filings.toolsItem 6. Selected Financial Data
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Item 6. Selected Financial Data
(in millions, except per share data)
| 2020**(1)** | 2019(2) | 2018(3) | 2017(4) | 2016(5) | |||||||||||||||||||||||||
| Statements of operations | |||||||||||||||||||||||||||||
| Revenues | $ | 65,388 | $ | 69,607 | $ | 59,434 | $ | 55,137 | $ | 55,632 | |||||||||||||||||||
| Net income (loss) from continuing operations | (2,442) | 10,897 | 13,066 | 9,366 | 9,790 | ||||||||||||||||||||||||
| Net income (loss) from continuing operations attributable to Disney | (2,832) | 10,425 | 12,598 | 8,980 | 9,391 | ||||||||||||||||||||||||
| Per common share | |||||||||||||||||||||||||||||
| Earnings (loss) attributable to Disney: | |||||||||||||||||||||||||||||
| Continuing Operations - Diluted | $ | (1.57) | $ | 6.26 | $ | 8.36 | $ | 5.69 | $ | 5.73 | |||||||||||||||||||
| Continuing Operations - Basic | (1.57) | 6.30 | 8.40 | 5.73 | 5.76 | ||||||||||||||||||||||||
| Dividends | 0.88 | 1.76 | 1.68 | 1.56 | 1.42 | ||||||||||||||||||||||||
| Balance sheets | |||||||||||||||||||||||||||||
| Total assets | $ | 201,549 | $ | 193,984 | $ | 98,598 | $ | 95,789 | $ | 92,033 | |||||||||||||||||||
| Long-term obligations | 79,370 | 60,852 | 24,797 | 26,710 | 24,189 | ||||||||||||||||||||||||
| Disney shareholders’ equity | 83,583 | 88,877 | 48,773 | 41,315 | 43,265 | ||||||||||||||||||||||||
| Statements of cash flows | |||||||||||||||||||||||||||||
| Cash provided (used) by - continuing operations: | |||||||||||||||||||||||||||||
| Operating activities | $ | 7,616 | $ | 5,984 | $ | 14,295 | $ | 12,343 | $ | 13,136 | |||||||||||||||||||
| Investing activities | (3,850) | (15,096) | (5,336) | (4,111) | (5,758) | ||||||||||||||||||||||||
| Financing activities | 8,480 | (464) | (8,843) | (8,959) | (7,220) |
(1)Fiscal 2020 results include the impact of COVID-19 (estimated at approximately $3.19 per diluted share), goodwill and intangible asset impairments at our International Channels business ($2.53 per diluted share), amortization expense related to recognition of TFCF and Hulu intangible assets and fair value step-up on film and television costs ($1.17 per diluted share), a non-cash gain to adjust our investment in DraftKings, Inc. to fair value (DraftKings gain) ($0.41 per diluted share) and restructuring and impairment charges ($0.33 per diluted share). At the beginning of fiscal 2020, the Company adopted new lease accounting guidance increasing total assets and liabilities by approximately $3.7 billion.
(2)On March 20, 2019, the Company acquired TFCF for cash and Disney shares (see Note 4 to the Consolidated Financial Statements). TFCF and Hulu’s financial results have been consolidated since the date of acquisition. The acquisition had a number of impacts on fiscal 2019 results, the most significant of which were a non-cash gain from remeasuring our initial 30% interest in Hulu to fair value ($2.22 per diluted share), amortization expense related to recognition of TFCF and Hulu intangible assets and fair value step-up on film and television costs ($0.74 per diluted share), restructuring and impairment charges ($0.55 per diluted share), an adverse impact from TFCF and Hulu operating results ($0.27 per diluted share) and a charge for the extinguishment of a portion of the debt originally assumed in the TFCF acquisition ($0.24 per diluted share). Fiscal 2019 results also reflected equity investment impairments ($0.25 per diluted share). Cash provided by continuing operating activities reflected payments for tax obligations that arose from the spin-off of Fox Corporation in connection with the TFCF acquisition and the sale of the Regional Sports Networks (RSN) acquired with TFCF ($7.6 billion). Cash used in continuing investing activities reflected a cash payment of $35.7 billion paid to acquire TFCF, offset by $25.7 billion in cash and cash equivalents assumed in the TFCF acquisition.
(3)Fiscal 2018 results include a net benefit from the Tax Act Deferred Remeasurement, net of the Deemed Repatriation Tax ($1.11 per diluted share) and the Tax Act reduction in the fiscal 2018 U.S. federal statutory income tax rate ($0.75 per diluted share) (see Note 10 to the Consolidated Financial Statements). In addition, fiscal 2018 included gains on the sales of real estate and property rights ($0.28 per diluted share) and an adverse impact from equity investment impairments ($0.11 per diluted share).
(4)Fiscal 2017 results include a non-cash net gain in connection with the acquisition of a controlling interest in BAMTech ($0.10 per diluted share).
(5)Fiscal 2016 results include the Company’s share of a net gain recognized by A+E in connection with an acquisition of an interest in Vice ($0.13 per diluted share).
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