[TEXT]
DISNEY SALARIED SAVINGS AND
INVESTMENT PLAN
REPORT AND FINANCIAL STATEMENTS
DECEMBER 31, 1993 AND 1992
<PAGE>
DISNEY SALARIED SAVINGS AND INVESTMENT PLAN
INDEX TO FINANCIAL STATEMENTS
DECEMBER 31, 1993
Report of Independent Accountants F-2
Statement of Net Assets Available for Benefits F-3
Statement of Changes in Net Assets Available for Benefits F-4
Notes to Financial Statements F-5
Supplementary Schedule
Schedule V - Plan Transactions or Series of Transactions
in Excess of 5 Percent of the Current Value
of Assets at the Beginning of the Plan Year F-17
Other Supplementary Schedules have been omitted because the information
required is provided in the Notes to the Financial Statements.
F-1
<PAGE>
REPORT OF INDEPENDENT ACCOUNTANTS
June 7, 1994
To the Participants and Investment and
Administrative Committee of
the Disney Salaried Savings and Investment Plan
In our opinion, the accompanying statements of net assets available for benefits
and the related statements of changes in net assets available for benfits
present fairly, in all material respects, the financial status of the Disney
Salaried Savings and Investment Plan (the "Plan") at December 31, 1993 and 1992
and the changes in its financial status for the three years ended December 31,
1993, in conformity with generally accepted accounting principles. These
financial statements are the responsibility of the Plan's management; our
responsibility is to express an opinion on these financial statements based on
our audits. We conducted our audits of these statements in accordance with
generally accepted auditing standards which require that we plan and perform the
audit to obtain reasonable assurance about whether the financial satements are
free of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements,
assessing the accounting principles used and significant estimates made by
management, and evaluating the overall financial statement presentation. We
believe that our audits provide a reasonable basis for the opinion expressed
above.
Our audit was made for the purpose of forming an opinion on the basic financial
statements taken as a whole. The additional information included in Notes 5
and 6 and Schedule V is presented for the purposes of additional analysis and
is not a required part of the basic financial statements but is additional
information required by ERISA. Such information has been subjected to the
auditing procedures applied in the audit of the basic financial statements
and, in our opinion, is fairly stated in all material respects in relation to
the basic financial statements taken as a whole.
PRICE WATERHOUSE
F-2
<PAGE>
DISNEY SALARIED SAVINGS AND INVESTMENT PLAN
STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS
(In thousands)
<TABLE>
<CAPTION>
December 31,
1993 1992
<S> <C> <C>
Investments at market value
The Walt Disney Company Common Stock Fund $132,643 $121,930
Interest in pooled funds 66,858 40,389
Guaranteed Interest Contracts
(Interest rates range from 8.92% to 9.24%) 7,144 12,227
206,645 174,546
Receivables
Contributions 3,682 3,027
Participant loans 6,343 3,696
10,025 6,723
Net Assets Available for Benefits $216,670 $181,269
</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>
<CAPTION>
For the Year Ended
December 31,
1993 1992 1991
<S> <C> <C> <C>
Sources of Net Assets
Investment income
Interest $ 1,209 $ 1,819 $ 1,933
Dividends 4,264 2,075 352
Realized (loss) gain on sale of assets (212) 10,003 872
5,261 13,897 3,157
Unrealized appreciation in investments 2,708 24,671 12,893
Contributions
Participants 30,171 24,078 18,300
Company 8,402 7,433 5,755
38,573 31,511 24,055
Total Sources of Net Assets 46,542 70,079 40,105
Applications of Net Assets
Payments to participants 11,125 6,607 4,491
Investment expense 16 115 172
Total Applications of Net Assets 11,141 6,722 4,663
Increase in net assets 35,401 63,357 35,442
Net Assets Available for Benefits
Beginning of year 181,269 117,912 82,470
End of year $216,670 $181,269 $117,912
</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, 1993
1. Description of the Plan
General
The Walt Disney Company (the "Company") implemented the Disney Salaried Savings
and Investment Plan (the "Plan") on January 1, 1985. The Plan is a defined
contribution plan designed to provide participating employees the opportunity
to accumulate retirement funds through a tax-deferred contribution
arrangement pursuant to Section 401(k) of the Internal Revenue Code of 1986,
as amended (the "Code"). In addition to the Code, the Plan is subject to the
provisions of the Employee Retirement Income Security Act of 1974 ("ERISA").
Administration of the Plan
The Board of Directors of the Company has appointed the Investment and
Administrative Committee of The Walt Disney Company Sponsored Qualified
Benefit Plans and Key Employees Deferred Compensation and Retirement Plan (the
"Committee" or "Plan Administrator") to administer the Plan, interpret its
provisions and resolve all issues arising in the administration of the Plan.
The assets of the Plan are administered under a trust agreement between the
Company and Fidelity Institutional Retirement Services Company ("Fidelity" or
the "Trustee"). The trust agreement provides that assets of the Plan may be
invested in the following pooled investment funds established by Fidelity:
the Institutional Short-Intermediate Government Portfolio Fund, the U.S.
Equity Index Commingled Pool Fund, the U.S. Bond Index Portfolio Fund, the
Balanced Fund and the Magellan Fund. Additionally, the trust agreement
provides that assets of the Plan may be invested in The Walt Disney Company
Common Stock Fund and the Guaranteed Interest Contract Fund (collectively
the seven funds are referred to as the "Investment Funds"). Fidelity directs
the investment of the Institutional Short-Intermediate Government Portfolio
Fund (formerly the U.S. Government Income Portfolio Fund), the U.S. Equity
Index Commingled Pool Fund, the U.S. Bond Index Portfolio Fund, the Balanced
Fund, the Magellan Fund and The Walt Disney Company Common Stock Fund and is
the custodian of records for the Guaranteed Interest Contract Fund
established with Allstate Life Insurance Company and New York Life Insurance
Company. As of July 1, 1992, the Guaranteed Interest Contract Fund was
closed to contributions and transfers from other funds. As the Guaranteed
Interest Contracts mature, the corresponding fund balances are reinvested in
the Institutional Short-Intermediate Government Portfolio Fund.
Administrative expenses of the Plan, such as benefit plan consultation fees
(exclusive of brokerage commissions on the purchase or sale of Company stock),
are paid by the Company. These administrative expenses may be paid from the
assets of the Plan unless the Company, at its discretion, pays such expenses.
Investment expenses incurred by the Investment Funds are charged to the
respective funds.
F-5
<PAGE>
DISNEY SALARIED SAVINGS AND INVESTMENT PLAN
NOTES TO FINANCIAL STATEMENTS
(continued)
DECEMBER 31, 1993
1. Description of the Plan (continued)
Participation
Participation in the Plan is available to all salaried employees of the
Company and its subsidiaries participating in the Plan who are regularly
scheduled to work 1,000 hours or more during a year. To be eligible,
employees must be age 18 or older and have completed one year of employment
during which they must also work at least 1,000 hours. The Plan covers only
domestic salaried employees.
Effective March 4, 1993, the Plan was amended to accept direct cash rollovers
from other qualified plans, regardless of whether the employee had met the
one-year eligibility requirement. However, such funds would not be available
for hardship distributions or loans until after the employee has met the one-
year eligibility requirement and has become a participant of the Plan.
Contributions
Participants are permitted to authorize the Company to defer contributions in
whole percentages, up to 10 percent of their base compensation on a pre-tax
basis, through weekly payroll deductions. These deferred amounts are
contributed to the Plan on behalf of the participants as tax-deferred
contributions. A participant's total tax-deferred contributions and the
Company's matching contributions, in any Plan year, cannot exceed the limits
provided under Sections 401(k) and 415 of the Code.
Effective January 1, 1987, the Plan ceased to accept voluntary post-tax
contributions. Post-tax contributions made prior to January 1, 1987 may
remain in the Plan and continue to share in the Plan's investment results on
a tax-deferred basis. Income earned on voluntary contributions is not
taxable for Federal income tax purposes until withdrawal and such post-tax
contributions are recovered tax free when withdrawn or distributed.
The Company currently contributes a matching amount equal to 50 percent of a
participant's pre-tax contributions up to a maximum of 2 percent of such
participant's base compensation. The Company may make matching contributions
either in cash, which is invested exclusively in the Company's common stock,
or directly in shares of the Company's common stock and, at its discretion,
the Company may change the level of matching contributions or cease making
matching contributions.
Participants are fully vested immediately in all contributions including the
Company's matching contributions made to the Plan and all earnings thereon.
F-6
<PAGE>
DISNEY SALARIED SAVINGS AND INVESTMENT PLAN
NOTES TO FINANCIAL STATEMENTS
(continued)
DECEMBER 31, 1993
1. Description of the Plan (continued)
Investments
The Company's matching contributions are invested exclusively in the
Company's common stock.
Participants may direct the investment of their contributions in any one or
more investment funds established for the Plan. Participants may elect to
change the investment of their contributions or to transfer such funds and
earnings thereon among the various investment funds. Only four of each type
of such elections may be made in any year and must be made in multiples of 10
percent of the amounts in an investment fund. Currently, participants may
direct the investment of their contributions among any of the following
investment funds administered by Fidelity: Institutional Short-Intermediate
Government Portfolio Fund, U.S. Equity Index Commingled Pool Fund, U.S. Bond
Index Portfolio Fund, Balanced Fund, Magellan Fund, and The Walt Disney
Company Common Stock Fund.
Benefits, Distributions, Withdrawals and Loans
A participant's entire account balance, adjusted for investment gains or
losses, is available for immediate distribution upon termination of
employment. Participants' account balances under $3,500 are automatically
distributed within 90 days following the participant's severance date.
Participants with account balances of $3,500 or more must elect, within
a six month period after severance or withdrawal, to receive their
distribution or to defer their distribution until reaching age 55. All
amounts must be distributed when the participant reaches age 65.
Under Section 401(k) of the Code, withdrawals of tax-deferred contributions
by participants are available only in amounts necessary to satisfy a financial
hardship if the Committee determines that the reason for the hardship complies
with applicable requirements under the Code. A participant may withdraw his
or her post-tax contributions twice each Plan Year. The minimum amount of
each post-tax contribution withdrawal is $500.
Participants are permitted to borrow from their accounts subject to certain
limitations and conditions established to comply with the current
requirements of the Code. All loans made to participants are secured by
their accounts with a right of set-off. Voluntary post-tax contributions and
any earnings thereon are not available for loans. Participants may borrow up
to 50 percent of their account balance not to exceed $50,000 in any consecutive
twelve month period. A participant may only have one loan outstanding.
Loans may have a term of up to four years. However, the term can be extended
to ten years if the loan is used to acquire or construct a principal
residence of the participant. The interest rate on loans is currently prime
plus 1 percent.
F-7
<PAGE>
DISNEY SALARIED SAVINGS AND INVESTMENT PLAN
NOTES TO FINANCIAL STATEMENTS
(continued)
DECEMBER 31, 1993
1. Description of the Plan (continued)
Plan Amendment or Termination
The Company reserves the right to amend or modify, at any time, the provisions
of the Plan. Although the Company expects to continue the Plan indefinitely,
the Board of Directors of the Company may terminate the Plan for any reason.
If the Plan is terminated each participant will receive, as prescribed by
ERISA and its related regulations, and in the form and manner determined by
the Committee, a payment equal to the value of the participant's accounts at
the time of liquidation.
2. Summary of Significant Accounting Policies
Basis of Accounting
The statements of the Plan are prepared using the accrual basis of accounting.
Contribution Policy
Participants' tax-deferred contributions are deposited with the Trustee at or
after the end of the month in which such amounts are deducted from participants'
compensation. The Company currently contributes its matching contributions
for deposit into participants' accounts at the end of each month.
Investment Valuation
Investments in securities traded on national security exchanges are valued on
the basis of the closing price on the last trading day of the year.
Investments in commingled funds are valued at the redemption prices
established by the Trustee, which are based on the market value of the fund
assets. Investments in guaranteed interest contracts are valued at cost
which approximates market.
Realized Gains and Losses on Security Transactions
Realized gains and losses on security transactions are computed based upon the
average cost basis of securities sold.
Unrealized Appreciation/Depreciation in Fair Value of Investments
The increase or decrease in the fair value of investments held at year end is
based on values established at the most recent year-end valuation date as
compared to the previous year-end valuation or the purchase cost if the
investment was acquired within the year.
F-8
<PAGE>
DISNEY SALARIED SAVINGS AND INVESTMENT PLAN
NOTES TO FINANCIAL STATEMENTS
(continued)
DECEMBER 31, 1993
3. Information Certified by Trustee
The Trustee holds all of the Plan's assets, receives contributions from the
Company, and executes all investment transactions and all disbursements based
upon instructions from the Plan Administrator. The Plan Administrator has
obtained certification from the Trustee that the investment information
provided to the Plan Administrator by the Trustee is complete and accurate.
The investment information included in the accompanying financial statements,
in Notes 4, 5, 6, 8 and 9 and in the accompanying schedule, has been prepared
from the data certified by the Trustee and includes adjustments made by the
Plan Administrator for the purpose of conforming the Trustee-certified
financial information to the accrual basis of accounting.
F-9
<PAGE>
DISNEY SALARIED SAVINGS AND INVESTMENT PLAN
NOTES TO FINANCIAL STATEMENTS
(continued)
DECEMBER 31, 1993
4. Investments
Investments held by the Plan are as follows:
<TABLE>
<CAPTION>
December 31, 1993
Number Market
of Value
Shares/ Per
Units Share/Unit Cost Market
(000's)
<S> <C> <C> <C> <C>
The Walt Disney Company
Common Stock Fund 3,111,872 $ 42.62 $98,142 $132,643
Fidelity Pooled Funds:
Inst. Short-Inter Gov't
Portfolio Fund 1,755,101 9.88 17,428 17,340
U.S. Equity Index
Commingled Pool Fund 1,296,361 11.82 13,365 15,323
U.S. Bond Index Portfolio
Fund 142,268 11.00 1,585 1,565
Balanced Fund 313,527 13.39 4,213 4,198
Magellan Fund 401,293 70.85 27,004 28,432
63,595 66,858
Guaranteed Interest
Contract Fund 7,144,177 1.00 7,144 7,144
$168,881 $206,645
</TABLE>
<TABLE>
<CAPTION>
December 31, 1992
Number Market
of Value
Shares/ Per
Units Share/Unit Cost Market
(000's)
<S> <C> <C> <C> <C>
The Walt Disney Company
Common Stock Fund 2,835,583 $43.00 $ 87,257 $121,930
Fidelity Pooled Funds:
Inst. Short-Inter Gov't
Portfolio Fund 1,092,706 9.91 10,802 10,829
U.S. Equity Index
Commingled Pool Fund 1,118,910 10.75 11,265 12,028
U.S. Bond Index Portfolio
Fund 32,434 10.76 355 349
Balanced Fund 51,481 12.29 642 633
Magellan Fund 262,661 63.01 16,942 16,550
40,006 40,389
Guaranteed Interest
Contract Fund 12,227,053 1.00 12,227 12,227
$139,490 $174,546
</TABLE>
All funds are immediately and fully invested in permanent funds by Fidelity
at December 31, 1993.
F-10
<PAGE>
DISNEY SALARIED SAVINGS AND INVESTMENT PLAN
NOTES TO FINANCIAL STATEMENTS
(continued)
DECEMBER 31, 1993
4. Investments (continued)
Net unrealized appreciation/(depreciation) in fair value of investments held
by the Plan is as follows:
<TABLE>
<CAPTION>
For the Year Ended
December 31,
1993 1992 1991
(000's)
<S> <C> <C> <C>
The Walt Disney Company Common
Stock Fund $ (172) $34,673 $ 5,482
Pooled Funds:
Institutional Short-Intermediate
Government Portfolio Fund (115) 27 -
U.S. Equity Index Commingled
Pool Fund 1,195 763 -
U.S. Bond Index Portfolio
Fund (14) (6) -
Balanced Fund (6) (9) -
Magellan Fund 1,820 (392) -
High Growth Equity Fund - (7,026) 5,513
Equity Index Fund - (3,359) 1,898
Net Unrealized Appreciation $2,708 $24,671 $12,893
</TABLE>
F-11
<PAGE>
DISNEY SALARIED SAVINGS AND INVESTMENT PLAN
NOTES TO FINANCIAL STATEMENTS
(continued)
DECEMBER 31, 1993
5. Allocation of Plan Assets by Investment Progam
<TABLE>
<CAPTION>
DECEMBER 31, 1993
(In thousands)
The Walt Inst. U.S. Equity
Disney Short-Inter Index U.S. Bond
Company Gov't Commingled Index
Common Portfolio Pool Portfolio
Stock Fund Fund Fund Fund
<S> <C> <C> <C> <C>
Investments at
market value $132,643 $17,340 $15,323 $1,565
Receivables
Contributions 2,159 345 296 80
Participant loans 146 34 22 2
Total Receivables 2,305 379 318 82
Net Assets Available
for Benefits $134,948 $17,719 $15,641 $1,647
</TABLE>
<TABLE>
<CAPTION>
DECEMBER 31, 1993
(In thousands)
Guaranteed
Interest
Balanced Magellan Contract Loan
Fund Fund Fund Fund Total
<S> <C> <C> <C> <C> <C>
Investments at
market value $4,198 $28,432 $7,144 $ - $206,645
Receivables
Contributions 168 634 - - 3,682
Participant loans 5 41 - 6,093 6,343
Total Receivables 173 675 - 6,093 10,025
Net Assets Available
for Benefits $4,371 $29,107 $7,144 $6,093 $216,670
</TABLE>
F-12
<PAGE>
DISNEY SALARIED SAVINGS AND INVESTMENT PLAN
NOTES TO FINANCIAL STATEMENTS
(continued)
DECEMBER 31, 1993
5. Allocation of Plan Assets by Investment Program (continued)
<TABLE>
<CAPTION>
DECEMBER 31, 1992
(In thousands)
The Walt Inst. U.S. Equity
Disney Short-Inter Index U.S. Bond
Company Gov't Commingled Index
Common Portfolio Pool Portoflio
Stock Fund Fund Fund Fund
<S> <C> <C> <C> <C>
Investments at
market value $121,930 $10,829 $12,028 $349
Receivables
Contributions 1,929 399 259 31
Participant loans 106 22 9 -
Total Receivables 2,035 421 268 31
Net Assets Available
for Benefits $123,965 $11,250 $12,296 $380
</TABLE>
<TABLE>
<CAPTION>
DECEMBER 31, 1992
(In thousands)
Guaranteed
Interest
Balanced Magellan Contract Loan
Fund Fund Fund Fund Total
<S> <C> <C> <C> <C> <C>
Investments at
market value $633 $16,550 $12,227 $ - $174,546
Receivables
Contributions 37 372 - - 3,027
Participant loans 1 16 - 3,542 3,696
Total Receivables 38 388 - 3,542 6,723
Net Assets Available
for Benefits $671 $16,938 $12,227 $3,542 $181,269
</TABLE>
F-13
<PAGE>
DISNEY SALARIED SAVINGS AND INVESTMENT PLAN
NOTES TO FINANCIAL STATEMENTS
(continued)
DECEMBER 31, 1993
6. Allocation of Plan Income and Changes in Plan Equity by Investment Program
<TABLE>
<CAPTION>
FOR THE YEAR ENDED DECEMBER 31, 1993
(In thousands)
U.S.
The Walt Inst. Equity
Disney Short-Inter Index U.S. Bond
Company Gov't Commingled Index
Common Stock Portfolio Pool Portfolio
Fund Fund Fund Fund
<S> <C> <C> <C> <C>
Sources of Net Assets
Investment income
Interest $ 5 $ - $ - $ -
Dividends 709 829 - 69
Realized (loss) gain
on sale of assets (640) 15 110 8
74 844 110 77
Unrealized appreciation/
(depreciation) in
investments (172) (115) 1,195 (14)
Contributions
Participants 14,866 4,192 3,271 732
Company 8,402 - - -
23,268 4,192 3,271 732
Total Sources 23,170 4,921 4,576 795
Payments to participants 7,294 753 649 71
Investment expense 10 - - -
7,304 753 649 71
Inter-fund Transfers (4,883) 2,301 (582) 543
Increase (decrease) in
net assets for the year 10,983 6,469 3,345 1,267
Net Assets Available for
Benefits
Beginning of year 123,965 11,250 12,296 380
End of year $134,714 $17,719 $15,641 $1,647
</TABLE>
<TABLE>
<CAPTION>
FOR THE YEAR ENDED DECEMBER 31, 1993
(In thousands)
Guaranteed
Interest
Balanced Magellan Contract Loan
Fund Fund Fund Fund Total
<S> <C> <C> <C> <C> <C>
Sources of Net Asssets
Investment income
Interest $ - $ - $ 871 $ 333 $ 1,209
Dividends 232 2,425 - - 4,264
Realized (loss) gain on
sale of assets 29 266 - - (212)
261 2,691 871 333 5,261
Unrealized appreciation/
(depreciation) in
investments (6) 1,820 - - 2,708
Contributions
Participants 1,256 5,854 - - 30,171
Company - - - - 8,402
1,256 5,854 - - 38,573
Total Sources 1,511 10,365 871 333 46,542
Payments to participants 111 1,417 639 191 11,125
Investment expense - 6 - - 16
111 1,423 639 191 11,141
Inter-fund Transfers 2,300 3,227 (5,315) 2,409 -
Increase (decrease) in net
assets for the year 3,700 12,169 (5,083) 2,551 35,401
Net Assets Available for
Benefits
Beginning of year 671 16,938 12,227 3,542 181,269
End of year $ 4,371 $29,107 $ 7,144 $ 6,093 $216,670
</TABLE>
F-14
<PAGE>
DISNEY SALARIED SAVINGS AND INVESTMENT PLAN
NOTES TO FINANCIAL STATEMENTS
(continued)
DECEMBER 31, 1993
6. Allocation of Plan Income and Changes in Plan Equity by Investment
Program (continued)
<TABLE>
<CAPTION>
FOR THE YEAR ENDED DECEMBER 31, 1992
(In thousands)
U.S.
The Walt U.S. Equity
Disney Gov't Index U.S. Bond
Company Income Commingled Index
Common Stock Portfolio Pool Portfolio Balanced
Fund Fund Fund Fund Fund
<S> <C> <C> <C> <C> <C>
Investment income
Interest $ 47 $ - $ - $ - $ -
Dividends 520 197 - 9 16
Realized gain
(loss) on sale
of assets 2,128 2 13 - (1)
2,695 199 13 9 15
Unrealized appreciation/
(depreciation) in
investments 34,673 27 763 (6) (9)
Contributions
Participants 12,672 2,345 1,437 102 123
Company 7,433 - - - -
20,105 2,345 1,437 102 123
Total Sources 57,473 2,571 2,213 105 129
Payments to
participants 4,346 233 266 - -
Investment expense 5 - - - -
4,351 233 266 - -
Inter-fund Transfers 2,042 4,240 (199) 275 542
Transferred to
Fidelity - 4,672 10,548 - -
Increase (decrease) in
net assets for the
year 55,164 11,250 12,296 380 671
Net Assets Available
for Benefits
Beginning of year 68,801 - - - -
End of year $123,965 $11,250 $12,296 $380 $671
</TABLE>
<TABLE>
<CAPTION>
FOR THE YEAR ENDED DECEMBER 31, 1992
(In thousands)
Guaranteed High
Interest Growth Equity
Magellan Contract Equity Index
Fund Fund Fund Fund
<S> <C> <C> <C> <C>
Investment income
Interest $ - $ 1,417 $ 3 $ 2
Dividends 1,333 - - -
Realized gain (loss)
on sale on assets 4 - 4,529 3,328
1,337 1,417 4,532 3,330
Unrealized appreciation/
(depreciation) in
investments (392) - (7,026) (3,359)
Contributions
Participants 1,930 2,007 1,453 1,334
Company - - - -
1,930 2,007 1,453 1,334
Total Sources 2,875 3,424 (1,041) 1,305
Payments to participants 224 1,082 201 103
Investment expense - 27 73 7
224 1,109 274 110
Inter-fund Transfers 480 (8,709) 1,001 65
Transferred to Fidelity 13,807 - (13,807) (10,548)
Increase (decrease) in
net assets for the
year 16,938 (6,394) (14,121) (9,288)
Net Assets Available
for Benefits
Beginning of year - 18,621 14,121 9,288
End of year $16,938 $12,227 $ - $ -
</TABLE>
<TABLE>
<CAPTION>
FOR THE YEAR ENDED DECEMBER 31, 1992
(In thousands)
Money
Market Loan
Fund Fund Total
<S> <C> <C> <C>
Investment income
Interest $ 95 $ 255 $ 1,819
Dividends - - 2,075
Realized gain (loss) on
sale of assets - - 10,003
95 255 13,897
Unrealized appreciation/
(depreciation) in investments - - 24,671
Contributions
Participants 675 - 24,078
Company - - 7,433
675 - 31,511
Total Sources 770 255 70,079
Payments to participants 55 97 6,607
Investment expense 3 - 115
58 97 6,722
Inter-fund Transfers (341) 604 -
Transferred to Fidelity (4,672) - -
Increase (decrease) in net assets
for the year (4,301) 762 63,357
Net Assets Available for
Benefits
Beginning of year 4,301 2,780 117,912
End of year $ - $3,542 $181,269
</TABLE>
F-15
<PAGE>
DISNEY SALARIED SAVINGS AND INVESTMENT PLAN
NOTES TO FINANCIAL STATEMENTS
(continued)
DECEMBER 31, 1993
7. Income Taxes
The Company has received an Internal Revenue Service determination letter
stating that the Plan qualifies under Section 401(a) of the Code and is
therefore exempt from Federal income tax under Section 501(a) of the Code.
Since the Plan is qualified under Section 401(a) of the Code, under applicable
state law it is exempt from state income taxes.
8. Realized Gain (Loss)
Net realized gain (loss) resulting from the sale of fund assets is as follows:
<TABLE>
<CAPTION>
For the Year Ended
December 31,
1993 1992 1991
(000's)
<S> <C> <C> <C>
The Walt Disney Company Common
Stock Fund $(640) $ 2,128 $839
Pooled Funds
Institutional Short-Intermediate
Government Portfolio Fund 15 2 -
U.S. Equity Index Commingled Pool Fund 110 13 -
U.S. Bond Index Portfolio Fund 8 - -
Balanced Fund 29 (1) -
Magellan Fund 266 4 -
High Growth Equity Fund - 4,529 20
Equity Index Fund - 3,328 13
Net Realized (Loss) Gain $(212) $10,003 $872
</TABLE>
9. Accumulated Benefits
In accordance with guidance for accounting and disclosure by employee benefit
plans, participant distributions payable, including loan distributions
approved but not disbursed as of year end, are not presented as a liability
in the statement of net assets available for benefits or as benefit payments
in the statement of changes in net assets available for benefits.
Participant distributions payable and loan distributions approved but not
disbursed at December 31, 1993 and 1992 are summarized as follows:
<TABLE>
<CAPTION>
December 31,
1993 1992
(000's)
<S> <C> <C>
Terminated participants $518 $ 764
Participants' loans 201 604
Total Liabilities $719 $1,368
</TABLE>
F-16
<PAGE>
DISNEY SALARIED SAVINGS AND INVESTMENT PLAN
SCHEDULE V
PLAN TRANSACTIONS OR SERIES OF TRANSACTIONS
IN EXCESS OF 5 PERCENT OF THE CURRENT VALUE OF ASSETS
AT THE BEGINNING OF THE PLAN YEAR
FOR THE YEAR ENDED DECEMBER 31, 1993
<TABLE>
<CAPTION>
Selling/ Cost of
Description of Number of Purchase distribution assets sold/ Net
assets transactions price price distributed gain
<S> <C> <C> <C> <C> <C>
The Walt Disney
Company Common
Stock Fund 142 $27,172,272
112 $15,646,693 $9,981,203 $5,665,490
Fidelity Management
Trust Company U.S.
Government Reserve 52 5,939,088
173 6,064,940 6,064,940
Magellan Fund 203 12,491,964
105 2,697,089 2,514,481 182,608
Inst. Short-Inter.
Gov't Portfolio
Fund 206 9,650,380
184 3,038,514 3,025,860 12,654
</TABLE>
F-17
<PAGE>
[TEXT]
EXHIBIT 23
CONSENT OF INDEPENDENT ACCOUNTANTS
We hereby consent to the incorporation by reference in the Prospectus
constituting part of the Registration Statement on Form S-8 (Nos. 33-26106,
33-35405 and 33-39770) of The Walt Disney Company of our report dated
June 7, 1994, appearing on page F-2 of Exhibit 99 to the 1993 Annual Report
on Form 10-K.
PRICE WATERHOUSE
Los Angeles, California
June 28, 1994
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