 $ (5,626) -6% 93,889 $ 41,057 78% 52,832
Total liabilities and equity $ 201,549 $ 7,565 4% $ 193,984 $ 95,386 97% $ 98,598

15. Horizontal Income

Walt Disney (DIS)
Historical Analysis of Income Statement
As of October 3, 2020, September 28, 2019, and September 29, 2018
USD ($) shares in Thousands, $ in Thousands
12 Months Ended
Oct. 03, 2020 $ change % Change Sep. 28, 2019 $ change % Change Sep. 29, 2018
Revenues $ 65,388 $ (4,219) -6% $ 69,607 $ 10,173 17% $ 59,434
Selling, general, administrative and other (12,369) $ (820) 7% (11,549) $ (2,689) 30% (8,860)
Depreciation and amortization (5,345) $ (1,178) 28% (4,167) $ (1,156) 38% (3,011)
Total costs and expenses (61,594) $ (3,817) 7% (57,777) $ (13,180) 30% (44,597)
Restructuring and impairment charges (5,735) $ (4,552) 385% (1,183) $ (1,150) 3485% (33)
Other income, net 1,038 $ (3,319) -76% 4,357 $ 3,756 625% 601
Interest expense, net (1,491) $ (513) 52% (978) $ (404) 70% (574)
Equity in the income (loss) of investees 651 $ 754 -732% (103) $ (1) 1% (102)
Income (loss) from continuing operations before income taxes $ (1,743) $ (15,666) -113% $ 13,923 $ (806) -5% $ 14,729
Income taxes on continuing operations (699) $ 2,327 -77% (3,026) $ (1,363) 82% (1,663)
Net income (loss) from continuing operations $ (2,442) $ (13,339) -122% $ 10,897 $ (2,169) -17% $ 13,066

16. Projected Income Statement

Walt Disney (DIS)
Projected Income Statement
As of October 3, 2020, September 28, 2019, and September 29, 2018
USD ($) shares in Thousands, $ in Thousands
12 Months Ended
Oct. 03, 2020 Sep. 28, 2021 Sep. 28, 2022
Revenues $ 65,388 $ 73,235 $ 82,023
Selling, general, administrative and other (12,369) $ -13,853 $ -15,516
Depreciation and amortization (5,345) $ -5,986 $ -6,705
Total costs and expenses (61,594) $ -68,985 $ -77,264
Restructuring and impairment charges (5,735) $ -6,423 $ -7,194
Other income, net 1,038 $ 1,163 $ 1,302
Interest expense, net (1,491) $ -1,670 $ -1,870
Equity in the income (loss) of investees 651 $ 729 $ 817
Income (loss) from continuing operations before income taxes $ (1,743) $ -1,952 $ -2,186
Income taxes on continuing operations (699) $ -783 $ -877
Net income (loss) from continuing operations $ (2,442) $ -2,735 $ -3,063

17. Projected Balance Sheets

Walt Disney (DIS)
Projected 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, 2021 Sep. 29, 2022
ASSETS
Current assets
Cash and cash equivalents $ 17,914 $ 20,064 $ 22,471
Receivables 12,708 $ 14,233 $ 15,941
Inventories 1,583 $ 1,773 $ 1,986
Licensed content costs and advances 2,171 $ 2,432 $ 2,723
Other current assets 875 $ 980 $ 1,098
Total current assets $ 35,251 $ 39,481 $ 44,219
Produced and licensed content costs $ 25,022 $ 28,025 $ 31,388
Investments 3,903 $ 4,371 $ 4,896
Parks, resorts and other property
Attractions, buildings and equipment 62,111 $ 69,564 $ 77,912
Accumulated depreciation (35,517) $ (39,779) $ (44,553)
26,594 $ 29,785 $ 33,360
Projects in progress 4,449 $ 4,983 $ 5,581
Land 1,035 $ 1,159 $ 1,298
32,078 $ 35,927 $ 40,239
Intangible assets, net 19,173 $ 21,474 $ 24,051
Goodwill 77,689 $ 87,012 $ 97,453
Other assets 8,433 $ 9,445 $ 10,578
Total assets $ 201,549 $ 225,735 $ 252,823
LIABILITIES AND EQUITY
Current liabilities
Accounts payable and other accrued liabilities $ 16,801 $ 18,817 $ 21,075
Current portion of borrowings 5,711 $ 6,396 $ 7,164
Deferred revenue and other 4,116 $ 4,610 $ 5,163
Total current liabilities $ 26,628 $ 29,823 $ 33,402
Borrowings $ 52,917 $ 59,267 $ 66,379
Deferred income taxes 7,288 $ 8,163 $ 9,142
Other long-term liabilities 17,204 $ 19,268 $ 21,581
Commitments and contingencies (Note 15)
Redeemable noncontrolling interests 9,249 $ 10,359 $ 11,602
Equity
Preferred stock 0
Common stock, $.01 par value, Authorized – 4.6 billion shares, Issued – 1.8 billion shares 54,497 $ 61,037 $ 68,361
Retained earnings 38,315 $ 42,913 $ 48,062
Accumulated other comprehensive loss (8,322) $ (9,321) $ (10,439)
Treasury stock, at cost, 19 million shares (907) $ (1,016) $ (1,138)
Total Disney Shareholders’ equity $ 83,583 $ 93,613 $ 104,847
Noncontrolling interests 4,680 $ 5,242 $ 5,871
$ - 0 $ - 0
Total equity 88,263 $ 98,855 $ 110,717
Total liabilities and equity $ 201,549 $ 225,735 $ 252,823

18. Projected Cashflows

Walt Disney (DIS)
Projected 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, 2021 Sep. 29, 2022
Net income (loss) from continuing operations $ -2,442 $ -2,735 $ -3,063
OPERATING ACTIVITIES
Depreciation and amortization 5,345 $ 5,986 $ 6,705
Goodwill and Intangible Asset Impairment 4,953 $ 5,547 $ 6,213
Net gain on investments, acquisitions and dispositions (920) $ -1,030 $ -1,154
Deferred income taxes (392) $ -439 $ -492
Equity in the (income) loss of investees (651) $ -729 $ -817
Cash distributions received from equity investees 774 $ 867 $ 971
Net change in produced and licensed content costs and advances 397 $ 445 $ 498
Net change in operating lease right of use assets / liabilities 31 $ 35 $ 39
Equity-based compensation 525 $ 588 $ 659
Other 641 $ 718 $ 804
Changes in operating assets and liabilities, net of business acquisitions:
Receivables 1,943 $ 2,176 $ 2,437
Inventories 14 $ 16 $ 18
Other assets (157) $ -176 $ -197
Accounts payable and other liabilities (2,293) $ -2,568 $ -2,876
Income taxes (152) $ -170 $ -191
Cash provided by operations - continuing operations $ 7,616 $ 8,530 $ 9,554
INVESTING ACTIVITIES
Investments in parks, resorts and other property $ (4,022) $ -4,505 $ -5,045
Acquisitions 0
Other 172 $ 193 $ 216
Cash used in investing activities - continuing operations $ (3,850) $ -4,312 $ -4,829
FINANCING ACTIVITIES
Commercial paper borrowings (payments), net $ (3,354) $ -3,756 $ -4,207
Borrowings 18,120 $ 20,294 $ 22,730
Reduction of borrowings (3,533) $ -3,957 $ -4,432
Dividends (1,587) $ -1,777 $ -1,991
Repurchases of common stock 0
Proceeds from exercise of stock options 305 $ 342 $ 383
Contributions from/sales of noncontrolling interests 94 $ 105 $ 118
Acquisitions of noncontrolling and redeemable noncontrolling interests 0
Other (1,565) $ -1,753 $ -1,963
Cash used in financing activities - continuing operations $ 8,480 $ 9,498 $ 10,637
CASH FLOWS FROM DISCONTINUED OPERATIONS
Cash Provided by Operating Activities, Discontinued Operations $ 2 $ 2 $ 3
Cash Provided by Investing Activities, Discontinued Operations 213 $ 239 $ 267
Cash Used in Financing Activities, Discontinued Operations 0
Cash provided by discontinued operations $ 215 $ 241 $ 270
Impact of exchange rates on cash, cash equivalents and restricted cash $ 38 $ 43 $ 48
Change in Cash, Cash Equivalents and Restricted Cash 12,499 $ 13,999 $ 15,679
Cash, cash equivalents and restricted cash, beginning of year 5,455 $ 6,110 $ 6,843
Cash, cash equivalents and restricted cash, end of year $ 17,954 $ 20,108 $ 22,521
Supplemental disclosure of cash flow information:
Interest Paid $ 1,559.00 $ 1,746 $ 1,956
Income taxes paid $ 738.00 $ 827 $ 926

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