Deciphering Financial Statements (The Walt Disney Company)

The 2011 financial statements for The Walt Disney Company can be found on the Internet.

Using the financial statements and information contained in the notes, determine how much income tax expense Disney reported for the fiscal year ended October 1, 2011.

Referring to the note on income taxes, how much of the tax expense relates to current items, and how much relates to deferred items?

ITEM 6. Selected Financial Data (in millions, except per share data) 2010 200S (4 2007 Statements of income 40,893 3S,063 36,149 37,843 35,510 Revermees Income from c operations 5,25S 4,313 3,609 4,729 4,851 Income from contirming operations attributable to Disney 4,S07 3,963 3,307 4,427 4.674 Per common share Earning from contimuing operations attributable to Disney Diluted Basic Dividends Balance sheets Total asset 16,939 14,889 Long-tem obligations 17,717 33,734 Disney shareholders' equity 32,323 30,753 Statements of cash flows Cash provided (used) by 6,994 6,57S 5,319 5,519 Continuing operating activities 5,6S5 Contiming investing activities 3,286 (4,523) (1,755 Contiming financing activities 3,233 (3,111) 4,20S 3,STS) The fiscal 2011 results include restructuring and impairment charges that rounded to $0.00 per dihated share and gains on the sales of Miramax and BASS ($0.02 per diluted share) which collectively resulted in a net adverse impact of $0.02 per diluted share.See the discussion of the per share impacts in Item 7 During fiscal 2010, the Company completed a cash and stock acquisition for the outstanding capital stock ofMarvel for $4.2 billion (ee Note 4 to the Consolidated Financial Statements for further discussion In addition, results include restructuring and impairment charges ($0.09 per diluted share), gains on the sales of investments in tro television services in Europe ($0.02 per diluted share), a gain on the sale of the Power Rangers property ($0.01 per diluted share), and an account gain related to the acquisition of The Disney Store Japan ($0.01 per diluted share). Inchiding the impact of rounding, these items collectively resulted in a net adverse impact of$0.04 per diluted share The fiscal 2009 results include restructuring and impairment charges ($0.17 per dihuted share), a non-cash gain in connection with the AETN /Lifetime merger ($00S per diluted share) and a gain on the sale of our investrment in two pay television services in Latin America ($0.04 per diluted share). Including the impact of rounding, these items collectively resulted in a net adverse impactof$0.06 per diluted share The fiscal 200S results include an accounting gain related to the acquisition of the Disney Stores North America and a gain on the sale of movies.com (together $0.01 per diluted share), the favorable resolution of certainincome tax matters ($0.03 per dihuted share), a bad debt charge for a receivable from Lehman Brothers ($0.03 per dihated share) and an impairment charge ($0.01 per diluted share). These items collectively had no net impact on eamings per s During fiscal 2007, the Company conchaded the spin-off of the ABC Radio business and thus reports ABC Radio as discontimed operations for all pe presented. The fiscal 2007 results include gains from the sales of E! Entertainment and Us Weekly (together $0.31 per dihuted share), the favorable resolution of certainincome tax matters ($0.03 per dihuted share), an equity-based compensation plan modification charge ($0.01 per diluted share) and an impairment charge ($0.01 per diluted share). These items collectively resulted in a net benefit of$0.32 per diluted share 25