Walt Disney Co. (DIS) | Equity Method Investments

Selected Financial Data

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Walt Disney Co.'s selected financial data

USD $ in millions

	Oct 1, 2011	Oct 2, 2010	Oct 3, 2009	Sep 27, 2008	Sep 29, 2007	Sep 30, 2006
Equity in the income of investees
Investments, equity basis

ROA (equity method investments only)¹	%	%	%	%	%	%

Source: Based on data from Walt Disney Co. Annual Reports

2011 Calculations

¹ ROA (equity method investments only) = 100 × Equity in the income of investees ÷ Investments, equity basis
= 100 × ÷ = %

Item	Description	The company
Equity in the income of investees	This item represents the entity's proportionate share for the period of the net income (loss) of its investee (such as unconsolidated subsidiaries and joint ventures) to which the equity method of accounting is applied. Such amount typically reflects adjustments similar to those made in preparing consolidated statements, including adjustments to eliminate intercompany gains and losses, and to amortize, if appropriate, any difference between cost and underlying equity in net assets of the investee at the date of investment.	Walt Disney Co.'s equity in the income of investees declined from 2009 to 2010 but then increased from 2010 to 2011 exceeding 2009 level.
Investments, equity basis	This item represents the carrying amount on the entity's balance sheet of its investment in common stock of an equity method investee. This is not an indicator of the fair value of the investment, rather it is the initial cost adjusted for the entity's share of earnings and losses of the investee, adjusted for any distributions (dividends) and other than temporary impairment losses recognized.	Walt Disney Co.'s investments, equity basis declined from 2009 to 2010 and from 2010 to 2011.
ROA (equity method investments only)	A profitability ratio calculated as equity in the income of investees divided by investments, equity basis.	Walt Disney Co.'s ROA of equity method investments deteriorated from 2009 to 2010 but then improved from 2010 to 2011 exceeding 2009 level.

Summarized Financial Information

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Summarized financial information for Walt Disney Co.'s affiliates, subsidiaries, associates, and joint ventures

USD $ in millions

		Oct 1, 2011	Oct 2, 2010	Oct 3, 2009	Sep 27, 2008	Sep 29, 2007	Sep 30, 2006
	Current assets
	Non-current assets
	Total assets
	Current liabilities
	Non-current liabilities
	Total liabilities
	Shareholders’ equity
	Total liabilities and shareholders’ equity
	Revenues
	Net Income

Source: Based on data from Walt Disney Co. Annual Reports

Item	Description	The company
Shareholders’ equity	This item represents the disclosure of summarized financial information for unconsolidated subsidiaries and 50 percent-or-less owned entities accounted for using the equity method of accounting. If investments in common stock of corporate joint ventures or other investments accounted for under the equity method are, in the aggregate, material in relation to the financial position or results of operations of an investor, it may be necessary to present summarized information as to assets, liabilities, and results of operations of the investee, or group of investments for which combined disclosure is appropriate, either by individual financial statement caption or in groups, as appropriate. Such summarized financial information may include total equity or capital (as applicable).	Shareholders’ equity of Walt Disney Co.'s affiliates, subsidiaries, associates, and joint ventures increased from 2009 to 2010 but then declined significantly from 2010 to 2011.
Net Income	This item represents the disclosure of summarized financial information for unconsolidated subsidiaries and 50 percent-or-less owned entities accounted for using the equity method of accounting. If investments in common stock of corporate joint ventures or other investments accounted for under the equity method are, in the aggregate, material in relation to the financial position or results of operations of an investor, it may be necessary to present summarized information as to assets of the investee, or group of investments for which combined disclosure is appropriate, either by individual financial statement caption or in groups, as appropriate. Such summarized financial information may, at a minimum, include net income or loss.	Net Income of Walt Disney Co.'s affiliates, subsidiaries, associates, and joint ventures declined from 2009 to 2010 but then increased from 2010 to 2011 exceeding 2009 level.

Adjustments to Financial Data: Proportionate Consolidation

Recognition of Walt Disney Co.'s proportionate share of affiliates, subsidiaries, associates, and joint ventures assets and liabilities instead of net equity.

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Walt Disney Co., adjustments to financial data

USD $ in millions

	Oct 1, 2011	Oct 2, 2010	Oct 3, 2009	Sep 27, 2008	Sep 29, 2007	Sep 30, 2006
Weighted average percentage interest in affiliates	%	%	%	%	%	%
Adjustment to Current Assets
Current assets (as reported)
Add: Current assets of affiliates (adjustment)
Current assets (adjusted)
Adjustment to Total Assets
Total assets (as reported)
Less: Investments, equity basis (adjustment)
Add: Total assets of affiliates (adjustment)
Total assets (adjusted)
Adjustment to Current Liabilities
Current liabilities (as reported)
Add: Current liabilities of affiliates (adjustment)
Current liabilities (adjusted)
Adjustment to Total Liabilities
Total liabilities (as reported)
Add: Total liabilities of affiliates (adjustment)
Total liabilities (adjusted)
Adjustment to Revenues
Revenues (as reported)
Add: Revenues of affiliates (adjustment)
Revenues (adjusted)

Adjusted Ratios: Proportionate Consolidation (Summary)

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Walt Disney Co., adjusted ratios

	Oct 1, 2011	Oct 2, 2010	Oct 3, 2009	Sep 27, 2008	Sep 29, 2007	Sep 30, 2006
Current Ratio
Reported current ratio
Adjusted current ratio
Net Profit Margin
Reported net profit margin	%	%	%	%	%	%
Adjusted net profit margin	%	%	%	%	%	%
Total Asset Turnover
Reported total asset turnover
Adjusted total asset turnover
Financial Leverage
Reported financial leverage
Adjusted financial leverage
Return on Assets (ROA)
Reported ROA	%	%	%	%	%	%
Adjusted ROA	%	%	%	%	%	%

Ratio	Description	The company
Adjusted current ratio	A liquidity ratio calculated as adjusted current assets divided by adjusted current liabilities.	Walt Disney Co.'s adjusted current ratio deteriorated from 2009 to 2010 but then slightly improved from 2010 to 2011.
Adjusted net profit margin	An indicator of profitability, calculated as net income divided by adjusted revenue.	Walt Disney Co.'s adjusted net profit margin improved from 2009 to 2010 and from 2010 to 2011.
Adjusted total asset turnover	An activity ratio calculated as adjusted total revenue divided by adjusted total assets.	Walt Disney Co.'s adjusted total asset turnover deteriorated from 2009 to 2010 but then improved from 2010 to 2011 not reaching 2009 level.
Adjusted financial leverage	A measure of financial leverage calculated as adjusted total assets divided by total equity. Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.	Walt Disney Co.'s adjusted financial leverage declined from 2009 to 2010 but then increased from 2010 to 2011 exceeding 2009 level.
Adjusted ROA	A profitability ratio calculated as net income divided by adjusted total assets.	Walt Disney Co.'s adjusted ROA improved from 2009 to 2010 and from 2010 to 2011.

Adjusted Current Ratio

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		Oct 1, 2011	Oct 2, 2010	Oct 3, 2009	Sep 27, 2008	Sep 29, 2007	Sep 30, 2006
	As Reported
	Current assets (USD $ in millions)
	Current liabilities (USD $ in millions)

	Current ratio¹
	Adjusted: from Equity Method to Proportionate Consolidation
	Adjusted current assets (USD $ in millions)
	Adjusted current liabilities (USD $ in millions)

	Adjusted current ratio²

2011 Calculations

¹ Current ratio = Current assets ÷ Current liabilities
= ÷ =

² Adjusted current ratio = Adjusted current assets ÷ Adjusted current liabilities
= ÷ =

Ratio	Description	The company
Adjusted current ratio	A liquidity ratio calculated as adjusted current assets divided by adjusted current liabilities.	Walt Disney Co.'s adjusted current ratio deteriorated from 2009 to 2010 but then slightly improved from 2010 to 2011.

Adjusted Net Profit Margin

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	Oct 1, 2011	Oct 2, 2010	Oct 3, 2009	Sep 27, 2008	Sep 29, 2007	Sep 30, 2006
As Reported
Net income attributable to The Walt Disney Company (Disney) (USD $ in millions)
Revenues (USD $ in millions)

Net profit margin¹	%	%	%	%	%	%
Adjusted: from Equity Method to Proportionate Consolidation
Net income attributable to The Walt Disney Company (Disney) (USD $ in millions)
Adjusted revenues (USD $ in millions)

Adjusted net profit margin²	%	%	%	%	%	%

2011 Calculations

¹ Net profit margin = 100 × Net income attributable to The Walt Disney Company (Disney) ÷ Revenues
= 100 × ÷ = %

² Adjusted net profit margin = 100 × Net income attributable to The Walt Disney Company (Disney) ÷ Adjusted revenues
= 100 × ÷ = %

Ratio	Description	The company
Adjusted net profit margin	An indicator of profitability, calculated as net income divided by adjusted revenue.	Walt Disney Co.'s adjusted net profit margin improved from 2009 to 2010 and from 2010 to 2011.

Adjusted Total Asset Turnover

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		Oct 1, 2011	Oct 2, 2010	Oct 3, 2009	Sep 27, 2008	Sep 29, 2007	Sep 30, 2006
	As Reported
	Revenues (USD $ in millions)
	Total assets (USD $ in millions)

	Total asset turnover¹
	Adjusted: from Equity Method to Proportionate Consolidation
	Adjusted revenues (USD $ in millions)
	Adjusted total assets (USD $ in millions)

	Adjusted total asset turnover²

2011 Calculations

¹ Total asset turnover = Revenues ÷ Total assets
= ÷ =

² Adjusted total asset turnover = Adjusted revenues ÷ Adjusted total assets
= ÷ =

Ratio	Description	The company
Adjusted total asset turnover	An activity ratio calculated as adjusted total revenue divided by adjusted total assets.	Walt Disney Co.'s adjusted total asset turnover deteriorated from 2009 to 2010 but then improved from 2010 to 2011 not reaching 2009 level.

Adjusted Financial Leverage

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		Oct 1, 2011	Oct 2, 2010	Oct 3, 2009	Sep 27, 2008	Sep 29, 2007	Sep 30, 2006
	As Reported
	Total assets (USD $ in millions)
	Disney Shareholder’s equity (USD $ in millions)

	Financial leverage¹
	Adjusted: from Equity Method to Proportionate Consolidation
	Adjusted total assets (USD $ in millions)
	Disney Shareholder’s equity (USD $ in millions)

	Adjusted financial leverage²

2011 Calculations

¹ Financial leverage = Total assets ÷ Disney Shareholder’s equity
= ÷ =

² Adjusted financial leverage = Adjusted total assets ÷ Disney Shareholder’s equity
= ÷ =

Ratio	Description	The company
Adjusted financial leverage	A measure of financial leverage calculated as adjusted total assets divided by total equity. Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.	Walt Disney Co.'s adjusted financial leverage declined from 2009 to 2010 but then increased from 2010 to 2011 exceeding 2009 level.

Adjusted Return On Assets (ROA)

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	Oct 1, 2011	Oct 2, 2010	Oct 3, 2009	Sep 27, 2008	Sep 29, 2007	Sep 30, 2006
As Reported
Net income attributable to The Walt Disney Company (Disney) (USD $ in millions)
Total assets (USD $ in millions)

ROA¹	%	%	%	%	%	%
Adjusted: from Equity Method to Proportionate Consolidation
Net income attributable to The Walt Disney Company (Disney) (USD $ in millions)
Adjusted total assets (USD $ in millions)

Adjusted ROA²	%	%	%	%	%	%

¹ ROA = 100 × Net income attributable to The Walt Disney Company (Disney) ÷ Total assets
= 100 × ÷ = %

² Adjusted ROA = 100 × Net income attributable to The Walt Disney Company (Disney) ÷ Adjusted total assets
= 100 × ÷ = %

Ratio	Description	The company
Adjusted ROA	A profitability ratio calculated as net income divided by adjusted total assets.	Walt Disney Co.'s adjusted ROA improved from 2009 to 2010 and from 2010 to 2011.

Walt Disney Co. (DIS) | Analysis of Equity Method Investment

Selected Financial Data

Summarized Financial Information

Adjustments to Financial Data: Proportionate Consolidation

Adjusted Ratios: Proportionate Consolidation (Summary)

Adjusted Current Ratio

Adjusted Net Profit Margin

Adjusted Total Asset Turnover

Adjusted Financial Leverage

Adjusted Return On Assets (ROA)