DISNEY SALARIED SAVINGS AND
INVESTMENT PLAN
REPORT AND FINANCIAL STATEMENTS
DECEMBER 31, 1995 AND 1994
DISNEY SALARIED SAVINGS AND INVESTMENT PLAN
<PAGE>
INDEX TO FINANCIAL STATEMENTS
DECEMBER 31, 1995
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 Schedules
Schedule I - Item 27a: Schedule of Assets Held for
Investment Purpose F-18
Schedule V - Item 27d: Schedule of Reportable Transactions F-19
Other schedules required by Section 2520.103-10 of the Department
of Labor Rules and Regulations for Reporting and Disclosure under ERISA
have been omitted because they were not applicable.
F-1
<PAGE>
REPORT OF INDEPENDENT ACCOUNTANTS
June 21, 1996
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 benefits present fairly, in all material
respects, the financial status of the Disney Salaried Savings and
Investment Plan (the "Plan") at December 31, 1995 and 1994 and
the changes in its financial status for each of the three years
in the period ended December 31, 1995, 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
statements 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 performed for the purpose of forming an opinion on
the basic financial statements taken as a whole. The additional
information included in Notes 4, 5, and 6 and Schedules I and V
is presented for 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.
F-2
<PAGE>
DISNEY SALARIED SAVINGS AND INVESTMENT PLAN
STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS
(In thousands)
<TABLE>
December 31,
1995 1994
<S> <C> <C>
Assets
Investments:
At fair value (Note 2)
Shares of registered investment
companies:
Fidelity Inst. Short-Int. Govt $ 27,418 $ 21,684
Portfolio Fund
Fidelity U.S. Equity Index 25,714 16,916
Commingled Pool Fund
Fidelity U.S. Bond Index 4,068 2,309
Portfolio Fund
Fidelity Balanced Fund 9,186 6,837
Fidelity Magellan Fund 54,582 37,026
The Walt Disney Company Common 204,999 153,872
Stock Fund
Participant notes receivable 8,575 7,066
334,542 245,710
At contract value (Note 1)
Allstate Insurance Company
Investment
Contract #4975, matured 10/2/95 0 3,245
Total investments 334,542 248,955
Receivables:
Employer's contribution 736 829
Participants' contributions 2,905 3,045
Total receivables 3,641 3,874
Total assets 338,183 252,829
Net assets available for benefits $ 338,183 $ 252,829
</TABLE>
The accompanying notes are an integral part of these financial
statements.
F-3
<PAGE>
DISNEY SALARIED SAVINGS AND INVESTMENT PLAN
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
(In thousands)
<TABLE>
For the Year Ended
December 31,
1995 1994 1993
<S> <C> <C> <C>
Additions to net assets attributed to:
Investment income
Interest $ 749 $ 908 $ 1,209
Dividends 6,610 3,739 4,264
Realized gain (loss) on sale of 6,577 (548) (212)
assets
13,936 4,099 5,261
Unrealized appreciation in 56,607 7,879 2,708
investments
Contributions
Participants 36,294 33,650 30,171
Employer 9,802 9,036 8,402
46,096 42,686 38,573
Total additions 116,639 54,664 46,542
Deductions from net assets
attributed to:
Benefits paid to participants 31,285 18,501 11,125
Administrative expense 0 4 16
Total deductions 31,285 18,505 11,141
Increase in net assets 85,354 36,159 35,401
Net assets available for benefits
Beginning of year 252,829 216,670 181,269
End of year $ 338,183 $ 252,829 $ 216,670
</TABLE>
The accompanying notes are an integral part of these financial statements.
F-4
<PAGE>
DISNEY SALARIED SAVINGS AND INVESTMENT PLAN
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 1995
(Tabular dollars in thousands except per share/unit amounts)
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"). For further information regarding
the Plan, refer to the Summary Plan Description.
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
(collectively the six funds are referred to as the "Investment
Funds"). Fidelity directs the investment of the Investment
Funds. Effective October 2, 1995, the final Guaranteed Interest
Contract with Allstate Life Insurance Company matured. The
Guaranteed Interest Contract Fund, which was closed to
contributions and transfers from other funds since July 1, 1992,
was 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
<PAGE>
DISNEY SALARIED SAVINGS AND INVESTMENT PLAN
NOTES TO FINANCIAL STATEMENTS
(continued)
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 after the employee had
met the one-year eligibility requirement. On January 12, 1995,
the Plan was further 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 income deferrals in whole
percentages, up to 10 percent of their base compensation on a pre-
tax basis, through weekly payroll deductions. 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.
F6
<PAGE>
DISNEY SALARIED SAVINGS AND INVESTMENT PLAN
NOTES TO FINANCIAL STATEMENTS
(continued)
1. Description of the Plan (continued)
Investments
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 all or part of their account
balances 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 and account balances among any of the Investment
Funds. All funds are immediately and fully invested in the
Investment Funds upon receipt by Fidelity.
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. The participant has 60 days
following the participant's severance date to elect whether or
not to rollover the funds into an IRA or another qualified plan.
If no election is made, the funds will be dispersed to the
participant less 20 percent for federal withholding tax.
Participants with account balances of $3,500 or more may elect a
distribution at anytime before age 65. All amounts must be
distributed when the participant reaches age 65.
Under Section 401(k) of the Code, in service withdrawals of tax-
deferred contributions by participants are available only in
amounts necessary to satisfy a financial hardship and will be
made 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
<PAGE>
DISNEY SALARIED SAVINGS AND INVESTMENT PLAN
NOTES TO FINANCIAL STATEMENTS
(continued)
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 account at the time of liquidation.
2. Summary of Significant Accounting Policies
Basis of Accounting
The financial 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 contract value which
approximates market.
Realized Gains and Losses on Security Transactions
Realized gains and losses on security transactions are computed
based upon the sales proceeds less the fair value of the
investments at the beginning of the year or the acquisition cost,
if acquired during the year.
Unrealized Appreciation/Depreciation in Fair Value of Investments
The appreciation or depreciation 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
<PAGE>
DISNEY SALARIED SAVINGS AND INVESTMENT PLAN
NOTES TO FINANCIAL STATEMENTS
(continued)
3. Investments
Investments held by the Plan are as follows:
<TABLE>
December 31, 1995 December 31, 1994
Number Market Number Market
of Value of Value
Shares/ Per Cost Market Shares/ Per Cost Market
Units Share/ Units Share
Unit
<S> <C> <C> <C> <C> <C> <C> <C> <C>
The Walt
Disney Company 3,481,928 $ 58.87 $ 120,011 $ 204,999* 3,345,044 $ 46.00 $ 108,208 $ 153,872*
Common Stock
Fund
Fidelity
Pooled Funds:
Inst. Short-
Inter Gov't 2,847,148 9.63 27,754 27,418* 2,362,063 9.18 22,985 21,684*
Portfolio
Fund
U.S. Equity
Index 1,559,382 16.49 17,348 25,714* 1,411,996 11.98 14,740 16,916*
Commingled
Pool Fund
U.S. Bond
Index 371,547 10.95 3,988 4,068 231,562 9.97 2,476 2,309
Portfolio Fund
Balanced Fund 679,437 13.52 8,999 9,186 556,339 12.29 7,295 6,837
Magellan Fund 634,817 85.98 45,620 54,582* 554,282 66.80 37,297 37,026*
103,709 120,968 84,793 84,772
Guaranteed
Interest 0 0 0 3,245,399 1.00 3,245 3,245
Contract Fund
Participant 8,575 8,575 7,066 7,066
Loans
$ 232,295 $334,542 $ 203,312 $248,955
</TABLE>
* Funds that constitute more than five percent of the investments held
F-9
<PAGE>
DISNEY SALARIED SAVINGS AND INVESTMENT PLAN
NOTES TO FINANCIAL STATEMENTS
(continued)
3. Investments (continued)
Net unrealized appreciation/(depreciation) in the fair value of
investments held by the Plan is as follows:
<TABLE>
For the Year Ended
December 31
1995 1994 1993
<S> <C> <C> <C>
The Walt Disney Company Common $ 39,323 $ 11,163 $ (172)
Stock Fund
Pooled Funds:
Institutional Short-
Intermediate Government
Portfolio Fund 966 (1,213) (115)
U.S. Equity Index Commingled 6,189 218 1,195
Pool Fund
U.S. Bond Index Portfolio Fund 249 (147) (14)
Balanced Fund 646 (443) (6)
Magellan Fund 9,234 (1,699) 1,820
Net Unrealized Appreciation 56,607 7,879 2,708
</TABLE>
F-10
<PAGE>
DISNEY SALARIED SAVINGS AND INVESTMENT PLAN
NOTES TO FINANCIAL STATEMENTS (continued)
4. Allocation of Plan Assets by Investment Program (continued)
<TABLE>
DECEMBER 31, 1995
The Walt Inst. U.S. Equity
Disney Short-Inter Index U.S. Bond Guaranteed
Company Gov't Commingled Index Interest
Common Portfolio Pool Portfolio Balanced Magellan Contract Loan
Stock Fund Fund Fund Fund Fund Fund Fund Fund Total
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Investments
at market
value $ 205,232 $ 27,454 $ 25,737 $ 4,071 $ 9,201 $ 54,651 $ - $ 8,196 $ 334,542
Contributions 2,009 205 285 99 177 866 - - 3,641
receivable
Net assets
available
for
benefits $ 207,241 $ 27,659 $ 26,022 $ 4,170 $ 9,378 $ 55,517 $ 0 $ 8,196 $ 338,183
</TABLE>
F-11
<PAGE>
DISNEY SALARIED SAVINGS AND
INVESTMENT PLAN
NOTES TO FINANCIAL STATEMENTS
(continued)
4. Allocation of Plan Assets by Investment Program
<TABLE>
DECEMBER 31, 1994
The Walt Inst. U.S. Equity
Disney Short-Inter Index U.S. Bond Guaranteed
Company Gov't Commingled Index Interest
Common Portfolio Pool Portfolio Balanced Magellan Contract Loan
Stock Fund Fund Fund Fund Fund Fund Fund Fund Total
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Investments
at market
value $ 154,036 $ 21,723 $ 16,938 $ 2,312 $ 6,847 $ 37,078 $ 3,245 $ 6,776 $ 248,955
Contributions 2,091 291 311 106 276 799 - - 3,874
receivable
Net assets
available
for
benefits $ 156,127 $ 22,014 $ 17,249 $ 2,418 $ 7,123 $ 37,877 $ 3,245 $ 6,776 $ 252,829
</TABLE>
F-12
<PAGE>
DISNEY SALARIED SAVINGS AND INVESTMENT PLAN
NOTES TO FINANCIAL STATEMENTS
(continued)
5. Allocation of Plan Income and Changes in Plan Equity by
Investment Program (continued)
<TABLE>
DECEMBER 31, 1995
The Walt Inst. U.S. Equity
Disney Short-Inter Index U.S. Bond Guaranteed
Company Gov't Commingled Index Interest
Common Portfolio Pool Portfolio Balanced Magellan Contract Loan
Stock Fund Fund Fund Fund Fund Fund Fund Fund Total
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Additions to
net assets
attributed to:
Investment
income
Interest $ 38 $ - $ - $ - $ - $ - $ 211 $ 500 $ 749
Dividends 1,173 1,689 - 226 363 3,159 - - 6,610
Realized
gain (loss)
on sale 4,199 167 519 34 122 1,536 - - 6,577
of assets
5,410 1,856 519 260 485 4,695 211 500 13,936
Unrealized
appreciation/
(depreciation)
in investments 39,323 966 6,189 249 646 9,234 - - 56,607
Contributions
Participants 15,294 3,253 3,788 1,329 2,662 9,968 - - 36,294
Employer 9,802 - - - - - - - 9,802
25,096 3,253 3,788 1,329 2,662 9,968 - - 46,096
Total 69,829 6,075 10,496 1,838 3,793 23,897 211 500 116,639
additions
Deductions
from net
assets
attributed
to:
Payments to 19,098 2,637 2,137 227 964 5,324 282 616 31,285
participants
Administra-
tive expense - - - - - - - - 0
Total 19,098 2,637 2,137 227 964 5,324 282 616 31,285
deductions
Inter-fund 383 2,207 414 141 (574) (933) (3,174) 1,536 -
transfers
Increase
(decrease) in
net assets 51,114 5,645 8,773 1,752 2,255 17,640 (3,245) 1,420 85,354
for the year
Net assets
available for
benefits
Beginning 156,127 22,014 17,249 2,418 7,123 37,877 3,245 6,776 252,829
of year
End of $207,241 $ 27,659 $ 26,022 $ 4,170 $ 9,378 $55,517 $ 0 $ 8,196 $338,183
year
</TABLE>
F-13
<PAGE>
DISNEY SALARIED SAVINGS AND INVESTMENT PLAN
NOTES TO FINANCIAL STATEMENTS
(continued)
5. Allocation of Plan Income and Changes in Plan Equity
by Investment Program
<TABLE>
DECEMBER 31, 1994
The Walt Inst. U.S. Equity
Disney Stort-Inter Index U.S. Bond Guaranteed
Company Gov't. Commingled Index Interest
Common Portfolio Pool Portfolio Balanced Magellan Contract Loan
Stock Fund Fund Fund Fund Fund Fund Fund Fund Total
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Additions to
net assets
attributed to:
Investment
income
Interest $ - $ - $ - $ - $ - $ - $ 502 $ 406 $ 908
Dividends 931 1,249 - 139 185 1,235 - - 3,739
Realized
(loss) gain
on sale of
assets (86) (196) 14 (40) (60) (180) - - (548)
845 1,053 14 99 125 1,055 502 406 4,099
Unrealized
appreciation/
(depreciation) 11,163 (1,213) 218 (147) (443) (1,699) - - 7,879
in investments
Contributions
Participants 14,101 3,642 3,307 1,101 2,665 8,834 - - 33,650
Employer 9,036 - - - - - - - 9,036
23,137 3,642 3,307 1,101 2,665 8,834 - - 42,686
Total additions 35,145 3,482 3,539 1,053 2,347 8,190 502 406 54,664
Deductions
from net assets
attributed to:
Payments 11,263 1,982 1,270 138 582 2,391 461 414 18,501
to participants
Administrative
expense - - - - - - 4 - 4
Total 11,263 1,982 1,270 138 582 2,391 465 414 18,505
deductions
Inter-fund (2,703) 2,795 (661) (144) 987 2,971 (3,936) 691 -
transfers
Increase
(decrease) in
net assets for 21,179 4,295 1,608 771 2,752 8,770 (3,899) 683 36,159
the year
Net assets
available for
benefits
Beginning 134,948 17,719 15,641 1,647 4,371 29,107 7,144 6,093 216,670
of year
End of
year $ 156,127 $ 22,014 $ 17,249 $ 2,418 $ 7,123 $ 37,877 $ 3,245 $ 6,776 $ 252,829
</TABLE>
F-14
<PAGE>
DISNEY SALARIED SAVINGS AND INVESTMENT PLAN
NOTES TO FINANCIAL STATEMENTS
(continued)
5. Allocation of Plan Income and Changes in Plan Equity by
Investment Program (continued)
<TABLE>
DECEMBER 31, 1993
The Inst. U.S. Equity
Walt Disney Short-Inter Index U.S. Bond Guaranteed
Company Gov't Commingled Index Interest
Common Portfolio Pool Portfolio Balanced Magellan Contract Loan
Stock Fund Fund Fund Fund Fund Fund Fund Fund Total
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Additions to
net assets
attributed
to:
Investment
income
Interest $ 5 $ - $ - $ - $ - $ - $ 871 $ 333 $ 1,209
Dividends 709 829 - 69 232 2,425 - - 4,264
Realized
(loss) gain
on sale (640) 15 110 8 29 266 - - (212)
of assets
74 844 110 77 261 2,691 871 333 5,261
Unrealized
appreciation/
(depreciation)
in investments (172) (115) 1,195 (14) (6) 1,820 - - 2,708
Contributions
Participants 14,866 4,192 3,271 732 1,256 5,854 - - 30,171
Employer 8,402 - - - - - - - 8,402
23,268 4,192 3,271 732 1,256 5,854 - - 38,573
Total 23,170 4,921 4,576 795 1,511 10,365 871 333 46,542
additions
Deductions
from net assets
attributed to:
Payments to 7,294 753 649 71 111 1,417 639 191 11,125
participants
Administrative 10 - - - - 6 - - 16
expense
Total 7,304 753 649 71 111 1,423 639 191 11,141
deductions
Inter-fund
transfers (4,883) 2,301 (582) 543 2,300 3,227 (5,315) 2,409 -
Increase
(decrease) in
net assets for 10,983 6,469 3,345 1,267 3,700 12,169 (5,083) 2,551 35,401
the year
Net assets
available for
benefits
Beginning 123,965 11,250 12,296 380 671 16,938 12,227 3,542 181,269
of year
End of
year $ 134,948 $ 17,719 $ 15,641 $ 1,647 $ 4,371 $ 29,107 $ 7,144 $ 6,093 $ 216,670
</TABLE>
F-15
<PAGE>
DISNEY SALARIED SAVINGS AND INVESTMENT PLAN
NOTES TO FINANCIAL STATEMENTS
(continued)
6. Realized Gain (Loss) on Sale of Assets
Net realized gain (loss) resulting from the sale of fund assets is as
follows:
<TABLE>
For the Year Ended
December 31,
1995 1994 1993
<S> <C> <C> <C>
The Walt Disney Company Common $ 4,200 $ (86) $ (640)
Stock Fund
Pooled Funds:
Institutional Short-
Intermediate Government
Portfolio Fund 167 (196) 15
U.S. Equity Index Commingled 519 14 110
Pool Fund
U.S. Bond Index Portfolio Fund 34 (40) 8
Balanced Fund 121 (60) 29
Magellan Fund 1,536 (180) 266
Net Realized Gain (Loss) $ 6,577 $ (548) $(212)
</TABLE>
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 also exempt from state income taxes. Due to
plan amendments adopted since the issuance of the original determination
letter, on March 31, 1995, the Company has reapplied for determination of
the tax exempt status of the Plan. The amended Plan was approved as exempt
from Federal and State income tax by the Internal Revenue Service as of
June 18, 1996.
8. 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.
F-16
<PAGE>
DISNEY SALARIED SAVINGS AND INVESTMENT PLAN
NOTES TO FINANCIAL STATEMENTS
(continued)
8. Accumulated Benefits (continued)
Participant distributions payable and loan distributions approved
but not disbursed at December 31, 1995 and 1994 are summarized as follows:
<TABLE>
December 31,
1995 1994
<S> <C> <C>
Terminated participants $ 1,788 $ 2,151
Participants' loans 285 271
Total Liabilities $ 2,073 $ 2,422
</TABLE>
9. Reconciliation of Financial Statements to Form 5500
The following is a reconciliation of net assets available for
benefits according to the financial statements to Form 5500:
<TABLE>
December 31,
1995 1994
<S> <C> <C>
Net assets available
for benefits $ 338,183 $ 252,829
per the financial
statements
Amounts allocated to
withdrawing
participants (1,788) (2,151)
Net assets available
for benefits $ 336,395 $ 250,678
per Form 5500
</TABLE>
The following is a reconciliation of benefits paid to
participants according to the financial statements to Form 5500:
<TABLE>
Year Ended
December 31,
1995
<S> <C>
Benefits paid to participants
per the financial statements $ 31,285
Add: Amounts allocated to
withdrawing participants 1,788
at December 31, 1995
Less: Amounts allocated to
withdrawing participants (2,151)
at December 31, 1994
Benefits paid to participants per
Form 5500 $ 30,922
</TABLE>
Amounts allocated to withdrawing participants are recorded on
Form 5500 for benefit claims that have been processed and approved
for payment prior to December 31 but not yet paid as of that date.
F-17
<PAGE>
DISNEY SALARIED SAVINGS AND INVESTMENT PLAN
SCHEDULE I
ITEM 27a: SCHEDULE OF ASSETS HELD FOR INVESTMENT AT
DECEMBER 31, 1995
<TABLE>
<S> CURRENT
SHARES DESCRIPTION OF INVESTMENTS COST VALUE
<C> <C> <C> <C>
3,481,928 The Walt Disney Company $ 120,011,397 $ 204,998,532
Common Stock
2,847,148 Fidelity Inst. Short-Inter 27,753,501 27,418,033
Gov't Portfolio Fund
1,559,382 Fidelity U.S. Equity Index 17,348,438 25,714,206
Commingled Pool Fund
371,547 Fidelity U.S. Bond Index 3,987,665 4,068,440
Portfolio Fund
679,437 Fidelity Balanced Fund 8,999,007 9,185,983
634,817 Fidelity Magellan Fund 45,619,807 54,581,577
Participant Loans 8,575,570 8,575,570
$ 232,295,385 $ 334,542,341
</TABLE>
F-18
<PAGE>
DISNEY SALARIED SAVINGS AND INVESTMENT PLAN
SCHEDULE V
ITEM 27d: SCHEDULE OF REPORTABLE TRANSACTIONS
FOR THE YEAR ENDED DECEMBER 31, 1995
<TABLE>
Current
<S> value of
Identity Description Number Selling/ Cost of asset on
of Party of of Purchase Distribution Lease Expense assets sold/ transaction Net
Involved Assets Trans. Price Price Rental Incurred distributed date gain
<C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
The Walt * The Walt Disney Co. 123 $ 32,036,127
Disney Co. Common Stock 84 $ 24,432,432 $ 13,780,937 $ 10,651,495
Fidelity * Magellan Fund 204 15,890,220
112 9,104,343 7,763,884 1,340,459
Fidelity * Inst. Short-Inter.
Gov't. Portfolio Fund 193 9,818,808
153 5,217,940 5,126,456 91,484
* Parties-in-interest
</TABLE>
F19
