Walt Disney 10-Q 8 Aug 17 2017 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Jul. 01, 2017	Aug. 02, 2017
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jul. 1, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q3
Trading Symbol	DIS
Entity Registrant Name	WALT DISNEY CO/
Entity Central Index Key	1,001,039
Current Fiscal Year End Date	--09-30
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		1,543,480,961

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Millions, $ in Millions	3 Months Ended			9 Months Ended
	Jul. 01, 2017		Jul. 02, 2016	Jul. 01, 2017		Jul. 02, 2016
Services Revenue	$ 12,097		$ 12,113	$ 35,990		$ 35,906
Products Revenue	2,141		2,164	6,368		6,584
Total revenues	14,238		14,277	42,358		42,490
Cost of services (exclusive of depreciation and amortization)	(6,469)		(5,946)	(19,328)		(18,568)
Cost of products (exclusive of depreciation and amortization)	(1,248)		(1,255)	(3,764)		(4,120)
Selling, general, administrative and other	(2,022)		(2,305)	(5,948)		(6,467)
Depreciation and amortization	(711)		(626)	(2,074)		(1,838)
Total costs and expenses	(10,450)		(10,132)	(31,114)		(30,993)
Restructuring and impairment charges	0		(44)	0		(125)
Other expense	(177)	[1]	0	(177)	[1]	0
Interest expense, net	(117)		(70)	(300)		(161)
Equity in the income of investees	124		152	327		776
Income before income taxes	3,618		4,183	11,094		11,987
Income taxes	(1,144)		(1,471)	(3,593)		(4,089)
Net income	2,474		2,712	7,501		7,898
Less: Net income attributable to noncontrolling interests	(108)		(115)	(268)		(278)
Net income attributable to The Walt Disney Company (Disney)	$ 2,366		$ 2,597	$ 7,233		$ 7,620
Earnings per share attributable to Disney:
Diluted	$ 1.51		$ 1.59	$ 4.55		$ 4.63
Basic	$ 1.51		$ 1.60	$ 4.58		$ 4.66
Weighted average number of common and common equivalent shares outstanding:
Diluted (shares)	1,572		1,631	1,588		1,647
Basic (shares)	1,562		1,621	1,578		1,636
Dividends declared per share	$ 0.78		$ 0.71	$ 1.56		$ 1.42
[1]	During the quarter the Company recorded a charge, net of committed insurance recoveries, in connection with the settlement of litigation. The Company is pursuing additional insurance coverage for this matter.

CONDENSED CONSOLIDATED STATEME3

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Jul. 01, 2017	Jul. 02, 2016	Jul. 01, 2017	Jul. 02, 2016
Net income	$ 2,474	$ 2,712	$ 7,501	$ 7,898
Other Comprehensive Income/(Loss), Net of Tax:
Market value adjustments for investments	(5)	(7)	(15)	(11)
Market value adjustments for hedges	(92)	(84)	24	(313)
Pension and postretirement medical plan adjustments	68	28	194	110
Foreign currency translation and other	70	(84)	(153)	(143)
Other comprehensive income/(loss)	41	(147)	50	(357)
Comprehensive income	2,515	2,565	7,551	7,541
Less: Net income attributable to noncontrolling interests	(108)	(115)	(268)	(278)
Less: Other comprehensive (income)/loss attributable to noncontrolling interests	(25)	47	65	79
Comprehensive income attributable to Disney	$ 2,382	$ 2,497	$ 7,348	$ 7,342

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Jul. 01, 2017	Oct. 01, 2016
Current assets
Cash and Cash Equivalents	$ 4,336	$ 4,610
Receivables	9,636	9,065
Inventories	1,300	1,390
Television costs and advances	1,214	1,208
Other current assets	665	693
Total current assets	17,151	16,966
Film and television costs	6,798	6,339
Investments	4,141	4,280
Attractions, buildings and equipment	52,934	50,270
Accumulated depreciation	(28,335)	(26,849)
Parks, resorts and other property before projects in progress and land, Total	24,599	23,421
Projects in progress	1,889	2,684
Land	1,245	1,244
Parks, resorts and other property	27,733	27,349
Intangible assets, net	6,797	6,949
Goodwill	27,835	27,810
Other assets	2,297	2,340
Total assets	92,752	92,033
Current liabilities
Accounts payable and other accrued liabilities	9,374	9,130
Current portion of borrowings	3,338	3,687
Deferred income and other	4,382	4,025
Total current liabilities	17,094	16,842
Borrowings	18,849	16,483
Deferred income taxes	4,177	3,679
Other long-term liabilities	6,581	7,706
Commitments and contingencies
Equity
Preferred stock, $.01 par value, Authorized – 100 million shares, Issued – none	0	0
Common stock, $.01 par value, Authorized – 4.6 billion shares, Issued – 2.9 billion shares	36,119	35,859
Retained earnings	70,863	66,088
Accumulated other comprehensive loss	(3,864)	(3,979)
Stockholders' Equity subtotal before Treasury Stock, Total	103,118	97,968
Treasury stock, at cost, 1.3 billion shares	(60,587)	(54,703)
Total Disney Shareholders' equity	42,531	43,265
Noncontrolling interests	3,520	4,058
Total equity	46,051	47,323
Total liabilities and equity	$ 92,752	$ 92,033

CONDENSED CONSOLIDATED BALANCE5

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares shares in Millions	Jul. 01, 2017	Oct. 01, 2016
Preferred stock, par value	$ 0.01	$ 0.01
Preferred stock, authorized	100	100
Preferred stock, issued	0	0
Common stock, par value	$ 0.01	$ 0.01
Common stock, authorized	4,600	4,600
Common stock, issued	2,900	2,900
Treasury stock, shares	1,300	1,300

CONDENSED CONSOLIDATED STATEME6

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	9 Months Ended
	Jul. 01, 2017	Jul. 02, 2016
OPERATING ACTIVITIES
Net income	$ 7,501	$ 7,898
Depreciation and amortization	2,074	1,838
Deferred income taxes	294	885
Equity in the income of investees	(327)	(776)
Cash distributions received from equity investees	584	594
Net change in film and television costs and advances	(745)	(224)
Equity-based compensation	278	305
Other	373	605
Changes in operating assets and liabilities:
Receivables	(786)	(821)
Inventories	93	214
Other assets	130	(87)
Accounts payable and other accrued liabilities	(781)	(628)
Income taxes	143	(188)
Cash provided by operations	8,831	9,615
INVESTING ACTIVITIES
Investments in parks, resorts and other property	(2,728)	(3,691)
Acquisitions	(557)	(400)
Other	(5)	(135)
Cash used in investing activities	(3,290)	(4,226)
FINANCING ACTIVITIES
Commercial paper borrowings, net	(112)	(216)
Borrowings	4,053	4,046
Reduction of borrowings	(1,736)	(672)
Dividends	(1,237)	(1,168)
Repurchases of common stock	(5,944)	(5,908)
Proceeds from exercise of stock options	256	216
Other	(1,072)	(618)
Cash used in financing activities	(5,792)	(4,320)
Impact of exchange rates on cash and cash equivalents	(23)	(111)
Change in cash and cash equivalents	(274)	958
Cash and cash equivalents, beginning of period	4,610	4,269
Cash and cash equivalents, end of period	$ 4,336	$ 5,227

CONDENSED CONSOLIDATED STATEME7

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Millions	Total	Disney Shareholders	Non- controlling Interests
Beginning Balance at Oct. 03, 2015	$ 48,655	$ 44,525	$ 4,130
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Comprehensive income	7,541	7,342	199
Equity compensation activity	557	557	0
Dividends	(2,313)	(2,313)	0
Common stock repurchases	(5,908)	(5,908)	0
Distributions and other	(386)	(10)	(376)
Ending Balance at Jul. 02, 2016	48,146	44,193	3,953
Beginning Balance at Apr. 02, 2016	48,010	44,124	3,886
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Comprehensive income	2,565	2,497	68
Equity compensation activity	235	235	0
Dividends	(1,145)	(1,145)	0
Common stock repurchases	(1,517)	(1,517)	0
Distributions and other	(2)	(1)	(1)
Ending Balance at Jul. 02, 2016	48,146	44,193	3,953
Beginning Balance at Oct. 01, 2016	47,323	43,265	4,058
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Comprehensive income	7,551	7,348	203
Equity compensation activity	404	404	0
Dividends	(2,445)	(2,445)	0
Common stock repurchases	(5,944)	(5,944)	0
Distributions and other	(838)	(97)	(741)
Ending Balance at Jul. 01, 2017	46,051	42,531	3,520
Beginning Balance at Apr. 01, 2017	47,267	43,784	3,483
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Comprehensive income	2,515	2,382	133
Equity compensation activity	174	174	0
Dividends	(1,208)	(1,208)	0
Common stock repurchases	(2,444)	(2,444)	0
Distributions and other	(253)	(157)	(96)
Ending Balance at Jul. 01, 2017	$ 46,051	$ 42,531	$ 3,520

Principles of Consolidation

Principles of Consolidation	9 Months Ended
	Jul. 01, 2017
Principles of Consolidation	Principles of Consolidation These Condensed Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP) for interim financial information and the instructions to Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. We believe that we have included all normal recurring adjustments necessary for a fair presentation of the results for the interim period. Operating results for the nine months ended July 1, 2017 are not necessarily indicative of the results that may be expected for the year ending September 30, 2017 . Certain reclassifications have been made in the prior-year financial statements to conform to the current-year presentation. These financial statements should be read in conjunction with the Company’s 2016 Annual Report on Form 10-K. The Company enters into relationships or investments with other entities that may be a variable interest entity (VIE). A VIE is consolidated in the financial statements if the Company has the power to direct activities that most significantly impact the economic performance of the VIE and has the obligation to absorb losses or the right to receive benefits from the VIE that could potentially be significant (as defined by ASC 810-10-25-38) to the VIE. Hong Kong Disneyland Resort and Shanghai Disney Resort (collectively the Asia International Theme Parks) are VIEs. Company subsidiaries (the Management Companies) have management agreements with the Asia International Theme Parks, which provide the Management Companies, subject to certain protective rights of joint venture partners, with the ability to direct the day-to-day operating activities and the development of business strategies that we believe most significantly impact the economic performance of the Asia International Theme Parks. In addition, the Management Companies receive management fees under these arrangements that we believe could be significant to the Asia International Theme Parks. Therefore, the Company has consolidated the Asia International Theme Parks in its financial statements. The terms “Company,” “we,” “us,” and “our” are used in this report to refer collectively to the parent company and the subsidiaries through which our various businesses are actually conducted.

Segment Information

Segment Information	9 Months Ended
	Jul. 01, 2017
Segment Information	Segment Information The operating segments reported below are the segments of the Company for which separate financial information is available and for which results are evaluated regularly by the Chief Executive Officer in deciding how to allocate resources and in assessing performance. Segment operating results reflect earnings before corporate and unallocated shared expenses, restructuring and impairment charges, interest expense, income taxes and noncontrolling interests. Segment operating income includes equity in the income of investees. Corporate and unallocated shared expenses principally consist of corporate functions, executive management and certain unallocated administrative support functions. Equity in the income of investees is included in segment operating income as follows: Quarter Ended Nine Months Ended July 1, July 2, July 1, July 2, Media Networks $ 127 $ 154 $ 334 $ 447 Parks and Resorts (3 ) — (8 ) — Consumer Products & Interactive Media — — 1 — Equity in the income of investees included in segment operating income 124 154 327 447 Vice Gain — — — 332 Other — (2 ) — (3 ) Total equity in the income of investees $ 124 $ 152 $ 327 $ 776 During the nine months ended July 2, 2016 , the Company recognized its share of a net gain (Vice Gain) recorded by A+E Television Networks (A+E), a joint venture owned 50% by the Company, in connection with A+E’s acquisition of an interest in Vice Group Holding, Inc. (Vice). The Company’s $332 million share of the Vice Gain is recorded in “Equity in the income of investees” in the Condensed Consolidated Statement of Income but is not included in segment operating income. See Note 3 for further discussion of the transaction. Segment revenues and segment operating income are as follows: Quarter Ended Nine Months Ended July 1, July 2, July 1, July 2, Revenues (1) : Media Networks $ 5,866 $ 5,906 $ 18,045 $ 18,031 Parks and Resorts 4,894 4,379 13,748 12,588 Studio Entertainment 2,393 2,847 6,947 7,630 Consumer Products & Interactive Media 1,085 1,145 3,618 4,241 $ 14,238 $ 14,277 $ 42,358 $ 42,490 Segment operating income (1) : Media Networks $ 1,842 $ 2,372 $ 5,427 $ 6,083 Parks and Resorts 1,168 994 3,028 2,599 Studio Entertainment 639 766 2,137 2,322 Consumer Products & Interactive Media 362 324 1,371 1,541 $ 4,011 $ 4,456 $ 11,963 $ 12,545 (1) Studio Entertainment segment revenues and operating income include an allocation of Consumer Products & Interactive Media revenues, which is meant to reflect royalties on sales of merchandise based on certain film properties. The increase to Studio Entertainment revenues and operating income and corresponding decrease to Consumer Products & Interactive Media revenues and operating income totaled $103 million and $131 million for the quarters ended July 1, 2017 and July 2, 2016 , respectively, and $391 million and $573 million for the nine months ended July 1, 2017 and July 2, 2016 , respectively. A reconciliation of segment operating income to income before income taxes is as follows: Quarter Ended Nine Months Ended July 1, July 2, July 1, July 2, Segment operating income $ 4,011 $ 4,456 $ 11,963 $ 12,545 Corporate and unallocated shared expenses (99 ) (159 ) (392 ) (457 ) Restructuring and impairment charges — (44 ) — (125 ) Other expense (1) (177 ) — (177 ) — Interest expense, net (117 ) (70 ) (300 ) (161 ) Vice Gain — — — 332 Infinity Charge (2) — — — (147 ) Income before income taxes $ 3,618 $ 4,183 $ 11,094 $ 11,987 (1) During the quarter the Company recorded a charge, net of committed insurance recoveries, in connection with the settlement of litigation. The Company is pursuing additional insurance coverage for this matter. (2) In the prior-year nine-month period , the Company discontinued its Infinity console game business, which is reported in the Consumer Products & Interactive Media segment, and recorded a charge (Infinity Charge) primarily to write down inventory. The charge also included severance and other asset impairments. The charge was reported in “Cost of products” in the Condensed Consolidated Statement of Income.

Acquisitions

Acquisitions	9 Months Ended
	Jul. 01, 2017
Acquisitions	Acquisitions Vice/A+E Vice is a media company targeting a millennial audience through news and pop culture content and creative brand integration. During the first quarter of fiscal 2016, A+E acquired an 8% interest in Vice in exchange for a 49.9% interest in one of A+E’s cable channels, H2, which has been rebranded as Viceland and programmed with Vice content. As a result of this exchange, A+E recognized a net non-cash gain based on the estimated fair value of H2. The Company’s $332 million share of the Vice Gain was recorded in “Equity in the income of investees” in the Condensed Consolidated Statement of Income in the first quarter of fiscal 2016. At July 1, 2017 , A+E had a 20% interest in Vice. In addition, during the first quarter of fiscal 2016, the Company acquired an 11% interest in Vice for $400 million of cash. The Company accounts for its interests in A+E and Vice as equity method investments. BAMTech In August 2016, the Company paid $450 million for a 15% interest in BAMTech, an entity which holds Major League Baseball’s streaming technology and content delivery businesses. In January 2017, the Company acquired an additional 18% interest for $557 million . The Company has an option to increase its ownership to 66% by acquiring an additional interest at fair market value from Major League Baseball between August 2020 and August 2023. The Company accounts for its interest in BAMTech as an equity method investment. In August 2017, the Company entered into an agreement to acquire an incremental 42% interest in BAMTech for $1.6 billion (bringing our aggregate ownership interest to 75% ). The transaction, which is subject to regulatory approval, is expected to close prior to the end of the year. Upon closing, the Company will consolidate BAMTech.

Borrowings

Borrowings	9 Months Ended
	Jul. 01, 2017
Borrowings	Borrowings During the nine months ended July 1, 2017 , the Company’s borrowing activity was as follows: October 1, Borrowings Payments Other Activity July 1, Commercial paper with original maturities less than three months (1) $ 777 $ — $ (577 ) $ — $ 200 Commercial paper with original maturities greater than three months 744 4,745 (4,280 ) 2 1,211 U.S. medium-term notes 16,827 3,995 (1,500 ) — 19,322 Asia International Theme Parks borrowings 1,087 13 — 16 1,116 Foreign currency denominated debt and other (2) 735 45 (236 ) (206 ) 338 Total $ 20,170 $ 8,798 $ (6,593 ) $ (188 ) $ 22,187 (1) Borrowings and payments are reported net. (2) The other activity is primarily market value adjustments for debt with qualifying hedges. The Company has bank facilities with a syndicate of lenders to support commercial paper borrowings as follows: Committed Capacity Capacity Used Unused Capacity Facility expiring March 2018 $ 2,500 $ — $ 2,500 Facility expiring March 2019 2,250 — 2,250 Facility expiring March 2021 2,250 — 2,250 Total $ 7,000 $ — $ 7,000 All of the above bank facilities allow for borrowings at LIBOR-based rates plus a spread depending on the credit default swap spread applicable to the Company’s debt, subject to a cap and floor that vary with the Company’s debt rating assigned by Moody’s Investors Service and Standard and Poor’s. The spread above LIBOR can range from 0.23% to 1.63%. The Company also has the ability to issue up to $800 million of letters of credit under the facility expiring in March 2019, which if utilized, reduces available borrowings under this facility. As of July 1, 2017 , the Company has $186 million of outstanding letters of credit, of which none were issued under this facility. The facilities specifically exclude certain entities, including the Asia International Theme Parks and Disneyland Paris, from any representations, covenants, or events of default and contain only one financial covenant relating to interest coverage, which the Company met on July 1, 2017 by a significant margin. Interest expense, net Interest and investment income and interest expense are reported net in the Condensed Consolidated Statements of Income and consist of the following (net of capitalized interest): Quarter Ended Nine Months Ended July 1, July 2, July 1, July 2, Interest expense $ (134 ) $ (88 ) $ (370 ) $ (235 ) Interest and investment income 17 18 70 74 Interest expense, net $ (117 ) $ (70 ) $ (300 ) $ (161 ) Interest and investment income includes gains and losses on the sale of publicly and non-publicly traded investments, investment impairments and interest earned on cash and cash equivalents and certain receivables.

International Theme Parks

International Theme Parks	9 Months Ended
	Jul. 01, 2017
Equity Method Investments and Joint Ventures [Abstract]
International Theme Parks	International Theme Parks The Company has a 47% ownership interest in the operations of Hong Kong Disneyland Resort and a 43% ownership interest in the operations of Shanghai Disney Resort (together, the Asia International Theme Parks), which are both VIEs consolidated in the Company’s financial statements. See Note 1 for the Company’s policy on consolidating VIEs. Disneyland Paris was also a consolidated VIE until the Company acquired 100% ownership of Disneyland Paris in June 2017. Given our 100% ownership, the Company will continue to consolidate Disneyland Paris’ financial results. The Asia International Theme Parks and Disneyland Paris are collectively referred to as the International Theme Parks. The following table summarizes the carrying amounts of the International Theme Parks’ assets and liabilities included in the Company’s Condensed Consolidated Balance Sheets as of July 1, 2017 and October 1, 2016 : July 1, October 1, 2016 Cash and cash equivalents $ 598 $ 1,008 Other current assets 417 331 Total current assets 1,015 1,339 Parks, resorts and other property 9,263 9,270 Other assets 89 88 Total assets (1) $ 10,367 $ 10,697 Current liabilities $ 1,305 $ 1,499 Borrowings - long-term 1,116 1,087 Other long-term liabilities 318 256 Total liabilities (1) $ 2,739 $ 2,842 (1) The total assets of the Asia International Theme Parks were $7.8 billion and $8.2 billion , which primarily consist of parks, resorts and other property of $7.2 billion and $7.3 billion at July 1, 2017 and October 1, 2016 , respectively. The total liabilities of the Asia International Theme Parks were $2.0 billion and $2.2 billion at July 1, 2017 and October 1, 2016 , respectively. The following table summarizes the International Theme Parks’ revenues and costs and expenses included in the Company’s Condensed Consolidated Statement of Income for the nine months ended July 1, 2017 : July 1, Revenues $ 2,306 Costs and expenses (2,373 ) Equity in the loss of investees (8 ) For the nine months ended July 1, 2017 , International Theme Parks’ royalty and management fees of $115 million are eliminated in consolidation but are considered in calculating earnings allocated to noncontrolling interests. For the nine months ended July 1, 2017 , International Theme Parks’ cash flows included in the Company’s Condensed Consolidated Statement of Cash Flows were $170 million generated from operating activities, $758 million used in investing activities and $13 million generated from financing activities. The majority of cash flows used in investing activities were for the Asia International Theme Parks. Disneyland Paris In February 2017, the Company increased its effective ownership percentage from 81% to 88% by exchanging 1.36 million of the Company’s common shares for 70.5 million outstanding shares of Euro Disney S.C.A. (EDSCA), a publicly-traded French entity, which has an 82% interest in the Disneyland Paris operating company. The transaction was valued at €141 million ( $150 million ) based on the purchase price of €2 per share. In the third quarter of fiscal 2017, the Company acquired the remaining outstanding shares of EDSCA at €2 per share, a total cost of €224 million ( $250 million ), and EDSCA was delisted from Euronext Paris. Hong Kong Disneyland Resort The Government of the Hong Kong Special Administrative Region (HKSAR) and the Company have 53% and 47% equity interests in Hong Kong Disneyland Resort, respectively. As part of financing the construction of a third hotel, which opened April 30, 2017, the Company and HKSAR have provided loans with outstanding balances of $137 million and $92 million , respectively, which bear interest at a rate of three month HIBOR plus 2% and mature in September 2025. The Company’s loan is eliminated upon consolidation. Shanghai Disney Resort Shanghai Shendi (Group) Co., Ltd (Shendi) and the Company have 57% and 43% equity interests in Shanghai Disney Resort, respectively. A management company, in which the Company has a 70% interest and Shendi a 30% interest, is responsible for operating Shanghai Disney Resort. The Company has provided Shanghai Disney Resort with long-term loans totaling $775 million , bearing interest at rates up to 8% . In addition, the Company has an outstanding balance of $281 million due from Shanghai Disney Resort related to development and pre-opening costs of the resort and outstanding royalties and management fees. The Company has also provided Shanghai Disney Resort with a $157 million line of credit bearing interest at 8% . There is no outstanding balance under the line of credit at July 1, 2017 . The loan and line of credit are eliminated upon consolidation. Shendi has provided Shanghai Disney Resort with term loans totaling 6.6 billion yuan (approximately $1.0 billion ), bearing interest at rates up to 8% and maturing in 2036, with early repayment permitted. Shendi has also provided Shanghai Disney Resort with a 1.4 billion yuan (approximately $202 million ) line of credit bearing interest at 8% . There is no outstanding balance under the line of credit at July 1, 2017 .

Pension and Other Benefit Progr

Pension and Other Benefit Programs	9 Months Ended
	Jul. 01, 2017
Compensation and Retirement Disclosure [Abstract]
Pension and Other Benefit Programs	Pension and Other Benefit Programs The components of net periodic benefit cost are as follows: Pension Plans Postretirement Medical Plans Quarter Ended Nine Months Ended Quarter Ended Nine Months Ended July 1, 2017 July 2, 2016 July 1, 2017 July 2, 2016 July 1, 2017 July 2, 2016 July 1, 2017 July 2, 2016 Service costs $ 90 $ 80 $ 273 $ 239 $ 3 $ 2 $ 9 $ 8 Interest costs 113 115 336 344 14 16 42 46 Expected return on plan assets (219 ) (186 ) (656 ) (560 ) (13 ) (12 ) (37 ) (34 ) Amortization of prior-year service costs 3 3 8 10 — (1 ) — (1 ) Recognized net actuarial loss 101 61 303 182 4 2 12 6 Net periodic benefit cost $ 88 $ 73 $ 264 $ 215 $ 8 $ 7 $ 26 $ 25 During the nine months ended July 1, 2017 , the Company made $1.4 billion of contributions to its pension and postretirement medical plans. The Company currently does not expect to make any additional material contributions to its pension and postretirement medical plans during the remainder of fiscal 2017 . However, final funding amounts for fiscal 2017 will be assessed based on our January 1, 2017 funding actuarial valuation, which will be available by the end of the fourth quarter of fiscal 2017 .

Earnings Per Share

Earnings Per Share	9 Months Ended
	Jul. 01, 2017
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share Diluted earnings per share amounts are based upon the weighted average number of common and common equivalent shares outstanding during the period and are calculated using the treasury stock method for equity-based compensation awards (Awards). A reconciliation of the weighted average number of common and common equivalent shares outstanding and the number of Awards excluded from the diluted earnings per share calculation, as they were anti-dilutive, are as follows: Quarter Ended Nine Months Ended July 1, July 2, July 1, July 2, Shares (in millions): Weighted average number of common and common equivalent shares outstanding (basic) 1,562 1,621 1,578 1,636 Weighted average dilutive impact of Awards 10 10 10 11 Weighted average number of common and common equivalent shares outstanding (diluted) 1,572 1,631 1,588 1,647 Awards excluded from diluted earnings per share 8 4 11 6

Equity

Equity	9 Months Ended
	Jul. 01, 2017
Equity [Abstract]
Equity	Equity The Company paid the following dividends in fiscal 2017 and 2016 : Per Share Total Paid Payment Timing Related to Fiscal Period $0.78 $1.2 billion Fourth Quarter of Fiscal 2017 First Half 2017 $0.78 $1.2 billion Second Quarter of Fiscal 2017 Second Half 2016 $0.71 $1.1 billion Fourth Quarter of Fiscal 2016 First Half 2016 $0.71 $1.2 billion Second Quarter of Fiscal 2016 Second Half 2015 During the nine months ended July 1, 2017 , the Company repurchased 56 million shares of its common stock for $5.9 billion . As of July 1, 2017 , the Company had remaining authorization in place to repurchase approximately 226 million additional shares. The repurchase program does not have an expiration date. The following table summarizes the changes in each component of accumulated other comprehensive income (loss) (AOCI) (generally net of 37% estimated tax) including our proportional share of equity method investee amounts: Unrecognized Foreign (1) AOCI Market Value Adjustments Investments Cash Flow Hedges Balance at April 1, 2017 $ 16 $ 91 $ (3,525 ) $ (462 ) $ (3,880 ) Quarter Ended July 1, 2017: Unrealized gains (losses) arising during the period (5 ) (66 ) — 45 (26 ) Reclassifications of realized net (gains) losses to net income — (26 ) 68 — 42 Balance at July 1, 2017 $ 11 $ (1 ) $ (3,457 ) $ (417 ) $ (3,864 ) Balance at April 2, 2016 $ 9 $ 105 $ (2,415 ) $ (298 ) $ (2,599 ) Quarter Ended July 2, 2016: Unrealized gains (losses) arising during the period (7 ) (49 ) (13 ) (37 ) (106 ) Reclassifications of realized net (gains) losses to net income — (35 ) 41 — 6 Balance at July 2, 2016 $ 2 $ 21 $ (2,387 ) $ (335 ) $ (2,699 ) Balance at October 1, 2016 $ 26 $ (25 ) $ (3,651 ) $ (329 ) $ (3,979 ) Nine Months Ended July 1, 2017: Unrealized gains (losses) arising during the period (11 ) 126 (10 ) (88 ) 17 Reclassifications of net (gains) losses to net income (4 ) (102 ) 204 — 98 Balance at July 1, 2017 $ 11 $ (1 ) $ (3,457 ) $ (417 ) $ (3,864 ) Balance at October 3, 2015 $ 13 $ 334 $ (2,497 ) $ (271 ) $ (2,421 ) Nine Months Ended July 2, 2016: Unrealized gains (losses) arising during the period (11 ) (170 ) (15 ) (64 ) (260 ) Reclassifications of net (gains) losses to net income — (143 ) 125 — (18 ) Balance at July 2, 2016 $ 2 $ 21 $ (2,387 ) $ (335 ) $ (2,699 ) (1) Foreign Currency Translation and Other is net of an average 24% estimated tax at July 1, 2017 as the Company has not recognized deferred tax assets for some of our foreign entities. Details about AOCI components reclassified to net income are as follows: Gains/(losses) in net income: Affected line item in the Condensed Consolidated Statements of Income: Quarter Ended Nine Months Ended July 1, July 2, July 1, July 2, Investments, net Interest expense, net $ — $ — $ 6 $ — Estimated tax Income taxes — — (2 ) — — — 4 — Cash flow hedges Primarily revenue 41 56 162 228 Estimated tax Income taxes (15 ) (21 ) (60 ) (85 ) 26 35 102 143 Pension and postretirement medical expense Costs and expenses (108 ) (65 ) (324 ) (199 ) Estimated tax Income taxes 40 24 120 74 (68 ) (41 ) (204 ) (125 ) Total reclassifications for the period $ (42 ) $ (6 ) $ (98 ) $ 18 At July 1, 2017 and October 1, 2016 , the Company held available-for-sale investments in unrecognized gain positions totaling $23 million and $49 million , respectively, and no investments in significant unrecognized loss positions.

Equity-Based Compensation

Equity-Based Compensation	9 Months Ended
	Jul. 01, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Equity-Based Compensation	Equity-Based Compensation Compensation expense related to stock options, stock appreciation rights and restricted stock units (RSUs) is as follows: Quarter Ended Nine Months Ended July 1, July 2, July 1, July 2, Stock options $ 20 $ 26 $ 62 $ 72 RSUs 69 74 216 233 Total equity-based compensation expense (1) $ 89 $ 100 $ 278 $ 305 Equity-based compensation expense capitalized during the period $ 19 $ 18 $ 61 $ 52 (1) Equity-based compensation expense is net of capitalized equity-based compensation and excludes amortization of previously capitalized equity-based compensation costs. Unrecognized compensation cost related to unvested stock options and RSUs was $162 million and $555 million , respectively, as of July 1, 2017 . The weighted average grant date fair values of options granted during the nine months ended July 1, 2017 and July 2, 2016 were $25.66 and $31.08 , respectively. During the nine months ended July 1, 2017 , the Company made equity compensation grants consisting of 4.9 million stock options and 3.7 million RSUs.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Jul. 01, 2017
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Legal Matters Beef Products, Inc. v. American Broadcasting Companies, Inc. On September 13, 2012, plaintiffs filed an action in South Dakota state court against certain subsidiaries and employees of the Company and others, asserting claims for defamation arising from alleged false statements and implications, statutory and common law product disparagement, and tortious interference with existing and prospective business relationships. The claims arise out of ABC News reports published in March and April 2012 about a product, Lean Finely Textured Beef, that was included in ground beef and hamburger meat. Plaintiffs’ complaint sought actual and consequential damages in excess of $400 million (which in March 2016 they asserted could be as much as $1.9 billion ), statutory damages (including treble damages) pursuant to South Dakota’s Agricultural Food Products Disparagement Act, and punitive damages. During the current quarter, the matter was settled during trial. The Company, together with, in some instances, certain of its directors and officers, is a defendant or codefendant in various other legal actions involving copyright, breach of contract and various other claims incident to the conduct of its businesses; management does not believe that the Company has incurred a probable material loss by reason of any of those actions. Contractual Guarantees The Company has guaranteed bond issuances by the Anaheim Public Authority that were used by the City of Anaheim to finance construction of infrastructure and a public parking facility adjacent to the Disneyland Resort. Revenues from sales, occupancy and property taxes from the Disneyland Resort and non-Disney hotels are used by the City of Anaheim to repay the bonds. In the event of a debt service shortfall, the Company will be responsible to fund the shortfall. As of July 1, 2017 , the remaining debt service obligation guaranteed by the Company was $311 million , of which $50 million was principal. To the extent that tax revenues exceed the debt service payments in subsequent periods, the Company would be reimbursed for any previously funded shortfalls. To date, tax revenues have exceeded the debt service payments for these bonds. The Company has guaranteed $113 million of Hulu LLC’s $338 million term loan, which expires in October 2017. Hulu is a joint venture in which the Company has a 30% ownership interest. Long-Term Receivables and the Allowance for Credit Losses The Company has accounts receivable with original maturities greater than one year related to the sale of television program rights and vacation ownership units. Allowances for credit losses are established against these receivables as necessary. The Company estimates the allowance for credit losses related to receivables from the sale of television programs based upon a number of factors, including historical experience and the financial condition of individual companies with which we do business. The balance of television program sales receivables recorded in other non-current assets, net of an immaterial allowance for credit losses, was $0.9 billion as of July 1, 2017 . The activity in the current period related to the allowance for credit losses was not material. The Company estimates the allowance for credit losses related to receivables from sales of its vacation ownership units based primarily on historical collection experience. Estimates of uncollectible amounts also consider the economic environment and the age of receivables. The balance of mortgage receivables recorded in other non-current assets, net of a related allowance for credit losses of approximately 4% , was approximately $0.7 billion as of July 1, 2017 . The activity in the current period related to the allowance for credit losses was not material. Income Taxes During the nine months ended July 1, 2017 , the Company decreased its gross unrecognized tax benefits by an amount that was not material. As of July 1, 2017, gross unrecognized tax benefits totaled $818 million . In the next twelve months, it is reasonably possible that our unrecognized tax benefits could change due to resolutions of open tax matters. These resolutions would reduce our unrecognized tax benefits by approximately $170 million , of which $52 million would reduce our income tax expense and effective tax rate if recognized.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Jul. 01, 2017
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements Fair value is defined as the amount that would be received for selling an asset or paid to transfer a liability in an orderly transaction between market participants and is classified in one of the following three categories: Level 1 - Quoted prices for identical instruments in active markets Level 2 - Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets Level 3 - Valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable The Company’s assets and liabilities measured at fair value are summarized in the following tables by fair value measurement Level: Fair Value Measurement at July 1, 2017 Level 1 Level 2 Level 3 Total Assets Investments $ 40 $ — $ — $ 40 Derivatives Interest rate — 10 — 10 Foreign exchange — 497 — 497 Other — 3 — 3 Liabilities Derivatives Interest rate — (119 ) — (119 ) Foreign exchange — (414 ) — (414 ) Other — (2 ) — (2 ) Total recorded at fair value $ 40 $ (25 ) $ — $ 15 Fair value of borrowings $ — $ 21,351 $ 1,421 $ 22,772 Fair Value Measurement at October 1, 2016 Level 1 Level 2 Level 3 Total Assets Investments $ 85 $ — $ — $ 85 Derivatives Interest rate — 132 — 132 Foreign exchange — 596 — 596 Other — 6 — 6 Liabilities Derivatives Interest rate — (13 ) — (13 ) Foreign exchange — (510 ) — (510 ) Other — (4 ) — (4 ) Total recorded at fair value $ 85 $ 207 $ — $ 292 Fair value of borrowings $ — $ 19,500 $ 1,579 $ 21,079 The fair values of Level 2 derivatives are primarily determined by internal discounted cash flow models that use observable inputs such as interest rates, yield curves and foreign currency exchange rates. Counterparty credit risk, which is mitigated by master netting agreements and collateral posting arrangements with certain counterparties, did not have a material impact on derivative fair value estimates. Level 2 borrowings, which include commercial paper and U.S. medium-term notes, are valued based on quoted prices for similar instruments in active markets. Level 3 borrowings, which include Asia International Theme Park borrowings and other foreign currency denominated borrowings, are generally valued based on historical market transactions, prevailing market interest rates and the Company’s current borrowing cost and credit risk. The Company’s financial instruments also include cash, cash equivalents, receivables and accounts payable. The carrying values of these financial instruments approximate the fair values.

Derivative Instruments

Derivative Instruments	9 Months Ended
	Jul. 01, 2017
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments	Derivative Instruments The Company manages its exposure to various risks relating to its ongoing business operations according to a risk management policy. The primary risks managed with derivative instruments are interest rate risk and foreign exchange risk. The Company’s derivative positions measured at fair value are summarized in the following tables: As of July 1, 2017 Current Assets Other Assets Other Current Liabilities Other Long- Term Liabilities Derivatives designated as hedges Foreign exchange $ 207 $ 155 $ (120 ) $ (120 ) Interest rate — 10 (100 ) — Other 2 1 (2 ) — Derivatives not designated as hedges Foreign exchange 135 — (165 ) (9 ) Interest rate — — — (19 ) Gross fair value of derivatives 344 166 (387 ) (148 ) Counterparty netting (252 ) (112 ) 252 112 Cash collateral (received)/paid (45 ) (10 ) 11 — Net derivative positions $ 47 $ 44 $ (124 ) $ (36 ) As of October 1, 2016 Current Assets Other Assets Other Current Liabilities Other Long- Term Liabilities Derivatives designated as hedges Foreign exchange $ 278 $ 191 $ (209 ) $ (163 ) Interest rate — 132 (13 ) — Other 3 3 (4 ) — Derivatives not designated as hedges Foreign exchange 125 2 (133 ) (5 ) Gross fair value of derivatives 406 328 (359 ) (168 ) Counterparty netting (241 ) (199 ) 316 124 Cash collateral (received)/paid (77 ) (44 ) 7 — Net derivative positions $ 88 $ 85 $ (36 ) $ (44 ) Interest Rate Risk Management The Company is exposed to the impact of interest rate changes primarily through its borrowing activities. The Company’s objective is to mitigate the impact of interest rate changes on earnings and cash flows and to lower overall borrowing costs. In accordance with its policy, the Company targets its fixed-rate debt as a percentage of its net debt between a minimum and maximum percentage. The Company primarily uses pay-floating and pay-fixed interest rate swaps to facilitate its interest rate risk management activities. The Company designates pay-floating interest rate swaps as fair value hedges of fixed-rate borrowings effectively converting fixed-rate borrowings to variable rate borrowings indexed to LIBOR. As of July 1, 2017 and October 1, 2016 , the total notional amount of the Company’s pay-floating interest rate swaps was $7.8 billion and $8.3 billion , respectively. The following table summarizes adjustments related to fair value hedges included in “ Interest expense, net ” in the Condensed Consolidated Statements of Income. Quarter Ended Nine Months Ended July 1, July 2, July 1, July 2, Gain (loss) on interest rate swaps $ 39 $ 30 $ (203 ) $ 79 Gain (loss) on hedged borrowings (39 ) (30 ) 203 (79 ) In addition, during the quarter and nine months ended July 1, 2017 , the Company realized net benefits of $7 million and $29 million , respectively, in “ Interest expense, net ” related to pay-floating interest rate swaps. During the quarter and nine months ended July 2, 2016 , the Company realized net benefits of $24 million and $73 million , respectively, in “ Interest expense, net ” related to pay-floating interest rate swaps. The Company may designate pay-fixed interest rate swaps as cash flow hedges of interest payments on floating-rate borrowings. Pay-fixed swaps effectively convert floating-rate borrowings to fixed-rate borrowings. The unrealized gains or losses from these cash flow hedges are deferred in AOCI and recognized in interest expense as the interest payments occur. The Company did not have pay-fixed interest rate swaps that were designated as cash flow hedges of interest payments at July 1, 2017 or at October 1, 2016 and gains and losses related to pay-fixed swaps recognized in earnings for the quarter and nine months ended July 1, 2017 and July 2, 2016 were not material. To facilitate its interest rate risk management activities, the Company sold an option in November 2016 to enter into a future pay-floating interest rate swap indexed to LIBOR for $0.5 billion in future borrowings. The fair value of this contract as of July 1, 2017 was not material. The option is not designated as a hedge and does not qualify for hedge accounting, accordingly, changes in value are recorded in earnings. Foreign Exchange Risk Management The Company transacts business globally and is subject to risks associated with changing foreign currency exchange rates. The Company’s objective is to reduce earnings and cash flow fluctuations associated with foreign currency exchange rate changes, enabling management to focus on core business issues and challenges. The Company enters into option and forward contracts that change in value as foreign currency exchange rates change to protect the value of its existing foreign currency assets, liabilities, firm commitments and forecasted but not firmly committed foreign currency transactions. In accordance with policy, the Company hedges its forecasted foreign currency transactions for periods generally not to exceed four years within an established minimum and maximum range of annual exposure. The gains and losses on these contracts offset changes in the U.S. dollar equivalent value of the related forecasted transaction, asset, liability or firm commitment. The principal currencies hedged are the euro, Japanese yen, Canadian dollar and British pound. Cross-currency swaps are used to effectively convert foreign currency denominated borrowings into U.S. dollar denominated borrowings. The Company designates foreign exchange forward and option contracts as cash flow hedges of firmly committed and forecasted foreign currency transactions. As of July 1, 2017 and October 1, 2016 , the notional amounts of the Company’s net foreign exchange cash flow hedges were $5.6 billion and $5.6 billion , respectively. Mark-to-market gains and losses on these contracts are deferred in AOCI and are recognized in earnings when the hedged transactions occur, offsetting changes in the value of the foreign currency transactions. Gains and losses recognized related to ineffectiveness for the quarter and nine months ended July 1, 2017 and July 2, 2016 were not material. Net deferred gains recorded in AOCI for contracts that will mature in the next twelve months totaled $ 65 million . Foreign exchange risk management contracts with respect to foreign currency denominated assets and liabilities are not designated as hedges and do not qualify for hedge accounting. The notional amounts of these foreign exchange contracts at July 1, 2017 and October 1, 2016 were $3.5 billion and $3.3 billion , respectively. The following table summarizes the net foreign exchange gains or losses recognized on foreign currency denominated assets and liabilities and the net foreign exchange gains or losses on the foreign exchange contracts we entered into to mitigate our exposure with respect to foreign currency denominated assets and liabilities for the nine months ended July 1, 2017 and July 2, 2016 by the corresponding line item in which they are recorded in the Condensed Consolidated Statements of Income. Costs and Expenses Interest expense, net Income Tax expense Quarter Ended: July 1, July 2, July 1, July 2, July 1, July 2, Net gains (losses) on foreign currency denominated assets and liabilities $ 148 $ (75 ) $ (7 ) $ (2 ) $ 4 $ 15 Net gains (losses) on foreign exchange risk management contracts not designated as hedges (144 ) 52 6 1 21 (19 ) Net gains (losses) $ 4 $ (23 ) $ (1 ) $ (1 ) $ 25 $ (4 ) Nine Months Ended: Net gains (losses) on foreign currency denominated assets and liabilities $ 25 $ (29 ) $ (3 ) $ (7 ) $ 16 $ 42 Net gains (losses) on foreign exchange risk management contracts not designated as hedges (26 ) (32 ) 2 5 4 (19 ) Net gains (losses) $ (1 ) $ (61 ) $ (1 ) $ (2 ) $ 20 $ 23 Commodity Price Risk Management The Company is subject to the volatility of commodities prices and the Company designates certain commodity forward contracts as cash flow hedges of forecasted commodity purchases. Mark-to-market gains and losses on these contracts are deferred in AOCI and are recognized in earnings when the hedged transactions occur, offsetting changes in the value of commodity purchases. The notional amount of these commodities contracts at July 1, 2017 and October 1, 2016 and related gains or losses recognized in earnings for the quarter and nine months ended July 1, 2017 and July 2, 2016 were not material. Risk Management – Other Derivatives Not Designated as Hedges The Company enters into certain other risk management contracts that are not designated as hedges and do not qualify for hedge accounting. These contracts, which include certain swap contracts, are intended to offset economic exposures of the Company and are carried at market value with any changes in value recorded in earnings. The notional amount and fair value of these contracts at July 1, 2017 and October 1, 2016 were not material. The related gains or losses recognized in earnings were not material for the quarter and nine months ended July 1, 2017 and July 2, 2016 . Contingent Features and Cash Collateral The Company has master netting arrangements by counterparty with respect to certain derivative financial instrument contracts. The Company may be required to post collateral in the event that a net liability position with a counterparty exceeds limits defined by contract and that vary with the Company’s credit rating. In addition, these contracts may require a counterparty to post collateral to the Company in the event that a net receivable position with a counterparty exceeds limits defined by contract and that vary with the counterparty’s credit rating. If the Company’s or the counterparty’s credit ratings were to fall below investment grade, such counterparties or the Company would also have the right to terminate our derivative contracts, which could lead to a net payment to or from the Company for the aggregate net value by counterparty of our derivative contracts. The aggregate fair values of derivative instruments with credit-risk-related contingent features in a net liability position by counterparty were $171 million and $86 million on July 1, 2017 and October 1, 2016 , respectively.

Restructuring and Impairment Ch

Restructuring and Impairment Charges	9 Months Ended
	Jul. 01, 2017
Restructuring and Related Activities [Abstract]
Restructuring and Related Activities Disclosure	Restructuring and Impairment Charges The Company recorded $44 million of restructuring and impairment charges in the prior-year quarter primarily consisting of asset impairments associated with shutting down certain international film production operations in the Studio Entertainment segment. The Company recorded $125 million of restructuring and impairment charges in the prior-year nine-month period , which included an investment impairment and contract termination and severance costs at our Media Networks segment as well as the $44 million of restructuring and impairment charges in the prior-year quarter.

New Accounting Pronouncements

New Accounting Pronouncements	9 Months Ended
	Jul. 01, 2017
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
New Accounting Pronouncements	New Accounting Pronouncements Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost In March 2017, the Financial Accounting Standards Board (FASB) issued guidance that will require the Company to present all components of net periodic pension and postretirement benefit costs, other than service costs, in an income statement line item outside of a subtotal of income from operations. The service cost component will continue to be presented in the same line items as other employee compensation costs. In addition, the guidance allows only service costs to be eligible for capitalization, for example, as part of a self-constructed fixed asset or a film production. The new guidance is effective beginning with the first quarter of the Company’s 2019 fiscal year (with early adoption permitted as of the beginning of an annual period). The guidance is required to be adopted retrospectively with respect to the income statement presentation requirement and prospectively for the capitalization requirement. We do not expect the change in capitalization requirement to have a material impact on our financial statements. See Note 6 of this filing and Note 10 to the Consolidated Financial Statements in the 2016 Annual Report on Form 10-K for the amount of each component of net periodic pension and postretirement benefit costs we have reported historically. The amounts of net periodic pension and postretirement benefit costs in these filings are not necessarily indicative of future amounts that may arise in years following implementation of the new accounting pronouncement. Restricted Cash In November 2016, the FASB issued guidance that requires restricted cash to be included in cash and cash equivalents in the statement of cash flows. The guidance is required to be adopted retrospectively, and is effective beginning in the first quarter of the Company’s 2019 fiscal year (with early adoption permitted). At July 1, 2017 and October 1, 2016 , the Company held restricted cash of approximately $92 million and $150 million , respectively, primarily associated with collateral received from counterparties to its derivative contracts. Changes in restricted cash are currently classified as operating activities in the Condensed Consolidated Statements of Cash Flows as a component of changes in “Other assets”. Under the new guidance, changes in the Company’s restricted cash will generally be classified as either operating activities or investing activities in the Condensed Consolidated Statements of Cash Flows, depending on the nature of the activities that gave rise to the restricted cash balance. Intra-Entity Transfers of Assets Other Than Inventory In October 2016, the FASB issued guidance that requires the income tax consequences of an intra-entity transfer of an asset other than inventory to be recognized when the transfer occurs instead of when the asset is sold to an outside party. The new guidance is effective beginning with the first quarter of the Company’s 2019 fiscal year (with early adoption permitted as of the beginning of an annual period). The guidance requires prospective adoption with a cumulative-effect adjustment to retained earnings as of the beginning of the adoption period. The Company is assessing the potential impact this guidance will have on its financial statements. Stock Compensation - Employee Share-based Payments In March 2016, the FASB issued guidance to amend certain aspects of accounting for employee share-based awards, including accounting for income taxes related to those transactions. The guidance requires that excess tax benefits and tax deficiencies (that result from an increase or decrease in the value of an award from grant date to the vesting date or exercise date) on share-based compensation arrangements are recognized in the tax provision, instead of in equity as under the current guidance. In addition, these amounts are to be classified as an operating activity in the statement of cash flows, instead of as a financing activity. The Company reported excess tax benefits of $0.2 billion and $0.3 billion in fiscal 2016 and 2015, respectively. In addition, cash paid for shares withheld to satisfy employee taxes is to be classified as a financing activity, instead of as an operating activity. Cash paid for employee taxes was $0.2 billion and $0.3 billion in fiscal 2016 and 2015, respectively. The fiscal 2016 and 2015 amounts of excess tax benefits and cash paid for employee taxes are not necessarily indicative of future amounts that may arise in years following implementation of the new accounting pronouncement. The Company adopted the new guidance in the first quarter of fiscal 2017. As of July 1, 2017, the impact of the new guidance was as follows: • During the quarter and nine months ended July 1, 2017, excess tax benefits of $25 million and $116 million , respectively, were recognized as a benefit in “Income taxes” in the Condensed Consolidated Statement of Income and classified as a source in operating activities in the Condensed Consolidated Statement of Cash Flows. The guidance required prospective adoption for the statement of income and allowed for either prospective or retrospective adoption for the statement of cash flows. The Company elected to prospectively adopt the effect to the statement of cash flows and accordingly, did not restate the Condensed Consolidated Statements of Cash Flows for the quarter and nine months ended July 2, 2016 . • During the quarter and nine months ended July 1, 2017, cash paid for shares withheld to satisfy employee taxes of $5 million and $192 million , respectively, were classified as a use in financing activities in the Condensed Consolidated Statement of Cash Flows. The guidance required retrospective adoption; accordingly, for the quarter and nine months ended July 2, 2016, uses of $6 million and $229 million , respectively, were reclassified from operating activities to financing activities in the Condensed Consolidated Statements of Cash Flows. Leases In February 2016, the FASB issued a new lease accounting standard, which requires the present value of committed operating lease payments to be recorded as right-of-use lease assets and lease liabilities on the balance sheet. As of October 1, 2016, the Company had an estimated $3.1 billion in undiscounted future minimum lease commitments. The Company is currently assessing the impact of the new guidance on its financial statements. The guidance is required to be adopted retrospectively, and is effective beginning in the first quarter of the Company’s 2020 fiscal year (with early adoption permitted). Revenue from Contracts with Customers In May 2014, the FASB issued guidance that replaces the existing accounting standards for revenue recognition with a single comprehensive five-step model, eliminating industry-specific accounting rules. The core principle is to recognize revenue upon the transfer of control of goods or services to customers at an amount that reflects the consideration expected to be received. Since its issuance, the FASB has amended several aspects of the new guidance, including provisions that address revenue recognition associated with the licensing of intellectual property. The new guidance, including the amendments, is effective beginning with the first quarter of the Company’s 2019 fiscal year (with early adoption permitted at the beginning of fiscal year 2018). The guidance may be adopted either by restating all years presented in the Company’s financial statements or by recording the impact of adoption as an adjustment to retained earnings at the beginning of the year of adoption. We are assessing the potential impact of this guidance, including the impact on those areas currently subject to industry-specific guidance such as licensing of intellectual property. We have reviewed all of our significant revenue streams to determine which of our accounting policies require change. We are now in the process of evaluating how best to apply the necessary changes, quantifying whether any of the changes have a significant impact on the timing of revenue recognition, and reviewing potential changes to our disclosure requirements. Our assessment is expected to be completed by the end of the year. Our method of adoption will in part be based on the degree of change identified in our assessment.

Segment Information (Tables)

Segment Information (Tables)	9 Months Ended
	Jul. 01, 2017
Equity In Income of Investees By Segment	Equity in the income of investees is included in segment operating income as follows: Quarter Ended Nine Months Ended July 1, July 2, July 1, July 2, Media Networks $ 127 $ 154 $ 334 $ 447 Parks and Resorts (3 ) — (8 ) — Consumer Products & Interactive Media — — 1 — Equity in the income of investees included in segment operating income 124 154 327 447 Vice Gain — — — 332 Other — (2 ) — (3 ) Total equity in the income of investees $ 124 $ 152 $ 327 $ 776
Financial Information by Operating Segments	Segment revenues and segment operating income are as follows: Quarter Ended Nine Months Ended July 1, July 2, July 1, July 2, Revenues (1) : Media Networks $ 5,866 $ 5,906 $ 18,045 $ 18,031 Parks and Resorts 4,894 4,379 13,748 12,588 Studio Entertainment 2,393 2,847 6,947 7,630 Consumer Products & Interactive Media 1,085 1,145 3,618 4,241 $ 14,238 $ 14,277 $ 42,358 $ 42,490 Segment operating income (1) : Media Networks $ 1,842 $ 2,372 $ 5,427 $ 6,083 Parks and Resorts 1,168 994 3,028 2,599 Studio Entertainment 639 766 2,137 2,322 Consumer Products & Interactive Media 362 324 1,371 1,541 $ 4,011 $ 4,456 $ 11,963 $ 12,545 (1) Studio Entertainment segment revenues and operating income include an allocation of Consumer Products & Interactive Media revenues, which is meant to reflect royalties on sales of merchandise based on certain film properties. The increase to Studio Entertainment revenues and operating income and corresponding decrease to Consumer Products & Interactive Media revenues and operating income totaled $103 million and $131 million for the quarters ended July 1, 2017 and July 2, 2016 , respectively, and $391 million and $573 million for the nine months ended July 1, 2017 and July 2, 2016 , respectively.
Reconciliation of Segment Operating Income to Income before Income Taxes	A reconciliation of segment operating income to income before income taxes is as follows: Quarter Ended Nine Months Ended July 1, July 2, July 1, July 2, Segment operating income $ 4,011 $ 4,456 $ 11,963 $ 12,545 Corporate and unallocated shared expenses (99 ) (159 ) (392 ) (457 ) Restructuring and impairment charges — (44 ) — (125 ) Other expense (1) (177 ) — (177 ) — Interest expense, net (117 ) (70 ) (300 ) (161 ) Vice Gain — — — 332 Infinity Charge (2) — — — (147 ) Income before income taxes $ 3,618 $ 4,183 $ 11,094 $ 11,987 (1) During the quarter the Company recorded a charge, net of committed insurance recoveries, in connection with the settlement of litigation. The Company is pursuing additional insurance coverage for this matter. (2) In the prior-year nine-month period , the Company discontinued its Infinity console game business, which is reported in the Consumer Products & Interactive Media segment, and recorded a charge (Infinity Charge) primarily to write down inventory. The charge also included severance and other asset impairments. The charge was reported in “Cost of products” in the Condensed Consolidated Statement of Income.

Borrowings (Tables)

Borrowings (Tables)	9 Months Ended
	Jul. 01, 2017
Borrowing Activity	During the nine months ended July 1, 2017 , the Company’s borrowing activity was as follows: October 1, Borrowings Payments Other Activity July 1, Commercial paper with original maturities less than three months (1) $ 777 $ — $ (577 ) $ — $ 200 Commercial paper with original maturities greater than three months 744 4,745 (4,280 ) 2 1,211 U.S. medium-term notes 16,827 3,995 (1,500 ) — 19,322 Asia International Theme Parks borrowings 1,087 13 — 16 1,116 Foreign currency denominated debt and other (2) 735 45 (236 ) (206 ) 338 Total $ 20,170 $ 8,798 $ (6,593 ) $ (188 ) $ 22,187 (1) Borrowings and payments are reported net. (2) The other activity is primarily market value adjustments for debt with qualifying hedges.
Line of Credit Facilities	The Company has bank facilities with a syndicate of lenders to support commercial paper borrowings as follows: Committed Capacity Capacity Used Unused Capacity Facility expiring March 2018 $ 2,500 $ — $ 2,500 Facility expiring March 2019 2,250 — 2,250 Facility expiring March 2021 2,250 — 2,250 Total $ 7,000 $ — $ 7,000
Interest Expense, net	Interest and investment income and interest expense are reported net in the Condensed Consolidated Statements of Income and consist of the following (net of capitalized interest): Quarter Ended Nine Months Ended July 1, July 2, July 1, July 2, Interest expense $ (134 ) $ (88 ) $ (370 ) $ (235 ) Interest and investment income 17 18 70 74 Interest expense, net $ (117 ) $ (70 ) $ (300 ) $ (161 )

International Theme Parks (Tabl

International Theme Parks (Tables)	9 Months Ended
	Jul. 01, 2017
Consolidating Balance Sheets
Impact of Consolidating Financial Statements of International Theme Parks	The following table summarizes the carrying amounts of the International Theme Parks’ assets and liabilities included in the Company’s Condensed Consolidated Balance Sheets as of July 1, 2017 and October 1, 2016 : July 1, October 1, 2016 Cash and cash equivalents $ 598 $ 1,008 Other current assets 417 331 Total current assets 1,015 1,339 Parks, resorts and other property 9,263 9,270 Other assets 89 88 Total assets (1) $ 10,367 $ 10,697 Current liabilities $ 1,305 $ 1,499 Borrowings - long-term 1,116 1,087 Other long-term liabilities 318 256 Total liabilities (1) $ 2,739 $ 2,842
Consolidating Income Statements
Impact of Consolidating Financial Statements of International Theme Parks	The following table summarizes the International Theme Parks’ revenues and costs and expenses included in the Company’s Condensed Consolidated Statement of Income for the nine months ended July 1, 2017 : July 1, Revenues $ 2,306 Costs and expenses (2,373 ) Equity in the loss of investees (8 )

Pension and Other Benefit Pro25

Pension and Other Benefit Programs (Tables)	9 Months Ended
	Jul. 01, 2017
Compensation and Retirement Disclosure [Abstract]
Net Periodic Benefit Cost	The components of net periodic benefit cost are as follows: Pension Plans Postretirement Medical Plans Quarter Ended Nine Months Ended Quarter Ended Nine Months Ended July 1, 2017 July 2, 2016 July 1, 2017 July 2, 2016 July 1, 2017 July 2, 2016 July 1, 2017 July 2, 2016 Service costs $ 90 $ 80 $ 273 $ 239 $ 3 $ 2 $ 9 $ 8 Interest costs 113 115 336 344 14 16 42 46 Expected return on plan assets (219 ) (186 ) (656 ) (560 ) (13 ) (12 ) (37 ) (34 ) Amortization of prior-year service costs 3 3 8 10 — (1 ) — (1 ) Recognized net actuarial loss 101 61 303 182 4 2 12 6 Net periodic benefit cost $ 88 $ 73 $ 264 $ 215 $ 8 $ 7 $ 26 $ 25

Earnings Per Share (Tables)

Earnings Per Share (Tables)	9 Months Ended
	Jul. 01, 2017
Earnings Per Share [Abstract]
Reconciliation of Weighted Average Number of Common and Common Equivalent Shares Outstanding and Awards Excluded from Diluted Earnings Per Share Calculation	A reconciliation of the weighted average number of common and common equivalent shares outstanding and the number of Awards excluded from the diluted earnings per share calculation, as they were anti-dilutive, are as follows: Quarter Ended Nine Months Ended July 1, July 2, July 1, July 2, Shares (in millions): Weighted average number of common and common equivalent shares outstanding (basic) 1,562 1,621 1,578 1,636 Weighted average dilutive impact of Awards 10 10 10 11 Weighted average number of common and common equivalent shares outstanding (diluted) 1,572 1,631 1,588 1,647 Awards excluded from diluted earnings per share 8 4 11 6

Equity (Tables)

Equity (Tables)	9 Months Ended
	Jul. 01, 2017
Equity [Abstract]
Dividends Declared	The Company paid the following dividends in fiscal 2017 and 2016 : Per Share Total Paid Payment Timing Related to Fiscal Period $0.78 $1.2 billion Fourth Quarter of Fiscal 2017 First Half 2017 $0.78 $1.2 billion Second Quarter of Fiscal 2017 Second Half 2016 $0.71 $1.1 billion Fourth Quarter of Fiscal 2016 First Half 2016 $0.71 $1.2 billion Second Quarter of Fiscal 2016 Second Half 2015
Changes in Accumulated Other Comprehensive Income (Loss), Net of Tax	The following table summarizes the changes in each component of accumulated other comprehensive income (loss) (AOCI) (generally net of 37% estimated tax) including our proportional share of equity method investee amounts: Unrecognized Foreign (1) AOCI Market Value Adjustments Investments Cash Flow Hedges Balance at April 1, 2017 $ 16 $ 91 $ (3,525 ) $ (462 ) $ (3,880 ) Quarter Ended July 1, 2017: Unrealized gains (losses) arising during the period (5 ) (66 ) — 45 (26 ) Reclassifications of realized net (gains) losses to net income — (26 ) 68 — 42 Balance at July 1, 2017 $ 11 $ (1 ) $ (3,457 ) $ (417 ) $ (3,864 ) Balance at April 2, 2016 $ 9 $ 105 $ (2,415 ) $ (298 ) $ (2,599 ) Quarter Ended July 2, 2016: Unrealized gains (losses) arising during the period (7 ) (49 ) (13 ) (37 ) (106 ) Reclassifications of realized net (gains) losses to net income — (35 ) 41 — 6 Balance at July 2, 2016 $ 2 $ 21 $ (2,387 ) $ (335 ) $ (2,699 ) Balance at October 1, 2016 $ 26 $ (25 ) $ (3,651 ) $ (329 ) $ (3,979 ) Nine Months Ended July 1, 2017: Unrealized gains (losses) arising during the period (11 ) 126 (10 ) (88 ) 17 Reclassifications of net (gains) losses to net income (4 ) (102 ) 204 — 98 Balance at July 1, 2017 $ 11 $ (1 ) $ (3,457 ) $ (417 ) $ (3,864 ) Balance at October 3, 2015 $ 13 $ 334 $ (2,497 ) $ (271 ) $ (2,421 ) Nine Months Ended July 2, 2016: Unrealized gains (losses) arising during the period (11 ) (170 ) (15 ) (64 ) (260 ) Reclassifications of net (gains) losses to net income — (143 ) 125 — (18 ) Balance at July 2, 2016 $ 2 $ 21 $ (2,387 ) $ (335 ) $ (2,699 ) (1) Foreign Currency Translation and Other is net of an average 24% estimated tax at July 1, 2017 as the Company has not recognized deferred tax assets for some of our foreign entities.
Details about AOCI Components Reclassified to Net Income	Details about AOCI components reclassified to net income are as follows: Gains/(losses) in net income: Affected line item in the Condensed Consolidated Statements of Income: Quarter Ended Nine Months Ended July 1, July 2, July 1, July 2, Investments, net Interest expense, net $ — $ — $ 6 $ — Estimated tax Income taxes — — (2 ) — — — 4 — Cash flow hedges Primarily revenue 41 56 162 228 Estimated tax Income taxes (15 ) (21 ) (60 ) (85 ) 26 35 102 143 Pension and postretirement medical expense Costs and expenses (108 ) (65 ) (324 ) (199 ) Estimated tax Income taxes 40 24 120 74 (68 ) (41 ) (204 ) (125 ) Total reclassifications for the period $ (42 ) $ (6 ) $ (98 ) $ 18

Equity-Based Compensation (Tabl

Equity-Based Compensation (Tables)	9 Months Ended
	Jul. 01, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Compensation Expense Related to Stock Options, Stock Appreciation Rights and Restricted Stock Units (RSUs)	Compensation expense related to stock options, stock appreciation rights and restricted stock units (RSUs) is as follows: Quarter Ended Nine Months Ended July 1, July 2, July 1, July 2, Stock options $ 20 $ 26 $ 62 $ 72 RSUs 69 74 216 233 Total equity-based compensation expense (1) $ 89 $ 100 $ 278 $ 305 Equity-based compensation expense capitalized during the period $ 19 $ 18 $ 61 $ 52 (1) Equity-based compensation expense is net of capitalized equity-based compensation and excludes amortization of previously capitalized equity-based compensation costs.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Jul. 01, 2017
Fair Value Disclosures [Abstract]
Assets and Liabilities Measured at Fair Value	The Company’s assets and liabilities measured at fair value are summarized in the following tables by fair value measurement Level: Fair Value Measurement at July 1, 2017 Level 1 Level 2 Level 3 Total Assets Investments $ 40 $ — $ — $ 40 Derivatives Interest rate — 10 — 10 Foreign exchange — 497 — 497 Other — 3 — 3 Liabilities Derivatives Interest rate — (119 ) — (119 ) Foreign exchange — (414 ) — (414 ) Other — (2 ) — (2 ) Total recorded at fair value $ 40 $ (25 ) $ — $ 15 Fair value of borrowings $ — $ 21,351 $ 1,421 $ 22,772 Fair Value Measurement at October 1, 2016 Level 1 Level 2 Level 3 Total Assets Investments $ 85 $ — $ — $ 85 Derivatives Interest rate — 132 — 132 Foreign exchange — 596 — 596 Other — 6 — 6 Liabilities Derivatives Interest rate — (13 ) — (13 ) Foreign exchange — (510 ) — (510 ) Other — (4 ) — (4 ) Total recorded at fair value $ 85 $ 207 $ — $ 292 Fair value of borrowings $ — $ 19,500 $ 1,579 $ 21,079

Derivative Instruments (Tables)

Derivative Instruments (Tables)	9 Months Ended
	Jul. 01, 2017
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Gross Fair Value of Derivative Positions	The Company’s derivative positions measured at fair value are summarized in the following tables: As of July 1, 2017 Current Assets Other Assets Other Current Liabilities Other Long- Term Liabilities Derivatives designated as hedges Foreign exchange $ 207 $ 155 $ (120 ) $ (120 ) Interest rate — 10 (100 ) — Other 2 1 (2 ) — Derivatives not designated as hedges Foreign exchange 135 — (165 ) (9 ) Interest rate — — — (19 ) Gross fair value of derivatives 344 166 (387 ) (148 ) Counterparty netting (252 ) (112 ) 252 112 Cash collateral (received)/paid (45 ) (10 ) 11 — Net derivative positions $ 47 $ 44 $ (124 ) $ (36 ) As of October 1, 2016 Current Assets Other Assets Other Current Liabilities Other Long- Term Liabilities Derivatives designated as hedges Foreign exchange $ 278 $ 191 $ (209 ) $ (163 ) Interest rate — 132 (13 ) — Other 3 3 (4 ) — Derivatives not designated as hedges Foreign exchange 125 2 (133 ) (5 ) Gross fair value of derivatives 406 328 (359 ) (168 ) Counterparty netting (241 ) (199 ) 316 124 Cash collateral (received)/paid (77 ) (44 ) 7 — Net derivative positions $ 88 $ 85 $ (36 ) $ (44 )
Adjustments Related to Fair Value Hedges Included in Interest Expense, net in the Consolidated Statements of Income	The following table summarizes adjustments related to fair value hedges included in “ Interest expense, net ” in the Condensed Consolidated Statements of Income. Quarter Ended Nine Months Ended July 1, July 2, July 1, July 2, Gain (loss) on interest rate swaps $ 39 $ 30 $ (203 ) $ 79 Gain (loss) on hedged borrowings (39 ) (30 ) 203 (79 )
Net Gains or Losses Recognized in Costs and Expenses on Economic Exposures Associated with Foreign Currency Exchange Rates	The following table summarizes the net foreign exchange gains or losses recognized on foreign currency denominated assets and liabilities and the net foreign exchange gains or losses on the foreign exchange contracts we entered into to mitigate our exposure with respect to foreign currency denominated assets and liabilities for the nine months ended July 1, 2017 and July 2, 2016 by the corresponding line item in which they are recorded in the Condensed Consolidated Statements of Income. Costs and Expenses Interest expense, net Income Tax expense Quarter Ended: July 1, July 2, July 1, July 2, July 1, July 2, Net gains (losses) on foreign currency denominated assets and liabilities $ 148 $ (75 ) $ (7 ) $ (2 ) $ 4 $ 15 Net gains (losses) on foreign exchange risk management contracts not designated as hedges (144 ) 52 6 1 21 (19 ) Net gains (losses) $ 4 $ (23 ) $ (1 ) $ (1 ) $ 25 $ (4 ) Nine Months Ended: Net gains (losses) on foreign currency denominated assets and liabilities $ 25 $ (29 ) $ (3 ) $ (7 ) $ 16 $ 42 Net gains (losses) on foreign exchange risk management contracts not designated as hedges (26 ) (32 ) 2 5 4 (19 ) Net gains (losses) $ (1 ) $ (61 ) $ (1 ) $ (2 ) $ 20 $ 23

Equity in the Income of Investe

Equity in the Income of Investees included in Segment Operating Results (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Jul. 01, 2017	Jul. 02, 2016	Jul. 01, 2017	Jul. 02, 2016
Schedule of Equity Method Investments
Equity in the income of investees	$ 124	$ 152	$ 327	$ 776
Vice Media
Schedule of Equity Method Investments
Equity in the income of investees	0	0	0	332
Media Networks
Schedule of Equity Method Investments
Equity in the income of investees	127	154	334	447
Parks and Resorts
Schedule of Equity Method Investments
Equity in the income of investees	(3)	0	(8)	0
Consumer Products and Interactive
Schedule of Equity Method Investments
Equity in the income of investees	0	0	1	0
Total Segments
Schedule of Equity Method Investments
Equity in the income of investees	124	154	327	447
Corporate and Other
Schedule of Equity Method Investments
Equity in the income of investees	$ 0	$ (2)	$ 0	$ (3)

Financial Information by Operat

Financial Information by Operating Segments (Details) - USD ($) $ in Millions		3 Months Ended		9 Months Ended
		Jul. 01, 2017	Jul. 02, 2016	Jul. 01, 2017	Jul. 02, 2016
Segment Reporting Information
Revenues:		$ 14,238	$ 14,277	$ 42,358	$ 42,490
Segment operating income		4,011	4,456	11,963	12,545
Media Networks
Segment Reporting Information
Revenues:		5,866	5,906	18,045	18,031
Segment operating income		1,842	2,372	5,427	6,083
Parks and Resorts
Segment Reporting Information
Revenues:		4,894	4,379	13,748	12,588
Segment operating income		1,168	994	3,028	2,599
Studio Entertainment
Segment Reporting Information
Revenues:	[1]	2,393	2,847	6,947	7,630
Segment operating income	[1]	639	766	2,137	2,322
Consumer Products and Interactive
Segment Reporting Information
Revenues:	[1]	1,085	1,145	3,618	4,241
Segment operating income	[1]	$ 362	$ 324	$ 1,371	$ 1,541
[1]	Studio Entertainment segment revenues and operating income include an allocation of Consumer Products & Interactive Media revenues, which is meant to reflect royalties on sales of merchandise based on certain film properties. The increase to Studio Entertainment revenues and operating income and corresponding decrease to Consumer Products & Interactive Media revenues and operating income totaled $103 million and $131 million for the quarters ended July 1, 2017 and July 2, 2016, respectively, and $391 million and $573 million for the nine months ended July 1, 2017 and July 2, 2016, respectively.

Financial Information by Oper33

Financial Information by Operating Segments- Intersegment Eliminations (Details) - USD ($) $ in Millions		3 Months Ended		9 Months Ended
		Jul. 01, 2017	Jul. 02, 2016	Jul. 01, 2017	Jul. 02, 2016
Segment Reporting Information
Revenues:		$ 14,238	$ 14,277	$ 42,358	$ 42,490
Studio Entertainment
Segment Reporting Information
Revenues:	[1]	2,393	2,847	6,947	7,630
Consumer Products and Interactive
Segment Reporting Information
Revenues:	[1]	1,085	1,145	3,618	4,241
Intersegment Eliminations | Studio Entertainment
Segment Reporting Information
Revenues:		103	131	391	573
Intersegment Eliminations | Consumer Products and Interactive
Segment Reporting Information
Revenues:		$ (103)	$ (131)	$ (391)	$ (573)
[1]	Studio Entertainment segment revenues and operating income include an allocation of Consumer Products & Interactive Media revenues, which is meant to reflect royalties on sales of merchandise based on certain film properties. The increase to Studio Entertainment revenues and operating income and corresponding decrease to Consumer Products & Interactive Media revenues and operating income totaled $103 million and $131 million for the quarters ended July 1, 2017 and July 2, 2016, respectively, and $391 million and $573 million for the nine months ended July 1, 2017 and July 2, 2016, respectively.

Reconciliation of Segment Opera

Reconciliation of Segment Operating Income to Income before Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended			9 Months Ended
	Jul. 01, 2017		Jul. 02, 2016	Jul. 01, 2017		Jul. 02, 2016
Reconciling Items for Operating Income (Loss) from Segment to Consolidated
Segment operating income	$ 4,011		$ 4,456	$ 11,963		$ 12,545
Corporate and unallocated shared expenses	(99)		(159)	(392)		(457)
Restructuring and impairment charges	0		(44)	0		(125)
Other expense	(177)	[1]	0	(177)	[1]	0
Interest expense, net	(117)		(70)	(300)		(161)
Vice Gain	0		0	0		332
Infinity Charge	0		0	0		(147)	[2]
Income before income taxes	$ 3,618		$ 4,183	$ 11,094		$ 11,987
[1]	During the quarter the Company recorded a charge, net of committed insurance recoveries, in connection with the settlement of litigation. The Company is pursuing additional insurance coverage for this matter.
[2]	In the prior-year nine-month period, the Company discontinued its Infinity console game business, which is reported in the Consumer Products & Interactive Media segment, and recorded a charge (Infinity Charge) primarily to write down inventory. The charge also included severance and other asset impairments. The charge was reported in “Cost of products” in the Condensed Consolidated Statement of Income.

Segment Information Segment Inf

Segment Information Segment Information - Additional Details (Details) - USD ($) $ in Millions	3 Months Ended			9 Months Ended
	Jul. 01, 2017	Jul. 02, 2016	Jan. 02, 2016	Jul. 01, 2017	Jul. 02, 2016
Schedule of Equity Method Investments
Vice Gain	$ 0	$ 0		$ 0	$ 332
A And E Television Networks Llc
Schedule of Equity Method Investments
Equity Method Investment, Ownership Percentage		50.00%			50.00%
Vice Media
Schedule of Equity Method Investments
Equity Method Investment, Ownership Percentage			11.00%
Vice Gain			$ 332		$ 332

Acquisitions - Additional Infor

Acquisitions - Additional Information (Details) - USD ($) $ in Millions	1 Months Ended			3 Months Ended			9 Months Ended
	Aug. 31, 2017	Jan. 31, 2017	Aug. 31, 2016	Jul. 01, 2017	Jul. 02, 2016	Jan. 02, 2016	Jul. 01, 2017	Jul. 02, 2016
Business Acquisition And Equity Method Investments
Vice Gain				$ 0	$ 0		$ 0	$ 332
Vice Media
Business Acquisition And Equity Method Investments
Equity Method Investment, Ownership Percentage						11.00%
Vice Gain						$ 332		$ 332
Payments to Acquire Equity Method Investments						$ 400
Vice Media | Equity Interest Held By A&E
Business Acquisition And Equity Method Investments
Equity Method Investment, Ownership Percentage				20.00%		8.00%	20.00%
Vice Media | Equity Interest Held By A&E | Retained Investment in Subsidiary
Business Acquisition And Equity Method Investments
Business Combination, Consideration Transferred, Other						49.90%
BAMTech, LLC
Business Acquisition And Equity Method Investments
Equity Method Investment, Ownership Percentage		18.00%	15.00%
Payments to Acquire Equity Method Investments		$ 557	$ 450
BAMTech, LLC | Maximum | Equity Securities
Business Acquisition And Equity Method Investments
Equity Method Investment, Ownership Percentage				66.00%			66.00%
Subsequent Event [Member] | BAMTech, LLC
Business Acquisition And Equity Method Investments
Equity Method Investment, Ownership Percentage	75.00%
Subsequent Event [Member] | BAMTech, LLC | Equity Securities
Business Acquisition And Equity Method Investments
Equity Method Investment, Ownership Percentage	42.00%
Payments to Acquire Equity Method Investments	$ 1,600

Borrowing Activity (Details)

Borrowing Activity (Details) $ in Millions	9 Months Ended
	Jul. 01, 2017USD ($)
Borrowings [Roll Forward]
Borrowings beginning balance	$ 20,170
Borrowings	8,798
Payments	(6,593)
Other Activity	(188)
Borrowings ending balance	22,187
Commercial paper with original maturities less than three months
Borrowings [Roll Forward]
Borrowings beginning balance	777
Borrowings	0	[1]
Payments	(577)	[1]
Other Activity	0
Borrowings ending balance	200
Commercial paper with original maturities greater than three months
Borrowings [Roll Forward]
Borrowings beginning balance	744
Borrowings	4,745
Payments	(4,280)
Other Activity	2
Borrowings ending balance	1,211
U.S. medium-term notes
Borrowings [Roll Forward]
Borrowings beginning balance	16,827
Borrowings	3,995
Payments	(1,500)
Other Activity	0
Borrowings ending balance	19,322
Asia International Theme Parks borrowings
Borrowings [Roll Forward]
Borrowings beginning balance	1,087
Borrowings	13
Payments	0
Other Activity	16
Borrowings ending balance	1,116
Foreign currency denominated debt and other
Borrowings [Roll Forward]
Borrowings beginning balance	735
Borrowings	45
Payments	(236)
Other Activity	(206)	[2]
Borrowings ending balance	$ 338
[1]	Borrowings and payments are reported net.
[2]	The other activity is primarily market value adjustments for debt with qualifying hedges.

Borrowings Line of Credit Facil

Borrowings Line of Credit Facilities (Details) $ in Millions	9 Months Ended
	Jul. 01, 2017USD ($)
Line of Credit Facility
Line of Credit Facility, Maximum Borrowing Capacity	$ 7,000
Line of Credit Facility, Amount Outstanding	0
Line of Credit Facility, Remaining Borrowing Capacity	$ 7,000
Existing Line of Credit 3
Line of Credit Facility
Line of Credit Facility, Expiration Date	Mar. 31, 2018
Line of Credit Facility, Maximum Borrowing Capacity	$ 2,500
Line of Credit Facility, Amount Outstanding	0
Line of Credit Facility, Remaining Borrowing Capacity	$ 2,500
Existing Line of Credit 2
Line of Credit Facility
Line of Credit Facility, Expiration Date	Mar. 31, 2019
Line of Credit Facility, Maximum Borrowing Capacity	$ 2,250
Line of Credit Facility, Amount Outstanding	0
Line of Credit Facility, Remaining Borrowing Capacity	$ 2,250
Existing Line Of Credit 1
Line of Credit Facility
Line of Credit Facility, Expiration Date	Mar. 31, 2021
Line of Credit Facility, Maximum Borrowing Capacity	$ 2,250
Line of Credit Facility, Amount Outstanding	0
Line of Credit Facility, Remaining Borrowing Capacity	$ 2,250

Borrowings Interest Expense, ne

Borrowings Interest Expense, net (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Jul. 01, 2017	Jul. 02, 2016	Jul. 01, 2017	Jul. 02, 2016
Interest expense	$ (134)	$ (88)	$ (370)	$ (235)
Interest and investment income	17	18	70	74
Interest expense, net	$ (117)	$ (70)	$ (300)	$ (161)

Borrowings - Additional Informa

Borrowings - Additional Information (Details) $ in Millions	9 Months Ended
	Jul. 01, 2017USD ($)
Line of Credit Facility
Line of Credit Facility, Maximum Borrowing Capacity	$ 7,000
Line of Credit Facility, Interest Rate Description	All of the above bank facilities allow for borrowings at LIBOR-based rates plus a spread depending on the credit default swap spread applicable to the Company’s debt, subject to a cap and floor that vary with the Company’s debt rating assigned by Moody’s Investors Service and Standard and Poor’s. The spread above LIBOR can range from 0.23% to 1.63%.
Letters of Credit Outstanding, Amount	$ 186
Letter of Credit
Line of Credit Facility
Line of Credit Facility, Maximum Borrowing Capacity	$ 800
Minimum
Line of Credit Facility
Variable Spread Above LIBOR	0.23%
Maximum
Line of Credit Facility
Variable Spread Above LIBOR	1.63%
Existing Line of Credit 3
Line of Credit Facility
Line of Credit Facility, Maximum Borrowing Capacity	$ 2,500

Impact of Consolidating Balance

Impact of Consolidating Balance Sheets of International Theme Parks (Details) - USD ($) $ in Millions		Jul. 01, 2017	Oct. 01, 2016	Jul. 02, 2016	Oct. 03, 2015
Schedule of Condensed Consolidating Balance Sheets [Line Items]
Cash and cash equivalents		$ 4,336	$ 4,610	$ 5,227	$ 4,269
Other current assets		665	693
Total current assets		17,151	16,966
Parks, resorts and other property		27,733	27,349
Other assets		2,297	2,340
Total assets		92,752	92,033
Current liabilities		17,094	16,842
Borrowings - long-term		18,849	16,483
International Theme Parks
Schedule of Condensed Consolidating Balance Sheets [Line Items]
Cash and cash equivalents		598	1,008
Other current assets		417	331
Total current assets		1,015	1,339
Parks, resorts and other property		9,263	9,270
Other assets		89	88
Total assets	[1]	10,367	10,697
Current liabilities		1,305	1,499
Borrowings - long-term		1,116	1,087
Other long-term liabilities		318	256
Total liabilities	[1]	$ 2,739	$ 2,842
[1]	The total assets of the Asia International Theme Parks were $7.8 billion and $8.2 billion, which primarily consist of parks, resorts and other property of $7.2 billion and $7.3 billion at July 1, 2017 and October 1, 2016, respectively. The total liabilities of the Asia International Theme Parks were $2.0 billion and $2.2 billion at July 1, 2017 and October 1, 2016, respectively.

International Theme Parks Impac

International Theme Parks Impact of Consolidating Balance Sheets of International Theme Parks - Asia International Theme Parks (Details) - USD ($) $ in Millions		Jul. 01, 2017	Oct. 01, 2016
Schedule Of Condensed Consolidating Balance Sheets - Asia International Theme Parks [Line Items]
Total assets		$ 92,752	$ 92,033
Parks, resorts and other property		27,733	27,349
Asia International Theme Parks [Member]
Schedule Of Condensed Consolidating Balance Sheets - Asia International Theme Parks [Line Items]
Total assets	[1]	7,800	8,200
Parks, resorts and other property		7,200	7,300
Total liabilities	[1]	$ 2,000	$ 2,200
[1]	The total assets of the Asia International Theme Parks were $7.8 billion and $8.2 billion, which primarily consist of parks, resorts and other property of $7.2 billion and $7.3 billion at July 1, 2017 and October 1, 2016, respectively. The total liabilities of the Asia International Theme Parks were $2.0 billion and $2.2 billion at July 1, 2017 and October 1, 2016, respectively.

Impact of Consolidating Income

Impact of Consolidating Income Statements of International Theme Parks (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Jul. 01, 2017	Jul. 02, 2016	Jul. 01, 2017	Jul. 02, 2016
Schedule of Condensed Consolidating Statement of Operations [Line Items]
Revenues:	$ 14,238	$ 14,277	$ 42,358	$ 42,490
Cost and expenses	(10,450)	(10,132)	(31,114)	(30,993)
Equity in the loss of investees	$ 124	$ 152	327	$ 776
International Theme Parks
Schedule of Condensed Consolidating Statement of Operations [Line Items]
Revenues:			2,306
Cost and expenses			(2,373)
Equity in the loss of investees			$ (8)

International Theme Parks - Add

International Theme Parks - Additional Information (Details) € / shares in Units, shares in Thousands, € in Millions, ¥ in Millions, $ in Millions	1 Months Ended		3 Months Ended	9 Months Ended
	Jun. 30, 2017	Feb. 28, 2017EUR (€)€ / sharesshares	Jul. 01, 2017	Jul. 01, 2017CNY (¥)Property	Jul. 01, 2017USD ($)Property	Jul. 02, 2016USD ($)	Feb. 28, 2017USD ($)	Dec. 31, 2016
Noncontrolling Interest
Net Cash Provided by Operating Activities					$ 8,831	$ 9,615
Net Cash Used in Investing Activities					(3,290)	(4,226)
Net Cash Provided by Financing Activities					$ (5,792)	$ (4,320)
Maximum
Noncontrolling Interest
Variable Spread Above Reference Rate				1.63%	1.63%
International Theme Parks
Noncontrolling Interest
Royalties And Management Fees					$ 115
Net Cash Provided by Operating Activities					170
Net Cash Used in Investing Activities					758
Net Cash Provided by Financing Activities					$ 13
Hong Kong Disneyland Resort
Noncontrolling Interest
Effective Ownership Interest			47.00%	47.00%	47.00%
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners			53.00%	53.00%	53.00%
Hong Kong Disneyland Resort | Scenario, Plan
Noncontrolling Interest
Number Of Hotels To Be Built | Property				3	3
Hong Kong Disneyland Resort | Loans
Noncontrolling Interest
Variable Interest Entity, Financial or Other Support, Amount					$ 137
Variable Interest Entity, Financial or Other Support, Amount from Noncontrolling Interests					$ 92
Hong Kong Disneyland Resort | Loans | HIBOR
Noncontrolling Interest
Variable Spread Above Reference Rate				2.00%	2.00%
Shanghai Disney Resort
Noncontrolling Interest
Effective Ownership Interest			43.00%	43.00%	43.00%
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners			57.00%	57.00%	57.00%
Shanghai Disney Resort | Unused lines of Credit
Noncontrolling Interest
Variable Interest Entity, Financial or Other Support, Amount					$ 157
Debt Instrument, Interest Rate, Stated Percentage			8.00%	8.00%	8.00%
Shanghai Disney Resort | Loans
Noncontrolling Interest
Variable Interest Entity, Financial or Other Support, Amount					$ 775
Variable Interest Entity, Financial or Other Support, Amount from Noncontrolling Interests				¥ 6,600	$ 1,000
Shanghai Disney Resort | Loans | Maximum
Noncontrolling Interest
Debt Instrument, Interest Rate, Stated Percentage			8.00%	8.00%	8.00%
Shanghai Disney Resort | Development and pre-opening cost loan and outstanding roylties and management fees
Noncontrolling Interest
Variable Interest Entity, Financial or Other Support, Amount					$ 281
Shanghai Disney Resort | Line of Credit
Noncontrolling Interest
Debt Instrument, Interest Rate, Stated Percentage			8.00%	8.00%	8.00%
Variable Interest Entity, Financial or Other Support, Amount from Noncontrolling Interests				¥ 1,400	$ 202
Shanghai Disney Resort Management Company
Noncontrolling Interest
Effective Ownership Interest			70.00%	70.00%	70.00%
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners			30.00%	30.00%	30.00%
Disneyland Paris
Noncontrolling Interest
Subsidiary or Equity Method Investee, Cumulative Percentage Ownership after All Transactions	100.00%		100.00%
Disneyland Paris | Minority Interest in Euro Disney S.C.A.
Noncontrolling Interest
Effective Ownership Interest		88.00%					88.00%	81.00%
Stock Issued During Period, Shares, Acquisitions | shares		1,360
Business Acquisition, Shares Acquired | shares		70,500
Value of parent shares issued for noncontrolling interest shares		€ 141					$ 150
Business Acquisition, Share Price | € / shares		€ 2
Disneyland Paris | Tender Offer | Scenario, Plan
Noncontrolling Interest
Value of parent shares issued for noncontrolling interest shares		€ 224					$ 250
Business Acquisition, Share Price | € / shares		€ 2
Disneyland Paris | Euro Disney S.C.A.
Noncontrolling Interest
Variable Interest Entity, Qualitative or Quantitative Information, Ownership Percentage		82.00%

Net Periodic Benefit Cost (Deta

Net Periodic Benefit Cost (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Jul. 01, 2017	Jul. 02, 2016	Jul. 01, 2017	Jul. 02, 2016
Pension Plans
Defined Benefit Plan Disclosure [Line Items]
Service costs	$ 90	$ 80	$ 273	$ 239
Interest costs	113	115	336	344
Expected return on plan assets	(219)	(186)	(656)	(560)
Amortization of prior-year service costs	3	3	8	10
Recognized net actuarial loss	101	61	303	182
Net periodic benefit cost	88	73	264	215
Postretirement Medical Plans
Defined Benefit Plan Disclosure [Line Items]
Service costs	3	2	9	8
Interest costs	14	16	42	46
Expected return on plan assets	(13)	(12)	(37)	(34)
Amortization of prior-year service costs	0	(1)	0	(1)
Recognized net actuarial loss	4	2	12	6
Net periodic benefit cost	$ 8	$ 7	$ 26	$ 25

Pension and Other Benefit Pro46

Pension and Other Benefit Programs - Additional Information (Details) $ in Millions	9 Months Ended
	Jul. 01, 2017USD ($)
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Contributions by Employer	$ 1,400

Reconciliation of Weighted Aver

Reconciliation of Weighted Average Number of Common and Common Equivalent Shares Outstanding and Awards Excluded from Diluted Earnings Per Share Calculation (Details) - shares shares in Millions	3 Months Ended		9 Months Ended
	Jul. 01, 2017	Jul. 02, 2016	Jul. 01, 2017	Jul. 02, 2016
Shares (in millions):
Weighted average number of common and common equivalent shares outstanding (basic)	1,562	1,621	1,578	1,636
Weighted average dilutive impact of Awards	10	10	10	11
Weighted average number of common and common equivalent shares outstanding (diluted)	1,572	1,631	1,588	1,647
Awards excluded from diluted earnings per share	8	4	11	6

Equity Dividends Paid (Details)

Equity Dividends Paid (Details) - USD ($) $ / shares in Units, $ in Billions	3 Months Ended
	Jul. 01, 2017	Apr. 01, 2017	Oct. 01, 2016	Apr. 02, 2016
Dividends, Common Stock [Abstract]
Common Stock, Dividends, Per Share, Cash Paid	$ 0.78	$ 0.78	$ 0.71	$ 0.71
Dividends, Common Stock, Cash	$ 1.2	$ 1.2	$ 1.1	$ 1.2

Changes in Accumulated Other Co

Changes in Accumulated Other Comprehensive Loss, Net of Tax (Details) - USD ($) $ in Millions		3 Months Ended		9 Months Ended
		Jul. 01, 2017	Jul. 02, 2016	Jul. 01, 2017	Jul. 02, 2016
Accumulated Other Comprehensive Income (Loss) [Line Items]
AOCI, Beginning Balance		$ (3,880)	$ (2,599)	$ (3,979)	$ (2,421)
Unrealized gains (losses) arising during the period		(26)	(106)	17	(260)
Reclassifications of realized net (gains) losses to net income		42	6	98	(18)
AOCI, Ending Balance		(3,864)	(2,699)	(3,864)	(2,699)
Investments
Accumulated Other Comprehensive Income (Loss) [Line Items]
AOCI, Beginning Balance		16	9	26	13
Unrealized gains (losses) arising during the period		(5)	(7)	(11)	(11)
Reclassifications of realized net (gains) losses to net income		0	0	(4)	0
AOCI, Ending Balance		11	2	11	2
Cash Flow Hedges
Accumulated Other Comprehensive Income (Loss) [Line Items]
AOCI, Beginning Balance		91	105	(25)	334
Unrealized gains (losses) arising during the period		(66)	(49)	126	(170)
Reclassifications of realized net (gains) losses to net income		(26)	(35)	(102)	(143)
AOCI, Ending Balance		(1)	21	(1)	21
Unrecognized Pension and Postretirement Medical Expense
Accumulated Other Comprehensive Income (Loss) [Line Items]
AOCI, Beginning Balance		(3,525)	(2,415)	(3,651)	(2,497)
Unrealized gains (losses) arising during the period		0	(13)	(10)	(15)
Reclassifications of realized net (gains) losses to net income		68	41	204	125
AOCI, Ending Balance		(3,457)	(2,387)	(3,457)	(2,387)
Foreign Currency Translation and Other(1)
Accumulated Other Comprehensive Income (Loss) [Line Items]
AOCI, Beginning Balance	[1]	(462)	(298)	(329)	(271)
Unrealized gains (losses) arising during the period	[1]	45	(37)	(88)	(64)
Reclassifications of realized net (gains) losses to net income	[1]	0	0	0	0
AOCI, Ending Balance	[1]	$ (417)	$ (335)	$ (417)	$ (335)
[1]	Foreign Currency Translation and Other is net of an average 24% estimated tax at July 1, 2017 as the Company has not recognized deferred tax assets for some of our foreign entities.

Equity Changes in Accumulated O

Equity Changes in Accumulated Other Comprehensive Loss, Net of Tax - Tax Rate (Details)	3 Months Ended
	Jul. 01, 2017
Tax rate on Components of AOCI, excluding Foreign Currency Translation
Accumulated Other Comprehensive Income (Loss) [Line Items]
Tax Rate on AOCI Balances	37.00%
Tax Rate on Components of AOCI, Foreign Currency Translation
Accumulated Other Comprehensive Income (Loss) [Line Items]
Tax Rate on AOCI Balances	24.00%

Details about AOCI Components R

Details about AOCI Components Reclassified to Net Income (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Jul. 01, 2017	Jul. 02, 2016	Jul. 01, 2017	Jul. 02, 2016
Details about AOCI Components Reclassified to Net Income
Interest expense, net	$ (117)	$ (70)	$ (300)	$ (161)
Primarily revenue	14,238	14,277	42,358	42,490
Income taxes	(1,144)	(1,471)	(3,593)	(4,089)
Net income attributable to The Walt Disney Company (Disney)	2,366	2,597	7,233	7,620
Reclassification out of Accumulated Other Comprehensive Income
Details about AOCI Components Reclassified to Net Income
Net income attributable to The Walt Disney Company (Disney)	(42)	(6)	(98)	18
Gain/(loss) in net income from Investments, net | Reclassification out of Accumulated Other Comprehensive Income
Details about AOCI Components Reclassified to Net Income
Interest expense, net	0	0	6	0
Income taxes	0	0	(2)	0
Net income attributable to The Walt Disney Company (Disney)	0	0	4	0
Gain/(loss) in net income from Cash flow hedges | Reclassification out of Accumulated Other Comprehensive Income
Details about AOCI Components Reclassified to Net Income
Primarily revenue	41	56	162	228
Income taxes	(15)	(21)	(60)	(85)
Net income attributable to The Walt Disney Company (Disney)	26	35	102	143
Gain/(loss) in net income from Pension and postretirement medical expense | Reclassification out of Accumulated Other Comprehensive Income
Details about AOCI Components Reclassified to Net Income
Primarily included in the computation of net periodic benefit cost	(108)	(65)	(324)	(199)
Income taxes	40	24	120	74
Net income attributable to The Walt Disney Company (Disney)	$ (68)	$ (41)	$ (204)	$ (125)

Equity - Additional Information

Equity - Additional Information (Details) - USD ($) shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Jul. 01, 2017	Jul. 02, 2016	Jul. 01, 2017	Jul. 02, 2016	Oct. 01, 2016
Equity [Abstract]
Common stock repurchases, shares			56
Common stock repurchases	$ 2,444	$ 1,517	$ 5,944	$ 5,908
Remaining shares authorized for repurchase	226		226
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax	$ 23		$ 23		$ 49

Compensation Expense Related to

Compensation Expense Related to Stock Options, Stock Appreciation Rights and Restricted Stock Units (Details) - USD ($) $ in Millions		3 Months Ended		9 Months Ended
		Jul. 01, 2017	Jul. 02, 2016	Jul. 01, 2017	Jul. 02, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options/rights		$ 20	$ 26	$ 62	$ 72
RSUs		69	74	216	233
Total equity-based compensation expense	[1]	89	100	278	305
Equity-based compensation expense capitalized during the period		$ 19	$ 18	$ 61	$ 52
[1]	Equity-based compensation expense is net of capitalized equity-based compensation and excludes amortization of previously capitalized equity-based compensation costs.

Equity-Based Compensation - Add

Equity-Based Compensation - Additional Information (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	9 Months Ended
	Jul. 01, 2017	Jul. 02, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average grant date fair values of options issued	$ 25.66	$ 31.08
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost	$ 162
Stock compensation granted, number of shares	4.9
Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost	$ 555
Stock compensation granted, number of shares	3.7

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details) - USD ($) $ in Millions	Sep. 13, 2012	Mar. 31, 2016	Jul. 01, 2017
Commitments and Contingencies Disclosure [Line Items]
Unrecognized Tax Benefits			$ 818
Unrecognized tax benefits expected reduction due to resolutions of open tax matters			170
Unrecognized Tax Benefits that Would Impact Effective Tax Rate			52
Syndicated programming
Commitments and Contingencies Disclosure [Line Items]
Long-term receivables, net of allowance for credit losses			900
Mortgage Receivable
Commitments and Contingencies Disclosure [Line Items]
Long-term receivables, net of allowance for credit losses			$ 700
Allowance for credit losses related to long-term receivables, percentage			4.00%
Hulu Llc
Commitments and Contingencies Disclosure [Line Items]
Equity Method Investment, Ownership Percentage			30.00%
Notes Payable, Other Payables | Hulu Llc
Commitments and Contingencies Disclosure [Line Items]
Guarantor Obligations, Maximum Exposure, Undiscounted			$ 113
Equity Method Investment, Summarized Financial Information, Liabilities and Equity			338
Guarantee Obligations
Commitments and Contingencies Disclosure [Line Items]
Guarantor Obligations, Maximum Exposure, Undiscounted			311
Remaining debt service obligation guaranteed, principal			$ 50
Beef Products | Minimum
Commitments and Contingencies Disclosure [Line Items]
Loss Contingency, Damages Sought, Value	$ 400
Beef Products | Maximum
Commitments and Contingencies Disclosure [Line Items]
Loss Contingency, Damages Sought, Value		$ 1,900

Assets and Liabilities Measured

Assets and Liabilities Measured at Fair Value (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Millions	Jul. 01, 2017	Oct. 01, 2016
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investments	$ 40	$ 85
Total	15	292
Fair value of borrowings	22,772	21,079
Interest rate
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative Asset	10	132
Derivative Liabilities	(119)	(13)
Foreign exchange
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative Asset	497	596
Derivative Liabilities	(414)	(510)
Other Derivative
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative Asset	3	6
Derivative Liabilities	(2)	(4)
Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investments	40	85
Total	40	85
Fair value of borrowings	0	0
Level 1 | Interest rate
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative Asset	0	0
Derivative Liabilities	0	0
Level 1 | Foreign exchange
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative Asset	0	0
Derivative Liabilities	0	0
Level 1 | Other Derivative
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative Asset	0	0
Derivative Liabilities	0	0
Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investments	0	0
Total	(25)	207
Fair value of borrowings	21,351	19,500
Level 2 | Interest rate
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative Asset	10	132
Derivative Liabilities	(119)	(13)
Level 2 | Foreign exchange
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative Asset	497	596
Derivative Liabilities	(414)	(510)
Level 2 | Other Derivative
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative Asset	3	6
Derivative Liabilities	(2)	(4)
Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investments	0	0
Total	0	0
Fair value of borrowings	1,421	1,579
Level 3 | Interest rate
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative Asset	0	0
Derivative Liabilities	0	0
Level 3 | Foreign exchange
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative Asset	0	0
Derivative Liabilities	0	0
Level 3 | Other Derivative
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative Asset	0	0
Derivative Liabilities	$ 0	$ 0

Gross Fair Value of Derivative

Gross Fair Value of Derivative Positions (Details) - USD ($) $ in Millions	Jul. 01, 2017	Oct. 01, 2016
Current Assets
Derivatives, Fair Value [Line Items]
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement	$ 344	$ 406
Derivative Asset, Counterparty Netting Offset	(252)	(241)
Derivative Asset, Collateral, Obligation to Return Cash, Offset	(45)	(77)
Net derivative positions	47	88
Current Assets | Derivatives designated as hedges | Foreign exchange
Derivatives, Fair Value [Line Items]
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement	207	278
Current Assets | Derivatives designated as hedges | Interest rate
Derivatives, Fair Value [Line Items]
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement	0	0
Current Assets | Derivatives designated as hedges | Other Derivative
Derivatives, Fair Value [Line Items]
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement	2	3
Current Assets | Derivatives not designated as hedges | Foreign exchange
Derivatives, Fair Value [Line Items]
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement	135	125
Current Assets | Derivatives not designated as hedges | Interest rate
Derivatives, Fair Value [Line Items]
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement	0
Other Assets
Derivatives, Fair Value [Line Items]
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement	166	328
Derivative Asset, Counterparty Netting Offset	(112)	(199)
Derivative Asset, Collateral, Obligation to Return Cash, Offset	(10)	(44)
Net derivative positions	44	85
Other Assets | Derivatives designated as hedges | Foreign exchange
Derivatives, Fair Value [Line Items]
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement	155	191
Other Assets | Derivatives designated as hedges | Interest rate
Derivatives, Fair Value [Line Items]
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement	10	132
Other Assets | Derivatives designated as hedges | Other Derivative
Derivatives, Fair Value [Line Items]
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement	1	3
Other Assets | Derivatives not designated as hedges | Foreign exchange
Derivatives, Fair Value [Line Items]
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement	0	2
Other Assets | Derivatives not designated as hedges | Interest rate
Derivatives, Fair Value [Line Items]
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement	0
Other Current Liabilities
Derivatives, Fair Value [Line Items]
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement	(387)	(359)
Derivative Liability, Counterparty netting offset	252	316
Derivative Liability, Collateral, Right to Reclaim Cash, Offset	(11)	(7)
Net derivative positions	(124)	(36)
Other Current Liabilities | Derivatives designated as hedges | Foreign exchange
Derivatives, Fair Value [Line Items]
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement	(120)	(209)
Other Current Liabilities | Derivatives designated as hedges | Interest rate
Derivatives, Fair Value [Line Items]
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement	(100)	(13)
Other Current Liabilities | Derivatives designated as hedges | Other Derivative
Derivatives, Fair Value [Line Items]
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement	(2)	(4)
Other Current Liabilities | Derivatives not designated as hedges | Foreign exchange
Derivatives, Fair Value [Line Items]
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement	(165)	(133)
Other Current Liabilities | Derivatives not designated as hedges | Interest rate
Derivatives, Fair Value [Line Items]
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement	0
Other Long-Term Liabilities
Derivatives, Fair Value [Line Items]
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement	(148)	(168)
Derivative Liability, Counterparty netting offset	112	124
Derivative Liability, Collateral, Right to Reclaim Cash, Offset	0	0
Net derivative positions	(36)	(44)
Other Long-Term Liabilities | Derivatives designated as hedges | Foreign exchange
Derivatives, Fair Value [Line Items]
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement	(120)	(163)
Other Long-Term Liabilities | Derivatives designated as hedges | Interest rate
Derivatives, Fair Value [Line Items]
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement	0	0
Other Long-Term Liabilities | Derivatives designated as hedges | Other Derivative
Derivatives, Fair Value [Line Items]
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement	0	0
Other Long-Term Liabilities | Derivatives not designated as hedges | Foreign exchange
Derivatives, Fair Value [Line Items]
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement	(9)	$ (5)
Other Long-Term Liabilities | Derivatives not designated as hedges | Interest rate
Derivatives, Fair Value [Line Items]
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement	$ (19)

Adjustments Related to Fair Val

Adjustments Related to Fair Value Hedges Included in Net Interest Expense in Consolidated Statements of Income (Details) - Interest rate - Interest Expense - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Jul. 01, 2017	Jul. 02, 2016	Jul. 01, 2017	Jul. 02, 2016
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) on interest rate swaps	$ 39	$ 30	$ (203)	$ 79
Gain (loss) on hedged borrowings	$ (39)	$ (30)	$ 203	$ (79)

Net Gains or Losses Recognized

Net Gains or Losses Recognized on Economic Exposures Associated With Foreign Currency Exchange Contracts (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Jul. 01, 2017	Jul. 02, 2016	Jul. 01, 2017	Jul. 02, 2016
Costs and Expenses
Derivative Instruments, Gain (Loss) [Line Items]
Net gains (losses) on foreign currency denominated assets and liabilities	$ 148	$ (75)	$ 25	$ (29)
Net gains (losses) on foreign exchange risk management contracts not designated as hedges	(144)	52	(26)	(32)
Net gains (losses)	4	(23)	(1)	(61)
Interest Expense
Derivative Instruments, Gain (Loss) [Line Items]
Net gains (losses) on foreign currency denominated assets and liabilities	(7)	(2)	(3)	(7)
Net gains (losses) on foreign exchange risk management contracts not designated as hedges	6	1	2	5
Net gains (losses)	(1)	(1)	(1)	(2)
Income Taxes
Derivative Instruments, Gain (Loss) [Line Items]
Net gains (losses) on foreign currency denominated assets and liabilities	4	15	16	42
Net gains (losses) on foreign exchange risk management contracts not designated as hedges	21	(19)	4	(19)
Net gains (losses)	$ 25	$ (4)	$ 20	$ 23

Derivative Instruments - Additi

Derivative Instruments - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Jul. 01, 2017	Jul. 02, 2016	Jul. 01, 2017	Jul. 02, 2016	Oct. 01, 2016
Derivative [Line Items]
Hedging Period for Foreign Currency Transactions, Maximum			4 years
Net deferred gains recorded in AOCI for contracts that will mature in the next twelve months			$ 65
Aggregate fair value of derivative instruments with credit-risk-related contingent features in a net liability position by counterparty	$ 171		171		$ 86
Interest rate | Interest Expense
Derivative [Line Items]
Realized net benefits from derivative instruments	7	$ 24	29	$ 73
Derivatives designated as hedges | Interest rate | Fair Value Hedging
Derivative [Line Items]
Derivative, Notional Amount	7,800		7,800		8,300
Derivatives designated as hedges | Foreign exchange | Cash Flow Hedging
Derivative [Line Items]
Derivative, Notional Amount	5,600		5,600		5,600
Not Designated as Hedging Instrument | Interest rate
Derivative [Line Items]
Derivative, Notional Amount	500		500
Not Designated as Hedging Instrument | Foreign exchange
Derivative [Line Items]
Derivative, Notional Amount	$ 3,500		$ 3,500		$ 3,300

Restructuring and Impairment 61

Restructuring and Impairment Charges - Additional Details (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Jul. 01, 2017	Jul. 02, 2016	Jul. 01, 2017	Jul. 02, 2016
Restructuring and Related Activities [Abstract]
Restructuring and impairment charges	$ 0	$ 44	$ 0	$ 125

New Accounting Pronouncements N

New Accounting Pronouncements New Accounting Pronouncements - Additional Details (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended		12 Months Ended
	Jul. 01, 2017	Jul. 02, 2016	Jul. 01, 2017	Jul. 02, 2016	Oct. 01, 2016	Oct. 03, 2015
Accounting Standards Update 2016-18
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Restricted Cash and Cash Equivalents	$ 92		$ 92		$ 150
Accounting Standards Update 2016-09
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Excess Tax Benefit from Share-based Compensation	25		116		200	$ 300
Payments Related to Tax Withholding for Share-based Compensation	$ 5	$ 6	$ 192	$ 229	200	$ 300
Accounting Standards Update 2016-02
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating Leases, Future Minimum Payments Due					$ 3,100