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Disney Enterprises Inc – ‘10-K/A’ for 9/30/93

As of:  Thursday, 6/30/94   ·   For:  9/30/93   ·   Accession #:  29082-94-15   ·   File #:  1-04083

Previous ‘10-K’:  ‘10-K’ on 12/22/93 for 9/30/93   ·   Next:  ‘10-K’ on 12/15/94 for 9/30/94   ·   Latest:  ‘10-K’ on 12/19/95 for 9/30/95

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  As Of                Filer                Filing    For·On·As Docs:Size

 6/30/94  Disney Enterprises Inc            10-K/A      9/30/93    2:29K

Amendment to Annual Report   —   Form 10-K
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 10-K/A      Ammendment to 1993 10-K                               18     61K 
 2: EX-23       Consent of Experts or Counsel                          1      5K 


10-K/A   —   Ammendment to 1993 10-K

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[TEXT] DISNEY SALARIED SAVINGS AND INVESTMENT PLAN REPORT AND FINANCIAL STATEMENTS DECEMBER 31, 1993 AND 1992
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DISNEY SALARIED SAVINGS AND INVESTMENT PLAN INDEX TO FINANCIAL STATEMENTS DECEMBER 31, 1993 Report of Independent Accountants F-2 Statement of Net Assets Available for Benefits F-3 Statement of Changes in Net Assets Available for Benefits F-4 Notes to Financial Statements F-5 Supplementary Schedule Schedule V - Plan Transactions or Series of Transactions in Excess of 5 Percent of the Current Value of Assets at the Beginning of the Plan Year F-17 Other Supplementary Schedules have been omitted because the information required is provided in the Notes to the Financial Statements. F-1
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REPORT OF INDEPENDENT ACCOUNTANTS June 7, 1994 To the Participants and Investment and Administrative Committee of the Disney Salaried Savings and Investment Plan In our opinion, the accompanying statements of net assets available for benefits and the related statements of changes in net assets available for benfits present fairly, in all material respects, the financial status of the Disney Salaried Savings and Investment Plan (the "Plan") at December 31, 1993 and 1992 and the changes in its financial status for the three years ended December 31, 1993, in conformity with generally accepted accounting principles. These financial statements are the responsibility of the Plan's management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these statements in accordance with generally accepted auditing standards which require that we plan and perform the audit to obtain reasonable assurance about whether the financial satements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for the opinion expressed above. Our audit was made for the purpose of forming an opinion on the basic financial statements taken as a whole. The additional information included in Notes 5 and 6 and Schedule V is presented for the purposes of additional analysis and is not a required part of the basic financial statements but is additional information required by ERISA. Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole. PRICE WATERHOUSE F-2
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DISNEY SALARIED SAVINGS AND INVESTMENT PLAN STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS (In thousands) [Download Table] December 31, 1993 1992 Investments at market value The Walt Disney Company Common Stock Fund $132,643 $121,930 Interest in pooled funds 66,858 40,389 Guaranteed Interest Contracts (Interest rates range from 8.92% to 9.24%) 7,144 12,227 206,645 174,546 Receivables Contributions 3,682 3,027 Participant loans 6,343 3,696 10,025 6,723 Net Assets Available for Benefits $216,670 $181,269 The accompanying notes are an integral part of these financial statements. F-3
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DISNEY SALARIED SAVINGS AND INVESTMENT PLAN STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS (In thousands) [Download Table] For the Year Ended December 31, 1993 1992 1991 Sources of Net Assets Investment income Interest $ 1,209 $ 1,819 $ 1,933 Dividends 4,264 2,075 352 Realized (loss) gain on sale of assets (212) 10,003 872 5,261 13,897 3,157 Unrealized appreciation in investments 2,708 24,671 12,893 Contributions Participants 30,171 24,078 18,300 Company 8,402 7,433 5,755 38,573 31,511 24,055 Total Sources of Net Assets 46,542 70,079 40,105 Applications of Net Assets Payments to participants 11,125 6,607 4,491 Investment expense 16 115 172 Total Applications of Net Assets 11,141 6,722 4,663 Increase in net assets 35,401 63,357 35,442 Net Assets Available for Benefits Beginning of year 181,269 117,912 82,470 End of year $216,670 $181,269 $117,912 The accompanying notes are an integral part of these financial statements. F-4
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DISNEY SALARIED SAVINGS AND INVESTMENT PLAN NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 1993 1. Description of the Plan General The Walt Disney Company (the "Company") implemented the Disney Salaried Savings and Investment Plan (the "Plan") on January 1, 1985. The Plan is a defined contribution plan designed to provide participating employees the opportunity to accumulate retirement funds through a tax-deferred contribution arrangement pursuant to Section 401(k) of the Internal Revenue Code of 1986, as amended (the "Code"). In addition to the Code, the Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974 ("ERISA"). Administration of the Plan The Board of Directors of the Company has appointed the Investment and Administrative Committee of The Walt Disney Company Sponsored Qualified Benefit Plans and Key Employees Deferred Compensation and Retirement Plan (the "Committee" or "Plan Administrator") to administer the Plan, interpret its provisions and resolve all issues arising in the administration of the Plan. The assets of the Plan are administered under a trust agreement between the Company and Fidelity Institutional Retirement Services Company ("Fidelity" or the "Trustee"). The trust agreement provides that assets of the Plan may be invested in the following pooled investment funds established by Fidelity: the Institutional Short-Intermediate Government Portfolio Fund, the U.S. Equity Index Commingled Pool Fund, the U.S. Bond Index Portfolio Fund, the Balanced Fund and the Magellan Fund. Additionally, the trust agreement provides that assets of the Plan may be invested in The Walt Disney Company Common Stock Fund and the Guaranteed Interest Contract Fund (collectively the seven funds are referred to as the "Investment Funds"). Fidelity directs the investment of the Institutional Short-Intermediate Government Portfolio Fund (formerly the U.S. Government Income Portfolio Fund), the U.S. Equity Index Commingled Pool Fund, the U.S. Bond Index Portfolio Fund, the Balanced Fund, the Magellan Fund and The Walt Disney Company Common Stock Fund and is the custodian of records for the Guaranteed Interest Contract Fund established with Allstate Life Insurance Company and New York Life Insurance Company. As of July 1, 1992, the Guaranteed Interest Contract Fund was closed to contributions and transfers from other funds. As the Guaranteed Interest Contracts mature, the corresponding fund balances are reinvested in the Institutional Short-Intermediate Government Portfolio Fund. Administrative expenses of the Plan, such as benefit plan consultation fees (exclusive of brokerage commissions on the purchase or sale of Company stock), are paid by the Company. These administrative expenses may be paid from the assets of the Plan unless the Company, at its discretion, pays such expenses. Investment expenses incurred by the Investment Funds are charged to the respective funds. F-5
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DISNEY SALARIED SAVINGS AND INVESTMENT PLAN NOTES TO FINANCIAL STATEMENTS (continued) DECEMBER 31, 1993 1. Description of the Plan (continued) Participation Participation in the Plan is available to all salaried employees of the Company and its subsidiaries participating in the Plan who are regularly scheduled to work 1,000 hours or more during a year. To be eligible, employees must be age 18 or older and have completed one year of employment during which they must also work at least 1,000 hours. The Plan covers only domestic salaried employees. Effective March 4, 1993, the Plan was amended to accept direct cash rollovers from other qualified plans, regardless of whether the employee had met the one-year eligibility requirement. However, such funds would not be available for hardship distributions or loans until after the employee has met the one- year eligibility requirement and has become a participant of the Plan. Contributions Participants are permitted to authorize the Company to defer contributions in whole percentages, up to 10 percent of their base compensation on a pre-tax basis, through weekly payroll deductions. These deferred amounts are contributed to the Plan on behalf of the participants as tax-deferred contributions. A participant's total tax-deferred contributions and the Company's matching contributions, in any Plan year, cannot exceed the limits provided under Sections 401(k) and 415 of the Code. Effective January 1, 1987, the Plan ceased to accept voluntary post-tax contributions. Post-tax contributions made prior to January 1, 1987 may remain in the Plan and continue to share in the Plan's investment results on a tax-deferred basis. Income earned on voluntary contributions is not taxable for Federal income tax purposes until withdrawal and such post-tax contributions are recovered tax free when withdrawn or distributed. The Company currently contributes a matching amount equal to 50 percent of a participant's pre-tax contributions up to a maximum of 2 percent of such participant's base compensation. The Company may make matching contributions either in cash, which is invested exclusively in the Company's common stock, or directly in shares of the Company's common stock and, at its discretion, the Company may change the level of matching contributions or cease making matching contributions. Participants are fully vested immediately in all contributions including the Company's matching contributions made to the Plan and all earnings thereon. F-6
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DISNEY SALARIED SAVINGS AND INVESTMENT PLAN NOTES TO FINANCIAL STATEMENTS (continued) DECEMBER 31, 1993 1. Description of the Plan (continued) Investments The Company's matching contributions are invested exclusively in the Company's common stock. Participants may direct the investment of their contributions in any one or more investment funds established for the Plan. Participants may elect to change the investment of their contributions or to transfer such funds and earnings thereon among the various investment funds. Only four of each type of such elections may be made in any year and must be made in multiples of 10 percent of the amounts in an investment fund. Currently, participants may direct the investment of their contributions among any of the following investment funds administered by Fidelity: Institutional Short-Intermediate Government Portfolio Fund, U.S. Equity Index Commingled Pool Fund, U.S. Bond Index Portfolio Fund, Balanced Fund, Magellan Fund, and The Walt Disney Company Common Stock Fund. Benefits, Distributions, Withdrawals and Loans A participant's entire account balance, adjusted for investment gains or losses, is available for immediate distribution upon termination of employment. Participants' account balances under $3,500 are automatically distributed within 90 days following the participant's severance date. Participants with account balances of $3,500 or more must elect, within a six month period after severance or withdrawal, to receive their distribution or to defer their distribution until reaching age 55. All amounts must be distributed when the participant reaches age 65. Under Section 401(k) of the Code, withdrawals of tax-deferred contributions by participants are available only in amounts necessary to satisfy a financial hardship if the Committee determines that the reason for the hardship complies with applicable requirements under the Code. A participant may withdraw his or her post-tax contributions twice each Plan Year. The minimum amount of each post-tax contribution withdrawal is $500. Participants are permitted to borrow from their accounts subject to certain limitations and conditions established to comply with the current requirements of the Code. All loans made to participants are secured by their accounts with a right of set-off. Voluntary post-tax contributions and any earnings thereon are not available for loans. Participants may borrow up to 50 percent of their account balance not to exceed $50,000 in any consecutive twelve month period. A participant may only have one loan outstanding. Loans may have a term of up to four years. However, the term can be extended to ten years if the loan is used to acquire or construct a principal residence of the participant. The interest rate on loans is currently prime plus 1 percent. F-7
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DISNEY SALARIED SAVINGS AND INVESTMENT PLAN NOTES TO FINANCIAL STATEMENTS (continued) DECEMBER 31, 1993 1. Description of the Plan (continued) Plan Amendment or Termination The Company reserves the right to amend or modify, at any time, the provisions of the Plan. Although the Company expects to continue the Plan indefinitely, the Board of Directors of the Company may terminate the Plan for any reason. If the Plan is terminated each participant will receive, as prescribed by ERISA and its related regulations, and in the form and manner determined by the Committee, a payment equal to the value of the participant's accounts at the time of liquidation. 2. Summary of Significant Accounting Policies Basis of Accounting The statements of the Plan are prepared using the accrual basis of accounting. Contribution Policy Participants' tax-deferred contributions are deposited with the Trustee at or after the end of the month in which such amounts are deducted from participants' compensation. The Company currently contributes its matching contributions for deposit into participants' accounts at the end of each month. Investment Valuation Investments in securities traded on national security exchanges are valued on the basis of the closing price on the last trading day of the year. Investments in commingled funds are valued at the redemption prices established by the Trustee, which are based on the market value of the fund assets. Investments in guaranteed interest contracts are valued at cost which approximates market. Realized Gains and Losses on Security Transactions Realized gains and losses on security transactions are computed based upon the average cost basis of securities sold. Unrealized Appreciation/Depreciation in Fair Value of Investments The increase or decrease in the fair value of investments held at year end is based on values established at the most recent year-end valuation date as compared to the previous year-end valuation or the purchase cost if the investment was acquired within the year. F-8
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DISNEY SALARIED SAVINGS AND INVESTMENT PLAN NOTES TO FINANCIAL STATEMENTS (continued) DECEMBER 31, 1993 3. Information Certified by Trustee The Trustee holds all of the Plan's assets, receives contributions from the Company, and executes all investment transactions and all disbursements based upon instructions from the Plan Administrator. The Plan Administrator has obtained certification from the Trustee that the investment information provided to the Plan Administrator by the Trustee is complete and accurate. The investment information included in the accompanying financial statements, in Notes 4, 5, 6, 8 and 9 and in the accompanying schedule, has been prepared from the data certified by the Trustee and includes adjustments made by the Plan Administrator for the purpose of conforming the Trustee-certified financial information to the accrual basis of accounting. F-9
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DISNEY SALARIED SAVINGS AND INVESTMENT PLAN NOTES TO FINANCIAL STATEMENTS (continued) DECEMBER 31, 1993 4. Investments Investments held by the Plan are as follows: [Download Table] December 31, 1993 Number Market of Value Shares/ Per Units Share/Unit Cost Market (000's) The Walt Disney Company Common Stock Fund 3,111,872 $ 42.62 $98,142 $132,643 Fidelity Pooled Funds: Inst. Short-Inter Gov't Portfolio Fund 1,755,101 9.88 17,428 17,340 U.S. Equity Index Commingled Pool Fund 1,296,361 11.82 13,365 15,323 U.S. Bond Index Portfolio Fund 142,268 11.00 1,585 1,565 Balanced Fund 313,527 13.39 4,213 4,198 Magellan Fund 401,293 70.85 27,004 28,432 63,595 66,858 Guaranteed Interest Contract Fund 7,144,177 1.00 7,144 7,144 $168,881 $206,645 [Download Table] December 31, 1992 Number Market of Value Shares/ Per Units Share/Unit Cost Market (000's) The Walt Disney Company Common Stock Fund 2,835,583 $43.00 $ 87,257 $121,930 Fidelity Pooled Funds: Inst. Short-Inter Gov't Portfolio Fund 1,092,706 9.91 10,802 10,829 U.S. Equity Index Commingled Pool Fund 1,118,910 10.75 11,265 12,028 U.S. Bond Index Portfolio Fund 32,434 10.76 355 349 Balanced Fund 51,481 12.29 642 633 Magellan Fund 262,661 63.01 16,942 16,550 40,006 40,389 Guaranteed Interest Contract Fund 12,227,053 1.00 12,227 12,227 $139,490 $174,546 All funds are immediately and fully invested in permanent funds by Fidelity at December 31, 1993. F-10
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DISNEY SALARIED SAVINGS AND INVESTMENT PLAN NOTES TO FINANCIAL STATEMENTS (continued) DECEMBER 31, 1993 4. Investments (continued) Net unrealized appreciation/(depreciation) in fair value of investments held by the Plan is as follows: [Download Table] For the Year Ended December 31, 1993 1992 1991 (000's) The Walt Disney Company Common Stock Fund $ (172) $34,673 $ 5,482 Pooled Funds: Institutional Short-Intermediate Government Portfolio Fund (115) 27 - U.S. Equity Index Commingled Pool Fund 1,195 763 - U.S. Bond Index Portfolio Fund (14) (6) - Balanced Fund (6) (9) - Magellan Fund 1,820 (392) - High Growth Equity Fund - (7,026) 5,513 Equity Index Fund - (3,359) 1,898 Net Unrealized Appreciation $2,708 $24,671 $12,893 F-11
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DISNEY SALARIED SAVINGS AND INVESTMENT PLAN NOTES TO FINANCIAL STATEMENTS (continued) DECEMBER 31, 1993 5. Allocation of Plan Assets by Investment Progam [Download Table] DECEMBER 31, 1993 (In thousands) The Walt Inst. U.S. Equity Disney Short-Inter Index U.S. Bond Company Gov't Commingled Index Common Portfolio Pool Portfolio Stock Fund Fund Fund Fund Investments at market value $132,643 $17,340 $15,323 $1,565 Receivables Contributions 2,159 345 296 80 Participant loans 146 34 22 2 Total Receivables 2,305 379 318 82 Net Assets Available for Benefits $134,948 $17,719 $15,641 $1,647 [Download Table] DECEMBER 31, 1993 (In thousands) Guaranteed Interest Balanced Magellan Contract Loan Fund Fund Fund Fund Total Investments at market value $4,198 $28,432 $7,144 $ - $206,645 Receivables Contributions 168 634 - - 3,682 Participant loans 5 41 - 6,093 6,343 Total Receivables 173 675 - 6,093 10,025 Net Assets Available for Benefits $4,371 $29,107 $7,144 $6,093 $216,670 F-12
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DISNEY SALARIED SAVINGS AND INVESTMENT PLAN NOTES TO FINANCIAL STATEMENTS (continued) DECEMBER 31, 1993 5. Allocation of Plan Assets by Investment Program (continued) [Download Table] DECEMBER 31, 1992 (In thousands) The Walt Inst. U.S. Equity Disney Short-Inter Index U.S. Bond Company Gov't Commingled Index Common Portfolio Pool Portoflio Stock Fund Fund Fund Fund Investments at market value $121,930 $10,829 $12,028 $349 Receivables Contributions 1,929 399 259 31 Participant loans 106 22 9 - Total Receivables 2,035 421 268 31 Net Assets Available for Benefits $123,965 $11,250 $12,296 $380 [Download Table] DECEMBER 31, 1992 (In thousands) Guaranteed Interest Balanced Magellan Contract Loan Fund Fund Fund Fund Total Investments at market value $633 $16,550 $12,227 $ - $174,546 Receivables Contributions 37 372 - - 3,027 Participant loans 1 16 - 3,542 3,696 Total Receivables 38 388 - 3,542 6,723 Net Assets Available for Benefits $671 $16,938 $12,227 $3,542 $181,269 F-13
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DISNEY SALARIED SAVINGS AND INVESTMENT PLAN NOTES TO FINANCIAL STATEMENTS (continued) DECEMBER 31, 1993 6. Allocation of Plan Income and Changes in Plan Equity by Investment Program [Download Table] FOR THE YEAR ENDED DECEMBER 31, 1993 (In thousands) U.S. The Walt Inst. Equity Disney Short-Inter Index U.S. Bond Company Gov't Commingled Index Common Stock Portfolio Pool Portfolio Fund Fund Fund Fund Sources of Net Assets Investment income Interest $ 5 $ - $ - $ - Dividends 709 829 - 69 Realized (loss) gain on sale of assets (640) 15 110 8 74 844 110 77 Unrealized appreciation/ (depreciation) in investments (172) (115) 1,195 (14) Contributions Participants 14,866 4,192 3,271 732 Company 8,402 - - - 23,268 4,192 3,271 732 Total Sources 23,170 4,921 4,576 795 Payments to participants 7,294 753 649 71 Investment expense 10 - - - 7,304 753 649 71 Inter-fund Transfers (4,883) 2,301 (582) 543 Increase (decrease) in net assets for the year 10,983 6,469 3,345 1,267 Net Assets Available for Benefits Beginning of year 123,965 11,250 12,296 380 End of year $134,714 $17,719 $15,641 $1,647 [Download Table] FOR THE YEAR ENDED DECEMBER 31, 1993 (In thousands) Guaranteed Interest Balanced Magellan Contract Loan Fund Fund Fund Fund Total Sources of Net Asssets Investment income Interest $ - $ - $ 871 $ 333 $ 1,209 Dividends 232 2,425 - - 4,264 Realized (loss) gain on sale of assets 29 266 - - (212) 261 2,691 871 333 5,261 Unrealized appreciation/ (depreciation) in investments (6) 1,820 - - 2,708 Contributions Participants 1,256 5,854 - - 30,171 Company - - - - 8,402 1,256 5,854 - - 38,573 Total Sources 1,511 10,365 871 333 46,542 Payments to participants 111 1,417 639 191 11,125 Investment expense - 6 - - 16 111 1,423 639 191 11,141 Inter-fund Transfers 2,300 3,227 (5,315) 2,409 - Increase (decrease) in net assets for the year 3,700 12,169 (5,083) 2,551 35,401 Net Assets Available for Benefits Beginning of year 671 16,938 12,227 3,542 181,269 End of year $ 4,371 $29,107 $ 7,144 $ 6,093 $216,670 F-14
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DISNEY SALARIED SAVINGS AND INVESTMENT PLAN NOTES TO FINANCIAL STATEMENTS (continued) DECEMBER 31, 1993 6. Allocation of Plan Income and Changes in Plan Equity by Investment Program (continued) [Download Table] FOR THE YEAR ENDED DECEMBER 31, 1992 (In thousands) U.S. The Walt U.S. Equity Disney Gov't Index U.S. Bond Company Income Commingled Index Common Stock Portfolio Pool Portfolio Balanced Fund Fund Fund Fund Fund Investment income Interest $ 47 $ - $ - $ - $ - Dividends 520 197 - 9 16 Realized gain (loss) on sale of assets 2,128 2 13 - (1) 2,695 199 13 9 15 Unrealized appreciation/ (depreciation) in investments 34,673 27 763 (6) (9) Contributions Participants 12,672 2,345 1,437 102 123 Company 7,433 - - - - 20,105 2,345 1,437 102 123 Total Sources 57,473 2,571 2,213 105 129 Payments to participants 4,346 233 266 - - Investment expense 5 - - - - 4,351 233 266 - - Inter-fund Transfers 2,042 4,240 (199) 275 542 Transferred to Fidelity - 4,672 10,548 - - Increase (decrease) in net assets for the year 55,164 11,250 12,296 380 671 Net Assets Available for Benefits Beginning of year 68,801 - - - - End of year $123,965 $11,250 $12,296 $380 $671 [Download Table] FOR THE YEAR ENDED DECEMBER 31, 1992 (In thousands) Guaranteed High Interest Growth Equity Magellan Contract Equity Index Fund Fund Fund Fund Investment income Interest $ - $ 1,417 $ 3 $ 2 Dividends 1,333 - - - Realized gain (loss) on sale on assets 4 - 4,529 3,328 1,337 1,417 4,532 3,330 Unrealized appreciation/ (depreciation) in investments (392) - (7,026) (3,359) Contributions Participants 1,930 2,007 1,453 1,334 Company - - - - 1,930 2,007 1,453 1,334 Total Sources 2,875 3,424 (1,041) 1,305 Payments to participants 224 1,082 201 103 Investment expense - 27 73 7 224 1,109 274 110 Inter-fund Transfers 480 (8,709) 1,001 65 Transferred to Fidelity 13,807 - (13,807) (10,548) Increase (decrease) in net assets for the year 16,938 (6,394) (14,121) (9,288) Net Assets Available for Benefits Beginning of year - 18,621 14,121 9,288 End of year $16,938 $12,227 $ - $ - [Download Table] FOR THE YEAR ENDED DECEMBER 31, 1992 (In thousands) Money Market Loan Fund Fund Total Investment income Interest $ 95 $ 255 $ 1,819 Dividends - - 2,075 Realized gain (loss) on sale of assets - - 10,003 95 255 13,897 Unrealized appreciation/ (depreciation) in investments - - 24,671 Contributions Participants 675 - 24,078 Company - - 7,433 675 - 31,511 Total Sources 770 255 70,079 Payments to participants 55 97 6,607 Investment expense 3 - 115 58 97 6,722 Inter-fund Transfers (341) 604 - Transferred to Fidelity (4,672) - - Increase (decrease) in net assets for the year (4,301) 762 63,357 Net Assets Available for Benefits Beginning of year 4,301 2,780 117,912 End of year $ - $3,542 $181,269 F-15
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DISNEY SALARIED SAVINGS AND INVESTMENT PLAN NOTES TO FINANCIAL STATEMENTS (continued) DECEMBER 31, 1993 7. Income Taxes The Company has received an Internal Revenue Service determination letter stating that the Plan qualifies under Section 401(a) of the Code and is therefore exempt from Federal income tax under Section 501(a) of the Code. Since the Plan is qualified under Section 401(a) of the Code, under applicable state law it is exempt from state income taxes. 8. Realized Gain (Loss) Net realized gain (loss) resulting from the sale of fund assets is as follows: [Download Table] For the Year Ended December 31, 1993 1992 1991 (000's) The Walt Disney Company Common Stock Fund $(640) $ 2,128 $839 Pooled Funds Institutional Short-Intermediate Government Portfolio Fund 15 2 - U.S. Equity Index Commingled Pool Fund 110 13 - U.S. Bond Index Portfolio Fund 8 - - Balanced Fund 29 (1) - Magellan Fund 266 4 - High Growth Equity Fund - 4,529 20 Equity Index Fund - 3,328 13 Net Realized (Loss) Gain $(212) $10,003 $872 9. Accumulated Benefits In accordance with guidance for accounting and disclosure by employee benefit plans, participant distributions payable, including loan distributions approved but not disbursed as of year end, are not presented as a liability in the statement of net assets available for benefits or as benefit payments in the statement of changes in net assets available for benefits. Participant distributions payable and loan distributions approved but not disbursed at December 31, 1993 and 1992 are summarized as follows: [Download Table] December 31, 1993 1992 (000's) Terminated participants $518 $ 764 Participants' loans 201 604 Total Liabilities $719 $1,368 F-16
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DISNEY SALARIED SAVINGS AND INVESTMENT PLAN SCHEDULE V PLAN TRANSACTIONS OR SERIES OF TRANSACTIONS IN EXCESS OF 5 PERCENT OF THE CURRENT VALUE OF ASSETS AT THE BEGINNING OF THE PLAN YEAR FOR THE YEAR ENDED DECEMBER 31, 1993 [Download Table] Selling/ Cost of Description of Number of Purchase distribution assets sold/ Net assets transactions price price distributed gain The Walt Disney Company Common Stock Fund 142 $27,172,272 112 $15,646,693 $9,981,203 $5,665,490 Fidelity Management Trust Company U.S. Government Reserve 52 5,939,088 173 6,064,940 6,064,940 Magellan Fund 203 12,491,964 105 2,697,089 2,514,481 182,608 Inst. Short-Inter. Gov't Portfolio Fund 206 9,650,380 184 3,038,514 3,025,860 12,654 F-17

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Filed on:6/30/9410-Q
6/7/943
12/31/9311810-Q
For Period End:9/30/9310-K
3/4/937
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