The Walt Disney Company reported the following in its 2010 annual report (in millions).

Required:
1. Note that in all three years, net cash provided by operating activities is greater than net income. Given what you know about the Walt Disney Company from your own personal observations, provide one reason that could explain the sizable difference between net income and net cash provided by operating activities.
2. Based on the results for the three years, do you believe that Walt Disney Company needed external financing to purchase parks, resorts, and other property during theseyears?

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2010 2009 2008 Net income Net cash provided by operating activities Purchase of parks, resorts, and other property $4,313 6,578 (2,110) 3,609 5,319 (1,753) $4,729 5,701 (1,578)