Delaware | 83-0940635 | |||||||
State or Other Jurisdiction of | I.R.S. Employer Identification | |||||||
Incorporation or Organization | ||||||||
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
Common Stock, $0.01 par value | DIS | New York Stock Exchange |
Large accelerated filer | Accelerated filer | |||||||||||||||||||
Non-accelerated filer | Smaller reporting company | |||||||||||||||||||
Emerging growth company |
Quarter Ended | |||||||||||||||||||||||
January 2, 2021 | December 28, 2019 | ||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||
Services | $ | 14,871 | $ | 18,094 | |||||||||||||||||||
Products | 1,378 | 2,783 | |||||||||||||||||||||
Total revenues | 16,249 | 20,877 | |||||||||||||||||||||
Costs and expenses: | |||||||||||||||||||||||
Cost of services (exclusive of depreciation and amortization) | (10,738) | (11,395) | |||||||||||||||||||||
Cost of products (exclusive of depreciation and amortization) | (1,037) | (1,639) | |||||||||||||||||||||
Selling, general, administrative and other | (2,917) | (3,709) | |||||||||||||||||||||
Depreciation and amortization | (1,298) | (1,299) | |||||||||||||||||||||
Total costs and expenses | (15,990) | (18,042) | |||||||||||||||||||||
Restructuring and impairment charges | (113) | (150) | |||||||||||||||||||||
Interest expense, net | (324) | (283) | |||||||||||||||||||||
Equity in the income of investees | 224 | 224 | |||||||||||||||||||||
Income from continuing operations before income taxes | 46 | 2,626 | |||||||||||||||||||||
Income taxes on continuing operations | (16) | (458) | |||||||||||||||||||||
Net income from continuing operations | 30 | 2,168 | |||||||||||||||||||||
Loss from discontinued operations, net of income tax benefit of $4 and $7, respectively | (12) | (21) | |||||||||||||||||||||
Net income | 18 | 2,147 | |||||||||||||||||||||
Net income from continuing operations attributable to noncontrolling interests | (1) | (40) | |||||||||||||||||||||
Net income attributable to The Walt Disney Company (Disney) | $ | 17 | $ | 2,107 | |||||||||||||||||||
Earnings (loss) per share attributable to Disney(1): | |||||||||||||||||||||||
Diluted | |||||||||||||||||||||||
Continuing operations | $ | 0.02 | $ | 1.17 | |||||||||||||||||||
Discontinued operations | (0.01) | (0.01) | |||||||||||||||||||||
$ | 0.01 | $ | 1.16 | ||||||||||||||||||||
Basic | |||||||||||||||||||||||
Continuing operations | $ | 0.02 | $ | 1.18 | |||||||||||||||||||
Discontinued operations | (0.01) | (0.01) | |||||||||||||||||||||
$ | 0.01 | $ | 1.17 | ||||||||||||||||||||
Weighted average number of common and common equivalent shares outstanding: | |||||||||||||||||||||||
Diluted | 1,823 | 1,817 | |||||||||||||||||||||
Basic | 1,812 | 1,805 | |||||||||||||||||||||
Quarter Ended | Six Months Ended | ||||||||||||||
March 30, 2019 | March 31, 2018 | March 30, 2019 | March 31, 2018 | ||||||||||||
Revenues: | |||||||||||||||
Services | $ | 13,006 | $ | 12,520 | $ | 25,872 | $ | 25,504 | |||||||
Products | 1,916 | 2,028 | 4,353 | 4,395 | |||||||||||
Total revenues | 14,922 | 14,548 | 30,225 | 29,899 | |||||||||||
Costs and expenses: | |||||||||||||||
Cost of services (exclusive of depreciation and amortization) | (7,167 | ) | (6,313 | ) | (14,731 | ) | (13,637 | ) | |||||||
Cost of products (exclusive of depreciation and amortization) | (1,209 | ) | (1,228 | ) | (2,646 | ) | (2,633 | ) | |||||||
Selling, general, administrative and other | (2,327 | ) | (2,239 | ) | (4,479 | ) | (4,326 | ) | |||||||
Depreciation and amortization | (828 | ) | (731 | ) | (1,560 | ) | (1,473 | ) | |||||||
Total costs and expenses | (11,531 | ) | (10,511 | ) | (23,416 | ) | (22,069 | ) | |||||||
Restructuring and impairment charges | (662 | ) | (13 | ) | (662 | ) | (28 | ) | |||||||
Other income | 4,963 | 41 | 4,963 | 94 | |||||||||||
Interest expense, net | (143 | ) | (143 | ) | (206 | ) | (272 | ) | |||||||
Equity in the income / (loss) of investees, net | (312 | ) | 6 | (236 | ) | 49 | |||||||||
Income from continuing operations before income taxes | 7,237 | 3,928 | 10,668 | 7,673 | |||||||||||
Income taxes from continuing operations | (1,647 | ) | (813 | ) | (2,292 | ) | (85 | ) | |||||||
Net income from continuing operations | 5,590 | 3,115 | 8,376 | 7,588 | |||||||||||
Income (loss) from discontinued operations (net of income taxes of $5, $0, $5 and $0, respectively) | 21 | — | 21 | — | |||||||||||
Consolidated net income | 5,611 | 3,115 | 8,397 | 7,588 | |||||||||||
Less: Net income attributable to noncontrolling interests | (159 | ) | (178 | ) | (157 | ) | (228 | ) | |||||||
Net income attributable to The Walt Disney Company (Disney) | $ | 5,452 | $ | 2,937 | $ | 8,240 | $ | 7,360 | |||||||
Earnings per share attributable to Disney: | |||||||||||||||
Continuing operations | $ | 3.53 | $ | 1.95 | $ | 5.42 | $ | 4.86 | |||||||
Discontinued operations | 0.01 | — | 0.01 | — | |||||||||||
Diluted | $ | 3.55 | $ | 1.95 | $ | 5.43 | $ | 4.86 | |||||||
Continuing operations | $ | 3.55 | $ | 1.95 | $ | 5.44 | $ | 4.88 | |||||||
Discontinued operations | 0.01 | — | 0.01 | — | |||||||||||
Basic | $ | 3.56 | $ | 1.95 | $ | 5.46 | $ | 4.88 | |||||||
Weighted average number of common and common equivalent shares outstanding: | |||||||||||||||
Diluted | 1,537 | 1,510 | 1,517 | 1,515 | |||||||||||
Basic | 1,530 | 1,503 | 1,510 | 1,507 |
Quarter Ended | Six Months Ended | ||||||||||||||
March 30, 2019 | March 31, 2018 | March 30, 2019 | March 31, 2018 | ||||||||||||
Consolidated net income | $ | 5,611 | $ | 3,115 | $ | 8,397 | $ | 7,588 | |||||||
Other comprehensive income/(loss), net of tax: | |||||||||||||||
Market value adjustments for investments | (4 | ) | 7 | (4 | ) | 6 | |||||||||
Market value adjustments for hedges | (80 | ) | (112 | ) | (89 | ) | (94 | ) | |||||||
Pension and postretirement medical plan adjustments | 68 | 94 | 121 | 155 | |||||||||||
Foreign currency translation and other | 46 | 144 | 25 | 231 | |||||||||||
Other comprehensive income | 30 | 133 | 53 | 298 | |||||||||||
Comprehensive income | 5,641 | 3,248 | 8,450 | 7,886 | |||||||||||
Net income attributable to noncontrolling interests, including redeemable noncontrolling interests | (159 | ) | (178 | ) | (157 | ) | (228 | ) | |||||||
Other comprehensive income attributable to noncontrolling interests | (34 | ) | (74 | ) | (36 | ) | (115 | ) | |||||||
Comprehensive income attributable to Disney | $ | 5,448 | $ | 2,996 | $ | 8,257 | $ | 7,543 |
Quarter Ended | |||||||||||||||||||||||
January 2, 2021 | December 28, 2019 | ||||||||||||||||||||||
Net income | $ | 18 | $ | 2,147 | |||||||||||||||||||
Other comprehensive income (loss), net of tax: | |||||||||||||||||||||||
Market value adjustments, primarily for hedges | (173) | (107) | |||||||||||||||||||||
Pension and postretirement medical plan adjustments | 150 | 107 | |||||||||||||||||||||
Foreign currency translation and other | 277 | 127 | |||||||||||||||||||||
Other comprehensive income | 254 | 127 | |||||||||||||||||||||
Comprehensive income | 272 | 2,274 | |||||||||||||||||||||
Net income from continuing operations attributable to noncontrolling interests | (1) | (40) | |||||||||||||||||||||
Other comprehensive income attributable to noncontrolling interests | (73) | (43) | |||||||||||||||||||||
Comprehensive income attributable to Disney | $ | 198 | $ | 2,191 |
March 30, 2019 | September 29, 2018 | January 2, 2021 | October 3, 2020 | |||||||||||||||
ASSETS | ASSETS | |||||||||||||||||
Current assets | Current assets | |||||||||||||||||
Cash and cash equivalents | $ | 10,108 | $ | 4,150 | Cash and cash equivalents | $ | 17,068 | $ | 17,914 | |||||||||
Receivables | 14,593 | 9,334 | Receivables | 14,051 | 12,708 | |||||||||||||
Inventories | 1,445 | 1,392 | Inventories | 1,480 | 1,583 | |||||||||||||
Television costs and advances | 5,408 | 1,314 | ||||||||||||||||
Content advances | Content advances | 1,423 | 2,171 | |||||||||||||||
Other current assets | 1,257 | 635 | Other current assets | 852 | 875 | |||||||||||||
Assets held for sale | 1,466 | — | ||||||||||||||||
Total current assets | 34,277 | 16,825 | Total current assets | 34,874 | 35,251 | |||||||||||||
Film and television costs | 24,353 | 7,888 | ||||||||||||||||
Produced and licensed content costs | Produced and licensed content costs | 25,929 | 25,022 | |||||||||||||||
Investments | 4,080 | 2,899 | Investments | 4,037 | 3,903 | |||||||||||||
Parks, resorts and other property | Parks, resorts and other property | |||||||||||||||||
Attractions, buildings and equipment | 57,991 | 55,238 | Attractions, buildings and equipment | 63,017 | 62,111 | |||||||||||||
Accumulated depreciation | (33,132 | ) | (30,764 | ) | Accumulated depreciation | (36,380) | (35,517) | |||||||||||
24,859 | 24,474 | 26,637 | 26,594 | |||||||||||||||
Projects in progress | 4,984 | 3,942 | Projects in progress | 4,547 | 4,449 | |||||||||||||
Land | 1,174 | 1,124 | Land | 1,079 | 1,035 | |||||||||||||
31,017 | 29,540 | 32,263 | 32,078 | |||||||||||||||
Intangible assets, net | 26,985 | 6,812 | Intangible assets, net | 18,642 | 19,173 | |||||||||||||
Goodwill | 75,057 | 31,269 | Goodwill | 77,800 | 77,689 | |||||||||||||
Noncurrent assets held for sale | 13,182 | — | ||||||||||||||||
Other assets | 5,391 | 3,365 | Other assets | 8,343 | 8,433 | |||||||||||||
Total assets | $ | 214,342 | $ | 98,598 | Total assets | $ | 201,888 | $ | 201,549 | |||||||||
LIABILITIES AND EQUITY | LIABILITIES AND EQUITY | |||||||||||||||||
Current liabilities | Current liabilities | |||||||||||||||||
Accounts payable and other accrued liabilities | $ | 20,503 | $ | 9,479 | Accounts payable and other accrued liabilities | $ | 16,846 | $ | 16,801 | |||||||||
Current portion of borrowings | 19,158 | 3,790 | Current portion of borrowings | 5,397 | 5,711 | |||||||||||||
Deferred revenue and other | 4,281 | 4,591 | Deferred revenue and other | 4,303 | 4,116 | |||||||||||||
Liabilities held for sale | 434 | — | ||||||||||||||||
Total current liabilities | 44,376 | 17,860 | Total current liabilities | 26,546 | 26,628 | |||||||||||||
Borrowings | 37,803 | 17,084 | Borrowings | 52,878 | 52,917 | |||||||||||||
Deferred income taxes | 11,208 | 3,109 | Deferred income taxes | 7,201 | 7,288 | |||||||||||||
Noncurrent liabilities held for sale | 2,659 | — | ||||||||||||||||
Other long-term liabilities | 12,854 | 6,590 | Other long-term liabilities | 17,205 | 17,204 | |||||||||||||
Commitments and contingencies (Note 13) | ||||||||||||||||||
Commitments and contingencies (Note 12) | Commitments and contingencies (Note 12) | 0 | 0 | |||||||||||||||
Redeemable noncontrolling interests | 1,103 | 1,123 | Redeemable noncontrolling interests | 9,330 | 9,249 | |||||||||||||
Equity | Equity | |||||||||||||||||
Preferred stock | — | — | Preferred stock | 0 | 0 | |||||||||||||
Common stock, $0.01 par value, Authorized – 4.6 billion shares, Issued – 1.8 billion shares at March 30, 2019 and 2.9 billion shares at September 29, 2018 | 53,419 | 36,779 | ||||||||||||||||
Common stock, $0.01 par value, Authorized – 4.6 billion shares, Issued – 1.8 billion shares | Common stock, $0.01 par value, Authorized – 4.6 billion shares, Issued – 1.8 billion shares | 54,663 | 54,497 | |||||||||||||||
Retained earnings | 41,212 | 82,679 | Retained earnings | 38,456 | 38,315 | |||||||||||||
Accumulated other comprehensive loss | (3,786 | ) | (3,097 | ) | Accumulated other comprehensive loss | (8,141) | (8,322) | |||||||||||
90,845 | 116,361 | |||||||||||||||||
Treasury stock, at cost, 19 million shares at March 30, 2019 and 1.4 billion shares at September 29, 2018 | (907 | ) | (67,588 | ) | ||||||||||||||
Treasury stock, at cost, 19 million shares | Treasury stock, at cost, 19 million shares | (907) | (907) | |||||||||||||||
Total Disney Shareholders’ equity | 89,938 | 48,773 | Total Disney Shareholders’ equity | 84,071 | 83,583 | |||||||||||||
Noncontrolling interests | 14,401 | 4,059 | Noncontrolling interests | 4,657 | 4,680 | |||||||||||||
Total equity | 104,339 | 52,832 | Total equity | 88,728 | 88,263 | |||||||||||||
Total liabilities and equity | $ | 214,342 | $ | 98,598 | Total liabilities and equity | $ | 201,888 | $ | 201,549 |
Six Months Ended | Quarter Ended | |||||||||||||||||
March 30, 2019 | March 31, 2018 | January 2, 2021 | December 28, 2019 | |||||||||||||||
OPERATING ACTIVITIES | OPERATING ACTIVITIES | |||||||||||||||||
Net income from continuing operations | $ | 8,376 | $ | 7,588 | Net income from continuing operations | $ | 30 | $ | 2,168 | |||||||||
Depreciation and amortization | 1,560 | 1,473 | Depreciation and amortization | 1,298 | 1,299 | |||||||||||||
Gain on acquisition | (4,917 | ) | — | |||||||||||||||
Net gain on investments | Net gain on investments | (80) | 3 | |||||||||||||||
Deferred income taxes | 1,190 | (1,623 | ) | Deferred income taxes | (105) | 534 | ||||||||||||
Equity in the (income) / loss of investees | 236 | (49 | ) | |||||||||||||||
Equity in the income of investees | Equity in the income of investees | (224) | (224) | |||||||||||||||
Cash distributions received from equity investees | 370 | 389 | Cash distributions received from equity investees | 193 | 219 | |||||||||||||
Net change in film and television costs and advances | (281 | ) | (490 | ) | ||||||||||||||
Net change in produced and licensed content costs and advances | Net change in produced and licensed content costs and advances | 771 | (77) | |||||||||||||||
Net change in operating lease right of use assets / liabilities | Net change in operating lease right of use assets / liabilities | 36 | (2) | |||||||||||||||
Equity-based compensation | 475 | 194 | Equity-based compensation | 134 | 115 | |||||||||||||
Other | 121 | 155 | Other | 90 | 66 | |||||||||||||
Changes in operating assets and liabilities, net of business acquisitions: | Changes in operating assets and liabilities, net of business acquisitions: | |||||||||||||||||
Receivables | (386 | ) | (1,004 | ) | Receivables | (1,324) | (1,424) | |||||||||||
Inventories | (19 | ) | 64 | Inventories | 94 | 81 | ||||||||||||
Other assets | 46 | (248 | ) | Other assets | (136) | (158) | ||||||||||||
Accounts payable and other liabilities | (283 | ) | (92 | ) | Accounts payable and other liabilities | (642) | (714) | |||||||||||
Income taxes | (474 | ) | 406 | Income taxes | (60) | (256) | ||||||||||||
Cash provided by operations - continuing operations | 6,014 | 6,763 | Cash provided by operations - continuing operations | 75 | 1,630 | |||||||||||||
INVESTING ACTIVITIES | INVESTING ACTIVITIES | |||||||||||||||||
Investments in parks, resorts and other property | (2,390 | ) | (2,044 | ) | Investments in parks, resorts and other property | (760) | (1,338) | |||||||||||
Acquisitions | (9,901 | ) | (1,581 | ) | ||||||||||||||
Other | (392 | ) | (180 | ) | Other | 28 | (12) | |||||||||||
Cash used in investing activities - continuing operations | (12,683 | ) | (3,805 | ) | Cash used in investing activities - continuing operations | (732) | (1,350) | |||||||||||
FINANCING ACTIVITIES | FINANCING ACTIVITIES | |||||||||||||||||
Commercial paper borrowings, net | 376 | 1,372 | ||||||||||||||||
Commercial paper borrowings (payments), net | Commercial paper borrowings (payments), net | (179) | 1,172 | |||||||||||||||
Borrowings | 31,145 | 1,048 | Borrowings | 1 | 51 | |||||||||||||
Reduction of borrowings | (17,398 | ) | (1,350 | ) | Reduction of borrowings | (139) | (46) | |||||||||||
Dividends | (1,310 | ) | (1,266 | ) | ||||||||||||||
Repurchases of common stock | — | (2,608 | ) | |||||||||||||||
Proceeds from exercise of stock options | 83 | 91 | Proceeds from exercise of stock options | 209 | 126 | |||||||||||||
Other | (200 | ) | (169 | ) | Other | (225) | (186) | |||||||||||
Cash provided by / (used in) financing activities - continuing operations | 12,696 | (2,882 | ) | |||||||||||||||
Cash provided by (used in) financing activities - continuing operations | Cash provided by (used in) financing activities - continuing operations | (333) | 1,117 | |||||||||||||||
CASH FLOWS FROM DISCONTINUED OPERATIONS | CASH FLOWS FROM DISCONTINUED OPERATIONS | |||||||||||||||||
Cash used in operations - discontinued operations | (35 | ) | — | |||||||||||||||
Cash provided by (used in) operations - discontinued operations | Cash provided by (used in) operations - discontinued operations | 9 | (19) | |||||||||||||||
Impact of exchange rates on cash, cash equivalents and restricted cash | 75 | 55 | Impact of exchange rates on cash, cash equivalents and restricted cash | 139 | 41 | |||||||||||||
Change in cash, cash equivalents and restricted cash | 6,067 | 131 | Change in cash, cash equivalents and restricted cash | (842) | 1,419 | |||||||||||||
Cash, cash equivalents and restricted cash, beginning of period | 4,155 | 4,064 | Cash, cash equivalents and restricted cash, beginning of period | 17,954 | 5,455 | |||||||||||||
Cash, cash equivalents and restricted cash, end of period | $ | 10,222 | $ | 4,195 | Cash, cash equivalents and restricted cash, end of period | $ | 17,112 | $ | 6,874 |
Quarter Ended | |||||||||||||||||||||||||||||||
Equity Attributable to Disney | |||||||||||||||||||||||||||||||
Shares | Common Stock | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Treasury Stock | Total Disney Equity | Non-controlling Interests (1) | Total Equity | ||||||||||||||||||||||||
Balance at December 29, 2018 | 1,490 | $ | 36,799 | $ | 84,887 | $ | (3,782 | ) | $ | (67,588 | ) | $ | 50,316 | $ | 4,077 | $ | 54,393 | ||||||||||||||
Comprehensive income | — | — | 5,452 | (4 | ) | — | 5,448 | 191 | 5,639 | ||||||||||||||||||||||
Equity compensation activity | 1 | 395 | — | — | — | 395 | — | 395 | |||||||||||||||||||||||
Dividends | — | 8 | (8 | ) | — | — | — | — | — | ||||||||||||||||||||||
Contributions | — | — | — | — | — | — | 27 | 27 | |||||||||||||||||||||||
Acquisition of 21CF | 307 | 33,804 | — | — | — | 33,804 | 10,638 | 44,442 | |||||||||||||||||||||||
Retirement of treasury stock | — | (17,563 | ) | (49,118 | ) | — | 66,681 | — | — | — | |||||||||||||||||||||
Distributions and other | — | (24 | ) | (1 | ) | — | — | (25 | ) | (532 | ) | (557 | ) | ||||||||||||||||||
Balance at March 30, 2019 | 1,798 | $ | 53,419 | $ | 41,212 | $ | (3,786 | ) | $ | (907 | ) | $ | 89,938 | $ | 14,401 | $ | 104,339 | ||||||||||||||
Balance at December 30, 2017 | 1,507 | $ | 36,254 | $ | 75,763 | $ | (3,404 | ) | $ | (65,324 | ) | $ | 43,289 | $ | 3,794 | $ | 47,083 | ||||||||||||||
Comprehensive income | — | — | 2,937 | 59 | — | 2,996 | 251 | 3,247 | |||||||||||||||||||||||
Equity compensation activity | 1 | 157 | — | — | — | 157 | — | 157 | |||||||||||||||||||||||
Common stock repurchases | (12 | ) | — | — | — | (1,295 | ) | (1,295 | ) | — | (1,295 | ) | |||||||||||||||||||
Distributions and other | — | — | 4 | — | — | 4 | (545 | ) | (541 | ) | |||||||||||||||||||||
Balance at March 31, 2018 | 1,496 | $ | 36,411 | $ | 78,704 | $ | (3,345 | ) | $ | (66,619 | ) | $ | 45,151 | $ | 3,500 | $ | 48,651 |
(1)Excludes redeemable noncontrolling interests. |
Six Months Ended | |||||||||||||||||||||||||||||||
Equity Attributable to Disney | |||||||||||||||||||||||||||||||
Shares | Common Stock | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Treasury Stock | Total Disney Equity | Non-controlling Interests (1) | Total Equity | ||||||||||||||||||||||||
Balance at September 29, 2018 | 1,488 | $ | 36,779 | $ | 82,679 | $ | (3,097 | ) | $ | (67,588 | ) | $ | 48,773 | $ | 4,059 | $ | 52,832 | ||||||||||||||
Comprehensive income | — | — | 8,240 | 17 | — | 8,257 | 190 | 8,447 | |||||||||||||||||||||||
Equity compensation activity | 3 | 415 | — | — | — | 415 | — | 415 | |||||||||||||||||||||||
Dividends | — | 8 | (1,318 | ) | — | — | (1,310 | ) | — | (1,310 | ) | ||||||||||||||||||||
Contributions | — | — | — | — | — | — | 47 | 47 | |||||||||||||||||||||||
Acquisition of 21CF | 307 | 33,804 | — | — | — | 33,804 | 10,638 | 44,442 | |||||||||||||||||||||||
Adoption of new accounting guidance: | |||||||||||||||||||||||||||||||
Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income | — | — | 691 | (691 | ) | — | — | — | — | ||||||||||||||||||||||
Intra-Entity Transfers of Assets Other Than Inventory | — | — | 129 | — | — | 129 | — | 129 | |||||||||||||||||||||||
Revenues from Contracts with Customers | — | — | (116 | ) | — | — | (116 | ) | — | (116 | ) | ||||||||||||||||||||
Other | — | — | 22 | (15 | ) | — | 7 | — | 7 | ||||||||||||||||||||||
Retirement of treasury stock | — | (17,563 | ) | (49,118 | ) | — | 66,681 | — | — | — | |||||||||||||||||||||
Distributions and other | — | (24 | ) | 3 | — | — | (21 | ) | (533 | ) | (554 | ) | |||||||||||||||||||
Balance at March 30, 2019 | 1,798 | $ | 53,419 | $ | 41,212 | $ | (3,786 | ) | $ | (907 | ) | $ | 89,938 | $ | 14,401 | $ | 104,339 | ||||||||||||||
Balance at September 30, 2017 | 1,517 | $ | 36,248 | $ | 72,606 | $ | (3,528 | ) | $ | (64,011 | ) | $ | 41,315 | $ | 3,689 | $ | 45,004 | ||||||||||||||
Comprehensive income | — | — | 7,360 | 183 | — | 7,543 | 348 | 7,891 | |||||||||||||||||||||||
Equity compensation activity | 4 | 163 | — | — | — | 163 | — | 163 | |||||||||||||||||||||||
Common stock repurchases | (25 | ) | — | — | — | (2,608 | ) | (2,608 | ) | — | (2,608 | ) | |||||||||||||||||||
Dividends | — | — | (1,266 | ) | — | — | (1,266 | ) | — | (1,266 | ) | ||||||||||||||||||||
Distributions and other | — | — | 4 | — | — | 4 | (537 | ) | (533 | ) | |||||||||||||||||||||
Balance at March 31, 2018 | 1,496 | $ | 36,411 | $ | 78,704 | $ | (3,345 | ) | $ | (66,619 | ) | $ | 45,151 | $ | 3,500 | $ | 48,651 |
◦Operating expenses consist primarily of programming |
Quarter Ended | Six Months Ended | ||||||||||||||
March 30, 2019 | March 31, 2018 | March 30, 2019 | March 31, 2018 | ||||||||||||
Revenues (1): | |||||||||||||||
Media Networks | $ | 5,525 | $ | 5,508 | $ | 11,446 | $ | 11,063 | |||||||
Parks, Experiences and Products | 6,169 | 5,903 | 12,993 | 12,430 | |||||||||||
Studio Entertainment | 2,134 | 2,499 | 3,958 | 5,008 | |||||||||||
Direct-to-Consumer & International | 955 | 831 | 1,873 | 1,762 | |||||||||||
21CF | 373 | — | 373 | — | |||||||||||
Eliminations(2) | (234 | ) | (193 | ) | (418 | ) | (364 | ) | |||||||
$ | 14,922 | $ | 14,548 | $ | 30,225 | $ | 29,899 | ||||||||
Segment operating income (1): | |||||||||||||||
Media Networks | $ | 2,185 | $ | 2,258 | $ | 3,515 | $ | 3,501 | |||||||
Parks, Experiences and Products | 1,506 | 1,309 | 3,658 | 3,263 | |||||||||||
Studio Entertainment | 534 | 874 | 843 | 1,699 | |||||||||||
Direct-to-Consumer & International | (393 | ) | (188 | ) | (529 | ) | (230 | ) | |||||||
21CF | 25 | — | 25 | — | |||||||||||
Eliminations(2) | (41 | ) | (16 | ) | (41 | ) | (10 | ) | |||||||
$ | 3,816 | $ | 4,237 | $ | 7,471 | $ | 8,223 |
Segment operating results include allocations of certain costs, including information technology, pension, legal and other shared services costs, which are allocated based on metrics designed to correlate with consumption. Impact of COVID-19 Since early 2020, the world has been, and continues to be, impacted by the novel coronavirus (COVID-19) pandemic. COVID-19 and measures to prevent its spread are impacting our segments in a number of ways, most significantly at DPEP where our theme parks have been closed or operating at significantly reduced capacity and cruise ship sailings and guided tours have been suspended. We have delayed, or in some cases, shortened or canceled, theatrical releases, and stage play performances have been suspended. Since March 2020, we have experienced significant disruptions in the production and availability of content, including the shift of key live sports programming from the third quarter of fiscal 2020 to the fourth quarter and into fiscal 2021 as well as the suspension of most film and television content late in the second quarter of fiscal 2020. Although most film and television production activities have resumed beginning in the fourth quarter of fiscal 2020, we continue to see disruption in production activities depending on local circumstances. The impact of these disruptions and the extent of their adverse impact on our financial and operating results will be dictated by the length of time that such disruptions continue, which will, in turn, depend on the currently unknowable duration and severity of the impacts of COVID-19, and among other things, the impact of governmental actions imposed in response to COVID-19 and individuals’ and companies’ risk tolerance regarding health matters going forward. As some of our businesses have reopened, we have incurred additional costs to address government regulations and the safety of our employees, talent and guests. Segment revenues and segment operating income are as follows:
|
Quarter Ended | Six Months Ended | ||||||||||||||
(in millions) | March 30, 2019 | March 31, 2018 | March 30, 2019 | March 31, 2018 | |||||||||||
Revenues: | |||||||||||||||
Studio Entertainment: | |||||||||||||||
Content transactions with Media Networks | $ | (13 | ) | $ | (64 | ) | $ | (34 | ) | $ | (95 | ) | |||
Content transactions with Direct-to-Consumer & International | (82 | ) | (8 | ) | (100 | ) | (16 | ) | |||||||
Media Networks: | |||||||||||||||
Content transactions with Direct-to-Consumer & International | (139 | ) | (121 | ) | (284 | ) | (253 | ) | |||||||
$ | (234 | ) | $ | (193 | ) | $ | (418 | ) | $ | (364 | ) | ||||
Operating income: | |||||||||||||||
Studio Entertainment: | |||||||||||||||
Content transactions with Media Networks | $ | 5 | $ | (16 | ) | $ | 5 | $ | (9 | ) | |||||
Content transactions with Direct-to-Consumer & International | (46 | ) | — | (44 | ) | — | |||||||||
Media Networks: | |||||||||||||||
Content transactions with Direct-to-Consumer & International | — | — | (2 | ) | (1 | ) | |||||||||
Total | $ | (41 | ) | $ | (16 | ) | $ | (41 | ) | $ | (10 | ) |
Quarter Ended | |||||||||||||||||||||||
January 2, 2021 | December 28, 2019 | ||||||||||||||||||||||
Disney Media and Entertainment Distribution | $ | 235 | $ | 235 | |||||||||||||||||||
Disney Parks, Experiences and Products | (8) | (3) | |||||||||||||||||||||
Equity in the income of investees included in segment operating income | 227 | 232 | |||||||||||||||||||||
Amortization of TFCF intangible assets related to equity investees | (3) | (8) | |||||||||||||||||||||
Equity in the income of investees, net | $ | 224 | $ | 224 |
Quarter Ended | Six Months Ended | ||||||||||||||
March 30, 2019 | March 31, 2018 | March 30, 2019 | March 31, 2018 | ||||||||||||
Media Networks | $ | 182 | $ | 182 | $ | 361 | $ | 341 | |||||||
Parks, Experiences and Products | — | (7 | ) | (12 | ) | (14 | ) | ||||||||
Direct-to-Consumer & International | (141 | ) | (169 | ) | (232 | ) | (278 | ) | |||||||
Equity in the income of investees included in segment operating income | 41 | 6 | 117 | 49 | |||||||||||
Vice Impairment | (353 | ) | — | (353 | ) | — | |||||||||
Equity in the income / (loss) of investees, net | $ | (312 | ) | $ | 6 | $ | (236 | ) | $ | 49 |
Quarter Ended | |||||||||||||||||||||||
January 2, 2021 | December 28, 2019 | ||||||||||||||||||||||
Segment operating income | $ | 1,332 | $ | 3,996 | |||||||||||||||||||
Corporate and unallocated shared expenses | (232) | (237) | |||||||||||||||||||||
Restructuring and impairment charges (see Note 15) | (113) | (150) | |||||||||||||||||||||
Interest expense, net | (324) | (283) | |||||||||||||||||||||
TFCF and Hulu acquisition amortization(1) | (617) | (700) | |||||||||||||||||||||
Income from continuing operations before income taxes | $ | 46 | $ | 2,626 |
Quarter Ended | Six Months Ended | ||||||||||||||
March 30, 2019 | March 31, 2018 | March 30, 2019 | March 31, 2018 | ||||||||||||
Segment operating income | $ | 3,816 | $ | 4,237 | $ | 7,471 | $ | 8,223 | |||||||
Corporate and unallocated shared expenses | (279 | ) | (194 | ) | (440 | ) | (344 | ) | |||||||
Restructuring and impairment charges | (662 | ) | (13 | ) | (662 | ) | (28 | ) | |||||||
Other income | 4,963 | 41 | 4,963 | 94 | |||||||||||
Interest expense, net | (143 | ) | (143 | ) | (206 | ) | (272 | ) | |||||||
Amortization of 21CF and Hulu intangible assets and fair value step-up on film and television costs | (105 | ) | — | (105 | ) | — | |||||||||
Impairment of equity investment | (353 | ) | — | (353 | ) | — | |||||||||
Income from continuing operations before income taxes | $ | 7,237 | $ | 3,928 | $ | 10,668 | $ | 7,673 |
Media Networks | Disney Parks, Experiences and Products | Studio Entertainment | Direct-to-Consumer & International | Disney Media and Entertainment Distribution | Total | ||||||||||||||||||||||||||||||||||||||||||
Balance at October 3, 2020 | $ | 33,991 | $ | 5,550 | $ | 17,795 | $ | 20,353 | $ | 0 | $ | 77,689 | |||||||||||||||||||||||||||||||||||
Segment recast (1) | (33,991) | 0 | (17,795) | (20,353) | 72,139 | 0 | |||||||||||||||||||||||||||||||||||||||||
Currency translation adjustments and other, net | 0 | 0 | 0 | 0 | 111 | 111 | |||||||||||||||||||||||||||||||||||||||||
Balance at January 2, 2021 | $ | 0 | $ | 5,550 | $ | 0 | $ | 0 | $ | 72,250 | $ | 77,800 |
Quarter Ended January 2, 2021 | Quarter Ended December 28, 2019 | ||||||||||||||||||||||||||||||||||
Disney Media and Entertainment Distribution | Disney Parks, Experiences and Products | Consolidated | Disney Media and Entertainment Distribution | Disney Parks, Experiences and Products | Consolidated | ||||||||||||||||||||||||||||||
Affiliate fees | $ | 4,402 | $ | — | $ | 4,402 | $ | 4,440 | $ | — | $ | 4,440 | |||||||||||||||||||||||
Advertising | 3,763 | 1 | 3,764 | 3,396 | 2 | 3,398 | |||||||||||||||||||||||||||||
Subscription fees | 2,546 | — | 2,546 | 1,326 | — | 1,326 | |||||||||||||||||||||||||||||
Theme park admissions | — | 549 | 549 | — | 2,067 | 2,067 | |||||||||||||||||||||||||||||
Resort and vacations | — | 432 | 432 | — | 1,631 | 1,631 | |||||||||||||||||||||||||||||
Retail and wholesale sales of merchandise, food and beverage | — | 1,163 | 1,163 | — | 2,313 | 2,313 | |||||||||||||||||||||||||||||
TV/SVOD distribution licensing | 1,169 | — | 1,169 | 1,569 | — | 1,569 | |||||||||||||||||||||||||||||
Theatrical distribution licensing | 31 | — | 31 | 1,408 | — | 1,408 | |||||||||||||||||||||||||||||
Merchandise licensing | 5 | 1,090 | 1,095 | 8 | 1,048 | 1,056 | |||||||||||||||||||||||||||||
Home entertainment | 300 | — | 300 | 596 | — | 596 | |||||||||||||||||||||||||||||
Other | 445 | 353 | 798 | 554 | 519 | 1,073 | |||||||||||||||||||||||||||||
$ | 12,661 | $ | 3,588 | $ | 16,249 | $ | 13,297 | $ | 7,580 | $ | 20,877 |
September 29, 2018 | March 30, 2019 | |||||||||||||||||||||
Fiscal 2018 Ending Balances as Reported | Effect of Adoption | Q1 2019 Opening Balances | Balances Assuming Historical Accounting | Impact of New Revenue guidance | Q2 2019 Ending Balances as Reported | |||||||||||||||||
Assets | ||||||||||||||||||||||
Receivables - current/non-current | $ | 11,262 | $ | (241 | ) | $ | 11,021 | 16,735 | $ | (130 | ) | $ | 16,605 | |||||||||
Film and television costs and advances - current/non-current | 9,202 | 48 | 9,250 | 29,737 | 24 | 29,761 | ||||||||||||||||
Liabilities | ||||||||||||||||||||||
Accounts payable and other accrued liabilities | 9,479 | 1,039 | 10,518 | 19,369 | 1,134 | 20,503 | ||||||||||||||||
Deferred revenue and other | 4,591 | (1,082 | ) | 3,509 | 5,446 | (1,165 | ) | 4,281 | ||||||||||||||
Deferred income taxes | 3,109 | (34 | ) | 3,075 | 11,236 | (28 | ) | 11,208 | ||||||||||||||
Equity | 52,832 | (116 | ) | 52,716 | 104,387 | (48 | ) | 104,339 |
Quarter Ended March 30, 2019 | Six Months Ended March 30, 2019 | ||||||||||||||||||||||
Results Assuming Historical Accounting | Impact of New Revenue guidance | Reported | Results Assuming Historical Accounting | Impact of New Revenue guidance | Reported | ||||||||||||||||||
Revenues | $ | 14,901 | $ | 21 | $ | 14,922 | $ | 30,010 | $ | 215 | $ | 30,225 | |||||||||||
Cost and Expenses | (11,483 | ) | (48 | ) | (11,531 | ) | (23,289 | ) | (127 | ) | (23,416 | ) | |||||||||||
Income Taxes | (1,653 | ) | 6 | (1,647 | ) | (2,272 | ) | (20 | ) | (2,292 | ) | ||||||||||||
Consolidated Net Income | 5,632 | (21 | ) | 5,611 | 8,329 | 68 | 8,397 |
Quarter Ended March 30, 2019 | |||||||||||||||||||||||||||
Media Networks | Parks, Experiences and Products | Studio Entertainment | Direct-to-Consumer & International | 21CF | Eliminations | Consolidated | |||||||||||||||||||||
Affiliate fees | $ | 3,177 | $ | — | $ | — | $ | 335 | $ | 134 | $ | (12 | ) | $ | 3,634 | ||||||||||||
Advertising | 1,596 | 1 | — | 357 | 118 | — | 2,072 | ||||||||||||||||||||
Theme park admissions | — | 1,768 | — | — | — | — | 1,768 | ||||||||||||||||||||
Resort and vacations | — | 1,502 | — | — | — | — | 1,502 | ||||||||||||||||||||
Retail and wholesale sales of merchandise, food and beverage | — | 1,768 | — | — | — | — | 1,768 | ||||||||||||||||||||
TV/SVOD distribution licensing | 678 | — | 709 | 24 | 91 | (222 | ) | 1,280 | |||||||||||||||||||
Theatrical distribution licensing | — | — | 745 | — | 7 | — | 752 | ||||||||||||||||||||
Merchandise licensing | — | 635 | 126 | 12 | — | — | 773 | ||||||||||||||||||||
Home entertainment | — | — | 263 | 21 | 10 | — | 294 | ||||||||||||||||||||
Other | 74 | 495 | 291 | 206 | 13 | — | 1,079 | ||||||||||||||||||||
Total revenues | $ | 5,525 | $ | 6,169 | $ | 2,134 | $ | 955 | $ | 373 | $ | (234 | ) | $ | 14,922 |
Quarter Ended March 31, 2018(1) | |||||||||||||||||||||||||||
Media Networks | Parks, Experiences and Products | Studio Entertainment | Direct-to-Consumer & International | 21CF | Eliminations | Consolidated | |||||||||||||||||||||
Affiliate fees | $ | 3,043 | $ | — | $ | — | $ | 354 | $ | — | $ | — | $ | 3,397 | |||||||||||||
Advertising | 1,643 | 2 | — | 301 | — | — | 1,946 | ||||||||||||||||||||
Theme park admissions | — | 1,690 | — | — | — | — | 1,690 | ||||||||||||||||||||
Resort and vacations | — | 1,461 | — | — | — | — | 1,461 | ||||||||||||||||||||
Retail and wholesale sales of merchandise, food and beverage | — | 1,707 | — | — | — | — | 1,707 | ||||||||||||||||||||
TV/SVOD distribution licensing | 761 | — | 619 | 28 | — | (193 | ) | 1,215 | |||||||||||||||||||
Theatrical distribution licensing | — | — | 956 | — | — | — | 956 | ||||||||||||||||||||
Merchandise licensing | — | 625 | 139 | 19 | — | — | 783 | ||||||||||||||||||||
Home entertainment | — | — | 471 | 24 | — | — | 495 | ||||||||||||||||||||
Other | 61 | 418 | 314 | 105 | — | — | 898 | ||||||||||||||||||||
Total revenues | $ | 5,508 | $ | 5,903 | $ | 2,499 | $ | 831 | $ | — | $ | (193 | ) | $ | 14,548 |
Six Months Ended March 30, 2019 | |||||||||||||||||||||||||||
Media Networks | Parks, Experiences and Products | Studio Entertainment | Direct-to-Consumer & International | 21CF | Eliminations | Consolidated | |||||||||||||||||||||
Affiliate fees | $ | 6,252 | $ | — | $ | — | $ | 658 | $ | 134 | $ | (12 | ) | $ | 7,032 | ||||||||||||
Advertising | 3,619 | 3 | — | 774 | 118 | — | 4,514 | ||||||||||||||||||||
Theme park admissions | — | 3,701 | — | — | — | — | 3,701 | ||||||||||||||||||||
Resort and vacations | — | 3,033 | — | — | — | — | 3,033 | ||||||||||||||||||||
Retail and wholesale sales of merchandise, food and beverage | — | 3,890 | — | — | — | — | 3,890 | ||||||||||||||||||||
TV/SVOD distribution licensing | 1,400 | — | 1,314 | 58 | 91 | (406 | ) | 2,457 | |||||||||||||||||||
Theatrical distribution licensing | — | — | 1,118 | — | 7 | — | 1,125 | ||||||||||||||||||||
Merchandise licensing | — | 1,376 | 280 | 27 | — | — | 1,683 | ||||||||||||||||||||
Home entertainment | — | — | 688 | 49 | 10 | — | 747 | ||||||||||||||||||||
Other | 175 | 990 | 558 | 307 | 13 | — | 2,043 | ||||||||||||||||||||
Total revenues | $ | 11,446 | $ | 12,993 | $ | 3,958 | $ | 1,873 | $ | 373 | $ | (418 | ) | $ | 30,225 |
Six Months Ended March 31, 2018(1) | |||||||||||||||||||||||||||
Media Networks | Parks, Experiences and Products | Studio Entertainment | Direct-to-Consumer & International | 21CF | Eliminations | Consolidated | |||||||||||||||||||||
Affiliate fees | $ | 5,910 | $ | — | $ | — | $ | 692 | $ | — | $ | — | $ | 6,602 | |||||||||||||
Advertising | 3,606 | 4 | — | 712 | — | — | 4,322 | ||||||||||||||||||||
Theme park admissions | — | 3,522 | — | — | — | — | 3,522 | ||||||||||||||||||||
Resort and vacations | — | 2,924 | — | — | — | — | 2,924 | ||||||||||||||||||||
Retail and wholesale sales of merchandise, food and beverage | — | 3,766 | — | — | — | — | 3,766 | ||||||||||||||||||||
TV/SVOD distribution licensing | 1,385 | — | 1,138 | 53 | — | (364 | ) | 2,212 | |||||||||||||||||||
Theatrical distribution licensing | — | — | 2,125 | — | — | — | 2,125 | ||||||||||||||||||||
Merchandise licensing | — | 1,401 | 310 | 37 | — | — | 1,748 | ||||||||||||||||||||
Home entertainment | — | — | 832 | 54 | — | — | 886 | ||||||||||||||||||||
Other | 162 | 813 | 603 | 214 | — | — | 1,792 | ||||||||||||||||||||
Total revenues | $ | 11,063 | $ | 12,430 | $ | 5,008 | $ | 1,762 | $ | — | $ | (364 | ) | $ | 29,899 |
Quarter Ended March 30, 2019 | |||||||||||||||||||||||||||
Media Networks | Parks, Experiences and Products | Studio Entertainment | Direct-to-Consumer & International | 21CF | Eliminations | Consolidated | |||||||||||||||||||||
United States and Canada | $ | 5,307 | $ | 4,700 | $ | 1,066 | $ | 294 | $ | 149 | $ | (208 | ) | $ | 11,308 | ||||||||||||
Europe | 167 | 631 | 550 | 147 | 68 | (22 | ) | 1,541 | |||||||||||||||||||
Asia Pacific | 47 | 789 | 393 | 135 | 121 | (4 | ) | 1,481 | |||||||||||||||||||
Latin America | 4 | 49 | 125 | 379 | 35 | — | 592 | ||||||||||||||||||||
Total revenues | $ | 5,525 | $ | 6,169 | $ | 2,134 | $ | 955 | $ | 373 | $ | (234 | ) | $ | 14,922 |
Six months ended March 30, 2019 | |||||||||||||||||||||||||||
Media Networks | Parks, Experiences and Products | Studio Entertainment | Direct-to-Consumer & International | 21CF | Eliminations | Consolidated | |||||||||||||||||||||
United States and Canada | $ | 10,995 | $ | 9,841 | $ | 2,104 | $ | 519 | $ | 149 | $ | (372 | ) | $ | 23,236 | ||||||||||||
Europe | 309 | 1,486 | 963 | 336 | 68 | (37 | ) | 3,125 | |||||||||||||||||||
Asia Pacific | 110 | 1,550 | 679 | 269 | 121 | (9 | ) | 2,720 | |||||||||||||||||||
Latin America | 32 | 116 | 212 | 749 | 35 | — | 1,144 | ||||||||||||||||||||
Total revenues | $ | 11,446 | $ | 12,993 | $ | 3,958 | $ | 1,873 | $ | 373 | $ | (418 | ) | $ | 30,225 |
Quarter Ended January 2, 2021 | Quarter Ended December 28, 2019 | ||||||||||||||||||||||||||||||||||
Disney Media and Entertainment Distribution | Disney Parks, Experiences and Products | Consolidated | Disney Media and Entertainment Distribution | Disney Parks, Experiences and Products | Consolidated | ||||||||||||||||||||||||||||||
Americas | $ | 10,291 | $ | 2,456 | $ | 12,747 | $ | 10,417 | $ | 5,878 | $ | 16,295 | |||||||||||||||||||||||
Europe | 1,293 | 487 | 1,780 | 1,563 | 933 | 2,496 | |||||||||||||||||||||||||||||
Asia Pacific | 1,077 | 645 | 1,722 | 1,317 | 769 | 2,086 | |||||||||||||||||||||||||||||
Total revenues | $ | 12,661 | $ | 3,588 | $ | 16,249 | $ | 13,297 | $ | 7,580 | $ | 20,877 |
March 30, 2019 | September 30, 2018 | ||||||
Contract assets | $ | 110 | $ | 89 | |||
Accounts Receivable | |||||||
Current | 13,565 | 8,553 | |||||
Non-current | 2,318 | 1,640 | |||||
Allowance for doubtful accounts | (263 | ) | (226 | ) | |||
Deferred revenues | |||||||
Current | 3,950 | 2,926 | |||||
Non-current | 572 | 609 |
January 2, 2021 | October 3, 2020 | ||||||||||
Contract assets | $ | 44 | $ | 70 | |||||||
Accounts receivable | |||||||||||
Current | 12,544 | 11,340 | |||||||||
Non-current | 1,705 | 1,789 | |||||||||
Allowance for credit losses | (319) | (460) | |||||||||
Deferred revenues | |||||||||||
Current | 3,853 | 3,688 | |||||||||
Non-current | 559 | 513 |
Estimated Fair Value | |||
Cash and cash equivalents | $ | 25,666 | |
Receivables | 4,746 | ||
Film and television costs | 20,120 | ||
Investments | 1,471 | ||
Intangible assets | 20,385 | ||
Net assets held for sale | 11,704 | ||
Accounts payables and other liabilities | (10,753 | ) | |
Borrowings | (21,723 | ) | |
Deferred income taxes | (6,497 | ) | |
Other net liabilities acquired | (3,865 | ) | |
Noncontrolling interests | (10,638 | ) | |
Goodwill | 43,751 | ||
Fair value of net assets acquired | 74,367 | ||
Less: Disney’s previously held 30% interest in Hulu | (4,860 | ) | |
Total purchase price | $ | 69,507 |
Six Months Ended | |||||||
March 30, 2019 | March 31, 2018 | ||||||
Revenues | $ | 38,764 | $ | 38,651 | |||
Net income | 4,000 | 9,472 | |||||
Net income attributable to Disney | 4,119 | 9,609 | |||||
Earnings per share attributable to Disney: | |||||||
Diluted | $ | 2.28 | $ | 5.27 | |||
Basic | 2.29 | 5.30 |
March 30, 2019 | |||
Cash | $ | 100 | |
Receivables and other current assets | 855 | ||
Television costs and advances | 511 | ||
Total current assets classified as held for sale | 1,466 | ||
Film and television costs | 1,730 | ||
Property and equipment and other assets | 67 | ||
Intangible assets, net | 7,569 | ||
Goodwill | 3,816 | ||
Total assets classified as held for sale | $ | 14,648 | |
Accounts payable and other accrued liabilities | $ | 371 | |
Current portion of borrowings | 33 | ||
Deferred revenue and other | 30 | ||
Total current liabilities classified as held for sale | 434 | ||
Borrowings | 1,036 | ||
Other long-term liabilities | 138 | ||
Redeemable noncontrolling interests | 1,485 | ||
Total liabilities classified as held for sale | $ | 3,093 |
Media Networks | Parks and Resorts | Studio Entertainment | Consumer Products & Interactive Media | Parks, Experiences and Products | Direct-to-Consumer & International | Unallocated | Total | ||||||||||||||||||||||||
Balance at Sept. 29, 2018 | $ | 19,388 | $ | 291 | $ | 7,164 | $ | 4,426 | $ | — | $ | — | $ | — | $ | 31,269 | |||||||||||||||
Segment recast (1) | (3,399 | ) | (291 | ) | (70 | ) | (4,426 | ) | 4,487 | 3,699 | — | — | |||||||||||||||||||
Acquisitions (2) | — | — | — | — | — | — | 43,751 | 43,751 | |||||||||||||||||||||||
Other, net | — | — | 14 | — | — | 23 | — | 37 | |||||||||||||||||||||||
Balance at Mar. 30, 2019 | $ | 15,989 | $ | — | $ | 7,108 | $ | — | $ | 4,487 | $ | 3,722 | $ | 43,751 | $ | 75,057 |
Quarter Ended | Six Months Ended | ||||||||||||||
March 30, 2019 | March 31, 2018 | March 30, 2019 | March 31, 2018 | ||||||||||||
Hulu gain (see Note 4) | $ | 4,917 | $ | — | $ | 4,917 | $ | — | |||||||
Insurance recoveries related to legal matters | 46 | 38 | 46 | 38 | |||||||||||
Gain on the sale of property rights and other | — | 3 | — | 56 | |||||||||||
Other income | $ | 4,963 | $ | 41 | $ | 4,963 | $ | 94 |
March 30, 2019 | September 29, 2018 | |||||||
Cash and cash equivalents | $ | 10,108 | $ | 4,150 | ||||
Restricted cash included in: | ||||||||
Other current assets | 9 | 1 | ||||||
Other assets | 5 | 4 | ||||||
Cash included in current assets held for sale | 100 | — | ||||||
Total cash, cash equivalents and restricted cash in the statement of cash flows | $ | 10,222 | $ | 4,155 |
January 2, 2021 | October 3, 2020 | |||||||||||||
Cash and cash equivalents | $ | 17,068 | $ | 17,914 | ||||||||||
Restricted cash included in: | ||||||||||||||
Other current assets | 3 | 3 | ||||||||||||
Other assets | 41 | 37 | ||||||||||||
Total cash, cash equivalents and restricted cash in the statement of cash flows | $ | 17,112 | $ | 17,954 |
October 3, 2020 | Borrowings | Payments | Other Activity | January 2, 2021 | |||||||||||||||||||||||||||||||
Commercial paper with original maturities greater than three months | $ | 2,023 | $ | 50 | $ | (229) | $ | 2 | $ | 1,846 | |||||||||||||||||||||||||
U.S. dollar denominated notes(1) | 52,736 | 0 | 0 | (34) | 52,702 | ||||||||||||||||||||||||||||||
Asia Theme Parks borrowings(2) | 1,303 | 0 | (70) | 61 | 1,294 | ||||||||||||||||||||||||||||||
Foreign currency denominated debt and other(3) | 2,566 | 1 | (69) | (65) | 2,433 | ||||||||||||||||||||||||||||||
$ | 58,628 | $ | 51 | $ | (368) | $ | (36) | $ | 58,275 |
September 29, 2018 | Borrowings | Payments | Borrowings Assumed in Acquisition of 21CF | Other Activity | March 30, 2019 | ||||||||||||||||||
Commercial paper with original maturities less than three months(1) | $ | 50 | $ | 440 | $ | — | $ | — | $ | 8 | $ | 498 | |||||||||||
Commercial paper with original maturities greater than three months | 955 | 992 | (1,056 | ) | — | 7 | 898 | ||||||||||||||||
U.S. and European notes | 17,942 | — | (1,250 | ) | 21,174 | (33 | ) | 37,833 | |||||||||||||||
Credit facilities to acquire 21CF | — | 31,100 | (16,100 | ) | — | — | 15,000 | ||||||||||||||||
Asia Theme Parks borrowings | 1,145 | — | (48 | ) | — | 54 | 1,151 | ||||||||||||||||
Foreign currency denominated debt and other(2) | 782 | 45 | — | 549 | 205 | 1,581 | |||||||||||||||||
20,874 | 32,577 | (18,454 | ) | 21,723 | 241 | 56,961 | |||||||||||||||||
Liabilities held for sale | — | — | — | 1,069 | — | 1,069 | |||||||||||||||||
$ | 20,874 | $ | 32,577 | $ | (18,454 | ) | $ | 22,792 | $ | 241 | $ | 58,030 |
Committed Capacity | Capacity Used | Unused Capacity | |||||||||||||||
Facility expiring March 2021 | $ | 5,250 | $ | 0 | $ | 5,250 | |||||||||||
Facility expiring April 2021 | 5,000 | 0 | 5,000 | ||||||||||||||
Facility expiring March 2023 | 4,000 | 0 | 4,000 | ||||||||||||||
Facility expiring March 2025 | 3,000 | 0 | 3,000 | ||||||||||||||
Total | $ | 17,250 | $ | 0 | $ | 17,250 |
Committed Capacity | Capacity Used | Unused Capacity | |||||||||
Facility expiring March 2020 | $ | 6,000 | $ | — | $ | 6,000 | |||||
Facility expiring March 2021 | 2,250 | — | 2,250 | ||||||||
Facility expiring March 2023 | 4,000 | — | 4,000 | ||||||||
Total | $ | 12,250 | $ | — | $ | 12,250 |
Quarter Ended | Six Months Ended | ||||||||||||||
March 30, 2019 | March 31, 2018 | March 30, 2019 | March 31, 2018 | ||||||||||||
Interest expense | $ | (198 | ) | $ | (172 | ) | $ | (361 | ) | $ | (318 | ) | |||
Interest and investment income | 30 | 29 | 105 | 46 | |||||||||||
Net periodic pension and postretirement benefit costs (other than service costs) | 25 | — | 50 | — | |||||||||||
Interest expense, net | $ | (143 | ) | $ | (143 | ) | $ | (206 | ) | $ | (272 | ) |
Quarter Ended | |||||||||||||||||||||||
January 2, 2021 | December 28, 2019 | ||||||||||||||||||||||
Interest expense | $ | (404) | $ | (362) | |||||||||||||||||||
Interest and investment income | 113 | 76 | |||||||||||||||||||||
Net periodic pension and postretirement benefit costs (other than service costs) | (33) | 3 | |||||||||||||||||||||
Interest expense, net | $ | (324) | $ | (283) |
March 30, 2019 | September 29, 2018 | ||||||
Cash and cash equivalents | $ | 736 | $ | 834 | |||
Other current assets | 356 | 400 | |||||
Total current assets | 1,092 | 1,234 | |||||
Parks, resorts and other property | 8,950 | 8,973 | |||||
Other assets | 106 | 103 | |||||
Total assets (1) | $ | 10,148 | $ | 10,310 | |||
Current liabilities | $ | 667 | $ | 921 | |||
Long-term borrowings | 1,151 | 1,106 | |||||
Other long-term liabilities | 364 | 382 | |||||
Total liabilities (1) | $ | 2,182 | $ | 2,409 |
January 2, 2021 | October 3, 2020 | ||||||||||
Cash and cash equivalents | $ | 277 | $ | 372 | |||||||
Other current assets | 97 | 91 | |||||||||
Total current assets | 374 | 463 | |||||||||
Parks, resorts and other property | 6,838 | 6,720 | |||||||||
Other assets | 189 | 191 | |||||||||
Total assets | $ | 7,401 | $ | 7,374 | |||||||
Current liabilities | $ | 428 | $ | 486 | |||||||
Long-term borrowings | 1,268 | 1,213 | |||||||||
Other long-term liabilities | 407 | 403 | |||||||||
Total liabilities | $ | 2,103 | $ | 2,102 |
March 30, 2019 | |||
Revenues | $ | 1,749 | |
Costs and expenses | (1,762 | ) | |
Equity in the loss of investees | (12 | ) |
Revenues | $ | 319 | |||
Costs and expenses | (622) | ||||
Equity in the loss of investees | (8) |
As of January 2, 2021 | As of October 3, 2020 | ||||||||||||||||||||||||||||||||||
Predominantly Monetized Individually | Predominantly Monetized as a Group | Total | Predominantly Monetized Individually | Predominantly Monetized as a Group | Total | ||||||||||||||||||||||||||||||
Produced content | |||||||||||||||||||||||||||||||||||
Theatrical film costs | |||||||||||||||||||||||||||||||||||
Released, less amortization | $ | 2,775 | $ | 2,902 | $ | 5,677 | $ | 3,000 | $ | 2,601 | $ | 5,601 | |||||||||||||||||||||||
Completed, not released | 473 | 6 | 479 | 522 | 210 | 732 | |||||||||||||||||||||||||||||
In-process | 3,965 | 255 | 4,220 | 3,322 | 259 | 3,581 | |||||||||||||||||||||||||||||
In development or pre-production | 275 | 0 | 275 | 262 | 16 | 278 | |||||||||||||||||||||||||||||
$ | 7,488 | $ | 3,163 | 10,651 | $ | 7,106 | $ | 3,086 | 10,192 | ||||||||||||||||||||||||||
Television costs | |||||||||||||||||||||||||||||||||||
Released, less amortization | $ | 1,893 | $ | 5,723 | $ | 7,616 | $ | 2,090 | $ | 5,584 | $ | 7,674 | |||||||||||||||||||||||
Completed, not released | 58 | 572 | 630 | 33 | 510 | 543 | |||||||||||||||||||||||||||||
In-process | 255 | 2,627 | 2,882 | 263 | 1,831 | 2,094 | |||||||||||||||||||||||||||||
In development or pre-production | 4 | 146 | 150 | 6 | 87 | 93 | |||||||||||||||||||||||||||||
$ | 2,210 | $ | 9,068 | 11,278 | $ | 2,392 | $ | 8,012 | 10,404 | ||||||||||||||||||||||||||
Licensed content - Television programming rights and advances | 5,423 | 6,597 | |||||||||||||||||||||||||||||||||
Total produced and licensed content | $ | 27,352 | $ | 27,193 | |||||||||||||||||||||||||||||||
Current portion | $ | 1,423 | $ | 2,171 | |||||||||||||||||||||||||||||||
Non-current portion | $ | 25,929 | $ | 25,022 |
Quarter Ended January 2, 2021 | Quarter Ended December 28, 2019 | ||||||||||||||||||||||||||||||||||
Predominantly Monetized Individually | Predominantly Monetized as a Group | Total | Predominantly Monetized Individually | Predominantly Monetized as a Group | Total | ||||||||||||||||||||||||||||||
Theatrical film costs | $ | 297 | $ | 240 | $ | 537 | $ | 526 | $ | 311 | $ | 837 | |||||||||||||||||||||||
Television costs | 315 | 958 | 1,273 | 754 | 927 | 1,681 | |||||||||||||||||||||||||||||
Total produced content costs | $ | 612 | $ | 1,198 | $ | 1,810 | $ | 1,280 | $ | 1,238 | 2,518 | ||||||||||||||||||||||||
Television programming rights and advances | 4,539 | 3,731 | |||||||||||||||||||||||||||||||||
Total produced and licensed content costs(1) | $ | 6,349 | $ | 6,249 |
Pension Plans | Postretirement Medical Plans | ||||||||||||||||||||||||||||||
Quarter Ended | Six Months Ended | Quarter Ended | Six Months Ended | ||||||||||||||||||||||||||||
Mar. 30, 2019 | Mar. 31, 2018 | Mar. 30, 2019 | Mar. 31, 2018 | Mar. 30, 2019 | Mar. 31, 2018 | Mar. 30, 2019 | Mar. 31, 2018 | ||||||||||||||||||||||||
Service costs | $ | 83 | $ | 87 | $ | 166 | $ | 175 | $ | 2 | $ | 2 | $ | 4 | $ | 5 | |||||||||||||||
Other costs (benefits): | |||||||||||||||||||||||||||||||
Interest costs | 144 | 122 | 289 | 245 | 17 | 15 | 33 | 30 | |||||||||||||||||||||||
Expected return on plan assets | (240 | ) | (227 | ) | (479 | ) | (452 | ) | (14 | ) | (13 | ) | (28 | ) | (26 | ) | |||||||||||||||
Amortization of prior-year service costs | 4 | 5 | 7 | 8 | — | — | — | — | |||||||||||||||||||||||
Recognized net actuarial loss | 67 | 88 | 131 | 175 | — | 4 | — | 7 | |||||||||||||||||||||||
Total other costs (benefits) | (25 | ) | (12 | ) | (52 | ) | (24 | ) | 3 | 6 | 5 | 11 | |||||||||||||||||||
Net periodic benefit cost | $ | 58 | $ | 75 | $ | 114 | $ | 151 | $ | 5 | $ | 8 | $ | 9 | $ | 16 |
Pension Plans | Postretirement Medical Plans | ||||||||||||||||||||||||||||||||||||||||||||||
Quarter Ended | Quarter Ended | ||||||||||||||||||||||||||||||||||||||||||||||
January 2, 2021 | December 28, 2019 | January 2, 2021 | December 28, 2019 | ||||||||||||||||||||||||||||||||||||||||||||
Service costs | $ | 108 | $ | 103 | $ | 3 | $ | 3 | |||||||||||||||||||||||||||||||||||||||
Other costs (benefits): | |||||||||||||||||||||||||||||||||||||||||||||||
Interest costs | 114 | 133 | 12 | 14 | |||||||||||||||||||||||||||||||||||||||||||
Expected return on plan assets | (275) | (273) | (14) | (14) | |||||||||||||||||||||||||||||||||||||||||||
Amortization of previously deferred service costs | 2 | 3 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||||||
Recognized net actuarial loss | 186 | 131 | 7 | 3 | |||||||||||||||||||||||||||||||||||||||||||
Total other costs (benefits) | 27 | (6) | 5 | 3 | |||||||||||||||||||||||||||||||||||||||||||
Net periodic benefit cost | $ | 135 | $ | 97 | $ | 8 | $ | 6 |
Quarter Ended | |||||||||||||||||||||||
January 2, 2021 | December 28, 2019 | ||||||||||||||||||||||
Shares (in millions): | |||||||||||||||||||||||
Weighted average number of common and common equivalent shares outstanding (basic) | 1,812 | 1,805 | |||||||||||||||||||||
Weighted average dilutive impact of Awards | 11 | 12 | |||||||||||||||||||||
Weighted average number of common and common equivalent shares outstanding (diluted) | 1,823 | 1,817 | |||||||||||||||||||||
Awards excluded from diluted earnings per share | 8 | 9 |
Quarter Ended | Six Months Ended | ||||||||||
March 30, 2019 | March 31, 2018 | March 30, 2019 | March 31, 2018 | ||||||||
Shares (in millions): | |||||||||||
Weighted average number of common and common equivalent shares outstanding (basic) | 1,530 | 1,503 | 1,510 | 1,507 | |||||||
Weighted average dilutive impact of Awards | 7 | 7 | 7 | 8 | |||||||
Weighted average number of common and common equivalent shares outstanding (diluted) | 1,537 | 1,510 | 1,517 | 1,515 | |||||||
Awards excluded from diluted earnings per share | 14 | 12 | 13 | 13 |
Per Share | Total Paid | Payment Timing | Related to Fiscal Period | |||||||||||||||||
$0.88 | $1.6 billion | Second Quarter of Fiscal 2020 | Second Half 2019 | |||||||||||||||||
Market Value Adjustments(1) | Unrecognized Pension and Postretirement Medical Expense | Foreign Currency Translation and Other | AOCI | ||||||||||||||||||||
AOCI, before tax | |||||||||||||||||||||||
First quarter of fiscal 2021 | |||||||||||||||||||||||
Balance at October 3, 2020 | $ | (191) | $ | (9,423) | $ | (1,088) | $ | (10,702) | |||||||||||||||
Quarter Ended January 2, 2021: | |||||||||||||||||||||||
Unrealized gains (losses) arising during the period | (185) | 2 | 211 | 28 | |||||||||||||||||||
Reclassifications of realized net (gains) losses to net income | (43) | 194 | 0 | 151 | |||||||||||||||||||
Balance at January 2, 2021 | $ | (419) | $ | (9,227) | $ | (877) | $ | (10,523) | |||||||||||||||
First quarter of fiscal 2020 | |||||||||||||||||||||||
Balance at September 28, 2019 | $ | 129 | $ | (7,502) | $ | (1,086) | $ | (8,459) | |||||||||||||||
Quarter Ended December 28, 2019: | |||||||||||||||||||||||
Unrealized gains (losses) arising during the period | (81) | 0 | 82 | 1 | |||||||||||||||||||
Reclassifications of realized net (gains) losses to net income | (60) | 139 | 0 | 79 | |||||||||||||||||||
Balance at December 28, 2019 | $ | (12) | $ | (7,363) | $ | (1,004) | $ | (8,379) | |||||||||||||||
Market Value Adjustments(1) | Unrecognized Pension and Postretirement Medical Expense | Foreign Currency Translation and Other | AOCI | ||||||||||||||||||||
Tax on AOCI | |||||||||||||||||||||||
First quarter of fiscal 2021 | |||||||||||||||||||||||
Balance at October 3, 2020 | $ | 40 | $ | 2,201 | $ | 139 | $ | 2,380 | |||||||||||||||
Quarter Ended January 2, 2021: | |||||||||||||||||||||||
Unrealized gains (losses) arising during the period | 46 | (1) | (7) | 38 | |||||||||||||||||||
Reclassifications of realized net (gains) losses to net income | 9 | (45) | 0 | (36) | |||||||||||||||||||
Balance at January 2, 2021 | $ | 95 | $ | 2,155 | $ | 132 | $ | 2,382 | |||||||||||||||
First quarter of fiscal 2020 | |||||||||||||||||||||||
Balance at September 28, 2019 | $ | (29) | $ | 1,756 | $ | 115 | $ | 1,842 | |||||||||||||||
Quarter Ended December 28, 2019: | |||||||||||||||||||||||
Unrealized gains (losses) arising during the period | 20 | 0 | 2 | 22 | |||||||||||||||||||
Reclassifications of realized net (gains) losses to net income | 14 | (32) | 0 | (18) | |||||||||||||||||||
Balance at December 28, 2019 | $ | 5 | $ | 1,724 | $ | 117 | $ | 1,846 | |||||||||||||||
Unrecognized Pension and Postretirement Medical Expense | Foreign Currency Translation and Other | AOCI | |||||||||||||||||
Market Value Adjustments | |||||||||||||||||||
AOCI, before tax | Investments | Cash Flow Hedges | |||||||||||||||||
Second quarter of fiscal 2019 | |||||||||||||||||||
Balance at December 29, 2018 | $ | — | $ | 166 | $ | (4,254 | ) | $ | (743 | ) | $ | (4,831 | ) | ||||||
Quarter Ended March 30, 2019: | |||||||||||||||||||
Unrealized gains (losses) arising during the period | (5 | ) | (82 | ) | 19 | 15 | (53 | ) | |||||||||||
Reclassifications of realized net (gains) losses to net income | — | (22 | ) | 72 | — | 50 | |||||||||||||
Balance at March 30, 2019 | $ | (5 | ) | $ | 62 | $ | (4,163 | ) | $ | (728 | ) | $ | (4,834 | ) | |||||
Second quarter of fiscal 2018 | |||||||||||||||||||
Balance at December 30, 2017 | $ | 14 | $ | (69 | ) | $ | (4,810 | ) | $ | (461 | ) | $ | (5,326 | ) | |||||
Quarter Ended March 31, 2018: | |||||||||||||||||||
Unrealized gains (losses) arising during the period | 10 | (165 | ) | 24 | 103 | (28 | ) | ||||||||||||
Reclassifications of realized net (gains) losses to net income | — | 37 | 96 | — | 133 | ||||||||||||||
Balance at March 31, 2018 | $ | 24 | $ | (197 | ) | $ | (4,690 | ) | $ | (358 | ) | $ | (5,221 | ) | |||||
First and second quarter of fiscal 2019 | |||||||||||||||||||
Balance at September 29, 2018 | $ | 24 | $ | 177 | $ | (4,323 | ) | $ | (727 | ) | $ | (4,849 | ) | ||||||
Six Months Ended March 30, 2019: | |||||||||||||||||||
Unrealized gains (losses) arising during the period | (5 | ) | (55 | ) | 19 | (1 | ) | (42 | ) | ||||||||||
Reclassifications of net (gains) losses to net income | — | (61 | ) | 141 | — | 80 | |||||||||||||
Reclassifications to retained earnings | (24 | ) | 1 | — | — | (23 | ) | ||||||||||||
Balance at March 30, 2019 | $ | (5 | ) | $ | 62 | $ | (4,163 | ) | $ | (728 | ) | $ | (4,834 | ) | |||||
First and second quarter of fiscal 2018 | |||||||||||||||||||
Balance at September 30, 2017 | $ | 15 | $ | (108 | ) | $ | (4,906 | ) | $ | (523 | ) | $ | (5,522 | ) | |||||
Six Months Ended March 31, 2018: | |||||||||||||||||||
Unrealized gains (losses) arising during the period | 9 | (146 | ) | 24 | 165 | 52 | |||||||||||||
Reclassifications of net (gains) losses to net income | — | 57 | 192 | — | 249 | ||||||||||||||
Balance at March 31, 2018 | $ | 24 | $ | (197 | ) | $ | (4,690 | ) | $ | (358 | ) | $ | (5,221 | ) |
Market Value Adjustments(1) | Unrecognized Pension and Postretirement Medical Expense | Foreign Currency Translation and Other | AOCI | ||||||||||||||||||||
AOCI, after tax | |||||||||||||||||||||||
First quarter of fiscal 2021 | |||||||||||||||||||||||
Balance at October 3, 2020 | $ | (151) | $ | (7,222) | $ | (949) | $ | (8,322) | |||||||||||||||
Quarter Ended January 2, 2021: | |||||||||||||||||||||||
Unrealized gains (losses) arising during the period | (139) | 1 | 204 | 66 | |||||||||||||||||||
Reclassifications of realized net (gains) losses to net income | (34) | 149 | 0 | 115 | |||||||||||||||||||
Balance at January 2, 2021 | $ | (324) | $ | (7,072) | $ | (745) | $ | (8,141) | |||||||||||||||
First quarter of fiscal 2020 | |||||||||||||||||||||||
Balance at September 28, 2019 | $ | 100 | $ | (5,746) | $ | (971) | $ | (6,617) | |||||||||||||||
Quarter Ended December 28, 2019: | |||||||||||||||||||||||
Unrealized gains (losses) arising during the period | (61) | 0 | 84 | 23 | |||||||||||||||||||
Reclassifications of realized net (gains) losses to net income | (46) | 107 | 0 | 61 | |||||||||||||||||||
Balance at December 28, 2019 | $ | (7) | $ | (5,639) | $ | (887) | $ | (6,533) | |||||||||||||||
Gain (loss) in net income: | Affected line item in the Condensed Consolidated Statements of Operations: | Quarter Ended | ||||||||||||||||||||||||||||||
January 2, 2021 | December 28, 2019 | |||||||||||||||||||||||||||||||
Market value adjustments, primarily cash flow hedges | Primarily revenue | $ | 43 | $ | 60 | |||||||||||||||||||||||||||
Estimated tax | Income taxes | (9) | (14) | |||||||||||||||||||||||||||||
34 | 46 | |||||||||||||||||||||||||||||||
Pension and postretirement medical expense | Interest expense, net | (194) | (139) | |||||||||||||||||||||||||||||
Estimated tax | Income taxes | 45 | 32 | |||||||||||||||||||||||||||||
(149) | (107) | |||||||||||||||||||||||||||||||
Total reclassifications for the period | $ | (115) | $ | (61) |
Quarter Ended | |||||||||||||||||||||||
January 2, 2021 | December 28, 2019 | ||||||||||||||||||||||
Stock options | $ | 25 | $ | 21 | |||||||||||||||||||
RSUs | 109 | 94 | |||||||||||||||||||||
Total equity-based compensation expense(1) | $ | 134 | $ | 115 | |||||||||||||||||||
Equity-based compensation expense capitalized during the period | $ | 34 | $ | 24 |
Unrecognized Pension and Postretirement Medical Expense | Foreign Currency Translation and Other | AOCI | |||||||||||||||||
Market Value Adjustments | |||||||||||||||||||
Tax on AOCI | Investments | Cash Flow Hedges | |||||||||||||||||
Second quarter of fiscal 2019 | |||||||||||||||||||
Balance at December 29, 2018 | $ | — | $ | (38 | ) | $ | 1,007 | $ | 80 | $ | 1,049 | ||||||||
Quarter Ended March 30, 2019: | |||||||||||||||||||
Unrealized gains (losses) arising during the period | 1 | 19 | (6 | ) | (3 | ) | 11 | ||||||||||||
Reclassifications of realized net (gains) losses to net income | — | 5 | (17 | ) | — | (12 | ) | ||||||||||||
Balance at March 30, 2019 | $ | 1 | $ | (14 | ) | $ | 984 | $ | 77 | $ | 1,048 | ||||||||
Second quarter of fiscal 2018 | |||||||||||||||||||
Balance at December 30, 2017 | $ | (7 | ) | $ | 25 | $ | 1,804 | $ | 100 | $ | 1,922 | ||||||||
Quarter Ended March 31, 2018: | |||||||||||||||||||
Unrealized gains (losses) arising during the period | (3 | ) | 25 | (3 | ) | (33 | ) | (14 | ) | ||||||||||
Reclassifications of realized net (gains) losses to net income | — | (9 | ) | (23 | ) | — | (32 | ) | |||||||||||
Balance at March 31, 2018 | $ | (10 | ) | $ | 41 | $ | 1,778 | $ | 67 | $ | 1,876 | ||||||||
First and second quarter of fiscal 2019 | |||||||||||||||||||
Balance at September 29, 2018 | $ | (9 | ) | $ | (32 | ) | $ | 1,690 | $ | 103 | $ | 1,752 | |||||||
Six Months Ended March 30, 2019: | |||||||||||||||||||
Unrealized gains (losses) arising during the period | 1 | 13 | (6 | ) | (10 | ) | (2 | ) | |||||||||||
Reclassifications of net (gains) losses to net income | — | 14 | (33 | ) | — | (19 | ) | ||||||||||||
Reclassifications to retained earnings (1) | 9 | (9 | ) | (667 | ) | (16 | ) | (683 | ) | ||||||||||
Balance at March 30, 2019 | $ | 1 | $ | (14 | ) | $ | 984 | $ | 77 | $ | 1,048 | ||||||||
First and second quarter of fiscal 2018 | |||||||||||||||||||
Balance at September 30, 2017 | $ | (7 | ) | $ | 46 | $ | 1,839 | $ | 116 | $ | 1,994 | ||||||||
Six Months Ended March 31, 2018: | |||||||||||||||||||
Unrealized gains (losses) arising during the period | (3 | ) | 12 | (3 | ) | (49 | ) | (43 | ) | ||||||||||
Reclassifications of net (gains) losses to net income | — | (17 | ) | (58 | ) | — | (75 | ) | |||||||||||
Balance at March 31, 2018 | $ | (10 | ) | $ | 41 | $ | 1,778 | $ | 67 | $ | 1,876 |
Unrecognized Pension and Postretirement Medical Expense | Foreign Currency Translation and Other | AOCI | |||||||||||||||||
Market Value Adjustments | |||||||||||||||||||
AOCI, after tax | Investments | Cash Flow Hedges | |||||||||||||||||
Second quarter of fiscal 2019 | |||||||||||||||||||
Balance at December 29, 2018 | $ | — | $ | 128 | $ | (3,247 | ) | $ | (663 | ) | $ | (3,782 | ) | ||||||
Quarter Ended March 30, 2019: | |||||||||||||||||||
Unrealized gains (losses) arising during the period | (4 | ) | (63 | ) | 13 | 12 | (42 | ) | |||||||||||
Reclassifications of realized net (gains) losses to net income | — | (17 | ) | 55 | — | 38 | |||||||||||||
Balance at March 30, 2019 | $ | (4 | ) | $ | 48 | $ | (3,179 | ) | $ | (651 | ) | $ | (3,786 | ) | |||||
Second quarter of fiscal 2018 | |||||||||||||||||||
Balance at December 30, 2017 | $ | 7 | $ | (44 | ) | $ | (3,006 | ) | $ | (361 | ) | $ | (3,404 | ) | |||||
Quarter Ended March 31, 2018: | |||||||||||||||||||
Unrealized gains (losses) arising during the period | 7 | (140 | ) | 21 | 70 | (42 | ) | ||||||||||||
Reclassifications of realized net (gains) losses to net income | — | 28 | 73 | — | 101 | ||||||||||||||
Balance at March 31, 2018 | $ | 14 | $ | (156 | ) | $ | (2,912 | ) | $ | (291 | ) | $ | (3,345 | ) | |||||
First and second quarter of fiscal 2019 | |||||||||||||||||||
Balance at September 29, 2018 | $ | 15 | $ | 145 | $ | (2,633 | ) | $ | (624 | ) | $ | (3,097 | ) | ||||||
Six Months Ended March 30, 2019: | |||||||||||||||||||
Unrealized gains (losses) arising during the period | (4 | ) | (42 | ) | 13 | (11 | ) | (44 | ) | ||||||||||
Reclassifications of net (gains) losses to net income | — | (47 | ) | 108 | — | 61 | |||||||||||||
Reclassifications to retained earnings (1) | (15 | ) | (8 | ) | (667 | ) | (16 | ) | (706 | ) | |||||||||
Balance at March 30, 2019 | $ | (4 | ) | $ | 48 | $ | (3,179 | ) | $ | (651 | ) | $ | (3,786 | ) | |||||
First and second quarter of fiscal 2018 | |||||||||||||||||||
Balance at September 30, 2017 | $ | 8 | $ | (62 | ) | $ | (3,067 | ) | $ | (407 | ) | $ | (3,528 | ) | |||||
Six Months Ended March 31, 2018: | |||||||||||||||||||
Unrealized gains (losses) arising during the period | 6 | (134 | ) | 21 | 116 | 9 | |||||||||||||
Reclassifications of net (gains) losses to net income | — | 40 | 134 | — | 174 | ||||||||||||||
Balance at March 31, 2018 | $ | 14 | $ | (156 | ) | $ | (2,912 | ) | $ | (291 | ) | $ | (3,345 | ) |
Gains/(losses) in net income: | Affected line item in the Condensed Consolidated Statements of Income: | Quarter Ended | Six Months Ended | |||||||||||||||
March 30, 2019 | March 31, 2018 | March 30, 2019 | March 31, 2018 | |||||||||||||||
Cash flow hedges | Primarily revenue | $ | 22 | $ | (37 | ) | $ | 61 | $ | (57 | ) | |||||||
Estimated tax | Income taxes | (5 | ) | 9 | (14 | ) | 17 | |||||||||||
17 | (28 | ) | 47 | (40 | ) | |||||||||||||
Pension and postretirement medical expense | Costs and expenses | — | (96 | ) | — | (192 | ) | |||||||||||
Interest expense, net | (72 | ) | — | (141 | ) | — | ||||||||||||
Estimated tax | Income taxes | 17 | 23 | 33 | 58 | |||||||||||||
(55 | ) | (73 | ) | (108 | ) | (134 | ) | |||||||||||
Total reclassifications for the period | $ | (38 | ) | $ | (101 | ) | $ | (61 | ) | $ | (174 | ) |
Quarter Ended | Six Months Ended | ||||||||||||||
March 30, 2019 | March 31, 2018 | March 30, 2019 | March 31, 2018 | ||||||||||||
Stock options | $ | 24 | $ | 23 | $ | 43 | $ | 46 | |||||||
RSUs (1) | 100 | 77 | 173 | 148 | |||||||||||
Total equity-based compensation expense (2) | $ | 124 | $ | 100 | $ | 216 | $ | 194 | |||||||
Equity-based compensation expense capitalized during the period | $ | 22 | $ | 18 | $ | 38 | $ | 37 |
Fair Value Measurement at January 2, 2021 | |||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
Assets | |||||||||||||||||||||||
Investments | $ | 1,056 | $ | 0 | $ | 0 | $ | 1,056 | |||||||||||||||
Derivatives | |||||||||||||||||||||||
Interest rate | 0 | 444 | 0 | 444 | |||||||||||||||||||
Foreign exchange | 0 | 547 | 0 | 547 | |||||||||||||||||||
Other | 0 | 9 | 0 | 9 | |||||||||||||||||||
Liabilities | |||||||||||||||||||||||
Derivatives | |||||||||||||||||||||||
Interest rate | 0 | (56) | 0 | (56) | |||||||||||||||||||
Foreign exchange | 0 | (779) | 0 | (779) | |||||||||||||||||||
Other | 0 | (6) | 0 | (6) | |||||||||||||||||||
Total recorded at fair value | $ | 1,056 | $ | 159 | $ | 0 | $ | 1,215 | |||||||||||||||
Fair value of borrowings | $ | 0 | $ | 64,826 | $ | 1,372 | $ | 66,198 |
Fair Value Measurement at March 30, 2019 | |||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Assets | |||||||||||||||
Investments | $ | 20 | $ | — | $ | — | $ | 20 | |||||||
Derivatives | |||||||||||||||
Interest rate | — | 18 | — | 18 | |||||||||||
Foreign exchange | — | 525 | — | 525 | |||||||||||
Other | — | 6 | — | 6 | |||||||||||
Liabilities | |||||||||||||||
Derivatives | |||||||||||||||
Interest rate | — | (158 | ) | — | (158 | ) | |||||||||
Foreign exchange | — | (425 | ) | — | (425 | ) | |||||||||
Other | — | (2 | ) | — | (2 | ) | |||||||||
Total recorded at fair value | $ | 20 | $ | (36 | ) | $ | — | $ | (16 | ) | |||||
Fair value of borrowings | $ | — | $ | 41,482 | $ | 17,833 | $ | 59,315 |
Fair Value Measurement at October 3, 2020 | |||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
Assets | |||||||||||||||||||||||
Investments | $ | 0 | $ | 1,057 | $ | 0 | $ | 1,057 | |||||||||||||||
Derivatives | |||||||||||||||||||||||
Interest rate | 0 | 515 | 0 | 515 | |||||||||||||||||||
Foreign exchange | 0 | 505 | 0 | 505 | |||||||||||||||||||
Other | 0 | 1 | 0 | 1 | |||||||||||||||||||
Liabilities | |||||||||||||||||||||||
Derivatives | |||||||||||||||||||||||
Interest rate | 0 | (4) | 0 | (4) | |||||||||||||||||||
Foreign exchange | 0 | (549) | 0 | (549) | |||||||||||||||||||
Other | 0 | (22) | 0 | (22) | |||||||||||||||||||
Total recorded at fair value | $ | 0 | $ | 1,503 | $ | 0 | $ | 1,503 | |||||||||||||||
Fair value of borrowings | $ | 0 | $ | 63,370 | $ | 1,448 | $ | 64,818 |
Fair Value Measurement at September 29, 2018 | |||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Assets | |||||||||||||||
Investments | $ | 38 | $ | — | $ | — | $ | 38 | |||||||
Derivatives | |||||||||||||||
Foreign exchange | — | 469 | — | 469 | |||||||||||
Other | — | 15 | — | 15 | |||||||||||
Liabilities | |||||||||||||||
Derivatives | |||||||||||||||
Interest rate | — | (410 | ) | — | (410 | ) | |||||||||
Foreign exchange | — | (274 | ) | — | (274 | ) | |||||||||
Total recorded at fair value | $ | 38 | $ | (200 | ) | $ | — | $ | (162 | ) | |||||
Fair value of borrowings | $ | — | $ | 19,826 | $ | 1,171 | $ | 20,997 |
As of January 2, 2021 | |||||||||||||||||||||||
Current Assets | Other Assets | Other Current Liabilities | Other Long- Term Liabilities | ||||||||||||||||||||
Derivatives designated as hedges | |||||||||||||||||||||||
Foreign exchange | $ | 124 | $ | 240 | $ | (205) | $ | (184) | |||||||||||||||
Interest rate | 0 | 444 | (56) | 0 | |||||||||||||||||||
Other | 2 | 1 | (5) | (1) | |||||||||||||||||||
Derivatives not designated as hedges | |||||||||||||||||||||||
Foreign exchange | 99 | 84 | (214) | (176) | |||||||||||||||||||
Interest rate | 0 | 0 | 0 | 0 | |||||||||||||||||||
Other | 6 | 0 | 0 | 0 | |||||||||||||||||||
Gross fair value of derivatives | 231 | 769 | (480) | (361) | |||||||||||||||||||
Counterparty netting | (211) | (403) | 342 | 272 | |||||||||||||||||||
Cash collateral (received) paid | (4) | (107) | 102 | 41 | |||||||||||||||||||
Net derivative positions | $ | 16 | $ | 259 | $ | (36) | $ | (48) |
As of March 30, 2019 | |||||||||||||||
Current Assets | Other Assets | Other Current Liabilities | Other Long- Term Liabilities | ||||||||||||
Derivatives designated as hedges | |||||||||||||||
Foreign exchange | $ | 192 | $ | 176 | $ | (72 | ) | $ | (148 | ) | |||||
Interest rate | — | 18 | (121 | ) | — | ||||||||||
Other | 5 | 1 | (1 | ) | (1 | ) | |||||||||
Derivatives not designated as hedges | |||||||||||||||
Foreign exchange | 44 | 113 | (129 | ) | (76 | ) | |||||||||
Interest rate | — | — | — | (37 | ) | ||||||||||
Gross fair value of derivatives | 241 | 308 | (323 | ) | (262 | ) | |||||||||
Counterparty netting | (156 | ) | (253 | ) | 229 | 180 | |||||||||
Cash collateral (received)/paid | (8 | ) | — | 65 | — | ||||||||||
Net derivative positions | $ | 77 | $ | 55 | $ | (29 | ) | $ | (82 | ) |
As of September 29, 2018 | |||||||||||||||
Current Assets | Other Assets | Other Current Liabilities | Other Long- Term Liabilities | ||||||||||||
Derivatives designated as hedges | |||||||||||||||
Foreign exchange | $ | 166 | $ | 169 | $ | (80 | ) | $ | (39 | ) | |||||
Interest rate | — | — | (329 | ) | — | ||||||||||
Other | 13 | 2 | — | — | |||||||||||
Derivatives not designated as hedges | |||||||||||||||
Foreign exchange | 38 | 96 | (95 | ) | (60 | ) | |||||||||
Interest rate | — | — | — | (81 | ) | ||||||||||
Gross fair value of derivatives | 217 | 267 | (504 | ) | (180 | ) | |||||||||
Counterparty netting | (158 | ) | (227 | ) | 254 | 131 | |||||||||
Cash collateral (received)/paid | — | — | 135 | 5 | |||||||||||
Net derivative positions | $ | 59 | $ | 40 | $ | (115 | ) | $ | (44 | ) |
As of October 3, 2020 | |||||||||||||||||||||||
Current Assets | Other Assets | Other Current Liabilities | Other Long- Term Liabilities | ||||||||||||||||||||
Derivatives designated as hedges | |||||||||||||||||||||||
Foreign exchange | $ | 184 | $ | 132 | $ | (77) | $ | (273) | |||||||||||||||
Interest rate | 0 | 515 | (4) | 0 | |||||||||||||||||||
Other | 1 | 0 | (15) | (4) | |||||||||||||||||||
Derivatives not designated as hedges | |||||||||||||||||||||||
Foreign exchange | 53 | 136 | (98) | (101) | |||||||||||||||||||
Interest rate | 0 | 0 | 0 | 0 | |||||||||||||||||||
Other | 0 | 0 | (3) | 0 | |||||||||||||||||||
Gross fair value of derivatives | 238 | 783 | (197) | (378) | |||||||||||||||||||
Counterparty netting | (143) | (378) | 184 | 338 | |||||||||||||||||||
Cash collateral (received) paid | (26) | (142) | 0 | 9 | |||||||||||||||||||
Net derivative positions | $ | 69 | $ | 263 | $ | (13) | $ | (31) |
Carrying Amount of Hedged Borrowings(1) | Fair Value Adjustments Included in Hedged Borrowings(1) | ||||||||||||||||||||||
January 2, 2021 | October 3, 2020 | January 2, 2021 | October 3, 2020 | ||||||||||||||||||||
Borrowings: | |||||||||||||||||||||||
Current | $ | 751 | $ | 753 | $ | 1 | $ | 4 | |||||||||||||||
Long-term | 16,173 | 16,229 | 360 | 505 | |||||||||||||||||||
$ | 16,924 | $ | 16,982 | $ | 361 | $ | 509 |
Carrying Amount of Hedged Borrowings (1) | Fair Value Adjustments Included in Hedged Borrowings (1) | ||||||||||||||
March 30, 2019 | September 29, 2018 | March 30, 2019 | September 29, 2018 | ||||||||||||
Borrowings: | |||||||||||||||
Current | $ | 1,245 | $ | 1,585 | $ | (4 | ) | $ | (14 | ) | |||||
Long-term | 6,623 | 6,425 | (66 | ) | (290 | ) | |||||||||
$ | 7,868 | $ | 8,010 | $ | (70 | ) | $ | (304 | ) |
Quarter Ended | Six Months Ended | ||||||||||||||
March 30, 2019 | March 31, 2018 | March 30, 2019 | March 31, 2018 | ||||||||||||
Gain (loss) on: | |||||||||||||||
Pay-floating swaps | $ | 117 | $ | (102 | ) | $ | 234 | $ | (166 | ) | |||||
Borrowings hedged with pay-floating swaps | (117 | ) | 102 | (234 | ) | 166 | |||||||||
Benefit (expense) associated with interest accruals on pay-floating swaps | (18 | ) | — | (32 | ) | 7 |
Quarter Ended | |||||||||||||||||||||||
January 2, 2021 | December 28, 2019 | ||||||||||||||||||||||
Gain (loss) on: | |||||||||||||||||||||||
Pay-floating swaps | $ | (147) | $ | (113) | |||||||||||||||||||
Borrowings hedged with pay-floating swaps | 147 | 113 | |||||||||||||||||||||
Benefit (expense) associated with interest accruals on pay-floating swaps | 35 | (12) |
Quarter Ended | |||||||||||
January 2, 2021 | December 28, 2019 | ||||||||||
Gain (loss) recognized in AOCI | $ | (151) | $ | (85) | |||||||
Gain (loss) reclassified from AOCI into the Statement of Operations(1) | 44 | 60 | |||||||||
Quarter Ended | |||||||||||||||||||||||
January 2, 2021 | December 28, 2019 | ||||||||||||||||||||||
Gain (loss) on: | |||||||||||||||||||||||
Cross currency swaps | $ | 42 | $ | 0 | |||||||||||||||||||
Borrowings hedged with cross currency swaps | (42) | 0 |
Quarter Ended: | |||
Gain/(loss) recognized in Other Comprehensive Income | $ | (91 | ) |
Gain/(loss) reclassified from AOCI into the Statement of Income (1) | 20 | ||
Six Months Ended: | |||
Gain/(loss) recognized in Other Comprehensive Income | (41 | ) | |
Gain/(loss) reclassified from AOCI into the Statement of Income (1) | 57 |
Costs and Expenses | Interest expense, net | Income Tax Expense | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Quarter Ended: | Quarter Ended: | January 2, 2021 | December 28, 2019 | January 2, 2021 | December 28, 2019 | January 2, 2021 | December 28, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Net gains (losses) on foreign currency denominated assets and liabilities | Net gains (losses) on foreign currency denominated assets and liabilities | $ | 158 | $ | 69 | $ | (41) | $ | (12) | $ | (59) | $ | (15) | |||||||||||||||||||||||||||||||||||||||||||||
Net gains (losses) on foreign exchange risk management contracts not designated as hedges | Net gains (losses) on foreign exchange risk management contracts not designated as hedges | (187) | (80) | 43 | 10 | 50 | 17 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Net gains (losses) | Net gains (losses) | $ | (29) | $ | (11) | $ | 2 | $ | (2) | $ | (9) | $ | 2 | |||||||||||||||||||||||||||||||||||||||||||||
Costs and Expenses | Interest expense, net | Income Tax expense | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Quarter Ended: | March 30, 2019 | March 31, 2018 | March 30, 2019 | March 31, 2018 | March 30, 2019 | March 31, 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Net gain (loss) on foreign currency denominated assets and liabilities | $ | 1 | $ | 64 | $ | (12 | ) | $ | 24 | $ | — | $ | (15 | ) | ||||||||||||||||||||||||||||||||||||||||||||
Net gain (loss) on foreign exchange risk management contracts not designated as hedges | (4 | ) | (77 | ) | 11 | (27 | ) | (4 | ) | 17 | ||||||||||||||||||||||||||||||||||||||||||||||||
Net gain (loss) | $ | (3 | ) | $ | (13 | ) | $ | (1 | ) | $ | (3 | ) | $ | (4 | ) | $ | 2 | |||||||||||||||||||||||||||||||||||||||||
Six Months Ended: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net gains (losses) on foreign currency denominated assets and liabilities | $ | (26 | ) | $ | 81 | $ | 28 | $ | 27 | $ | 15 | $ | (12 | ) | ||||||||||||||||||||||||||||||||||||||||||||
Net gains (losses) on foreign exchange risk management contracts not designated as hedges | 20 | (91 | ) | (28 | ) | (28 | ) | (22 | ) | 16 | ||||||||||||||||||||||||||||||||||||||||||||||||
Net gains (losses) | $ | (6 | ) | $ | (10 | ) | $ | — | $ | (1 | ) | $ | (7 | ) | $ | 4 |
Beginning Balance | Additions | Payments | Other | Ending Balance | |||||||||||||||
Quarter ended March 30, 2019: | |||||||||||||||||||
Restructuring reserves | $ | 39 | $ | 403 | $ | (19 | ) | $ | — | $ | 423 |
TWDC | Legacy Disney | Non-Guarantor Subsidiaries | Reclassifications & Eliminations | Total | |||||||||||||||
Revenues | $ | — | $ | — | $ | 14,896 | $ | 26 | $ | 14,922 | |||||||||
Costs and expenses | |||||||||||||||||||
Operating expenses | — | — | (8,376 | ) | — | (8,376 | ) | ||||||||||||
Selling, general, administrative and other | — | (218 | ) | (2,109 | ) | — | (2,327 | ) | |||||||||||
Depreciation and amortization | — | (1 | ) | (827 | ) | — | (828 | ) | |||||||||||
Total costs and expenses | — | (219 | ) | (11,312 | ) | — | (11,531 | ) | |||||||||||
Restructuring and impairment charges | — | — | (662 | ) | — | (662 | ) | ||||||||||||
Allocations to non-guarantor subsidiaries | — | 203 | (203 | ) | — | — | |||||||||||||
Other income, net | — | 19 | 4,970 | (26 | ) | 4,963 | |||||||||||||
Interest expense, net | (109 | ) | (112 | ) | 78 | — | (143 | ) | |||||||||||
Equity in the income (loss) of investees, net | — | — | (312 | ) | — | (312 | ) | ||||||||||||
Income from continuing operations before income taxes | (109 | ) | (109 | ) | 7,455 | — | 7,237 | ||||||||||||
Income taxes from continuing operations | 25 | 25 | (1,697 | ) | — | (1,647 | ) | ||||||||||||
Earnings from subsidiary entities | 317 | 5,982 | — | (6,299 | ) | — | |||||||||||||
Net income from continuing operations | 233 | 5,898 | 5,758 | (6,299 | ) | 5,590 | |||||||||||||
Income (loss) from discontinued operations | 21 | — | 21 | (21 | ) | 21 | |||||||||||||
Consolidated net income | 254 | 5,898 | 5,779 | (6,320 | ) | 5,611 | |||||||||||||
Less: Net income attributable to noncontrolling interests | — | — | (159 | ) | — | (159 | ) | ||||||||||||
Net income excluding noncontrolling interests | $ | 254 | $ | 5,898 | $ | 5,620 | $ | (6,320 | ) | $ | 5,452 | ||||||||
Comprehensive income excluding noncontrolling interests | $ | 254 | $ | 5,895 | $ | 5,634 | $ | (6,335 | ) | $ | 5,448 |
TWDC | Legacy Disney | Non-Guarantor Subsidiaries | Reclassifications & Eliminations | Total | |||||||||||||||
Revenues | $ | — | $ | — | $ | 14,586 | $ | (38 | ) | $ | 14,548 | ||||||||
Costs and expenses | |||||||||||||||||||
Operating expenses | — | — | (7,541 | ) | — | (7,541 | ) | ||||||||||||
Selling, general, administrative and other | — | (158 | ) | (2,081 | ) | — | (2,239 | ) | |||||||||||
Depreciation and amortization | — | — | (731 | ) | — | (731 | ) | ||||||||||||
Total costs and expenses | — | (158 | ) | (10,353 | ) | — | (10,511 | ) | |||||||||||
Restructuring and impairment charges | — | 1 | (14 | ) | — | (13 | ) | ||||||||||||
Allocations to non-guarantor subsidiaries | — | 147 | (147 | ) | — | — | |||||||||||||
Other income, net | — | (108 | ) | 111 | 38 | 41 | |||||||||||||
Interest expense, net | — | (173 | ) | 30 | — | (143 | ) | ||||||||||||
Equity in the income (loss) of investees, net | — | — | 6 | — | 6 | ||||||||||||||
Income before taxes | — | (291 | ) | 4,219 | — | 3,928 | |||||||||||||
Income taxes | — | 70 | (883 | ) | — | (813 | ) | ||||||||||||
Earnings from subsidiary entities | — | 3,158 | — | (3,158 | ) | — | |||||||||||||
Consolidated net income | — | 2,937 | 3,336 | (3,158 | ) | 3,115 | |||||||||||||
Less: Net income attributable to noncontrolling interests | — | — | (178 | ) | — | (178 | ) | ||||||||||||
Net income excluding noncontrolling interests | $ | — | $ | 2,937 | $ | 3,158 | $ | (3,158 | ) | $ | 2,937 | ||||||||
Comprehensive income excluding noncontrolling interests | $ | — | $ | 2,996 | $ | 3,250 | $ | (3,250 | ) | $ | 2,996 |
TWDC | Legacy Disney | Non-Guarantor Subsidiaries | Reclassifications & Eliminations | Total | |||||||||||||||
Revenues | $ | — | $ | — | $ | 30,144 | $ | 81 | $ | 30,225 | |||||||||
Costs and expenses | |||||||||||||||||||
Operating expenses | — | — | (17,377 | ) | — | (17,377 | ) | ||||||||||||
Selling, general, administrative and other | — | (359 | ) | (4,120 | ) | — | (4,479 | ) | |||||||||||
Depreciation and amortization | — | (1 | ) | (1,559 | ) | — | (1,560 | ) | |||||||||||
Total costs and expenses | — | (360 | ) | (23,056 | ) | — | (23,416 | ) | |||||||||||
Restructuring and impairment charges | — | — | (662 | ) | — | (662 | ) | ||||||||||||
Allocations to non-guarantor subsidiaries | — | 330 | (330 | ) | — | — | |||||||||||||
Other income, net | — | 95 | 4,949 | (81 | ) | 4,963 | |||||||||||||
Interest expense, net | (175 | ) | (236 | ) | 205 | — | (206 | ) | |||||||||||
Equity in the income (loss) of investees, net | — | — | (236 | ) | — | (236 | ) | ||||||||||||
Income from continuing operations before income taxes | (175 | ) | (171 | ) | 11,014 | — | 10,668 | ||||||||||||
Income taxes from continuing operations | 38 | 37 | (2,367 | ) | — | (2,292 | ) | ||||||||||||
Earnings from subsidiary entities | 317 | 8,886 | — | (9,203 | ) | — | |||||||||||||
Net income from continuing operations | 180 | 8,752 | 8,647 | (9,203 | ) | 8,376 | |||||||||||||
Income (loss) from discontinued operations | 21 | — | 21 | (21 | ) | 21 | |||||||||||||
Consolidated net income | 201 | 8,752 | 8,668 | (9,224 | ) | 8,397 | |||||||||||||
Less: Net income attributable to noncontrolling interests | — | — | (157 | ) | — | (157 | ) | ||||||||||||
Net income excluding noncontrolling interests | $ | 201 | $ | 8,752 | $ | 8,511 | $ | (9,224 | ) | $ | 8,240 | ||||||||
Comprehensive income excluding noncontrolling interests | $ | 200 | $ | 8,770 | $ | 8,486 | $ | (9,199 | ) | $ | 8,257 |
TWDC | Legacy Disney | Non-Guarantor Subsidiaries | Reclassifications & Eliminations | Total | |||||||||||||||
Revenues | $ | — | $ | — | $ | 29,953 | $ | (54 | ) | $ | 29,899 | ||||||||
Costs and expenses | |||||||||||||||||||
Operating expenses | — | — | (16,270 | ) | — | (16,270 | ) | ||||||||||||
Selling, general, administrative and other | — | (285 | ) | (4,041 | ) | — | (4,326 | ) | |||||||||||
Depreciation and amortization | — | — | (1,473 | ) | — | (1,473 | ) | ||||||||||||
Total costs and expenses | — | (285 | ) | (21,784 | ) | — | (22,069 | ) | |||||||||||
Restructuring and impairment charges | — | — | (28 | ) | — | (28 | ) | ||||||||||||
Allocations to non-guarantor subsidiaries | — | 266 | (266 | ) | — | — | |||||||||||||
Other income, net | — | (127 | ) | 167 | 54 | 94 | |||||||||||||
Interest expense, net | — | (314 | ) | 42 | — | (272 | ) | ||||||||||||
Equity in the income (loss) of investees, net | — | — | 49 | — | 49 | ||||||||||||||
Income before taxes | — | (460 | ) | 8,133 | — | 7,673 | |||||||||||||
Income taxes | — | 35 | (120 | ) | — | (85 | ) | ||||||||||||
Earnings from subsidiary entities | — | 7,785 | — | (7,785 | ) | — | |||||||||||||
Consolidated net income | — | 7,360 | 8,013 | (7,785 | ) | 7,588 | |||||||||||||
Less: Net income attributable to noncontrolling interests | — | — | (228 | ) | — | (228 | ) | ||||||||||||
Net income excluding noncontrolling interests | $ | — | $ | 7,360 | $ | 7,785 | $ | (7,785 | ) | $ | 7,360 | ||||||||
Comprehensive income excluding noncontrolling interests | $ | — | $ | 7,543 | $ | 7,929 | $ | (7,929 | ) | $ | 7,543 |
TWDC | Legacy Disney | Non-Guarantor Subsidiaries | Reclassifications & Eliminations | Total | |||||||||||||||
ASSETS | |||||||||||||||||||
Current assets | |||||||||||||||||||
Cash and cash equivalents | $ | 4,133 | $ | 3 | $ | 5,972 | $ | — | $ | 10,108 | |||||||||
Receivables, net | 231 | — | 14,362 | — | 14,593 | ||||||||||||||
Inventories | — | 4 | 1,441 | — | 1,445 | ||||||||||||||
Television costs and advances | — | — | 5,408 | — | 5,408 | ||||||||||||||
Other current assets | — | 96 | 1,161 | — | 1,257 | ||||||||||||||
Assets held for sale | — | — | 1,466 | — | 1,466 | ||||||||||||||
Total current assets | 4,364 | 103 | 29,810 | — | 34,277 | ||||||||||||||
Film and television costs | — | — | 24,353 | — | 24,353 | ||||||||||||||
Investments in subsidiaries | 125,651 | 158,701 | — | (284,352 | ) | — | |||||||||||||
Other investments | — | — | 4,080 | — | 4,080 | ||||||||||||||
Parks, resorts and other property, net | — | 11 | 31,006 | — | 31,017 | ||||||||||||||
Intangible assets, net | — | — | 26,985 | — | 26,985 | ||||||||||||||
Goodwill | — | — | 75,057 | — | 75,057 | ||||||||||||||
Noncurrent assets held for sale | — | — | 13,182 | — | 13,182 | ||||||||||||||
Intercompany receivables | 4,226 | — | 139,527 | (143,753 | ) | — | |||||||||||||
Other assets | 110 | 736 | 5,176 | (631 | ) | 5,391 | |||||||||||||
Total assets | $ | 134,351 | $ | 159,551 | $ | 349,176 | $ | (428,736 | ) | $ | 214,342 | ||||||||
LIABILITIES AND EQUITY | |||||||||||||||||||
Current liabilities | |||||||||||||||||||
Accounts payable and other accrued liabilities | $ | 169 | $ | 292 | $ | 20,042 | $ | — | $ | 20,503 | |||||||||
Current portion of borrowings | 16,396 | 2,506 | 256 | — | 19,158 | ||||||||||||||
Deferred revenues and other | — | 26 | 4,255 | — | 4,281 | ||||||||||||||
Liabilities held for sale | — | — | 434 | — | 434 | ||||||||||||||
Total current liabilities | 16,565 | 2,824 | 24,987 | — | 44,376 | ||||||||||||||
Non-current liabilities | |||||||||||||||||||
Borrowings | $ | 20,353 | $ | 14,880 | $ | 2,570 | $ | — | $ | 37,803 | |||||||||
Deferred income taxes | — | — | 11,839 | (631 | ) | 11,208 | |||||||||||||
Noncurrent liabilities held for sale | — | — | 2,659 | — | 2,659 | ||||||||||||||
Other long-term liabilities | 751 | 2,863 | 9,240 | — | 12,854 | ||||||||||||||
Intercompany payables | 6,744 | 132,342 | 4,667 | (143,753 | ) | — | |||||||||||||
Total non-current liabilities | 27,848 | 150,085 | 30,975 | (144,384 | ) | 64,524 | |||||||||||||
Redeemable noncontrolling interests | — | — | 1,103 | — | 1,103 | ||||||||||||||
Total Disney Shareholders’ equity | 89,938 | 6,642 | 277,710 | (284,352 | ) | 89,938 | |||||||||||||
Noncontrolling interests | — | — | 14,401 | — | 14,401 | ||||||||||||||
Total equity | 89,938 | 6,642 | 292,111 | (284,352 | ) | 104,339 | |||||||||||||
Total liabilities and equity | $ | 134,351 | $ | 159,551 | $ | 349,176 | $ | (428,736 | ) | $ | 214,342 |
TWDC | Legacy Disney | Non-Guarantor Subsidiaries | Reclassifications & Eliminations | Total | |||||||||||||||
ASSETS | |||||||||||||||||||
Current assets | |||||||||||||||||||
Cash and cash equivalents | $ | — | $ | 1,367 | $ | 2,783 | $ | — | $ | 4,150 | |||||||||
Receivables, net | — | 155 | 9,179 | — | 9,334 | ||||||||||||||
Inventories | — | 4 | 1,388 | — | 1,392 | ||||||||||||||
Television costs and advances | — | — | 1,314 | — | 1,314 | ||||||||||||||
Other current assets | — | 152 | 483 | — | 635 | ||||||||||||||
Total current assets | — | 1,678 | 15,147 | — | 16,825 | ||||||||||||||
Film and television costs | — | — | 7,888 | — | 7,888 | ||||||||||||||
Investments in subsidiaries | — | 149,586 | — | (149,586 | ) | — | |||||||||||||
Other investments | — | — | 2,899 | — | 2,899 | ||||||||||||||
Parks, resorts and other property, net | — | 12 | 29,528 | — | 29,540 | ||||||||||||||
Intangible assets, net | — | — | 6,812 | — | 6,812 | ||||||||||||||
Goodwill | — | — | 31,269 | — | 31,269 | ||||||||||||||
Intercompany receivables | — | — | 79,499 | (79,499 | ) | — | |||||||||||||
Other assets | — | 911 | 3,178 | (724 | ) | 3,365 | |||||||||||||
Total assets | $ | — | $ | 152,187 | $ | 176,220 | $ | (229,809 | ) | $ | 98,598 | ||||||||
LIABILITIES AND EQUITY | |||||||||||||||||||
Current liabilities | |||||||||||||||||||
Accounts payable and other accrued liabilities | $ | — | $ | 688 | $ | 8,791 | $ | — | $ | 9,479 | |||||||||
Current portion of borrowings | — | 3,751 | 39 | — | 3,790 | ||||||||||||||
Deferred revenues and other | — | 115 | 4,476 | — | 4,591 | ||||||||||||||
Total current liabilities | — | 4,554 | 13,306 | — | 17,860 | ||||||||||||||
Non-current liabilities | |||||||||||||||||||
Borrowings | $ | — | $ | 15,676 | $ | 1,408 | $ | — | $ | 17,084 | |||||||||
Deferred income taxes | — | — | 3,833 | (724 | ) | 3,109 | |||||||||||||
Other long-term liabilities | — | 3,685 | 2,905 | — | 6,590 | ||||||||||||||
Intercompany payables | — | 79,499 | — | (79,499 | ) | — | |||||||||||||
Total non-current liabilities | — | 98,860 | 8,146 | (80,223 | ) | 26,783 | |||||||||||||
Redeemable noncontrolling interests | — | — | 1,123 | — | 1,123 | ||||||||||||||
Total Disney Shareholders’ equity | — | 48,773 | 149,586 | (149,586 | ) | 48,773 | |||||||||||||
Noncontrolling interests | — | — | 4,059 | — | 4,059 | ||||||||||||||
Total equity | — | 48,773 | 153,645 | (149,586 | ) | 52,832 | |||||||||||||
Total liabilities and equity | $ | — | $ | 152,187 | $ | 176,220 | $ | (229,809 | ) | $ | 98,598 |
TWDC | Legacy Disney | Non-Guarantor Subsidiaries | Reclassifications & Eliminations | Total | |||||||||||||||
OPERATING ACTIVITIES | |||||||||||||||||||
Cash provided by operations | $ | 534 | $ | (763 | ) | $ | 6,403 | $ | (160 | ) | $ | 6,014 | |||||||
INVESTING ACTIVITIES | |||||||||||||||||||
Investments in parks, resorts and other property | — | — | (2,390 | ) | — | (2,390 | ) | ||||||||||||
Acquisitions | (35,702 | ) | — | 25,801 | — | (9,901 | ) | ||||||||||||
Intercompany investing activities, net | 22,900 | — | — | (22,900 | ) | — | |||||||||||||
Other | — | — | (392 | ) | — | (392 | ) | ||||||||||||
Cash used in investing activities | (12,802 | ) | — | 23,019 | (22,900 | ) | (12,683 | ) | |||||||||||
FINANCING ACTIVITIES | |||||||||||||||||||
Commercial paper, net | 1,387 | (1,009 | ) | (2 | ) | — | 376 | ||||||||||||
Borrowings | 31,100 | — | 45 | — | 31,145 | ||||||||||||||
Reduction of borrowings | (16,100 | ) | (1,250 | ) | (48 | ) | — | (17,398 | ) | ||||||||||
Dividends | — | (1,310 | ) | — | — | (1,310 | ) | ||||||||||||
Repurchases of common stock | — | — | — | — | — | ||||||||||||||
Proceeds from exercise of stock options | — | 83 | — | — | 83 | ||||||||||||||
Intercompany financing and other, net | 14 | 3,134 | (26,208 | ) | 23,060 | — | |||||||||||||
Other | — | (241 | ) | 41 | — | (200 | ) | ||||||||||||
Cash used in financing activities | 16,401 | (593 | ) | (26,172 | ) | 23,060 | 12,696 | ||||||||||||
Discontinued operations | — | — | (35 | ) | — | (35 | ) | ||||||||||||
Impact of exchange rates on cash, cash equivalents and restricted cash | — | — | 75 | — | 75 | ||||||||||||||
Change in cash, cash equivalents and restricted cash | 4,133 | (1,356 | ) | 3,290 | — | 6,067 | |||||||||||||
Cash, cash equivalents and restricted cash, beginning of year | — | 1,367 | 2,788 | — | 4,155 | ||||||||||||||
Cash, cash equivalents and restricted cash, end of period | $ | 4,133 | $ | 11 | $ | 6,078 | $ | — | $ | 10,222 |
TWDC | Legacy Disney | Non-Guarantor Subsidiaries | Reclassifications & Eliminations | Total | |||||||||||||||
OPERATING ACTIVITIES | |||||||||||||||||||
Cash provided by operations | $ | — | $ | 507 | $ | 6,282 | $ | (26 | ) | $ | 6,763 | ||||||||
INVESTING ACTIVITIES | |||||||||||||||||||
Investments in parks, resorts and other property | — | (17 | ) | (2,027 | ) | — | (2,044 | ) | |||||||||||
Acquisitions | — | — | (1,581 | ) | — | (1,581 | ) | ||||||||||||
Intercompany investing activities, net | — | (1,581 | ) | — | 1,581 | — | |||||||||||||
Other | — | — | (180 | ) | — | (180 | ) | ||||||||||||
Cash used in investing activities | — | (1,598 | ) | (3,788 | ) | 1,581 | (3,805 | ) | |||||||||||
FINANCING ACTIVITIES | |||||||||||||||||||
Commercial paper, net | — | 1,372 | — | — | 1,372 | ||||||||||||||
Borrowings | — | 997 | 51 | — | 1,048 | ||||||||||||||
Reduction of borrowings | — | (1,300 | ) | (50 | ) | — | (1,350 | ) | |||||||||||
Dividends | — | (1,266 | ) | (26 | ) | 26 | (1,266 | ) | |||||||||||
Repurchases of common stock | — | (2,608 | ) | — | — | (2,608 | ) | ||||||||||||
Intercompany financing and other, net | — | 4,297 | (2,716 | ) | (1,581 | ) | — | ||||||||||||
Proceeds from exercise of stock options | — | 91 | — | — | 91 | ||||||||||||||
Other | — | (159 | ) | (10 | ) | — | (169 | ) | |||||||||||
Cash used in financing activities | — | 1,424 | (2,751 | ) | (1,555 | ) | (2,882 | ) | |||||||||||
Impact of exchange rates on cash, cash equivalents and restricted cash | — | — | 55 | — | 55 | ||||||||||||||
Change in cash, cash equivalents and restricted cash | — | 333 | (202 | ) | — | 131 | |||||||||||||
Cash, cash equivalents and restricted cash, beginning of year | — | 693 | 3,371 | — | 4,064 | ||||||||||||||
Cash, cash equivalents and restricted cash, end of period | $ | — | $ | 1,026 | $ | 3,169 | $ | — | $ | 4,195 |
Quarter Ended | % Change Better (Worse) | ||||||||||||||||||||||||||||||||||
(in millions, except per share data) | January 2, 2021 | December 28, 2019 | |||||||||||||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||||||||||||||
Services | $ | 14,871 | $ | 18,094 | (18) % | ||||||||||||||||||||||||||||||
Products | 1,378 | 2,783 | (50) % | ||||||||||||||||||||||||||||||||
Total revenues | 16,249 | 20,877 | (22) % | ||||||||||||||||||||||||||||||||
Costs and expenses: | |||||||||||||||||||||||||||||||||||
Cost of services (exclusive of depreciation and amortization) | (10,738) | (11,395) | 6 % | ||||||||||||||||||||||||||||||||
Cost of products (exclusive of depreciation and amortization) | (1,037) | (1,639) | 37 % | ||||||||||||||||||||||||||||||||
Selling, general, administrative and other | (2,917) | (3,709) | 21 % | ||||||||||||||||||||||||||||||||
Depreciation and amortization | (1,298) | (1,299) | — % | ||||||||||||||||||||||||||||||||
Total costs and expenses | (15,990) | (18,042) | 11 % | ||||||||||||||||||||||||||||||||
Restructuring and impairment charges | (113) | (150) | 25 % | ||||||||||||||||||||||||||||||||
Interest expense, net | (324) | (283) | (14) % | ||||||||||||||||||||||||||||||||
Equity in the income of investees | 224 | 224 | — % | ||||||||||||||||||||||||||||||||
Income from continuing operations before income taxes | 46 | 2,626 | (98) % | ||||||||||||||||||||||||||||||||
Income taxes on continuing operations | (16) | (458) | 97 % | ||||||||||||||||||||||||||||||||
Net income from continuing operations | 30 | 2,168 | (99) % | ||||||||||||||||||||||||||||||||
Loss from discontinued operations, net of income tax benefit of $4 and $7, respectively | (12) | (21) | 43 % | ||||||||||||||||||||||||||||||||
Net income | 18 | 2,147 | (99) % | ||||||||||||||||||||||||||||||||
Net income from continuing operations attributable to noncontrolling interests | (1) | (40) | 98 % | ||||||||||||||||||||||||||||||||
Net income attributable to Disney | $ | 17 | $ | 2,107 | (99) % | ||||||||||||||||||||||||||||||
Diluted earnings per share from continuing operations attributable to Disney | $ | 0.02 | $ | 1.17 | (98) % |
Quarter Ended | % Change | Six Months Ended | % Change | ||||||||||||||||||||
(in millions, except per share data) | March 30, 2019 | March 31, 2018 | Better/ (Worse) | March 30, 2019 | March 31, 2018 | Better/ (Worse) | |||||||||||||||||
Revenues: | |||||||||||||||||||||||
Services | $ | 13,006 | $ | 12,520 | 4 | % | $ | 25,872 | $ | 25,504 | 1 | % | |||||||||||
Products | 1,916 | 2,028 | (6) | % | 4,353 | 4,395 | (1) | % | |||||||||||||||
Total revenues | 14,922 | 14,548 | 3 | % | 30,225 | 29,899 | 1 | % | |||||||||||||||
Costs and expenses: | |||||||||||||||||||||||
Cost of services (exclusive of depreciation and amortization) | (7,167 | ) | (6,313 | ) | (14) | % | (14,731 | ) | (13,637 | ) | (8) | % | |||||||||||
Cost of products (exclusive of depreciation and amortization) | (1,209 | ) | (1,228 | ) | 2 | % | (2,646 | ) | (2,633 | ) | — | % | |||||||||||
Selling, general, administrative and other | (2,327 | ) | (2,239 | ) | (4) | % | (4,479 | ) | (4,326 | ) | (4) | % | |||||||||||
Depreciation and amortization | (828 | ) | (731 | ) | (13) | % | (1,560 | ) | (1,473 | ) | (6) | % | |||||||||||
Total costs and expenses | (11,531 | ) | (10,511 | ) | (10) | % | (23,416 | ) | (22,069 | ) | (6) | % | |||||||||||
Restructuring and impairment charges | (662 | ) | (13 | ) | >(100) | % | (662 | ) | (28 | ) | >(100) | % | |||||||||||
Other income | 4,963 | 41 | >100 | % | 4,963 | 94 | >100 | % | |||||||||||||||
Interest expense, net | (143 | ) | (143 | ) | — | % | (206 | ) | (272 | ) | 24 | % | |||||||||||
Equity in the income / (loss) of investees, net | (312 | ) | 6 | nm | (236 | ) | 49 | nm | |||||||||||||||
Income from continuing operations before income taxes | 7,237 | 3,928 | 84 | % | 10,668 | 7,673 | 39 | % | |||||||||||||||
Income taxes from continuing operations | (1,647 | ) | (813 | ) | >(100) | % | (2,292 | ) | (85 | ) | >(100) | % | |||||||||||
Net income from continuing operations | 5,590 | 3,115 | 79 | % | 8,376 | 7,588 | 10 | % | |||||||||||||||
Income (loss) from discontinued operations (net of income taxes of $5, $0, $5 and $0, respectively) | 21 | — | nm | 21 | — | nm | |||||||||||||||||
Consolidated net income | 5,611 | 3,115 | 80 | % | 8,397 | 7,588 | 11 | % | |||||||||||||||
Less: Net income attributable to noncontrolling interests | (159 | ) | (178 | ) | 11 | % | (157 | ) | (228 | ) | 31 | % | |||||||||||
Net income attributable to Disney | $ | 5,452 | $ | 2,937 | 86 | % | $ | 8,240 | $ | 7,360 | 12 | % | |||||||||||
Diluted earnings per share from continuing operations attributable to Disney | $ | 3.53 | 1.9450331126 | $ | 1.95 | 81 | % | $ | 5.42 | 4.8580858086 | $ | 4.86 | 12 | % |
Quarter Ended | Quarter Ended | ||||||||||||||||||||||||||
(in millions) | March 30, 2019 | March 31, 2018 | % Change Better/(Worse) | (in millions) | January 2, 2021 | December 28, 2019 | % Change Better (Worse) | ||||||||||||||||||||
Interest expense | $ | (198 | ) | $ | (172 | ) | (15) | % | Interest expense | $ | (404) | $ | (362) | (12) % | |||||||||||||
Interest income, investment income and other | 55 | 29 | 90 | % | Interest income, investment income and other | 80 | 79 | 1 % | |||||||||||||||||||
Interest expense, net | $ | (143 | ) | $ | (143 | ) | — | % | Interest expense, net | $ | (324) | $ | (283) | (14) % |
Quarter Ended | ||||||||||||||||||||
January 2, 2021 | December 28, 2019 | Change Better (Worse) | ||||||||||||||||||
Effective income tax rate - continuing operations | 34.8% | 17.4% | (17.4) | ppt |
Quarter Ended | |||||||||
March 30, 2019 | March 31, 2018 | Change Better/(Worse) | |||||||
Effective income tax rate | 22.8 | % | 20.7 | % | (2.1 | ) | ppt |
Quarter Ended | Quarter Ended | ||||||||||||||||||||||||||
(in millions) | March 30, 2019 | March 31, 2018 | % Change Better/(Worse) | (in millions) | January 2, 2021 | December 28, 2019 | % Change Better (Worse) | ||||||||||||||||||||
Net income attributable to noncontrolling interests | $ | (159 | ) | $ | (178 | ) | 11 | % | |||||||||||||||||||
Net income from continuing operations attributable to noncontrolling interests | Net income from continuing operations attributable to noncontrolling interests | $ | (1) | $ | (40) | 98 % |
(in millions, except per share data) | Pre-Tax Income (Loss) | Tax Benefit (Expense)(1) | After-Tax Income (Loss) | EPS Favorable (Adverse)(2) | |||||||||||||||||||
Quarter Ended January 2, 2021: | |||||||||||||||||||||||
TFCF and Hulu acquisition amortization(3) | $ | (617) | $ | 144 | $ | (473) | $ | (0.25) | |||||||||||||||
Restructuring and impairment charges | (113) | 28 | (85) | (0.05) | |||||||||||||||||||
Total | $ | (730) | $ | 172 | $ | (558) | $ | (0.30) | |||||||||||||||
Quarter Ended December 28, 2019: | |||||||||||||||||||||||
TFCF and Hulu acquisition amortization(3) | $ | (700) | $ | 162 | $ | (538) | $ | (0.30) | |||||||||||||||
Restructuring and impairment charges | (150) | 35 | (115) | (0.06) | |||||||||||||||||||
Total | $ | (850) | $ | 197 | $ | (653) | $ | (0.36) |
(in millions, except per share data) | Pre-Tax Income/(Loss) | Tax Benefit/(Expense)(1) | After-Tax Income/(Loss) | EPS Favorable/(Adverse) (2) | |||||||||||
Quarter Ended March 30, 2019: | |||||||||||||||
Hulu gain | $ | 4,917 | $ | (1,131 | ) | $ | 3,786 | $ | 2.46 | ||||||
Insurance recoveries related to a legal matters | 46 | (11 | ) | 35 | 0.02 | ||||||||||
Restructuring and impairment charges | (662 | ) | 152 | (510 | ) | (0.33 | ) | ||||||||
Impairment of Vice | (353 | ) | 81 | (272 | ) | (0.18 | ) | ||||||||
Amortization of 21CF and Hulu intangible assets and fair value step-up on film and television costs | (105 | ) | 24 | (81 | ) | (0.05 | ) | ||||||||
Total | $ | 3,843 | $ | (885 | ) | $ | 2,958 | $ | 1.92 | ||||||
Quarter Ended March 31, 2018: | |||||||||||||||
Net benefit from the Tax Act | $ | — | $ | (134 | ) | $ | (134 | ) | $ | 0.09 | |||||
Insurance recoveries related to a legal matter | 38 | (10 | ) | 28 | 0.02 | ||||||||||
Restructuring and impairment charges | (13 | ) | 3 | (10 | ) | (0.01 | ) | ||||||||
Total | $ | 25 | $ | (141 | ) | $ | (116 | ) | $ | 0.10 |
(2) |
EPS is net of noncontrolling interest share, where applicable. Total may not equal the sum of the column |
Six Months Ended | ||||||||||
(in millions) | March 30, 2019 | March 31, 2018 | % Change Better/(Worse) | |||||||
Interest expense | $ | (361 | ) | $ | (318 | ) | (14) | % | ||
Interest income, investment income and other | 155 | 46 | >100 | % | ||||||
Interest expense, net | $ | (206 | ) | $ | (272 | ) | 24 | % |
Six Months Ended | |||||||||
March 30, 2019 | March 31, 2018 | Change Better/(Worse) | |||||||
Effective income tax rate | 21.5 | % | 1.1 | % | (20.4 | ) | ppt |
Six Months Ended | ||||||||||
(in millions) | March 30, 2019 | March 31, 2018 | % Change Better/(Worse) | |||||||
Net income attributable to noncontrolling interests | $ | (157 | ) | $ | (228 | ) | 31 | % |
(in millions, except per share data) | Pre-Tax Income/(Loss) | Tax Benefit/(Expense)(1) | After-Tax Income/(Loss) | EPS Favorable/(Adverse) (2) | |||||||||||
Six Months Ended March 30, 2019: | |||||||||||||||
Hulu gain | $ | 4,917 | $ | (1,131 | ) | $ | 3,786 | $ | 2.50 | ||||||
Insurance recoveries related to a legal matter | 46 | (11 | ) | 35 | 0.02 | ||||||||||
Net benefit from the Tax Act | — | 34 | 34 | 0.02 | |||||||||||
Restructuring and impairment charges | (662 | ) | 152 | (510 | ) | (0.33 | ) | ||||||||
Impairment of Vice | (353 | ) | 81 | (272 | ) | (0.18 | ) | ||||||||
Amortization of 21CF and Hulu intangible assets and fair value step-up on film and television costs | (105 | ) | 24 | (81 | ) | (0.05 | ) | ||||||||
Total | $ | 3,843 | $ | (851 | ) | $ | 2,992 | $ | 1.98 | ||||||
Six Months Ended March 31, 2018: | |||||||||||||||
Net benefit from the Tax Act | $ | — | $ | (1,691 | ) | $ | (1,691 | ) | $ | 1.10 | |||||
Gain from sale of property rights | 53 | (12 | ) | 41 | 0.03 | ||||||||||
Insurance recoveries related to a legal matter | 38 | (10 | ) | 28 | 0.02 | ||||||||||
Restructuring and impairment charges | (28 | ) | 6 | (22 | ) | (0.01 | ) | ||||||||
Total | $ | 63 | $ | (1,707 | ) | $ | (1,644 | ) | $ | 1.14 |
Quarter Ended | % Change Better (Worse) | ||||||||||||||||||||||||||||||||||
(in millions) | January 2, 2021 | December 28, 2019 | |||||||||||||||||||||||||||||||||
Income from continuing operations before income taxes | $ | 46 | $ | 2,626 | (98) % | ||||||||||||||||||||||||||||||
Add: | |||||||||||||||||||||||||||||||||||
Corporate and unallocated shared expenses | 232 | 237 | 2 % | ||||||||||||||||||||||||||||||||
Restructuring and impairment charges | 113 | 150 | 25 % | ||||||||||||||||||||||||||||||||
Interest expense, net | 324 | 283 | (14) % | ||||||||||||||||||||||||||||||||
TFCF and Hulu acquisition amortization(1) | 617 | 700 | 12 % | ||||||||||||||||||||||||||||||||
Total segment operating income | $ | 1,332 | $ | 3,996 | (67) % |
Quarter Ended | % Change Better (Worse) | ||||||||||||||||||||||||||||||||||
(in millions) | January 2, 2021 | December 28, 2019 | |||||||||||||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||||||||||||||
Disney Media and Entertainment Distribution | $ | 12,661 | $ | 13,297 | (5) % | ||||||||||||||||||||||||||||||
Disney Parks, Experiences and Products | 3,588 | 7,580 | (53) % | ||||||||||||||||||||||||||||||||
$ | 16,249 | $ | 20,877 | (22) % | |||||||||||||||||||||||||||||||
Segment operating income: | |||||||||||||||||||||||||||||||||||
Disney Media and Entertainment Distribution | $ | 1,451 | $ | 1,474 | (2) % | ||||||||||||||||||||||||||||||
Disney Parks, Experiences and Products | (119) | 2,522 | nm | ||||||||||||||||||||||||||||||||
$ | 1,332 | $ | 3,996 | (67) % |
Quarter Ended | % Change Better (Worse) | ||||||||||||||||||||||||||||||||||
(in millions) | January 2, 2021 | December 28, 2019 | |||||||||||||||||||||||||||||||||
Disney Media and Entertainment Distribution | $ | 167 | $ | 142 | (18) % | ||||||||||||||||||||||||||||||
Disney Parks, Experiences and Products | |||||||||||||||||||||||||||||||||||
Domestic | 388 | 398 | 3 % | ||||||||||||||||||||||||||||||||
International | 176 | 169 | (4) % | ||||||||||||||||||||||||||||||||
Total Disney Parks, Experiences and Products | 564 | 567 | 1 % | ||||||||||||||||||||||||||||||||
Corporate | 46 | 31 | (48) % | ||||||||||||||||||||||||||||||||
Total depreciation expense | $ | 777 | $ | 740 | (5) % |
Quarter Ended | % Change Better (Worse) | ||||||||||||||||||||||||||||||||||
(in millions) | January 2, 2021 | December 28, 2019 | |||||||||||||||||||||||||||||||||
Disney Media and Entertainment Distribution | $ | 47 | $ | 46 | (2) % | ||||||||||||||||||||||||||||||
Disney Parks, Experiences and Products | 27 | 27 | — % | ||||||||||||||||||||||||||||||||
TFCF and Hulu | 447 | 486 | 8 % | ||||||||||||||||||||||||||||||||
Total amortization of intangible assets | $ | 521 | $ | 559 | 7 % |
Quarter Ended | % Change Better (Worse) | ||||||||||||||||||||||||||||||||||
(in millions) | January 2, 2021 | December 28, 2019 | |||||||||||||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||||||||||||||
Linear Networks | $ | 7,693 | $ | 7,536 | 2 % | ||||||||||||||||||||||||||||||
Direct-to-Consumer | 3,504 | 2,025 | 73 % | ||||||||||||||||||||||||||||||||
Content Sales/Licensing and Other | 1,702 | 3,910 | (56) % | ||||||||||||||||||||||||||||||||
Elimination of Intrasegment Revenue(1) | (238) | (174) | (37) % | ||||||||||||||||||||||||||||||||
$ | 12,661 | $ | 13,297 | (5) % | |||||||||||||||||||||||||||||||
Segment operating income (loss): | |||||||||||||||||||||||||||||||||||
Linear Networks | $ | 1,729 | $ | 1,808 | (4) % | ||||||||||||||||||||||||||||||
Direct-to-Consumer | (466) | (1,110) | 58 % | ||||||||||||||||||||||||||||||||
Content Sales/Licensing and Other | 188 | 776 | (76) % | ||||||||||||||||||||||||||||||||
$ | 1,451 | $ | 1,474 | (2) % |
Quarter Ended | % Change | Six Months Ended | % Change | ||||||||||||||||||
(in millions) | March 30, 2019 | March 31, 2018 | Better/ (Worse) | March 30, 2019 | March 31, 2018 | Better/ (Worse) | |||||||||||||||
Revenues: | |||||||||||||||||||||
Media Networks | $ | 5,525 | $ | 5,508 | — | % | $ | 11,446 | $ | 11,063 | 3 | % | |||||||||
Parks, Experiences and Products | 6,169 | 5,903 | 5 | % | 12,993 | 12,430 | 5 | % | |||||||||||||
Studio Entertainment | 2,134 | 2,499 | (15) | % | 3,958 | 5,008 | (21) | % | |||||||||||||
Direct-to-Consumer & International | 955 | 831 | 15 | % | 1,873 | 1,762 | 6 | % | |||||||||||||
21CF | 373 | — | nm | 373 | — | nm | |||||||||||||||
Eliminations | (234 | ) | (193 | ) | (21) | % | (418 | ) | (364 | ) | (15) | % | |||||||||
$ | 14,922 | $ | 14,548 | 3 | % | $ | 30,225 | $ | 29,899 | 1 | % | ||||||||||
Segment operating income/(loss): | |||||||||||||||||||||
Media Networks | $ | 2,185 | $ | 2,258 | (3) | % | $ | 3,515 | $ | 3,501 | — | % | |||||||||
Parks, Experiences and Products | 1,506 | 1,309 | 15 | % | 3,658 | 3,263 | 12 | % | |||||||||||||
Studio Entertainment | 534 | 874 | (39) | % | 843 | 1,699 | (50) | % | |||||||||||||
Direct-to-Consumer & International | (393 | ) | (188 | ) | >(100) | % | (529 | ) | (230 | ) | >(100) | % | |||||||||
21CF | 25 | — | nm | 25 | — | nm | |||||||||||||||
Eliminations | (41 | ) | (16 | ) | >(100) | % | (41 | ) | (10 | ) | >(100) | % | |||||||||
$ | 3,816 | $ | 4,237 | (10) | % | $ | 7,471 | $ | 8,223 | (9) | % |
Quarter Ended | % Change Better (Worse) | ||||||||||||||||
(in millions) | January 2, 2021 | December 28, 2019 | |||||||||||||||
Revenues | |||||||||||||||||
Affiliate fees | $ | 4,640 | $ | 4,614 | 1 % | ||||||||||||
Advertising | 2,835 | 2,731 | 4 % | ||||||||||||||
Other | 218 | 191 | 14 % | ||||||||||||||
Total revenues | 7,693 | 7,536 | 2 % | ||||||||||||||
Operating expenses | (5,421) | (4,958) | (9) % | ||||||||||||||
Selling, general, administrative and other | (724) | (918) | 21 % | ||||||||||||||
Depreciation and amortization | (53) | (66) | 20 % | ||||||||||||||
Equity in the income of investees | 234 | 214 | 9 % | ||||||||||||||
Operating Income | $ | 1,729 | $ | 1,808 | (4) % |
Quarter Ended | % Change | Six Months Ended | % Change | ||||||||||||||||||
(in millions) | March 30, 2019 | March 31, 2018 | Better/ (Worse) | March 30, 2019 | March 31, 2018 | Better/ (Worse) | |||||||||||||||
Income from continuing operations before income taxes | $ | 7,237 | $ | 3,928 | 84 | % | $ | 10,668 | $ | 7,673 | 39 | % | |||||||||
Add/(subtract): | |||||||||||||||||||||
Corporate and unallocated shared expenses | 279 | 194 | (44) | % | 440 | 344 | (28) | % | |||||||||||||
Restructuring and impairment charges | 662 | 13 | >(100) | % | 662 | 28 | >(100) | % | |||||||||||||
Other income | (4,963 | ) | (41 | ) | >100 | % | (4,963 | ) | (94 | ) | >100 | % | |||||||||
Interest expense, net | 143 | 143 | — | % | 206 | 272 | 24 | % | |||||||||||||
Amortization of 21CF and Hulu intangible assets and fair value step-up on film and television costs | 105 | — | nm | 105 | — | nm | |||||||||||||||
Impairment of equity investment | 353 | — | nm | 353 | — | nm | |||||||||||||||
Segment Operating Income | $ | 3,816 | $ | 4,237 | (10) | % | $ | 7,471 | $ | 8,223 | (9) | % |
Quarter Ended | % Change Better (Worse) | ||||||||||||||||
(in millions) | January 2, 2021 | December 28, 2019 | |||||||||||||||
Domestic Channels | $ | 3,773 | $ | 3,650 | 3 % | ||||||||||||
International Channels | 867 | 964 | (10) % | ||||||||||||||
$ | 4,640 | $ | 4,614 | 1 % |
Quarter Ended | % Change | Six Months Ended | % Change | ||||||||||||||||||
(in millions) | March 30, 2019 | March 31, 2018 | Better/ (Worse) | March 30, 2019 | March 31, 2018 | Better/ (Worse) | |||||||||||||||
Media Networks | |||||||||||||||||||||
Cable Networks | $ | 25 | $ | 28 | 11 | % | $ | 49 | $ | 57 | 14 | % | |||||||||
Broadcasting | 20 | 23 | 13 | % | 40 | 46 | 13 | % | |||||||||||||
Total Media Networks | 45 | 51 | 12 | % | 89 | 103 | 14 | % | |||||||||||||
Parks, Experiences and Products | |||||||||||||||||||||
Domestic | 367 | 364 | (1) | % | 719 | 727 | 1 | % | |||||||||||||
International | 182 | 185 | 2 | % | 368 | 367 | — | % | |||||||||||||
Total Parks, Experiences and Products | 549 | 549 | — | % | 1,087 | 1,094 | 1 | % | |||||||||||||
Studio Entertainment | 16 | 14 | (14) | % | 30 | 27 | (11) | % | |||||||||||||
Direct-to-Consumer & International | 35 | 27 | (30) | % | 67 | 49 | (37) | % | |||||||||||||
21CF | 4 | — | nm | 4 | — | nm | |||||||||||||||
Corporate | 42 | 46 | 9 | % | 81 | 91 | 11 | % | |||||||||||||
Total depreciation expense | $ | 691 | $ | 687 | (1) | % | $ | 1,358 | $ | 1,364 | — | % |
Quarter Ended | % Change Better (Worse) | ||||||||||||||||
(in millions) | January 2, 2021 | December 28, 2019 | |||||||||||||||
Cable | $ | 1,217 | $ | 1,309 | (7) % | ||||||||||||
Broadcasting | 984 | 941 | 5 % | ||||||||||||||
Domestic Channels | 2,201 | 2,250 | (2) % | ||||||||||||||
International Channels | 634 | 481 | 32 % | ||||||||||||||
$ | 2,835 | $ | 2,731 | 4 % |
Quarter Ended | % Change Better (Worse) | ||||||||||||||||
(in millions) | January 2, 2021 | December 28, 2019 | |||||||||||||||
Cable | $ | (3,404) | $ | (3,121) | (9) % | ||||||||||||
Broadcasting | (747) | (755) | 1 % | ||||||||||||||
Domestic Channels | (4,151) | (3,876) | (7) % | ||||||||||||||
International Channels | (914) | (686) | (33) % | ||||||||||||||
$ | (5,065) | $ | (4,562) | (11) % |
Quarter Ended | % Change | Six Months Ended | % Change | ||||||||||||||||||
(in millions) | March 30, 2019 | March 31, 2018 | Better/ (Worse) | March 30, 2019 | March 31, 2018 | Better/ (Worse) | |||||||||||||||
Media Networks | $ | — | $ | — | nm | $ | — | $ | — | nm | |||||||||||
Parks, Experiences and Products | 27 | 28 | 4 | % | 54 | 55 | 2 | % | |||||||||||||
Studio Entertainment | 15 | 15 | — | % | 31 | 32 | 3 | % | |||||||||||||
Direct-to-Consumer & International | 23 | 1 | >(100) | % | 45 | 22 | >(100) | % | |||||||||||||
21CF and Hulu | 72 | — | nm | 72 | — | nm | |||||||||||||||
Total amortization of intangible assets | $ | 137 | $ | 44 | >(100) | % | $ | 202 | $ | 109 | (85) | % |
Quarter Ended | % Change Better (Worse) | ||||||||||||||||
(in millions) | January 2, 2021 | December 28, 2019 | |||||||||||||||
Supplemental revenue detail | |||||||||||||||||
Domestic Channels | $ | 6,070 | $ | 5,993 | 1 % | ||||||||||||
International Channels | 1,623 | 1,543 | 5 % | ||||||||||||||
$ | 7,693 | $ | 7,536 | 2 % | |||||||||||||
Supplemental operating income detail | |||||||||||||||||
Domestic Channels | $ | 1,120 | $ | 1,206 | (7) % | ||||||||||||
International Channels | 375 | 388 | (3) % | ||||||||||||||
Equity in the income of investees | 234 | 214 | 9 % | ||||||||||||||
$ | 1,729 | $ | 1,808 | (4) % |
Quarter Ended | % Change | Quarter Ended | % Change Better (Worse) | ||||||||||||||||||||||||
(in millions) | March 30, 2019 | March 31, 2018 | Better/ (Worse) | (in millions) | January 2, 2021 | December 28, 2019 | |||||||||||||||||||||
Revenues | Revenues | ||||||||||||||||||||||||||
Affiliate fees | $ | 3,177 | $ | 3,043 | 4 | % | |||||||||||||||||||||
Subscription fees | Subscription fees | $ | 2,546 | $ | 1,326 | 92 % | |||||||||||||||||||||
Advertising | 1,596 | 1,643 | (3) | % | Advertising | 882 | 599 | 47 % | |||||||||||||||||||
TV/SVOD distribution and other | 752 | 822 | (9) | % | TV/SVOD distribution and other | 76 | 100 | (24) % | |||||||||||||||||||
Total revenues | 5,525 | 5,508 | — | % | Total revenues | 3,504 | 2,025 | 73 % | |||||||||||||||||||
Operating expenses | (3,012 | ) | (2,917 | ) | (3) | % | Operating expenses | (2,921) | (2,343) | (25) % | |||||||||||||||||
Selling, general, administrative and other | (465 | ) | (464 | ) | — | % | Selling, general, administrative and other | (970) | (732) | (33) % | |||||||||||||||||
Depreciation and amortization | (45 | ) | (51 | ) | 12 | % | Depreciation and amortization | (79) | (60) | (32) % | |||||||||||||||||
Equity in the income of investees | 182 | 182 | — | % | |||||||||||||||||||||||
Operating Income | $ | 2,185 | $ | 2,258 | (3) | % | |||||||||||||||||||||
Operating Loss | Operating Loss | $ | (466) | $ | (1,110) | 58 % |
January 2, 2021 | December 28, 2019 | % Change Better (Worse) | ||||||||||||||||||
Disney+(3) | 94.9 | 26.5 | >100 % | |||||||||||||||||
ESPN+ | 12.1 | 6.6 | 83 % | |||||||||||||||||
Hulu | ||||||||||||||||||||
SVOD Only | 35.4 | 27.2 | 30 % | |||||||||||||||||
Live TV + SVOD | 4.0 | 3.2 | 25 % | |||||||||||||||||
Total Hulu | 39.4 | 30.4 | 30 % |
Quarter Ended | % Change | |||||||||
(in millions) | March 30, 2019 | March 31, 2018 | Better/ (Worse) | |||||||
Supplemental revenue detail | ||||||||||
Cable Networks | $ | 3,708 | $ | 3,653 | 2 | % | ||||
Broadcasting | 1,817 | 1,855 | (2) | % | ||||||
$ | 5,525 | $ | 5,508 | — | % | |||||
Supplemental operating income detail | ||||||||||
Cable Networks | $ | 1,756 | $ | 1,728 | 2 | % | ||||
Broadcasting | 247 | 348 | (29) | % | ||||||
Equity in the income of investees | 182 | 182 | — | % | ||||||
$ | 2,185 | $ | 2,258 | (3) | % |
% Change Better (Worse) | ||||||||||||||||||||
January 2, 2021 | December 28, 2019 | |||||||||||||||||||
Disney+(3)(4) | $ | 4.03 | $ | 5.56 | (28) % | |||||||||||||||
ESPN+(5) | $ | 4.48 | $ | 4.44 | 1 % | |||||||||||||||
Hulu | ||||||||||||||||||||
SVOD Only | $ | 13.51 | $ | 13.15 | 3 % | |||||||||||||||
Live TV + SVOD | $ | 75.11 | $ | 59.47 | 26 % |
Quarter Ended | % Change | |||||||||
(in millions) | March 30, 2019 | March 31, 2018 | Better/ (Worse) | |||||||
Revenues | ||||||||||
Theme park admissions | $ | 1,768 | $ | 1,690 | 5 | % | ||||
Parks & Experiences merchandise, food and beverage | 1,411 | 1,352 | 4 | % | ||||||
Resorts and vacations | 1,501 | 1,461 | 3 | % | ||||||
Merchandise licensing and retail | 992 | 980 | 1 | % | ||||||
Parks licensing and other | 497 | 420 | 18 | % | ||||||
Total revenues | 6,169 | 5,903 | 5 | % | ||||||
Operating expenses | (3,339 | ) | (3,245 | ) | (3) | % | ||||
Selling, general, administrative and other | (748 | ) | (765 | ) | 2 | % | ||||
Depreciation and amortization | (576 | ) | (577 | ) | — | % | ||||
Equity in the loss of investees | — | (7 | ) | — | % | |||||
Operating Income | $ | 1,506 | $ | 1,309 | 15 | % |
Quarter Ended | % Change Better (Worse) | ||||||||||||||||
(in millions) | January 2, 2021 | December 28, 2019 | |||||||||||||||
Programming and production costs | $ | (2,379) | $ | (1,920) | (24) % | ||||||||||||
Other operating expense | (542) | (423) | (28) % | ||||||||||||||
$ | (2,921) | $ | (2,343) | (25) % |
Domestic | International (2) | Total | |||||||||||||||||||||
Quarter Ended | Quarter Ended | Quarter Ended | |||||||||||||||||||||
Mar. 30, 2019 | Mar. 31, 2018 | Mar. 30, 2019 | Mar. 31, 2018 | Mar. 30, 2019 | Mar. 31, 2018 | ||||||||||||||||||
Parks | |||||||||||||||||||||||
Increase/(decrease) | |||||||||||||||||||||||
Attendance | 1 | % | 5 | % | (3) | % | 1 | % | — | % | 4 | % | |||||||||||
Per Capita Guest Spending | 4 | % | 6 | % | 10 | % | 10 | % | 6 | % | 7 | % | |||||||||||
Hotels (1) | |||||||||||||||||||||||
Occupancy | 93 | % | 90 | % | 79 | % | 84 | % | 89 | % | 88 | % | |||||||||||
Available Room Nights (in thousands) | 2,484 | 2,509 | 787 | 787 | 3,271 | 3,296 | |||||||||||||||||
Per Room Guest Spending | $351 | $347 | $287 | $277 | $337 | $331 |
Quarter Ended | % Change | ||||||||||||||||
(in millions) | January 2, 2021 | December 28, 2019 | Better (Worse) | ||||||||||||||
Revenues | |||||||||||||||||
TV/SVOD distribution | $ | 1,022 | $ | 1,439 | (29) % | ||||||||||||
Theatrical distribution | 31 | 1,408 | (98) % | ||||||||||||||
Home entertainment | 300 | 596 | (50) % | ||||||||||||||
Other | 349 | 467 | (25) % | ||||||||||||||
Total revenues | 1,702 | 3,910 | (56) % | ||||||||||||||
Operating expenses | (1,074) | (1,998) | 46 % | ||||||||||||||
Selling, general, administrative and other | (359) | (1,095) | 67 % | ||||||||||||||
Depreciation and amortization | (82) | (62) | (32) % | ||||||||||||||
Equity in the income of investees | 1 | 21 | (95) % | ||||||||||||||
Operating Income | $ | 188 | $ | 776 | (76) % |
Quarter Ended | % Change Better (Worse) | ||||||||||||||||
(in millions) | January 2, 2021 | December 28, 2019 | |||||||||||||||
Programming and production costs | $ | (877) | $ | (1,562) | 44 % | ||||||||||||
Cost of goods sold and distribution costs | (197) | (436) | 55 % | ||||||||||||||
$ | (1,074) | $ | (1,998) | 46 % |
Quarter Ended | % Change Better / (Worse) | |||||||||
(in millions) | March 30, 2019 | March 31, 2018 | ||||||||
Supplemental revenue detail | ||||||||||
Parks & Experiences | ||||||||||
Domestic | $ | 4,206 | $ | 3,965 | 6 | % | ||||
International | 929 | 914 | 2 | % | ||||||
Consumer Products | 1,034 | 1,024 | 1 | % | ||||||
$ | 6,169 | $ | 5,903 | 5 | % | |||||
Supplemental operating income detail | ||||||||||
Parks & Experiences | ||||||||||
Domestic | $ | 1,046 | $ | 931 | 12 | % | ||||
International | 44 | 23 | 91 | % | ||||||
Consumer Products | 416 | 355 | 17 | % | ||||||
$ | 1,506 | $ | 1,309 | 15 | % |
Quarter Ended | % Change | |||||||||
(in millions) | March 30, 2019 | March 31, 2018 | Better/ (Worse) | |||||||
Revenues | ||||||||||
Theatrical distribution | $ | 745 | $ | 956 | (22) | % | ||||
Home entertainment | 263 | 471 | (44) | % | ||||||
TV/SVOD distribution and other | 1,126 | 1,072 | 5 | % | ||||||
Total revenues | 2,134 | 2,499 | (15) | % | ||||||
Operating expenses | (965 | ) | (993 | ) | 3 | % | ||||
Selling, general, administrative and other | (604 | ) | (603 | ) | — | % | ||||
Depreciation and amortization | (31 | ) | (29 | ) | (7) | % | ||||
Operating Income | $ | 534 | $ | 874 | (39) | % |
Quarter Ended | % Change | ||||||||||||||||
(in millions) | January 2, 2021 | December 28, 2019 | Better (Worse) | ||||||||||||||
TFCF and Hulu acquisition amortization(1) | $ | (615) | $ | (698) | 12 % | ||||||||||||
Restructuring and impairment charges | (81) | (127) | 36 % |
Quarter Ended | % Change | ||||||||||||||||
(in millions) | January 2, 2021 | December 28, 2019 | Better (Worse) | ||||||||||||||
Revenues | |||||||||||||||||
Theme park admissions | $ | 549 | $ | 2,067 | (73) % | ||||||||||||
Parks & Experiences merchandise, food and beverage | 553 | 1,691 | (67) % | ||||||||||||||
Resorts and vacations | 433 | 1,631 | (73) % | ||||||||||||||
Merchandise licensing and retail | 1,698 | 1,669 | 2 % | ||||||||||||||
Parks licensing and other | 355 | 522 | (32) % | ||||||||||||||
Total revenues | 3,588 | 7,580 | (53) % | ||||||||||||||
Operating expenses | (2,430) | (3,703) | 34 % | ||||||||||||||
Selling, general, administrative and other | (678) | (758) | 11 % | ||||||||||||||
Depreciation and amortization | (591) | (594) | 1 % | ||||||||||||||
Equity in the loss of investees | (8) | (3) | >(100) % | ||||||||||||||
Operating Income (Loss) | $ | (119) | $ | 2,522 | nm |
Quarter Ended | % Change | |||||||||
(in millions) | March 30, 2019 | March 31, 2018 | Better/ (Worse) | |||||||
Revenues | ||||||||||
Affiliate fees | $ | 335 | $ | 354 | (5) | % | ||||
Advertising | 357 | 301 | 19 | % | ||||||
Subscription fees and other | 263 | 176 | 49 | % | ||||||
Total revenues | 955 | 831 | 15 | % | ||||||
Operating expenses | (947 | ) | (547 | ) | (73) | % | ||||
Selling, general, administrative and other | (202 | ) | (275 | ) | 27 | % | ||||
Depreciation and amortization | (58 | ) | (28 | ) | >(100) | % | ||||
Equity in the loss of investees | (141 | ) | (169 | ) | 17 | % | ||||
Operating Loss | $ | (393 | ) | $ | (188 | ) | >(100) | % |
Domestic | International(1) | Total | |||||||||||||||||||||||||||||||||
Quarter Ended | Quarter Ended | Quarter Ended | |||||||||||||||||||||||||||||||||
Jan 2, 2021 | Dec 28, 2019 | Jan 2, 2021 | Dec 28, 2019 | Jan 2, 2021 | Dec 28, 2019 | ||||||||||||||||||||||||||||||
Parks | |||||||||||||||||||||||||||||||||||
Increase (decrease) | |||||||||||||||||||||||||||||||||||
Attendance(2) | (74) % | 2 % | (61) % | (8) % | (71) % | (1) % | |||||||||||||||||||||||||||||
Per Capita Guest Spending(3) | 1 % | 10 % | (9) % | 3 % | (5) % | 9 % | |||||||||||||||||||||||||||||
Hotels | |||||||||||||||||||||||||||||||||||
Occupancy(4) | 28 % | 92 % | 13 % | 73 % | 24 % | 88 % | |||||||||||||||||||||||||||||
Available Room Nights (in thousands)(5) | 2,644 | 2,535 | 799 | 800 | 3,443 | 3,335 | |||||||||||||||||||||||||||||
Per Room Guest Spending(6) | $363 | $375 | $355 | $316 | $362 | $363 |
Quarter Ended | % Change Better (Worse) | ||||||||||||||||
(in millions) | January 2, 2021 | December 28, 2019 | |||||||||||||||
Operating labor | $ | (1,030) | $ | (1,592) | 35 % | ||||||||||||
Infrastructure costs | (522) | (605) | 14 % | ||||||||||||||
Cost of goods sold and distribution costs | (587) | (903) | 35 % | ||||||||||||||
Other operating expense | (291) | (603) | 52 % | ||||||||||||||
$ | (2,430) | $ | (3,703) | 34 % |
Quarter Ended | % Change | |||||||||
(in millions) | March 30, 2019 | March 31, 2018 | Better / (Worse) | |||||||
Supplemental revenue detail | ||||||||||
International Channels | $ | 440 | $ | 458 | (4) | % | ||||
Direct-to-Consumer businesses and other | 515 | 373 | 38 | % | ||||||
$ | 955 | $ | 831 | 15 | % | |||||
Supplemental operating income/(loss) detail | ||||||||||
International Channels | $ | 91 | $ | 49 | 86 | % | ||||
Direct-to-Consumer businesses and other | (343 | ) | (68 | ) | >(100) | % | ||||
Equity in the loss of investees | (141 | ) | (169 | ) | 17 | % | ||||
$ | (393 | ) | $ | (188 | ) | >(100) | % |
Quarter Ended | % Change Better (Worse) | ||||||||||||||||
(in millions) | January 2, 2021 | December 28, 2019 | |||||||||||||||
Supplemental revenue detail | |||||||||||||||||
Parks & Experiences | |||||||||||||||||
Domestic | $ | 1,489 | $ | 4,939 | (70) % | ||||||||||||
International | 378 | 950 | (60) % | ||||||||||||||
Consumer Products | 1,721 | 1,691 | 2 % | ||||||||||||||
$ | 3,588 | $ | 7,580 | (53) % | |||||||||||||
Supplemental operating income (loss) detail | |||||||||||||||||
Parks & Experiences | |||||||||||||||||
Domestic | $ | (798) | $ | 1,572 | nm | ||||||||||||
International | (262) | 51 | nm | ||||||||||||||
Consumer Products | 941 | 899 | 5 % | ||||||||||||||
$ | (119) | $ | 2,522 | nm |
Quarter Ended | % Change | ||||||||||||||||
(in millions) | January 2, 2021 | December 28, 2019 | Better (Worse) | ||||||||||||||
Restructuring and impairment charges | $ | (28) | $ | (6) | >(100) % | ||||||||||||
TFCF and Hulu acquisition amortization | (2) | (2) | — % |
Quarter Ended | % Change | ||||||||||||||||||||||||||||||||||
(in millions) | January 2, 2021 | December 28, 2019 | Better (Worse) | ||||||||||||||||||||||||||||||||
Corporate and unallocated shared expenses | $ | (232) | $ | (237) | 2 % |
Quarter Ended | % Change Better (Worse) | ||||||||||||||||
(in millions) | January 2, 2021 | December 28, 2019 | |||||||||||||||
Cash provided by operations - continuing operations | $ | 75 | $ | 1,630 | (95) % | ||||||||||||
Cash used in investing activities - continuing operations | (732) | (1,350) | 46 % | ||||||||||||||
Cash provided by (used in) financing activities - continuing operations | (333) | 1,117 | nm | ||||||||||||||
Cash provided by (used in) operations - discontinued operations | 9 | (19) | nm | ||||||||||||||
Impact of exchange rates on cash, cash equivalents and restricted cash | 139 | 41 | >100 % | ||||||||||||||
Change in cash, cash equivalents and restricted cash | $ | (842) | $ | 1,419 | nm |
Quarter Ended | % Change | |||||||||
(in millions) | March 30, 2019 | March 31, 2018 | Better/ (Worse) | |||||||
Revenues | ||||||||||
Studio Entertainment: | ||||||||||
Content transactions with Media Networks | $ | (13 | ) | $ | (64 | ) | 80 | % | ||
Content transactions with Direct-to-Consumer & International | (82 | ) | (8 | ) | >(100) | % | ||||
Media Networks: | ||||||||||
Content transactions with Direct-to-Consumer & International | (139 | ) | (121 | ) | (15) | % | ||||
Total | $ | (234 | ) | $ | (193 | ) | (21) | % | ||
Operating income | ||||||||||
Studio Entertainment: | ||||||||||
Content transactions with Media Networks | $ | 5 | $ | (16 | ) | nm | ||||
Content transactions with Direct-to-Consumer & International | (46 | ) | — | nm | ||||||
Media Networks: | ||||||||||
Content transactions with Direct-to-Consumer & International | — | — | nm | |||||||
Total | $ | (41 | ) | $ | (16 | ) | >(100) | % |
Six Months Ended | % Change | |||||||||
(in millions) | March 30, 2019 | March 31, 2018 | Better/ (Worse) | |||||||
Revenues | ||||||||||
Affiliate Fees | $ | 6,252 | $ | 5,910 | 6 | % | ||||
Advertising | 3,619 | 3,606 | — | % | ||||||
TV/SVOD distribution and other | 1,575 | 1,547 | 2 | % | ||||||
Total revenues | 11,446 | 11,063 | 3 | % | ||||||
Operating expenses | (7,260 | ) | (6,880 | ) | (6) | % | ||||
Selling, general, administrative and other | (943 | ) | (920 | ) | (3) | % | ||||
Depreciation and amortization | (89 | ) | (103 | ) | 14 | % | ||||
Equity in the income of investees | 361 | 341 | 6 | % | ||||||
Operating Income | $ | 3,515 | $ | 3,501 | — | % |
Six Months Ended | % Change | |||||||||
(in millions) | March 30, 2019 | March 31, 2018 | Better/ (Worse) | |||||||
Revenues | ||||||||||
Cable Networks | $ | 7,694 | $ | 7,486 | 3 | % | ||||
Broadcasting | 3,752 | 3,577 | 5 | % | ||||||
$ | 11,446 | $ | 11,063 | 3 | % | |||||
Segment operating income | ||||||||||
Cable Networks | $ | 2,499 | $ | 2,521 | (1) | % | ||||
Broadcasting | 655 | 639 | 3 | % | ||||||
Equity in the income of investees | 361 | 341 | 6 | % | ||||||
$ | 3,515 | $ | 3,501 | — | % |
Six Months Ended | % Change | |||||||||
(in millions) | March 30, 2019 | March 31, 2018 | Better/ (Worse) | |||||||
Revenues | ||||||||||
Theme park admissions | $ | 3,701 | $ | 3,522 | 5 | % | ||||
Parks & Experiences merchandise, food and beverage | 2,976 | 2,847 | 5 | % | ||||||
Resorts and vacations | 3,032 | 2,924 | 4 | % | ||||||
Merchandise licensing and retail | 2,292 | 2,322 | (1) | % | ||||||
Parks licensing and other | 992 | 815 | 22 | % | ||||||
Total revenues | 12,993 | 12,430 | 5 | % | ||||||
Operating expenses | (6,745 | ) | (6,574 | ) | (3) | % | ||||
Selling, general, administrative and other | (1,437 | ) | (1,430 | ) | — | % | ||||
Depreciation and amortization | (1,141 | ) | (1,149 | ) | 1 | % | ||||
Equity in the loss of investees | (12 | ) | (14 | ) | 14 | % | ||||
Operating Income | $ | 3,658 | $ | 3,263 | 12 | % |
Domestic | International (2) | Total | |||||||||||||||||||||
Six Months Ended | Six Months Ended | Six Months Ended | |||||||||||||||||||||
March 30, 2019 | March 31, 2018 | March 30, 2019 | March 31, 2018 | March 30, 2019 | March 31, 2018 | ||||||||||||||||||
Parks | |||||||||||||||||||||||
Increase/(decrease) | |||||||||||||||||||||||
Attendance | 1 | % | 5 | % | (4) | % | 6 | % | (1) | % | 5 | % | |||||||||||
Per Capita Guest Spending | 6 | % | 6 | % | 9 | % | 9 | % | 7 | % | 7 | % | |||||||||||
Hotels (1) | |||||||||||||||||||||||
Occupancy | 93 | % | 90 | % | 83 | % | 84 | % | 91 | % | 89 | % | |||||||||||
Available Room Nights (in thousands) | 4,975 | 5,024 | 1,587 | 1,587 | 6,562 | 6,611 | |||||||||||||||||
Per Room Guest Spending | $355 | $345 | $304 | $294 | $344 | $334 |
Six Months Ended | % Change Better / (Worse) | |||||||||
(in millions) | March 30, 2019 | March 31, 2018 | ||||||||
Supplemental revenue detail | ||||||||||
Parks & Experiences | ||||||||||
Domestic | $ | 8,679 | $ | 8,136 | 7 | % | ||||
International | 1,941 | 1,899 | 2 | % | ||||||
Consumer Products | 2,373 | 2,395 | (1 | )% | ||||||
$ | 12,993 | $ | 12,430 | 5 | % | |||||
Supplemental operating income detail | ||||||||||
Parks & Experiences | ||||||||||
Domestic | $ | 2,527 | $ | 2,171 | 16 | % | ||||
International | 143 | 132 | 8 | % | ||||||
Consumer Products | 988 | 960 | 3 | % | ||||||
$ | 3,658 | $ | 3,263 | 12 | % |
Six Months Ended | % Change | |||||||||
(in millions) | March 30, 2019 | March 31, 2018 | Better/ (Worse) | |||||||
Revenues | ||||||||||
Theatrical distribution | $ | 1,118 | $ | 2,125 | (47) | % | ||||
Home entertainment | 688 | 832 | (17) | % | ||||||
TV/SVOD distribution and other | 2,152 | 2,051 | 5 | % | ||||||
Total revenues | 3,958 | 5,008 | (21) | % | ||||||
Operating expenses | (1,841 | ) | (2,019 | ) | 9 | % | ||||
Selling, general, administrative and other | (1,213 | ) | (1,231 | ) | 1 | % | ||||
Depreciation and amortization | (61 | ) | (59 | ) | (3) | % | ||||
Operating Income | $ | 843 | $ | 1,699 | (50) | % |
Six Months Ended | % Change | |||||||||
(in millions) | March 30, 2019 | March 31, 2018 | Better/ (Worse) | |||||||
Revenues | ||||||||||
Affiliate fees | $ | 658 | $ | 692 | (5) | % | ||||
Advertising | 774 | 712 | 9 | % | ||||||
Subscription fees and other | 441 | 358 | 23 | % | ||||||
Total revenues | 1,873 | 1,762 | 6 | % | ||||||
Operating expenses | (1,602 | ) | (1,135 | ) | (41) | % | ||||
Selling, general, administrative and other | (456 | ) | (508 | ) | 10 | % | ||||
Depreciation and amortization | (112 | ) | (71 | ) | (58) | % | ||||
Equity in the loss of investees | (232 | ) | (278 | ) | 17 | % | ||||
Operating Loss | $ | (529 | ) | $ | (230 | ) | >(100) | % |
Six Months Ended | % Change | |||||||||
(in millions) | March 30, 2019 | March 31, 2018 | Better / (Worse) | |||||||
Supplemental revenue detail | ||||||||||
International Channels | $ | 934 | $ | 968 | (4) | % | ||||
Direct-to-Consumer businesses and other | 939 | 794 | 18 | % | ||||||
$ | 1,873 | $ | 1,762 | 6 | % | |||||
Supplemental operating income/(loss) detail | ||||||||||
International Channels | $ | 228 | $ | 157 | 45 | % | ||||
Direct-to-Consumer businesses and other | (525 | ) | (109 | ) | >(100) | % | ||||
Equity in the loss of investees | (232 | ) | (278 | ) | 17 | % | ||||
$ | (529 | ) | $ | (230 | ) | >(100) | % |
Six Months Ended | % Change | |||||||||
(in millions) | March 30, 2019 | March 31, 2018 | Better/ (Worse) | |||||||
Revenues | ||||||||||
Studio Entertainment: | ||||||||||
Content transactions with Media Networks | $ | (34 | ) | $ | (95 | ) | 64 | % | ||
Content transactions with Direct-to-Consumer & International | (100 | ) | (16 | ) | >(100) | % | ||||
Media Networks: | ||||||||||
Content transactions with Direct-to-Consumer & International | (284 | ) | (253 | ) | (12) | % | ||||
Total | $ | (418 | ) | $ | (364 | ) | (15) | % | ||
Operating income | ||||||||||
Studio Entertainment: | ||||||||||
Content transactions with Media Networks | $ | 5 | $ | (9 | ) | nm | ||||
Content transactions with Direct-to-Consumer & International | (44 | ) | — | nm | ||||||
Media Networks: | ||||||||||
Content transactions with Direct-to-Consumer & International | (2 | ) | (1 | ) | (100) | % | ||||
Total | $ | (41 | ) | $ | (10 | ) | >(100) | % |
Quarter Ended | % Change | Six Months Ended | % Change | ||||||||||||||||||
(in millions) | March 30, 2019 | March 31, 2018 | Better/ (Worse) | March 30, 2019 | March 31, 2018 | Better/ (Worse) | |||||||||||||||
Corporate and unallocated shared expenses | $ | (279 | ) | $ | (194 | ) | (44) | % | $ | (440 | ) | $ | (344 | ) | (28) | % |
Beginning Balance | Additions | Payments | Other | Ending Balance | |||||||||||||||
Quarter ended March 30, 2019: | |||||||||||||||||||
Restructuring reserves | $ | 39 | $ | 403 | $ | (19 | ) | $ | — | $ | 423 |
Six Months Ended | % Change Better/ (Worse) | |||||||||
(in millions) | March 30, 2019 | March 31, 2018 | ||||||||
Cash provided by operations - continuing operations | $ | 6,014 | $ | 6,763 | (11) | % | ||||
Cash used in investing activities - continuing operations | (12,683 | ) | (3,805 | ) | >(100) | % | ||||
Cash provided by / (used in) financing activities - continuing operations | 12,696 | (2,882 | ) | nm | ||||||
Cash used in operations - discontinued operations | (35 | ) | — | nm | ||||||
Impact of exchange rates on cash, cash equivalents and restricted cash | 75 | 55 | 36 | % | ||||||
Change in cash, cash equivalents and restricted cash | $ | 6,067 | $ | 131 | >100 | % |
Six Months Ended | Quarter Ended | |||||||||||||||||
(in millions) | March 30, 2019 | March 31, 2018 | (in millions) | January 2, 2021 | December 28, 2019 | |||||||||||||
Beginning balances: | Beginning balances: | |||||||||||||||||
Production and programming assets | $ | 9,202 | $ | 8,759 | ||||||||||||||
Produced and licensed programming assets | Produced and licensed programming assets | $ | 27,193 | $ | 27,407 | |||||||||||||
Programming liabilities | (1,178 | ) | (1,108 | ) | Programming liabilities | (4,099) | (4,061) | |||||||||||
8,024 | 7,651 | 23,094 | 23,346 | |||||||||||||||
Spending: | Spending: | |||||||||||||||||
Television program licenses and rights | 4,710 | 4,092 | ||||||||||||||||
Film and television production | 2,896 | 3,011 | ||||||||||||||||
Programming licenses and rights | Programming licenses and rights | 2,709 | 3,198 | |||||||||||||||
Produced film and television content | Produced film and television content | 2,869 | 3,128 | |||||||||||||||
7,606 | 7,103 | 5,578 | 6,326 | |||||||||||||||
Amortization: | Amortization: | |||||||||||||||||
Television program licenses and rights | (4,959 | ) | (4,411 | ) | ||||||||||||||
Film and television production | (2,366 | ) | (2,202 | ) | ||||||||||||||
Programming licenses and rights | Programming licenses and rights | (4,539) | (3,731) | |||||||||||||||
Produced film and television content | Produced film and television content | (1,810) | (2,518) | |||||||||||||||
(7,325 | ) | (6,613 | ) | (6,349) | (6,249) | |||||||||||||
Change in internally produced and licensed content costs | Change in internally produced and licensed content costs | (771) | 77 | |||||||||||||||
Change in film and television production and programming costs | 281 | 490 | ||||||||||||||||
Net film and television production costs from the 21CF acquisition and consolidation of Hulu | 14,141 | — | ||||||||||||||||
Other non-cash activity | 372 | (146 | ) | Other non-cash activity | 185 | 28 | ||||||||||||
Ending balances: | Ending balances: | |||||||||||||||||
Production and programming assets | 29,761 | 9,188 | ||||||||||||||||
Produced and licensed programming assets | Produced and licensed programming assets | 27,352 | 27,873 | |||||||||||||||
Programming liabilities | (6,943 | ) | (1,193 | ) | Programming liabilities | (4,844) | (4,422) | |||||||||||
$ | 22,818 | $ | 7,995 | $ | 22,508 | $ | 23,451 |
(in millions) | January 2, 2021 | December 28, 2019 | |||||||||
Disney Media and Entertainment Distribution | $ | 177 | $ | 188 | |||||||
Disney Parks, Experiences and Products | |||||||||||
Domestic | 336 | 820 | |||||||||
International | 183 | 229 | |||||||||
Total Disney Parks, Experiences and Products | 519 | 1,049 | |||||||||
Corporate | 64 | 101 | |||||||||
$ | 760 | $ | 1,338 |
Six Months Ended | |||||||
(in millions) | March 30, 2019 | March 31, 2018 | |||||
Media Networks | |||||||
Cable Networks | $ | 41 | $ | 63 | |||
Broadcasting | 55 | 45 | |||||
Total Media Networks | 96 | 108 | |||||
Parks, Experiences and Products | |||||||
Domestic | 1,678 | 1,419 | |||||
International | 415 | 310 | |||||
Total Parks, Experiences and Products | 2,093 | 1,729 | |||||
Studio Entertainment | 39 | 52 | |||||
Direct-to-Consumer & International | 83 | 81 | |||||
21CF | 5 | — | |||||
Corporate | 74 | 74 | |||||
$ | 2,390 | $ | 2,044 |
TWDC | Legacy Disney | ||||||||||||||||||||||
(in millions) | Par Value | Carrying Value | Par Value | Carrying Value | |||||||||||||||||||
Registered debt with unconditional guarantee | $ | 38,689 | $ | 40,964 | $ | 12,582 | $ | 12,768 |
Results of operations (in millions) | Quarter Ended January 2, 2021 | ||||
Revenues | $ | — | |||
Costs and expenses | — | ||||
Net income (loss) from continuing operations | (513) | ||||
Net income (loss) | (513) | ||||
Net income (loss) attributable to TWDC shareholders | (513) |
Balance Sheet (in millions) | January 2, 2021 | October 3, 2020 | |||||||||
Current assets | $ | 11,428 | $ | 12,899 | |||||||
Noncurrent assets | 1,972 | 2,076 | |||||||||
Current liabilities | 6,103 | 6,155 | |||||||||
Noncurrent liabilities (excluding intercompany to non-Guarantors) | 57,752 | 57,809 | |||||||||
Intercompany payables to non-Guarantors | 145,660 | 146,748 | |||||||||
Period | Total Number of Shares Purchased (1) | Weighted Average Price Paid per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | Maximum Number of Shares that May Yet Be Purchased Under the Plans or Programs (2) | ||||||||
December 30, 2018 - January 31, 2019 | 229,366 | $ | 111.93 | — | 158 million | |||||||
February 1, 2019 - February 28, 2019 | 24,341 | 113.06 | — | 158 million | ||||||||
March 1, 2019 - March 30, 2019 | 25,285 | 112.65 | — | 0 | ||||||||
Total | 278,992 | 112.10 | — | 0 |
Period | Total Number of Shares Purchased(1) | Weighted Average Price Paid per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | Maximum Number of Shares that May Yet Be Purchased Under the Plans or Programs(2) | ||||||||||||||||||||||
October 4, 2020 - October 31, 2020 | 19,950 | $ | 126.82 | — | na | |||||||||||||||||||||
November 1, 2020 - November 30, 2020 | 19,847 | 142.60 | — | na | ||||||||||||||||||||||
December 1, 2020 - January 2, 2021 | 18,664 | 170.44 | — | na | ||||||||||||||||||||||
Total | 58,461 | 146.10 | — | na |
(1)58,461 shares were purchased on the open market to provide shares to participants in the Walt Disney Investment Plan. These purchases were not made pursuant to a publicly announced repurchase plan or program. (2)Not applicable as the Company no longer has a stock repurchase plan or program. 56 |
Number and Description of Exhibit (Numbers Coincide with Item 601 of Regulation S-K) | Document Incorporated by Reference from a Previous Filing or Filed Herewith, as Indicated below | |||||||||||
10.1 | Exhibit 10.1 to the Current Report on Form 8-K of the Company filed | |||||||||||||||
Filed herewith | ||||||||||||||||
Filed herewith | ||||||||||||||||
10.4 | Filed herewith | |||||||||||||||
10.5 | Filed herewith | |||||||||||||||
10.6 | Filed herewith | |||||||||||||||
22 | Filed herewith | |||||||||||||||
31(a) | ||||||||||||||||
31(b) | ||||||||||||||||
32(a) | ||||||||||||||||
32(b) | ||||||||||||||||
101 | The following materials from the Company’s Quarterly Report on Form 10-Q for the quarter ended | Filed herewith | ||||||||||||||
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) | Filed herewith |
* | A signed original of this written statement required by Section 906 has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request. | ||||
† | Management Contract or compensatory plan or arrangement. |
THE WALT DISNEY COMPANY | ||||||||
(Registrant) | ||||||||
By: | /s/ CHRISTINE M. MCCARTHY | |||||||
Christine M. McCarthy, Senior Executive Vice President and Chief Financial Officer |