- Revenues for the year increased 8% to a
record $48.8 billion.
- Net income for the year increased 22%
to a record $7.5 billion.
- EPS for the year increased 26% to a
record $4.26 compared to $3.38 in the prior year.
The Walt Disney Company (NYSE: DIS) today reported earnings
for its fourth quarter and fiscal year ended September 27,
2014. Diluted earnings per share (EPS) for the fourth quarter
increased 12% to $0.86 from $0.77 in the prior-year quarter.
Excluding certain items affecting comparability(1), EPS for the
quarter increased 16% to $0.89 from $0.77 in the prior-year
quarter. Diluted EPS for the year increased 26% to $4.26 from $3.38
in the prior year. Excluding certain items affecting
comparability(1), EPS for the year increased 27% to $4.32 from
$3.39 in the prior year.
“Our results for Fiscal 2014 were the highest in the Company’s
history, marking our fourth consecutive year of record
performance,” said Robert A. Iger, Chairman and Chief Executive
Officer, The Walt Disney Company. “We’re obviously very pleased
with this achievement and believe it reflects the extraordinary
quality of our content and our unique ability to leverage success
across the Company to create significant value, as well as our
focus on embracing and adapting to emerging consumer trends and
technology.”
The following table summarizes the fourth quarter and full year
results for fiscal 2014 and 2013 (in millions, except per share
amounts):
Quarter Ended Year Ended Sept. 27, 2014
Sept. 28, 2013 Change Sept. 27, 2014 Sept. 28, 2013
Change Revenues $ 12,389 $ 11,568 7 % $ 48,813 $ 45,041 8 % Segment
operating income(2) $ 2,775 $ 2,484 12 % $ 13,005 $ 10,724 21 % Net
income(3) $ 1,499 $ 1,394 8 % $ 7,501 $ 6,136 22 % Diluted EPS(3) $
0.86 $ 0.77 12 % $ 4.26 $ 3.38 26 % Cash provided by operations $
3,105 $ 2,735 14 % $ 9,780 $ 9,452 3 % Free cash flow(2) $ 2,042 $
1,748 17 % $ 6,469 $ 6,656 (3 )%
(1) See reconciliation of reported EPS to EPS excluding certain
items affecting comparability on page 8.(2) Aggregate segment
operating income and free cash flow are non-GAAP financial
measures. See the discussion of non-GAAP financial measures that
follows.(3) Reflects amounts attributable to shareholders of The
Walt Disney Company, i.e. after deduction of noncontrolling
interests.
DISCUSSION OF FULL YEAR CONSOLIDATED RESULTS
For the year, the increase in diluted EPS was due to improved
performance at all of our operating segments, a decrease in the
weighted average shares outstanding as a result of our share
repurchase program and higher investment gains.
Segment results were led by our Studio where operating income
more than doubled, reflecting strong home entertainment and
theatrical performance of Frozen. Operating income growth at Media
Networks was driven by higher Cable and Broadcasting affiliate
fees, increased advertising revenue at ESPN and growth at the
A&E Television Networks, partially offset by an increase in
programming and production costs at ESPN and the ABC Television
Network. At our Parks and Resorts segment, growth was due to higher
average guest spending, attendance and occupancy at the domestic
businesses, partially offset by higher costs driven by the
continued roll-out of MyMagic+. Consumer Products segment operating
income grew due to higher merchandise licensing revenue, resulting
from the strength of Frozen and Disney Channel properties, and
higher sales at our retail business. Interactive growth was driven
by the success of the Disney Infinity console games and the mobile
games, Tsum Tsum and Frozen Free Fall.
SEGMENT RESULTS
The following table summarizes the full year and fourth quarter
segment operating results for fiscal 2014 and 2013 (in
millions):
Quarter Ended Year Ended Sept.
27, 2014 Sept. 28, 2013 Change Sept. 27, 2014
Sept. 28, 2013 Change Revenues: Media Networks $ 5,217 $ 4,946 5 %
$ 21,152 $ 20,356 4 % Parks and Resorts 3,960 3,716 7 % 15,099
14,087 7 % Studio Entertainment 1,778 1,506 18 % 7,278 5,979 22 %
Consumer Products 1,072 1,004 7 % 3,985 3,555 12 % Interactive 362
396 (9 ) % 1,299 1,064 22 % $ 12,389
$ 11,568 7 % $ 48,813 $ 45,041 8 %
Segment operating income (loss): Media Networks $ 1,437 $ 1,442 — %
$ 7,321 $ 6,818 7 % Parks and Resorts 687 571 20 % 2,663 2,220 20 %
Studio Entertainment 254 108
>100
%
1,549 661
>100
%
Consumer Products 379 347 9 % 1,356 1,112 22 % Interactive 18
16 13 % 116 (87 ) nm $ 2,775 $ 2,484
12 % $ 13,005 $ 10,724 21 %
DISCUSSION OF FOURTH QUARTER SEGMENT RESULTS
Media Networks
Media Networks revenues for the quarter increased 5% to $5.2
billion, and segment operating income was essentially flat at $1.4
billion. The following table provides further detail of the Media
Networks results (in millions):
Quarter Ended Year Ended Sept. 27, 2014
Sept. 28, 2013 Change Sept. 27, 2014 Sept. 28, 2013
Change Revenues: Cable Networks $ 3,776 $ 3,573 6 % $ 15,110 $
14,453 5 % Broadcasting 1,441 1,373 5 % 6,042
5,903 2 % $ 5,217 $ 4,946 5 % $ 21,152
$ 20,356 4 % Segment operating income: Cable Networks $
1,274 $ 1,284 (1 ) % $ 6,467 $ 6,047 7 % Broadcasting 163
158 3 % 854 771 11 % $ 1,437 $ 1,442
— % $ 7,321 $ 6,818 7 %
Cable Networks
Operating income at Cable Networks decreased $10 million to $1.3
billion for the quarter. Lower operating income was driven by a
decrease at ESPN and the international Disney Channels, partially
offset by an increase at the domestic Disney Channels.
The decrease at ESPN was due to higher programming costs,
partially offset by higher affiliate and advertising revenue. The
increase in programming costs was driven by contractual rate
increases for Major League Baseball, NFL and college football
rights, the airing of World Cup soccer and new college football
rights. Higher affiliate revenue reflected increased contractual
rates and subscribers, taking into account subscribers for the new
SEC Network, while the increase in advertising revenue was due to
increased units delivered and higher rates, partially offset by
lower ratings.
The decrease at the international Disney Channels was driven by
higher marketing and programming costs, partially offset by higher
affiliate revenue driven by subscriber growth. The increase in
programming costs was driven by a new channel in Germany, which was
launched in January 2014.
Growth at the domestic Disney Channels was due to lower
marketing and programming costs and higher affiliate revenue driven
by contractual rate increases. Lower marketing costs reflected
decreased affiliate marketing support including the absence of
prior-year costs to launch the Watch Disney Channel apps. The
decrease in programming costs reflected higher pilot write-offs in
the prior-year quarter.
Broadcasting
Operating income at Broadcasting increased $5 million to $163
million for the quarter. The increase in operating income was due
to affiliate revenue growth and higher income from program sales,
partially offset by higher primetime programming costs and lower
advertising revenue. Higher affiliate revenues were driven by
contractual rate increases and new contractual provisions.
Increased operating income from program sales was due to current
year sales of Shark Tank, America's Funniest Home Videos, My Wife
and Kids, and lower costs due to the cancellation of Katie,
partially offset by higher sales of Home Improvement and Grey's
Anatomy in the prior-year quarter. The increase in primetime
programming costs was driven by higher programming write-offs and
higher cost programming including a contractual rate increase for
Modern Family. Lower advertising revenue was due to fewer units
sold at the ABC Television Network.
Parks and Resorts
Parks and Resorts revenues for the quarter increased 7% to $4.0
billion, and segment operating income increased 20% to $687
million. Operating income growth for the quarter was due to an
increase at our domestic operations, partially offset by a decrease
at our international operations.
Higher operating income at our domestic operations was driven by
increased guest spending and attendance, partially offset by higher
costs and lower vacation club ownership sales. The increase in
guest spending was primarily due to higher average ticket prices
for theme park admissions and for sailings at our cruise line and
increased food, beverage and merchandise spending. Higher costs
reflected increased costs for MyMagic+ and the absence of an offset
in the prior-year quarter from a property sale, partially offset by
lower pension and postretirement medical costs. Decreased vacation
club ownership sales reflected the prior-year success of The Villas
at Disney’s Grand Floridian Resort & Spa, for which sales
commenced at the end of the third quarter of fiscal 2013.
The decrease at our international operations was due to lower
operating performance at Disneyland Paris, higher pre-opening
expenses at Shanghai Disney Resort and the impact of a weaker yen
on our royalties from Tokyo Disney Resort. Lower operating income
at Disneyland Paris was driven by higher operating and marketing
costs and lower attendance, partially offset by increased guest
spending, due to higher average ticket prices, and higher real
estate sales.
Studio Entertainment
Studio Entertainment revenues for the quarter increased 18% to
$1.8 billion, and segment operating income increased $146 million
to $254 million. Higher operating income was driven by increases in
worldwide theatrical distribution and worldwide home
entertainment.
Higher worldwide theatrical distribution results were due to the
success of Guardians of the Galaxy and Maleficent in the current
quarter compared to Monsters University and The Lone Ranger in the
prior-year quarter.
The increase in worldwide home entertainment was due to higher
unit sales, lower per unit costs and higher net effective price
resulting from the success of Frozen. Other significant titles
included Captain America 2: The Winter Soldier in the current
quarter and Iron Man 3 in the prior-year quarter.
Consumer Products
Consumer Products revenues for the quarter increased 7% to $1.1
billion, and segment operating income increased 9% to $379 million.
Higher operating income was due to an increase at our Merchandise
Licensing business driven by the performance of Frozen and
Spider-Man merchandise partially offset by lower revenues from
Monsters and Iron Man merchandise.
Interactive
Interactive revenues for the quarter decreased by $34 million to
$362 million, and segment operating income increased to $18 million
driven by the success of our mobile game Tsum Tsum and recognition
of a minimum guarantee for a games licensing contract. These
increases were partially offset by lower Disney Infinity
performance due to the timing of the launch of Disney Infinity 2.0,
which was launched on September 23, 2014, compared to Disney
Infinity 1.0, which was launched on August 18, 2013.
OTHER QUARTERLY FINANCIAL INFORMATION
Corporate and Unallocated Shared
Expenses
Corporate and unallocated shared expenses increased $39 million
to $203 million for the quarter reflecting higher charitable
contributions and incentive compensation costs.
Interest Income/(Expense),
net
Interest income/(expense), net was as follows (in millions):
Quarter Ended Sept. 27, 2014 Sept. 28,
2013 Change Interest expense $ (72 ) $ (81 ) 11 % Interest and
investment income 34 55 (38 ) % Interest
income/(expense), net $ (38 ) $ (26 ) (46 ) %
The decrease in interest expense for the quarter was due to
lower effective interest rates, partially offset by higher average
debt balances. The decrease in interest and investment income for
the quarter was due to lower gains from the sales of
investments.
Income Taxes
Quarter Ended Sept. 27, 2014 Sept. 28, 2013
Change Effective income tax rate 34.0 % 30.6 % (3.4 ) ppt
The increase in the effective income tax rate for the quarter
was driven by favorable tax benefits recognized in the prior-year
quarter. The benefits included an increase in prior-year earnings
from foreign operations indefinitely reinvested outside the United
States that are subject to tax rates lower than the federal
statutory income tax rate and the tax impact associated with the
sale of our ESPN UK business.
Noncontrolling Interest
Quarter Ended Sept. 27, 2014 Sept. 28, 2013
Change Net income attributable to noncontrolling interests $ 126 $
149 15 %
The decrease in net income attributable to noncontrolling
interests for the quarter was due to an after-tax gain on the sale
of our ESPN UK business, which occurred in the prior-year
quarter.
Net income attributable to noncontrolling interests is
determined on income after royalties and management fees, financing
costs and income taxes.
FULL YEAR CASH FLOW STATEMENT INFORMATION
Cash Flow
Cash provided by operations and free cash flow were as follows
(in millions):
Year Ended Sept. 27, 2014 Sept.
28, 2013 Change Cash provided by operations $ 9,780 $ 9,452 $ 328
Investments in parks, resorts and other property (3,311 ) (2,796 )
(515 ) Free cash flow(1) $ 6,469 $ 6,656 $ (187 )
(1) Free cash flow is not a financial measure defined by GAAP.
See the discussion of non-GAAP financial measures that follows.
Cash provided by operations for fiscal 2014 increased 3% or $328
million to $9.8 billion compared to fiscal 2013 due to higher
segment operating results, partially offset higher income tax
payments and higher television programming and production spending.
The increase in programming and production spending was due to new
contractual payment terms for sports rights.
Capital Expenditures and Depreciation
Expense
Investments in parks, resorts and other property were as follows
(in millions):
Year Ended Sept. 27, 2014 Sept. 28, 2013 Media
Networks Cable Networks $ 172 $ 176 Broadcasting 88 87 Total
Media Networks 260 263 Parks and Resorts Domestic 1,184
1,140 International 1,504 970 Total Parks and Resorts 2,688
2,110 Studio Entertainment 63 78 Consumer Products 43 45
Interactive 5 13 Corporate 252 287 Total investments in
parks, resorts and other property $ 3,311 $ 2,796
Capital expenditures increased from $2.8 billion to $3.3 billion
due to an increase at Parks and Resorts driven by higher
construction spending for the Shanghai Disney Resort.
Depreciation expense was as follows (in millions):
Year Ended Sept. 27, 2014 Sept. 28, 2013 Media
Networks Cable Networks $ 145 $ 139 Broadcasting 93 99 Total
Media Networks 238 238 Parks and Resorts Domestic 1,117
1,041 International 353 327 Total Parks and Resorts 1,470
1,368 Studio Entertainment 48 54 Consumer Products 59 57
Interactive 10 20 Corporate 239 220 Total depreciation
expense $ 2,064 $ 1,957
Non-GAAP Financial
Measures
This earnings release presents EPS excluding the impact of
certain items affecting comparability, free cash flow and aggregate
segment operating income, all of which are important financial
measures for the Company but are not financial measures defined by
GAAP.
These measures should be reviewed in conjunction with the
relevant GAAP financial measures and are not presented as
alternative measures of EPS, cash flow or net income as determined
in accordance with GAAP. EPS excluding certain items affecting
comparability, free cash flow and aggregate segment operating
income as we have calculated them may not be comparable to
similarly titled measures reported by other companies.
EPS excluding certain items affecting
comparability – The Company uses EPS excluding certain items
to evaluate the performance of the Company’s operations exclusive
of certain items affecting comparability of results from period to
period. The Company believes that information about EPS exclusive
of these impacts is useful to investors, particularly where the
impact of the excluded items is significant in relation to reported
earnings, because the measure allows for comparability between
periods of the operating performance of the Company’s business and
allows investors to evaluate the impact of these items separately
from the impact of the operations of the business.
The following table reconciles reported EPS to EPS excluding
certain items affecting comparability:
Quarter Ended Year Ended Sept. 27, 2014
Sept. 28, 2013 Change Sept. 27, 2014 Sept. 28, 2013
Change Diluted EPS as reported $ 0.86 $ 0.77 12 % $ 4.26 $ 3.38 26
% Exclude: Restructuring and impairment charges(1) 0.03 0.03 — %
0.05 0.07 (29 ) % Favorable tax adjustments related to pre-tax
earnings in prior years — — nm — (0.06 ) — % Tax benefit from
prior-year foreign earnings indefinitely reinvested outside the
United States(2) — (0.02 ) — % — (0.06 ) — %
Hulu Equity Redemption charge(3)
— — nm — 0.02 — % Other income/(expense), net(4) — (0.01 ) —
% 0.01 0.03 (67 ) % Diluted EPS excluding certain
items affecting comparability(5) $ 0.89 $ 0.77 16 % $
4.32 $ 3.39 27 %
(1) Charges for the current quarter and year totaled $73 million
and $140 million (pre-tax), respectively, driven by impairment of
radio FCC licenses for the quarter, and severance costs for the
year. Charges for the prior-year quarter and year totaled $93
million and $214 million (pre-tax), respectively, driven by
severance costs.
(2) The prior year includes a tax benefit due to an increase in
prior-year earnings from foreign operations indefinitely reinvested
outside the United States and subject to tax rates lower than the
federal statutory income tax rate ($41 million for the quarter and
$105 million for the year).
(3) Our share of expense associated with an equity redemption at
Hulu LLC ($55 million pre-tax).
(4) Significant items in the current year include a loss from
Venezuelan foreign currency translation ($143 million pre-tax and
before noncontrolling interest), a gain on the sale of property
($77 million pre-tax) and income related to a portion of a
settlement of an affiliate contract dispute ($29 million pre-tax).
Significant items in the prior year include the Celador litigation
charge ($321 million pre-tax) and gains on the sale of our interest
in ESPN STAR Sports and various businesses ($252 million pre-tax
and before noncontrolling interest, of which $23 million was
recorded in the prior-year quarter).
(5) May not equal the sum of the rows due to rounding.
Free cash flow – The Company uses
free cash flow (cash provided by operations less investments in
parks, resorts and other property), among other measures, to
evaluate the ability of its operations to generate cash that is
available for purposes other than capital expenditures. Management
believes that information about free cash flow provides investors
with an important perspective on the cash available to service
debt, make strategic acquisitions and investments and pay dividends
or repurchase shares.
Aggregate segment operating income
– The Company evaluates the performance of its operating segments
based on segment operating income, and management uses aggregate
segment operating income as a measure of the performance of
operating businesses separate from non-operating factors. The
Company believes that information about aggregate segment operating
income assists investors by allowing them to evaluate changes in
the operating results of the Company’s portfolio of businesses
separate from non-operational factors that affect net income, thus
providing separate insight into both operations and the other
factors that affect reported results.
A reconciliation of segment operating income to net income is as
follows (in millions):
Quarter Ended Year Ended Sept. 27, 2014
Sept. 28, 2013 Sept. 27, 2014 Sept. 28, 2013 Segment
operating income $ 2,775 $ 2,484 $ 13,005 $ 10,724 Corporate and
unallocated shared expenses (203 ) (164 ) (611 ) (531 )
Restructuring and impairment charges (73 ) (93 ) (140 ) (214 )
Other income/(expense), net — 23 (31 ) (69 ) Interest
income/(expense), net (38 ) (26 ) 23 (235 ) Hulu Equity Redemption
charge — — — (55 ) Income before income taxes
2,461 2,224 12,246 9,620 Income taxes (836 ) (681 ) (4,242 ) (2,984
) Net income $ 1,625 $ 1,543 $ 8,004 $ 6,636
CONFERENCE CALL INFORMATION
In conjunction with this release, The Walt Disney Company will
host a conference call today, November 6, 2014, at 5:00 PM
EST/2:00 PM PST via a live Webcast. To access the Webcast go to
www.disney.com/investors. The
discussion will be available via replay through November 13,
2014 at 7:00 PM EST/4:00 PM PST.
FORWARD-LOOKING STATEMENTS
Management believes certain statements in this earnings release
may constitute “forward-looking statements” within the meaning of
the Private Securities Litigation Reform Act of 1995. These
statements are made on the basis of management’s views and
assumptions regarding future events and business performance as of
the time the statements are made. Management does not undertake any
obligation to update these statements.
Actual results may differ materially from those expressed or
implied. Such differences may result from actions taken by the
Company, including restructuring or strategic initiatives
(including capital investments or asset acquisitions or
dispositions), as well as from developments beyond the Company’s
control, including:
- changes in domestic and global economic
conditions, competitive conditions and consumer preferences;
- adverse weather conditions or natural
disasters;
- health concerns;
- international, political, or military
developments; and
- technological developments.
Such developments may affect travel and leisure businesses
generally and may, among other things, affect:
- the performance of the Company’s
theatrical and home entertainment releases;
- the advertising market for broadcast
and cable television programming;
- expenses of providing medical and
pension benefits;
- demand for our products; and
- performance of some or all company
businesses either directly or through their impact on those who
distribute our products.
Additional factors are set forth in the Company’s Annual Report
on Form 10-K for the year ended September 28, 2013 under
Item 1A, “Risk Factors,” and subsequent reports.
THE WALT DISNEY COMPANY CONSOLIDATED STATEMENTS OF
INCOME (unaudited; in millions, except per share data)
Quarter Ended Year Ended September 27,2014 September
28,2013 September 27,2014 September 28,2013 Revenues $
12,389 $ 11,568 $ 48,813 $ 45,041 Costs and expenses (9,993 )
(9,409 ) (37,273 ) (35,591 ) Restructuring and impairment charges
(73 ) (93 ) (140 ) (214 ) Other income/(expense), net — 23 (31 )
(69 ) Interest income/(expense), net (38 ) (26 ) 23 (235 ) Equity
in the income of investees 176 161 854 688
Income before income taxes 2,461 2,224 12,246 9,620 Income
taxes (836 ) (681 ) (4,242 ) (2,984 ) Net income 1,625 1,543 8,004
6,636 Less: Net income attributable to noncontrolling interests
(126 ) (149 ) (503 ) (500 ) Net income attributable to The Walt
Disney Company (Disney) $ 1,499 $ 1,394 $ 7,501
$ 6,136 Earnings per share attributable to
Disney: Diluted $ 0.86 $ 0.77 $ 4.26 $ 3.38
Basic $ 0.87 $ 0.78 $ 4.31 $ 3.42
Weighted average number of common and common
equivalent shares outstanding: Diluted 1,734 1,805
1,759 1,813 Basic 1,716 1,786 1,740
1,792 Dividends declared per share $ —
$ — $ 0.86 $ 0.75
THE
WALT DISNEY COMPANY CONSOLIDATED BALANCE SHEETS
(unaudited; in millions, except per share data)
September 27,2014 September 28,2013 ASSETS Current assets Cash and
cash equivalents $ 3,421 $ 3,931 Receivables 7,822 6,967
Inventories 1,574 1,487 Television costs and advances 1,061 634
Deferred income taxes 497 485 Other current assets 801 605
Total current assets 15,176 14,109 Film and television costs
5,325 4,783 Investments 2,696 2,849 Parks, resorts and other
property Attractions, buildings and equipment 42,263 41,192
Accumulated depreciation (23,722 ) (22,459 ) 18,541 18,733 Projects
in progress 3,553 2,476 Land 1,238 1,171 23,332
22,380 Intangible assets, net 7,434 7,370 Goodwill 27,881 27,324
Other assets 2,342 2,426 Total assets $ 84,186
$ 81,241 LIABILITIES AND EQUITY Current liabilities
Accounts payable and other accrued liabilities $ 7,595 $ 6,803
Current portion of borrowings 2,164 1,512 Unearned royalties and
other advances 3,533 3,389 Total current liabilities
13,292 11,704 Borrowings 12,676 12,776 Deferred income taxes
4,098 4,050 Other long-term liabilities 5,942 4,561 Commitments and
contingencies Equity Preferred stock, $.01 par valueAuthorized –
100 million shares, Issued – none — — Common stock, $.01 par
valueAuthorized – 4.6 billion shares, Issued – 2.8 billion shares
34,301 33,440 Retained earnings 53,734 47,758 Accumulated other
comprehensive loss (1,968 ) (1,187 ) 86,067 80,011 Treasury stock,
at cost, 1.1 billion shares at September 27, 2014 and 1.0 billion
shares at September 28, 2013 (41,109 ) (34,582 ) Total Disney
Shareholders' equity 44,958 45,429 Noncontrolling interests 3,220
2,721 Total equity 48,178 48,150 Total
liabilities and equity $ 84,186 $ 81,241
THE WALT DISNEY COMPANY CONSOLIDATED STATEMENTS OF
CASH FLOWS (unaudited; in millions) Year Ended
September 27,2014 September 28,2013 OPERATING ACTIVITIES Net
income $ 8,004 $ 6,636 Depreciation and amortization 2,288 2,192
Gains on sales of investments, dispositions and acquisitions (299 )
(325 ) Deferred income taxes 517 92 Equity in the income of
investees (854 ) (688 ) Cash distributions received from equity
investees 718 694 Net change in film and television costs and
advances (964 ) (49 ) Equity-based compensation 408 402 Other 234
395 Changes in operating assets and liabilities: Receivables (480 )
(374 ) Inventories (81 ) 51 Other assets (151 ) (30 ) Accounts
payable and other accrued liabilities 536 367 Income taxes (96 ) 89
Cash provided by operations 9,780 9,452
INVESTING ACTIVITIES Investments in parks, resorts and other
property (3,311 ) (2,796 ) Sales of investments/proceeds from
dispositions 395 479 Acquisitions (402 ) (2,443 ) Other (27 ) 84
Cash used in investing activities (3,345 ) (4,676 )
FINANCING ACTIVITIES Commercial paper borrowings/(repayments), net
50 (2,050 ) Borrowings 2,231 3,931 Reduction of borrowings (1,648 )
(1,502 ) Dividends (1,508 ) (1,324 ) Repurchases of common stock
(6,527 ) (4,087 ) Proceeds from exercise of stock options 404 587
Other 288 231 Cash used in financing activities
(6,710 ) (4,214 ) Impact of exchange rates on cash and cash
equivalents (235 ) (18 ) (Decrease)/increase in cash and
cash equivalents (510 ) 544 Cash and cash equivalents, beginning of
year 3,931 3,387 Cash and cash equivalents, end of
year $ 3,421 $ 3,931
The Walt Disney CompanyZenia MuchaCorporate
Communications818-560-5300orLowell SingerInvestor
Relations818-560-6601
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