WALT DISNEY CO/
8-K, 1996-04-26
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<PAGE>
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
 
                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549
 
                            ------------------------
 
                                    FORM 8-K
                                 CURRENT REPORT
                     PURSUANT TO SECTION 13 OR 15(d) OF THE
                        SECURITIES EXCHANGE ACT OF 1934
 
                DATE OF REPORT (DATE OF EARLIER EVENT REPORTED):
 
                                 March 30, 1996
 
                            ------------------------
 
                            THE WALT DISNEY COMPANY
             (Exact Name of Registrant as Specified in its Charter)
 
                                    DELAWARE
 
                    (State or Jurisdiction of Incorporation)
 
        1-11605                      95-4545390
(Commission File Number)  (IRS Employer Identification No.)
 
500 SOUTH BUENA VISTA STREET, BURBANK, CALIFORNIA    91521
    (Address of Principal Executive Offices)       (Zip Code)
 
                                 (818) 560-1000
                        (Registrant's Telephone Number)
 
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
<PAGE>
ITEM 5. OTHER EVENTS
 
                            CAPITAL CITIES/ABC, INC.
                   AUDITED CONSOLIDATED FINANCIAL STATEMENTS
                               DECEMBER 31, 1995
 
                                    CONTENTS
 
<TABLE>
<CAPTION>
                                                                                                                PAGE
                                                                                                                -----
 
<S>                                                                                                          <C>
Report of Independent Auditors.............................................................................           1
Consolidated Statement of Income...........................................................................           2
Consolidated Statement of Cash Flows.......................................................................           3
Consolidated Balance Sheet.................................................................................           4
Consolidated Statement of Stockholders' Equity.............................................................           5
Notes to Consolidated Financial Statements.................................................................           6
</TABLE>
 
<PAGE>
                         REPORT OF INDEPENDENT AUDITORS
 
The Board of Directors
The Walt Disney Company
 
    We  have  audited the  accompanying consolidated  balance sheets  of Capital
Cities/ABC, Inc. as of December 31, 1995 and 1994, and the related  consolidated
statements of income, stockholders' equity, and cash flows for each of the three
years  in the period ended December 31, 1995. These financial statements are the
responsibility of the Company's management. Our responsibility is to express  an
opinion on these financial statements based on our audits.
 
    We  conducted  our audits  in  accordance with  generally  accepted auditing
standards. Those standards require that we plan and perform the audit to  obtain
reasonable assurance about whether the financial statements are free of material
misstatement.  An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An audit also  includes
assessing  the  accounting principles  used  and significant  estimates  made by
management, as well as evaluating the overall financial statement  presentation.
We believe that our audits provide a reasonable basis for our opinion.
 
    In  our opinion, the financial statements  referred to above present fairly,
in all  material  respects,  the  consolidated  financial  position  of  Capital
Cities/ABC,  Inc. at December 31, 1995 and 1994, and the consolidated results of
its operations and  its cash flows  for each of  the three years  in the  period
ended  December  31,  1995,  in conformity  with  generally  accepted accounting
principles.
 
New York, New York
March 8, 1996
 
                                       1
<PAGE>
                            CAPITAL CITIES/ABC, INC.
                        CONSOLIDATED STATEMENT OF INCOME
                  YEARS ENDED DECEMBER 31, 1995, 1994 AND 1993
 
<TABLE>
<CAPTION>
                                                                              1995          1994          1993
                                                                          ------------  ------------  ------------
                                                                                   (DOLLARS IN THOUSANDS)
<S>                                                                       <C>           <C>           <C>
Net revenues............................................................  $  6,878,558  $  6,379,237  $  5,673,653
                                                                          ------------  ------------  ------------
Costs and expenses
  Direct operating expenses.............................................     4,077,210     3,745,689     3,557,301
  Selling, general and administrative...................................     1,297,396     1,222,202     1,097,826
  Depreciation..........................................................       115,761       109,128        95,032
  Amortization of intangible assets.....................................        65,733        63,407        61,345
  Merger costs..........................................................        91,302       --            --
                                                                          ------------  ------------  ------------
                                                                             5,647,402     5,140,426     4,811,504
                                                                          ------------  ------------  ------------
Operating income........................................................     1,231,156     1,238,811       862,149
                                                                          ------------  ------------  ------------
Other income (expense)
  Interest expense......................................................       (57,152)      (55,070)      (59,772)
  Interest income.......................................................        72,294        24,553        36,650
  Miscellaneous, net....................................................        67,038        (2,980)      (10,648)
                                                                          ------------  ------------  ------------
                                                                                82,180       (33,497)      (33,770)
                                                                          ------------  ------------  ------------
Income before income taxes..............................................     1,313,336     1,205,314       828,379
                                                                          ------------  ------------  ------------
Income taxes
  Federal...............................................................       470,300       425,700       300,100
  State and local.......................................................       114,400        99,800        60,900
                                                                          ------------  ------------  ------------
                                                                               584,700       525,500       361,000
                                                                          ------------  ------------  ------------
Income before extraordinary charge......................................       728,636       679,814       467,379
Extraordinary charge, net of income taxes...............................       --            --            (12,122)
                                                                          ------------  ------------  ------------
Net income..............................................................  $    728,636  $    679,814  $    455,257
                                                                          ------------  ------------  ------------
                                                                          ------------  ------------  ------------
Income per share before extraordinary charge............................  $       4.73  $       4.42  $       2.85
Extraordinary charge per share..........................................       --            --               (.07)
                                                                          ------------  ------------  ------------
Net income per share....................................................  $       4.73  $       4.42  $       2.78
                                                                          ------------  ------------  ------------
                                                                          ------------  ------------  ------------
Average shares outstanding (000's omitted)..............................       153,960       153,890       163,800
                                                                          ------------  ------------  ------------
                                                                          ------------  ------------  ------------
</TABLE>
 
                            See accompanying notes.
 
                                       2
<PAGE>
                            CAPITAL CITIES/ABC, INC.
                      CONSOLIDATED STATEMENT OF CASH FLOWS
                  YEARS ENDED DECEMBER 31, 1995, 1994 AND 1993
 
<TABLE>
<CAPTION>
                                                                              1995         1994          1993
                                                                          ------------  -----------  -------------
                                                                                   (DOLLARS IN THOUSANDS)
<S>                                                                       <C>           <C>          <C>
Cash flows from operating activities
  Net income............................................................  $    728,636  $   679,814  $     455,257
  Adjustments to reconcile net income to net cash
    Noncash and nonoperating items
      Depreciation......................................................       115,761      109,128         95,032
      Amortization of intangible assets.................................        65,733       63,407         61,345
      (Decrease) increase in deferred liabilities.......................      (225,144)      45,988          7,995
      Extraordinary charge, early debt redemption.......................       --           --              12,122
      Other noncash and nonoperating items..............................        77,672       50,315         31,009
                                                                          ------------  -----------  -------------
    Cash from operations before changes in operating assets and
     liabilities, net of effects of acquisitions and dispositions.......       762,658      948,652        662,760
      Decrease in program assets and liabilities, net...................        17,229       63,779         29,722
      (Increase) in accounts receivable.................................      (131,048)    (169,572)       (57,895)
      Increase in accounts payable, accrued expenses and other current
       liabilities......................................................       430,195      156,225          5,741
      (Increase) decrease in other operating assets, net................       (19,002)     (22,860)        20,190
                                                                          ------------  -----------  -------------
Net cash provided by operating activities...............................     1,060,032      976,224        660,518
                                                                          ------------  -----------  -------------
Cash flows from investing activities
  Capital expenditures..................................................      (131,103)    (121,460)       (97,788)
  Acquisition of operating companies and equity investments.............      (312,343)    (214,536)      (133,294)
  Purchases of short-term investments...................................      (845,003)    (590,483)    (1,474,233)
  Sales and maturities of short-term investments........................       982,405      526,237      1,811,255
  Proceeds from disposition of real estate..............................       --            22,000       --
  Proceeds from dispositions of operating companies and equity
   investments..........................................................        40,523      --              12,500
  Other investing activities, net.......................................       (78,686)     (52,708)         8,068
                                                                          ------------  -----------  -------------
Net cash (used in) provided by investing activities.....................      (344,207)    (430,950)       126,508
                                                                          ------------  -----------  -------------
Cash flows from financing activities
  Common stock purchased for treasury...................................       (78,217)     (27,607)      (715,010)
  Common stock issued under employee stock plans........................        43,471       31,099         29,365
  Dividends.............................................................       (30,785)     (23,873)        (3,238)
  Payments of long-term debt............................................      (104,143)      (7,805)      (504,873)
  Premium on early redemption of debt...................................       --           --             (15,915)
                                                                          ------------  -----------  -------------
Net cash (used in) financing activities.................................      (169,674)     (28,186)    (1,209,671)
                                                                          ------------  -----------  -------------
Net increase (decrease) in cash and short-term cash investments.........       546,151      517,088       (422,645)
Cash and short-term cash investments
  Beginning of period...................................................       781,371      264,283        686,928
                                                                          ------------  -----------  -------------
  End of period.........................................................  $  1,327,522  $   781,371  $     264,283
                                                                          ------------  -----------  -------------
                                                                          ------------  -----------  -------------
</TABLE>
 
                            See accompanying notes.
 
                                       3
<PAGE>
                            CAPITAL CITIES/ABC, INC.
                           CONSOLIDATED BALANCE SHEET
                           DECEMBER 31, 1995 AND 1994
 
<TABLE>
<CAPTION>
                                                                                             1995         1994
                                                                                          -----------  -----------
                                                                                           (DOLLARS IN THOUSANDS)
<S>                                                                                       <C>          <C>
                                                      ASSETS
Current assets
  Cash and short-term cash investments..................................................  $ 1,327,522  $   781,371
  Short-term investments................................................................      100,667      238,029
  Accounts and notes receivable (net of allowance for doubtful accounts of
   $34,299 in 1995 and $46,419 in 1994).................................................    1,193,412    1,056,280
  Program licenses and rights...........................................................      545,059      440,443
  Other current assets..................................................................      225,846      200,064
                                                                                          -----------  -----------
    Total current assets................................................................    3,392,506    2,716,187
                                                                                          -----------  -----------
Property, plant and equipment, at cost
  Land..................................................................................      298,692      297,525
  Buildings and improvements............................................................      738,408      718,806
  Broadcasting and publishing equipment.................................................    1,020,579      944,031
  Other, including construction-in-progress.............................................      164,744      162,132
                                                                                          -----------  -----------
                                                                                            2,222,423    2,122,494
  Less accumulated depreciation.........................................................      916,026      831,838
                                                                                          -----------  -----------
    Property, plant and equipment, net..................................................    1,306,397    1,290,656
                                                                                          -----------  -----------
Intangible assets (net of accumulated amortization of $653,166 in 1995 and
 $592,637 in 1994)......................................................................    2,109,920    1,999,305
Program licenses and rights, noncurrent.................................................      154,395      195,563
Investment in unconsolidated equity affiliates..........................................      403,169      334,460
Other assets............................................................................      250,398      232,041
                                                                                          -----------  -----------
                                                                                          $ 7,616,785  $ 6,768,212
                                                                                          -----------  -----------
                                                                                          -----------  -----------
                                       LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities
  Accounts payable......................................................................  $   193,114  $   163,566
  Accrued compensation..................................................................      446,887      131,370
  Accrued interest......................................................................       10,126        9,636
  Accrued expenses and other current liabilities........................................      335,984      263,618
  Program licenses and rights...........................................................      359,834      281,923
  Taxes on income.......................................................................      214,968      189,267
  Long-term debt due within one year....................................................        7,520        4,176
                                                                                          -----------  -----------
    Total current liabilities...........................................................    1,568,433    1,043,556
 
Deferred compensation...................................................................       21,483      188,492
Deferred income taxes...................................................................      180,140      247,532
Program licenses and rights, noncurrent.................................................       41,982       39,259
Other liabilities.......................................................................      222,502      233,987
Long-term debt due after one year.......................................................      513,874      610,666
                                                                                          -----------  -----------
    Total liabilities...................................................................    2,548,414    2,363,492
                                                                                          -----------  -----------
Minority interest.......................................................................      130,084      116,163
                                                                                          -----------  -----------
Stockholders' equity
  Preferred stock, no par value (4,000,000 shares authorized)...........................      --           --
  Common stock, $0.10 par value (300,000,000 shares authorized).........................       18,394       18,394
  Additional paid-in capital............................................................    1,047,810    1,036,068
  Unrealized net gains on investments...................................................       43,633       57,008
  Retained earnings.....................................................................    5,446,475    4,748,624
                                                                                          -----------  -----------
                                                                                            6,556,312    5,860,094
  Less common stock in treasury, at cost (30,026,730 shares in 1995 and
   29,877,163 shares in 1994)...........................................................    1,618,025    1,571,537
                                                                                          -----------  -----------
    Total stockholders' equity..........................................................    4,938,287    4,288,557
                                                                                          -----------  -----------
                                                                                          $ 7,616,785  $ 6,768,212
                                                                                          -----------  -----------
                                                                                          -----------  -----------
</TABLE>
 
                            See accompanying notes.
 
                                       4
<PAGE>
                            CAPITAL CITIES/ABC, INC.
                 CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY
                  YEARS ENDED DECEMBER 31, 1995, 1994 AND 1993
 
<TABLE>
<CAPTION>
                                                                     UNREALIZED
                                                        ADDITIONAL    NET GAINS
                                             COMMON       PAID-IN        ON       RETAINED    TREASURY
                                              STOCK       CAPITAL    INVESTMENTS  EARNINGS     STOCK       TOTAL
                                           -----------  -----------  -----------  ---------  ----------  ---------
                                                                   (DOLLARS IN THOUSANDS)
<S>                                        <C>          <C>          <C>          <C>        <C>         <C>
Balance January 1, 1993..................   $  18,394    $1,031,607   $  --       $3,640,664 $ (884,923) $3,805,742
  Net income for 1993....................      --           --           --         455,257      --        455,257
  725,850 shares issued under Employee
   Stock Purchase Plan...................      --            1,023       --          --          26,437     27,460
  104,550 shares issued on exercise of
   employee stock options................      --           (1,996)      --          --           3,901      1,905
  11,442,170 shares purchased for
   treasury..............................      --           --           --          --        (715,010)  (715,010)
  Cash dividends.........................      --           --           --          (3,238)     --         (3,238)
                                           -----------  -----------  -----------  ---------  ----------  ---------
Balance December 31, 1993................      18,394    1,030,634       --       4,092,683  (1,569,595) 3,572,116
  Net income for 1994....................      --           --           --         679,814      --        679,814
  648,480 shares issued under Employee
   Stock Purchase Plan...................      --            5,993       --          --          24,480     30,473
  31,402 shares issued on exercise of
   employee stock options................      --             (559)      --          --           1,185        626
  447,945 shares purchased for
   treasury..............................      --           --           --          --         (27,607)   (27,607)
  Cash dividends.........................      --           --           --         (23,873)     --        (23,873)
  Adjustment to beginning balance for
   change in accounting method, net of
   income taxes of $32,174...............      --           --           46,491      --          --         46,491
  Change in unrealized net gains, net of
   income taxes of $7,278................      --           --           10,517      --          --         10,517
                                           -----------  -----------  -----------  ---------  ----------  ---------
Balance December 31, 1994................      18,394    1,036,068       57,008   4,748,624  (1,571,537) 4,288,557
  Net income for 1995....................      --           --           --         728,636      --        728,636
  704,489 shares issued under Employee
   Stock Purchase Plan...................      --           12,171       --          --          29,328     41,499
  57,008 shares issued on exercise of
   employee stock options................      --             (429)      --          --           2,401      1,972
  911,064 shares purchased for
   treasury..............................      --           --           --          --         (78,217)   (78,217)
  Cash dividends.........................      --           --           --         (30,785)     --        (30,785)
  Change in unrealized net gains, net of
   income taxes of $9,257................      --           --          (13,375)     --          --        (13,375)
                                           -----------  -----------  -----------  ---------  ----------  ---------
Balance December 31, 1995................   $  18,394    $1,047,810   $  43,633   $5,446,475 $(1,618,025) $4,938,287
                                           -----------  -----------  -----------  ---------  ----------  ---------
</TABLE>
 
                            See accompanying notes.
 
                                       5
<PAGE>
                            CAPITAL CITIES/ABC, INC.
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
 
1.  SUBSEQUENT EVENT
    On  July 31,  1995, Capital  Cities/ABC, Inc.  (the "Company")  announced it
would merge with The Walt Disney Company ("Walt Disney"). Under the terms of the
agreement, the Company's  shareholders have the  right to receive  one share  of
Walt  Disney stock and $65  in cash for each of  their shares. The merger, after
approval of certain regulatory agencies and the shareholders of both  companies,
closed on February 9, 1996. These financial statements are prepared on the basis
of  a  going  concern, and,  as  such, have  not  been adjusted  to  reflect the
allocation of the purchase price to the net assets acquired.
 
    During   1995,   the   Company   incurred   approximately   $91,000,000   of
merger-related costs. These costs consist primarily of additional provisions for
long-term  incentive  compensation expense  as  a result  of  the merger-related
increase in the Company's share price as well as legal costs, printing and other
expenses directly related to  the merger. In 1996,  upon closing of the  merger,
the   Company  incurred   approximately  $140,000,000   of  similar,  additional
merger-related expenses.
 
2.  ACCOUNTING POLICIES
 
    PRINCIPLES OF CONSOLIDATION -- The consolidated financial statements include
the accounts of  all significant  subsidiaries. Investments  in other  companies
which  are at least 20%  owned are reported on  the equity method. The Company's
share of  income or  loss is  included  in "Miscellaneous,  net" on  the  income
statement.  All  significant intercompany  accounts  and transactions  have been
eliminated.
 
    PROPERTY, PLANT AND EQUIPMENT - DEPRECIATION -- Depreciation is computed  on
the  straight-line method for  financial accounting purposes  and on accelerated
methods for tax purposes. Estimated useful lives for major asset categories  are
10-55  years  for  buildings  and  improvements,  4-20  years  for  broadcasting
equipment and  5-20  years for  publishing  machinery and  equipment.  Leasehold
improvements are amortized over the terms of the leases.
 
    INTANGIBLE  ASSETS -- Intangible assets consist of amounts by which the cost
of acquisitions  exceeded  the  values  assigned to  net  tangible  assets.  The
broadcasting and publishing intangible assets, all of which may be characterized
as  scarce  assets  with  very  long  and  productive  lives,  have historically
increased in  value with  the passage  of time.  In accordance  with  Accounting
Principles  Board Opinion No.  17, substantially all  of these intangible assets
are being amortized over periods of up  to 40 years, even though in the  opinion
of management there has been no diminution of value of the underlying assets.
 
    PROGRAM  LICENSES  AND RIGHTS  -- Program  licenses  and rights  and related
liabilities are  recorded when  the license  period begins  and the  program  is
available  for use. Television network and  station rights for theatrical movies
and other long-form programming are charged to expense primarily on  accelerated
bases  related to the usage of the  program. Television network series costs and
multi-year sports rights are charged to expense based on the flow of anticipated
revenue.
 
    INVESTMENTS --  As of  January 1,  1994, the  Company adopted  Statement  of
Financial  Accounting Standard No.  115, "ACCOUNTING FOR  CERTAIN INVESTMENTS IN
DEBT AND EQUITY SECURITIES." The cumulative effect of adopting Standard No.  115
increased  the opening  balance of stockholders'  equity by  $46,491,000 (net of
$32,174,000 of  deferred income  taxes) to  reflect the  net unrealized  holding
gains  on  securities  classified as  available-for-sale  previously  carried at
amortized cost or the lower of cost or market.
 
    At December 31, 1995, cash and short-term cash investments consist primarily
of highly liquid U.S. Government obligations with maturities of three months  or
less  at the time  of purchase. They include  $1,303,559,000 of securities which
are classified  as held-to-maturity  and are  carried at  amortized cost,  which
approximates market.
 
    Short-term  investments,  which  consist of  highly  liquid  U.S. Government
instruments  with  original  maturities  in  excess  of  three  months,  include
$100,667,000  of securities which  are classified as  held-to-maturity. They are
carried at amortized cost, which approximates market.
 
                                       6
<PAGE>
                            CAPITAL CITIES/ABC, INC.
             NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
 
2.  ACCOUNTING POLICIES (CONTINUED)
    Also, classified  as  available-for-sale are  marketable  equity  securities
which  are  included in  "Other  assets" on  the balance  sheet  with a  cost of
$35,739,000 and a market value of $109,567,000.
 
    RISKS AND  UNCERTAINTIES  --  The preparation  of  financial  statements  in
conformity  with generally accepted accounting principles requires management to
make estimates and assumptions  that affect the reported  amounts of assets  and
liabilities  and disclosure of contingent assets  and liabilities at the date of
the financial  statements and  the  reported amounts  of revenues  and  expenses
during the reported period. Actual results could differ from those estimates.
 
    OTHER  -- In June  1994, the Company  effected a ten-for-one  stock split on
common  shares  then  outstanding.  All  share,  per  share  and  average  share
information  in the Consolidated Financial Statements and the Notes thereto have
been restated to reflect the stock split.
 
3.  LONG-TERM DEBT
    Long-term debt at December 31, 1995 and 1994 is as follows (000's omitted):
 
<TABLE>
<CAPTION>
                                                                           1995        1994
                                                                        ----------  ----------
<S>                                                                     <C>         <C>
8 3/4% debentures due 2021............................................  $  250,000  $  250,000
8 7/8% notes due 2000.................................................     250,000     250,000
Commercial paper supported by bank revolving credit agreement.........      --         100,000
Other long-term debt..................................................      21,394      14,842
                                                                        ----------  ----------
                                                                        $  521,394  $  614,842
                                                                        ----------  ----------
                                                                        ----------  ----------
</TABLE>
 
    The aggregate payments of long-term  debt outstanding at December 31,  1995,
for  the next five years are summarized  as follows: 1996 -- $7,520,000; 1997 --
$7,549,000; 1998 -- $6,159,000; 1999 -- $166,000; 2000 -- $250,000,000.
 
    Interest paid  on long-term  debt during  1995, 1994  and 1993  amounted  to
$61,318,000, $59,292,000 and $83,002,000, respectively.
 
    Commercial paper had been outstanding throughout most of 1995 but was repaid
by  the end  of the year  in contemplation of  the merger with  Walt Disney. The
commercial paper had been supported by  a bank revolving credit agreement  which
was terminated in February 1996.
 
    The  8 7/8%  notes and  the 8  3/4% debentures  are not  redeemable prior to
maturity and are not subject to any sinking fund.
 
    During 1993, the Company redeemed  $500,000,000 of notes and debentures.  An
extraordinary  charge of  $12,122,000 (net  of income  taxes of  $7,706,000), or
$0.07 per share, was recorded related to these redemptions.
 
    The fair  value of  the Company's  long-term debt,  estimated based  on  the
quoted  market prices for similar issues or  on the current rates offered to the
Company for debt of similar remaining maturities, was approximately $615,000,000
and $628,000,000 at December 31, 1995 and 1994, respectively.
 
4.  EMPLOYEE BENEFIT PLANS
    The Company has defined benefit pension plans covering substantially all  of
its  employees  not covered  by union  plans.  The Company's  policy is  to fund
amounts as are necessary on an  actuarial basis to provide for pension  benefits
in  accordance with the  requirements of ERISA. Benefits  are generally based on
years of service and  compensation. The weighted average  discount rate used  in
determining the actuarial present
 
                                       7
<PAGE>
                            CAPITAL CITIES/ABC, INC.
             NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
 
4.  EMPLOYEE BENEFIT PLANS (CONTINUED)
value  of the projected benefit obligation was  8% at December 31, 1995 and 8.5%
at December 31, 1994. The rate of increase in future compensation levels and the
expected long-term rate  of return on  assets were 5%  and 8%, respectively,  in
1995 and 1994.
 
    The  components of net pension  cost for 1995, 1994  and 1993 are as follows
(000's omitted):
 
<TABLE>
<CAPTION>
                                                              1995         1994        1993
                                                           -----------  ----------  ----------
<S>                                                        <C>          <C>         <C>
Service cost of current period...........................  $    21,255  $   18,624  $   15,494
Interest cost on projected benefit obligation............       50,899      48,049      42,499
Actual return on plan assets.............................     (124,028)    (18,294)    (39,731)
Net amortization and deferral............................       85,485     (18,799)      2,561
                                                           -----------  ----------  ----------
Net pension cost.........................................  $    33,611  $   29,580  $   20,823
                                                           -----------  ----------  ----------
                                                           -----------  ----------  ----------
</TABLE>
 
    The following table sets forth the pension plans' funded status and  amounts
recognized in the balance sheet at December 31, 1995 and 1994 (000's omitted):
 
<TABLE>
<CAPTION>
                                                                                             1995         1994
                                                                                          -----------  -----------
<S>                                                                                       <C>          <C>
Actuarial present value of accumulated plan benefits (including vested benefits of
 $554,319 in 1995 and $477,029 in 1994).................................................  $   572,170  $   491,692
                                                                                          -----------  -----------
                                                                                          -----------  -----------
Plan assets at fair value, primarily publicly traded securities and short-term cash
 investments............................................................................  $   620,584  $   523,774
Projected benefit obligation for service rendered to date...............................     (682,128)    (599,884)
                                                                                          -----------  -----------
Plan assets less than projected benefit obligation......................................      (61,544)     (76,110)
Prior service cost not yet recognized in net periodic pension cost......................       21,542       25,867
Unrecognized net (gain) loss from past experience different from that assumed...........      (28,379)      14,101
Unrecognized net transition amount being recognized principally over 15 years...........      (10,365)     (12,470)
                                                                                          -----------  -----------
Accrued pension cost included in balance sheet..........................................  $   (78,746) $   (48,612)
                                                                                          -----------  -----------
                                                                                          -----------  -----------
</TABLE>
 
    For  certain employees not covered by pension plans, the Company contributes
to profit sharing plans. The profit  sharing plans provide for contributions  by
the  Company in such  amount as the  Board of Directors  may annually determine.
Contributions  to  the  profit  sharing  plans  of  $6,237,000,  $6,228,000  and
$6,045,000 were charged to expense in 1995, 1994 and 1993, respectively.
 
    The  Company  also has  a Savings  & Investment  Plan which  allows eligible
employees to allocate up  to 10% of salary,  through payroll deduction, among  a
Company  stock fund, several diversified  equity funds, a bond  fund and a money
market fund. The Company matches 50% of the employee's contribution, up to 5% of
salary. In 1995, 1994 and 1993, the  cost of this plan (net of forfeitures)  was
$13,354,000,  $12,055,000  and $11,204,000,  respectively.  Upon closing  of the
merger, the Company stock fund was replaced by a Walt Disney stock fund.
 
    In addition to  the Company's  defined benefit pension  plans and  qualified
profit  sharing plans, the  Company provides certain  postretirement medical and
life insurance benefits to eligible retirees and dependents. Covered individuals
include retired  and active  employees  who have  met  certain age  and  service
requirements  at various dates  during 1989. No  other employees become eligible
for postretirement  benefits after  these  dates. The  benefits are  subject  to
deductibles,  co-payment provisions and other  limitations. The Company reserves
the right to amend, modify or discontinue these plans in the future.
 
    The accumulated postretirement  benefit obligation was  determined using  an
assumed  discount rate of 8% at December 31, 1995 and 8.5% at December 31, 1994.
The assumed  health care  cost  trend rate  used  in measuring  the  accumulated
postretirement  benefit obligation was  10.6%; the rate  was assumed to decrease
 
                                       8
<PAGE>
                            CAPITAL CITIES/ABC, INC.
             NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
 
4.  EMPLOYEE BENEFIT PLANS (CONTINUED)
gradually to 5.5%  by the  year 2004  and remain  at that  level thereafter.  An
increase  in the assumed health care cost  trend rate by one percentage point in
each year would increase the accumulated postretirement benefit obligation as of
December 31, 1995 by approximately $12,850,000 and the aggregate of the  service
and  interest cost  components of net  postretirement benefit cost  for the year
then ended by approximately $996,000.
 
    The following  table  sets  forth  the  plans'  amounts  recognized  in  the
consolidated  balance  sheet at  December 31,  1995 and  1994 for  the Company's
defined postretirement benefit plans (other than pensions) (000's omitted):
 
<TABLE>
<CAPTION>
                                                                           1995        1994
                                                                        ----------  ----------
<S>                                                                     <C>         <C>
Accumulated postretirement benefit obligation:
  Retirees............................................................  $   72,585  $   63,978
  Fully eligible active participants..................................      24,589      23,022
  Other active participants...........................................      21,566      22,352
                                                                        ----------  ----------
Total accumulated postretirement benefit obligation...................     118,740     109,352
Unrecognized net loss.................................................     (14,992)     (8,812)
                                                                        ----------  ----------
Accrued postretirement benefit cost...................................  $  103,748  $  100,540
                                                                        ----------  ----------
                                                                        ----------  ----------
</TABLE>
 
    Net postretirement benefit  cost (other  than pensions) for  1995, 1994  and
1993 consisted of the following components (000's omitted):
 
<TABLE>
<CAPTION>
                                                                     1995       1994       1993
                                                                   ---------  ---------  ---------
<S>                                                                <C>        <C>        <C>
Service cost-current period......................................  $     709  $   1,171  $   1,232
Interest cost on accumulated postretirement benefit obligation...      9,068      8,181      8,141
Net amortization and deferral....................................       (177)        68     --
                                                                   ---------  ---------  ---------
Net postretirement benefit cost..................................  $   9,600  $   9,420  $   9,373
                                                                   ---------  ---------  ---------
                                                                   ---------  ---------  ---------
</TABLE>
 
5.  COMMITMENTS
    At  December 31, 1995, the Company is committed to the purchase of broadcast
rights for  various  feature films,  sports  and other  programming  aggregating
approximately   $4,096,000,000.   The  aggregate   payments  related   to  these
commitments during the next five years are summarized as follows:
 
1996 -- $1,569,250,000; 1997 -- $968,589,000; 1998 -- $649,494,000; 1999 --
$419,579,000; 2000 -- $344,530,000.
 
                                       9
<PAGE>
                            CAPITAL CITIES/ABC, INC.
             NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
 
5.  COMMITMENTS (CONTINUED)
    Rental expense under operating leases amounted to $107,204,000,  $97,965,000
and  $86,312,000 for  1995, 1994 and  1993, respectively.  Future minimum annual
rental payments under non-cancelable leases are as follows (000's omitted):
 
<TABLE>
<CAPTION>
                                                                         CAPITAL    OPERATING
                                                                          LEASES      LEASES
                                                                        ----------  ----------
<S>                                                                     <C>         <C>
1996..................................................................  $    6,862  $   69,673
1997..................................................................       5,882      63,444
1998..................................................................       5,356      58,663
1999..................................................................       5,248      53,729
2000..................................................................       5,320      48,054
2001 and thereafter...................................................     106,468     116,337
                                                                        ----------  ----------
Minimum lease payments................................................     135,136  $  409,900
                                                                                    ----------
                                                                                    ----------
Imputed interest......................................................     (95,655)
                                                                        ----------
Present value of minimum lease payments...............................  $   39,481
                                                                        ----------
                                                                        ----------
</TABLE>
 
    Total minimum payments for operating leases have not been reduced for future
minimum sublease rentals aggregating $7,982,000.
 
6.  SEGMENT DATA
    The  Company's  business  operations  are  classified  into  two   segments:
Broadcasting  and Publishing. Broadcasting operations include the ABC Television
Network and ten  television stations,  the ABC Radio  Networks, radio  stations,
cable  television programming and multimedia business activities. The Publishing
segment includes  newspapers,  shopping  guides,  various  specialized  business
periodicals and books, research
 
                                       10
<PAGE>
                            CAPITAL CITIES/ABC, INC.
             NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
 
6.  SEGMENT DATA (CONTINUED)
services  and  database  publishing.  There are  no  material  product transfers
between segments of the Company, and virtually all of the Company's business  is
conducted  within  the United  States.  The segment  data  is as  follows (000's
omitted):
 
<TABLE>
<CAPTION>
                                                 1995          1994          1993          1992          1991
                                             ------------  ------------  ------------  ------------  ------------
<S>                                          <C>           <C>           <C>           <C>           <C>
BROADCASTING
Net revenues...............................  $  5,727,524  $  5,277,126  $  4,663,215  $  4,265,561  $  4,329,743
                                             ------------  ------------  ------------  ------------  ------------
  Direct operating costs...................     4,418,688     4,015,864     3,762,988     3,523,143     3,537,676
  Depreciation.............................        93,857        86,727        75,424        76,406        75,883
  Amortization of intangible assets........        50,163        47,337        46,726        46,695        46,476
                                             ------------  ------------  ------------  ------------  ------------
Total operating costs......................     4,562,708     4,149,928     3,885,138     3,646,244     3,660,035
                                             ------------  ------------  ------------  ------------  ------------
Income from operations.....................  $  1,164,816  $  1,127,198  $    778,077  $    619,317  $    669,708
                                             ------------  ------------  ------------  ------------  ------------
                                             ------------  ------------  ------------  ------------  ------------
Assets at year-end.........................  $  5,116,769  $  4,650,611  $  4,389,700  $  4,357,152  $  4,249,089
Capital expenditures.......................       105,005       102,850        78,526        94,255       106,254
PUBLISHING
Net revenues...............................  $  1,151,034  $  1,102,111  $  1,010,438  $  1,078,566  $  1,052,246
                                             ------------  ------------  ------------  ------------  ------------
  Direct operating costs...................       977,114       911,384       851,787       908,791       895,402
  Depreciation.............................        19,309        19,639        18,385        18,072        18,084
  Amortization of intangible assets........        15,570        16,070        14,619        15,314        15,855
                                             ------------  ------------  ------------  ------------  ------------
Total operating costs......................     1,011,993       947,093       884,791       942,177       929,341
                                             ------------  ------------  ------------  ------------  ------------
Income from operations.....................  $    139,041  $    155,018  $    125,647  $    136,389  $    122,905
                                             ------------  ------------  ------------  ------------  ------------
                                             ------------  ------------  ------------  ------------  ------------
Assets at year-end.........................  $    795,740  $    814,907  $    824,369  $    777,512  $    886,482
Capital expenditures.......................        25,270        18,183        18,657        20,276        13,878
CONSOLIDATED
Net revenues...............................  $  6,878,558  $  6,379,237  $  5,673,653  $  5,344,127  $  5,381,989
                                             ------------  ------------  ------------  ------------  ------------
                                             ------------  ------------  ------------  ------------  ------------
Income from operations.....................     1,303,857  $  1,282,216  $    903,724  $    755,706  $    792,613
  General corporate expense................       (72,701)      (43,405)      (41,575)      (33,901)      (31,380)
                                             ------------  ------------  ------------  ------------  ------------
Operating income...........................     1,231,156     1,238,811       862,149       721,805       761,233
  Interest expense.........................       (57,152)      (55,070)      (59,772)     (104,009)     (179,347)
  Interest and miscellaneous, net..........       139,332        21,573        26,002        68,132        80,310
                                             ------------  ------------  ------------  ------------  ------------
Income before income taxes.................  $  1,313,336  $  1,205,314  $    828,379  $    685,928  $    662,196
                                             ------------  ------------  ------------  ------------  ------------
                                             ------------  ------------  ------------  ------------  ------------
Assets employed by segments................  $  5,912,509  $  5,465,518  $  5,214,069  $  5,134,664  $  5,135,571
Cash investments and other corporate
 assets....................................     1,704,276     1,302,694       578,549     1,387,495     1,560,141
                                             ------------  ------------  ------------  ------------  ------------
Total assets at year-end...................  $  7,616,785  $  6,768,212  $  5,792,618  $  6,522,159  $  6,695,712
                                             ------------  ------------  ------------  ------------  ------------
                                             ------------  ------------  ------------  ------------  ------------
</TABLE>
 
7.  INCOME TAXES
    The Company  accounts  for  income  taxes  under  the  liability  method  of
accounting pursuant to Financial Accounting Standard No. 109.
 
                                       11
<PAGE>
                            CAPITAL CITIES/ABC, INC.
             NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
 
7.  INCOME TAXES (CONTINUED)
    The provision for taxes on income (before the extraordinary charge for 1993)
differs from the amount of tax determined by applying the federal statutory rate
for the following reasons (000's omitted):
 
<TABLE>
<CAPTION>
                                                              1995                     1994                    1993
                                                     -----------------------  -----------------------  ---------------------
                                                        AMOUNT         %         AMOUNT         %        AMOUNT        %
                                                     ------------  ---------  ------------  ---------  ----------  ---------
<S>                                                  <C>           <C>        <C>           <C>        <C>         <C>
Income before income taxes.........................  $  1,313,336             $  1,205,314             $  828,379
                                                     ------------             ------------             ----------
                                                     ------------             ------------             ----------
Income tax expense at statutory federal rate.......  $    459,668       35.0  $    421,860       35.0  $  289,933       35.0
State and local income taxes, net of federal
 benefit...........................................        75,063        5.7        66,137        5.5      40,321        4.9
Amortization of intangibles........................        18,439        1.4        18,272        1.5      17,950        2.2
Other, net.........................................        31,530        2.4        19,231        1.6      12,796        1.5
                                                     ------------        ---  ------------        ---  ----------        ---
Total..............................................  $    584,700       44.5  $    525,500       43.6  $  361,000       43.6
                                                     ------------        ---  ------------        ---  ----------        ---
                                                     ------------        ---  ------------        ---  ----------        ---
</TABLE>
 
    Income tax expense is comprised of the following (000's omitted):
 
<TABLE>
<CAPTION>
                                                              1995        1994        1993
                                                           ----------  ----------  ----------
<S>                                                        <C>         <C>         <C>
Federal
  Current................................................  $  526,400  $  468,600  $  312,800
  Deferred...............................................     (56,100)    (42,900)    (12,700)
                                                           ----------  ----------  ----------
                                                              470,300     425,700     300,100
                                                           ----------  ----------  ----------
State and local
  Current................................................     130,200     111,900      65,500
  Deferred...............................................     (15,800)    (12,100)     (4,600)
                                                           ----------  ----------  ----------
                                                              114,400      99,800      60,900
                                                           ----------  ----------  ----------
Total....................................................  $  584,700  $  525,500  $  361,000
                                                           ----------  ----------  ----------
                                                           ----------  ----------  ----------
</TABLE>
 
    Income  taxes  paid, net  of refunds  received, during  1995, 1994  and 1993
amounted to $633,335,000, $535,198,000 and $341,587,000, respectively.
 
    Deferred income  taxes represent  the tax  effect of  temporary  differences
between  the carrying amounts of assets  and liabilities for financial reporting
purposes and the amounts used for income tax purposes.
 
                                       12
<PAGE>
                            CAPITAL CITIES/ABC, INC.
             NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
 
7.  INCOME TAXES (CONTINUED)
    Significant components  of the  Company's deferred  tax asset  (recorded  in
other current assets on the balance sheet) and liability as of December 31, 1995
and 1994, are as follows (000's omitted):
 
<TABLE>
<CAPTION>
                                                                                             1995         1994
                                                                                          -----------  -----------
<S>                                                                                       <C>          <C>
Current
  Programming...........................................................................  $    49,382  $    42,708
  Other, net............................................................................       90,701       83,256
                                                                                          -----------  -----------
Net current deferred tax asset..........................................................  $   140,083  $   125,964
                                                                                          -----------  -----------
                                                                                          -----------  -----------
Noncurrent
  Deferred compensation.................................................................  $   115,254  $    67,059
  Postretirement benefits other than pensions...........................................       43,060       41,783
  Basis differences on prior business combinations......................................     (248,783)    (253,251)
  Basis differences for certain investments in debt and equity securities...............      (30,195)     (39,452)
  Accelerated depreciation..............................................................     (141,463)    (129,047)
  Other, net............................................................................       81,987       65,376
                                                                                          -----------  -----------
Net noncurrent deferred tax liability...................................................  $  (180,140) $  (247,532)
                                                                                          -----------  -----------
                                                                                          -----------  -----------
</TABLE>
 
8.  COMMON STOCK PLANS
    The  Company has stock  option plans under which  certain key personnel have
been granted the  right to purchase  shares of common  stock over a  6-, 10-  or
11-year  period from the  date of grant at  prices equal to  market value on the
grant date. All  options vested  100% upon  the approval  of the  merger by  the
shareholders  of the Company. Each participant could elect to receive cash or to
have his option assumed  by Walt Disney and  converted into options to  purchase
Walt  Disney common stock.  The following information  pertains to the Company's
stock option plans:
 
<TABLE>
<CAPTION>
                                                             1995                1994                1993
                                                      ------------------  ------------------  ------------------
<S>                                                   <C>                 <C>                 <C>
Outstanding options, beginning of year..............             676,258             442,660             357,460
Granted.............................................              75,000             265,000             191,000
Canceled or expired.................................             (16,500)         --                      (1,250)
Exercised...........................................             (57,008)            (31,402)           (104,550)
                                                      ------------------  ------------------  ------------------
Outstanding options, end of year....................             677,750             676,258             442,660
                                                      ------------------  ------------------  ------------------
                                                      ------------------  ------------------  ------------------
Average price of options exercised during the
 year...............................................              $34.42              $18.07              $15.92
Exercise price of outstanding options, end of
 year...............................................  $  38.19 to $97.13  $  18.64 to $83.00  $  13.11 to $63.48
Options exercisable, end of year....................             294,500             218,008             176,660
Options available for future grant..................          --                   4,444,000           4,709,000
</TABLE>
 
    The Company  had an  Employee  Stock Purchase  Plan which  allowed  eligible
employees, through contributions of up to 15% of their compensation, to purchase
shares  at 85% of  the lower of  fair market value  at the Grant  Date or at the
Purchase Date  (normally  one  year subsequent).  Employees  purchased  704,489,
648,480  and 725,850 shares under the Plan in 1995, 1994 and 1993, respectively.
The Plan terminated on the closing of the merger. An additional 676,315  Company
shares were issued to employees at that date.
 
                                       13
<PAGE>
                            CAPITAL CITIES/ABC, INC.
             NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
 
9.  QUARTERLY FINANCIAL DATA (UNAUDITED)
 
    The  following  summarizes  the  Company's results  of  operations  for each
quarter of 1995  and 1994  (000's omitted, except  per share  amounts). The  net
income  per  share  computation  for  each quarter  and  the  year  are separate
calculations.
 
<TABLE>
<CAPTION>
                                                FIRST         SECOND        THIRD         FOURTH
                                               QUARTER       QUARTER       QUARTER       QUARTER         YEAR
                                             ------------  ------------  ------------  ------------  ------------
<S>                                          <C>           <C>           <C>           <C>           <C>
1995
Net revenues...............................  $  1,606,815  $  1,648,689  $  1,566,528  $  2,056,526  $  6,878,558
  Costs and expenses.......................     1,321,921     1,296,516     1,338,642     1,690,323     5,647,402
                                             ------------  ------------  ------------  ------------  ------------
Operating income...........................       284,894       352,173       227,886       366,203     1,231,156
  Interest expense.........................       (14,493)      (14,555)      (14,983)      (13,121)      (57,152)
  Interest and miscellaneous, net..........         8,758        32,966        15,134        82,474       139,332
                                             ------------  ------------  ------------  ------------  ------------
Income before income taxes.................       279,159       370,584       228,037       435,556     1,313,336
  Income taxes.............................       121,400       161,700       101,000       200,600       584,700
                                             ------------  ------------  ------------  ------------  ------------
Net income.................................  $    157,759  $    208,884  $    127,037  $    234,956  $    728,636
                                             ------------  ------------  ------------  ------------  ------------
Net income per share.......................  $       1.02  $       1.36  $       0.83  $       1.53  $       4.73
                                             ------------  ------------  ------------  ------------  ------------
                                             ------------  ------------  ------------  ------------  ------------
 
1994
Net revenues...............................  $  1,404,949  $  1,538,092  $  1,461,932  $  1,974,264  $  6,379,237
  Costs and expenses.......................     1,191,187     1,195,766     1,218,829     1,534,644     5,140,426
                                             ------------  ------------  ------------  ------------  ------------
Operating income...........................       213,762       342,326       243,103       439,620     1,238,811
  Interest expense.........................       (13,031)      (13,406)      (14,129)      (14,504)      (55,070)
  Interest and miscellaneous, net..........         4,750         6,368         7,001         3,454        21,573
                                             ------------  ------------  ------------  ------------  ------------
Income before income taxes.................       205,481       335,288       235,975       428,570     1,205,314
  Income taxes.............................        89,400       145,800       102,300       188,000       525,500
                                             ------------  ------------  ------------  ------------  ------------
Net income.................................  $    116,081  $    189,488  $    133,675  $    240,570  $    679,814
                                             ------------  ------------  ------------  ------------  ------------
Net income per share.......................         $0.76         $1.23         $0.87         $1.56         $4.42
                                             ------------  ------------  ------------  ------------  ------------
                                             ------------  ------------  ------------  ------------  ------------
</TABLE>
 
10. COMMON STOCK AND STOCKHOLDER INFORMATION (UNAUDITED)
    As of December 31, 1995, the  approximate number of holders of common  stock
was  11,300. Dividends of $.05 per share have been paid for each quarter of 1995
and the last three quarters of 1994 and $.005 for the first quarter of 1994. The
common stock was traded on the New  York and Pacific Stock Exchanges. The  high,
low  and closing prices of  the Company's common stock  for each quarter of 1995
and 1994 are as follows:
 
<TABLE>
<CAPTION>
                                                         1995                             1994
                                            -------------------------------  -------------------------------
                                              HIGH        LOW       CLOSE      HIGH        LOW       CLOSE
                                            ---------  ---------  ---------  ---------  ---------  ---------
<S>                                         <C>        <C>        <C>        <C>        <C>        <C>
1st quarter...............................     91 3/4     82 3/4     88 1/2  $  71 7/8  $  60 1/4  $  68 3/8
2nd quarter...............................    109 1/2     80 3/4        108     75 1/2     66 1/4     71 1/2
3rd quarter...............................        121     95 1/2    117 5/8     85 3/8     71 1/8         82
4th quarter...............................    126 7/8    115 1/4    123 3/8     86 1/2     76 1/8     85 1/4
</TABLE>
 
ITEM 7.  FINANCIAL STATEMENTS AND EXHIBITS
 
        (c) Exhibit 23 Consent of Independent Auditors (Ernst & Young LLP).
 
                                       14
<PAGE>
                                   SIGNATURES
 
    Pursuant  to the  requirements of the  Securities Exchange Act  of 1934, the
Registrant has  duly caused  this  report to  be signed  on  its behalf  by  the
undersigned hereunto duly authorized.
 
                                          THE WALT DISNEY COMPANY
 
Date: April 26, 1996                      By:       /s/  DAVID K. THOMPSON
 
                                          --------------------------------------
                                                      David K. Thompson
                                            Senior Vice President -- Assistant
                                                       General Counsel
 
                                       15

<PAGE>
                                                                      EXHIBIT 23
 
                        CONSENT OF INDEPENDENT AUDITORS
 
    We  consent to the inclusion in Form 8-K (Current Report) of The Walt Disney
Company filed on April  26, 1996 and  to the incorporation  by reference in  the
Registration  Statement (Form S-3 No. 62777)  and related Prospectus of The Walt
Disney Company  and DC  Holdco, Inc.  of our  report dated  March 8,  1996  with
respect to the consolidated financial statements of Capital Cities/ABC, Inc. for
the  years ended December 31, 1995  and 1994 and for each  of the three years in
the period  ended December  31, 1995,  filed with  the Securities  and  Exchange
Commission.
 
                                          ERNST & YOUNG LLP
 
New York, New York
April 26, 1996

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Immunization rates & vaccine hesitancy | Aug 17, 2022
Morabito v. British Columbia Securities Commission | Aug 12, 2022
Killeleagh v Mountain View County (Development Authority) | Aug 24, 2022
Quality Control Council v Stanley Inspection Canada Ltd. | Sep 9, 2022
British Columbia Investment Management Corporation | Aug 17, 2022
Abbeylawn Manor Living Inc. v Sevice Employees International Union, Local 1 Canada | Jul 5, 2022
Windrift Adventures Inc. et al. v. Chief Animal Welfare Inspector | Aug 18, 2022
Irani and Khan v. Registrar, Motor Vehicle Dealers Act | Jul 14, 2022
CP REIT Ontario Properties Limited v City of Toronto | Aug 12, 2022
Potash Corporation of Saskatchewan Inc. v. The Queen | Jul 7, 2022
Wong v. Pretium Resources Inc. | Jul 22, 2022
Labourers' International Union of North America, Local 183, Union v Mulmer Services Ltd. | Aug 5, 2022
City of Mississauga v. Hung | Sep 22, 2022
Secretary of the Ministry of Health v The New South Wales Nurses and Midwives' Association (28 September 2022)
Orewa Community Church v Minister for Covid-19 Response (16 August 2022)
Yeshiva College Bondi Limited v NSW Education Standards Authority (15 August 2022)
Moreland Planning Scheme Amendment C208more | Heritage Nominations Study | Panel Report | 15 July 2022
New Zealand Tegel Growers Association Incorporated | 2 August 2022
Farrow-Smith and Comcare (Compensation) | 26 September 2022
Evolution Fleet Services Pty Ltd v Allroads Plant Pty Ltd | 14 September 2022
656621 B.C. Ltd. v David Moerman Painting Ltd. | Sep 27, 2022
Fraser Valley Packers Inc. v Raiwal Holdings Ltd | Sep 26, 2022
Parmar v Tribe Management Inc. | Sep 26, 2022
DES Studio inc. c. Shuchat | Sep 26, 2022
Van-Kam Freightways Ltd. v Teamsters Local Union No. 31 | Sep 28, 2022
Rogers Communication Inc. v British Columbia | Sep 28, 2022
Alderbridge Way GP Ltd. | Sep 28, 2022

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