Using All Financial Statements
Hard Test
Hard Test
There are no multiple choice questions. This section focuses on reading real companies’ financial statements.
1. Answer the following questions using the 4 financial statements below for Intel Company for the most current year, 2010
Answer
Balance Sheet: “Owe”
Accounts Payable 2,290 for inventory and repeat expenses (to suppliers)
Accrued Comp. & Benefits 2,888 related to employees
Accrued Advertising 1,007 for advertising expenses
Other Accrued Liabilities 2,482 for other operating expenses
Total 8,667
B. How much is owed banks and financing institutions that is payable within the next year?
Answer
Balance Sheet: “Owe”
Short-term Debt 38
C. What is the amount of cash dividends declared to owners during the current year?
Answer
Statement of Stockholders’ Equity, to owners, reduces retained earnings
Cash Dividends Declared 3,503
Dividends declared is reported on the statement of stockholder’s equity
Cash paid for dividends is reported on the cash flow statement.
D. How much cash did the company spend to acquire its own stock during the year?
Answer
Cash Flow Statement: “How much cash..” Financing section
Repurchase of common stock 1,736
E. How much do customers owe the company, that is expected to be collected, to date?
Answer
Balance Sheet: “To Date”
Accounts receivable, net… 2,867
Answer
Balance sheet: “Have”
Cash and cash equivalents 5,498
Do not include short-term investments;
Short-term investments have risk.
G. How much was incurred to run the day to day operations of the business during the current year?
Answer
Income Statement: “Incurred”; expense
Total Operating Expenses 12,903
H. How much has been contributed by stockholders to date?
Answer
Balance Sheet: “To Date”
Common Stock
and Capital in Excess of Par: 16,178
I. How much total cash was paid to stockholders for dividends during the current year?
Answer
Cash Flow Statement: “How much cash..”
Financing section
Payment of Dividends to Stockholder 3,503
J. How much does the company have in assets that are held for sale to customers?
Answer
Balance Sheet: “Have”
Inventories 3,757
K. What is the company’s profit or loss less dividends paid cumulative to date?
Answer
Balance Sheet: “To Date”
Retained Earnings 32,919
L. How much must be paid to the federal government for earnings during the current year?
Answer
Income Statement: Earnings; current year
Provision for taxes 4,581
M. What was the total price of goods provided to customers during the current year?
Answer
Income statement: Sold, Current Year; price is what customers pay
Net Revenue 43,623
N. What is the cost of the products that were sold to customers during the current year?
Answer
Income statement:
Cost during the current year is an expense
Cost of sales 15,132
O. How much has been paid for services not yet provided to the company, to date?
Answer
Balance Sheet: To Date; future benefit is an asset
Not specified: no line item for prepaid expenses
(included in other current assets and the amount cannot be determined)
P. How much cash was paid to repay long-term debt during the current year?
Answer
Cash Flow statement: “How much cash…”
Financing section
Repayment of debt 157
Q. How much cash was used to buy and sell total long term assets, net, during the current year?
Answer
Cash Flow statement: “How much cash”
Investing section
Net cash used for investing activities 10,539
R. How much did the company earn for each share of common stock outstanding during the current year?
Answer
Income Statement: “Earn”
Basic earnings per share $2.06
Diluted earnings per share $2.01
INTEL CORPORATION
CONSOLIDATED STATEMENTS OF INCOME
Open to View Financial Statement
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Three Years Ended |
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(In Millions, Except |
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2010 |
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2009 |
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2008 |
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|||
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Net revenue |
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$ |
43,623 |
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$ |
35,127 |
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$ |
37,586 |
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Cost of sales |
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15,132 |
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15,566 |
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16,742 |
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Gross margin |
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28,491 |
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19,561 |
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20,844 |
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Research and development |
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6,576 |
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5,653 |
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5,722 |
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Marketing, general and administrative |
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6,309 |
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7,931 |
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5,452 |
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Restructuring and asset impairment charges |
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— |
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231 |
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710 |
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Amortization of acquisition-related intangibles |
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18 |
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35 |
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6 |
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Operating expenses |
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12,903 |
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13,850 |
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11,890 |
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Operating income |
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15,588 |
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|
5,711 |
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|
8,954 |
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Gains (losses) on equity method investments, net |
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117 |
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|
|
(147 |
) |
|
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(1,380 |
) |
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Gains (losses) on other equity investments, net |
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231 |
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(23 |
) |
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(376 |
) |
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In Interest and other, net |
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109 |
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163 |
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|
488 |
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In Income before taxes |
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16,045 |
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|
5,704 |
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|
7,686 |
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Provision for taxes |
|
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4,581 |
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|
1,335 |
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2,394 |
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Net income |
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$ |
11,464 |
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$ |
4,369 |
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$ |
5,292 |
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Basic earnings per common share |
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$ |
2.06 |
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$ |
0.79 |
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$ |
0.93 |
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Diluted earnings per common share |
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$ |
2.01 |
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$ |
0.77 |
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$ |
0.92 |
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See accompanying notes.
INTEL CORPORATION
CONSOLIDATED BALANCE SHEETS
Open to View Financial Statement
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December 25, 2010 and December 26, 2009 |
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(In Millions, Except Par Value) |
|
2010 |
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2009 |
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Assets |
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Current assets: |
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Cash and cash equivalents |
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5,498 |
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$ |
3,987 |
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Short-term investments |
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11,294 |
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5,285 |
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Trading assets |
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5,093 |
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4,648 |
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Accounts receivable, net of allowance for doubtful accounts of $28 ($19 in 2009) |
|
|
2,867 |
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2,273 |
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Inventories |
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3,757 |
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2,935 |
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Deferred tax assets |
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1,488 |
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1,216 |
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Other current assets |
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1,614
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813
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Total current assets |
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31,611 |
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21,157 |
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Property, plant and equipment, net |
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17,899 |
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17,225 |
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Marketable equity securities |
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1,008 |
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|
773 |
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Other long-term investments |
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3,026 |
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4,179 |
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Goodwill |
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4,531 |
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4,421 |
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Other long-term assets |
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5,111
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5,340
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Total assets |
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$ |
63,186 |
|
|
$ |
53,095 |
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Liabilities and stockholders’ equity |
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Current liabilities: |
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Short-term debt |
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$ |
38 |
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$ |
172 |
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Accounts payable |
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2,290 |
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|
1,883 |
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Accrued compensation and benefits |
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|
2,888 |
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|
2,448 |
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Accrued |
|
|
1,007 |
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|
|
773 |
|
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Deferred income on shipments to distributors |
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|
622 |
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|
593 |
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Other accrued liabilities |
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2,482
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1,722
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Total current liabilities |
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9,327 |
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|
7,591 |
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Long-term income taxes payable |
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|
190 |
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193 |
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Long-term debt |
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2,077 |
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2,049 |
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Long-term deferred tax liabilities |
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|
926 |
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555 |
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Other long-term liabilities |
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1,236 |
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|
1,003 |
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Commitments and contingencies (Notes 23 and 29) |
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Stockholders’ equity: |
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Deferred stock, $0.001 par value, 50 shares authorized; none issued |
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— |
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— |
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Common stock, $0.001 par value, 10,000 shares authorized; 5,581 issued and 5,511 |
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16,178 |
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14,993 |
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Accumulated other comprehensive income (loss) |
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|
333 |
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|
|
393 |
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Retained earnings |
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32,919 |
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|
26,318 |
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Total stockholders’ equity |
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49,430 |
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41,704 |
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Total liabilities and stockholders’ equity |
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$ |
63,186 |
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$ |
53,095 |
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See accompanying notes.
INTEL CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
Open to View Financial Statement
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Three Years Ended December 25, 2010 |
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(In Millions) |
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2010 |
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2009 |
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2008 |
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Cash and cash equivalents, beginning of year |
|
$ |
3,987 |
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$ |
3,350 |
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$ |
7,307 |
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Cash flows provided by (used for) operating activities: |
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Net income |
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11,464 |
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4,369 |
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5,292 |
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Adjustments to reconcile net income to net cash provided by operating activities: |
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Depreciation |
|
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4,398 |
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4,744 |
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|
4,360 |
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Share-based compensation |
|
|
917 |
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|
889 |
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|
851 |
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Restructuring, asset impairment, and net loss on retirement of assets |
|
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67 |
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|
368 |
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|
795 |
|
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Excess tax benefit from share-based payment arrangements |
|
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(65 |
) |
|
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(9 |
) |
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(30 |
) |
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Amortization of intangibles |
|
|
240 |
|
|
|
308 |
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|
256 |
|
|
( (Gains) losses on equity method investments, net |
|
|
(117 |
) |
|
|
147 |
|
|
|
1,380 |
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(Gains) losses on other equity investments, net |
|
|
(231 |
) |
|
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23 |
|
|
|
376 |
|
|
(Gains) losses on divestitures |
|
|
— |
|
|
|
— |
|
|
|
(59 |
) |
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Deferred taxes |
|
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(46 |
) |
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|
271 |
|
|
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(790 |
) |
|
Changes in assets and liabilities: |
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|
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|
|
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|
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Trading assets |
|
|
— |
|
|
|
299 |
|
|
|
193 |
|
|
Accounts receivable |
|
|
(584 |
) |
|
|
(535 |
) |
|
|
260 |
|
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Inventories |
|
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(806 |
) |
|
|
796 |
|
|
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(395 |
) |
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Accounts payable |
|
|
407 |
|
|
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(506 |
) |
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29 |
|
|
Accrued compensation and benefits |
|
|
161 |
|
|
|
247 |
|
|
|
(569 |
) |
|
Income taxes payable and receivable |
|
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53 |
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|
110 |
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(834 |
) |
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Other assets and liabilities |
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834
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(351
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)
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(189
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)
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Total adjustments |
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5,228 |
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6,801 |
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5,634 |
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Net cash provided by operating activities |
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16,692 |
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|
11,170 |
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|
10,926 |
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Cash flows provided by (used for) investing activities: |
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Additions to property, plant and equipment |
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(5,207 |
) |
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(4,515 |
) |
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(5,197 |
) |
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Acquisitions, net of cash acquired |
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(218 |
) |
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(853 |
) |
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(16 |
) |
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Purchases of available-for-sale investments |
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(17,675 |
) |
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(8,655 |
) |
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(6,479 |
) |
|
Maturities and sales of available-for-sale investments |
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13,133 |
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|
7,756 |
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|
7,993 |
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Purchases of trading assets |
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(8,944 |
) |
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(4,186 |
) |
|
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(2,676 |
) |
|
Maturities and sales of trading assets |
|
|
8,846 |
|
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|
2,543 |
|
|
|
1,766 |
|
|
rigination of loans receivable |
|
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(498 |
) |
|
|
(343 |
) |
|
|
— |
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Investments in non-marketable equity investments |
|
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(393 |
) |
|
|
(250 |
) |
|
|
(1,691 |
) |
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Return of equity method investments |
|
|
199 |
|
|
|
449 |
|
|
|
316 |
|
|
Proceeds from divestitures |
|
|
— |
|
|
|
— |
|
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|
85 |
|
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Other investing |
|
|
218
|
|
|
|
89
|
|
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|
34
|
|
|
|
|
|
|
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|
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Net cash used for investing activities |
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|
(10,539 |
) |
|
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(7,965 |
) |
|
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(5,865 |
) |
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Cash flows provided by (used for) financing activities: |
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|
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Increase ort-term debt, net |
|
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23 |
|
|
|
(87 |
) |
|
|
(40 |
) |
|
Proceeds from government grants |
|
|
79 |
|
|
|
— |
|
|
|
182 |
|
|
Excess tax benefit from share-based payment arrangements |
|
|
65 |
|
|
|
9 |
|
|
|
30 |
|
|
Is Issuance of long-term debt |
|
|
— |
|
|
|
1,980 |
|
|
|
— |
|
|
Repayment of debt |
|
|
(157 |
) |
|
|
— |
|
|
|
— |
|
|
Proceeds from sales of shares through employee equity incentive plans |
|
|
587 |
|
|
|
400 |
|
|
|
1,105 |
|
|
Repurchase of common stock |
|
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(1,736 |
) |
|
|
(1,762 |
) |
|
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(7,195 |
) |
|
Payment of dividends to stockholders |
|
|
(3,503
|
)
|
|
|
(3,108
|
)
|
|
|
(3,100
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)
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|
|
|
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|
|
|
|
|
|
Net cash used for financing activities |
|
|
(4,642 |
) |
|
|
(2,568 |
) |
|
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(9,018 |
) |
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|
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|
|
|
|
|
|
|
|
|
|
Net increase (decrease) in cash and cash equivalents |
|
|
1,511 |
|
|
|
637 |
|
|
|
(3,957 |
) |
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|
|
|
|
|
|
|
|
|
|
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Cash and cash equivalents, end of year |
|
$ |
5,498 |
|
|
$ |
3,987 |
|
|
$ |
3,350 |
|
INTEL CORPORATION
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
Open to View Financial Statement
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Common Stock |
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and Capital |
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Accumulated |
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in Excess of Par Value |
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Other |
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Years Ended December 25, 2010 |
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Number of |
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|
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Comprehensive |
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Retained |
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|||||
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(In Millions, Except Per Share Amounts) |
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Shares |
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Amount |
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Income (Loss) |
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Earnings |
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Total |
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|
|
|
|
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|
|
Balance as of December 26, 2009 |
|
|
5,523 |
|
|
|
14,993 |
|
|
|
393 |
|
|
|
26,318 |
|
|
|
41,704 |
|
|
Components of comprehensive income, net of tax: |
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|
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|
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|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
11,464 |
|
|
|
11,464 |
|
|
Otther comprehensive income (loss) |
|
|
— |
|
|
|
— |
|
|
|
(60 |
) |
|
|
— |
|
|
|
(60 |
) |
|
Total comprehensive income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
11,404 |
|
|
Proceeds from sales of shares through employee equity incentive plans, net excess tax benefit, |
|
|
68 |
|
|
|
644 |
|
|
|
— |
|
|
|
— |
|
|
|
644 |
|
|
Share-based compensation |
|
|
— |
|
|
|
917 |
|
|
|
— |
|
|
|
— |
|
|
|
917 |
|
|
Repurchase of common stock |
|
|
(80 |
) |
|
|
(376 |
) |
|
|
— |
|
|
|
(1,360 |
) |
|
|
(1,736 |
) |
|
Cash dividends declared ($0.63 per common share) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(3,503 |
) |
|
|
(3,503 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance as of December 25, 2010 |
|
|
5,511 |
|
|
$ |
16,178 |
|
|
$ |
333 |
|
|
$ |
32,919 |
|
|
$ |
49,430 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2. Answer the following questions using the 4 financial statements below for Walt Disney Company for the most current year, 2010
A. How much cash was paid for dividends during the current year?
Answer
Cash Flow Statement:
“How much cash…” Financing section
Dividends 653
B. How much has the company collected from customers prior to providing the service, to date?
Answer
Balance Sheet: “To Date” (owe the customer)
Unearned royalties and other advances 2,541
C. How much has been paid to acquire other companies, over and above the net cost of the assets purchased, to date?
Answer
Balance Sheet: To Date
Goodwill 24,100
D. How much cash has been prepaid (or invested in) for film and television costs to date?
Answer
Balance Sheet: “To Date”
Current: Television Costs 678
(prepaid)
Noncurrent: Film and Television Costs 4,773
(invested long-term to generate revenues)
Total 5,451
E. How much cash did the company spend to acquire its own stock during the year?
Answer
Cash Flow Statement: “How much cash..”
Financing section
Repurchases of common stock 2,669
F. How much was incurred to run the normal day to day operations of the business during the current year?
Answer
Income Statement: “Incurred”
Costs and Expenses 31,337
Restructuring and impairment are not expected costs of operating the day to day business.
G. How much is owed for debt that is payable within the next year?
Answer
Balance Sheet: “Owe”
Current portion of borrowings 2,350
H. How much has been contributed by stockholders to date?
Answer
Balance Sheet: “To Date”
Common Stock 28,736
Answer
Balance sheet: “Have”
Cash and cash equivalents 2,722
J. How much does the company have in assets that are held for sale to customers, to date?
Answer
Balance Sheet: “Have”
Inventories 1,442
K. How much must be paid to the federal government for earnings during the current year?
Answer
Income Statement: Earnings; current year
Income Taxes 2,314
L. What was the total price of goods provided to customers during the current year?
Answer
Income Statement: current year; price to customers is revenue
Revenues 38,063
M. How much cash was paid to repay long term debt during the current year?
Answer
Cash Flow Statement: “How much cash..”
Financing section
Reduction of borrowings 1,371
N. How much do customers owe the company that is expected to be collected, to date?
Answer
Balance Sheet: “To Date”
Receivables 5,784
O. How much cash was used to acquire other companies in the current year?
Answer
Cash Flow statement: “How much cash…” Investing section
Acquisitions 2,493
P. How much does the Company owe for inventory and operating expenses, to date?
Answer
Balance Sheet: “Owe”
Accounts payable and other accrued liabilities 6,109
Q. How much did the company earn in total for the current year?
Answer
Income Statement: “Earn”; current year
Net Income, attributable to Walt Disney Company 3,963
R. What is the company’s profit or loss less dividends paid cumulative to date?
Open to View Financial Statement
Balance Sheet: “To Date”
Retained Earnings 34,327
Answer
Balance Sheet: “Have”
Parks, resorts and other property 32,875
- Accumulated Depreciation (18,373)
Net depreciable assets 14,502
Projects in Progress 2,180
Land 1,124
Total, net 17,806
Note: Some of the film & television costs could be physical assets
T. How much does the company own of its own stock, to date (in dollars)?
Answer
Balance Sheet: “To Date”
Treasury Stock 23,663
U. What is the cost of the products that were sold to customers during the current year?
Answer
Income Statement: Cost to the company is an expense; current year
No line item, not specifically stated. Disney views themselves as a service company.
This is included in operating expenses; costs and expenses
V. How much cash was used to purchase parks, resorts, and other property during the current year?
Answer
Cash Flow Statement:
“How much cash…”
Investing section
Investments in parks, resorts,
and other property 2,110
Walt Disney Company
CONSOLIDATED STATEMENTS OF INCOME
(in millions, except per share data)
Open to View Financial Statement
|
|
|
2010 |
|
|
2009 |
|
|
2008 |
|
|||
|
Revenues |
|
$ |
38,063 |
|
|
$ |
36,149 |
|
|
$ |
37,843 |
|
|
Costs and expenses |
|
|
(31,337 |
) |
|
|
(30,452 |
) |
|
|
(30,400 |
) |
|
Restructuring and impairment charges |
|
|
(270 |
) |
|
|
(492 |
) |
|
|
(39 |
) |
|
Other income (expense) |
|
|
140 |
|
|
|
342 |
|
|
|
(59 |
) |
|
Net interest expense |
|
|
(409 |
) |
|
|
(466 |
) |
|
|
(524 |
) |
|
Equity in the income of investees |
|
|
440 |
|
|
|
577 |
|
|
|
581 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income taxes |
|
|
6,627 |
|
|
|
5,658 |
|
|
|
7,402 |
|
|
Income taxes |
|
|
(2,314 |
) |
|
|
(2,049 |
) |
|
|
(2,673 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income |
|
|
4,313 |
|
|
|
3,609 |
|
|
|
4,729 |
|
|
Less: Net Income attributable to noncontrolling interests |
|
|
(350 |
) |
|
|
(302 |
) |
|
|
(302 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income attributable to The Walt Disney Company (Disney) |
|
$ |
3,963 |
|
|
$ |
3,307 |
|
|
$ |
4,427 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share attributable to Disney: |
|
|
|
|||||||||
|
Diluted |
|
$ |
2.03 |
|
|
$ |
1.76 |
|
|
$ |
2.28 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
2.07 |
|
|
$ |
1.78 |
|
|
$ |
2.34 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of common and common equivalent shares outstanding: |
|
|
|
|||||||||
|
Diluted |
|
|
1,948 |
|
|
|
1,875 |
|
|
|
1,948 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
1,915 |
|
|
|
1,856 |
|
|
|
1,890 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Walt Disney Company
CONSOLIDATED BALANCE SHEETS
(in millions, except per share data)
Open to View Financial Statement
|
|
|
October 2,
2010 |
|
|
October 3,
2009 |
|
||
|
ASSETS |
|
|
||||||
|
Current assets |
|
|
||||||
|
Cash and cash equivalents |
|
$ |
2,722 |
|
|
$ |
3,417 |
|
|
Receivables |
|
|
5,784 |
|
|
|
4,854 |
|
|
Inventories |
|
|
1,442 |
|
|
|
1,271 |
|
|
Television costs |
|
|
678 |
|
|
|
631 |
|
|
Deferred income taxes |
|
|
1,018 |
|
|
|
1,140 |
|
|
Other current assets |
|
|
581 |
|
|
|
576 |
|
|
|
|
|
|
|
|
|
|
|
|
Total current assets |
|
|
12,225 |
|
|
|
11,889 |
|
|
Film and television costs |
|
|
4,773 |
|
|
|
5,125 |
|
|
Investments |
|
|
2,513 |
|
|
|
2,554 |
|
|
Parks, resorts and other property, at cost Attractions, buildings and equipment |
|
|
32,875 |
|
|
|
32,475 |
|
|
Accumulated depreciation |
|
|
(18,373 |
) |
|
|
(17,395 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
14,502 |
|
|
|
15,080 |
|
|
|
Projects in progress |
|
|
2,180 |
|
|
|
1,350 |
|
|
Land |
|
|
1,124 |
|
|
|
1,167 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
17,806 |
|
|
|
17,597 |
|
|
|
Intangible assets, net |
|
|
5,081 |
|
|
|
2,247 |
|
|
Goodwill |
|
|
24,100 |
|
|
|
21,683 |
|
|
Other assets |
|
|
2,708 |
|
|
|
2,022 |
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
69,206 |
|
|
$ |
63,117 |
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND EQUITY |
|
|
||||||
|
Current liabilities |
|
|
||||||
|
Accounts payable and other accrued liabilities |
|
$ |
6,109 |
|
|
$ |
5,616 |
|
|
Current portion of borrowings |
|
|
2,350 |
|
|
|
1,206 |
|
|
Unearned royalties and other advances |
|
|
2,541 |
|
|
|
2,112 |
|
|
|
|
|
|
|
|
|
|
|
|
Total current liabilities |
|
|
11,000 |
|
|
|
8,934 |
|
|
Borrowings |
|
|
10,130 |
|
|
|
11,495 |
|
|
Deferred income taxes |
|
|
2,630 |
|
|
|
1,819 |
|
|
Other long-term liabilities |
|
|
6,104 |
|
|
|
5,444 |
|
|
Commitments and contingencies (Note 15) |
|
|
||||||
|
Equity |
|
|
||||||
|
Preferred stock, $.01 par value |
|
|
— |
|
|
|
— |
|
|
Common stock, $.01 par value |
|
|
28,736 |
|
|
|
27,038 |
|
|
Retained earnings |
|
|
34,327 |
|
|
|
31,033 |
|
|
Accumulated other comprehensive loss |
|
|
(1,881 |
) |
|
|
(1,644 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
61,182 |
|
|
|
56,427 |
|
|
|
Treasury stock, at cost, 803.1 million shares at October 2, 2010 and 781.7 million shares at October 3, 2009 |
|
|
(23,663 |
) |
|
|
(22,693 |
) |
|
|
|
|
|
|
|
|
|
|
|
Total Disney Shareholder’s equity |
|
|
37,519 |
|
|
|
33,734 |
|
|
Noncontrolling interests |
|
|
1,823 |
|
|
|
1,691 |
|
|
|
|
|
|
|
|
|
|
|
|
Total Equity |
|
|
39,342 |
|
|
|
35,425 |
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities and equity |
|
$ |
69,206 |
|
|
$ |
63,117 |
|
|
|
|
|
|
|
|
|
|
|
Walt Disney Company
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions)
Open to View Financial Statement
|
|
|
2010 |
|
|
2009 |
|
|
2008 |
|
|||
|
OPERATING ACTIVITIES |
|
|
|
|||||||||
|
Net income |
|
$ |
4,313 |
|
|
$ |
3,609 |
|
|
$ |
4,729 |
|
|
Depreciation and amortization |
|
|
1,713 |
|
|
|
1,631 |
|
|
|
1,582 |
|
|
Gains on dispositions |
|
|
(118 |
) |
|
|
(342 |
) |
|
|
(14 |
) |
|
Deferred income taxes |
|
|
133 |
|
|
|
323 |
|
|
|
(128 |
) |
|
Equity in the income of investees |
|
|
(440 |
) |
|
|
(577 |
) |
|
|
(581 |
) |
|
Cash distributions received from equity investees |
|
|
473 |
|
|
|
505 |
|
|
|
476 |
|
|
Net change in film and television costs |
|
|
238 |
|
|
|
(43 |
) |
|
|
(301 |
) |
|
Equity-based compensation |
|
|
522 |
|
|
|
457 |
|
|
|
402 |
|
|
Impairment charges |
|
|
132 |
|
|
|
279 |
|
|
|
39 |
|
|
Other |
|
|
(122 |
) |
|
|
(67 |
) |
|
|
(36 |
) |
|
Changes in operating assets and liabilities |
|
|
|
|||||||||
|
Receivables |
|
|
(686 |
) |
|
|
468 |
|
|
|
(594 |
) |
|
Inventories |
|
|
(127 |
) |
|
|
(117 |
) |
|
|
(329 |
) |
|
Other assets |
|
|
42 |
|
|
|
(565 |
) |
|
|
(64 |
) |
|
Accounts payable and other accrued liabilities |
|
|
649 |
|
|
|
(250 |
) |
|
|
570 |
|
|
Income taxes |
|
|
(144 |
) |
|
|
8 |
|
|
|
(50 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash provided by operations |
|
|
6,578 |
|
|
|
5,319 |
|
|
|
5,701 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INVESTING ACTIVITIES |
|
|
|
|||||||||
|
Investments in parks, resorts and other property |
|
|
(2,110 |
) |
|
|
(1,753 |
) |
|
|
(1,578 |
) |
|
Sales of investments |
|
|
— |
|
|
|
46 |
|
|
|
70 |
|
|
Proceeds from dispositions |
|
|
170 |
|
|
|
185 |
|
|
|
14 |
|
|
Acquisitions |
|
|
(2,493 |
) |
|
|
(176 |
) |
|
|
(660 |
) |
|
Other |
|
|
(90 |
) |
|
|
(57 |
) |
|
|
(8 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash used in investing activities |
|
|
(4,523 |
) |
|
|
(1,755 |
) |
|
|
(2,162 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FINANCING ACTIVITIES |
|
|
|
|||||||||
|
Commercial paper borrowings, net |
|
|
1,190 |
|
|
|
(1,985 |
) |
|
|
(701 |
) |
|
Borrowings |
|
|
— |
|
|
|
1,750 |
|
|
|
1,706 |
|
|
Reduction of borrowings |
|
|
(1,371 |
) |
|
|
(1,617 |
) |
|
|
(477 |
) |
|
Dividends |
|
|
(653 |
) |
|
|
(648 |
) |
|
|
(664 |
) |
|
Repurchases of common stock |
|
|
(2,669 |
) |
|
|
(138 |
) |
|
|
(4,453 |
) |
|
Exercise of stock options and other |
|
|
753 |
|
|
|
(510 |
) |
|
|
381 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash used in financing activities |
|
|
(2,750 |
) |
|
|
(3,148 |
) |
|
|
(4,208 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Decrease)/increase in cash and cash equivalents |
|
|
(695 |
) |
|
|
416 |
|
|
|
(669 |
) |
|
Cash and cash equivalents, beginning of year |
|
|
3,417 |
|
|
|
3,001 |
|
|
|
3,670 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents, end of year |
|
$ |
2,722 |
|
|
$ |
3,417 |
|
|
$ |
3,001 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Walt Disney Company
CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY
(in millions, except per share data)
Open to View Financial Statement
|
|
|
Equity Attributable to Disney |
|
|
|
|
|
|
|
|||||||||||||||||||||||
|
|
|
Shares |
|
|
Common |
|
|
Retained |
|
|
Accumulated |
|
|
Treasury |
|
|
Total |
|
|
Non-controlling |
|
|
Total |
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BALANCE AT OCTOBER 3, 2009 |
|
|
1,861 |
|
|
$ |
27,038 |
|
|
$ |
31,033 |
|
|
$ |
(1,644 |
) |
|
$ |
(22,693 |
) |
|
$ |
33,734 |
|
|
$ |
1,691 |
|
|
$ |
35,425 |
|
|
Net income |
|
|
— |
|
|
|
— |
|
|
|
3,963 |
|
|
|
— |
|
|
|
— |
|
|
|
3,963 |
|
|
|
350 |
|
|
|
4,313 |
|
|
Market value adjustments for investments and hedges |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(113 |
) |
|
|
— |
|
|
|
(113 |
) |
|
|
— |
|
|
|
(113 |
) |
|
Foreign currency translation and other |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(25 |
) |
|
|
— |
|
|
|
(25 |
) |
|
|
(12 |
) |
|
|
(37 |
) |
|
Pension and postretirement medical plan adjustments: |
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
|
Reclassification of prior net losses to net income |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
109 |
|
|
|
— |
|
|
|
109 |
|
|
|
— |
|
|
|
109 |
|
|
Net actuarial loss |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(208 |
) |
|
|
— |
|
|
|
(208 |
) |
|
|
— |
|
|
|
(208 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
Comprehensive income |
|
|
|
|
|
|
|
3,726 |
|
|
|
338 |
|
|
|
4,064 |
|
|||||||||||||||
|
Equity compensation activity |
|
|
54 |
|
|
|
1,498 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,498 |
|
|
|
— |
|||||