OPERATING ACTIVITIES CONSOLIDATED STATEMENTS OF CASH FLOWS (in millions) 2020 2019 2018 Net income (loss) from...

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OPERATING ACTIVITIES CONSOLIDATED STATEMENTS OF CASH FLOWS (in millions) 2020 2019 2018 Net income (loss) from continuing operations $ (2,442) S 10,897 $ 13,066 Depreciation and amortization 5,345 4,167 3,011 Goodwill and intangible asset impairments 4,953 - - Net gain on investments, acquisitions and dispositions (920) (4,733) (560) Deferred income taxes (392) 117 (1,573) Equity in the (income) loss of investees (651) 103 102 Cash distributions received from equity investees 774 754 775 Net change in produced and licensed content costs and advances 397 (542) (523) Net change in operating lease right of use assets / liabilities Equity-based compensation 31 - 525 711 393 Other 641 154 441 Changes in operating assets and liabilities, net of business acquisitions: Receivables 1,943 55 Inventories 14 (223) (720) (17) Other assets (157) 932 (927) Accounts payable and other liabilities (2,293) 191 235 Income taxes (152) (6,599) 592 Cash provided by operations - continuing operations 7,616 5,984 14,295 INVESTING ACTIVITIES Investments in parks, resorts and other property (4,022) (4,876) (4,465) Acquisitions (9,901) (1,581) Other 172 (319) 710 Cash used in investing activities - continuing operations (3,850) (15,096) (5,336) FINANCING ACTIVITIES Commercial paper borrowings (payments), net Borrowings (3,354) 4,318 (1,768) 18,120 38,240 1,056 Reduction of borrowings Dividends Repurchases of common stock (3,533) (38,881) (1,871) (1,587) (2,895) (2,515) (3,577) Proceeds from exercise of stock options 305 318 210 Contributions from /sales of noncontrolling interests 94 737 399 Acquisition of noncontrolling and redeemable noncontrolling interests Other (1,430) (1,565) (871) (777) Cash provided by (used in) financing activities - continuing operations 8,480 (464) (8,843) CASH FLOWS FROM DISCONTINUED OPERATIONS Cash provided by operations - discontinued operations Cash provided by investing activities - discontinued operations 2 213 622 10,978 Cash used in financing activities - discontinued operations Cash provided by discontinued operations Impact of exchange rates on cash, cash equivalents and restricted cash Change in cash, cash equivalents and restricted cash Cash, cash equivalents and restricted cash, beginning of year Cash, cash equivalents and restricted cash, end of year Supplemental disclosure of cash flow information: Interest paid Income taxes paid (626) 215 10,974 38 (98) 12,499 1,300 91 5,455 4,155 4,064 $ 17,954 5,455 $ 4,155 $ 1,559 $ 1,142 $ 631 S 738 S 9,259 $ 2,503 See Notes to Consolidated Financial Statements OPERATING ACTIVITIES CONSOLIDATED STATEMENTS OF CASH FLOWS (in millions) 2020 2019 2018 Net income (loss) from continuing operations $ (2,442) S 10,897 $ 13,066 Depreciation and amortization 5,345 4,167 3,011 Goodwill and intangible asset impairments 4,953 - - Net gain on investments, acquisitions and dispositions (920) (4,733) (560) Deferred income taxes (392) 117 (1,573) Equity in the (income) loss of investees (651) 103 102 Cash distributions received from equity investees 774 754 775 Net change in produced and licensed content costs and advances 397 (542) (523) Net change in operating lease right of use assets / liabilities Equity-based compensation 31 - 525 711 393 Other 641 154 441 Changes in operating assets and liabilities, net of business acquisitions: Receivables 1,943 55 Inventories 14 (223) (720) (17) Other assets (157) 932 (927) Accounts payable and other liabilities (2,293) 191 235 Income taxes (152) (6,599) 592 Cash provided by operations - continuing operations 7,616 5,984 14,295 INVESTING ACTIVITIES Investments in parks, resorts and other property (4,022) (4,876) (4,465) Acquisitions (9,901) (1,581) Other 172 (319) 710 Cash used in investing activities - continuing operations (3,850) (15,096) (5,336) FINANCING ACTIVITIES Commercial paper borrowings (payments), net Borrowings (3,354) 4,318 (1,768) 18,120 38,240 1,056 Reduction of borrowings Dividends Repurchases of common stock (3,533) (38,881) (1,871) (1,587) (2,895) (2,515) (3,577) Proceeds from exercise of stock options 305 318 210 Contributions from /sales of noncontrolling interests 94 737 399 Acquisition of noncontrolling and redeemable noncontrolling interests Other (1,430) (1,565) (871) (777) Cash provided by (used in) financing activities - continuing operations 8,480 (464) (8,843) CASH FLOWS FROM DISCONTINUED OPERATIONS Cash provided by operations - discontinued operations Cash provided by investing activities - discontinued operations 2 213 622 10,978 Cash used in financing activities - discontinued operations Cash provided by discontinued operations Impact of exchange rates on cash, cash equivalents and restricted cash Change in cash, cash equivalents and restricted cash Cash, cash equivalents and restricted cash, beginning of year Cash, cash equivalents and restricted cash, end of year Supplemental disclosure of cash flow information: Interest paid Income taxes paid (626) 215 10,974 38 (98) 12,499 1,300 91 5,455 4,155 4,064 $ 17,954 5,455 $ 4,155 $ 1,559 $ 1,142 $ 631 S 738 S 9,259 $ 2,503 See Notes to Consolidated Financial Statements